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Generate Income on Stable Stocks with Iron Condors

 

 

Do you want to make some money without having to invest cash upfront in stocks? Instead, you could use options on stocks that allow you to make some money, right when you enter the trade!

 

 

If you structure your options right in an “iron condor,” you could generate some income while protecting yourself against a steep decline in the stock.

 

 

There are ways to use options on stocks to bet on stocks going up or stocks going down. You can even use them with or without strategies to protect you in case the price moves away from you. However, the iron condor works best with a stock whose price you think is likely to remain pretty stable.

 

 

You’ll be able to make a profit on the original trade, which you keep in the best-case scenario. In the worst case, you’ll have a small loss. Choosing the “strike prices” (target prices) on each option that you trade determines how much you could potentially make as well as lose.

 

 

Puts and calls

 

 

 

Options on stocks, such as puts and calls, allow you to trade on a stock without purchasing it upfront. Stock options can lower your investment costs significantly!

 

 

You might already be familiar with a call. When you buy this kind of option, it allows you to “call” the stock back to you if the price rises above the target or strike price. If you believe stock’s price will rise, your call allows you to buy the stock at the lower strike price.

 

 

The premium, or cost, to buy the call depends on several factors. These include the date of expiration, and how far the price has to rise to get to the strike price. An “in the money” call means the call is worth exercising.

 

 

“Out of the money” means the stock price is not near the strike price, and the call will probably not be exercised. Owing to the economics of supply and demand, the farther out of the money the option is, the lower the premium to buy it. Out of the money options are not in demand like in the money options are.

 

 

For example, you might believe that the price of the company Hair Tie World (HTW) will increase in the next month. It’s currently trading at $45. You buy one MAR 50 call, which covers 100 shares of HTW stock. This call is “out of the money,” and costs $1.00.

 

 

If HTW goes to $60/share, you exercise your right to purchase 100 shares at $50 instead of $60. If HTW stays the same or loses value, the call expires worthless. You would be out the premium you paid ($100) to buy the call.

 

 

But what if you believe Hair Tie World is going to decrease in price? Instead of buying a call, you could buy a put that allows you to “put” back the stock. HTW is still at $45, so you buy one (out of the money) MAR 40 put for $1.00.

 

 

If HTW drops to $30, you exercise your right to sell them at $40. Your gain is $10/share or $1000, less the put cost of $100, so you would net $900.

 

 

So, you can see that if you believe a stock will rise, you can buy a call. If you think it will drop, you buy a put.

 

 

This is reversed if you sell the options instead: if you think the price will rise, sell a put; if you think it will drop, sell a call. Note that an options seller, unlike the options buyer, must honor the option if the buyer chooses to exercise.

 

 

Selling (“writing”) options instead of buying them provide an income from the premium you receive upfront from the trade. The best-case scenario for selling options is that they expire worthless, and you keep the whole premium.

 

 

For example, you think Hair Tie World is going to rise in price from its current $45. So you sell a MAR 40 put for $2.00. It goes to $50, so your put expires worthless, and you keep the $200 premium. Similarly, you can sell a call if you think the price will drop instead.

 

 

 

Put and Call Spreads

 

 

 

However, just buying and selling options as discussed above could hurt you. If the price moves against you, you could end up losing a lot of money. You can mitigate this by using a put or call spread instead, which involves buying more than one option more or less simultaneously.

 

 

A “bull” put spread, or bull put credit spread, can generate some income. It’s a bull spread because you expect the price to rise. These trades are best with stocks whose prices you believe will go up moderately.

 

 

In the bull put spread, you sell an in the money put, which provides you with a premium. You buy an out of the money put at the same time. Since its premium will be less, you end up with a net credit on the trade.

 

 

Buying the lower strike put limits the loss if the price drops sharply. Put writers can lose a lot of money if the price tanks! Therefore a put spread limits the losses you can incur.

 

 

Suppose you think Hair Tie World, still trading at $45, will go up a bit in price, and you want to profit from that. You sell a MAR 40 put for $2.00, and buy the MAR 35 put for $1.00. Your net profit is $100, and that’s the most you can make with this strategy. The maximum loss is the difference in strike prices, less the net credit. The lower strike put (MAR 35) that you buy protects you against a big drop (below $35).

