{ "generated": "2026-08-23", "total": 2803, "locales": { "it": 759, "en": 759, "es": 742, "pt-br": 181, "fr": 181, "de": 181 }, "entries": [ { "key": "de/concetti/aggregiertes-risiko", "locale": "de", "title": "Aggregiertes Risiko", "summary": "Gesamtrisiko eines definierten Portfolios nach konsistenter Zusammenführung von Positionen, Faktoren und Abhängigkeiten. Es ist selten die Summe isolierter Risiken.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/aggregiertes-risiko/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee, BCBS 239 — Risk data aggregation and reporting.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Basel Framework, MAR10 — Market risk terminology.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "U.S. SEC, Use of Derivatives by Registered Investment Companies.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "459a650d84b01d83", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-risk", "risk-aggregation", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/aktien", "locale": "de", "title": "Aktien", "summary": "Eine Aktie ist ein Eigentumsanteil an einem Unternehmen und ein residualer Anspruch auf dessen Ergebnis. Rechte, Dividenden, Liquidität und Risiko hängen von Aktienklasse und Emittent ab.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/aktien/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stocks — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stock — Eigentum, anteiliger Anspruch und Stimmrechte.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/stock" ] }, { "text": "Banca d'Italia, L'economia per tutti, Azioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-azioni/" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR — Search and Access — amtliches Archiv der US-Unternehmenseinreichungen.", "urls": [ "https://www.sec.gov/search-filings" ] } ], "revision": "956a8e0b3cb888fa", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "risk" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/anlageklassen", "locale": "de", "title": "Anlageklassen", "summary": "Anlageklassen bündeln Exponierungen mit gemeinsamen wirtschaftlichen Merkmalen, etwa Aktien, Anleihen, Liquidität, Devisen und Rohstoffe. Sie sind nicht mit den Instrumenten gleichzusetzen, über die sie gehandelt werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/anlageklassen/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Introduction to Investing — Asset-Allokation zwischen Aktien, Anleihen und Liquidität sowie Diversifikationsprinzip.", "urls": [ "https://www.investor.gov/introduction-investing" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products — Produkte, Risiko, Kosten, Liquidität und Diversifikation.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cosa sapere prima di investire.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics — Abgrenzung von Währungs-, Zins-, Aktien-, Kredit- und Rohstoffderivaten.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] } ], "revision": "37aebbd352ac06ba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/anleiheduration", "locale": "de", "title": "Anleiheduration", "summary": "Kennzahlenfamilie für Zeitstruktur und lokale relative Preisempfindlichkeit einer Anleihe gegenüber Renditeänderungen. Macaulay, modifizierte und effektive Duration unterscheiden sich.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/anleiheduration/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Macaulay, Some Theoretical Problems Suggested by the Movements of Interest Rates.", "urls": [ "https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/interest-rates-and-commodity-prices" ] }, { "text": "Federal Reserve, The Bias in the Conventional Duration Measure.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "FINRA, Duration and Interest-Rate Risk.", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Basel Framework, SRP98 — Interest rate risk in the banking book.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "5e58df8f711b0a0a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk-allocation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/risikoallokation-und-sensitivitaeten" }, { "key": "de/concetti/anleiheemission-auktion-und-sekundaermarkt", "locale": "de", "title": "Anleiheemission, Auktion und Sekundärmarkt", "summary": "Vom Primärmarkt zum Sekundärhandel: Zuteilung, Preis, Abrechnung, Intermediäre und Liquidität.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/anleiheemission-auktion-und-sekundaermarkt/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Auctions in depth", "urls": [ "https://www.treasurydirect.gov/research-center/history-of-marketable-securities/auctions/auctions-indepth/" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "35c3f09d5a09609a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "primary-market", "secondary-market", "auction", "market-liquidity" ], "asset_classes": [ "fixed-income", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/anleihekonvexitaet", "locale": "de", "title": "Anleihekonvexität", "summary": "Lokale zweite Ableitung des Anleihepreises nach der Rendite. Sie ergänzt die lineare Duration-Näherung, bleibt aber modell- und schockabhängig.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/anleihekonvexitaet/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, The Bias in the Conventional Duration Measure.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "CME Group, Calculating the Dollar Value of a Basis Point.", "urls": [ "https://www.cmegroup.com/trading/interest-rates/files/Calculating_the_Dollar_Value_of_a_Basis_Point.pdf" ] }, { "text": "Basel Framework, SRP98 — Interest rate risk in the banking book.