Record AR-STD-030 · Terms of use

The terms on which
this material is published.

Written to be read rather than to be survived. These terms describe what the Foundry is offering at this stage — an educational research concept in a preview phase — what you may do with it, what it does not warrant, and the boundary between this site and the MARS workbook product it grew out of.

Phase Preview Service Educational Fee None Updated 2026-07

01Acceptance and scopeAR-STD-030·01

What you are agreeing to,
and what you are not.

By accessing the AlphaRail Foundry Laboratory you accept these terms of use, together with the risk disclosure and the privacy statement, which are incorporated into them by reference. If you do not accept them, the appropriate response is to stop reading the site — there is no account to close and nothing to unsubscribe from.

These terms apply to the public research site as it exists in its preview phase. They do not create a contract for the supply of any service, because no service is being supplied: nothing is charged, nothing is stored, and no undertaking is given about availability. They do not govern the MARS workbook product, which is supplied separately under its own terms, and they do not govern any future application, which would require its own agreement covering matters — accounts, data, payment, service levels — that simply do not arise here.

Nothing in these terms is intended to exclude or limit any right you have that cannot lawfully be excluded or limited under the law that applies to you. Where a provision here conflicts with such a right, that right prevails and the rest of these terms continue to apply.

Definitions used here

“The site”The public the AlphaRail Foundry Laboratory research environment and all content published within it.
“The Foundry”The operator of the site. A single-operator research project, not a company offering financial services.
“The preview engine”The deterministic client-side model that produces every interactive output on the site.
“MARS”The Montex AlphaRail System workbook — a separate product, referenced here but not supplied here.
“You”Any person accessing the site, in any capacity.

02Nature of the serviceAR-STD-030·02

An educational research concept
in a preview phase.

That description is exact and each part of it carries weight. It is educational rather than advisory; it is a research concept rather than a finished product; and it is in preview, which means substantial parts of what is described do not exist.

EducationalThe purpose of the site is to explain how the components of a trading framework interact and how they are measured. It teaches a vocabulary and a method. It does not tell you what to do with either, and it forms no view about your circumstances.
Research conceptThe analytical positions published here are arguments, supported by stated reasoning and by a model that encodes them. They are open to being wrong, and the research archive contains a status for exactly that outcome. Treat them as a body of work in progress rather than as settled fact.
Preview phaseSix of twenty-five described modules are demonstrable. There is no upload, no account, no persistence and no evaluation of any real trading record. The facility status board states module by module what exists, and future capability is written in the future tense throughout.
Free of chargeNothing on the public site is sold, and no payment is taken. Pricing shown anywhere on the site is labelled as planned and relates to a service that does not exist. No purchase can currently be made and no payment obligation arises from using the site.
Not a financial serviceThe site provides no advice, no signals, no brokerage, no account management, no introductions and no regulated activity of any description. The risk disclosure sets this out in full and it is the controlling statement on the point.

03No advice, no relationshipAR-STD-030·03

No advisory relationship
is created.

Using this site, reading its records, running its instruments, submitting either of its demonstration forms or corresponding with the Foundry creates no advisory, fiduciary, agency, client or professional relationship of any kind. No duty of care arises in respect of your trading decisions, and none is assumed.

All content is general and impersonal. It is prepared without knowledge of your objectives, financial position, experience, tax status or risk tolerance — the site collects none of that information and could not take it into account even if it wanted to. Any resemblance between a situation described here and your own is coincidental in the strict sense: it was not written with you in mind.

You are solely responsible for your own trading decisions and for the consequences of them, including any decision informed, however remotely, by material published here.

Correspondence does not change this

If the Foundry answers a question you ask, that answer remains general educational commentary. It does not become advice by virtue of having been addressed to you, and it should not be relied on as though it were. Questions asking for a personal recommendation will be declined rather than answered cautiously, which is the honest way to handle them.

Third-party material

Where the site refers to public interview literature, published research or market conventions, it does so for educational analysis. Such references are not endorsements of any person, firm or methodology, and the Wizard framework records state on their face that they are abstractions rather than reconstructions of anyone's system.

The site contains no links to external websites, no affiliate arrangements and no sponsored content, so no question of responsibility for third-party destinations arises.

04No warranty · limitations of the engineAR-STD-030·04

Provided as it is,
with its faults visible.

The site and everything in it are provided on an “as is” and “as available” basis. To the fullest extent permitted by applicable law, no warranties, conditions or representations of any kind are given, whether express or implied, including any implied warranty of merchantability, fitness for a particular purpose, accuracy, completeness or non-infringement.

Specifically, and without limiting the generality of that: no warranty is given that any output of the preview engine is accurate, that any analytical relationship it encodes is correct, that any framework described here has value, or that any conclusion drawn from the site will hold in live trading.

