Sheldon Natenberg

Sheldon Natenberg is an options trader and educator, best known as the author of "Option Volatility and Pricing: Advanced Trading Strategies and Techniques," first published in 1988 and updated since. The book has become the standard reference for professional options traders, market makers, and anyone seeking to understand the practical application of options pricing theory including the Black-Scholes model, volatility skew, delta hedging, and multi-leg strategies. Natenberg spent his career as a professional options trader at various Chicago trading firms. His book has trained multiple generations of options traders and remains required reading at major options firms, banks, and trading companies globally. His emphasis on the practical construction and management of delta-neutral portfolios — and on how volatility trading differs fundamentally from directional trading — has made the book essential for new options desk entrants and for experienced traders seeking to systematize their approach to volatility surface management.