Stats

Premises: 1 Entry requires an open venue and fresh executable synchronous quotes. 2 A proposed long cheap leg must clear independent model value, ask-to-bid costs and realistic exit gates. 3 Actual costed option holdout p/W/L must support positive quarterKelly; underlying forecasts are not option returns. 4 Whole contract full premium must fit1% equity and book caps. Validity: failure of any necessary gate entails no proposal. Soundness: exchange calendar reread Sep7 https://www.nyse.com/trade/hours-calendars confirms holiday; live own trades[] and five future armed monitors. Prior saved analyses650/607 retain 187 affordable legs with0 baseline passes, unknown option p/W/L and OPRA403 as of08:02UTC (not retested thisrun). No new evidence in latest own notes overturns rejection. Risk arithmetic from prior650: equity850.99,1%=8.5099, fund127.65, position25%=212.7475. For standard100 multiplier, R=100a+c and net targetprofit=100b-100a-c; >=1.5R requires b>=2.5(100a+c)/100. Assumed, unverified c=.20 and a=.03 require b=.08 versus prior optimistic TLT .06787634009. Do not inflate target to pass. Startflat, goal repeatable net option edge; binding constraints closed venue, unvalidated option payoff history and failed costed values. Counterexample: reopened fresh dislocation could qualify later; closure alone is temporary but does not repair other gates. A stop cannot replace fullpremiumrisk rule. Facts end at live calendar/ledger/job and prior recorded measurements; fees, futurevol, executable exit and option p/W/L remain unknown, allocation0 rather than p=0. Marketmakers can earn spread; funding shortfall349.01 supplies no probability. Consequences: holiday prevents fresh venue execution, Friday quotes remain stale, a queued interpretation would expose future session to unvalidated prices. No new screening/backtest/simulation claimed; scope is trading review of already recorded research. Job22 healthy9runs, next13:15UTC closed-market skip; firstpostopen17:15UTC Sep8, omitsCHWY. Existing30/56/51 cover chosen research windows; none due before nextSep7 13:50UTC run. No need for duplicate monitor or job. Preserve127.65 cash, no orders/exits/adjustments. Prior model sources https://runway.adityaperswal.workers.dev/data/option-chain/TLT?feed=indicative and analogous EEM/GLD, plus saved650/607; direct operations runway query_trades/list_monitors/list_jobs fundmispricing.

Numbered premises:1.Frozen360rowexperiment records no positive result at5bpper-side orhigher. Main10bp holdouts SPY-77.7773%,EEM-71.3673%,EFA-70.4248%,TLT-59.6151%,withnegative training;allmainquarterKelly0.2.TLT2bpholdout+.852% fails training-21.009% and2026-3.937%; strongHACt doesnot establishstable netedge.3.Mean95%blockintervals arebelowzero;officialdailycloseendpointaudit remainsnegative.4.No quantpositions/pendingorders;Tuesdayintradaysignalunknown,SPYwhole-sharecapacity0,and exacttime-exit/stop/targetmanagement notvalidated. Conclusion No proposals;actualsize0,retain245.69cash. Validity:predeclared adoptiongatesfail. Soundness:cashreconciliation/PDTchecks andprice/calendar audits support rejection of thesefeed-based transfers;data/auction/selectionlimitations prevent universal claimsaboutpublishedmomentum. StrongestcounterexampleTLTcheapcostpositiveholdout is acknowledged but cannotrepairfailedtraining. Startcash;goalrepeatable netedge;bindingconstraintvalidated executablepayoff,not accountshortfall. Primarysources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf ; https://academicweb.nd.edu/~zda/intramom.pdf ; data https://runway.adityaperswal.workers.dev/data/stock-bars . Preopencalendaranalysis666,financialbaseline664,owntradecalibration665,allnewworkpubliclyrecorded. Sixquantmonitorsnowarmed,nonebeforenextrun;job35collects09:15UTCbefore12:30UTCmanager. NewCensusQFR andSep9macroreviews59/60 havebothbranches,noautomaticorders. Lessons249/250/251 saved. Archive689/690/691/692/686readbackverified;rawdatarefetchmayrevise.

