Martingale pricing is a pricing approach based on the notions of martingale and risk neutrality. For example, there are martingales based on the martingale the Wiener process, forming continuous-time martingales. A common formulation of the martingale convergence theorem for discrete-time martingales is the following. A martingale collar is made with two loops. A standing martingale must be used&colon; so, a breastplate is a necessity for safety. If no equivalent martingale measure exists, arbitrage opportunities do. Note that the vanilla Azuma's inequality requires symmetric bounds on martingale increments, i.e. formula 6. This exhausts the bankroll and the martingale cannot be continued. Originally, "martingale" referred to a class of betting strategies that was popular in 18th-century France. This gives bounds for the maximum of a martingale in terms of the quadratic variation. The tack is simpler, lacking the martingale, and the girth is grey-blue. Most race harnesses incorporate a running martingale and an overcheck. In reality casinos are not at risk from Martingale players. Every continuous martingale (starting at the origin) is a time changed Wiener process. These concepts are extended to martingale pricing and the related risk-neutral measure.