Version 2.1
Introduction
This spreadsheet is provided free of charge for you to use to further your education in options trading. The formulas used were taken from two great books on option trading Option Volatility and Pricing by Sheldon Natenberg Financial Models using Excel by Simon Benninga You can read more about these books from the www.OptionTradingTips.com website http://www.optiontradingtips.com If you have any suggestions for this workbook or even have a bug to report, please feel free to email me at admin@optiontradingtips.com To stay up to date with changes to this workbook and other modifications to the website, please feel free to subscribe: http://www.optiontradingtips.com/subscribe.html I have written all the formulas in Visual Basic using modules and are freely disclosed, so you may examine the logic, edit and change the calculations as you like.
Troubleshooting
You will need to have Macros enabled for the calculations to work. Follow the steps below to enable Macros: Excel 97 - 2003 Go to Tools/Options Click on the Security tab Go to Macro Security Change the setting to Medium Close and reopen the workbook. It will ask you if you want to enable Macros, click Yes Excel 2007 First, make sure that you can see the Developer tab If there is no Developer tab, click on the Office icon to the top left of the application and choose Excel Options, which is located at the bottom right of the popup. Now click on Popular at the top left. Check the box titled "Show developer tab in the ribbon". Now, click on the Developer tab. Click on Macro Security. Select "Disable all macros with notification" and press ok. Close and reopen spreadsheet. Now you should see a Security Warning appear in the toolbar that reads "Macros have been disabled". Click on the options button. Select "Enable this content" and press ok.
Release Updates
11/06/07 - Fixed a bug on the OptionStrategies tab. The greeks for Stock positions were previously displaying 27/04/06 - Fixed a bug that failed to calculate the theoretical change in P&L for stocks in the strategies tab. 28/08/06 - Fixed a small calculation bug for the Option Theta, which now has a near perfect accuracy. 1/10/06 - Added support for Dividend Yield, which can be used as a workaround to price options on futures
by making the Dividend Yield the same as the Interest Rate.
Basic
The worksheet labelled Basic is a simple option pricer. You simply enter the option details into the yellow shaded areas and the output values will be displayed underneath in the blue shaded cells.
OptionPage
OptionPage is a worksheet that allows you to price a string of calls and puts for the same expiration date. Again, you enter the option details into the yellow cells and the output values are in the blue shaded cells. You can calculate the market implied volatility for each option by simply typing in the market price of the option in the column labelled "Market Price" and the volatility implied by the option's market value will show in the column "Implied Volatility". Column's A and L are where you can change the strike prices used for the calculations. Or you can just have the values derive straight from the Underlying Price by default.
OptionStrategies
This worksheet lets you enter combinations of options positions so you can view the payoff/risk graphs. The underlying data for the options is taken from the information entered into the OptionPage worksheet. Then just enter the number of contracts for each position and remember to put a negative number for sell positions. For Type, just enter "c" for call options, "p" for put options and "s" for stock/futures position. If you know what the option is trading at, you can enter the market price in the "override premium" row to calculate the P&L of the position after taking into account the actual price of the option.
StrategyGraphs
This worksheet will show the current Greek position values of your option strategy while referencing the a range of underlying prices. You can change the range of values by changing the cell A17 in the OptionStrateg worksheet.
ation in options trading.
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Underlying Price 1000 The current base price of the instrument, eg, the closing price of Microsft Stock Exercise Price 1000 The price at which the underlying instrument will be exchanged. Also called Strike Pric Today's Date 11/7/2009 Expiry Date 11/30/2009 The Date which the contract expires Historical Volatility 20% The Historical Volatility of the asset's returns Risk Free Rate 5.00% The current risk free interest rate i.e. your return on cash held in the bank Dividened Yield 0.00% The Annualized Dividend Growth Rate of the Stock DTE (Years) 0.06 Call Option Put Option #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Theoretical Price Delta Gamma Theta Vega Rho
The amount that the theoretical price will change if the market moves up The amount that the Delta will change if the market moves up/down 1 po The amount that the theoretical price will change when 1 day passes. The amount that the theoretical price will change if the volatility of the as The amount that the theoretical price will change if interest rates move u
ent, eg, the closing price of Microsft Stock rument will be exchanged. Also called Strike Price
your return on cash held in the bank
oretical price will change if the market moves up/down 1 point lta will change if the market moves up/down 1 point oretical price will change when 1 day passes. oretical price will change if the volatility of the asset moves up/down by 1 percentage point oretical price will change if interest rates move up/down by 1 percentage point
25.00 7-Nov-09 30.00% 2-Dec-09 3.50% 2.00% 25 0.07
Underlying Price Today's Date Historical Volatility Expiry Date Risk Free Rate Dividend Yield DTE DTE in Years Call Options Implied Volatility Delta ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######
<-- Yellow cells are for user input <-- Blue cells are the calculated outputs This worksheet allows you to price multiple strikes for calls and puts with the same Underlying Price. Remember, you can customise your you like by using the formulas provided.
