Buying Rapeseed Call Options to Profit from a Rise in Rapeseed Prices

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Rapeseed Oil Price:

Rapeseed Oil Price is at a current level of 890.04, down from 940.32 last month and up from 818.47 one year ago. This is a change of -5.35% from last month and 8.75% from one year ago.

  • Category:Agriculture and Livestock
  • Region: N/A
  • Report:IMF Primary Commodity Prices
  • Source:International Monetary Fund

Chart

Historical Data

Data for this Date Range
Feb. 29, 2020 890.04
Jan. 31, 2020 940.32
Dec. 31, 2020 922.31
Nov. 30, 2020 901.01
Oct. 31, 2020 889.84
Sept. 30, 2020 901.68
Aug. 31, 2020 881.53
July 31, 2020 840.74
June 30, 2020 832.06
May 31, 2020 814.51
April 30, 2020 800.20
March 31, 2020 801.68
Feb. 28, 2020 818.47
Jan. 31, 2020 839.94
Dec. 31, 2020 819.41
Nov. 30, 2020 850.79
Oct. 31, 2020 870.24
Sept. 30, 2020 841.17
Aug. 31, 2020 852.80
July 31, 2020 842.60
June 30, 2020 818.63
May 31, 2020 808.14
April 30, 2020 791.39
March 31, 2020 795.61
Feb. 28, 2020 822.21
Jan. 31, 2020 842.58
Dec. 31, 2020 877.51
Nov. 30, 2020 938.90
Oct. 31, 2020 898.62
Sept. 30, 2020 890.77
Aug. 31, 2020 874.81
July 31, 2020 866.08
June 30, 2020 830.44
May 31, 2020 833.63
April 30, 2020 823.03
March 31, 2020 839.92
Feb. 28, 2020 872.33
Jan. 31, 2020 917.37
Dec. 31, 2020 917.34
Nov. 30, 2020 896.35
Oct. 31, 2020 900.39
Sept. 30, 2020 848.64
Aug. 31, 2020 818.88
July 31, 2020 764.35
June 30, 2020 788.77
May 31, 2020 798.87
April 30, 2020 805.60
March 31, 2020 767.37
Feb. 29, 2020 778.94
Jan. 31, 2020 777.90

There is no data for the selected date range.

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Stats

Last Value 890.04
Latest Period Feb 2020
Last Updated Apr 1 2020, 08:32 EDT
Average Growth Rate 4.45%
Value from 1 Year Ago 818.47
Change from 1 Year Ago 8.75%
Frequency Monthly
Unit USD per Metric Ton
Adjustment N/A
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Notes: Crude rapeseed oil, fob Rotterdam

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Rapeseed Nov ’19 (XRX19)

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The Futures Options Quotes page provides a way to view the latest Options using current Intraday prices, or Daily Options using end-of-day prices.

Options prices are delayed at least 15 minutes, per exchange rules, and trade times are listed in CST.

Options Type

American Options: An American option is an option that can be exercised anytime during its life. American options allow option holders to exercise the option at any time prior to, and including its maturity date, thus increasing the value of the option to the holder.

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European-Style Options: A European option is an option that can only be exercised at the end of its life, at its maturity. European options tend to sometimes trade at a discount to their comparable American option because American options allow investors more opportunities to exercise the contract.

Short Dated New Crop Options: The term short-dated refers to a shorter window before the option’s last trading day, otherwise known as option expiration. A traditional (or long-dated) option has a longer window before the option expires. In corn, traditional December calls and puts expire in late November. In soybeans, traditional November calls and puts expire in late October. Short-dated options have the same underlying futures contract (or instrument). The underlying futures contract for corn is December, and the underlying futures contract for soybeans is November. With short-dated, there are fewer days of coverage. As an example, a July short-dated option will expire in late June, even though the underlying futures contract is December.

Calendar Spread Options: A calendar spread is an option spread established by simultaneously entering a long and short position on the same underlying asset but with different delivery months. Sometimes referred to as an interdelivery, intramarket, time or horizontal spread.

Weekly Options: Weekly options are the same as standard American Options, except they expire on a Friday.

  • Week 1 options expire on the first Friday of the month
  • Week 2 options expire on the second Friday of the month
  • Week 3 options expire on the third Friday of the month
  • Week 4 options expire on the forth Friday of the month
  • Week 5 options expire on the fifth Friday of the month (if it exists)

Weekly European Options: Same as Weekly Options above but can only be exercised at the maturity date (Friday).

