Option Spreads Explained

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Contents

Option Spreads Explained

Option spreads explained

Option spreads goes to the heart of Options trading. Once you’ve mastered Option spreads, you’re now in a position to maximize your return opportunities from Options trading. In this video below, you’ll find the basics of Option Spreads explained in simple terms. Bear in mind, this post and video is only a starting point to understand Option spreads, and there’s a lot more to Spreads.

Many newcomers to Options are scared of spreads – when in fact, the primary advantage of spreads is either to reduce costs or reduce risks. There are two kinds of Option spreads explained in this video- Credit spreads and debit spreads. Both these types have vastly differing risks and rewards.

And within these categories there are 4 Option spreads – the Bull Call spread, the Bear Call spread, the Bull Put spread and the Bear Put spread. The Bull Call spread and the Bull Put spread are bullish, and the Bear Put spread and the Bear Call spread are bearish.

But why use Option spreads ? And what advantages do they provide the options trader ?

Here’s a video that briefly describes the concept. For more information on these spreads, please refer to the Options intermediate module. Option spreads explained in great detail in this module, including Live trades for both the debit spreads and both the credit spreads.

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Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Essential Options Trading Guide

Options trading may seem overwhelming at first, but it’s easy to understand if you know a few key points. Investor portfolios are usually constructed with several asset classes. These may be stocks, bonds, ETFs, and even mutual funds. Options are another asset class, and when used correctly, they offer many advantages that trading stocks and ETFs alone cannot.

Key Takeaways

  • An option is a contract giving the buyer the right, but not the obligation, to buy (in the case of a call) or sell (in the case of a put) the underlying asset at a specific price on or before a certain date.
  • People use options for income, to speculate, and to hedge risk.
  • Options are known as derivatives because they derive their value from an underlying asset.
  • A stock option contract typically represents 100 shares of the underlying stock, but options may be written on any sort of underlying asset from bonds to currencies to commodities.

Option

What Are Options?

Options are contracts that give the bearer the right, but not the obligation, to either buy or sell an amount of some underlying asset at a pre-determined price at or before the contract expires.   Options can be purchased like most other asset classes with brokerage investment accounts. 

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Options are powerful because they can enhance an individual’s portfolio. They do this through added income, protection, and even leverage. Depending on the situation, there is usually an option scenario appropriate for an investor’s goal. A popular example would be using options as an effective hedge against a declining stock market to limit downside losses. Options can also be used to generate recurring income. Additionally, they are often used for speculative purposes such as wagering on the direction of a stock. 

There is no free lunch with stocks and bonds. Options are no different. Options trading involves certain risks that the investor must be aware of before making a trade. This is why, when trading options with a broker, you usually see a disclaimer similar to the following:

Options involve risks and are not suitable for everyone. Options trading can be speculative in nature and carry substantial risk of loss.

Options as Derivatives

Options belong to the larger group of securities known as derivatives. A derivative’s price is dependent on or derived from the price of something else. As an example, wine is a derivative of grapes ketchup is a derivative of tomatoes, and a stock option is a derivative of a stock. Options are derivatives of financial securities—their value depends on the price of some other asset. Examples of derivatives include calls, puts, futures, forwards, swaps, and mortgage-backed securities, among others.

Call and Put Options

Options are a type of derivative security. An option is a derivative because its price is intrinsically linked to the price of something else. If you buy an options contract, it grants you the right, but not the obligation to buy or sell an underlying asset at a set price on or before a certain date.

A call option gives the holder the right to buy a stock and a put option gives the holder the right to sell a stock. Think of a call option as a down-payment for a future purpose. 

Call Option Example

A potential homeowner sees a new development going up. That person may want the right to purchase a home in the future, but will only want to exercise that right once certain developments around the area are built.

The potential home buyer would benefit from the option of buying or not. Imagine they can buy a call option from the developer to buy the home at say $400,000 at any point in the next three years. Well, they can—you know it as a non-refundable deposit. Naturally, the developer wouldn’t grant such an option for free. The potential home buyer needs to contribute a down-payment to lock in that right.

With respect to an option, this cost is known as the premium. It is the price of the option contract. In our home example, the deposit might be $20,000 that the buyer pays the developer. Let’s say two years have passed, and now the developments are built and zoning has been approved. The home buyer exercises the option and buys the home for $400,000 because that is the contract purchased.

