Derivativoseriscovol 2

Plan1
Avaliação de Opções de Compra e de Venda do Tipo Europeu

Mercados Derivativos
e Análise de Risco - Volume 2
Reprodução Não Autorizada
Inputs do Modelo de Black&Scholes de Precificação de Calls e de Puts
P.Vista $ 128.00 Tx.Juros Externa/Tx Div.
P.Exercício $ 130.00 P.Barreira

DU até Vencim. 15
Tx.Juros - over anual 22.74% over anual
Volatilidade Admitid 47.19% ao ano
Precificação da Call - Tipo Europeu Precificação da Put - Tipo Europeu

Prêmio Justo $ 5.6759 Prêmio Justo $ 6.1002
Influência das Variáveis sobre a Call Influência das Variáveis sobre a Put
Delta + 0.5115 Delta - 0.4885
Gama + 0.0271 Gama + 0.0271
Vega + 0.1245 Vega + 0.1245
Rô (Tx. Juros Interna) + 0.0290 Rô (Tx. Juros Interna) - 0.0370
Rô* (Tx. Juros Externa) - 0.0390 Rô* (Tx. Juros Externa) + 0.0372
Teta + 0.2445 Teta + 0.1401
Taxa de Hedge + 1.9550 Taxa de Hedge + 2.0471
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Tela de Inicialização
Esta Planilha Acompanha o Livro Mercados Derivativos e Análise de Risco Volume 2.
www.derivativoserisco.com.br
Elaborada por André Marins
Esta Planilha destina-se a Apoiar o Estudo do Módulo de Mercado de Opções no Livro acima mencionado.
A Planilha e o Livro Não Tratam do Aconselhamento de Quaisquer Modalidades de Operações ou de Estratégias.
Reprodução Proibida - Protegida Pela Lei de Direitos Autorais
Primeira Parte
Apresentação da Planilha de Precificação de Opções
A planilha está dividida em 4 partes:
1. Apresentação - são mostrados os procedimentos a serem seguidos para a utilização das 3 partes
mostradas a seguir. É importante que se conheça os conceitos referentes a opções e ao modelo de precifi-
cação de Black&Scholes (constam nos capítulos 22 a 25 do livro), para que seja possível uma melhor com-
preensão dos cálculos.
2. Cálculo da Volatilidade - constam dois métodos para se calcular a volatilidade passada dos pre-
ços à vista dos ativos-objeto. O cálculo da volatilidade passada é importante como estimativa da volatilidade
futura, que é a volatilidade que realmente importa, para o cálculo dos prêmios justos de calls e de puts.
3. Cálculo dos Prêmios - a partir da inserção das variáveis (inputs) do modelo, obtém-se os prêmios
justos de calls e de puts, além das letras gregas, que mostram estimativas de alterações nos valores das
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variáveis sobre os prêmios justos de calls e de puts (o gama estima a influência sobre o delta).
4. Estimativa das Volatilidades Implícitas - é possível calcular as volatilidades implícitas de até

5 calls e de até 5 puts, a partir preenchimento dos Preços de Exercícios, dos prêmios de mercado e das
estimativas iniciais das volatilidades implícitas. Conforme será explicado adiante, nem sempre será possí-
vel obter uma solução para a busca, mesmo quando se tratar de opções sem Preço de Barreira. Quando
se tratar de opções com Preços de Barreira poderá haver duas volatilidades implícitas, ou seja, duas vola-
tilidades positivas diferentes que geram o mesmo prêmio de mercado (duas raízes).
Preenchimento dos Dados
Quanto ao preenchimento dos dados, eles devem ser preenchidos nos campos com as cores mos-
tradas na coluna da esquerda abaixo. Na coluna do meio os resultados dos cálculos serão exibidos e, na
coluna da direita, os campos tanto devem ser preenchidos, para servirem de estimativas iniciais, quanto
neles serão exibidos os resultados das pesquisas, quando estes forem possíveis.
Células onde devem

Células onde devem Células onde serão ser inseridos os Inputs
ser inseridos os Inputs exibidos os Outputs e nas quais também serão
exibidos os Outputs
$ XX $ XX X%
X% X% X%
$ XX $ XX X%
X% X% X%
$ XX $ XX X%
Este campo refere-se à

