CDSOption
Description
Create and price a CDSOption
instrument object for one or
more CDS Option instruments using this workflow:
Use
fininstrument
to create aCDSOption
instrument object for one or more CDS Option instruments. By default, this creates a single-name CDS option. You can create a CDS index option by specifying the optional name-value argumentAdjustedForwardSpread
.Use
finmodel
to specify aCDSBlack
model for theCDSoption
instrument object.Use
finpricer
to specify aCDSBlack
pricing method for one or moreCDSoption
instruments.
For more information on this workflow, see Get Started with Workflows Using Object-Based Framework for Pricing Financial Instruments.
For more information on the available models and pricing methods using a
CDSoption
instrument, see Choose Instruments, Models, and Pricers.
Creation
Syntax
Description
creates a CDSOptionObj
= fininstrument(InstrumentType
,'ExerciseDate
',exercise_date,'Strike
',strike_value,'CDS
',cds_obj)CDSOption
object for one or more CDS Option
instruments by specifying InstrumentType
and sets the
properties for the
required name-value pair arguments ExerciseDate
,
Strike
, and CDS
.
sets optional properties using
additional name-value pairs in addition to the required arguments in the
previous syntax. For example, CDSOptionObj
= fininstrument(___,Name,Value
)CDSOptionObj =
fininstrument("CDSoption",'ExerciseDate',datetime(2019,1,30),'Strike',500,'CDS',cds_object,'Name',"cdsoption_instrument")
creates a CDSOption
instrument for a single-name CDS
option with a strike of 500. You can specify multiple name-value pair
arguments.
Input Arguments
InstrumentType
— Instrument type
string with value "CDSoption"
| string array with values of "CDSoption"
| character vector with value 'CDSoption'
| cell array of character vectors with values of
'CDSoption'
Instrument type, specified as a string with the value of
"CDSoption"
, a character vector with the value of
'CDSoption'
, an
NINST
-by-1
string array with
values of "CDSoption"
, or an
NINST
-by-1
cell array of
character vectors with values of 'CDSoption'
.
Data Types: char
| cell
| string
Specify required
and optional pairs of arguments as
Name1=Value1,...,NameN=ValueN
, where
Name
is the argument name and Value
is
the corresponding value. Name-value arguments must appear after other arguments,
but the order of the pairs does not matter.
Before R2021a, use commas to separate each name and value, and enclose
Name
in quotes.
Example: CDSOptionObj =
fininstrument("CDSoption",'ExerciseDate',datetime(2019,1,30),'Strike',500,'CDS',cds_object,'Name',"cdsoption_instrument")
CDSOption
Name-Value Pair ArgumentsExerciseDate
— Option exercise date
datetime array | string array | date character vector
Option exercise date, specified as the comma-separated pair
consisting of 'ExerciseDate'
and a scalar or an
NINST
-by-1
vector using a
datetime array, string array, or date character vectors.
To support existing code, CDSOption
also
accepts serial date numbers as inputs, but they are not recommended.
If you use date character vectors or strings, the format must be
recognizable by datetime
because
the ExerciseDate
property is stored as a
datetime.
Strike
— Option strike price
scalar nonnegative numeric | vector of nonnegative numeric
Option strike price, specified as the comma-separated pair
consisting of 'Strike'
and a scalar nonnegative
numeric or an NINST
-by-1
vector of nonnegative numeric.
Data Types: double
CDS
— CDS
object
CDS
object | vector of CDS
objects
CDS
object, specified as the comma-separated
pair consisting of 'CDS'
and a scalar CDS
object or an NINST
-by-1
vector
of CDS
objects.
Data Types: object
CDSOption
Name-Value Pair ArgumentOptionType
— Option type
"call"
(default) | string with value "call"
or
"put"
| string array with values of "call"
or
"put"
| character vector with value 'call'
or
'put'
| cell array of character vectors with values of
'call'
or 'put'
Option type, specified as the comma-separated pair consisting of
'OptionType'
and a scalar string or character
vector or an NINST
-by-1
cell
array of character vectors or string array.
Data Types: char
| cell
| string
Knockout
— Flag indicating if option is knockout type
false
(default) | scalar logical with value true
or
false
| vector of logicals with values of true
or
false
Flag indicating if option is knockout type, specified as the
comma-separated pair consisting of 'Knockout'
and
a scalar logical or an
NINST
-by-1
vector of
logical values.
