Get a New, Fully-Coded Trading Indicator Every Week — With the Source Code to Make It Your Own

IndicAItors is the first NinjaTrader community where traders use AI to build their own indicators. Get instant access to the entire Library, every indicator comes with its source code, so you can modify it for your exact edge. A new one drops every single week.

Watch this video to learn more:

I created IndicAItors for trader who are done being limited by Off-The-Shelf tools.

• Full source code on every indicator.
• A new indicator every week.
• Build, modify & share.
• You trade NinjaTrader and want indicators that fit your edge — not generic, locked tools.
• You're tired of buying closed-source indicators you can't change.
• You want a steady stream of new, ready-to-use indicators without building everything yourself.
• You want to learn to build and modify your own tools with AI.
• You're an order-flow, footprint, or futures trader who wants depth, not gimmicks.

Members get new indicators each week!

How many trading indicators have you bought… that you couldn't change?

You find one that's close. It's almost what you want, "if it just colored the bars differently," "or added a delta filter," "or alerted on the exact condition you trade." But it's locked. Closed source. Take it or leave it.

You either trade around its limitations or you go hunting for the next one. And the next. Quietly building a graveyard of indicators that never quite fit how you trade.

It doesn't have to be that way anymore.

Here's what almost no trader has fully caught onto yet:

AI can now write indicator code.

You can describe an indicator in plain English and get working code for it. Which means, for the first time, you're not stuck with what someone else built and locked down. You can build your own — or take one that's close and reshape it into exactly what you need.

The problem? Doing it alone is brutal. The AI spits out code that won't compile, uses outdated syntax, and leaves you staring at errors with nowhere to turn. Starting from a blank screen every time is slow and frustrating.

What if you didn't have to start from scratch, or from zero?

That's exactly why I built IndicAItors.

It's the community for traders who want to use AI to build their own indicators and the heart of it is the Library: a growing library of fully-coded, ready-to-use indicators, where every single one comes with its complete source code.

⤓ Use it as-is. Drop it on your chart today ready to trade, right out of the Library.

✎ Modify it. Change the logic, the colors, the alerts, the conditions to fit exactly how you trade.

◎ Learn from it. See how real indicators are actually built, and get better at directing AI yourself.

⊕ Build on it. Start from a working indicator instead of a blank screen.

And here's the promise that keeps the Library alive: every week, at least one brand-new, fully-coded indicator drops in. Ready to use. Source code included. Yours the moment you're a member, every indicator, all the code, for as long as you're in.

~INDICAITORS IS A COMMUNITY, NOT JUST A LIBRARY ~

IndicAItors is the engine. The traders inside are why it's alive.

You're not buying a static product. You're joining a library that grows every week — and a room full of traders building alongside you.

• Share what you build. Made or modified something with AI? Post it. The best member-built indicators get added to the Vault for everyone.
• See what others create. Every trader brings a different edge. You'll see indicators you'd never have thought of.
• Get unstuck. Hit a wall on the code? Post it and get help you can't get anywhere else — NinjaTrader's support won't touch AI-generated code.
• Build the library together. IndicAItors grows from my weekly drops and what members contribute. The longer you're in, the bigger it gets.
  

One trader can build a tool. A community builds an arsenal.

Here's the math nobody talks about. On your own, you get one brain, one trading style, one set of ideas — and a blank screen every time you want something new. Inside IndicAItors, every member is a builder. Every edge someone discovers becomes an indicator everyone can use. The library doesn't grow at the speed of one person. It grows at the speed of the whole room.

01 The blank-screen problem disappears.

The hardest part of building with AI isn't the idea — it's the first working version. The compile errors. The outdated syntax. The signal that repaints and you can't figure out why. Alone, that's where most traders quit.

In here, someone has almost always already hit that exact wall — and posted the fix. You start from working code, not from zero.

02 Every trader's edge multiplies yours.

You trade footprints. Someone else trades delta divergence. A third trades in volume profile. Every trader who walks in brings an angle you don't have and turns it into code you can actually use. You're not limited to the indicators you can imagine anymore. You get the sharpest ideas of every serious trader in the room, already built.