Monday Weekly Options: A weekly option that expires on Monday rather than Friday.

  • Week 1 – 1st Friday of the month
  • Week 2 – 2nd Friday of the month
  • Week 3 – 3rd Friday of the month
  • Week 4 – 4th Friday of the month
  • Week 5 – 5th Friday of the month

Wednesday Weekly Options: A weekly option that expires on Wednesday rather than Friday.

  • Week 1 – 1st Wednesday of the month
  • Week 2 – 2nd Wednesday of the month
  • Week 3 – 3rd Wednesday of the month
  • Week 4 – 4th Wednesday of the month
  • Week 5 – 5th Wednesday of the month

New Crop Options: Options with an expiration date after harvest has been completed.

CSO Consecutive: A calendar Spread where the first leg is the front month and the second leg is the next available month.

Average Price Options: A type of option where the payoff depends on the difference between the strike price and the average price of the underlying asset. If the average price of the underlying asset over a specified time period exceeds the strike price of the average price put, the payoff to the option buyer is zero. Conversely, if the average price of the underlying asset is below the strike price of such a put, the payoff to the option buyer is positive and is the difference between the strike price and the average price. An average price put is considered an exotic option, since the payoff depends on the average price of the underlying over a period of time, as opposed to a straight put, the value of which depends on the price of the underlying asset at any point in time.

Crack Spreads: The spread created in commodity markets by purchasing oil options and offsetting the position by selling gasoline and heating oil options. This investment alignment allows the investor to hedge against risk due to the offsetting nature of the securities.

Crack Spread Average Price Options: Similar to Crack Spreads above, but use Average Price options.

MidCurve Options: Eurodollar Mid-Curve options are short-dated American-style options on long-dated Eurodollar futures. These options, with a time to expiration of three months to one year, have as their underlying instrument Eurodollar futures one, two, three, four or five years out on the yield curve.

Weekly 1-Year Options: Similar to MidCurve options, but expire in 1 weeks.

Weekly 2-Year Options: Similar to MidCurve options, but expire in 2 weeks.

Weekly 3-Year Options: Similar to MidCurve options, but expire in 3 weeks.

EOM Options: End Of Month options are designed to expire on the last business day of each calendar month, offering alignment with month-end accounting cycles.

Additional Selection Criteria

Select an options expiration date from the drop-down list at the top of the table, and select “Near-the-Money” or “Show All’ to view all options.

You can also view options in a Stacked or Side-by-Side view. The View setting determines how Puts and Calls are listed on the quote. For both views, “Near-the-Money” Calls are Puts are highlighted:

  • Near-the-Money – Puts: Strike Price is greater than the Last Price
  • Near-the-Money – Calls: Strike Price is less than the Last Price
Data Shown on the Page

For the selected Options Expiration date, the information listed at the top of the page includes:

  • Options Expiration: The last day on which an option may be exercised, or the date when an option contract ends. Also includes the number of days till options expiration (this number includes weekends and holidays).
  • Price Value of Option Point: The intrinsic dollar value of one option point. To calculate the premium of an option in US Dollars, multiply the current price of the option by the option contract’s point value. (Note: The point value will differ depending on the underlying commodity.)
Stacked View

A Stacked view lists Puts and Calls one on top of the other, sorted by descending Strike Price. Puts are identified with a “P” after the Strike Price, while Calls are identified with a “C” after the Strike Price.

  • Strike: The price at which the contract can be exercised. Strike prices are fixed in the contract. For call options, the strike price is where the shares can be bought (up to the expiration date), while for put options the strike price is the price at which shares can be sold. The difference between the underlying contract’s current market price and the option’s strike price represents the amount of profit per share gained upon the exercise or the sale of the option. This is true for options that are in the money; the maximum amount that can be lost is the premium paid.
  • Open: The open price for the options contract for the day.
  • High: The high price for the options contract for the day.
  • Low: The low price for the options contract for the day.
  • Last: The last traded price for the options contract.
  • Change: Today’s change in price
  • Volume: The total number of option contracts bought and sold for the day, for that particular strike price.
  • Open Interest: Open Interest is the total number of open option contracts that have been traded but not yet liquidated via offsetting trades for that date.
  • Premium: The price of the options contract.
  • Time: The time of the last trade for the options contract.

