ⵙⵡⵓⵔⵉ ⵉⵎⵓⵙⵙⵓⵜⵏ ⵉⵜⵜⵓⵙⴽⴰⵔⵏ ⵖⴼ ⵓⵖⵙⵙⴰ ⵙ Step Indices

Step Indices ⵙⵡⵓⵔⵉⵏ ⵙ ⵉⵙⵡⵉⵔⵏ ⵉⵙⴼⴰⵡⵏ ⴷ ⵜⵉⴼⵔⴽⵉⵡⵉⵏ ⵉⵡⴰⵜⴰⵏ, ⵃⵎⴰ Volatility Indices ⵙⵡⵓⵔⵉⵏ ⵙ ⵓⵎⵓⵙⵙⵓ ⴰⵙⵔⴰⵏ ⵉⵜⵜⵓⵙⴽⴰⵔⵏ ⵙ ⵓⵃⵢⵢⴰⵏ. Step Indices ⴰⴽⴽⴰⵏ ⵜⵉⵡⵓⵔⵉⵡⵉⵏ ⵉⵜⵜⴳⴳⴰⵏ ⵉⴳⴳⴰⵏⵏ ⵉ ⵓⵙⵡⵓⵔⵉ ⴰⵏⵉⴹⵎⴰⵏ, ⵃⵎⴰ Volatility Indices ⵙⴽⴰⵔⵏ ⴰⵙⵡⵉⵔ ⴰⵎⵖⵓⵔ ⵏ ⵓⵎⵓⵙⵙⵓ.

ⵓⵀⵓ, Step Indices ⴳⴰⵏ ⵉⵏⴰⵡⵉⵏ ⵙ ⵓⵎⴰⵜⴰ ⴷ ⵓⵔ ⵜⵏ-ⵜⵜⵓⵙⵙⵉⵜⵉⵏ ⵉⵏⴰⵡⵏ ⵏ ⵜⴷⴰⵎⵙⴰ, ⵉⵙⵏⵜⵉⵢⵏ ⵏ ⵓⵔⴱⴰⵃ, ⵏⵖ ⵉⴷⵖⴰⵔⵏ ⵉⴳⴷⵓⴷⴰⵏ. ⴹⴼⵕⵏ ⵜⵉⵡⵜⵉⵍⵉⵏ ⵜⵉⵙⵓⵙⵏⵜⵉⵏ ⵖⴰⵙ, ⴰⵢⴰ ⵉⴳⴰ-ⵜⵏ ⵉⴳⴳⵓⵜⵏ ⵉ ⵓⵙⵏⵜⴰⵍ ⵖⴼ ⵓⵙⵍⵖⵢ ⴰⵜⴽⵏⵉⴽ ⴷ ⵓⴳⵎⴰⵎ ⵏ ⵜⵙⵜⵔⴰⵜⵉⵊⵉⵜ.

Multi Step Indices ⵙⵡⵓⵔⵉⵏ ⵙ ⵉⵙⵡⵉⵔⵏ ⵉⵎⴳⴳⴰⵔⴰⵏ ⵃⵎⴰ ⵃⴹⴹⵓⵏ ⵜⵉⴼⵔⴽⵉⵡⵉⵏ ⵉⵡⴰⵜⴰⵏ ⴳ ⵓⴳⵏⵙⵓ/ⵓⴼⵍⵍⴰ (50/50). Skew Step Indices ⴳⵎⵎⵔⵏ ⵉⵙⵡⵉⵔⵏ ⵉⵎⴳⴳⴰⵔⴰⵏ ⴷ ⴰⵏⵀⴰⵢ ⴰⴳⴳⵯⵔⴰⵢ (80-90% ⵉⵖⵙⵙⴰⵏ ⵉⵎⴷⴷⵉⵜⵏ ⴳ ⵢⴰⵜ ⵏⵀⴰⵢ, 10-20% ⵉⵎⵓⵙⵙⵓⵜⵏ ⵉⵎⵇⵇⵕⴰⵏⵏ ⴳ ⵓⵏⵀⴰⵢ ⴰⵎⴳⴳⴰⵔⵓ).

Skew Step Indices ⴰⴽⴽⴰⵏ-ⴷ ⴰⵏⵀⴰⵢ ⴰⴳⴳⵯⵔⴰⵢ. ⴰⵎⴷⵢⴰ, Index ⵏ "Skew Step Up" ⵢⵙⵙⵏ ⵜⴰⵏⵉⵏⴳⵏⵙⵉⵜ ⵉⵄⵍⵢⵏ ⵏ ⵓⴳⴳⵯⵔⴰⵢ ⴷ ⵓⴼⵍⵍⴰ ⴳ ⵉⵖⵙⵙⴰⵏ ⵉⵎⴷⴷⵉⵜⵏ, ⵃⵎⴰ ⵉⵎⵓⵙⵙⵓⵜⵏ ⵉⵎⵇⵇⵕⴰⵏⵏ ⴷⴷⵔⵏ-ⴷ ⴳ ⵉⵎⵉⴽ ⴳ ⵓⵏⵀⴰⵢ ⴰⵎⴳⴳⴰⵔⵓ.