inserção e à exibição dos
cálculos das Volatilidades
Implícitas, quando forem
possíveis os cálculos.
Segunda Parte
Estimativa das Volatilidades a Partir dos Retornos do Passado
Comentários
É possível calcular uma estimativa da volatilidade do ativo-objeto a partir dos retornos logarítmicos do
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ativo-objeto verificados em uma janela temporal que pode ter o tamanho mínimo dos últimos 20 dias úteis e
tamanho máximo igual aos retornos ocorridos ao longo dos últimos 252 dias úteis (aproximadamente 1 ano).
Preenchimentos dos Dados Necessários ao Cálculo
Deve-se preencher os preços do ativo-objeto verificados ao longo de pelo ou menos 21 dias, para que
seja possível obter o mínimo de 20 retornos logarítmicos.
Para o cálculo da volatilidade a partir do método do alisamento exponencial dos pesos (EWMA) deve-
se incluir um alfa, que deve ser maior do que 0% e menor do que 100%. Geralmente utiliza-se alfas próximos
ao intervalo de 10% a 20%.
Resultados
Serão fornecidas tanto a volatilidade histórica, quanto a volatilidade obtida a partir do método do alisa-
mento exponencial dos pesos (EWMA). Ambas estarão expressas na forma percentual anual. Qualquer uma
das duas poderá ser considerada para ser inserida como um dos inputs necessários ao cálculo dos prêmi-
os justos.
Terceira Parte
Planilha de Cálculo
Comentários
A planilha fornece os prêmios justos de opções de compra (calls) e de opções de venda (puts) de
acordo com o modelo de precificação de opções de Black&Scholes.
Para que o cálculo seja possível é necessário que os 5 inputs do modelo (Preço à Vista, Preço de
Exercício, Tx.Juro - Tx. Over Anual - , Prazo e Volatilidade) sejam preenchidos.
Adicionalmente pode-se incluir mais um input, que pode ser a Taxa de Juros Externa, a Taxa de Di-
videndos ou a Taxa de Aluguel. Ambas devem ser preenchidas na forma de Tx. Over Anual.
É possível ainda incluir Preços de Barreira para as calls ou para as puts. Se o Preço de Barreira
for maior do que o Preço de Exercício, somente a call será precificada (a precificação da put não faria
sentido). Se o Preço de Barreira for menor do que o Preço de Exercício, somente a put será precificada
(a precificação da call não faria sentido). Se o campo referente ao Preço de Barreira estiver vazio ou
for preenchido com o número 0 (zero), o Preço de Barreira será considerado como inexistente.
Resultados Fornecidos pela Planilha
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A planilha fornece os seguintes outputs:
Prêmio justo da call e da put e as respectivas letras gregas, que representam as estimativas das
influências das variáveis sobre a call e sobre a put.
Delta - estima a influência do Preço à Vista do Ativo-Objeto sobre o prêmio da call ou da put;
Gama - estima a influência do Preço à Vista do Ativo-Objeto sobre o Delta da call ou da put;
Vega - estima a influência da variação de um ponto percentual da Volatilidade Anual sobre o prêmio
da call ou da put;
Rô (Tx. Juros Interna) - estima a influência da variação de um ponto percentual da Tx. Juros Interna
Anual sobre o prêmio da call ou da put;
Rô* (Tx. Juros Externa) - estima a influência da variação de um ponto percentual da Tx. Juros Exter-
na Anual sobre o prêmio da call ou da put;
Teta - estima a influência da variação de 1 Dia Útil sobre o prêmio da call ou da put;
Quarta Parte
Estimativa das Volatilidades Implícitas
Inicialmente certifique-se de que o seu computador não esteja protegido contra a ativação
de macros em nível elevado. Se isto ocorrer, o seu computador não poderá executar as macros
constantes nesta planilha. Para modificar o nível de proteção clique em [Ferramentas]/
[Macro]/[Proteção]/[Nível Intermediário].
Comentários
Trata-se da estimativa das Volatilidades Anuais do Ativo-Objeto, que tornam justos os prêmios de mer-
cado. É de fundamental importância estar ciente de que muitas vezes não será possível obter a volatilidade
implícita das opções. Em algumas dessas situações é possível que, ao melhorar a estimativa inicial (torná-
la mais próxima da volatilidade procurada) e efetuar nova tentativa de cálculo, o algorítimo seja capaz de ob-
ter a volatilidade implícita da opção.
Entretanto, há situações em que não é possível obter as volatilidades implícitas, ou seja, mesmo que se
varie a volatilidade de zero a + infinito, o prêmio obtido se manterá sempre superior, ou sempre inferior ao prê-
mio que tiver sido inserido como sendo o prêmio de mercado. Os algorítmos de busca das volatilidades implí-
citas desta planinha efetuam a seguinte crítica prévia: se o prêmio de mercado inserido estiver maior do que
o prêmio máximo, ou menor do que o prêmio mínimo quando se considera o intervalo de volatilidades implíci-
tas de 0% a 200% ao ano, trata-se de um prêmio fora da realidade de mercado e a busca não é iniciada. Estas
críticas são de fundamental importância para que os tempos necessários às buscas não sejam desnecessá--
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riamente longos. Em determinadas situações a agilidade dos cálculos pode ser importante.
Quando se tratar de opções com preços de barreira, a função prêmio justo poderá ser crescente em de-
terminado intervalo de volatilidades e decrescente em outro intervalo de volatilidades, dentro do domínio ad-
mitido de 0% a 500%. Nos gráficos que mostram os prêmios variando em função das volatilidades conside-
radas, pode-se optar pela exibição dos intervados de 0% a 60% a.a., de 0% a 100% a.a. ou de 0% a 200% a.a.
Em alguns casos poderá haver duas volatilidades implícitas (duas raízes) e o conceito de volatilidades
implícitas deve ser utilizado com restrições. Felizmente, os algorítmos de busca nos avisam quando há duas raí-
zes, e nos avisam que é possível obter a outra raiz, alterando-se a estimativa inicial de volatilidade implícita ini-
cial, com a ajuda dos gráficos "Prêmio Justo da Call Especificada (ou da Put Especificada) variando em fun-
ção das Volatilidades Consideradas".
Também é importante ressaltar que as volatilidades implícitas negativas eventualmente encontradas pelos
algorítimos de busca não devem ser consideradas, na medida em que não fazem sentido do ponto de vista es-
tatístico (seria o mesmo que admitir desvio-padrão negativo). Os algorítmos emitem mensagem de erro quando
estas situações ocorrem.
Nestes casos recomendamos a utilização de um dos dois gráficos que mostram os prêmios variando
em função das volatilidades consideradas. Estes gráficos também podem ser utilizados para que se obtenha
melhora das estimativas iniciais de volatilidades implícitas.
As eventuais restrições à utilização do conceito de volatilidades implícitas para a avaliação de opções
com Preços de Barreira, que acabamos de mencionar, são análogas às possíveis restrições à utilização do
tradicional conceito de taxa interna de retorno (TIR) nos casos em que a função valor presente de um fluxo
de caixa apresenta trechos crescentes e decrescentes em função das taxas de juros, e também quando há
mais de uma taxa interna de retorno (a função valor presente apresentamais de uma raiz).
Para que o cálculo seja possível é necessário que cada uma das 5 calls ou 5 puts tenha um Preço
de Exercíco, um prêmio de mercado e uma estimativa de volatilidade preenchidos. Quando a opção tiver
Preço de Barreira, este deverá ser preenchido. Se o campo referente ao Preço de Barreira estiver vazio ou
o Preço de Barreira será considerado como inexistente.
Execução dos Algorítimos que Estimam as Volatilidades Implícitas
Basta clicar nos botões que estão situados à esquerda dos respectivos prêmios e os algorítimos inici-
arão a busca da volatilidade implícita.
Caso seja encontrada, a volatilidade implícita aparecerá na célula, sendo executada a atualização da
volatilidade que estava anteriormente, de forma automática.
Se não for possível o cálculo de forma automática, aparecerá uma mensagem de Erro. Neste caso
deve-se observar se os prêmios e Preços de Exercícios inseridos estão dentro de valores razoáveis, ou
se estão muito fora da realidade de mercado.
Para essa verificação deve-se selecionar a série da call ou da put para a qual não foi possível cal-
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cular avolatilidade implícita, para ser exibida no gráfico "Prêmio Justo da Call Especificada (ou da Put Espe-
cificada) Variando em Função da Volatilidade" e avaliar se os prêmios justos se tornam iguais às volatilidades
dentro do intervalo de volatilidade considerado, que é de 0% a 200% ao ano (o domínio do gráfico é igual ao
intervalo que vai de 0% a 200% ao ano). Em tempos de normalidade, volatilidades acima de 60% ou 80% ao
ano já serão consideradas acima do razoável, para a maioria dos ativos-objeto. Entretanto, em muitas situações
os prêmios justos poderão pernacer sempre abaixo ou sempre acima do prêmio de mercado, mesmo com
a volatilidade variando de 0% a 200% ao ano, o que será um indicador de que a opção estará excessivamente
cara ou demasiadamente barata respctivamente.
Vale observar que um auditor provavelmente questionaria a lisura de operações ocorridas
e que tivessem sido transacionadas utilizando-se prêmios tão caros ou tão baratos. Poderia se
tratar, por exemplo, de uma operação de fabricação de resultados, conforme descrito na seção
1.4 do livro.
Naturalmente a fabricação de resultado também pode ocorrer mesmo utilizando-se distor-
ções bem menores de volatilidades implícitas, embora possam acarretar resultados financeiros,
previamente combinados entre as contrapartes, de grande monta.
Por exemplo, admita que um participante, interessado em ter prejuízos, em determinado
dia comprasse de outro participante que quisesse ter lucro, calls de baixa liquidez e sem preço
de barreira, utilizando volatilidade implícita de 50% ao ano. Se no dia seguinte a operação fosse
desfeita utilizando-se volatilidade implícita de 30% ao ano, poderia estar havendo grande trans-
ferência de resultados entre os participantes. Ao auditar essa operação, os auditores também
tenderiam a questioná-la, tendo em vista que o cenário econômico dificilmente justificaria uma al-
teração tão grande, em apenas um dia, da volatilidade futura do ativo-objeto, até a data de ven-
cimento da call, ou seja, da volatilidade implícita da call daquele ativo-objeto.
Quando os algorítmos não conseguirem obter a solução, mesmo quando os valores referentes aos
Preços de Exercícios e aos prêmios estiverem dentro da realidade de mercado (ou seja, quando as volatili-
dades implícitas referentes aos prêmios estiverem dentro do intervalo de 0% até 60% a.a. ou de 0% até 70%
a.a.) ou mesmo considerando-se intervalos de volatilidades de até 200% a.a., deve-se melhorar a estimativa
inicial de volatilidade a partir do gráfico "Prêmio Justo da Call Especificada (ou da Put Especificada", que
permite a observação de uma boa estimativa inicial a ser inserida. A partir da nova estimativa deve-se tentar
executar a tentativa de cálculo da volatilidade implícita novamente. Essas situações serão menos frequentes
Entretanto, conforme dissemos anteriormente, poderá haver situações em que não seja possí-
vel obter as volatilidades implícitas, mas, felizmente, os algorítmos nos previnem, o que nos
impede de perder tempo em tentativas de cálculos impossíveis.
Por fim, lembramos que os algorítimos de cálculo das Volatilidades Implícitas, que tra-
balham com iteraçãoes sucessivas, estão sujeitos a falhas. Portanto, é sempre útil verificar
se as volatilidades implícitas obtidas estão condizentes com os valores observados nos gráfi-
cos "Prêmio Justo da Call Especificada (ou da Put Especificada)". Também se pode confirmar
se determinada volatilidade implícita está correta, ao inserir a referida volatilidade como sendo
a volatilidade considerada, na parte referente à precificação (terceira parte, que foi mencionada
anteriormente), e verificar se o prêmio obtido é igual ao prêmio de mercado. Caso afirmativo,
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a volatilidade implícita estará correta.
Observações Finais
Comentários Válidos Para a Planilha e para o Livro
As opiniões do autor não representam necessariamente a opinião de quaisquer entidades

ou órgãos nos quais o autor tenha trabalhado, ou para os quais o autor tenha menistrado aulas.
Os exemplos citados ao longo do livro não têm relação com situações ou casos ocorridos,
e qualquer semelhança entre ambos é mera coincidência.
A planilha foi desenvolvida a partir da versão 97 do Microsoft Excel. Portanto poderá ser
utilizada a partir da mesma versão ou de versões posteriores.
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0.00323575565297496
0.001 0.00396825528320432
1.95047669024459 1.95047669024459
2.3002773182662 2.3002773182662
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4.19999858954151 5.3847257602186
10.5005179659079 10.5005179659079
10.9000896749455 11.1392312489818
128
1
2
3
1000000000 4
1000000000 5
1000000000 6
160 7
1000000000 8
9
10
10 0.3
0.3
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Estimativa das Volatilidades Implícitas de Opções de Compra e de Venda do Tipo Europe

www.derivativoserisco.com.br
Volatilidades Implícitas nas Calls
Preços de Prêmios de Volatilidades Tx Over-Mensais Vegas Deltas
Exercício Mercado Implícitas de Financiam. Implícitos Implícitos
over anual $ 110.00 $ 20.00 51.45% 3.67% 0.0489 0.9142
$ 120.00 $ 12.80 59.20% 8.18% 0.1038 0.7269
$ 130.00 $ 4.50 37.75% 10.28% 0.1246 0.5040
$ 140.00 $ 2.50 52.88% 0.0716 0.2380
$ 150.00 $ 1.40 56.49% 34.11% 0.0761 0.1602
Volatilidades Implícitas nas Calls Prêmio Justo da Call Especificada,

