Disclaimer
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 in 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 of which can adversely affect actual trading results.

Material Assumptions
Trade friction costs were simulated as 20$ commission and $25 slippage.