## Maturity

Key

**in Vol refers to the date**

*Maturity***in the future that defines the time interval over which the stochastic evolution is described by the volatility here.**

*T*The exact definition of the time interval depends on the choice Vol Type defined within

**.**

*Vol Ref*For example, assume the vol is quoted to have the value 20% and the choice equals

*Black*Then the relevant time interval is the whole period from the trade date

**until**

*T₀***with the volatility 20% being the vol of a constant-vol lognormal difussion from**

*T***until**

*T₀*

*T*Another possibility would be a so called "local volatility" type, where the relevant time interval is the infinitesimal period

**and the volatility 20% relates to the stochastic evolution during that infinitesimal period only.**

*(T, T+dt)*