Terms of Use

TERMS OF USE Effective September 8th, 2026 · Version 2.2 1. What Smoke Signal is Smoke Signal is operated by the Entity (as defined in Section 21). In these Terms, "we," "us," and "our" mean the Entity. "Smoke Signal" and "the service" mean the software and the output it produces. "Smoke Signal Parties" means us together with our owners, officers, employees, contractors, affiliates, agents, licensors, and suppliers. Smoke Signal is research software. It applies a proprietary, rules-based algorithmic process to publicly reported options market activity and presents the contracts that result. It is a tool for generating research leads. It is not an advisory service. 2. What Smoke Signal is not Read this section carefully. It describes the limits of the service and you are agreeing to it. Not advice. Nothing produced by Smoke Signal — no signal, score, chart, sample, case study, or communication — is a recommendation to buy, sell, or hold any security, or advice that any transaction is suitable for you. We do not know your finances, objectives, tax position, or risk tolerance, and nothing we publish is tailored to them. Not personalized. Every subscriber at a given tier sees the same output. We do not construct portfolios, size positions, or tell anyone what to do. Not registered. We are not registered as a securities broker-dealer or an investment adviser with the SEC, FINRA, or any state securities regulator, and no employee is a registered representative or investment adviser representative. Not a broker. The service does not connect to any brokerage, place orders, or execute transactions. Any trade you make is made by you, through your own broker, on your own judgment. Not legal, tax, or accounting advice. Consult qualified professionals for those. Not exit guidance. Smoke Signal publishes no exit rules, price targets, stop levels, or holding periods. Tracking features let you record your own decisions; they do not generate instructions. 3. Risk disclosure Options involve substantial risk and are not suitable for every investor. An option can expire worthless. The entire amount paid for a contract can be lost, and losses can occur quickly. Options lose value as expiration approaches, even when the underlying security does not move. Options are leveraged. Small moves in the underlying can produce large percentage changes in a contract's value, in both directions. Options can become illiquid. A contract may be difficult or impossible to exit at a reasonable price, particularly one with low open interest — which describes many contracts this screen surfaces by design. Most contracts surfaced by the screen do not produce gains. Losing outcomes are more common than winning ones. Before trading options, read the Options Clearing Corporation's Characteristics and Risks of Standardized Options, available from your broker. Do not risk money you cannot afford to lose entirely. 4. Our own trading and conflicts of interest We may hold positions in screened contracts. The Smoke Signal Parties, including members of their households and any account they control or advise, may hold, acquire, or dispose of positions in any security, option contract, or related instrument that the screen surfaces. We do not take positions in all screened output. We may take positions in none of it. We may do so at any time. We do not trade ahead of publication. We do not open a position in a screened contract before that signal has been published to subscribers at the earliest-receiving tier. After publication, positions may be opened or closed at any time, including on the same day. Because lower tiers receive signals on a delay, as described in Section 7, trading by us after publication may still precede the time at which a subscriber on a delayed tier receives the same signal. Positions may be opposite or different. A position held by anyone described above may be opposite in direction to what the screen surfaced, may be a different contract on the same underlying, and may be exited at any time without notice. We do not disclose our positions. We have no obligation to disclose whether we hold a position in any screened contract, to tell you when we open or close one, or to update any prior statement about one. Nothing we do with our own money is a signal, a recommendation, or an indication of confidence in any screened contract. Our trading may affect prices. Many contracts the screen surfaces have low open interest and thin liquidity, as described in Section 3. Trading by us, or by other subscribers acting on the same output, may affect the price or available liquidity of a contract, particularly at or near the time a signal is published. No duty to you. As stated in Section 2, we are not registered as an investment adviser and no advisory or fiduciary relationship exists. We owe you no duty to prioritize your interests over our own, to avoid conflicts, or to refrain from trading in anything the screen surfaces. 5. Eligibility You must be at least 18 years old and legally able to enter contracts. You will be asked to confirm your age when you create an account. By using the service you confirm you are not barred from receiving it under the laws of your jurisdiction, and that you are responsible for compliance with any rules applying to you, including employer trading policies. The service is offered from and intended for use in the United States. 6. Your account You are responsible for your credentials and for activity under your account. Accounts are for one person. You may not share, resell, or transfer access. We may suspend accounts showing signs of shared use. Notify us promptly at support@smokesignalflow.com if you believe your account has been compromised. 7. Subscriptions, tiers, and billing Tiers. Basic, Advanced, and Pro differ in how recently a signal was published before it becomes visible, how frequently screens are made available, and which features are enabled. Current definitions and prices are on the pricing page and are part of these Terms. Signal delay is a feature of the tier you purchase. Lower tiers see signals on a delay. This is disclosed at purchase and is not a defect. Automatic renewal. Subscriptions renew automatically at the interval you select — monthly or annual — until you cancel. Before you provide payment information, we disclose that the subscription renews automatically, how often it renews, the amount that will be charged, and how to cancel. You must affirmatively agree to those automatic renewal terms as a separate step from accepting these Terms. After purchase we send an acknowledgment email restating the renewal terms and how to cancel. Charges. Your payment method is charged on each renewal date. For annual subscriptions we send a reminder before the renewal date. Price changes. Prices may change with at least 30 days' notice before your next renewal. Continuing after that notice period is acceptance of the new price. Failed payments. We may retry a failed payment and may suspend access after 7 days. Suspension does not cancel your subscription; you remain responsible for amounts owed unless you cancel. Taxes. Prices exclude applicable taxes unless stated otherwise. 