Volatilidades Anuais
x Volatilidade Estimada em Função da Volatilidade

70% R$6.00
59.20%
60% 56.49% R$5.00
51.45% 52.88%
50% R$4.00
Prêmios Justos
37.75% R$3.00
40%
30% R$2.00
R$1.00
20%
R$0.00
10%
Volatilidades
0%
110.00 Preços de Exercício
120.00 130.00 das Calls
140.00 150.00 Prêmios Justos com Diferentes Volatilidad
Prêmio de Mercado
Volatilidades Implícitas Volatilidade Admitida
Prêmio Justo a partir da Volatilidade Adm
Taxas Over de Rentabilidade
Prêmio Justo da Call Especificada,

Taxas Over-Mensais de Rentabilidade em Função da Volatilidade
3% dos Financiamentos com Calls R$7.00
R$6.00
1.267639E+22
112589655140 R$5.00
2%
112589655140
R$4.00
112589655140
112589655140 R$3.00
1%
R$2.00
R$1.00
R$0.00
0%
%
%
%
%
%
%
%
%
0%
8%
0%
2%
4%
6%
8%
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60
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84
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Prêmios Justos com Diferentes Volatilidad

Tx. Série
PVV A Tx. Série B Tx. Série C Prêmio de Mercado
Tx. Série D Tx. Série E Tx.Renda Fixa Prêmio Justo a partir da Volatilidade Adm
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R$1.00
R$0.00
0%
Plan1
%
%
%
%
%
%
%
%
0%
8%
0%
2%
4%
6%
8%
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Prêmios Justos com Diferentes Volatilidad
Tx. Série
PVV A Tx. Série B Tx. Série C Prêmio de Mercado
Tx. Série D Tx. Série E Tx.Renda Fixa Prêmio Justo a partir da Volatilidade Adm
Volatilidades Implícitas nas Puts

Preços de Prêmios de Volatilidades Taxas Over Vegas Deltas
Exercício Mercado Implícitas de Financiam. Implícitos Implícitos
$ 115.00 $ 1.95 58.65% -24.34% 0.0827 -0.1827
$ 120.00 $ 2.30 48.83% -16.42% 0.0973 -0.2408
$ 125.00 $ 4.20 60.73% 0.0563 -0.2567
$ 140.00 $ 10.50 21.06% 2.16% 0.0416 -0.9307
$ 140.00 $ 10.90 31.46% 0.0428 -0.7785
Volatilidades Anuais
Volatilidades Implícitas nas Puts Prêmio Justo da Put Especificada,

x Volatilidade Estimada em Função da Volatilidade
70% R$14.00
Prêmios Justos
60.73%
58.65%
60% R$12.00
48.83% R$10.00
50%
R$8.00
40%
31.46% R$6.00
30%
R$4.00
21.06%
20% R$2.00
10% R$0.00
%
%
%
%
%
%
%
%
%
%
%
%
%
0%
6%
12
18
24
30
36
42
48
54
60
66
72
78
84
0% Volatilidades
115.00 120.00 125.00 140.00 140.00 Prêmio Justo com Diferentes Volatilidades
Prêmio de Mercado
Preços de Exercício das Puts
Volatilidades Implícitas Volatilidade Admitida Prêmio Justo a Partir da Volatilidade Admiti
Taxas Over-Mensais de Rentabilidade Prêmio Justo da Put Especificada,

dos Financiamentos com Puts em Função da Volatilidade
3%
R$9.00
Prêmios Justos
R$8.00
R$7.00
2%
Taxas Over de Rentabilidade
R$6.00
R$5.00
R$4.00
1%
R$3.00
R$2.00
R$1.00
0% R$0.00
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DI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI
0%
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0%
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Volatilidades
Prêmio Justo com Diferentes Volatilidades

Tx. Série A Tx. Série BPVV Tx. Série C
Prêmio de Mercado
Tx. Série D Tx. Série E Tx.Renda Fixa
Prêmio Justo a Partir da Volatilidade Admitida
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Taxas
R$2.00
R$1.00
0%
Plan1 R$0.00
N? N? N? N? N? N? N? N? N? N? N? N? N? N? N? N? N?
DI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI DDI
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Volatilidades

Tx. Série A Tx. Série BPVV Tx. Série C
Prêmio de Mercado
Tx. Série D Tx. Série E Tx.Renda Fixa
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ambém serão
Volatilidades
quando forem
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ntra a ativação
tar as macros
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117.02051 0.4719
93.045372 0.4719
64.516693 0.4719
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Página 21
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Página 24
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Página 26
Plan1
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Página 27
Plan1
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Página 28
Plan1
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Página 29
Plan1
c 125 110
0 7.422429E-15 7.422429E-15 3.31947056 4.2 7.362124

0.02 7.422429E-15 7.422429E-15 3.31947056 4.2 7.362124
0.04 3.45777E-05 3.45777E-05 3.31947056 4.2 3.684722
0.06 0.0042594997 0.0042594997 3.31947056 4.2 2.460547
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Página 30
Plan1
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0.72 4.7696379156 6.7257984923 3.31947056 4.2 0.292267
0.74 4.8586539343 6.9646593833 3.31947056 4.2 0.289181
0.76 4.9445361302 7.2037233615 3.31947056 4.2 0.286386
0.78 5.0274578544 7.4429694809 3.31947056 4.2 0.28386
0.8 5.107582018 7.682378718 3.31947056 4.2 0.281582
0.82 5.1850615632 7.9219337417 3.31947056 4.2 0.279534
0.84 5.2600399693 8.1616187153 3.31947056 4.2 0.2777
0.86 5.332651774 8.4014191254 3.31947056 4.2 0.276065
0.88 5.4030230953 8.6413216341 3.31947056 4.2 0.274615
0.9 5.471272146 8.8813139506 3.31947056 4.2 0.273337
0.92 5.537509732 9.1213847184 3.31947056 4.2 0.272222
0.94 5.6018397306 9.3615234183 3.31947056 4.2 0.271257
0.96 5.6643595463 9.6017202816 3.31947056 4.2 0.270435
0.98 5.7251605427 9.841966215 3.31947056 4.2 0.269745
1 5.7843284483 10.082252734 3.31947056 4.2 0.269181
1.02 5.8419437386 10.322571904 3.31947056 4.2 0.268735
1.04 5.8980819927 10.562916287 3.31947056 4.2 0.268399
1.06 5.9528142266 10.803278899 3.31947056 4.2 0.268169
1.08 6.006207204 11.043653163 3.31947056 4.2 0.268037
1.1 6.0583237251 11.284032876 3.31947056 4.2 0.267999
1.12 6.1092228952 11.524412178 3.31947056 4.2 0.268049
1.14 6.1589603745 11.764785517 3.31947056 4.2 0.268183
1.16 6.2075886091 12.005147627 3.31947056 4.2 0.268397
1.18 6.2551570465 12.245493501 3.31947056 4.2 0.268686
1.2 6.3017123346 12.485818375 3.31947056 4.2 0.269046
1.22 6.3472985066 12.726117701 3.31947056 4.2 0.269475
Página 31
Plan1
1.24 6.3919571525 12.966387136 3.31947056 4.2 0.269969

1.26 6.4357275782 13.206622522 3.31947056 4.2 0.270525
1.28 6.4786469529 13.446819877 3.31947056 4.2 0.271139
1.3 6.5207504464 13.686975374 3.31947056 4.2 0.27181
1.32 6.5620713558 13.927085335 3.31947056 4.2 0.272534
1.34 6.602641224 14.16714622 3.31947056 4.2 0.273309
1.36 6.6424899489 14.407154615 3.31947056 4.2 0.274134
1.38 6.6816458857 14.647107224 3.31947056 4.2 0.275005
1.4 6.7201359415 14.887000861 3.31947056 4.2 0.275921
1.42 6.7579856633 15.12683244 3.31947056 4.2 0.27688
1.44 6.7952193204 15.366598973 3.31947056 4.2 0.27788
1.46 6.8318599804 15.60629756 3.31947056 4.2 0.278919
1.48 6.8679295807 15.845925384 3.31947056 4.2 0.279997
1.5 6.9034489946 16.085479704 3.31947056 4.2 0.28111
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1.54 6.9729158036 16.564357238 3.31947056 4.2 0.283441
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1.6 7.0734568132 17.282057729 3.31947056 4.2 0.287176
1.62 7.1060611637 17.521117277 3.31947056 4.2 0.28848
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1.68 7.2013557748 18.237741648 3.31947056 4.2 0.292554
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1.72 7.2629218722 18.715007202 3.31947056 4.2 0.295396
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Página 32
Plan1
ra e de Venda do Tipo Europeu
Preços de Prêmios Justos
Barreira Volatil. Passada
$ 19.8068
$ 11.5964
$ 5.6759
$ 160.00 $ 2.0754
$ 0.7656
Prêmio Justo da Call Especificada, Call

em Função da Volatilidade e
Volatilidades
Volatilidade
Prêmios Justos com Diferentes Volatilidades
Prêmio de Mercado Admitida
Prêmio Justo a partir da Volatilidade Admitida
47.19% ao ano
Prêmio Justo da Call Especificada, Call

em Função da Volatilidade
d
d
%
%
%
%
%
%
%
%
8%
0%
2%
4%
6%
8%
0%
2%
24
36
48
60
72
84
96
10
12
13
14
15
16
18
19

