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Journal Pre-proofs

A Q-learning Agent for Automated Trading in Equity Stock Markets

Jagdish Bhagwan Chakole, Mugdha S Kolhe, Grishma D Mahapurush,


Anushka Yadav, Manish P Kurhekar

PII: S0957-4174(20)30585-6
DOI: https://doi.org/10.1016/j.eswa.2020.113761
Reference: ESWA 113761

To appear in: Expert Systems with Applications

Received Date: 28 February 2020


Revised Date: 22 June 2020
Accepted Date: 12 July 2020

Please cite this article as: Chakole, J.B., Kolhe, M.S., Mahapurush, G.D., Yadav, A., Kurhekar, M.P., A Q-
learning Agent for Automated Trading in Equity Stock Markets, Expert Systems with Applications (2020), doi:
https://doi.org/10.1016/j.eswa.2020.113761

This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover
page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version
will undergo additional copyediting, typesetting and review before it is published in its final form, but we are
providing this version to give early visibility of the article. Please note that, during the production process, errors
may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

© 2020 Published by Elsevier Ltd.


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Rk8 r?2`2- γ ∈ (0, 1)- Bi mb2b iQ /Bb+QmMi 7mim`2 `2r`/b M/ iQ pQB/ BM}MBi2 `2@
im`Mb BM +v+HB+ J`FQp T`Q+2bb2bX h?2 iQiH ++mKmHi2/ `2r`/b /2T2M/ QM
i?2 b2[m2M+2 Q7 i?2 +iBQM iF2MX h?2 b2H2+iBQM Q7 T`QT2` `2r`/ 7mM+iBQM Bb
BKTQ`iMi 7Q` #2ii2` T2`7Q`KM+2 Q7 i?2 KQ/2HX
h?2 2tT2+i2/ `2im`M ;BM i iBK2 BMbiMi t #v #2;BMMBM; 7`QK bii2 s- iFBM;
Rjy +iBQM a- M/ Hi2` 7QHHQrBM; TQHB+v π Bb T`QpB/2/ #v bii2@+iBQM@pHm2 7mM+iBQM
Qπ (s, a)X
Qπ (s, a) = Eπ [Xt |st = s, at = a] UjV

h?2 "2HHKM 2[miBQM +M /2+QKTQb2 i?2 bii2@+iBQM@pHm2 7mM+iBQM BMiQ BK@
K2/Bi2 `2r`/ THmb /Bb+QmMi2/ 7mim`2 pHm2 Q7 i?2 bii2@+iBQM@pHm2 7mM+iBQM
Q7 i?2 bm++2bbQ` bii2X

Qπ (s, a) = Eπ (Rt+1 + γQπ (st+1 , at+1 )|st = s, at = a) U9V

Rj8 h?2 QTiBKH bii2@+iBQM@pHm2 7mM+iBQM Q∗ (s, a) Bb i?2 KtBKmK pHm2 bii2@
+iBQM@pHm2 7mM+iBQM Qp2` HH TQHB+B2b

Q∗ (s, a) = max Qπ (s, a) U8V


π

h?2 QTiBKH TQHB+v π∗ Bb  TQHB+v r?B+? Bb i?2 #2bi KQM; HH i?2 TQHB+B2b BM
i2`Kb Q7 iQiH ++mKmHi2/ `2r`/bX

e
6B;m`2 R, hvTB+H _2BM7Q`+2K2Mi G2`MBM; bvbi2K

kXkX _2BM7Q`+2K2Mi G2`MBM;

