Options As A Strategic Investment Citation

Options as a strategic investment citation

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Get your autographed copy of the revised edition of the best-selling book on options*

Author: Lawrence G. McMillan

With more than 300,000 copies sold, this blockbuster best-seller is considered to be the "bible of options trading." The new 5th edition is completely revised and updated to encompass all the latest options trading vehicles, supplying traders and serious investors with an abundance of new, strategic opportunities for managing their investments.

Don't Trade Options Without It

The market in listed options and non-equity option products provides investors and traders with a wealth of new, strategic opportunities for managing their investments.

This updated and revised fifth edition of the bestselling Options as a Strategic Investment gives you the latest market-tested tools for improving the earnings potential of your portfolio while reducing downside risk—no matter how the market is performing.

Inside this revised edition are scores of proven techniques and business-tested tactics for investing in many of the innovative new options products available.

Discussing Options as a Strategic Investment — With Author Larry McMillan

You will find:

  • A complete and in-depth discussion of the newest class of listed volatility derivatives, both futures and options
  • Portfolio protection techniques explained in depth, using broad-based index put options or the more modern approach—volatility call options
  • New and updated examples and tables, using the current option symbology, lower commission rates, decimalization of prices, portfolio margin, and weekly options
  • Updated strategy techniques using synthetic straddles, iron condor spreads, backspreads, put ratio spreads, and dual calendar spreads

Written especially for investors who have some familiarity with the option market, this comprehensive reference also shows you the concepts and applications of various option strategies—how they work, in which situations, and why; techniques for using index options and futures to protect one’s portfolio and improve one’s return; and the implications of the tax laws for option writers, including allowable long-term gains and losses.

Detailed examples, exhibits, and checklists show you the power of each strategy under carefully described market conditions.

Click Here for a detailed explanation of the differences between the 4th and 5th editions

Product Details

Hardcover: over 1072 pages
Publisher: Prentice Hall Press; 5 edition (August 7, 2012)

Your Own Study Guide

Also available is the Options As A Strategic Investment Study Guide.

Options as a strategic investment citation

With reading assignments and quizzes, this study guide will help ensure that you've grasped the key concepts of each chapter.


"The options world has a lot to offer investors and traders alike, but it can be dauntingly hard to understand.

Since its original publication, Options as a Strategic Investment has answered many a question; and each succeeding edition has answered many more.

You are here

It is the options reference in our office."
John Bollinger - CFA, CMT, President Bollinger Capital Management, Manhattan Beach, California

"Larry McMillan's Fourth Edition of Options as a Strategic Investment is a must read.

This latest version of his original classic presents his latest thinking on options.

Options as a strategic investment citation

McMillan is truly the master of his field."
John Murphy - President, Murphy Morris, Inc., Dallas, Texas

"Larry's book is the bible of the options community. It has established the benchmark by which all other option books are compared - and none measure up."
Alex Jacobson - Vice President, International Securities Exchange, New York, New York

"Larry has taken options education into the 21st century with this book.

Options as a strategic investment citation

His insights into trading concepts will always stand the test of time. Keeping up with the latest information on options is mandatory and no one does it more masterfully than Larry."
Mark D.

Cook - Professional Options Trader, Mark D. Cook Trading Instruction, East Sparta, Ohio

"The options product is the premier tool for managing risk, but most professionals are no longer taught about it, and individual investors shun it because of its supposed complexity.

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Mr. McMillan not only makes this risk management tool easy to understand, but fun to learn. Did you realize that if you own a car you own a put? Read the book and find out how you are already using options as a risk management tool without realizing it. This book should be read by everyone - professionals and individual investors alike."
Thomas J.

Options as a strategic investment citation

Dorsey - President, Dorsey, Wright & Assoc., Richmond, Virginia

"The best one-stop source of understandable option information that you can act on immediately.

Every serious investor should read this book."
Ken and Daria Dolan - Heard daily across America on the WOR radio network.


Find a copy online

McMillan is well established as the leading authority on options trading and information. His contributions to this body of information are well documented and acknowledged by professionals thought the securities industry.

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This book is an important part of any serious trader's library. I highly recommend it to both inexperienced and experienced option traders alike."
Tom DeMark - System Designer and Hedge Fund Consultant, Phoenix, Arizona

Reader Testimonial

"One of the first gifts I received when I started working on a trading desk for an arb fund was your book Options As A Strategic Investment.

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It has been invaluable, you write very clearly and to the point. As a neophyte who had just passed the series 7 and working on the series 4, most books on options would have been absolutely overwhelming. Your book presents a clear progressive education on the topic and it is a constant resource."
M. Marchese

Table of Contents

Click each Part below to expand the chapter contents

Order your autographed copy of the revised edition of the Options Bible today and receive FREE SHIPPING!* 

*Free shipping discount can only be applied to full-priced domestic orders of the "Book Only" option.

Does not apply to the Study Guide or package.

Options as a strategic investment citation