 

 

Conversely, if you think HTW at $45 is likely to drop a little, you can use a “bear” call spread. The bear’s direction is down: prices are expected to decline.

 

 

Sell one in the money call to generate the income, and buy an out of the money call to protect yourself if the price rises sharply. You could sell a MAR 50 call for $2.00, and buy a MAR 55 call for $1.00, for a net (maximum) profit of $100. The long call protects you if the price rises sharply.

 

 

Notice, however, that both of these spreads are directional. In other words, you use one or the other because you think the stock price will rise or fall. You’re protected if the price moves against you, so you know you can limit your loss.

 

 

But what if you don’t know (or care) which direction the price goes? What if it seems likely it will move very little? This is a market-neutral type of trade, rather than a directional one. And you can still make money (and limit losses) with a market neutral strategy.

 

 

Enter the Iron Condor

 

 

 

If you want to generate some income and limit your potential losses, combining these two spreads into an iron condor will work for you. Your maximum profit is the net credit from the trade, and maximum loss is the difference in strike price (whichever leg ends up in the money) less the net credit.

 

 

With the iron condor, the best-case scenario is that the stock price increases or decreases slightly – in other words, that the price ends up between the strike prices of the put and call you sold. In this case, all the options expire worthless, and you keep the net credit. If the price drops below the long put strike (put that you bought), or above the long call strike (call that you bought), you will experience the maximum loss.

 

 

Here, suppose that HTW isn’t likely to move much either way away from its $45 price. You combine the bull put spread and bear call spread as noted above.

 

 

  • You sell: one MAR 40 put at $2.00 and one MAR 50 call at $2.00.
    Total premium = $400

 

  • You buy: one MAR 35 put at $1.00 and one MAR 55 call at $1.00
    Total premium = $200

Your net credit is $2.00 on this trade, and your total potential premium is $200. This is the maximum profit the iron condor trade will provide.

 

 

In the best scenario, the price of Hair Tie World will be between $40 and $50, which are the options you wrote. All options will then expire worthless, and you keep your net credit of $2.00.

 

 

If, however, HTW either drops below $35 or rises above $55, you will have a loss. (The option you bought limits this loss according to its strike price.) The maximum loss is the difference in the strike prices less the net credit from the options sold upfront. If one of these legs end up in the money, you have to close out the trades. That’s why the loss is limited to the difference in strike price.

 

 

What happens if, for example, the price rises to $60? Your long call is in the money. The difference in strike price is $5, multiplied by 100 shares is $500. But you received a $2.00 net credit upfront, so your maximum loss is $300.

 

 

 

In summary

 

  • Options on a stock or index can generate income depending on the movement of the stock price.
  • Option spreads can be used to limit potential losses while still providing income.
  • The iron condor trade provides income and limits losses,   no matter how the price of the underlying stock moves.
Trading Options- 7 Things You Should Know

 

 

Options are flexible financial tools that can be used to enhance, diversify, and protect your portfolio. Options are available for equities, debt, and real estate as well as specific sectors. They are traded using stocks, indexes, and exchange-traded funds as the underlying asset.

 

In short, trading options can be endlessly complicated, but it doesn’t have to be. If you have a solid grasp of a few simple concepts, trading options can be a very smart way to help you achieve your financial goals.

 

So what do you need to know? Let’s begin with the basics:

 

 

1. What Is An Option?

 

 

Options are simply a contract between a buyer (the holder) and a seller (the writer). The buyer pays a premium, which is the price of the contract, in exchange for the right to purchase or sell an underlying asset such as a stock. The seller agrees to purchase from or deliver the underlying asset to the buyer at the agreed-upon price.  The contract specifies the price of the stock per share (the strike price), and the number of shares (usually 100) and expiration date. Buyers of a call or put have a “long position.” Sellers of a call or put have a” short position.”

 

 

Options are bought and sold on exchanges in the same fashion as any other publicly traded security. Price is based on demand in the market and is influenced by intrinsic value, time to expiration, and anticipated fluctuations in the underlying stock price (volatility). Intrinsic value is the difference between the current price of the underlying stock and the strike price.

 

Only the seller is obliged to buy or sell the stock at the strike price. The contract is “exercised” at the buyer’s discretion. A contract that gives the holder the right to purchase the stock is a “call.”

