{
  "regime_distribution": {
    "Customer": 79,
    "Firm": 74,
    "MM": 20
  },
  "regime_returns": {
    "MM": {
      "is_n": 15,
      "is_avg": 0.1283,
      "is_wr": 60.0,
      "oos_n": 5,
      "oos_avg": 0.3625,
      "oos_wr": 80.0,
      "consistent": true
    },
    "Firm": {
      "is_n": 47,
      "is_avg": -0.002,
      "is_wr": 48.9,
      "oos_n": 27,
      "oos_avg": -0.0854,
      "oos_wr": 48.1,
      "consistent": true
    },
    "Customer": {
      "is_n": 41,
      "is_avg": 0.1383,
      "is_wr": 61.0,
      "oos_n": 38,
      "oos_avg": 0.1015,
      "oos_wr": 50.0,
      "consistent": true
    }
  },
  "regime_vol": {
    "MM": {
      "is_avg_range": 0.8871,
      "oos_avg_range": 0.785,
      "is_diff_from_mean": -0.1572,
      "oos_diff_from_mean": -0.4393,
      "consistent": true
    },
    "Firm": {
      "is_avg_range": 1.0267,
      "oos_avg_range": 1.1087,
      "is_diff_from_mean": -0.0176,
      "oos_diff_from_mean": -0.1156,
      "consistent": true
    },
    "Customer": {
      "is_avg_range": 1.122,
      "oos_avg_range": 1.3643,
      "is_diff_from_mean": 0.0777,
      "oos_diff_from_mean": 0.14,
      "consistent": true
    }
  },
  "share_ics": {
    "mm_gamma_share": {
      "is_ic": -0.0479,
      "is_p": 0.6311,
      "oos_ic": -0.0902,
      "oos_p": 0.4576,
      "consistent": true
    },
    "cust_gamma_share": {
      "is_ic": 0.0414,
      "is_p": 0.6781,
      "oos_ic": 0.1207,
      "oos_p": 0.3194,
      "consistent": true
    },
    "firm_gamma_share": {
      "is_ic": -0.0643,
      "is_p": 0.5185,
      "oos_ic": -0.2266,
      "oos_p": 0.0593,
      "consistent": true
    },
    "procust_gamma_share": {
      "is_ic": 0.0379,
      "is_p": 0.7041,
      "oos_ic": 0.0676,
      "oos_p": 0.5781,
      "consistent": true
    },
    "bd_gamma_share": {
      "is_ic": 0.0259,
      "is_p": 0.7953,
      "oos_ic": 0.0305,
      "oos_p": 0.8021,
      "consistent": false
    },
    "dominant_share": {
      "is_ic": -0.0171,
      "is_p": 0.8638,
      "oos_ic": 0.0361,
      "oos_p": 0.7665,
      "consistent": false
    },
    "inst_share": {
      "is_ic": -0.0099,
      "is_p": 0.9208,
      "oos_ic": -0.1384,
      "oos_p": 0.2532,
      "consistent": true
    },
    "mm_inst_ratio": {
      "is_ic": -0.048,
      "is_p": 0.6302,
      "oos_ic": -0.0772,
      "oos_p": 0.5252,
      "consistent": true
    },
    "participant_hhi": {
      "is_ic": 0.0151,
      "is_p": 0.88,
      "oos_ic": 0.0781,
      "oos_p": 0.5207,
      "consistent": true
    },
    "sign_consensus": {
      "is_ic": NaN,
      "is_p": NaN,
      "oos_ic": 0.2671,
      "oos_p": 0.0254,
      "consistent": false
    },
    "net_gamma": {
      "is_ic": -0.2006,
      "is_p": 0.0422,
      "oos_ic": 0.2121,
      "oos_p": 0.078,
      "consistent": false
    }
  },
  "share_vol": {
    "mm_gamma_share": {
      "is_rho": -0.1944,
      "is_p": 0.0491,
      "oos_rho": -0.2315,
      "oos_p": 0.0538,
      "consistent": true
    },
    "cust_gamma_share": {
      "is_rho": 0.1747,
      "is_p": 0.0776,
      "oos_rho": 0.1775,
      "oos_p": 0.1416,
      "consistent": true
    },
    "firm_gamma_share": {
      "is_rho": -0.1414,
      "is_p": 0.1542,
      "oos_rho": -0.0346,
      "oos_p": 0.7762,
      "consistent": false
    },
    "procust_gamma_share": {
      "is_rho": 0.0971,
      "is_p": 0.3292,
      "oos_rho": 0.3617,
      "oos_p": 0.0021,
      "consistent": true
    },
    "bd_gamma_share": {
      "is_rho": 0.2028,
      "is_p": 0.0399,
      "oos_rho": -0.2086,
      "oos_p": 0.083,
      "consistent": false
    },
    "dominant_share": {
      "is_rho": 0.0924,
      "is_p": 0.3533,
      "oos_rho": 0.188,
      "oos_p": 0.1191,
      "consistent": true
    },
    "inst_share": {
      "is_rho": -0.1498,
      "is_p": 0.1309,
      "oos_rho": 0.3862,
      "oos_p": 0.001,
      "consistent": false
    },
    "mm_inst_ratio": {
      "is_rho": -0.1881,
      "is_p": 0.0571,
      "oos_rho": -0.2595,
      "oos_p": 0.0301,
      "consistent": true
    },
    "participant_hhi": {
      "is_rho": 0.0625,
      "is_p": 0.5303,
      "oos_rho": 0.2013,
      "oos_p": 0.0948,
      "consistent": true
    },
    "sign_consensus": {
      "is_rho": NaN,
      "is_p": NaN,
      "oos_rho": 0.0436,
      "oos_p": 0.7198,
      "consistent": false
    },
    "net_gamma": {
      "is_rho": 0.1601,
      "is_p": 0.1063,
      "oos_rho": -0.4672,
      "oos_p": 0.0,
      "consistent": false
    }
  },
  "transitions": {
    "Customer \u2192 Customer": {
      "n": 28,
      "avg_ret": 0.2055,
      "wr": 57.1
    },
    "Firm \u2192 Firm": {
      "n": 14,
      "avg_ret": -0.2266,
      "wr": 35.7
    },
    "Firm \u2192 Customer": {
      "n": 10,
      "avg_ret": -0.1895,
      "wr": 30.0
    },
    "Customer \u2192 Firm": {
      "n": 9,
      "avg_ret": 0.1628,
      "wr": 77.8
    }
  },
  "regime_signal_interaction": {
    "MM": {
      "is_ic": -0.35,
      "oos_ic": 0.3,
      "consistent": false
    },
    "Firm": {
      "is_ic": -0.0092,
      "oos_ic": 0.1471,
      "consistent": false
    },
    "Customer": {
      "is_ic": -0.4,
      "oos_ic": 0.2144,
      "consistent": false
    }
  },
  "simple_regime": {
    "Inst_Dominated": {
      "is_n": 102,
      "is_avg": 0.0597,
      "is_wr": 54.9,
      "oos_n": 70,
      "oos_avg": 0.0481,
      "oos_wr": 51.4,
      "is_range": 1.0456,
      "oos_range": 1.2243,
      "dir_consistent": true,
      "vol_consistent": false
    }
  },
  "summary": {
    "total_days": 173,
    "is_days": 103,
    "oos_days": 70,
    "date_range": "2025-06-26 to 2026-03-03",
    "best_directional": {
      "feature": "firm_gamma_share",
      "oos_ic": -0.2266
    },
    "best_vol": {
      "feature": "procust_gamma_share",
      "oos_rho": 0.3617
    }
  }
}