R9y hvTB+HHv _2BM7Q`+2K2Mi G2`MBM; U_GV +QMbBbib Q7 M ;2Mi M/ i?2 2MpB@
`QMK2Mi- b /2TB+i2/ BM 6B;m`2 R M/ i?2 ;2MiǶb Q#D2+iBp2 Bb iQ ;2i KtBKmK
iQiH ++mKmHi2/ `2r`/bX  b2i Q7 bii2b +M /2b+`B#2 i?2 2MpB`QMK2Mi- M/
i?2 ;2Mi +M iF2 +iBQM QM i?2 2MpB`QMK2Mi 7`QK  b2i Q7 +iBQMb i Mv iBK2
BMbiMi U7Q` 2tKTH2 "mv- a2HH- Q` >QH/ Bb M +iBQM b2i 7Q` i?2 i`/BM; ;2MiVX
R98 h?2 ;2Mi /2bB`2b M 2MpB`QMK2MiǶb T`iB+mH` bii2 i?i i?2 bii2 Bb +HH2/  ;QH
bii2X AM i?2 #2;BMMBM;- i?2 2MpB`QMK2Mi Kv #2 BM  T`iB+mH` bii2 FMQrM b
i?2 BMBiBH bii2X h?2 ;2Mi +ib QM i?2 2MpB`QMK2Mi b T2` Bib TQHB+v πX h?2
2MpB`QMK2Mi ;Q2b BMiQ i?2 M2ti bii2- M/ i?2 ;2Mi ;2ib  `2r`/X h?Bb T`Q+2bb
bi`i2/ rBi? i?2 BMBiBH bii2 M/ +QMiBMm2/ mMiBH i?2 M2ti bii2 Bb i?2 /2bB`2/
R8y bii2X
h?2 ;2Mi Q#iBMb Bib TQHB+v π 7`QK BMi2`+iBQM rBi? i?2 2MpB`QMK2MiX Ai Bb 
KTTBM; Q7 bii2 iQ +iBQMX h?2 ;2Mi Q#b2`p2b i?2 2MpB`QMK2Mi mbBM; i?2 bii2
st X  bii2 st Bb i?2 biimb Q7 i?2 2MpB`QMK2Mi i iBK2 tX aQ  b2i Q7 bii2b S
+M `2T`2b2Mi i?2 2MpB`QMK2MiX h?2 ;2Mi iF2b +iBQM at QM i?2 2MpB`QMK2Mi
R88 i BMbiMi t 7`QK i?2 b2i Q7 +iBQMb A M/ BM `2bTQMb2- Bi ;2ib  /2Hv2/ `2r`/

d
Rt+1 X HbQ i?2 bii2 Q7 i?2 2MpB`QMK2Mi mT/i2b iQ st+1 b b?QrM BM 6B;m`2
RX _2r`/ 2Bi?2` TQbBiBp2 Q` M2;iBp2 M/ /2}M2/ #v i?2 `2r`/ 7mM+iBQM _ b
/2}M2/ BM a2+iBQM kXR M/ iQiH ++mKmHi2/ `2r`/b +HH2/ `2im`M Bb /2}M2/ BM
2[X UkV- UamiiQM  "`iQ UkyR3Vc :Q`b2 UkyRRVVX
Rey h?2 TQHB+v Bb  KTTBM; 7mM+iBQM 7Q` bii2 iQ +iBQM- Bi b2H2+ib QTiBKH +iBQM
7Q`  bii2- M/ Bi Bb mT/i2/ mbBM; `2r`/b ;Qi 7`QK i?2 2MpB`QMK2Mi 7Q` i?2
+iBQM iF2M QM i?2 bii2X h?2 QTiBKH +iBQM Bb i?i +iBQM KQM; HH TQbbB#H2
+iBQMb r?B+? ;Bp2b i?2 KtBKmK `2r`/X h?2 TQHB+v Bb `#Bi``BHv BMBiBHBx2/ i
i?2 #2;BMMBM; M/ Bb mT/i2/ #b2/ QM `2r`/b `2+2Bp2/ 7`QK i?2 2MpB`QMK2MiX
Re8 aQ i?2 _G ;2MiǶb Q#D2+iBp2 Bb iQ Q#iBM M QTiBKH TQHB+vX h?2 TQHB+v r?B+?
;Bp2b KtBKmK iQiH ++mKmHi2/ `2r`/ KQM; HH TQHB+B2b i?i TQHB+v i2`K2/
b QTiBKH TQHB+vX h?2 ;2Mi b2H2+ib i?2 +?BM Q7 +iBQMb iQ `2+? i?2 /2bB`2/
bii2- bQ i?Bb Bb i?2 b2[m2MiBH /2+BbBQM@KFBM; T`Q#H2KX M J.S /2}M2b i?Bb
b2[m2MiBH /2+BbBQM@KFBM; T`Q#H2KX

Rdy kXjX Z@H2`MBM;

Ai Bb  KQ/2H@7`22 Qz@TQHB+v _G K2i?Q/ BM r?B+? i?2 ;2Mi BKb iQ Q#iBM


i?2 QTiBKH bii2@+iBQM@pHm2 7mM+iBQM Q∗ (s, a) #v BMi2`+iBM; rBi? i?2 2MpB@
`QMK2MiX Ai KBMiBMb  bii2@+iBQM i#H2 Z(a- ) +HH2/ b Z@i#H2 +QMiBMBM;
Z@pHm2b 7Q` 2p2`v bii2@+iBQM TB`X i i?2 bi`i- Z@pHm2b BMBiBHBx2 iQ x2`Q2bX
Rd8 Z@H2`MBM; mT/i2b i?2 Z@pHm2b mbBM; h2KTQ`H .Bz2`2M+2 K2i?Q/X

