Difference Between Option’s Volume and Open Interest

In stock trading, you measure stock market activity & liquidity by volume. In options trading, there are two measurements: Open Interest & Volume.

Unlike in stock trading, whereby there is a fixed number of shares to be traded (i.e. number of outstanding shares), in options trading, new option contracts need to be created when a trade is placed and there is no existing contract yet. When a new expiration month initiated, there is no open interest because there are no option contracts being traded for that month yet. As trading builds up, open interest will also increase. Now, what is Open Interest?

Open interest is the total number of option contracts that are still open (i.e. have not yet been exercised, or have not been closed out by an offsetting transaction, or have not expired).

Open interest increases when new contracts are created by options buyer and seller, whereby a new buyer takes a new long position and a new seller takes a new short position.

On the other hand, open interest decreases when both the options buyer and seller with existing position close out their respective positions and the contract disappears.
Closing out the position can be done by doing an offsetting transaction (i.e. the existing buyer sells the option to close his long position while the option seller buys back the option to close his short position), or by exercising the option.

Please bear in mind that open interest only increases when new contracts are created. Hence, when a trader who does not have a position in the option before buys from another trader who has an existing long position and want to close his position by selling his option contract, open interest does not change because a new contract is not created.

Then, what is volume in option trading and how option’s volume is different from open interest?

Option’s Volume is the number of option contracts traded during a given period of time. Hence, volume reflects the number of options contracts that changed hands from a seller to a buyer, regardless of whether it is a new contract being created or just an existing contract.

For more clarity, let’s see the examples below:

On Day 0, Open interest = 0, Option Volume = 0.

On Day 1, A buys 2 option contracts and B sells 2 option contract.
Open interest = 2, Option Volume (for that day) = 2.

On Day 2, C buys 7 option contracts and D sells 7 option contracts.
Open interest = 2 + 7 = 9, Option Volume (for that day) = 7.

On Day 3, A closes out his position by selling 2 option contracts, and D closes out part of his position too by buying back 2 of his option contract.
Open interest = 9 - 2 = 7, Option Volume (for that day) = 2.
Open interest reduced by 2, because A & D have an existing position before, so this transaction is an offsetting transaction to close out their respective positions. As a result, 2 contracts disappear.

On Day 4, E buys 3 option contracts from C who wants to sell part of his option contracts (3 contracts).
Open interest = 7 (no change), Option Volume (for that day) = 3.
When E buys from C, it does not create new contracts. E who does not have a position in that option before simply replaces C who wants to exit his long position. Hence, open interest does not change.

Related Posts:
* Option Chain
* How To Determine Options Liquidity?
* FREE Trading Educational Resources You Should Not Miss
* Options Trading Basic – Part 2
* Understanding Implied Volatility (IV)
* Option Greeks

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Links Of The Week

Check out some great posts on the analysis / view of the past week's market action:
* Trader Mike provided his perspective & analysis on Thursday’s market sell-off.
* Kirk’s Report & Dr. Duru’s opinion on market condition of the past week.

And here are some trading educational posts:
* How to Trade the Piercing Candlestick Pattern by TAZ Trader.
* When Traders Lose Confidence – Part 1 & Part 2 – by Dr. Brett Steenbarger.

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Link: The Fear Of Losing Money

Chris Perruna recently wrote a good article on “The Fear of Losing Money”.
I believe all traders, both successful and unsuccessful traders, will have this kind of fear. I think this fear is normal, particularly for those who trade using their own hard-earned money. However, what differentiate between successful and unsuccessful traders are the way they handle it.
Like what Chris said in that article:

“Many investors fail in this world due to their fear of losing money.
Brilliant people continue to fail at trading the markets because of their
emotions, not their intelligence or their work ethic. It’s their psychological
make-up…….

Successful investors develop systems with expectancies that allow them to negate emotional fear by knowing what can happen if the investment fails. Successful investors are emotionally prepared to handle the side effects of losing money. Unsuccessful investors think about losing the initial investment and more often than not, pass up on a potential golden opportunity.”

