Option1
- hypothetical · Annual Return (Compounded)
- -58.7%
- Max Drawdown
- 43.0%
- Trades
- 35
- Win Trades
- 22.9%
- Profit Factor
- 0.60
- Win Months
- 1.1%
About this strategy
This strategy was developed to take advantage of explosive moves in liquid stock options. It will make money in any direction, up or down. In fact, some of the largest gains have come when the stock is down. However, if the market is choppy, expect losses. There is no way of getting around this so think of these times as simply the cost of doing business. There will be plenty of small losses with this strategy. However, when the stock makes a major move, it will more than make up for any losses.
I do not use stops with this system primarily because options have a built in stop; your risk is limited to the price paid for the option. However, the upside is unlimited, which is why this strategy is so powerful. I get in and out of a position when the system tells me to; it’s really as simple as that. It’s purely mechanical, which helps with psychology and removing emotion from trading. I believe this is critical to any traders success as the two most powerful emotions (fear and greed) are removed from the equation.
I highly suggest auto trading this system as it can be tricky to get filled on some option contracts. I also recommend trading 1 contract per 30000 of capital. If you risk more than this, you will likely fail if there is an extended choppiness period. There will be times that I will trade more than once in a day so you must maintain at least 25,000 in your brokerage account at all times. This is due to the pattern day trader regulation and there is no getting around it.
This strategy has been utilized for over 6 years with great success. If you are in this for the long haul and can accept some reasonable drawdown along the way, this system is for you. It has literally changed my life and I’m happy to share it with the public for the first time.
I do not use stops with this system primarily because options have a built in stop; your risk is limited to the price paid for the option. However, the upside is unlimited, which is why this strategy is so powerful. I get in and out of a position when the system tells me to; it’s really as simple as that. It’s purely mechanical, which helps with psychology and removing emotion from trading. I believe this is critical to any traders success as the two most powerful emotions (fear and greed) are removed from the equation.
I highly suggest auto trading this system as it can be tricky to get filled on some option contracts. I also recommend trading 1 contract per 30000 of capital. If you risk more than this, you will likely fail if there is an extended choppiness period. There will be times that I will trade more than once in a day so you must maintain at least 25,000 in your brokerage account at all times. This is due to the pattern day trader regulation and there is no getting around it.
This strategy has been utilized for over 6 years with great success. If you are in this for the long haul and can accept some reasonable drawdown along the way, this system is for you. It has literally changed my life and I’m happy to share it with the public for the first time.