 

A call holder believes that the value of the stock will be greater than the strike price at or before the expiration date. A call writer believes that the value of the stock will be less than the strike price at or before the expiration date. A contract that gives the holder the right to sell the stock is a “put.” A put holder believes the price of the stock will be less than the strike price at or before expiration. A put writer believes the price of the stock will be greater than the strike price at or before expiration.

 

 

2. How Investors Make Or Lose Money

 

 

Let’s take a look at how option holders and writers make money using this example of a call.

 

Company: The EZ company

Option Type: Call

Expiration Date: August 5th, 2019

Strike Price: $100.00

Premium: $ 4.00

EZ Company Stock Price: $97.00

 

In this example, the holder agrees to pay the writer $ 4.00 per share for the right to buy 100 shares of EZ Company for $100.00 on or before August 5th, 2019. The stock price of EZ company is $97.00 dollars per share.

 

This option is “out of the money” because the stock price is less than the strike price. If the stock price is not above $100.00 per share on or before August 5th, 2019, the option will expire worthless. The holder will have lost $400.00, which is the premium paid to the writer. The writer made $400.00, which is the premium received from the holder.

 

If the stock price were $ 110.00 per share on or before August 5th, 2019, the option would be “in the money” because the stock price is higher than the strike price. The holder would have made $1,000 (110 – the strike price of 100 per share X 100 shares) less the premium paid to the writer of $ 400.00. The holder made $ 600.00 on a $ 400.00 investment, a 150% return. The writer could have sold the stock for $110.00 per share, but instead had to sell to the holder for $100.00 per share.

 

Our example illustrates the concept that is at the heart of the power of options, leverage. The holder risked a small amount of capital $ 400.00 to control $11,000 of EZ stock (100 shares X 110 per share) resulting in a 150% return. Let’s use a similar example to illustrate how holders and writers make money using puts:

 

Company: The EZ company

 

Option Type: Put

Expiration Date: August 5th, 2019

Strike Price: $100.00

Premium: $ 4.00

EZ Company Stock Price: $103.00

 

In this example, the holder agrees to pay the writer $ 4.00 per share for the right to sell 100 shares of EZ Company for $100.00 on or before August 5th, 2019. The stock price of EZ company is $103 dollars per share. This option is “out of the money” because the stock price is greater than the strike price. If the stock price is not below $100.00 per share on or before August 5th, 2019, the option will expire worthless.

 

The holder will have lost $400.00, which is the premium paid to the writer. The writer made $400.00, which is the premium received from the holder. If the stock price were $ 90.00 per share on or before August 5th, 2019, the option would be “in the money” because the stock price is lower than the strike price.

 

The holder would have made $1,000 (the strike price of 100 – 90 per share X 100 shares) less the premium paid to the writer of $ 400.00. The holder made $ 600.00 on a $ 400.00 investment, a 150% return. The writer could have bought the stock for $ 90.00 per share, but instead had to pay the holder $100.00 per share.

3. What Options Are Available Besides Stock?

 

 

The example above is based on an individual stock. Options are also available on indexes and ETFs (exchange-traded funds) as well as individual stocks. Options using indexes and ETFs offer exposure to the broad market, specific sectors, even market metrics such as price volatility.

 

 

Index and ETF options have several important differences.  An index is a measure of the change in price up or down of a basket of individual stocks, such as the S&P 500, or a market metric such as price volatility (VIX). After the transaction between writer and holder (settlement), only cash is exchanged.

 

 

There is no purchase or sale of the underlying security as in our example above. ETF options settle in the same fashion as individual stocks.  Index options may only be exercised on the expiration date (European style). ETF options may be exercised at any time before expiration (American Style). Options are typically available with expiration of 90 days out, but there are other options (LEAPS) that can be up two years out.

Learn more about options.

 

 

4. Trading Option Strategies

 

 

So far, we have examined option features, calls and puts, writing and holding, strike prices, expiration dates, and underlying assets. Option features may be combined into strategies designed to achieve a specific goal. There are options strategies to speculate, enhance portfolio income, protect against losses, and boost returns.

 

 

Option strategies are also used to capitalize on current market conditions. The strategies are generally categorized as bull or bear. Bull strategies anticipate that the underlying asset price will rise, bear strategies that the price will fall.  All of them have risks, ranging from loss of the premium paid, to unlimited losses.

