50

200
10000
5000
5000
0
0
0
0
60
60*200 12000
return when 20% up 0.4

return when 20% DOWN

40
40*200 8000
-0.4
INITIAL PRICE 80
NO OF SHARES 1000
PROCEEDS FROM SHORT SALES 80000
INITIAL MARGIN 40000
COMMISION ON INITIAN ON SHORT SALES 0
COMM ON PURCHASWE OF STOCK AT END 0
INTESRT 0
DIVIDND 0

RETURN IF PRICE BECOMES 70

NEW PRICE 70
70*1000 70000
RETURN 0.25
 PRICE of SHARES SHARES
a b c a b c
day 1 12 23 52 500 350 250
day 2 10 22 55 500 350 250
day 3 14 46 52 500 175a 250
day 4 13 47 25 500 500b
day 5 12 45 26 500 175 500

aSplit at close of day 2.

bSplit at close of day 3.

INDEX DAY 1 29
INDEX DAY 2 29 NEW DIVISOR DUE TO REVERSE SPLIT:
INDEX 29= 10+44+55/3
NEW DIVISOR= 10+44+55/29 3.75862

INDEX DAY 3 29.79817 NEW DIVISOR DUE TO STOCK SPLIT:

INDEX 29.75817= 14+46+26/3
NEW DIVISOR 2.886084
INDEX DAY 4 29.45167
INDEX DAY 5 28.75869
 PRICE of SHARES SHARES
a b c a b c
day 1 12 23 52 500 350 250
day 2 10 22 55 500 350 250
day 3 14 46 52 500 175 250
day 4 13 47 25 500 175 500
day 5 12 45 26 500 175 500

aSplit at close of day 2.

bSplit at close of day 3.
cap
INDEX DAY 1 base 27050 1000
INDEX DAY 2 26450 977.8189

INDEX DAY 3 28050 1036.969

INDEX DAY 4 27225 1006.47

INDEX DAY 5 26875 993.5305
stock T T+1 T+2 NO. OF SHARES CAP CAP T+1 CAP T+2
X 10 12 10 100 1000 1200 1000
Y 22 20 19 45.4545454545455 1000 909.0909 863.6364
Z 44 47 45 22.7272727272727 1000 1068.182 1022.727
SUM------------> 3000 AVG CHANGE
INITIAL INV. =1000 IN EACH STOCK INDEX DAY 1 10

INDEX T+1 10.59091

INDEX T+2 9.675784

%CHANGE T+1 %CHANGE T+2
0.2 -0.1666666667
-0.0909090909 -0.05
0.06818181818 -0.0425531915
0.05909090909 -0.0864066194
 day 1
stock share price no. of shares capitilization
A 20 50,000,000 1,000,000,000
B 30 100,000,000 3,000,000,000
C 40 150,000,000 6,000,000,000
10,000,000,000
INDEX DAY 1 1000

DAY 2
stock share price no. of shares capitilization
A 22 50,000,000 1,100,000,000
B 33 100,000,000 3,300,000,000
C 44 150,000,000 6,600,000,000
11,000,000,000
INDEX DAY 2
1100

DAY 3
stock share price no. of shares capitilization
A 22.5 50,000,000 1,125,000,000.00
D 41 150,000,000 6,150,000,000.00
C 44.5 150,000,000 6,675,000,000.00
13,950,000,000.00
INDEX DAY 3 1,120

DAY 4
stock share price no. of shares capitilization
A 22 50,000,000 1,100,000,000.00
D 40 150,000,000 6,000,000,000.00
C 47 150,000,000 7,050,000,000.00
14,150,000,000.00
INDEX DAY 4 1140.2181904
 DAY 2 END re-composition of index
stock share price no. of shares capitilization
A 22 50,000,000 1,100,000,000
D 40 150,000,000 6,000,000,000
C 44 150,000,000 6,600,000,000
13,700,000,000
NEW DIVISOR 12454545455

DAY 3 PAYMENT OF DIVIDENED

stock share price no. of shares capitilization
A 21.5 50,000,000 1,075,000,000.00
D 41 150,000,000 6,150,000,000.00
C 44.5 150,000,000 6,675,000,000.00
13,900,000,000.00
NEW DIVISOR 12409905506.68