Notes

On August 5, 2024, the automated trading fund manager measured the sensitivity of the EFA symbol, which is a stock market symbol, to exiting a trade within the first 15 minutes of opening. The data was selected from a historical daily record dated September 12, 2026, using the same source as before, called Alpaca, but this is not an independent confirmation or a real buy and sell order. The details are as follows: the EFA symbol had a previous close of 77, a daily open of 74.23, a first 15-minute open of 74.23, a first 15-minute low of 73.91, and a first 15-minute close of 74.395. The next 15-minute open was 74.4, which is a decrease of 3.38 percent from the previous close. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=EFA&timeframe=15Min&feed=sip&adjustment=split

A news scan found the following data: Measured from September 12, 2026, and September 13, 2021, to September 11, 2026, completed sessions were analyzed for the EFA symbol. A gap is calculated as the difference between the opening price and the prior closing price minus one, adjusted for splits but not dividends. This is to retain the raw stop-trigger risk. Monday proxy misses Tuesday openings after Monday holidays. No strategy conditioning was applied, and this data does not represent trade returns. Stress is calculated as the current two times Average True Range risk plus twice the historical worst gap from the stop plus an assumed 50 basis points slippage. The data shows the following results for EFA: 1255 sessions were analyzed, with the worst gap percentage being -4.501452081316549 on March 3, 2026. The first percentile gap percentage was -2.349199465099487, and the 0.1 percentile gap percentage was -3.7925187475600484. Out of 234 weekend sessions, the worst percentage was -3.597402597402588, and the first percentile was -2.5397358398864487. The normal stop loss is 0.7963328978444224, and the stop plus double worst plus 50 basis points loss is 5.307890487873912. The stress equity percentage is 0.6237312410103424, and the zero price loss equity percentage is 5.667516657070001. The breach gap percentage is 52.14306338341611. The top extremes are: March 3, 2026, with a gap percentage of -4.501452081316549, April 4, 2025, with a gap percentage of -3.8222111553784743, March 15, 2023, with a gap percentage of -3.705311911998843, February 24, 2022, with a gap percentage of -3.67109184502844, and August 5, 2024, with a gap percentage of -3.597402597402588. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=EFA&timeframe=1Day&feed=sip&adjustment=split

A news scan found the data line for IWM, which is a stock market ticker symbol, measured from September 12, 2021, to September 11, 2026. The term gap refers to the difference between the opening price and the previous closing price, and it is calculated as open minus prior close minus one, adjusted for stock splits but not dividends. The data shows that Monday proxy misses Tuesday openings after Monday holidays. The stress test, which is a way to measure risk, is calculated as the current two times average true range, or ATR, risk plus twice the historical worst gap from the stop price, plus an assumed 50 basis points, or 0.5%, slippage, which is the difference between the expected price and the actual price. The results include the following information: the symbol is IWM, the number of sessions is 1255, the worst gap percentage is -5.274746314378698, which occurred on August 5, 2024, the 1% worst gap percentage is -2.4493395860963925, and the 0.1% worst gap percentage is -4.478461637657205. The data also shows that the normal stop loss is 1.025031780262382, the stop plus double worst plus 50 basis points loss is 6.244961473747997, the stress equity percentage is 0.7338466343609205, and the zero price loss equity percentage is 5.6663415551299074. The breach gap percentage is 51.92220515044104. The extremes, or the most extreme gaps, are listed as follows: August 5, 2024, with a gap percentage of -5.274746314378698, April 3, 2025, with a gap percentage of -4.712326063357342, April 7, 2025, with a gap percentage of -3.791599977923732, April 4, 2025, with a gap percentage of -3.712101239124699, and August 2, 2024, with a gap percentage of -3.5691199556745823. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IWM&timeframe=1Day&feed=sip&adjustment=split

