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Rating: 
Summary: Nitty-gritty street smarts for options traders
Review: "McMillan on Options" is a rare kind of book, and one of the very best. Especially revealing are the discussions in Chapter 4, "The Predictive Power of Options", on how certain patterns of option trading volume and implied volatility can be tip-offs to insider activity and sharp moves in the underlying stock, and on how to take practical advantage of such patterns. The chapters on trading systems and on how to trade volatility and the volatility skew were also well written and useful to the active options trader. All in all, I would recommend this book to anyone seriously contemplating getting involved in the options game.
In fact, "McMillan on Options" and "Options as a Strategic Investment" (a real classic, also by McMillan), were among the very few options books that I made reference to in my own recent work ("Advanced Option Pricing Models", McGraw Hill, Feb 2005)
Jeffrey Owen Katz, Ph.D.
Rating:
Summary: Exercise your option and buy this book!
Review: As a ROP (registered Options principal) I feel I am uniquely qualified to review this book. First, understand that Larry McMillan is considered by many to be the best options mind on Wall Street (sorry Bernie Schaeffer). His knowledge of this less-than-logical derivative investment is the equivalent of Alan Greenspan’s knowledge of the economy.My assessment: this is a good book. McMillan covers virtually every aspect of options trading: history, terms, strategies, volatility, theoretical approaches, etc. I am particularly impressed by Larry’s use of historical examples to bring complicated strategies down to basic levels. This is not to say this is an easy read. An easy investment read is Peter Lynch’s "One Up on Wall Street". McMillan on Options is more like a doctor’s guide to brain surgery: the pictures are cool but the content can be complicated. Topics covered include spreads (verts, calendar, diagonal), straddles, combos, the greeks (delta, rho, theta, vega and gamma) and strategies that employ these. If volatility is your life, and you hold a hefty position in Rolaids futures, then this book is for you. I have not read a more comprehensive, useable options book. I believe all options traders and speculators should own McMillan on Options.
Rating:
Summary: Don't Trade Options Until You Read This Book
Review: As founder of "Traderscoach.com" I thought this book provided the reader with a realistic view of trading options. You will learn alot about options and the proper approach to trading that is necessary to be a consistant winner. McMillion writes this book in a no-nonsense realistic style. Pay attention to what he says. Fell FREE to visit our Web-site "Traderscoach.com" which deals with Trading Psycology as well as other material realted to trading.
Rating:
Summary: Don't Trade Options Until You Read This Book
Review: As founder of "Traderscoach.com" I thought this book provided the reader with a realistic view of trading options. You will learn alot about options and the proper approach to trading that is necessary to be a consistant winner. McMillion writes this book in a no-nonsense realistic style. Pay attention to what he says. Fell FREE to visit our Web-site "Traderscoach.com" which deals with Trading Psycology as well as other material realted to trading.
Rating: 
Summary: Good Followup to OAASI
Review: My first McMillan book was Options as a Strategic Investment. New investors should read that book first then move on to this one.This book goes beyond the theory and actually gets down to some real useful strategies. If you are trading options or plan to, this book is a must read.I also recommend The Option Advisor by Bernie Schaeffer and Wall Street Money Machine I, II and III by Wade Cook.
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Summary: Boring Book
Review: This book put me to sleep. The book is far off the mark for practical application and is just all theory. Larry manages $100k. What makes him an authority is that he has written another book that is good. "Strategic" and has tried to get on the bandwaggon with a second book. Pass on this book it is not close to being worthwhile.
Rating:
Summary: Pays for itself after one trade.
Review: Two things make this book very educational and useful: 1.) Several strategies and ways of using options that I never thought of. From ratio spreads to trading volatility, this book demonstrates how versatile and profitable option trading can be. 2.) Stories of how NOT to trade. These are both entertaining and effective at teaching the risks and rewards of option trading. I really would have liked to see more mathematical formulas than the few in the appendix, and a supplemental web resource linking to Futures information and inexpensive option commisions would have made the book more valuable.
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