Last updated: October 26, 2026
In short: Investing involves risk, including the loss of everything you invest. Viktor Protocol shows a rules-based model's reading of market conditions. It is general information, not advice, it doesn't tell you what to buy or sell, and it can be wrong. You are responsible for your own decisions.
1. Investing involves risk
The value of investments, including broad index funds such as SPY and QQQ, goes down as well as up, sometimes quickly and by large amounts. You can lose some or all of the money you invest. Prices can gap sharply between one close and the next because of news, economic data or events outside market hours. Using margin, leverage, options or short selling can magnify losses beyond the amount you put in. Only invest money you can afford to lose.
2. Index funds have their own risks
SPY and QQQ hold baskets of stocks, but they are not risk-free:
- QQQ is concentrated in a small number of large companies, many of them in technology, so it can move more than the broad market.
- Both funds can fall sharply and stay down for long periods; past recoveries don't guarantee future ones.
- Fund prices can briefly differ from the value of their holdings, especially in fast markets.
Before investing in any fund, read its prospectus and understand its costs and risks.
3. What the dashboard is, and what it isn't
Viktor Protocol is informational software. It describes general market conditions after each close using a cycle stage, four condition readings, a model agreement percentage and a risk monitor percentage. Every subscriber sees the same readings.
It is not:
- investment, financial, tax or legal advice;
- a recommendation to buy, sell or hold any security;
- a trading signal, price target, forecast or order suggestion;
- tailored to your goals, finances, time horizon or tolerance for risk.
4. Model risk
The readings come from a rules-based model. Any model simplifies a complex market, and this one has limits:
- It describes, it doesn't predict. A stage or reading reflects conditions at the latest close, not what happens next.
- It can be wrong. Conditions that have often accompanied certain market behaviour in the past may not do so in the future, and new kinds of markets can behave in ways the model doesn't capture.
- Confirmation has a cost. The model waits for some changes to hold before it reports them, to avoid flipping on short moves. That makes readings steadier but later: a market can move a long way before a stage changes.
- Quick reversals happen. Readings and stages can change, then change back within days.
- Percentages are not probabilities. Model agreement shows how strongly the model's own readings point the same way, and the risk monitor shows how demanding the model considers the backdrop. Neither is the chance of a gain, a loss or any market outcome. Both are rounded to the nearest 5%.
- One index at a time. SPY and QQQ are read separately and can show different stages.
5. Data risk
The model relies on market data from third parties. That data can be delayed, incomplete, revised or wrong, and errors can affect readings. Some data doesn't exist for every period, which the dashboard shows as "Not available." We don't control third-party data and can't guarantee its accuracy.
6. Timing and availability
Readings update once per trading day, after the market close. They don't reflect moves during the trading day or after the update. Updates can be late or missed because of data problems, outages or maintenance, and the dashboard may show the previous close until the next update arrives. Don't rely on the Service for time-sensitive decisions.
7. Historical replays, examples and sample data
The site may show historical replays (past market data run through the current model), illustrations and sample data to explain how the dashboard works. These are labelled as such and have important limits:
- They are prepared with hindsight, using today's version of the model, and are not what any subscriber saw at the time.
- They don't show trading results, returns or performance, and nothing on the site should be read as a claim about results.
- Real-world results depend on your own decisions, timing, costs, taxes and circumstances.
Past market conditions and past readings do not guarantee future conditions or results.
8. Your decisions are your own
You are solely responsible for your investment decisions and their results. Consider your own objectives, finances and risk tolerance, and consider speaking with a qualified, registered financial professional before making investment decisions.
9. Mentions of securities and possible positions
References to SPY, QQQ or any other security are for describing market conditions only and are not endorsements or recommendations. [Viktor Protocol, its owners or staff may hold positions in the funds the dashboard covers, or in related securities. Readings are produced by the model's fixed rules and are the same for every subscriber; they are not changed to suit anyone's positions.]
10. Regulatory status
Viktor Protocol is not registered as an investment adviser, portfolio manager, broker-dealer or dealer in Canada. We provide general, impersonal market information to all subscribers on the same terms. Nothing on the site creates an advisory or fiduciary relationship.
11. Related policies
This disclosure forms part of our Terms of Service. See also our Privacy Policy and Refund & Cancellation Policy.
12. Questions
Viktor Protocol admin@viktor-protocol.com