Business Assistant/Business Assistant.iso/stock/apexpf/manual.doc

Text File | 1992-08-31 | 107KB | 2,497 lines

The APEX+ Series of Analysis Software

The FIRST thing you should do is open an account with Dial Data.
After that, all you will pay for is the data that you download.
If you do not download any data, there is no fee.

Call Dial Data at [phone] today.

Please feel free to make copies of this software to distribute
to your friends.


DISCLAIMER

N-Squared Computing and/or G.Morris Corporation shall have no
liability or responsibility to Purchaser or any other person or
entity with respect to any liability or loss of anticipatory
profits caused, or alleged to be caused, directly or indirectly,
by use or operation of this software.  Neither N-Squared
Computing and/or G.Morris Corporation can be held responsible for
any losses incurred while using this software, nor do we expect
to share in any profits.

              Introduction


     The APEX+ Series of graphical analysis software for IBM and
compatible computers is completely menu-driven.  Numerous help
screens are only one key away.

     If you are familiar with using menu-driven software and
familiar with the basic DOS commands, you can probably set this
documentation aside.  Reviewing the Getting Started section still
might be a good idea, though.

     If you are not that familiar with menu-driven software and
DOS, please follow the instructions in the Getting Started
section of this manual.


Hardware Requirements

     IBM or Compatible computer
     512K RAM
     One Floppy Drive or a Hard Disk
     DOS 3.0 or higher
     Modem 300/1200 baud (Hayes compatible)
     Graphics card and video monitor
      CGA, EGA, VGA, or Hercules Mono

Phone Numbers

     Dial Data
      [phone]

     Telenet Information
      [phone]

The APEX+ Series

     Currently there are five APEX+ programs covering almost all
areas of financial data analysis.  Each program works with its
own data and should not be combined with other APEX+ programs.
The only exception would be the APEX+ Point & Figure program, it
will work with any of the data from the other programs.

     Each APEX+ Program has a "Ticker" file included with it
which can be accessed through the Access portion of the program.
Also included with each APEX+ program is a sample database
of data files to be used with the APEX+ program you have
received.  This way you can explore the powerful features of the
APEX+ program immediately.  If you received your APEX+ program on a
3 1/2" diskette; the APEX+ program, the Ticker information, and
the Sample Database will all be on the same diskette.


The N-Squared APEX+ Program Menu

     Each APEX+ program will have an identical Program Menu with
the exception of an identifying description at the top showing
which APEX+ program is in use.  The four main subprograms can be
selected from the APEX+ Program Menu by selecting:

     A   for Access

     P   for Plot

     E or X   for EXport

     +   for Performance

     Additionally, the screen colors can also be changed from
this menu by first selecting C and following the prompts.  The
Date and Time can also be changed from this menu by selecting D
or T, respectively.


APEX+ Financial/Market Data

     APEX+ F/M will allow you complete analysis of market
indexes/averages, foreign exchange rates, interest rates,
industry groups, and market breadth data.

     Data is stored in files that can contain up to nine items.
There is no restriction as to what can go in any file, just that
there cannot be more than nine items in any one file.  You may
have as many files as necessary.


APEX+ Stocks/Options

     APEX+ S/O will let you analyze any stocks or options using
the popular high-low-close bar format with volume displayed below
the price.  If you have stock files, the data will be kept in
individual files with high, low, close, and volume values for
each day.  If you have option files, open interest will also be
stored in the file.

     Most of the market indexes (indices) can be treated as stocks
and used with the APEX+ S/O and the APEX+ F/C programs.

APEX+ Futures/Commodities

     APEX+ F/C will let you analyze futures/commodities with open-
high-low-close bar charts and volume and open interest.  Futures
files will keep the open, high, low, close, volume, and open
interest values for each day in the data file.


APEX+ Mutual Funds

     APEX+ MF will allow plotting and comparing any mutual funds.
Mutual Fund files can contain up to nine different funds in each
file.  The file name can be anything you wish, but should
represent what type of funds are in the file, such as the name of
the fund family.  Dial Data currently has about 1600 Mutual
Funds using standard ticker symbols.


APEX+ Point & Figure

     APEX+ P&F will let you do complete point & figure analysis of
any stocks.  Stock files will contain the high, low, close, and
volume for each day.

     APEX+ P&F will read any of the data from the other programs.
It should be noted here that APEX+ Point & Figure does not have
the Performance module.

                IMPORTANT

     To view the latest changes/information about your APEX+
program, see the README file on your APEX+ program diskette.  To
print the contents of this file, at the DOS prompt, type:  COPY
README PRN <Enter>.  Make sure that your printer is on.  If you
just want to view the contents on your screen, type:  TYPE README
<Enter>.  To stop and start the scrolling, use Ctrl 'S'.


             Getting Started

Copying Your APEX+ Disk

     Your APEX+ master disk is NOT copy protected.

     Please:  copy your APEX+ master disk NOW and put it away for
safe-keeping.  Disks can be easily destroyed.

     If the following instructions do not make sense to you,
please review the format, diskcopy, and copy commands in your DOS
book.  There are many good books on the subject available at most
bookstores.

     To A Floppy Drive

     If you have a "floppy only" system, you should make an
identical copy of the APEX+ master disk by using the "Diskcopy"
command on your DOS diskette.  This is done by inserting your DOS
disk into a drive and typing: DISKCOPY A: B: <Enter>.  This will
start the diskcopy process and give you instructions on the
screen referring to the drive configuration that you have.
In this particular case, with two floppy drives, you would insert
the APEX+ master in drive A and the new blank diskette in drive B.
With only one floppy drive, just follow the prompts on the
screen.

     NOTE:  Because of the size of the APEX+ program, you
cannot install DOS onto the working copy unless your diskettes are
greater than 360K.  Therefore you must always load DOS first
and then run the APEX+ program by typing APEX+ <Enter>.

     To A Hard Disk

     You may copy APEX+ to its own subdirectory on your hard disk.
To do this, go to the C>, put your APEX+ master disk in drive A:
and type:

     C>md\APEX           Creates a new APEX
             subdirectory

     C>cd\APEX           Change to that new
             subdirectory

     C>copy a: *.*       Copies all files to new
             subdirectory

     You can go to that subdirectory at any time by
typing:

     C>cd\APEX

     NOTE: If you have more than one APEX+ software program. . .

     You can copy all of the APEX+ series of software programs
into a single subdirectory on your hard disk.  Once into the
program you will be prompted for the correct APEX+ program you
wish to run.  However, you must create separate subdirectories
for each data type.

Starting the APEX+ program

     Once you have loaded DOS, insert the APEX+ working copy into
drive A or change to the APEX subdirectory if using a hard
disk and then type:

     APEX <Enter>

Database diskettes/subdirectories

     All data used with the APEX+ program should be kept on
separate disks or subdirectories from the APEX+ program.  All you
will need to start with is a formatted diskette if you have a
floppy system or you can create a subdirectory if you have a hard
disk.

     If you have a hard disk, it is recommended that your data
subdirectories be subdirectories of the APEX+ program
subdirectory.  You can make data subdirectories by first typing:

     C>cd\APEX           Changes to the APEX
             subdirectory

     C>md stocks         Creates a subdirectory called
             stocks.

     The name of your data subdirectories can be anything you desire
as long as they are DOS compatible names.  It is also
recommended that you think of each subdirectory like a separate
diskette.  If you have a diskette for stocks, then you have a
subdirectory for stocks, if you have a diskette for mutual funds,
then you have a subdirectory for mutual funds.  These are just
suggestions for basic "bookkeeping" for your various data.

Dial Data password

     Before you can download any data from Dial Data,
you will need to call them at [phone] to open an account.
Tell them that you have N-Squared Computing's APEX+ software.

APEX+ Help Screens and Prompts

     Each APEX+ program has its own built-in Help Screens.  You
can tell if a Help Screen is available by the prompts information
displayed at the bottom of the screen.  It might look like this:

     Press Key (1-8) or <Esc> for Menu or <?> for Help

     By pushing "?," you will see a detailed explanation of all
the features and options available to you on that screen.
Pushing the spacebar will return you to the screen you were on
when you pushed the "?."

     You should be able to navigate around the program just by
reading the screen prompts.  Almost every screen is displaying
some type of information that tells you what your choices are.
If you reach a screen and you are not sure what to do next, be
sure to scan the screen thoroughly for some type of prompting
information.  If nothing is displayed, select <Esc>.

Quick Start

     The following is a brief summary of the steps required to
become fully operational with the APEX+ software.

1.  Make backup copies of all APEX+ diskettes.

2.  Install APEX+ program on hard disk (if applicable).

3.  Call Dial Data at [phone] to open an account.

4.  Start APEX+ program by typing 'apex <Enter>' at prompt.

5.  Select Access for database maintenance.

6.  Select "*" to view the Ticker file (if applicable).

7.  Create file(s) for the Tickers you want to download.

8.  Select '1' to download data from Dial Data.

9.  Enter appropriate information in program settings.

10. Follow prompts to download data from Dial Data.

11. After downloading data, return to APEX+ Program Menu.

12. Select Plot to graphically analyze the new data.

13. Use Trading Strategies to see the magic of moving averages.

14. Use "+" for powerful performance analysis.

15. Enjoy limitless onscreen analysis in beautiful color.


                 Access

Description

     The Access program will let you download, update, and manage
your data files.  This is accomplished through a menu-driven
process that will enable you to do any and all database
management operations quickly and easily.  To enter the Access
program, merely type "A" from the APEX+ Program menu.

     The Access Program Menu has ten items for numerous database
management functions.  There are three primary areas of database
management:

1.  file management
2.  individual records management
3.  downloading of data from Dial Data.

Access Program Menu

     <1> Access/Download Data
     <2> Edit/Update Files
     <3> Create New Files
     <4> Delete Data Files
     <5> Modify Files OR Change File Name
     <6> Transfer Files
     <7> Truncate Files
     <8> Sort Data Files
     <9> Create a Database
     <*> View Ticker File
     <+> Edit Portfolio Data


     NOTE:  The discussion of each item on this menu will not be
in the order of the items on the menu.  The order of discussion
is more representative of the order in which you will first use
the features being discussed.

Create a Database (9)

     The FIRST order of business, if you are just starting to use
the program, is to create a database of TICKERS for downloading
from Warner Computer or Dial Data.  This is accomplished by first
selecting item "(9) Create a Database" from the Access Program Menu.
You will be asked to provide the drive letter and path to your
database location.  If you are using a floppy drive only system, put
a formatted diskette into drive B and type the drive letter (B)
followed by <Enter>.  If you are using a hard disk system, select the
drive (normally C:) and then type the pathname for the database
location.  If you have not created a subdirectory, one will be
created for you.

Create New Files (3)

     Once a database has been created you will need to create the
data files containing the TICKERS you wish to download.  This is
easily accomplished by selecting item "(3) Create New Files" from
the Access Program Menu.  From there you will be prompted to
again give the database location and, depending upon the APEX+
program(s) you have, a request to input the file name for the data.

