{"id":3011,"date":"2025-03-12T10:26:42","date_gmt":"2025-03-12T06:56:42","guid":{"rendered":"https:\/\/armanbroker.ir\/academy\/?p=3011"},"modified":"2025-03-12T10:26:42","modified_gmt":"2025-03-12T06:56:42","slug":"%d9%85%d8%af%d9%84-%d8%a8%d9%84%da%a9-%d8%b4%d9%88%d9%84%d8%b2-%da%86%db%8c%d8%b3%d8%aa%d8%9f%d9%86%d8%ad%d9%88%d9%87-%d8%a7%d8%b3%d8%aa%d9%81%d8%a7%d8%af%d9%87-%d8%af%d8%b1-%d8%a7%d8%ae%d8%aa%db%8c","status":"publish","type":"post","link":"https:\/\/academy.arbr.ir\/%d9%85%d8%af%d9%84-%d8%a8%d9%84%da%a9-%d8%b4%d9%88%d9%84%d8%b2-%da%86%db%8c%d8%b3%d8%aa%d8%9f%d9%86%d8%ad%d9%88%d9%87-%d8%a7%d8%b3%d8%aa%d9%81%d8%a7%d8%af%d9%87-%d8%af%d8%b1-%d8%a7%d8%ae%d8%aa%db%8c\/","title":{"rendered":"\u0645\u062f\u0644 \u0628\u0644\u06a9 \u0634\u0648\u0644\u0632 \u0686\u06cc\u0633\u062a\u061f\u0646\u062d\u0648\u0647 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u062f\u0631 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647"},"content":{"rendered":"<p 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\u0641\u0639\u0644\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647 \u0648 \u0642\u06cc\u0645\u062a \u0627\u0639\u0645\u0627\u0644<\/li>\n<li data-sourcepos=\"19:1-19:29\">\u0632\u0645\u0627\u0646 \u0628\u0627\u0642\u06cc\u200c\u0645\u0627\u0646\u062f\u0647 \u062a\u0627 \u0633\u0631\u0631\u0633\u06cc\u062f<\/li>\n<li data-sourcepos=\"20:1-21:0\">\u0646\u0648\u0633\u0627\u0646\u200c\u067e\u0630\u06cc\u0631\u06cc \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647<\/li>\n<\/ul>\n<p data-sourcepos=\"22:1-22:160\">\u0628\u0647 \u0637\u0648\u0631 \u0637\u0628\u06cc\u0639\u06cc\u060c \u0647\u0631\u0686\u0647 \u0646\u0648\u0633\u0627\u0646\u200c\u067e\u0630\u06cc\u0631\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647 \u0628\u06cc\u0634\u062a\u0631 \u0628\u0627\u0634\u062f\u060c \u0642\u06cc\u0645\u062a \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647 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\u0628\u0631\u0627\u06cc \u0627\u0648\u0644\u06cc\u0646 \u0628\u0627\u0631 \u062f\u0631 \u0633\u0627\u0644 \u06f1\u06f9\u06f7\u06f3 \u062f\u0631 \u0645\u0642\u0627\u0644\u0647\u200c\u0627\u06cc \u0628\u0627 \u0639\u0646\u0648\u0627\u0646 &#8220;\u0642\u06cc\u0645\u062a\u200c\u06af\u0630\u0627\u0631\u06cc \u0622\u067e\u0634\u0646 \u0647\u0627 \u0648 \u0628\u062f\u0647\u06cc\u200c\u0647\u0627\u06cc \u0634\u0631\u06a9\u062a\u06cc&#8221; \u062f\u0631 \u0645\u062c\u0644\u0647 Journal of Political Economy \u0645\u0646\u062a\u0634\u0631 \u0634\u062f \u0648 \u0628\u0647 \u0633\u0631\u0639\u062a \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u06cc\u06a9\u06cc \u0627\u0632 \u0627\u0633\u062a\u0627\u0646\u062f\u0627\u0631\u062f\u0647\u0627\u06cc \u0635\u0646\u0639\u062a \u0634\u0646\u0627\u062e\u062a\u0647 \u0634\u062f.<\/p>\n<p data-sourcepos=\"7:1-7:190\">\u0646\u06a9\u062a\u0647 \u062c\u0627\u0644\u0628 \u062a\u0648\u062c\u0647 \u0627\u06cc\u0646 \u0627\u0633\u062a \u06a9\u0647 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\u0628\u0647 \u0622\u062f\u0631\u0633 https:\/\/tsetmc.com \u0645\u0631\u062c\u0639 \u0627\u0635\u0644\u06cc \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0628\u0627\u0632\u0627\u0631 \u0633\u0631\u0645\u0627\u06cc\u0647 \u0627\u06cc\u0631\u0627\u0646 \u0627\u0633\u062a. \u062f\u0631 \u0627\u06cc\u0646 \u0633\u0627\u06cc\u062a\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u062f \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u06a9\u0627\u0645\u0644\u06cc \u0627\u0632 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647\u060c \u0634\u0627\u0645\u0644 \u0642\u06cc\u0645\u062a\u200c\u0647\u0627\u06cc \u062c\u0627\u0631\u06cc\u060c \u062d\u062c\u0645 \u0645\u0639\u0627\u0645\u0644\u0627\u062a\u060c \u0642\u06cc\u0645\u062a\u200c\u0647\u0627\u06cc \u0627\u0639\u0645\u0627\u0644 \u0648 \u062a\u0627\u0631\u06cc\u062e\u200c\u0647\u0627\u06cc \u0633\u0631\u0631\u0633\u06cc\u062f \u0631\u0627 \u0645\u0634\u0627\u0647\u062f\u0647 \u06a9\u0646\u06cc\u062f. \u0628\u0627 \u062f\u0627\u0634\u062a\u0646 \u0627\u06cc\u0646 \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0648 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0645\u0627\u0634\u06cc\u0646\u200c\u062d\u0633\u0627\u0628\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u06cc \u0645\u0648\u062c\u0648\u062f (\u06a9\u0647 \u0628\u0647 \u0635\u0648\u0631\u062a \u0622\u0646\u0644\u0627\u06cc\u0646 \u06cc\u0627 \u0646\u0631\u0645\u200c\u0627\u0641\u0632\u0627\u0631\u0647\u0627\u06cc \u062c\u062f\u0627\u06af\u0627\u0646\u0647 \u062f\u0631 \u062f\u0633\u062a\u0631\u0633 \u0647\u0633\u062a\u0646\u062f)\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u062f \u0627\u0631\u0632\u0634 \u0646\u0638\u0631\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u0647\u0627\u06cc \u0645\u0648\u0631\u062f \u0646\u0638\u0631 \u062e\u0648\u062f \u0631\u0627 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0646\u06cc\u062f.<\/p>\n<p data-sourcepos=\"1:1-1:91\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-3500 size-full aligncenter\" src=\"https:\/\/academy.armanbrokerage.com\/wp-content\/uploads\/2025\/03\/%D9%85%D8%A7%D8%B4%DB%8C%D9%86-%D8%AD%D8%B3%D8%A7%D8%A8-%D8%B3%D9%87%D8%A7%D9%85.jpg\" alt=\"\u0645\u0627\u0634\u06cc\u0646 \u062d\u0633\u0627\u0628 \u0633\u0647\u0627\u0645\" width=\"1335\" height=\"390\" \/><\/p>\n<h3 data-sourcepos=\"3:1-3:51\"><strong>\u067e\u0627\u0631\u0627\u0645\u062a\u0631\u0647\u0627\u06cc \u0645\u0627\u0634\u06cc\u0646\u200c\u062d\u0633\u0627\u0628 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647:<\/strong><\/h3>\n<ol data-sourcepos=\"5:1-38:0\">\n<li data-sourcepos=\"5:1-9:0\">\n<p data-sourcepos=\"5:5-5:45\"><strong>\u0646\u0648\u0639 \u0642\u0631\u0627\u0631\u062f\u0627\u062f \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647 (Put\/Call):<\/strong><\/p>\n<ul data-sourcepos=\"7:5-9:0\">\n<li data-sourcepos=\"7:5-7:138\"><strong>\u0627\u062e\u062a\u06cc\u0627\u0631 \u062e\u0631\u06cc\u062f (Call Option):<\/strong> \u0628\u0647 \u062f\u0627\u0631\u0646\u062f\u0647 \u0627\u062e\u062a\u06cc\u0627\u0631 <em>\u062d\u0642<\/em> (\u0646\u0647 \u0627\u0644\u0632\u0627\u0645) \u0645\u06cc\u200c\u062f\u0647\u062f \u06a9\u0647 \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647 \u0631\u0627 \u062f\u0631 \u0642\u06cc\u0645\u062a \u0645\u0634\u062e\u0635\u06cc (\u0642\u06cc\u0645\u062a \u0627\u0639\u0645\u0627\u0644) \u062f\u0631 \u0622\u06cc\u0646\u062f\u0647 \u0628\u062e\u0631\u062f.<\/li>\n<li data-sourcepos=\"8:5-9:0\"><strong>\u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 (Put Option):<\/strong> \u0628\u0647 \u062f\u0627\u0631\u0646\u062f\u0647 \u0627\u062e\u062a\u06cc\u0627\u0631 <em>\u062d\u0642<\/em> (\u0646\u0647 \u0627\u0644\u0632\u0627\u0645) \u0645\u06cc\u200c\u062f\u0647\u062f \u06a9\u0647 \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647 \u0631\u0627 \u062f\u0631 \u0642\u06cc\u0645\u062a \u0645\u0634\u062e\u0635\u06cc (\u0642\u06cc\u0645\u062a \u0627\u0639\u0645\u0627\u0644) \u062f\u0631 \u0622\u06cc\u0646\u062f\u0647 \u0628\u0641\u0631\u0648\u0634\u062f.<\/li>\n<\/ul>\n<\/li>\n<li data-sourcepos=\"10:1-13:0\">\n<p data-sourcepos=\"10:5-10:50\"><strong>\u0642\u06cc\u0645\u062a \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647 (Underlying Asset Price):<\/strong><\/p>\n<ul data-sourcepos=\"12:5-13:0\">\n<li data-sourcepos=\"12:5-13:0\">\u0642\u06cc\u0645\u062a \u0641\u0639\u0644\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc \u06a9\u0647 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647 \u0628\u0631 \u0627\u0633\u0627\u0633 \u0622\u0646 \u0627\u0633\u062a (\u0645\u062b\u0644\u0627\u064b \u0642\u06cc\u0645\u062a \u0641\u0639\u0644\u06cc \u06cc\u06a9 \u0633\u0647\u0645).