                Spredz Readme File

Thank you for choosing Spredz. This file provides
details regarding your product license and registration. 

This Shareware/Demonstration Version of Spredz marked
"Spredz Demo Package" or "Spredz50Demo.exe" or "spredz50.zip" may be
freely distributed or transferred as long as the user reads and 
accepts the End-User License Agreement (EULA) described herein.

This non-time restricted Shareware Version is 100% fully functional
for all put options/spreads. In order to evaluate spreads or strategies
involving call options, or options/stocks you must obtain licensed
copies of Spredz, ($99.95 each license) available through our website
www.spreadsystems.com, with secure credit card ordering link to
Spread Systems' order taking service. This link may be established
directly from the Demo software.

Please totally evaluate this true working demonstration package of 
Spredz for suitability and system compatibility before obtaining
licensed copies of Spredz. Due to copyright laws, Spread Systems,
Inc. does not offer refunds. 


CONTENTS OF THIS README FILE

  A.   About Spredz Features
 
  B.   Contacting Spread Systems, Inc.
      - Electronic Access
      - By Telephone
      - Mail

  C.   System Requirements

  D.   End-User License Agreement

  E.   Important Options Information

  F.   Acknowledgement 
_____________________________

A. About Spredz Features

Spredz is a Windows 95/98 database software program for
presenting and deciphering equity and/or index options 
spread strategies. 

Features include:

* Binomial numerical methods options pricing models
* Index, Equity, LEAPS(r), Standard, American, European, 
  Put and Call options analyses
* Direct Internet downloads of options chains
* Automatic insertion of downloaded quotes into spread 
  strategies/options constructions
* Personalized portfolio tracker with Internet price updates 
* Personalized commission set-up schedules
* Options strategy selection guide
* Combined Stock-Options Analyses (Buy-Writes)
* Stock/Index, Put and Call volatility information 
  database and management
* Full printed reports
* Volatility tracking
* Analysis of Defensive Strategies
* Ideal for traders and investors at all levels


B. Contacting Spread Systems, Inc.

-- ELECTRONIC ACCESS:
    Internet E-mail:        info@spreadsystems.com
    World Wide Web:         http://www.spreadsystems.com 
                       
-- BY TELEPHONE:
    (504) 314-6304
  
-- By Snail Mail:
    Spread Systems, Inc.
    PO Box 13224
    New Orleans, LA 70185


C. System Requirements

MINIMUM SYSTEM REQUIREMENTS
------------------------------------------------------------

* A personal computer with a 166MHz or faster CPU 
* Microsoft Windows 95 or Windows 98 operating system
* 16MB RAM
* 20MB hard drive free space
* A VGA or higher resolution monitor and graphics adapter
* Mouse or other pointing device
* If installing from a CD you also need a CD-ROM drive and
  at least 20MB free space on your hard disk drive.

1. To install Spredz double click on the file 'Setup.exe' 
   (Application)

2. To UNinstall Spredz in its entirety. (Click 'Start' on the
   Windows Task Bar, then Settings - Control Panel - 
   Add/Remove Programs)


D. Spredz (Shareware) End-User License Agreement

Please Read Carefully:

1. GENERAL

This End-User License Agreement (EULA) is a legal agreement between you -
an individual and Spread Systems, Incorporated for use of the software 
product - Spredz. By installing, copying, downloading or otherwise using
Spredz you agree to be bound by this EULA. If you do not agree to the
terms of this EULA as described herein:

   DO NOT INSTALL ANY PARTS OR COMPONENTS OF THIS
   PROGRAM. CANCEL INSTALLATION PROCESS AND DELETE ALL
   Spredz-RELATED FILES FROM YOUR COMPUTER.

2. SOLICITATION

Spredz is not to be construed as an offer or solicitation of an offer to buy
or sell options or other derivatives or securities. Further, option strategies,
speculation results, or executions presented or discussed by Spredz are not
recommendations or suggested, specific or otherwise investment, hedge, trading,
defensive, or any other financial strategies.

Spredz is an educational tool intended to assist individuals in understanding
options principles, pricing, decay, volatility, and other factors associated
with the performance or behavior of options. Spredz is not intended to provide
trading or investment advice. Users should not make investment/trading decisions
solely based on data generated by Spredz.


3. SOFTWARE PRODUCT LICENSE

This software product - Spredz is not vended. You - an individual, are licensed
to use Spredz. Spredz is the property of Spread Systems, Incorporated.  All
rights not specifically granted to you hereunder are reserved by Spread Systems,
Incorporated.

This product is protected by copyright laws and international copyright
treaties, as well as by other intellectual property laws and treaties.

