{
  "meta": {
    "n_dates_processed": 348,
    "n_dates_skipped": 103,
    "n_cluster_snapshots": 11777,
    "n_opening_clusters": 311,
    "n_opening_oi_strikes": 6915,
    "null_reach_rate": 0.6383
  },
  "test_a": {
    "null_reach_rate": 0.6383,
    "n_total": 11777,
    "n_reached": 7517,
    "n_unreached": 4260,
    "reached_mean_oi_growth": 0.07799092723160835,
    "reached_median_oi_growth": 0.0651,
    "unreached_mean_oi_growth": 0.06817152582159625,
    "unreached_median_oi_growth": 0.0532,
    "mwu_pvalue": 1.2527574976761258e-68,
    "quintiles": [
      {
        "quintile": 0,
        "n": 2356,
        "reached": 1067,
        "reach_rate": 0.453,
        "p_value": 1.1451347087397245e-74
      },
      {
        "quintile": 1,
        "n": 2357,
        "reached": 1539,
        "reach_rate": 0.653,
        "p_value": 0.13921321097324799
      },
      {
        "quintile": 2,
        "n": 2357,
        "reached": 1637,
        "reach_rate": 0.695,
        "p_value": 1.0061290827049296e-08
      },
      {
        "quintile": 3,
        "n": 2352,
        "reached": 1670,
        "reach_rate": 0.71,
        "p_value": 1.9537905422070306e-13
      },
      {
        "quintile": 4,
        "n": 2355,
        "reached": 1604,
        "reach_rate": 0.681,
        "p_value": 1.329377279975141e-05
      }
    ]
  },
  "test_b": {
    "mm": {
      "reached_mean_net_oi_change": 1612.0316615671145,
      "unreached_mean_net_oi_change": 1247.4208920187793,
      "mwu_pvalue": 1.4109698757032424e-14
    },
    "cust": {
      "reached_mean_net_oi_change": -1272.6424105361182,
      "unreached_mean_net_oi_change": -966.2183098591549,
      "mwu_pvalue": 7.959881204654509e-15
    },
    "firm": {
      "reached_mean_net_oi_change": 73.20327258214714,
      "unreached_mean_net_oi_change": 37.85704225352113,
      "mwu_pvalue": 0.0042883572943918785
    },
    "procust": {
      "reached_mean_net_oi_change": -404.7193029133963,
      "unreached_mean_net_oi_change": -275.11525821596246,
      "mwu_pvalue": 3.004414395171065e-31
    },
    "bd": {
      "reached_mean_net_oi_change": 4.522016762006119,
      "unreached_mean_net_oi_change": -17.604460093896712,
      "mwu_pvalue": 2.7894658780179263e-14
    }
  },
  "test_c": {
    "up": {
      "n": 6894,
      "reach_rate": 0.6399767914128227,
      "call_oi_growth_reached": 0.06958279691749773,
      "call_oi_growth_unreached": 0.07765310233682515,
      "put_oi_growth_reached": 0.0889235040797824,
      "put_oi_growth_unreached": 0.05265983078162771,
      "call_pv": 0.0015952392493362485,
      "put_pv": 5.2760001613474425e-250
    },
    "down": {
      "n": 4883,
      "reach_rate": 0.6358795822240426,
      "call_oi_growth_reached": 0.07710444444444445,
      "call_oi_growth_unreached": 0.036313329583802026,
      "put_oi_growth_reached": 0.09084376811594201,
      "put_oi_growth_unreached": 0.09402727784026996,
      "call_pv": 7.870485235871348e-190,
      "put_pv": 0.14057290070971737
    }
  },
  "test_d": {
    "mm_buy": {
      "reached_mean": 55212.05201543169,
      "unreached_mean": 33965.89342723005,
      "mwu_pvalue": 0.0
    },
    "mm_sell": {
      "reached_mean": 53600.02035386457,
      "unreached_mean": 32718.47253521127,
      "mwu_pvalue": 0.0
    },
    "cust_buy": {
      "reached_mean": 4998.629240388453,
      "unreached_mean": 3204.3788732394364,
      "mwu_pvalue": 3.5994164152209645e-127
    },
    "cust_sell": {
      "reached_mean": 6271.271650924571,
      "unreached_mean": 4170.597183098592,
      "mwu_pvalue": 9.907748301224926e-127
    },
    "firm_buy": {
      "reached_mean": -19.22043368365039,
      "unreached_mean": -17.51619718309859,
      "mwu_pvalue": 6.022383299626869e-09
    },
    "firm_sell": {
      "reached_mean": -92.42370626579752,
      "unreached_mean": -55.37323943661972,
      "mwu_pvalue": 0.07980755609359035
    },
    "procust_buy": {
      "reached_mean": 519.9030198217374,
      "unreached_mean": 281.1666666666667,
      "mwu_pvalue": 5.834515991658221e-36
    },
    "procust_sell": {
      "reached_mean": 924.6223227351337,
      "unreached_mean": 556.2819248826291,
      "mwu_pvalue": 5.5520103535020734e-101
    },
    "bd_buy": {
      "reached_mean": 43.319276307037384,
      "unreached_mean": 16.81032863849765,
      "mwu_pvalue": 6.526991132019486e-34
    },
    "bd_sell": {
      "reached_mean": 38.79725954503126,
      "unreached_mean": 34.41478873239436,
      "mwu_pvalue": 0.0943733509583044
    }
  },
  "test_e": {
    "oi_no_gamma": {
      "n": 36,
      "reach_rate": 0.4444444444444444
    },
    "oi_and_gamma": {
      "n": 297,
