Date Close Returns GARCH_Volatility 1. Open the CSV file in Excel.

1/2/2020 28.684
1/3/2020 29.534 0.029633 0.058282 0.000878 2. Assuming the dataset starts from row 2 (wit
1/6/2020 30.10267 0.019255 0.055571
1/7/2020 31.27067 0.038801 0.052676
1/8/2020 32.80933 0.049205 0.050998 Column E: Squared Returns (E2 formula: =B2
1/9/2020 32.08933 -0.021945 0.050348 Column F: Conditional Variance (initial value
1/10/2020 31.87667 -0.006627 0.048408 Column G: Negative Log-Likelihood (NLL)
1/13/2020 34.99067 0.097689 0.045982
1/14/2020 35.86133 0.024883 0.053032 3. In cell G2, enter the formula to calculate the
1/15/2020 34.56667 -0.036102 0.050538
1/16/2020 34.23267 -0.009662 0.049608 4. Create cells for the GARCH(1,1) parameters
1/17/2020 34.03333 -0.005823 0.047175
1/21/2020 36.48 0.07189 0.044826 5. In cell F3, enter the GARCH(1,1) formula: =$
1/22/2020 37.97067 0.040863 0.047797
1/23/2020 38.14667 0.004635 0.046767 6. In an empty cell, calculate the sum of the NL
1/24/2020 37.65467 -0.012898 0.044318
1/27/2020 37.20133 -0.012039 0.042445 7. Go to the "Data" tab and click "Solver" in th
1/28/2020 37.79333 0.015913 0.040698
1/29/2020 38.73267 0.024855 0.038894 8. In the Solver Parameters dialog box, set the
1/30/2020 42.72067 0.102962 0.037639
1/31/2020 43.37133 0.015231 0.048045
2/3/2020 52 0.198949 0.045626 Set Objective: $K$1
2/4/2020 59.13733 0.137256 0.076501 Equal to: Min
2/5/2020 48.98 -0.171758 0.083815 By Changing Variable Cells: $H$1, $I$1, $J$1
2/6/2020 49.93067 0.019409 0.097384 Make Unconstrained Variables Non-Negative
2/7/2020 49.87133 -0.001188 0.091497
2/10/2020 51.41867 0.031026 0.085906 9. Click "Solve" and let Excel find the optimal G
2/11/2020 51.62533 0.004019 0.081123
2/12/2020 51.15267 -0.009156 0.076217 10. After Solver finishes, the optimal values for
2/13/2020 53.6 0.047844 0.07179
2/14/2020 53.33533 -0.004938 0.068967
2/18/2020 57.22667 0.07296 0.064978
2/19/2020 61.16133 0.068756 0.065086
2/20/2020 59.96067 -0.019631 0.064729
2/21/2020 60.06667 0.001768 0.061475
2/24/2020 55.586 -0.074595 0.057949
2/25/2020 53.32733 -0.040634 0.060436
2/26/2020 51.92 -0.02639 0.05885
2/27/2020 45.26667 -0.128146 0.056418
2/28/2020 44.53267 -0.016215 0.068543
3/2/2020 49.57467 0.11322 0.064866
3/3/2020 49.70067 0.002542 0.070529
3/4/2020 49.96667 0.005352 0.066359
3/5/2020 48.30267 -0.033302 0.062479
3/6/2020 46.89867 -0.029067 0.060155
3/9/2020 40.53333 -0.135725 0.057768
3/10/2020 43.022 0.061398 0.071075
3/11/2020 42.282 -0.0172 0.069352
3/12/2020 37.37 -0.116172 0.065648
3/13/2020 36.44133 -0.024851 0.073236
3/16/2020 29.67133 -0.185778 0.06954
3/17/2020 28.68 -0.03341 0.09006
3/18/2020 24.08133 -0.160344 0.085447
3/19/2020 28.50933 0.183877 0.096509
3/20/2020 28.502 -0.000257 0.107644
3/23/2020 28.95267 0.015812 0.100958
3/24/2020 33.66667 0.162817 0.094775
3/25/2020 35.95 0.067822 0.102702
3/26/2020 35.21067 -0.020566 0.098491
3/27/2020 34.29067 -0.026128 0.09277
3/30/2020 33.47533 -0.023777 0.087645
3/31/2020 34.93333 0.043554 0.082812
4/1/2020 32.104 -0.080992 0.078806
4/2/2020 30.298 -0.056255 0.079119
4/3/2020 32.00067 0.056197 0.076943
