Options Theory, Spread Trading Technique
Beginning sometime in 1955, our value standards and the market parted company, and the gap has tended to widen throughout the ensuing years. Graham, Dodd, Cottle, and Tathum, Security Analysis (New York, McGraw Hill, 1962) The gap between the conservative outlook of...
Flex Factor, Options Theory, Spread Trading Technique, Tactical Trading, Volatility Trading
As the expiration clock approaches zero, the risk in open spread positions will often increase dramatically. Consider a butterfly spread. If the underlying stock is in the money on one leg, the delta of the spread will explode as the in-the-money leg delta...
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