Third Friday Press publishes educational material about investing and options. It does not provide personalised financial advice, assess suitability, or recommend that readers enter any particular transaction.
Options and investment risk
Shares and funds can fall in value. A purchased option can lose the entire premium. Selling options can create substantial losses and assignment obligations. Contract terms, broker rules, position size, liquidity and expiration all matter. Read the OCC options disclosure document and understand the instrument before trading.
Personal experience and historical research
Personal trading examples describe the author’s reported transactions, with open and completed positions identified where known. A trade-level percentage return is not the return of an entire portfolio. Annualised calculations do not mean that the same profit was repeatedly achieved.
Backtests and modelling limitations
Backtests are hypothetical historical simulations, not records of trades actually executed. Results depend on data quality, quote and fill assumptions, costs, sizing and other modelling choices. Fees, spreads, slippage, taxes, cash interest and practical contract availability may change outcomes. Missing or unreconciled assumptions are identified in the relevant article. Past results do not predict future performance.
Sources and corrections
Research articles link to relevant sources and explain important limitations. Selecting a favourable setting using a historical sample does not independently validate it. If you identify an error, please contact us with the article URL and supporting evidence so it can be reviewed.
Author interests
Kevin Smith may hold securities or options discussed. Third Friday Press sells educational books, and Kevin separately operates Options Monitor. These commercial interests do not make a research result a recommendation or a promise of returns.
Last updated: 10 October 2026.