Notes

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"open",0,21.51674135296321,7.769772825192211,151,0.5364238410596026,0.8517565798827078,0.7165163841241287,0.13423290629177878,0.03661334294462519],[0.1,"open",6,1.3775868272218985,10.65653959571884,151,0.48344370860927155,0.8185494995992513,0.7386945266504196,0.014145300609355163,0.004320233723275266],[0.1,"open",16,-25.047715653919784,25.949627398632757,151,0.39072847682119205,0.7867871819753101,0.8093656600086208,-0.18570329128642263,0],[0.1,"managed",0,13.752339421034856,7.922625605282585,151,0.5231788079470199,0.8227854078305354,0.7340963597661134,0.09015431811247916,0.02443868922384819],[0.1,"managed",6,-5.100008953010104,12.57608621476789,151,0.47019867549668876,0.7888189696339585,0.756484447563754,-0.029884827556882525,0],[0.1,"managed",16,-29.8368472163665,30.19165576329632,151,0.37748344370860926,0.7557825652508756,0.8271922205511449,-0.2296454471027,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.3,"green",0,-18.734906469563224,29.417760908875813,361,0.5346260387811634,0.7217382823157973,0.9880417283008865,-0.052053152468678573,0],[0.3,"green",6,-47.30521258300634,49.50832819435792,361,0.48476454293628807,0.6673782532530055,0.9616133018671258,-0.1719359552022422,0],[0.3,"green",16,-74.40196071829082,74.94045889388283,361,0.39335180055401664,0.5958275080837858,0.9985731100432657,-0.37141275609855284,0],[0,"buyhold",6,25.078625732984666,32.31410701876306,1,1,25.081133595557976,0,25.081133595557976,0.25],[0,"buyhold",16,24.828718201619402,32.31410701876308,1,1,24.831201073439573,0,24.831201073439573,0.25]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.3,"open",0,12.773240299543387,27.35355669139883,361,0.5373961218836565,0.9434160010539591,1.0551378054492402,0.04225981478681141,0.005002368923229389],[0.3,"open",6,-26.874360617277,41.83483217283522,361,0.48753462603878117,0.9110817971178341,1.0184309524477508,-0.0777266756512329,0],[0.3,"open",16,-64.47707484601453,66.80538637401926,361,0.39335180055401664,0.9018310901406383,1.0420019225261812,-0.2773917070173492,0],[0.3,"managed",0,24.516683861233403,20.22621465602358,361,0.5318559556786704,0.9538126394016879,0.9842974195060158,0.0683106432815943,0.012187393038205221],[0.3,"managed",6,-19.25955043072396,36.00956475767333,361,0.481994459833795,0.923560222552351,0.9591700464801751,-0.051704487445107083,0],[0.3,"managed",16,-60.77795734629622,63.64177095603595,361,0.39058171745152354,0.9122544821033038,0.9972320342368852,-0.25142151123420753,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.2,"managed",0,5.579218576377673,15.613967775440285,244,0.5163934426229508,0.9399030881306194,1.009895948502978,0.03007883102102637,0],[0.2,"managed",6,-21.219812496862517,30.28023199973745,244,0.46311475409836067,0.9191085093307008,0.9602554416678122,-0.08989426763981234,0],[0.2,"managed",16,-51.64058112840381,54.6821739839632,244,0.3729508196721312,0.9146503531795797,1.0057497989497153,-0.28953498811460937,0],[0.2,"green",0,-20.079422111580516,23.607841911675052,244,0.5163934426229508,0.7148292274775079,1.0098959485029773,-0.08614783472607183,0],[0.2,"green",6,-40.365554923537964,41.911296163329496,244,0.46311475409836067,0.6684171092219786,0.9602554416678144,-0.20599315375573823,0],[0.2,"green",16,-63.39324391030456,64.16332911689801,244,0.3729508196721312,0.6039742156728701,1.0057497989497153,-0.4054019082503084,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"green",0,-17.15254069585584,18.940111308673192,104,0.49038461538461536,0.6578174735477095,1.0567640380324392,-0.17531487223708014,0],[0.1,"green",6,-26.872750428333674,26.87275042833377,104,0.4326923076923077,0.6148093719196834,0.9890319742420094,-0.2950621609989693,0],[0.1,"green",16,-40.60554670607349,40.605546706073504,104,0.3269230769230769,0.5786130858819452,1.0154187467398055,-0.4942929553057717,0],[0.2,"open",0,7.474689432013928,18.354294263558568,244,0.5245901639344263,0.9434217247165717