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{"sheet":"Title","index":0,"n_rows":17,"n_cols":1,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
["FinTools® Azure"]
[]
["OPTIONS XL"]
["Black-Scholes"]
[]
["for"]
["Option Pricing,"]
["Risk Management"]
["and"]
["Financial Reporting"]
[]
["Release"]
["2021-06-16"]
[]
["Montgomery Investment Technology, Inc."]
["© 1989-2021"]

{"sheet":"Introduction","index":1,"n_rows":10,"n_cols":1,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
["Introduction"]
[]
["Valuation of Derivatives using FinTools Azure"]
[]
["This template allows the user to calculate the fair value of European-style call and put options using the Black-Scholes option"]
["pricing model in the OptionsBS_Azure function."]
[]
["Please see the Basic, Advanced, and Functions tabs for use examples."]
[]
["The Definitions tab has detailed descriptions of all the inputs."]

{"sheet":"Basic","index":2,"n_rows":19,"n_cols":5,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
["OPTIONS XL Black-Scholes: Azure",null,null,null,"Key to Input Arguments (basic)"]
[]
["  Input:","Mod. B-S Euro","B-S Quasi-Amer","Whaley","Pseudo-American"]
["Model",1,2,3,4]
["Type of Option",1,1,1,1]
["Function",1,1,1,1]
["Underlying Price",100,100,100,100]
["Exercise Price",100,100,100,100]
["Time to Expiration",365,365,365,365]
["Volatility",0.3,0.3,0.3,0.3]
["Interest Rate",0.05,0.05,0.05,0.05]
["Yield Rate",0.03,0.03,0.03,0.03]
[]
["  Output:"]
["OptionsBS",{"$f":"OptionsBS_Azure(B4,B5,B6,B7,B8,B9,B10,B11,B12,,,,,,,,,Subscription!$C$4)","v":12.442649560783444},{"$f":"OptionsBS_Azure(C4,C5,C6,C7,C8,C9,C10,C11,C12,,,,,,,,,Subscription!$C$4)","v":12.442649560783444},{"$f":"OptionsBS_Azure(D4,D5,D6,D7,D8,D9,D10,D11,D12,,,,,,,,,Subscription!$C$4)","v":12.472199370106894},{"$f":"OptionsBS_Azure(E4,E5,E6,E7,E8,E9,E10,E11,E12,,,,,,,,,Subscription!$C$4)","v":12.442649560783444}]
[]
["  Function:"]
["OptionsBS_Azure(Model, TypeOpt, Func, Underlying, Exercise, Time, Volatility, InterestRate, YieldRate,"]
["     ,,,,,,,, SubscriptionKey) "]

{"sheet":"Advanced","index":3,"n_rows":27,"n_cols":5,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
["OPTIONS XL Black-Scholes: Azure",null,null,null,"Key to Input Arguments (advanced)"]
[]
["  Input:","Mod. B-S Euro","B-S Quasi-Amer","Whaley","Pseudo-American"]
["Model",1,2,3,4]
["Type of Option","C","C",1,1]
["Function",1,1,1,1]
["Underlying Price",120,120,120,120]
["Exercise Price",100,100,100,100]
["Time to Expiration",3,3,3,3]
["Volatility",0.3,0.3,0.3,0.3]
["Interest Rate",0.05,0.05,0.05,0.05]
["Yield Rate",0,0,0,0]
["Market Option Price",0,0,0,0]
["Dividend Amount",3,3,3,3]
["Time to Ex-Dividend",0.05,0.05,0.05,0.05]
["Dividend Period",0.25,0.25,0.25,0.25]
["Type of Rate","CC","CC","CC","CC"]
["Time Basis",1,1,1,1]
["Time to Early-Exercise",{"$f":"B9","v":3},{"$f":"C9","v":3},3,3]
["Method",1,1,1,1]
[]
["  Output:"]
["OptionsBS",{"$f":"OptionsBS_Azure(B4,B5,B6,B7,B8,B9,B10,B11,B12,B13,B14,B15,B16,B17,B18,B19,B20,Subscription!$C$4)","v":42.124280607689407},{"$f":"OptionsBS_Azure(C4,C5,C6,C7,C8,C9,C10,C11,C12,C13,C14,C15,C16,C17,C18,C19,C20,Subscription!$C$4)","v":42.124280607689407},{"$f":"OptionsBS_Azure(D4,D5,D6,D7,D8,D9,D10,D11,D12,D13,D14,D15,D16,D17,D18,D19,D20,Subscription!$C$4)","v":42.124251240028279},{"$f":"OptionsBS_Azure(E4,E5,E6,E7,E8,E9,E10,E11,E12,E13,E14,E15,E16,E17,E18,E19,E20,Subscription!$C$4)","v":42.124280607689407}]
[]
["  Function:"]
["OptionsBS_Azure(Model, TypeOpt, Func, Underlying, Exercise, Time, Volatility, InterestRate, YieldRate,"]
["     MarketOptionPrice, DivAmount, TimeExDiv, DivPeriod, TypeRate, TimeBasis, TimeToEarlyExer, Method, SubscriptionKey) "]