03 The library compounds, whether you build or not.

This is the part that pays off the longer you stay. Every week I drop at least one new fully-coded indicator. Every week members add theirs. You don't have to build a single thing to benefit — you just keep getting more.

A year in, the Vault isn't a little bigger. It's a different library entirely — and founders hold all of it at a price that never moves.

04 Good tools rise. Bad ones don't.

When hundreds of traders are using and stress-testing the same indicators, quality surfaces fast. The tools that actually work get used, refined, and promoted into the Vault. The ones that don't quietly fade.

You're not gambling on one developer's judgment. You're getting tools pressure-tested by a room full of people trading real markets.

05 You stay building instead of stalling.

Most traders start a project alone, hit one error, and shelve it for good. A room of builders changes that. You see what others are shipping, you get answers in hours instead of weeks, and the momentum keeps you moving from "I wish an indicator did this" to "it's on my chart."

You can keep building alone — slowly, from scratch, every time. Or plug into a library a whole community makes better every week.

I've paid programmers hundreds of thousands of $$$ over the years to program indicators by hand. Now I build them with AI and hand you the code.

For years I've built custom NinjaTrader indicators and order-flow tools by hand — in NinjaScript, in C# — and taught thousands of traders to read the market through footprint and delta. Building these tools is literally what I do.

AI can write code, but it can't tell you when the code is wrong, or why an order-flow signal repaints, or how to make it actually work the way you trade. That's the part I bring. Every indicator in the Vault is built and vetted by someone who's done this for real.

What you get when you unlock the Vault

No black boxes. No drip-fed lessons. Real indicators, real code, and a library that's never finished.

Full access to the entire Vault.

Every indicator in the library, ready to drop on your chart today. 

The source code for every single one.

No black boxes. You get the complete code behind every indicator, so you can modify, extend, and truly own it.

A new fully-coded indicator every week.

At least one brand-new indicator added to the Vault every week, built and ready to use. The library is never "done."

The skill to build & modify your own.

The proven prompt framework to direct AI yourself. Turn any idea into a working indicator, or reshape a Vault one into exactly what you need.

Help when you get stuck.

Post your broken code or your modification question and get it solved — the AI-NinjaScript help you can't get from NinjaTrader.

The community + the Show Your Build wall.

Share what you create, see what others build, and get the best member indicators added to the Vault for everyone.

Recognition for what you contribute.

Build something great and get it featured to the entire Orderflows audience. What you build, you own — use it, modify it, share it. It's yours.

Every month you wait, the AI gap gets wider.

Trading doesn't pause while you figure this out. Right now, one of two things is happening to your edge — it's compounding, or it's eroding. There's no flat line. Here's why sitting this out costs more than joining ever will.

Staying the same isn't free — it's the most expensive option.

Keep buying locked indicators and the bill never stops. A subscription here, a one-off there — a hundred dollars here, a few hundred there — for tools you can't change, can't combine, and don't own. Add it up over a year and you've spent more than a founding membership costs, and you're still trading around someone else's limitations. The graveyard just gets bigger.

The AI window is open right now — and it won't stay quiet.

For the first time ever, a trader can describe a tool in plain English and get working code for it. That's not going to be a secret forever. The traders who learn to direct AI and build their own edge now will be miles ahead of the ones who wake up to it a year from now. Being early here isn't a nice-to-have. It's the entire advantage.

The IndicAItors will never be this small — or this cheap — again.

Every week it grows. Which means today it's the smallest it will ever be, and the founder price is the lowest it will ever be. Lock in now and you hold the entire library plus every future drop at a number that never moves. Wait, and you watch the price climb past you while everyone who got in early keeps stacking their edge.

Founders only get one shot at this door.

Just 50 founding seats, then the price goes up for good not "up for a while," up permanently. There is no version of this offer that comes back cheaper later. The only way to ever get the founder price is to be a founder, and that window is open right now.

Don't be the trader who waits.

Six months from now, still hunting for the indicator that fits. Still trading around limitations someone else baked in. Still alone at midnight with AI code that won't compile and no one to ask.

Be the trader who joins.