,1.0312054252627905,0.038474568997294234,0.0012360736805306638],[0.2,"open",6,-19.80546645957197,30.430208483310594,244,0.4713114754098361,0.9212783594804664,0.9754643780287562,-0.08150775994039314,0],[0.2,"open",16,-50.77238120892533,54.33505265339915,244,0.3770491803278688,0.9249704171816747,1.0111947113968025,-0.28116523668688487,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"open",0,-8.040575660021783,15.963932153874804,104,0.5,0.83090186983764,1.0578527511735278,-0.07278879639203897,0],[0.1,"open",6,-18.829861160993165,22.44249986540362,104,0.4423076923076923,0.8085667293992114,0.9867162930520538,-0.19264880235245577,0],[0.1,"open",16,-34.07305691963459,34.10777703338559,104,0.3269230769230769,0.8576998405506303,0.9991221906447054,-0.39208421890776873,0],[0.1,"managed",0,-7.647048900423886,16.311263536174515,104,0.49038461538461536,0.8747170327273729,1.05676403803244,-0.06895066533166855,0],[0.1,"managed",6,-18.48250555342264,22.45142433545162,104,0.4326923076923077,0.86035861829085,0.9890319742420081,-0.18881489093452133,0],[0.1,"managed",16,-33.79093231449683,33.79093231449688,104,0.3269230769230769,0.9029554010390749,1.0154187467398073,-0.38825796765824977,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.3,"green",0,-9.615267988938115,13.448249167568594,332,0.5301204819277109,0.36851834244107273,0.4903936463275061,-0.02915845172334974,0],[0.3,"green",6,-39.31628766106502,39.74320845217703,332,0.46686746987951805,0.2890638757261211,0.532739851997801,-0.1490664248977772,0],[0.3,"green",16,-68.76077201654513,68.79455838992317,332,0.29819277108433734,0.19187225605890243,0.5782269292822291,-0.3485889191955664,0],[0,"buyhold",6,34.56996272842857,34.174137669047255,1,1,34.573419724701424,0,34.573419724701424,0.25],[0,"buyhold",16,34.30109147257412,34.17413766904737,1,1,34.30452158172138,0,34.30452158172138,0.25]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.3,"open",0,24.657735635827997,5.901059973154899,332,0.536144578313253,0.5359680956178117,0.4823545712893504,0.06942510640532508,0.02967229116179465],[0.3,"open",6,-16.305619302807,24.171403769712963,332,0.46686746987951805,0.4849375257315094,0.5195571262323385,-0.05059124956246979,0],[0.3,"open",16,-56.91516324955994,57.251140482819885,332,0.3072289156626506,0.4863974959920411,0.5770244773737614,-0.25031049760474977,0],[0.3,"managed",0,14.37188606967286,6.674016851244224,332,0.5271084337349398,0.5067024776103305,0.4875203454056333,0.04241662871911424,0.01802975672735123],[0.3,"managed",6,-23.2114707928321,26.150071911149574,332,0.463855421686747,0.446184190162026,0.5307057113082192,-0.07757003412021389,0],[0.3,"managed",16,-60.47021057283254,60.946286975164,332,0.3072289156626506,0.4242948552562965,0.5883487864510959,-0.2772353784566561,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.2,"managed",0,13.032764355695873,7.617559793227535,239,0.5271966527196653,0.5289090817518534,0.4899877782855708,0.05332170999715795,0.02229647656857013],[0.2,"managed",6,-15.150618131768079,20.5382355627179,239,0.4686192468619247,0.4666748325609732,0.5370344122753428,-0.06667694189179725,0],[0.2,"managed",16,-47.39152708396191,48.02511640687429,239,0.32217573221757323,0.43339620976941523,0.5989661497597548,-0.2663640506645828,0],[0.2,"green",0,-6.232719803549867,11.59026847130421,239,0.5313807531380753,0.37576529582548257,0.49401722023974143,-0.02563047881295204,0],[0.2,"green",6,-29.612481748233993,30.274328413722685,239,0.47280334728033474,0.2942308896133898,0.5399421234104477,-0.14554233064185512,0],[0.2,"green",16,-56.358198892647806,56.40539910476209,239,0.30962343096234307,0.18917196292514626,0.5846721288031315,-0.34507186609228385,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"green",0,2.456687409883625,5.377905242812952,121,0.6033057851239669,0.3347054982284103,0.46556238272625,0.02109148250033227,0.012879874691233056],[0.1,"green",6,-11.390405904108023,13.225328262051118,121,0.5371900826446281,0.24625