Option Volatility & Pricing by Sheldon Natenberg (1994) If you already understand the basics of options trading, and you are now ready to move on to the concept of trading volatility, Natenberg's book is for you. Here, he offers explanations of pricing models, delta, vega, gamma, and theta that non-physicists can comprehend. Other important topics covered include theoretical value, standard deviations, historical volatility, and volatility spreads. If you do not understand any of the statistics on the Daily Volatility Summary, start with this highly recommended book. Order Now Futures and Options: Theory and Applications by Hans R. Stoll and Robert E. Whaley (1988) Stoll and Whaley are not only great theorists (Whaley's quadratic method for approximating American option values is widely used in the industry), but also great teachers. "Futures and Options" offers an integrated approach to its subject; trading methods and theoretical models are matched to particular contracts. In explaining why a certain options market is best modeled using a given theoretical construct, the authors give enriched insight into both the model and the market. This is a must-have book for everyone serious about options. Order Now Trading Options on Futures: Markets, Methods, Strategies and Tactics by John W. Labuszewski (1988) Trading Options on Futures is a solid introduction to the mechanics and theory of options trading. Each chapter is followed by questions with answers in the back of the book. Labuszewski covers the fundamentals of options pricing, although he ignores some modern innovation such as the quadratic model and use of exotics. The chapters on spreads, hedging, and arbitrage in particular are full of good examples and insights. This is an excellent primer for someone new to options trading. Order Now Trading Options on Futures: Markets, Methods, Strategies and Tactics by John W. Labuszewski (1998) Update of Trading Options on Futures. Available 5/98. Order Now

Options, Futures, and Other Derivative Securities by John C. Hull (1998) Hull providers a comprehensive overview of the futures, stock, and OTC options markets that is geared to the practical hedger. Best of all, he includes many hedge formulas that are indispensable. The options math is more comprehensive and advanced than Natenberg. Order Now Option Pricing: Mathematical Models and Computations Paul Wilmott For those with calculus in mind, "Option Pricing" provides detailed descriptions of many of the option pricing models in use today. What distinguishes this work from others is the variety of models covered including exotics and convertible bonds as well as its treatment of option pricing problems. "Option Pricing" is ideal for those intending to build a proprietary pricing models and physicists looking to break into financial derivatives. Order Now Derivatives Risk and Responsibility : The Complete Guide to Effective Derivatives Management and Decision Making by Robert A. Klein (Editor), Jess Lederman (Editor) (1995) This is a very well put together collection of articles intended to address how derivatives effect and can be used by different groups within your company. The book is divided into four parts, i) Management, ii) Innovative Strategies and Techniques, iii) Accounting, Tax, Systems, and Control , and iv) Legal & Regulatory. Most of the articles are well organized and understandable, and there is a useful appendix listing some derivative software and service companies. Order Now Exotic Options: A Guide to Second Generation Options by Peter G. Zhang (1996) This is one the first books dedicated solely to the treatment of exotic options. Zhang does a thorough job of classifying and providing pricing formula for each exotic he treats. He also provides a comparison between each exotic and its corresponding standard or "vanilla" option. At the end of each chapter are problems and questions that illustrate the issues covered. This is book is aimed at OTC traders, risk managers, and executives in the derivatives industry. Order Now

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