> ## Documentation Index
> Fetch the complete documentation index at: https://docs.fincept.in/llms.txt
> Use this file to discover all available pages before exploring further.

# Equity and FX options

> Vanilla and exotic options on one or several underlyings: European, American, Bermudan; barrier, double barrier, Asian, lookback, digital, compound, chooser, extensible, forward-start, cliquet, basket, spread, exchange, quanto and swing options; Black-Scholes, Heston, Bates, SABR, CEV, variance gamma, GJR-GARCH and hybrid models; Greeks, implied volatility and closed-form Black/Bachelier tools.

Toolset `pricing_options`: 14 tools.

| Tool | What it does | Notes |
| - | - | - |
| `pricing_vanilla_option` | Prices a European, American or Bermudan call or put on a stock, index, FX rate or commodity under Black-Scholes-Merton (flat volatility or a strike x expiry surface; continuous yield and discrete dividends; FX with rate = domestic and dividend\_yield = foreign rate) with any engine: analytic, dividend models, integral, American approximations, binomial trees, finite differences, Monte Carlo. | |
| `pricing_barrier_option` | Prices a single-barrier option (up/down, in/out, with rebate; vanilla, cash-or-nothing or asset-or-nothing payoff) under Black-Scholes (analytic, finite differences, binomial, Monte Carlo), Heston (finite differences), or the FX vanna-volga smile method; also partial-time barriers (monitored only in part of the life) and soft barriers. | |
| `pricing_double_barrier_option` | Prices a double-barrier option (knock-in, knock-out, KIKO, KOKI; vanilla or binary payoff, double no-touch with analytic\_binary) under Black-Scholes (Ikeda-Kunitomo, Suo-Wang, binomial), Heston (finite differences) or FX vanna-volga. | |
| `pricing_digital_option` | Prices digital options: European cash-or-nothing, asset-or-nothing, gap and supershare payoffs in closed form, and American one-touch (paid at hit or at expiry) and knock-out touch digitals analytically or by Monte Carlo. | |
| `pricing_compound_option` | Options on options and options with choices: compound options (call or put on a call or put), simple and complex choosers, holder- and writer-extensible options in closed form, and shout options by finite differences. | |
| `pricing_forward_start_option` | Prices forward-start options (strike fixed as a fraction of the spot on a future reset date) under Black-Scholes or Heston (analytic or Monte Carlo), cliquet (ratchet) options and performance options over a series of reset dates. | |
| `pricing_black_formula` | Closed-form option maths on a forward: Black-76 (lognormal), shifted lognormal and Bachelier (normal) prices with every Greek (delta, gamma, vega, theta, rho, vanna, volga, elasticity, strike Greeks, in-the-money probabilities) across strikes; implied volatilities from prices by Newton, Li's rational method or Choi's normal-vol formula; and FX delta conventions (spot, forward, premium-adjusted; ATM delta-neutral, forward, 50-delta) turning deltas into strikes. | |
| `pricing_implied_vol` | Implied Black-Scholes volatility of each quoted option (European in closed form, American on a finite- difference grid) given the spot, rate and dividend curves and discrete dividends. | |
| `pricing_option_models` | Prices a European (or, with finite differences, American) vanilla option under a chosen model: Heston with any characteristic-function integration and formulation, COS, exponential fitting, density, finite differences or Monte Carlo; Bates; piecewise time-dependent Heston; GJR-GARCH; variance gamma (analytic, FFT); CEV; SABR; Ornstein-Uhlenbeck; Black-Scholes or Heston with Hull-White stochastic rates. | |
| `pricing_basket_option` | Options on several underlyings, each with its own spot, volatility and yield curves, correlated: weighted baskets, spreads (Kirk, Bjerksund-Stensland, operator splitting, Gaussian copula, Pearson, Deng-Li-Zhou, Choi, 2-D finite differences, Monte Carlo), best/worst-of (Stulz, finite differences, Monte Carlo incl. American), exchange options (Margrabe, European and American), two-asset correlation and two-asset barrier options, Everest and Himalaya options. | |
| `pricing_quanto_option` | Quanto option: an option on an underlying quoted in a foreign currency paid in the domestic currency at a fixed exchange rate of one; market.rate\_curve is the domestic (payout) curve, foreign\_curve the underlying's currency curve. | |
| `pricing_asian_option` | Prices an Asian option on the arithmetic or geometric average of the price, average-price (vs a strike) or average-strike, with discrete fixings (dates or a frequency, past fixings included) or continuous averaging, under Black-Scholes (closed-form geometric, Turnbull-Wakeman, Levy, Choi, finite differences, Monte Carlo) or Heston (closed-form geometric, Monte Carlo). | |
| `pricing_lookback_option` | Prices a continuously monitored lookback option in closed form: fixed strike (payoff on the maximum or minimum vs a strike), floating strike (final price vs the minimum or maximum), and their partial-period versions. | |
| `pricing_swing_option` | Prices a swing option: up to max\_rights (at least min\_rights) exercises of a call, put or forward payoff on a set of dates, by finite differences under Black-Scholes or under a mean-reverting log price with jumps (for spot gas and power). | |

Inputs, limits and outputs are described in [Fincept Pricing](/guides/fincept-pricing). Full schemas: `fincept_describe_tool`.


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