A Journey Trough the Universe of Option Strategies Journey Through Option Strategies Rev1.pdfA...
Transcript of A Journey Trough the Universe of Option Strategies Journey Through Option Strategies Rev1.pdfA...
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A Journey Trough
the Universe of
Option Strategies
Integrating what we know
Option Strategies
Leon Zuercher
07-15-2015
July 15, 2015
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Pillars of Creation Option Strategies
07-15-2015
Star Nursery M16 – Eagle Nebula – 6,500 light years from earth
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Common Parameters Option Strategies
Items held constant 07-15-2015
• All data from Jul 10, 2015 SPX closing prices.
• 41 DTE
• Call Delta 0.2378
• Put Delta –0.2508
• How can I know if the Short-strike range
that my chosen delta gives me
is adequate ? Short
Range ATRM
$140 $85
$140 $85
$5 $85
$10 $85
$60 $85
$95 $85
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Trade Metrics Option Strategies
What gets measured gets managed - Peter Drucker 07-15-2015
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial BP
The (Gross) impact to
Cash Balance of
putting on the trade.
Probability of Profit
at initial trade open.
Monthly
Average True Range
$ Distance Between
two (2) Short Strikes (if
applicable)
Break-Even
Point Range
Lower
Break-Even
Point
Upper Break-
Even Point
Range
Initial
(Planned)
Return On
Capital
Net Total $
Maximum Risk at
Trade Open
Total Planned $
Maximum Gain
at Trade Open
Per Share Premium;
Negative for Debit,
Black for Credit
The end goal
is action,
not eyeballs. - Jay Baer
You can’t improve
what you don’t
measure and
generally, whatever
you measure…
improves - HP Motto
Metrics are for doing,
not for staring. Never
measure just because
you can. Measure to
learn. Measure to fix. - Stign Debrouwere
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Long Call Option Strategies
SPX Long Call 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$10.65 ~ $1,065 #VALUE! $2,145 $0 $2,145 $140 $85 27.15% $0
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Long Put Option Strategies
SPX Long Put 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$10.65 ~ $1,065 #VALUE! $2,145 $0 $2,145 $140 $85 27.15% $0
-$20.25 $46,967.40 $2,025 2,319% $1,975 $0 $1,975 $140 $85 19.09% $0
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Short (Naked) Call Option Strategies
SPX Short (Naked) Call 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
$10.65 $1,065 ~ #VALUE! $2,146 $0 $2,146 $140 $85 72.93% $23,588
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Short (Naked) Put Option Strategies
SPX Short (Naked) Put 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
$10.65 $1,065 ~ #VALUE! $2,146 $0 $2,146 $140 $85 72.93% $23,588
$19.35 $1,935 $195,574 0.989% $1,975 $0 $1,975 $140 $85 80.37% $199,500
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Short Vertical Call Spread Option Strategies
SPX Short Vertical Call Spread 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
$2.85 $2.85 $7.15 40% $2,138 $0 $2,138 n.a. $85 70.62% $1,000
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Short Vertical Put Spread Option Strategies
SPX Short Vertical Put Spread 07-15-2015
BPShort
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
$1.85 $1.85 $8.15 23% ~ $1,993 #VALUE! n.a. $85 76.15% $1,000
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Iron Condor Option Strategies
SPX Iron Condor 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
$2.85 $2.85 $7.15 40% $2,138 $0 $2,138 n.a. $85 70.62% $1,000
$1.85 $1.85 $8.15 23% ~ $1,993 #VALUE! n.a. $85 76.15% $1,000
$4.70 $4.70 $5.30 89% $2,140 $1,991 $149 $140 $85 47.99% $1,000
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Call Calendar Option Strategies
SPX Call Calendar 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$2.60 $11.53 $2.60 443% $2,174 $2,098 $76 $140 $85 21.93% $0
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Put Calendar Option Strategies
SPX Put Calendar 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$2.60 $11.53 $2.60 443% $2,174 $2,098 $76 $140 $85 21.93% $0
-$3.30 $18.28 $3.41 536% $2,060 $1,934 $126 $140 $85 34.36% $0
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Double Calendar Option Strategies