Side-by-Side View

A Side-by-Side View lists Calls on the left and Puts on the right.

  • Last: The last traded price for the options contract.
  • Volume: The total number of option contracts bought and sold for the day, for that particular strike price.
  • Open Interest: Open Interest is the total number of open option contracts that have been traded but not yet liquidated via offsetting trades for that date.
  • Premium: The price of the options contract.
  • Strike: The price at which the contract can be exercised. Strike prices are fixed in the contract. For call options, the strike price is where the shares can be bought (up to the expiration date), while for put options the strike price is the price at which shares can be sold. The difference between the underlying contract’s current market price and the option’s strike price represents the amount of profit per share gained upon the exercise or the sale of the option. This is true for options that are in the money; the maximum amount that can be lost is the premium paid.
Totals

The totals listed at the bottom of the page are calculated from All calls and puts, and not just Near-the-Money options.

  • Put Premium Total: The total dollar value of all put option premiums.
  • Call Premium Total: The total dollar value of all call option premiums.
  • Put/Call Premium Ratio: Put Premium Total / Call Premium Total
  • Put Open Interest Total: The total open interest of all put options.
  • Call Open Interest Total: The total open interest of all call options.
  • Put/Call Open Interest Ratio: Put Open Interest Total / Call Open Interest Total.

Canola futures (formerly rapeseed) have traded in Winnipeg since 1963, first on the Winnipeg

    Dorcas Chandler 3 years ago Views:

1 Canola IntercontinentalExchange (ICE ) became the center of global trading in canola with its acquisition of the Winnipeg Commodity Exchange at the end of Canola futures (formerly rapeseed) have traded in Winnipeg since 1963, first on the Winnipeg Commodity Exchange and now on ICE Futures Canada. Options on canola futures were introduced in Futures and options on futures have been used by the domestic and global oilseeds industries to price and hedge transactions. Canola competes with palm oil, soybean oil, sunseed oil and other vegetable oils in the traditional foodstuffs market and in the emerging biodiesel market. As is the case with the ICE Futures U.S. Sugar No. 11 contract, canola traders monitor food and energy markets simultaneously. Because this commodity is priced in Canadian dollars (CAD) per metric ton, canola traders are exposed to a currency trade in addition to food and energy trades. A Brief History Of Canola Canola is actually a contraction of Canadian Oil, Low Acid. It is a derivation from rapeseed, an oilseed whose name in turn derives from the Latin word rapum for turnip. Rapeseed oil was used as an industrial lubricant in World War II, but was considered inedible until it was genetically altered in Canada in 1956 to reduce the eicosenoic and erucic acid and glucosinolates content of the oil. The first doublelow, or reduced erucic acid and glucosinolate, plant was developed in 1974 by Dr. Baldur Stefansson at the University of Manitoba. Canola oil was added to the U.S. Food and Drug Administration s Generally Recognized As Safe (GRAS) list in Today canola is recognized as a premium vegetable oil for its low saturated fat content. This same feature also makes it a leading ingredient in biodiesel production in Europe, since it has the lowest cloud point of any competing vegetable oil. Canola and International Trade Canola (Rapeseed) is widely grown, with global production around 43 million metric tons. The European Union has the largest production, followed by China and Canada. The E.U. and China are also among the worlds leading importers, with Japan, Mexico, Pakistan and the U.S.A. also importing canola. Canada is the world s largest exporter of canola, with 66% of the market. This is why the ICE Futures Canada s canola futures correlate to world values. The canola seed is about 40% oil by content. The residual canola meal is used as a highprotein additive in livestock feed mixes.