101366225277,0.4994606407059817,-0.09887173546684755,0],[0.1,"green",16,-30.43650900191739,30.436509001917457,121,0.30578512396694213,0.1493433695722823,0.4957564460077401,-0.2984945189295515,0],[0.2,"open",0,22.273266377746996,7.374781547613529,239,0.5355648535564853,0.5781603098972878,0.4910982461289805,0.08772346897457302,0.03526662694025817],[0.2,"open",6,-8.21412596339187,18.057537842914606,239,0.4686192468619247,0.5310032584004027,0.5290958499926824,-0.032313004218517086,0],[0.2,"open",16,-43.09075019746655,45.226181492348985,239,0.32217573221757323,0.5267778787436312,0.59275514341439,-0.23206877225887684,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"open",0,10.953217416625273,4.838973782428157,121,0.6198347107438017,0.4200354931741249,0.4648759234966979,0.0874648382703137,0.04977132280978672],[0.1,"open",6,-4.042187899469627,9.610318346529745,121,0.5371900826446281,0.3525939500607849,0.47963821740406354,-0.032571350584103646,0],[0.1,"open",16,-24.667746575757974,25.22110927398622,121,0.3140495867768595,0.33265065495620905,0.4909908889697131,-0.2323266024475227,0],[0.1,"managed",0,10.40870553642543,4.822927199598281,121,0.6033057851239669,0.43797146181747587,0.46556238272624784,0.0833924357400173,0.04540524878732276],[0.1,"managed",6,-4.51310861635618,8.65852081659032,121,0.5371900826446281,0.3620991306763219,0.49946064070598306,-0.036639275913835805,0],[0.1,"managed",16,-25.037445696763992,25.45611604196827,121,0.3140495867768595,0.34887703127315584,0.5043383324604293,-0.23638640004822895,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.3,"green",0,-6.9593435579778085,14.078339795496364,328,0.551829268292683,0.38788017215516696,0.5303552810273582,-0.020412209112444228,0],[0.3,"green",6,-37.23255570473156,37.610444884569546,328,0.47560975609756095,0.3186042230943438,0.5565722820741004,-0.14032979790862093,0],[0.3,"green",16,-67.42856017356185,67.48843476946145,328,0.29573170731707316,0.24757709658098231,0.5865465615504363,-0.33986974801766917,0],[0,"buyhold",6,50.608760610069446,30.603816576474163,1,1,50.61382148613046,0,50.61382148613046,0.25],[0,"buyhold",16,50.307843779991735,30.603816576473918,1,1,50.31287456436972,0,50.31287456436972,0.25]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.3,"open",0,13.955394454770042,10.019006693102073,328,0.5548780487804879,0.5172506941331291,0.5593644684375815,0.04314179068797363,0.018378734281289902],[0.3,"open",6,-23.122974975544253,30.673460822017905,328,0.47560975609756095,0.4713450805259771,0.5740419309505485,-0.07684566939463992,0],[0.3,"open",16,-60.10678110709053,60.28710204633807,328,0.3048780487804878,0.47933699137786095,0.6080253787302118,-0.2765124610143359,0],[0.3,"managed",0,11.392331215794286,9.589839558917369,328,0.5426829268292683,0.4983347679106067,0.5251717559094464,0.03507116027255907,0.01518445130417824],[0.3,"managed",6,-24.85207852263628,28.614859355565127,328,0.46646341463414637,0.44796745430205714,0.5507923231426578,-0.08490742695655598,0],[0.3,"managed",16,-61.00405186217904,61.18031705687129,328,0.3048780487804878,0.432242050515287,0.5989441469774127,-0.2845581111564676,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.2,"managed",0,25.552618676283622,4.515387629333178,228,0.5921052631578947,0.5091762301729683,0.4944739383481618,0.10196135414613967,0.048997087299522776],[0.2,"managed",6,-4.500126405236222,13.560732368774552,228,0.5043859649122807,0.4647305340725491,0.5094575882821196,-0.018090772182177046,0],[0.2,"managed",16,-39.470888575908226,40.22098191942328,228,0.34649122807017546,0.426083473507248,0.5593025801450671,-0.21787495629185258,0],[0.2,"green",0,10.27258832898707,4.703115906262479,228,0.6008771929824561,0.4038064866340422,0.5021429995367711,0.04442376627436136,0.02613961519624476],[0.2,"green",6,-16.122671455080102,18.909857232032444,228,0.5131578947368421,0.3401844439331004,0.5137875988526548,-0.07556510321259624,0],[0.2,"green",16,-46.83741481173028,46.83741481