Hypothetical Monthly Returns (includes fees/commissions)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019 | -2.0 | 21.7 | -29.6 | -11.3 | 0.0 | 0.0 | 0.0 | -25.4 | |||||
| 2020 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2021 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2022 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2023 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2024 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2025 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2026 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Statistics
Overview
| Strategy began | 6/7/2019 |
|---|---|
| Suggested Minimum Capital | $50,000 |
| Age | 88 months |
| What it trades | Options |
| # Trades | 35 |
| # Profitable | 8 |
| % Profitable | 22.9% |
| Avg trade duration | 2.2 days |
| Max peak-to-valley drawdown | 43.0% |
| drawdown period | July 18, 2019 - Sept 19, 2019 |
| Cumul. Return | -25.2% |
| Avg win | $2,457 |
| Avg loss | $1,161 |
Ratios
| W:L ratio | 0.63 |
|---|---|
| Sharpe Ratio | -0.44 |
| Sortino Ratio | -0.73 |
| Calmar Ratio | -0.51 |
CORRELATION STATISTICS
| Correlation to SP500 | 0.04 |
|---|---|
| Return Percent SP500 (cumu) during strategy life | 164.2% |
| Return of Strat Pcnt - Return of SP500 Pcnt (cumu) | -25.9% |
Return Statistics
| Ann Return (w trading costs) | -58.7% |
|---|---|
| Return Pcnt (Compound or Annual, age-based, NFA compliant) | -0.3% |
| Return Pcnt Since TOS Status | 0.0% |
| Ann Return (Compnd, No Fees) | -3.6% |
Slump
| Current Slump as Pcnt Equity | 73.5% |
|---|---|
| Current Slump, time of slump as pcnt of strategy life | 1.0% |
Instruments
| Percent Trades Forex | 0.0% |
|---|---|
| Percent Trades Futures | 0.0% |
| Percent Trades Options | 1.0% |
| Short Options - Percent Covered | 100.0% |
| Percent Trades Stocks | 0.0% |
Risk of Ruin (Monte-Carlo)
| Chance of 10% account loss | 100.0% |
|---|---|
| Chance of 20% account loss | 100.0% |
| Chance of 30% account loss | 44.5% |
| Chance of 40% account loss | 4.5% |
| Chance of 50% account loss | 0.0% |
| Chance of 60% account loss (Monte Carlo) | 0.0% |
| Chance of 70% account loss (Monte Carlo) | 0.0% |
| Chance of 80% account loss (Monte Carlo) | 0.0% |
| Chance of 90% account loss (Monte Carlo) | 0.0% |
Automation
| Percentage Signals Automated | 2.7% |
|---|
Popularity
| Popularity (Today) | 0 |
|---|---|
| Popularity (Last 6 weeks) | 728 |
| Popularity (7 days, Percentile 1000 scale) | 529 |
Trading Style
| Any stock shorts? 0/1 | 0 |
|---|
Trades-Own-System Certification
| Trades Own System? | 0 |
|---|---|
| TOS percent | 0.0% |
Win / Loss
| Avg Loss | $1,161 |
|---|---|
| Avg Win | $2,457 |
| # Winners | 8 |
| Sum Trade PL (losers) | $31,358 |
| Sum Trade PL (winners) | $19,656 |
| Num Months Winners | 1 |
| # Losers | 27 |
| % Winners | 22.9% |
Dividends
| Dividends Received in Model Acct | 0 |
|---|
Age
| Num Months filled monthly returns table | 87 |
|---|
Frequency
| Avg Position Time (mins) | 3121.57 |
|---|---|
| Avg Position Time (hrs) | 52.03 |
| Avg Trade Length | 2.20 |