Q(st , at ) ← Q(st , at ) + α(Rt+1 + γ max Q(st+1 , a) − Q(st , at )) UeV


a

r?2`2 α Bb i?2 H2`MBM; `i2 M/ γ ∈ [0, 1]X Q(st , at ) Bb i?2 +imH Z@pHm2
7Q` bii2@+iBQM TB` (st , at )X h?2 i`;2i Z@pHm2 7Q` bii2@+iBQM TB` (st , at ) Bb
Rt+1 + γ maxa Q(st+1 , a) BX2X BKK2/Bi2 `2r`/ THmb /Bb+QmMi2/ Z@pHm2 Q7 M2ti
bii2X h?2 i#H2 +QMp2`;2b mbBM; Bi2`iBp2 mT/i2b 7Q` 2+? bii2@+iBQM TB`X hQ
R3y 2{+B2MiHv +QMp2`;2 i?2 Z@i#H2 ǫ @ ;`22/v TT`Q+? Bb mb2/X
h?2 ǫ @ ;`22/v TT`Q+?, i i?2 bi`iBM; Q7 i?2 i`BMBM;- Z@pHm2b Q7 i?2 Z@
i#H2 BMBiBHBx2 iQ x2`Q2bX Ai K2Mb HH +iBQMb 7Q`  bii2 ?p2 i?2 bK2 +?M+2

3
iQ #2 b2H2+i2/X aQ iQ +QMp2`;2 i?2 Z@i#H2 mbBM; Bi2`iBp2 mT/i2b- 2tTHQ`iBQM@
2tTHQBiiBQM i`/2@Qz Bb mb2/X h?2 2tTHQ`iBQM mT/i2 i?2 Z@pHm2 Q7 `M/QK
R38 bii2@+iBQM TB` (st , at ) Q7 i?2 Z@i#H2 #v `M/QKHv b2H2+iBM; i?2 +iBQMX h?2
2tTHQBiiBQM b2H2+ib ;`22/v +iBQM (at ) 7Q` i?2 bii2 (st ) 7`QK i?2 Z@i#H2 ?pBM;
KtBKmK `2r`/bX
aQ- iQ +QMp2`;2 Z@i#H2 7`QK M BMBiBH +QM/BiBQM U HH Z@pHm2b Q7 i?2 Z@i#H2
BMBiBHBx2 iQ x2`Q2bV- i i?2 BMBiBH H2p2H Q7 Bi2`iBp2 mT/i2 2tTHQ`iBQM Bb M22/2/
RNy M/ i  Hi2` iBK2 Q7 i?2 Bi2`iBp2 mT/i2b- `2[mB`2b KQ`2 2tTHQBiiBQMX Ai +M
mb2 T`Q##BHBiv ǫ, BM r?B+? `M/QK +iBQM b2H2+i2/ mbBM;  T`Q##BHBiv ǫ- M/
+iBQM Bb +?Qb2M 7`QK i?2 Z@i#H2 mbBM; T`Q##BHBiv 1 − ǫX i i?2 #2;BMMBM;-
i?2 pHm2 Q7 ǫ Bb QM2- M/ Bi `2/m+2b rBi? iBK2- M/ QM+2 i?2 i#H2 +QMp2`;2b- Bi
#2+QK2b M2`Hv x2`QX

