Risk Disclosure

SPX Insights & Analytics surfaces ranked credit-spread candidates, dealer gamma context, sector breadth, news, and sentiment. None of this constitutes investment, financial, legal, or tax advice. We do not place trades on your behalf, do not push buy/sell signals, and do not recommend specific positions.

You are solely responsible for any trading decision you make. You should consult a licensed financial advisor and review the official Options Clearing Corporation disclosure document Characteristics and Risks of Standardized Options (available at theocc.com) before trading options.

Options strategies can result in partial or total loss of capital, sometimes within minutes. Risk is particularly acute for short-dated, leveraged, or multi-leg strategies. The risk of loss exists even with defined-risk strategies like credit spreads — you can lose the full maximum loss on any given trade.

Trade only with capital you can afford to lose entirely. Past performance does not guarantee or imply future results.

Because the platform is built around same-day SPX options, you should understand the specific risks of 0-DTE trading:

• Time decay is non-linear. An option that is worth $1.00 in the morning can be worth $0 by the close, often through stepwise jumps rather than smooth decay.
• Gamma risk is elevated. Small moves in SPX can cause large changes in the value of a short option as expiration approaches.
• Volatility expansion can be catastrophic. A sudden VIX spike, economic-data surprise, or geopolitical event can move SPX through your strike with no time to adjust.
• Liquidity can deteriorate quickly near the close or during news events, widening spreads and making exits expensive.

SPX index options have features that differ from equity options:

• Cash settlement — no underlying shares are delivered. Profit or loss settles in cash at expiration.
• European-style exercise — SPX options cannot be exercised before expiration, so early assignment is not a risk.
• Section 1256 tax treatment — SPX options are typically taxed as 60% long-term / 40% short-term capital gains regardless of holding period. Consult your tax advisor; treatment depends on your individual circumstances and may change.
• Settlement value (SET) uses opening prices of the index components on expiration day, which can differ meaningfully from the previous close.

Market data displayed on the Service comes from third-party providers. We refresh it frequently (typically every minute during regular trading hours) but do not guarantee accuracy, completeness, or timeliness. Data may be stale, delayed, missing, or incorrect at any time, including during volatile market conditions when accurate data is most valuable. Verify everything against your broker and primary exchange feeds before trading.

GEX, wall levels, and flip levels are estimates of dealer positioning derived from publicly observable options data and a Black-Scholes gamma calculation. They describe the conditions under which dealer hedging tends to behave a certain way. They do not predict price direction, and they can shift abruptly when positioning changes or volatility expands. Use them as one input among many — not as a buy or sell trigger.

The credit-spread ranking, scoring, and any "top candidates" lists you see on the Service are heuristic outputs of a proprietary algorithm based on premium quality, implied-volatility rank, gamma context, and distance-to-strike. They are not predictions, recommendations, or signals to trade. A high-ranked candidate may still lose money.

We are not your broker, financial advisor, fiduciary, or registered investment adviser. We do not custody assets, hold customer funds, or execute orders. You execute all trades through your own broker, on your own account, using your own judgment, position sizing, and risk management.

Multi-leg options strategies require margin or buying power that varies by broker and account type. Margin requirements can change with no notice and may force liquidation of positions at unfavorable prices. Understand your broker's margin policies before opening defined-risk positions.

Any historical examples, backtests, replays, or case studies shown on the Service are for educational illustration only. They reflect specific market conditions that may not recur. Your actual trading results will differ.

Options trading is not suitable for every investor. Before trading, consider your investment objectives, level of experience, risk tolerance, financial resources, and tax situation. If you are uncertain whether options are appropriate for you, consult a licensed financial advisor.

For questions about this disclosure, contact support@spxinsights.com. For trading-related questions, contact your broker or a licensed financial advisor.