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). Which among the shares A, C, D and F had the highest SPV on that day?

The correct option is D.

1. Understanding the Candlestick Plot from the Legend:
Based on the legend provided in the image:
- Red candles (Bearish shares - A, B, E, F): The opening price is at the top of the body (solid block), and the closing price is at the bottom of the body.
- Green candles (Bullish shares - C, D, G): The closing price is at the top of the body, and the opening price is at the bottom of the body.
- Wicks (Thin vertical lines): For both types of shares, the top tip of the vertical line represents the day's high price, and the bottom tip represents the day's low price.

2. Defining Daily Share Price Variability (SPV):
The formula for SPV is given as:
$$\text{SPV}=\frac{\text{Day's High Price}-\text{Day's Low Price}}{\text{Average of Opening and Closing Prices}}$$
which can be rewritten as:
$$\text{SPV}=\frac{\text{High}-\text{Low}}{\left(\frac{\text{Opening}+\text{Closing}}{2}\right)}$$

3. Calculating SPV for Shares A, C, D, and F:
Let us extract the corresponding values from the chart:

For Share A (Red / Bearish):
- High = 2400
- Low = 1200
- Opening Price = 2200
- Closing Price = 1800
- Average price = $\frac{2200+1800}{2}=2000$
- ${\text{SPV}}_{\text{A}}=\frac{2400-1200}{2000}=\frac{1200}{2000}=0.60$

For Share C (Green / Bullish):
- High = 1400
- Low = 800
- Opening Price = 800
- Closing Price = 1200
- Average price = $\frac{800+1200}{2}=1000$
- ${\text{SPV}}_{\text{C}}=\frac{1400-800}{1000}=\frac{600}{1000}=0.60$

For Share D (Green / Bullish):
- High = 1200
- Low = 300
- Opening Price = 500
- Closing Price = 1000
- Average price = $\frac{500+1000}{2}=750$
- ${\text{SPV}}_{\text{D}}=\frac{1200-300}{750}=\frac{900}{750}=1.20$

For Share F (Red / Bearish):
- High = 2000
- Low = 1200
- Opening Price = 1800
- Closing Price = 1600
- Average price = $\frac{1800+1600}{2}=1700$
- ${\text{SPV}}_{\text{F}}=\frac{2000-1200}{1700}=\frac{800}{1700}\approx 0.47$

Conclusion:
Comparing the calculated values, Share D has the highest Daily Share Price Variability with an SPV of 1.20.