 

Check out more on calls and puts with our free course module  Understanding Equity Options And Options Trading

5. Placing Option Orders

 

 

Options differ from other types of orders that you place In your brokerage account such as buying or selling a stock or mutual fund. An options order “opens” or “closes” a position. Opening a position initiates For example if you wanted to purchase a call (long position) the order would specify “buy to open.”

 

 

If you wanted to sell, or write a call (short position) the order specify would “sell to open.” Closing a position liquidates. If you wanted to liquidate a long position, the order would specify “sell to close,” a short position would specify “buy to close.”

 

 

6. Research Your Broker-Dealer

 

 

Options are generally purchased through brokerage accounts. A standard brokerage account does not include an options feature unless you request it. The Broker-Dealer (Charles Schwabb or Raymond James, for example) will require additional information from you about your risk tolerance, financial experience, and financial resources.

 

They may only permit certain types of options trades in your account. Broker-dealers have different levels of resources and support for options trading. Some broker-dealers are much better at it than others. It will be important for you to become familiar with your broker dealer’s option capabilities, procedures for exercise and settlement, and their commission schedules before you begin trading options.

 

 

7. Know What Your Goals Are

 

 

Your option trades should be aligned with your financial goals and risk tolerance. Trading options is different from trading other assets like stocks bonds and mutual funds. Getting good results begins with good research. Invest in learning the terminology and concepts before you trade.

 

 

Download our free course A Beginners Guide To Options Trading

 

 

Steady Dime is an expert option recommendation and education service for Options Traders. We focus on generating consistent short-term profits. Our promise to you is that each trade idea is researched thoroughly before being sent out as a recommendation.

VIX FUTURES

While the VIX index is not investable, it is possible to invest in VIX futures. This is in part because VIX futures do not continuously roll their valuation period. They always refer to the same window of time regardless of the present date. On expiration, the VIX futures cash settle to the value of the VIX index.

To illustrate this concept, let us look at an example.

  • On January 15, the VIX index represents implied volatility from January 15 through February 14. April VIX futures represent implied volatility from April 15 through May
  • On January 20, the VIX index represents implied volatility from January 20 through February 19; however, the April VIX futures still represent implied volatility from April 15 through May
    NOTE: A VIX futures contract = 1,000 vega.
Uncovered putwrite
Expiration

An investor can manage VIX expiration much like SPX options expiration. Recall that for SPX expiration, an investor must trade a basket of 500 stocks that represents the index on the opening print. The transaction replicates both the risk and the price level of the investor’s expiring options or futures.

Similarly, if an investor is long (or short) VIX futures, they can trade a basket of SPX options on the CBOE to offset the expiring VIX exposure.

An investor is long 1000 December VIX futures contracts, representing 1 mm SPX vega. These futures expire December 21 to the value of the January SPX options.

NOTE: VIX futures and options settle 30 days prior to the next month’s SPX expiration. At expiration, the index is composed of only one month’s SPX option prices. It is precisely at this time that the exact price level of the VIX can be replicated by trading this basket of options.

To offset the expiring position, the investor needs to buy a basket of SPX options on the opening print. The basket is constructed to replace the 1 mm expiring vega.

It is important to remember that by exchanging the VIX futures for a strip of SPX options, the portfolio’s risk exposure changes sporadically. The investor receives exposure to gamma and theta, which the position did not have before trading the basket of options. It is similar to the difference between being long a forward starting variance swap and being long a realized variance swap.

Term Structure

Since every VIX future refers to a specific time period, the CBOE has listed contracts with multiple expiration dates.

Var vs. VIX in a normal environment

While the VIX settles to the price of variance on expiration, the VIX future represents the value of forward starting variance. In an upward-sloping term structure, the VIX futures will generally trade at a higher price than a variance swap with the same expiration.

While the VIX settles to the price of variance on expiration, the VIX future represents the value of forward starting variance. In an upward-sloping term structure, the VIX futures will generally trade at a higher price than a variance swap with the same expiration.

When there is stress in the equity markets, the near-term futures often react by appreciating value more than the long-term futures. This creates a downward-sloping term structure, which implies that the market expects Implied volatility to revert to its long-term average over time.

In a downward-sloping volatility environment, VIX futures will usually trade at prices lower than that of a variance swap with the same expiration.

