Larry McMillan – Options as a Strategic Investment (Latest Edition)
https://www.optionstrategist.com/

➡️ The Most Comprehensive Options Trading Book Ever Published
"Options as a Strategic Investment" by Larry McMillan is widely recognized as the definitive resource for serious options traders, investors, financial professionals, and portfolio managers. Whether you're just beginning to explore options or are a seasoned market participant looking to sharpen your strategic edge, this timeless classic offers deep insight, real-world applications, and risk-managed approaches across all levels of market experience.

Now in its most up-to-date edition, this book builds upon over four decades of market knowledge and professional trading experience, reflecting changes in the marketplace, the rise of volatility products, and the evolution of trading tools and strategies.

➡️ Why This Book Belongs in Every Trader’s Library
✅ Over 700+ pages of professional-grade options education
✅ Ideal for both self-study and reference during market conditions
✅ Teaches foundational concepts and advanced trading techniques
✅ Written by one of the most respected names in the options industry
✅ Combines strategy, technical insight, and portfolio risk management

➡️ What You’ll Learn Inside

➡️ Part I – The Fundamentals of Options
✅ Call and put options explained in plain English
✅ Understanding the relationship between price, time, and volatility
✅ Differences between American and European-style options
✅ An introduction to how options are priced and traded

➡️ Part II – The Greeks and Options Pricing Models
✅ Delta, Gamma, Theta, Vega, and Rho fully explained
✅ How to apply the Greeks to manage trade risk
✅ Using Greeks to adjust and fine-tune existing positions
✅ Real-world applications of theoretical pricing models

➡️ Part III – Individual Option Strategies
✅ Long calls and puts: directional bets with defined risk
✅ Covered calls and cash-secured puts for income generation
✅ Protective puts and collars for downside protection
✅ When to buy options versus when to write them

➡️ Part IV – Complex Strategies and Spreads
✅ Vertical spreads: bullish and bearish positioning
✅ Calendar (horizontal) and diagonal spreads
✅ Butterflies and condors: low-risk, range-bound trading
✅ Synthetic positions and arbitrage opportunities
✅ Adjusting spreads and rolling positions effectively

➡️ Part V – Volatility and Market Behavior
✅ Understanding historical vs. implied volatility
✅ How volatility influences option pricing and risk
✅ Using volatility indicators like the VIX strategically
✅ Volatility-based strategies like straddles and strangles

➡️ Part VI – Advanced Options Applications
✅ Portfolio insurance and hedging with options
✅ LEAPS, index options, and options on futures
✅ Managing volatility events such as earnings or news releases
✅ Techniques for dealing with illiquid or thinly traded options

➡️ Case Studies and Trade Examples Throughout
✅ Dozens of real-market examples to show strategies in action
✅ Detailed charts and profit/loss diagrams
✅ Strategic reasoning behind trade selection and timing
✅ Emphasis on risk control, discipline, and flexibility

➡️ What You Get with This Book
✅ Hardcover or softcover edition (based on availability)
✅ 700+ pages of organized, easy-to-follow instruction
✅ Glossary of terms and comprehensive index
✅ Additional resources and references for further study
✅ Trusted by professional traders and financial educators worldwide

➡️ Who Should Read This Book?
✅ New traders seeking a rock-solid foundation in options
✅ Intermediate traders ready to go beyond the basics
✅ Advanced traders looking to refine or expand their edge
✅ Financial advisors, wealth managers, and institutional traders
✅ Anyone aiming to manage risk and improve portfolio performance

➡️ About the Author – Larry McMillan
✅ Acclaimed author of multiple options-focused publications
✅ President of McMillan Analysis Corp. — a leading options research firm
✅ Developer of proprietary volatility indicators and strategies
✅ Regular contributor to financial media and institutional briefings
✅ Known for blending academic knowledge with real-world application

➡️ Final Thoughts
If you are serious about becoming a confident and capable options trader, "Options as a Strategic Investment" is not just a book — it’s your blueprint. It has earned its reputation as the industry standard because it provides the knowledge, context, and guidance needed to succeed in both calm and volatile markets.

Whether your goal is income, hedging, speculation, or portfolio growth — this book will show you how to use options as a strategic advantage.