{
  "test1_vol_prediction": {
    "mm": {
      "is_rho": 0.188,
      "is_p": 0.0557,
      "oos_rho": -0.118,
      "oos_p": 0.3323,
      "consistent": false,
      "n_is": 104,
      "n_oos": 70
    },
    "cust": {
      "is_rho": 0.24,
      "is_p": 0.0139,
      "oos_rho": -0.258,
      "oos_p": 0.0309,
      "consistent": false,
      "n_is": 104,
      "n_oos": 70
    },
    "inst": {
      "is_rho": 0.207,
      "is_p": 0.0349,
      "oos_rho": -0.07,
      "oos_p": 0.5649,
      "consistent": false,
      "n_is": 104,
      "n_oos": 70
    },
    "firm": {
      "is_rho": 0.198,
      "is_p": 0.0441,
      "oos_rho": -0.084,
      "oos_p": 0.4872,
      "consistent": false,
      "n_is": 104,
      "n_oos": 70
    },
    "procust": {
      "is_rho": 0.342,
      "is_p": 0.0004,
      "oos_rho": 0.178,
      "oos_p": 0.1394,
      "consistent": true,
      "n_is": 104,
      "n_oos": 70
    },
    "bd": {
      "is_rho": 0.356,
      "is_p": 0.0002,
      "oos_rho": -0.086,
      "oos_p": 0.4803,
      "consistent": false,
      "n_is": 104,
      "n_oos": 70
    },
    "all": {
      "is_rho": 0.286,
      "is_p": 0.0033,
      "oos_rho": 0.068,
      "oos_p": 0.5731,
      "consistent": true,
      "n_is": 104,
      "n_oos": 70
    }
  },
  "test2_direction": {
    "mm": {
      "is_ic": 0.146,
      "oos_ic": -0.151,
      "is_rho": 0.125,
      "is_p": 0.2062,
      "oos_rho": -0.263,
      "oos_p": 0.028,
      "consistent": false,
      "monotonic": true,
      "sharpe": -2.15,
      "n_is": 104,
      "n_oos": 70
    },
    "cust": {
      "is_ic": 0.06,
      "oos_ic": 0.2,
      "is_rho": 0.01,
      "is_p": 0.9221,
      "oos_rho": 0.237,
      "oos_p": 0.0484,
      "consistent": true,
      "monotonic": true,
      "sharpe": 3.48,
      "n_is": 104,
      "n_oos": 70
    },
    "inst": {
      "is_ic": -0.053,
      "oos_ic": 0.004,
      "is_rho": -0.05,
      "is_p": 0.6132,
      "oos_rho": 0.04,
      "oos_p": 0.7434,
      "consistent": false,
      "monotonic": true,
      "sharpe": 0.06,
      "n_is": 104,
      "n_oos": 70
    },
    "firm": {
      "is_ic": -0.08,
      "oos_ic": 0.063,
      "is_rho": -0.08,
      "is_p": 0.4191,
      "oos_rho": 0.024,
      "oos_p": 0.8418,
      "consistent": false,
      "monotonic": true,
      "sharpe": 1.2,
      "n_is": 104,
      "n_oos": 70
    },
    "procust": {
      "is_ic": 0.019,
      "oos_ic": 0.108,
      "is_rho": 0.076,
      "is_p": 0.4451,
      "oos_rho": 0.02,
      "oos_p": 0.8675,
      "consistent": true,
      "monotonic": true,
      "sharpe": 3.06,
      "n_is": 104,
      "n_oos": 70
    },
    "bd": {
      "is_ic": -0.04,
      "oos_ic": 0.087,
      "is_rho": 0.022,
      "is_p": 0.8275,
      "oos_rho": 0.162,
      "oos_p": 0.1814,
      "consistent": false,
      "monotonic": true,
      "sharpe": 1.59,
      "n_is": 104,
      "n_oos": 70
    },
    "all": {
      "is_ic": 0.015,
      "oos_ic": -0.004,
      "is_rho": 0.028,
      "is_p": 0.7793,
      "oos_rho": 0.035,
      "oos_p": 0.771,
      "consistent": false,
      "monotonic": true,
      "sharpe": -0.08,
      "n_is": 104,
      "n_oos": 70
    }
  },
  "test3_mm_vs_aggregate": {
    "mm_feedback_total_range": {
      "oos_corr": -0.118,
      "oos_p": 0.3323
    },
    "mm_feedback_asym_range": {
      "oos_corr": -0.213,
      "oos_p": 0.0773