4/6/2020 34.416 0.075478 0.074232
4/7/2020 36.36333 0.056582 0.073488
4/8/2020 36.58933 0.006215 0.071132
4/9/2020 38.2 0.04402 0.066919
4/13/2020 43.39667 0.136038 0.064279
4/14/2020 47.326 0.090545 0.074063
4/15/2020 48.65533 0.028089 0.075016
4/16/2020 49.68067 0.021073 0.070938
4/17/2020 50.25933 0.011648 0.066947
4/20/2020 49.75733 -0.009988 0.063066
4/21/2020 45.78133 -0.079908 0.05961
4/22/2020 48.80733 0.066097 0.062572
4/23/2020 47.042 -0.036169 0.06224
4/24/2020 48.34333 0.027663 0.060137
4/27/2020 53.25 0.101496 0.057187
4/28/2020 51.27467 -0.037095 0.062451
4/29/2020 53.36733 0.040813 0.060395
4/30/2020 52.12533 -0.023273 0.058134
5/1/2020 46.75467 -0.103034 0.055589
5/4/2020 50.746 0.085368 0.063082
5/5/2020 51.214 0.009222 0.064951
5/6/2020 52.172 0.018706 0.061188
5/7/2020 52.00267 -0.003246 0.057853
5/8/2020 54.628 0.050485 0.054642
5/11/2020 54.086 -0.009922 0.053702
5/12/2020 53.96067 -0.002317 0.050955
5/13/2020 52.73067 -0.022794 0.048243
5/14/2020 53.55533 0.015639 0.046547
5/15/2020 53.278 -0.005178 0.044257
5/18/2020 54.242 0.018094 0.042125
5/19/2020 53.86733 -0.006907 0.040272
5/20/2020 54.37067 0.009344 0.038518
5/21/2020 55.17333 0.014763 0.036752
5/22/2020 54.45867 -0.012953 0.035253
5/26/2020 54.59133 0.002436 0.034214
5/27/2020 54.682 0.001661 0.032788
5/28/2020 53.72067 -0.01758 0.031494
5/29/2020 55.66667 0.036224 0.031154
6/1/2020 59.87333 0.075569 0.031689
6/2/2020 58.77067 -0.018417 0.038191
6/3/2020 58.864 0.001588 0.037188
6/4/2020 57.62533 -0.021043 0.035516
6/5/2020 59.044 0.024619 0.034985
6/8/2020 63.328 0.072556 0.034103
6/9/2020 62.71133 -0.009738 0.039413
6/10/2020 68.33667 0.089702 0.037836
6/11/2020 64.856 -0.050934 0.045441
6/12/2020 62.352 -0.038609 0.046732
6/15/2020 66.06 0.059469 0.046468
6/16/2020 65.47533 -0.00885 0.047497
6/17/2020 66.11933 0.009836 0.045208
6/18/2020 66.93066 0.012271 0.042911
6/19/2020 66.72667 -0.003048 0.040834
6/22/2020 66.288 -0.006574 0.038931
6/23/2020 66.78533 0.007503 0.037282
6/24/2020 64.05666 -0.040857 0.035598
6/25/2020 65.732 0.026154 0.037125
6/26/2020 63.98267 -0.026613 0.036121
6/29/2020 67.29 0.051691 0.035992
6/30/2020 71.98734 0.069807 0.037637
7/1/2020 74.642 0.036877 0.041674
7/2/2020 80.57733 0.079517 0.040976
7/6/2020 91.43867 0.134794 0.045932
7/7/2020 92.65733 0.013328 0.060676
7/8/2020 91.05867 -0.017254 0.057268
7/9/2020 92.952 0.020792 0.054507
7/10/2020 102.9767 0.107848 0.051742
7/13/2020 99.804 -0.03081 0.059289
7/14/2020 101.12 0.013186 0.057091
7/15/2020 103.0673 0.019258 0.053944
7/16/2020 100.0427 -0.029347 0.051175
7/17/2020 100.056 0.000133 0.049641
7/20/2020 109.5333 0.09472 0.046998
7/21/2020 104.5573 -0.045429 0.05327
7/22/2020 106.1553 0.015283 0.052903
7/23/2020 100.8713 -0.049776 0.05011
7/24/2020 94.46667 -0.063493 0.050604
7/27/2020 102.64 0.086521 0.052744
7/28/2020 98.43267 -0.040991 0.056486
7/29/2020 99.94067 0.01532 0.055341
7/30/2020 99.166 -0.007751 0.052365
7/31/2020 95.384 -0.038138 0.049659
8/3/2020 99 0.03791 0.049009
8/4/2020 99.13333 0.001347 0.047626
8/5/2020 99.00134 -0.001332 0.045125
8/6/2020 99.30534 0.003071 0.042847
8/7/2020 96.84734 -0.024752 0.040706
