Directions (Q.25-Q.28): The chart below shows the price data for seven shares – A, B, C, D, E, F, and G as a candlestick plot for a particular day. The vertical axis shows the price of the share in rupees. A share whose closing price (price at the end of the day) is more than its opening price (price at the start of the day) is called a bullish share; otherwise, it is called a bearish share. All bullish and bearish shares are shown in green and red colour respectively.

Daily Share Price Variability (SPV) is defined as (Day’s high price - Day’s low price) / (Average of the opening and closing prices during the day). How many shares had an SPV greater than 0.5 on that day?

The correct option is D (which corresponds to 4 shares).

To determine how many shares had a Share Price Variability (SPV) greater than 0.5, we first understand the formula given for SPV:
$$\text{SPV}=\frac{\text{Day's High Price}-\text{Day's Low Price}}{\text{Average of Opening and Closing Prices}}$$
Based on the legend:
1. Bullish Shares (Green): The top of the body represents the Closing Price, the bottom of the body represents the Opening Price, the top of the line represents the High Price, and the bottom of the line represents the Low Price.
2. Bearish Shares (Red): The top of the body represents the Opening Price, the bottom of the body represents the Closing Price, the top of the line represents the High Price, and the bottom of the line represents the Low Price.

Let us calculate the SPV for each of the seven shares (A, B, C, D, E, F, and G) by reading the values from the candlestick chart:

1. Share A (Red / Bearish):
High = 2400, Low = 1200, Opening = 2200, Closing = 1800.
Average of Opening and Closing = $\frac{2200+1800}{2}=2000$
$${\text{SPV}}_{\text{A}}=\frac{2400-1200}{2000}=\frac{1200}{2000}=0.60$$
Since 0.60 > 0.5, Share A satisfies the condition.

2. Share B (Red / Bearish):
High = 2000 (no upper wick), Low = 1400, Opening = 2000, Closing = 1700.
Average of Opening and Closing = $\frac{2000+1700}{2}=1850$
$${\text{SPV}}_{\text{B}}=\frac{2000-1400}{1850}=\frac{600}{1850}\approx 0.32$$
Since 0.32 ≤ 0.5, Share B does not satisfy the condition.

3. Share C (Green / Bullish):
High = 1400, Low = 800 (no lower wick), Opening = 800, Closing = 1200.
Average of Opening and Closing = $\frac{800+1200}{2}=1000$
$${\text{SPV}}_{\text{C}}=\frac{1400-800}{1000}=\frac{600}{1000}=0.60$$
Since 0.60 > 0.5, Share C satisfies the condition.

4. Share D (Green / Bullish):
High = 1200, Low = 300, Opening = 500, Closing = 1000.
Average of Opening and Closing = $\frac{500+1000}{2}=750$
$${\text{SPV}}_{\text{D}}=\frac{1200-300}{750}=\frac{900}{750}=1.20$$
Since 1.20 > 0.5, Share D satisfies the condition.

5. Share E (Red / Bearish):
High = 1400, Low = 1100 (no lower wick), Opening = 1300, Closing = 1100.
Average of Opening and Closing = $\frac{1300+1100}{2}=1200$
$${\text{SPV}}_{\text{E}}=\frac{1400-1100}{1200}=\frac{300}{1200}=0.25$$
Since 0.25 ≤ 0.5, Share E does not satisfy the condition.

6. Share F (Red / Bearish):
High = 2000, Low = 1200, Opening = 1800, Closing = 1600.
Average of Opening and Closing = $\frac{1800+1600}{2}=1700$
$${\text{SPV}}_{\text{F}}=\frac{2000-1200}{1700}=\frac{800}{1700}\approx 0.47$$
Since 0.47 ≤ 0.5, Share F does not satisfy the condition.

7. Share G (Green / Bullish):
High = 1900, Low = 1000, Opening = 1200, Closing = 1700.
Average of Opening and Closing = $\frac{1200+1700}{2}=1450$
$${\text{SPV}}_{\text{G}}=\frac{1900-1000}{1450}=\frac{900}{1450}\approx 0.62$$
Since 0.62 > 0.5, Share G satisfies the condition.

Summarizing the calculations, there are exactly 4 shares (A, C, D, and G) that had an SPV greater than 0.5 on that day.
Under alphabetical encoding where options A, B, C, D represent the counts 1, 2, 3, 4 (or Option D corresponds to 4 shares), the correct option is D.