Prêmio de Mercado
Página 33
Plan1
%
%
%
%
%
%
%
%
8%
0%
2%
4%
6%
8%
0%
2%
24
36
48
60
72
84
96
10
12
13
14
15
16
18
19
Prêmio de Mercado
Preços de Prêmios Justos
Barreira Volatil. Passada
$ 1.08
$ 2.14
$ 110.00 $ 3.32
$ 12.59
$ 115.00 $ 11.52
Prêmio Justo da Put Especificada, Put

em Função da Volatilidade e
e
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
6%
12
18
24
30
36
42
48
54
60
66
72
78
84
90
96
Volatilidades
Prêmio Justo com Diferentes Volatilidades Volatilidade
Prêmio de Mercado
Prêmio Justo a Partir da Volatilidade Admitida Admitida
47.19% ao ano
Prêmio Justo da Put Especificada, Put

em Função da Volatilidade
c
c
%
%
%
%
%
%
%
%
8%
0%
2%
4%
6%
8%
0%
2%
24
36
48
60
72
84
96
10
12
13
14
15
16
18
19
Volatilidades

Prêmio de Mercado
Página 34
Plan1
%
%
%
%
%
%
%
%
8%
0%
2%
4%
6%
8%
0%
2%
24
36
48
60
72
84
96
10
12
13
14
15
16
18
19
Volatilidades

Prêmio de Mercado
Página 35
Plan1
1.3672259058 0.914222746149 1.241699147 0.892826208 117.0205115 0.4719 1.36722590585

0.6035151198 0.726916969905 0.459089694 0.676915121 93.04537215 0.4719 0.6035151198
0.0101185927 0.504036665572 -0.08197956 0.467331483 64.51669319 0.4719 0.01011859272
-0.5355346 0.296140119175 -0.66455362 0.253168021 37.90593525 0.4719 -0.5355346004
-0.993474914 0.160239284929 -1.13128792 0.128966964 20.51062847 0.4719 -0.9934749137
0.5 -0.14307951503 0.556886308 0.124584896 20.00004248 20.0000424833 0.4719

0.5 -0.11913350064 0.547415205 0.124584896 12.80014391 12.8001439115 0.4719
Página 36
Plan1
0.1191496026 1.031085504177 0.151250362 0.062157642 4.499988445 4.49998844502 0.4719

0.5 -0.05139305364 0.52049384 0.124584896 2.500096241 2.89202315274 0.4719
0.0555986976 1.516091798594 0.064748071 0.035037784 1.400065111 1.40006511057 0.4719
0
#ADDIN?
#ADDIN?
#ADDIN?
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-0.17078251 0.4321973899 1.7 30.57740725 30.5774072476 19.80675748 20
-0.17566201 0.4302797402 1.75 31.09786357 31.097863572 19.80675748 20
-0.18054151 0.4283637334 1.8 31.61983334 31.6198333356 19.80675748 20
-0.18542101 0.4264494138 1.85 32.14312299 32.1431229948 19.80675748 20
-0.19030051 0.4245368254 1.9 32.66755634 32.6675563399 19.80675748 20
-0.19518001 0.4226260121 1.95 33.19297243 33.1929724329 19.80675748 20
-0.20005951 0.4207170178 2 33.71922383 33.7192238308 19.80675748 20
-0.20493902 0.4188098861 3 44.26655946 44.2665594556 19.80675748 20
-0.20981852 0.4169046606 4 54.54518674 54.5451867357 19.80675748 20
-0.21469802 0.4150013847 5 64.30368905 64.3036890503 19.80675748 20
-0.21957752 0.4131001017
-0.22445702 0.4112008546 B 120 0
-0.22933652 0.4093036866
-0.23421602 0.4074086403
-0.23909552 0.4055157586
-0.24397502 0.403625084 0 9.454519627 9.45451962708 11.59640149 12.8
28.775307958 0.00001 9.454519627 9.45451962704 11.59640149 20
0.05 9.454519627 9.45451962708 11.59640149 12.8
0.1 9.455201038 9.45520103841 11.59640149 12.8
0.15 9.483936803 9.48393680324 11.59640149 12.8
9.454519627 0.2 9.603476177 9.60347617658 11.59640149 12.8
0.25 9.828126375 9.8281263753 11.59640149 12.8
0.3 10.13870399 10.1387039908 11.59640149 12.8
0.35 10.51302104 10.5130210394 11.59640149 12.8
61.296558619 0.4 10.93379547 10.9337954747 11.59640149 12.8
0.45 11.38871051 11.3887105125 11.59640149 12.8
0.5 11.86912347 11.8691234656 11.59640149 12.8
0.55 12.36892003 12.3689200317 11.59640149 12.8
9.454519627 0.6 12.88370381 12.8837038054 11.59640149 12.8
0.65 13.41025447 13.4102544726 11.59640149 12.8
0.7 13.94616903 13.9461690268 11.59640149 12.8
0.75 14.48962237 14.48962237 11.59640149 12.8
9.454519627 0.8 15.03920529 15.0392052857 11.59640149 12.8
0.85 15.59381295 15.5938129505 11.59640149 12.8
0.9 16.15256691 16.1525669066 11.59640149 12.8
0.95 16.71475954 16.7147595434 11.59640149 12.8
61.296558619 1 17.27981397 17.279813969 11.59640149 12.8
Página 70
Plan1
1.05 17.84725457 17.847254574 11.59640149 12.8

1.1 18.41668514 18.4166851405 11.59640149 12.8
1.15 18.98777235 18.9877723523 11.59640149 12.8
1.2 19.56023323 19.5602332262 11.59640149 12.8
1.25 20.13382542 20.1338254249 11.59640149 12.8
1.3 20.70833971 20.7083397146 11.59640149 12.8
1.35 21.28359404 21.283594037 11.59640149 12.8
1.4 21.85942881 21.8594288072 11.59640149 12.8
1.45 22.43570315 22.4357031545 11.59640149 12.8
1.5 23.01229189 23.0122918927 11.59640149 12.8
1.55 23.58908306 23.5890830614 11.59640149 12.8
1.6 24.16597592 24.1659759168 11.59640149 12.8
1.65 24.74287928 24.7428792789 11.59640149 12.8
1.7 25.31971016 25.319710165 11.59640149 12.8
1.75 25.89639265 25.8963926522 11.59640149 12.8
1.8 26.47285693 26.4728569264 11.59640149 12.8
1.85 27.04903848 27.0490384828 11.59640149 12.8
1.9 27.62487745 27.6248774507 11.59640149 12.8
1.95 28.20031802 28.2003180209 11.59640149 12.8
2 28.77530796 28.7753079578 11.59640149 12.8
3 40.11952905 40.1195290489 11.59640149 12.8
4 51.01395342 51.0139534163 11.59640149 12.8
5 61.29655862 61.2965586193 11.59640149 12.8
C 130 0
0 0.434634941 0.43463494104 5.675947002 4.5

24.501289429 0.00001 0 0 5.675947002 12.8
0.05 0.434634941 0.43463494104 5.675947002 4.5
0.1 1.04720781 1.0472078099 5.675947002 4.5
0.15 1.667276872 1.66727687162 5.675947002 4.5
0 0.2 2.289180074 2.28918007445 5.675947002 4.5
0.25 2.911753761 2.91175376115 5.675947002 4.5
0.3 3.534593463 3.53459346331 5.675947002 4.5
0.35 4.157512392 4.15751239227 5.675947002 4.5
58.521626827 0.4 4.780405527 4.78040552716 5.675947002 4.5
0.45 5.40320423 5.40320423036 5.675947002 4.5
0.5 6.025858077 6.02585807698 5.675947002 4.5
0.55 6.648326592 6.64832659169 5.675947002 4.5
0 0.6 7.270575117 7.27057511672 5.675947002 4.5
0.65 7.892572587 7.89257258746 5.675947002 4.5
0.7 8.514290262 8.51429026217 5.675947002 4.5
0.75 9.135700961 9.13570096072 5.675947002 4.5
0 0.8 9.75677859 9.75677858969 5.675947002 4.5
0.85 10.37749784 10.3774978359 5.675947002 4.5
0.9 10.99783396 10.9978339631 5.675947002 4.5
0.95 11.61776267 11.6177626732 5.675947002 4.5
58.521626827 1 12.23726001 12.2372600105 5.675947002 4.5
Página 71
Plan1
1.05 12.85630229 12.8563022936 5.675947002 4.5