Strike Prices 22.50 23.00 23.50 24.00 24.50 25.00 25.50 26.00 26.50 27.00 27.50
ITM ITM ITM ITM ITM ATM OTM OTM OTM OTM OTM
Theoretical Market Price Price ###### ###### ###### ###### ###### ###### ###### ###### ###### ###### ######
Option Greeks Gamma Vega Theta ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######
Rho ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######
rice multiple strikes for calls and puts for the same Expiry e. Remember, you can customise your own workbook any way
Strike Prices 22.50 23.00 23.50 24.00 24.50 25.00 25.50 26.00 26.50 27.00 27.50
OTM OTM OTM OTM OTM ATM ITM ITM ITM ITM ITM
Theoretical Market Price Price ###### ###### ###### ###### ###### ###### ###### ###### ###### ###### ######
Put Options Implied Volatility Delta ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######
Option Greeks Gamma Vega Theta ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######
Rho ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######
Strat1 Contracts 1 Type Stock Strike 25 Calculated Premium #NAME? Override Premium Premium Used #NAME? Delta 1.00 Gamma 0.00 Theta 0.00 Vega 0.00 Rho 0.00
Strat2 -1 Call 25 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Strat3
Strat4
Strat5
Strat6
Strat7
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Graph Increment 1.00
Profit / Loss at Expiration
1.00 0.90
0.80 0.70 0.60 0.50 0.40 0.30
0.20 0.10 0.00 20 21 22 23 24 25 26 27 28 29
Underlying Price 20 21 22 23 24 25 26 27 28 29 30
P&L Payoff at Expiration Matrix Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 -5.00 #NAME? 0.00 0.00 0.00 0.00 0.00 -4.00 #NAME? 0.00 0.00 0.00 0.00 0.00 -3.00 #NAME? 0.00 0.00 0.00 0.00 0.00 -2.00 #NAME? 0.00 0.00 0.00 0.00 0.00 -1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 2.00 #NAME? 0.00 0.00 0.00 0.00 0.00 3.00 #NAME? 0.00 0.00 0.00 0.00 0.00 4.00 #NAME? 0.00 0.00 0.00 0.00 0.00 5.00 #NAME? 0.00 0.00 0.00 0.00 0.00
Current Theoretical P&L Relative to Underlying Price Changes Underlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 20 -5.00 #NAME? 0.00 0.00 0.00 0.00 0.00 21 -4.00 #NAME? 0.00 0.00 0.00 0.00 0.00 22 -3.00 #NAME? 0.00 0.00 0.00 0.00 0.00 23 -2.00 #NAME? 0.00 0.00 0.00 0.00 0.00 24 -1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 25 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 26 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00
27 28 29 30
2.00 3.00 4.00 5.00
#NAME? #NAME? #NAME? #NAME?
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
Current Position Delta Relative to Underlying Price Changes Underlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 20 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 21 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 22 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 23 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 24 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 25 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 26 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 27 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 28 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 29 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 30 1.00 #NAME? 0.00 0.00 0.00 0.00 0.00 Current Position Gamma Relative to Underlying Price Changes Underlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 20 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 21 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 22 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 23 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 24 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 25 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 26 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 27 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 28 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 29 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 30 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 Current Position Theta Relative to Underlying Price Changes Underlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 20 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 21 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 22 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 23 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 24 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 25 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 26 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 27 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 28 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 29 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 30 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 Current Position Vega Relative to Underlying Price Changes Underlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 20 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 21 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 22 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 23 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 24 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 25 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 26 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00
27 28 29 30
0.00 0.00 0.00 0.00
#NAME? #NAME? #NAME? #NAME?