The market value of that home may have doubled to $800,000. But because the down payment locked in a pre-determined price, the buyer pays $400,000. Now, in an alternate scenario, say the zoning approval doesn’t come through until year four. This is one year past the expiration of this option. Now the home buyer must pay the market price because the contract has expired. In either case, the developer keeps the original $20,000 collected.

Call Option Basics

Put Option Example

Now, think of a put option as an insurance policy. If you own your home, you are likely familiar with purchasing homeowner’s insurance. A homeowner buys a homeowner’s policy to protect their home from damage. They pay an amount called the premium, for some amount of time, let’s say a year. The policy has a face value and gives the insurance holder protection in the event the home is damaged.

What if, instead of a home, your asset was a stock or index investment? Similarly, if an investor wants insurance on his/her S&P 500 index portfolio, they can purchase put options. An investor may fear that a bear market is near and may be unwilling to lose more than 10% of their long position in the S&P 500 index. If the S&P 500 is currently trading at $2500, he/she can purchase a put option giving the right to sell the index at $2250, for example, at any point in the next two years.

If in six months the market crashes by 20% (500 points on the index), he or she has made 250 points by being able to sell the index at $2250 when it is trading at $2000—a combined loss of just 10%. In fact, even if the market drops to zero, the loss would only be 10% if this put option is held. Again, purchasing the option will carry a cost (the premium), and if the market doesn’t drop during that period, the maximum loss on the option is just the premium spent.

Put Option Basics

Buying, Selling Calls/Puts

There are four things you can do with options:

  1. Buy calls
  2. Sell calls
  3. Buy puts
  4. Sell puts

Buying stock gives you a long position. Buying a call option gives you a potential long position in the underlying stock. Short-selling a stock gives you a short position. Selling a naked or uncovered call gives you a potential short position in the underlying stock.

Buying a put option gives you a potential short position in the underlying stock. Selling a naked, or unmarried, put gives you a potential long position in the underlying stock. Keeping these four scenarios straight is crucial.

People who buy options are called holders and those who sell options are called writers of options. Here is the important distinction between holders and writers:

  1. Call holders and put holders (buyers) are not obligated to buy or sell. They have the choice to exercise their rights. This limits the risk of buyers of options to only the premium spent.
  2. Call writers and put writers (sellers), however, are obligated to buy or sell if the option expires in-the-money (more on that below). This means that a seller may be required to make good on a promise to buy or sell. It also implies that option sellers have exposure to more, and in some cases, unlimited, risks. This means writers can lose much more than the price of the options premium.   

Why Use Options

Speculation

Speculation is a wager on future price direction. A speculator might think the price of a stock will go up, perhaps based on fundamental analysis or technical analysis. A speculator might buy the stock or buy a call option on the stock. Speculating with a call option—instead of buying the stock outright—is attractive to some traders since options provide leverage. An out-of-the-money call option may only cost a few dollars or even cents compared to the full price of a $100 stock.

Hedging

Options were really invented for hedging purposes. Hedging with options is meant to reduce risk at a reasonable cost. Here, we can think of using options like an insurance policy. Just as you insure your house or car, options can be used to insure your investments against a downturn.

Imagine that you want to buy technology stocks. But you also want to limit losses. By using put options, you could limit your downside risk and enjoy all the upside in a cost-effective way. For short sellers, call options can be used to limit losses if wrong—especially during a short squeeze.

How Options Work

In terms of valuing option contracts, it is essentially all about determining the probabilities of future price events. The more likely something is to occur, the more expensive an option would be that profits from that event. For instance, a call value goes up as the stock (underlying) goes up. This is the key to understanding the relative value of options.

The less time there is until expiry, the less value an option will have. This is because the chances of a price move in the underlying stock diminish as we draw closer to expiry. This is why an option is a wasting asset. If you buy a one-month option that is out of the money, and the stock doesn’t move, the option becomes less valuable with each passing day. Since time is a component to the price of an option, a one-month option is going to be less valuable than a three-month option. This is because with more time available, the probability of a price move in your favor increases, and vice versa.

Accordingly, the same option strike that expires in a year will cost more than the same strike for one month. This wasting feature of options is a result of time decay. The same option will be worth less tomorrow than it is today if the price of the stock doesn’t move. 

