Asset 1: Worst of Two Assets: Asset 2 and Asset 3 in terms of Asset 1. Formula: H1 = max(min(s12, s13) - X, 0)

Asset 2: unidentified

Asset 3: unidentified

Here is one more example of a truly multi-asset option. Again, by closely analyzing the diagrams, we can find elements of relationships that have been looked at earlier. This is just a slightly more complex case.