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There's nothing to understand there, as the text in Russian doesn't provide any useful information. (I understand Russian)

Actually, it is. Buying 2 calls and selling 1 futures is a synthetic straddle.

Well, obviously, noone is gonna tell you that, why should they!? It's kind of hard to do dynamic hedging when you are trading single contracts, as you don't have the ability to adjust your hedge.

You may wanna re-read your post and then edit it accordingly. For example, what does this mean? How the heck do you buy an OTM put credit spread? Also post details - strikes and prices.

Are you REALLY REALLY REALLY sure you've read and understood those books mentioned earlier!? If you expect the IV to rise then go long Vega and if you expect the IV to fall then go short Vega. You have to ask more specific questions as a broad question like above would just result in a...

To get historical implied volatility you have 3 alternatives: 1. Collect/create it yourself using historical prices. 2. Find someone who has the data and is willing to give/sell it you. 3. Get yourself a Bloomberg terminal, which has the data. Example Gazprom Dec07 futures:

It's not about the price you paid for the call, it's about which alternative is cheaper going forward. That is, you have two alternatives, not exercising the call and forgoing the dividend or exercising the call, buying a put and receiving the dividend. You would choose the one with an edge.

You are a bit inconsistent in your post. First you say: So, that's 1 long call and 2 short calls, which is a ratio spread. However, then you say: That's 1 long call and 1 short, which is a short vertical spread. Anyway, assuming you meant the latter the question has already been answered.

Wrong, a long put doesn't protect a naked short call. The two together form a synthetic short stock. If you still had the stock position on then you would've been flat - long stock plus synthetic short stock equals zero net position.

I got a Dell Inspiron 9300 with a 17" brite screen. It's really great except that I had to change it twice (the whole pixel stacks died).

Sure they do!

I didn't say that the principles of trading price and volatility are the same! I said that the principles of trading volatility in any market are the same. In other words, the way you trade volatility in the US market is the same way you trade the volatility in the Russian market, assuming the...

The principles of volatility trading are the same regardless of whether you have an IV index or not.

As I said, it depends on how you trade them. If you sell naked options, for example, then that's not less risky. The liquitidy of options is also lower so you are more likely to incure slippage. With a futures contract all you need to worry about is the direction, with options you need to...

Well, that depends on how you trade them. Personally, I'd say options offer a different way to play the market, which doesn't necessarily has lower risk.

Theta, The square root method is just a way of converting standard deviation to various time frames, it's not a crystal ball!

It's always better to use limit orders cause market orders can result in huge and unnecessary slippage.

St.deviation increases with the square root of time, so if you have 1-day st. dev you multiply it by the square root of 252 (or any other number you like to use to annualize the data). Also, just a reminder for anyone trying to do it manually in Excel - st. dev is based on daily returns not...

You can obviously get the prices from your broker's platform, but also from http://yahoo.finance.com, http://www.cboe.com and others.

Actually, it depends on how far OTM/ITM the option is. As you can see, deep OTM/ITM Theta does decrease, but closer to ATM Theta increases. The curve gets more peaked.