Increasing Alpha with Options (2010).pdf

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INCREASING
ALPHA WITH
OPTIONS
INCREASING
ALPHA WITH
OPTIONS
Trading Strategies Using Technical
Analysis and Market Indicators
S
COTT
H. F
ULLMAN
, CMT
Copyright © 2010 by Scott H. Fullman. All rights reserved.
Increasing Alpha is a trademark of Fullman Technologies, Inc.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in
any form or by any means, electronic, mechanical, photocopying, recording, scanning, or other-
wise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act,
without either the prior written permission of the Publisher, or authorization through payment
of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive,
Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright
.com. Requests to the Publisher for permission should be addressed to the Permissions
Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011,
fax (201) 748-6008, or online at http://www.wiley.com/go/permissions.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best
efforts in preparing this book, they make no representations or warranties with respect to the
accuracy or completeness of the contents of this book and specifically disclaim any implied
warranties of merchantability or fitness for a particular purpose. No warranty may be created
or extended by sales representatives or written sales materials. The advice and strategies con-
tained herein may not be suitable for your situation. You should consult with a professional
where appropriate. Neither the publisher nor author shall be liable for any loss of profit or
any other commercial damages, including but not limited to special, incidental, consequential,
or other damages.
For general information on our other products and services or for technical support, please
contact our Customer Care Department within the United States at (800) 762-2974, outside
the United States at (317) 572-3993 or fax (317) 572-4002.
Wiley also publishes its books in a variety of electronic formats. Some content that appears in
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visit our web site at www.wiley.com.
ISBN 978-1-576-60365-9 (cloth); 978-0-470-87910-8 (ebk); 978-0-470-93673-3 (ebk);
978-0-470-93674-0 (ebk)
Printed in the United States of America
10 9 8 7 6 5 4 3 2 1
Technical analysis involves learning from history and experience in
order to project into the future. I therefore dedicate this book to the late
William H. Fullman, Jr., Sandie Fullman, James Boyd Taylor, and Doris
J. Taylor, who my wife and I have learned countless lessons from, and to
our children Jonathan William Fullman and Daniel Scott Fullman, who
we have taught and loved using those life experiences.
Contents
Acknowledgments
Introduction
1
Why Technical Analysis?
Bases
Fundamentals vs. Technicals
Tops
xi
xiii
1
3
6
8
2
The Basics of Technical Analysis
Understanding Chart Types
Trend Properties
The Trend Is Your Friend
Volatile or Negative Markets
Primary and Secondary Trends
First Strategy
Put Hedges
Implied Volatility
Seasonal Trends
Cyclical Trends
Moves within Moves
Nontrends
Understanding the Properties of Trends
13
13
16
18
20
20
22
24
24
25
25
27
28
29
3
Trends and Their Ends
Elliott Waves and Common Trend Analysis
Nesting Patterns
Continuation Patterns
vii
33
34
37
38

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