| Last Trade Ago | 2544 |
Leverage
| Daily leverage (average) | 2.80 |
|---|---|
| Daily leverage (max) | 4.90 |
Regression
| Alpha | -0.02 |
|---|---|
| Beta | 0.02 |
| Treynor Index | -0.73 |
Maximum Adverse Excursion (MAE)
| MAE:Equity, average, all trades | 0.02 |
|---|---|
| MAE:Equity, 95th Percentile Value for this strat | 0.03 |
| MAE:Equity, average, losing trades | 0.03 |
| MAE:Equity, losing trades only, 95th Percentile Value for this strat | — |
| MAE:Equity, average, winning trades | 0.01 |
| MAE:Equity, win trades only, 95th Percentile Value for this strat | — |
| Avg(MAE) / Avg(PL) - All trades | -3.27 |
| MAE:PL (avg, all trades) | -0.86 |
| MAE:PL (avg, losing trades) | — |
| MAE:PL (avg, winning trades) | — |
| MAE:PL - worst single value for strategy | — |
| Avg(MAE) / Avg(PL) - Winning trades | 0.16 |
| Avg(MAE) / Avg(PL) - Losing trades | -1.12 |
| Hold-and-Hope Ratio | -0.31 |
RATIO STATISTICS
| Mean | -0.36 |
|---|---|
| SD | 0.77 |
| Sharpe ratio (Glass type estimate) | -0.47 |
| Sharpe ratio (Hedges UMVUE) | -0.27 |
| df | 2 |
| t | -0.24 |
| p | 0.58 |
| Lowerbound of 95% confidence interval for Sharpe Ratio | -4.36 |
| Upperbound of 95% confidence interval for Sharpe Ratio | 3.52 |
| Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation | -4.20 |
| Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation | 3.66 |
| Sortino ratio | -0.64 |
| Upside Potential Ratio | 1.36 |
| Upside part of mean | 0.78 |
| Downside part of mean | -1.14 |
| Upside SD | 0.28 |
| Downside SD | 0.57 |
| N nonnegative terms | 2 |
| N negative terms | 1 |
| N of observations | 3 |
| Mean of predictor | 0.12 |
| Mean of criterion | -0.36 |
| SD of predictor | 0.09 |
| SD of criterion | 0.77 |
| Covariance | -0.00 |
| r | -0.05 |
| b (slope, estimate of beta) | -0.39 |
| a (intercept, estimate of alpha) | -0.32 |
| Mean Square Error | 1.17 |
| DF error | 1 |
| t(b) | -0.05 |
| p(b) | 0.51 |
| t(a) | -0.13 |
| p(a) | 0.54 |
| Lowerbound of 95% confidence interval for beta | -110.46 |
| Upperbound of 95% confidence interval for beta | 109.67 |
| Lowerbound of 95% confidence interval for alpha | -30.78 |
| Upperbound of 95% confidence interval for alpha | 30.15 |
| Treynor index (mean / b) | 0.93 |
| Jensen alpha (a) | -0.32 |
| Mean | -0.60 |
| SD | 0.86 |
| Sharpe ratio (Glass type estimate) | -0.70 |
| Sharpe ratio (Hedges UMVUE) | -0.40 |
| df | 2 |
| t | -0.35 |
| p | 0.62 |
| Lowerbound of 95% confidence interval for Sharpe Ratio | -4.59 |
| Upperbound of 95% confidence interval for Sharpe Ratio | 3.35 |
| Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation | -4.33 |
| Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation | 3.54 |
| Sortino ratio | -0.89 |
| Upside Potential Ratio | 1.11 |
| Upside part of mean | 0.74 |
| Downside part of mean | -1.34 |
| Upside SD | 0.26 |
| Downside SD | 0.67 |
| N nonnegative terms | 2 |
| N negative terms | 1 |
| N of observations | 3 |
| Mean of predictor | 0.12 |
| Mean of criterion | -0.60 |
| SD of predictor | 0.09 |
| SD of criterion | 0.86 |
| Covariance | -0.00 |
| r | -0.05 |
| b (slope, estimate of beta) | -0.52 |
| a (intercept, estimate of alpha) | -0.54 |
