Pricing Asian Options
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(30) V'N TU¡%¢¤£yN Ps¡¥G¦§SYNQW:£¨hP(© ª. æ. Long a call. Short a call. Profit/Loss. Profit/Loss. ç. 30. ç. 20 10. å. 20. 40. 60. 20 price. 80. 40. 60. price. 80. -10 -20 -30. æ. Long a put. Profit/Loss. Short a put. Profit/Loss. 30 20 10 20. 40. 60. 80. ç. price. å -10. 20. 40. 60. 80. ç. price. -20 -30. ® rjwytv8|)i}|U»/ÊèËÃ'é Ç,êëüÕäÕ/Ã'Ä^Å@ÆÇyÈ ÃÉw¾ÇÂ!ΠƼÈÏËоYÇyÈ ÃÉXâUìáÓYÂËÂíGî@ï¼ðK¾ÉYѤñãîÊîÞïxÜ y8 m»Õjue¶üueu_ìêxyx!r m½o»m1¥¥3m1êDÈ) yt m1ujx< ¤±m;È7õNï !®¯ò°ûö mexyz¢ym1êuem½ !w!¯ ¤±m;È7õNï <°¯·®:ö ìêyTt @ ó +yo»me¥¥ ytv ¤©wy¤Äm1xyz ôCy yw! ytv ¤©wy¤Éi> ¦®rjwytv¡|)i}|LguetK¥¥wyEt m1ujxy ueyLuj ! ujx!ê§:tvueèyqéeÔ3uj ¯zy«m1rjtme¤© i:®rjwytv8|)i©vyu_ìê¯ y°§tvueèyDé1Ôue êzy«m1rjtme¤©uem ¥uexyr½mexyzÉ yuetv¯ ue ujx<x<v u)oqp¹i Á
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(33) V'N TU¡%¢¤£yN Ps¡¥G¦§SYNQW:£¨hP(© þ. ÿ. Í. Long a stock. Profit/Loss. þ. 40 20. -40. Short a stock. Profit/Loss. 40. ý. 20 20. -20. ÿ. 40. 60. 80. ý. 20 price. 40. 60. price. 80. -20 -40. ® rjwyt 8|>i}»/ÊËÐÃéUÇ,êë%üÕäÕ/Ã'Ä ÇÃUØ%Ú metv5 wA©oT x½u z!TTt ¤©xy y5Ò1me¥wy5uemexuj )uex¥«meEx!r'gujtúmØvxyre¥5 - tvu>zYmev z ujx metvy tmere oTujxy zy t m1ujxyTiû!5ìnm»Õ
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(39) V'N TU¡%¢¤£yN Ps¡¥G¦§SYNQW:£¨hP(© ò Su q S 1-q. ® rjwytv8|)iÇ»43¿ÈÏÉYÃàÈ ¾À65à ÑÂÀÄ[ÃËUÇÃUØ%ÚÊèË;ÈÖØ9 ²Ã¦!½èyt v8E 7ëmev wy¤©úy½DÈ! !tm;uex zm1½¦ujxy½ Tt u)zØgtvuj¤ xyu_ìLi©Ô3Tó- !°o w!t t TxLo»me¥¥d !t oTeuë ó87ú{y{ yt o °uexy° - tvu>z'gt ue¤ãx!u/ì ky{v u)oqpÉ yt o {¤ u_ÒjT uK®97së ó;:¡ yL yt o LujxyL - t u)z5gtvuj¤xyu_ì yLEu>oqp< yt o ¦¤©u/Òe¦uK®:/i+~K¥»m1t ¥Õeë ó87¦îP¤ m;È9õ?Uï !®97ᯱ°ûönmexyqz ó;:m;È9õNï !®:§¯ò°ûö )T{®rjwytvLÓ!i}|Gguet¥¥wyv tm1 ujx7i Sd. q. Cu=max(0,Su-X). C 1-q Cd=max(0,Sd-X). ® rjwytv8|)i³ª »^½h¾ÀÁYÂÃ'ħñã¾À=<pÉ>3¿ÈÏÉYÃàÈ ¾ÀUÅ@ÆÇyÈ ÃÉKÊèË;ÈÖØ%ÈÉYÔ5à ÑÂÀ Ïu_ìLë ÆLwy ûm5 ujtE guj¥u ue8?û ymet T8u1´Eu>oqp mexyz@ x t vps¥ v¦uexyzy i{y¦oTujv ? ®>)A@ iyÃÒ1me¥w!Ãue9 y´ uetv gue¥u8x©yÃxyÆÈ> - tvu>z±´zy !oT z<x<®rewyt Ã|)iÍ!iÏu_ì ì´Ãqmep1Ã!¡peÆÕ±E <x5oqyu>uj xyBr ?¢mexyCz @ wyoq< m1K yà -ujtE guj¥uLmeK yà me¤©Ã m»Õju1¶ me!8o me¥¥7uj !ujx9ë>m1¯ ë ? ®/+D)EF@æù î ó87°mexyz ? ®G.H)EF@ ù î ó;: )uj¥kÒj¦!{m1u_ÒjLT¸>wym1ujxyu½rjÆ ó87¯·ó;: ï ?5î õ?|)ih_ö õI+{¯J.>ö,®LK @æî. Qó §¯ Xó ¯. + ;: J. 87 õM+ N.>öO. õ?|)i³|eö.
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