File Names

     Financial/Market Data

     If you are using APEX+ Financial/Market Data or APEX+ Mutual
Funds, the File Name can be any DOS-compatible name you wish.
The File Name should reflect the type of data you are going to
put into that file.  Up to nine different TICKERS or SYMBOLS can be
kept in any single file.  For example, if you have the APEX+
Financial/Market Data program and wish to follow foreign exchange
rates, the File Name might be called EXCHG#1.  Subsequent files
of foreign exchange rates could be called EXCHG#2, EXCHG#3, etc.,
depending upon how many foreign exchange rate TICKERS you are
going to keep.

     Mutual Funds

     If you are using APEX+ Mutual Funds, the File Name could be
the name of the fund family (FIDELITY) or some form of
alphabetical notation (A-EGROUP).

     Once you decide upon a file name, you will then be polled by
the program to input the TICKER symbols for the data you wish to
follow.

     Stocks/Options
     Futures/Commodities
     Point & Figure

     If you are using APEX+ Stocks/Options, APEX+
Futures/Commodities, or APEX+ Point & Figure, the File Name IS the
TICKER symbol.  All you will need to do is follow the prompts and
select the correct option, depending upon the type of data you
want.

     Check with Dial Data for any tickers that are not on the
ticker files or any tickers that you do not know.

IMPORTANT

     When entering TICKERS for market indices and using Dial Data
for downloading, you will need to be aware of a slight change in
what you enter.  Most of the indices from Dial Data have a "*" in
the TICKER symbol.  You MUST substitute the "*" with a "2".  If you
do not do that, it WILL NOT WORK.

Example:  The S&P 500 Index ticker is:  *SPX
To enter this when creating the file, enter:  2SPX


Database Limitations

     Floppy disks can contain up to 55 data files.  Hard disk
subdirectories can contain up to 255 data files.  Each individual
data file can contain up to 1600 records of data.  Of course, you
can overcome these limitations by using additional diskettes or
by creating additional subdirectories.

View Ticker File (*)

     The ticker symbols can be viewed by selecting (*) from the
Access Program Menu.  When you select (*), you will be asked to
input the drive letter and pathname (hard disk) for your Ticker
Diskette.  If you wish, you can copy the ticker files onto your
hard disk along with the program files.  The ticker file for
Futures/Commodities only shows the ticker and not the expiration
month and year.  For example, Comex Gold is shown only as GC, but
to download an actual Gold contract, you would need to follow the
ticker with the month and year, such as:  GC1288.

     YOU MUST VERIFY TICKER SYMBOLS WITH DIAL DATA.

The exception to the futures/commodities tickers, is the cash
values, the complete ticker is included in the ticker file.
Dial Data also needs a Price Factor entered in the file name.
Please get the correct PF from them.
As an example, see the Access section of this manual about down-
loading with Dial Data.

Delete Data Files (4)

     This selection "(4) Delete Data Files" will ask for the
database location, then it will display the list of files on that
database and ask you to select the one for deletion.  You will be
given a couple of chances to change your mind.

     NOTE:  This is the ONLY method of deleting data files you
should ever use.  If you try to delete data files using any DOS
commands, you will cause a problem that cannot be recovered.

Modify Files OR Change File Name (5)

     If you have APEX+ Financial/Market Data or APEX+ Mutual Funds,
selection "(5) Modify Files" will let you change the File Name,
change the TICKER symbol, or delete a TICKER symbol within a
File.

     If you have one or more of the other three APEX+ programs,
selection "(5) Change File Name" will only let you change the
File Name, which IS the TICKER symbol.

Transfer Files (6)

     Selection "(6) Transfer Files" will let you move individual
files from floppy disk to floppy disk or to a hard disk.

Truncate Files (7)

     Selection "(7) Truncate Files" will let you remove old data
from any or all data files.  All data files are limited to 1600
records of data.  When your files begin to reach 1600 days of
data you will need to truncate them.

Sort Data Files (8)

     Selection "(8) Sort Data Files" will rearrange the files on
your database in alphabetical order.

Edit Portfolio Data (+)

     This is where you will enter up to nine items of fundamental
data on a stock.  This is only available on the APEX+ Stocks/Options
APEX+ Futures/Commodities.  You will need to select your database
and then you will see the following menu:

(1) Change Portfolio Label(s)
(2) Change Portfolio Data (one file)
(3) Go to Main Menu

     The first choice will let you input up to 3 items of your
chosing.  These could be things like beta or any other financially
related item for the stock.  The USER ENTRY items are 16 - 18.

     The second choice is where you will input the fundamental data
for the stock that you have loaded.  There are nine items, each
fully explained in the Performance section of this manual.

     For more detailed information on this information, see the
"+" section of this manual on Performance.

Access/Download Data

     This selection will let you download data into new files
that you have created or update files that already exist by using
your modem and an account with Dial Data.  If you
have not yet opened an account with Dial Data, you should do so
immediately by calling 1-718-522-6886.

     The first screen you will see after selecting "(1)
Access/Download Data" will be the Program Settings menu where you
enter various information about your system and Dial Data account.

     The entries should be self-explanatory.  Selection "<H> Use
AutoNet (Y/N):" will determine which network you have setup with
the phone number in <A>.  Selection "<I> Wait Limit" tells the
software when to disconnect the modem in the event of line problems
(recommend 45).

If you are unsuccessful at connecting to Dial Data, try a
different Comm port setting.

     If your computer has a comm 3 and comm 4, there may be some
interrupt problems if they are being used by a mouse, a joystick,
or anything else.  To ensure that the modem will work on comm 1, you
might have to disable comm 3.  Likewise, if you want the modem to
work on comm 2, you may have to disable comm 4.

     As with all other settings menus, selecting "S" to save will
write the changes to disk and that is the way they will stay
until you change them.  Normally, the settings on this screen
will not change after they are initially set.

     If you are downloading new data, you will be asked whether
you want daily or weekly data.  Then you will be asked to input
the date that you want the data to begin with (YYMMDD).  Finally,
you will be asked what date to end the downloading.  Do not ask
for data on the current date unless it is after about 8:00pm
Eastern time.  Check with Dial Data for availability times.

     From this point on the sequence depends upon the APEX+
program you are using.  Please note that you may not see
everything exactly as shown above, but it will be very similar.

IMPORTANT:  Monitor the logon sequence to ensure it is operating
properly.  There are many things that can interrupt the sequence,
such as:  call forwarding, thunderstorms, line problems, etc.  If
you suspect anything wrong during the logon sequence, just push
"ESC" and the process will be aborted.  Normally, all you
will need to do is just try again.

     Dial Data has OPEN prices on stocks and is reasonably priced.
The downloader that has been built into the Access section of
APEX+ will let you download historical and current data on
stocks, mutual funds, and commodities.  With Dial Data, you may
now download up to 3000 quotes per call if you have at
least 640K in your computer.  Call Dial Data at [phone] for a
special offer and new account information.

     You will be given the choice of Multiple Day Updates or Single
Day Updates.  If you only need one day of quotes, the single day
update will provide that for you.  If you need more than one day of
quotes, then the multiple day update should be used.  If you are
downloading commodity/futures data, you should always use the
multiple day update even though you may only need one day of quotes.
This is so that the previous day is automatically downloaded again to
ensure the correct volume and open interest.

     IMPORTANT

     If you use Dial Data, you may create files with the OPEN price
in them.  The Access section of the software will allow you
to do this.

     If you use Dial Data for commodities, you must follow specific
rules on file names (ticker symbols).  This involves conversion
factors along with the usual name.  The file name will consist of the
one or two letter commodity symbol, the contract month and year
(MMYY), and the conversion factor.  If the conversion factor is a
negative number, do not forget to put in the minus sign.  Positive
conversion factors will just be the number without a sign.

     Here are a few examples:

September, 1991 T-Bonds:        TR0991-5
December, 1991 S&P:             SA12912
Nearest Wheat:                  W1600-3
March, 1992 Japanese Yen:       JY03920


If you have trouble . . .

1. modem comm (serial) port set correctly (you might try another one,
just in case).  Many times you will need to disable comm 3 and comm 4.

2. correct Telenet (Autonet) number in program settings.

3. correct account number(s) and password in program settings.

4. wait limit set greater than 45 (program settings).

     If still having problems, please try to note what is displayed
on your screen when you start having problems.  Refer to the logon
sequence that appears during logon.  This will determine whether
your problem is with your computer system, the software, or Dial Data.
For example, if you can't even get your modem to dial the
number, the problem can't have anything to do with Dial Data.


Edit/Update Files (2)

     This is the section of database management that lets you
work on individual records (days) of data.  Once you have
answered the database location prompt you will see another menu
called the File Edit/Update Menu.  At the top of the screen you
will see the name of the file you have selected, the number of
records in the file, the starting date of the file, and the
ending date of the file.

Edit/Update Menu

     <1> List Records
     <2> Enter Records
     <3> Adjust Records
     <4> Change Records
     <5> Delete Records
     <6> Print Records
     <7> Sort Records
     <8> Search Records
     <9> WRITE to Disk


     List Records (1)

     You can view all of your data by listing it to the screen.
You will be asked to input a starting record number or starting
date to begin the listing.  The scrolling of data can be stopped
and started with the spacebar.  Once you have stopped the listing
you can return to the Edit/Update Menu by pushing <Esc>.

     Enter Records (2)

     The ability to enter data manually has been provided.  The
date must be entered in the YYMMDD format.  The values of the
last record in the file are displayed for reference.  In case of
an erroneous entry, continue entering the remainder of the data
for that record, then respond "N" for NO to the OK? prompt and
enter the correct data by following the prompts.

     Adjust Records (3)

     This selection will let you adjust any data for splits,
dividends, distributions, etc.  You will be asked to input the
starting record and ending record for the adjustment period along
with the amount of the adjustment.  For example, to adjust a
stock file for a 2 for 1 split you could enter a 2 for the
adjustment factor.  Then you would divide all of the price data
by 2 and multiply the volume by 2.  Since the changes are not
written to disk until you select that option, experimentation
with this feature will help in understanding all of its
capabilities.  Basically, you can perform any arithmetical
computation to any or all of the data over any time period.

Adjusting Mutual Fund Data for Dividends and Distributions

    Most mutual funds pay dividends and, less frequently,
capital gains distributions.  The data that is used to
analyze mutual funds is provided without any adjustments
made for these dividends and distributions.  Therefore, one
should make the adjustments to the historical data whenever
a dividend or distribution is paid.  The date and amount of
the dividend or distribution is always downloaded with the
price and shown on the screen after the data has been saved
to your database.  You should always print this information,
either with the PrtSc key or use the prompts provided for
you.

Procedure for Adjusting Data

    Once you have the data downloaded, using the Access
portion of APEX+ will allow you to make the necessary
adjustments to your data.  Select A for Access at the APEX+
Main Menu, then at the Access Menu, select <2> Edit/Update
Data.  You will then be asked for the drive and pathname for
your data.  Select the file that contains the mutual fund
you wish to adjust and from the Edit/Update Menu, select <1>
List Records, because you must know the 'record number' of
the last day for the adjustment.  This is the date that is
shown on the listing of dividends and distributions.  When
you have found this number, select <3> Adjust Records to
begin the process.