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
Current Position Rho Relative to Underlying Price Changes Underlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 20 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 21 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 22 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 23 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 24 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 25 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 26 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 27 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 28 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 29 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 30 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00
Strat8
Strat9
Strat10
Total
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? Total Cost Position Delta Position Gamma Position Theta Position Vega Position Rho
30
Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P&L Intercept #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P&L #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
#NAME? #NAME? #NAME? #NAME?
Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
#NAME? #NAME? #NAME? #NAME?
Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
P&L at Expiration 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 20 21 22 23 24 25 26 27 28 29 30 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 20 21 22 23
Delta
24
Gamma
1.00 0.90 0.80 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00
Theta
0.70 0.60 0.50
0.40 0.30 0.20
0.10 0.00 20 21 22 23 24 25 26 27 28 29 30
20
21
22
23
24
Vega
1.00 1.00
Rho
0.90 0.80 0.70
0.60 0.50 0.40
0.90 0.80 0.70
0.60 0.50 0.40
0.30 0.20 0.10
0.00
0.30 0.20 0.10
0.00
20
21
22
23
24
25
26
27
28
29
30
20
21
22
23
24
Delta
25
26
27
28
29
30
Theta
25
26
27
28
29
30
Rho
24
25
26
27
28
29
30
IMPLIED VOLATILITY Low Buy Naked Puts Bear Vertical Spreads: Bearish M A R K E T D I R E C T I O N Buy ATM Call/Sell ITM Call Buy ATM Put/Sell OTM Put Sell OTM (ITM) Call (Put) Butterflies Buy ITM (OTM) Call (Put) Time Spreads Backspreads Neutral Buy Straddles/Strangles Sell ATM Call Or Put Butterflies Buy ATM Call Or Put Time Spreads Buy Naked Calls Bull Vertical Spreads Bullish Buy ATM Call/Sell OTM Call Buy ATM Put/Sell ITM Put Sell ITM (OTM) Call (Put) Butterflies Buy OTM (ITM) Call (Put) Time Spreads Buy the Underlying Do Nothing Neutral Sell the Underlying
IMPLIED VOLATILITY High Sell Naked Calls Bear Vertical Spreads: Buy OTM Call/Sell ATM Call Buy OTM (ITM) Call (Put) Time Spreads Buy ITM (OTM) Call (Put) Butterflies Sell OTM (ITM) Call (Put) Time Spreads Ratio Vertical Spreads Sell Straddles/Strangles Buy ATM Call Or Put Butterflies Sell ATM Call Or Put Time Spreads Sell Naked Puts Bull Vertical Spreads Buy ITM Call/Sell ATM Call Buy OTM Put/Sell ATM Put Buy OTM (ITM) Call (Put) Butterflies Sell ITM (OTM) Call (Put) Time Spreads
100 100 7-Nov-09 25.00% 6-Jan-10 0% 0% 60 0.16
Underlying Price Exercise Price Today's Date Historical Volatility Expiry Date Risk Free Rate Dividend Yield DTE DTE in Years
75 80 85 90 95 100 105 110 90 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 100 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 110 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Gamma vs Underlying Price
1 0.9 0.8 0.7
0.6 0.5 0.4 0.3 0.2
90
100 110
0.1 0
75 80 85 90 95 100 105 110 115 120 125
115 120 125 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
100 100 7-Nov-09 25.00% 6-Jan-10 0% 0% 60 0.16
Underlying Price Exercise Price Today's Date Historical Volatility Expiry Date Risk Free Rate Dividend Yield DTE DTE in Years
75 80 85 90 95 100 105 110 90 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 100 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 110 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Vega vs Underlying Price
1
0.9 0.8 0.7 0.6
0.5 0.4 0.3 0.2 0.1 0 75 80 85 90 95 100 105 110 115 120 125
90 100
110
115 120 125 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
100 100 7-Nov-09 25.00% 6-Jan-10 0% 0% 60 0.16
Underlying Price Exercise Price Today's Date Historical Volatility Expiry Date Risk Free Rate Dividend Yield DTE DTE in Years
100 90 80 70 60 50 40 30 100 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 100 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Call Theta
1
Call Option Price
0.9 0.8
0.7 0.6 0.5 0.4
0.3 0.2
0.1 0 100 90 80 70 60 50 40 30 20 10 1
1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 100 90 80 70 60 50
DTE 100 99 98 97 96 95 94 93 92 91 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51
20 10 1 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Call Option Price
50
40
30
20
10
1
Theta Theo % Diff #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
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