1. Function Reference Home
2. Date and Time Calculations
   1. Introduction
   2. Date Information
      1. Introduction
      2. DYear
      3. DMonth
      4. DateYMD
      5. DateSeqNum
      6. IsSeqDate
      7. DayName
      8. MonthName
      9. IsLeap
      10. DaysInMonth
      11. IsAnniversary
      12. WeekNumber
      13. WeekNumberToDate
      14. MonthStart
      15. MonthEnd
      16. NumPers
      17. MostRecent
      18. MostImminent
      19. TimeBaseLengths
      20. AnnSeq
      21. CreateTimeBase
   3. Date Difference
      1. Introduction
      2. DiffY
      3. DiffM
      4. DiffD
      5. DiffP
   4. Date Increment
      1. Introduction
      2. DpY
      3. DpM
      4. DpD
      5. DpP
      6. PrevDateSeq
      7. NextDateSeq
      8. PrevDateList
      9. NextDateList
      10. NextDateCombine
      11. DatePer
      12. EDateBF
      13. DateSeq
      14. DateSeqCombine
   5. Time Period
      1. Introduction
      2. TpY
      3. TpM
      4. TpD
      5. Occurs
3. Special Dates
   1. Introduction
   2. Business Days
      1. Introduction
      2. DpYBD
      3. DpMBD
      4. DpDBD
      5. NextBD
      6. PrevBD
      7. NextDateSeqBD
      8. PrevDateSeqBD
      9. IsBD
      10. NetWorkDaysBF
      11. NextDateListBD
      12. PrevDateListBD
   3. Holidays
      1. Introduction
      2. Holiday
      3. DescribeHol
      4. WhatHol
      5. IsHol
      6. IsWE
      7. WesternEaster
      8. CreateDate
4. Discrete Amount Projections
   1. Introduction
   2. Payments
      1. Introduction
      2. MkPmtsSeq
      3. MkPmts
      4. MkPmtsGrow
      5. MkPmtsFcst
      6. MkPmtsSF
      7. MkPmtsLim
      8. MkPmtsLag
      9. MkPmtsLagProf
      10. RePhasePmts
      11. TotPmts
      12. TotPmtsSF
      13. SumBetween
      14. DoBetween
      15. MatchPmts
      16. CarryNeg
      17. CarryPos
      18. MkPmtsX
      19. MkPmtsLagX
      20. MkPmtsIdx
      21. MkPmtsCats
      22. MkPmtsGroup
   3. Payments Periodic
      1. Introduction
      2. MkPmtsPer
      3. MkPmtsPerGrow
      4. MkPmtsPerFcst
      5. MkPmtsIdxPer
   4. Payments Market
      1. Introduction
      2. MkPmtsGrowMkt
      3. MkPmtsFcstMkt
      4. MkPmtsPerGrowMkt
      5. MkPmtsPerFcstMkt
5. Distributed Amount Projections
   1. Introduction
   2. Time Spread
      1. Introduction
      2. GSpread
      3. UniSpread
      4. UniSpreadGrow
      5. SCurve
      6. SCurveGrow
      7. DistSpread
      8. FStepSpread
      9. TStepSpread
      10. MkPmtsWeighted
      11. SCumCurve
   3. Time Spread Periodic
      1. Introduction
      2. UniSpreadPer
      3. SCurvePer
      4. SCurveGrowPer
      5. UniSpreadGrowPer
   4. Time Spread Weighted
      1. Introduction
      2. WeightSpread
      3. FWeightSpread
      4. TWeightSpread
   5. Time Spread History
      1. Introduction
      2. UniSpreadH
      3. SCurveH
      4. WeightSpreadH
      5. FWeightSpreadH
      6. TWeightSpreadH
      7. DistSpreadH
      8. GSpreadH
      9. UniSpreadAdj
      10. SCurveAdj
      11. WeightSpreadAdj
      12. FWeightSpreadAdj
      13. TWeightSpreadAdj
      14. DistSpreadAdj
      15. GSpreadAdj
6. Constant Rate Projections
   1. Introduction
   2. Constant Rate
      1. Introduction
      2. Con
      3. ConGrow
      4. AnnGrow
      5. RePhaseCon
      6. AnnRate
      7. ConSF
      8. ConIdx
      9. ConEvent
   3. Constant Rate Periodic
      1. Introduction
      2. ConPer
      3. AnnGrowPer
      4. ConGrowPer
   4. Constant Rate Market