Volatility also increases the price of an option. This is because uncertainty pushes the odds of an outcome higher. If the volatility of the underlying asset increases, larger price swings increase the possibilities of substantial moves both up and down. Greater price swings will increase the chances of an event occurring. Therefore, the greater the volatility, the greater the price of the option. Options trading and volatility are intrinsically linked to each other in this way. 

On most U.S. exchanges, a stock option contract is the option to buy or sell 100 shares; that’s why you must multiply the contract premium by 100 to get the total amount you’ll have to spend to buy the call.

What happened to our option investment
May 1 May 21 Expiry Date
Stock Price $67 $78 $62
Option Price $3.15 $8.25 worthless
Contract Value $315 $825 $0
Paper Gain/Loss $0 $510 -$315

The majority of the time, holders choose to take their profits by trading out (closing out) their position. This means that option holders sell their options in the market, and writers buy their positions back to close. Only about 10% of options are exercised, 60% are traded (closed) out, and 30% expire worthlessly.

Fluctuations in option prices can be explained by intrinsic value and extrinsic value, which is also known as time value. An option’s premium is the combination of its intrinsic value and time value. Intrinsic value is the in-the-money amount of an options contract, which, for a call option, is the amount above the strike price that the stock is trading. Time value represents the added value an investor has to pay for an option above the intrinsic value.   This is the extrinsic value or time value. So, the price of the option in our example can be thought of as the following:

Premium = Intrinsic Value + Time Value
$8.25 $8.00 $0.25

In real life, options almost always trade at some level above their intrinsic value, because the probability of an event occurring is never absolutely zero, even if it is highly unlikely.

Types of Options

American and European Options

American options can be exercised at any time between the date of purchase and the expiration date. European options are different from American options in that they can only be exercised at the end of their lives on their expiration date. The distinction between American and European options has nothing to do with geography, only with early exercise. Many options on stock indexes are of the European type.   Because the right to exercise early has some value, an American option typically carries a higher premium than an otherwise identical European option. This is because the early exercise feature is desirable and commands a premium.

There are also exotic options, which are exotic because there might be a variation on the payoff profiles from the plain vanilla options. Or they can become totally different products all together with “optionality” embedded in them. For example, binary options have a simple payoff structure that is determined if the payoff event happens regardless of the degree. Other types of exotic options include knock-out, knock-in, barrier options, lookback options, Asian options, and Bermudan options.   Again, exotic options are typically for professional derivatives traders.

Options Expiration & Liquidity

Options can also be categorized by their duration. Short-term options are those that expire generally within a year. Long-term options with expirations greater than a year are classified as long-term equity anticipation securities or LEAPs. LEAPS are identical to regular options, they just have longer durations.

Options can also be distinguished by when their expiration date falls. Sets of options now expire weekly on each Friday, at the end of the month, or even on a daily basis. Index and ETF options also sometimes offer quarterly expiries. 

Reading Options Tables

More and more traders are finding option data through online sources. (For related reading, see “Best Online Stock Brokers for Options Trading 2020”) While each source has its own format for presenting the data, the key components generally include the following variables:

  • Volume (VLM) simply tells you how many contracts of a particular option were traded during the latest session.
  • The “bid” price is the latest price level at which a market participant wishes to buy a particular option.
  • The “ask” price is the latest price offered by a market participant to sell a particular option.
  • Implied Bid Volatility (IMPL BID VOL) can be thought of as the future uncertainty of price direction and speed. This value is calculated by an option-pricing model such as the Black-Scholes model and represents the level of expected future volatility based on the current price of the option.
  • Open Interest (OPTN OP) number indicates the total number of contracts of a particular option that have been opened. Open interest decreases as open trades are closed.
  • Delta can be thought of as a probability. For instance, a 30-delta option has roughly a 30% chance of expiring in-the-money.
  • Gamma (GMM) is the speed the option is moving in or out-of-the-money. Gamma can also be thought of as the movement of the delta.
  • Vega is a Greek value that indicates the amount by which the price of the option would be expected to change based on a one-point change in implied volatility.
  • Theta is the Greek value that indicates how much value an option will lose with the passage of one day’s time.
  • The “strike price” is the price at which the buyer of the option can buy or sell the underlying security if he/she chooses to exercise the option. 

Buying at the bid and selling at the ask is how market makers make their living.

