Book excerpt: Options traders rely on a vast array of information concerning probability, risk, strategy components, calculations, and trading rules. Traders at all levels, as well as portfolio managers, must refer to numerous print and online sources, each source only providing part of the information they need. This is less than ideal, as online sources tend to be basic, simplified, and in some cases incorrect. Print sources, on the other hand, are mostly focused on a very narrow range of strategies or trading systems. Up until now, there has been no single source to provide a comprehensive reference for the serious trader. The Complete Options Trader is that much-need comprehensive reference, a compilation of the many attributes options traders need. Thomsett lays out a rich and complete guide to 100 strategies, including profit and loss calculations, illustrations, examples, and much more. A thorough evaluation of these strategies (and the rewards and risk involved) demonstrates how a broad approach to analytically using options can and does enhance portfolio profits with lower levels of risk. The book also features a complete glossary of terms used in the options industry, the most comprehensive glossary of this nature currently available. All too often, the attributes of options trading are poorly understood; risk is ignored or over-simplified; hedging is not folded into a strategic evaluation; and options traders shun the value of holding equity positions. No longer—if options traders rely on this comprehensive guide as the reference for the industry.