      1. Introduction
      2. ConGrowMkt
      3. ConFcstMkt
      4. ConFcstGrowMkt
   5. Constant Rate Revenue
      1. Introduction
      2. ConRevGrow2
      3. ConRev
      4. ConRevGrow
      5. ConRevFcst
7. Stepped Rate Projections
   1. Introduction
   2. Stepped Rate From
      1. Introduction
      2. FStep
      3. FStepGrow
      4. FStepGrowX
      5. FStepThenGrow
      6. FStepFcst
      7. FStepGrown
      8. FStepSF
      9. FStepCombine
      10. MultiFStep
   3. Stepped Rate To
      1. Introduction
      2. TStep
      3. TStepGrow
      4. TStepGrowX
      5. TStepThenGrow
      6. TStepFcst
      7. TStepGrown
      8. TStepSF
      9. TStepCombine
      10. MultiTStep
   4. Stepped Rate Market
      1. Introduction
      2. FStepGrowMkt
      3. FStepFcstMkt
      4. TStepGrowMkt
      5. TStepFcstMkt
   5. Stepped Rate Revenue
      1. Introduction
      2. FStepRev
      3. TStepRev
      4. FStepRevGrow
      5. FStepRevFcst
      6. TStepRevGrow
      7. TStepRevFcst
      8. FStepThenGrowRev
      9. TStepThenGrowRev
8. Interpolated and Curve-Fitted Projections
   1. Introduction
   2. Interpolated and Curve-Fitted Rates
      1. Introduction
      2. FittedRate
      3. Ramp
   3. Interpolated and Curve-Fitted Levels
      1. Introduction
      2. InterpedLevel
      3. FittedLevel
9. Instantaneous Level Projections
   1. Introduction
   2. Levels
      1. Introduction
      2. Bal
      3. Level
      4. FLevels
      5. TLevels
      6. FLevelsGrow
      7. TLevelsGrow
      8. FLevelsFcst
      9. TLevelsFcst
      10. FLevelsCombine
      11. FLevelsThenGrow
      12. TLevelsThenGrow
   3. Levels Market
      1. Introduction
      2. FLevelsGrowMkt
      3. TLevelsGrowMkt
      4. FLevelsFcstMkt
      5. TLevelsFcstMkt
   4. Growth
      1. Introduction
      2. Grow
      3. GrowFromTo
      4. FGrowStep
      5. TGrowStep
      6. FGrowStepMkt
      7. TGrowStepMkt
      8. GrowMkt
      9. GrowLin
   5. Forecast
      1. Introduction
      2. Fcst
      3. FcstGrow
      4. FcstCollar
      5. SumFcst
      6. FFcstStep
      7. TFcstStep
      8. IdxFromTo
   6. Forecast Specific Times
      1. Introduction
      2. FcstT
      3. TFcstT
10. Levels Over Time Projections
    1. Introduction
    2. Levels Average
       1. Introduction
       2. ALevel
       3. FALevels
       4. TALevels
       5. FALevelsGrow
       6. TALevelsGrow
       7. FALevelsFcst
       8. TALevelsFcst
       9. FALevelsThenGrow
       10. TALevelsThenGrow
       11. ALevelGrow
    3. Levels Average Market
       1. Introduction
       2. FALevelsGrowMkt
       3. TALevelsGrowMkt
       4. FALevelsFcstMkt
       5. TALevelsFcstMkt
    4. Growth Average
       1. Introduction
       2. AGrow
11. Projections NPV
    1. Introduction
    2. NPV Constant Rate
       1. Introduction
       2. PVCon
       3. PVAnnGrow
       4. PVConGrow
       5. PVConQ
    3. NPV Stepped Rate
       1. Introduction
       2. PVTStep
       3. PVTStepQ
       4. PVTStepIC
       5. PVTStepICQ
       6. PVFStep
       7. PVFStepIC
       8. PVFStepQ
       9. PVFStepICQ
    4. NPV Payments
       1. Introduction
       2. PVMkPmtsSF
       3. PVMkPmts
    5. NPV Time Spread
       1. Introduction
       2. PVGSpread
       3. PVUniSpread
       4. PVSCurve
       5. PVSCurveGrow
       6. PVDistSpread
       7. PVFStepSpread
       8. PVTStepSpread
       9. PVMkPmtsWeighted
       10. PVSCumCurve
12. Time Value Of Money Analysis
    1. Introduction