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] }, { "text": "Basel Committee, Principles for the Management of Interest Rate Risk.", "urls": [ "https://www.bis.org/publ/bcbs29a.htm" ] } ], "revision": "c63edff678db30c6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "nonlinear-risk" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk-allocation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/risikoallokation-und-sensitivitaeten" }, { "key": "de/concetti/anleihen", "locale": "de", "title": "Anleihen", "summary": "Eine Anleihe ist ein Schuldtitel: Der Anleger überlässt einem Emittenten Kapital nach Regeln für Zins, Rückzahlung und Laufzeit. Kurs, Kupon und Rendite sind verschiedene Größen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/anleihen/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Bonds — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Fixed Income Investments — When Interest Rates Go Up, Prices of Fixed-Rate Bonds Fall.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-86" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, What Are Corporate Bonds?.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/what-are" ] }, { "text": "Banca d'Italia, L'economia per tutti, Obbligazioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-obbligazioni/" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "611d403b795b6fb0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "macro", "risk" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/anleihepreis-clean-dirty-und-stueckzinsen", "locale": "de", "title": "Anleihepreis: Clean, Dirty und Stückzinsen", "summary": "Vom Kurs zum Abrechnungsbetrag: Clean Price, Dirty Price und aufgelaufene Stückzinsen sauber trennen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/anleihepreis-clean-dirty-und-stueckzinsen/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] }, { "text": "TreasuryDirect — When auctions happen", "urls": [ "https://www.treasurydirect.gov/auctions/when-auctions-happen/" ] } ], "revision": "023fb3eb107ae190", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-pricing", "accrued-interest", "settlement" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/anleiherenditen-ytm-current-yield-und-yield-to-call", "locale": "de", "title": "Anleiherenditen: YTM, Current Yield und Yield to Call", "summary": "Current Yield, Endfälligkeitsrendite und Yield to Call beantworten verschiedene Fragen zu Ertrag, Preis und Zeit.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/anleiherenditen-ytm-current-yield-und-yield-to-call/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "c8090b23f29f9cf2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-yield", "yield-to-maturity", "callable-bonds" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/arbeitsmarkt-beschaeftigung-arbeitslosigkeit-und-loehne", "locale": "de", "title": "Arbeitsmarkt: Beschäftigung, Arbeitslosigkeit und Löhne", "summary": "Beschäftigung, Erwerbsbeteiligung, Arbeitslosigkeit, Stunden und Löhne als ergänzende Maße verschiedener Erhebungen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/arbeitsmarkt-beschaeftigung-arbeitslosigkeit-und-loehne/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Employment Situation.", "urls": [ "https://www.bls.gov/news.release/empsit.htm" ] }, { "text": "Eurostat, Employment and unemployment.", "urls": [ "https://ec.europa.eu/eurostat/web/labour-market/overview" ] }, { "text": "ILO, ILOSTAT.", "urls": [ "https://ilostat.ilo.org/" ] } ], "revision": "526a259a8f548d52", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/ausfuehrungslatenz", "locale": "de", "title": "Ausführungslatenz: Pfad, Zeitstempel und Messung", "summary": "Ausführungslatenz umfasst Verzögerungen zwischen Entscheidung, Versand, Empfang, Routing, Acknowledgement und Fillbericht. Sie muss segmentweise mit konsistenten Uhren gemessen werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/ausfuehrungslatenz/", "published": "2026-08-03", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590, Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "EUR-Lex — Delegierte Verordnung (EU) 2025/1155, Synchronisierung von Geschäftsuhren", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] }, { "text": "ESMA — MiFID II, Artikel 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "dd33a9544e74f844", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/ausfuehrungsqualitaet", "locale": "de", "title": "Ausführungsqualität: Preis, Fill und Geschwindigkeit", "summary": "Ausführungsqualität vergleicht das tatsächliche Orderergebnis mit deklarierten Benchmarks: Preis, effektiver Spread, Verbesserung, Geschwindigkeit, Wahrscheinlichkeit und ausgeführte Menge.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/ausfuehrungsqualitaet/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] }, { "text": "ESMA — MiFID II, Artikel 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "c83a06e6b277d55a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "procedure", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/backtest", "locale": "de", "title": "Backtest", "summary": "Historische Simulation einer Strategie mit Point-in-time-Daten, kausalen Regeln, realistischer Ausführung und Bias-Kontrolle vor jeder Schlussfolgerung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/backtest/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica (2000) — Inferenz, wenn das beste Modell aus vielen Spezifikationen ausgewählt wurde.