    },
    "mm_feedback_up_range": {
      "oos_corr": -0.239,
      "oos_p": 0.0465
    },
    "mm_feedback_down_range": {
      "oos_corr": -0.093,
      "oos_p": 0.4454
    },
    "all_feedback_total_range": {
      "oos_corr": 0.068,
      "oos_p": 0.5731
    },
    "all_feedback_asym_range": {
      "oos_corr": 0.405,
      "oos_p": 0.0005
    },
    "all_feedback_up_range": {
      "oos_corr": 0.268,
      "oos_p": 0.0248
    },
    "all_feedback_down_range": {
      "oos_corr": -0.026,
      "oos_p": 0.8299
    },
    "mm_feedback_total_direction": {
      "oos_corr": -0.105,
      "oos_p": 0.4963
    },
    "mm_feedback_asym_direction": {
      "oos_corr": -0.151,
      "oos_p": 0.028
    },
    "mm_feedback_up_direction": {
      "oos_corr": -0.18,
      "oos_p": 0.1159
    },
    "mm_feedback_down_direction": {
      "oos_corr": 0.121,
      "oos_p": 0.0648
    },
    "all_feedback_total_direction": {
      "oos_corr": 0.109,
      "oos_p": 0.2287
    },
    "all_feedback_asym_direction": {
      "oos_corr": -0.004,
      "oos_p": 0.771
    },
    "all_feedback_up_direction": {
      "oos_corr": 0.062,
      "oos_p": 0.5773
    },
    "all_feedback_down_direction": {
      "oos_corr": -0.018,
      "oos_p": 0.9011
    }
  },
  "test4_intraday": {
    "mm": {
      "is_rho": 0.077,
      "is_p": 0.4382,
      "oos_rho": -0.229,
      "oos_p": 0.056,
      "consistent": false
    },
    "inst": {
      "is_rho": 0.125,
      "is_p": 0.2055,
      "oos_rho": -0.161,
      "oos_p": 0.183,
      "consistent": false
    },
    "cust": {
      "is_rho": 0.128,
      "is_p": 0.1947,
      "oos_rho": -0.343,
      "oos_p": 0.0037,
      "consistent": false
    },
    "all": {
      "is_rho": 0.263,
      "is_p": 0.007,
      "oos_rho": 0.164,
      "oos_p": 0.1758,
      "consistent": true
    }
  },
  "test4b_morning_direction": {
    "mm": {
      "is_ic": 0.049,
      "oos_ic": -0.172,
      "consistent": false
    },
    "inst": {
      "is_ic": -0.099,
      "oos_ic": -0.056,
      "consistent": true
    },
    "cust": {
      "is_ic": 0.12,
      "oos_ic": 0.289,
      "consistent": true
    },
    "all": {
      "is_ic": 0.035,
      "oos_ic": -0.103,
      "consistent": false
    }
  },
  "test5_regime": {
    "high_feedback": {
      "is": {
        "n": 31,
        "mean_return": -0.163,
        "mean_range": 1.25,
        "wr": 51.6
      },
      "oos": {
        "n": 56,
        "mean_return": 0.107,
        "mean_range": 1.159,
        "wr": 55.4
      }
    },
    "low_feedback": {
      "is": {
        "n": 73,
        "mean_return": 0.15,
        "mean_range": 0.99,
        "wr": 56.2
      },
      "oos": {
        "n": 14,
        "mean_return": -0.12,
        "mean_range": 1.357,
        "wr": 35.7
      }
    },
    "q1": {
      "n": 14,
      "mean_return": -0.12,
      "mean_range": 1.357,
      "wr": 35.7
    },
    "q2": {
      "n": 14,
      "mean_return": 0.301,
      "mean_range": 1.094,
      "wr": 85.7
    },
    "q3": {
      "n": 14,
      "mean_return": 0.402,
      "mean_range": 1.182,
      "wr": 57.1
    },
    "q4": {
      "n": 14,
      "mean_return": -0.136,
      "mean_range": 1.269,
      "wr": 42.9
    },
    "q5": {
      "n": 14,
      "mean_return": -0.138,
      "mean_range": 1.092,
      "wr": 35.7
    }
  },
  "test6_cascade": {
    "cascade_vs_range": {
