Benedictus-2-7427 by Elgar, Edward

By Elgar, Edward

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Qxd 11/21/06 3:14 PM Page 24 24 THE OPTION BASICS THE MARKET MAKER’S DELTA (Continued) The “P/C” column indicates whether you are looking at a put or a call, and the “VOL” column represents the volatility level you are using to help price the options. Along the top row of the sheet are the strike prices that are available to trade in that particular commodity. Here we see strike prices for crude oil options ranging from $62 to $67. The last pieces of the puzzle are the “Fair” and “Delta” columns.

How do we know that? Because it we tried to exercise an ATM or OTM option, we’d lose money. 50 call option and the closest OTM call would be the $30 call option. 50/share or $30/share. Why would you want to do that when MSFT is trading for $27 in the open market? You wouldn’t. So, all ATM and OTM options have no intrinsic, or real value (yet). Jeez, enough of the vocabulary already. Okay, sorry. I just needed to get that out of the way because later on when I explain the strategies, I will be referring to those principles.

That’s what I’m going to show you how to do. Before we can get into learning how to maximize our chances of winning, I want to reiterate what I said in a previous chapter about the relationship between the strike price of the option and the current price of the stock or commodity. This forms the basis of achieving the highest probability of profit with our options strategies. The next few paragraphs sum up the definitions of outof-the-money (OTM), at-the-money (ATM), and in-the-money (ITM) options.

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