{"sheet":"Functions","index":4,"n_rows":59,"n_cols":5,"rows_kept":59,"cut":false,"hidden":false,"merged":[]}
["OPTIONS XL Black-Scholes: Azure",null,null,null,"Key to Functions"]
[]
["  Input:",null,"Basic","Advanced"]
["Model",null,1,1]
["Type of Option",null,1,1]
["Function (below)"]
["Underlying Price",null,95,95]
["Exercise Price",null,100,100]
["  Value Date",null,"2017-03-01","2017-03-01"]
["  Expiration Date",null,"2019-03-01","2019-03-01"]
["Time to Expiration",null,{"$f":"(C10-C9)","v":730},{"$f":"(D10-D9)/365","v":2}]
["Volatility",null,0.3,0.3]
["Interest Rate",null,0.05,0.05]
["Yield Rate",null,0.03,0]
["Market Option Price",null,14.5,14.5]
["Dividend Amount",null,null,0.75]
["Time to Ex-Div Date",null,null,0.05]
["Dividend Period",null,null,0.25]
["Type of Rate",null,null,"CC"]
["Time Basis",null,null,1]
["Time to Early Exercise",null,null,{"$f":"D11","v":2}]
["Method",null,null,1]
[]
["  Output:","Func"]
["Theoretical Value",1,{"$f":"OptionsBS_Azure(C$4,C$5,$B25,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":14.612766972719896},{"$f":"OptionsBS_Azure(D$4,D$5,$B25,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":17.939393885253772}]
["Delta",2,{"$f":"OptionsBS_Azure(C$4,C$5,$B26,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.54018374008170356},{"$f":"OptionsBS_Azure(D$4,D$5,$B26,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.62814135137970717}]
["Gamma",3,{"$f":"OptionsBS_Azure(C$4,C$5,$B27,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":9.1626133829556394E-3},{"$f":"OptionsBS_Azure(D$4,D$5,$B27,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":9.3829655828941566E-3}]
["Gamma (1% change)",3.01,{"$f":"OptionsBS_Azure(C$4,C$5,$B28,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":8.7044827138078578E-3},{"$f":"OptionsBS_Azure(D$4,D$5,$B28,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":8.9138173037494484E-3}]
["Theta",4,{"$f":"OptionsBS_Azure(C$4,C$5,$B29,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":-1.1005142788142746E-2},{"$f":"OptionsBS_Azure(D$4,D$5,$B29,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":-1.6157146909983044E-2}]
["Vega",5,{"$f":"OptionsBS_Azure(C$4,C$5,$B30,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.49615551468704794},{"$f":"OptionsBS_Azure(D$4,D$5,$B30,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.50808758631371875}]
["Implied Volatility",6,{"$f":"OptionsBS_Azure(C$4,C$5,$B31,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.2977302552127446},{"$f":"OptionsBS_Azure(D$4,D$5,$B31,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.2324948649746558}]
["Implied Volatility (2 place(s))",6.2,{"$f":"OptionsBS_Azure(C$4,C$5,$B32,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.3},{"$f":"OptionsBS_Azure(D$4,D$5,$B32,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.23625112500000003}]
["Intrinsic Value",7,{"$f":"OptionsBS_Azure(C$4,C$5,$B33,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0},{"$f":"OptionsBS_Azure(D$4,D$5,$B33,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0}]
["Time Value",8,{"$f":"OptionsBS_Azure(C$4,C$5,$B34,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":14.612766972719896},{"$f":"OptionsBS_Azure(D$4,D$5,$B34,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":17.939393885253772}]
["Zero Volatility",9,{"$f":"OptionsBS_Azure(C$4,C$5,$B35,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0},{"$f":"OptionsBS_Azure(D$4,D$5,$B35,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":4.5162581964040527}]
[]
["Delta 100's",12,{"$f":"OptionsBS_Azure(C$4,C$5,$B37,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":54.018374008170355},{"$f":"OptionsBS_Azure(D$4,D$5,$B37,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":62.814135137970716}]
["Lambda",13,{"$f":"OptionsBS_Azure(C$4,C$5,$B38,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":3.5118232846362871},{"$f":"OptionsBS_Azure(D$4,D$5,$B38,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":3.3263904434432363}]