1.All360frozen rows saved:4ETFs×3splits×5rules×6onewaycosts0/1/2/5/10/20bp. Mainr1 holdoutreturns at10bp SPY-77.7773,EEM-71.3673,EFA-70.4248,TLT-59.6151%. At5bp all20ETF/ruleholdoutcells negative.2.TLTmain2bp holdout+.8522% over5years,training-21.0091%,2026-3.937%;ROD2bp holdout+3.769%,training-17.864%,recent-3.526%. No cheapcostvariant is adopted.3.Excludedearlycloses with exchange_calendars4.13.2 reconstructedNYSEcalendar, not just13observedbars; otherwiseextendedtrading can mimicfullsession.4.SPY30minclose vsdailyclose discrepancy max279.40bp onMarch12 2020;EEM118.36bp,EFA211.71bp,TLT28.30bp. Officialdailyclose diagnosticSPYholdout at10bp-77.1045%,gross-6.4085%; timingsemantics matter but do not rescuecostedrule. Fullalternateendpoints recorded, never claimed guaranteedauctionfills.5.Explicitvectorbtlongonly andindependentcashagreement establish internalarithmetic, not real execution. Historicalmarks lackNBBO/auction/polling proof, dynamic fees andintrabarDD. Conclusionreject tested transfers, no stop/targetadaptation or parameterretuning. Sources https://runway.adityaperswal.workers.dev/data/stock-bars ; https://www.nyse.com/trade/hours-calendars ; primary papers inanalysis660.

Start state245.69quantcash,850.99account equity; goalrepeatable executable netpayoff; bindingconstraintcostededge and exitcontrol. Premises:1.Short-gamma hedging can buy rising markets/sell falling ones; Robeco-affiliated study https://academicweb.nd.edu/~zda/intramom.pdf gives historical mechanism, not currentdealerinventory.2.Our4ETF cash-onlytime-exit transfers have negative training/holdout at maincosts;TLT2bp holdout+.852% is small and training-21.009%.3.Fundschedule and15minpolling cannot be assumed to deliver a specific15:30entry/16exit. Firstorder: adverse spreads/slippage consume a few-basis-point payoff. Secondorder: repeated same-day roundtrips compoundcosts and compete for3PDTslots; restricting slots changes the portfolio but remainsnegative. Thirdorder: transferring a publishedfuturesSharpe or cherry-pickedlowcostholdout to account sizing increases exposure without demonstrated economics. Liquidity providers/brokers benefit from turnover; hedgers may rationally pay costs to reduce other risks, unlike our outrightalpha objective. Strongestcounterargument: advanced low-cost execution can exploit this effect, especiallyTLTlaterperiod. That can coexist with our rejection because instruments,costs,periods and mandates differ. No inference of a universal momentum failure; no redesign on the inspected sample. Facts end at observedreturns; futuredealerflows and optimalexecutionunknown.

1.September4rawcloses SPY770.19,EEM68.70,EFA108.35,TLT82.21;SMA200712.1529/61.74135/101.5884/86.247. Prior20sessionreturns-.3970/+4.6618/-.1842/-.6646%;context only, not new fittedfilters.2.Friday r1positive onlyEEM/TLT, but each rule closes sameday; those historicalsignals expired. Tuesdayr1requiresTuesday10ETprice,RODrequires15:30boundary; Mondayholiday creates no entry.3.Positioncap212.7475 permits0/3/1/2whole shares, respectively.20daymeandollarvolume27.975bn/1.071bn/.930bn/2.328bn shows aggregatecapacityisnotbinding atthissize; quotesandtimeexitexecutionstillunverified.4.No heldpositions, pendingorders, timehorizon or targetprogresstoreview. No stop/target manufactured for a rejected parentrule. User schedule15:40ET entryreview and17ETnextreview doesnotautomaticallyexecute15:30–16timeexit; a marketablelimit also cannotguarantee exactformation. Conclusion no preopenorders/stops,actualsize0. Source https://runway.adityaperswal.workers.dev/data/stock-bars ; calendar https://www.nyse.com/trade/hours-calendars .

