doc: update README and notebook (#623)

idsts2670 · web-flow · commit 9a47ec9ccd84 · 2025-08-27T10:45:01.000+09:00
diff --git a/examples/options/options-zero-dte-backtesting/README.md b/examples/options/options-zero-dte-backtesting/README.md
@@ -32,16 +32,16 @@ Dual API Integration for Comprehensive Market Data:
 
 This combination provides both the underlying stock context and detailed options pricing needed for accurate 0DTE backtesting, leveraging each platform's strengths.
 
-**Databento** is a licensed distributor for 70+ trading venues. Sign up and get **$125** in free credits towards all of their historical data and subscription plans
+**Databento** is a licensed distributor for 60+ trading venues. Sign up and get **$125** in free credits towards all of their historical data and subscription plans
 
 If you want to know more about Alpaca-py, please check out the following resources:
 - [Alpaca-py GitHub Page](https://github.com/alpacahq/alpaca-py)
 - [Alpaca-py Documentation](https://alpaca.markets/sdks/python/index.html)
 - [API Reference of Alpaca APIs](https://docs.alpaca.markets/reference/authentication-2)
 
-**Note**: This backtest requires access to both Alpaca’s Trading API and Databento API, with Options Price Reporting Authority (OPRA) data available through the Standard plan. Please review the documents below:
+**Note**: This backtest requires both Alpaca’s Trading API and Databento's Historical API. In this demo, we use OPRA (Options Price Reporting Authority) equity options data from Databento, which can be accessed with usage-based pricing or through a subscription plan. Please review the following Databento resources below:
 - [Quickstart (Set up Databento)](https://databento.com/docs/quickstart)
-- [Introducing new OPRA pricing plans](https://databento.com/blog/introducing-new-opra-pricing-plans)
+- [OPRA Standard plan details](https://databento.com/pricing#opra)
 - [Equity options: Introduction](https://databento.com/docs/examples/options/equity-options-introduction)
 
 ## Installation
@@ -187,4 +187,23 @@ This section outlines the default values for the bull put spread strategy on 0DT
 
 ## Usage Analytics Notice
 
-This backtesting notebook uses signed Alpaca API clients with a custom user agent ('ZERO-DTE-NOTEBOOK') to help Alpaca identify usage patterns from educational backtesting notebooks and improve the overall user experience. You can opt out by replacing the TradingClientSigned, OptionHistoricalDataClientSigned, and StockHistoricalDataClientSigned classes with the standard TradingClient, OptionHistoricalDataClient, and StockHistoricalDataClient classes in the client initialization cell — though we kindly hope you'll keep it enabled to support ongoing improvements to Alpaca's educational resources.
+This backtesting notebook uses signed Alpaca API clients with a custom user agent ('ZERO-DTE-NOTEBOOK') to help Alpaca identify usage patterns from educational backtesting notebooks and improve the overall user experience. You can opt out by replacing the TradingClientSigned, OptionHistoricalDataClientSigned, and StockHistoricalDataClientSigned classes with the standard TradingClient, OptionHistoricalDataClient, and StockHistoricalDataClient classes in the client initialization cell — though we kindly hope you'll keep it enabled to support ongoing improvements to Alpaca's educational resources.
+
+
+## Disclosure
+_Options trading is not suitable for all investors due to its inherent high risk, which can potentially result in significant losses. Please read [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document) before investing in options. Please note that we are using SPY as an example, and it should not be considered investment advice._
+
+_Alpaca and Databento are not affiliated and neither are responsible for the liabilities of the other._
+
+_Past hypothetical backtest results do not guarantee future returns, and actual results may vary from the analysis._
+
+_Please note that this article is for general informational purposes only and is believed to be accurate as of the posting date but may be subject to change. The examples above are for illustrative purposes only._
+
+_All investments involve risk, and the past performance of a security, or financial product does not guarantee future results or returns. There is no guarantee that any investment strategy will achieve its objectives. Please note that diversification does not ensure a profit, or protect against loss. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing._
+
+_The algorithm’s calculations are based on historical and real-time market data but may not account for all market factors, including sudden price moves, liquidity constraints, or execution delays. Model assumptions, such as volatility estimates and dividend treatments, can impact performance and accuracy. Trades generated by the algorithm are subject to brokerage execution processes, market liquidity, order priority, and timing delays. These factors may cause deviations from expected trade execution prices or times. Users are responsible for monitoring algorithmic activity and understanding the risks involved. Alpaca is not liable for any losses incurred through the use of this system._
+_The Paper Trading API is offered by AlpacaDB, Inc. and does not require real money or permit a user to transact in real securities in the market. Providing use of the Paper Trading API is not an offer or solicitation to buy or sell securities, securities derivative or futures products of any kind, or any type of trading or investment advice, recommendation or strategy, given or in any manner endorsed by AlpacaDB, Inc. or any AlpacaDB, Inc. affiliate and the information made available through the Paper Trading API is not an offer or solicitation of any kind in any jurisdiction where AlpacaDB, Inc. or any AlpacaDB, Inc. affiliate (collectively, “Alpaca”) is not authorized to do business._
+
+_Securities brokerage services are provided by Alpaca Securities LLC ("Alpaca Securities"), member [FINRA](https://www.finra.org/)/[SIPC](https://www.sipc.org/), a wholly-owned subsidiary of AlpacaDB, Inc. Technology and services are offered by AlpacaDB, Inc._
+
+_This is not an offer, solicitation of an offer, or advice to buy or sell securities or open a brokerage account in any jurisdiction where Alpaca Securities are not registered or licensed, as applicable._
diff --git a/examples/options/options-zero-dte-backtesting/options-zero-dte-backtesting.ipynb b/examples/options/options-zero-dte-backtesting/options-zero-dte-backtesting.ipynb
@@ -72,9 +72,9 @@
         "- [Alpaca-py Documentation](https://alpaca.markets/sdks/python/index.html)\n",
         "- [API Reference of Alpaca APIs](https://docs.alpaca.markets/reference/authentication-2)\n",
         "\n",
-        "**Note**: This backtest requires access to both Alpaca’s Trading API and Databento API, with Options Price Reporting Authority (OPRA) data available through the Standard plan. Please review the documents below:\n",
+        "**Note**: This backtest requires both Alpaca’s Trading API and Databento's Historical API. In this demo, we use OPRA (Options Price Reporting Authority) equity options data from Databento, which can be accessed with usage-based pricing or through a subscription plan. Please review the following Databento resources below:\n",
         "- [Quickstart (Set up Databento)](https://databento.com/docs/quickstart)\n",
-        "- [Introducing new OPRA pricing plans](https://databento.com/blog/introducing-new-opra-pricing-plans)\n",
+        "- [OPRA Standard plan details](https://databento.com/pricing#opra)\n",
         "- [Equity options: Introduction](https://databento.com/docs/examples/options/equity-options-introduction)\n"
       ]
     },
