Recent Testimonials

"Your Los Angeles seminar was phenomenal! Thank you very much, you are a true inspiration." --Giovanni, Vassallo Los Angeles, California "I just wanted to thank you for the seminar you gave in San Bruno. I was impressed with your interest and response to the Vega risk and how you reduced it. This obviously reflects a deep understanding of the issue." --Stan Shellum San Jose, California "I really enjoyed your Montreal seminar and have greatly benefited from your trading tactics." --Sylvain Leboeuf Hawkesbury, Ontario "I enjoyed your Salt Lake City seminar and found the refresher much needed. Your presentation was excellent and I loved the case studies--best case, worst case, averages--which I found very compelling. Best regards." --Mike Smith Salt Lake City, Utah "I just wanted to thank you again for putting on your Washington DC seminar. It was extremely educational." --Ryan Mariner Washington, DC "What a great seminar! I am generally impatient in this type of venue, but found your presentation very compelling. Many thanks." --George Berbeco Boston, Massachusetts "Your material was presented methodically and progressed logically. This permitted all the students to grasp the content without missing a step. I want to take this opportunity to thank you for coming to Toronto and facilitating your options course. A job well done" --Murray Kaufman Toronto, Canada "Your work is very thoughtful, systematic and presented in a very structured methodical manner. The seminar answered several questions that I had been working through and solidified my thinking in a number of areas. It was very valuable and a money maker! Thanks!" --Marc Call Salt Lake City, Utah

"I just wanted to thank you for the seminar you gave in San Bruno. I was impressed with your interest and response to the Vega risk and how you reduced it. This obviously reflects a deep understanding of the issue." --Stan Shellum San Jose, California "I really enjoyed your Montreal seminar and have greatly benefited from your trading tactics." --Sylvain Leboeuf Hawkesbury, Ontario "I enjoyed your Salt Lake City seminar and found the refresher much needed. Your presentation was excellent and I loved the case studies--best case, worst case, averages--which I found very compelling. Best regards." --Mike Smith Salt Lake City, Utah "I just wanted to thank you again for putting on your Washington DC seminar. It was extremely educational." --Ryan Mariner Washington, DC "What a great seminar! I am generally impatient in this type of venue, but found your presentation very compelling. Many thanks." --George Berbeco Boston, Massachusetts "Your material was presented methodically and progressed logically. This permitted all the students to grasp the content without missing a step. I want to take this opportunity to thank you for coming to Toronto and facilitating your options course. A job well done" --Murray Kaufman Toronto, Canada "Your work is very thoughtful, systematic and presented in a very structured methodical manner. The seminar answered several questions that I had been working through and solidified my thinking in a number of areas. It was very valuable and a money maker! Thanks!" --Marc Call Salt Lake City, Utah

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^New! The Options Mentoring Program 2009
(Singapore, London, Dubai, Hong Kong, Milan )

*Prices will be discounted by 10% for an early bird discount if payemtn is received more than 31 days prior to the event date.

Call 1-802-846-7509 to Register or Pay By Phone!

The Master Strategist Options Course Content

Module 1: Essential Characteristics of Options - The seminar begins by reviewing all the necessary parts of the options story. Most traders already have a fairly good understanding of basic options concepts, but a fresh review and professional perspective on important areas -- such as time value (extrinsic value), intrinsic value, expiration, exercise and assignments, and pricing specs -- helps to focus attention on what's important in relation to strategies to follow in subsequent modules. In this module, data is presented showing why options selling (writing) makes more sense than buying options as a strategic approach. Highlights from two reports on options expiration patterns and open and closing trades are shared with students, and discussed. "Is there an advantage to selling options?" is a key question that is explored in light of the efficient markets hypothesis argument. Put/call ratios are looked at to help answer the question, in addition to data from the two reports. Finally, differences between futures and equity options are explained, and how these two worlds of option trading don't have the same margin rules. Different margin systems are explained, with an emphasis on advantages offered by SPAN margin rules used with futures options. Index options, ETFs and FOREX options markets are also part of the discussion. At the end of this module, students have all the prerequisites to move into strategy implementation. Back

