Since you will be using it in the Max for Live context, you will not need any license code. The Demo language only applies to Max standalone, not using it with Max for Live, in which case it will function indefinitely with no authorization required.
STEP 2
Once downloaded, open the .zip or .dmg, follow the required system prompts, and either double-click the installer, or on macOS simply drag the application to your Applications folder as indicated, in order to install the standalone Max application on your system.
In the Max Application section of the File & Folder Settings, click Browse, then navigate to the your installed Max application, and select it.
STEP 4
Finally, close Live’s Settings panel and simply restart Live. After restarting, it will now use the new installation of Max.
You can always revert to the bundled version anytime by revisiting the Max Application section of the File & Folder Settings panel, clicking “Use bundled version”, and restarting Live once more.