Historical evidence can fail in live markets.

Backtests and simulations use selected data, modelling choices, costs, rules and periods. They benefit from hindsight, may omit operational failures and cannot reproduce every future market regime or execution condition.

A strategy may be overfit, dependent on a narrow period or parameter set, or vulnerable to structural change. More tests do not guarantee that the underlying model is correct.

Spreads, commission, slippage, latency, rejected orders, price feeds, broker rules, outages, coding errors and platform differences can materially change results.

Different strategy names, symbols or magic numbers can share the same underlying exposure and lose together. Historical correlation can also change.

These calculations describe variation within specified assumptions. They do not cover every possible outcome and are not maximum-loss guarantees.

RangeState does not determine whether a strategy, investment, broker, prop programme, position size or allocation is suitable. Supported, Limited and Unsupported describe a written technical proposition only.