      "reach_rate": 0.6262626262626263
    },
    "gamma_no_oi": {
      "n": 8063,
      "reach_rate": 0.7029641572615651
    },
    "neither": {
      "n": 3381,
      "reach_rate": 0.487133984028394
    },
    "oi_no_gamma_pct_later_gamma": 0.88,
    "mwu_pvalue_oi_no_gamma_vs_oi_and_gamma": 0.0353128575321716
  },
  "test_f_a": {
    "total_oi": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 63,
          "reached": 35,
          "reach_rate": 0.556,
          "p_value": 0.2405791997890605
        },
        {
          "quintile": 1,
          "n": 62,
          "reached": 37,
          "reach_rate": 0.597,
          "p_value": 0.6001726417469835
        },
        {
          "quintile": 2,
          "n": 62,
          "reached": 34,
          "reach_rate": 0.548,
          "p_value": 0.18981844907428275
        },
        {
          "quintile": 3,
          "n": 62,
          "reached": 44,
          "reach_rate": 0.71,
          "p_value": 0.23633849691549685
        },
        {
          "quintile": 4,
          "n": 62,
          "reached": 46,
          "reach_rate": 0.742,
          "p_value": 0.08631813125456464
        }
      ],
      "null_rate": 0.6302250803858521
    },
    "call_oi": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 63,
          "reached": 40,
          "reach_rate": 0.635,
          "p_value": 1.0
        },
        {
          "quintile": 1,
          "n": 62,
          "reached": 35,
          "reach_rate": 0.565,
          "p_value": 0.2943268803539132
        },
        {
          "quintile": 2,
          "n": 62,
          "reached": 34,
          "reach_rate": 0.548,
          "p_value": 0.18981844907428275
        },
        {
          "quintile": 3,
          "n": 62,
          "reached": 39,
          "reach_rate": 0.629,
          "p_value": 1.0
        },
        {
          "quintile": 4,
          "n": 62,
          "reached": 48,
          "reach_rate": 0.774,
          "p_value": 0.017933507832785578
        }
      ],
      "null_rate": 0.6302250803858521
    },
    "put_oi": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 63,
          "reached": 30,
          "reach_rate": 0.476,
          "p_value": 0.013052618662340051
        },
        {
          "quintile": 1,
          "n": 62,
          "reached": 34,
          "reach_rate": 0.548,
          "p_value": 0.18981844907428275
        },
        {
          "quintile": 2,
          "n": 62,
          "reached": 43,
          "reach_rate": 0.694,
          "p_value": 0.35753618273751775
        },
        {
          "quintile": 3,
          "n": 63,
          "reached": 44,
          "reach_rate": 0.698,
          "p_value": 0.29761723441583254
        },
        {
          "quintile": 4,
          "n": 61,
          "reached": 45,
          "reach_rate": 0.738,
          "p_value": 0.08587756040260522
        }
      ],
      "null_rate": 0.6302250803858521
    }
  },
  "test_f_b": {
    "total_oi": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 1383,
          "reached": 845,
          "reach_rate": 0.611,
          "p_value": 0.00030985444833795544
        },
        {
          "quintile": 1,
          "n": 1383,
          "reached": 766,
          "reach_rate": 0.554,
          "p_value": 0.4980854468786231
        },
        {
          "quintile": 2,
          "n": 1383,
          "reached": 754,
          "reach_rate": 0.545,
          "p_value": 0.18418562725483442
        },
        {
          "quintile": 3,
          "n": 1383,
          "reached": 762,
          "reach_rate": 0.551,
          "p_value": 0.3711512971761455
        },
        {
          "quintile": 4,
          "n": 1383,
          "reached": 766,
          "reach_rate": 0.554,
          "p_value": 0.4980854468786231
        }
      ],
      "null_rate": 0.5629790310918293
    },
    "mm_frac": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 1402,
          "reached": 691,
          "reach_rate": 0.493,
          "p_value": 1.4581304377019087e-07
        },
        {
          "quintile": 1,
          "n": 1372,
          "reached": 776,
          "reach_rate": 0.566,
          "p_value": 0.8489746228503141
        },
        {
          "quintile": 2,
          "n": 1386,
          "reached": 805,
          "reach_rate": 0.581,
          "p_value": 0.1846349110809919
        },
        {
          "quintile": 3,
          "n": 1377,
          "reached": 819,
          "reach_rate": 0.595,
          "p_value": 0.018083212030711802
        },
        {
          "quintile": 4,
          "n": 1378,
          "reached": 802,