<\/li>\n<\/ul>\n<\/li>\n<li data-sourcepos=\"14:1-17:0\">\n<p data-sourcepos=\"14:5-14:34\"><strong>\u0642\u06cc\u0645\u062a \u0627\u0639\u0645\u0627\u0644 (Strike Price):<\/strong><\/p>\n<ul data-sourcepos=\"16:5-17:0\">\n<li data-sourcepos=\"16:5-17:0\">\u0642\u06cc\u0645\u062a\u06cc \u06a9\u0647 \u062f\u0631 \u0622\u0646 \u062f\u0627\u0631\u0646\u062f\u0647 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647 \u0631\u0627 \u0628\u062e\u0631\u062f (\u062f\u0631 \u0627\u062e\u062a\u06cc\u0627\u0631 \u062e\u0631\u06cc\u062f) \u06cc\u0627 \u0628\u0641\u0631\u0648\u0634\u062f (\u062f\u0631 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634).<\/li>\n<\/ul>\n<\/li>\n<li data-sourcepos=\"18:1-21:0\">\n<p data-sourcepos=\"18:5-18:55\"><strong>\u0632\u0645\u0627\u0646 \u0628\u0627\u0642\u06cc\u200c\u0645\u0627\u0646\u062f\u0647 \u062a\u0627 \u0633\u0631\u0631\u0633\u06cc\u062f (Time to Expiration):<\/strong><\/p>\n<ul data-sourcepos=\"20:5-21:0\">\n<li data-sourcepos=\"20:5-21:0\">\u0645\u062f\u062a \u0632\u0645\u0627\u0646 (\u0645\u0639\u0645\u0648\u0644\u0627\u064b \u0628\u0647 \u0631\u0648\u0632 \u06cc\u0627 \u0633\u0627\u0644) \u062a\u0627 \u062a\u0627\u0631\u06cc\u062e \u0627\u0646\u0642\u0636\u0627\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647.<\/li>\n<\/ul>\n<\/li>\n<li data-sourcepos=\"22:1-26:0\">\n<p data-sourcepos=\"22:5-22:104\"><strong>\u0646\u0631\u062e \u0628\u0627\u0632\u062f\u0647\u06cc \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 (Expected Rate of Return) \/ \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 (Risk-Free Interest Rate):<\/strong><\/p>\n<ul data-sourcepos=\"24:5-26:0\">\n<li data-sourcepos=\"24:5-24:279\"><strong>\u062a\u0648\u0636\u06cc\u062d \u0645\u0647\u0645:<\/strong> \u0645\u0627\u0634\u06cc\u0646\u200c\u062d\u0633\u0627\u0628\u200c\u0647\u0627\u06cc <em>\u0627\u0633\u062a\u0627\u0646\u062f\u0627\u0631\u062f<\/em> \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647 \u0645\u0639\u0645\u0648\u0644\u0627\u064b <em>\u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9<\/em> \u0631\u0627 \u0645\u06cc\u200c\u062e\u0648\u0627\u0647\u0646\u062f\u060c \u0646\u0647 \u0646\u0631\u062e \u0628\u0627\u0632\u062f\u0647\u06cc \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u06a9\u0644 \u0628\u0627\u0632\u0627\u0631. \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9\u060c \u0646\u0631\u062e \u0628\u0627\u0632\u062f\u0647\u06cc \u0627\u0633\u062a \u06a9\u0647 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0628\u062f\u0648\u0646 \u067e\u0630\u06cc\u0631\u0634 \u0647\u06cc\u0686 \u0631\u06cc\u0633\u06a9\u06cc \u0628\u0647 \u062f\u0633\u062a \u0622\u0648\u0631\u062f (\u0645\u062b\u0644\u0627\u064b \u0646\u0631\u062e \u0628\u0627\u0632\u062f\u0647\u06cc \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u062f\u0648\u0644\u062a\u06cc \u06a9\u0648\u062a\u0627\u0647\u200c\u0645\u062f\u062a).<\/li>\n<li data-sourcepos=\"25:6-26:0\">\u062f\u0644\u06cc\u0644 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0646\u0631\u062e \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0627\u06cc\u0646 \u0627\u0633\u062a \u06a9\u0647 \u062f\u0631 \u0645\u062f\u0644\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0641\u0631\u0636 \u0645\u06cc\u200c\u0634\u0648\u062f \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0628\u0627 \u062a\u0631\u06a9\u06cc\u0628 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647 \u0648 \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647\u060c \u06cc\u06a9 \u067e\u0631\u062a\u0641\u0648\u06cc \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0627\u06cc\u062c\u0627\u062f \u06a9\u0631\u062f.