Option Spread Strategies (2009).pdf

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OPTION SPREAD
STRATEGIES
Also by
ANTHONY J. SALIBA
with Joseph C. Corona and Karen E. Johnson
Option Strategies for Directionless Markets:
Trading with Butterflies, Iron Butterflies, and Condors
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OPTION SPREAD
STRATEGIES
Trading Up, Down,
and Sideways Markets
ANTHONY J.
SALIBA
BLOOMBERG PRESS
NEW YORK
with Joseph C. Corona
and Karen E. Johnson
© 2009 by International Trading Institute, Ltd. All rights reserved. Protected under the Berne
Convention. Printed in Canada. No part of this book may be reproduced, stored in a retrieval
system, or transmitted, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise, without the prior written permission of the publisher except in the case of
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First edition published 2009
1 3 5 7 9 10 8 6 4 2
Library of Congress Cataloging-in-Publication Data
Saliba, Anthony J.
Option spread strategies : trading up, down, and sideways markets / Anthony J. Saliba with Joseph
C. Corona and Karen E. Johnson. — 1st ed.
p. cm.
Includes index.
Summary: “Proven author Anthony Saliba provides step-by-step instructions for spread trading
techniques for options traders. Saliba helps readers understand the nuances of each technique, when to
employ each spread strategy, and how to adjust when market conditions change. This hands-on guide
includes quizzes and a final exam to help readers test their comprehension”—Provided by publisher.
ISBN 978-1-57660-260-7 (alk. paper)
1. Stock options. 2. Options (Finance) I. Corona, Joseph C., 1957- II. Johnson, Karen E., 1967- III. Title.
HG6042.S245 2009
332.64'53—dc22
2008040986
Important Disclosures
Following are several important disclosures we are required to make
according to the rules of the Chicago Board Options Exchange (CBOE), by
which we are governed. We encourage you to read them.
• Prior to buying or selling an option, one must receive a copy of the
booklet “Characteristics and Risks of Standardized Options.” Cop-
ies of this document are available at www.theocc.com/publications/
risks/riskchap1.jsp or from International Trading Institute, Ltd., 311
South Wacker Dr., Suite 4700, Chicago, IL 60606.
• Options involve risk and are not suitable for all investors.
• In order to trade strategies discussed in this book, an individual must
first have his account approved by a broker/dealer for that specific
trading level.
• No statement in this book should be construed as a recommendation
to purchase or sell a security or as an attempt to provide investment
advice.
• Writers of uncovered calls or puts will be obligated to meet appli-
cable margin requirements for certain option strategies discussed in
this book.
• For transactions that involve buying and writing multiple options in
combination, it may be impossible at times to simultaneously execute
transactions in all of the options involved in the combination.
• There is increased risk exposure when you exercise or close out of
one side of a combination while the other side of the trade remains
outstanding.
• Because all option transactions have important tax considerations,
you should consult a tax adviser as to how taxes will affect the out-
come of contemplated options transactions.
• The examples in this book do not include commissions and other costs.
Transaction costs may be significant, especially in option strategies

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