Options As A Strategic Investment 6th Edition -

Unlike 90% of options books that focus on direction (will the stock go up or down?), McMillan hammers home the importance of implied volatility and historical volatility . He treats options as tools to bet on mispriced uncertainty , not just stock movement. His discussion of volatility skew and term structure is worth the price of admission.

Even in the 6th edition, many examples use stock prices from the late 2010s (e.g., IBM at $150, GM at $35). While the math is timeless, the examples feel a bit tired. Also, the black-and-white charts are functional but ugly—don’t expect the slick color graphics of a modern trading blog. options as a strategic investment 6th edition

This is not a novel. It’s a manual. You can jump to the chapter on "Straddles" when you need it, then flip to "Tax Considerations" (yes, it covers that too). The appendices include Greek formulas, a glossary, and even option symbology. The Not-So-Good: Where It Stumbles 1. The Density is Intimidating Let’s be honest: This book is a doorstop. The prose is dry and academic. McMillan occasionally dives into mathematical derivations that will glaze over a beginner’s eyes. You will re-read paragraphs. You will fall asleep. This is not a criticism so much as a warning. Unlike 90% of options books that focus on

Rating: 4.7/5 (Essential reference, but heavy reading) Even in the 6th edition, many examples use

The book says it’s for "novices to experts." The first few chapters on basic calls and puts are fine for a newbie. But by Chapter 4 (Spreads), the pace accelerates rapidly. A true beginner would be better served by something like Options as a Strategic Investment paired with The Rookie’s Guide to Options (or a free online course). Alone, it will overwhelm you.