The Master Strategist Options Course Content

Module 2: Options Writing with Diagonal Put Time Spreads - This module begins with a quick review of options spreads concepts (vertical, horizontal and diagonal) and then lays out the rules for applying diagonal put time spreads in equity index futures markets, as well as stock and stock index options markets (and other options markets). The module walks you through the important dimensions of the strategy, particularly how the trade makes a potential profit from time value decay, and potentially from directional moves of the underlying and changes in implied volatility resulting from Delta and Vega inversions that occur periodically. The risk/reward parameters are reviewed, as well as the strategy "Greeks". The methodology for selection of strikes and the amount of premium to collect, as well as when to apply this strategy and in what position sizes relative to available risk capital, is taught. Preparing defensive actions and other types of follow-up interventions, as a number of case studies are deconstructed, occupy a significant portion of this module. By the end of the module, students have a solid feel for applying this strategy. Back

The Master Strategist Options Course Content

Module 3: Options Writing with Vertical Call Ratio Spreads - Used as a standard alone strategy or in combination with diagonal put spreads, this spreading approach takes advantage of option implied volatility in equity index options markets that moves inversely with the underlying, and therefore provides a cushion against adverse moves. Established for a small credit, the ratio approach rules for strike selection are taught and how to adjust the initial positions if and when the underlying moves too much against the position. Precise adjustment rules are presented, and alternative hedging techniques, along with the implications any follow-up action will have on profit/loss parameters. This trade has some key advantages, such as being able to potentially make money in up, down or sideways markets, and a profit potentially much larger than the initial credit. There are many ways to do ratio spreads, but not all are worth the risk. The call ratio spread approach can be applied to commodity markets, but is here restricted to stock market index options, including big S&P 500 options on futures and emini options, where the best risk/reward conditions can be found due to relatively lower volatility conditions historically. Back

The Master Strategist Options Course Content

Module 4: "Risk-Less" Collars I: Vertical Collars - A more recent addition to the Master Strategist Options course content, vertical collars occupy a special place in the world of options trading -- namely they are risk-free trades that have large profit potential. The module teaches you how to apply the setup using limit orders so that positions are never entered into that are not risk free. The strategy is applied primarily to equity options and ETFs, but it is possible to roll this approach out to other markets, such as FOREX options and futures options. The standard collar (conversion) trade is first presented and then the rules for modifying the structure are revealed that allows for transforming the traditional collar approach into a potentially big gainer. The at-expiration profit/loss parameters are examined as well as the intervening time frame Greeks, particularly Delta and Vega. Several trades will be setup using real market conditions, and some case studies will be presented. Finally, the module explores ways to find the right stocks to apply vertical collars to in order to increase the probability of success. This is a fun trading setup that does not keep you up at night - except maybe if you are too excited about how much potential you can make given that you have no risk to your capital (aside from perhaps opportunity costs - i.e., you might have made more in some other investment). This trade can also be developed into a portfolio hedge tool, which is explained in finishing this module. Back

The Master Strategist Options Course Content

Module 5: "Risk-Less" Collars II: Horizontal Collars - Another risk-free setup, the horizontal collar takes advantage of extremely low implied volatility conditions found in some equity options, particularly ones that have been in long bullish trends and may be topping. The module begins by deconstructing the horizontal collar into two parts, and then explaining the setup rules for applying it with risk free pricing - such as correct strike price selection and size of net time premium credit. After looking at several case studies, the module concludes with a discussion of possible alternative uses for this setup, plus creative ways to apply money management using this trading strategy. Back

The Master Strategist Options Course Content

Module 6: Low-Risk Time Spreads: Horizontal In-The-Money Calls Spreads - In the last module of the Master Options Strategist course, another form of spread is presented -- a horizontal time spread. But unlike the traditional at the money time (a.k.a. calendar spread) found in most options books, this one is applied deep in the money to take advantage of special option pricing found in some equity options. After explaining implied volatility skews and how that impacts pricing of options across different expiration months, the strategy is explained and illustrated using a number of case studies. This is a low-risk, low capital intensive strategy that can produce a large potential return on capital if applied correctly to a diverse number of equity options displaying the necessary skew pricing to make it work. The module concludes by showing traders how to apply this same strategy as a hedge tool to protect against market declines and any long Delta exposure traders may have elsewhere in their portfolios. Back