NOTE:  If you have downloaded new data on a mutual fund,
there may be numerous adjustments necessary.  You will need
to start with the first one and follow the same procedure
all the way through until all adjustments have been
accomplished.

    The first record for adjusting will always be record
number 1.  The last record for adjusting is the record
number corresponding to the date of the
dividend/distribution.  The scale factor is the amount of
the dividend/distribution expressed as a percentage of the
price on that date, plus one.  The last question is personal
preference, but 3 or 4 places is recommended.

    The next screen you will see will show the data for
the last record selected.  If you have more than one mutual
fund in the file, selecting 'N' for No action will step you
through them without any adjustments.  When you get to the
fund that needs adjusting, select '/' for division and you
will see the value changed by the amount of the scale
factor.  Continue through the funds with the 'N' for No
action and then answer the prompts until you are returned to
the Edit/Update Menu.  All the adjustments have been done in
memory and will be lost if you exit the program without
selecting <9> Write to Disk.  If you have another adjustment
to make on the same data, you can make it without saving the
data to disk, just be sure to save it when finished with the
final adjustment.

Example of Mutual Fund Dividend/Distribution Adjustment

    Let's assume that you have just downloaded data from
870102 to 890120 on a fictional mutual fund called:  Super
Growth Fund (ticker:  SGFDX).  After the downloading a
listing of all dividends and distributions is shown on the
screen.  Take advantage of the option to print this listing.

    For this example there were two dividends paid on
SGFDX; the first on 870225 for $.41 and the second on 880126
for $.56.  If there were more than one fund in this file,
the dividends and distributions would be shown for all of
them.  When adjusting data you must work with only one fund
at a time, even though they may all be in the same file.  By
listing the data we find that the record number
corresponding to 870225 is #39 and for 880126 it is # 259.
We next make the adjustments to the first one by selecting
Adjust Records and answering the prompts.  The first record
for adjustment is always 1 and, in this example, the last is
39.

    The scale factor is calculated by finding what
percentage the dividend is of the price on that date.  The
price of SGFDX on 870225 was $12.27.  Dividing .41 by 12.27,
you will get 0.0334.  Add 1 to this to get 1.0334.  This is
the scale factor that we enter (1.0334).  As for decimal
places on the next prompt, enter 3.

    You will now see all of the data for record number 39.
We are only concerned with SGFDX, so use the 'N' key to put
the cursor next to SGFDX.  Then push the '/' key to divide
the price by the scale factor.  You will see that the new
price will be 11.873.  All adjustments will result in a
reduction in price if done correctly.  If there are more
funds in the file, again step through them with the 'N' key
and answer the prompts that follow.

    It is recommended that you save the changes each time
you make an adjustment.  You now need to follow the same
steps and make the adjustment for the second dividend of .56
that was paid on 880126 (record #259).  The price on that
date was $13.25.  Remember the first record for adjustment
is always 1, the last record for adjustment is 259 in this
example, and the scale factor is calculated by dividing the
amount of the dividend by the price on that date and adding
1 (.56 / 13.25 = .04226, then add 1 to equal 1.04226).

    Once you have your initial database of mutual funds
adjusted, the bulk of the work is over.  Whenever you update
your files, always print the dividend/distribution listing
and make any necessary adjustments.  Many funds only have
one or two dividends/distributions per year.

     Change Records (4)

     This will let to make changes to any record in your data
file.  Most errors in data become quite obvious when the data is
displayed graphically.

     Delete Records (5)

     With this selection, you can delete a single data record,
any number of records from the beginning of the file, or any
number records from the end of the data file.

     Print Records (6)

     This will print the data file on your printer using the
instructions that you give it.  If it says it requires more than
80 columns, you will need to set your printer to condensed mode,
unless you have a wide carriage printer.

     Sort Records (7)

     This will ensure that all the data records are in
chronological order.

     Search Records (8)

     This option allows you to locate any data value for any
component of the data file.  It will initially display the
minimum and maximum values for each TICKER or data component in
the file.  You will be able to select exact values, greater than,
and less than.  You can also input a tolerance if not searching
for exact values.

            *** IMPORTANT ***

     With the exception of List, Print, and Search, the results
of any of these operations are only stored in the computer's
memory.  None of the operations are stored permanently on your
database disk (subdirectory) until selection "(9) WRITE to Disk"
has been chosen.  Therefore, you can always experiment with the
various features as long as you do not select "(9) WRITE to
Disk."  On the other hand, if you wish changes to be made, you
MUST select "(9) WRITE to Disk" or all changes will be lost when
you <Esc> from the Edit/Update Menu.

     Note that as each option is selected and actually used, a flag
flashes to remind you of the operations used and that the
changes have not yet been written to disk.


                  Plot

     The APEX+ Plot program consists of two separate but related
modules; the graphical analysis module and the analyze trading
strategies module.  The graphical analysis module will be covered
first, then a complete description of the strategies module will
be discussed.

               Graphical Analysis

Description

     The Plot program will let you display any of your data
graphically and allow you to do further analysis once the data is on
the screen.  The APEX+ Plot Program is available by selecting P
from the APEX+ Program Menu.

     The first thing you will be asked for is the location (path)
of your database.  Type the drive letter and path (hard disk) and
you will then see a listing of the files in that database.  If
you are using APEX+ Financial/Market Data or APEX+ Mutual Funds,
you will be asked to select one or two files for analysis.  If
you want only one file, enter a zero for the number of the second
file.  If you have not opened an account with Warner or Dial Data and
downloaded any data, use the sample database that is on the
Ticker Diskette.

     You will next be asked to select the number of records to be
plotted.  Once you select the number of records for plotting, the
prompt will automatically show the starting record for the data
you have selected.  If you want the most recent data, just push
<Enter> and the most recent data will be loaded for the number of
records you have selected.  If you wish to look at earlier data,
you must type an earlier record number; typing 1 will load the
first part of the data file.

     If you are using APEX+ Financial/Market Data or APEX+ Mutual
Funds, after the files are loaded into the computer's memory, you
will be asked to select two TICKERS for analysis.  Select any two
from the list of TICKERS displayed on the screen, by typing the
number(s) that precede the TICKER.

     Next you will be shown the APEX+ Plot Menu.

     APEX+ Financial/Market Data
     APEX+ Mutual Funds

     <1> On-Screen Graphic Analysis
     <2> Analyze Trading Strategies
     <3> List / Print Data
     <4> List / Print Statistics
     <5> Change Graphics Mode
     <6> Change Graphics Colors
     <7> Select New Tickers
     <8> Select New File(s)

     If you are using APEX+ Stocks/Options or APEX+ Futures/Commodities
you will not have item "<7> Select New
Tickers" because each TICKER is an individual file.  The menu for
these two programs is as follows:

     APEX+ Stocks/Options
     APEX+ Futures/Commodities

     <1> On-Screen Graphic Analysis
     <2> Analyze Trading Strategies
     <3> List / Print Data
     <4> List / Print Statistics
     <5> Change Graphics Mode
     <6> Change Graphics Colors
     <7> Select New File

     If you are using APEX+ Point & Figure, the Plot program menu
will be as follows:

     APEX+ Point & Figure

     <1> Plot / Analyze Data
     <2> List / Print Data
     <3> List / Print P&F Data
     <4> Select a New Chart Type
     <5> Select a New File
     <6> Select Graphics Mode
     <7> Select Graphics Colors


On-Screen Graphic Analysis

     When "(1) On-Screen Graphic Analysis" (or Plot/Analyze Data
for Point & Figure) is selected you will be shown the plot
settings menu which determines how the data is going to be
plotted.  The Change Settings menus are different for each APEX+
program and are discussed individually below.

APEX+ Financial/Market Data
APEX+ Mutual Funds

     If you have APEX+ Financial/Market Data or APEX+ Mutual Funds,
the Change Settings menu will look like this:

     <A> Charts: (1) or (2) Plots       = 2
     <B> Plot Overlap: (0 to 100)%      = 25
     <C> Plot 2: Line (1) or Bar (2)    = 1

     Selection A will let you display the first TICKER loaded or
both TICKERS.  Selection B will determine the amount (%) of
overlap of the two graphs if you have selected two plots.  If you
select A equal to 1, selection B will automatically change to
100.  You can experiment with this to get the display you like.
Selection C will let you display plot 2 as a line or bar
(histogram) plot.

APEX+ Stocks/Options
APEX+ Futures/Commodities

     If you have APEX+ Stocks/Options or APEX+ Futures/Commodities,
the Change Settings menu will look like this:

     <A> Screen: Full(1) or Split(2)         = 2
     <B> Plot 1: (25-100)% Full Screen       = 60
     <C> Plot 1: Line(1) or Bar(2)           = 2
     <D> Plot 2: Line(1) or Bar(2)           = 2
     <E> Scale 1: Linear(0), Log(1)          = 0
     <F> Open Interest Plot: Off(0), On(1)   = 1

     Selection A will let you display only the price data (Full)
or the price data with the Volume data (Split).  Selection B will
determine the relative size of the two plots, if A is equal to 2.  When
you enter a percentage between 25 and 100, plot 2 will fill
up the remainder of the screen.  If selection A is 1, selection B
will automatically be set to 100.

     Selection C will determine whether the price data is
displayed as a bar (high-low-close) chart or as just a line plot of
the close price.

     Selection D will display the volume as a
line plot or as a more typical volume histogram.

     Selection E will let you display the price data with a
linear price scale or a log price scale.

     Selection F will determine whether Open Interest is
overlayed over the volume plot.  If Open Interest is not in the
database (common stocks), this selection has no affect on the
plot.

APEX+ Point & Figure

     If you have APEX+ Point & Figure the Change Settings menu
will look like this:

     <A> Box Size: (0.25,0.5,1,2,3,...)      = 1
     <B> Boxes per Reversal: (1,2,3,...)     = 3
     <C> Box Height in Pixels: (3 to 10)     = 5
     <D> Box Width in Pixels: (3 to 10)      = 5

     The Box size refers to the number of points a stock must
move to have a box displayed on the screen.  The number of boxes
per reversal refers to when the display will change direction
based upon stock movement.  Many good books are available on
Point & Figure analysis.  It is not the intent or purpose of this
software to explain methods of analysis.  However, a box size of
one and a reversal of 3 boxes is usually considered a standard.

     The Box Height and Width refer to the physical size of the
boxes on your screen.  You can experiment with them until you
find the size you like.

Saving Changes

     Once you have made changes to the Change Settings menu(s),
you can write them to disk by selecting "S" for Save and this is
the way the plots will always be displayed until you change them.
If you make any changes to the Change Settings menu without
saving them, they will stay in effect until you exit the program
or you change them again.  If you do not wish to make any changes
to the Change Settings menu, just select <Enter> and the data
will be plotted according to the Graphics Modes and Colors that
you have selected from the Plot Menu (discussed later in this
section).