8. Cancellation and refunds Cancelling. You can cancel at any time from your account settings, without contacting us and without completing any additional steps. Because you signed up online, you can cancel online. You may also cancel by emailing support@smokesignalflow.com if you prefer. What cancelling does. Cancellation stops future renewals. It takes effect at the end of the current billing period, and your access continues until then. We do not prorate partial periods. Changing plans. You can switch tiers at any time from your account settings. Billing prorates automatically: on an upgrade, the unused portion of your current plan is credited against the new charge and the change takes effect immediately; on a downgrade, the credit is applied forward. 14-day money-back guarantee. If you are dissatisfied within 14 days of your first payment, contact support@smokesignalflow.com for a full refund. This applies once per customer and to first purchases only. After 14 days. Payments are non-refundable except where required by law. Subscriptions are digital services delivered immediately and consumed continuously. Our cancellation. We may cancel and refund the unused portion of a prepaid period at our discretion. 9. About the sample record, case studies, and any performance information This section governs every figure we publish about past screening output, wherever it appears — the website, the product, email, or social media. Selected examples. Case studies are selected examples chosen because they illustrate the screening method. They are not representative of typical output. Most screened contracts do not perform comparably, and many lose value. Peak figures assume no exit. Where we show a peak percentage, it is the highest value a contract reached measured from the date the screen surfaced it. It assumes the position was held to that exact point and then valued. It is not a return anyone is claimed to have achieved, and we make no claim that any person captured it. No exit convention. Smoke Signal publishes no exit rules. Any figure describing a full round trip depends on assumptions about when a position was closed. Those assumptions are ours, are disclosed where used, and remain under active development. Methodology is still being refined. The screening criteria, scoring weights, and any exit assumptions used to produce historical figures have been developed with the benefit of hindsight over the same period those figures describe. Refining a methodology against historical data tends to improve historical results in ways that do not necessarily persist. Treat all historical figures accordingly. Reconstructed values. Historical figures are reconstructed from recorded option premium marks and never from the underlying security. Marks are periodic rather than continuous; values between marks are not captured, and intraday movement is not reflected. Gross of everything. Figures exclude commissions, fees, bid-ask spread, slippage, taxes, and the market impact of any transaction. Real results would be lower. Open positions. Positions that have not closed are marked to market and are provisional. They may change materially and may not reflect final outcomes. Past results do not indicate future results. Signal dollar figures. Where we describe the size of a flow event in dollars, that figure is the reported premium value of the transaction that triggered the screen. We do not know who transacted, their intent, whether the transaction opened or closed a position, whether it was one leg of a larger strategy, or whether it was held for any period. 10. Data sources and attribution Options market data is provided by Unusual Whales under license. Other information may come from public regulatory filings, exchange sources, and third-party providers. We do not guarantee that any data is accurate, complete, current, or uninterrupted. Market data may contain errors, may be delayed, and may be revised. Screening output depends on that data and inherits its limitations. You may not extract, redistribute, resell, or create a competing product from data made available through the service. This restriction applies to output generated in your account. 11. Intellectual property and prohibited use The screening methodology, scoring model, criteria, weights, thresholds, prompts, software, interface, and documentation are our exclusive property and are protected by intellectual property law and as trade secrets. Your subscription grants a limited, revocable, non-exclusive, non-transferable licence to access the service for your own personal use. You may not: Reverse engineer, decompile, or attempt to derive the methodology, scoring model, weights, or thresholds Scrape, crawl, or use automated means to access or extract content Redistribute, resell, republish, or share output, including in newsletters, group chats, trading communities, social media, or any subscription service Use the service to build, train, or improve any competing product or model Share credentials or permit access by anyone other than you Circumvent tier restrictions, delays, access controls, or usage limits Remove or obscure proprietary notices Your data. Positions, watchlists, and notes you enter remain yours. You grant us a licence to store and process them to operate the service. 12. Availability We aim for continuous availability but do not guarantee it. Screens may be delayed, incomplete, or unavailable due to maintenance, third-party outages, market conditions, or data provider issues. We are not liable for any consequence of unavailability, delay, or incomplete output. We may modify, suspend, or discontinue any feature at any time. Material changes reducing what your tier provides will be notified with at least 30 days' notice, and you may cancel for a prorated refund of the unused prepaid period. 13. No warranties THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. We do not warrant that the service will be uninterrupted or error-free, that data or output will be accurate or complete, or that any outcome will result from use of the service. 