Options Risk Disclosure

1. Options Are Not Suitable for Every Investor

Options can involve substantial risk and complex payoff structures. Users should understand the characteristics and risks of the specific position and account before trading.

2. Principal Risks

• Total loss of premium for options purchased.
• Large or theoretically unlimited losses for some uncovered option-selling strategies.
• Assignment and exercise, including before expiration for American-style options.
• Expiration risk, including pin risk and changes near expiration.
• Liquidity and bid/ask spreads that make an apparently profitable strategy difficult to execute.
• Changes in implied volatility, delta, gamma, theta and vega that can materially change option value.
• Multi-leg execution risk and the possibility that legs execute at different prices or times.
• 0DTE and short-dated options may change value extremely rapidly.

3. Broker Controls

The broker may require option approval levels, margin, buying power, collateral, position limits or other risk controls. The broker may reject, modify, liquidate or otherwise manage positions under its rules.

4. User Responsibility

User is responsible for verifying strike prices, expiration dates, contract multipliers, exercise style, settlement method, position limits and strategy-specific risks before enabling live options automation.

Acceptance / Signature

By signing below or by electronically accepting this document through the Greeks Vault platform, the parties acknowledge that they have read and agree to be bound by this document to the extent applicable.