<commit_before>import React from 'react';
import Dialog from 'material-ui/Dialog';
import IconButton from 'material-ui/IconButton';

class About extends React.PureComponent {
  render() {
    let title = (
      <span style={{display: 'flex', alignItems: 'center'}}>
        <IconButton
          iconClassName="material-icons"
          onClick={this.props.handleClose}
          >
          clear
        </IconButton>
        <span>About the site</span>
      </span>
    );
    return (
      <Dialog
        autoScrollBodyContent={true}
        contentStyle={{width: '95%'}}
        open={this.props.open}
        onRequestClose={this.props.handleClose}
        title={title}
        >
        <h4>About the Model</h4>
        <p>
          This website currently uses a simple Black-Scholes-Merton model to estimate values for European vanilla puts and calls without considerations for dividend payout in the underlying. Although it has its limitations when one is heavily concerned about accuracy, it can provide an intuitive and visually appealing representation of how a multi-legged option position should behave in the general direction. If anything, the ability to see the value of such position at expiry should be itself a useful resource. For more information on the model you may visit its <a href="https://en.wikipedia.org/wiki/Black%E2%80%93Scholes_model">Wikipedia page</a> as a starting point.
        </p>
        
        <h4>About the Calculations</h4>
        <p>
          As the previous section explains, this website uses the Black-Scholes-Merton model which requires five essential parameters to estimate the value of options: strike price, price of underlying, volatility in the price of underlying, interest rate, and time to expiration.
        </p>
        <p>
          The strike price is a self-evident parameter. The price of the underlying asset is simply the current underlying stock price fetched from the data source without regards for pre-market or after-market movements.
        </p>
        <p>
          Volatility is a tricky parameter as it poses itself as the most difficult headache for all models dealing with option valuation. Currently Yahoo Finance supplies the implied volatility parameter which is derived from back-tracing on market option premiums with some variation of the Black-Scholes-Merton model. This website currently uses the implied volatility to make its calculations, or zero if none is supplied. You can see the used values in the IV tab in graphs. Future updates will include this website's own implied volatility calculator.
        </p>
        <p>
          The interest rate used here is the one year treasury note rate listed on the U.S. Department of Treasury website.
        </p>
        <p>
          The time to expiration is based on user input. Note that the base unit is in days and the hours, minutes, and seconds are ignored.
        </p><commit_msg>made the link open in new tab<commit_after>import React from 'react';
import Dialog from 'material-ui/Dialog';
import IconButton from 'material-ui/IconButton';

class About extends React.PureComponent {
  render() {
    let title = (
      <span style={{display: 'flex', alignItems: 'center'}}>
        <IconButton
          iconClassName="material-icons"
          onClick={this.props.handleClose}
          >
          clear
        </IconButton>
        <span>About the site</span>
      </span>
    );
    return (
      <Dialog
        autoScrollBodyContent={true}
        contentStyle={{width: '95%'}}
        open={this.props.open}
        onRequestClose={this.props.handleClose}
        title={title}
        >
        <h4>About the Model</h4>
        <p>
          This website currently uses a simple Black-Scholes-Merton model to estimate values for European vanilla puts and calls without considerations for dividend payout in the underlying. Although it has its limitations when one is heavily concerned about accuracy, it can provide an intuitive and visually appealing representation of how a multi-legged option position should behave in the general direction. If anything, the ability to see the value of such position at expiry should be itself a useful resource. For more information on the model you may visit its <a href="https://en.wikipedia.org/wiki/Black%E2%80%93Scholes_model" target="_blank">Wikipedia page</a> as a starting point.
        </p>
        
        <h4>About the Calculations</h4>
        <p>
          As the previous section explains, this website uses the Black-Scholes-Merton model which requires five essential parameters to estimate the value of options: strike price, price of underlying, volatility in the price of underlying, interest rate, and time to expiration.
        </p>
        <p>
          The strike price is a self-evident parameter. The price of the underlying asset is simply the current underlying stock price fetched from the data source without regards for pre-market or after-market movements.
        </p>
        <p>
          Volatility is a tricky parameter as it poses itself as the most difficult headache for all models dealing with option valuation. Currently Yahoo Finance supplies the implied volatility parameter which is derived from back-tracing on market option premiums with some variation of the Black-Scholes-Merton model. This website currently uses the implied volatility to make its calculations, or zero if none is supplied. You can see the used values in the IV tab in graphs. Future updates will include this website's own implied volatility calculator.
        </p>
        <p>
          The interest rate used here is the one year treasury note rate listed on the U.S. Department of Treasury website.
        </p>
        <p>
          The time to expiration is based on user input. Note that the base unit is in days and the hours, minutes, and seconds are ignored.
        </p>
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