Vega-Beta

Short-term volatility reacts more dramatically to market events t1an long-term volatility. Short-term VIX futures behave likewise. For every change in the VIX index, the nearest-term VIX future’s price moves more than the longer-term future’s price. We refer to this as the vega-beta of the futures contract.

Vega-beta is approximated with a weighting system that uses a combination of historical data and a square root of time.

When choosing which VIX future to trade, an investor should take into account the vega-beta of each futures contract in order to properly size the position. A small amount of short-dated contracts has the same vega-beta risk exposure as a large amount of long-dated contracts.

An investor is long 500 one-month VIX futures contracts with a vega-beta of0.75. The risk exposure is equivalent to 2,000 five-month VIX futures contracts with a vega-beta of 0.1875.

500 X 0.75 = 375

2,000 X 0.1875 = 375

Both positions have equivalent VIX vega-betas of 375,000 vega of 30-day volatility.

Because of the difference in vega-beta among the VIX futures contracts, each term hedges against a different type of risk.

Type of Futures Contract Helps Hedge Against
Short-term Futures Cash Risk

 

Short-term Catalysts

Mid-term Futures Event-driven risk of an in determinant time horizon
Long-term Futures Changes in risk regimes
Roll Yield

In a normal market environment, short-term futures are more expensive to hold than long-dated futures. This holds because an investor has to buy the next future on the curve when the near-term future expires.

In a stressed market with a downward- sloping volatility term structure, roll decay is positive.

This term structure is upward-sloping. To maintain constant vega exposure, an investor must sell the lower-priced future and buy a higher-priced one. This is known as roll yield or roll decay. 

Convexity

VIX futures are the expected value of the VIX index at a future date. They are also the expected value of the price of a one-month variance swap on this same date.

The risk profile of a VIX futures position is similar to a one-month forward starting variance swap with a start date of the VIX expiration. However, the two positions differ in a fundamental way. The VIX futures payout is linear with respect to volatility, while forward variance payout is convex.

VIX Futures Payout vs. Forward Variance Swap Payout

VIX Futures Payout vs. Forward Variance Swap Payout

When implied volatility increases, a forward variance swap generates a higher payout than a VIX future. If volatility decreases, a forward variance swap does not lose as ·much as a VIX future.

VIX OPTIONS

VIX options. like VIX futures, settle to the value of the VIX index on expiration. Each VIX options contract represents 100 vega.

An investor buys 1,000 Dec 25 calls on VIX for $2.00.

On Dec 27, the VIX expires at 29. Fees and Commissions = $0.

P&L = ((Spot – Strike) -Premium paid) x vega per contract x # of contracts

= ((29-25)-2) X 100 X 1,OOQ

= $200,000

Volatility of Volatility

NOTE: VIX options settle to the value of the VIX at the corresponding option’s expiration. To hedge a December VIX option, an investor should use December VIX futures.

VIX options derive their value from the volatility of volatility of the SPX. The implied volatility of VIX options reflects the expected volatility of the corresponding VIX future.

The beta of VIX futures is greatest for short dated contracts. Therefore. the implied volatility of short- dated options is higher than that of long-dated options. The implied volatility of VIX options is downward sloping with respect to term.

The daily returns of VIX spot are skewed. The VIX index goes down by small amounts more frequently than it moves higher. However, when the VIX moves up, it tends to move up significantly. The implied volatility of out-of-the-money calls on the VIX should be higher than the implied volatility of out-of-the- money puts. This is similar to equity options where out-of-the-money puts trade at a higher implied volatility to reflect the possibility of a crash.

SPX/VIX Strike vs. Vol

Trading Strategies

VIX-based products give investors access to unique trading opportunities. The trading strategies are similar to those used with equity derivatives and bucketed typically as either hedging or carry trades.

Hedging

VIX-based products have two important characteristics that make them attractive hedging vehicles:

  1. They have a negative beta to equity prices, and
  2. There beta increases with larger market
Carry Trades

Implied volatility on the SPX tends to trade over realized volatility. As a result, selling volatility is a popular yield-enhancing carry trade. VIX products and options are particularly attractive trading vehicles for this strategy.

