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Long-term Equity Anticipation Securities® (LEAPS®) / long-term stock options provide the owner the right to purchase or sell shares of a stock at a specified price on or before a given date up to three years in the future. As with other options, LEAPS® are available in two types, calls and puts. Like other exchange-traded stock options, LEAPS® are American-style options. LEAPS® calls provide an opportunity to benefit from a stock price increase without making an outright stock purchase for those investors with a longer term view of the stock market. An initial LEAPS® position does not require an investor to manage each position daily. Purchase of LEAPS®. | ADELIC THEORY OF STOCK MARKET Zharkov V.M.3- a Natural science institute of Perm state university Genkel st. 4 Perm 614990 Russia vita@psu.ru b Perm state university Bukireva st. 15 Perm 614990 Russia Abstract The p-adic theory of the stock market is presented. It is shown that the price dynamics is very naturally described by the adelic function. The procedure of derivation of the functional integral formulation of adelic type is derived from microscopic models using generalized supercoherent states. 1. Introduction We live in the high technology world. We use in finance the artificial neural nets genetic and evolutionary algorithms investigating financial markets. Econophysics is the bright example of a new high technology theory in finance 1 . Today the new scientific concepts penetrate to modern economic theory for example the nonlinear dynamics deterministic chaos fractals fuzzy sets and others -promising us new discoveries but at the same time its appearance prompting the revision of an earlier ones. It is shown in this article that there exist the relationship between the Elliott theory and p-adic description of the dynamics of prices in the stock market. It is reasonable to talk about the existence of a new type of waves in form of steps that are absent in the Elliott theory. The new theory of the stock market describing the ensemble of traders and containing adelic description of price dynamics was developed 2. Elliott theory In nanotechnology magnetism in high-temperature superconductivity and in many physical phenomena we have fractal behavior in the experimental data. The peculiarity of this phenomenon is that the behavior of physical quantities that depend on the time or the magnetic field is non-analytic. One-dimensional fractal as a function of time the magnetic field temperature is described by curve non-differentiable nowhere then there is a function value or its derivative will be discontinuous at any point. In the late 1920 s R. Elliott developed