SPX Double Calendar 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$2.60 $11.53 $2.60 443% $2,174 $2,098 $76 $140 $85 21.93% $0
-$3.30 $18.28 $3.41 536% $2,060 $1,934 $126 $140 $85 34.36% $0
-$5.90 $15.68 $6.01 261% $2,160 $1,935 $225 ** $140 $85 ** 38.81% $0
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Double Calendar (Diagonal) Option Strategies
SPX Double Calendar (Diagonal) 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$2.60 $11.53 $2.60 443% $2,174 $2,098 $76 $140 $85 21.93% $0
-$3.30 $18.28 $3.41 536% $2,060 $1,934 $126 $140 $85 34.36% $0
-$5.90 $15.68 $6.01 261% $2,160 $1,935 $225 ** $140 $85 ** 38.81% $0
-$6.25 $13.69 $6.36 215% $2,157 $2,007 $150 ** $90 $85 ** 47.82% $0
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Double Calendar (Adjusted) Option Strategies
SPX Double Calendar (Diagonal) 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
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Call Diagonal Option Strategies
SPX Call Diagonal 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$1.00 $17.03 $7.46 228% $2,161 $2,088 $73 $140 $85 22.09% $0
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Put Diagonal Option Strategies
SPX Put Diagonal 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$1.00 $17.03 $7.46 228% $2,161 $2,088 $73 $140 $85 22.09% $0
-$2.35 $20.63 $4.65 444% $2,064 $1,951 $113 $140 $85 32.85% $0
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Double Diagonal Option Strategies
SPX Double Diagonal 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$1.00 $17.03 $7.46 228% $2,161 $2,088 $73 $140 $85 22.09% $0
-$2.35 $20.63 $4.65 444% $2,064 $1,951 $113 $140 $85 32.85% $0
-$3.35 $14.52 $1.05 1,383% $2,206 $1,983 $223 $140 $85 78.96% $0
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Double Diagonal Option Strategies
SPX Double Diagonal 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
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Short Strangle Option Strategies
SPX Short Strangle 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
$30.00 $3,090 ~ #VALUE! $2,166 $1,964 $202 $140 $85 61.64% ?Short Strangle
Short Straddle
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Long Strangle Option Strategies
SPX Long Strangle 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
$30.00 $3,090 ~ #VALUE! $2,166 $1,964 $202 $140 $85 61.64% ?
$76.20 $7,618.68 ~ #VALUE! $2,156 $2,004 $152 $0 $85 51.62% ?
Short Strangle
Short Straddle
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Long Straddle Option Strategies
SPX Long Straddle 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
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Call Butterfly Option Strategies
SPX Call Butterfly 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$0.10 $489.95 $10 4,900% $2,140 $2,129 $11 $5 $85 3.11% $0
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Put Butterfly Option Strategies
SPX Put Butterfly 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$0.05 $489.92 $10 4,899% $2,000 $1,990 $10 $5 $85 2.84% $0
-$0.10 $489.95 $10 4,900% $2,140 $2,129 $11 $5 $85 3.11% $0
-$35.28 $4,731.24 $4,768 99% $2,182 $1,984 $199 $140 $85 34.24% $0
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Double Butterfly Option Strategies
SPX Double Butterfly 07-15-2015
BP
Short
Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
-$0.05 $489.92 $10 4,899% $2,000 $1,990 $10 $5 $85 2.84% $0
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The Options Universe Review Option Strategies
A Strategy for every Market 07-15-2015
Call
Put
Vertical
Iron
Condor
Put
Calendar
Call
Calendar
Double
Calendar
Double
Diagonal
Put
Diagonal
Call
Diagonal
Call
Butterfly
Put
Butterfly
Straddle
Strangle
Put
Call
Vertical
Premium
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Greeks and The Options Universe Option Strategies
Time (Theta) keeps on ticking, ticking, ticking… 07-15-2015
Call
Put
Vertical
Iron
Condor
Put
Calendar
Call
Calendar
Double
Calendar
Double
Diagonal
Put
Diagonal
Call
Diagonal
Put
Butterfly
Straddle
Strangle
Put
Call
Vertical
Premium
Call
Butterfly
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Option Strategies
07-15-2015 The Amount of Premium that reaches a strategy is a mix of all three inter-related Greeks:
The Greeks Make the World Go Around
• Delta is the Distance from the heat Source (Sun) that the orbit is in.
