Risk and Disclosures

Tapeworm is a publisher of information, not an adviser

Vanguard Point LLC provides Tapeworm as a general, impersonal information and education service. Its content is the same for every user who selects the same instruments and settings; it is not tailored to your financial situation, objectives or risk tolerance, and it is not a recommendation to buy, sell or hold any contract. Vanguard Point LLC is not registered as a commodity trading advisor, futures commission merchant, introducing broker, investment adviser or broker-dealer, and relies on the exclusions available to publishers of general and regular circulation. Nothing on this site or in the product should be read as personalised advice. If you want advice, consult a registered professional.

Levels, regimes and statistics are descriptions, not predictions

Dealer gamma levels, expected moves, regime flags and similar items are derived from public market data using stated assumptions (for example, a conventional assumption about which side of an option trade dealers hold). They describe where positioning sits; they do not predict where price will go. Reach odds and other historical rates are measured on past data over the period stated and can differ from future outcomes.

Hypothetical performance

Where Tapeworm shows what a rule, level or approach would have done historically, that is hypothetical. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Such results do not reflect actual trading, do not account for slippage, commissions, liquidity or the effect of the decision maker’s own hindsight, and are often prepared with the benefit of hindsight. There are frequently sharp differences between hypothetical results and results subsequently achieved.

Prop-firm rules and account buffers

Rule presets are our reading of each firm’s published terms on the date noted in the product. Firms may compute balances, drawdowns and consistency differently from Tapeworm, apply rules with discretion, or change them without notice. Distances shown in Tapeworm are estimates that depend on data timeliness and on the firm’s own calculations, which we may not see. The firm’s dashboard and your agreement with the firm govern. Tapeworm is not affiliated with, endorsed by, or compensated by any prop firm for referrals.

Your own statistics

Scorecard figures are computed from the fills you provide. Small samples are noisy; a cell with few trades can look meaningful by chance, which is why cells under a stated minimum are not reported. Even large samples describe the past. They cannot tell you what your next trade will do.

Data

Market data may be delayed, incomplete or wrong, and feeds can fail. Exchange data is provided under licence and its accuracy is not warranted by the exchange or by us. Do not rely on Tapeworm as your only view of a position or an account.

No orders

Tapeworm cannot place, modify or cancel orders, and broker connections are read-only. If anything in the product ever appears to offer order routing, it is an error; do not use it, and tell us.

Questions about these disclosures: hello@gettapeworm.com.