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The method can be used for cases in which the coefficients in the Black-Scholes equation are time-dependent and no analytic solutions are available. It is an extension to the method by the authors [``A new method for solving convection-diffusion equations'', Proceedings of the 11th IEEE International Conference on Computational Science and Engineering, IEEE Computer Society, Los Alamitos, CA, USA, 107--114 (2008)] for solving 1D convection-diffusion equations with constant diffusion and convection coefficients using the fourth-order Pad\u00e9 approximation on a 3-point stencil. The new method can handle equations with variable diffusion and convection coefficients that depend on \\(x^2\\) and \\(x \\), respectively, where \\(x\\) is the independent variable. 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