# Risk Disclosure Effective date: September 9, 2026 Please read this Risk Disclosure before using Pulse Signals. Pulse Signals is a software platform that helps users create, configure and backtest trading strategies using historical market data. Pulse Signals does not execute trades, manage investment accounts or provide personalized investment advice. By accessing or using Pulse Signals, you acknowledge the risks described below. ## 1. No financial advice Pulse Signals provides analytical software and information for educational and research purposes. Nothing available through Pulse Signals constitutes: - Financial or investment advice - A personal recommendation - Portfolio management - Brokerage or trade execution services - Legal, accounting or tax advice - An offer or solicitation to buy or sell a financial instrument Pulse Signals does not consider your financial circumstances, investment objectives, experience, tax position or tolerance for risk. You are solely responsible for deciding whether a strategy or transaction is appropriate for you. Consider obtaining advice from an appropriately qualified professional before making financial decisions. ## 2. Backtests are hypothetical Backtests show how a set of strategy rules would have performed when applied to historical data under specified assumptions. Backtest results are hypothetical. They do not represent actual trading and do not demonstrate how a strategy will perform in the future. A backtest may differ materially from real trading because it may not fully account for: - Bid-ask spreads - Brokerage commissions and other fees - Slippage - Funding and borrowing costs - Taxes - Market impact - Available liquidity - Order rejection or partial execution - Trading halts - Delayed market data - Restrictions on short selling - Changes in margin requirements - Corporate actions - Differences between trading venues - Human delays or errors No representation is made that any account will achieve profits or losses similar to those shown in a backtest. ## 3. Backtesting limitations A positive historical result may arise from chance, incomplete data or assumptions selected after historical outcomes were already known. Backtests may be affected by: - **Overfitting:** a strategy may be optimized for historical data but fail under new market conditions. - **Look-ahead bias:** a test may inadvertently use information that would not have been available at the time of the simulated trade. - **Survivorship bias:** historical datasets may exclude securities, markets or projects that failed or were delisted. - **Selection bias:** a favorable result may depend on the chosen market, asset, period, parameter or benchmark. - **Data errors:** historical prices, volume, timestamps and corporate-action adjustments may be incomplete or inaccurate. - **Simplified execution assumptions:** a simulated trade may be filled at a price or time that would not have been achievable in the real market. - **Changing market conditions:** relationships observed in historical data may disappear because of volatility, regulation, competition, liquidity or broader economic changes. Running more tests or adjusting more parameters increases the likelihood of finding an apparently profitable result by chance. Users should conduct out-of-sample testing, forward testing and independent verification before considering live trading. ## 4. Strategy generation and automated analysis Pulse Signals may use rules-based systems, statistical methods, automation or artificial intelligence to help translate user instructions or uploaded materials into a testable strategy. Automated systems can misunderstand instructions, omit conditions, select incorrect assumptions or produce code and results containing errors. You must review the strategy logic, data inputs, parameters, assumptions and output before relying on any result. A generated strategy is not endorsed, approved or certified by Pulse Signals merely because the platform was able to build or test it. ## 5. Uploaded materials Pulse Signals may allow users to upload documents, spreadsheets, datasets, images or other files for strategy creation and analysis. The platform may incorrectly interpret uploaded content. File parsing, optical character recognition, data extraction and automated analysis can introduce errors. You are responsible for: - Confirming that you have the right to upload and process each file - Removing information that is unnecessary or confidential - Checking all information extracted from a file - Confirming the resulting strategy rules - Keeping independent copies of important files Do not upload brokerage passwords, private keys, recovery phrases, payment-card details, government identification documents or other information that is not required to use the Service. Uploaded files are not a substitute for independently verified market data or professional advice. ## 6. Trading risk Trading and investing involve substantial risk and are not suitable for everyone. You may lose some or all of the money committed to a transaction. When using leverage, margin, futures, options, contracts for difference, digital assets or similar instruments, losses may exceed your initial deposit, depending on the product, broker and applicable law. Trade only with funds you can afford to lose without affecting essential expenses or financial security. ## 7. No guarantee of future results Past performance does not guarantee future performance. A strategy that performed well during one historical period may perform poorly during another period or in live markets. Market conditions can change rapidly and without warning. Metrics such as return, win rate, Sharpe ratio, drawdown, profit factor or confidence score must be considered together with their methodology, assumptions and limitations. No individual metric guarantees that a strategy is reliable or suitable. ## 8. Third-party data and services Pulse Signals may rely on market-data providers, infrastructure providers, brokers, exchanges and other third parties. Third-party information may be delayed, incomplete or inaccurate. Different sources may report different prices, volumes, timestamps or corporate-action adjustments. Pulse Signals does not control third-party services and cannot guarantee their continued availability or accuracy. Before trading, verify relevant information through your broker or trading venue. ## 9. Broker relationship and conflict of interest Pulse Signals may refer users to a third-party broker through links, buttons, promotional pages or other referral methods. If you open, fund or use a brokerage account through a Pulse Signals referral, the broker may pay Pulse Signals a share of the revenue it earns from your account. This creates a financial conflict of interest. Pulse Signals has an economic incentive to refer users to the broker and may earn more when referred users actively trade or generate additional revenue for the broker. Broker compensation may influence which broker is displayed, promoted or presented more prominently through the Service. This commercial relationship does not mean that the broker is the best or most suitable option for you. Pulse Signals does not independently assess whether the broker, account type or financial product is appropriate for your circumstances. You should compare brokers independently and review their licenses, fees, spreads, execution practices, withdrawal rules, product risks, customer protections and legal terms before opening an account. You are not required to use a broker promoted by Pulse Signals. ## 10. No responsibility for brokerage services A broker is a separate business with its own terms, privacy policy, fees and regulatory obligations. Pulse Signals does not control and is not responsible for: - Account approval - Identity verification - Deposits or withdrawals - Custody of funds - Trade execution - Order pricing - Spreads or commissions - Margin requirements - Account suspension - Broker solvency - Regulatory protection - Customer support provided by the broker Any dispute concerning a brokerage account or transaction must be addressed with the broker. ## 11. Technology risks Pulse Signals may be interrupted, delayed or unavailable because of: - Software errors - Internet or hosting failures - Maintenance - Cybersecurity incidents - Third-party outages - Market-data interruptions - Browser or device incompatibility - Incorrect user configuration Do not rely on Pulse Signals as your only source of information, your only record of a strategy or your only method of monitoring risk. ## 12. User responsibility You are responsible for: - Reviewing every strategy before using it - Verifying backtest assumptions and data - Conducting independent research - Selecting appropriate risk limits - Choosing a broker - Checking all orders before submission - Monitoring open positions - Understanding applicable fees and taxes - Complying with applicable law Pulse Signals is a research tool. The final decision to trade, and every consequence of that decision, remains yours. ## 13. Limitation of liability To the maximum extent permitted by applicable law, Pulse Signals and its operator, contractors and service providers will not be liable for: - Trading or investment losses - Loss of profit or opportunity - Decisions based on a backtest - Errors in generated strategy logic - Incorrect or incomplete data - Delayed or unavailable services - Conduct of a broker or other third party - Loss or corruption of uploaded files - Indirect, incidental, special or consequential damages Nothing in this disclosure excludes liability that cannot legally be excluded, including liability arising from fraud or deliberate misconduct. ## 14. Contact Questions about this Risk Disclosure may be sent to: [legal@pulse-signals.com](mailto:legal@pulse-signals.com)