*****************************************************
			   OPTDRV32 - OPTDRVR 32 Bit
			   FIS LTD
			   Evaluation Version 7.0
			   Release Date - Apr 1997
	  *****************************************************

FIS Ltd. provides a limited license for you to evaluate this product
for a period of 30 days in your own work environment. This "try before
you buy" approach allows you to determine if the product meets your
individual needs before you purchase it.If you continue to use this
product after the 30 day evaluation period, you are required to
purchase a licensed version.
     
PLEASE READ THIS ENTIRE FILE AND DISCLAIM.TXT BEFORE INSTALLING
AND USING OPTDRVR.

______________________________________________________________________


Installation
************

The evaluation version of OPTDRV32 is provided in compressed format
(i.e. in ZIP format)

     1. The simplest form of installation is to copy the compressed
	file to a single directory (i.e. \OPTDRV32).  If you have a
	previous version of OPTDRV32 on your hard drive, and you want
	to retain it, create a different directory (i.e., \OPTDRBKP).

     2. Decompress the file using the decompression program. All
	distribution files should remain in the same directory.
	(e.g. pkunzip OPTDRV32.zip)

     3. Start Excel 7 (or later) and load OPTDRV32.XLL addin.

     4. Open OPTDRVR.XLS to see how to use the addin.


List of Files
-------------

DISCLAIM.TXT
ORDER.TXT
README.TXT
OPTDRV32.XLL
OPTDRVR.XLS

______________________________________________________________________


Description
***********

OPTDRV32.XLL is an Excel addin for Excel 7 or later which provides the
user with pricing models to evaluate options which are American or
European, Calls or Puts and with or without dividend details.

The addin allows the user to obtain option fair values, deltas,
gammas, vegas, thetas, rhos and implied volatilities.

This version has three models:- 
	Black and Scholes
	Black & Scholes adjusted
	Binomial model

The Black & Scholes adjusted model can be used for pricing options
using Black and Scholes model but adjusting for dividends.

All models are accessed by the driver function OPTDRVR and the order
of the parameters allows the user to switch between models by changing
the model type parameter only.

Function prototype:-    OPTDRVR(ModelType, ResType, Spot, Strike,
				DaysToMat, Intrate, CallFlag,
				EuropeanFlag, Value, DivYield,
				DaystoDiv1, DaystoDiv2, DaystoDiv3,
				DaystoDiv4, NoSteps)                                      

The first nine parameters are necessary for ALL the models.

DivYield parameter is necessary for B&S adjusted or the Binomial
models.

The four DaystoDividend parameters are only necessary for the Binomial
model. 
(Note:- Annual dividend means you need only set "Days to Div1".
	User can set "Days to Div2", "Days to Div3" and "Days to Div4"
	to 0 but it is not necessary.
	
	Semi-Annual dividend means you need  only set "Days To Div1"
	and "Days to Div2". User can set "Days to Div3" and "Days to
	Div4" to 0 but it is not necessary.
	
	Quarterly dividend means setting all dividend dates).


Parameters              Comments
----------              --------

Model Type              See below
ResType                 See below
Spot    
Strike  
Days to Maturity        
Interest Rate           In Percent
Call Flag               1 if Call, 0 if Put
European Flag           1 if European, 0 if American
Value                   Option Price if calculating Implied Volatility,
			otherwise Historic Volatility

Annual Dividend Yield   In Percent (BS-Adj or Binomial Model)

Days To 1st Dividend    Binomial Model Only
Days To 2nd Dividend    Binomial Model Only
Days To 3rd Dividend    Binomial Model Only
Days To 4th Dividend    Binomial Model Only
No Steps                Binomial Model Only (Default:- 25)      
		

Model Type      Model           Comments
----------      -----           --------

1               BS              No dividends
		
2               BS-Adj          Annual Dividend Yield
		
3               Binomial        Annual Dividend Yield with upto 4
				dividend dates.
				10% annual yield with 2 dividend dates
				implies 5% dividend yield paid at each
				dividend date.
		
		
Restype         Comments
-------         --------
		
1               Fair Value      
2               Impiled Vol     
3               Delta   
4               Gamma   
5               Theta   
6               Vega    
7               Rho     


Note:- Historic Vol, Dividend Yield and Interest Rates should always
       be entered in percent.		


Please refer to OPTDRVR.XLS to see how models are used.

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Registering as a Licensed User
******************************

As a registered user, you will receive a licensed copy of the latest
OPTDRV32.XLL addin. The difference between the licensed copy and the
evaluation copy is that the models are not restricted to options with
short term maturity dates (45 days to maturity at most) or to interest
rates equal to 10%. In such cases the evaluation copy returns #N/A.

Please refer to the file order.txt for details on how to register for
your licensed copy. 

Please feel free to contact us at any time if you have any questions,
comments or suggestions at:-

	FIS Ltd.
	28 Drakes Drive
	Northwood, Middx. HA6 2SL
	UK

Or:-	Electronic Mail: 100613.3010@compuserve.com