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1、AlsobyWilliamR.GallacherWinnerTakeAllTHEOPTIONSEDGEMcGraw-HillNewYorkSanFranciscoWashington,D.C.AucklandBogotPCaracasLisbonLondonMadridMexicoCityMilanMontrealNewDelhiSanJuanSingaporeSydneyTokyoTorontoLibraryofCongressCataloging-in-PublicationDataGallacher,WilliamR.Theop
2、tionsedge:winningthevolatilitygamewithoptionsonfuturesIWilliamR.Gallacher.p.cm.ISBN0-07-038296-41.Commodityoptions.I.Title.HG6046.G2781998332.63'28--&2198-11804CIPIrwin/McGraw-HillizADivisionof%McGrmHillCompaniesCopyrightO1999byTheMcGraw-HillCompanies,Inc.Allrightsreser
3、ved.PrintedintheUnitedStatesofAmerica.ExceptaspermittedundertheUnitedStatesCopyrightActof1976,nopartofthispubli-cationmaybereproducedordistributedinanyformorbyanymeansorstoredinadatabaseorretrievalsystem,withoutthepriorwrittenpermissionofthepublisher.ISBN0-07-038296-4Th
4、esponsoringeditorforthisbookwasStephenIsaacs,theeditingsupenisorwasJohnM.Morriss,andtheproductionsupervisorwasSuzanneWB.Rapcavage.ItwassetbyThePublishingServicesGroup.PrintedandboundbyR.R.Donnelley&SonsCompany.McGraw-Hillbooksareavailableatspecialquantitydiscountstousea
5、spremiumsandsalespromotions,orforuseincorporatetrainingprograms.Formoreinformation,pleasewritetotheDirectorofSpecialSales,McGraw-Hill,11West19thStreet,NewYork,NY10011.Orcontactyourlocalbookstore.Thisbookisprintedonrecycled,acid-freepapercontainingaminimumof50%recycledde
6、-inkedfiber.Whatcanbedonewithfewerisdoneinvainwithmore.-WilliamofOckhamCONTENTSPreface1ROADSLESSTRAVELED2FASTFORWARD3OCKHAM'SEQUATION4THEWORDOFGOD5THEEMPEROROFCHINA'SNOSE6PHANTOMOFTHEOPTION7THEPROMISEDLAND8BORNAGAIN9THEARMCHAIRBOOKMAKERREFERENCE10VOLATILITYPROFILESIndex
7、PREFACETheOptionsEdgewillmostlikelyappealtoreaderswithsomepracticalexperienceinthetradingofoptions.Ithasbeenwrit-ten,however,tobeaccessibletoinexperiencedtraderswhohaveastrongdesiretounderstandtheworkingsoftheoptionsmarket.Comparedwithothertechnicalbooksonthesubject,The
8、OptionsEdgeisrathersparingintheuseofalgebraandcomplexstatisticalformulae.However,thebookdoesdelvedeeplyintothe