Long Calls/Puts

The simplest options position is a long call (or put) by itself. This position profits if the price of the underlying rises (falls), and your downside is limited to loss of the option premium spent. If you simultaneously buy a call and put option with the same strike and expiration, you’ve created a straddle.

This position pays off if the underlying price rises or falls dramatically; however, if the price remains relatively stable, you lose premium on both the call and the put. You would enter this strategy if you expect a large move in the stock but are not sure which direction.   

Basically, you need the stock to have a move outside of a range. A similar strategy betting on an outsized move in the securities when you expect high volatility (uncertainty) is to buy a call and buy a put with different strikes and the same expiration—known as a strangle. A strangle requires larger price moves in either direction to profit but is also less expensive than a straddle. On the other hand, being short either a straddle or a strangle (selling both options) would profit from a market that doesn’t move much.   

Below is an explanation of straddles from my Options for Beginners course:

Straddles Academy

And here’s a description of strangles:

How to use Straddle Strategies

Spreads & Combinations

Spreads use two or more options positions of the same class. They combine having a market opinion (speculation) with limiting losses (hedging). Spreads often limit potential upside as well. Yet these strategies can still be desirable since they usually cost less when compared to a single options leg. Vertical spreads involve selling one option to buy another. Generally, the second option is the same type and same expiration, but a different strike.

A bull call spread, or bull call vertical spread, is created by buying a call and simultaneously selling another call with a higher strike price and the same expiration. The spread is profitable if the underlying asset increases in price, but the upside is limited due to the short call strike. The benefit, however, is that selling the higher strike call reduces the cost of buying the lower one.   Similarly, a bear put spread, or bear put vertical spread, involves buying a put and selling a second put with a lower strike and the same expiration. If you buy and sell options with different expirations, it is known as a calendar spread or time spread. 

Spread

Combinations are trades constructed with both a call and a put. There is a special type of combination known as a “synthetic.” The point of a synthetic is to create an options position that behaves like an underlying asset, but without actually controlling the asset. Why not just buy the stock? Maybe some legal or regulatory reason restricts you from owning it. But you may be allowed to create a synthetic position using options.   

Butterflies

A butterfly consists of options at three strikes, equally spaced apart, where all options are of the same type (either all calls or all puts) and have the same expiration. In a long butterfly, the middle strike option is sold and the outside strikes are bought in a ratio of 1:2:1 (buy one, sell two, buy one).

If this ratio does not hold, it is not a butterfly. The outside strikes are commonly referred to as the wings of the butterfly, and the inside strike as the body. The value of a butterfly can never fall below zero. Closely related to the butterfly is the condor – the difference is that the middle options are not at the same strike price. 

Options Risks

Because options prices can be modeled mathematically with a model such as the Black-Scholes, many of the risks associated with options can also be modeled and understood. This particular feature of options actually makes them arguably less risky than other asset classes, or at least allows the risks associated with options to be understood and evaluated. Individual risks have been assigned Greek letter names, and are sometimes referred to simply as “the Greeks.” 

Below is a very basic way to begin thinking about the concepts of Greeks:

Option Spreads – Debit Spreads versus Credit Spreads Explained – Debit Spread and Credit Spread Examples

Safe Combination of Making Money

Many traders will never trade stock options because they believe it’s almost certain they will lose their money. This is true because a stock options changes price so fast it’s like fire next to propane – before you realize what is happening you have already lost the better part of your money you used to buy the stock options. But if you combine a long option with a short option you create a safe combination of making money from the stock market.

But first, some definitions:

A call option is a contract that gives the holder the right to buy 100 shares of stock from the writer of the option contact at the strike price within up to a specified period of time up to the expiration day. The one who writes the option contact is “short” the call option. The one who buy the call contract is “long” the call contract.

A put option is a contract that gives the holder the right to sell 100 shares of stock from the writer of put option at the strike price within a specified period of time up to the expiration day. The one who writes the put option contact is “short” the put option. The one who buy the put contract is “long” the put contract.

Option Spreads – What Is Debit Spread?

When an option trader buy an option and at the same time sells an option each with different strike price on the same underlying security, the difference between the prices of the two options is called a spread. If the option with the higher price is purchased and the option with the lower price is sold, the trader gets a debit which is the difference between the two prices. This is called a debit spread.

