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.
– Half a star off only for its density and lack of psychology coverage. For serious options traders, it’s the law. options as a strategic investment 6th edition
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. This is not a novel
Buy it. Read it in small chunks. Keep it on your desk. When you blow up a trade, flip to the chapter on adjustments. It will pay for itself in saved losses within a month. The appendices include Greek formulas, a glossary, and
Rating: 4.7/5 (Essential reference, but heavy reading)
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.