8/10/2020 94.57133 -0.023501 0.039897
8/11/2020 91.626 -0.031144 0.039078
8/12/2020 103.6507 0.131236 0.039015
8/13/2020 108.0667 0.042605 0.055417
8/14/2020 110.0473 0.018328 0.05375
8/17/2020 122.376 0.112031 0.050969
8/18/2020 125.806 0.028028 0.059485
8/19/2020 125.2353 -0.004536 0.056603
8/20/2020 133.4553 0.065636 0.053506
8/21/2020 136.6653 0.024053 0.054286
8/24/2020 134.28 -0.017454 0.051656
8/25/2020 134.8893 0.004538 0.049366
8/26/2020 143.5447 0.064166 0.04672
8/27/2020 149.25 0.039746 0.048302
8/28/2020 147.56 -0.011323 0.04713
8/31/2020 166.1067 0.125689 0.044956
9/1/2020 158.35 -0.046697 0.05799
9/2/2020 149.1233 -0.058268 0.057199
9/3/2020 135.6667 -0.090238 0.057722
9/4/2020 139.44 0.027813 0.062587
9/8/2020 110.07 -0.210628 0.059449
9/9/2020 122.0933 0.109233 0.089643
9/10/2020 123.78 0.013815 0.090746
9/11/2020 124.24 0.003716 0.085235
9/14/2020 139.8733 0.125832 0.080048
9/15/2020 149.92 0.071827 0.084882
9/16/2020 147.2533 -0.017787 0.082645
9/17/2020 141.1433 -0.041493 0.077978
9/18/2020 147.3833 0.04421 0.074809
9/21/2020 149.7967 0.016375 0.071498
9/22/2020 141.41 -0.055987 0.067364
9/23/2020 126.7867 -0.103411 0.066408
9/24/2020 129.2633 0.019534 0.071714
9/25/2020 135.78 0.050414 0.067629
9/28/2020 140.4 0.034026 0.065367
 9/29/2020 139.69 -0.005057 0.062288
9/30/2020 143.0033 0.023719 0.058782
10/1/2020 149.3867 0.044638 0.055785
10/2/2020 138.3633 -0.073791 0.054235
10/5/2020 141.8933 0.025513 0.057223
10/6/2020 137.9933 -0.027485 0.054417
10/7/2020 141.7667 0.027344 0.052449
10/8/2020 141.9733 0.001458 0.050113
10/9/2020 144.6667 0.018971 0.047423
10/12/2020 147.4333 0.019124 0.045161
10/13/2020 148.8833 0.009835 0.04309
10/14/2020 153.7667 0.0328 0.04096
10/15/2020 149.6267 -0.026924 0.040019
10/16/2020 146.5567 -0.020518 0.039462
10/19/2020 143.61 -0.020106 0.038471
10/20/2020 140.6467 -0.020635 0.037554
10/21/2020 140.88 0.001659 0.036771
10/22/2020 141.93 0.007453 0.035133
10/23/2020 140.21 -0.012119 0.033631
10/26/2020 140.0933 -0.000832 0.032708
10/27/2020 141.56 0.010469 0.031457
10/28/2020 135.34 -0.043939 0.030324
10/29/2020 136.9433 0.011847 0.033236
10/30/2020 129.3467 -0.055473 0.031971
11/2/2020 133.5033 0.032136 0.036426
11/3/2020 141.3 0.058401 0.035925
11/4/2020 140.3267 -0.006888 0.038517
11/5/2020 146.03 0.040643 0.036913
11/6/2020 143.3167 -0.018581 0.037131
11/9/2020 140.42 -0.020212 0.036248
11/10/2020 136.7867 -0.025875 0.035573
11/11/2020 139.0433 0.016498 0.035444
11/12/2020 137.2533 -0.012874 0.034119
11/13/2020 136.1667 -0.007917 0.033189
11/16/2020 136.03 -0.001004 0.032107
11/17/2020 147.2033 0.082139 0.030914
11/18/2020 162.2133 0.101968 0.038973
11/19/2020 166.4233 0.025954 0.048756
11/20/2020 163.2033 -0.019348 0.046668
11/23/2020 173.95 0.065848 0.044912
11/24/2020 185.1267 0.064252 0.047006
11/25/2020 191.3333 0.033527 0.048556
11/27/2020 195.2533 0.020488 0.046913
11/30/2020 189.2 -0.031002 0.044747
12/1/2020 194.92 0.030233 0.04401
12/2/2020 189.6067 -0.027259 0.042589
12/3/2020 197.7933 0.043177 0.041776
 12/4/2020 199.68 0.009539 0.041634
12/7/2020 213.92 0.071314 0.039617
