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Research disclaimer
Short version: this is research, not advice. Options involve substantial risk, and historical results do not guarantee future outcomes.
Not investment advice
Options Whale publishes informational and educational research. Nothing on this site is a recommendation, solicitation, or offer to buy or sell any security or derivative. The research does not consider your objectives, financial situation, tax position, or risk tolerance.
Risk of options
Options are leveraged instruments. Losses can exceed the premium paid. Short options carry assignment risk and potential losses far larger than the credit received. Calendars, straddles, strangles, condors, and vertical spreads each have distinct exposure to price, volatility, time, and liquidity, and each can lose money even when the volatility thesis is correct.
Historical results
Historical strategy returns on this site are reconstructions computed from end-of-day quotes with modeled adverse slippage and commissions. They are not executed results, they do not prove that a fill was achievable, and they are not a track record of live recommendations. Live publications, when they exist, are archived separately and never blended with reconstructions.
Data limitations
Market data, earnings dates, and option chains can be delayed, incomplete, or later revised. Earnings dates move. Historical chains may be missing. Every research page shows its provider timestamp, sample size, and status so these limits are visible rather than hidden.
No guarantee
Research may contain errors. Implied volatility, expected moves, and market-state labels describe current pricing; they are not forecasts, and past behavior does not predict future behavior.
Your responsibility
You are responsible for verifying data with your broker before acting. Consider consulting a licensed professional. See the terms of use and the methodology for how the research is produced.