where 
,
, , 
? = 1 if up and out call and ? = 1 if down and out call m= min(h,k) when ? = 1, and m= max(h,k) when ? = 1 
where 
w = The European option value S = The spot price of the underlying asset X = Strike price H = Barrier = Volatility of underlying asset b = Cost of carry r = Risk free rate t1 = End of monitoring period T2 = Expiry date M = The Cumulative bivariate normal density function N = The Cumulative normal density function 


See Also 
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