Price timer options that expire when cumulative realized variance reaches a budget V. Timer options are robust to volatility surface model: price = BSM with sigma = sqrt(V/B) for any stochastic vol model.
Enter the values for the scenario you are assessing. Price timer options that expire when cumulative realized variance reaches a budget V. Timer options are robust to volatility surface model: price = BSM with sigma = sqrt(V/B) for any stochastic vol model. Use the timer option variance result to inform your calculation.