LEGAL DISCLAIMER, DATA USE CONDITIONS, AND RISK DISCLOSURE

1. Nature of Market Data (Mapped & Indicative Data)

The user acknowledges that financial data displayed on Lonqua Option possesses technical characteristics distinct from professional trading terminals:

• Indicative Data: Although our data feeds originate from official sources, raw data is processed, filtered, and "mapped" by our internal algorithms. This process is designed to optimize simulation, not real-world execution.
• Lack of Consolidated Accuracy: Displayed prices (Strike, Premium, Bid/Ask) do not necessarily reflect the "National Best Bid and Offer" (NBBO) or consolidated prices from OPRA (Options Price Reporting Authority).
• Prohibition on Execution Use: Due to these technical adjustments, it is formally advised against using prices displayed on Lonqua Option to place buy or sell orders on a real brokerage account. Significant discrepancies may exist between our simulated prices and the actual market.

2. Backtesting Disclaimer (Historical Simulations)

Performance results displayed via our backtesting tools are hypothetical. They are generated with the benefit of hindsight and:

• Hindsight Bias: Benefit from the knowledge of past events, allowing for the optimization of a strategy based on data already known.
• Theoretical Models: Rely on mathematical models (such as Black-Scholes) that estimate the theoretical value of an option, which may differ from its actual market value during periods of low liquidity or high volatility.
• Cost Limitations: Unless configured otherwise, simulations may not include the full impact of commissions, exchange fees, financing costs (margin), and taxation.

3. Paper Trading Disclaimer (Real-Time Simulation)

The Paper Trading module allows for the simulation of positions under current market conditions but contains inherent limitations:

• Idealized Execution: Paper trading orders are often filled instantly at the displayed price. In reality, available liquidity, order size, and market speed can result in "Slippage" (execution at a less favorable price) or partial/total non-execution.
• Absence of Psychological Pressure: Trading with virtual funds does not expose the user to the actual emotional stress associated with financial loss, which is a determinant factor in real-world trading decision-making.

4. Specific Risks of Options

Options trading is speculative and involves a risk of loss that can exceed the initial investment (particularly when selling uncovered options).

• Options are wasting assets with a limited lifespan whose value erodes over time (Theta).
• The leverage inherent in options amplifies both gains and losses.
• Complex strategies (Spreads, Condors, etc.) involve multiple transaction fees and increased execution risks.

5. No Financial Advice (Non-Advisory)

Lonqua Option is a provider of technical and quantitative analysis software.

• We are neither a registered Investment Advisor nor a Broker-Dealer.
• No content, signal, or simulation result generated on this site constitutes a recommendation to buy or sell a specific financial instrument.
• The user retains full and sole responsibility for their investment decisions.

6. Limitation of Liability

Lonqua Option, its owners, developers, and data providers disclaim all liability for any direct or indirect financial losses suffered by the user. We do not guarantee service continuity, the absence of software bugs, or the perfect accuracy of the mathematical calculations and mapped data provided.

7. Specific Warning Regarding News and Information Feeds

The platform integrates stock market and financial news feeds from third parties. Regarding this information:

• Third-Party Content: Lonqua Option acts as an aggregator and has no editorial control over the content, accuracy, or veracity of articles and wires provided by these external sources.
• No Verification: We do not verify the facts announced in these feeds. Erroneous information (fake news, rumors) relayed by the feed may influence markets; Lonqua Option cannot be held liable for decisions made based on this third-party information.

8. Warning on Editorial Content and Opinions (Blog)

Articles, analyses, market opinions, or commentaries published on the blog or in Lonqua Option newsletters:

• Subjective Opinions: Represent exclusively the personal opinions of their authors at the date of publication and do not necessarily reflect the opinion of Lonqua Option as an entity.
• Not Personalized Advice: This content is provided as General Market Commentary. It constitutes neither personalized investment advice nor an inducement to buy or sell an asset. It does not take into account the financial situation, objectives, or risk tolerance of any individual reader.
• Non-Dynamic Nature: Opinions are given at a specific point in time. We undertake no obligation to update blog posts should the market situation change or should our opinions evolve subsequently.
• Disclosure of Conflicts of Interest: Authors of articles may hold, personally, positions (long or short) in the assets, options, or underlying securities mentioned in their analyses.