The engine's boundaries are documented rather than hidden, and they are extensive. It reads no market data. It does not model real fills, liquidity, gaps beyond a single modelled shock term, shifting correlation regimes, counterparty failure, execution failure or the behaviour of a human operator under pressure. The risk disclosure lists nine such absences with their practical consequences, and every one of them makes modelled results better than reality would be.

The content is also, straightforwardly, likely to contain errors. It is a dense body of technical writing produced by a small effort, and the known-issues list on the status board is an admission that the visible defects are unlikely to be the only ones. Corrections are welcomed and logged.

What is warranted

Very little, and deliberately. What can be said is descriptive rather than contractual: the engine is deterministic, so it returns the same output for the same input; the site makes no third-party requests; and every model output carries a disclosure marker at the point of display. Those are claims you can check yourself, which is a more useful thing than a warranty you would have to enforce.

Do not build on it

The engine, the figure library and the data layer are readable in your browser, and they are not published as a library. No stability of interface is promised, no versioning is maintained, and internals change without notice as the research develops. Anything built against them will break.

05Permitted and prohibited useAR-STD-030·05

What you may do,
and what you may not.

The permissive column is broader than most sites offer, because the point of publishing educational material is for it to be used. The restrictive column is short and concerns misrepresentation more than copying.

Permitted

Read, study, applyUse the material to understand your own trading and to inform your own analysis, for personal or internal professional purposes, without restriction.
Quote with attributionQuote reasonable extracts in teaching, commentary, review or research, with attribution to the AlphaRail Foundry Laboratory and a reference to the page. No permission is needed and none need be sought.
Cite the conceptsUse the analytical vocabulary — capture efficiency, effective independent bets, gate dwell, time under water, variant separation — freely. Ideas and methods are not claimed as property; the particular expression of them here is.
Save for your own referencePrint pages, save them locally, or read the site offline. It is built to work without a network and there is no objection to your keeping a copy for personal use.
Inspect the codeRead the scripts in your browser to check the claims made about them. That is why they are unminified and commented.

Prohibited

Republication as your ownReproducing substantial portions of the content, in any medium, as though it were your work or your product — including translation, paraphrase at scale, and use as training or marketing material for a competing offering.
Stripping disclosuresReproducing any figure, score or output without the simulation marker and the assumptions that accompany it. A model output presented as a performance record is a misrepresentation, and it is the use this site most objects to.
Implying endorsementSuggesting that the Foundry endorses, is affiliated with, has reviewed or has validated any product, service, broker, course, signal provider or trading approach. It endorses none.
Presenting it as adviceRepackaging this material as advice, signals or a recommendation to any person, whether or not for payment. It is not advice here and it does not become advice by being forwarded.
InterferenceAttempting to disrupt the site, to circumvent technical measures, to scrape it in a way that burdens the host, or to use it to distribute anything harmful. There is no user-facing system to abuse, which makes such attempts pointless as well as prohibited.

The principle behind the restrictions

Every prohibition above is a form of the same thing: presenting this material in a way that misleads someone about what it is. The concern is not that the ideas travel — they should — but that a modelled illustration, separated from its disclosure and its assumptions, becomes evidence of something it never claimed.

06Intellectual propertyAR-STD-030·06

Four different things,
on four different bases.

The ownership position is not uniform across this site, and collapsing it into a single copyright line would obscure the distinctions that matter — particularly the boundary between the free research site and the MARS product.

Categories of material on this site, their ownership basis and what may be done with each
MaterialBasisPosition
Site content Copyright, retained The written records, the analytical framing, the figures, the code, the design system and the visual identity are original work and remain the property of the Foundry. Quotation with attribution is permitted as set out above; wholesale reproduction is not.
The MARS name and workbook Separate product The Montex AlphaRail System is a distinct product supplied under its own terms. Its name, its structure and in particular its calibration — gate boundaries, pool percentages, tier tables and workbook Monte Carlo figures — are not licensed by anything on this site. The public material describes the architecture for educational purposes only, and the omission of the calibration is deliberate and stated.
The Wizard archive Original abstraction The framework records are original educational abstractions written from public interview literature. They reconstruct no private methodology and reproduce no protected text. The abstraction, the comparison structure and the commentary are the Foundry's; the underlying published sources belong to their own authors and are cited as such.
Typefaces SIL Open Font Licence The typefaces embedded in this site are third-party fonts used under the SIL Open Font Licence. They are inlined as data URIs for privacy reasons rather than fetched from a font service. Their licence terms are those of their respective authors and nothing here purports to extend, restrict or sublicense them.
Analytical concepts Not claimed Expectancy, excursion analysis, sequence risk, correlation-adjusted concurrency and the rest are general knowledge in quantitative finance and are not claimed as anyone's property. What is claimed is this particular exposition of them.

