Simulated Returns shows hypothetical outcomes, not actual returns. It estimates how stock price movement, time decay, and your selected inputs may affect an options position. The result is only as reliable as the model, assumptions, inputs, and source data behind it, and it does not guarantee future performance.

Options and many options strategies are complex and are not suitable for every investor. You can lose the entire amount invested in a short period of time, and some advanced strategies may create losses greater than the original investment. Review the Characteristics and Risks of Standardized Options before trading.

Tax treatment can materially affect an options strategy, so consult a tax advisor. Also review investor education and risk materials from FINRA. Examples in this tool are for illustration only.