Notes

A backtest of the symbol CE with a 40-day lookback period on the train window showed a cost of 20 basis points per side. The return was -23.74% and the drawdown was 39.93%. The win rate was 32%. This was based on 25 trades. The manual closed return was -23.74%. The test used a vectorbt long-only strategy with next-open entry, a 2ATR stop and net 3R fixed target, and a 60-session exit. The test was run on data from 2017 to 2022 for training, 2023 to 2025 was held apart, and 2026 was recent data. The test portfolio was fully invested, not using fund sizing of 120. Daily intrabar stops were approximate, using 15-minute venue data. Synthetic open and end accounting points allowed for same-day exits, with stops triggered first when both were touched. Returns were calculated by dividing profit and loss by the entry value plus entry fees. https://runway.adityaperswal.workers.dev/data/stock-bars

A trading strategy for the symbol CE was tested. The test looked back 20 days and considered recent data. The cost was 55 basis points per side, which is a measure of the cost of a trade as a percentage of the trade value. The return was -7.12 percent and the drawdown, which is the largest decline in value, was 30.17 percent. The win rate was 25 percent, meaning that 25 percent of trades were profitable. There were 4 trades in total. The return when trades were closed manually was also -7.12 percent. The boundary for the trades was set at 1 and there were no same-day trades. The targets for the trades were set at 1. The return if the stock was bought and held was 7.89 percent. The trading strategy used a vectorbt long-only approach, which means it only considered buying the stock, not selling it short. The strategy entered trades at the next open, set a stop loss at 2 times the average true range, and set a fixed target at 3 times the reward. The trade was exited after 60 sessions. The test was run from 2017 to 2022, and then held apart from 2023 to 2025, and then run recently in 2026. The test portfolio was fully invested, not sized like a $120 fund. The daily intrabar stops were approximate and based on 15-minute venue data. Synthetic open and end accounting points allowed for same-day exits. The stop loss was triggered first when both conditions were met. The correct returns were calculated by dividing the profit and loss by the entry value plus entry fees. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline 'CE R92004 costed L20 recent 20bp per-side backtest'. The backtest results for the symbol CE are as follows: the return percentage was -4.483762199615485, the drawdown percentage was 28.938937353287354, and the win rate percentage was 25. The test was done on a full-invested portfolio, not using fund sizing, with 4 trades. The strategy used was a long-only approach with a next-open entry, a 2ATR stop, and a fixed target of 3R, with a 60-session exit. The test was run from 2017 to 2022 for training, from 2023 to 2025 was held apart, and 2026 was recent. The daily intrabar stops were approximate to a 15-minute venue, and synthetic open and end accounting points allowed for same-day exits. The stop was triggered first when both conditions were touched. The correct returns were calculated by dividing the profit and loss by the entry value plus entry fees, with a cost of 20 basis points per side. The buy and hold return percentage was 7.8878593490139925. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline 'CE R92004 costed L20 holdout 55bp per-side backtest'. This refers to a backtest of a trading strategy for the symbol CE, which is a type of financial instrument. The lookback period was 20, and the window was a holdout, meaning it was set aside for testing. The cost was 55 basis points, or 0.55%, per side, which is a measure of the cost of a trade. The return was -27.56%, the drawdown was 41.48%, and the win rate was 25%. There were 12 trades, and the manual closed percentage was -27.56%. The boundary was 1, and same day trades were not allowed. The targets were 1, and the buy and hold return was -56.69%. The strategy used was a long only strategy, meaning it only bought assets, and did not sell short. The entry was at the next open, with a 2ATR stop, which is a type of stop loss order that is twice the average true range, and a fixed target of 3R, which is three times the risk. The exit was after 60 sessions. The data was split into training data from 2017 to 2022, and held apart data from 2023 to 2025, with recent data from 2026. The test portfolio was fully invested, and not sized like a $120 fund. The daily intrabar stops were approximate, and were set at 15-minute intervals. Synthetic open and end accounting points allowed for same-day exits, and the stop loss was triggered first when both conditions were met. The correct returns were calculated by dividing the profit and loss by the entry value plus entry fees. https://runway.adityaperswal.workers.dev/data/stock-bars