2 Canola 2 Currency Connections and Intermarket Arbitrage Because canola competes with vegetable oils not priced in CAD, canola industry participants and traders regularly convert prices from CAD into other currencies. This is a straightforward procedure. In the case of the spread between canola and beanoil: 1. Multiply the beanoil price in cents per pound by to get USD per metric ton 2. Multiply the result by the exchange rate expressed in CAD per USD to get CAD per metric ton; and 3. Subtract the price of canola in CAD per metric ton to get the spread in CAD per metric ton. For the canola soybeans spread: 1. Multiply the price of soybeans in USD cents per bushel by to get the price in USD per metric ton; 2. Multiply the result by the exchange rate expressed in CAD per USD to get CAD per metric ton; and 3. Subtract the price of soybeans in CAD per metric ton from canola to get the spread in CAD per metric ton. The Canola – Beanoil Spread The Canola – Soybean Spread Canola Canola – Beanoil Canola Canola – soybeans The energy side is a little harder to illustrate because of the highly localized nature of diesel fuel markets located near canolasupplied biodiesel refineries. But the one-year rolling correlation of weekly returns between canola and heating oil (which, like diesel fuel, is a middle distillate) is telling: Since early 2005, the correlation of returns has turned highly positive for most of the period. High and rising diesel fuel prices make biodiesel more attractive, regardless of the source. If palm oil or beanoil prices rise, canola becomes more valuable in turn. Correlation Between Canola And Heating Oil Increasingly Positive Correlation of returns Canola

3 Canola 3 Canola Trading at ICE Futures Canada The price and currency risks for canola, along with its active spread against other oilseeds used in food and biodiesel, has made the canola futures contract attractive to hedgers and speculators. The volume history speaks for itself. Long-Term Success Of Canola Contract open interest volume ICE acquires wce ICE Futures Canada Canola Contract The ICE Futures Canada canola futures contract is delivered physically. The key specifications are: Hours Pricing Basis Symbol Size Quotation Contract Cycle Pre-Open 1900 Central Time; Open Close 1315 next day Free on board value at points in the Par Region RS; some quote vendors may use different symbol 20 metric tons CAD per metric ton Jan-Mar-May-Jul-Nov Minimum Fluctuation ( tick ) CAD 0.10 = CAD 2 Trade Match Algorithm Deliverable Specifications First-in-first-out (FIFO) Deliverable grades shall be based on Canadian Grain Commission primary elevator grade standards Non-commercially clean Canadian canola with maximum dockage of 8%; all other specifications to meet No. 1 Canada canola at par; or Deliverable at CAD 5 / metric ton premium: commercially clean No. 1 Canada canola; or Deliverable at CAD 8 / metric ton discount: commercially clean No. 1 Canada canola; or Deliverable at CAD 13 / metric ton discount: non-commercially clean Canada canola, with maximum dockage of 8%; all other specifications to meet No. 2 Canada canola Varieties derived from genetically modified organisms (GMO) are deliverable Delivery Regions Par: Par area in Saskatchewan Central East: Non-par locations in Saskatchewan at CAD 0 / metric ton discount Central West: Non-par locations in Saskatchewan at CAD 2 / metric ton premium Eastern: Non-par locations in Manitoba at CAD 2 / metric ton discount Western: Non-par locations in Alberta (excluding Peace River district of Alberta) at CAD 6 / metric ton premium Peace River: Non-par locations in Alberta and British Columbia known as the Peace River district at CAD 6 / metric ton premium Delivery Region Map Daily Price Limit Reasonability Limit Speculative position limit First/Final Notice Day Last Trading Day CAD 45/metric ton above or below previous settlement. See ICE Futures Canada Rule 8 for details on expanded price limits 120 ticks 1,000 contracts (In spot month only. See ICE Futures Canada Rules for details) One trading day prior to the first delivery day / first trading day after the last trading day of the delivery contract Trading day preceding the fifteenth calendar day of the delivery month. Last notice day is twelve business days from end of spot month

4 Canola 4 A complete list of specifications is available at: Options on canola futures are also available. Each futures Average Monthly Open Interest: Canola Options call open int. put open int. contract has options that settle into that contract. Option strikes are spaced CAD 5 apart. The last trading day for options is the last Friday which precedes by at least two trading days the last trading day immediately preceding the delivery month of the underlying futures contract, except for January options (effective with the January 2020 options); effective with this expiration month, the options shall expire on the third Friday of December. Source: ICE Futures Canada A complete list of option specifications is available at: Trading ICE Futures Canada Canola Futures and Options Futures markets exist for the purposes of price discovery and risk transfer. Price discovery requires buyers and sellers to Options trading volume on the ICE Futures Canada canola contract follows the maxim, Volatility is good until it gets too high. Thus, options volume and open interest rose between 1999 and 2001 during a steady rally, but declined in , when prices exploded. This phenomenon is observable in other markets, too, and can be described as a backwardbending demand curve relative to volatility. meet in a competitive marketplace; prices resulting from each transaction signal to other traders what a given commodity might be worth. Anyone approved by a clearing member or futures commission merchant can participate in the price discovery process, regardless of their participation in the canola business. A market participant who is not in the canola business may Average Daily Trading Volume By Month: Canola Options be classified as a non-commercial or speculative trader. A market participant active in the business may be classified as a hedger. For a speculator, the price discovery trade is simple call volume put volume and straightforward: If you believe the price of canola will rise, you go long a futures contract; if you believe the price of canola will fall, you go short a futures contract. These same market views can be expressed in options as well. If you believe prices will rise, you can buy a call option, sell a put option or engage in a large number of spread trades Source: ICE Futures Canada tailored to your specific price view and risk acceptance. If you believe prices will fall, you can buy a put option, sell a call option or engage in a different set of spread trades. A long call (put) option is the right, but not the obligation, to go