| Mean Square Error | 1.46 |
| DF error | 1 |
| t(b) | -0.05 |
| p(b) | 0.52 |
| t(a) | -0.20 |
| p(a) | 0.56 |
| Lowerbound of 95% confidence interval for beta | -124.85 |
| Upperbound of 95% confidence interval for beta | 123.80 |
| Lowerbound of 95% confidence interval for alpha | -34.47 |
| Upperbound of 95% confidence interval for alpha | 33.39 |
| Treynor index (mean / b) | 1.15 |
| Jensen alpha (a) | -0.54 |
| VaR(95%) | 0.37 |
| Expected Shortfall on VaR | 0.43 |
| VaR(95%) | 0.17 |
| Expected Shortfall on VaR | 0.33 |
| Mean | -0.76 |
| SD | 0.49 |
| Sharpe ratio (Glass type estimate) | -1.57 |
| Sharpe ratio (Hedges UMVUE) | -1.56 |
| df | 81 |
| t | -0.88 |
| p | 0.81 |
| Lowerbound of 95% confidence interval for Sharpe Ratio | -5.08 |
| Upperbound of 95% confidence interval for Sharpe Ratio | 1.95 |
| Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation | -5.07 |
| Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation | 1.96 |
| Sortino ratio | -2.63 |
| Upside Potential Ratio | 6.63 |
| Upside part of mean | 1.93 |
| Downside part of mean | -2.69 |
| Upside SD | 0.39 |
| Downside SD | 0.29 |
| N nonnegative terms | 18 |
| N negative terms | 64 |
| N of observations | 82 |
| Mean of predictor | 0.06 |
| Mean of criterion | -0.76 |
| SD of predictor | 0.14 |
| SD of criterion | 0.49 |
| Covariance | 0.02 |
| r | 0.27 |
| b (slope, estimate of beta) | 0.94 |
| a (intercept, estimate of alpha) | -0.26 |
| Mean Square Error | 0.22 |
| DF error | 80 |
| t(b) | 2.50 |
| p(b) | 0.01 |
| t(a) | -0.97 |
| p(a) | 0.83 |
| Lowerbound of 95% confidence interval for beta | 0.19 |
| Upperbound of 95% confidence interval for beta | 1.68 |
| Lowerbound of 95% confidence interval for alpha | -2.50 |
| Upperbound of 95% confidence interval for alpha | 0.86 |
| Treynor index (mean / b) | -0.82 |
| Jensen alpha (a) | -0.82 |
| Mean | -0.88 |
| SD | 0.48 |
| Sharpe ratio (Glass type estimate) | -1.85 |
| Sharpe ratio (Hedges UMVUE) | -1.83 |
| df | 81 |
| t | -1.03 |
| p | 0.85 |
| Lowerbound of 95% confidence interval for Sharpe Ratio | -5.36 |
| Upperbound of 95% confidence interval for Sharpe Ratio | 1.67 |
| Lowerbound of 95% CI (Gibbons, Hedeker & Davis approximation | -5.35 |
| Upperbound of 95% CI (Gibbons, Hedeker & Davis approximation | 1.68 |
| Sortino ratio | -2.96 |
| Upside Potential Ratio | 6.25 |
| Upside part of mean | 1.86 |
| Downside part of mean | -2.74 |
| Upside SD | 0.37 |
| Downside SD | 0.30 |
| N nonnegative terms | 18 |
| N negative terms | 64 |
| N of observations | 82 |
| Mean of predictor | 0.05 |
| Mean of criterion | -0.88 |
| SD of predictor | 0.14 |
| SD of criterion | 0.48 |
| Covariance | 0.02 |
| r | 0.27 |
| b (slope, estimate of beta) | 0.92 |
| a (intercept, estimate of alpha) | -0.92 |
| Mean Square Error | 0.21 |
| DF error | 80 |
| t(b) | 2.54 |
| p(b) | 0.01 |
| t(a) | -1.12 |
| p(a) | 0.87 |
| Lowerbound of 95% confidence interval for beta | 0.20 |
| Upperbound of 95% confidence interval for beta | 1.65 |
| Lowerbound of 95% confidence interval for alpha | -2.56 |
| Upperbound of 95% confidence interval for alpha | 0.72 |
| Treynor index (mean / b) | -0.95 |
