Acknowledgements

1. Introduction
                                           SECTION - I

                                           ~

2. Basics of Options
   Index Call Buyers and Sellers
   Equity Call Buyers and Sellers
   Index Put Buyers and Sellers
   Equity Put Buyers and Sellers
   Risk Assessment

3. Pricing of Options: The Black-Scholes Model

4. Common Applications of Options
   Leverage
   Hedging
   Speculation
   Buying Stocks Cheaper with Options

5. Option Greeks
   Delta
   Theta
   Vega

6. Option Strategies
   Vertical Spreads
   Call Spreads
   Put Spreads
   Butterflies

                                      SECTION - II

                                      ~

7. Non-Directional Trading

8. Our Strategy

9. Dynamic Greeks Along the T+0 Line

                                    SECTION - III

                                    ~

10. Examples of Non-Directional Trades
    Trade 1: May 2015 Expiration Cycle
    Trade 2: September 2016 Expiration Cycle
    Trade 3: June 2017 Expiration Cycle
    Trade 4: December 2015 Expiration Cycle
    Trade 5: February 2016 Expiration Cycle
    Trade 6: November 2017 Expiration Cycle
    Trade 7: March 2017 Expiration Cycle
    Trade 8: July 2016 Expiration Cycle
    Trade 9: January 2017 Expiration Cycle
    Trade 10: August 2016 Expiration Cycle

                                  SECTION - IV

                                   ~

11. General Considerations for Non-Directional Trading

12. Conclusion