12/8/2020 216.6267 0.012653 0.043491
12/9/2020 201.4933 -0.069859 0.041376
12/10/2020 209.0233 0.037371 0.046207
12/11/2020 203.33 -0.027238 0.045067
12/14/2020 213.2767 0.048919 0.043991
12/15/2020 211.0833 -0.010284 0.044156
12/16/2020 207.59 -0.01655 0.042191
12/17/2020 218.6333 0.053198 0.040688
12/18/2020 231.6667 0.059613 0.041795
12/21/2020 216.62 -0.06495 0.043551
12/22/2020 213.4467 -0.014649 0.047139
12/23/2020 215.3267 0.008808 0.045102
12/24/2020 220.59 0.024443 0.042802
12/28/2020 221.23 0.002901 0.041162
12/29/2020 221.9967 0.003466 0.039155
12/30/2020 231.5933 0.043229 0.037309
12/31/2020 235.2233 0.015674 0.037745
1/4/2021 243.2567 0.034152 0.036187
1/5/2021 245.0367 0.007317 0.035881
1/6/2021 251.9933 0.02839 0.034315
1/7/2021 272.0133 0.079447 0.033759
1/8/2021 293.34 0.078403 0.040456
1/11/2021 270.3967 -0.078214 0.045334
1/12/2021 283.1467 0.047153 0.050738
1/13/2021 284.8033 0.005851 0.049929
1/14/2021 281.6667 -0.011014 0.047241
1/15/2021 275.3867 -0.022296 0.045046
1/19/2021 281.5167 0.02226 0.043622
1/20/2021 283.4833 0.006986 0.041806
1/21/2021 281.6633 -0.00642 0.03975
1/22/2021 282.2133 0.001953 0.038025
1/25/2021 293.6 0.040348 0.03628
1/26/2021 294.3633 0.0026 0.03655
1/27/2021 288.0533 -0.021436 0.034923
1/28/2021 278.4767 -0.033246 0.034491
1/29/2021 264.51 -0.050154 0.035259
2/1/2021 279.9367 0.058322 0.038154
2/2/2021 290.93 0.039271 0.040339
2/3/2021 284.8967 -0.020738 0.04
2/4/2021 283.33 -0.005499 0.03897
2/5/2021 284.0767 0.002635 0.037284
2/8/2021 287.8067 0.01313 0.035596
2/9/2021 283.1533 -0.016168 0.034152
2/10/2021 268.2733 -0.052551 0.033419
2/11/2021 270.5533 0.008499 0.037061
2/12/2021 272.04 0.005495 0.035406
2/16/2021 265.4067 -0.024384 0.03387
2/17/2021 266.05 0.002424 0.033814
2/18/2021 262.46 -0.013494 0.032423
2/19/2021 260.4333 -0.007722 0.031703
2/22/2021 238.1667 -0.085498 0.030757
2/23/2021 232.9467 -0.021917 0.041674
2/24/2021 247.34 0.061788 0.040556
2/25/2021 227.4067 -0.080591 0.042815
2/26/2021 225.1667 -0.00985 0.049215
3/1/2021 239.4767 0.063553 0.04682
3/2/2021 228.8133 -0.044528 0.048308
3/3/2021 217.7333 -0.048424 0.048458
3/4/2021 207.1467 -0.048622 0.04902
3/5/2021 199.3167 -0.037799 0.049529
3/8/2021 187.6667 -0.05845 0.048862
3/9/2021 224.5267 0.196412 0.050601
3/10/2021 222.6867 -0.008195 0.078536
3/11/2021 233.2 0.047211 0.073927
3/12/2021 231.2433 -0.008391 0.070874
3/15/2021 235.98 0.020483 0.066812
3/16/2021 225.6267 -0.043874 0.063108
3/17/2021 233.9367 0.036831 0.061517
3/18/2021 217.72 -0.069321 0.058911
3/19/2021 218.29 0.002618 0.060544
3/22/2021 223.3333 0.023104 0.057081
3/23/2021 220.72 -0.011701 0.054194
3/24/2021 210.09 -0.048161 0.051466
3/25/2021 213.4633 0.016057 0.051604
3/26/2021 206.2367 -0.033854 0.048929
3/29/2021 203.7633 -0.011993 0.04798
3/30/2021 211.8733 0.039801 0.045762
3/31/2021 222.6433 0.050832 0.044861
4/1/2021 220.5833 -0.009252 0.045118
4/5/2021 230.35 0.044277 0.043036
4/6/2021 230.54 0.000825 0.042848
4/7/2021 223.6567 -0.029857 0.040723
4/8/2021 227.9333 0.019122 0.040342
4/9/2021 225.6733 -0.009915 0.038681
4/12/2021 233.9933 0.036867 0.037175