    2. Basic Interest Rate Conversions
       1. Introduction
       2. SimpleToSimple
       3. SimpleToAER
       4. SimpleToCont
       5. SimpleToDF
       6. AERToSimple
       7. AERToCont
       8. AERToDF
       9. ContToSimple
       10. ContToAER
       11. ContToDF
       12. DFToSimple
       13. DFToAER
       14. DFToCont
    3. Advanced Interest Rate Conversions
       1. Introduction
       2. SimpleToSimpleX
       3. SimpleToAERX
       4. SimpleToContX
       5. SimpleToDFX
       6. AERToSimpleX
       7. ContToSimpleX
       8. DFToSimpleX
       9. RateConvert
    4. Annuity
       1. Introduction
       2. FVM
       3. PVM
       4. PmtM
       5. TermM
       6. IntRateM
       7. PVEGAnn
       8. PVEGAnnM
       9. PVEGPerAnn
       10. PVEGPerp
       11. PVEGPerpM
       12. PVEGPerPerp
       13. SumEGAnn
       14. SumEGAnnM
       15. SumEGAnnCont
       16. SumLGAnn
       17. SumLGAnnM
       18. SumLGAnnCont
    5. Annuity Extended
       1. Introduction
       2. PVBF
       3. PMTBF
       4. RateBF
    6. US APR
       1. Introduction
       2. APRToQuoted
       3. QuotedToAPR
13. Discounted Cash Flow
    1. Introduction
    2. DCF One-Off
       1. Introduction
       2. PVOne
       3. FPVOne
       4. TPVOne
       5. PVOneQ
    3. DCF Annual
       1. Introduction
       2. PVA
       3. IRRA
       4. PayBackA
       5. PayBackDiscA
       6. DurationA
       7. AvLifeA
    4. DCF Even Intervals
       1. Introduction
       2. PVE
       3. IRRE
       4. PaybackE
       5. PayBackDiscE
       6. DurationE
       7. AvLifeE
    5. DCF Specific Times
       1. Introduction
       2. PVT
       3. IRRT
       4. PayBackT
       5. PayBackDiscT
       6. DurationT
       7. AvLifeT
       8. PVTIC
       9. IRRTIC
       10. PVTX
       11. IRRTX
       12. PVTCX
       13. IRRTCX
       14. PVTR
       15. IRRTR
    6. DCF Dispersed Annual
       1. Introduction
       2. NPVM
       3. IRRM
       4. CorrectionM
       5. CorrectionCont
       6. CorrectionDC
       7. DurationM
       8. AvLifeM
       9. EffTimeM
14. Accounting And Tax
    1. Introduction
    2. Accounting
       1. Introduction
       2. Depreciate
       3. DepreciatedValue
       4. DepPoolWIP
       5. DepPoolRatio
       6. DepPool
       7. DepreciatePer
       8. DepreciateGrowPer
       9. DepreciateFcstPer
       10. DepreciateIdxPer
       11. LIFOPrice
       12. LIFOCalc
    3. Tax
       1. Introduction
       2. FAvRate
       3. TAvRate
       4. FAvRateTD
       5. TAvRateTD
15. Mathematical Calculations
    1. Introduction
    2. Statistics
       1. Introduction
       2. LinReg
       3. BestPoly
       4. SignChanges
       5. RSqrdPoly
       6. PolyEqn
       7. CalcPoly
       8. PolyReg
16. Range Operations
    1. Introduction
    2. Range Lookup
       1. Introduction
       2. LookupNum
       3. LookupN
       4. SeekNum
       5. PickNum
       6. SortPick
       7. LookUpNum2D
       8. PickMatrix
       9. LookupNIndex
       10. Seek
       11. SeekList
       12. SortNum
       13. FindIf
    3. Range Sum
       1. Introduction
       2. DoBetweenX
       3. SumCat
       4. SumCats
       5. SumPos
       6. SumNeg
       7. SumDiv
       8. SumBounds
       9. SumSubRange
       10. SumCombine
       11. SelCats
    4. Range Reference
       1. Introduction
       2. Coordinates
       3. WorkSheetName
       4. RefPlus
       5. GetRef
    5. Range Calcs
       1. Introduction
       2. MinBetween