          "reach_rate": 0.582,
          "p_value": 0.15796425860845387
        }
      ],
      "null_rate": 0.5629790310918293
    },
    "cust_frac": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 1406,
          "reached": 834,
          "reach_rate": 0.593,
          "p_value": 0.02389896763433409
        },
        {
          "quintile": 1,
          "n": 1381,
          "reached": 826,
          "reach_rate": 0.598,
          "p_value": 0.008500092149503626
        },
        {
          "quintile": 2,
          "n": 1384,
          "reached": 802,
          "reach_rate": 0.579,
          "p_value": 0.22273325450191522
        },
        {
          "quintile": 3,
          "n": 1365,
          "reached": 769,
          "reach_rate": 0.563,
          "p_value": 1.0
        },
        {
          "quintile": 4,
          "n": 1379,
          "reached": 662,
          "reach_rate": 0.48,
          "p_value": 6.633065904401963e-10
        }
      ],
      "null_rate": 0.5629790310918293
    },
    "call_frac": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 1386,
          "reached": 857,
          "reach_rate": 0.618,
          "p_value": 3.012651284488834e-05
        },
        {
          "quintile": 1,
          "n": 1380,
          "reached": 765,
          "reach_rate": 0.554,
          "p_value": 0.5325695713184996
        },
        {
          "quintile": 2,
          "n": 1385,
          "reached": 813,
          "reach_rate": 0.587,
          "p_value": 0.0738072988820257
        },
        {
          "quintile": 3,
          "n": 1388,
          "reached": 886,
          "reach_rate": 0.638,
          "p_value": 1.2547361847994851e-08
        },
        {
          "quintile": 4,
          "n": 1376,
          "reached": 572,
          "reach_rate": 0.416,
          "p_value": 6.738332334080583e-28
        }
      ],
      "null_rate": 0.5629790310918293
    },
    "mm_net_oi": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 1383,
          "reached": 816,
          "reach_rate": 0.59,
          "p_value": 0.04483628154083816
        },
        {
          "quintile": 1,
          "n": 1386,
          "reached": 851,
          "reach_rate": 0.614,
          "p_value": 0.0001329428209871611
        },
        {
          "quintile": 2,
          "n": 1381,
          "reached": 772,
          "reach_rate": 0.559,
          "p_value": 0.7654977192811498
        },
        {
          "quintile": 3,
          "n": 1382,
          "reached": 743,
          "reach_rate": 0.538,
          "p_value": 0.05772663258385627
        },
        {
          "quintile": 4,
          "n": 1383,
          "reached": 711,
          "reach_rate": 0.514,
          "p_value": 0.0002781690633575619
        }
      ],
      "null_rate": 0.5629790310918293
    },
    "cust_net_oi": {
      "quintiles": [
        {
          "quintile": 0,
          "n": 1383,
          "reached": 751,
          "reach_rate": 0.543,
          "p_value": 0.13606330515527662
        },
        {
          "quintile": 1,
          "n": 1383,
          "reached": 748,
          "reach_rate": 0.541,
          "p_value": 0.09827881997610995
        },
        {
          "quintile": 2,
          "n": 1383,
          "reached": 813,
          "reach_rate": 0.588,
          "p_value": 0.06526378978682101
        },
        {
          "quintile": 3,
          "n": 1383,
          "reached": 810,
          "reach_rate": 0.586,
          "p_value": 0.0928162928290264
        },
        {
          "quintile": 4,
          "n": 1383,
          "reached": 771,
          "reach_rate": 0.557,
          "p_value": 0.6843764293273313
        }
      ],
      "null_rate": 0.5629790310918293
    },
    "is_open_cluster": {
      "n_cluster": 3378,
      "reach_cluster": 0.5263469508584961,
      "n_not_cluster": 3537,
      "reach_not_cluster": 0.5979643765903307
    },
    "became_cluster": {
      "n_became": 4239,
      "reach_became": 0.682000471809389,
      "n_didnt": 2676,
      "reach_didnt": 0.3744394618834081
    }
  },
  "summary": [
    "[A] OI growth IS predictive of cluster reach (p=0.0000, \u0394mean=+0.0098)",
    "[B] Best participant predictor: procust (p=0.0000)",
    "[C] When rising toward cluster above: PUT OI growth more predictive (p=0.0000)",
    "[C] When falling toward cluster below: CALL OI growth more predictive (p=0.0000)",
    "[E] OI\u2191/GEX-flat reach rate=0.444 vs OI\u2191/GEX\u2191=0.626 (\u0394=-0.182)",
    "[E] 88.0% of phantom OI strikes later developed gamma growth",
    "[F(b)] Open gamma cluster strikes reach=0.526 vs non-cluster high-OI=0.598"
  ]
}