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	SUMMARY & DOCUMENTATION
	Model Documentation, Formulas & References
	MODEL OVERVIEW			SHEET DESCRIPTIONS
	Model Name	Black-Scholes-Merton Option Pricing Model		Inputs & Pricing	Core input parameters (S, K, T, r, vol, q), BS calculations, call/put prices, Greeks overview, put-call parity check.
	Version	1.0 (Enterprise Edition)		Greeks Dashboard	Full Greeks tables vs Spot Price and Time to Expiry. Charts for Delta, Gamma, Theta, Vega across spot range.
	Date Created	12-Feb-26		Volatility Surface	Parametric implied volatility surface (strike x maturity). Call/put price grids using surface vols. Smile and term structure charts.
	Model Type	European Option Pricing with Greeks & Volatility Surface		Payoff Diagrams	Option payoff and P/L tables at expiration. Long/short position toggle. Breakeven analysis. P/L charts for calls and puts.
	Underlying Asset	Equity / Index (with continuous dividend yield)		Sensitivity Analysis	Two-way sensitivity tables: Call/Put price vs Spot-Vol, Call price vs Spot-Time, Delta vs Spot-Vol.
	Exercise Style	European (exercise at expiration only)		Summary & Docs	Model documentation, formula reference, assumptions, color coding guide, and sheet descriptions.
	Dividend Handling	Continuous dividend yield (Merton adjustment)
	Volatility Model	Flat vol for pricing; parametric skew/smile for surface		COLOR CODING GUIDE
	Greeks Computed	Delta, Gamma, Theta, Vega, Rho, Vanna, Volga, Charm		Blue Text	Hardcoded inputs - user modifiable values
	Number of Sheets	6 (Inputs, Greeks, Vol Surface, Payoffs, Sensitivity, Docs)		Black Text	Formulas calculated within the same sheet
	Input Method	Blue-colored cells on Inputs & Pricing sheet		Green Text	Formulas referencing other sheets (cross-sheet links)
	Calculation Method	All formulas are analytical (closed-form), no iteration required		Green Background	Key result cells and ATM (at-the-money) rows
	KEY FORMULAS			MODEL ASSUMPTIONS
	d1	[ln(S/K) + (r - q + vol^2/2) * T] / (vol * sqrt(T))		1	The underlying asset follows geometric Brownian motion (log-normal price distribution).
	d2	d1 - vol * sqrt(T)		2	Volatility is constant over the life of the option (for flat vol pricing).
	Call Price (C)	S * exp(-qT) * N(d1) - K * exp(-rT) * N(d2)		3	The risk-free interest rate is constant and known.
	Put Price (P)	K * exp(-rT) * N(-d2) - S * exp(-qT) * N(-d1)		4	No transaction costs, taxes, or market frictions.
	Put-Call Parity	C - P = S * exp(-qT) - K * exp(-rT)		5	Continuous trading is possible (no jumps in price).
	Delta (Call)	exp(-qT) * N(d1)		6	The underlying pays a known continuous dividend yield.
	Delta (Put)	-exp(-qT) * N(-d1)		7	European exercise only (cannot be exercised before expiration).
	Gamma	exp(-qT) * n(d1) / (S * vol * sqrt(T))		8	Short selling of the underlying is permitted without restriction.
	Theta (Call)	[-S*exp(-qT)*n(d1)*vol/(2*sqrt(T)) + q*S*exp(-qT)*N(d1) - r*K*exp(-rT)*N(d2)] / 365		9	The volatility surface uses a parametric model (not calibrated from market data).
	Theta (Put)	[-S*exp(-qT)*n(d1)*vol/(2*sqrt(T)) - q*S*exp(-qT)*N(-d1) + r*K*exp(-rT)*N(-d2)] / 365		10	All rates and yields are expressed as continuously compounded annual rates.
	Vega (per 1%)	S * exp(-qT) * n(d1) * sqrt(T) / 100
	Rho (Call, per 1%)	K * T * exp(-rT) * N(d2) / 100
	Rho (Put, per 1%)	-K * T * exp(-rT) * N(-d2) / 100
	Vanna	-exp(-qT) * n(d1) * d2 / vol
	REFERENCES
	Black, F. & Scholes, M.	"The Pricing of Options and Corporate Liabilities", JPE, 1973
	Merton, R.C.	"Theory of Rational Option Pricing", Bell Journal of Economics, 1973
	Hull, J.C.	"Options, Futures, and Other Derivatives", 11th Edition, Pearson, 2022
	Haug, E.G.	"The Complete Guide to Option Pricing Formulas", 2nd Edition, McGraw-Hill, 2007
	Gatheral, J.	"The Volatility Surface: A Practitioner's Guide", Wiley, 2006
	DISCLAIMER: This model is for educational and analytical purposes. All volatility surface data is illustrative (parametric model). In production, implied volatilities should be calibrated from market option prices. This model does not account for early exercise (American options), discrete dividends, or market microstructure effects.