1. Options Simulator USERS designed for: Private Investors Professional investors in Broker companies Timing Mode: Day-to-Day and intra-day continuous time

2. Technical Specifications Written in Visual Basic (VBA) Access Excel The software was running in the environment of a broker company for 2 years Code Size: 14,000 lines,287 pages, 194 procedures. All real time in excel, all daily saves in Access

3. MAIN OBJECTIVES Calculate 9 Greeks Calculate 47 more other indicators (Including RIVA margin) for Options Calculate Optimal Combination-Portfolio of call-Putts on all strike prices and different expirations Provide Historic and Monte-Carlo simulation of combinations- portfolio and trading on Options Calculate in Intra-day continuous time Arbitrage Opportunities

4. Outline of Inputs Day-to-Closes and Intra-day continuous time last prices of all underlying assets Day-to-Day and Intra-day forecasting of the underlying assets Historic Volatilities Risk-free rates Transaction costs Other setup parameters

5. Outline of Setup Parameters Historic rates, volatilities, forecasting and other risk metrics of the underlying assets Transaction costs Ranges of Risk metrics Time range of historic simulation Market-makers usual Bid-Ask spreads for the simulation Ranges of the strike prices

6. Outline of Outputs 56 Greeks and other indicators, risk metrics (like RIVA margins) and fields Implied Volatilities and rates Optimal Portfolio of put and calls of the same or different expirations and strike prices Neutral Hedge portfolio of options and futures Forecasted prices of the underlying assets, and the premiums Charts of the premium, the Greeks, volatilities and required liquidities, till expiration Charts of historic data of simulation Portfolio percentages, risk metrics, liquidity, and performance during simulation

7. MAIN FUNCTIONALITIES Calculates in real time the correlations structure of the options, and other risk metrics for all the assets Calculates in real time optimal portfolio of the market in many time scales, strike prices, and expiration months. Performs automatic or interactive virtual trading based on the above all or selected options. Makes real time clearance of the virtual trading and saves final daily clearance. Provide time-evolution charts and not only PnL charts of most of the 56, Greeks, fields and indicators

8. 4-Color Market Risk-Code In actual prices or forecasting and at various time scales: Red: The asset is going down (D<0) Green: Asset is going up (D>0) Yellow: The asset has decreasing increase (D 2 <0) Orange:The asset has decreasing decrease (D 2 >0)

9. Simulation Functionalities Calculates forecasting of next day and Monte- Carlo simulation of a number of next days Calculates Historic simulation of all the Greeks, indicators, and position portfolio risk metric and clearance, for a number of days Permits Day-to-Day Interactive manual simulation, with calculation of all the Greeks, indicators, and position portfolio risk metric and clearance for a number of past or future days