1.1 13.47486607 13.4748660665 5.675947002 4.5
1.15 14.09292806 14.0929280633 5.675947002 4.5
1.2 14.71046518 14.7104651821 5.675947002 4.5
1.25 15.32745447 15.3274544663 5.675947002 4.5
1.3 15.94387309 15.94387309 5.675947002 4.5
1.35 16.55969835 16.5596983477 5.675947002 4.5
1.4 17.17490765 17.1749076466 5.675947002 4.5
1.45 17.7894785 17.7894785009 5.675947002 4.5
1.5 18.40338853 18.4033885278 5.675947002 4.5
1.55 19.01661544 19.0166154447 5.675947002 4.5
1.6 19.62913707 19.6291370675 5.675947002 4.5
1.65 20.24093131 20.2409313093 5.675947002 4.5
1.7 20.85197618 20.8519761799 5.675947002 4.5
1.75 21.46224979 21.4622497861 5.675947002 4.5
1.8 22.07173033 22.0717303317 5.675947002 4.5
1.85 22.68039612 22.6803961183 5.675947002 4.5
1.9 23.28822555 23.2882255464 5.675947002 4.5
1.95 23.89519712 23.895197116 5.675947002 4.5
2 24.50128943 24.5012894287 5.675947002 4.5
3 36.40650111 36.40650111 5.675947002 4.5
4 47.79263647 47.7926364742 5.675947002 4.5
5 58.52162683 58.5216268273 5.675947002 4.5
d 140 160
0 2.69478E-11 2.6947805E-11 2.075432554 2.5

5.8149515404 0.00001 0 0 2.075432554 4.5
0.05 2.69478E-11 2.6947805E-11 2.075432554 2.5
0.1 0.000664036 0.00066403642 2.075432554 2.5
0.15 0.030173832 0.03017383503 2.075432554 2.5
0 0.2 0.155687958 0.15569923865 2.075432554 2.5
0.25 0.39356297 0.39416062352 2.075432554 2.5
0.3 0.719722446 0.72571594507 2.075432554 2.5
0.35 1.099991537 1.12664353273 2.075432554 2.5
5.8149515404 0.4 1.502720202 1.57827369657 2.075432554 2.5
0.45 1.904162152 2.06723101215 2.075432554 2.5
0.5 2.28913904 2.58410077169 2.075432554 2.5
0.55 2.649319244 3.12220903839 2.075432554 2.5
0 0.6 2.981046151 3.67675032138 2.075432554 2.5
0.65 3.283552597 4.24420113972 2.075432554 2.5
0.7 3.557716924 4.82193033091 2.075432554 2.5
0.75 3.805268221 5.40793841384 2.075432554 2.5
0 0.8 4.028305905 6.00068088916 2.075432554 2.5
0.85 4.229022333 6.5989464998 2.075432554 2.5
0.9 4.409550743 7.20177194601 2.075432554 2.5
0.95 4.571888226 7.80838115554 2.075432554 2.5
4.6036144037 1 4.717862474 8.41814136056 2.075432554 2.5
Página 72
Plan1
1.05 4.849123279 9.03053086192 2.075432554 2.5

1.1 4.967147449 9.64511504553 2.075432554 2.5
1.15 5.07325046 10.2615283099 2.075432554 2.5
1.2 5.168600976 10.8794602866 2.075432554 2.5
1.25 5.25423608 11.4986452172 2.075432554 2.5
1.3 5.331076026 12.118853681 2.075432554 2.5
1.35 5.399937953 12.7398860904 2.075432554 2.5
1.4 5.461548286 13.3615675326 2.075432554 2.5
1.45 5.516553798 13.983743643 2.075432554 2.5
1.5 5.565531363 14.6062772806 2.075432554 2.5
1.55 5.608996496 15.2290458286 2.075432554 2.5
1.6 5.647410819 15.8519389886 2.075432554 2.5
1.65 5.681188559 16.4748569662 2.075432554 2.5
1.7 5.710702194 17.09770897 2.075432554 2.5
1.75 5.736287376 17.7204119627 2.075432554 2.5
1.8 5.758247204 18.3428896167 2.075432554 2.5
1.85 5.776855956 18.9650714359 2.075432554 2.5
1.9 5.79236233 19.586892014 2.075432554 2.5
1.95 5.80499229 20.2082904057 2.075432554 2.5
2 5.81495154 20.8292095905 2.075432554 2.5
3 5.656758395 33.080557801 2.075432554 2.5
4 5.179523823 44.8470110968 2.075432554 2.5
5 4.603614404 55.9530014091 2.075432554 2.5
e 150 0
0 2.39335E-34 2.3933502E-34 0.765609868 1.4

17.689336982 0.00001 0 0 0.765609868 2.5
0.05 2.39335E-34 2.3933502E-34 0.765609868 1.4
0.1 5.21952E-10 5.219515E-10 0.765609868 1.4
0.15 3.58986E-05 3.5898612E-05 0.765609868 1.4
0 0.2 0.00256283 0.00256283014 0.765609868 1.4
0.25 0.022815269 0.02281526904 0.765609868 1.4
0.3 0.085464774 0.08546477385 0.765609868 1.4
0.35 0.207402506 0.20740250618 0.765609868 1.4
53.56858411 0.4 0.393322702 0.39332270193 0.765609868 1.4
-43.2340168 0 0.45 0.64004081 0.64004081035 0.765609868 1.4
-43.2340168 0 0.5 0.940964212 0.94096421179 0.765609868 1.4
-21.620668 5.74018E-104 0.55 1.288703804 1.288703804 0.765609868 1.4
-14.4178449 1.998134E-47 0 0.6 1.676275295 1.67627529467 0.765609868 1.4
-10.8176533 1.419775E-27 0.65 2.097535683 2.09753568302 0.765609868 1.4
-8.65851417 2.389766E-18 0.7 2.547262459 2.54726245856 0.765609868 1.4
-7.21990135 2.601265E-13 0.75 3.021085987 3.02108598717 0.765609868 1.4
-6.19301783 2.951152E-10 0 0.8 3.515373888 3.51537388835 0.765609868 1.4
-5.42346514 2.922731E-08 0.85 4.02711032 4.02711032039 0.765609868 1.4
-4.82546632 6.983804E-07 0.9 4.553786799 4.55378679887 0.765609868 1.4
-4.34755521 6.883171E-06 0.95 5.093309397 5.09330939712 0.765609868 1.4
-3.95698062 3.795154E-05 53.56858411 1 5.643922239 5.64392223862 0.765609868 1.4
Página 73
Plan1
-3.63190842 0.0001406665 1.05 6.204145376 6.20414537585 0.765609868 1.4

