Quickly Generated Binomial Tree Applications for Options and VaR in Excel without VBA

New functionality in Excel allows for the creation of more extensive user-defined functions without VBA programming. Binomial tree applications are generated that can produce large trees in seconds. Further applications allow for the pricing of European- and American-style options and value-at-risk (VaR) calculations. Because the binomial tree has a defined structure, a ratio can be calculated to determine if a portfolio is performing well enough through time to avoid the “worst case” scenarios measured by VaR.