<\/li>\n<\/ul>\n<\/li>\n<li data-sourcepos=\"27:1-30:0\">\n<p data-sourcepos=\"27:5-27:59\"><strong>\u0646\u0633\u0628\u062a \u0633\u0648\u062f \u0646\u0642\u062f\u06cc \u0628\u0647 \u0642\u06cc\u0645\u062a \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647 (Dividend Yield):<\/strong><\/p>\n<ul data-sourcepos=\"29:5-30:0\">\n<li data-sourcepos=\"29:5-30:0\">\u0627\u06af\u0631 \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647 (\u0645\u062b\u0644\u0627\u064b \u0633\u0647\u0627\u0645) \u0633\u0648\u062f \u0646\u0642\u062f\u06cc \u067e\u0631\u062f\u0627\u062e\u062a \u06a9\u0646\u062f\u060c \u0627\u06cc\u0646 \u0646\u0633\u0628\u062a \u0628\u06cc\u0627\u0646\u06af\u0631 \u0645\u06cc\u0632\u0627\u0646 \u0633\u0648\u062f \u0646\u0642\u062f\u06cc \u0633\u0627\u0644\u0627\u0646\u0647 \u0628\u0647 \u0642\u06cc\u0645\u062a \u0641\u0639\u0644\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc \u0627\u0633\u062a. \u0633\u0648\u062f \u0646\u0642\u062f\u06cc \u0627\u0631\u0632\u0634 \u0627\u062e\u062a\u06cc\u0627\u0631 \u062e\u0631\u06cc\u062f \u0631\u0627 \u06a9\u0627\u0647\u0634 \u0648 \u0627\u0631\u0632\u0634 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 \u0631\u0627 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0645\u06cc\u200c\u062f\u0647\u062f.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><img decoding=\"async\" class=\"wp-image-3499 size-full aligncenter\" src=\"https:\/\/academy.armanbrokerage.com\/wp-content\/uploads\/2025\/03\/%D9%85%D8%A7%D8%B4%DB%8C%D9%86-%D8%AD%D8%B3%D8%A7%D8%A8-%D8%A7%D8%B1%D8%B2%D8%B4-%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C-%D8%A7%D8%AE%D8%AA%DB%8C%D8%A7%D8%B1.jpg\" alt=\"\u0645\u0627\u0634\u06cc\u0646 \u062d\u0633\u0627\u0628 \u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631\" width=\"614\" height=\"520\" \/><\/p>\n<p data-sourcepos=\"39:1-39:14\"><strong>\u0645\u062b\u0627\u0644 \u0639\u062f\u062f\u06cc:<\/strong><\/p>\n<p data-sourcepos=\"41:1-41:112\">\u0641\u0631\u0636 \u06a9\u0646\u06cc\u062f \u0645\u06cc\u200c\u062e\u0648\u0627\u0647\u06cc\u0645 \u0627\u0631\u0632\u0634 \u06cc\u06a9 \u0627\u062e\u062a\u06cc\u0627\u0631 <em>\u0641\u0631\u0648\u0634<\/em> (Put Option) \u0631\u0627 \u0628\u0631 \u0631\u0648\u06cc \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a &#8220;\u0628&#8221; \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0646\u06cc\u0645. \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0632\u06cc\u0631 \u0631\u0627 \u062f\u0627\u0631\u06cc\u0645:<\/p>\n<ul data-sourcepos=\"43:1-50:0\">\n<li data-sourcepos=\"43:1-43:38\"><strong>\u0646\u0648\u0639 \u0642\u0631\u0627\u0631\u062f\u0627\u062f:<\/strong> \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 (Put)<\/li>\n<li data-sourcepos=\"44:1-44:38\"><strong>\u0642\u06cc\u0645\u062a \u062f\u0627\u0631\u0627\u06cc\u06cc \u067e\u0627\u06cc\u0647:<\/strong> 85,000 \u062a\u0648\u0645\u0627\u0646<\/li>\n<li data-sourcepos=\"45:1-45:32\"><strong>\u0642\u06cc\u0645\u062a \u0627\u0639\u0645\u0627\u0644:<\/strong> 90,000 \u062a\u0648\u0645\u0627\u0646<\/li>\n<li data-sourcepos=\"46:1-46:30\"><strong>\u0632\u0645\u0627\u0646 \u062a\u0627 \u0633\u0631\u0631\u0633\u06cc\u062f:<\/strong> 60 \u0631\u0648\u0632<\/li>\n<li data-sourcepos=\"47:1-47:40\"><strong>\u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9:<\/strong> 15% (\u0633\u0627\u0644\u0627\u0646\u0647)<\/li>\n<li data-sourcepos=\"48:1-48:34\"><strong>\u0646\u0633\u0628\u062a \u0633\u0648\u062f \u0646\u0642\u062f\u06cc:<\/strong> 