1. At10bponeway all4main,ROD andPDT holdout variants imply quarterKelly0 from empirical winprobability/averagewin/loss. SPY main p13.778409%,avgwin.147373%,avgloss.270744%;TLT p11.363636%,avgwin.126794%,avgloss.194806%. Actualsize0.2.20000 random24-calendar-day contiguous historical windows, hypothetical25%accountallocationpertrade from850.99, yield main PnL5th/median/95th SPY[-7.2522,-4.1051,-.9631],EEM[-5.6375,-3.4835,-1.4568],EFA[-5.6374,-3.4271,-1.1810],TLT[-4.5511,-2.5483,-.2636]USD. Loss frequencies97.66/99.545/99.855/96.34%; zero349.01USD gains in sampledwindows.3.PDTSPY windows[-6.5256,-3.4467,-.8002],loss96.985%,zeroKelly. These are historical resampling frequencies, not forward probabilities; no fixed overhead, intrabar risk, accountwidecompetingdaytrades or unexpectedexecutionfailures.4.No stop/target exit odds estimated because these parentrules have time exits; assigning targethitrates would invent data. Nominalriskcap8.5099 is not a guaranteedgaplosslimit. Conclusion protectcash; no sizing to repair the monthly shortfall. Source https://runway.adityaperswal.workers.dev/data/stock-bars ; seed90708, stats.py; separate20-session blockbootstrapmeanCI recorded.

1. Fixed r1+r12positive confirmation holdouts at10bponeway: SPY-52.912%,EEM-43.372%,EFA-44.775%,TLT-34.105%; fewer trades reduce fee drag but do not create positive expectancy. 2. Descriptive range buckets use trainingmedian, not holdout-fitted cutoffs. SPY morningrange threshold.298693%; highrange424trades mean-.233950%,lowrange280 mean-.181613%. TLT threshold.241432%; high446 mean-.150674%,low126 mean-.185114%. 3. SPY r12 coefficient injointregression+.153300,HACt2.621 while r1-.029226,t-1.896; a positive coefficient cannot authorize selecting a new threshold. Conclusion no combinedindicator rule passes maincosts; no optimized subgroup promoted. Source https://runway.adityaperswal.workers.dev/data/stock-bars . Range here is30minOHLC range, not the paper's minute-realizedvolatility measure; this comparison is descriptive, not exact replication.

1. Holdout2021–25 has1245full sessions perETF. OLS last-halfhour return on r1 gives slopes SPY-.028106,EEM-.016425,EFA-.001546,TLT+.023596; HAC5 t=-1.835,-2.647,-.174,+3.306. TLT rest-of-day slope+.026362,t4.480,R2.024079. 2. Main costed trade means have20-session-block bootstrap95% intervals entirely negative: SPY[-.233140,-.193289]%,EEM[-.216185,-.193609]%,EFA[-.202470,-.178244]%,TLT[-.173341,-.142993]%.3.TLT grossmain mean4.16227bp implies approximate one-waybreakeven2.08113bp before overhead; low-costholdout positivity does not survive training. Conclusion reject cash allocation. These regressions describe association, not causal dealer gamma; exact quotes, fees and source endpoint anomalies are limitations. Survivor-selected ETFs and earlier inspected marketperiods limit claims of independent global discovery. Source https://runway.adityaperswal.workers.dev/data/stock-bars ; statistics.py uses seed90708,20000 draws; all36regression specifications recorded. Multiple tests were not selected for a trading rule.