• Vega is the HEAT that reaches the planet, and is tied to…
• Theta decays as time progresses.
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Options Universe Strategy Map Option Strategies
07-15-2015
Long Put
Short Put
Long Call
Short Call + +
Put Calendar Call Calendar
Call Diagonal Put Diagonal
Iron Condor
Double Diagonal
Double Calendar
Call Butterfly Put Butterfly
Double Butterfly
+
= Put Spread = Call Spread
+
+
+
Straddle
Strangle
+
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Short
Strategy Premium MG MRnet ROCP BEPU BEPL BEPR Range ATRM POPinitial
Long Call -$10.65 ~ $1,065 #VALUE! $2,145 $0 $2,145 $140 $85 27.15%
Long Put -$20.25 $46,967.40 $2,025 2,319% $1,975 $0 $1,975 $140 $85 80.56%
Short Call $10.65 $1,065 ~ #VALUE! $2,146 $0 $2,146 $140 $85 72.93%
Short Put $19.35 $1,935 $195,574 0.989% $1,975 $0 $1,975 $140 $85 80.37%
Call Vertical $2.85 $2.85 $7.15 40% $2,138 $0 $2,138 n.a. $85 70.62%
Put Vertical $1.85 $1.85 $8.15 23% ~ $1,993 #VALUE! n.a. $85 76.15%
Iron Condor $4.70 $4.70 $5.30 89% $2,140 $1,991 $149 $140 $85 47.99%
Call Calendar -$2.60 $11.53 $2.60 443% $2,174 $2,098 $76 $140 $85 21.93%
Put Calendar -$3.30 $18.28 $3.41 536% $2,060 $1,934 $126 $140 $85 34.36%
Double Calendar -$5.90 $15.68 $6.01 261% $2,160 $1,935 $225 ** $140 $85 ** 38.81%
Double Calendar, Adjusted -$6.25 $13.69 $6.36 215% $2,157 $2,007 $150 ** $90 $85 ** 47.82%
Call Diagonal -$1.00 $17.03 $7.46 228% $2,161 $2,088 $73 $140 $85 22.09%
Put Diagonal -$2.35 $20.63 $4.65 444% $2,064 $1,951 $113 $140 $85 32.85%
Double Diagonal -$3.35 $14.52 $1.05 1,383% $2,206 $1,983 $223 $140 $85 78.96%
Short Strangle $30.00 $3,090 ~ #VALUE! $2,166 $1,964 $202 $140 $85 61.64%
Short Straddle $76.20 $7,618.68 ~ #VALUE! $2,156 $2,004 $152 $0 $85 51.62%
Long Call butterfly $5 -$0.10 $489.95 $10 4,900% $2,140 $2,129 $11 $5 $85 3.11%
Long Call butterfly $10 -$0.55 $940 $55 1,710% $2,145 $2,125 $20 $10 $85 5.89%
Long Call butterfly $95 -$41.48 $5,009.54 $4,490 112% $2,186 $2,084 $101 $95 $85 30.12%
Long Put butterfly $5 -$0.05 $489.92 $10 4,899% $2,000 $1,990 $10 $5 $85 2.84%
Long Put butterfly $10 -$0.10 $974.76 $5 19,495% $2,005 $1,985 $20 $10 $85 5.78%
Long Put butterfly $60 -$6.20 $5,429.15 $1,360 399% $2,049 $1,940 $109 $60 $85 30.68%
Double Butterfly Combined 19-22 -$35.28 $4,731.24 $4,768 99% $2,182 $1,984 $199 $140 $85 34.24%
Double Butterfly $86 $460 $2,039.15 $460 443% $2,121 $2,035 $86 $45 $85 30.72%
Double Butterfly $86 $2,370 $2,130 $870 245% $2,126 $2,039 $88 $45 $85 31.23%
The Options Universe Summary Option Strategies
If you’re not learning, you’re dying. 07-15-2015
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Options Universe Strategy Summary Option Strategies
07-15-2015
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Options Universe Strategy: Other Resources Option Strategies
07-15-2015