2% (\u0633\u0627\u0644\u0627\u0646\u0647)<\/li>\n<li data-sourcepos=\"49:1-50:0\"><strong>\u0646\u0648\u0633\u0627\u0646\u200c\u067e\u0630\u06cc\u0631\u06cc:<\/strong> 25% (\u0633\u0627\u0644\u0627\u0646\u0647)<\/li>\n<\/ul>\n<p data-sourcepos=\"51:1-51:26\"><strong>\u062a\u062d\u0644\u06cc\u0644 (\u0642\u0628\u0644 \u0627\u0632 \u0645\u062d\u0627\u0633\u0628\u0647):<\/strong><\/p>\n<ul data-sourcepos=\"53:1-57:0\">\n<li data-sourcepos=\"53:1-53:170\">\u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 \u0628\u0647 \u0645\u0627 \u062d\u0642 \u0645\u06cc\u200c\u062f\u0647\u062f \u0633\u0647\u0627\u0645 \u0631\u0627 \u0628\u0647 \u0642\u06cc\u0645\u062a 90,000 \u062a\u0648\u0645\u0627\u0646 \u0628\u0641\u0631\u0648\u0634\u06cc\u0645\u060c \u062f\u0631 \u062d\u0627\u0644\u06cc \u06a9\u0647 \u0642\u06cc\u0645\u062a \u0641\u0639\u0644\u06cc \u0628\u0627\u0632\u0627\u0631 85,000 \u062a\u0648\u0645\u0627\u0646 \u0627\u0633\u062a. \u067e\u0633 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 \u062f\u0631 \u062d\u0627\u0644 \u062d\u0627\u0636\u0631 &#8220;\u062f\u0631 \u0633\u0648\u062f&#8221; (In the Money) \u0627\u0633\u062a.<\/li>\n<li data-sourcepos=\"54:1-54:74\">\u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0627\u06cc\u0646 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 \u0628\u0631\u0627\u0628\u0631 \u0627\u0633\u062a \u0628\u0627: 90,000 &#8211; 85,000 = 5,000 \u062a\u0648\u0645\u0627\u0646.<\/li>\n<li data-sourcepos=\"55:1-55:131\">\u0639\u0644\u0627\u0648\u0647 \u0628\u0631 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc\u060c \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 \u0627\u0631\u0632\u0634 \u0632\u0645\u0627\u0646\u06cc \u0647\u0645 \u062f\u0627\u0631\u062f\u060c \u0632\u06cc\u0631\u0627 \u062a\u0627 \u0633\u0631\u0631\u0633\u06cc\u062f 60 \u0631\u0648\u0632 \u0628\u0627\u0642\u06cc \u0645\u0627\u0646\u062f\u0647 \u0648 \u0645\u0645\u06a9\u0646 \u0627\u0633\u062a \u0642\u06cc\u0645\u062a \u0633\u0647\u0627\u0645 &#8220;\u0628&#8221; \u0628\u0627\u0632 \u0647\u0645 \u06a9\u0627\u0647\u0634 \u06cc\u0627\u0628\u062f.<\/li>\n<li data-sourcepos=\"56:1-57:0\">\u0646\u0648\u0633\u0627\u0646\u200c\u067e\u0630\u06cc\u0631\u06cc 25% \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u062f \u06a9\u0647 \u0628\u0627\u0632\u0627\u0631 \u0627\u0646\u062a\u0638\u0627\u0631 \u062f\u0627\u0631\u062f \u0642\u06cc\u0645\u062a \u0633\u0647\u0627\u0645 &#8220;\u0628&#8221; \u0646\u0648\u0633\u0627\u0646\u0627\u062a \u0646\u0633\u0628\u062a\u0627\u064b \u0632\u06cc\u0627\u062f\u06cc \u062f\u0627\u0634\u062a\u0647 \u0628\u0627\u0634\u062f\u060c \u06a9\u0647 \u0627\u06cc\u0646 \u0628\u0647 \u0646\u0641\u0639 \u0627\u0631\u0632\u0634 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 \u0627\u0633\u062a.<\/li>\n<\/ul>\n<p data-sourcepos=\"58:1-58:25\"><strong>\u0645\u062d\u0627\u0633\u0628\u0647 \u0628\u0627 \u0645\u0627\u0634\u06cc\u0646\u200c\u062d\u0633\u0627\u0628:<\/strong><\/p>\n<p data-sourcepos=\"60:1-60:302\">\u0627\u06af\u0631 \u0627\u06cc\u0646 \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0631\u0627 \u0628\u0647 \u06cc\u06a9 \u0645\u0627\u0634\u06cc\u0646\u200c\u062d\u0633\u0627\u0628 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647 (\u0645\u062b\u0644\u0627\u064b \u0628\u0631 \u0627\u0633\u0627\u0633 \u0645\u062f\u0644 \u0628\u0644\u06a9-\u0634\u0648\u0644\u0632) \u0628\u062f\u0647\u06cc\u0645\u060c \u0645\u0645\u06a9\u0646 \u0627\u0633\u062a \u0627\u0631\u0632\u0634 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634 \u0631\u0627 \u062d\u062f\u0648\u062f 5,800 \u062a\u0648\u0645\u0627\u0646 \u062a\u062e\u0645\u06cc\u0646 \u0628\u0632\u0646\u062f (\u0627\u06cc\u0646 \u0639\u062f\u062f \u062f\u0642\u06cc\u0642 \u0646\u06cc\u0633\u062a \u0648 \u0641\u0642\u0637 \u0628\u0631\u0627\u06cc \u0645\u062b\u0627\u0644 \u0627\u0633\u062a). \u0645\u06cc\u200c\u0628\u06cc\u0646\u06cc\u062f \u06a9\u0647 \u0627\u0631\u0632\u0634 \u0627\u062e\u062a\u06cc\u0627\u0631 (5,800) \u0628\u06cc\u0634\u062a\u0631 \u0627\u0632 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc (5,000) \u0627\u0633\u062a\u060c \u06a9\u0647 \u0627\u06cc\u0646 \u062a\u0641\u0627\u0648\u062a \u0628\u0647 \u062f\u0644\u06cc\u0644 \u0627\u0631\u0632\u0634 \u0632\u0645\u0627\u0646\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u0627\u0633\u062a.<\/p>\n<p data-sourcepos=\"62:1-62:231\"><strong>\u0646\u06a9\u062a\u0647:<\/strong> \u0627\u06cc\u0646 \u0645\u062b\u0627\u0644\u200c\u0647\u0627 \u0648 \u062a\u0648\u0636\u06cc\u062d\u0627\u062a \u0628\u0631\u0627\u06cc \u062f\u0631\u06a9 \u0628\u0647\u062a\u0631 \u0645\u0641\u0627\u0647\u06cc\u0645 \u0647\u0633\u062a\u0646\u062f. \u0628\u0631\u0627\u06cc \u0645\u062d\u0627\u0633\u0628\u0627\u062a \u062f\u0642\u06cc\u0642\u060c \u062d\u062a\u0645\u0627\u064b \u0627\u0632 \u0645\u0627\u0634\u06cc\u0646\u200c\u062d\u0633\u0627\u0628\u200c\u0647\u0627\u06cc \u0645\u0639\u062a\u0628\u0631 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0646\u06cc\u062f \u0648 \u0628\u0647 \u062e\u0627\u0637\u0631 \u062f\u0627\u0634\u062a\u0647 \u0628\u0627\u0634\u06cc\u062f \u06a9\u0647 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u0647\u0627 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u067e\u06cc\u0686\u06cc\u062f\u0647 \u0628\u0627\u0634\u062f \u0648 \u062a\u062d\u062a \u062a\u0623\u062b\u06cc\u0631 \u0639\u0648\u0627\u0645\u0644 \u0645\u062e\u062a\u0644\u0641\u06cc \u0642\u0631\u0627\u0631 \u06af\u06cc\u0631\u062f.<\/p>\n<p>&nbsp;<\/p>\n<h3 class=\"wp-block-heading\">\u0641\u0631\u0645\u0648\u0644 \u0628\u0644\u06a9 \u0634\u0648\u0644\u0632<\/h3>\n<p>\u0627\u06cc\u0646 \u0641\u0631\u0645\u0648\u0644\u060c \u0628\u0627 \u062f\u0631 \u0646\u0638\u0631 \u06af\u0631\u0641\u062a\u0646 \u062a\u0645\u0627\u0645\u06cc \u0645\u062a\u063a\u06cc\u0631\u0647\u0627\u06cc \u062a\u0627\u062b\u06cc\u0631\u06af\u0630\u0627\u0631\u060c \u0628\u0647 \u0634\u0645\u0627 \u06a9\u0645\u06a9 \u0645\u06cc\u200c\u06a9\u0646\u062f \u062a\u0627 \u0642\u06cc\u0645\u062a \u0645\u0646\u0627\u0633\u0628 \u0627\u062e\u062a\u06cc\u0627\u0631 \u062e\u0631\u06cc\u062f \u0631\u0627 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0631\u062f\u0647 \u0648 \u062f\u0631 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u062e\u0648\u062f \u0628\u0647\u062a\u0631\u06cc\u0646 \u062a\u0635\u0645\u06cc\u0645 \u0631\u0627 \u0628\u06af\u06cc\u0631\u06cc\u062f.<\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-3015 aligncenter\" src=\"https:\/\/academy.armanbrokerage.com\/wp-content\/uploads\/2025\/01\/%D9%81%D8%B1%D9%85%D9%88%D9%84-%D8%A8%D9%84%DA%A9-%D8%B4%D9%88%D9%84%D8%B2.jpg2_.jpg\" alt=\"\u0641\u0631\u0645\u0648\u0644 \u0628\u0644\u06a9 \u0634\u0648\u0644\u0632 \" width=\"500\" height=\"281\" \/><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"container\">\n<h3 class=\"wp-block-heading\">\u0645\u062b\u0627\u0644 \u0645\u062d\u0627\u0633\u0628\u0647 \u0645\u062f\u0644 \u0628\u0644\u06a9-\u0634\u0648\u0644\u0632<\/h3>\n<p data-sourcepos=\"3:1-3:349\">\u062a\u0635\u0648\u0631 \u06a9\u0646\u06cc\u062f \u0642\u0635\u062f \u062f\u0627\u0631\u06cc\u062f \u062d\u0642 \u062e\u0631\u06cc\u062f \u06cc\u06a9 \u0633\u0647\u0645 \u0631\u0627 \u062f\u0631 \u0622\u06cc\u0646\u062f\u0647\u060c \u0628\u0627 \u0642\u06cc\u0645\u062a\u06cc \u0645\u0634\u062e\u0635\u060c \u0628\u0631\u0627\u06cc \u062e\u0648\u062f\u062a\u0627\u0646 \u0645\u062d\u0641\u0648\u0638 \u06a9\u0646\u06cc\u062f. \u0628\u0631\u0627\u06cc \u062a\u0639\u06cc\u06cc\u0646 \u0647\u0632\u06cc\u0646\u0647 \u0627\u06cc\u0646 \u062d\u0642\u060c \u0628\u0647 \u0627\u0637\u0644\u0627\u0639\u0627\u062a\u06cc \u0646\u06cc\u0627\u0632 \u062f\u0627\u0631\u06cc\u062f. \u0641\u0631\u0636 \u06a9\u0646\u06cc\u062f \u0642\u06cc\u0645\u062a \u0641\u0639\u0644\u06cc \u0633\u0647\u0645 \u062f\u0631 \u0628\u0627\u0632\u0627\u0631 2,500,000 \u062a\u0648\u0645\u0627\u0646 \u0627\u0633\u062a \u0648 \u0634\u0645\u0627 \u0645\u06cc\u200c\u062e\u0648\u0627\u0647\u06cc\u062f \u062d\u0642 \u062e\u0631\u06cc\u062f \u0622\u0646 \u0631\u0627 \u062f\u0631 \u0634\u0634 \u0645\u0627\u0647 \u0622\u06cc\u0646\u062f\u0647 \u0628\u0627 \u0642\u06cc\u0645\u062a 2,000,000 \u062a\u0648\u0645\u0627\u0646 \u062f\u0627\u0634\u062a\u0647 \u0628\u0627\u0634\u06cc\u062f. \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0628\u0627\u0646\u06a9\u06cc \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 4 \u062f\u0631\u0635\u062f \u0648 \u0646\u0648\u0633\u0627\u0646\u0627\u062a \u0642\u06cc\u0645\u062a \u0633\u0647\u0645 (\u0627\u0646\u062d\u0631\u0627\u0641 \u0645\u0639\u06cc\u0627\u0631) 15 \u062f\u0631\u0635\u062f \u0627\u0633\u062a.<\/p>\n<p data-sourcepos=\"5:1-5:207\">\u0628\u0627 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0627\u06cc\u0646 \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0648 \u0631\u062c\u0648\u0639 \u0628\u0647 \u062c\u062f\u0627\u0648\u0644 \u062a\u0648\u0632\u06cc\u0639 \u0646\u0631\u0645\u0627\u0644 (\u06a9\u0647 \u0627\u0628\u0632\u0627\u0631\u06cc \u0628\u0631\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 \u0627\u062d\u062a\u0645\u0627\u0644\u0627\u062a \u0627\u0633\u062a)\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u0645 \u0627\u0631\u0632\u0634 \u0627\u06cc\u0646 \u062d\u0642 \u062e\u0631\u06cc\u062f (\u0627\u062e\u062a\u06cc\u0627\u0631 \u062e\u0631\u06cc\u062f) \u0631\u0627 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0646\u06cc\u0645. \u067e\u0633 \u0627\u0632 \u0627\u0646\u062c\u0627\u0645 \u0645\u062d\u0627\u0633\u0628\u0627\u062a\u060c \u0628\u0647 \u0639\u062f\u062f \u062a\u0642\u0631\u06cc\u0628\u06cc 325,000 \u062a\u0648\u0645\u0627\u0646 \u0645\u06cc\u200c\u0631\u0633\u06cc\u0645.<\/p>\n<p data-sourcepos=\"7:1-7:87\">\u0628\u0647 \u0639\u0628\u0627\u0631\u062a \u062f\u06cc\u06af\u0631\u060c \u0634\u0645\u0627 \u0628\u0631\u0627\u06cc \u062f\u0627\u0634\u062a\u0646 \u0627\u06cc\u0646 \u062d\u0642 \u0627\u0646\u062a\u062e\u0627\u0628 (\u0627\u062e\u062a\u06cc\u0627\u0631 \u062e\u0631\u06cc\u062f)\u060c \u0628\u0627\u06cc\u062f 325,000 \u062a\u0648\u0645\u0627\u0646 \u0628\u067e\u0631\u062f\u0627\u0632\u06cc\u062f.<\/p>\n<p dir=\"rtl\"><strong><span lang=\"FA\">\u0641\u0631\u0645\u0648\u0644 \u0628\u0644\u06a9 \u0634\u0648\u0644\u0632 \u0628\u0631\u0627\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631 \u00a0\u0641\u0631\u0648\u0634<\/span><\/strong><\/p>\n<p data-sourcepos=\"3:1-3:233\">\u0628\u0631\u0627\u06cc \u0645\u062d\u0627\u0633\u0628\u0647 \u0627\u0631\u0632\u0634 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0641\u0631\u0648\u0634\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0627\u0632 \u0647\u0645\u0627\u0646 \u0641\u0631\u0645\u0648\u0644 \u0627\u062e\u062a\u06cc\u0627\u0631 \u062e\u0631\u06cc\u062f \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0631\u062f \u0648 \u0628\u0627 \u0627\u0639\u0645\u0627\u0644 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class=\"wp-block-list\">\n<li>\u0642\u06cc\u0645\u062a \u0627\u0639\u0645\u0627\u0644<\/li>\n<li>\u0632\u0645\u0627\u0646 \u0628\u0627\u0642\u06cc\u200c\u0645\u0627\u0646\u062f\u0647 \u062a\u0627 \u0633\u0631\u0631\u0633\u06cc\u062f<\/li>\n<li>\u0646\u0648\u0633\u0627\u0646\u200c\u067e\u0630\u06cc\u0631\u06cc<\/li>\n<li>\u0646\u0631\u062e \u0628\u0647\u0631\u0647<\/li>\n<li>\u0645\u0627\u0634\u06cc\u0646 \u062d\u0633\u0627\u0628 \u0628\u0647 \u0637\u0648\u0631 \u062e\u0648\u062f\u06a9\u0627\u0631 \u0642\u06cc\u0645\u062a \u0628\u0644\u06a9 \u0634\u0648\u0644\u0632 \u0631\u0627 \u0645\u062d\u0627\u0633\u0628\u0647 \u0645\u06cc\u200c\u06a9\u0646\u062f.