| Jensen alpha (a) | -0.92 |
| VaR(95%) | 0.05 |
| Expected Shortfall on VaR | 0.06 |
| VaR(95%) | 0.03 |
| Expected Shortfall on VaR | 0.05 |
| VAR (95 Confidence Intrvl) | 0.03 |
ORDER STATISTICS
| Number of observations | 3 |
|---|---|
| Minimum | 0.72 |
| Quartile 1 | 0.91 |
| Median | 1.10 |
| Quartile 3 | 1.10 |
| Maximum | 1.10 |
| Mean of quarter 1 | 0.72 |
| Mean of quarter 2 | 1.10 |
| Mean of quarter 3 | 0 |
| Mean of quarter 4 | 1.10 |
| Inter Quartile Range | 0.19 |
| Number outliers low | 0 |
| Percentage of outliers low | 0 |
| Mean of outliers low | 0 |
| Number of outliers high | 0 |
| Percentage of outliers high | 0 |
| Mean of outliers high | 0 |
| Extreme Value Index (moments method) | 0 |
| VaR(95%) (moments method) | 0 |
| Expected Shortfall (moments method) | 0 |
| Extreme Value Index (regression method) | 0 |
| VaR(95%) (regression method) | 0 |
| Expected Shortfall (regression method) | 0 |
| Number of observations | 82 |
| Minimum | 0.93 |
| Quartile 1 | 0.98 |
| Median | 1.00 |
| Quartile 3 | 1 |
| Maximum | 1.12 |
| Mean of quarter 1 | 0.97 |
| Mean of quarter 2 | 0.99 |
| Mean of quarter 3 | 1.00 |
| Mean of quarter 4 | 1.03 |
| Inter Quartile Range | 0.02 |
| Number outliers low | 5 |
| Percentage of outliers low | 0.06 |
| Mean of outliers low | 0.95 |
| Number of outliers high | 7 |
| Percentage of outliers high | 0.09 |
| Mean of outliers high | 1.07 |
| Extreme Value Index (moments method) | -0.46 |
| VaR(95%) (moments method) | 0.03 |
| Expected Shortfall (moments method) | 0.04 |
| Extreme Value Index (regression method) | -0.28 |
| VaR(95%) (regression method) | 0.03 |
| Expected Shortfall (regression method) | 0.04 |
DRAW DOWN STATISTICS
| Number of observations | 1 |
|---|---|
| Minimum | 0.28 |
| Quartile 1 | 0.28 |
| Median | 0.28 |
| Quartile 3 | 0.28 |
| Maximum | 0.28 |
| Mean of quarter 1 | 0 |
| Mean of quarter 2 | 0 |
| Mean of quarter 3 | 0 |
| Mean of quarter 4 | 0 |
| Inter Quartile Range | 0 |
| Number outliers low | 0 |
| Percentage of outliers low | 0 |
| Mean of outliers low | 0 |
| Number of outliers high | 0 |
| Percentage of outliers high | 0 |
| Mean of outliers high | 0 |
| Extreme Value Index (moments method) | 0 |
| VaR(95%) (moments method) | 0 |
| Expected Shortfall (moments method) | 0 |
| Extreme Value Index (regression method) | 0 |
| VaR(95%) (regression method) | 0 |
| Expected Shortfall (regression method) | 0 |
| Number of observations | 6 |
| Minimum | 0.00 |
| Quartile 1 | 0.01 |
| Median | 0.03 |
| Quartile 3 | 0.06 |
| Maximum | 0.41 |
| Mean of quarter 1 | 0.01 |
| Mean of quarter 2 | 0.02 |
| Mean of quarter 3 | 0.04 |
| Mean of quarter 4 | 0.24 |
| Inter Quartile Range | 0.05 |
| Number outliers low | 0 |
| Percentage of outliers low | 0 |
| Mean of outliers low | 0 |
| Number of outliers high | 1 |
| Percentage of outliers high | 0.17 |
| Mean of outliers high | 0.41 |
| Extreme Value Index (moments method) | 0 |
| VaR(95%) (moments method) | 0 |
| Expected Shortfall (moments method) | 0 |
| Extreme Value Index (regression method) | 0 |
| VaR(95%) (regression method) | 0 |
| Expected Shortfall (regression method) | 0 |
