a In Black Scholes option pricing model explain what it means if N(d1) is 0.45 in terms of the movements in the stock and call option price.
b. What is N(d1) referred to (what is the name) and what does it show?
c. How many call options can you write on one share of stock if N(d1) is 0.5 in order to have a fully neutral hedged position?