Spread option model compute value of the option on a spread between two
forward contracts (of same commodity but different tenors - calendar spread
option, or different commodities).
The payoff of the option at the exercise time \( T \) is (with strike = \(K\)):
Call:
\( \max\left(F1 - F2 - K,0\right) \)
Put:
\( \max\left(K - \left(F1 - F2\right),0\right) \)
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