Disclaimer
About this service
This website and all content published on it is operated by Volum Invest AS, a Norwegian aksjeselskap registered with the Brønnøysund Register Centre under organisasjonsnummer 937 601 883, with registered address Beiavegen 21b, 3540 Nesbyen, Norway.
The signals, scores, rankings, and commentary published on this website constitute general investment recommendations within the meaning of EU Market Abuse Regulation (MAR) Article 20 and Commission Delegated Regulation (EU) 2016/958. They are not personalised investment advice.
Not personalised advice
No content on this website takes into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax circumstances, or any other personal factors. The service provides systematic, quantitative signals generated by algorithmic models and applied uniformly to all subscribers.
Nothing on this website or in any signal, report, or communication from Volum Invest AS should be interpreted as a recommendation to buy, sell, or hold any specific financial instrument for any specific individual. Any decision to trade or invest based on the information provided is made entirely at the subscriber's own discretion and risk.
If you require investment advice tailored to your personal circumstances, you should consult an authorised investment adviser licensed by Finanstilsynet (the Financial Supervisory Authority of Norway) or the equivalent regulatory body in your jurisdiction.
A full account of why the service is a general recommendation and not investment advice, covering what the law distinguishes and how the service is built to stay on the general side of that line, is published at Why this is a general recommendation.
Past performance and risk
Past performance of any signal, model portfolio, or backtested result is not a reliable indicator of future performance. All quantitative models are subject to model risk, regime change, data limitations, and market conditions that may cause future results to differ materially from historical results.
Volum Invest AS does not guarantee any specific return, profit, or outcome. Losses, including substantial losses, are possible and should be expected as part of any systematic investment approach.
Investing in financial instruments involves risk, including the risk of losing part or all of your invested capital. The value of investments may go down as well as up. You should not invest money you cannot afford to lose.
Backtested and hypothetical performance
Much of the performance shown on this website is backtested / hypothetical: it is produced by applying the current model rules to historical data, rather than reflecting signals that were published live at the time. Backtested or hypothetical performance has inherent limitations: it is prepared with the benefit of hindsight, does not reflect actual trading, does not account for all costs (including transaction costs, slippage, and taxes), and may not account for all market conditions that would have affected actual results. Backtested results should not be relied upon as an indication of what would have been achieved or what may be achieved in the future. Where performance reflects signals that were published live, it is identified as such.
Why published performance figures change
Performance figures on this website are recomputed continuously and will change over time even when no new trade has closed. This is by design. The principal reasons are set out below so that a change in a published figure is not mistaken for an error, or for a restatement of history.
Open positions are valued at current prices. The portfolio return figure includes positions that are still open, valued at the most recently completed closing price. That figure therefore moves as market prices move, without any trade having closed. Open positions are valued at the last completed daily close rather than at prices during the trading day, so this figure changes at most once per trading day. Figures presented as realised, and the win rate, average and median trade return, exclude open positions entirely: those change only when a trade actually closes, or when the backtested history is recomputed as described below. One further figure is shown for the open positions themselves: the share of them whose latest completed close is above their entry. It is labelled as unrealised, it moves with prices in the same way the portfolio return does, and it is reported separately precisely because it is not a win rate. It is also not comparable with one: positions that reach a defined level of profit are exempt from the earliest exit condition, so open positions are held longer than losing ones by design, and the proportion of them showing a profit is therefore higher for reasons that follow from the exit rules rather than from the accuracy of the signals. Each of those positions can still close at a gain or a loss.
Headline statistics cover a window with a fixed start date. Win rate, average and median trade return are calculated over trades entered on or after a fixed anchor date, currently 1 January 2025, which is shown alongside them. The record starts with no positions on that date, and no trade leaves the calculation because of its age. Each trade that closes is sealed into the record once, as recorded, and is not recomputed afterwards. The published statistics therefore change when a trade closes, and when a model change recomputes the backtested history as described below, but not because the window has moved. Before 14 September 2026 these statistics covered a rolling twelve-month window, and figures published before that date were calculated on that basis.
Historical market data is revised by its providers. Price data is supplied by third parties and is adjusted retroactively for corporate actions such as dividends and share splits. When the historical record is recomputed against revised data, previously published historical figures may change.
A change to the published model restarts the live record. Where the model that generates the signals is changed, results recorded live before that change were produced by a different model. Those results are retained and archived, but they are not combined with results produced by the current model, and the live record restarts from the date of the change. The basis of every published statistic (backtested, live, or a combination of the two) is labelled where that statistic is shown. A change to the model also causes the backtested history to be recomputed under the new rules, because backtested figures are produced by applying the current model to historical data. Backtested win rate, average and median trade return, and the portfolio return figure may therefore all move on the day a model change takes effect, with no trade having closed and no data having been revised. This is a recalculation on a changed basis, not a restatement of what was previously published live.
A narrow exception to the restart, where the change cannot have affected any recorded result. The restart exists because results produced under different rules are not comparable with each other. Some changes cannot produce that incomparability. A change that can only prevent a new position from being opened alters no calculation, no threshold and no exit rule, so it cannot change a position that was opened, or how a position still open is closed. Where a change is of that kind, and where it is separately demonstrated that the change would not have prevented any position actually recorded during the live period, then every result in that record was produced by rules the current model reproduces exactly. In that case the live record continues rather than restarting, because restarting it would discard a valid record without making the published figures any more accurate. Both conditions must be demonstrated before the exception is applied; neither is assumed. A change made under this exception is disclosed in the same way as any other change to the model, and the backtested history is still recomputed as described above.
None of the above constitutes a restatement of past results in the sense of correcting an error. Where Volum Invest AS becomes aware of a genuine error in a published figure, the figure will be corrected and the correction disclosed.
Data accuracy
Volum Invest AS makes reasonable efforts to ensure the accuracy and timeliness of data used in its models and published on this website. However, Volum Invest AS does not warrant the completeness, accuracy, or timeliness of any data, signal, or content, and accepts no liability for errors, omissions, or delays.
The models and this website depend on market price and reference data supplied by third-party providers. Signal updates are targeted at approximately every 15 minutes during the trading day, but this cadence is dependent on the availability and correctness of those external data feeds and services. Outages, errors, gaps, or delays at a data provider - or in the website's own data retrieval - may delay, interrupt, or degrade signal updates, cause stale, incomplete, or missing data to be displayed, or temporarily reduce the universe of instruments covered. Volum Invest AS does not guarantee that signals or data will update on any particular schedule, or at all, and accepts no liability for any interruption, delay, omission, or inaccuracy arising from third-party data sources or their unavailability.
Third-party content
This website may contain links to third-party websites or reference third-party data. Volum Invest AS is not responsible for the content, accuracy, or practices of any third-party site and does not endorse any third-party products or services.
Limitation of liability
To the fullest extent permitted by Norwegian law, Volum Invest AS, its directors, employees, and affiliates accept no liability whatsoever for any direct, indirect, incidental, consequential, or special damages arising from the use of or reliance on the information, signals, or any other content provided through this website or service.
Governing law
This disclaimer and the use of this website are governed by the laws of Norway. Any dispute arising in connection with this website shall be subject to the exclusive jurisdiction of Oslo tingrett.
Updates
This disclaimer may be updated from time to time. The current version will always be available on this page, with the date of the most recent revision noted below.
Last updated: 2026-09-10