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23: VIX "Backwardation" 106

      Figure 24: Graphical representation of the 1st and 2nd standard deviation in the SPY with an IVR of 11 117

      Figure 25: Probability of Profit Strangles; 1. vs. 2. standard deviation 119

      Figure 26: Strangles; 1. vs. 2. standard deviation (simulation with 1 million USD account size, of which 25% was actively used for trades). 75% were held in cash. 119

      Figure 27: Strangles, 1st vs. 2nd standard deviation, graphical 120

      Figure 28: P/L-Diagram Short-Put 123

      Figure 29: P/L-Diagram Short-Call 124

      Figure 30: P/L-Diagram Strangle 125

      Figure 31: P/L-Diagram at 10 DTE 127

      Figure 32: P/L-Diagram at 45 DTE 128

      Figure 33: P/L-Diagram Long-Put 130

      Figure 34: P/L-Diagram Long Call 131

      Figure 35: Example for narrow spreads, good volume and good open interest in the SPY 139

      Figure 36: Example for the required Buying-Power of a Strangles in Canopy (CGC) 150

      Figure 37: A healthy "middle course" through diversification 166

      Figure 38: Historical vs. implied volatility 182

      Figure 39: Sorting of shares according to IVR 184

      Figure 40: P/L-Diagram Long-Put 189

      Figure 41: P/L-Diagram Naked-Short-Put 192

      Figure 42: P/L-Diagram Long-Call 196

      Figure 43: P/L-Diagram Naked Short Call 199

      Figure 44: P/L-Diagram Vertical Credit Spread (Put) 216

      Figure 45: P/L-Diagram Vertical Credit Spread (Call) 218

      Figure 46: P/L-Diagram Strangle 225

      Figure 47: P/L-Diagram Iron Condor (same width of the Spreads) 228

      Figure 48: P/L-Diagram Straddle 232

      Figure 49: P/L-Diagram Iron Fly 236

      Figure 50: P/L-Diagram Iron Fly (Example) 238

      Figure 51: Take-Profit (before rolling) 272

      Figure 52: Take-Profit (after rolling) 273

      Figure 53: Rolling process based on a chart 285

      Figure 54: Rolling process with P/L-Diagram 285

      Figure 55: 1-year chart of ROKU 297

      Figure 56: Theta decay over time 300

      Figure 57: Strength of the theta decay based on different initial values 301

      Figure 58: Comparison of trades with 21 / 45 DTE (in SPY) 302

      Figure 59: Long-term comparison of different management approaches 303

      Figure 60: Management by strategy 305

      Figure 61: Strangles 305

      Figure 62: Straddles 306

      Figure 63: Naked-Put 306

      Figure 64: Naked-Call 306

      Figure 65: SPY is a fairly priced underlying 310

      Figure 66: P/L-Diagram Strangle (green), Iron Condor with 1 USD (yellow) and 5 USD (turquoise) wide strikes 313

      Figure 67: The Greeks: Strangle vs. Iron Condor 313

      Figure 68: Influence of the Vega on IC and Strangle 314

      Figure 69: Pro/Contra (un)defined risk-strategies 315

      Figure 70: Difference in percentage premium at different VIX levels (average premium as a percentage of underlying price) 316

      Figure 71: P/L Iron Condor vs. Strangle (low vs. high VIX) 317

      Figure 72: Properties of different strategies 320

      Figure 73: Volacrush in „BBBY“ before earnings. 328

      Figure 74: Selection of the expiration cycle for an earnings trade in BBBY 329

      Figure 75: VIX "mean-reverting" 2018 337

      Figure 76: Example of a VXXB Trade (Vertical-Spread) 339

      Figure 77: Example configuration FinViz 346

      Figure 78: Results of the filter criteria at FinViz 348

      Figure 79: Setup of a Ratio-Spread 351

      Figure 80: P/L-Diagram Put-Ratio-Spread (1xΔ50 Long-Put; 2x Δ30 Short-Put) 352

      Figure 81: Profit zone put-ratio spread (buy 1x Δ50 long put, sell 2x Δ30 short put) 353

      Figure 82: Example Naked-Short-Put 363

      Figure 83: Example Long Call Vertical 365

      Figure 84: Example Short Put Vertical 367

      Figure 85: Example Long Put Vertical 369

      Figure 86: Example Naked Short Call 373

      Figure 87: Example Short Call Vertical 375

      Figure 88: Example Broken Wing Butterfly 378

      Figure 89: Example Butterfly 381

      Figure 90: Example Iron Condor 385

      Figure 91: Example Iron Fly 388

      Figure 92: Example Jade Lizard 390

      Figure 93: Example Straddle 392

      Figure 94: Example Strangle 394

List of abbreviations

      A.M. Ante meridiem

      AMC After Market Closing

      ATM At-the-Money

      Bln. Billion

      BMO Before Market Opening

      BTC Buying to Open

      BTO Buying to Close

      DTE Days till experation

      ETC Exchange Traded Commodity

      ETF Exchange Traded Fund

      ETN Exchange Traded Note

      USD USD

      ITM In-the-Money

      IV Implied Volatility

      IVR Implied Volatility Rank

      Mio. Million

      OCC Options Clearing Corporation

      OTM Out-of-the-Money

      P.M. Post meridiem

      P/L Profit/Loss

      POP Potential of Profit

      STC Selling to Close

      STO Selling to Open

      SQRT Squareroot

      USD United States Dollar

Foreword

      A good book always begins with an honest preface. So first of all I would like to thank you for holding my first book in your hands and I hope that you will be satisfied with it in the end. What made me write this book you might ask? I myself have been trading in different approaches to the financial markets for years and, like almost everyone else, had to teach myself everything from the ground up. I didn't have a mentor and I know how frustrating it can be to have to go on this journey alone. There are many offers within the financial world that promise you great wealth or want to make you a professional in a short time. Let's not kid ourselves, 99% of it is complete nonsense and brings you nothing,

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