******************************************************
            OPTDRV32 - OPTDRVR Excel addin            
	               FIS LTD           
	        Evaluation Version 9.5    
******************************************************

FIS Ltd. provides a limited license for you to evaluate this product
for a period of 30 days in your own work environment. This "try before
you buy" approach allows you to determine if the product meets your
individual needs before you purchase it.If you continue to use this
product after the 30 day evaluation period, you are required to
purchase a licensed version.
     
For online credit card orders please visit:-
http://www.fis-group.com/fisdwnld.htm

For details on all other payment methods please visit:-
http://www.fis-group.com/ordering.htm

PLEASE READ THIS ENTIRE FILE AND FISEULA.TXT BEFORE INSTALLING
AND USING OPTDRVR.

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

1. Decompress the file OPTDRV32.zip

2. Start Excel and load OPTDRV32.XLL addin.
   You can load the addin by:-

   EITHER:- To temporarily load the addin for just this
	    session of Excel you should open OPTDRV32.XLL 
            by selecting Open from the File menu

   OR:-     To permanently load the addin select Add-Ins 
            from the Tools menu, then click on the Browse 
            button and locate OPTDRV32.XLL.
            Refer to Excel Help if you are unfamiliar 
            with installing Add-In programs.

   If you open the addin temporarily then you will have to
   load OPTDRV32.XLL each time you start Excel in order to 
   use the Option models.

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


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

FISEULA.TXT
README.TXT
OPTDRV32.XLL	Option Models Excel addin
OPTDRVR.XLS	Spreadsheet Template

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

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

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

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

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

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

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

The first nine parameters are necessary for ALL the models.

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

The four DaystoDividend parameters are only necessary for the Binomial
model. 
(Note:- Annual dividend means you need only set DaystoDiv1.
	User can set DaystoDiv2, DaystoDiv3 and DaystoDiv4 
	to 0 but it is not necessary.
	
	Semi-Annual dividend means you need only set DaystoDiv1
	and DaystoDiv2. User can set DaystoDiv3 and DaystoDiv4 
	to 0 but it is not necessary.
	
	Quarterly dividend means setting all dividend dates).


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

ModelType               Determines which model to use (See below)
ResType                 Determines what to calculate (See below)
Spot    		Underlying Spot Price
Strike  		Exercise price
DaysToMat	        Number of days before option will expire
Intrate		        Interest Rate (In Percent)
CallFlag                1 if Call, 0 if Put
EuropeanFlag            1 if European, 0 if American

Value                   Option Price if calculating Implied Volatility,
			otherwise Historic Volatility

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

DaystoDiv1		Days To First Dividend (Binomial Model Only)
DaystoDiv2		Days To Second Dividend (Binomial Model Only)
DaystoDiv3		Days To Third Dividend (Binomial Model Only)
DaystoDiv4		Days To Fourth Dividend (Binomial Model Only)
NoSteps                 Number of steps for Binomial Model (Default is 25)
		

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

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


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


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

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

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

For online credit card orders please visit:-
http://www.fis-group.com/fisdwnld.htm

For details on all other payment methods please visit:-
http://www.fis-group.com/ordering.htm

For further information on FIS or other FIS products please feel free to:-

contact us at info@www.fis-group.com

or visit us at http://www.fis-group.com