Matlab Compiler: protecting re-distribution of software during installation

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I'm considering using Matlab Compiler to distribute software for a price. I'm investigating (very) simple methods to discourage re-distribution without annoying users. Any recommendations?

One thought is to email a user a license key and have them input this during the installation process to be verified on a license server. If the key matches what is on the server, the installation proceeds as usual, otherwise, a warning message is shown to inform the user to purchase another license. However, this method requires a specified function to run only during the installation process, and not thereafter (so as not to annoy the user). Is this possible using Matlab Compiler or otherwise?

I suppose I could create a file on the user's disk that the program looks for when it starts (if it exists, then it is not being run for the first time), but if the user copies the whole directory, that file would get copied too.

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