Traders have fear of losing money because they don’t want to lose money. But they can lose even more money, or fail to make big money because of the fear of losing money. A few examples:

• Because of the fear of losing money, traders may pass up on many potential golden opportunities.
• Because of the fear of losing money, traders are not willing to accept losses. They have stop loss targets in place, yet do not honor the stops, but instead they are hoping that the trade will make a turn. And this hope may never come into reality. As a result, they would realize bigger losses, and in turn, make them even more fearful of losing money.
• Because of the fear of losing money, traders will take the profits quickly and not letting the profits run.
• Because of the fear of losing money, traders may become irrational or undisciplined, not following the rules and not confident on their own rules / system.

Personally, I admit I’ve made all those mistakes. It’s really not easy to handle this fear, because the fear was growing, especially after experiencing consecutive losing trades. However, I realized that to be successful in trading, I have to overcome this fear, and learn to accept losses because they are a part of this business. If we cannot accept losses, then we shouldn’t trade.

How to overcome this fear? I agree with Chris. When we make sure that we have positive expectancy system, proper risk management and money management (position sizing), we’ll eventually win the battle over time. Knowing this did help a lot to overcome my fear.
Go check out the full article.

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Why Trading Psychology Is Very Important

When ones start learning about trading, normally they will focus more on learning trading set-ups, entry and exit strategies, and spend less time on studying the psychological aspect of trading.
Until they started real trading, they will realize that trading psychology is in fact one of the most important aspects for trading success, because it concerns the most crucial part of trading – the trader itself.

People can learn the same, best trading system. However, the results can be different. What makes the results different from the same trading system is the trader as a part of the system. Trading psychology is what differentiates winners from losers, even from exactly the same system.

I remember a quote I read from Jake Bernstein’s book "Momentum Stock Selection: Using The Momentum Method For Maximum Profits":

The best trading system in the hands of an undisciplined trader is a losing system.

I personally think that discipline in trading is much more difficult than discipline in normal daily life. Ones could be very discipline in daily life, but they may fail to instill discipline in trading because there are 2 monsters inside them that can greatly affect their normal self: FEAR and GREED.

I also think even extremely logical and discipline persons in a normal daily life may turn to be illogical and undisciplined, when they are facing these two monsters inside them. Yes, dealing with one’s emotion in terms of fear and greed in trading is really not an easy thing to master at all. Why? Because you’re risking something that is precious to you: your hard-earned money.

It will be a different story if you’re not trading with your own hard-earned money at risk. As discussed in the previous post, this is also one reason why some people argue that paper trading is not the right way to learn trading.
One can be very profitable in paper trading, but may lose money in real trading. Why? Because one disadvantage of paper trading is that it does not involve the emotion, fear and greed, etc., which actually plays major parts in trading success.
Therefore, Dr. Alexander Elder in his book "Come Into My Trading Room: A Complete Guide to Trading" also suggested to learn trading by putting on very small real trades. Because real trades, although it’s very small, it still engages emotions.

The essence of this article:
Never underestimate the importance of Trading Psychology. Trading is the biggest battle against your most difficult enemy: your own emotions. If you want to win the battle, you have to conquer this biggest enemy of yours.

I’d like to end this post with the following quotes:

The real reason so few succeed in trading is because the traits required for success are almost exclusively psychological.
(Gary Smith)

I haven't seen much correlation between good trading and intelligence. Some outstanding traders are quite intelligent, but a few aren't. Many outstanding intelligent people are horrible traders. Average intelligence is enough. Beyond that, emotional makeup is more important.
(William Eckhardt)

Related Posts:
* Why Being Right In Your Trading Does Not Necessarily Mean Making Money
* The Psychological Need To Be Right vs. Making Money
* The Fear Of Losing Money
* Trading System: What Is It and Is It Important?

You might be interested in the following topics:
* Learning Candlestick Charts
* Learning Charts Patterns
* Options Trading Basic – Part 1
* Options Trading Basic – Part 2
* Understanding Implied Volatility (IV)
* Option Greeks

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Good Readings

Here are some good readings for you to check out:

* Corey from Afraid To Trade blog demonstrated with a simulator and some examples that “you do not have to be perfect to make a lot of money in the markets. The key is consistently letting your average wins be larger than your average losses”.

* Dr. Brett Steenbarger assembled a collection of his great articles in this post. An invaluable trading education for all traders.

* Turtle Trader compiled a number of articles on money management, an aspect of trading that is believed to be one of holy grails of trading.

* Simply Options Trader also compiled some websites for you to get Sector Rotation information.

