This book is not financial advice.

It is written for education and the sharing of knowledge. No strategy, example trade, figure, or opinion in this book — explicit or implied — should be interpreted as a recommendation to buy, sell, hold, or take any position in any security.

Options trading carries substantial risk. You can lose all of the money you put in, and in certain strategies you can lose more than you put in. Past performance is not a guarantee of future results.

Do your own research. Make your own decisions. Consult a licensed financial advisor for investment decisions, a tax professional for tax decisions, and your own conscience for everything in between.

The author accepts no responsibility for gains or losses arising from the reading or application of this book. The OCC’s Characteristics and Risks of Standardized Options disclosure document (often called the "options disclosure document") is the authoritative resource for the formal risks of US-listed options; if you have not read it, read it before opening a trade.