Data Types: logical
AdjustedForwardSpread
— Adjusted forward spread (in basis points) for pricing CDS index option
NaN
(single-name CDS
option) (default) | scalar numeric | numeric vector
Adjusted forward spread (in basis points) for pricing a CDS index
option, specified as the comma-separated pair consisting of
'AdjustedForwardSpread'
and a scalar numeric
or an NINST
-by-1
numeric
vector. For more information on using
'AdjustedForwardSpread'
when pricing a CDS
index option, see Price CDS Index Options Using CDSBlack Model and CDSBlack Pricer.
Data Types: double
Name
— User-defined name for instrument
" "
(default) | string | string array | character vector | cell array of character vectors
User-defined name for one of more instruments, specified as the
comma-separated pair consisting of 'Name'
and a
scalar string or character vector or an
NINST
-by-1
cell array of
character vectors or string array.
Data Types: char
| cell
| string
Properties
ExerciseDate
— Option exercise date
datetime | vector of datetimes
Option exercise date, returned as a scalar datetime or an
NINST
-by-1
vector of
datetimes.
Data Types: datetime
Strike
— Option strike price
scalar nonnegative numeric | vector of nonnegative numeric
Option strike price, returned as a scalar nonnegative numeric or an
NINST
-by-1
vector of nonnegative
numeric values.
Data Types: double
CDS
— CDS
object
CDS
object | vector of CDS
objects
CDS
object, returned as a scalar CDS
object or an
NINST
-by-1
vector of CDS
objects.
Data Types: object
OptionType
— Definition of option
"call"
(default) | string with value "call"
or
"put"
| string array with values of "call"
or
"put"
Definition of option, returned as a scalar string or an
NINST
-by-1
string array with
values of "call"
or "put"
.
Data Types: string
Knockout
— Flag indicating if option is knockout type
false
(default) | scalar logical with value true
or
false
| vector of logicals with values of true
or
false
Flag indicating if option is knockout type, returned as a scalar logical
or an NINST
-by-1
vector of
logicals.
Data Types: logical
AdjustedForwardSpread
— Adjusted forward spread (in basis points) for pricing CDS index option
NaN
(single-name CDS option) (default) | scalar numeric | numeric vector
Adjusted forward spread (in basis points) for pricing a CDS index option,
returned as a scalar numeric or an
NINST
-by-1
numeric vector.
Data Types: double
Name
— User-defined name for instrument
" "
(default) | string | string array
User-defined name for the instrument, returned as a scalar string or an
NINST
-by-1
string array.
Data Types: string
Examples
Price CDSOption
Instrument Using CDSBlack
Model and CDSBlack
Pricer
This example shows the workflow to price a CDSOption
instrument for a single-name CDS option when you use a CDSBlack
model and a CDSBlack
pricing method.
Create CDS
Instrument Object
Use fininstrument
to create the underlying CDS
instrument object.
CDSOpt = fininstrument("CDS",'Maturity',datetime(2021,9,15),'ContractSpread',150,'Notional',100,'Name',"CDS_option")
CDSOpt = CDS with properties: ContractSpread: 150 Maturity: 15-Sep-2021 Period: 4 Basis: 2 RecoveryRate: 0.4000 BusinessDayConvention: "actual" Holidays: NaT PayAccruedPremium: 1 Notional: 100 Name: "CDS_option"
Create defprobcurve
Object
Create a defprobcurve
object using defprobcurve
.
Settle = datetime(2020,9,20);
DefProbTimes = [calmonths(6) calyears([1 2 3 4 5 7 10 20 30])];
DefaultProbabilities = [0.005 0.007 0.01 0.015 0.026 0.04 0.077 0.093 0.15 0.20]';
ProbDates = Settle + DefProbTimes;
DefaultProbCurve = defprobcurve(Settle,ProbDates,DefaultProbabilities,'Basis',5)
DefaultProbCurve = defprobcurve with properties: Settle: 20-Sep-2020 Basis: 5 Dates: [10x1 datetime] DefaultProbabilities: [10x1 double]
Create ratecurve
Object
Create a ratecurve
object using ratecurve
.