["Theta (-7 Days)",14,{"$f":"OptionsBS_Azure(C$4,C$5,$B39,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":-7.7270799575366311E-2},{"$f":"OptionsBS_Azure(D$4,D$5,$B39,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":-0.11331600043193646}]
["Rho",15,{"$f":"OptionsBS_Azure(C$4,C$5,$B40,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.73409376670083892},{"$f":"OptionsBS_Azure(D$4,D$5,$B40,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.83468068991636812}]
["Psi",16,{"$f":"OptionsBS_Azure(C$4,C$5,$B41,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":-1.0263491061552368},{"$f":"OptionsBS_Azure(D$4,D$5,$B41,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":-1.1934685676214436}]
["Strike Sensitivity",17,{"$f":"OptionsBS_Azure(C$4,C$5,$B42,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":-0.36704626895556203},{"$f":"OptionsBS_Azure(D$4,D$5,$B42,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":-0.41734175502128323}]
["Implied Strike",18,{"$f":"OptionsBS_Azure(C$4,C$5,$B43,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":100.30856276647104},{"$f":"OptionsBS_Azure(D$4,D$5,$B43,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":109.03814244314661}]
[]
["B-S: d1",30,{"$f":"OptionsBS_Azure(C$4,C$5,$B45,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.18551348421138764},{"$f":"OptionsBS_Azure(D$4,D$5,$B45,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.32693484044869708}]
["B-S: d2",31,{"$f":"OptionsBS_Azure(C$4,C$5,$B46,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":-0.23875058450054087},{"$f":"OptionsBS_Azure(D$4,D$5,$B46,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":-9.7329228263231427E-2}]
["B-S: N(d1)",32,{"$f":"OptionsBS_Azure(C$4,C$5,$B47,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.57358683706831226},{"$f":"OptionsBS_Azure(D$4,D$5,$B47,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.62814135137970717}]
["B-S: N(d2)",33,{"$f":"OptionsBS_Azure(C$4,C$5,$B48,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.40564954104918827},{"$f":"OptionsBS_Azure(D$4,D$5,$B48,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.46123241218744382}]
["B-S: exp(-q*t)",34,{"$f":"OptionsBS_Azure(C$4,C$5,$B49,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.94176453358424872},{"$f":"OptionsBS_Azure(D$4,D$5,$B49,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":1}]
["B-S: S*exp(-q*t)",35,{"$f":"OptionsBS_Azure(C$4,C$5,$B50,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":89.467630690503626},{"$f":"OptionsBS_Azure(D$4,D$5,$B50,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":95}]
["B-S: S*exp(-q*t)*N(d1)",36,{"$f":"OptionsBS_Azure(C$4,C$5,$B51,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":51.31745530776184},{"$f":"OptionsBS_Azure(D$4,D$5,$B51,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":59.673428381072178}]
["B-S: exp(-r*t)",37,{"$f":"OptionsBS_Azure(C$4,C$5,$B52,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.90483741803595952},{"$f":"OptionsBS_Azure(D$4,D$5,$B52,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.90483741803595952}]
["B-S: X*exp(-r*t)",38,{"$f":"OptionsBS_Azure(C$4,C$5,$B53,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":90.483741803595947},{"$f":"OptionsBS_Azure(D$4,D$5,$B53,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":90.483741803595947}]
["B-S: X*exp(-r*t)*N(d2)",39,{"$f":"OptionsBS_Azure(C$4,C$5,$B54,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":36.704688335041944},{"$f":"OptionsBS_Azure(D$4,D$5,$B54,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":41.734034495818406}]
["B-S: N'(d1) = derivative of N(d1) = 1/sqrt(2pi)*exp(-d1^2/2)",40,{"$f":"OptionsBS_Azure(C$4,C$5,$B55,C$7,C$8,C$11,C$12,C$13,C$14,C$15,C$16,C$17,C$18,C$19,C$20,C$21,C$22,Subscription!$C$4)","v":0.39213615723429679},{"$f":"OptionsBS_Azure(D$4,D$5,$B55,D$7,D$8,D$11,D$12,D$13,D$14,D$15,D$16,D$17,D$18,D$19,D$20,D$21,D$22,Subscription!$C$4)","v":0.37818123970435341}]
[]
["  Function:"]
["OptionsBS_Azure(Model, TypeOpt, Func, Underlying, Exercise, Time, Volatility, InterestRate, YieldRate,"]
["     MarketOptionPrice, DivAmount, TimeExDiv, DivPeriod, TypeRate, TimeBasis, TimeToEarlyExer, Method, SubscriptionKey) "]

