We implement a Rubinstein-type (1994) implied binomial tree using an Excel spreadsheet, but without using VBA (Visual Basic Application). We demonstrate both the optimization needed to generate ...

A binomial tree is a graphical representation of possible intrinsic values that an option may take at different nodes or time periods.

The Journal of Finance, Vol. 48, No. 3, Papers and Proceedings of the Fifty-Third Annual Meeting of the American Finance Association: Anaheim, California January 5-7, 1993 (Jul., 1993), pp. 933-947 ...