How can I price a stock index dividend option (e.g. on CAC40 dividend index) in absence of historical volatility of the underlying?

To price an option on an index, Black-76 model should be used.

• Question 1: should I consider a future on the stock dividend index as an underlying with an expiry corresponding to the expiry of the option? Given that the trend of the dividend index is strictly increasing during the year and then returns to zero at the beginning of the following year

• Question 2: what volatility should I consider for such an option in the Black-76 model?

Thanks in advance for your time.