5 Canola 5 long (short) the underlying future at the strike price at or by expiration. A short call (put) option is the obligation to deliver (take delivery) of the underlying future at or by the expiration if that option is exercised. For the long position, the loss is: 5 contracts x [ ] / contract x C$20 per C$1 = -C$2,500 For the short position, the gain is equal and opposite: 5 contracts x [ ] / contract x C$20 per Hedgers may use ICE canola options. Producers can set C$1 = C$2,500 a floor beneath a selling price with long put options, and buyers can establish a ceiling over costs with long call options, among other strategies. To help facilitate negotiated options strategies, ICE Futures Canada has introduced new rules, which can be reviewed in detail at: publicdocs/futures_canada/member_notices/july_25_2008_ Options traders see the same directional profit and loss profiles relative to price, but the actual profit and loss is subject to a range of additional factors, including market volatility, time to expiration, interest rates and the relationship between the current futures price and the option s strike price. Negotiated_Option_Strategy_Notice.pdf Risk Transfer As the designated clearinghouse, ICE Clear Canada serves as the financial counterparty to every futures contract traded on ICE Futures Canada. The clearinghouse matches long and short positions anonymously and guarantees financial performance. Risk transfer is the second purpose of a futures market. Any originating seller, grower or marketer of canola, any holder of canola inventories or any party at risk if price of canola declines can seek protection in the futures markets. These participants are long the market and can offset risk by going short a futures contract. Canola buyers, all of whom are at risk What do the financial flows look like in a futures trade? Let s say a five-contract November futures position is initiated if the price of canola increases, are short the market and can offset risk by going long a futures contract. at C$530 per metric ton and the market rises to C$565 per metric ton on the following trading day. The mechanics and financial flows are identical to those outlined above. A canola grower at risk to prices falling can For the long position, the gain is: 5 contracts x [ ] / contract x C$20 per C$1 = C$3,500 For the short position, the loss is equal and opposite: acquire a financial asset, the short futures position, which will rise in value as the market declines. The opposite is true for a canola buyer at risk to prices rising; there a long futures position will rise in value as the market rises. 5 contracts x [ ] / contract x C$20 per C$1 = -C$3,500 While the financial flows should offset the economic gains and losses of the physical canola position, there are two If we reverse the price path, we reverse the gains and losses. important things to remember. First, even though futures Let s change the starting price to C$545 per metric ton and have the market decline to C$520 per metric ton the next day. prices theoretically converge to cash prices at expiration, the convergence process is subject to what is called basis risk or differences resulting from changes in hedging demand, location of the canola and grade differentials.

6 Canola 6 Second, while the economic gains on, for example, an elevator full of canola are real, they are not realized until the canola is sold. If this inventory is hedged with a short futures position the risk of an option is limited to the premium or purchase price paid to buy the option. For sellers, the risk profile is unknown and unlimited. and the market rises, the beneficial owner will have to keep posting additional funds in the margin account. Options can become complex very quickly, with trading influenced by variables including time remaining to contract Nothing in the above discussion of hedging tells you when or at what price to hedge. This is one of the reasons options are valuable to hedgers. While the canola grower may wish to expiration, underlying commodity volatility, short-term interest rates and a host of expected movements collectively called the Greeks. have downside protection or a price floor, that same grower probably wants to participate in any future price increases. The grower concerned about a decline in value of canola between now and the time he expects to be able to sell his cash crop at harvest in the fourth quarter could buy a November C$530 put option, which is the right, but not the obligation, to receive a short position in a November future at C$530 for C$20, or C$400. The purchased put guarantees the grower the right to sell the November future for an effective price of C$510 per metric ton (the C$530 strike price less the premium paid of C$20). This right gives him protection if canola prices have fallen by the expiry of the November option, but at the same time preserves his ability to profit should the price of canola move higher over the period. The canola buyer wishing to cap the price of canola, but not be exposed to margin calls if the price continues to rise, can do an opposite trade and buy a November C$530 call option, which is the right, but not the obligation, to receive a long position in a November future at C$530 for C$36.10, or approximately C$722. The purchased call gives the canola buyer the right to buy the November future at an effective price of C$566.1 per metric ton (again, the strike price of C$530 cents plus the premium paid of C$36.1), offering protection against an unfavorable rise in the price of canola while preserving the ability to take advantage if prices decline. It should be noted that the risk profile for sellers of options is dramatically different than for buyers of options. For buyers,