4/13/2021 254.1067 0.085957 0.036994
4/14/2021 244.0767 -0.039472 0.044092
4/15/2021 246.2833 0.009041 0.044243
4/16/2021 246.5933 0.001259 0.042012
4/19/2021 238.21 -0.033997 0.039949
4/20/2021 239.6633 0.006101 0.040061
4/21/2021 248.04 0.034952 0.038141
4/22/2021 239.8967 -0.032831 0.037677
4/23/2021 243.1333 0.013492 0.037962
4/26/2021 246.0667 0.012065 0.036323
4/27/2021 234.9133 -0.045326 0.034791
4/28/2021 231.4667 -0.014672 0.037062
4/29/2021 225.6667 -0.025058 0.035942
4/30/2021 236.48 0.047917 0.035695
5/3/2021 228.3 -0.034591 0.036905
5/4/2021 224.5333 -0.016499 0.037484
5/5/2021 223.6467 -0.003949 0.03643
5/6/2021 221.18 -0.011029 0.03492
5/7/2021 224.1233 0.013307 0.033814
5/10/2021 209.68 -0.064444 0.032535
5/11/2021 205.7333 -0.018822 0.038485
5/12/2021 196.63 -0.044248 0.037479
5/13/2021 190.5633 -0.030853 0.039145
5/14/2021 196.58 0.031573 0.039046
5/17/2021 192.2767 -0.021891 0.038215
5/18/2021 192.6233 0.001803 0.037454
5/19/2021 187.82 -0.024936 0.035757
5/20/2021 195.5933 0.041387 0.035522
5/21/2021 193.6267 -0.010055 0.036003
5/24/2021 202.1467 0.044002 0.034748
5/25/2021 201.5633 -0.002886 0.035631
5/26/2021 206.3767 0.02388 0.034164
5/27/2021 210.2833 0.01893 0.033321
5/28/2021 208.4067 -0.008925 0.032296
6/1/2021 207.9667 -0.002111 0.031345
6/2/2021 201.7067 -0.030101 0.030246
6/3/2021 190.9467 -0.053345 0.031283
6/4/2021 199.6833 0.045754 0.035528
6/7/2021 201.71 0.010149 0.036502
6/8/2021 201.1967 -0.002545 0.034917
6/9/2021 199.5933 -0.007969 0.033505
6/10/2021 203.3733 0.018939 0.032396
6/11/2021 203.2967 -0.000377 0.031462
6/14/2021 205.8967 0.012789 0.030316
6/15/2021 199.7867 -0.029675 0.029348
6/16/2021 201.6233 0.009193 0.030474
6/17/2021 205.5333 0.019393 0.029409
6/18/2021 207.77 0.010882 0.028805
6/21/2021 206.9433 -0.003979 0.027932
6/22/2021 207.9033 0.004639 0.027219
6/23/2021 218.8567 0.052685 0.026428
6/24/2021 226.6067 0.035411 0.030068
6/25/2021 223.9567 -0.011694 0.030671
6/28/2021 229.5733 0.025079 0.030029
6/29/2021 226.92 -0.011558 0.029715
6/30/2021 226.5667 -0.001557 0.029168
7/1/2021 225.9733 -0.002619 0.028263
7/2/2021 226.3 0.001446 0.027474
7/6/2021 219.86 -0.028458 0.02668
7/7/2021 214.8833 -0.022636 0.028092
7/8/2021 217.6033 0.012658 0.02863
7/9/2021 218.9833 0.006342 0.027822
7/12/2021 228.5667 0.043763 0.026978
7/13/2021 222.8467 -0.025026 0.029118
7/14/2021 217.7933 -0.022676 0.029756
7/15/2021 216.8667 -0.004255 0.030069
7/16/2021 214.74 -0.009806 0.029152
7/19/2021 215.4067 0.003104 0.028567
7/20/2021 220.1667 0.022098 0.027651
7/21/2021 218.43 -0.007888 0.027405
7/22/2021 216.42 -0.009202 0.02691
7/23/2021 214.46 -0.009056 0.026538
7/26/2021 219.2067 0.022133 0.0262
7/27/2021 214.9267 -0.019525 0.026131
7/28/2021 215.66 0.003412 0.02664
7/29/2021 225.7833 0.046941 0.025911
7/30/2021 229.0667 0.014542 0.028736
8/2/2021 236.5567 0.032698 0.027981
8/3/2021 236.58 9.86E-05 0.028598
8/4/2021 236.9733 0.001663 0.027714
8/5/2021 238.21 0.005219 0.026893
8/6/2021 233.0333 -0.021732 0.026136
8/9/2021 237.92 0.02097 0.026865
8/10/2021 236.6633 -0.005282 0.026637
8/11/2021 235.94 -0.003056 0.026108
8/12/2021 240.75 0.020387 0.025554
