Disclosures

Options involve risk

Options involve risk and are not suitable for all investors. You can lose money trading options, and some option positions can lose more than you put in. A collar limits a stock position’s loss at expiration, but it does not remove the risk of loss, and it caps your gains.

Before buying or selling an option, read Characteristics and Risks of Standardized Options, published by The Options Clearing Corporation. Brokers provide it when they approve an account for options trading.

Research and education, not investment advice

Stillwater is not a broker-dealer and is not a registered investment adviser. It provides research and education only. Nothing on this website or in the Stillwater app is a recommendation to buy, sell or hold any security, or advice that any security, strategy or trade is suitable for you.

Shortlists, priced collars, examples and guides apply the same rules for everyone. They do not take into account your finances, objectives, tax situation or tolerance for risk. You make your own decisions and are responsible for them. Consider talking to a licensed financial professional before you trade.

Stillwater never holds your money or places trades

Stillwater does not hold customer funds or securities and cannot place orders for you. Every trade is placed by you, in your own brokerage account, on your broker’s terms. If you upload your brokerage transaction history, Stillwater uses it to show you your own results.

Past and hypothetical performance

Track-record figures on this website come from real trades in personal brokerage accounts, reconstructed from full transaction history, after commissions and fees. They are one trader’s results, not a backtest, and they include trades Stillwater did not recommend. How those figures are calculated.

Worked examples, interactive charts and estimated option prices in our guides are hypothetical illustrations, not real trades. They use stated assumptions and leave out costs, taxes and market conditions you would face. Past performance, actual or hypothetical, does not guarantee future results.

Data may be delayed or wrong

Stillwater combines market data, analyst research and option quotes from third parties. That data can be delayed, incomplete or wrong, and option prices change constantly, so prices shown before the open or between refreshes may not match what you can trade. Check prices, strikes, expiration dates and earnings dates with your broker before you place a trade.

Tax and legal

Nothing Stillwater publishes is tax or legal advice. Options and collars can have tax consequences, so talk to a tax professional about your situation. Use of Stillwater is governed by our terms of service.