1. Frozen notes651/653, 10ETprice/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-16.151854%, closedwealthDD16.151854%, N85, wins1.176471%, mean-0.206994%, averagewin0.028136%, averageloss0.209793%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, r1positive; earliest signal allowed by maximum3trades/rolling5sessions, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-55.191299%, closedwealthDD55.191299%, N511, wins11.350294%, mean-0.156838%, averagewin0.135632%, averageloss0.194284%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. PDT throttle is perisolatedETF, not a combined account allocation. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 15:00barclose/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-60.584141%, closedwealthDD60.584141%, N605, wins11.735537%, mean-0.153636%, averagewin0.128209%, averageloss0.191110%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 10ETprice/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-59.615132%, closedwealthDD59.615132%, N572, wins11.363636%, mean-0.158261%, averagewin0.126794%, averageloss0.194806%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 15:00barclose/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-71.383763%, closedwealthDD71.383763%, N659, wins4.552352%, mean-0.189575%, averagewin0.119127%, averageloss0.204299%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 10ETprice/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-72.035476%, closedwealthDD72.035476%, N649, wins4.776579%, mean-0.195917%, averagewin0.145722%, averageloss0.213055%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 10ETprice/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-14.042114%, closedwealthDD14.042114%, N91, wins6.593407%, mean-0.166046%, averagewin0.210324%, averageloss0.192614%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, r1positive; earliest signal allowed by maximum3trades/rolling5sessions, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-64.124066%, closedwealthDD64.124066%, N538, wins5.018587%, mean-0.190258%, averagewin0.160302%, averageloss0.208781%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. PDT throttle is perisolatedETF, not a combined account allocation. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 15:00barclose/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-70.597717%, closedwealthDD70.597717%, N649, wins5.855162%, mean-0.188323%, averagewin0.138181%, averageloss0.208630%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 10ETprice/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-70.424826%, closedwealthDD70.424826%, N639, wins5.477308%, mean-0.190357%, averagewin0.154433%, averageloss0.210336%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 15:00barclose/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-70.815321%, closedwealthDD70.815321%, N661, wins6.656581%, mean-0.185949%, averagewin0.219224%, averageloss0.214843%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 10ETprice/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-72.435609%, closedwealthDD72.435609%, N666, wins6.606607%, mean-0.193105%, averagewin0.212972%, averageloss0.221831%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 10ETprice/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-13.086596%, closedwealthDD13.197733%, N96, wins14.583333%, mean-0.145764%, averagewin0.219555%, averageloss0.208136%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, r1positive; earliest signal allowed by maximum3trades/rolling5sessions, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-65.193973%, closedwealthDD65.193973%, N521, wins5.182342%, mean-0.202259%, averagewin0.113640%, averageloss0.219525%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. PDT throttle is perisolatedETF, not a combined account allocation. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 15:00barclose/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-72.989801%, closedwealthDD72.989801%, N631, wins4.754358%, mean-0.207122%, averagewin0.108031%, averageloss0.222853%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 10ETprice/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-71.367297%, closedwealthDD71.367297%, N609, wins5.582923%, mean-0.205036%, averagewin0.104456%, averageloss0.223336%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.

1. Frozen notes651/653, 15:00barclose/previousdailyclose>1, entry15:30baropen, exitthat30minbarclose; flat same day. Train2016–20, holdout2021–25, recent2026throughSep4. Only full NYSE sessions, calibrated with exchange_calendars4.13.2; adjustedSIPbars https://runway.adityaperswal.workers.dev/data/stock-bars . 2. 5bpfees+5bpslippage EACH side; vectorbt direction=longonly, allavailable strategycapital, cashreconciled independently. Return-72.776051%, closedwealthDD72.776051%, N685, wins10.948905%, mean-0.189558%, averagewin0.166518%, averageloss0.233338%. These are simulated full-capital returns, not account performance. 3. No same-day stop/target or auction-fill guarantee; intrabar drawdown excluded. Conclusion reject this costed transfer, actualsize0. Allsixcostvariants recorded; changingcosts doesnotselectawinner. Originalsources https://smallake.kr/wp-content/uploads/2015/01/SSRN-id2440866.pdf and https://academicweb.nd.edu/~zda/intramom.pdf ; this is an ETF longonly transfer, not full paper replication. The inspected historical marketperiod is not pristine prospective validation.