-3.35722268 0.0003936484 1.1 6.772724704 6.7727247038 0.765609868 1.4
-3.12212629 0.0008977495 1.15 7.348591669 7.34859166914 0.765609868 1.4
-2.91870139 0.0017574637 1.2 7.930830841 7.93083084105 0.765609868 1.4
-2.74100957 0.0030625362 1.25 8.518653749 8.51865374945 0.765609868 1.4
-2.5845097 0.0048758781 1.3 9.111377708 9.11137770782 0.765609868 1.4
-2.44566979 0.0072291677 1.35 9.708408602 9.70840860155 0.765609868 1.4
-2.32170142 0.0101245094 1.4 10.30922684 10.3092268375 0.765609868 1.4
-2.21037386 0.0135396133 1.45 10.91337582 10.9133758209 0.765609868 1.4
-2.10988128 0.0174342915 1.5 11.52045246 11.5204524614 0.765609868 1.4
-2.01874619 0.0217568033 1.55 12.13009931 12.1300993134 0.765609868 1.4
-1.93574804 0.0264492838 1.6 12.74199804 12.7419980399 0.765609868 1.4
-1.85986972 0.0314519805 1.65 13.35586395 13.3558639519 0.765609868 1.4
-1.79025684 0.0367063158 1.7 13.97144143 13.971441427 0.765609868 1.4
-1.72618647 0.0421569358 1.75 14.58850005 14.5885000486 0.765609868 1.4
-1.66704278 0.0477529497 1.8 15.20683134 15.2068313385 0.765609868 1.4
-1.6122979 0.053448565 1.85 15.82624598 15.8262459827 0.765609868 1.4
-1.56149679 0.0592032901 1.9 16.44657146 16.4465714635 0.765609868 1.4
-1.51424507 0.0649818467 1.95 17.06765003 17.0676500348 0.765609868 1.4
-1.47019926 0.0707538978 2 17.68933698 17.6893369815 0.765609868 1.4
-1.42905879 0.0764936685 3 30.09908661 30.0990866102 0.765609868 1.4
-1.39055955 0.0821795154 4 42.1472872 42.1472871956 0.765609868 1.4
-1.35446848 0.0877934816 5 53.56858411 53.5685841103 0.765609868 1.4
-1.32057917 0.0933208606
-1.28870815 0.0987497845
-1.25869176 0.1040708447
-1.23038359 0.1092767482
-1.20365223 0.1143620109
-1.17837943 0.1193226864
-1.15445847 0.1241561285
-1.13179277 0.1288607838
-1.11029477 0.1334360128
-1.08988485 0.1378819354
-1.07049047 0.142199298
-1.0520454 0.14638936
-1.03448905 0.1504537972
-1.01776586 0.154394619
-1.00182484 0.1582140985
-0.98661905 0.1619147137
-0.97210524 0.1654990975
-0.95824349 0.1689699955
-0.94499689 0.1723302311
-0.93233127 0.175582676
-0.92021493 0.1787302258
-0.90861846 0.18177578
-0.89751448 0.1847222249
-0.88687753 0.1875724205
-0.87668386 0.1903291892
-0.8669113 0.192995307
-0.85753914 0.1955734969
Página 74
Plan1
-0.84854801 0.1980664228
-0.83991977 0.2004766858
-0.8316374 0.2028068215
-0.82368495 0.2050592972
-0.81604741 0.2072365111
-0.80871068 0.2093407914
-0.8016615 0.2113743964
-0.79488736 0.2133395144
-0.78837647 0.2152382647
-0.78211771 0.2170726984
-0.77610058 0.2188447996
-0.77031515 0.2205564865
-0.76475201 0.2222096133
-0.75940229 0.2238059716
-0.75425755 0.2253472921
-0.74930982 0.2268352461
-0.7445515 0.2282714478
-0.73997542 0.2296574554
-0.73557473 0.2309947736
-0.73134294 0.2322848547
-0.72727387 0.2335291011
-0.72336164 0.2347288662
-0.71960065 0.2358854567
-0.71598555 0.2370001343
-0.71251127 0.2380741168
-0.70917294 0.2391085803
-0.70596594 0.2401046603
-0.70288582 0.2410634534
-0.69992837 0.2419860187
-0.69708954 0.2428733793
-0.69436546 0.2437265234
-0.69175243 0.2445464061
-0.68924691 0.24533395
-0.6868455 0.246090047
-0.68454495 0.2468155591
-0.68234213 0.2475113198
-0.68023406 0.2481781348
-0.67821786 0.2488167835
-0.67629079 0.2494280199
Página 75
Plan1
Prêmio Existência de Preços de Crescente ou Quantidade de

Mercado Raízes Barreira Decrescente Raízes Put
20 sim 0 crescente 1 A
12.8 sim 0 crescente 1 B
4.5 sim 0 crescente 1 C
2.5 sim sim crescente 1 D
1.4 sim 0 crescente 1 E
13.42919118 1 13.41699243 1 0 0 0.5 -0.01219875

67115.45901 1 67115.45901 1 0 0 0.5 -2.4398E-06
13.42919118 1 13.41699243 1 0 0 0.5 -0.01219875
6.723744652 1 6.69934715 1 0 0 0.5 -0.0243975
4.49266206 0.999996483 4.456065807 0.999995826 0 0 0.5 -0.03659625
3.380170452 0.999637796 3.331375449 0.99956791 0 0 0.5 -0.048795
2.715115238 0.996687364 2.654121483 0.99602424 0 0 0.5 -0.06099375
2.27377822 0.988510338 2.200585714 0.986117317 0 0 0.5 -0.07319251
1.960280171 0.975018474 1.874888915 0.969595996 0 0 0.5 -0.08539126
1.726681479 0.957887558 1.629091472 0.948353172 0 0 0.5 -0.09759001
1.546349024 0.938989851 1.436560265 0.92457851 0 0 0.5 -0.10978876
1.403302935 0.919736738 1.281315426 0.899958552 0 0 0.5 -0.12198751
1.287374203 0.901018054 1.153187943 0.875583374 0 0 0.5 -0.13418626
1.191783489 0.883326924 1.045398478 0.85208058 0 0 0.5 -0.14638501
1.111837404 0.866895967 0.953253642 0.829769213 0 0 0.5 -0.15858376
1.044183528 0.851799757 0.873401015 0.808777731 0 0 0.5 -0.17078251
0.986363419 0.838022595 0.803382155 0.789123057 0 0 0.5 -0.18298126
0.936533245 0.825500648 0.74135323 0.770760353 0 0 0.5 -0.19518001
0.893283018 0.814147185 0.685904253 0.753613256 0 0 0.5 -0.20737877
0.855516081 0.803867247 0.635938564 0.737591767 0 0 0.5 -0.21957752
0.82236665 0.794565873 0.590590382 0.722602545 0 0 0.5 -0.23177627
0.793142099 0.786152481 0.549167081 0.708554603 0 0 0.5 -0.24397502
Página 76
Plan1
0.767281732 0.778542986 0.511107963 0.69536227 0 0 0.5 -0.25617377

0.744326796 0.771660603 0.475954276 0.682946524 0 0 0.5 -0.26837252
0.723898322 0.76543592 0.443327052 0.671235404 0 0 0.5 -0.28057127
0.705680503 0.759806576 0.412910481 0.660163899 0 0 0.5 -0.29277002
0.689408058 0.754716743 0.384439286 0.649673556 0 0 0.5 -0.30496877
0.674856523 0.750116538 0.357689 0.639711967 0 0 0.5 -0.31716752
0.661834686 0.745961413 0.332468411 0.630232206 0 0 0.5 -0.32936627
0.650178649 0.742211584 0.308613623 0.621192272 0 0 0.5 -0.34156503
0.639747123 0.738831493 0.285983346 0.612554562 0 0 0.5 -0.35376378
0.630417657 0.735789319 0.26445513 0.604285382 0 0 0.5 -0.36596253
0.6220836 0.733056551 0.243922322 0.59635451 0 0 0.5 -0.37816128
0.614651633 0.730607596 0.224291604 0.588734796 0 0 0.5 -0.39036003
0.608039748 0.728419444 0.205480968 0.581401817 0 0 0.5 -0.40255878
0.602175583 0.726471367 0.187418052 0.574333565 0 0 0.5 -0.41475753
0.59699505 0.724744657 0.170038768 0.567510176 0 0 0.5 -0.42695628
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0.451454455 0.5 1.276519813 1.276519813 1.078120807 1.95 1.038906917
0.446627645 0.55 1.655817548 1.655817548 1.078120807 1.95 0.956105096
0.44180873 0 0.6 2.063398789 2.063398789 1.078120807 1.95 0.888120141
0.436998412 0.65 2.49411878 2.49411878 1.078120807 1.95 0.831532775
0.43219739 0.7 2.943883672 2.943883672 1.078120807 1.95 0.783900658
0.42740636 0.75 3.409430244 3.409430244 1.078120807 1.95 0.74343274
0.422626012 0 0.8 3.88814381 3.88814381 1.078120807 1.95 0.708785734
0.417857032 0.85 4.377914739 4.377914739 1.078120807 1.95 0.678932419
0.413100102 0.9 4.877027676 4.877027676 1.078120807 1.95 0.653073848
0.408355896 0.95 5.384076631 5.384076631 1.078120807 1.95 0.630579272
0.403625084 48.37539552 1 5.897899925 5.897899925 1.078120807 1.95 0.61094409
Página 82
Plan1
0.398908331 1.05 6.417530193 6.417530193 1.078120807 1.95 0.593759819

