“Book Descriptions: While books exist on the mathematical theory underlying options, there is a relative absence of texts that attempt to explain how to bring these theoretical ideas into practice. The author shows that several of the most important concepts in options theory such as implied volatility, delta hedging, time value and many of the so-called "option greeks" can be understood by appealing to intuitive economic arguments alone, without relying on a formal mathematical model. Only once this knowledge is in place does he go on to explain the seminal Black-Scholes-Merton model. The reader will understand the underlying theoretical assumptions, and their implications, to a degree that facilitates practical implementation. The approach taken in this book may prove valuable to options traders and other practitioners tasked with making pricing or risk management decisions in an environment where time constraints mean that simplicity and intuition are of greater value than mathematical formalism. The true challenges in successful options trading are conceptual rather than mathematical, and the author tackles these conceptual challenges head-on.” DRIVE
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