Binomial call-price recursion
= Binomial call-price recursion
Conditioning on the first binomial move expresses a call with $N+1$ periods as a positive weighted sum of two $N$-period calls with rescaled strikes.
= Binomial call-price recursion
Conditioning on the first binomial move expresses a call with $N+1$ periods as a positive weighted sum of two $N$-period calls with rescaled strikes.