Six months from now, a chart full of tools shaped to their exact edge. A new indicator every week. A room of builders one post away. And a founder price the rest of the market will never see.

Same six months. Two completely different traders. 

The only difference is the decision you make right now.

Inside the IndicAItors Library is the Smart Money Overlay Indicator and FULL Source Code for you to use immediately.

We will be adding new indicators and source code weekly.

Here is a list of some of the IndicAItors you get when you join right now
New indicaitors being added weekly

Smart Money Overlay

Market structure, order blocks, and a built-in risk engine on one overlay.

What it does.  Smart Money Overlay reads market structure for you. It detects swing structure and labels every turn (HH / HL / LH / LL), marks Break of Structure (continuation) and Change of Character (the first sign of a reversal), and boxes the order block behind each displacement move. A built-in risk engine fires buy/sell signals with entry, stop, and up to three take-profit levels plus break-even logic, and a live on-chart dashboard tracks trend, the current trade, and session win/loss stats.

Why it matters.  Smart-money concepts are powerful but tedious to mark by hand and easy to see with hindsight bias. This tool commits its structure logic on closed bars — non-repainting — so BOS, CHoCH, and order blocks are objective the moment they print. You get an institutional read on structure and a complete trade framework without drawing a single line.

Key features

–     Automatic HH/HL/LH/LL structure labels with BOS and CHoCH markers.

–     Order-block zones drawn from the last opposing candle before displacement, with mitigation tracking.

–     Risk engine: entry, stop-loss, TP1/TP2/TP3, and break-even, with % distance labels.

–     Live dashboard with trend, active trade, and session statistics; optional ATR trend line.

Inside Bar Marker

Objective, automated signals for one of the market's most reliable breakout patterns.

What it does.  The Inside Bar Marker scans every bar for the classic inside-bar pattern — a bar whose entire range sits inside the prior "mother bar" — and flags the breakout automatically. When price trades beyond the setup's high, it plots an up triangle below the bar; beyond the low, a down triangle above. It plots directly on your price bars, works on any instrument and timeframe, and exposes a Signal plot value you can reference from strategies, alerts, columns, and the Market Analyzer.

Why it matters.  Inside bars mark a pause or contraction in volatility as the market consolidates, and the break of that range often signals a resumption of the move. Instead of hunting for these setups by eye, you get an objective, automated read the moment the range breaks — and, because the signal is exposed programmatically, you can build it into other indicators and automated strategies.

Key features

–     Automatic inside-bar detection on every bar — no manual marking.

–     Up/down breakout triangles with an adjustable tick offset for a clean read.

–     Option to show both signals when a single bar takes out both sides.

–     Signal plot value for use in strategies, alerts, columns, and the Market Analyzer.

VWAP Cross

Clean moving-average-crosses-VWAP signals. Raw crosses, zero filters.

What it does.  VWAPCross plots two lines — a moving average of your choice and an anchored VWAP — and prints a signal every time they cross. A BUY triangle appears below the bar when the MA crosses above the VWAP; a SELL triangle above the bar when it crosses below. Signals print only on closed bars, so they never repaint, and the anchor bar is shaded so you always know where the VWAP began.

Why it matters.  VWAP is where the average dollar has traded since the anchor, and institutions benchmark executions against it. When a fast MA crosses it, short-term momentum has shifted to the other side of fair value. The signals are deliberately unfiltered — best used as a timing and context layer inside your process, alongside order flow, structure, and higher-timeframe bias. Single signals lie; combinations tell the truth.

Key features

–     Five moving-average types: EMA, SMA, HMA, WMA, TEMA.

–     Anchored VWAP on typical price, resetting at session start or any custom time (e.g. the 8:30 CT cash open).

–     Confirmed-bar, non-repainting signals with custom triangle sizing, offsets, and colors.

–     Optional BUY/SELL text labels and real-time sound alerts; works on any instrument and bar type.

VWAPSwings — Swing-Anchored VWAP

A living map of where the average trader is positioned at every turning point.

