The Options Primer provides a brief yet comprehensive introduction to the complex issues surrounding options. To help the reader develop an understanding of the factors that affect option pricing, the text employs a building block approach. The first three chapters explore the essential institutional features of the US options market, trading strategies and their payoffs, and develop boundaries to specify the ranges in which exact option prices must lie. Chapters Four and Five focus on formal pricing models to specify option prices. By moving from the Binomial Model to the Black–Scholes Model and Merton Model, the reader gradually develops an understanding of how movements in stock price affect option pricing. The text is accompanied by OPTVAL!, an IBM PC program which computes virtually all of the model prices and examples in the text. Where applicable, the program can also graph option relationships. These capabilities make OPTVAL! an effective learning tool to...

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