A backtest of the symbol CE with a 20-day lookback period was conducted on the holdout window with a cost of 20 basis points per side. The return percentage was -21.21478997270797 percent, the drawdown percentage was 37.156983542022424 percent, and the win rate percentage was 25 percent, with 12 trades made. The manual closed percentage was -21.21478997270796 percent. The test used a boundary of 1, with no same-day trades, and one target. The buy and hold percentage was -56.69436749769159 percent. The test was done using a long-only strategy with vectorbt, with entry at the next open, a 2ATR stop, and a fixed target of 3R, with a 60-session exit. The test was run from 2017 to 2022 for training, 2023 to 2025 was held apart, and 2026 was recent. The test portfolio was fully invested, not using fund sizing of 120. Daily intrabar stops were approximate, using a 15-minute venue, and synthetic open and end accounting points allowed for same-day exits, with stops triggered first when both were touched. The correct returns were calculated by dividing the profit and loss by the entry value plus entry fees. https://runway.adityaperswal.workers.dev/data/stock-bars

A backtest of the symbol CE with a lookback of 20 and a train window showed a cost of 55 basis points per side. The return was -43.15 percent and the drawdown was 53.98 percent. The win rate was 31.03 percent. This was based on 29 trades. The manual closed percentage was -43.15 percent. The test used a vectorbt long only strategy with next open entry, a 2ATR stop, and a fixed target of 3R. The exit was after 60 sessions. The test was run from 2017 to 2022, with 2023 to 2025 held apart, and 2026 considered recent. The test portfolio was fully invested, not sized like a 120 fund. Daily intrabar stops were approximate, based on 15-minute venue data. Synthetic accounting points allowed for same-day exits, with stops triggered first when both conditions were met. Returns were calculated by dividing profit and loss by the entry value plus entry fees. https://runway.adityaperswal.workers.dev/data/stock-bars

A backtest of the symbol CE with a lookback of 20 and a train window had a cost of 20 basis points per side. The return was -30.35% and the drawdown was 45.37%. The win rate was 31.03%. This was based on 29 trades. The manual closed percentage was -30.35%. The test used a next-open entry, a 2ATR stop, and a fixed target of 3R, with a 60-session exit. The test was run from 2017 to 2022 for training and from 2023 to 2025 for holding apart, with 2026 being recent. The test portfolio was fully invested, not using fund sizing of 120. Daily intrabar stops were approximate, using 15-minute venue data. Synthetic open and end accounting points allowed for same-day exits, with stops triggered first when both were touched. Returns were calculated by dividing profit and loss by the entry value plus entry fees, which is known as correct returns, a method to accurately calculate the return on investment by considering the cost of entering a trade. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline 'EMN R92004 completed SIP daily signals and gap history'. The automated trading fund manager reported on the symbol EMN, which had 2693 data points as of September 18, 2026, at 04:00:00. The closing price was 65.69. The prior 20-day average was 73.16. A simple moving average, or SMA, is a calculation of the average price over a certain time period, in this case 50 days was 69.6502 and 200 days was 69.2333. The average true range, or ATR, which measures price volatility, over 20 days was 1.7138. The stop price, or the price at which to stop buying or selling, was 62.2624. The net three ratio, a measure of risk, was 77.0259. The returns over 21 days were -11.4929 and over 63 days were -8.2286. The daily volatility, a measure of price change, was 1.7386. The worst gap, or the largest sudden price change, was -17.3271. The average volume over 20 days was 1035745.7. This data was collected on September 20 and completed on September 18, using 2693 bars of data from 2016, with all adjustments included in the feed. The returns are based on price changes in the feed and are not audited total returns. The brackets are hypothetical and do not represent actual orders. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline 'CE R92004 completed SIP daily signals and gap history'. The following information was collected on September 20 and completed on September 18. It is about the symbol CE, which had 2693 bars of data from 2016, using an all-adjustment feed. The data includes the close price of 45.41 on September 18 at 04:00:00, the prior 20-day average of 47.22, the 50-day simple moving average, or sma50, of 45.4024, and the 200-day simple moving average, or sma200, of 50.9966. The average true range, or atr20, over 20 days was 1.6915. A stop, which is a price level to limit losses, was set at 42.0269. The net three times risk, or net3R, was 56.287. Returns, which are changes in feed prices and not separately audited total returns, were calculated as r21 of -1.8374 and r63 of -11.187. Daily volatility, or daily_vol, was 2.617, and the worst gap, which is the largest price jump, was -20.7555. The average volume over 20 days, or volume20, was 1,707,972.35. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline about CE R92004 comparable H2 cash guidance versus seasonal prior year. On August 4, a table showed that the 2025 third quarter free cash flow, or FCF, was 375, plus 160 in the fourth quarter, which equals 535 million. To meet the 2026 second half requirement of 557 to 657, this implies an increase of 4.11215 percent to 22.80374 percent year over year, with a midpoint of 607, which is an increase of 13.45794 percent. In the first half of 2026, the issuer was 143, which is a ratio of 3.89510 to 4.59441 for the second half compared to the first half. However, past patterns, or seasonality, make it incorrect to use the first half as a base case for the whole year, and the forecasted cash flow is still unverified. https://investors.celanese.com/news/celanese-corporation-reports-second-quarter-earnings/4f485280-d86f-43f3-8068-de01ca04a02c