8/13/2021 239.0567 -0.007034 0.025445
8/16/2021 228.7233 -0.043225 0.025125
8/17/2021 221.9033 -0.029818 0.029071
8/18/2021 229.6633 0.03497 0.030258
8/19/2021 224.49 -0.022526 0.030787
8/20/2021 226.7533 0.010082 0.03095
8/23/2021 235.4333 0.03828 0.029857
8/24/2021 236.1633 0.003101 0.030807
8/25/2021 237.0667 0.003825 0.02968
8/26/2021 233.72 -0.014117 0.028655
8/27/2021 237.3067 0.015346 0.028392
8/30/2021 243.6367 0.026674 0.027703
8/31/2021 245.24 0.006581 0.027795
9/1/2021 244.6967 -0.002216 0.026955
9/2/2021 244.13 -0.002316 0.026287
 9/3/2021 244.5233 0.001611 0.025692
9/7/2021 250.9733 0.026378 0.025075
9/8/2021 251.29 0.001262 0.025492
9/9/2021 251.62 0.001313 0.024902
9/10/2021 245.4233 -0.024627 0.024372
9/13/2021 247.6667 0.009141 0.025706
9/14/2021 248.1633 0.002005 0.025109
9/15/2021 251.9433 0.015232 0.024548
9/16/2021 252.33 0.001535 0.024272
9/17/2021 253.1633 0.003303 0.023807
9/20/2021 243.39 -0.038605 0.023373
9/21/2021 246.46 0.012614 0.026949
9/22/2021 250.6467 0.016987 0.02631
9/23/2021 251.2133 0.002261 0.025919
9/24/2021 258.13 0.027533 0.025271
9/27/2021 263.7867 0.021914 0.025767
9/28/2021 259.1867 -0.017438 0.025736
9/29/2021 260.4367 0.004823 0.026106
9/30/2021 258.4933 -0.007462 0.025427
10/1/2021 258.4067 -0.000335 0.025131
10/4/2021 260.51 0.00814 0.024607
10/5/2021 260.1967 -0.001203 0.024109
10/6/2021 260.9167 0.002767 0.023717
10/7/2021 264.5367 0.013874 0.023297
10/8/2021 261.83 -0.010232 0.023107
10/11/2021 263.98 0.008212 0.023259
10/12/2021 268.5733 0.0174 0.022909
10/13/2021 270.36 0.006652 0.022943
10/14/2021 272.7733 0.008926 0.022609
10/15/2021 281.01 0.030196 0.022345
10/18/2021 290.0367 0.032122 0.02357
10/19/2021 288.09 -0.006712 0.02481
10/20/2021 288.6 0.00177 0.024547
10/21/2021 298 0.032571 0.024049
10/22/2021 303.2267 0.017539 0.025261
10/25/2021 341.62 0.126616 0.025018
10/26/2021 339.4767 -0.006274 0.046537
10/27/2021 345.9533 0.019078 0.044249
10/28/2021 359.0133 0.037751 0.042253
10/29/2021 371.3333 0.034316 0.041564
11/1/2021 402.8633 0.08491 0.040673
11/2/2021 390.6667 -0.030275 0.046651
11/3/2021 404.62 0.035717 0.045649
11/4/2021 409.97 0.013222 0.044441
11/5/2021 407.3633 -0.006358 0.042262
11/8/2021 387.6467 -0.048401 0.040324
11/9/2021 341.1667 -0.119903 0.04208
11/10/2021 355.9833 0.043429 0.056907
11/11/2021 354.5033 -0.004158 0.055155
11/12/2021 344.4733 -0.028293 0.052159
11/15/2021 337.7967 -0.019382 0.050456
11/16/2021 351.5767 0.040794 0.048365
11/17/2021 363.0033 0.032501 0.04727
11/18/2021 365.46 0.006768 0.045682
11/19/2021 379.02 0.037104 0.043322
11/22/2021 385.6233 0.017422 0.042463
11/23/2021 369.6767 -0.041353 0.040559
11/24/2021 372 0.006285 0.041396
11/26/2021 360.64 -0.030538 0.03937
11/29/2021 378.9967 0.0509 0.039213
11/30/2021 381.5867 0.006834 0.040258
12/1/2021 365 -0.043468 0.038326
12/2/2021 361.5333 -0.009498 0.039756
12/3/2021 338.3233 -0.064199 0.038138
12/6/2021 336.3367 -0.005872 0.04271
12/7/2021 350.5833 0.042358 0.040721
12/8/2021 356.32 0.016363 0.040629
12/9/2021 334.6 -0.060956 0.038845
12/10/2021 339.01 0.01318 0.042728
12/13/2021 322.1367 -0.049772 0.040685