       3. MaxBetween
       4. MeanNZ
       5. WeightAv
    6. Range Information
       1. Introduction
       2. RangeDir
    7. Range Manipulation
       1. Introduction
       2. SortText
       3. ApplyToList
       4. CombineLists
       5. TransposeNum
       6. Unique
    8. Interpolation
       1. Introduction
       2. Interp
       3. Interpolate
       4. InterpDate
       5. InterpolateDate
       6. Intersection
17. Simulation Modelling
    1. Introduction
    2. Monte Carlo
       1. Introduction
       2. Distribution
       3. PartialDependency
       4. DistCumulative
       5. DistUniform
       6. DistTriangular
       7. DistDoubleTri
       8. DistNormal
       9. DistLogNormal
       10. RandNum
       11. NRandom
       12. PickRandom
       13. DescribeDistType
       14. CumProb
18. Real Estate
    1. Introduction
    2. Rent
       1. Introduction
       2. RentGrow
       3. RentFcst
    3. Rent From
       1. Introduction
       2. FStepRent
       3. FStepRentGrow
       4. FStepRentFcst
       5. FStepRentFcstCollar
    4. Rent To
       1. Introduction
       2. TStepRent
       3. TStepRentGrow
       4. TStepRentFcst
       5. TStepRentGrowCollar
       6. TStepRentFcstCollar
    5. Rent Reletting
       1. Introduction
       2. RentFcstR
       3. RentGrowR
       4. FStepRentGrowR
       5. FStepRentFcstR
       6. TStepRentGrowR
       7. TStepRentFcstR
       8. TStepRentGrowSFR
       9. FStepRentGrowSFR
       10. TStepRentFcstSFR
       11. FStepRentFcstSFR
    6. UK Valuation
       1. Introduction
       2. CapValue
       3. EqYield
       4. CapValueG
       5. EqYieldG
       6. CapValueGD
       7. EqYieldGD
       8. NomToTrue
       9. TrueToNom
       10. YPP
       11. YPPDef
       12. YPA
       13. YPADef
       14. CapValueGrowGD
       15. CapValueFcstGD
       16. EqYieldGrowGD
       17. EqYieldFcstGD
    7. UK Valuation DCF
       1. Introduction
       2. CapValueDCF
       3. EqYieldDCF
       4. CapValueDCFG
       5. EqYieldDCFG
       6. CapValueDCFGD
       7. EqYieldDCFGD
       8. NomToTrueDCF
       9. TrueToNomDCF
       10. YPADefDCF
       11. YPPDefDCF
       12. TheorYield
       13. ImpGrowth
       14. ImpDiscRate
       15. PVRent
       16. TWRR
    8. NPV Rent Projections
       1. Introduction
       2. PVRentGrow
       3. PVRentFcst
       4. PVTStepRent
       5. PVTStepRentGrow
       6. PVTStepRentFcst
       7. PVTStepRentGrowR
       8. PVTStepRentFcstR
       9. PVTStepRentGrowIC
       10. PVTStepRentGrowRIC
       11. PVTStepIdxRentGrowR
       12. PVTStepIdxRentFcstR
    9. Retail Rent
       1. Introduction
       2. TStepGTurnRentGrow
       3. TStepGTurnRentGrowR
    10. Index Rent
        1. Introduction
        2. IdxRentGrowR
        3. IdxRentFcstR
        4. IdxRentGrowMktR
        5. IdxRentFcstMktR
        6. TStepIdxRentGrowR
        7. TStepIdxRentFcstR
    11. Real Estate Costs
        1. Introduction
        2. LetCostR
        3. LetCostRQ
        4. LeasingFeeGrowR
        5. FServChargeR
        6. ServChargeGrowR
        7. ServChargeFcstR
        8. FServChargeGrowR
        9. FVacServChargeR
        10. VacServChargeGrowR
        11. VacServChargeFcstR
        12. LeasingFeeFcstR
    12. Real Estate Costs UK
        1. Introduction
        2. UKRatesGrow
        3. UKRatesFcst
        4. UKRatesGrowR
        5. UKRatesFcstR
        6. UKEmptyRatesFcstR
        7. UKEmptyRatesGrowR
    13. Lease Information
        1. Introduction
