Opcje - jak wyceniać, aby zyskać?
Options- How to Valuate to Gain Profit?

Summary/Abstract: The purpose of this publication is to alalyze different methods of option valuation on the exapmle of options listed on the Warsaw Stock Exchange. Models used for comparosion are: Black-Schoels, binominal, Shelton and Monte Carlo method in two variants. An important part of the analysis is also a comparision of methods of estimating the basic instruments historical volatility, which have been made by the winners of the Nobel Prize in 1997, Myron Scholes and Robert Merton, to build their model of option pricing.The calculation uses closing prices of options and basic instruments which were taken from the www.gpwinfostrefa.pl.To option pricing risk-free rate and dividend rate for the WIG20 index were also needed. They have been calculated on the basis of data published by the National Bank of Poland on the www.nbp.pl, stooq.pl. The study provided interesing resluts concerning the selection of the best model to value options traded on the Warsaw Stock Exchange, and allowed to observe the universal relationship between the natural logarithm of measurement error, and correlation coefficient between the share price and its variation. The study also confirmed some well-knowed relationship between valuation errors and the types of options and provides relevant information to characterize the specifity of the Polish stock market options.

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