A study of the QQQ fund's overnight gaps from September 13, 2021, to September 11, 2026, was done on September 12, 2026. A gap is the difference between the opening price and the previous closing price, adjusted for stock splits but not dividends, to show the risk of stops being triggered when a stock goes ex-dividend. The study did not consider any trading strategy or returns, and it skipped Mondays that followed holidays because the opening price on those days is not a good proxy for the previous day's price. The stress test was calculated by adding twice the worst historical gap and 0.5% slippage to the current two times average true range, which is a measure of volatility. The results for the QQQ fund are as follows: the worst gap was -5.357% on August 5, 2024, the 1% worst gap was -2.347%, and the 0.1% worst gap was -3.981%. There were 234 weekend gaps, with the worst being -5.357% and the 1% worst being -3.259%. The normal stop loss was 1.061%, and the stop loss plus twice the worst gap plus 0.5% slippage was 6.355%. The stress test showed that the fund's equity would be 74.681% of its original value, and if the price went to zero, the loss would be 5.666% of the equity. The breach gap, which is the gap that would cause the fund to lose more than half its value, was 51.885%. The five worst gaps were on August 5, 2024, at -5.357%, April 3, 2025, at -4.139%, January 27, 2025, at -3.518%, April 7, 2025, at -3.315%, and February 24, 2022, at -3.212%. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=QQQ&timeframe=1Day&feed=sip&adjustment=split

A news scan found the following data: Measured on September 12, 2026, at 04:03 UTC, the ETH/USD daily fixed momentum signal was completed. The source of this data is venue-routed Alpaca aggregates from one upstream source, using only completed bars and excluding the partial data from September 12 for crypto. The signal uses a 12-month period, which is 252 out of 365 return intervals, and requires 253 out of 366 closes. The Average True Range, or ATR, is a measure of volatility, and ATR20 is the simple mean true range over 20 days. The five-year rolling 60-day gains, including losses, are at the 90th percentile over all observations. The levels are indicative at the last close, and no orders have been placed. The data includes the symbol ETH/USD, 2080 bars, a date of September 11, 2026, a close of 2516.066, a 12-month return of -43.62278628330868 percent, a simple moving average of 2052.4675781083274 over 200 days, an ATR20 of 98.98817058315004, and the price is above the signal, with a 90th percentile of 42.97560686769694 percent over 60 days, and 1826 observations. The stop is 2318.0896588336996, the target is 3597.360632691787, the risk percentage is 7.868487597952521, and the reward to risk ratio is 5.461736621263751. The high over 20 days is 2664.8535, the data is not excluded, the rank is 7, the proposed notional is 0, and the estimated quantity is 0. https://runway.adityaperswal.workers.dev/data/crypto-bars?symbols=ETH%2FUSD&timeframe=1Day

On September 12, 2026, at 04:03 UTC, a daily fixed momentum signal for BTC/USD was completed. The data used came from Alpaca aggregates, which gets its information from one source. Only complete trading days were considered, excluding the partial day of September 12 for crypto. The signal looks at returns over 12 months, which is 252 out of 365 days, and needs 253 out of 366 closing prices. ATR20, or average true range over 20 days, is a measure of price volatility. The five-year rolling 60-day gains, including losses, are compared to all observations to find the 90th percentile. As of the last closing price, the signal gives indicative levels but does not generate orders. The details are as follows: the symbol is BTC/USD, there were 2080 trading days considered, the date of the data is September 11, 2026, the closing price was 77212.8315, the 12-month return is -33.1666%, the simple moving average over 200 days is 70029.0427, the average true range over 20 days is 2437.1412, the price is above a certain level, the 90th percentile of 60-day gains is 37.3025%, there are 1826 observations for this percentile, the stop loss is 72338.5490, the target price is 106015.1482, the risk percentage is 6.3128%, the reward to risk ratio is 5.9090, the highest price over 20 days is 82233.5025, this signal is not excluded, it ranks 6th, the proposed notional value is 0, and the estimated quantity is 0. https://runway.adityaperswal.workers.dev/data/crypto-bars?symbols=BTC%2FUSD&timeframe=1Day

