P(settle < strike) — the DOWN digital. Exactly 1 − up, matching the chain's range_price(-inf, strike] = up(-inf) − up(strike) = 1 − up(strike).
1 − up
range_price(-inf, strike] = up(-inf) − up(strike) = 1 − up(strike)
P(settle < strike) — the DOWN digital. Exactly
1 − up, matching the chain'srange_price(-inf, strike] = up(-inf) − up(strike) = 1 − up(strike).