Following the welcome release of the first Extrinsiq Advanced Options Trading Guide, Volume 2 explains options volatility strategies in depth.This volume provides an accessible guide to option volatility trading strategies, their profit motivations and their risk profiles. Learn the essential risk characteristics of benchmark option strategies including spreads, risk reversals, straddles, strangles, ladders, ratios, iron condors and more besides. Learn how option traders analyse complex delta-hedged positions and interpret the option Greeks. Two appendices teach how to reduce complex option positions into simpler components and offer a full analysis of a simulated options portfolio. Test your knowledge of all the material using the set of exercises, complete with answers.Published by Extrinsiq, this is the second volume in the concise Advanced Options Trading Guide series. The series aims to present somewhat more advanced topics relating to options trading in a clear way with an emphasis on practice rather than theory.