For the fiscal year ending March 31, 2026, the consolidated cash flow statement, which can be found on page 252 of the PDF document, page 128, and was signed on May 21, shows the following information: the operating cash flow was 1748.97 million Indian Rupees, and the capital expenditure, also known as capex, which includes money spent on work in progress, advances, and intangible assets, was 6024.54 million Indian Rupees, resulting in a consolidated cash flow of -4275.57 million Indian Rupees. The operating working capital was a source of 578.84 million Indian Rupees, and the accounts payable was a source of 475.86 million Indian Rupees, and there were also 5000 million Indian Rupees from non-current borrowing proceeds. This is not the cash flow for the June quarter, and it is not the maintenance free cash flow, as the growth capital expenditure dominates. The 11.8% margin from June cannot be used to predict the full year cash flow. https://www.laxmi.com/documents/default.aspx?f=investor-relations/annual-report-20252026-557.pdf

The annual report for the year ended March 31, 2026, shows that trading houses made up 21.20% of total purchases, with the top 10 trading houses accounting for 87.60% of trading house purchases, which is 18.5712% of total purchases, not 87.6% of all suppliers. There were 124 trading houses, compared to 97 in the previous year. Previously, 14.73% of purchases came from the top 10 suppliers, which was 10.702818% of all purchases. The concentration of named producers is still unknown. The company's accounts payable days were 138, compared to 102, and the company includes goods, services, power, and fuel in the denominator. The original report was 10.7MB and had 173 PDF pages. https://www.laxmi.com/documents/default.aspx?f=investor-relations/annual-report-20252026-557.pdf

A news scan found the headline about CE R92004 correction. On August 4, a table showed that the first quarter free cash flow, or FCF, plus the second quarter FCF, equals 143 million. This comes from operating cash flow of 285, minus capital expenditures of 128, and minus non-controlling interest distributions of 14. Previously, the numbers were 3606 and 3585, and in this run, 30243, with a simple FCF of 157, which is arithmetically correct but not comparable to the issuer's guide of 700 to 800. The correct guidance for the second half is needed, which is 557 to 657 million, not 543 to 643 million. The annualized first half issuer FCF is 286 million, not 314. This change affects the cash bridge, not the current actual cash. The forecast tax is 8 percent, which is also different from the 20 to 30 percent normalized tax sensitivities. https://investors.celanese.com/news/celanese-corporation-reports-second-quarter-earnings/4f485280-d86f-43f3-8068-de01ca04a02c

As of August 3, the company had 109.748926 million shares. By June 30, the current debt was 1311 million and long term debt was 10696 million, totaling 12007 million, with 1364 million in cash, resulting in a net debt of 10643 million. In the first half of the year, the company paid 369 million in interest, and after accounting for 19 million in interest income, the net interest expense was 350 million. This data is not reflective of the company's position as of September. Additionally, the debt reduction was not equal to twice the equity free cash. https://www.sec.gov/Archives/edgar/data/1306830/000130683026000117/ce-20260630.htm