The Graphics Screen(s)

     Once the data is displayed on the screen you have a large
number of analysis features that are available to you.  These can
all be reviewed by continual pushing of the "?" key and reading
the features list at the bottom of the screen.

Onscreen Analysis Features

<M> for Menu.  Returns you to the APEX+ Plot Menu.

<I> for Information.

     This information will depend upon the data you have plotted, but
is normally the high-low-close for the data plotted, the
mean, standard deviation, and file name(s).

<A> for Arithmetic moving average.  Same as a simple average.

     Once you select A, you will be asked whether it is for plot
1 or 2 (if two plots are on the screen), then you will be able to
input any period for the average.  Lastly, you will be asked if
you wish to shift the average to the left and by how many
periods.  If you do not want to shift the average, just push
<Enter>.

<S> for Smooth.  Same as an exponential moving average.

     Smooth works the same as Average except that you cannot
shift the smooth to the left.

<%> for Trading Bands.  Percentage bands.

     Once you have an Average or a Smooth on the screen you can
put percentage trading bands around it by selecting %, then you
will be asked to input the percentage.  The bands can only be
used with the last Average/Smooth that was put on the screen.

<P> for Print.  Prints the screen on your dot matrix printer.

     Works with most IBM/Epson compatible printers.

<Ctrl><P> for alternate dot matrix printout.

<Ctrl><L>, then 1, 2, or 3 for small, medium, or large laser
printer support.  Works with Laserjet compatibles.

<N> for Next.  Displays the next set of onscreen options.
     Continue to push "N" to see all of the options.

<?> for Help.  Displays the meaning of each onscreen feature.

     Continue to push "?" to see all of the features.

<D> for Date.  Puts meaningful date lines across the screen.

     The date lines have been preset depending upon the amount of
data you have plotted.  Use the Cursor Read feature to identify
exact dates.

<*> for Title.  Allows you to input a title of your choice.

     You will be prompted to enter a title that will be displayed
at the top of the graph.  If you try to enter a title that is too
long you must start over.

<^> for Form Feed.  Form feeds your printer.

<+> for Line Feed.  Line feeds your printer.

<C> for Cursor.  Displays a full-function vertical cursor.

     The cursor can be moved a period at a time with the left and
right arrow keys or it can be moved 10 periods at a time with the
Tab and Shift Tab key.

     <R> for Read.

      Displays information about the data under the cursor.
This information will normally be the date, the price data
values, volume, and open interest.  If the Open Interest is "off"
in the Plot Change Settings menu, the value of the last
Average/Smooth put on the screen will be displayed.

     <L> for Lines.

      Puts you into the onscreen line drawing mode.
Trendlines can be drawn anywhere on the graphics screen.
Trendlines can be drawn by first moving the small tick mark on
the cursor to the left end of the line you wish to draw.  This
tick can be moved in any direction with the four arrow keys.
Once you have the tick where you want it, push the "M" key to
Mark that point, then move the tick (arrow keys) to the second
point and push the "M" key again.  A line will be drawn from the
left point through the second point and to the right margin of
the plot.  Any number of trendlines can be drawn on any plot.

      <E> for Parallel Lines.

           Draw parallel line(s) to last trendline.  Once you
have any trendline on the screen, a parallel line can be drawn by
placing the small ticker at the point you want the line to begin
and then pushing the "E" key.  Any number of parallel lines can
be drawn this way.  Think of the "E" as Equal.  "P" could not be
used for parallel because "P" is for Print.

     If you have APEX+ Point & Figure, you will not have many of the
above mentioned features because they are not relevant to
point & figure analysis.

     APEX+ Point & Figure has two unique onscreen features:  (/)
for Upward trendlines and (\) for downward trendlines.  Once
these trendlines are invoked, you may move them anywhere on the
graphics screen by using the four arrow keys on your keyboard.
They may be increased in length by using the '+' key and
decreased in length by the '-' key.  When you want the trendlines
to remain on the screen, use the 'F' key to 'Fix' them to the
graphics screen.  Pushing "ESC" will take you out of the
trendline mode.

Change Graphics Mode

     This feature will let you keep your APEX+ software current
with the video capabilities of your computer system, both now and
in the future.  Of course, if you select a mode that is not available
with your system, the results are unpredictable.  If
you are not sure what graphics capability you have, select any
mode, return to the Plot menu and select number one to plot the
data.  Select <Enter> at the Change Settings menu and you should
see the plot appear on your screen.  If the screen goes blank,
select "M" for menu and try the process over again by selecting a
different graphics mode.  The most common mode is "C" for normal
CGA graphics.  If you have a monochrome screen, the mode
"I"(Hercules) is probably the correct mode.

Change Graphics Colors

     If you have a color video system and have selected a color
graphics mode, you can select a wide variety of color
combinations for your graphics display.  The overlay colors refer
to the numerous moving averages and exponential smoothings that
can be on a graphics plot.  Once you have the colors you like,
you have the option to Save them to disk.  They can always be
changed at any time.

List / Print Data

     This will let you view on the screen or print on your
printer the data that you have loaded.  If scrolling on the
screen, the spacebar will stop and start the scrolling.

List / Print Statistics

     This feature will display on your screen or print on your
printer various statistics about the data you have loaded.  The
data statistics are:  Number of records, Maximum value, Minimum
value, Mean, and Sigma.

Select New File(s)

     This will let you load new data files for further analysis.
If you have APEX+ Financial/Market Data or APEX+ Mutual Funds, you
can select one or two files.  The other APEX+ programs will let
you choose only one file at a time.

Select New Tickers

     This menu selection is only available on APEX+
Financial/Market Data and APEX+ Mutual Funds.  It will display the
TICKERS in the data file(s) that you have already loaded and then
let you choose two more TICKERS to analyze using the same
plotting periods as before.


           Analyze Trading Strategies

General Concepts and Definitions

     A thorough discussion of trading systems and methods will
not be included in this manual.  There are numerous good books on
the subject that may be referred to for more information.

     A trading system is a set of rules that are used to generate
signals.  Most trading systems have more than one parameter.
Parameters are values that can be assigned in a system to affect the
timing of trading signals.  Each parameter can usually be
incrementally tested by itself or in combination with other
parameters.  A problem exists with trading systems that have too
many parameters; that is the ability or difficulty in testing
more than a small selection of the parameters.  If each parameter
can have 10 values, there would be 1000 possible combinations if
there were just 3 parameters.  Six parameters with only 10 values
would yield One Million combinations.

     Therefore a system that includes the important parameters,
yet keeps the testing relatively simple, is likely to produce
results that are more than reasonable.  The APEX+ system is
designed to be used as multiple parameter system with only two
parameters that can be incrementally tested.  These two
parameters are the Price and a Single Moving Average or Two
Moving Averages.  The other parameters that can be used with
either of these techniques are a time-delay (duration) and the
execution price (today or tomorrow).

     Optimization refers to the process of finding the best
performing combination of parameters for a given market.  The
underlying premise of optimization is that parameter combinations
that worked best in the past have a greater probability of good
performance in the future.

Program Operation

     Selection [2] from the Plot Program Menu will take you to a
new menu called: "Analyze Trading Strategies."  Immediately below
the title you will see the name of the ticker you have loaded for
analysis.  Note the <?> at the bottom of the screen showing you
that a help screen is available for this menu.


<1> Select Trading Strategy Parameters

<2> Display Single Moving Average Trades

<3> Display Double Moving Average Trades

<4> Calculate Optimum Single Moving Average Period

<5> Calculate Optimum Double Moving Average Periods

<6> Display Optimization Results


     The following discussion will cover each item in this menu.
Included in the operational discussion will be the theory and
logic behind the optimization of moving averages.  More
information can also be found at the end of this section in the
Summary.

Select Trading Strategy Parameters

     Upon selecting <1> you will be shown a parameter setting
screen from which you can change up to seven different trading
parameters.  Note that there is also a help screen available.
The "Select Trading Strategy Parameters" screen looks like this:

PARAMETER                                       SETTING
<A> Buy Long and Sell to Close: (0)No or (1)Yes   = 1
<B> Sell Short and Buy to Close: (0)No or (1)Yes  = 1
<C> Crossover Duration:  (>0 Periods)             = 1
<D> Start Record:                                 = 1
<E> End Record:                                   = 240
<F> Trade at Close: (0)Today or (1)Tomorrow       = 0
<G> Ignore First Trade: (0)No or (1)Yes           = 1

     Any of these parameters can be changed by first typing the
letter for the parameter you wish to change and then entering the
new setting.  The prompts at the bottom of the screen will step
you through the process.

     Parameters <A> and <B> refer to the "long" and "short" side
of the market.  In other words, if you wish to trade both sides
of the market, these parameters should both be set to (1).  The
"Long" or BUY side of the market refers to buying a security and
a profit is realized if the price of that security goes up.  This
is the most common method of security investing and in some
markets (mutual funds) is the only method of investing.

     The "Short" or SELL side of the market refers to the act of
short selling or put buying (options).  This means that you make
a profit if the price of the security goes down.  If you are only
interested in the BUY side of the market, you should set
parameter <B> to 0.  There are numerous other vehicles and
methods available, but that is not the purpose of this manual.

     As an example, if you invest in a mutual fund, you will buy
the mutual fund and hope to sell it at a later time at a higher
price.  When you sell the mutual fund you will probably put your
money into cash or a money market fund for safety.  In other
words, you are out of the market and waiting for another
opportunity to invest in the mutual fund.  To set up the
parameters for this type of strategy, you would set <A> to 1 and
<B> to 0.

     Some traders will want to maintain exposure to the market
by being active on the long side and the short side.  This means
that when a sell signal is given, they will sell and sell short
and when a buy signal is given, they will cover their shorts and
buy.  Most commodity/futures speculators trade this way.  The
terminology used here doesn't always apply to futures, but should
be understood by all.  To set up for this strategy, both <A> and
<B> should be set to 1.

     The crossover duration <C> allows you to experiment with
delays in the timing of the trading signals.  A duration of 1
period means that the signal was executed immediately based upon
the parameter setting for <F> (explained later).  In other words,
if a buy signal was generated by the moving average(s), a delay
of so many days would occur before the actual purchase or sale
was made.  This feature will help eliminate the dreaded "whipsaw"
that hampers so many trading techniques.  Remember, though,
eliminating whipsaws also dampens timing.

     Selections <D> and <E> allow you to optimize and test
only certain portions of the loaded data file.  This is good for
optimizing the averages over the first portion of the data and
then trading the results over the latter portion to see if
similar results are obtained.  The values are always defaulted to
the beginning record (1) and the ending record (based upon how
much data was loaded).

     Selection <F> allows you to test a strategy based upon the
time of actual execution of the trade.  Executing at the close
today is somewhat theoretical because the close today was needed
to obtain the trading signal.  You could, however, enter a value
for the close in the database during midday and work under the
assumption that if the actual close is near that value, then you
could still get an execution just prior to the close of the
market.  By selecting the close tomorrow you will get a precise
execution, but a full day's activity will have gone by before you
act upon a trading signal.

