1. Acceptance of Terms
These Terms of Service ("Terms") govern your access to and use of the subscription products and services offered by MNA Research LLC ("MNA Research," "we," "us," or "our") under the "Levels by MNA Research" brand, including the Levels Chart, the GBS dashboard, and the Modeled Session, all delivered through our website (collectively, the "Service"). By purchasing a subscription, creating or using an account, or accessing the Service, you agree to these Terms. If you do not agree, do not purchase, access, or use the Service.
You must be at least 18 years old and legally capable of entering into a binding agreement to use the Service.
2. Nature of the Service
The Service provides impersonal market-structure analytics, calculations, and visualizations relating to SPX and SPY options, including 0DTE and weekly options. Depending on your plan, outputs may include gamma exposure levels, overnight positioning changes, expected-move bands, call and put walls, flip points, modeled session levels, and related data visualizations.
Market data used by the Service may include OPRA options data obtained through a licensed commercial market-data vendor. MNA Research applies its own calculations, transformations, methodologies, and visualizations to these inputs to generate subscriber-facing analytics.
MNA Research's gamma exposure, dealer-positioning levels, expected-move bands, charm, delta, implied-volatility analytics, and other derived outputs are independently calculated by MNA Research. They are not calculations, recommendations, or endorsements of OPRA, Cboe, S&P Dow Jones Indices, any securities exchange, or any upstream market-data provider.
The Service is delivered as a web application: the Levels Chart (SPX and SPY), GBS (a dashboard that displays gamma-by-strike and related analytics at an intraday refresh cadence), and the Modeled Session (a modeled view of the SPX session, with SPY to follow). Plans, prices, and included features are shown at checkout. Some pages and history are limited to the current session or to certain accounts, and we may change those limits.
Some outputs are produced by our quantitative models. We use AI to help quantify parts of our models and research. Model output can be wrong, incomplete, or out of date, is not verified for accuracy in real time, and is not a prediction or guarantee of any market outcome.
MNA Research is not registered as an investment adviser or broker-dealer. The Service is designed to provide the same impersonal data and analytics to subscribers within a given product or tier and is not tailored to any subscriber's portfolio, financial circumstances, investment objectives, risk tolerance, or trading history. Nothing about your use of the Service creates an advisory, brokerage, fiduciary, or agency relationship with MNA Research.
3. No Investment Advice, Recommendations, or Signals
The Service is informational and educational only. Nothing in the Service is investment advice, trading advice, a solicitation, or a recommendation or signal to buy, sell, hold, enter, exit, or size any security, option, strategy, or other financial position.
Terms such as "wall," "flip," "zone," "target," "level," "expected move," "support," "resistance," "dealer positioning," or similar market-structure terminology describe calculated data or analytical reference points. They do not guarantee that price will reach, hold, reverse at, or react to any displayed value. MNA Research does not know your personal financial circumstances and does not determine whether any trade or strategy is appropriate for you.
Historical examples, screenshots, replays, or case studies are provided only to illustrate how a feature or dataset appeared during a prior period. They are not representative performance, backtests, promises, or evidence that a similar outcome will occur again.
4. Risk Disclosure
Trading securities and options involves substantial risk of loss and is not suitable for every person. You can lose the entire amount committed to an options position, and certain strategies can create losses greater than the amount initially invested. 0DTE options involve especially high risk because time decay can be extreme, gamma exposure can change rapidly, liquidity and spreads can change quickly, and there may be little time to respond to adverse price movement.
Before trading standardized options, review the Options Clearing Corporation's "Characteristics and Risks of Standardized Options." You are solely responsible for your trading and investment decisions, order entry, position sizing, risk controls, and compliance with any broker or regulatory requirements applicable to you.
5. Market Data, Calculations, and Service Availability
Certain options-market inputs are sourced from OPRA data obtained through a licensed commercial market-data vendor. This third-party data is used as an input to MNA Research's independently calculated analytics.
Market data and calculated outputs may be delayed, stale, incomplete, inaccurate, unavailable, duplicated, frozen, revised, or affected by exchange, vendor, network, software, or methodology issues. Automated freshness and sanity checks may be used, but no check can identify every error. Published refresh times and schedules are targets, not guarantees.
The Service may be unavailable or degraded because of third-party market-data providers, hosting providers, exchanges, internet connectivity, maintenance, security events, or other causes. Do not rely on the Service as your sole source of market prices, quotes, execution information, or risk management. Independently verify information that is material to a trading decision.
6. Accounts and Access
- Your subscription is for one individual unless we expressly agree otherwise in writing.
- You are responsible for providing accurate account information and for keeping credentials secure.
- You may not share access credentials, subscriber-only screenshots, data exports, or other subscriber-only content with another person except as expressly permitted by us.
- You are responsible for activity occurring through your account to the extent caused by your failure to safeguard your credentials.
7. Acceptable Use
You may not, except to the extent a restriction is prohibited by applicable law: scrape, systematically extract, harvest, mirror, republish, redistribute, resell, sublicense, or commercially exploit the Service or its outputs; use bots, automated scripts, or headless browsers to access GBS without written permission; circumvent access controls; share subscription access; attempt to derive or reconstruct non-public source code, formulas, weighting, methodology, or other proprietary implementation details from the Service; or use subscriber-only data or outputs to train or improve a machine-learning or artificial-intelligence model.