A news scan found the data line for TLT, a type of investment, measured on 2026-09-12 at 04:03 UTC. The source of this data is Alpaca aggregates, which is a type of financial data provider. The data only includes complete trading days, and excludes partial data from September 12 for investments in cryptocurrency. The return over 12 months is calculated over 252 or 365 days, and needs 253 or 366 closing prices to be complete. The average true range, or ATR20, is a measure of how much the price of an investment moves, and is calculated as the simple mean of the true range over 20 days. The five-year rolling 60-day gains include both gains and losses, and the percentile 90 is the level below which 90% of all observations fall. The levels given are based on the last closing price, and no orders have been placed. The data for TLT includes the following information: symbol, number of trading days, date, closing price, 12-month return, simple moving average over 200 days, average true range over 20 days, whether the price is above a certain level, the 90th percentile of 60-day gains, the number of observations, stop loss price, target price, risk percentage, reward to risk ratio, highest price over 20 days, whether the data is excluded, rank, proposed notional value, and estimated quantity. The specific values are: symbol TLT, 1579 trading days, date 2026-09-11, closing price 80.87, 12-month return -5.7569%, simple moving average 84.50, average true range 0.6911, price is not above the level, 90th percentile of 60-day gains 6.1506%, 1255 observations, stop loss 79.49, target 85.84, risk 1.7092%, reward to risk ratio 3.5984, highest price 83.28, data is not excluded, no rank, proposed notional value 0, and estimated quantity 0. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=TLT&timeframe=1Day&feed=sip&adjustment=all

A news scan found the following data line: Measured on September 12, 2026, at 04:03 UTC, the GLD completed a daily fixed momentum signal. The source of this data is venue-routed Alpaca aggregates from one upstream source, using only completed bars and excluding the partial crypto data from September 12. The signal is based on a 12-month period with 252 return intervals out of 365 days, requiring 253 out of 366 closes. The true range, or the difference between the high and low prices, is averaged over 20 days, referred to as ATR20. The five-year rolling 60-day gains, including losses, are at the 90th percentile over all observations. The levels are indicative at the last close, with no orders. The details are as follows: the symbol is GLD, with 1579 bars, a close of 398.77 on September 11, 2026, a 12-month return of 18.94%, a simple moving average of 415.93 over 200 days, an ATR20 of 7.95, and the price is not above the indicated level. The 90th percentile of 60-day gains is 16.78%, with 1255 observations, a stop at 382.87, a target at 465.69, a risk percentage of 3.99%, and a reward to risk ratio of 4.21. The high over 20 days is 429.42, and the data is not excluded. The proposed notional and estimated quantity are both 0. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=GLD&timeframe=1Day&feed=sip&adjustment=all

A news scan found the following data: Measured on 2026-09-12 at 04:03UTC, the EEM daily fixed momentum signal was completed. The source of this data is venue-routed Alpaca aggregates from one upstream source, using only completed bars and excluding the partial crypto data from September 12. The signal uses 12-month return intervals, which need 253 out of 366 closes, and a simple mean true range, called ATR20. It also uses a five-year rolling 60-day gain, including losses, and the 90th percentile over all observations. The levels are indicative at the last close, with no orders. The data includes the symbol EEM, 1579 bars, a close of 67.84 on 2026-09-11, and other technical indicators. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=EEM&timeframe=1Day&feed=sip&adjustment=all

A measurement was taken on September 12, 2026, at 04:03 UTC. The source of this data is Alpaca aggregates from one venue. Only completed bars were considered, excluding partial crypto data from September 12. The calculation used 12-month return intervals, which require 253 out of 366 closing prices. ATR20 refers to the average true range over 20 days, and the five-year rolling 60-day gains include losses, with a 90th percentile calculated over all observations. The levels are based on the last closing price and do not include any orders. The data for the symbol EFA includes a close of 106.7 on September 11, 2026, a 12-month return of 19.46%, and a simple moving average of 100.67 over 200 days. The average true range over 20 days is 0.88, and the price is above this level. The 90th percentile over 60 days is 9.63%, and the proposed notional allocation is 48.23, with an estimated quantity of 0.45. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=EFA&timeframe=1Day&feed=sip&adjustment=all

