The idea worth investigating
The Squid Programs examine how departures from the usual curve ordering could identify different market environments. The investment question is how that information changes the cost and timing of protection.
The full analysis examines the study and the practical question behind it: The futures curve contains more than its front-month slope. A white paper uses the ordering of contracts to change equity and volatility exposure.
Paper-based analysis; no independent house test has been completed.
Paid analysis on Substack
See what changes the investment case.
The headline is the starting point. The subscriber analysis takes you through:
- The curve-ordering mechanism
- The author’s backtest and cost assumptions
- The next-executable-trade questions
AI assists curation and drafting. The research status distinguishes paper reviews from house tests. Read our research approach.