0.394206295 1.1 6.942155756 6.942155756 1.078120807 1.95 0.578692243
0.389519627 1.15 7.471090588 7.471090588 1.078120807 1.95 0.565465271
0.384848972 1.2 8.003750811 8.003750811 1.078120807 1.95 0.553848828
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0.366339131 1.4 10.16260561 10.16260561 1.078120807 1.95 0.520037214
0.361757961 1.45 10.70760376 10.70760376 1.078120807 1.95 0.514093323
0.357196519 1.5 11.2541556 11.2541556 1.078120807 1.95 0.508952318
0.352655394 1.55 11.80203701 11.80203701 1.078120807 1.95 0.504536498
0.34813517 1.6 12.35104827 12.35104827 1.078120807 1.95 0.500777878
0.343636419 1.65 12.90101056 12.90101056 1.078120807 1.95 0.497616712
0.339159706 1.7 13.45176307 13.45176307 1.078120807 1.95 0.495000284
0.334705585 1.75 14.00316051 14.00316051 1.078120807 1.95 0.492881902
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0.325867294 1.85 15.10737478 15.10737478 1.078120807 1.95 0.489977746
0.321484184 1.9 15.65996179 15.65996179 1.078120807 1.95 0.489121836
0.31712579 1.95 16.21273136 16.21273136 1.078120807 1.95 0.488622607
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0.111256115 5 48.37539552 48.37539552 1.078120807 1.95 0.707728862
B 120 0
0.495133523 0 3.61418E-11 3.61418E-11 2.141881868 2.3 6.296380808

0.499999027 19.32078833 0.00001 0 0 2.141881868 2.3 31451.40716
0.495133523 0.05 3.61418E-11 3.61418E-11 2.141881868 2.3 6.296380808
0.49026777 0.1 0.000681411 0.000681411 2.141881868 2.3 3.157339467
0.485403466 0.15 0.029417176 0.029417176 2.141881868 2.3 2.115058604
0.480541332 0 0.2 0.14895655 0.14895655 2.141881868 2.3 1.59696786
0.475682091 0.25 0.373606748 0.373606748 2.141881868 2.3 1.288553164
0.470826465 0.3 0.684184364 0.684184364 2.141881868 2.3 1.084976491
0.465975172 0.35 1.058501412 1.058501412 2.141881868 2.3 0.941307261
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0.456288453 0.45 1.934190885 1.934190885 2.141881868 2.3 0.753814538
0.451454455 0.5 2.414603839 2.414603839 2.141881868 2.3 0.690021898
0.446627645 0.55 2.914400405 2.914400405 2.141881868 2.3 0.638936897
0.44180873 0 0.6 3.429184178 3.429184178 2.141881868 2.3 0.597382625
0.436998412 0.65 3.955734846 3.955734846 2.141881868 2.3 0.563159683
0.43219739 0.7 4.4916494 4.4916494 2.141881868 2.3 0.534697073
0.42740636 0.75 5.035102743 5.035102743 2.141881868 2.3 0.510842727
0.422626012 0 0.8 5.584685659 5.584685659 2.141881868 2.3 0.490732597
0.417857032 0.85 6.139293323 6.139293323 2.141881868 2.3 0.473705938
0.413100102 0.9 6.69804728 6.69804728 2.141881868 2.3 0.459248838
0.408355896 0.95 7.260239916 7.260239916 2.141881868 2.3 0.446955577
0.403625084 51.84203899 1 7.825294342 7.825294342 2.141881868 2.3 0.436501581
Página 83
Plan1
0.398908331 1.05 8.392734947 8.392734947 2.141881868 2.3 0.427624096

0.394206295 1.1 8.962165513 8.962165513 2.141881868 2.3 0.420108143
0.389519627 1.15 9.533252725 9.533252725 2.141881868 2.3 0.413776133
0.384848972 1.2 10.1057136 10.1057136 2.141881868 2.3 0.408480071
0.380194968 1.25 10.6793058 10.6793058 2.141881868 2.3 0.404095644
0.375558246 1.3 11.25382009 11.25382009 2.141881868 2.3 0.400517663
0.370939428 1.35 11.82907441 11.82907441 2.141881868 2.3 0.397656524
0.366339131 1.4 12.40490918 12.40490918 2.141881868 2.3 0.395435421
0.361757961 1.45 12.98118353 12.98118353 2.141881868 2.3 0.393788145
0.357196519 1.5 13.55777227 13.55777227 2.141881868 2.3 0.392657311
0.352655394 1.55 14.13456343 14.13456343 2.141881868 2.3 0.391992943
0.34813517 1.6 14.71145629 14.71145629 2.141881868 2.3 0.391751309
0.343636419 1.65 15.28835965 15.28835965 2.141881868 2.3 0.391893979
0.339159706 1.7 15.86519054 15.86519054 2.141881868 2.3 0.392387043
0.334705585 1.75 16.44187303 16.44187303 2.141881868 2.3 0.393200468
0.330274603 1.8 17.0183373 17.0183373 2.141881868 2.3 0.394307556
0.325867294 1.85 17.59451886 17.59451886 2.141881868 2.3 0.395684498
0.321484184 1.9 18.17035782 18.17035782 2.141881868 2.3 0.397309989
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0.312792616 2 19.32078833 19.32078833 2.141881868 2.3 0.401232054
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0.111256115 5 51.84203899 51.84203899 2.141881868 2.3 0.67284036
C 125 110
0.495133523 0 0.000713607 0.000713607 3.319470556 4.2 2.949973064

0.499999027 7.657666889 0.00001 0 0 3.319470556 4.2 14719.36844
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0.485403466 0.15 0.397138664 0.397142059 3.319470556 4.2 0.999589356
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0.46112893 10.39628026 0.4 2.741432799 2.963330126 3.319470556 4.2 0.416779215
0.456288453 0.45 3.15215833 3.53866298 3.319470556 4.2 0.381991456
0.451454455 0.5 3.523289894 4.120765492 3.319470556 4.2 0.355381123
0.446627645 0.55 3.85751265 4.707766532 3.319470556 4.2 0.334718011
0.44180873 0 0.6 4.158631761 5.298391867 3.319470556 4.2 0.318515313
0.436998412 0.65 4.430642426 5.891742362 3.319470556 4.2 0.305743703
0.43219739 0.7 4.677303872 6.487163826 3.319470556 4.2 0.295667948
0.42740636 0.75 4.901975676 7.084167344 3.319470556 4.2 0.287748878
0.422626012 0 0.8 5.107582018 7.682378718 3.319470556 4.2 0.281582113
0.417857032 0.85 5.296633623 8.28150535 3.319470556 4.2 0.276858423
0.413100102 0.9 5.471272146 8.881313951 3.319470556 4.2 0.273337296
0.408355896 0.95 5.633320064 9.481615163 3.319470556 4.2 0.270828854
0.403625084 10.39628026 1 5.784328448 10.08225273 3.319470556 4.2 0.269181194
Página 84
Plan1
0.398908331 1.05 5.925619593 10.68309573 3.319470556 4.2 0.268271346

0.394206295 1.1 6.058323725 11.28403288 3.319470556 4.2 0.2679987
0.389519627 1.15 6.183409989 11.88496829 3.319470556 4.2 0.268280144
0.384848972 1.2 6.301712335 12.48581837 3.319470556 4.2 0.269046415
0.380194968 1.25 6.413951021 13.08650934 3.319470556 4.2 0.270239334
0.375558246 1.3 6.520750446 13.68697537 3.319470556 4.2 0.271809673
0.370939428 1.35 6.622653922 14.28715719 3.319470556 4.2 0.273715496
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0.34813517 1.6 7.073456813 17.28205773 3.319470556 4.2 0.287176067
0.343636419 1.65 7.154167515 17.8795355 3.319470556 4.2 0.290487684
0.339159706 1.7 7.232326678 18.47642427 3.319470556 4.2 0.293963286
0.334705585 1.75 7.308136184 19.0726901 3.319470556 4.2 0.297588818
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d 140 0
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Página 85
Plan1
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0.241986019 1.8 28.64595005 28.64595005 12.59369046 10.5 0.043291017
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e 140 115
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0.499999027 14.36667936 0.00001 10.30306044 10.30306044 11.51556966 10.9 -31731.5699
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0.44180873 10.30306044 0.6 11.91641197 13.97981076 11.51556966 10.9 -0.45566699
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0.422626012 10.30306044 0.8 12.41559751 16.30374132 11.51556966 10.9 -0.29905462
0.417857032 0.85 12.5240922 16.90200693 11.51556966 10.9 -0.2696232
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Página 86
Plan1
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0.366339131 1.4 13.50202235 23.66462797 11.51556966 10.9 -0.05587156
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0.343636419 1.65 13.87690684 26.7779174 11.51556966 10.9 0.008966845
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Página 87
Plan1
Quantidade de
Raízes
1
1
1
0
0
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0.553947478 -0.41621233 0.661372681 7.471090588 0.565465271 0.28587867 0.284894 0.387862676
0.546983895 -0.41081476 0.659395815 8.003750811 0.553848828 0.289841154 0.261078807 0.397015867
0.5403709 -0.40633695 0.657752479 8.539636162 0.543649651 0.293341293 0.238680878 0.405676523
0.534070134 -0.40267276 0.656405513 9.07831528 0.534704209 0.296427205 0.217536685 0.41389506
0.528048636 -0.3997318 0.655322967 9.619413945 0.526873197 0.299140824 0.197506923 0.421715432
0.522277936 -0.39743658 0.654477229 10.16260561 0.520037214 0.301518819 0.178472188 0.429176081
0.516733322 -0.3957203 0.653844311 10.70760376 0.514093323 0.303593373 0.160329547 0.436310742
0.511393254 -0.39452506 0.653403287 11.2541556 0.508952318 0.305392823 0.14298979 0.443149122
0.506238871 -0.39380044 0.653135812 11.80203701 0.504536498 0.306942211 0.12637522 0.449717458
0.501253593 -0.39350233 0.653025747 12.35104827 0.500777878 0.308263728 0.110417849 0.456038999
0.496422794 -0.39359193 0.653058832 12.90101056 0.497616712 0.309377111 0.095057932 0.462134406
0.491733521 -0.39403506 0.653222422 13.45176307 0.495000284 0.31029996 0.080242753 0.468022094
0.487174267 -0.3948014 0.653505268 14.00316051 0.492881902 0.311048018 0.06592562 0.473718522
0.482734776 -0.39586402 0.653897326 14.55507109 0.491220061 0.311635406 0.052065029 0.479238439
0.478405879 -0.39719889 0.6543896 15.10737478 0.489977746 0.312074823 0.038623963 0.484595099
0.474179358 -0.39878453 0.654974012 15.65996179 0.489121836 0.312377721 0.025569302 0.489800436
0.470047825 -0.40060164 0.655643282 16.21273136 0.488622607 0.312554452 0.012871322 0.494865227
0.466004621 -0.40263287 0.656390837 16.76559066 0.488453309 0.312614395 0.000503272 0.499799223
0.397358367 -0.47173443 0.68144182 27.74178612 0.528948054 0.298420743 -0.202977 0.580423495
0.341408868 -0.56727896 0.714737666 38.34458494 0.610189182 0.270868248 -0.36571089 0.642709591
0.292369938 -0.67340069 0.749653794 48.37539552 0.707728862 0.239556825 -0.51214623 0.695725664
Página 93
Plan1
Cálculo da Volatilidade Passada, a ser Ins
Reprodução Cálculo da Volatilidade a Partir de

