The block discount against the cost of patience calculator

In short

The block discount against the cost of patience, worked through in your browser.

Interactive: the block discount against the cost of patienceEasy

A block is a discount paid for getting out at once. The only honest comparison is with how long the same size would take in the market.

Shares to sell (m) Screen price Block discount % Average daily volume (m shares) Participation you could take %

Clearing price: —
Proceeds: —
Given up against the screen: —
Days to do it in the market: —
Size against a day's volume: —
Reading: —

The market alternative assumes the price does not move while you work the order, which is the assumption that makes patience look free. Information and education only. Not advice, not a valuation, and not a quote for anything.

The idea behind it

This calculator belongs to Equity Capital Markets, where the mechanism it computes is explained step by step, with the formula, what each input means and where the simple model stops being right. Everything is computed in your browser; nothing you type is sent anywhere.

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Not advice. This explains how something works; it is not a recommendation, and nothing here is tailored to you. You can lose everything you put in — with leveraged instruments, considerably more. StrikeAndYield is not a regulated firm and provides no financial services.

The same in full — six points, and why each one matters

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Nothing here is tailored to you. This is written for a general audience. It does not consider your objectives, financial situation, knowledge, time horizon or tolerance for loss.
The examples are simplified. Worked examples use round numbers and leave out costs, spreads, taxes, collateral, settlement and market conventions that materially change real outcomes.
The models are teaching models. Formulas shown are standard textbook formulations. Institutions add calibration, live market data and credit, funding and capital adjustments — nothing here will reproduce a dealer’s quote or produce a valuation you can rely on.
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