There are some nuances in pricing that will not really be captured in either book. For example, you don't learn that the implied vol of a one-week deep-in-the-money call should be lower than the same-strike put vol in cases where you have a dividend going ex the day before earnings. You will likely exercise the call before earnings to capture the dividend, so you shouldn't price in theta (or, from another angle, variance) for the event. And the thing is, every good options trader views these nuances differently.
All you really need to know about options pricing is: Greeks to understand the risk, skew/kurtosis/etc to understand the limitations of Black Scholes, and how to make sure your inputs are reliable so you can think critically about what constitutes a "fair" price.
To build past those basics, you have to take some kind of view on the name/sector/market. Understanding the product is mainly a means to an end---that end, of course, being an elegant way to express your views about the market.
Natenberg is solid, IMO better than Hull.
There are some nuances in pricing that will not really be captured in either book. For example, you don't learn that the implied vol of a one-week deep-in-the-money call should be lower than the same-strike put vol in cases where you have a dividend going ex the day before earnings. You will likely exercise the call before earnings to capture the dividend, so you shouldn't price in theta (or, from another angle, variance) for the event. And the thing is, every good options trader views these nuances differently.
All you really need to know about options pricing is: Greeks to understand the risk, skew/kurtosis/etc to understand the limitations of Black Scholes, and how to make sure your inputs are reliable so you can think critically about what constitutes a "fair" price.
To build past those basics, you have to take some kind of view on the name/sector/market. Understanding the product is mainly a means to an end---that end, of course, being an elegant way to express your views about the market.