<\/li>\n<\/ul>\n<h3><strong>\u06a9\u062f \u0628\u0644\u06a9 \u0634\u0648\u0644\u0632 \u0628\u0647 \u0632\u0628\u0627\u0646 c# \u0628\u0631\u0627\u06cc \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0628\u0631\u0646\u0627\u0645\u0647 \u0646\u0648\u06cc\u0633 \u0647\u0627<\/strong><\/h3>\n<pre class=\"enlighter-clipboard\">using System;\n\n\n\nnamespace BlackScholes\n{\n    \/\/\/ &lt;summary&gt;\n    \/\/\/ Summary description for BlackSholes.\n    \/\/\/ &lt;\/summary&gt;\n    public class BlackSholes\n    {\n        public BlackSholes()\n        {\n            \/\/\n            \/\/ TODO: Add constructor logic here\n            \/\/\n        }\n        \/* The Black and Scholes (1973) Stock option formula\n         * C# Implementation\n         * uses the C# Math.PI field rather than a constant as in the C++ implementaion\n         * the value of Pi is 3.14159265358979323846\n    \n             S= Stock price\n            X=Strike price\n            T=Years to maturity\n            r= Risk-free rate\n            v=Volatility\n        *\/\n        public double BlackScholes(string CallPutFlag, double S, double X, \n            double T, double r, double v)\n        {\n            double d1 = 0.0;\n            double d2 = 0.0;\n            double dBlackScholes = 0.0;\n            \n            d1 = (Math.Log(S \/ X) + (r + v * v \/ 2.0) * T) \/ (v * Math.Sqrt(T));\n            d2 = d1 - v * Math.Sqrt(T);\n            if (CallPutFlag == \"c\")\n            {                \n                dBlackScholes = S * CND(d1) - X * Math.Exp(-r * T) * CND(d2);\n            }\n            else if (CallPutFlag == \"p\") \n            {\n                dBlackScholes = X * Math.Exp(-r * T) * CND(-d2) - S * CND(-d1);                \n            }\n            return dBlackScholes;\n        }\n        public double CND(double X)\n        {\n            double L = 0.0;\n            double K = 0.0;\n            double dCND = 0.0;\n            const double a1 = 0.31938153; \n            const double a2 = -0.356563782; \n            const double a3 = 1.781477937;\n            const double a4 = -1.821255978;\n            const double a5 = 1.330274429;\n            L = Math.Abs(X);\n            K = 1.0 \/ (1.0 + 0.2316419 * L);\n            dCND = 1.0 - 1.0 \/ Math.Sqrt(2 * Convert.ToDouble(Math.PI.ToString())) * \n                Math.Exp(-L * L \/ 2.0) * (a1 * K + a2 * K  * K + a3 * Math.Pow(K, 3.0) + \n                a4 * Math.Pow(K, 4.0) + a5 * Math.Pow(K, 5.0));\n            \n            if (X &lt; 0) \n            {\n                return 1.0 - dCND;\n            }\n            else\n            {\n                return dCND;\n            }\n        }\n    }\n}<\/pre>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"\u062f\u0631 \u0628\u0627\u0632\u0627\u0631 \u0647\u0627\u06cc \u0645\u0627\u0644\u06cc\u060c \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc \u0645\u062a\u0646\u0648\u0639\u06cc \u0628\u0631\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0648 \u06a9\u0633\u0628 \u0633\u0648\u062f \u0648\u062c\u0648\u062f \u062f\u0627\u0631\u062f. \u06cc\u06a9\u06cc \u0627\u0632 \u0627\u06cc\u0646 \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u060c \u0627\u0648\u0631\u0627\u0642 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