Example: An investor buys a call option for XYZ stock with a strike price of $90 for $3.00. Immediately the same investor sells a call option for XYZ stock with a strike price of $95 for $1.00. The debit spread is $2.00 which means the investor has actually invested out of pocket $2.00 x 100 equals $200. The investor will do this if he believes the price of the stock is to go higher and that the bought call option will gain more than the sold call option for the same price increase of the underlying stock. If he believes the underlying stock is to go down in price, then he will buy a put at a higher strike price and sell another put at a lower strike price.

Option Spreads – What Is Credit Spread?

When an option trader buy an option and at the same time sells an option each with different strike price on the same underlying security, the difference between the prices of the two options is called a spread. If the option with the higher price is sold and the option with the lower price is bought, the trader gets a credit which is the difference between the two prices. This is called a credit spread. However, the trader will have to provide cash collateral equal to the difference between the two strike prices. The cash collateral is called a margin.

Example: An investor sells a put option for XYZ stock with a strike price of $95 for $3.00. Immediately the same investor buys a call option for XYZ stock with a strike price of $90 for $1.00. The credit spread is $2.00 which means the investor has actually been credited with $2.00 x 100 equals $200. The investor will in addition have to provide cash collateral of $500 ((95-90)x100). The investor will do this if he believes the price of the stock is to go lower and that the sold call option will lose more than the bought call option for the same price decrease of the underlying stock. If he believes the underlying stock is to go up in price, then he will sell a put at a higher strike price and buy another put at a lower strike price.

1. When a stock is expected to go up in price, you can trade it with a debit spread of calls or a credit spread of put.

2. When a stock is expected to go down in price, you can trade it with a debit spread of puts or a credit spread of calls.

Debit Spreads Versus Credit Spreads – Which Is Better?

Which is better Debit Spreads or Credit Spreads? Many people want to tell us that there is no difference between a debit spread and credit spread, but there is a very great difference between Debit Spreads and Credit Spreads.

We are going to find out using a real life example. We are to use QQQQ Powershares options which are traded at very high volumes, they are liquid and chances of finding a miss-priced option are slim. QQQQ Powershares is an ETF which is as good as a stock.

Below are the QQQQ options prices based on the QQQQ closing price of $49.03 0n April 9 th 2020. We are to use options that are out of money to avoid the short leg of the option being exercised. As you will notice we have picked options for the month of June because they are more profitable as they are close to expiration date (but far enough to have sufficient time value to avoid early exercise).

The first table shows the debit spread using a long QQQQ call 50 for June and a short QQQQ call 52 for June. The price of the debit spread is $615 which is for 10 contracts.

In the second table, we have a credit spread using a short QQQQ put 50 for June and a long QQQQ put 47 for June. The price of the credit spread is $655 which is for 10 contracts.

It is assumed the cost of debit spread $615 and credit spread $655 are close to each other to allow for comparison. It is also assumed that the current implied volatility of the options will remain constant over the period of comparison.

1. after One Month

(A) Credit spread – if the price of QQQQ remains the same after one month, you gain 655-580 =+$75

(B) Debit spread – if the price of QQQQ remains the same after one month, you lose 615-435=-$180

(C) Question – Would you prefer a credit spread or a debit spread?

2. Price Increases Immediately

(A) Credit spread – if the price of QQQQ moves immediately for $1 gain in price, your credit spread will gain 655-485 = +$170

(B) Debit spread – if the price of QQQQ moves immediately for $1 gain in price, your debit spread will gain 870-615=+$255

(C) Question – Would you prefer a credit spread or a debit spread?

3. Price Decreases Immediately

(A) Credit spread – if the price of QQQQ moves immediately for $1 loss in price, your credit spread will lose 880-655=-$255

(B) Debit spread – if the price of QQQQ moves immediately for $1 loss in price, your debit spread will lose 615-385 = -$230

(C) Question – Would you prefer a credit spread or a debit spread?

4. Price Increases after a Month

(A) Credit Spread – if QQQQ moves for $1 gain in price after a month, your credit spread will gain 655-385 = +$270

(B) Debit Spread – if QQQQ moves for $1 gain in price after a month, your debit spread will gain 775-615 = +$160

(C) Question – Would you prefer a credit spread or a debit spread?