     Ignoring the first trade (selection G) is necessary for
fine-tuning the strategy.  It is recommended, but not required,
that this parameter be set to (1)Yes.  This is due to the nature
of arithmetic moving averages.  If you have a 25 day average, the
first actual calculated value for the moving average is 25 days
(periods) after the start of the actual data.  If the price is
above the average at that point, then that day is considered the
day of the first buy signal.  Likewise, if the price is below the
average on that day, it is considered the first sell signal.  By
ignoring the first trade, you will get an actual crossing of
average and price or crossing of two moving averages for the
first actual trade signal.

     Pressing <Esc> will return you to the "Analyze Trading
Strategies" Menu from where you can begin the optimization
process or calculating actual trade histories based upon single
or double moving averages.

Single and Double Moving Averages

     At this point an explanation of single and double moving
average theory would be appropriate.  Using a single moving
average for a trading technique is quite simple.  If the moving
average rises above the price, then a sell signal is generated,
and when the moving average goes below the price a buy signal is
given.  This, of course, is the simple case.  The Trading
Strategy Parameters discussed earlier will alter the actual
timing and results of this, but the general concept is the same.

     The technique of using two (double) moving averages
eliminates the use of the actual price and substitutes another
moving average.  Normally, this is referred to as the Short Term
Average.  This is a moving average that smooths the actual price
so that there are fewer "whipsaws" in the trading system.  The
other moving average (Long Term Average) serves the same purpose
as the moving average in the single trading system; that is, to
provide crossover signals for the Short Term Average.

Calculate Optimum Single Moving Average Periods

     Selection <4> from the "Analyze Trading Strategies" Menu will
take you to a three item selection menu designed to set the
testing range for the Short Term Average.  When using the single
moving average strategy, the average is referred to as the Short
Term Average.

     <A> Short Term Average Low Value:       = 6
     <B> Short Term Average High Value:      = 44
     <C> Short Term Average Increment (>0):  = 2

     Here you will set the beginning value for optimizing the
single moving average system (6 in this example).  This means
that the optimization routine will start with a moving average
value of 6.  Selection <B> is where you will set the high value
for the optimization routine.  Selection <C> is where you can set
the incremental value or step value as the optimization routing
makes its calculations.  In the above example the low value is at
6, the high value is at 44, and the increment is at 2.  This
means that the first average will be 6, the second one will be 8,
the third will be 10, and so on, up to 44.

     At the top of the screen, below the title, you will see the
number of different trials that will be calculated based upon the
parameters you set in A, B, and C.  Obviously, the more trials,
the longer it will take to finish.  The time will also be
dependent upon the computer you are using.  There is one
limitation here, and that is a limit of 1600 trials.

     Once you have entered the low, high, and increment values
for the Short Term Average, pressing <Enter> will let you review
the current trading strategy parameters you entered earlier and
then begin the optimization calculations.  Upon answering 'Y' at
the prompt you will be given the opportunity to send the results
to your printer.  If you answer 'N' to the printer prompt, the
results will be shown on the screen as they are being calculated.
Once the calculations are finished, you will be returned to the
"Analyze Trading Strategies" Menu.

Display Optimization Results

     To see the results of the optimization run in a logical
order, select <6> from the 'Analyze Trading Strategies' Menu.
You will see a prompt at the bottom asking if you wish to sort
the results.  If you answer 'N', the results will be displayed in
the order that they were calculated.  Of course, you will be
given the opportunity to send the results to either your printer
or to the computer screen.  A better method is to sort the
results by answering the "Sort Results (Y/N)" prompt with a 'Y'.
Here you will see a new screen of items that have been calculated
for each of the optimization trials.

Sort Results

     High to Low

     <0> Trial
     <1> Buys
     <2> Sells
     <3> Trades
     <4> Gain
     <5> AvgGain
     <6> B-Draw
     <7> S-Draw
     <8> Avg#1
     <9> Avg#2 (Double Average only)

     First determine whether you want the results sorted high to
low or low to high.  Pushing the spacebar will change the order.
Next select the item you wish to sort on by entering the number
preceding it.  For example, if you have it sort from high to low
and then sort on the Gain, the same information you saw in the
unsorted display will be rearranged in order of highest Gain to
lowest Gain.

     The following discussion will define each of the items that
are calculated in the optimization routine.

     TRIAL - this is merely a numerical reference to the order in
which the calculations were performed.

     BUYS - this is the number of BUY trades generated by the
specific strategy you have selected.

     SELLS - this is the number of SELL trades generated by the
specific strategy.

     TRADES - this is the total of BUYS and SELLS.

     GAIN - this is the total gain from the optimized trading
strategy.

     AVGGAIN - this is the GAIN divided by the TRADES.

     B-DRAW - this is the amount of points that the price went against
(DOWN) you during a long position.  In other words, it
represents the quality of the timing signal and how much staying
power you would need to follow this specific strategy.  Drawdown
is a term used almost exclusively with futures and commodity
trading.  However, when evaluating a trading strategy, it is
necessary to assess the risk factor.

     S-DRAW - this is the amount of points that the price went
against (UP) you during a sell signal.

     AVG#1 - this is the value of the Short Term Average.

     AVG#2 - this is the value of the Long Term Average (if using
the double average optimization routine).

     At the bottom of the listing will be a repeat of important
information about the optimization routine, such as:  the TICKER
name, the required Duration, etc.

     Once you have the information sorted to your liking, take
note of the value of AVG#1 and return to the 'Analyze Trading
Strategies' Menu (press spacebar).  From here you can select <2>
to analyze the specific trading history of the moving average
that had the most appealing features.  Note that Gain is not
always the most important feature, B-Draw and S-Draw and AvgGain are
also noteworthy items to consider.

Display Single Moving Average Trades

     When you select <2> you will be shown again the current
strategy that you entered earlier and you will be prompted to
enter the value of the Single (Short Term) Average that you liked
from the optimization results.  Type the number and press
<Enter>, again the opportunity to send the results to the printer
or not will be shown.  The next display will show the Ticker, the
value of the moving average you just entered, and the crossover
duration at the top.  Then you will see a trade by trade summary
of the buy and sell signals generated with the average you have
selected.

     The Gain is the gain on that specific trade and the Net Gain
is the cumulative gain from beginning to end.  The Buy Draw and
Sell Draw are based on the amount the price went against you for
each trade.  A zero in the B-Draw or S-Draw column means that the
timing was very good.

     Once you have viewed the tabular results, press the spacebar
and you will be given the opportunity to plot the data with the
selected average.  The price data will be a line plot of the
close price only.  A dotted line will be overlayed on the price
representing the average that you selected.  At the bottom of the
screen will be small up and down arrows denoted the buy and sell
signals for this trading strategy.  Refer to the Plot section for
more details on the graphics screen analysis that is available to
you here.

     It should be noted here that you do not need to calculate optimum
moving averages before you can review a trading history.
You could select <2> or <3> and pick a moving average value at
random and then view the trading results as before.

Calculate Optimum Double Moving Average Periods

     The previous discussion dealt with the single or short term
moving average analysis.  You have essentially the same
capability with two moving averages, referred to as Double Moving
Averages.  This technique is also known as crossover analysis.
Once you select <5> from the 'Analyze Trading Strategies' Menu,
you will see a screen similar to the Single Average page, but has
three additional settings.  The first three (A-C) are the same as
the values entered for the Single Moving Average optimization,
but can be changed here if desired.  The last three deal with the
Long Term Average or second average.

     Keep in mind that the Double Moving Average is very similar
to the Single Moving Average if the Short Term Average were equal
to 1.  This would then make the Short Term Average equal to the
price and the results would be the same.  As before, enter values
for the low, high, and increment for both the short and long term
averages.  If you are using daily data, short term averages
between 4 and 20 with an increment of 2 would be a good place to
start.  For the long term average, values between 25 and 80 with
an increment of 5 would be adequate.  You, of course, can choose any
values you desire.  See the summary discussion at the end of
this section.

IMPORTANT:  You should not select a Long Term Average Low Value
that is lower than the Short Term Average High Value.  The
software will ignore the overlap during calculation if you
forget.

Display Double Moving Average Trades

     As with the single average, you have the opportunity to
display the results on your printer or screen and then you can
select <6> to review the results in a sorted order.  From the
sorted order, depending upon your priorities, you can then select
<3> to see a trade by trade history using the two moving averages
that gave the results you liked.  And, as before, you can plot
the results and see the price, the short term average, the long
term average, and the buy and sell arrows.

Summary

     It should be noted that in a single or double moving average
system, it is not necessary to test all possible combinations.
For example, in the single moving average system in which you
wish to test the performance for values from 5 to 60, it is not
necessary to test every integer value in this range.  A faster
and more efficient method would be to test the system with an
increment of 5 (5, 10, 15, etc.) and then to focus in on any
areas that became of interest from the results.  For instance, if
the values of 25, 30, and 35 yield good results, you might run
the optimization routine again with a range between 25 and 35 and
an increment of 1.

     Another practical example would be with the double moving
average system or crossover system.  If you were interested in
the performance of the system for parameter values 5-30 for the
short term average, 20-100 for the long term average, and time-
delay or duration from 1-15, there would be a total of about
29,940 combinations - impractical to test, let alone evaluate the
results.  You cannot reduce the range without damaging the basic
intent of the testing.  Therefore, a limited number of parameters
can be tested by spacing the parameters or increasing the amount
of the increment.  This will provide a good approximation without
hurting the overall performance of the trading system.  It should
be noted here, that the time-delay (duration) can be changed with
each test run.  It cannot be setup with a range and increment
like the moving averages.

     Once you have reduced the number of trials (combinations),
the results can be analyzed to find an area of interest and then
another optimization run can be performed with a range of
parameter values that fall around that area.

     The number of trials or combinations is calculated
automatically whenever you change the range or increment.
Therefore you should experiment to find a total number of trials
that you are happy with.  Remember that the limit is 1600 trials.

     One more point to keep in mind; any optimization results that end
in substantial losses is more valuable than first
impression.  If some of the losses are greater than the best
gains, then just do the opposite when a signal is generated.


                 EXport

Description

     The EXport program will let you export (transfer) any or all
of your data into numerous other popular data formats for use
with a wide variety of software programs.

     If you use this feature be sure to have a formatted diskette
or a new subdirectory available for the data to exported to.  If
you are going to export data to the CompuTrac format, the
destination must be a CompuTrac compatible database.

     The following conversions can be performed quickly and
easily; just follow the prompts.  First select the format and
then you will need to give the drive letter and path (hard disk)
to the APEX+ database that has the file(s) you wish to export.
Once a file is selected you will then be asked for the drive
letter and path for the exported file to be written to.

      FORMAT                   SUFFIX

     ASCII Comma-Delimited Format  .ASC

     ASCII Space-Delimited Format  .ASC

     DIF Data Interchange Format   .DIF

     WKS Lotus 123 Format          .WKS

     CT CompuTrac Format           N/A


     Data can only be exported to these formats.