12/14/2021 319.5033 -0.008175 0.042567
12/15/2021 325.33 0.018237 0.040661
12/16/2021 308.9733 -0.050277 0.038938
12/17/2021 310.8567 0.006095 0.041183
12/20/2021 299.98 -0.034989 0.039173
12/21/2021 312.8433 0.042881 0.039488
12/22/2021 336.29 0.074947 0.039602
12/23/2021 355.6667 0.057619 0.044079
12/27/2021 364.6467 0.025248 0.045229
12/28/2021 362.8233 -0.005 0.043413
12/29/2021 362.0633 -0.002095 0.041345
12/30/2021 356.78 -0.014592 0.039381
12/31/2021 352.26 -0.012669 0.038035
1/3/2022 399.9267 0.135317 0.036714
1/4/2022 383.1967 -0.041833 0.055039
1/5/2022 362.7067 -0.053471 0.054127
1/6/2022 354.9 -0.021523 0.054508
1/7/2022 342.32 -0.035447 0.05218
1/10/2022 352.7067 0.030342 0.051019
1/11/2022 354.8 0.005935 0.048961
1/12/2022 368.74 0.03929 0.046347
1/13/2022 343.8533 -0.067491 0.045343
1/14/2022 349.87 0.017498 0.048984
1/18/2022 343.5033 -0.018197 0.046552
1/19/2022 331.8833 -0.033828 0.044743
1/20/2022 332.09 0.000623 0.044258
1/21/2022 314.6333 -0.052566 0.042023
1/24/2022 310 -0.014726 0.044065
1/25/2022 306.1333 -0.012473 0.042299
1/26/2022 312.47 0.020699 0.040583
1/27/2022 276.3667 -0.115542 0.038966
1/28/2022 282.1167 0.020806 0.053896
1/31/2022 312.24 0.106776 0.05118
2/1/2022 310.4167 -0.00584 0.058663
2/2/2022 301.8867 -0.027479 0.055437
2/3/2022 297.0467 -0.016032 0.053375
2/4/2022 307.7733 0.036111 0.050878
2/7/2022 302.4467 -0.017307 0.049187
2/8/2022 307.3333 0.016157 0.0471
2/9/2022 310.6667 0.010846 0.04478
2/10/2022 301.5167 -0.029453 0.042531
2/11/2022 286.6667 -0.049251 0.041907
2/14/2022 291.92 0.018326 0.043524
2/15/2022 307.4767 0.053291 0.041561
2/16/2022 307.7967 0.001041 0.042552
2/17/2022 292.1167 -0.050943 0.040448
2/18/2022 285.66 -0.022103 0.042529
2/22/2022 273.8433 -0.041366 0.041337
2/23/2022 254.68 -0.069979 0.042066
2/24/2022 266.9233 0.048073 0.046769
2/25/2022 269.9567 0.011364 0.046504
2/28/2022 290.1433 0.074777 0.044127
3/1/2022 288.1233 -0.006962 0.047666
3/2/2022 293.2967 0.017955 0.045307
3/3/2022 279.7633 -0.046142 0.043185
3/4/2022 279.43 -0.001192 0.044216
3/7/2022 268.1933 -0.040213 0.042008
3/8/2022 274.8 0.024634 0.042513
3/9/2022 286.3233 0.041934 0.040909
3/10/2022 279.4333 -0.024064 0.040752
3/11/2022 265.1167 -0.051235 0.039885
3/14/2022 255.4567 -0.036437 0.042102
3/15/2022 267.2967 0.046348 0.04219
3/16/2022 280.0767 0.047812 0.042316
3/17/2022 290.5333 0.037335 0.04258
3/18/2022 301.7967 0.038768 0.04182
3/21/2022 307.0533 0.017418 0.041267
3/22/2022 331.3267 0.079052 0.039463
3/23/2022 333.0367 0.005161 0.044676
3/24/2022 337.9733 0.014823 0.042389
3/25/2022 336.88 -0.003235 0.040413
3/28/2022 363.9467 0.080345 0.038549
3/29/2022 366.5233 0.00708 0.044204
3/30/2022 364.6633 -0.005075 0.04196
3/31/2022 359.2 -0.014982 0.040012
4/1/2022 361.53 0.006487 0.038627
4/4/2022 381.8167 0.056113 0.036826
4/5/2022 363.7533 -0.047309 0.03893
4/6/2022 348.5867 -0.041695 0.040768
4/7/2022 352.42 0.010997 0.041615
4/8/2022 341.83 -0.030049 0.03962
4/11/2022 325.31 -0.048328 0.039387
4/12/2022 328.9833 0.011292 0.041287
 taset starts from row 2 (with headers in row 1), add three new columns to the sheet:

ed Returns (E2 formula: =B2^2)

tional Variance (initial value in F2: =VAR(B2:B<last_row>))
tive Log-Likelihood (NLL)

the formula to calculate the NLL for the first data point: =IF(ISNUMBER(F2), 0.5 * (LN(F2) + (E2 / F2)), ""). Copy this formula down the colu

he GARCH(1,1) parameters ω, α, and β. For example, use cells H1, I1, and J1, and provide initial values for them, e.g., 0.01, 0.1, and 0.85.

the GARCH(1,1) formula: =$H$1 + $I$1 * E2 + $J$1 * F2. Copy this formula down the column for all data points except the first one.

calculate the sum of the NLL column. This will be the objective function for the Solver add-in. Let's say you put the sum in cell K1 with the

tab and click "Solver" in the "Analysis" group. If you don't see Solver, you might need to install the add-in first (File > Options > Add-Ins >

ameters dialog box, set the following options:

able Cells: $H$1, $I$1, $J$1

ned Variables Non-Negative (checked)

d let Excel find the optimal GARCH(1,1) parameters.

shes, the optimal values for ω, α, and β should be in cells H1, I1, and J1, respectively. The Conditional Variance column (F) should now con
py this formula down the column for all data points.

em, e.g., 0.01, 0.1, and 0.85.

s except the first one.

put the sum in cell K1 with the formula =SUM(G:G).

rst (File > Options > Add-Ins > Excel Add-ins > Solver Add-in).

ce column (F) should now contain the estimated GARCH(1,1) volatilities.