4. GRANT OF LICENSE

You are hereby granted the non-exclusive right to use Spredz on one computer at
a time. You may install one copy of Spredz on a single computer. You may install
Spredz on a second computer, only if this second computer is portable. At no
time shall more than one user be using a single licensed copy of Spredz.

5. OTHER RIGHTS AND LIMITATIONS

* Resale. You may not resell Spredz.

* Decompilation, Disassembly, Reverse Engineering. You may not decompile,
* disassemble, reverse engineer, alter, adapt, merge this product without
* written consent from Spread Systems, Inc. Database tables as contained in
  their source sub-folder "Tables" may be appended, edited or otherwise
  manipulated provided that they first be copied from their source to another
  folder, and that the names be changed.  Inasmuch, neither Spread Systems, Inc.
  nor its suppliers will be responsible for damages, or losses of any kind.
* Separation or Addition of Components.  Spredz is licensed as a single
  complete product. You may not add, detach, or separate any of its components,
  except for its table files as described above.

* Lease. You may not rent, lease, or loan Spredz.

* Transfer. You may permanently transfer Spredz to another party only if that
  party agrees to accept the terms of this EULA, and sends written
  acknowledgment of such acceptance to Spread Systems, Inc. at PO Box 13224, New
  Orleans, Louisiana 70185. You may then deliver wholly to that party, the
  original program, any copied components thereof, and all related materials and
  documentation. Any transfer other than as expressly permitted herein shall be
  void and shall result in the termination of this EULA. The demonstration
  package of Spredz marked "Spredz Demo" or "Spredz50Demo.exe" or Spredzdemo.zip
  may be freely transferred as long as the user reads and accepts this EULA.

* Services and Support. Spread Systems, Inc. may provide support for general
  usability of Spredz. Spread Systems, Inc. is not obligated to provide
  technical support on the subject of OPTIONS.

* Termination. Spread Systems, Inc. may automatically terminate this EULA if
  you violate any of its terms. In such event you must destroy Spredz in whole
  and all of its component parts including copied table files and structures.


6. COPYRIGHT

All title and copyrights in and related to Spredz (including but not limited to
tables, images, text, help files, libraries, photographs, audio, applets
incorporated into the software product), accompanying printed materials and any
copies of the software product or its components are owned by Spread Systems,
Inc. or its suppliers.  You may install Spredz as described in "The EULA-Grants"
described above. You may maintain the original product-containing
compact disk, or the original zipped files "SpredzZP.zip" solely for back-up or 
archival purposes. You may not copy the printed materials or help file topics 
accompanying this product.

7. U.S. GOVERNMENT RESTRICTED RIGHTS

Use, duplication or disclosure by the Government is subject to restrictions as
set forth in subparagraphs (a) through (d) of the Commercial Computer-Restricted
Rights clause at FAR 52.227-19 when applicable, or in subparagraph (c) (1) (ii)
of the Rights in Technical Data and Computer Software clause at DFARS
252.227-7013, and in similar clauses in the NASA AR Supplement.
Contractor/manufacturer
is Spread Systems, Inc., PO Box 13224, New Orleans, LA 70185.


DISCLAIMER AND LIMITATION OF LIABILITY

Spread Systems, Inc. does not make or give any representation or warranty with
respect to the usefulness or the efficiency of this product. It being understood
that the degree of success with which equipment, software, modifications, and
other materials can be applied to data processing is dependent upon many
factors, many of which are not under the control of Spread Systems, Inc.

ACCORDINGLY, Spredz IS PROVIDED TO YOU 'AS IS' WITHOUT 
WARRANTY. NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING NO 
WARRANTIES OF MERCHANTABILITY, TITLE, FITNESS FOR A PARTICULAR 
PURPOSE, OR NON-INFRINGEMENT IS PROVIDED REGARDLESS OF WHETHER 
OR NOT SPREAD SYSTEMS, INC. IS AWARE OR HAS REASONS TO BE AWARE 
OF YOUR NEEDS.  THIS SOFTWARE PRODUCT IS PROVIDED GRATUITOUSLY 
AND, ACCORDINGLY, SPREAD SYSTEMS, INC. SHALL NOT BE LIABLE 
UNDER ANY THEORY FOR ANY DAMAGES SUFFERED BY YOU.  SPREAD 
SYSTEMS, INC. WILL NOT SUPPORT THIS SOFTWARE AND IS UNDER NO 
OBLIGATION TO ISSUE UPDATES TO THIS SOFTWARE. IN ADDITION, 
NEITHER SPREAD SYSTEMS, INC. NOR ANY OTHER PERSON WARRANTIES 
THAT Spredz WILL RUN UNINTERRUPTED OR ERROR-FREE.  YOU ARE 
SOLELY AND ENTIRELY RESPONSIBLE FOR YOUR USE OF Spredz.

WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, NEITHER 
SPREAD SYSTEMS, INC. NOR ITS SUPPLIERS SHALL BE LIABLE FOR 
(a) INCIDENTAL, CONSEQUENTIAL, SPECIALOR INDIRECT DAMAGES 
    OF ANY SORT, INCLUDING, WITHOUT LIMITATION, ANY LOSS 
    OF PROFITS, LOST SAVINGS OR OTHERWISE FINANCIAL LOSS, 
    DAMAGE TO DATA, WHETHER ARISING IN TORT, CONTRACT OR 
    OTHERWISE, EVEN IF SPREAD SYSTEMS, INC. HAS BEEN INFORMED 
    OF THE POSSIBILITY OF SUCH DAMAGES, OR FOR 
(b) ANY CLAIM BY ANY OTHER PARTY. SOME STATES DO NOT 
    ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR 
    CONSEQUENTIAL DAMAGES, SO THIS LIMITATION AND EXCLUSION 
    MAY NOT APPLY TO YOU.  
(c) COOKIES: WEBSITE ADDRESSES OR URL'S INCLUDED IN THIS 
    PROGRAM ARE PROVIDED AS COURTESY AND/OR EXAMPLES OF HOW
    TO USE THIS PROGRAM. SPREAD SYSTEMS, INC. DOES NOT ENDORSE,
    SUPPORT, ADVOCATE, OR RECOMMEND ANY OF THESE WEBSITES OR
    THEIR CONTENTS. FURTHER, SPREAD SYSTEMS WILL NOT BE LIABLE
    OR RESPONSIBLE IN ANY WAY FOR DAMAGES, OR HARD DRIVE CAPACITY
    CONSUMED BY INTERNET COOKIES.


This EULA constitutes the parties' final, complete and exclusive EULA with
respect to Spredz.

This EULA may only be modified or amended in writing, signed by you and
Spread Systems, Incorporated.
------------------------------------------------------------

E. Important Options Information

Options involve risk, and are not suitable for all 
traders/investors. You could lose all of your investment and 
more. IT IS IMPORTANT THAT YOU READ AND UNDERSTAND ALL RISKS 
ASSOCIATED WITH THE PURCHASE OR SALE OF OPTIONS. It is 
recommended that you read and understand as a minimum, the 
publication "Characteristics and Risks of Standardized 
Options" available from your broker or from the Chicago 
Board Options Exchange (1-800-OPTIONS), prior to the initial 
purchase or sale of options.  
 
Spredz computes options prices by incorporating your options 
input variables into a binomial numerical method option pricing 
approximation model, returning each option's implied volatility 
value. You edit each option's implied volatility value as 
needed, based on volatility statistics from your previous 
options speculations (co-displayed), and from your own 
knowledge of volatility activity. You then submit these 
volatility values for use in pricing of the speculative option 
for a predetermined future date, based on your expectation of 
the underlying security price. Appropriate pre-inputted 
commission values, if any, are combined with these prices 
resulting in a net return for each option. If an option spread 
strategy is being speculated, the cumulative net total for the 
combined legs of the spread is displayed.

On any given trading day the consensus amongst traders, market 
makers, specialists, floor brokers and investors on market 
sentiments can differ vastly, thus the dynamics of volatility 
can change dramatically and or abruptly.  Therefore, prices 
calculated by Spredz could vary from those seen in the marketplace.

There are several known analytical and numerical models used 
to approximate options pricing. Scholars, theorists, and 
programmers differ not only on their choices of models, but 
also on assumptions made within a particular model. As a result 
you will see variations in options prices from model to model, 
and from software to software given the same underlying 
fundamentals of a particular stock or index.

Spredz employs or utilizes the following in its program:

* The same binomial approximation tree structure is used throughout 
  for both equity and index options, calls and puts.

* The same number of time steps is used for both standard and 
  LEAPS(R) options (except in one extremely rare possible occasion 
  when a stock of a LEAPS(R) option could result in as many as 
  eleven dividend payments throughout the life of its LEAPS(R) 
  options. Here the number of time steps is eleven).

* The procedure for backward induction of the binomial tree 
  used in pricing European-styled options is changed for 
  American-styled options pricing.

* The same cash dividend amount is paid to the stockholder 
  throughout the life of an option, and this is paid regularly   at 91-day intervals.

* Risk-free interest rate does not change throughout the life 
  of an option.

* Each year has 365 (vs. 365.25) days.

* Implied volatility values calculated by this program is 
  rounded to four decimal places for display and for subsequent 
  use. Theoretical options premiums are not rounded off, except 
  for display purposes. Spredz does not approximate approximations.


F. Acknowledgement

Thanks to the McGraw Hill Companies for granting permission to 
use theory discussed in certain of their publications.


LEAPS(R) is a registered trademark of the Chicago Board 
Options Exchange 
**************