What it does.  VWAPSwings finds every meaningful swing high and low and anchors a VWAP line to each one. Swing lows anchor a blue VWAP built from bar lows; swing highs anchor a red VWAP built from bar highs. When the next swing of the same type confirms, the old line freezes as history and a fresh one takes over — so every swing keeps its own VWAP. The trend-side line is drawn brighter and thicker with a live price readout, and every swing is stamped with its structure label.

Why it matters.  VWAP is the one level institutions actually answer to — but the standard session anchor is arbitrary. VWAPSwings anchors to where the real fight between buyers and sellers took place. As long as price holds above a swing-low VWAP, the buyers from that turn are in profit and defending it; break below and they're trapped. It's the anchored-VWAP technique institutions use, automated on every confirmed swing with no hindsight bias.

Key features

–     Automatic blue (swing-low) and red (swing-high) anchored VWAPs across the whole chart.

–     Repaint-free swing detection with adjustable left/right lookbacks.

–     Frozen historical segments at reduced opacity so the active line always stands out.

–     HH/HL/LH/LL structure labels on every confirmed swing.

VPSwings — Swing-Anchored Volume Profile

Volume profiles anchored to market structure, not the clock.

What it does.  Most volume profiles slice the market by time — sessions, 30-minute blocks, composites. VPSwings anchors instead to structure: every time a swing high or low confirms, a new profile begins. Each leg of the move gets its own complete profile with a Point of Control, Value Area High, and Value Area Low, and a developing profile builds live from the last confirmed swing to the current bar. Every swing is marked and labeled HH / HL / LH / LL so trend context sits on the chart at a glance.

Why it matters.  The market moves in swings, not minutes. A pullback that holds above the prior leg's POC is a very different trade than one that slices through it. Time-based profiles blur these distinctions by mixing legs together; VPSwings keeps each leg separate so you can read initiative versus acceptance directly.

Key features

–     A fresh POC, VAH, and VAL for every confirmed swing leg.

–     Repaint-free swing detection with independent left and right lookbacks.

–     Live developing profile with POC/VAH/VAL exposed as plots for other tools and strategies.

–     Built-in market-structure labeling; works on any bar type and sits cleanly over footprint charts. 

Volume Expansion

See unusually large volume the instant it prints.

What it does.  Volume Expansion highlights bars whose volume expands well beyond recent average. On every bar it compares that bar's volume against the average of the prior N bars; when the current bar exceeds your chosen multiple of that average, the bar is flagged as an expansion bar and its background is highlighted directly on the chart. An optional sound alert fires the first time a bar qualifies in real time.

Why it matters.  Volume expansion often marks the start of a move, a breakout, a climax or exhaustion, or aggressive one-sided participation — the moments order-flow traders care about most. The tool answers one question at a glance: is unusually large volume printing right now, relative to what's been normal? A higher multiplier surfaces only the most significant bars; a longer lookback smooths the baseline.

Key features

–     Flags bars trading above a user-set multiple of average volume.

–     Adjustable lookback (the volume baseline) and multiplier (the sensitivity).

–     Adjustable highlight opacity so candles stay readable.

–     Optional one-time real-time sound alert; works on any bar type.

Wicked Levels

Rejection wick zones that stay alive until price trades through them.

What it does.  Wicked Levels automatically finds rejection wicks and projects them forward as price zones. A lower wick on an up bar is a demand footprint — sellers pushed down, buyers stepped in hard, price closed higher. An upper wick on a down bar is a supply footprint. Each qualifying wick becomes a shaded zone that extends bar by bar into the future and only retires when price trades completely through the original wick extreme, freezing there as historical context.

Why it matters.  A wick is where the market tried to go and failed — someone with size defended that level. Wicked Levels captures those moments so you don't have to spot them by eye or guess whether an old wick still matters. A zone that survives multiple touches is a defended level; one that gets swept tells you exactly where and when it failed. Everything is drawn on closed bars, so zones never repaint.

Key features

–     Automatic detection of true rejection wicks (Rejection Wicks Only mode) or every wick (All Bars).

–     Red supply zones and blue demand zones with an optional centerline for 50% entries.

–     Zones extend until the wick extreme is swept, then freeze as historical levels.

–     Wick-side, candle-direction, size-range, and swing filters to isolate the setups you trade.

