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Setting stops in market for options?
Hi there, I trade strictly stock options and I'm wondering if anyone has a trick for getting accurate stops in the market and not just in my head. Currently I just use mental stops based on the price action of the underlying stock but we know how dangerous that can be. Any help would be greatly appreciated. Thank you
Usually all trading software will allow you to set stops even on options, so you can set a bracket order for profit and stop on options just like other instruments. The other thing you can also do is sell the option tied to a price on the underlying stock i.e. Sell Option at market when underlying stock hits price X
what books on Options do you recommend as best?