Risk disclaimer

Effective date: [EFFECTIVE DATE]

Please read this before using Kwaant or acting on anything you learn from it.

Trading involves substantial risk

Trading futures and options carries a high level of risk and is not suitable for everyone.

• Futures are leveraged. A small price move can cause a large loss, and you can lose more than the money you deposited. Your broker can ask for more margin at short notice or close your positions without asking you.
• Prices can jump. Markets can gap overnight or around news, and orders such as stops may be filled far from the price you set, or not at all.
• Options can lose their entire value, and selling options can expose you to large losses.
• Currency futures carry the same risks, plus the effect of exchange-rate moves.

Only trade with money you can afford to lose, and consider whether trading suits your experience, goals and financial situation. If you are unsure, speak to an independent, licensed financial professional.

Kwaant is a research tool, not advice

Kwaant tests strategies on historical market data and reports the evidence. It does not give investment, financial, trading or tax advice, does not recommend any trade, and does not know your circumstances. Every trading decision you make is your own.

Kwaant and the people who run it are not registered with the Commodity Futures Trading Commission, the National Futures Association or the Securities and Exchange Commission as a commodity trading advisor, investment adviser, broker or in any other capacity.

Kwaant never places a trade and never connects to a broker. If you export a strategy as Pine Script and automate it yourself, you are responsible for how it runs and for every trade it places. Code can behave differently on another platform than it did in Kwaant's tests, for example because of different data, order handling, fills or fees. Check it carefully before you rely on it.

Backtests and hypothetical results have limits

Results shown in Kwaant are hypothetical: they come from testing rules on past data, not from real trading. Wherever Kwaant shows them, it shows this statement with them:

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.

In plain words:

• Past performance does not guarantee future results. Markets change, and a strategy that worked on history can stop working.
• A backtest is a model. Kwaant models trading costs such as commission and slippage, and the effect of margin, but real fills, fees, liquidity and market conditions can differ.
• Testing many variations invites luck. Kwaant's checks are built to catch variations that only look good by chance, including a final test on a stretch of history set aside and not looked at during the research. These checks reduce this risk; they cannot remove it.
• "Improved" means a variation passed every check on history, and no more. It is not a prediction, a recommendation or a promise of future returns. "No honest improvement found" and "Can't tell yet" are results too.
• The AI explains; it does not calculate. Every number in a Kwaant report comes from deterministic code, not from the AI. The AI's written explanations can still contain mistakes, so treat them as a guide to the numbers, not a replacement for them.
• The charts and examples on the website are illustrative. They are not real market data and not results produced by Kwaant.

Market data

Kwaant tests strategies on historical market data that includes data from CME Group. CME Group does not sponsor, endorse or review Kwaant and is not responsible for Kwaant or its results. Historical data can contain errors, gaps or adjustments, and results depend on it.

No guarantee

We work hard to make Kwaant accurate, but software and data can contain errors. Kwaant is provided without any guarantee of accuracy, completeness or results. To the fullest extent the law allows, Kwaant and the people who run it are not liable for any trading loss or other loss arising from its use. Our terms of use set out the full terms.