If you believe something here infringes your rights

Say so through the contact record with enough detail to identify the material and the right you assert. Where the claim is substantiated the material will be removed or corrected promptly, and the change will appear in the build log rather than being made silently.

07User-submitted contentAR-STD-030·07

Nothing can currently
be submitted.

There is no upload, no comment facility, no forum, no profile and no publishing mechanism of any kind on this site. The two forms validate locally and transmit nothing. In the present phase, this section has no subject matter.

It is written now because the application phase would introduce one, and the position is easier to state fairly before there is anything at stake in it.

Intended position for future phases

You keep ownershipTrade data, configurations, notes and any other material you upload remain yours. No transfer of ownership, and no broad licence taken “to operate and improve the service” — a clause that in practice means whatever the operator later wants it to mean.
Minimum necessary licenceA limited permission to process your material solely to produce the analysis you asked for, terminating when you delete it. Nothing broader.
No training, no aggregationUploaded trading data would not be used to train shared models, to build published statistics, or for any purpose serving another user or a third party.
Your warrantiesYou would need to be entitled to supply what you upload — that it is your record, or that you have permission to submit it.
Collaboration is separatePublishing anything derived from a collaborator's data would require a specific agreement covering attribution, anonymisation and the right to publish an unfavourable finding.

08Availability, changes and liabilityAR-STD-030·08

Availability and changes.

No undertaking is given that the site will be available at any particular time or at all. It may be modified, suspended, restructured or withdrawn without notice. Pages may be rewritten, records may be revised, and features described as planned may never be built.

Material changes to published analytical claims are recorded in the build log on the facility status board — including revisions, corrections and withdrawals. That is a practice rather than a contractual commitment, but it is the practice, and a claim quietly rewritten would be a departure from it that the log itself would make visible.

Because the site is static and works offline once loaded, a period of unavailability at the host does not affect any copy you already have open.

Indemnity

You agree to indemnify the Foundry against any claim, loss or expense arising from your misuse of the site, your breach of these terms, or your presentation of material from this site to any other person in a way that these terms prohibit — in particular, presenting a modelled output as a performance record or as advice.

Limitation of liability

To the fullest extent permitted by applicable law, the Foundry accepts no liability for any loss or damage of any kind arising from your use of, or reliance on, this site or anything in it. This includes without limitation trading losses, lost profits, lost opportunity, loss of data, and any indirect or consequential loss, whether arising in contract, tort, negligence or otherwise, and whether or not the possibility of such loss was known.

The site is provided free of charge and no consideration passes. Where any liability cannot lawfully be excluded, it is limited to the maximum extent permitted, and in no event does it exceed the amount you have paid to access the site — which is nothing.

Nothing in these terms excludes or limits liability for death or personal injury caused by negligence, for fraud or fraudulent misrepresentation, or for any other liability that cannot lawfully be excluded.

Severability

If any provision of these terms is held to be invalid or unenforceable in any jurisdiction, that provision is severed to the minimum extent necessary and the remainder continues in full effect. Invalidity in one jurisdiction does not affect validity in any other.

09Governing law and changes to these termsAR-STD-030·09

An honest placeholder,
rather than a confident one.

Most terms of use at this point name a governing law and an exclusive jurisdiction. This one does not, and the reason is worth stating rather than papering over: the Foundry is a research project in a preview phase, it is not incorporated as a trading entity, it charges nothing, and it supplies no service. Naming a jurisdiction in those circumstances would create an appearance of legal structure that does not correspond to anything.

So the position is stated plainly instead. No governing law or exclusive jurisdiction is specified for the public preview site. Mandatory consumer protections available to you under the law of your own country of residence continue to apply and are not affected by anything in this document — those rights exist independently of what a website's terms say about them.

If the Foundry establishes a legal entity and supplies a paid service, that service will be offered under terms that do name a governing law and a jurisdiction. Those terms will be published before the service is offered, not afterwards, and the change will appear in the build log. Until then, this page prefers an acknowledged gap to a fabricated certainty.

How these terms change

RevisionThese terms may be revised at any time. The current version is the one published on this page, and the revision month appears in the record header at the top of it.
NoticeThere is no mailing list to notify, because no addresses are held. Material revisions are recorded as dated entries in the build log on the facility status board, which is the site's single change record.
EffectA revision takes effect when published. Continuing to use the site after that is acceptance of the revised terms; the alternative, as with the original acceptance, is to stop reading.
No retroactive effectA revision does not change the basis on which material was published previously, and no revision will retrospectively assert rights over uses that were permitted when they were made.
Open the build log →
AR-STD-030 · END OF RECORD

The documents these terms
incorporate.

The risk disclosure and the privacy statement form part of these terms. The accessibility statement does not, but it is written to the same standard and it states its own shortcomings as plainly.

Risk disclosure Privacy statement Accessibility statement Contact

Preview phase · no fee · no service supplied · no advisory relationship created