Settle = datetime(2020,9,15); Type = 'zero'; ZeroTimes = [calmonths(6) calyears([1 2 3 4 5 7 10 20 30])]'; ZeroRates = [0.0052 0.0055 0.0061 0.0073 0.0094 0.0119 0.0168 0.0222 0.0293 0.0307]'; ZeroDates = Settle + ZeroTimes; myRC = ratecurve('zero',Settle,ZeroDates,ZeroRates)
myRC = ratecurve with properties: Type: "zero" Compounding: -1 Basis: 0 Dates: [10x1 datetime] Rates: [10x1 double] Settle: 15-Sep-2020 InterpMethod: "linear" ShortExtrapMethod: "next" LongExtrapMethod: "previous"
Create CDSOption
Instrument Object
Use fininstrument
to create a CDSOption
instrument object for a single-name CDS option.
CDSOptionInst = fininstrument("CDSOption",'ExerciseDate',datetime(2021,8,15),'Strike',20,'CDS',CDSOpt,'OptionType',"put",'Knockout',true,'Name',"CDSOption_option")
CDSOptionInst = CDSOption with properties: OptionType: "put" Strike: 20 Knockout: 1 AdjustedForwardSpread: NaN ExerciseDate: 15-Aug-2021 CDS: [1x1 fininstrument.CDS] Name: "CDSOption_option"
Create CDSBlack
Model Object
Use finmodel
to create a CDSBlack
model object.
CDSBlackModel = finmodel("CDSBlack",'SpreadVolatility',.2)
CDSBlackModel = CDSBlack with properties: SpreadVolatility: 0.2000
Create CDSBlack
Pricer Object
Use finpricer
to create a CDSBlack
pricer object and use the ratecurve
object for the 'DiscountCurve'
name-value pair argument.
outPricer = finpricer("analytic",'Model',CDSBlackModel,'DefaultProbabilityCurve',DefaultProbCurve,'DiscountCurve',myRC)
outPricer = CDSBlack with properties: Model: [1x1 finmodel.CDSBlack] DiscountCurve: [1x1 ratecurve] DefaultProbabilityCurve: [1x1 defprobcurve]
Price CDSOption
Instrument
Use price
to compute the price for the CDSOption
instrument for a single-name CDS option.
Price = price(outPricer,CDSOptionInst)
Price = 3.3016e-04
Price Multiple CDSOption
Instruments Using CDSBlack
Model and CDSBlack
Pricer
This example shows the workflow to price multiple CDSOption
instruments when you use a CDSBlack
model and a CDSBlack
pricing method.
Create CDS
Instrument Object
Use fininstrument
to create the underlying CDS
instrument object for three CDS Option instruments.
CDSOpt = fininstrument("CDS",'Maturity',datetime([2021,9,15 ; 2021,10,15 ; 2021,11,15]),'ContractSpread',150,'Notional',[10000 ; 20000 ; 30000],'Name',"CDS_option")
CDSOpt=3×1 CDS array with properties:
ContractSpread
Maturity
Period
Basis
RecoveryRate
BusinessDayConvention
Holidays
PayAccruedPremium
Notional
Name
Create defprobcurve
Object
Create a defprobcurve
object using defprobcurve
.
Settle = datetime(2020,9,20);
DefProbTimes = [calmonths(6) calyears([1 2 3 4 5 7 10 20 30])];
DefaultProbabilities = [0.005 0.007 0.01 0.015 0.026 0.04 0.077 0.093 0.15 0.20]';
ProbDates = Settle + DefProbTimes;
DefaultProbCurve = defprobcurve(Settle,ProbDates,DefaultProbabilities,'Basis',5)
DefaultProbCurve = defprobcurve with properties: Settle: 20-Sep-2020 Basis: 5 Dates: [10x1 datetime] DefaultProbabilities: [10x1 double]
Create ratecurve
Object
Create a ratecurve
object using ratecurve
.
Settle = datetime(2020,9,15); Type = 'zero'; ZeroTimes = [calmonths(6) calyears([1 2 3 4 5 7 10 20 30])]'; ZeroRates = [0.0052 0.0055 0.0061 0.0073 0.0094 0.0119 0.0168 0.0222 0.0293 0.0307]'; ZeroDates = Settle + ZeroTimes; myRC = ratecurve('zero',Settle,ZeroDates,ZeroRates)
myRC = ratecurve with properties: Type: "zero" Compounding: -1 Basis: 0 Dates: [10x1 datetime] Rates: [10x1 double] Settle: 15-Sep-2020 InterpMethod: "linear" ShortExtrapMethod: "next" LongExtrapMethod: "previous"
Create CDSOption
Instrument Object
Use fininstrument
to create a CDSOption
instrument object for three single-name CDS options.