              APEX+ Performance

     The APEX+ program links technical and fundamental screening
together for the first time.  You will be able to rank, sort, or
screen any type of data using hundreds of different parameters.

     Unless you utilize index options and/or futures, your best
effort at market timing can be compromised when it comes to selecting
individual issues.  You can now screen your N2\APEX databases for the
best performing issues based upon technical and fundamental
performance; whether they be stocks, indices, mutual funds, futures,
options, or industry groups.

     Developed to enhance the original APEX program(s), you will soon
see that the APEX+ program fits right into the overall operation and
gives you a vast new area for analysis.

     A few of the many program capabilities are highlighted here:

     * Rank any issues based upon technical performance.

     * Rank and screen stocks based upon over 40 fundamental
parameters

     * Determine the strongest stocks in an industry group.

     * Create your own technical and fundamental ratios.

     * Mix technicals and fundamentals while screening.

     The APEX+ program is completely menu-driven.  This means that
all of your choices concerning "what to do next" are always displayed
on the screen.  If you get to a screen and do not know what to do
next, stop and read the screen because it will always be telling you
something.

APEX+ PROGRAM MENU

     The APEX+ Program Menu is displayed below.  The only differences
between the various APEX versions are items [F] and [J].  The
Financial/Market and Mutual Fund versions of the APEX+ program have
no portfolio/fundamental data capability.  On the Financial/Market
and Mutual Fund version, [F] is: Sort by Statistics, and [J] is: List
/ Print Statistics.

       APEX+ program (Full-Quotes) Program Menu

Date: 12-25-1987       Rank Order: High to Low       Time: 10:45:39
      30 Issues, Ranked by % CHANGE VALUE, Sorted by RANK

SORTING / RANKING                    LIST / PRINT SELECTIONS
[A] Sort Files by Rank               [G] List / Print Data
[B] Sort by Name                     [H] List / Print Standard Report
[C] Sort by Label                    [I] List / Print Custom Report
[D] Reverse Rank Order               [J] List / Print Portfolio Status
[E] Rank by Technical Criteria       [K] Form Feed Printer
[F] Rank by Portfolio Criteria       [L] Line Feed Printer

CHANGE DATA / SETTINGS               SCREENING
[M] Analyze Current Files            [S] Select NEW Screen Filters
[N] Select New Files                 [T] Set Filter MIN-MAX Values
[O] Change Program Settings          [U] Clear Screen Filter Values
[P] Edit Report Footnotes            [V] Display Screening Results
[Q] Change Current Date                   [6 Items Selected]
[P] Change Current Time                   [Screen Values CLEARED]

      Press Indicated Key or <Esc> for Program Selection Menu

File Structure

     The APEX software programs utilize two types of data files.  The
format which is used with the Financial/Market and Mutual Fund programs is
referred to as "Closes Only."  The "High-Low-Close" type format (Full
Quotes) can be used with both the Stocks/Options and Futures Commodities
programs.

Program Settings

     Selecting [O] Change Program Settings will display all of the program
default settings as shown below.

     Change Program Settings

<A> Moving Average #1 (1-800):            7
<B> Moving Average #2 (1-800):           42
<C> Performance Periods (1-800):         65
<D> Average: (1) Arith OR (2) Expo:       1
<E> Printer Columns (1 to 272):         132
<F> Lines per Page:                      58
<G> Auto Form-Feed (Y/N):                 Y
<H> Prefix Code#1 (0-255):               15
<I> Prefix Code#2 (0-255):                0
<J> Prefix Code#3 (0-255):                0
<K> Suffix Code#1 (0-255):               18
<L> Suffix Code#2 (0-255):                0
<M> Suffix Code#3 (0-255):                0
<N> Left Margin (0-272):                  2
<O> Print Footnotes (Y/N):                N


     Anytime you make a change to the program settings menu, the change is
stored on your disk if you elect to save it when finished making the
changes.  That is the way it will remain until you change it again.  If you
do not save it, the changes will only remain in effect until you change
them again or exit the program.

     <A> Moving Average #1 (1-800):  This is where you can input any number
between 1 and 800.  Every time you load data, the value of the moving
average for that number of periods is calculated.  It is recommended that
Moving Average #1 be a value less than the value chosen for Moving Average
#2.

     <B> Moving Average #2 (1-800):  This is exactly the same as<A>,
however, you should use a value greater than that used
in moving average #1.

     <C> Performance Periods (1-800):  This is what determines the time
span of the performance period you wish to analyze.  If you are using daily
data and want to analyze data over a three week period, you would put 15
for the performance period.  If you wanted to analyze the data over six
months, you would use 126.  Remember that the number is the number of
market-days; weekends and holidays do not count.  If you were using weekly
data and wanted to analyze it over one year, you would use 52.  You must
have enough data records to equal the performance period plus the length of
the larger moving average.

     <D> Average: (1) Arith OR (2) Expo:  This is where you can determine
the type of moving averages you wish to use with the program.  If you
choose (1) Arith for arithmetic (simple) moving average, you should note
that you must have at least twice the number of records available as the
number of the moving average that you have chosen.  This is because the
program will start the moving average calculation at a point equal to two
times the number of the moving average in your data files.  If you choose
(2) Expo for exponential moving average, it recommended that your data
files be twice as long as the number chosen for the average, but is not
required.  If your data files contain less than twice the number of the
moving averages you have selected, the results will not be as accurate.

     <E> Printer Columns (1 to 272):  There are two things to consider
here:  the number of columns your printer has the capability of printing,
and the size of the print type.  Most IBM/Epson printer will either be 80
column or 120 columns.  The standard print type is pica or 8 characters to
the inch.  Therefore, an 80 column printer can print 80 pica character on
one line.  If you set the printer up for condensed type, an 80 column
printer can then print up to 132 characters on one line.  The setting here
should work in conjunction with the setting(s) used in <H> through <M>.

     <F> Lines per Page:  Most printers are setup to accommodate six lines
per inch.  Therefore, if you are using 11 inch paper, the Lines per Page
would be 66.  When you consider a top and bottom margin of 2-3 lines, a
setting of 58 will work nicely.

     <G> Auto Form-Feed (Y/N):  This feature must work in conjunction with
the lines per page.  After printing the number of lines used in selection
<F>, the printer will automatically go to the top of form for the next
page.  This can be used to skip over the perforations.

     <H> to <J> Prefix Code#1-3 (0-255):  This is where you can input the
decimal code that sets your printer for different modes.  If you insert 0,
the printer will print using its default print settings.  IBM/Epson
printers can be set to print in condensed type by inserting 15 for Prefix
Code #1 (default).  If condensed type is used, you will also want to use
132 for the number of printer columns <E> on a standard 80 column printer.

     <K> to <M> Suffix Code #1-3 (0-255):  This is used to return your
printer to its default settings.  Again, the IBM/Epson code of 18 will
return it to pica (normal) type.

     <N> Left Margin (0-272):  This does just as you expect, sets the left
margin of your printout reports.  If you are going to be keeping
theprintouts in a three-ring binder, a setting of 6-10 will work nicely.

     <O> Print Footnotes (Y/N):  You have the capability of printing up to
9 lines of information or anything else you desire at the end of every
report that you print.  This gives you the option of printing or not
without erasing the footnotes.

Footnotes

     Selecting [P] Edit Report Footnotes will take you to a work screen
where you can type up to 9 lines of anything you wish.  This can then be
printed at the end of each report if you desire.  As with the Program
Settings, changes made here will remain until changed again, if you select
<S> for save when finished with the changes.

APEX+ PROGRAM OPERATION

     Fundamental and Portfolio data can ONLY be kept and maintained for
databases that are in the "Full Quotes" format (Stocks/Options and
Futures/Commodities).

     The two versions of the APEX+ program (for the two data types)
have been kept exactly the same, except where the portfolio ranking and
Portfolio status (menu selections [F] and [J]) are concerned.  Therefore,
the remainder of this section will discuss the "Full Quotes" or
Stock/Options and Futures/Commodities versions of the program.  Whenever a
discussion is about ONLY the Stocks/Options or Futures/Commodities program,
it will be so noted.

     Selecting [+] from the APEX program menu will load the performance
program.  Next you will see the standard database prompt, asking you to
insert your data disk into a drive and selecting that drive with the
appropriate letter then hitting <CR>.  If you are using a hard/fixed disk,
select the drive letter and then type the correct pathname for the database
you are going to analyze.

     The program will read the contents of the database and display them at
this time.  You may select one or more files by typing the correct
number(s) corresponding to the file, or you may load all of the files on
that database by selecting the last number which is: ALL FILES.  After
selecting the files for analysis, you will see a prompt saying something
like this:

           Daily Database

     The latest DATE is 861107

         OK? (Y/N)

     Of course, if you are using a weekly or monthly database, it will be
so noted.  If you answer "Y" (yes) to this prompt, the performance period
chosen in the program settings will be for the most recent data.  In other
words, if the performance period is for 25 periods, then it would be from
25 days prior to the date shown on the screen, in this case: 861107.

     If you answer "N" (no) to this prompt, you will see the followingprompt:
     Enter Number of Prior Periods (< XXX):

     Here you may enter a number to move the ending date of the performance
period back in time.  If, in this case, you entered 50, the data to be
analyzed would be the 25-period of performance ending 50 days prior to
861107.  Experimenting with just a couple of files should make this clear
if it still seems confusing.

     Generally, you will always answer "Y" to the prompt because you are
interested in the most recent data.  However, you do have the option of
analyzing the performance of earlier data.

     Once this prompt has been answered, the data will be read into the
computer and the performance calculations will all be calculated.  The time
required will depend upon the amount of data that is in the database.  This
will be the only time there will be a delay in using the program, because
ALL of the calculations are done at this time.

     You will now see the Program Menu for the APEX+ program version
that you selected.

      APEX+ program (Full-Quotes) Program Menu

Date: 12-25-1987       Rank Order: High to Low       Time: 10:45:39
       30 Issues, Ranked by % CHANGE VALUE, Sorted by RANK

SORTING / RANKING                      LIST / PRINT SELECTIONS
[A] Sort Files by Rank                 [G] List / Print Data
[B] Sort by Name                       [H] List / Print Standard Report
[C] Sort by Label                      [I] List / Print Custom Report
[D] Reverse Rank Order                 [J] List / Print Portfolio Status
[E] Rank by Technical Criteria         [K] Form Feed Printer
[F] Rank by Portfolio Criteria         [L] Line Feed Printer

CHANGE DATA / SETTINGS                 SCREENING
[M] Analyze Current Files              [S] Select NEW Screen Filters
[N] Select New Files                   [T] Set Filter MIN-MAX Values
[O] Change Program Settings            [U] Clear Screen Filter Values
[P] Edit Report Footnotes              [V] Display Screening Results
[Q] Change Current Date                     [6 Items Selected]
[P] Change Current Time                     [Screen Values CLEARED]

      Press Indicated Key or <Esc> for Program Selection Menu


     The line at the top, below the Date and Time line, will reflect the
data that you just loaded and may not be exactly as shown above.

