# References

## [Unscrambling the binary code](https://www.academia.edu/16585778/Unscrambling_the_binary_code) <a href="#swp-tcr--title" id="swp-tcr--title"></a>

Mark Rubinstein, Eric Reiner, 1991, Risk Magazine

> The pay-offs of binary options tend to be switched completely one way or the other depending on whether the underlying asset price satisfies some condition. This article considers a wide variety of binaries, first those with path-independent pay-off s and then the more complex barrier binaries with path-dependent pay-offs.

## [An introduction to quantitative finance](https://global.oup.com/academic/product/an-introduction-to-quantitative-finance-9780199666591?cc=us\&lang=en&)

Stephen Blyth, 2013, Oxford University Press

{% embed url="<https://www.youtube.com/watch?v=eG_aRPy1KVE>" %}

## [Dynamic Hedging: Managing Vanilla and Exotic Options](https://www.wiley.com/en-us/Dynamic+Hedging%3A+Managing+Vanilla+and+Exotic+Options-p-9780471152804)

Nassim Nicholas Taleb, 1997, John Wiley & Sons

> Binary options are perhaps the best training ground for a trader as they can teach more about advanced book management. At the heart of most exotic structure and every bet resides a binary.

## Other relevant books for reference:

#### **Options, Futures, and Other Derivatives** by John Hull

*The textbook.*

**Option Volatility & Pricing: Advanced Trading Strategies and Techniques** by Sheldon Natenberg

*Written by a trader for traders. A clear and easy-to-understand overview of key concepts without excessive focus on moon math.*&#x20;

**Volatility Trading** by Euan Sinclair

*A fine book that delves into the various nuances of options trading, with extensive discussions on quantitative models for measuring volatility.*

**The Complete Guide to Option Pricing Formulas** by Espen Gaarder Haug

*A great reference for options pricing formulas that comes along with ready-to-use spreadsheets.*

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*Divergence is not affiliated with any of these authors, and does not bear responsibility for any error, omission, or defect that may be included in such content. Not financial advice.*
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