CDSOptionInst = fininstrument("CDSOption",'ExerciseDate',datetime(2021,8,15),'Strike',20,'CDS',CDSOpt,'OptionType',"put",'Knockout',true,'Name',"CDSOption_option")
CDSOptionInst=3×1 CDSOption array with properties:
OptionType
Strike
Knockout
AdjustedForwardSpread
ExerciseDate
CDS
Name
Create CDSBlack
Model Object
Use finmodel
to create a CDSBlack
model object.
CDSBlackModel = finmodel("CDSBlack",'SpreadVolatility',.2)
CDSBlackModel = CDSBlack with properties: SpreadVolatility: 0.2000
Create CDSBlack
Pricer Object
Use finpricer
to create a CDSBlack
pricer object and use the ratecurve
object for the 'DiscountCurve'
name-value pair argument.
outPricer = finpricer("analytic",'Model',CDSBlackModel,'DefaultProbabilityCurve',DefaultProbCurve,'DiscountCurve',myRC)
outPricer = CDSBlack with properties: Model: [1x1 finmodel.CDSBlack] DiscountCurve: [1x1 ratecurve] DefaultProbabilityCurve: [1x1 defprobcurve]
Price CDSOption
Instruments
Use price
to compute the prices for the three CDSOption
instruments.
Price = price(outPricer,CDSOptionInst)
Price = 3×1
0.0003
0.0384
0.5941
Price CDS Index Options Using CDSBlack
Model and CDSBlack
Pricer
This example shows the workflow to use a CDSOption
instrument to price CDS index options when you use a CDSBlack
model and a CDSBlack
pricing method.
Set Up Data for CDS Index
% CDS index and option data Recovery = .4; Basis = 2; Period = 4; CDSMaturity = datetime(2017,6,20); ContractSpread = 100; IndexSpread = 140; BusDayConvention = 'follow'; Settle = datetime(2012,4,13); OptionMaturity = datetime(2012,6,20); OptionStrike = 140; SpreadVolatility = .69;
Create ratecurve
Object for Zero Curve Using irbootstrap
Create ratecurve
object for a zero curve using irbootstrap
.
% Zero curve data DepRates = [0.004111 0.00563 0.00757 0.01053]'; DepTimes = calmonths([1 2 3 6]'); DepDates = Settle + DepTimes; nDeposits = length(DepTimes); SwapRates = [0.01387 0.01035 0.01145 0.01318 0.01508 0.01700 0.01868 ... 0.02012 0.02132 0.02237 0.02408 0.02564 0.02612 0.02524]'; SwapTimes = calyears([1 2 3 4 5 6 7 8 9 10 12 15 20 30]'); SwapDates = Settle + SwapTimes; nSwaps = length(SwapTimes); nInst = nDeposits + nSwaps; BootInstruments(nInst,1) = fininstrument.FinInstrument; for ii=1:length(DepDates) BootInstruments(ii) = fininstrument("deposit","Maturity",DepDates(ii),"Rate",DepRates(ii)); end for ii=1:length(SwapDates) BootInstruments(ii+nDeposits) = fininstrument("swap","Maturity",SwapDates(ii),"LegRate",[SwapRates(ii) 0]); end ZeroCurve = irbootstrap(BootInstruments,Settle)
ZeroCurve = ratecurve with properties: Type: "zero" Compounding: -1 Basis: 0 Dates: [18x1 datetime] Rates: [18x1 double] Settle: 13-Apr-2012 InterpMethod: "linear" ShortExtrapMethod: "next" LongExtrapMethod: "previous"
Bootstrap Default Probability Curve
Use defprobstrip
to bootstrap default probability curve assuming a flat index spread.
