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what is the difference between N(d1) and N(-d1)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AFM Exams › what is the difference between N(d1) and N(-d1)

  • This topic has 3 replies, 2 voices, and was last updated 10 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • November 12, 2014 at 2:49 pm #209369
    questforknowledge
    Member
    • Topics: 29
    • Replies: 47
    • ☆☆

    sir in question 3 of dec 2010 N(-d1) was used as the value for delta in a put option. d1 in that question was -0.055 and in the solution -d1 was goten as .0.055 ( minus sign is taken to the left). thus normal distribution table figure was instead added to 0.5. i don’t quite understand it because in your lectures you said delta can be taken as N(d1).
    can you please clarify me
    thanks

    November 12, 2014 at 5:45 pm #209428
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54759
    • ☆☆☆☆☆

    The question says to assume that the delta of a put option is N(-d1)

    (Usually we are looking at call options and then the delta is N(d1). That is why he added that bit to the question because you are not expected to have learned that for a put option it is N(-d1))

    – – = + So N( – – 0.055) = N(+0,055)

    November 13, 2014 at 8:01 am #209526
    questforknowledge
    Member
    • Topics: 29
    • Replies: 47
    • ☆☆

    thank you John, I can see the exam is really full of tricks that one really needs to spot them

    November 13, 2014 at 10:01 am #209569
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54759
    • ☆☆☆☆☆

    You are welcome 🙂

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