The BarrierPartialEnd function calculates the theoretical price, sensitivities, the implied volatility, and the implied strike value of a European Partialtimeend barrier option using Heynen and Kat’s model. This function evaluates onetouch, upandin, downandin, upandout, downandout barrier options for both calls and puts. See Barrier Options for a further explanation.
BarrierPartialEnd 
(OptionType, BarrierType, ModelStatistic, Asset, Strike, Barrier, TimeBarrier, TimeExpire, Volatility, InterestRate, YieldRate, MarketPrice, Monitoring, TimeFormat, InterestType, YieldType) 
Note: Optional arguments are shown in Italics. MarketPrice is not Optional for the Implied Calculations.
Argument 
Description 
OptionType 
Alphanumeric value indicating the type of option: •Call = 1 or "c" (case insensitive) •Put = 2 or "p" (case insensitive) 
BarrierType 
Alphanumeric value indicating the barrier type: •Down_Out = 1 or "do" (Down and Out Barrier) •Down_In = 2 or "di" (Down and In Barrier) •Up_Out = 3 or "uo" (Up and Out Barrier) •Up_In = 4 or "ui" (Up and In Barrier) •One_Touch = 5 or "ot" (One Touch Barrier) 
ModelStatistic 
Numeric value indicating the type of function required for the return value: •Theoretical = 1 •Delta = 2 •Gamma = 3 •Theta = 4 •ImpliedVol = 5 •Vega = 6 •Rho = 7 •Psi = 8 •Lambda = 9 •StrikeSensitivity = 11 •ImpliedStrike = 13 
Asset 
The price of the underlying asset. Must be > 0. 
Strike 
The price at which the asset can be purchased if the option is a call or sold if the option is a put. Must be > 0. 
Barrier 
The barrier price level. 
TimeBarrier 
The expressed in either Days or Years (depending on the TimeFormat value) until the expiration of the barrier’s monitoring period. Must be 0 < TimeBarrier < TimeExpire. 
TimeExpire 
Time, expressed in either Days or Years (depending on the TimeFormat value), until the options expiration. Must be > 0. 
Volatility 
Annualized volatility of the underlying security. Must be > 0. 
InterestRate 
Riskfree interest rate expressed as a percentage. This rate is interpreted as a continuously compounded rate unless otherwise specified in the InterestType argument. Must be > 0. 
YieldRate 
Yield, expressed as a percentage (dividends or interest yield), of the underlying asset price. This rate is interpreted as a continuously compounded rate unless specified otherwise in the YieldType argument. 
MarketPrice 
Optional. The selling price of the option in the marketplace. This input is required when implied volatility and strike are calculated. Price must be > 0. 
Monitoring 
Optional. Alphanumeric value indicating the frequency of the barrier monitoring. If omitted, a ContinuousSample is used. 
TimeFormat 
Optional. Alphanumeric value indicating the format of the time arguments (i.e. TimeExpire). If omitted, Days are used as the default. Specified as either: •Days = 0 or "D" (case insensitive) •Years = 1 or "Y" (case insensitive) 
InterestType 
Optional. Alphanumeric value indicating the type of InterestRate to use when evaluating the option. This value is converted to Continuously Compounded for the calculations. If omitted, a Continuously Compounded rate is used. 
YieldType 
Optional. Alphanumeric value indicating the type of YieldRate to use when evaluating the option. This value is converted to Continuously Compounded for the calculations. If omitted, a Continuously Compounded rate is used. 
Example
Calculate all of functions for a downandout partialend barrier call option whose asset price 1 year from expiration is $63, the exercise price of the option is $65, the barrier is $60, the time of the barrier is 0.75 years, the riskfree interest rate is 7% per annum, the yield rate is 5% per annum, and the annual volatility is 20%. The barrier monitoring and all of the rates are continuous. So, 
Input 

Output 

Variable 
Value 

Function 
Name 
Value 
OptionType 
Call 

1 
Theoretical: 
4.314489 
BarrierType 
1 (DownandOut) 

2 
Delta: 
0.495826 
Asset 
63 

3 
Gamma: 
0.031112 
Strike 
65 

4 
Theta: 
0.007653 
Barrier 
60 

5 
Implied Vol.: 
0.185642 
TimeBarrier 
0.75 

6 
Vega: 
0.218338 
TimeExpire 
1 

7 
Rho: 
0.262371 
InterestRate 
7% 

8 
Psi: 
0.305516 
YieldRate 
5% 

9 
Lambda: 
7.240038 
Volatility 
20% 

11 
Strike Sens.: 
0.361501 
TimeFormat 
Years 

13 
Implied Strike: 
65.887748 
MarketPrice 
4 




For a further example on this model see the included Excel Template located in the root directory of the addin. This example can be accessed through the Barrier Template menu item after the addin has been installed properly.
A list of all of the possible Error Messages is included for convenience.