Method

How to read the composite

The regime is a condition. It is not a trade. This page is a reading note. It is not investment advice.

Five labels

RISK-OFF, LEAN RISK-OFF, NEUTRAL, LEAN RISK-ON, RISK-ON. Lean is not the full state. Treat LEAN RISK-ON with a red Rates light as light size, or stand aside.

Composite Score

The public number is the composite’s normalized score as a percent. Δ5d and Δ20d are change in that score over five and twenty sessions. They are not P&L. A large Δ20d after a deep risk-off print is a recovery of condition, not a return forecast.

Confidence

LOW, MED, or HIGH, with a percent. Confidence is agreement among the 21 factors, not certainty. MED is a working print. LOW plus mixed lights is a reason to wait.

Lights

Four buckets: Rates, Vol/Credit, Liquidity, Growth. Green, white, or red. White is mixed. When buckets disagree, the snapshot may carry a Diverged prefix. Divergence is information. It is not a bug.

Structural credit versus Live

Structural credit Z is the public credit regime print. It is marked Open or Locked. Open is an early-month reading. Locked is the month’s held print. Do not treat Open as final.

Live is the tactical series. Same units. Noisier. When Structural and Live split, size down. Do not treat Live as the official monthly call. A prior-day Live extreme that collapses to flat is early-month noise until the structural state is Locked.

NQ and momentum

Structural credit positive and Growth supportive can allow a long bias. Structural credit negative, or Rates / Growth red, is not a full green light even if the regime says LEAN RISK-ON. Divergence plus LOW confidence: stand aside or tactical only. Do not sell the second structural credit prints 0. Zero is a warning. Follow-through still has to print.

The home board is free and public. It is an independent recompute and can drift. Readings are computed from free public data.

Twenty-one factors. Four buckets. The recipe stays off this site. Research overlay only. See Disclaimer.