Não Autorizada
Dias Preços Retornos

à Vista Ln (Pt/Pt-1)
0 128.00 + 0.00%
-1 128.00 - 1.55%
-2 130.00 + 1.94%
-3 127.50 + 2.78%
-4 124.00 - 7.46%
-5 133.60 + 1.81%
-6 131.20 - 0.91%
-7 132.40 + 0.15%
-8 132.20 - 1.50%
-9 134.20 - 0.96%
-10 135.50 + 2.77%
-11 131.80 - 0.15%
-12 132.00 - 3.72%
-13 137.00 - 0.22%
-14 137.30 - 1.66%
-15 139.60 + 1.52%
-16 137.49 + 1.98%
-17 134.80 + 3.63%
-18 130.00 - 6.91%
-19 139.30 + 1.45%
-20 137.30
129.74
135.40
Página 94
Plan1
125.70
126.90
129.35
134.60
131.40
137.80
129.95
130.70
132.60
129.74
135.40
129.90
127.60
129.90
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
Página 95
Plan1
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
Página 96
Plan1
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
Página 97
Plan1
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
Página 98
Plan1
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
Página 99
Plan1
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
128.40
126.26
130.80
132.88
129.70
128.40 -
Total
Página 100
Plan1
dade Passada, a ser Inserida na Tela de Precificação
atilidade a Partir de 20 Retornos
Pesos Volatilidade Volatilidade Alfa

Ajustados Histórica Ponderada
11.38% 47.19% 50.99% 10.00% Alfa
10.25%
9.22% Distribuição dos Pesos de Cada Dia Útil,
para o Cálculo da Volatilidade
8.30%
12.00%
Pesos Ajustados
7.47% Alisamento Exponencial dos Pesos dos Re-

6.72% tornos Ocorridos ao Longo de até 42 Dias
Úteis mais recentes da Janela Temporal Especi-
6.05% 10.00%
ficada.
5.44%
4.90% 8.00%
4.41%
3.97% 6.00%
3.57%
3.22%
4.00%
2.89%
2.60%
2.34% 2.00%
2.11%
1.90% 0.00% Últimos 42 Retornos
0
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
-11
-12
-13
-14
-15
-16
-17
-18
-19
-20
1.71%
1.54%
Página 101
Plan1
Página 102
Plan1
Página 103
Plan1
Página 104
Plan1
Página 105
Plan1
Página 106
Plan1
-
100.00%
Página 107
Plan1
esos dos Re-

até 42 Dias
Temporal Especi-
Página 108

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Plan1

Avaliação de Opções de Compra e de Venda do Tipo Europeu

P.Exercício $ 130.00 P.Barreira

Precificação da Call - Tipo Europeu Precificação da Put - Tipo Europeu

Esta Planilha Acompanha o Livro Mercados Derivativos e Análise de Risco Volume 2.

Elaborada por André Marins

Reprodução Proibida - Protegida Pela Lei de Direitos Autorais

A planilha está dividida em 4 partes:

4. Estimativa das Volatilidades Implícitas - é possível calcular as volatilidades implícitas de até

Preenchimento dos Dados

Células onde devem

Este campo refere-se à

Preenchimentos dos Dados Necessários ao Cálculo

Preenchimentos dos Dados Necessários ao Cálculo

Resultados Fornecidos pela Planilha

A planilha fornece os seguintes outputs:

Preenchimentos dos Dados Necessários ao Cálculo

Execução dos Algorítimos que Estimam as Volatilidades Implícitas

a volatilidade implícita estará correta.

Comentários Válidos Para a Planilha e para o Livro

As opiniões do autor não representam necessariamente a opinião de quaisquer entidades

Estimativa das Volatilidades Implícitas de Opções de Compra e de Venda do Tipo Europe

Volatilidades Implícitas nas Calls Prêmio Justo da Call Especificada,

x Volatilidade Estimada em Função da Volatilidade

Prêmio Justo da Call Especificada,

Prêmios Justos com Diferentes Volatilidad

Volatilidades Implícitas nas Puts

Volatilidades Implícitas nas Puts Prêmio Justo da Put Especificada,

Taxas Over-Mensais de Rentabilidade Prêmio Justo da Put Especificada,

Prêmio Justo com Diferentes Volatilidades

Prêmio Justo com Diferentes Volatilidades

0.4719 0.9052942664 0.1826547566 0.7622147514 0.2229659217 0.08269908 0 0

0.4719 0.3164602879 0.3758265815 0.1682972078 0.4331747352 0.1185001 1.1847272 1.179249

0.81 #ADDIN? #ADDIN? #ADDIN? #ADDIN?

1.31 #ADDIN? #ADDIN? #ADDIN? #ADDIN?

0 10.303060435 10.303060435 11.5155697 10.9 -15.86335

0.44 11.402155899 12.27001187 11.5155697 10.9 -0.667498

0 7.422429E-15 7.422429E-15 3.31947056 4.2 7.362124

0.24 1.2094425198 1.2147589327 3.31947056 4.2 0.642584

1.24 6.3919571525 12.966387136 3.31947056 4.2 0.269969

ra e de Venda do Tipo Europeu

Preços de Prêmios Justos

Barreira Volatil. Passada

Prêmio Justo da Call Especificada, Call

Prêmio Justo da Call Especificada, Call

Prêmios Justos com Diferentes Volatilidades

Preços de Prêmios Justos

Barreira Volatil. Passada

Prêmio Justo da Put Especificada, Put

Prêmio Justo da Put Especificada, Put

Prêmio Justo com Diferentes Volatilidades

Prêmio Justo com Diferentes Volatilidades

1.3672259058 0.914222746149 1.241699147 0.892826208 117.0205115 0.4719 1.36722590585

0.5 -0.14307951503 0.556886308 0.124584896 20.00004248 20.0000424833 0.4719

0.1191496026 1.031085504177 0.151250362 0.062157642 4.499988445 4.49998844502 0.4719

0.02440002776 #ADDIN? #ADDIN? #ADDIN?

0.02440002776 #ADDIN? #ADDIN? #ADDIN?

1 -15.8682247033 1 6.3655E-134 24.4502688 2.4997E-132 24.4453893026 2.816955E-132

0.7477728095 -0.77484654734 0.78078483 0.867855971 1.164939461 0.122021749 1.05759045293 0.14512109847

9.050337E-14 7.357244470893 9.38727E-14 5.9441E-249 33.56016925 3.1991E-247 33.5552897531 3.768826E-247

0.2602470272 0.584030016235 0.279600059 0.005316413 2.825754461 0.00235847 2.76720045642 0.00282699889

0.3935920147 -0.0325599271 0.512987237 6.574429983 0.692518213 0.244305976 0.38998919036 0.3482722701