Options Risk Disclosure

Effective date: August 2, 2026 · Last updated: October 10, 2026

Options involve substantial risk of loss and are not suitable for all investors. Prior to buying or selling an option, you should read the document Characteristics and Risks of Standardized Options (Options Clearing Corporation) (the "ODD") and any supplements thereto.

Key Risks

Total loss: long option positions can expire worthless, resulting in loss of the entire premium paid.
Unlimited loss: short (naked) call positions carry theoretically unlimited loss potential; short puts can lose many times the premium received.
Assignment & exercise risk: short options may be assigned at any time before expiration (early assignment is common around ex-dividend dates), potentially creating stock positions and margin calls.
Multi-leg complexity: spreads and combinations may be filled partially or at prices materially different from quoted mid-points; legging risk applies.
Liquidity risk: wide bid/ask spreads and low volume can prevent exiting positions at acceptable prices.
Volatility & time decay: implied volatility changes and theta decay can move option prices against you even when the underlying does not move.
Model risk: analytics shown in GreeksView (GEX, IV rank, theoretical P/L, probability estimates) rely on mathematical models and assumptions that may be wrong, delayed, or based on incomplete data.
Technology risk: data delays, API outages, browser issues, or connectivity problems may prevent order placement or cancellation when you need it most.
Shares and short selling: the Service can also place orders for the underlying shares. A long share position can lose its whole value. A short share position has no upper limit on loss, because the price can keep rising.
Stop orders and gaps: a stop order becomes a market order when its price is touched and can fill far from the stop price, especially when the price gaps past it. A stop-limit order may not fill at all. Neither guarantees an exit at a price you choose.
Pin and exercise risk: when the underlying finishes near a strike at expiration, you may be assigned (short) or exercised (long) unexpectedly or not at all, and that can be decided after the market closes. Check your broker's exercise and assignment rules.
Same-day expiry (0DTE): options that expire today can lose most of their value within hours. Fast moves, wide spreads and little time to react raise the risk of losing the whole premium.
Corporate actions: splits, mergers, special dividends and similar events can change an option's terms. Figures shown in GreeksView may not reflect an adjusted contract; check with your broker.
Paper and live fills: paper-trading fills are simulated and do not predict what a live order would receive. A live order can fill at a worse price, in part, or not at all.
Commissions and fees: your broker's commissions, exchange and regulatory fees and margin interest reduce your results.
Credential and account risk: anyone who gets your broker credentials or your GreeksView session can place orders in your account. Use a strong, unique password and keep your devices secure. If you suspect exposure, revoke or replace your broker keys at your broker. Encrypted storage in your browser does not protect against malicious code running in the page.
Orders pass through our servers: orders, positions and account requests are relayed to Alpaca through GreeksView's servers. If the Service is unavailable, place, cancel or close orders in your broker's own interface. GreeksView cannot cancel or reverse an order for you. If you do not receive a confirmation for an order, check your broker before sending it again.
Data and estimates: data from your own broker is as current as your broker's data plan allows and is subject to your broker's terms. GEX and dealer-positioning figures assume dealers are long calls and short puts and use reported open interest, so they are estimates, not observed positions.
Provider data: options figures from our licensed market-data provider are fair-market-value model estimates (no bid or ask) and are not exchange quotes. Each screen labels how current its figures are, for example "Realtime estimate (FMV)", "Delayed" or "End of day". Stock and ETF quotes from our provider are delayed.
End-of-day quotes: stored end-of-day option chains from our licensed provider also carry the session's closing bid and ask, always labelled "EOD" with their date. Realtime options bid and ask are never shown.
Hypothetical and simulated results: theoretical P/L, probability estimates and backtests are calculated, not the result of actual trading. They use historical or assumed prices and simplified assumptions, do not predict future results, and unless a screen says otherwise leave out commissions, slippage, the bid-ask spread, dividends and tax. Counting those costs would lower the result.
End-of-day studies: these studies price option legs at the last trade of each stored session. That is not a fill. They include no bid-ask spread, slippage, commissions or fees, and they describe what a rule would have returned on past sessions, not what it will return.
Alerts: an alert can fail to fire or arrive late, for example when the page is closed, your device sleeps or your connection drops. Do not rely on an alert to protect a position.
Browser alerts: alerts are checked in your browser and only while GreeksView is open. If the page is closed, an alert will not fire.

Your Responsibilities

Verify the trading environment (PAPER vs LIVE) before every order.
Review order details — symbol, side, strike, expiry, quantity, price — before submitting.
Understand margin requirements and your broker's exercise/assignment procedures.
Never trade with money you cannot afford to lose.

GreeksView is an analytics tool. Nothing in the Service constitutes investment, financial, legal, or tax advice, or a recommendation of any security or strategy. Trading decisions are yours alone.

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