Jim,
Before you review this response, You need to update your executable files. Go to Web Site download both files and install using the custom installation and choose executable. The program has been updated, even thought the date on the web site has not changed.
Your question about percent bias prompted some confusion to me as well. Percent bias was correct, but bias was showing as adjusted bias. The problem has been fixed, the reason for the need to do the download. (Note to others reading, if your file osrtll.exe is not 04/14/97, then you should download an update to follow this response.)
Now for your question:
Bias is Price - Thoeretical Value. Remember that Price can be bid, ask, average of bid and ask, close, or last depending on your setting at Setup|General|Market Price. And ThVal is certainly a factor of your volatility settings...
Percent Bias is simply Bias/Price, therefore a 50% PBias says that the ThVal is 50% higher than the Price.
Hope this helps.
Harold |