Professional, institutional, advisory, redistributive, or other commercial use requires our prior written approval and may require different licensing or market-data terms.
8. Intellectual Property and Limited License
As between you and MNA Research, the Service, including its software, indicators, dashboard, branding, site content, visualizations, arrangement and presentation of analytics, and proprietary methodology, is owned by or licensed to MNA Research and is protected by applicable intellectual property laws. Third-party market data and third-party trademarks remain the property of their respective owners.
While your subscription is active, we grant you a limited, revocable, non-exclusive, non-transferable license to access and use the Service for your personal, non-commercial use in accordance with these Terms. No ownership rights are transferred to you.
9. Subscriptions, Automatic Renewal, Billing, Cancellation, and Refunds
- Subscription prices, included features, billing frequency, and any recurring-charge terms are disclosed at or before checkout.
- By completing a subscription purchase, you authorize the disclosed recurring charges to your selected payment method until you cancel.
- Monthly subscriptions renew automatically each month unless cancelled before the next renewal charge. If we later offer another billing interval, the interval and renewal terms shown at checkout will control.
- You may cancel through the account billing portal or another cancellation method we make available. Cancellation stops future renewal charges and ordinarily takes effect at the end of the then-current paid period.
- Prices may change prospectively. We will provide any notice required by applicable law before a price change applies to an existing subscription.
- Refunds: except where required by law, subscription charges are generally non-refundable after the applicable paid period begins. We may issue a full or partial refund or service credit for a duplicate or erroneous charge or for a significant, sustained outage attributable to us that materially prevents access. Contact us within 14 days of the charge so we can review the request. This policy does not limit any non-waivable rights you may have under applicable law.
10. Suspension and Termination
We may suspend or terminate access for non-payment, fraud, security risk, credential sharing, unauthorized redistribution, infringement, abusive use, or a material violation of these Terms. Where reasonably practicable, we may provide notice and an opportunity to cure, but we may act immediately where necessary to protect the Service, our licensors, other users, or third parties. Termination does not eliminate obligations that by their nature should survive, including intellectual-property restrictions, accrued payment obligations, warranty disclaimers, and liability limitations.
11. Third-Party Services
The Service may depend on or interoperate with third parties such as Stripe, Google (Firebase Authentication and Analytics), market-data vendors, exchanges, hosting providers, and email providers. Unless expressly stated otherwise, those third parties do not sponsor, endorse, or control MNA Research, and MNA Research does not control their availability, policies, or services. Your use of a third-party service may also be subject to that provider's own terms and privacy practices.
12. Disclaimer of Warranties
TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE." MNA RESEARCH DISCLAIMS WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, ACCURACY, TIMELINESS, AVAILABILITY, AND RESULTS. WE DO NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT ANY DATA OR CALCULATION WILL BE ACCURATE OR CURRENT, OR THAT ANY LEVEL OR ANALYTIC WILL CORRESPOND WITH FUTURE MARKET BEHAVIOR.
13. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY LAW, MNA RESEARCH AND ITS OWNERS, OFFICERS, EMPLOYEES, AGENTS, AND CONTRACTORS WILL NOT BE LIABLE FOR TRADING LOSSES, LOST PROFITS, LOST OPPORTUNITIES, LOSS OR CORRUPTION OF DATA, OR INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES ARISING FROM OR RELATING TO THE SERVICE, EVEN IF ADVISED THAT SUCH DAMAGES ARE POSSIBLE.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, OUR AGGREGATE LIABILITY ARISING OUT OF OR RELATING TO THE SERVICE OR THESE TERMS WILL NOT EXCEED THE AMOUNT YOU PAID TO MNA RESEARCH FOR THE SERVICE DURING THE THREE MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM. THESE LIMITATIONS DO NOT APPLY TO LIABILITY THAT CANNOT LAWFULLY BE EXCLUDED OR LIMITED.
14. Indemnification
To the extent permitted by law, you agree to defend, indemnify, and hold harmless MNA Research and its owners, officers, employees, and agents from third-party claims, damages, and reasonable costs arising from your unauthorized redistribution or commercial exploitation of the Service, your violation of another person's rights, or your material violation of these Terms or applicable law.
15. Changes to the Service or Terms
We may modify the Service and may update these Terms from time to time. If a change to these Terms is material, we will provide notice in a manner reasonably calculated to reach affected subscribers and any additional notice required by law. Changes apply prospectively from their stated effective date. If you do not agree to revised Terms, you should stop using the Service and cancel before the next renewal when applicable.
16. Governing Law and Venue
These Terms are governed by the laws of the State of Florida, without regard to conflict-of-laws principles, except to the extent federal law or non-waivable law of another jurisdiction applies. Subject to any non-waivable consumer rights, disputes arising from these Terms or the Service will be brought in a state or federal court of competent jurisdiction located in Florida, and the parties consent to personal jurisdiction there.
17. Severability; No Waiver; Entire Agreement
If any provision of these Terms is held unenforceable, the remaining provisions remain in effect to the fullest extent permitted by law. A failure to enforce a provision is not a waiver of that provision. These Terms, together with the Privacy Policy and any checkout terms expressly presented to you, constitute the agreement governing your subscription and use of the Service.
18. Contact
Questions about these Terms: [email protected]