RN8 kX9X h2+?MB+H MHvbBb Q7 biQ+Fb


6mM/K2MiH M/ i2+?MB+H MHvbBb `2 i?2 irQ iQQHb +QKKQMHv mb2/ 7Q` BM@
p2biK2Mi M/ i`/BM; /2+BbBQM KFBM; #v i`/BiBQMH BMp2biQ`b M/ i`/2`bX h?2
BMp2biQ` ;2M2`HHv BMp2bib 7Q` HQM; i2`K mb2b 7mM/K2MiH MHvbBbX AM 7mM/K2M@
iH MHvbBb- i?2 +QKTMvǶb }MM+BH +QM/BiBQM M/ 7mim`2 ;`Qri? `2 +?2+F2/
kyy #v p`BQmb T`K2i2`b mbBM; }MM+BH `2TQ`ib Q7 i?2 +QKTMvX
h?2 i`/2`b +QKKQMHv mb2 i2+?MB+H MHvbBb iQ FMQr i?2 M2` i2`K i`2M/ Q7
i?2 biQ+F T`B+2X h`/2`b ;2M2`HHv i`/2 7Q`  b?Q`i /m`iBQM bTMMBM; 7`QK  72r
KBMmi2b iQ  72r KQMi?bX h2+?MB+H MHvbBb T`QpB/2b i2+?MB+H BM/B+iQ`b i?i
+QKKQMHv mb2/ iQ T`2/B+i b?Q`i i2`K KQK2MimK Q` i`2M/ Q7 i?2 biQ+F T`B+2X q2
ky8 mb2/ i2+?MB+H BM/B+iQ`b *QKKQ/Biv *?MM2H AM/2t- _2HiBp2 ai`2M;i? AM/2t-
M/ UW_V qBHHBKb S2`+2Mi _M;2 UEmK`  h?2MKQx?B UkyyeVc *?FQH2 
Em`?2F` UkyRNVV BM Qm` T`QTQb2/ KQ/2HbX h?2b2 BM/B+iQ`b T`QpB/2 KQK2MimK
7Q` i?2 +m``2Mi biQ+F T`B+2 i`2M/X

jX S`QTQb2/ avbi2K

kRy h?Bb b2+iBQM /2b+`B#2b Qm` irQ T`QTQb2/ KQ/2Hb BM /2iBHX h?2 BMimBiBQM iQ
mb2 i?2 _G TT`Q+? iQ }M/ M QTiBKH /vMKB+ i`/BM; bi`i2;v Bb i?i i?2

N
J.S 7Q`KmHi2  a2[m2MiBH /2+BbBQM@KFBM; T`Q#H2K- M/ _G bQHp2b J.SX
aiQ+F K`F2i i`/BM; +M #2 i?Qm;?i Q7 b  b2[m2MiBH /2+BbBQM@KFBM; T`Q#H2K
b i 2p2`v /m`iBQM Q7 i?2 biQ+F i`/BM; b2bbBQM  i`/2` ?b iQ KF2  i`/BM;
kR8 /2+BbBQMX
Pm` i`;2i K`F2i Bb i?2 1[mBiv biQ+F K`F2iX q2 ?p2 T2`7Q`K2/ 2tT2`B@
K2MiiBQM QM i?2 AM/BM M/ i?2 K2`B+M 1[mBiv biQ+F K`F2ibX h?2 T`QTQb2/
KQ/2Hb 7QHHQr i?2 `mH2b Q7 i`/BM; BM i?2 1[mBiv biQ+F K`F2iX q2 +M iF2 
b?Q`i TQbBiBQM U}`bi b2HH M/ #mv i?2MV Q` +M ?p2  HQM; TQbBiBQM U}`bi #mv
kky M/ Hi2` b2HH VX h?2 b?Q`i TQbBiBQM BM i?2 1[mBiv biQ+F K`F2i Bb TQbbB#H2 mbBM;
i?2 a2+m`BiB2b G2M/BM;  "Q``QrBM; UaG"V K2+?MBbKX
q2 2tT2`BK2Mi2/ rBi? Qm` T`QTQb2/ KQ/2Hb QM /BHv /i Q7 i?2 biQ+F- M/
/BHv QMHv QM2 i`/BM; +iBQM Bb T2`KBii2/- 2Bi?2`  "mv- a2HH- Q` >QH/ 7Q` bBKTHB+@
BivX AM Z@H2`MBM;- `2T`2b2MiiBQM Q7 i?2 bii2 Q7 i?2 2MpB`QMK2Mi ?b bB;MB}+Mi
kk8 BKTQ`iM+2X h?2 i`/BM; ;2Mi +M QMHv b2Mb2 i?2 2MpB`QMK2Mi Ui?2 biQ+F K`@
F2iV i?`Qm;? i?2 bii2X q2 ?p2 T`QTQb2/ irQ /Bz2`2Mi i`/BM; KQ/2Hb #b2/
QM i?2 irQ /Bz2`2Mi `2T`2b2MiiBQMb Q7  bii2 Q7 i?2 2MpB`QMK2MiX

