Glossary

The maximum loss your account can take before it is closed. We use trailing drawdown that follows your highest equity.

A drawdown floor that moves up as your equity sets new highs. Once the floor itself reaches the lock balance, it stops trailing and holds still.

The lowest equity your account can reach before it is closed. Same idea as a max loss limit.

The point at which trailing stops. Applies in Funded and Live. The lock level equals your starting capital.

A drawdown mode in which the floor moves UP once per session, at the close. Intraday spikes do not raise it. The floor is still watched in real time, so touching it intraday closes the account.

A drawdown mode in which the floor moves up in real time behind each new equity high. Used on Express.

The amount of profit required to advance from Evaluation to Funded. Strix: 12 percent of account size. Express: 8 percent of account size.

A limit on how much of a total can come from one trading day. It applies only to accounts bought before 11 September 2026 at 5:35 PM ET (21:35 UTC): on those, the Strix Plan caps a single day as a share of total evaluation profit (Express never had an evaluation cap), and once funded every plan caps a single day as a share of that payout cycle, a share that goes back to 0% whenever a payout is paid or a payout request is rejected. Accounts bought since carry no cap in either phase. The percentages are on the Rules page.

A trading day on a funded account that closes with realized profit at or above your plan's floor: $200 on a $100K, $150 on a $50K, $100 on a $25K or $10K. A payout cycle needs 8 of them before you can request, on any account bought at or after 11 September 2026 at 5:35 PM ET (21:35 UTC). They do not have to be consecutive, no day between them takes one back, and the count restarts at zero once that cycle closes — which a paid payout does and a rejected one does too.

The Strix Plan only. After a drawdown breach during Evaluation, a $39 Redemption keeps the same account trading: it sets your account value back to the max drawdown level and adds +1.5% of fresh drawdown room. Each Evaluation purchase includes one use. Not offered on Express, and not offered in Funded — a breached funded account is closed permanently.

The one-time charge that turns a funded account on, $69 to $149 depending on account size. Charged upfront at activation, never deducted from a payout, and not refundable at any point. It is never waived.

The balance your most recent payout was requested at, less any amount your payout cap prevented you from taking, up to the size of that payout. The next payout requires your balance to exceed this number by at least $1.

The level the trailing floor stops at: once the floor has climbed to it, the floor stops moving. Equals your starting capital ($10K, $25K, $50K, or $100K).

A restriction on Express accounts that limits trades to single-leg long calls and long puts only.

The phase after passing Evaluation. The firm carries the simulated capital risk. Payout caps and payout minimums apply, and a payout cycle needs 8 qualifying winning days (accounts bought before 11 September 2026 at 5:35 PM ET (21:35 UTC) are held to the consistency cap they were sold instead).

The final stage. You trade Strix capital in real markets at Interactive Brokers and keep 80% of realized net profit. No payout caps; the minimum is $100. Unlike the Funded stage, a payout never moves your drawdown floor.

Zero days to expiration. Options that expire on the same trading day.

A trade made up of two or more options contracts, such as a vertical spread, iron condor, butterfly, calendar, or diagonal.

A two-leg options trade with the same expiration and different strikes. Debit spreads pay to enter; credit spreads receive a credit on entry.

A four-leg options trade combining a bull put spread and a bear call spread. Profits when the underlying stays in a range.

A three-strike options trade that profits when the underlying lands at the middle strike.

A two-leg options trade with the same strike and different expirations.

A two-leg options trade with different strikes and different expirations.

A trade where the maximum loss is not capped by the structure itself. Example: a short naked call. Allowed on the Strix Plan, not on Express.

The market forward-looking estimate of how much the underlying will move, expressed as an annualized percentage.

The obligation to deliver or buy the underlying when a short option is exercised against you.

Know Your Customer. The process of verifying a trader identity before payouts.

Anti-Money Laundering. Policies and procedures to detect and prevent illicit financial activity.

Counter-Terrorism Financing. Screening and recordkeeping designed to prevent financing of terrorism.

Politically Exposed Person. A category of individuals subject to enhanced KYC review due to public office.

US tax form used by US taxpayers to provide a taxpayer identification number.

US tax form used by non-US taxpayers to claim treaty benefits and report foreign status.

US tax form reporting non-employee compensation. Issued when a US taxpayer receives $600 or more in a year.

The rate an option loses value per day from time decay, all else equal. Long options have negative theta; short options have positive theta.

The rate of change of an option price relative to a $1 move in the underlying. A 0.50 delta call gains roughly $0.50 when the underlying gains $1.

The rate of change of delta relative to a $1 move in the underlying. Gamma is highest near the money and on shorter-dated options.

The rate of change of an option price relative to a one-point change in implied volatility. Long options have positive vega.

The rate of change of an option price relative to a one-point change in interest rates. Usually small for short-dated options.

The in-the-money portion of an option price. For calls, max of (underlying - strike, 0). For puts, max of (strike - underlying, 0).

The portion of an option price beyond intrinsic value. Includes time value and volatility premium. Decays to zero at expiration.

A normalized measure of where current implied volatility sits between the 52-week low and high, expressed 0 to 100.

The gap between the highest price a buyer will pay and the lowest price a seller will accept. Wider spreads cost more to enter and exit.

The total number of outstanding contracts for a given strike and expiration. Higher open interest typically means tighter spreads.

An order to buy or sell at a specified price or better. Will not fill at worse prices, may not fill at all.

An order to buy or sell immediately at the best available price. Fills fast but exposes you to slippage.

An order that triggers a market or limit order when the underlying hits a specified price. Common for risk management.

The difference between the expected fill price and the price your order actually executes at. Wider on illiquid options.

Execution of an order. On RixTrade every order fills all-or-none at a single net price: either the full size trades or nothing does. There are no partial fills.

When the holder of an option uses their right to buy (call) or sell (put) the underlying at the strike. Long-option holder action.

When a short American-style option is exercised before expiration. Risk for sellers of in-the-money options, particularly near dividends.

An option that can only be exercised at expiration. SPX and most index options are European-style; no early-assignment risk.

An option that can be exercised at any time before expiration. Equity and ETF options are American-style.

The price at which an option can be exercised. A $450 call gives the holder the right to buy the underlying at $450.

The date an option contract terminates. After expiration, the contract has no value. US listed options expire on Fridays unless dated otherwise.

A call with strike above the underlying, or a put with strike below the underlying. No intrinsic value.

A call with strike below the underlying, or a put with strike above the underlying. Has intrinsic value.

An option with strike approximately equal to the current underlying price.

A butterfly variant where the wings are unequal distance from the center strike. Skews the risk profile in one direction.