Software for Pricing Options
by Kenneth R. Trester
and Robert P. Swanson
© Copyright 1986-1995, Institute for Options Research, Inc.,
P.O. Box 6586, Lake Tahoe, Nevada 89449. All rights reserved.
OPTION MASTER® software is copyrighted and all rights are
reserved by Institute for Options Research, Inc. The distribution
and sale of this product are intended for the use of the original
purchaser only and for use only on the computer system specified.
Lawful users of this program are hereby licensed only to read the
program from its medium into memory of a computer for the purpose
of executing this program. Copying, duplication, selling or
otherwise distributing this product is hereby expressly
prohibited. But the original owner is permitted the right to make
copies for backup purposes only. Copying this software for any
other purpose without written permission from the publisher is
This manual is copyrighted and all rights reserved. This
manual may not in whole or in part be copied, photocopied,
reproduced, translated, or reduced to any electronic medium or
machine readable form without prior consent in writing from the
Institute for Options Research, Inc.
Institute for Options Research, Inc. reserves the right to
revise this manual and to make changes from time to time in the
content thereof without the obligation of Institute for Options
Research, Inc. to notify any persons of such revisions or
Opening the OPTION MASTER® software diskette package
indicates your acceptance of the terms and conditions of this
agreement, and your agreement to abide by them. You are granted a
personal license to use the OPTION MASTER® software under the
terms stated in this agreement. You may not assign or transfer
the OPTION MASTER® software or this license to any other person
without the express written consent of the Institute for Options
Research, Inc. Any attempt to sub-license, assign or transfer any
of the rights, duties or obligations hereunder is void. You may
not copy, modify, alter, or electronically transfer or lease the
software of this manual. The license is effective until
termination. You may terminate it at any time by destroying the
OPTION MASTER® software. It will also terminate if you fail to
comply with any terms or conditions of this agreement.
The OPTION MASTER® software is provided "as is,"
without warranty of any kind, either expressed or implied,
including, but not limited to, the limited warranties or
merchantability and fitness for a particular purpose. The
exclusion of implied warranties is not permitted by some states.
The above exclusion may not apply to you. This warranty provides
you with specific legal rights. There may be other rights that
you may have which vary from state to state.
The entire risk as to the quality and performance of this
program is with the purchaser. Should the program prove defective
following your purchase, you, and not the manufacturer,
distributor or retailer assumes the entire cost of all necessary
servicing or repair.
Institute for Options Research, Inc. in no event will be
liable to you for any damages, including any lost profit, lost
sales, or any consequential damages arising out of the use or
inability to use such software.
This disclaimer includes but is not limited to any
interruption of service, loss of business, or anticipatory
profits or losses or consequential damages resulting from the use
or operation of such computer programs. However, Institute for
Options Research, Inc. warrants the diskette on which the
software is presented to be free from defects in materials and
workmanship under normal use for 90 days from the date of
purchase. Institute for Options Research, Inc.'s entire liability
and your exclusive remedy shall be the replacement of any
diskette not meeting the "limited warranty."
With regards to the Apple II version, Apple Computer, Inc.
makes no warranties, either express or implied, regarding the
enclosed computer software package, its merchantability or its
fitness for any particular purpose. The exclusion of implied
warranties is not permitted by some states. The above exclusion
may not apply to you. This warranty provides you with specific
legal rights. There may be other rights that you may have which
vary from state to state.
DOS 3.3 is a copyrighted program of Apple Computer, Inc.
licensed to Institute for Options Research, Inc. to distribute
for use only in combination with OPTION MASTER®. Apple Software
shall not be copied onto another diskette (except for archive
purposes) or into memory unless as part of the execution of
OPTION MASTER®. When OPTION MASTER® has completed execution,
Apple Software shall not be used by any other program.
Publisher's Note: Although great care has been taken to
present factual and accurate information, the Institute for
Options Research, Inc. does not assume responsibility for the
methodology or the accuracy of the material presented herein.
Moreover, both publishers and authors will not be responsible for
any resulting losses or profits in the past, present or future.
Users of the OPTION MASTER® software should recognize that
all results generated by OPTION MASTER® are strictly
theoretical, and should have no reflection on past, present or
future option prices, and users should recognize that risk is
involved in any option or security investment and you should not
assume that any formula, method, chart, theory or philosophy can
guarantee profitable results or equal past performances. This
software should only be used by sophisticated investors who are
fully aware of the risks in option trading. No solicitation to
buy or sell securities or options is implied.
IBM is a registered trademark of International Business
Newton and Macintosh are registered trademarks of Apple
Windows is a registered trademark of Microsoft Corporation.
OPTION MASTER® is a registered trademark of the Institute for
Options Research, Inc.
A number of entered words in which we have reason to believe
trademark, service mark, or other proprietary rights may exist
have been designated as such by use of initial capitalization.
However, no attempt has been made to designate as trademarks or
service marks all personal computer words or terms in which
proprietary rights might exist. The inclusion, exclusion or
definition of a word or term is not intended to affect, or to
express any judgment on, the validity or legal status of any
proprietary right which may be claimed in that word or term.
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