The Art of Option Selling

評析:

Ansbacher's rules:

1. never trade individual equity options
   jump potential too dangerous when compared with selling options on a broader index

2. always try to sell against the consensus
   constructed his own index that measures the degree of richness or cheapness in out-of-the-money index options

3. only trade options in the first two delivery months
   go after time decay and have no ambition to get involved with six-month options where you can hardly see this decay at all
   the market could be anywhere in six months

4. occasionally double-down on a trade with a tightened stop
   suppose I first sold an option at $6. Initially, I might leave a stop at $12. If the option I sold then declines in value to $3, I might sell another round of them, but tighten the overall stop on the entire position down to $6.
   Ansbacher thereby ends up risking $3 net for a potential $9 winner

出處: http://www.derivativesstrategy.com/magazine/archive/2000/0800playf753.asp?print