5. Price Decreases after a Month

(A) Credit Spread – if QQQQ moves for $1 loss in price after a month, your credit spread will lose 865-655=-$210

(B) Debit Spread – if QQQQ moves for $1 loss in price after a month, your debit spread will lose 615-200=-$400

(C) Question – Would you prefer a credit spread or a debit spread?

6. Cost of Putting the Spread

(A) Credit Spread – The cost of putting the spread is a credit of $655 and a margin of $2000 =-$1345

(B) Debit Spread – The cost of putting the debit spread is a debit of $615 =-$615

(C) Question – Would you prefer a credit spread or a debit spread?

Same Amount of Money Invested?

If we assume the margin is a cost because the stockbroker holds that money in such a way you can not use it, then it would be logical to assume our credit spread cost $1345 and our debit spread cost $615. To be fair to ourselves in this comparison, we need to compare a debit spread of 20 contracts in each leg to our credit spread of 10 contracts in each leg so that the amount of money invested in each case is almost the same.

We shall compare again using 10 contracts for credit spread and 20 contracts for debit spread, and in each scenario we shall allocate a total of 3 marks.

1. after One Month

(A) Credit spread – if the price of QQQQ remains the same after one month, you gain 655-580 =+$75

(B) Debit spread – if the price of QQQQ remains the same after one month, you lose 1230-870=-$360

(C) Remark. Allocate 3 marks to credit spread and 0 marks to debit spread

2. Price Increases Immediately

(A) Credit spread – if the price of QQQQ moves immediately for $1 gain in price, your credit spread will gain 655-485 = +$170

(B) Debit spread – if the price of QQQQ moves immediately for $1 gain in price, your debit spread will gain 1740-1230=+$510

(C) Remark. Allocate 0.5 marks to credit spread and 2.5 marks to debit spread

3. Price Decreases Immediately

(A) Credit spread – if the price of QQQQ moves immediately for $1 loss in price, your credit spread will lose 880-655=-$255

(B) Debit spread – if the price of QQQQ moves immediately for $1 loss in price, your debit spread will lose 1230-770 = -$460

(C) Remark. Allocate 2 marks to credit spread and 1 mark to debit spread

4. Price Increases after a Month

(A) Credit Spread – if QQQQ moves for $1 gain in price after a month, your credit spread will gain 655-385 = +$270

(B) Debit Spread – if QQQQ moves for $1 gain in price after a month, your debit spread will gain 1550-1230 = +$320

(C) Remark. Allocate 1.4 marks to credit spread and 1.6 marks to debit spread

5. Price Decreases after a Month

(A) Credit Spread – if QQQQ moves for $1 loss in price after a month, your credit spread will lose 865-655=-$210

(B) Debit Spread – if QQQQ moves for $1 loss in price after a month, your debit spread will lose 1230-400=-$800

(C) Remark. Allocate 2.5 marks to credit spread and 0.5 marks to debit spread

6. Cost of Putting the Spread

(A) Credit Spread – The cost of putting the spread is a credit of $655 and a margin of $2000 =-$1345

(B) Debit Spread – The cost of putting the debit spread is a debit of $1230 =-$1230

Would You Prefer A Credit Spread Or A Debit Spread?

The Big Question – Would you prefer a credit spread or a debit spread? The credit spread has scored 9.4 marks against 5.6 marks for the debit spread. This therefore means I would prefer a credit spread instead of a debit spread. The only thing I would have to worry most is for the short leg to get too much in the money to avoid early exercise. Ideally, if I invest, say $300, and it becomes $400, I will need to close the position and lock that profit of $100. I then start all over again with say $300. If you leave too much of your profit on the table, they will one day take it.

To small investors who may not be having much money to invest, they may prefer the debit spread. To successful investors who have large accounts with idle dollars, they may prefer the credit spreads. To trade using a credit spread or a debit spread should be a personal decision which will vary from one investor to the other. Trade using the strategy you feel comfortable trading with.

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Comments

monicamelendez

7 years ago from Salt Lake City

You’re so much smarter than me ngureco. :)

OptionsAddict

9 years ago from Near a Trading Screen

Good stuff, and well presented! If I had your patience, I would do the same, but I’m not there yet (LOL).

Hello, hello,

9 years ago from London, UK

A comprehensive information. Thank you.

msorensson

Well done! You were able to summarize about 6 books!!

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