This is my feeble attempt to compile what I believe are some of the best "open source" introductory resources for new options traders, or those looking to freshen up their knowledge base. Many thanks to the content providers for making their articles available to everyone.
For those new to options trading, I can't stress enough how important it is to know implied volatility inside and out. If someone blows up his account trading options, it's usually a result of his poor volatility estimate(s) or excess gamma risk(s).
Implied Volatility:
1. Russell Rhoads: What Implied Volatility Tells Us
2. Ophir Gottlieb: Understanding Option Skew - What it is and Why it Exists
3. Kristen via Dan Nathan's RiskReversal website: Discussing Implied Event Move Calculations
4. iVolatility options calculator: Option Calculator - Experiment with the calculator and make some IV guesstimates and see how that compares to actual pricing when market opens. The calculator is quite accurate, assuming one's IV estimates are accurate...
5. Dan Nathan: More on Volatility
6. My video on trading earnings vol and how *not* to get owned
Opex Gamma:
1. From OptionsTradingIQ.com: Gamma Risk Explained
2.. Two articles by Steve Place from InvestingWithOptions.com: Opex Explained and Don't Trade Around Opex
3. Dan Sheridan via CBOE: Most Important Option Relationship: Delta/Gamma
On Option Liquidity or Lack Thereof:
Pete Stolcers from 1option.com: Potential Pitfalls of Option Illiquidity
"Unusual Options Activity":
1. Dan Nathan: UOA: Why it can matter and why it usually doesn't
2. Joe Kunkle: Categorizing the Types of Option Flow Analysis and the Research Process
3. Ophir Gottlieb: Are Options Used to Cheat on Takeovers?
Further Recommended Reading (books):
1. Jeff Augen's books: The Volatility Edge in Options Trading; Trading Options at Opex; MS Excel for Stock and Options Traders; Day Trading Options
2. Sheldon Natenberg: Option Volatility and Pricing
3. Larry McMillan: Options as a Strategic Investment
Last Updated: Jan 2, 2016
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