# Option Greeks' Formulas for Black & Scholes vs Black 76

I know Black76 uses forward prices instead of spot and that D1 calculation doesn't use the interest rate. Are there any other differences between the two?

I'm calculating: theoretical value, delta, lambda, vega, theta, rho, gamma

• In the BS formulas, replace every occurrence of $S$ with $F e^{-rT}$ and you have the corresponding Black76 formulas. They are the result of a mechanical substitution of symbols, followed by simplification if appropriate (so it is not that "d1 does not use interest rate", rather "+r and -r cancel out in the expression for d1"). – Alex C May 18 '18 at 15:04