In the black scholes formula how can N(d1) represent the expected return in the event of an exercise and at the same time also mean 'delta' - probability that the option will
![WestClinTech - SQL Server Functions - Blog - A Black-Scholes Option Calculator as a Table-Valued-Function WestClinTech - SQL Server Functions - Blog - A Black-Scholes Option Calculator as a Table-Valued-Function](http://westclintech.com/Portals/0/images/blogs_writingfns_img5.jpg)
WestClinTech - SQL Server Functions - Blog - A Black-Scholes Option Calculator as a Table-Valued-Function
![An alternative calculation of the Black Scholes formula for effective hedging programmes - The Global Treasurer An alternative calculation of the Black Scholes formula for effective hedging programmes - The Global Treasurer](https://www.theglobaltreasurer.com/wp-content/uploads/2022/09/Table2.png)
An alternative calculation of the Black Scholes formula for effective hedging programmes - The Global Treasurer
![Free Black-Scholes Calculator - Value Your Options: Model, Equation And Formula | Michael Ryan Money Free Black-Scholes Calculator - Value Your Options: Model, Equation And Formula | Michael Ryan Money](https://michaelryanmoney.com/wp-content/uploads/2022/10/Black-Scholes-Formula-Equation.jpg)
Free Black-Scholes Calculator - Value Your Options: Model, Equation And Formula | Michael Ryan Money
![An alternative calculation of the Black Scholes formula for effective hedging programmes - The Global Treasurer An alternative calculation of the Black Scholes formula for effective hedging programmes - The Global Treasurer](https://www.theglobaltreasurer.com/wp-content/uploads/2022/09/Table1-with-formulas-below.png)