14. Limitation of liability TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SMOKE SIGNAL PARTIES WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR FOR LOST PROFITS, TRADING LOSSES, LOST OPPORTUNITIES, OR LOST DATA, ARISING FROM OR RELATING TO THE SERVICE, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY. OUR TOTAL AGGREGATE LIABILITY WILL NOT EXCEED THE AMOUNT YOU PAID IN THE 12 MONTHS PRECEDING THE CLAIM. You are solely responsible for your trading decisions and their outcomes. Some jurisdictions do not allow certain exclusions; those limits apply only to the extent permitted. 15. Indemnification You will indemnify and hold harmless the Smoke Signal Parties from claims, damages, and reasonable legal fees arising from your use of the service, your breach of these Terms, your violation of law or third-party rights, or your trading decisions. 16. Suspension and termination We may suspend or terminate access immediately for breach of these Terms, non-payment, suspected credential sharing, attempts to circumvent restrictions, or conduct that risks harm to the service or other users. On termination your licence ends and access ceases. Sections 2, 3, 4, 9, 10, 11, 13, 14, 15, 18, and 19 survive. 17. Changes to these Terms We may update these Terms. Material changes will be notified by email or in-product at least 30 days before taking effect. Continued use after that is acceptance. Each version carries a version number and effective date, and we retain a record of the version you accepted. 18. Dispute resolution and binding arbitration Please read this section carefully. It affects how disputes between you and us are resolved and limits your right to go to court or participate in a class action. Informal resolution first. Before starting arbitration, you agree to try to resolve the dispute informally. Send a written notice to support@smokesignalflow.com describing the dispute and the relief you want. We will do the same if we have a dispute with you. If it is not resolved within 60 days of that notice, either of us may begin arbitration. This step is a condition of starting arbitration, and the applicable statute of limitations is tolled while it runs. Agreement to arbitrate. Except as stated below, any dispute, claim, or controversy arising out of or relating to these Terms, the Privacy Notice, or the service — including its formation, interpretation, breach, termination, or validity — will be resolved by final and binding arbitration administered by JAMS under its Streamlined Arbitration Rules and Procedures and its Consumer Arbitration Minimum Standards, which are incorporated by reference. The arbitrator, and not any court, decides all issues of arbitrability, except as stated in the class action waiver below. Federal Arbitration Act. This section evidences a transaction in interstate commerce, and the Federal Arbitration Act governs its interpretation and enforcement. Exceptions. Either of us may bring an individual claim in small claims court if it qualifies. Either of us may also seek injunctive or other equitable relief in court to protect intellectual property rights, trade secrets, or confidential information, or to address unauthorized access to the service. Seeking that relief is not a waiver of this section. Class action waiver. Arbitration will be conducted on an individual basis only. You and we each waive the right to bring or participate in a class, collective, consolidated, or representative action, and the arbitrator may not consolidate claims or preside over any form of representative proceeding. If a court decides this class action waiver is unenforceable as to a particular claim, that claim, and only that claim, must proceed in court, and the remainder of this section still applies to all other claims. Arbitrator and procedure. A single arbitrator will be selected under the JAMS rules. The arbitrator may award any relief available in court to you individually, and may not award relief to anyone other than the parties. The arbitrator's decision is final and binding, and judgment may be entered in any court of competent jurisdiction. Location and format. Arbitration will be conducted by telephone, videoconference, or on documents alone unless the arbitrator determines a hearing is necessary. If an in-person hearing is required, it will be held in the county where you live or another mutually agreed location. Fees. Arbitration fees are governed by the JAMS rules and the JAMS Consumer Arbitration Minimum Standards. Where those standards apply, your share of the filing fee is capped at the amount it would cost to file in local court, and we pay the remainder of the JAMS fees. Each party otherwise bears its own attorneys' fees unless the arbitrator awards them under applicable law. Your right to opt out. You may opt out of this arbitration agreement by emailing support@smokesignalflow.com within 30 days of first accepting these Terms, with your name, the email on your account, and a statement that you are opting out of arbitration. Opting out does not affect any other part of these Terms and will not affect your subscription or your use of the service. If you opt out, disputes are resolved in the courts identified in section 19. Changes. If we materially change this section, the change will not apply to any dispute for which we had actual notice before the change took effect, and you may reject the change by notifying us within 30 days. Survival. This section survives termination of your subscription and of these Terms. 19. Governing law and forum These Terms are governed by the laws of the State of California, without regard to conflict of laws principles. For any dispute not subject to arbitration, and for any action to enforce an arbitration award, you and we consent to the exclusive jurisdiction of the state and federal courts located in California. 20. Miscellaneous Entire agreement. These Terms and the Privacy Notice are the entire agreement between us. Severability. If any provision is unenforceable, the rest remains in effect. No waiver. Failure to enforce any provision is not a waiver. Assignment. You may not assign these Terms. We may assign them in connection with a merger, acquisition, or sale of assets. Force majeure. We are not liable for failures caused by events beyond our reasonable control. 21. Contact Smoke Signal is operated by SLATE SP LLC (the "Entity"). 17328 Ventura Blvd, Encino, CA 91316 support@smokesignalflow.com Legal, privacy, account, and billing questions: support@smokesignalflow.com.