        2. LeaseEnd
        3. ReletOccurs
        4. RentDateInfo
        5. RentEventOccurs
        6. RentEvent
        7. LastReview
        8. NextReview
        9. LastReviewR
        10. NextReviewR
        11. LeaseInfo
        12. Occupancy
        13. LeaseDates
19. Banking
    1. Introduction
    2. Interest
       1. Introduction
       2. Interest
       3. FInterest
       4. TInterest
       5. TotInterestSF
       6. InterestX
       7. PVFInterest
       8. PVInterestX
       9. PVInterest
    3. Yield Curve
       1. Introduction
       2. ZeroCoupon
       3. FutureToSpot
       4. SpotToSpot
    4. Loan
       1. Introduction
       2. Loan
       3. LoanX
       4. LoanLin
       5. LoanLinX
       6. Mortgage
       7. MortgageQ
       8. LoanPool
       9. MortgagePool
       10. IdxBondGrow
       11. IdxBondFcst
    5. Residual Cash
       1. Introduction
       2. Overdraft
       3. CashAcct
       4. FlexAcct
       5. CurrentAcct
       6. STDAcct
       7. LoanAcct
       8. LoanAcctEM
    6. Equity Trading
       1. Introduction
       2. BetaIndex
       3. BetaReturns
       4. DescribeReturn
       5. TotalReturn
    7. Options
       1. Introduction
       2. OptionBS
       3. OptionBinom
       4. OptionMonte
20. Petroleum Economics
    1. Introduction
    2. Petroleum Engineering
       1. Introduction
       2. STOIIP
    3. Decline Curve
       1. Introduction
       2. Decline
       3. DeclineRate
       4. DescribeDecline
       5. ProdProf
       6. AbandonDate
       7. StartDecline
21. Text
    1. Introduction
    2. Numbers To Text
       1. Introduction
       2. MoneyText
    3. Text String
       1. Introduction
       2. GetToken
       3. GetTokens
       4. InString
       5. ExInt
       6. ExFl
22. Miscellaneous
    1. Introduction
    2. Special Arithmetic
       1. Introduction
       2. StdEq
       3. DiffGaps
       4. AddGaps
    3. Rounding
       1. Introduction
       2. SRound
       3. SFloor
       4. SCeiling
       5. RoundWeekDay
       6. RoundMonthDay
       7. RoundMD
       8. RoundDateSeq
       9. DateRound
       10. DateFloor
       11. DateCeiling
       12. Disperse
       13. RoundList
    4. Library Information
       1. Introduction
       2. BFVer
       3. DescribeLoanAcctOutput
       4. DescribeCombineSwitch
       5. DescribePmtsPerYear
       6. DescribeLevelSwitch
       7. DescribeBD
       8. DescribeDayCount
       9. DescribePeriods
       10. DescribeLookup
       11. DescribeRounding
       12. DescribeLoanOutput
       13. DescribeShape
       14. ArgValues
    5. Flow Of Control
       1. Introduction
       2. Switch
       3. SwitchR
       4. SwitchT
       5. SwitchRT
       6. IfElse
       7. IfElseR
       8. IfElseT
       9. IfElseRT
    6. Comparisons
       1. Introduction
       2. CollarDate
       3. InBetween
       4. Collar
    7. Excel Information
       1. Introduction
       2. Ev

Key Points

You should choose the value of TimeSteps to as large as performance permits, up to a maximum of 10,000 (although the function may get slow by this time!). TimeSteps is used to discretize (divide up) the time between calculation and expiry. It doesn"t have any real-world significance - to underline this point, note that the most commonly used Black-Scholes method is a special case of the Binomial method with an infinite number of "TimeSteps".

Tip

To help obtain a value for volatility, you can use the HistoricVol function.

Example

OptionBinom.xls