Risk Disclosure & Disclaimer

Last updated 31 August 2026

thetadesk is a calculator. It shows what an options position would be worth under a pricing model, using delayed prices. It is not advice, it is not a recommendation, and it cannot tell you what will happen.

This is not investment advice

Nothing on thetadesk.net is investment, financial, legal, tax or trading advice, and nothing here is a recommendation, solicitation or offer to buy or sell any security. The positions you build are ones you chose to model. The presets are illustrations of common structures, not suggestions that you trade them.

The operator of this site is not a broker-dealer, investment adviser, commodity trading advisor or futures commission merchant, is not registered with the SEC, FINRA, the CFTC or the NFA, and is not acting in any advisory or fiduciary capacity toward you. Using this site creates no client, advisory or fiduciary relationship. If you want advice about your own situation, speak to a licensed professional.

Options involve substantial risk

Options trading is not suitable for every investor. You can lose your entire investment in a short period. Positions containing short options can lose far more than the premium received, and an uncovered short call has no defined maximum loss. Assignment, early exercise, expiration-day settlement, margin calls, gaps and halts can all produce outcomes that no graph anticipated.

Before trading options, read the Options Clearing Corporation's Characteristics and Risks of Standardized Options. Your broker is required to provide it. It is the authoritative risk disclosure for listed options; this page is not a substitute for it.

The numbers are a model, not a prediction

Curves, greeks, max profit, max loss and breakevens are theoretical values produced by a Black-Scholes model under fixed, simplifying assumptions:

a risk-free rate of 3.75% and a dividend yield of zero;
European exercise — early exercise and assignment are not modelled;
implied volatility backed out of each leg's mid price, held constant across the price range unless you move the IV slider by hand;
fills at the mid price, with no commissions, exchange or regulatory fees, slippage, bid-ask spread cost, financing, borrow cost or margin interest.

Real fills are worse than mid, volatility moves when price moves, and a position held to expiration rarely realises its modelled maximum. Treat every figure as an approximation of one scenario under one set of assumptions — hypothetical results, not achievable ones.

The prices are delayed

Quotes and the underlying index level are supplied by Cboe and are delayed by approximately 15 minutes. They are not a real-time quote feed and must not be relied on for live trading, order entry, pricing, valuation or risk management. See Market Data & Attribution.

No warranty, and your decisions are your own

This site is provided free of charge, as is, with no guarantee of accuracy, completeness, timeliness or availability. Data may be wrong, stale, missing or unavailable, and the site may be offline without notice. You are solely responsible for any trading or investment decision you make and for any resulting losses. See the Terms of Use for the full limitation of liability.