Gap And Go

Gap detection and Gap-and-Go trigger lines, projected in advance.

What it does.  GapAndGo automatically detects price gaps between consecutive bars and turns them into actionable context. The moment a qualifying gap prints, it can stamp the bar with a triangle, shade the untraded gap zone as a rectangle that extends forward until price fills it, highlight the gap bars, fire a sound alert, and — the signature feature — project a Gap-and-Go trigger line off the gap bar's extreme so you have a clean breakout reference before those bars even exist.

Why it matters.  A gap shows conviction, but the "go" is confirmed when price takes out the gap bar's extreme. GapAndGo hands you that trigger level in advance, with an offset you can set to match your exact entry. Unfilled gaps stay on the chart indefinitely — often the levels that matter most — while filled zones freeze as history. Everything is confirmed on bar close, so nothing repaints.

Key features

–     Detects every bullish and bearish gap meeting your minimum tick size.

–     Gap zones that extend right until filled; unfilled gaps persist as key levels.

–     Projected Gap-and-Go trigger lines off the gap bar's high/low with adjustable offset.

–     Sizeable triangle markers, optional gap-bar shading, and separate bullish/bearish sound alerts.

Three Bar Trend Trigger

The simplest, most objective read on short-term momentum — marked automatically.

What it does.  The Three Bar Trend Trigger finds runs of three or more consecutive same-direction closes and marks every one directly on your chart. Each qualifying run gets a shaded box spanning its bars and price range, a count label showing exactly how many bars it lasted, and a trigger line projected from the third bar — from the high on bullish runs, from the low on bearish runs. An optional swing filter restricts signals to runs launching from a fresh local extreme.

Why it matters.  Three closes in the same direction is one of the cleanest definitions of momentum there is — no smoothing lag, no settings to second-guess. Price either closed higher three times or it didn't. Making every one of those moments visible, historically and live in both directions, lets you study how your market behaves after them and build objective rules around a fixed trigger level.

Key features

–     Boxes and counts every 3+ bar run in both directions, historically and live.

–     Trigger lines projected from the third bar as a fixed, objective breakout reference.

–     Optional swing filter to keep only runs launching from a local high/low extreme.

–     Adjustable minimum streak length, line extension, and box display modes.

Golden Pocket Drawing Tool

A complete Fibonacci trade plan in a single chart drawing.

What it does.  The Golden Pocket Drawing Tool is a Fibonacci-based drawing tool built on NinjaTrader's retracement engine. Anchor it across a swing and it plots the retracement levels, highlights the golden pocket — the high-probability reaction zone around the 61.8–65% retracement — and layers a full trade plan on top: a swing reference line, a diagonal entry zone, a stop line, two targets, a runner line, and Fibonacci extension projections at 127.2% and 161.8%. Targets calculate automatically from your stop and risk/reward ratios.

Why it matters.  The golden pocket is where price so often reacts after a pullback in the direction of the prior trend. This tool draws and shades that zone so it stands out, and wraps entry, stop, targets, and runner into one object you place by hand on any instrument or timeframe. Drag an anchor and every level re-measures live — a repeatable, one-drawing workflow for planning pullback entries.

Key features

–     Automatic Fibonacci retracements (23.6% to 78.6%) with a shaded, adjustable golden-pocket zone.

–     Fibonacci extension targets at 127.2% and 161.8%.

–     Full built-in trade plan: swing line, entry zone, stop, Target 1, Target 2, and runner.

–     Automatic target calculation from your stop and R/R ratios; line-touch price alerts.

Plus, you will also get the user submitted indicators as well...Membership does have its privileges!

Each week we are adding new indicators to the library.

We just added the

Matador SuperTrend

Matador SuperTrend is a full ATR-based trend indicator built to survive the liquidity sweep that flips ordinary trailing stops. In an uptrend a volatility level trails below price (blue); in a downtrend it trails above (red); a close through the level flips the trend. On top of that engine sits Sweep Defense: when price closes in on the level, the line steps aside — retreating by your chosen distance instead of walking straight into the stop-run — then resumes trailing once the probe fails.

