Download e-book for kindle: Advanced Commodity Trading Techniques by J.D. Hamon

By J.D. Hamon

ISBN-10: 0930233069

ISBN-13: 9780930233068

Famous technical analyst J.D. Hamon finds demonstrated innovations and robust new innovations which turn out you could win significant in commodities.

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By J.D. Hamon

ISBN-10: 0930233069

ISBN-13: 9780930233068

Famous technical analyst J.D. Hamon finds demonstrated innovations and robust new innovations which turn out you could win significant in commodities.

Show description

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Extra info for Advanced Commodity Trading Techniques

Sample text

Correspondingly with put options, a rising spot cannot increase the value of the right to sell at a certain fixed price, so put delta cannot be positive. The option delta can be expressed either as a decimal fraction or as a percentage. 25. 25 tick decline in the put's value. Option delta is additive across options on a shared underlying product. Buying one option with 25% delta and buying a second with a 10% delta leads to a combined position delta of 35%. Buying options means adding the nominal delta to the position.

Higher implied volatility almost always affects any Greek in a similar manner to longer time until expiration. The longer the time frame one considers, the more volatile the underlying will be; a stock may move 1 cent in the next 2 minutes but $10 over the next 12 months. 01% to 20%. Vega is a positive function of the implied volatility; the higher the implied vol, the higher the option vega. The one area of the curve where this fails to hold true is the at-the-money area. The vega of at-the-money options barely alters at all when implied vol changes.

One final use of delta at the portfolio level is worth mentioning. This is rather different to anything so far discussed. A ‘long delta’ position is any position that profits from rallies in the spot price and makes losses in the face of spot price declines. So far, long or short delta, has been meant literally. A short put position or a long call position or simply long the underlying are all straight-forwardly long delta positions. But traders will often refer to being ‘synthetically long delta’ if their position is likely to profit in a rally and make losses in a price drop, for whatever reason.

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Advanced Commodity Trading Techniques by J.D. Hamon


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