* Kevin’s great article on what Average True Range (ATR) is and how to use it.

* Fresh Trader wrote a series of articles on understanding the Crowd Psychology of the stock market.

* Are you interested in selling puts for a take-over bids play? Adam from Daily Options Report discussed it here. But this strategy is definitely not recommended for beginners.

Have a nice weekend ahead! :)

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5 Tips For A More Effective Virtual / Paper Trading

In the earlier post, we discussed the advantages & disadvantages of virtual / paper trading. Whether paper trading will be useful for you or not depends on how you treat it: will you treat it seriously, or will you do it just for a fun game and/or self-satisfaction.

The following are 5 tips for you to have a more effective & fruitful paper trading:

1) Develop your trading system and write down the rules of the system in details.
Having detailed rules is important, because this will guide you into your decision making process, as well as to pinpoint which part of the system you need to adjust / improve during your trade reviews and to gain consistency in your trades.

2) Follow the rules of the trading system / strategy you want to test strictly.
The purpose of your paper trading is to gain trading skill and/or test the system if it works well consistently for you, not to see profits from your paper trades. We can’t deny that we feel happy, proud or satisfied if we can make profits even if it’s only virtual money. Why? Because it will boost our confidence and self-esteem. When you can’t even make money from paper trades, you’d feel demotivated and it hurts your pride as well. So, perhaps without realizing or even knowingly & purposely, we begin to be undisciplined and turn paper trading into a game to see profits because you know that there is no (financial) risk in doing so. This will defeat the purpose and make it just a waste of time. In addition, you also risk yourself into a bad habit that you may carry on in your real trades.

To have an effective & fruitful paper trading, it’s important that you paper trade exactly according to your rules of your trading system you’re testing. Set your virtual capital to what your planned capital would be. This is the time for you to learn the trading setups, entry & exit strategies, position sizing & money management, and make necessary adjustments to the system. And do not do things that you would not do in real trades, like playing a much bigger trade than what you will do in real trades later (e.g. buying call options $100,000).

3) Always keep records of every single paper trade you make (trading diary of your paper trades).
This way, you can learn from your own trades. Reviewing the trading diary of your paper trades will enable you to identify which parts of the system that needs to be adjusted / improved.
I admit that this is tough and taking time. But, this will also train your discipline. You’ll need to keep a trading diary of your real trades anyway. So, treat it as a practice of discipline and good trading habit development.

Dr. Alexander Elder in his book Come Into My Trading Room: A Complete Guide to Trading said:

There is only one good reason to paper trade – to trade your discipline….
If you have the willpower to repeat this process daily for several months,
then you will have the discipline for successful trading with real
money.

4) Start with real trades only after achieving consistency for some times.
If you cannot make money following your system in paper trading, you would not make money in real trades as well. You should start your with real trades after you can achieve consistent, profitable results for about 60% - 70% by strictly following your trading system.
When you start with real trades, it’s wise to start it with small trades. This is like a final test of your trading system while engaging your emotions into the system, as discussed in the earlier post. Through this, you’ll learn how to control your emotion in real trading.

5) Do your real trading based on the trading system you’ve learned / tried with consistent results during paper trading.
Be discipline. If you can’t find the setups you’ve been paper trading, or your rules are not met, then don’t trade. Don’t get tempted to enter a trade based on a setup you’re not familiar with. You should have a mentality that “you don’t need to trade today”. Don’t force a trade. Not trading is also a strategy.

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Update on PLXS and UTHR

Let’s see what's happened to the stocks with interesting patterns discussed on the other day. Both PLXS and UTHR have done well. But it took patience to wait for the decent entry signals.
Hope you can learn something from it.

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Links For Your Reading

Check out the following good readings for the week:

* Corey from Afraid To Trade blog has an excellent example on why you should set a stop loss targets and honor them; believe only the market, and not news or your own opinion.

* So, you want to know the holy grail of trading? Chris Perruna tells you here.

* Wanna learn what stock buyback is and its impacts? Option Pundit shared it in this article.

* Interesting opinion & discussion about Stochastics indicator in Move The Market and TAZ Trader blogs.

* And another excellent post by Dr. Brett Steenbarger on ten principles of short-term trading.

Happy reading! :)

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Should You Do Virtual / Paper Trading?

