/ Disclosures

General Financial, Legal, and Platform Risk

Software Only; No Advisory Relationship

Orion Paper IS A SOFTWARE AND MARKET-RESEARCH PLATFORM. Orion Paper IS NOT A BROKER-DEALER, REGISTERED INVESTMENT ADVISER, COMMODITY TRADING ADVISER, FINANCIAL PLANNER, TAX ADVISER, LAW FIRM, EXCHANGE, CUSTODIAN, OR FIDUCIARY.

No feature, model, alert, thesis, score, ranking, chart, watchlist, contract, prompt, response, notification, data point, or interface element is individualized financial, legal, tax, accounting, brokerage, investment, or trading advice. Nothing in the Services is an offer, solicitation, endorsement, instruction, or recommendation to buy, sell, hold, short, hedge, or trade any security, option, futures contract, foreign exchange instrument, cryptocurrency, prediction market contract, commodity interest, or other financial product.

Self-Directed Use and Assumption of Risk

You are solely responsible for your research, suitability analysis, contract design, risk controls, account settings, order review, tax consequences, and financial decisions. You should consult qualified professionals before making investment, trading, legal, accounting, or tax decisions. You agree not to rely on the Services as the sole basis for any financial decision.

Trading and investing are inherently risky. You may lose some or all of your capital, including more than your initial deposit when selling options, using spreads that can be assigned, or trading on margin.

No Guarantee of Availability, Accuracy, or Outcome

The Services may be unavailable, delayed, incomplete, inaccurate, interrupted, or affected by software defects, model defects, market disruptions, exchange halts, brokerage restrictions, third-party outages, rate limits, stale data, calculation errors, security events, maintenance, or network failures. Orion Paper does not guarantee profit, return, execution quality, signal accuracy, model accuracy, risk reduction, or portfolio performance.

Liability Allocation

TO THE FULLEST EXTENT PERMITTED BY LAW, Orion Paper AND ITS OWNERS, OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AFFILIATES, LICENSORS, DATA PROVIDERS, AND SERVICE PROVIDERS WILL NOT BE LIABLE FOR TRADING LOSSES, MARKET LOSSES, LOST PROFITS, LOST REVENUE, LOST DATA, LOST OPPORTUNITIES, BUSINESS INTERRUPTION, REPUTATIONAL HARM, CONSEQUENTIAL DAMAGES, INCIDENTAL DAMAGES, SPECIAL DAMAGES, EXEMPLARY DAMAGES, PUNITIVE DAMAGES, OR DAMAGES ARISING FROM USE OF OR RELIANCE ON THE SERVICES.

If liability cannot be excluded, Orion Paper's total aggregate liability for all claims relating to the Services will not exceed the lesser of (a) amounts you paid to Orion Paper for the Services in the twelve (12) months before the event giving rise to the claim, or (b) USD $100.

Artificial Intelligence, Models, and Signals

AI Outputs Are Probabilistic and Fallible

The Services may use large language models, machine learning systems, statistical models, ranking systems, scoring formulas, rules engines, and third-party AI infrastructure. These systems may produce hallucinations, false statements, stale conclusions, incomplete analysis, incorrect citations, invalid calculations, unsuitable outputs, or misleading confidence levels.

Signals and Scores Are Not Instructions

Scores, conviction labels, "buy", "sell", "hold", "exit", "breakout", "momentum", "beneficiary", "risk", "impact", "confidence", "thesis", or similar labels are software classifications and analytical shorthand only. They are not personalized recommendations, trading instructions, or guarantees.

Model Drift, Prompt Risk, and Automation Risk

• Model drift: Outputs may change as models, prompts, market regimes, third-party tools, or data sources change.
• Prompt sensitivity: Different wording, missing context, or hidden assumptions may materially change results.
• Automation risk: Automated workflows can amplify stale data, connection failures, order-routing errors, and user configuration mistakes.
• Human review required: You must independently review AI outputs before relying on them or taking action.

No Training, Benchmarking, or Extraction Rights

AI outputs, model behavior, prompts, scoring structures, workflow logic, and interface responses are part of the protected Orion Paper platform. You may not use them to train, fine-tune, distill, benchmark, validate, reverse engineer, replicate, or build a competing product or service without written permission.

Hypothetical, Simulated, Backtested, and Displayed Performance

Performance Displays Are Not Promises

Portfolio tracking, contract P&L, backtests, contract simulations, scenario models, projected returns, win/loss estimates, rankings, watchlists, and paper-trading views are informational software displays. They may omit commissions, per-contract and regulatory fees, spreads, slippage, taxes, early assignment, liquidity constraints, rejected orders, partial fills, regulatory restrictions, and other real-world factors.

Past Performance and Backtests

Past performance, historical analysis, backtested results, simulated returns, paper results, and examples are not reliable indicators of future performance. Market regimes change. Contracts that appeared successful in one period can fail immediately, permanently, or catastrophically in another.

User-Provided Settings

Any performance or risk display may depend on user settings, imported data, brokerage data, symbol mapping, timestamps, currencies, corporate actions, and calculation assumptions. You are responsible for verifying those assumptions before making decisions.

Trading, Options, Margin, and Intraday Risk

Market and Execution Risk

• Total loss: You can lose all capital allocated to a contract or account.
• Loss beyond deposit: Selling options (including the short leg of a spread), assignment, and margin can create losses greater than the premium received or the capital allocated to a contract.
• Execution risk: Orders may be rejected, delayed, partially filled, routed differently, filled at worse prices, or not filled at all.
• Liquidity risk: Thin markets, wide spreads, halts, news events, and after-hours conditions may prevent exits or materially worsen prices.
• Operational risk: Internet outages, device failures, brokerage outages, API errors, webhook delays, and misconfiguration can cause unintended results.