      "is_rho": -0.149,
      "is_p": 0.132,
      "oos_rho": -0.139,
      "oos_p": 0.2502,
      "consistent": true
    },
    "extreme_1.0pct": {
      "extreme_cascade_mean": 3.5,
      "normal_cascade_mean": 3.6,
      "n_extreme": 10
    },
    "extreme_1.5pct": {
      "extreme_cascade_mean": 2.8,
      "normal_cascade_mean": 3.6,
      "n_extreme": 5
    },
    "cascade_bias_direction": {
      "oos_ic": -0.312,
      "oos_rho": -0.36,
      "oos_p": 0.0022
    }
  },
  "test7_change": {
    "gfs_change": {
      "is_ic": -0.028,
      "oos_ic": -0.033,
      "consistent": true
    },
    "asym_change": {
      "is_ic": -0.142,
      "oos_ic": 0.11,
      "consistent": false
    }
  },
  "test8_participant_comparison": {
    "vol_rankings": [
      [
        "mm",
        -0.11759251159128686,
        false
      ],
      [
        "cust",
        -0.2582976117575015,
        false
      ],
      [
        "inst",
        -0.06996763187822587,
        false
      ],
      [
        "firm",
        -0.08441956084332079,
        false
      ],
      [
        "procust",
        0.17844458052663809,
        true
      ],
      [
        "bd",
        -0.08574927827836584,
        false
      ],
      [
        "all",
        0.06849794418686028,
        true
      ],
      [
        "mm0dte",
        -0.18392440983069963,
        false
      ]
    ],
    "dir_rankings": [
      [
        "mm",
        -0.15149784184336548,
        false,
        -2.15
      ],
      [
        "cust",
        0.20041559705330197,
        true,
        3.48
      ],
      [
        "inst",
        0.004202228290321946,
        false,
        0.06
      ],
      [
        "firm",
        0.06252292936289588,
        false,
        1.2
      ],
      [
        "procust",
        0.1079674835424519,
        true,
        3.06
      ],
      [
        "bd",
        0.08663315006034523,
        false,
        1.59
      ],
      [
        "all",
        -0.0035281441820358716,
        false,
        -0.08
      ],
      [
        "mm0dte",
        0.07678777886471364,
        true,
        2.49
      ]
    ]
  },
  "test9_interactions": {},
  "test10_walk_forward": {
    "mm_feedback_total_to_range": {
      "pct_positive": 78.6,
      "mean_corr": 0.071,
      "std_corr": 0.105,
      "n_windows": 14
    },
    "mm_feedback_asym_to_return": {
      "pct_positive": 71.4,
      "mean_corr": 0.071,
      "std_corr": 0.158,
      "n_windows": 14
    },
    "inst_feedback_total_to_range": {
      "pct_positive": 57.1,
      "mean_corr": 0.09,
      "std_corr": 0.193,
      "n_windows": 14
    },
    "inst_feedback_asym_to_return": {
      "pct_positive": 21.4,
      "mean_corr": -0.064,
      "std_corr": 0.11,
      "n_windows": 14
    },
    "all_feedback_total_to_range": {
      "pct_positive": 85.7,
      "mean_corr": 0.163,
      "std_corr": 0.136,
      "n_windows": 14
    },
    "all_feedback_asym_to_return": {
      "pct_positive": 64.3,
      "mean_corr": 0.068,
      "std_corr": 0.1,
      "n_windows": 14
    }
  },
  "test_0dte": {
    "mm0dte_feedback_total_to_range": {
      "is_corr": 0.002,
      "oos_corr": -0.184,
      "oos_p": 0.1275,
      "consistent": false
    },
    "mm0dte_feedback_asym_to_direction": {
      "is_corr": 0.089,
      "oos_corr": 0.077,
      "oos_p": 0.331,
      "consistent": true
    }
  }
}