For beginners, before starting real trading, it is recommended that you should prepare yourself first by spending some time to do virtual / paper trading. For those who may be unfamiliar with the term, paper / virtual trading is a trading simulation, where you can “buy” or “sell” a security with real price, but not using real money. You will be given a certain amount of “virtual money” as your “capital”, and you can place a trade through your online broker as if you were really trading.

Perhaps you have read many trading books, attended trading courses, and learnt various trading strategies. Through paper trading, you can implement what you have learnt, practice how to make a trade, and/or trading strategies, without putting your hard earned money at risk.

I know quite a number of articles have discussed the advantages & disadvantages of paper trading. The most well-known advantages of paper trading are: (1) it serves as a great learning tool to give you hands-on training; and (2) no financial risk is involved in paper trading, which means you can’t lose money.
However, many people also suggest that the 2^nd advantage can actually be a disadvantage too. Why? Because humans learn from mistakes. We particularly learn more from mistakes that hurt either physically, mentally, or emotionally. When the mistakes don't hurt, it doesn't have the same effect.

Paper trading does not involve emotions, which is in fact one of crucial aspects in trading success. One can be very profitable in paper trading, but may lose money in real trading. Dr. Alexander Elder in his book Come Into My Trading Room: A Complete Guide to Trading said that one reason why this happens is that “good decision is easier to make when your money is not on the line”.
Another possible reason is that ones can do things in paper trading that they would not do with real money. For example, never use stop loss and always wait for the stock price to make a comeback into profitable state.
Why can you do that in paper trading?
Because you don’t need to deal with your emotions, fear and greed, when you are in the process of decision making. In real trades, without a stop lost, how long can you afford to see your trades keep moving against you and accumulating the losses? Depends how strong your stomach is.

Therefore, Dr. Alexander Elder suggested the following:

Still, there is no substitute for trading with real money, because it engages emotions more than any paper trade. It is better to learn by putting on very small real trades than paper trades.

I agree with Dr. Alexander Elder on this. However, I do think that paper trade is also still important, particularly for beginners. Recently, Dr. Brett Steenbarger wrote a post on how one should go about learning to trade. One of the ways to start the trading learning process is through paper trading:

3) Start With Simulation - Yes, yes, I'm very aware that simulated trading (paper trading) is not the same as the real thing. But there's a reason basketball and football players engage in scrimmage games, and there's a reason chess champions practice their game outside of tournaments. Simulation enables you to make your mistakes and learn from them *before* you risk losing in the real performance. It's also helpful to first practice skills without the pressure of making money. If you can't make money in simulated trading, you certainly are not going to succeed going live. Simulation is the bridge between learning and doing; it's an important skills-builder.

So, should you paper trade or not?
In my opinion, paper trading is not only useful, but also necessary, particularly for beginners.

When I first started learning to trade or when I’d like to try new trading system / strategies, I always begin with paper trading. After gaining consistency for quite some times in paper trades, I then try it with small real trades to involve emotions into the system testing.
By doing this, I will not waste my capital to test whether a new system / strategy can work for me. But I do agree that what works in paper trading may not perform well once the emotions are engaged in real trades. So, it’s also important to test it with small, real money as the final step of the testing.

Related Posts:
* Options Trading Basic – Part 2
* Option Greeks
* List of Some Online Stock Option Brokers
* My Online Stock Option Brokers - Sharing My Experience
* 5 Tips For A More Effective Virtual / Paper Trading

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Things To Consider Before You Decide To Take A Trading / Investment Course

When you are interested in learning stock / options trading, you might be considering whether you should take a course or just learn it by yourself. Taking a course might help you to have a jump start in learning. However, some people are better learning it by themselves by reading books or trading websites / blogs. It all depends on your learning style / preference, whether you are the kind of people who can learn on their own, or you are better learning by listening to people (mentors) who teach you in person.

As for me, I mentioned before in the previous post that though I attended paid trading courses, I actually learn much more from all the great investment / trading blogs around than what I got from the paid courses. Reading the blogs has helped me tremendously to grow and improve as a trader.

Should you decide to take a course, you will then have to pick which course you should take.
A few things to consider so that you know what to expect or to avoid from a trading / investment course:

* After you finish the course, sometimes they may come back to you and say that just attending that course is not enough. Then they may offer another “more in-depth” courses, couching/mentoring program, etc. And usually, you will have to pay more money for that.