jXRX S`QTQb2/ KQ/2H R, *Hmbi2` iQ `2T`2b2Mi  bii2

AM i?Bb KQ/2H- r2 bbmK2 i?i ?BbiQ`v i2M/b iQ `2T2i Bib2H7X h?2 +m``2Mi
kjy i`/BM; b2bbBQM Tii2`M Q7 i?2 biQ+F K`F2i +M #2 bBKBH` iQ i?2 Tii2`M Q7 
i`/BM; b2bbBQM BM i?2 TbiX Pm` Q#D2+iBp2 Bb iQ }M/ i?i Tbi i`/BM; b2bbBQM
M/ i?2 KQbi QTiBKH i`/BM; +iBQM i i?i iBK2 M/ TTHv i?i i`/BM; +iBQM
iQ i?2 +m``2Mi i`/BM; b2bbBQMX
h?2 +QKKQM i?`22 Tii2`Mb Q` i`2M/b QM Mv i`/BM; b2bbBQM +M #2 M
kj8 mTi`2M/-  /QrMi`2M/ Q`  bB/2rvb i`2M/X h?2`2 `2 bQK2 bm#@Tii2`Mb BMbB/2
i?2b2 i?`22 +QKKQM Tii2`MbX aQ r2 +M /BpB/2 i?2 ?BbiQ`B+H i`/BM; b2bbBQMǶb
/i BMiQ n ;`QmTb Q` +Hmbi2`bX hrQ i`/BM; b2bbBQMb BM  +Hmbi2` ?p2 bQK2
+QKKQM 72im`2bX aBKBH`Hv- irQ i`/BM; b2bbBQMb BM /Bz2`2Mi +Hmbi2`b /Bz2` BM
bQK2 72im`2bX

Ry
6B;m`2 k, *Hmbi2`b 7Q`KiBQM 7`QK ?BbiQ`B+H biQ+F K`F2i /i

h?2 n ;`QmTb Q` +Hmbi2`b `2 7Q`K2/ 7`QK ?BbiQ`B+H i`/BM; b2bbBQMbǶ /i
mbBM; i?2 F@J2Mb +Hmbi2`BM; H;Q`Bi?KX b b?QrM BM 6B;m`2 k- i?2 i`/BM;
b2bbBQM /i T`2@T`Q+2bb2/ #27Q`2 7Q`KBM; +Hmbi2`bX h?2 T`2@T`Q+2bbBM; 2ti`+i
/2bB`2/ BM7Q`KiBQM 7`QK `r /iX h?2 biQ+F K`F2i /i Bb pBH#H2 BM i?2
[Open, High, Low, Close, V olume] 7Q`K 7Q` i?2 /BHv i`/BM; b2bbBQMX q2 T`2@
T`Q+2bb2/ i?Bb /BHv i`/BM; b2bbBQM /i iQ `2T`2b2Mi i?2 bii2 Q7 i?2 2MpB`QM@
K2Mi- b imTH2 K2MiBQM2/ #2HQrX

State = [O, H, L, C, V ]

k9y r?2`2
S2`+2Mi;2 +?M;2 BM QT2M
Opent − Closet−1
RX P 4 T`B+2 b +QKT`2 iQ T`2pBQmb 4( ) ∗ 100
Closet−1
/v +HQb2 T`B+2
S2`+2Mi;2 +?M;2 BM ?B;?
Hight − Opent
kX > 4 T`B+2 b +QKT`2 iQ bK2 4( ) ∗ 100
Opent
/v QT2M T`B+2
S2`+2Mi;2 +?M;2 BM HQr
Lowt − Opent
jX G 4 T`B+2 b +QKT`2 iQ bK2 4( ) ∗ 100
Opent
/v QT2M T`B+2

RR
S2`+2Mi;2 +?M;2 BM +HQb2
Closet − Opent
9X * 4 T`B+2 b +QKT`2 iQ bK2 4( ) ∗ 100
Opent
/v QT2M T`B+2
S2`+2Mi;2 +?M;2 BM pQHmK2
V olumet − V olumet−1
k98 8X o 4 b +QKT`2 iQ T`2pBQmb 4( ) ∗ 100
V olumet−1
/v pQHmK2
h?2 T`2@T`Q+2bb2/ ?BbiQ`B+H i`/BM; b2bbBQMb /i BM i?2 [O, H, L, C, V ] Bb T`Q@
pB/2/ iQ i?2 F@J2Mb +Hmbi2`BM; K2i?Q/ iQ 7Q`K n +Hmbi2`b Q` ;`QmTbX

