Table of contents |

2 Derivation and assumptions 3 See also 4 External links 5 References |

- is the risk-free interest rate
- is the current forward price of the underlying for the option maturity
- is the volatility of the forward price.
- and is the standard cumulative Normal distribution function.

- Options on Futures: http://www.quantnotes.com/fundamentals/futures/optionsonfutures.htm or http://www.riskglossary.com/articles/black_1976.htm
- Foreign exchange options: http://www.riskglossary.com/articles/garman_kohlhagen_1983.htm
- Online Generalized Black-Scholes Calculator: http://home.online.no/~espehaug/MultiBlackScholes.html (written by Espen Gaarder Haug (himself) 1998 )

- Black, Fischer (1976). The pricing of commodity contracts, Journal of Financial Economics, 3, 167-179.
- Garman, Mark B. and Steven W. Kohlhagen (1983). Foreign currency option values, Journal of International Money and Finance, 2, 231-237.