Open vs closed listings
Every listing is one of two things. The choice is a licence decision, not a display setting, and one direction of it cannot be undone.
The two options
| Closed (default) | Open Strategy | |
|---|---|---|
| Track record, ROI, win rate, drawdown, health score | Public | Public |
| Risk controls, stop-loss, take-profit, R:R, caps | Public | Public |
| Instrument, timeframe, strategy type, risk tier | Public | Public |
| Entry and exit conditions | Private | Disclosed to subscribers |
| Indicator formulas | Private | Disclosed to subscribers |
| Parameter values | Private | Disclosed to subscribers |
| Subscribers can modify the logic | No | Yes |
| Consent record required | No | Yes |
| Marker on the card | Open Strategy |
A closed listing's subscribers get a copy that reproduces the behaviour. An Open Strategy's subscribers get the logic itself, readable and editable.
Correcting the documentation
Earlier docs stated, without qualification:
"Your exact entry/exit indicator formulas ... stay private."
and described the publish confirmation as one that
"explains that your entry/exit logic stays private."
That is true only of a closed listing. The publish form has an Open Strategy toggle whose entire purpose is to disclose that logic.
A publisher reading the old text and ticking the toggle, perhaps assuming it controlled something cosmetic, would have disclosed proprietary logic believing it was protected. This page exists to make sure that cannot happen again.
The consent record
Choosing Open Strategy is not a checkbox the platform forgets. It writes a durable record:
| Recorded | Why |
|---|---|
| The legal document ID and version you were shown | Terms change; the record pins which you accepted |
| A hash of the exact prompt text you licensed | The strategy prompt regenerates whenever the configuration changes, without the hash the record would only prove that some prompt was licensed |
| Your IP address | Attribution |
| Your user agent | Attribution |
| The Open Strategy flag | The choice itself |
The licence is a document separate from the onboarding terms, deliberately: consent to it is collected at a different moment, is declined far more often, and versions independently. Sharing one document would make "did this user license their prompt?" unanswerable, because everybody accepts the onboarding terms.
Consent must be explicitly true. A missing or false value is a refusal, never an implicit agreement, which is what forbids a pre-ticked box from being the source of consent. Turning Open Strategy off and on again clears any tick already given, so a stale consent cannot be preserved.
What "cannot easily be undone" means
The form's own warning: "Choose carefully. This cannot be easily undone after subscribers join."
Precisely:
- You can change the listing to closed going forward.
- You cannot recall logic already disclosed. A subscriber who read it has read it.
- Disclosed logic travels onto every clone. A subscriber's copy carries the logic, and so does anything derived from it.
The decision is effectively one-way from the moment the first subscriber deploys.
Choosing
Choose closed when
- The logic is the value, and you are publishing the track record.
- You may want to trade the strategy at size yourself later.
- You do not want the parameters visible.
Closed is the default and the safe choice.
Choose Open Strategy when
- You want the strategy to be learned from and adapted, not just run.
- You are comfortable with the logic being public in effect.
- The value you are offering is the idea, and you want it used.
There are good reasons to disclose. A subscriber who can read the logic can judge it, can adapt it to their own risk tolerance, and can tell whether it does what the description claims. That is a better product for them and it is a legitimate thing to offer.
The problem was never the option. It was documentation that hid what the option did.
As a subscriber
Open Strategy listings carry a marker whose tooltip reads: "You can see its exact buy and sell formula and change it if you want."
Practical consequences:
| You can | Note |
|---|---|
| Read the entry and exit conditions, formulas and parameters | After you subscribe |
| Modify the cloned strategy's logic | It is your strategy now |
| Judge whether the logic matches the description | The main reason to prefer an open listing |
| Understand why it drew down | Not possible on a closed listing |
On a closed listing, you are allocating capital to a rule set you cannot inspect, on the strength of a filtered track record. That is a legitimate thing to do and it is a materially different decision. See How listings are selected & ranked.
Once you change the logic, the listing's track record no longer describes what you are running. The performance you were shown was produced by the original rules.
Next
- Strategy visibility, the full public/private breakdown
- Publishing your strategy
- Publisher rules