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Option trading and stock trading is different on many levels.

Stock traders gain when the stock goes up, and lose when it goes down. It’s that simple. Option premium buyers not only need to pick the right direction of the stock, but the stock’s move must happen in a certain amount of time (before the option expires).

Furthermore, there is a premium built into options — the implied volatility (IV) — which tells us how much other option traders expect that stock to move. Therefore, not only do these speculators need the underlying to move in the right direction and within a certain time frame, but also by more than other option players are predicting.

So, the implied volatility of an option reflects the market’s expectations for the underlying stock’s price movement. Large-cap stocks that have been around a long time tend to move less than small-cap stocks, and therefore tend to have lower implied volatilities. The lower the implied volatility, the less the stock has to move for the option to make a profit.

Premium buyers have a trade-off to consider when deciding which companies’ options to buy. They can buy low-priced options on stocks that do not tend to make big, quick moves (but that don’t have to make a big move for the option to profit), or they can buy higher-priced options on stocks that have more potential to make a big move. So, looking back at 2020, I decided to see which strategy would have paid off best.

Last year, the big caps led the way. The Dow Jones Industrial Average (DJIA) was up 5.5%, while the Russell 2000 Index (RUT) lost about 5.5%. The S&P 500 Index (SPX), meanwhile, was pretty much flat. You could substitute the ETFs: DIA, IWM and SPY, respectively.

Since the Dow is composed of 30 large-cap companies that tend to have low implied volatilities, I assumed it would have been most profitable to buy options on these stocks. Good thing I checked the numbers, because it didn’t turn out exactly as I’d expected.

Premium Buying in 2020: When I focus on option price comparisons for certain subsets of stocks, rather than comparing whether the stocks went up or down, I do so by comparing the returns on long straddles on the stocks.

Straddles are implemented by purchasing both a call and a put at the same strike, with the intention of making a profit whether the stock goes up or down. The stock does, however, have to make a pretty decent-sized move to make up for the fact that you’re buying double premium. In other words, the direction of the stock doesn’t matter — only the size of the move and the prices of the options.

For this study, I assumed that on each monthly expiration date in 2020, you purchased an at-the-money straddle on each stock which expired on the following expiration date (one month later). Then, I broke the stocks down into three equal groups, depending on their implied volatilities. The table below summarizes their returns. The low-IV stocks did have the worst performance of the bunch. Purchasing a straddle on these stocks each expiration would have netted you a loss of almost 1.23%. By contrast, buying straddles on the expensive options would have generated a gain of 1.81%.

Call Options vs. Put Options: For each of those subsets of stocks, I then looked at how it would have turned out if you had purchased a slightly in-the-money call option or a slightly in-the-money put option. Looking at the table below, you’ll notice the call options had negative returns across all brackets. The low IV bracket had the least negative returns, at -5.4% — which is not surprising, considering the Dow outperformed the small-cap RUT.

The big profits last year would have been made by buying put options on the high IV stocks. A trader doing that would have gained an average of 13.5% on each trade.

So, though the Dow was up 5.5% last year, the stocks with low implied volatility would have still lost money had you purchased call options all year. However, the high IV stocks would have returned solid profits, had you bought puts all year. Surely, the majority of those profits would have come in the third quarter, when the SPX fell about 18% from late July to early August.

We’re an investment research company specializing in options trading, strategies, and education. We’re also big fans of sentiment analysis, with a contrarian edge.

We’re an investment research company specializing in options trading, strategies, and education. We’re also big fans of sentiment analysis, with a contrarian edge.

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