* In some courses, the trading strategy they teach may require you to use / buy their trading software. Hence, you need to depend on their software and, generally, will have to pay them subscription fee and system enhancement fee (if any). Therefore, before you decide to sign up a course, you should query about this possibility if you’re not interested to always depend on their software.

* A trading course may teach you a very good strategy. However, no matter how good the strategy is, it may not work for you, simply because it doesn’t suit your personality / risk appetite. I personally feel that this is very important. One can be successful in trading only if he can find a strategy that best suits his personality and feel comfortable with it.

* Attending a course is only a start of your learning journey. Don’t expect you can master trading and ready to make big money after attending a-few-days courses. You will still continue to learn from other sources, or need to tweak and adjust the strategy to make it your own. Trading needs hard work and determination. You will not stop learning until you stop trading.

* Don’t believe too much in testimonies. Even though it may be true that some of them get this much of return or that much of dollar for only a short time, that is not the important point. So what if they can make a phenomenal return or dollar, but it’s only one time or a few times, or with the helps / tips from the mentor. You never know if those people who give testimonies are only too happy for a few successful trades. What is more important is the consistency & being independent, particularly if you want to trade for a living.

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More Understanding about Options Time Value

As we know, an option’s price comprises of 2 components: Intrinsic Value + Time Value.
Assuming all other things remain constant (i.e. no changes in the underlying stock price and volatility), the time-value component of an option is affected by 2 variables (both for Call & Put Options):

* Time remaining until expiration.
The longer the time to expiration, the more time value the option will have.

* The closeness of the option Strike Price to the money.
At-The-Money (ATM) options have the maximum level of time value, and the time value decreases as it moves to deeper In-The-Money Options (ITM) and deeper Out-Of-The-Money (OTM) options (like inverted-U curve).
Time value is at its highest level when an option is ATM because the potential for Intrinsic Value to begin to increase is the greatest at this point.

Note:
ATM options have the highest level of time value. Time value decreases as it moves to deeper ITM or OTM options (like inverted-U curve).
This can be understood better if we see the time value as the price that people are willing to pay for the chance / uncertainty as to whether or not an option will finish ITM.
The more uncertain, the higher the time value will be.
An option that is far OTM has almost no chance of finishing ITM. As such, it will not command a high time value.
An option that is already deep ITM is almost certain that it will finish ITM, hence time value is smaller.
But ATM or near ATM options have more uncertainty as to whether or not the options will finish ITM, and therefore these options have a higher time value.



In addition, we know that for both Calls & Puts, the time value component of an option price decreases as expiration is nearing, and the decrease rate is accelerating as it is getting closer to expiration, particularly for At-The-Money (ATM) options. This means that the amount of time value disappearing from the option price per day gets bigger with each passing day.

Please note here that Time Value decrease at an accelerating rate as expiration nears is true only for ATM option. This is because for ATM option, Theta increases as an option get closer to expiration (Please refer back to the previous post here).
For ATM option, time value decreases sharply particularly the last 30 days before expiration.

Nevertheless, for both ITM & OTM options, Theta decreases as an option is approaching expiration. Hence, for both ITM & OTM options, Time Value actually decreases at a decelerating rate as expiration nears.

Sigma Options had a good article about this in “What You Didn’t Know About Time Decay”.

Related Articles:
* In-The-Money, At-The-Money, and Out-Of-The-Money Options
* Option Price Components
* Options Pricing: How Is Option Priced?
* Option Greeks

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Firefox Saves My Days

Few weeks ago, I encountered some problems with New Blogger, such as unable to upload pictures / images in a post, unable to add new page element as the “Add a Page Element” links disappear from the “Layout”, and also cannot edit the existing page element.

After spending some times trying to find the solutions in the Blogger Help Group, I managed to fix the problems. One suggestion from the Blogger Help Group to solve such problems is to change the browsers. For instance, if you use Windows IE, try to change to Mozilla Firefox, and vice versa.

Normally, I used Windows Internet Explorer (IE) as my browser. When I faced those problems, I change the browser to Mozilla Firefox. Quite often, those problems can be fixed simply by changing the browser to Mozilla Firefox. Although this doesn’t work all the time, at least it’s worth trying.