Intraday and Margin Rules

Intraday and margin activity is governed by your brokerage agreement, exchange rules, clearing requirements, regulatory rules, account type, product permissions, and real-time risk controls. Brokers may impose equity requirements, margin calls, liquidation rights, order restrictions, concentration limits, good-faith violation rules, unsettled-cash restrictions, or day-trading controls. You must consult your broker for rules that apply to your account before trading.

Options-Specific Risks

• Total premium loss: When you buy an option, you can lose the entire premium you paid, plus commissions and fees.
• Expiration and time decay: Options lose value as expiration approaches and can expire worthless, including same-day and short-dated contracts. A contract that is not closed before expiration may be closed, exercised, or allowed to lapse by your broker under its own rules.
• Exercise and assignment: In-the-money options may be exercised automatically at expiration. If you hold a short option, including the short leg of a credit spread, you can be assigned at any time before expiration, which can leave you with an unexpected position, cash obligation, or loss larger than the premium received.
• Leverage: Each standard contract typically covers 100 units of the underlying, so small moves in the underlying can produce large percentage gains or losses on the contract.
• Spreads and liquidity: Multi-leg positions may not fill on every leg, and wide bid-ask spreads or thin open interest can prevent exits or worsen prices.

Before trading options, read Characteristics and Risks of Standardized Options and confirm your broker has approved your account for the options strategies you use.

Third-Party Data, Broker APIs, and Connected Services

Third-Party Dependencies

Orion Paper may depend on brokerages, exchanges, data vendors, cloud providers, payment processors, identity providers, analytics tools, email services, SMS/push providers, AI providers, and other third parties. Third-party services are governed by their own agreements, policies, schedules, limitations, and fees.

Market Data Limitations

Market data may be delayed, stale, corrected, restated, unavailable, misformatted, incomplete, mapped to the wrong symbol, adjusted for corporate actions, or subject to vendor restrictions. You must verify market data through official brokerage, exchange, issuer, or regulatory sources before trading. Market, options-chain, and indicator data come from third-party providers (including Alpaca, Financial Modeling Prep, AlphaVantage, TwelveData, Finnhub, Tiingo, Marketstack, Intrinio, Yahoo Finance, and TradingView) and public regulatory filings. Market data is provided for internal options contract evaluation only, is not redistributed as an official exchange feed, and may be delayed or indicative.

Statutory Filing Delays (STOCK Act & SEC Form 4): Some Orion Paper signals use Congressional trading disclosures. Under the Stop Trading on Congressional Knowledge (STOCK) Act, U.S. Senate and House Periodic Transaction Reports (PTRs) may be filed up to 30 to 45 days after the underlying transaction and are typically reported in broad dollar ranges (e.g., $1,001–$15,000) rather than exact quantities. SEC Form 4 insider filings may be reported up to two (2) business days after execution and may reflect pre-scheduled Rule 10b5-1 plans, option exercises, or tax withholdings. Congressional, insider, and earnings data do not represent real-time institutional execution.

Broker and API Limitations

Broker APIs may reject orders, throttle requests, disconnect accounts, change permissions, delay updates, report stale account values, impose product restrictions, liquidate positions, or modify margin requirements. Orion Paper is not responsible for broker actions, data vendor actions, third-party outages, order execution, account losses, rejected trades, fees, or regulatory restrictions.

Credential and Permission Responsibility

You are responsible for granting, reviewing, limiting, and revoking third-party permissions and API credentials. You should use least-privilege permissions whenever possible and should never connect capital, accounts, or permissions you are not prepared to monitor directly.

Investor Guidance and Fraud Awareness

Review investor education materials from the U.S. Securities and Exchange Commission, FINRA, and CFTC.

Before Making Any Investment or Trade

1. Build a personal financial plan and understand your risk tolerance.
2. Do not trade with emergency funds, rent, mortgage money, student loan funds, retirement funds you cannot afford to lose, or essential living money.
3. Understand the product, venue, liquidity, fees, tax treatment, and worst-case loss before entering a trade.
4. Diversify where appropriate and avoid concentrated exposure you cannot withstand.
5. Verify claims through official issuer, exchange, broker, SEC, FINRA, CFTC, or other regulatory sources.
6. Be skeptical of guaranteed returns, urgency, secret contracts, influencer hype, pump-and-dump activity, and unsolicited trading advice.
7. Keep independent records of orders, account statements, confirmations, tax documents, and contract assumptions.

No Emergency or Real-Time Monitoring Service

Orion Paper is not an emergency alert system, trade desk, brokerage supervision service, risk manager, or real-time monitoring service. You are responsible for monitoring your accounts, orders, open positions, margin status, broker notices, and market conditions directly.

Emergency Controls

Never leave live automated trading unattended. The Emergency Controls on the Orion Paper Home page let you pause algorithms, suspend API activity, stop orders, liquidate all positions, or cancel open orders. Suspending the API or stopping orders also blocks automated exits. Voice commands cannot close or sell off positions, and AI chat cannot run a trading action without your separate confirmation. Also maintain immediate access to your broker's direct portal or mobile app to manually close positions or cancel orders if Orion Paper is unavailable.

Trading Psychology, Journaling & Wellness Features

Any trading psychology, emotional discipline, or AI-assisted journaling features within Orion Paper are provided solely for personal self-reflection and educational productivity. Orion Paper does not provide medical, clinical, psychological, psychiatric, or behavioral-health advice, diagnosis, or therapy. If you experience emotional distress, financial crisis, or compulsive trading behavior, stop trading immediately and contact a qualified professional or call/text the 988 Suicide & Crisis Lifeline (988 in the US/Canada) or the National Problem Gambling Helpline (1-800-GAMBLER).