  1. When the implied volatility term structure Is upward-sloping, forward-starting volatility VIX trades higher than term volatility and decay over
  2. While volatility is normally mean reverting, it can exhibit large gap moves. Options on the VIX may limit portfolio losses during crash
INTRODUCTION TO VIX

 

“The CBOE Volatility Index® (VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world’s premier barometer of investor sentiment and market volatility.”1

 

In the media, the VIX is often referred to as the “fear” index. It spikes during times of crisis and market chaos. The index has a strong negative correlation to equity prices and reacts to events in other asset classes as well.

In the last decade, the VIX has evolved from an indicator to an active and liquid trading vehicle. Globally, more volatility trades through VIX-based derivative products than any other financial instrument.

Because VIX futures and options trade openly in the secondary market, the pricing of these products is transparent. This results in faster price discovery, greater liquidity, and markets that are more efficient than the volatility products that preceded them.

Investors introducing volatility into their portfolio as an asset class should understand the mechanics of VIX-based products and how to best execute multi-product vega-based strategies.

VIX futures and options
Time

 

 

 

 

 

 

 

 

 

 

VIX CALCULATION OF METHODOLOGY

The VIX index estimates the value of a one-month variance swap on the SPX index and represents the market’s expectation of volatility over the next month. The price of the VIX is derived from the value of a basket of SPX options. It measures the risk level priced into the equity volatility market and offers distinct advantages to using at-the-money SPX volatility.

• Model independent
VIX derives its value directly from the prices of listed options on the SPX. Therefore, VIX does not depend on any model assumptions.

• Constant maturity
The VIX index always measures one-month implied volatility. As a result, it is particularly useful for comparing implied volatility regimes.

• Strike independent
The VIX index does not refer to any particular strike in the SPX but to the whole volatility surface. It allows a direct comparison between two different time periods even if the price level of the SPX is significantly different.

On any given day, VIX estimates the volatility of the next 30 calendar days, as depicted in the figure below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIX CALCULATION OF METHODOLOGY

To calculate the value of the VIX index, first calculate the value of a variance swap on the SPX for both the first- and second-month expirations. Then, calculate the weighted average of these values using linear interpolation to estimate the value of 30-day variance.

 

 

 

 

 

 

 

If first-month SPX Var expires in 15 days and is 30 vol and second-month SPX Var expires in 45 days and is 33 vol, it follows that a weighted average of these values calculated around 30 days equals 31.5 vol.
This is the value of the VIX.

Weekend Effect

The VIX always measures implied volatility over the next 30 calendar days. However, most market volatility is realized on business days and not weekend days.

Consider that you are looking at the VIX index on a Monday (June 10). The next 30 days have 20 business days and 10 weekend days.

However, on Thursday, June 13, the next 30 days have 22 business days and 8 weekend days.

On Friday, the proportion of business days in the VIX is lowest. On Monday, the ratio of business days on the VIX index increases. Therefore, the total amount of volatility implied by the VIX – as measured over the 30 calendar days beginning on Monday – increases as well. Consequently, the VIX trends lower on Friday and higher on Mondays.

VIX CALCULATION OF METHODOLOGY

Correlation of VIX to Equity Prices
The VIX is negatively correlated to equity prices. When the prices of equities decline, typically, their implied volatility increases.

As the equity market becomes more risky, investors are likely to buy SPX options. The VIX index measures the subsequent rise in implied volatility through the increase in option premiums.

As a result, the beta of the VIX to the market is greater for large market moves. During period 1, the SPX decreased 5% and the VIX index rose by 20%. However, during period 2, a larger decline in the SPX (15%) caused an even greater increase in the VIX (140%).

 

Because of this sensitivity, the VIX is an effective hedging vehicle.

 

Unfortunately, one cannot invest directly in the VIX. The VIX index is simply a price level that references a basket of options. The components of the basket are constantly changing. Each day, the options referenced by the VIX decay and the index increases its weight toward the next month’s options. Because of time value, these options have a greater premium. However, the index does not account for the decay of rolling to these higher-priced options. As a result, any investment in a basket of options replicating the VIX would rapidly decay over time.

Understand Equity Options And Options Trading
  • This is an introductory course on options trading. Use this course to get a basic and fundamental understanding of calls and puts.
  • Moreover, after gaining a basic understanding of these options learn the basic applications of options and strategies you can then employ in your own portfolio.
  • We hope you enjoy the course.
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