RANKING

     Technical Ranking

     Selecting [E] Rank by Technical Criteria will take you to the
following screen:

     Technical Ranking CriteriaCurrent Criteria = % CHANGE VALUE

<1> VALUE NOW       861024
<2> VAL @-26        860918
<3> 10-DA MA        861024
<4> 10-DA@-26       860918
<5> 40-DA MA        861024
<6> 40-DA@-26       860918
<7> AVG-VALUE       26-DAY
<8> AVG-VOLUME      26-DAY
<9> OB-VOLUME       26-DAY
<0> Return to Program Menu

     Select One:

Select Primary Variable for Ranking

     The values of 10, 40, and 26 are the values you have selected in the
Program Settings Menu.  They can be any number between 1 and 800, in this
example they are moving averages of 10 and 40 and the performance period is
26.  The references to DA and DAY mean that the data used is daily.  If we
were using weekly data it would be noted as: WK.  The dates shown are also
determined by the performance period you have chosen.

     From this screen you will select the single criteria or the
relationship between two criteria that you wish to rank your data.  The
prompt at the bottom is asking for the primary variable, which can be any
of the first nine items on the screen.  Of course, if you select <0> you
will be returned to the Main Menu.

     Selection "<1> VALUE NOW    861024" means the closing value on the
date shown--usually the most recent date in your database.

     Selection "<2> VAL @-26    860918" means the value of the data 26 days
ago.  The date shown is the date 26 days ago.  If you were using weekly
data it would mean the value 26 weeks ago.

     Selection "<3> 10-DA MA   861024" is the value of the 10 day moving
average on the date shown.

     Selection "<4> 10-DA@-26   860918" is the value of the 10 day moving
average 26 days ago--on the date shown.

     Selections 5 and 6 are the same as 3 and 4, except that it is for the
40 day moving average.

     Selection "<7> AVG-VALUE   26-DAY" is the average value of the data
over the performance period which, in this case, is 26 days.  If you added
each price for those 26 days and then divided by 26, this is the value
shown here.

     Selection "<8> AVG-VOLUME   26-DAY" is the average volume of the data
over the performance period.  Of course, if there is no volume, this will
be zero.

     Selection "<9> OB-VOLUME    26-DAY" is a calculation based upon price
(value) and volume.  If the price change from one day to the next is
positive, the volume is added.  If the price change from one day to the
next is negative, the volume is subtracted.  These volume figures are
cumulative over the performance period selected, which in this case is 26
days.

     You may choose only one item (variable) for ranking if you wish.  For
illustration purposes, assume you have selected "<3> 10 DA MA" for the
primary variable.  Once you have selected the primary variable, the <0>
selection changes to: "<0> None of the above" and the line prompt at the
bottom of the screen changes to: "Select Second Variable to by used with
10-DA MA."  Note that the prompt line at the bottom shows what you just
selected as the primary variable.  Now you may select the secondary
variable or just use the primary variable as the sole ranking criteria.  If
you decided to just use the primary, all of the data will be ranked
according to the value of the primary variable that you chose--in this case
the 10 day moving average.  From the previous menu you would also be able
to reverse the ranking from low to high and high to low.

      If you decide to choose a second variable, such as "<5> 40 DA MA,"
you will then see a screen similar to the following:

     Ranking Formula

A = 10-DA MA       B = 40-DA MA

FORMULA            DESCRIPTION

<1> A + B          Simple Sum
<2> A * B          Simple Product
<3> A - B          Simple Difference
<4> A / B          Simple Ratio
<5> (A-B)/B*100    % Change
<6> (A/B)*100      % Relative Strength
<7> Cancel         Return to Main Menu

    Select One:

Select Desired Formulation for Ranking


     The values in A and B are the two values you just selected from the
previous screen.  The formula that will probably be used the most is <5>,
which will give you a percentage change between the two variables that you
have selected.

     This concludes the technical ranking.  After you have selected one of
the formulae from the above list, all of the data will be ranked in order
and can be viewed or printed.  Viewing and printing results will be
discussed later.

   Portfolio Ranking (Stocks/Options and Futures/Commodites only)

     Ranking your data by Portfolio criteria is very similar to the
procedure used in the technical ranking.  Remember that this feature is not
available for Financial/Market and Mutual Fund files.  Also, if you
are using Stocks/Options or Futures/Commodities, you will need to have
Portfolio data in the database for this to be meaningful.  Otherwise, all
you will be able to do is the technical ranking.  Portfolio data can be
easily entered using the Access portion of the APEX program.

     Once you have selected [F] Rank by Portfolio Criteria, you will see
the following screen:

            Ranking Criteria

       Current Criteria = % CHANGE: 10-DA MA AND 40-DA MA

1>  Value Now     14> Sales         27> Optional        40> Cash/Liabs%
2>  VAL @-26      15> Dividend      28> PE-Ratio        41> Cash/Price%
3>  10-DA MA      16> Earnings      29> Tot Book Val    42> Debt/Book%
4>  10-DA@-26     17> Total Common  30> Market Value    43> Debt/Capital%
5>  40-DA MA      18> Book Value    31> Work Capital    44> NetAsst/Prc%
6>  40-DA@-26     19> Shares        32> Tot Capital     45> Divd/Earn%
7>  Avg-Value     20> Buy Date      33> Curr-Ratio      46> Price/Book%
8>  Avg-Volume    21> Buy Price     34> Cash/Share      47> Earn/Book%
9>  OB-Volume     22> Commissions   35> Net Assets      48> WorkCap/Prc%
10> Assets        23> Sell Date     36> NetAssets/Sh    49> Price/Sales
11> Liabilities   24> Sell Price    37> Work Cap/Sh     50> Debt/Book
12> Cash          25> Optional      38> Div Yield%      51> Debt/Capital
13> Debt          26> Optional      39> Cash/Assets%    52> NetAsst/Prc

         Enter Selection (1 to 52) and/or <CR>:

    Select Primary Variable for Ranking - Enter <0> for Program Menu


     The procedure here is identical to the technical ranking selection.
You may choose just one item or you may choose two items and relate them
based upon the six formulae.  When you select the first variable, say "1>
VALUE NOW," the bottom line will change to read:

    Select Second Variable to be used with VALUE NOW
           or Enter <0> for None

     For illustration, choose: 18> BOOK VALUE.  Immediately you will see
the formula screen for ranking criteria.  This time choose formula <4>,
which is a Ratio between A and B.  The values for A and B are the VALUE NOW
and the BOOK VALUE.  This will give you a ranking showing how many times
above or below book value your data is currently priced.

     Again, you may reverse the order of the listing from the Program Menu.

Sort by Statistics

     When this is selected, you will be presented with another short menu
shown below:

   Sort by Statistics

<1> Minimum Value
<2> Maximum Value
<3> Mean Value<4> Standard Deviation (Sigma)
<5> Coefficient of Variation (Sigma / Mean * 100)

SORTING

     Once you have determined the ranking for your data, you have the
option of sorting the data a number of different ways.  The default sort is
based upon the rank.  From the APEX+ Program Menu you may sort by Rank
(default), Name, or Label.

     Sorting by Name or Label will arrange your data in alphabetical order
based upon the one you selected.  Remember that Name is the symbol or
ticker used to define the file and the label is the long title that you
have entered using Access.  For example: GM would be the name and General
Motors would be the label.  Sorting by Rank would arrange the data
according to the ranking criteria you have used, or if no ranking criteria
was chosen, % CHANGE is used.

SCREENING
[S] Select NEW Screen Filters
[T] Set Filter MIN-MAX Values
[U] Clear Screen Filter Values
[V] Display Screening Results
     [30 Items Selected]
     [Screen Values CLEARED]

     The first time that you screen portfolio data you will always see this
part of the Program Menu the way it is here and the only item that you can
choose is number [S] Select NEW Screen Filter Items.  If you were to select
[T] or [V], you will see a message at the bottom of your screen saying:

      No Items Selected - Press <Spacebar> To Continue

     If you select [U] to clear filter values nothing will happen because
there are no filter values to clear.  If you select [S], you will be taken
to a screen similar to the one shown here:

          --Screen Filter Selections--

     RANK VALUE = RATIO OF: VALUE NOW AND BOOK VALUE


1>  Rank Value    15> Sales         29> PE-Ratio          43> Debt/Book%
2>  Value Now     16> Dividend      30> Tot Book Val      44> Debt/Captl%
3>  VAL @-26      17> Earnings      31> Market Value      45> NetAsst/Prc%
4>  10-DA MA      18> Total Common  32> Work Capital      46> Divd/Earn%
5>  10-DA@-26     19> Book Value    33> Tot Capital       47> Price/Book%
6>  40-DA MA      20> Shares        34> Curr-Ratio        48> Earn/Book%
7>  40-DA@-26     21> Buy Date      35> Cash/Share        49> WorkCap/Prc%
8>  Avg-Value     22> Buy Price     36> Net Assets        50> Price/Sales
9>  Avg-Volume    23> Commissions   37> NetAssets/Sh      51> Debt/Book
10> OB-Volume     24> Sell Date     38> Work Cat/Sh       52> Debt/Capital
11> Assets        25> Sell Price    39> Div Yield%        53> NetAsst/Prc
12> Liabilities   26> Optional      40> Cash/Assets%
13> Cash          27> Optional      41> Cash/Liabs%
14> Debt          28> Optional      42> Cash/Price%

             Enter Item No. 1

         Select up to 17 Items <CR> to END

     As you can see, the portfolio screening consists of technical,
fundamental, and portfolio data.  You may choose any number of items from
one to seventeen to screen your data.  Notice that this screen is almost
the same as the screen used for portfolio ranking, with the exception of 1>
RANK VALUE.  Since the rank value last used was the ratio of value now and
book value (shown at top), choose it as one of the screening criteria.
Also choose: PE-RATIO, CURR-RATIO, DIV YIELD%, and DEBT/BOOK%.  When you
have chosen these five items hit <CR> to end the selection process.  This
will then give you the following screen:

       Screening Criteria

NO. PORTFOLIO LABEL      MINIMUM      MAXIMUM

1   RANK VALUE           -17.7        38.4
2   PE-RATIO             -222.6563    146.25
3   CURR-RATIO           0            2.329349
4   DIV YIELD%           0            8.275862
5   DEBT/BOOK%           -286.4716    576.254

      Enter Item Number (1-5) and/or <CR>


     The values shown for minimum and maximum are the global minimum and
maximum for all of the data that you are using.  In other words, it is
showing the range of values that are available.  Keep in mind that these
fundamental ratios are all calculated from the raw statistics that you have
inserted, that is why you will see such things as a negative PE-RATIO
(negative earnings).

     From this screen we can change the minimum and maximum values to
anything within the global limits.  If you select a number less than the
minimum or greater than the maximum, a message will be displayed saying so.