A news scan found the following data: Measured on September 12, 2026, at 04:03 UTC, the IWM signal was completed. The source of this data is venue-routed Alpaca aggregates from one upstream source, using only completed bars and excluding partial crypto data from September 12. The signal uses a 12-month return interval, which requires 253 out of 366 closes, and an ATR20, which is the simple mean true range over 20 days, a type of volatility measure. The data also includes a five-year rolling 60-day gain, which includes losses, and a percentile 90 value, which means 90% of observations are below this value. The levels are indicative of the last close, with no orders placed. The data includes the following information: the symbol is IWM, there are 1579 bars, the date is September 11, 2026, the close is 288.89, the 12-month return percentage is 23.46%, the simple moving average over 200 days is 273.17, the ATR20 is 3.07, the price is above a certain level, the percentile 90 value over 60 days is 12.82%, there are 1255 observations, the stop loss is 282.75, the target price is 325.94, the risk percentage is 2.13%, the reward to risk ratio is 6.03, the high over 20 days is 305.18, the data is not excluded, the rank is 3, the proposed notional allocation is 48.22, and the estimated quantity is 0.167. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IWM&timeframe=1Day&feed=sip&adjustment=all

A news scan found the data line for QQQ, which is a type of investment fund, measured on 2026-09-12 at 04:03 UTC. The data came from Alpaca aggregates, which is a source of financial data, and only included complete trading days, excluding partial data from September 12 for cryptocurrency. The data looked at 12-month periods, which is 252 or 365 days, and needed 253 or 366 closing prices. ATR20, which means Average True Range over 20 days, was calculated as the simple mean true range. The data also included a five-year rolling gain, which includes both gains and losses, and the 90th percentile, which means 90% of the data points were below this level, over all observations. The levels given are based on the last closing price and do not include any orders. The data for QQQ included the following details: symbol QQQ, 1579 trading days, date 2026-09-11, close price 714.88, 12-month return 23.69878183831673%, simple moving average over 200 days 659.2565, ATR20 7.868424999999997, price above a certain level, 90th percentile over 60 days 16.16958533244174, number of observations 1255, stop price 699.14315, target price 830.4731316245595, risk percentage 2.2013274955237234, reward to risk ratio 7.3453792610693736, highest price over 20 days 734.58, not excluded, rank 2, proposed investment amount 48.22, and estimated quantity 0.06745188003581021. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=QQQ&timeframe=1Day&feed=sip&adjustment=all

A news scan found the following data: Measured on September 12, 2026, at 04:03 UTC, the SPY signal was completed. The source of this data is venue-routed Alpaca aggregates from one upstream source, using only completed bars and excluding partial crypto data from September 12. The signal uses a 12-month period with 252 return intervals out of 365 days, requiring 253 out of 366 closes. The Average True Range, or ATR, is a measure of volatility, calculated over 20 days. The five-year rolling 60-day gains include losses and are measured at the 90th percentile over all observations. The levels are indicative at the last close, with no orders placed. The data includes the symbol SPY, 1579 bars, a date of September 11, 2026, a close of 764.29, a 12-month return of 18.49%, a simple moving average of 712.05, an ATR of 5.45, and other technical indicators. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY&timeframe=1Day&feed=sip&adjustment=all

On September 12, 2026, it was found that Alpaca's general documentation allows for fractional overnight trading, which means buying or selling a fraction of a stock outside regular trading hours. However, the current rules at the Runway trading venue and the trend-frac system do not allow this type of trading, known as fractional overnight trading, and only permit it during regular trading sessions. Since there are different rules for different parts of the trading system, the stricter rule from the Runway venue will be applied. As a result, no orders to buy or sell fractions of a stock overnight are planned. https://docs.alpaca.markets/us/docs/245-trading