The author compares the efficiency of hedging strategies for complex option positions with the account of transaction
costs. A comparison is drawn between Black - Scholes strategy, Hoggard - Whalley - Wilmott strategy ,
Leland's strategy, delta tolerance strategy, asset tolerance strategy, the strategy of hedging to the fixed strip of the
miss (passing), and asymptotic Whalley - Wilmott strategy. Some complex option positions are also considered: the
bull and bear spreads, the bull spread from the options of the Asian type, lookback call options.
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