How the Knockout Calculator Works

The core question every KO trader has: "If the underlying reaches my target — what is my certificate worth?" Enter the KO barrier and a target price to get the answer instantly.

Formula

KO certificates track the underlying linearly — no volatility, no Greeks. Every point the underlying moves translates 1:1 (scaled by ratio) into certificate value.

Supported Assets (60+)

DAX, NASDAQ, S&P 500, Gold, Silver, WTI, Brent, EUR/USD, Bitcoin, Ethereum, Apple, Microsoft, NVIDIA, Tesla, SAP, Siemens, Allianz, Volkswagen, BMW, BASF, ASML, LVMH and many more.

Frequently Asked Questions

How do I calculate the KO certificate price at a target?

Certificate Price = (Target Price − KO Barrier) × Subscription Ratio for Long; (KO Barrier − Target Price) × Ratio for Short. The certificate tracks the underlying linearly — no volatility adjustment needed.

What happens when the KO barrier is breached?

The certificate immediately expires worthless. You lose your entire invested capital. There is no stop-loss, no partial recovery. The distance to the barrier is your most important risk metric.

How is leverage calculated?

A leverage of 10× means a 1% move in the underlying causes ~10% change in your certificate value.

What is a good distance to the KO barrier?

Distance	Risk	Suitable For
Below 3%	Extreme	Scalping only, never overnight
3–7%	High	Intraday with tight monitoring
7–15%	Moderate	Short-term swing trades
Above 15%	Conservative	Multi-week trend positions

What is the subscription ratio?

Defines how many units of the underlying one certificate represents. DAX KO ratio 0.01 = tracks 1/100 of the index. Gold ratio 0.1 = tracks 1/10 troy oz. Stock ratio 1 = tracks 1 share.

Where can I find KO certificates?

Available through European brokers: Comdirect, ING, DKB, Flatex, Smartbroker. Issuers: Deutsche Bank, Société Générale, Vontobel, HSBC, UniCredit, BNP Paribas.