Pricing formulas and stratagems of hedging and preserving value foe European contingent claims are discussed with no risk neutral valuation .By using the distribution of the process of option price and the equivalent martingale measure, pricing formulas for generalized European option is given in the two cases: having dividend and having no dividend, and a put-call party of European options is also obtained.using Ito′formula, some stratagems of hedging and preserving value for European buy and sale options are posed ,This results of this paper generalize those with risk neutral valuation.

European contingent claim; hedging stratagem; equivalent martingale measure; no risk-neutral valuation; dividend