Just sharing my experience about Blogger. Perhaps it can be useful for fellow bloggers who also use Blogger system (Blogspot).

For non-bloggers, check out JMOT’s post on how Firefox has saved his browsing time tremendously. Firefox indeed can improve efficiency in browsing speed. :)

Have a nice day!

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OPTION GREEKS

Find out more about what each of the Options Greek means and understand further its behaviours / characteristics. (And find out why a reader commented that: “These explanations of the greeks are shorter and clearer than any of the other descriptions I have found on the internet so far…”) :-)
Click the following links to read each of the articles on Options Greeks in this blog:

1) Option Greeks - Introduction

2a) DELTA - Part 1 - Understanding what it is

2b) DELTA - Part 2 - Factors that affect Delta

2c) DELTA - Part 3 - Interpretation of Delta

3) GAMMA

4) THETA

5) VEGA

6) RHO

7) Behaviour of OPTION GREEKS in relation to TIME REMAINING TO EXPIRATION and IMPLIED VOLATILITY (IV) – With Past DATA and CHARTS


OPTIONS GREEK SUMMARY:

8) Option Greeks vs. OTM, ATM & ITM Options

9) Options Greeks and Position in the Market (Long vs. Short)

10) The Impacts of TIME REMAINING TO EXPIRATION on OPTIONS GREEK

11) The Impact of IMPLIED VOLATILITY (IV) on OPTIONS GREEKS


Related Topics:
* FREE Trading Educational Videos from Trading Experts
* Options Trading Basic – Part 1
* Options Trading Basic – Part 2
* Understanding Implied Volatility (IV)
* Understanding Option’s Time Value
* Learning Candlestick Charts
* Learning Charts Patterns

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Option Greeks: RHO

Rho is a measure of the change in an option's price due to a change in interest rate. Rho estimates how much the option’s price will change when interest rates changes by 1%.
Rho is seldom used because interest rates are normally pretty stable. Therefore, the chance that option’s price will change drastically due to a rise or a drop in interest rate will be quite low.

Example:
The current price of ABC May 50 Call is $3 with a Rho of +0.03 and interest rate at 5%.
If interest rates increase to 6%, the value of ABC May 50 Call will increase to $3.03.
If interest rates decrease to 4%, the value of ABC May 50 Call will decrease to $2.97.

Rho and the position in the market:
Long calls and short puts have positive rho.
Short calls and long puts have negative rho.

Positive rho means the option price increases when the interest rate increases, and decreases when the interest rate decreases.
Negative rho means the option price decreases when the interest rate increases, and increases when the interest rate decreases.

The impact of interest rate on option’s price has something to do with the “carrying cost” of stocks. When you are bullish on a certain stock, instead of buying the stock, you can alternatively buy Call options, as it is much cheaper to buy Call options than the stock itself. The interest cost should you buy the stocks is built into the Call option’s value.

Example:
ABC stock is now trading at $49. If you expect ABC stock to increase in the near future, you could buy 100 shares of ABC for $4,900, or you could buy 2 contracts of ABC May 50 Call (at $2.9 per contract, with delta of 0.47) for $580. The 2 contracts of ABC May 50 Call will give you a position delta of +0.94 (=2 x 0.47), close to the ABC stock position delta of +1.
If you buy the stocks, you would have to spend about 8.4 times the amount spent on the options. That means you would have to borrow money or take cash out of your interest-bearing account to buy the stock. That interest cost is built into the Call option’s price. The higher the interest rate, the more expensive it is to hold a stock position, and as a result, the more expensive the Call options would be.

Some characteristics of Rho:

* An increase in interest rates will increase the value of Call options and decrease the value of Put options.
A decrease in interest rates decreases the value of Call options and increases the value of Put options.

* For both Calls & Puts, the longer the time to expiration, the larger is the impact of the interest rate on the option value (i.e. the higher is the rho).

* Deep OTM (Out-of-the-money) options tend to have low rho, whereas ATM (At-the-money) & Deep ITM (In-the-money) options relatively have a higher rho.

To read about other Option Greeks, go to: Option Greeks.

Related Posts:
* FREE Trading Educational Videos You Should Not Miss
* Understanding Implied Volatility (IV)
* Learning Candlestick Charts
* Options Trading Basic – Part 2
* Difference Between Option’s Volume and Open Interest

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