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Option Strategies Profit Making Techniques for Stock Index and Commodity Options 2nd Edition_8

Tham khảo tài liệu 'option strategies profit making techniques for stock index and commodity options 2nd edition_8', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Ratio Covered Call Writing 149 one direction to create a market exposure and you lose money because of this exposure. In the final analysis it is probably better to adjust whenever necessary and pay the extra commissions as the cost of not exposing yourself to market risk. The key to the answer to this question is the cost of your commissions versus the price risk of a change in the delta. If the Option Is About to Expire You are faced with several decisions if your calls are about to expire. The time premium will have essentially vanished. There is no desirability to holding a short call if the time premium is gone. You should either liquidate the trade or roll forward. The decision is largely based on the premium levels of the next contract month. If premium levels are high then you should consider rolling forward. If they are low you should consider doing a ratio covered call writing program against another instrument. In essence the decision to roll forward is exactly the same as the decision to initiate a new position. Write Against a Convertible Security It is often more profitable to write calls against convertible securities. The most common convertible security is the convertible bond although convertible preferreds and warrants are also candidates. A complete discussion of using convertibles is included in Chapter 10. That discussion assumes that only the equivalent of one call will be written. To adapt that section to ratio covered call writing take the analysis in that section but adjust for the delta. CHAPTER 12 Naked Put Writing Strategy Price Action Implied Volatility Time Decay Gamma Profit Potential Risk Naked Put Writing Bullish Decreasing Helps Helps Hurts Limited Unlimited STRATEGY Naked put writing is selling a put without owning the underlying instrument UI . If your portfolio consisted of only a short OEX put you would be short a naked put. Naked put writing is a bullish strategy. Put writers want the price of the UI to rise so they can buy .