     After you select an item, you will be polled for the minimum and then
the maximum.  If you wish to use the global value, just hit <CR>.  As an
example, choose number 1 which is the rank value of the ratio of VALUE NOW
and BOOK VALUE.  The prompt at the bottom is now asking for the minimum
value.  Set the minimum at 0, you will eliminate all issues that are
currently at less than book value.

     You may change the minimum and/or maximum on any number of items.
When you are finished, select <CR> to return to the Screen Filter Menu.
You will notice that it now says at the top that there are 5 items selected
and the screen values are set.  At this point you may select [V] to Display
the results of the filters you just set.  You will see the screening
criteria again with the number of issues qualifying at the bottom.
Pressing the Spacebar will then give you the option of printing or viewing
the results on the screen.  Choose the option you wish by answering Yes or
No.  If you choose "N" for No, the issues will appear on your computer
screen along with the first three screening items and their values.  If you
have a long list of issues, you can stop the screen at any time by
pushing the spacebar and then pushing it again to continue the scroll.  If
you choose to print the results, you will be given the option of also
printing the screening criteria.

     Looking at the SCREENING MENU, you can see that you can now choose [T]
to go back and change any or all of the minimum or maximum values that you
just used.  You may also choose [U] to clear all of the screen filter
values.  Of course, you may also choose [S] to start over with the
portfolio screening process.

LIST / PRINT SELECTIONS

     There are a large number of ways to display and/or print the results
of the APEX+ performance program.  Looking at the APEX+ Program
Menu item [G], you can display or print the immediate results of any type
of ranking, sorting, or screen that you have just done.  This selection
will always be the quickest and easiest method to view the results of your
work.  The top of the screen (page, if printing) will show the number of
issues in the analysis, the method of ranking, and how they are sorted.
Below is an example of this title:

   8 Issues,Ranked by %CHANGE: VALUE NOW AND 40-DA MA,Sorted by Rank

     At the end of the listing, the Average Values for each column will be
shown.  This will give you a reference for which issues have values above
and below the average for all the issues.

     Standard Report

     From the APEX+ Program Menu, [H] List / Print Standard Report will
display a predetermined report for the data that you have just analyzed.

     The Standard Report ALWAYS consists of the following:

1. Number
2. Rank number
3. Label
4. Value at the current date
5. %Change of the Value over the performance period
6. % difference between the value and the first moving average
7. % difference between the value and the second moving average

     The top title of the screen or page will show the dates of the
beginning and ending of the performance period.

     Custom Report

     Selecting [I] List / Print Custom Report will take you to a screen
similar to the ranking and screening screen.  It is shown below, however,
it is arranged differently because of space on this page.

         APEX+ program Printout Items

     RANK VALUE = RATIO OF: VALUE NOW AND BOOK VALUE

1>  No.}4                20> Dividend}13           39> Cash/Share}13
2>  Rank#}5              21> Earnings}13           40> Net Assets}13
3>  Name}9               22> Total Common}13       41> NetAssets/Sh}13
4>  Label}22             23> Book Value}13         42> Work Cap/Sh}13
5>  Rank Values}14       24> Shares                43> Div Yield%}13
6>  Value Now}11         25> Buy Date}13           44> Cash/Assets%}13
7>  VAL @-26}11          26> Buy Price}13          45> Cash/Liabs%}13
8>  10-DA MA}11          27> Commissions}13        46> Cash/Price%}13
9>  10-DA@-26}11         28> Sell Date}13          47> Debt/Book%}13
10> 40-DA MA}11          29> Sell Price}13         48> Debt/Captl%}13
11> 40-DA@-26}11         30> Optional}13           49> NetAsst/Prc%}13
12> Avg-Value}11         31> Optional}13           50> Divd/Earn%}13
13> Avg-Volume}11        32> Optional}13           51> Price/Book%}13
14> OB-Volume}11         33> PE-Ratio}13           52> Earn/Book%}13
15> Assets}13            34> Tot Book Val}13       53> WorkCap/Prc%}13
16> Liabilities}13       35> Market Value}13       54> Price/Sales}13
17> Cash}13              36> Work Capital}13       55> Debt/Book}13
18> Debt}13              37> Tot Capital}13        56> Debt/Capital}13
19> Sales}13             38> Curr-Ratio}13         57> NetAsst/Prc}13

      Columns Available: 132    Columns Used:  2

            Enter Item No. 1

     Select Items up to a Total of 132 Columns, <CR> to END


     The number of columns available will be a function of your printer and
how you set up the Program Settings Menu.  If you cannot print in condensed
mode and only have an 80-column printer, you will only be able to select
items totaling up to 80.  As shown here, there are 132 columns available.
This could be an 80-column printer in condensed mode or a wide carriage
printer in either mode.  The columns used will count off the number of
columns from the items you have selected so you can keep track of your
progress.  The number following each item is the number of columns required
for that item.

     As you can see, you will be able to print everything there is about
your database.  It may take more than one printout though, depending upon
the amount of data and information you want printed.  Also remember that
Financial/Market and Mutual Fund files will only have the first eleven
items available for the custom report.

     Portfolio Status

     Selecting [J] List / Print Portfolio Status is a record of purchases
and sales for any time period.  When you select [J] to list or print the
portfolio status you will see a screen similar to the following:

              Portfolio Status

          Current Qualifying Date = 860101

             EARLIEST     LATEST

        BUY DATE:      OPEN       860922

        SELL DATE:     OPEN       861015

       Change Qualifying Date (Y/N) or <Esc>:

   All Transactions Occurring Since Qualifying Date will be Included

     The Qualifying Date is defaulted to be January 1st of the current
year.  Most of the time you will just type "N" at this screen; that is, if
the first day of the year is where you want to begin the Portfolio Status.
If you wish to see transactions and results from earlier times, just answer
"Y" and then type in the new date (YYMMDD).  <Esc> will return you to the
Program Menu.

     The Portfolio Status will consist of the following:

1.  No.             Numbering used for reference
2.  Name            Stock symbol, ticker, etc.
3.  Buy Date        Date of Purchase or Date of Short Cover
4.  Buy Price       Purchase Price or Short Cover Price
5.  Total Comm$     Commissions for buy and sell transactions
6.  Sell Date       Date of Sale or Short Date
7.  Sell Price      Sales Price or Short Price
8.  Loss            Based upon buy, sell, and comm$
9.  Gain            same as above
10. ID              Explained below:


     ID         DESCRIPTION

     CL         Closed Long - Buy Date before Sell Date
     CS         Closed Short - Sell Date before Buy Date
     OL         Open Long - Position has not been closed
     OS         Open Short - Position has not been closed
     DT         Day Trade - Buy and Sell on same Date

     At the bottom of the Portfolio Status is a summary of all of the
transactions.  This includes the gain and loss of the open/closed positions
with the net (gain or loss) shown in the appropriate column.  Below the
open and closed positions is the Total Portfolio gain/loss with the net
shown and identified.

     Edit Report Footnotes

     From the Program Menu you can change the Footnotes page.  Keep in mind
that changes made here will only be temporary.  That is, unless you select
<S> for save when finished making the changes.

Analyze Current Files

     Selecting [M] Analyze Current Files from the Program Menu will
recalculate the files you are currently using with any changes that you
have made to the Program Settings, such as a different performance period
or different averages.

Select New Files

     Selection number [N] will allow you to analyze completely new data
files using the same moving averages and performance period.  Selection
number [M] will allow you to recalculate the current data with the
new averages and performance period.  Of course, you will want to change
the averages and/or performance period prior to getting to this point.

PORTFOLIO DATA

Fundamental Statistics

     The following fundamental values can be entered using Access for each
stock that you have on your database(s).

1. ASSETS - Current Assets which include cash, securities, receivables due
within the year, and most inventories which are expected to be used up in
the production of revenue.  This is not available for banks, life
insurance, and other finance companies.  This item should be entered as
millions of dollars ($M).

2. LIABILITIES - Current Liabilities which include accounts payable, notes
payable, accrued expenses, tax obligations, and the current portion of
long-term debt are due within one year.  This is not available for banks,
life insurance, and other finance companies.  This item should be entered
as millions of dollars ($M).

3. CASH - Cash and all securities that can be readily transferred into
cash.  This is not available for banks, life insurance, and other finance
companies.  This item should be entered as millions of dollars ($M).

4. DEBT - Long term debt - greater than one year.  This item should be
entered as millions of dollars ($M).

5. SALES - Annual sales or revenue (gross).  This item should be entered as
millions of dollars ($M).

6. DIVIDEND - The current indicated annual dividend amount per share.

7. EARNINGS - Latest 12-month earnings per share.

8. COMMON SHARES - The number of all common shares outstanding.  This item
should be entered as millions of shares.

9. BOOK VALUE - This is TOTAL Assets minus TOTAL Liabilities on a per share
basis.  TOTAL Assets and TOTAL Liabilities are not readily available; but
Book Value is.

Purchase/Sale Records

10. SHARES - Total number of shares of this issue actually owned.

11. BUY DATE - The date of purchase (YYMMDD).

12. BUY PRICE - The price paid.

13. COMMISSIONS - This is total commissions for the purchase and sale of
the stock.

14. TARGET DATE - This is the sell date (YYMMDD).

15. TARGET PRICE - This is the sell price.

16. OPTIONAL - This can be used to record anything you desire concerning
the issue.  Examples of such items would be: beta, earnings growth,
ex-dividend date, industry group, etc.

17. OPTIONAL - see above.

18. OPTIONAL - see above.


Financial Ratios

The following are financial ratios and percentages that are calculated from
the Fundamental Statistics.

1. Price-to-Earnings ratio.                      PE-RATIO
2. Total Book Value.                             TOT BOOK VAL
3. Total Market Value.                           MARKET VALUE
4. Working Capital.                              WORK CAPITAL
5. Total Capitalization.                         TOT CAPITAL
6. Current ratio.                                CURR-RATIO
7. Cash per share.                               CASH/SHARE
8. Net Assets.                                   NET ASSETS
9. Net Assets per share.                         NETASSETS/SH
10. Working Capital per share.                   WORK CAP/SH
11. Dividend Yield percentage.                   DIV YIELD%
12. Cash to Current Assets percentage.           CASH/ASSETS%
13. Cash to Current Liabilities percentage.      CASH/LIABS%
14. Cash to Price percentage.                    CASH/PRICE%
15. Debt to Book Value percentage.               DEBT/BOOK%
16. Debt to Capital percentage.                  DEBT/CAPTL%
17. Net Assets to Price percentage.              NETASST/PRC%
18. Dividend to Earnings percentage.             DIVD/EARN%
19. Price to Book percentage.                    PRICE/BOOK%
20. Earnings to Book percentage.                 EARN/BOOK%
21. Working Capital to Price percentage.         WORKCAP/PRC%
22. Price to Sales ratio.                        PRICE/SALES
23. Debt-to-Book Value ratio.                    DEBT/BOOK
24. Debt-to-Capital ratio.                       DEBT/CAPITAL
25. Net Assets-to-Price ratio.                   NETASST/PRC


END of Apex+ Documentation