Reading the daily book

The daily book is the ranking restated as a decision you can act on once a day: five lists, a size on every name, and a hit rate that says how much of it is measured.

The five lists

New longs entered the top band today, new shorts entered the bottom band, and the existing lists are the names already held, each with a stay or exit call. Rotations are the fifth list, and an exit with no replacement prints as out today. Every leg carries up to five names, each row showing the name, its size, and the decile it ranks at or the score it ranks on.

Entry and exit use different thresholds. A long enters at decile 10, stays at 9 and exits at 8, so a name that slips one decile is not sold. A short enters at 1, stays at 2 and exits at 3.

A rotation is one action

A rotation closes a name leaving a leg and opens the name that takes its place in the same leg that day, so the book shows the pair rather than two trades. The number beside it is the opened leg's 30 day mean, winsorised at its own 1 and 99 per cent before averaging, which is the honest read for a same-leg swap: the subtraction form is zero there by construction. An unpaired exit or entry stays what it is.

Size comes from a volatility target

An equity name is 1x, 2x or 3x: the nearest whole number of min(3, 0.35 / realised 30 day vol), clamped to 1 and 3. fx keeps the 0.25 step ladder from a 0.15 target. Realised vol is the name's trailing 30 days, annualised by the square root of 365, the basis the research artefacts use. A name with no usable volatility, which on some venues is an untraded price, is carried at 1.0 rather than unbounded.

The regime decides whether the long leg opens at all. A defensive tape opens no new longs and carries a held long at 1x instead of adding. Shorts are the defensive trade, so they stay open for entry in a defensive tape at a regime weight: 0.5 constructive, 1.0 quiet, 1.5 defensive, and an unproven leg drops one step, never below 1x. The house line applies to size here: Trade less. Hold longer.

The hit rate is a position test

Every class shows its own measured hit rate at a 7 day and a 30 day hold, with the permutation null p value beside it. The null is a random decile of the same day, so a p near 1.0 says the leg finished below what shuffling produces, and a p near 0 says it cleared it. The p is a position test, not proof of significance: one short 7 day leg reads p 0.000 with a t of +0.38.

The book shows hit rates and a winsorised mean, never raw means. On eq_lse the raw mean is a tail artefact: the top 1 per cent of name-days carry 99 per cent of the P&L and 25.8 per cent of its 30 day name-days are exactly zero, so the mean describes a handful of prints. These are entry-horizon leg measurements, not a round trip simulation.

Unproven means no measured edge

A leg is proven when it beats its own null at 30 days. Unproven means it does not, so the book makes no edge claim for it and drops its size one step, never below 1x. Every class's short 30 day leg fails that test, and eq_sgx's long 30 day leg sits below its null as well. fx carries the label for another reason: no sentiment history yet, so it has no step to drop and sizes at the volatility target.

Equities are a tails market

Crypto ranks sentiment across the liquid third with a regime gate: the news score carried a 30 day edge on the most liquid third of the perp universe, positive in quiet and defensive tapes and inverting in a constructive one, so the regime decides how the read is used. fx ranks sentiment across the FOREX pairs with the same gate, on its own venue's regime file. Equities are the other shape: the rank correlation with the next month is slightly negative, so the middle of the distribution is noise while the top and bottom deciles carry the signal. The eq_us top decile earned 8.65 per cent over 30 days against a random decile's 3.78 per cent.

fx ranks the whole FOREX set rather than a liquid third: the FOREX store's volume column is zero on most rows, so there is no liquidity ranking to cut on. fx has no news feed yet, so its news read is ungrounded until a forex feed exists.

The regime is seven numbers

The book reads seven confidence scores per venue rather than one label, and the strongest directional score sets the bucket: constructive, quiet or defensive. Every class reads its own venue's file, fx included: venue_fx.parquet, computed over the FOREX store. The bucket is the line that changes the page: it decides whether the long leg opens at all and how the short leg is sized.

What the book is not

Read only, like the rest of the terminal: no orders, and the size is a suggestion. The measurements run over the windows they were made in, so nothing here speaks for the next quarter. What the book gives you is the day's ranking, five names a leg, and an honest label on every leg that has not earned one.