Risk Disclosure

gexscan is a derived-analytics product. It computes signals from options and underlying-market data and presents those signals to You for informational purposes only. Nothing on gexscan — including, without limitation, screener results, ranked metrics, gamma envelopes, macro summaries, ticker pages, charts, commentary, or any other content displayed on the Service — constitutes investment advice, financial advice, trading advice, a recommendation to buy or sell any security, an offer or solicitation to buy or sell any security, tax advice, legal advice, accounting advice, or any other professional advice. We are not a broker-dealer, investment adviser, financial planner, futures commission merchant, swap dealer, commodity trading adviser, or any other regulated financial intermediary, and We do not act in any fiduciary capacity for You. See Our separate Investment Adviser Disclaimer for additional detail.

You are solely responsible for any trading or investment decisions You make. You should consult licensed professionals before acting on anything You see on the Service.

gexscan displays computed analytics derived from market-data inputs supplied by third-party data providers and from internal models. The data displayed on the Service may be inaccurate, delayed, stale, incomplete, miscategorized, or wrong. Specifically, You acknowledge that:

• Refresh cadence. Underlying data refreshes on a schedule (currently approximately every fifteen minutes during regular U.S. equity market hours). What You see on the screen may be up to one refresh cycle behind the live market and may be substantially behind outside of regular market hours, on weekends, on market holidays, or during planned or unplanned outages.
• Source data errors. Our upstream data providers may deliver incorrect, late, duplicated, dropped, or anomalous data. We do not independently verify or audit every datum. We are not responsible for the accuracy of source data and We do not guarantee any correction.
• Model assumptions. Computed signals (gamma exposure, charm, vanna, ranked metrics, kernel- smoothed envelopes, derived ratios, distance measures, and so on) rely on simplifying mathematical assumptions including but not limited to Black-Scholes Greeks, constant volatility surfaces, frictionless markets, and standardized exercise behavior. Real markets violate these assumptions. Computed values are estimates, not ground truth.
• Bucketing and aggregation. We bucket expiries, aggregate strikes, normalize values for display, and apply other transformations. Aggregated and normalized values are necessarily lossy and may not reflect the underlying chain exactly.
• Display rounding. Numbers are rounded for display. Acting on a rounded display value rather than the underlying precise value is Your responsibility.
• Ticker coverage. We track a finite universe of underlyings. Tickers may be added, removed, renamed (corporate actions, ticker changes, exchange transfers), or temporarily unavailable. Historical comparisons may be affected by changes to the universe.
• Corporate actions. Stock splits, dividends, mergers, spin-offs, and other corporate actions can produce artifacts in computed values until upstream data is adjusted.

You should always verify any value displayed on gexscan against Your own independent source before acting on it. We expressly disclaim liability for any decision You make based on data displayed on the Service, including any decision based on data that turns out to be inaccurate, delayed, or incomplete.

Options are leveraged instruments. A relatively small adverse move in the underlying can produce a total loss of the premium paid for a long option, and short-option positions can produce losses far exceeding the premium received — in some cases unlimited losses. Options trading is not suitable for all investors. Before trading options You should read and understand the Options Clearing Corporation's "Characteristics and Risks of Standardized Options" publication, which is the industry-standard disclosure document for options risk.

Specific risks include, without limitation:

• Total loss of premium. Long options can expire worthless and the entire premium paid can be lost.
• Unlimited loss. Naked short call positions expose the writer to theoretically unlimited losses; naked short put positions can produce losses up to the strike price less the premium received.
• Margin calls and forced liquidation. Adverse market moves can trigger margin calls; failure to meet margin can result in forced liquidation by Your broker at unfavorable prices.
• Liquidity risk. Many option series have wide bid-ask spreads or no continuous market; You may be unable to enter or exit a position at a fair price.
• Pin risk and assignment. Holding short option positions near expiration through a strike can produce unexpected assignment and gap exposure to the underlying overnight.
• Volatility risk. Implied volatility can change abruptly. Option prices can change dramatically even with no change in the underlying.
• Early exercise. American-style options may be exercised before expiration. Holders of short positions can be assigned at any time.
• Tax consequences. Options have complex tax treatment that may include wash-sale, straddle, constructive-sale, or other rules. Consult a tax professional.
• Execution risk. Order routing, transaction costs, slippage, and broker outages can substantially affect realized results.

Any historical data, backtests, ranked-metric lookbacks, or other backward-looking display on the Service describes what happened in a prior period. It does not predict what will happen in any future period. Markets are non-stationary; relationships that held in the past can change, weaken, reverse, or disappear. Do not assume that an indicator's historical association with future returns will repeat.

The Service relies on third-party providers for market data, authentication, hosting, content delivery, payment processing, transactional email, error monitoring, and other infrastructure. We have no control over any third-party provider and We are not responsible for any failure, outage, error, or compromise affecting any third-party provider. A failure of a third-party provider may produce inaccurate, delayed, or no data on the Service. We are not liable for any loss resulting from a third-party failure.

We do not perform any suitability assessment of any user. We do not collect or evaluate information about Your financial situation, investment objectives, investment experience, time horizon, risk tolerance, liquidity needs, or any other factor relevant to whether options trading (or trading in any specific security) is appropriate for You. By using the Service You represent that You have independently evaluated whether the Service is suitable for Your circumstances.

We make no representation, warranty, or guarantee that use of the Service will be profitable, will avoid losses, or will produce any specific result. The only way to learn whether any indicator or strategy works for You under Your specific circumstances is through Your own independent testing with risk capital You can afford to lose.

By accessing or using the Service, You acknowledge that You have read this Risk Disclosure, that You understand the risks described herein, and that You assume those risks. If You do not agree to assume these risks, You must not use the Service.