ProbDates = datemnth(OptionMaturity,(0:5*12)'); MarketCDSInstruments = fininstrument("cds", ... 'ContractSpread', ContractSpread, 'Maturity', CDSMaturity); DefaultProbCurve = defprobstrip(ZeroCurve, MarketCDSInstruments, IndexSpread, 'ProbDates', ProbDates)
DefaultProbCurve = defprobcurve with properties: Settle: 13-Apr-2012 Basis: 2 Dates: [61x1 datetime] DefaultProbabilities: [61x1 double]
Compute Spot and Forward RPV01s
Compute the spot and forward RPV01s using cdsrpv01
.
ProbData = [datenum(DefaultProbCurve.Dates) DefaultProbCurve.DefaultProbabilities];
% RPV01(t,T)
RPV01_CDSMaturity = cdsrpv01(ZeroCurve,ProbData,Settle,CDSMaturity)
RPV01_CDSMaturity = 4.7853
% RPV01(t,t_E,T) RPV01_OptionExpiryForward = cdsrpv01(ZeroCurve,ProbData,Settle,CDSMaturity,... 'StartDate',OptionMaturity)
RPV01_OptionExpiryForward = 4.5972
% RPV01(t,t_E) = RPV01(t,T) - RPV01(t,t_E,T)
RPV01_OptionExpiry = RPV01_CDSMaturity - RPV01_OptionExpiryForward
RPV01_OptionExpiry = 0.1882
Compute Spot Spreads
Compute the spot spreads using cdsspread
.
% S(t,t_E) Spread_OptionExpiry = cdsspread(ZeroCurve,ProbData,Settle,OptionMaturity,... 'Period',Period,'Basis',Basis,'BusDayConvention',BusDayConvention,... 'PayAccruedPremium',true,'recoveryrate',Recovery)
Spread_OptionExpiry = 139.8995
% S(t,T) Spread_CDSMaturity = cdsspread(ZeroCurve,ProbData,Settle,CDSMaturity,... 'Period',Period,'Basis',Basis,'BusDayConvention',BusDayConvention,... 'PayAccruedPremium',true,'recoveryrate',Recovery)
Spread_CDSMaturity = 139.9999
Compute Forward Spread
Compute the forward spread using the spot spreads and RPV01s.
% F = S(t,t_E,T)
ForwardSpread = (Spread_CDSMaturity.*RPV01_CDSMaturity - Spread_OptionExpiry.*RPV01_OptionExpiry)./RPV01_OptionExpiryForward
ForwardSpread = 140.0040
Compute Front-End Protection
Compute the front-end protection (FEP).
FEP = 10000*(1-Recovery)*ZeroCurve.discountfactors(OptionMaturity)*DefaultProbCurve.DefaultProbabilities(1)
FEP = 26.3108
Compute Adjusted Forward Spread
Compute the adjusted forward spread to use when creating an CDSOption
instrument.
AdjustedForwardSpread = ForwardSpread + FEP./RPV01_OptionExpiryForward
AdjustedForwardSpread = 145.7273
Compute CDS Option Prices with Adjusted Forward Spread
Use fininstrument
to create the underlying CDS
instrument object for the two CDS Option instruments.
CDS = fininstrument("cds",'ContractSpread', ContractSpread, 'Maturity', CDSMaturity)
CDS = CDS with properties: ContractSpread: 100 Maturity: 20-Jun-2017 Period: 4 Basis: 2 RecoveryRate: 0.4000 BusinessDayConvention: "actual" Holidays: NaT PayAccruedPremium: 1 Notional: 10000000 Name: ""
Use fininstrument
to create a CDSOption
instrument for two CDS index option instruments.
CDSCallOption = fininstrument("cdsoption", 'Strike', OptionStrike, ... 'ExerciseDate', OptionMaturity, 'OptionType', 'call', 'CDS', CDS, ... 'Knockout',true, 'AdjustedForwardSpread', AdjustedForwardSpread)
CDSCallOption = CDSOption with properties: OptionType: "call" Strike: 140 Knockout: 1 AdjustedForwardSpread: 145.7273 ExerciseDate: 20-Jun-2012 CDS: [1x1 fininstrument.CDS] Name: ""
CDSPutOption = fininstrument("cdsoption", 'Strike', OptionStrike, ... 'ExerciseDate', OptionMaturity, 'OptionType', 'put', 'CDS', CDS, ... 'Knockout',true, 'AdjustedForwardSpread', AdjustedForwardSpread)
CDSPutOption = CDSOption with properties: OptionType: "put" Strike: 140 Knockout: 1 AdjustedForwardSpread: 145.7273 ExerciseDate: 20-Jun-2012 CDS: [1x1 fininstrument.CDS] Name: ""
Create CDSBlack
Model Object
Use finmodel
to create a CDSBlack
model object.
