Lawrence McMillan

Lawrence McMillan authored "Options as a Strategic Investment" (first published 1980), which became the most comprehensive reference for options strategies and grew to over 800 pages in later editions. He founded McMillan Analysis Corporation, which publishes the "Daily Volume Alerts" and "Option Strategist" newsletter for professional options traders. McMillan developed analytical approaches to the put/call ratio as a market sentiment indicator and is known for his work integrating options-market internals into broader market analysis. He has trained thousands of traders through seminars. His systematic analysis of implied volatility skew, term structure, and options positioning as leading indicators of directional market moves has influenced how practitioners interpret the options market as a forward-looking signal for equity prices. McMillan remains one of the most authoritative voices on volatility trading, having observed options markets across more than four decades of market cycles including the introduction of listed options, the 1987 crash, the dot-com bubble, and the post-2010 era of persistent low realized volatility.