173027,228,0.3333333333333333,0.26081881787550076,0.5432610890497502,-0.2752344534079999,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"green",0,10.932052874111957,3.6825675718194284,127,0.6299212598425197,0.3979497151110539,0.46279972302953953,0.08304873976004329,0.04988359360338088],[0.1,"green",6,-4.7487757499424905,7.022930013140649,127,0.5354330708661418,0.33589751566553694,0.46674272046811044,-0.03698259403434646,0],[0.1,"green",16,-26.11442654521917,26.114426545219118,127,0.3779527559055118,0.22652839362850113,0.5182018985550098,-0.23672903221793476,0],[0.2,"open",0,31.43809755341606,4.429853454318722,228,0.6008771929824561,0.5375407979989291,0.5061063144768831,0.12321719746900786,0.05627360443256514],[0.2,"open",6,-0.023417797031186183,11.543956476960526,228,0.5131578947368421,0.49660716088809,0.5169975645314243,0.0031417024601685445,0.0015815833457527018],[0.2,"open",16,-36.63349011704698,39.49644170420243,228,0.34649122807017546,0.48226167526410113,0.5566632919818766,-0.196684904208051,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"open",0,11.942125741162533,4.100214560386872,127,0.6220472440944882,0.44564183265601326,0.5038946101861672,0.09072959134704882,0.048672448866613344],[0.1,"open",6,-3.881481990604027,7.482760923373844,127,0.5275590551181102,0.3929402087564223,0.5008231284578497,-0.029310186777879454,0],[0.1,"open",16,-25.441674071253416,25.568369810972168,127,0.3700787401574803,0.31033757569275366,0.5459750534215345,-0.229071954457979,0],[0.1,"managed",0,16.29424428563407,3.682567571819406,127,0.6220472440944882,0.46578287004093016,0.4571371083656157,0.1205622255122012,0.06277749153357805],[0.1,"managed",6,-0.1445582728690738,6.691048826064061,127,0.5275590551181102,0.4166624871365358,0.4642366861141064,0.0004896493803269261,0.00029379257519190904],[0.1,"managed",16,-22.542973776160466,22.54297377616029,127,0.3779527559055118,0.334791454453342,0.5238621574719583,-0.19933165847656925,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.3,"green",0,-18.324277375830604,20.903255632112494,356,0.5224719101123596,0.39198767712788735,0.5543090951577349,-0.05522446894818731,0],[0.3,"green",6,-46.720226499815055,47.28972485712607,356,0.44662921348314605,0.328742262200903,0.5817612548130342,-0.17510378513546113,0],[0.3,"green",16,-73.8576657095831,73.9528864692069,356,0.3146067415730337,0.2272250032935636,0.6508099825935696,-0.374574256696494,0],[0,"buyhold",6,16.712587310781952,40.322580645161196,1,1,16.714258569513024,0,16.714258569513024,0.25],[0,"buyhold",16,16.479395153423614,40.32258064516125,1,1,16.481043092938954,0,16.481043092938954,0.25]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.3,"open",0,5.719298679834583,9.644892235475089,356,0.5308988764044944,0.5313171869406047,0.5714498855612743,0.01882350308911595,0.006591126030811412],[0.3,"open",6,-31.03580712497874,33.54998325166919,356,0.449438202247191,0.49726978174750885,0.5896327342839458,-0.10113722146082008,0],[0.3,"open",16,-66.16192476491398,66.63437592911407,356,0.31741573033707865,0.4667183929650493,0.6576466203374653,-0.3007554784745884,0],[0.3,"managed",0,1.5826530336449767,11.908948994689538,356,0.5196629213483146,0.5134018108433948,0.5513152784121521,0.006624629867377819,0.0009635311748360798],[0.3,"managed",6,-33.734277808778714,36.072623316010635,356,0.4410112359550562,0.47471538782243106,0.5772522166871142,-0.11332268323767992,0],[0.3,"managed",16,-67.48596047404729,67.86852580759853,356,0.3146067415730337,0.4287343119759655,0.6533465175529742,-0.31291659365622915,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.2,"managed",0,6.040165990273567,9.975284485373159,252,0.5277777777777778,0.5351865099059672,0.5439330344104465,0.02560228064543844,0.01195951325918923],[0.2,"managed",6,-21.63182407640493,25.206216607019773,252,0.45634920634920634,0.4908510714514919,0.585606417033244,-0.09436589649457486,0],[0.2,"managed",16,-52.65707545653847,53.21411979748534,252,0.3253968