Although many people associate options with speculation, the concept of options actually evolved from a need to control the risk of price in agricultural markets. The Holland tulip market set off the first worldwide options market in 1634. The U.S. market developed after the NYSE opening in 1791, and since then, the options market has become one of the most significant developments in the modern financial marketplace. Today, options are seen as a vehicle that can enhance nearly every investment philosophy. In Fundamentals of the Options Market, Pacific Exchange market maker Michael Williams provides beginning options traders everything they need to get started in the industry: from the basics of the exchanges to understanding market conditions and risk management. Replete with quizzes, checklists, guidelines, and examples, Williams walks the reader through all the steps, from understanding the rules and policies that govern the industry to trading and hedging. This hands-on guide gives novices all the information they need to trade options on any exchange. Drawing on his experience as a market maker and lecturer, Williams provides a clear and concise picture of the differences between and benefits of listed stock options, index options, and LEAPS. He explains the fundamentals that affect options prices and shows readers the power of technical indicators. Building on a foundation that begins with the history of the options markets, Williams explains the key terms and definitions investors need to know to survive and thrive in today's turbulent marketplace using this versatile tool. Completely accessible for entry-level professionals, Williams explains key topics such as: Interpreting volatility, Setting up positions to fit any market condition, Hedging to protect investments.

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