Risk Disclosure

lvlsoperates a mechanical alert engine. When every one of a lane’s pre-registered boolean gates reads go, the engine publishes an alert; when any gate reads no-go, it publishes nothing and journals which gate stood it down. That is the entire product: an impersonal publication, generated by fixed rules, delivered identically and simultaneously to every subscriber.

lvls is not a broker, broker-dealer, futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, investment adviser, financial planner, or fiduciary. lvls is not registered with the U.S. Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any analogous regulator in any jurisdiction, and nothing on this site should be read as a claim of registration, licensure, or endorsement by any regulator.

Alerts are not personalized investment, financial, legal, tax, or accounting advice. They are not recommendations to buy, sell, or hold any instrument, and they are not offers or solicitations. The engine does not know who you are, what you hold, what you can afford to lose, or what your objectives are — and neither its output nor anything staff writes in public channels takes any of that into account. There is no order-placing code path anywhere in the system: the engine publishes; it never trades, and it cannot touch a brokerage account — yours or anyone else’s.

The Wall Reject lane publishes alerts on MNQ futures. Futures are leveraged derivatives, and trading them carries a substantial risk of loss. Understand the following before trading any futures contract:

• You can lose more than your initial investment. Futures positions are margined. An adverse move can produce losses that exceed the funds you deposited, and your broker can require you to post additional funds immediately or liquidate your position at a loss without consulting you.
• Leverage cuts both ways.The margin required to hold a futures position is a small fraction of the contract’s notional value, so a small percentage move in the index produces a large percentage change in your account equity — in either direction.
• Stop orders do not cap your loss. A stop order becomes a market order when touched. In fast or gapping markets it can fill far beyond the stop price, or in extreme conditions not fill at a usable price at all.
• Liquidity is not guaranteed. Markets can go limit-locked, exchanges can halt trading, and quoting can thin out precisely when you most need to exit.

Futures trading is not suitable for everyone. Trade only with money you can afford to lose entirely — and then some, because the loss on a leveraged position is not bounded by what you put in.

Wall Reject trades MNQ futures around conditions created by same-day-expiry (0DTE) index options — specifically, price levels where dealer options positioning concentrates. This matters to you as a risk, not just a mechanism:

• Dealer hedging flows around 0DTE expirations can accelerate, stall, or violently reverse intraday moves within seconds. The same positioning that creates the setup can unwind it without warning.
• Intraday volatility in these windows can be extreme relative to the session average. Ranges that normally take hours can print in minutes.
• Gaps can blow through stops. Around scheduled data releases, headline shocks, or abrupt positioning unwinds, price can jump across your stop level entirely. Your realized loss can be a multiple of the distance you planned for.
• The regime the lane depends on is measured, not guaranteed. A reading taken at one minute can be stale the next; conditions can flip between the moment an alert publishes and the moment you see it.

The Sweep-Cluster Ignition lane publishes alerts on single-name stocks. Individual equities carry risks that index futures do not:

• Trading halts. A single stock can be halted at any moment — volatility pauses, news-pending halts, regulatory halts — leaving you unable to exit at any price until it reopens, often far from where it stopped.
• Gaps. Earnings, downgrades, litigation, and headlines routinely gap single names through any stop level, intraday and overnight. The reopening print after a halt is itself a gap.
• Illiquidity. Spreads in individual names can widen sharply, displayed size can vanish, and a market order can fill at a materially worse price than the last trade — especially in exactly the fast conditions that follow large institutional options activity.
• Concentration.A position in one company is exposed to that one company’s news flow in a way no index position is.

The institutional options-sweep activity this lane keys on is a measurement of order flow, not knowledge of intent. Large participants hedge, roll, and close positions; a cluster of sweeps is not evidence that anyone knows anything, and momentum that follows such activity can reverse without warning.

Every lane here passes through a public evidence period before checkout opens, and the journal publishes every fire with modeled costs attached. Read those figures with the following limitations in full view:

Hypothetical and simulated performance results have inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Because no real money is at risk, simulated results are not subject to the financial and psychological pressures of actual trading, and they may under- or over-compensate for the impact of market factors such as liquidity, slippage, and the market impact of orders. No representation is being made that any account will or is likely to achieve profits or losses similar to any figure shown.

• Evidence-period figures are not a track record. They are records of published alerts measured against modeled costs — commissions, fees, and slippage assumptions stated to the dollar. Modeled costs are estimates; your actual fills, fees, and slippage will differ, and in fast conditions can differ badly.
• No paper-traded, evidence-period, or study figure published anywhere by lvls represents actual trading by anyone, and none of them predicts what any lane, alert, or account will do next.
• The only performance-shaped number in our marketing is the pre-registered graduation threshold itself — a cost-adjusted mean of +0.10R across 100 fires. That is a bar a lane must clear, not a result any lane has achieved and not a projection of what you would earn.
• The evidence gates run the other way too: a lane that is unprofitable after modeled costs at 40 fires is killed. The existence of a kill rule is a discipline, not a safety net — a lane can lose money for its entire evidence period, and a graduated lane can lose money after graduating.

This language follows the substance of CFTC Rule 4.41(b) regarding hypothetical performance and applies to every non-actual-results figure you encounter on this site, in the journal, in the cockpit, or in any alert.

Past results do not guarantee future results. This is true of actual results and doubly true of simulated ones. Market regimes change; a mechanism that was measurable over one window can stop working without notice and without any change in the engine. The gates test whether a lane was viable over a bounded sample under modeled costs. They cannot test what happens next. Graduation is not a warranty, a prediction, or a promise of profitability — it is the crossing of a pre-registered evidentiary bar, nothing more.

Every alert is generated by fixed, mechanical rules and published identically and simultaneously to every subscriber. Nothing about an alert — direction, level, contract or share count, stop, target, or exit — is tailored to any person. Reference sizing in an alert is a parameter of the published system, not a suggestion of what you should risk. Neither the operator nor any staff member will comment on your positions, sizing, entries, or exits, in any channel, ever — see the Community & Discord Policy. If you need advice that accounts for your situation, engage a qualified, registered professional. We are not that, and we will not pretend to be.

lvls does not execute trades, does not hold or access your funds or your brokerage account, and is not a counterparty to anything you do. Whether you act on an alert at all — and if so, in what instrument, at what size, with what stop, and with what exit — is entirely your decision, made on your own judgment or with your own professional advisers, and entirely your risk. You are responsible for every order you place and for complying with the laws, regulations, and broker agreements that apply to you. The engine fired; everything after that is you.

Questions about this disclosure go to hey@composite.fyi. Related documents: Terms & Conditions and the Billing & Refunds policy.