CDSOptionModel = finmodel("cdsblack",'SpreadVolatility',SpreadVolatility)
CDSOptionModel = CDSBlack with properties: SpreadVolatility: 0.6900
Create CDSBlack
Pricer Object
Use finpricer
to create a CDSBlack
pricer object and use the ratecurve
object for the zero curve for the 'DiscountCurve'
name-value pair argument.
CDSOptionpricer = finpricer("analytic",'Model',CDSOptionModel,'DiscountCurve',ZeroCurve,'DefaultProbabilityCurve',DefaultProbCurve)
CDSOptionpricer = CDSBlack with properties: Model: [1x1 finmodel.CDSBlack] DiscountCurve: [1x1 ratecurve] DefaultProbabilityCurve: [1x1 defprobcurve]
Price CDS Index Options
Use price
to compute the price for the two CDS index options.
outPrice = price(CDSOptionpricer, [CDSCallOption;CDSPutOption]);
fprintf(' Payer: %.0f Receiver: %.0f \n',outPrice(1),outPrice(2));
Payer: 92 Receiver: 66
More About
Credit Default Swap Option
A credit default swap (CDS) option, or credit default swaption, is a contract that provides the option holder with the right, but not the obligation, to enter into a credit default swap in the future.
CDS options can be either payer swaptions or receiver swaptions. In a payer swaption, the option holder has the right to enter into a CDS in which they are paying premiums, and in a receiver swaption, the option holder is receiving premiums.
A CDS option can be a single-name CDS option or CDS index option. When pricing a
CDS index option , use the optional name-value argument
AdjustedForwardSpread
. Unlike a single-name CDS, a CDS
portfolio index contains multiple credits. When one or more of the credits default,
the corresponding contingent payments are made to the protection buyer but the
contract still continues with reduced coupon payments. Considering the fact that the
CDS index option does not cancel when some of the underlying credits default before
expiry, one might attempt to price CDS index options using the Black's model for
non-knockout single-name CDS option. However, Black's model in this form is not
appropriate for pricing CDS index options because it does not capture the exercise
decision correctly when the strike spread (K) is very high, nor
does it ensure put-call parity when (K) is not equal to the
contractual spread (O'Kane, 2008).
However, with the appropriate modifications, Black's model for single-name CDS
options used with a CDSOption
instrument and CDSBlack
pricer can
provide a good approximation for CDS index options. While there are some variations
in the way the Black's model is modified for CDS index options, they usually involve
adjusting the forward spread F, the strike spread
K, or both. Here we describe the approach of adjusting the
forward spread only. In the Black's model for single-name CDS options, the forward
spread F is defined as:
where
S is the spread.
RPV01 is the risky present value of a basis point (see
cdsrpv01
).
t is the valuation date.
tE is the option expiry date.
T is the CDS maturity date.
To capture the exercise decision correctly for CDS index options, we use the knockout form of the Black's model and adjust the forward spread to incorporate the FEP (front end protection) as follows:
with FEP defined as
where
R is the recovery rate.
Z is the discount factor.
Q is the survival probability.
In the CDSOption
object, forward spread adjustment can be made
with the AdjustedForwardSpread
name-value argument. When
computing the adjusted forward spread, you can compute the spreads using cdsspread
and the RPV01s using
cdsrpv01
.
References
[1] O'Kane, D. Modelling Single-name and Multi-name Credit Derivatives. Wiley, 2008, pp. 156–169.
Version History
Introduced in R2020aR2022b: Serial date numbers not recommended
Although CDSOption
supports serial date numbers,
datetime
values are recommended instead. The
datetime
data type provides flexible date and time
formats, storage out to nanosecond precision, and properties to account for time
zones and daylight saving time.
To convert serial date numbers or text to datetime
values, use the datetime
function. For example:
t = datetime(738427.656845093,"ConvertFrom","datenum"); y = year(t)
y = 2021
There are no plans to remove support for serial date number inputs.
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