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This procedure offers an estimate of price volatility which is derived from the market price of an option.
Calculations are conducted backwards until the volatility of the model satisfies the instrument's actual market price.
The advantage of this paradigm is that it utilizes actual market information to determine a volatility estimate;
however, the cumbersome nature of the calculation process typically requires the use of a computer (not a calculator),
and several assumptions regarding the underlying distribution of prices remain open to debate among the various mathematical models used.
The efficiency of the predicted values of these estimates of implied volatility depend upon the option pricing model used
(e.g.: Black-Scholes Model, Hull-White Model, Black-Derman-Toy Model, Cox-Ross-Rubenstein).
With this software we used the Black-Scholes Model to back out the implied volatility.