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[null,"The Black-Scholes option pricing model for a European style Call option"]
[null,null,"The formulas in row 13 use relative cell references"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"1. The formula for cell E13 is derived from http://excelatfinance.com/xlf/black_scholes.php"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2. To price multiple options, copy E13 to the right, as shown in the examples in the range F13:N13"]
[null,null,null,null,"Option 1","Option 2","Option 3","Option 4","Option 5","Option 6","Option 7","Option 8","Option 9","Option 10",null,null,"3. The illustration is simply a COPY and PASTE of a formula to multiple targets"]
[]
[null,null,"Stock","S",42,41,40,42,42,42,42,42,42,42]
[null,null,"Exercise","X",40,40,40,40,40,40,35,36,37,40]
[null,null,"Rate","Rf",0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Sigma","V",0.2,0.2,0.2,0.1,0.2,0.3,0.2,0.2,0.2,0.2]
[null,null,"Time","T",0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,1]
[]
[null,null,"Call",null,{"$f":"E7 *\n _xlfn.NORM.S.DIST((LN(E7/E8)+E9*E11+(E10^2/2)*E11)/(E10*SQRT(E11)),TRUE) + N(\"N(d1)\")\n- E8*EXP(-E9*E11)\n* _xlfn.NORM.S.DIST((LN(E7/E8)+E9*E11+(E10^2/2)*E11) / (E10*SQRT(E11))-E10*SQRT(E11),TRUE) + N(\"N(d2)\")","v":4.0805030683309376},{"$f":"F7 *\n _xlfn.NORM.S.DIST((LN(F7/F8)+F9*F11+(F10^2/2)*F11)/(F10*SQRT(F11)),TRUE) + N(\"N(d1)\")\n- F8*EXP(-F9*F11)\n* _xlfn.NORM.S.DIST((LN(F7/F8)+F9*F11+(F10^2/2)*F11) / (F10*SQRT(F11))-F10*SQRT(F11),TRUE) + N(\"N(d2)\")","v":3.386574470403108},2.7554914310722474,3.2068572072035266,4.0805030683309376,5.1194200383189141,8.0333584614590308,7.1536223996708053,6.3112571117482652,5.5431625068292476]
[]
[]
[null,null,null,null,{"$f":"_xlfn.FORMULATEXT(E$13)","v":"=E7 *\n NORM.S.DIST((LN(E7/E8)+E9*E11+(E10^2/2)*E11)/(E10*SQRT(E11)),TRUE) + N(\"N(d1)\")\n- E8*EXP(-E9*E11)\n* NORM.S.DIST((LN(E7/E8)+E9*E11+(E10^2/2)*E11) / (E10*SQRT(E11))-E10*SQRT(E11),TRUE) + N(\"N(d2)\")"}]
[null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(F$13)","v":"=F7 *\n NORM.S.DIST((LN(F7/F8)+F9*F11+(F10^2/2)*F11)/(F10*SQRT(F11)),TRUE) + N(\"N(d1)\")\n- F8*EXP(-F9*F11)\n* NORM.S.DIST((LN(F7/F8)+F9*F11+(F10^2/2)*F11) / (F10*SQRT(F11))-F10*SQRT(F11),TRUE) + N(\"N(d2)\")"}]
[null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(G$13)","v":"=G7 *\n NORM.S.DIST((LN(G7/G8)+G9*G11+(G10^2/2)*G11)/(G10*SQRT(G11)),TRUE) + N(\"N(d1)\")\n- G8*EXP(-G9*G11)\n* NORM.S.DIST((LN(G7/G8)+G9*G11+(G10^2/2)*G11) / (G10*SQRT(G11))-G10*SQRT(G11),TRUE) + N(\"N(d2)\")"}]
[null,null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(H$13)","v":"=H7 *\n NORM.S.DIST((LN(H7/H8)+H9*H11+(H10^2/2)*H11)/(H10*SQRT(H11)),TRUE) + N(\"N(d1)\")\n- H8*EXP(-H9*H11)\n* NORM.S.DIST((LN(H7/H8)+H9*H11+(H10^2/2)*H11) / (H10*SQRT(H11))-H10*SQRT(H11),TRUE) + N(\"N(d2)\")"}]

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[null,"Using Goal Seek to return implied volatility from multple options"]
[]
[null,null,"Use the panel on the right to run macros >>>"]
[]
[null,null,null,null,"Option 1","Option 2","Option 3","Option 4","Option 5","Option 6","Option 7","Option 8","Option 9","Option 10"]
[]
[null,null,"Stock","S",42,41,40,42,42,42,42,42,42,42]
[null,null,"Exercise","X",40,40,40,40,40,40,35,36,37,40]
[null,null,"Rate","Rf",0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Sigma","V",0.11997802182408306,0.16997492602743267,0.19999880641923512,0.1,0.24996064507400395,0.29994289261402085,0.33000139437104714,0.22500414681208414,0.19992942191451896,0.17999586630193556,null,null,"<< Volatility","ByChangingCell"]
[null,null,"Time","T",0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,1]
[]
[null,null,"Call",null,{"$f":"E7 *\n _xlfn.NORM.S.DIST((LN(E7/E8)+E9*E11+(E10^2/2)*E11)/(E10*SQRT(E11)),TRUE) + N(\"N(d1)\")\n- E8*EXP(-E9*E11)\n* _xlfn.NORM.S.DIST((LN(E7/E8)+E9*E11+(E10^2/2)*E11) / (E10*SQRT(E11))-E10*SQRT(E11),TRUE) + N(\"N(d2)\")","v":3.3518145236407619},3.0722310309280267,2.7554783691658216,3.2068572072035266,4.5905473863663318,5.1188096712342954,8.7666590327898213,7.2861453601363664,6.3108224428954429,5.2658240842081625,null,null,"<< Formula row","SetCell"]
[]
[]
[null,null,null,null,3.3519863044122395,3.0724902777457217,2.7554848999904031,3.2068572072035266,4.5909576682312974,5.1191146890127683,8.7666490641805304,7.2861216050909619,6.3110393809424252,5.2658805618897659,null,null,"<< Constants","ToValue"]
[null,null,null,null,"@12%","@17%","@20%","@10%","@25%","@30%","@33%","@23%","@20%","@18%"]