6B;m`2 j, Pm` S`QTQb2/ JQ/2H R h`/BM; avbi2K

h?2 i`/BM; ;2Mi Bb BKTH2K2Mi2/ mbBM; i?2 Z@H2`MBM; K2i?Q/ Q7 _GX Ai


KBMiBMb Bib i`/BM; bi`i2;v mbBM;  bii2@+iBQM KTTBM; i#H2 +HH2/ b Z@
k8y i#H2- r?B+? +QMiBMb  Z@pHm2 7Q` 2+? bii2@+iBQM TB`X Ai b2Mb2b i?2 2MpB@
`QMK2Mi UaiQ+F K`F2iV mbBM; i?2 bii2 Q7 i?2 2MpB`QMK2MiX h?2 i`/BM; ;2Mi
BMBiBHHv /Q2b MQi FMQr Bib 2MpB`QMK2Mi bQc i i?2 bi`i- HH Z@pHm2b `2 x2`QX AM
i?2 T`QTQb2/ KQ/2H R- 2+? +Hmbi2` Bb  bii2 Q7 i?2 2MpB`QMK2MiX aQ i?2 2MiB`2
bii2b `2 n- M/ i?2 iQiH +iBQMb `2 i?`22 U"mv- a2HH- Q` >QH/VX aQ BMBiBHHv-
k88 i?2 i`/BM; bi`i2;v- BX2X Z@i#H2- Bb b b?QrM BM 6B;m`2 jX
h?2 i`/BM; ;2Mi b2Mb2b i?2 2MpB`QMK2MiǶb bii2 M/ T2`7Q`Kb i`/BM; +iBQM
#b2/ QM Z@i#H2 M/ bii2- BM `2bTQMb2- ;2ib T`Q}i Q` HQbb b `2r`/b- b b?QrM

Rk
BM 6B;m`2 jX h?2 Z@pHm2 7Q` 2+? bii2@+iBQM TB` Q7 Z@i#H2 Bb mT/i2/ mbBM;
1[miBQM UeV #b2/ QM `2r`/b `2+2Bp2/ 7Q` i`/BM; +iBQMX Ai2`iBp2 mT/i2b
key Q#iBM QTiBKH Z@i#H2 pHm2bX h?2 QTiBKH i`/BM; +iBQM 7Q`  bii2 Bb b2H2+i2/
mbBM; i?2 ǫ@;`22/v TT`Q+? /Bb+mbb2/ BM a2+iBQM kXjX h?2 QTiBKH Z@i#H2
Q#iBM2/ 7`QK ?BbiQ`B+H Uh`BMBM;V /iX
h?2 i`/BM; ;2Mi b2H2+ib i`/BM; +iBQM #b2/ QM i?2 bii2 Q7 i?2 2MpB`QM@
K2Mi 7`QK Z@i#H2 7Q` 2+? i`/BM; b2bbBQMX AM i?Bb KQ/2H- i?2 bii2 /2T2M/b
ke8 QM i?2 /BHv pHm2b Q7 [Open, High, Low, Close, V olume]- bii2 +?M;2b b i?2
i`/BM; b2bbBQM Ui?2 /vV +?M;2bX AM T`QTQb2/ KQ/2H R- i?2 i`/BM; ;2Mi i
i`/BM; b2bbBQM t iF2b i`/BM; +iBQM i i?2 #2;BMMBM; Q7 i?2 b2bbBQM t Ui QT2M
T`B+2V /2T2M/ QM i?2 bii2 Q7 i?2 2MpB`QMK2Mi i T`2pBQmb i`/BM; b2bbBQM t − 1X

jXkX S`QTQb2/ KQ/2H k, *M/H2biB+F iQ `2T`2b2Mi  bii2

kdy AM i?Bb T`QTQb2/ KQ/2H- r2 mb2 +M/H2biB+F iQ 7Q`K i?2 bii2 Q7 i?2 2MpB`QM@
K2MiX h?2 +M/H2biB+F `2T`2b2Mib biQ+F T`B+2 BM7Q`KiBQM 7Q` i?2 i`/BM; b2bbBQM
bm+? b PT2M- >B;?- GQr- M/ *HQb2 T`B+2- b b?QrM BM 6B;m`2 9X

6B;m`2 9,  +M/H2biB+F iQ `2T`2b2Mi p`BiBQM BM i?2 biQ+F T`B+2 /m`BM;  i`/BM; b2bbBQM

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Amount at start

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