Risk and Education Disclaimer

Short version

Own the Greeks LLC is an educational service. It does not give investment, financial, legal or tax advice, and it is not a registered investment adviser or broker-dealer. All examples use made-up stocks and hypothetical figures. Options involve substantial risk and are not suitable for every investor.

Education only, not advice

Everything on Own the Greeks is general education about how options and their Greeks behave. The explainers, questions, ratings and feedback are the same for everyone on a plan; none of it is based on your finances, goals, experience or tolerance for risk.

Nothing on the site is a recommendation to buy, sell or hold any security, to open or close any position, or to use any strategy. When we describe a strategy, a roll or an adjustment, we describe how it behaves, not whether you should use it. Questions that ask which action meets a stated goal test your understanding of the Greeks; they do not say that the goal, or the action, is right for you.

Not an adviser or broker

Own the Greeks is not registered as an investment adviser with the U.S. Securities and Exchange Commission or any state, and it is not a broker-dealer or a member of FINRA. We do not execute trades, hold money or securities, or connect to brokerage accounts.

We do not give personal advice through any channel, including the contact form, email and social media. If you ask us about your own positions, we can only point you to the general material on the site.

Examples, figures and stories are hypothetical

Every stock, ticker, price and trade on the site is made up. The figures come from a pricing model with simplified assumptions, described on the Our model page: for example European-style options, one constant interest rate, and no dividends unless a page says otherwise. The stories are hypothetical scenarios written to show how the Greeks behave; they are not predictions, track records or recommendations.

Real trading differs from these examples. Real prices include bid-ask spreads, commissions and fees, and they can gap, move on dividends and early assignment, or become hard to trade. Results you see on the site, including profit and loss figures in questions and explainers, are not results anyone achieved and are not what you should expect.

Options carry substantial risk

Options are complex and are not suitable for every investor. Their main risks include:

• Losing what you paid. A bought option can lose its entire value, often quickly, as time passes or volatility falls.
• Losses larger than what you received. Some strategies taught here, such as short calls, short straddles and strangles, and ratio spreads, can lose far more than the premium collected; some have no maximum loss.
• Assignment. A short option can be assigned at any time before it expires, which can leave you holding or owing shares you did not plan on.
• Leverage and margin. Small moves in the stock can mean large moves in an option, and a broker can demand more money or close positions at a loss.

Before trading options, read the Options Clearing Corporation's booklet "Characteristics and Risks of Standardized Options", which your broker is required to provide. It is also published free on the OCC's website: theocc.com.

Ratings, ranks and certificates

Your rating, your rank, the leaderboard and any check-ride certificate measure only how you answered the questions on this site. Rank names such as Trainee, Junior Trader, Trader, Senior Trader and Head Trader are names inside the site's training game, not job titles.

None of them is a license, a professional qualification or a certification by any regulator, exchange or school. They do not show that you are ready to trade, or that any trade or strategy is suitable for you. Please do not present them as more than they are.

Your decisions are your own

Any trade you make is your own decision and your own responsibility. Before you trade, consider your finances, goals and experience, and consider talking to a licensed financial professional. Only risk money you can afford to lose.

The site does not cover the tax treatment of options. Ask a qualified tax professional how trading affects you.

Accuracy and no guarantees

We test the questions and figures carefully, but the site can still contain mistakes, and a simplified model can differ from real markets. The content is provided "as is", without any guarantee that it is complete, accurate or current, or that using it will improve your trading.

If you spot an error, please use "Report a problem" under any question in Practice, the drill or a check-ride review, or the contact form. Our liability to you is limited as set out in the Terms of Service.

Links, partners and affiliates

Links to other websites are for convenience. We do not control those sites and do not endorse their content, products or services.

If we run an affiliate program, people who promote Own the Greeks through it may earn a commission on memberships they refer, and they must say so when they promote us. Their opinions are their own and do not speak for Own the Greeks.

Changes and contact

We may update this disclaimer as the site changes; the date at the top shows the latest version. By using the site after a change, you accept the updated text. Questions about this disclaimer can be sent through the contact form. Own the Greeks is operated by Own the Greeks LLC, a Florida limited liability company ("Own the Greeks").