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Active investment management’s weekly magazine for fee-based advisors

Larry McMillan

Professional trader Lawrence G. McMillan is perhaps best known as the author of “Options as a Strategic Investment,” the best-selling work on stock and index options strategies, which has sold over 350,000 copies. An active trader of his own account, he also manages option-oriented accounts for clients. As president of McMillan Analysis Corporation, he edits and does research for the firm’s newsletter publications.

The pros and cons of writing covered calls

Writing covered calls is not one of our normally recommended strategies. We prefer ratio writing (or the equivalent) since it is a more neutral strategy. However, writing covered calls is a strategy practiced by many option investors and therefore is a...

Is long-term volatility too low?

Volatility remains bullish. There really isn’t much else to say other than that. $VIX has drifted back below 14, and that is causing the usual amount of worry and consternation that it is “too low.” In reality, a low $VIX is benign as far as the stock...

Determining the trend of volatility

We often talk about how the stock market usually trends in the opposite direction from volatility ($VIX). But how do we really measure the trend of $VIX? Often, we use the 20-day moving average (MA), but that is a very short-term moving average that...