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This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Equity and index options carry a high level of risk and are not suitable for all investors. Certain requirements must be met in order to trade options through Schwab. Please read the options disclosure document titled "Characteristics and Risks of Standardized Options" before considering any option transaction. Supporting documentation for any claims or statistical information is available upon request.

Investing involves risk, including loss of principal and for some products and strategies, loss of more than your initial investment. With long options, investors may lose 100% of funds invested. Hedging and protective strategies generally involve additional costs and do not assure a profit or guarantee against loss. Covered calls provide downside protection only to the extent of premiums received, and prevent any profitability above the strike price of the call. Spread trading must be done in a margin account. Multiple leg options strategies will involve multiple transaction costs.

Schwab does not recommend the use of technical analysis as a sole means of investment research.

thinkorswim® mobile and Schwab mobile require a wireless signal or mobile connection. System availability and response times are subject to market conditions and your mobile connection limitations. Functionality may vary by operating system and/or device.

The paperMoney® software application is provided for educational purposes only, and allows users to engage in simulated trading with hypothetical funds using live market data. Market activity, trade executions, transaction costs, and other elements presented in paperMoney are simulations only. Simulated performance does not ensure success in a live environment.