Standard SuperTrend lines sit at the most obvious level on the chart, exactly where resting stops cluster. Matador demands more commitment from price before flipping, so shallow probes get sidestepped while a genuine break still closes through and reverses the call. You keep your read through the noise and stay in the move.

Key features

–     Volatility-based ATR trend engine with a single, dominant Trend Sensitivity dial.

–     Sweep Defense that retreats the level from price in real time — dotted while defending, solid while trailing.

–     Gradient trend cloud, LONG/SHORT flip labels, switch dots, and plotted signal triangles readable from strategies.

–     Field-tested settings tables for scalping through swing timeframes.

As A Founding Member You Get

Everything in IndicAItors, locked in for life!

• Full access to the entire IndicAItors library.
• Source code for every indicator.
• At least one new indicator every week.
• The prompt framework + resources to build & modify your own.
• Community help & code support when you're stuck.
• No more buying indicators for $99 to $499 each month.

FOUNDING PRICE - LOCKED FOR LIFE

$297 - One Time

Pay by Stripe:

Pay by PayPal:

Powered by

Regular price will be $79/mo and rising in a few weeks as IndicAItors grows, every week the library is worth more than the week before. Founders never pay more, no matter how big the library of indicators gets.

After you make payment, you will be sent an email from to the email used for payment from Michael Valtos, from Skool.

Open it and click the button that says Join Now
(if you don't see it in your main inbox, check your other email folders)

Questions, answered:

Do I really get the source code for everything?

Yes. Every indicator in the Vault comes with its complete source code. No locked black boxes. You can use it, modify it, and learn from it.

What platform are the indicators for?

NinjaTrader (NinjaScript / C#). If you trade NinjaTrader, the entire Library is built for you.

Other platforms, such as Trading View and GoCharting, will be added to IndicAItors in the future.

I can't code. Can I still use these?

Absolutely. Every indicator works out of the box — drop it on your chart and go. And when you're ready to modify one, the community and the prompt framework make it doable even if you've never coded. You direct the AI; we help with the rest.

Can I really modify them however I want?

Yes. That's the whole point. The source code is yours to reshape — change the logic, colors, alerts, conditions, anything. What you build is yours to use and share.

Can I share indicators I build or modify?

Please do. We encourage that. The best member-built indicators get added to the Library for everyone and featured to the IndicAItors audience.

Is this affiliated with NinjaTrader?

No, IndicAItors it's an independent community. NinjaTrader doesn't support AI-generated code, which is exactly why this community needs to exist.

What indicators are included?

Members get access to the indicators created specifically for this community, unfortunately it does not include indicators from Orderflows.com and DOES NOT include the Orderflows Trader footprint chart or the Orderflows Toolbox or any of the indicators from Orderflows.com.

Does this include the Orderflows Toolbox or the Orderflows Trader footprint chart?

No. I want to be upfront so there are no surprises. IndicAItors is its own thing. You get the indicators I build specifically for this community, with full source code, plus a brand-new one every week. It does not include the Orderflows Trader footprint chart, the Orderflows Toolbox, or any of the indicators or products from Orderflows.com — those are completely separate. What you're getting here is a fresh, community-built library you can't get anywhere else.

Disclaimer

IndicAItors is an independent community. Not affiliated with NinjaTrader. Trading futures and indicators involves substantial risk — these are tools, not guarantees of profit. Past performance does not indicate future results.

All Rights Reserved. Reproduction without permission prohibited. All of the foregoing is commentary for informational purposes only. All statements and expressions are the opinion of Indicaitors.com and are not meant to be a solicitation or recommendation to buy, sell, or hold securities. The information presented herein and, on our website, has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Estimates, assumptions and other forward-looking information are subject to the limits of forecasting. Actual future developments may differ material due to many factors.

CFTC Rules 4.41:
Hypothetical or Simulated performance results have certain limitations, unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated 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 profit or losses similar to those shown.

Disclaimer:
This presentation is for educational and informational purposes only and should not be considered a solicitation to buy or sell a futures contract or make any other type of investment decision. Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Risk Disclosure:
Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Hypothetical Performance Disclosure:
Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.