{"sheet":"Definitions","index":5,"n_rows":65,"n_cols":3,"rows_kept":65,"cut":false,"hidden":false,"merged":[]}
["OPTIONS XL Black-Scholes Azure: Definitions"]
[]
["Function:"]
["OptionsBS_Azure(Model, TypeOpt, Func, Underlying, Exercise, Time, Volatility, InterestRate, YieldRate,"]
["     MarketOptionPrice, DivAmount, TimeExDiv, DivPeriod, TypeRate, TimeBasis, TimeToEarlyExer, Method, SubscriptionKey) "]
[]
["Input:","Example Args","Description"]
["Model",1,"Modified Black-Scholes European"]
[null,2,"Black-Scholes Quasi-American"]
[null,3,"Whaley (Quadratic Approximation)"]
[null,4,"Pseudo-American"]
["Type of Option",1,"Call"]
[null,2,"Put"]
[null,100,"Straddle"]
[null,"C","Call"]
[null,"P","Put"]
[null,"S","Straddle"]
["Function","below","The output function setting"]
["Underlying Price",100,"The price of the underlying asset"]
["Exercise Price",100,"The price at which the asset can be purchased if a call or sold if a put"]
["Time to Expiration",90,"The time to expiration expressed as calendar days or a decimal fraction of a year"]
["Volatility",0.25,"The annualized volatility of the underlying asset price"]
["Interest Rate",0.05,"The risk-free interest rate expressed as a percentage"]
["Yield Rate",0.02,"The yield expressed as a percentage (dividends or interest rate) from the underlying asset"]
["Market Option Price",10,"The traded price of the option in the market for calculating Implied Volatility"]
[null,null,"The fair value of an option (e.g. ESO) for calculating Implied Expected Life"]
["Dividend Amount",1,"The amount of the next dividend payment on an absolute, rather than percentage, basis"]
["Time to Ex-Dividend",15,"The time until the next ex-dividend date expressed in calendar days or years"]
["Dividend Period",90,"The time period, in days or fraction of a year, between ex-dividend dates"]
["Type of Rate","CC","Continuous, Continuous"]
["Time Basis",0,"Time inputs are expressed in days"]
[null,1,"Time inputs are expressed in years"]
["Time To Early Exercise",90,"The time until the start of early-exercise expressed in calendar days or years"]
["Method",0,"Binomial (Hull method: tree-adj discrete div) or OptionsBS (PV of div subtracted from underlying)"]
[null,1,"Binomial (C-R-R method) or OptionsBS (dividends converted into continuous yield)"]
["Subscription Key",null,"The Subscription Key for FinTools Azure"]
[]
["Note: Input arguments shown in italics are optional arguments."]
[]
["Output:"]
[null,1,"Theoretical Value"]
[null,2,"Delta"]
[null,3,"Gamma"]
[null,3.01,"Gamma (1% change)"]
[null,4,"Theta"]
[null,5,"Vega"]
[null,6,"Implied Volatility"]
[null,6.1,"Implied Volatility (1 place(s))"]
[null,6.9,"Implied Volatility (9 place(s))"]
[null,7,"Intrinsic Value"]
[null,8,"Time Value"]
[null,9,"Zero Volatility"]
[null,11,"Implied Expected Life"]
[null,12,"Delta 100's"]
[null,13,"Lambda"]
[null,14,"Theta (-7 Days)"]
[null,15,"Rho"]
[null,16,"Psi"]
[null,17,"Strike Sensitivity"]
[null,18,"Implied Strike"]
[null,18.5,"Delta Implied Strike"]
[null,"30-40","Black-Scholes formula intermediate calculations (partial results)"]
[]
["For more information on any of the above items, please click on the \"?\" button on the OPTIONS XL toolbar or"]
["click on the FinTools menu, choose OPTIONS XL, then choose Help."]

{"sheet":"CCode","index":6,"n_rows":9,"n_cols":2,"rows_kept":9,"cut":false,"hidden":false,"merged":[[0,0,0,1]]}
["Color Code used in FinTools Templates"]
[]
["Red","Input Cell"]
["Green","Intermediate Calculation or  Description"]
["Blue","FinTools Function Output Cell"]
[]
["Dark Blue","Text Label"]
["Black","FinTools Function and Arguments"]
["Dark Teal","Total Calculation"]

{"sheet":"Subscription","index":7,"n_rows":4,"n_cols":4,"rows_kept":4,"cut":false,"hidden":false,"merged":[]}
["FinTools Azure: Subscriptions"]
[]
["Module","Function","Subscription Key","Name"]
["ALL","All","5c1fecb42902487c9a5e1f6db0fa109d","All_Azure Key"]