Rating: 
Summary: The Best Reference Book on Options
Review: I won't say I've read every book on Options out there, but I've looked at a range, from the very complex, full of calculus equations and whatnot, to the very simple, and to my mind, this is the best out there. First of all, it is very thorough and well organized. It goes step by step through virtually every option strategy, analyzing the various payoffs, follow-up actions if the market goes against you, etc. It is written clearly and concisely, with lots of examples. One reviewer says it's too complicated. If you think this book is too complicated, then you simply should not be trading options. Period. Another critic says there are too many examples. Yes, there are a lot of examples, and if you find you understand the concepts the author describes just fine without the example, then you'll probably just skip them. However, if there is something you don't quite get, the examples are a real help. I think some reviewers were hoping for a book that would tell them how to get rich in a few months trading options. Well, good luck, and let me know when you find it. But for a terrific reference that every serious amateur will go back to time and again, then this book should be the first on your Options bookshelf.
Rating:
Summary: Best options book for intermediate level - very practical
Review: I've browsed/read a number of equity options related books and this is the best one I've come across for someone that is kind of at the intermediate level. It's very much a "how to" book that goes really in-depth on strategy. Almost as if the author were reading your mind, he addresses what the options trader/speculator is thinking and breaks everything down in a nice, simple manner. For instance, he has sections on what the alternatives and their pros and cons are if you have an option that has moved in-the-money and what things you need to consider. This book focuses on strategy, application, and practice...not much, if at all, on theory (Black Scholes, etc.) and that's what I like so much about this book.
Rating: 
Summary: Not for the small trader
Review: If you like detailed descriptions of every option strategy known to man, then this is an excellent book. I have spent thousands of hours pouring through this book; analyzing and trying many of the numerous strategies. To be honest, I have learned a lot about options, but I have also lost a lot of money. I still trade options. But now, most of my trades are limited to the basics: straight calls, puts, and vertical spreads.After learning things the hard way, I believe that the small investor should focus on a few simple strategies and avoid the temptation to get into the more complex strategies. For some reason, I thought that the more complex,"advanced" strategies were better than the simpler ones. That isn't true. There is still plenty of money to be made in options without getting overly complex. If, in spite of my recommendation, you are dying to try out some more advanced strategies, then this is the book for you. Good luck!
Rating:
Summary: The Best Reference Book on Options
Review: In the description of the book, I think an error was placed saying " (Paperback - January 23, 2003) ". Check all the books by Mcmillan, and you'll see two version of Option as Strategic Investment, one is the 'book', the other, cheaper, is the workbook.
The 'book' is about 2" thick, quite heavy on the arms! The contents are precise. For each strategies, e.g. long/short call/put, spreads, ect..., Mcmillan explains their definitions, their reasons, their advantages, their pitfalls. This is purely a 'theory book'. If you have an opinion on the market (bullish/bearish/neutral), and want to see different spread strategies possible that could apply to your trading, this is a great book to read. If you want to find out what the floor traders do with your order, are they fair, or try to skim off your order, or try to manipulate the price..., you will not find it here.
p.s.: (I gave 4 stars because one should never give 5 :p )
Rating:
Summary: Overall, it's a good book
Review: It's a good book but contains too many useless examples to illustrate some very simple concepts. Sometime I feel the author just wants to fill the volume to meet some kind of volume requirement. Overall it's good introductory-to-intermediate book. I think Bernie Schaeffer's "The Option Advisor" is a better choice.
Rating: 
Summary: Very informative on Option Theory.
Review: Larry G. McMillan has written a very large and informative book on options.Yes, it is a very large book and while not a easy read, doesn't require rocket science either. To people who feel that this book is too dry or too boring, perhaps you would rather trade first, lose money and then come back to this book and learn.While this book does discuss the theory of options, it really doesn't offer any real world strategies to use. For that I would recommend The Option Advisor by Bernie Schaeffer and Wall Street Money Machine I, II and III by Wade Cook. These books offer the strategies to make options work and will compliment the theory offered by McMillan.One more point. I have read many of the reviews both supporting this book and bashing it. For the bashers, if you don't want to take the time to read, you shouldn't be trading. For the supporters, how much money have you made following just the theory alone in McMillans book?Options are a strategic investment. Nice book Larry, even if it is dry and long.
Rating:
Summary: A big fluffy book
Review: Lots of pages to give basic and mostly uninteresting information. If you need an introductory text, this is too long, but may be the best choice out there. Has some useful practical information, but way too much fluff. For example hundreds of pages on spreads, things that you easily can and SHOULD work out on your own to get a good understanding of them. Good to browse if you have no idea what options are.
Rating:
Summary: The CBOE should require ALL traders to read it!
Review: Most people who trade either stocks, options, or futures lose money. This is because they 1) are undercapitalized, 2) have no system or 3) don't understand the instrument they trade. 4) some combination of 1, 2, and 3. This book won't help you if you don't go into the market with enough money, but it will help you develop your own system (after a lot more research) and figure out how to use options to increase returns or limit risk. This book describes just about every fundamental strategy you could try with options. It covers the total return concept of covered call writing, the pros and cons of option buying, examines various types of spreads (vertical, calendar, and diagonal) and the various delta (price) neutral strategies. There is some advanced math here (in an appendix), but anyone of average intelligence and stock market knowledge could follow it. Don't pay attention to those reviewers who trash the book--they have no clue. I constantly refer to this book in order to gain a better understanding of different option strategies. No matter which direction option markets evolve, the information of this book will still apply.
Rating:
Summary: very interesting book
Review: My professional interest is Strategic control system in enterprises and I think that this book will be very helpfull for me.
Rating: 
Summary: Don't waste your money on this book
Review: Not only does the book give you wrong termnologies (e.g. striking price instead of strike price) It did not show you exactly what your profit is until the 4th or 5th chapter. Very misleading.
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