Disclaimer

Options Workbench is a free educational tool for exploring how option prices respond to changes in market assumptions. It is not investment advice and is not a recommendation to buy or sell any security.

Educational and informational use only

This site provides theoretical option prices, Greeks, and payoff diagrams computed from user-supplied inputs using standard published pricing models (Black-Scholes for European options; Cox-Ross-Rubinstein binomial trees for American options). The numbers shown are mathematical outputs of those models — not predictions, not quotes, and not guarantees. Real market prices will differ from model outputs because models are approximations of reality.

No advisory relationship

Use of Options Workbench does not create an investment-adviser relationship between you and the site's operator or any affiliated firm or person. The site's operator may be separately registered as an investment adviser representative; that registration covers their advisory business and does not extend to this site, its content, or any output it produces. If you want personalized advice on whether an option strategy is appropriate for your circumstances, consult a licensed financial professional who has reviewed your full situation.

No warranty of accuracy

Although the math is implemented carefully and tested against published reference values, we make no warranty — express or implied — that any number shown on this site is accurate, complete, current, or fit for any particular purpose. Yield-curve data is sourced from the U.S. Federal Reserve (FRED) and is updated daily on a best-effort basis; it may be stale, missing, or incorrect. You are responsible for verifying any number you act on.

Not affiliated with any broker, exchange, or data provider

Options Workbench is independently operated. It is not affiliated with, endorsed by, sponsored by, or otherwise connected to any brokerage, options exchange, market-data vendor, or registered investment company. References to specific brokers (e.g., for "where to find the option mid price") are illustrative only.

Calibration data stays in your browser

When you paste a contract code, stock price, or option price into the calibration panel, those values are processed entirely in your browser and are never sent to our servers. We have no record of which tickers, strikes, or prices any visitor has entered.

Risk disclosure

Options trading carries the risk of substantial or total loss and may not be suitable for all investors. Before trading options, read the standard Characteristics and Risks of Standardized Options ("the OCC options disclosure document") published by The Options Clearing Corporation. You should understand the strategy you are considering and its maximum loss before placing a trade.

Contact

Questions about this disclaimer can be directed to [email protected].