Hoadley Finance Add-in for Excel v10.5i cracked download

                                 Hoadley Finance Add-in for Excel v10.5i





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Option valuation, implied volatility, and analysis functions will handle:
bullet  Options (or warrants) on equities, currencies (FOREX), indices and futures. (See the Options Strategy Evaluation Tool FAQ for how these option types are handled)

bullet  Black-Scholes (for European options) and Cox, Ross, & Rubinstein binomial pricing models (for European and American options).

bullet  American and European exercise.

bullet  Dividends specified either as an unlimited number of discrete payments, each consisting of an ex-dividend date and an amount, or as a continuous yield.

The pricing, implied volatility, and analysis functions include:
bullet  Option pricing and "Greeks": Calculation of option prices and "Greeks" for American and European options. The HoadleyOptions1 function uses absolute dates for deal, expiration and ex-dividend dates; HoadleyOptions2 lets you specify these in days.

bullet  Implied volatility:   Calculation of implied volatility for American and European options. The HoadleyImpliedVolatility1 function uses absolute dates  for deal, expiration and ex-dividend dates; HoadleyImpliedVolatility2 lets you use days. Both use the Newton-Raphson method. An Implied Volatility Calculator which will retrieve complete option chains from a number of on-line data providers is included with the add-in.

bullet  Percent-to-target: Calculation of the percentage change in the price of the underlying that would be required to increase the option price by a specified percentage. The "percent-to-double" metric is one example of its use.  HoadleyPercentToTarget1 uses absolute dates; HoadleyPercentToTarget2 uses days.

bullet  Implied values:  Calculation of values (implied strike, implied spot, implied term, implied volatility and implied risk free rate) implied from either an option price or an option delta.  Can be used to identify options to meet specific hedging or other requirements. eg "what strike would I need for a put with a delta of - 0.75?".  The HoadleyImply1 function uses absolute dates; HoadleyImply2 uses days.

bullet  Pricing with time-varying interest rates: The HoadleyBinomialTS calculates prices, Greeks, and implied volatility taking into account a term structure of interest rates (ie yield curve). Handles European & American options with discrete dividends or dividends expressed as a yield (which can also vary by time). This function is useful during times of steepening yield curves where the pricing of American options using the usual assumption of constant rates may not be satisfactory.  The function also handles Bermudan-style options which cannot be exercised prior to a specific date.

bullet  Pricing with time-varying volatilities and time-varying interest rates: The HoadleyTrinomialTS includes all the functionality contained in the HoadleyBinomialTS function, and in addition it handles a term structure of volatilities -- ie volatilities that vary over the term of the option -- using a flexible recombining trinomial lattice.  Being able to capture the volatility term structure is particularly important for longer term options with American exercise.  The function also optionally provides for a term structure of risky rates, which are used for discounting the option payoff, to be specified separately from the risk free rates -- for instance, to model counterparty risk for OTC options. This function is only available under a commercial license.

bullet  Pricing with volatility smiles/skews:  The  HoadleyOptionsNLN  (Non-LogNormal) function prices American and European options  when underlying asset prices depart from a lognormal distribution in terms of skewness and excess kurtosis. Also calculates the volatility implied by the underlying asset distribution, the results of which can be used to graph the volatility smile for a range of strike prices. Uses the Gram-Charlier (similar to Edgeworth) expansion method together with an extended Black-Scholes formula  (for European options) and Rubinstein implied binomial trees (for American options).

bullet  SABR stochastic volatility model:  Three functions which implement the SABR stochastic volatility model for European spot and futures options.  HoadleySABRBlackVol returns the Black-Scholes/Black-76 equivalent volatility; HoadleySABROption calculates option values and Greeks using the SABR model; HoadleySABRCalibrate calibrates the SABR parameters with market data: the volatility smile (skew) from the strikes and implied volatilities of traded options.

bullet  Early exercise analysis: A component (VBA class) which will analyze an American option specification and report on any optimal early exercise thresholds: the underlying asset price/date combinations where it may be optimal to exercise an option before maturity. See early exercise for more details on the conditions under which early exercise may be optimal.


Exotic options

Functions for the valuation of the most common types of "exotic" options.  Both European and American exercise styles are handled for each type of option:
bullet  Barrier options (single and double):  Calculates prices, "Greeks" and implied volatility for American (using trinomial trees) and European (analytic and trinomial trees) single barrier options  (the HoadleyBarrier1 function)  and double barrier options (HoadleyBarrier2). Handles discrete barrier monitoring and rebates. Dividends can be specified as an annual yield or as an unlimited number of discrete payments.

bullet  Basket options: HoadleyBasketOption calculates the value of a European basket option on a portfolio ("basket") of underlying assets using an analytic moment matching approximation. HoadleyBasketSim calculates the value of both European and American basket options using correlated Monte Carlo simulation. The Longstaff and Schwartz simulation model (LSMC) is used for the American pricing.

bullet  Delayed start options (DSOs):  HoadleyDelayedStart calculates the the value and Greeks for European and American delayed start (forward start) options -- options which are valued and paid for 'today' but issued at some time in the future. The strike of the option is set at the future issue date. The function can be used to value options on stocks (with discrete dividends or dividend yields), indices, futures and currencies. The options are often used for volatility trading/volatility hedging.

bullet  Spread options:  HoadleySpreadOption calculates the price, hedge parameters and implied correlation for options on the price differential between two assets. eg the heating oil crack spread futures options which are traded on NYMEX.  Both European and American exercise handled.  Uses a modified Black model for European options and Rubinstein's three dimensional binomial trees for American options.

bullet  Compound options: HoadleyCompoundOption for valuing European and American options-on-options using a binomial tree. Options can be European on European, European on American, American on European or American on American.  The function handles dividends expressed as a yield or as a schedule of discrete payments.

bullet  Asian options:  Two functions for valuing European and American-style  arithmetic average price options (Asian options).  HoadleyAsianA calculates the value and "greeks" of an European Asian option using an analytic model.  Handles averaging using either continuously or discretely observed underlying prices, and averaging which occurs over only a part of the option's life.  HoadleyAsianB uses a binomial tree to value both European and American-style Asian options.

bullet  Quanto (cross-currency) options:  Four functions for valuing regular, single barrier and Asian Quanto options: options on assets denominated in a foreign currency with settlement in the domestic currency at a pre-defined exchange rate. The functions handle both European and American exercise. An example of an exchanged traded quanto option is the CME Nikkei 225 US dollar based futures option (American style) which is on a Yen-denominated asset but settled in US dollars.

bullet  Binary (digital) options:  Nine functions for cash or nothing and asset or nothing, single barrier cash or nothing and asset or nothing, and double barrier cash or nothing, binary options. Fair value and "Greeks" are calculated for all options.