| Strat Max DD how much worse than SP500 max DD during strat life? | -42 |
| Max Equity Drawdown (num days) | 63 |
| Last 4 Months - Pcnt Negative | 0.0% |
COMBINED STATISTICS
| Annualized return (arithmetic extrapolation) | -0.53 |
|---|---|
| Compounded annual return (geometric extrapolation) | -0.44 |
| Calmar ratio (compounded annual return / max draw down) | -1.54 |
| Compounded annual return / average of 25% largest draw downs | 0 |
| Compounded annual return / Expected Shortfall lognormal | -1.02 |
| j156mfCOMBRisPar | 0 |
| j157mfCOMBRisPar | 0 |
| Annualized return (arithmetic extrapolation) | -0.75 |
| Compounded annual return (geometric extrapolation) | -0.57 |
| Calmar ratio (compounded annual return / max draw down) | -1.39 |
| Compounded annual return / average of 25% largest draw downs | -2.36 |
| Compounded annual return / Expected Shortfall lognormal | -9.26 |
Trading record
| Symbol | Side | Qty | Opened | Closed | P/L |
|---|---|---|---|---|---|
| AMZN1920U1830 | long | 2 | Sep 19, 2019 | Sep 19, 2019 | $407 |
| AMZN1920U1812.5 | long | 1 | Sep 18, 2019 | Sep 19, 2019 | ($1,213) |
| AMZN1920U1810 | long | 1 | Sep 16, 2019 | Sep 17, 2019 | ($897) |
| AMZN1920I1850 | long | 1 | Sep 12, 2019 | Sep 16, 2019 | ($1,756) |
| AMZN1913I1830 | long | 1 | Sep 11, 2019 | Sep 11, 2019 | ($646) |
| AMZN1913U1815 | long | 1 | Sep 10, 2019 | Sep 11, 2019 | ($952) |
| AMZN1913I1832.5 | long | 1 | Sep 6, 2019 | Sep 9, 2019 | ($727) |
| AMZN1906I1787.5 | long | 1 | Sep 3, 2019 | Sep 6, 2019 | $2,678 |
| AMZN1906U1770 | long | 2 | Aug 30, 2019 | Sep 3, 2019 | ($2,163) |
| AMZN1930T1790 | long | 2 | Aug 23, 2019 | Aug 27, 2019 | ($503) |
| AMZN1923H1805 | long | 2 | Aug 22, 2019 | Aug 23, 2019 | ($2,303) |
| AMZN1923H1827.5 | long | 2 | Aug 21, 2019 | Aug 22, 2019 | ($2,053) |
| AMZN1923H1795 | long | 2 | Aug 16, 2019 | Aug 20, 2019 | ($273) |
| AMZN1916T1775 | long | 2 | Aug 14, 2019 | Aug 16, 2019 | ($3,485) |
| AMZN1916H1822.5 | long | 2 | Aug 13, 2019 | Aug 14, 2019 | ($3,143) |
| AMZN1916T1800 | long | 1 | Aug 12, 2019 | Aug 13, 2019 | ($1,417) |
| AMZN1909H1790 | long | 2 | Aug 7, 2019 | Aug 9, 2019 | ($813) |
| AMZN1909T1760 | long | 2 | Aug 7, 2019 | Aug 7, 2019 | ($2,643) |
| AMZN1926S1975 | long | 1 | Jul 19, 2019 | Jul 22, 2019 | ($447) |
| AMZN1919S2010 | long | 2 | Jul 16, 2019 | Jul 19, 2019 | $1,217 |
| AMZN1919S2010 | long | 2 | Jul 15, 2019 | Jul 15, 2019 | ($953) |
| AMZN1912G1935 | long | 2 | Jul 5, 2019 | Jul 11, 2019 | $12,047 |
| AMZN1905G1917.5 | long | 2 | Jul 2, 2019 | Jul 5, 2019 | $267 |
| AMZN1905G1925 | long | 1 | Jul 1, 2019 | Jul 2, 2019 | ($1,244) |
| AMZN1928F1905 | long | 1 | Jun 27, 2019 | Jun 28, 2019 | ($829) |
| NFLX1928R367.5 | long | 1 | Jun 25, 2019 | Jun 27, 2019 | ($286) |
| AMZN1928R1897.5 | long | 1 | Jun 25, 2019 | Jun 26, 2019 | ($257) |
| NFLX1928F367.5 | long | 1 | Jun 21, 2019 | Jun 25, 2019 | ($222) |
| AMZN1928R1907.5 | long | 1 | Jun 24, 2019 | Jun 24, 2019 | ($382) |
| AMZN1921F1905 | long | 1 | Jun 19, 2019 | Jun 21, 2019 | ($247) |
Past results are not necessarily indicative of future results.
These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.