{"product_id":"volatility-arbitrage-master-option-trader-tony-pelz-9798251459548","title":"Volatility Arbitrage (Master Option Trader Series): Exploiting Mispricings on the Volatility Surface","description":"Most traders who call themselves volatility arbitrageurs are running directional volatility positions dressed in the language of arbitrage. This book corrects that. Completely. Volatility arbitrage is not about predicting whether volatility will go up or down. It is about recognizing when one part of the volatility surface is mispriced relative to another and systematically extracting that spread before it closes. That shift from absolute to relative is the dividing line between retail options trading and institutional volatility work.\u003cbr\u003e\u003ci\u003eVolatility Arbitrage\u003c\/i\u003e, Book 2 of the Master Option Trader Series, teaches you to execute that framework at an institutional level. Calendar spreads, Diagonal structures, Ratio trades, Dispersion and correlation arbitrage, multi-expiration vega risk, and the full mechanics of the VIX term structure including a forensic case study of the August 5, 2024 backwardation event, the most extreme term slope reading outside 2008 and COVID. \u003cp\u003e\u003c\/p\u003e\u003cb\u003eInside: \u003c\/b\u003e\u003cul\u003e\n\u003cli\u003eThe Volatility Surface: geometry, curvature, slope, and distortion signals\u003c\/li\u003e\n\u003cli\u003eCalendars, Diagonals, and Ratio spreads built for relative-value execution\u003c\/li\u003e\n\u003cli\u003eDispersion and Implied Correlation Arbitrage, the institutional framework\u003c\/li\u003e\n\u003cli\u003eVIX Term Structure convergence trades: entry, sizing, and exit discipline\u003c\/li\u003e\n\u003cli\u003eEight hidden killers of multi-expiry positions, and how to recognize them before they cost you\u003c\/li\u003e\n\u003cli\u003eThe Vol Arb Operating System: pre-trade workflow, shock matrix, and survival-probability sizing\u003c\/li\u003e\n\u003cli\u003eMonte Carlo Surface Simulation for path risk evaluation\u003c\/li\u003e\n\u003c\/ul\u003e\u003cbr\u003eTheta is not the edge. The edge is the mispricing. This book teaches you to find it, size it, and extract it and to sit out when conditions make the trade dangerous. \u003cb\u003eFor traders who finished Book 1 and are ready to move from convexity to the surface.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Tony Pelz\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9798251459548\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Independently Published\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 03\/10\/2026\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 198\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.60lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.00h x 6.00w x 0.42d","brand":"Tony Pelz","offers":[{"title":"Paperback","offer_id":48743132823807,"sku":"9798251459548","price":19.95,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.whiterainbookhouse.com\/products\/volatility-arbitrage-master-option-trader-tony-pelz-9798251459548","provider":"WR Book House","version":"1.0","type":"link"}