As of November 20, 2025, a creditor analysis was done on LXCHEM.NS, which is a stock ticker symbol, and R92004, which is a dated credit assessment. The analysis found that for the first half of the fiscal year 2026, the margin was 4.9 percent, compared to 9.8 percent previously. The company's debt was 330 crore, which is a unit of Indian currency, and its net worth was 1928 crore as of September 2025. The company is exposed to fluctuations in commodity prices, specifically acid and ethanol, as well as foreign exchange rates, and has a partial hedge, which is a financial strategy to reduce risk, in place for exports. The credit rating was paid for by the issuer, which means the company being rated paid for the assessment, and was based partly on inputs from management. However, the current credit status is not up to date. Despite this, the company's 11.8 percent margin in the June quarter can coexist with the previously negative outlook. https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/LaxmiOrganicIndustriesLimited_November%2020_%202025_RR_381966.html

On August 31, 2026, it was decided to sell 19% of the stake for approximately 152 million USD and retain 11%. The sold interest had 2025 equity earnings of around 4 million. The sale is expected to close in the fourth quarter, subject to certain conditions. Nutrinova is funding the entire purchase and will cover the ongoing costs of the transitional diketene unit, which is operated by CE. This means CE has no funding obligation. The buyer's funding does not come from CE's free cash flow or current receipts. https://investors.celanese.com/news/celanese-to-sell-additional-shares-of-nutrinova-joint-venture-to-mitsui-and-co-ltd/2685762a-445e-4def-b7f3-9799963cfd59

A company page from INEOS mentions that they finished buying the Eastman acid plant in Texas City, which can produce 600,000 tons of acid per year, in 2023. This means that the assets and profits from this plant should not be assigned to EMN. It is also important to note that the capacity of the plant is not the same as its output for 2026. This information was confirmed on September 20 and again on December 1, 2023, when the acquisition was completed. https://www.ineos.com/businesses/ineos-acetyls/acetyls-in-america/who-we-are/

A July 29 issuer deck for the June quarter reported the following information for LXCHEM.NS, also known as a company's stock ticker symbol, which is a unique code to identify a stock: sales were 9683 million Indian Rupees, EBITDA, which stands for earnings before interest, tax, depreciation, and amortization, a measure of a company's overall financial performance, was 1143 million with a margin of 11.8%, and PAT, or profit after tax, was 677 million. Essentials revenue was 7265 million, with EBITDA split 72% from Essentials and 28% from Specialties. The top 10 customers accounted for 23% of sales, and exports made up 35%. A new capacity for producing ethyl acetate, a type of chemical, was commissioned at a location referred to as Lote. These events occurred before the forced shutdowns in August. https://www.laxmi.com/documents/default.aspx?f=investor-relations/q1fy27-laxmi-earning-deck-july-29-2026-563.pdf

A news scan found the management report of LXCHEM.NS, which is a counterexample to the downstream-loser thesis, as of July 30. In the first quarter of the fiscal year 2027, the company's Essentials EBITDA, which is a measure of profit, is expected to be 11-12%. The management says that through the business cycle, they expect mid-single-digit growth, meaning growth of 5-9%. The company reports that customer demand is mixed, with some customers stocking up, some delaying orders, and some ordering just in time. The company also mentions that the spike in input costs in April was moderated in May and June. Additionally, the qualification of the Dahej project is expected in the third quarter of the fiscal year 2027, with a ramp-up in the fourth quarter, but this is not yet confirmed with paid orders, and is based on management testimony, not independent invoices, with the reference number R92004. https://www.laxmi.com/documents/default.aspx?f=investor-relations/transcript-of-investor-meet-july-30-2026-568.pdf

2026-07-31 issuer: ChemicalIntermediatesprice+14%YoY,volume/mix+24%,sales+39%; gains particularlyolefin/derivatives so notpureacetyl confirmation. Q2OCF224mvs233;FYOCFapproach900/capex400=>~500mFCF proxy. Q3CIearningsmoderate asdisruptionlessens; ARinflationhurtscash. Independent issuer, same macro cause. https://www.eastman.com/en/media-center/news-stories/2026/eastman-announces-second-quarter-2026-financial-results

Filed2026-02-24, period2025: Fairway50%-owned plusMitsui contract meets almost allNorthAmerican methanol needs; purpose-made proximateCO and someplant single-sourceCO/steam/ethylene. Longterm contracts do notfix allprices; own orsupplier outages can reverse integration advantage. No percentage vendor spend disclosed in reviewed passage. https://www.sec.gov/Archives/edgar/data/1306830/000130683026000031/ce-20251231.htm