... dates until expiration and 149buy-stop 91, 101, 196buy-write 151 5 risk management 155 –7calendar spread 151 , 157 –9, 3 05 risks 159 –60calls 306 at -the- money 10, 26, 198, 3 05 buying 9–12 common ... definition and examples 53 –6 delta versus 169–70 implied volatility vs 170–3 long straddle 57 , 112 positive and negative 56 –7, 58 short straddle 57 strangle 57 , 308 time and 1 65 9 volatility ... 118 time and 1 65 9 use and abuse of 59 –61time decay 27–8, 309 delta 49 50 , 306 gamma 54 , 307 short strangle 118 theta 47, 58 –61, 308time premium 26–7, 60, 309time spread 151 , 157 –9, 309...