Multi Step Indices ⵙⵎⵎⵉⵔⵏ "ⵜⵉⵖⵔⵉ" ⵏ ⵉⵙⵓⵇⵇⴰⵏ ⵉⵎⴰⴷⴷⴰⵙⵏ ⵙ ⵓⵎⴷⴷⵢ ⵏ ⵉⵖⵙⵙⴰⵏ ⵉⵎⴷⴷⵉⵜⵏ ⴷ ⵉⵙⵏⵏⵉⴳⴳⵏ ⵉⵎⵇⵇⵕⴰⵏⵏ ⴳ ⵉⵎⵉⴽ ⵉⵎⵉⴽ. ⴰⵢⴰ ⵉⴼⴽⴰ-ⴷ ⵉⴼⵔⴷⵉⵙⵏ ⵉⵎⴳⴳⴰⵔⴰⵏ ⵏ ⵓⵎⵓⵙⵙⵓ ⵏ ⵡⴰⵜⵉⴳ ⴳ ⵢⴰⵜ Index ⵃⵎⴰ ⵉⵇⴱⵍ ⴰⵙⵡⵉⵔ ⵉⵙⴼⴰⵡⵏ ⵏ ⵓⵎⵓⵙⵙⵓ.

ⵉⵀ, ⴽⵓⵍⵍⵓ Step Indices ⵍⵍⴰⵏ ⴳ ⵓⵎⵉⴹⴰⵏ ⴰⵎⴰⴷⴷⴰⵙⵙ ⵏ Deriv ⵙ ⵉⴷⵔⵉⵎⵏ ⵉⵙⴽⵉⵔⵏ. ⵃⵔⵔⴽ ⵜⵉⵙⵜⵔⴰⵜⵉⵊⵉⵢⵉⵏ ⵏⵏⵓⵏ, ⵄⵔⴹ ⵉⵏⵥⴰⵎⵏ ⵉⵜⵜⵓⵙⴽⴰⵔⵏ ⴱⵍⴰ ⴰⴼⵔⴷⵉ, ⴷ ⵍⵎⴷ ⵜⴰⵡⵓⵔⵉ ⵇⴱⵍ ⴰⴷ ⵜⵙⵡⵓⵔⵉⵎ ⵙ ⵉⴷⵔⵉⵎⵏ ⵉⵏⴰⵡⵉⵏ.

Step Indices ⵉⵎⵙⴰⵙⴰⵏ ⵉ ⵉⵡⴰⵏⴰⵡⵏ ⵉⵎⴳⴳⴰⵔⴰⵏ ⵏ ⵉⵎⵙⵙⵡⵓⵔⵉⵏ ⵖⴼ ⵓⵎⵓⵙⵙⵓ ⵏ ⵡⴰⵜⵉⴳ ⵉⵜⵜⵓⴼⵔⵏⵏ. Step Indices ⵎⵙⴰⵙⴰⵏ ⴰⴽⵯ ⵉ ⵉⵎⵙⵙⵡⵓⵔⵉⵏ ⵉⵎⴰⵢⵏⵓⵜⵏ ⴷ ⵉⵎⵙⵙⵡⵓⵔⵉⵏ ⵉⵏⴹⵎⴰⵏⵏ ⵉⵜⵜⵉⵔⵉⵏ ⴰⵎⵓⵙⵙⵓ ⴰⵙⵔⵉⵙ ⵉⵙⴼⴰⵡⵏ. Multi Step Indices ⵎⵙⴰⵙⴰⵏ ⴰⴽⵯ ⵉ ⵉⵎⵙⵙⵡⵓⵔⵉⵏ ⵉⴳⵏⵙⴰⵏⵏ ⵉⵜⵜⵉⵔⵉⵏ ⵜⴰⵙⵏⵉⴷⴷⵉⵙⵜ ⵏ ⵉⵙⵡⵉⵔⵏ ⴷ ⵉⵙⵏⵏⵉⴳⴳⵏ ⵉⵎⵇⵇⵕⴰⵏⵏ ⴳ ⵉⵎⵉⴽ, ⴷ ⵢⵣⵎⵔⵏ ⴰⴷ ⴱⴷⴷⵍⵏ ⴰⵎⵉⵀⵉ ⵖⴼ ⵉⵙⵡⵉⵔⵏ ⵉⴱⴷⴷⴰⵍⵏ. Skew Step Indices ⵜⵜⵓⵙⴽⴰⵔⵏ ⵉ ⵉⵎⵙⵙⵡⵓⵔⵉⵏ ⵉⵎⴰⵥⵥⴰⵏⵏ ⵉⵙⵙⵏⵏ ⴰⵏⵀⴰⵢ ⴰⴳⴳⵯⵔⴰⵢ ⴷ ⵓⵎⵓⵙⵙⵓ ⴰⵎⵔⴰⵔⴰ, ⴷ ⵢⵣⵎⵔⵏ ⴰⴷ ⵙⵙⵡⵓⵔⵉⵏ ⴰⵎⵉⵀⵉ ⵉⵄⵍⵢⵏ ⵉⴼⴼⵖⵏ-ⴷ ⴳ ⵜⵉⵔⵔⴰ ⵜⵉⵖⵣⵣⵉⵏ ⴷ ⵉⵎⵓⵙⵙⵓⵜⵏ ⵉⵙⵃⵃⴰⵙⵏ ⵏ ⵓⵙⴳⴳⴱⴱⵉ.