By George A. Fontanills, Tom Gentile
It takes a distinct set of buying and selling abilities to thrive in brand new intensely risky markets, the place aspect swings of plus or minus 2 hundred issues can take place on a weekly, occasionally day-by-day, foundation. The Volatility direction hands inventory and thoughts investors with these abilities. George Fontanills and Tom Gentile offer readers with a deeper realizing of marketplace volatility and the forces that force it. They improve a entire highway map detailing tips on how to determine its ups and downs. they usually describe confirmed recommendations and instruments for quantifying volatility and expectantly constructing plans adapted to almost any given marketplace situation. The better half workbook presents step by step workouts that can assist you grasp the thoughts defined within the Volatility path earlier than placing them into motion within the markets.
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Extra resources for The Volatility Course Workbook: Step-by-Step Exercises to Help You Master The Volatility Course
Example text
Implied volatility to ATR 13. CBOE Volatility Index, or VIX, provides real-time information regarding the implied volatility of ____________. A. QQQ options B. QVN options C. S&P 500 index options D. qxp 11/7/02 1:28 PM Page 34 34 QUESTIONS AND EXERCISES 14. If the theoretical value of an option is computed using the statistical volatility of the stock equal to 15%, but the implied volatility of the option is 25%, the market price of the option will be ___________________ the theoretical value.
Bull call spread C. Bear put spread D. Covered call E. Naked put option 6. A ____________ is a put option where the writer of the contract does not have a short position in the underlying stock to cover the contract. A. Call ratio backspread B. Bull call spread C. Bear put spread D. Covered call E. qxp 11/7/02 1:28 PM Page 54 54 QUESTIONS AND EXERCISES 7. Whether selling naked puts or naked calls, the maximum profit is equal to the ____________. A. Strike price – option premium × 100 B. Stock price – strike price × 100 C.
Again, select a dozen or so stocks that have recently experienced volatility for one reason or another. Looking through the headlines from the financial press will help in this endeavor. Now, find the options and option symbols for the stocks in question. Examine implied volatility. Is it high or low? How does it compare to statistical volatility? Most often, implied volatility will be greater than statistical volatility, but not always. If implied volatility is low relative to statistical volatility and past levels of IV, the options are cheap.