253968254,0.45422650892867455,0.6549058221014876,-0.29399768263929205,0],[0.2,"green",0,-10.352638828380476,13.102214259479094,252,0.5317460317460317,0.404241749123915,0.5481074848554505,-0.04169955885054983,0],[0.2,"green",6,-33.74680145231069,34.44865757431311,252,0.4642857142857143,0.3353865952164098,0.5923100385998997,-0.1615937443280418,0],[0.2,"green",16,-59.975842966355664,60.12162683529824,252,0.32936507936507936,0.23751639583651443,0.6550819261649862,-0.3610912089978253,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"green",0,-3.854485289323304,9.700593467904051,125,0.568,0.40102539281218275,0.5957735381429862,-0.029591745360450252,0],[0.1,"green",6,-17.246789459935474,18.508710560272846,125,0.496,0.33224574181699246,0.6235974803828414,-0.14949924217172378,0],[0.1,"green",16,-35.551752284486184,35.66805412670955,125,0.336,0.24949479748732992,0.6518842223717293,-0.34902087169908536,0],[0.2,"open",0,12.449063823816255,7.154891475954017,252,0.5436507936507936,0.5592658331623342,0.5569084361224348,0.049900591226824546,0.02230629347794441],[0.2,"open",6,-16.89537701217195,21.457800137823558,252,0.46825396825396826,0.5210230712576382,0.5906304916279824,-0.07009429948312834,0],[0.2,"open",16,-49.79574490592431,50.80848817167693,252,0.32936507936507936,0.5056326409143816,0.650595878387553,-0.26977458036350305,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 08UTC retrieval. Holdout2021–2025. {"columns":["threshold","rule","cost_bps","return_pct","drawdown_pct","sample","win_probability","average_win_pct","average_loss_pct","mean_pct","quarter_kelly"],"rows":[[0.1,"open",0,4.677845750419589,6.984352504008506,125,0.576,0.48479747411382557,0.5669847005511871,0.038841832055860094,0.020029926995215983],[0.1,"open",6,-9.902944153639964,14.061859045722858,125,0.496,0.43548115568754825,0.5895626068888277,-0.0811409006509452,0],[0.1,"open",16,-29.832361358192188,31.071842177824593,125,0.328,0.41507583504238504,0.6204523575557737,-0.28079911038357774,0],[0.1,"managed",0,1.4469706411953551,8.84528348967768,125,0.56,0.48489010976674435,0.5858748898476578,0.013753509936407511,0.00709104478488104],[0.1,"managed",6,-12.683784101783532,15.697148768129754,125,0.48,0.4379610017332498,0.608505618256722,-0.10620164066153547,0],[0.1,"managed",16,-31.99808110085261,32.682755094985104,125,0.32,0.4134462066836737,0.6442831839511993,-0.30580977894804007,0]]} Costs per side. vbt tradeP&L/entryvalue; divide win/loss/mean by1.0001 for cashdenominator forcost>0. Drawdown uses syntheticopen/exitmarks. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,QQQ,IWM,EEM,EFA,EWJ,EWZ,FXI&timeframe=1Day&feed=sip&adjustment=all

Sep9 issuer saysAug1–Sep7 constantcurrency sales+9%YoY; H1CC+9.2%. FYordinarycapex2.3bn plus~.2bn extraordinary corporatefacilities; stableGM±50bps, FXsalesimpact~-1%. Forwardguidance, not independently verified demand. ExistingQ1May1–Jun1CC+11.5% hadcalendarbenefit, so not like-for-like sequential growth. https://www.inditex.com/itxcomweb/api/media/cca26fd1-a685-41d6-82d4-10b3f30428f4/1H2026Results.pdf?t=1788937488685

July31 2026 vs2025: inventory3789/3466; netfinancialcash10398/10012; cash4361/5139; shortfinancialinvestments6038/4874; financialdebt1/1. Lease liabilities4549noncurrent+1648current separate from netcash. H1dividends2727,treasuryshares161. No inference currentSep9 spotcash equalsJuly31balance. https://www.inditex.com/itxcomweb/api/media/cca26fd1-a685-41d6-82d4-10b3f30428f4/1H2026Results.pdf?t=1788937488685

Issuer Sep9 H1. Summary FFO4075/3687; WC-470/-1253; CFO3605/2434; capex1307/1269; reportedFCF2299/1165. StatementCFO4554/3347 includes fixedlease payments949/913 classified financing: subtract leases gives summary CFO. 3605-1307=2298 vsreported2299 roundedmillion discrepancy; retain disclosedFCF and flag rounding rather than silently correct. https://www.inditex.com/itxcomweb/api/media/cca26fd1-a685-41d6-82d4-10b3f30428f4/1H2026Results.pdf?t=1788937488685