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey und Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — Forschungsprotokoll, Selektion und Knappheit finanzieller Daten.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Marcos López de Prado, What to Look for in a Backtest — Zahl der Versuche, Testlänge und offenzulegende Eigenschaften.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2308682" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management (1988) — Unterschied zwischen theoretischem Portfolio und Ausführung.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Europäische Kommission, Delegierte Verordnung (EU) 2017/589, RTS 6 — Methodik, Dokumentation und Testumfelder algorithmischer Systeme im jeweiligen regulatorischen Anwendungsbereich.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "f47b61475e60c064", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "backtest", "systematic-trading", "model-validation", "point-in-time-data", "execution-simulation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/backtest-metriken-und-benchmarks", "locale": "de", "title": "Backtest-Metriken und Benchmarks", "summary": "Rendite, Risiko, Drawdown, Kosten, Kapazität und Unsicherheit lesen, indem Serie, Frequenz, Annualisierung und Vergleichsmaßstab offengelegt werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/backtest-metriken-und-benchmarks/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio — Definition, Interpretation und Beziehungen der Kennzahl.", "urls": [ "https://doi.org/10.3905/jpm.1994.409501" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — Verteilung und Annualisierungsgrenzen bei Abhängigkeit.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey und Marcos López de Prado, The Deflated Sharpe Ratio — Anpassung für Selection Bias und nicht normale Renditen im vorgeschlagenen Modell.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — Governance-, Qualitäts- und Methodikprinzipien im jeweiligen Benchmarkbereich.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD409.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — gemeinsamer Einsatz von Performance, Benchmarks, Stress und Unsicherheit in der Validierung.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "3e91ca82e12ca1b7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "benchmarks", "sharpe-ratio", "drawdown", "uncertainty" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/best-execution", "locale": "de", "title": "Best Execution: Pflicht, Policy und Nachweis", "summary": "Best Execution verpflichtet bestimmte Intermediäre, geeignete Maßnahmen und Policies für das bestmögliche Kundenergebnis anzuwenden. Berücksichtigt werden Preis, Kosten, Geschwindigkeit, Wahrscheinlichkeit und Ordermerkmale.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/best-execution/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — MiFID II, Artikel 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — Q&A 1016: Best execution, all sufficient steps", "urls": [ "https://www.esma.europa.eu/publications-data/questions-answers/1016" ] }, { "text": "U.S. Securities and Exchange Commission — Best Execution", "urls": [ "https://www.sec.gov/answers/bestex.htm" ] }, { "text": "U.S. Securities and Exchange Commission — Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] } ], "revision": "e12c8165dd416869", "translation_state": "not-assessed", "kind": "concept", "entity_type": "regulation", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/bid-ask-spread", "locale": "de", "title": "Bid-Ask-Spread: quotiert, effektiv und realisiert", "summary": "Der Bid-Ask-Spread ist die Differenz zwischen bestem Ask und bestem Bid desselben Marktbilds. Quotierter, effektiver und realisierter Spread messen unterschiedliche Aspekte von Kosten und Ausführungsqualität.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/bid-ask-spread/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Bid Price/Ask Price", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/ask-price" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590, Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "BIS — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] } ], "revision": "df5d8eb43d97c1d1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/boerse-und-broker", "locale": "de", "title": "Börse, Broker, Dealer und Verwahrer", "summary": "Börse, Broker, Dealer, Market Maker und Verwahrer erfüllen unterschiedliche Funktionen. Ein Unternehmen kann mehrere verbinden, doch die Handelsoberfläche verrät Venue, Gegenpartei, Routing und Verwahrung nicht allein.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/boerse-und-broker/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Artikel 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Artikel 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — EMIR, Artikel 2: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] } ], "revision": "9fdfed1f5e452ca2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/broker-risiko", "locale": "de", "title": "Broker-Risiko", "summary": "Risiken aus der Beziehung zu einem Broker: Auftragsausführung, Finanzierung, Verwahrung, Vermögensschutz, Betrieb und rechtliche Zuständigkeit.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/broker-risiko/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov, Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "CFTC, Futures Commission Merchants.", "urls": [ "https://www.cftc.gov/IndustryOversight/Intermediaries/FCMs/fcmib" ] }, { "text": "ESMA, MiFID II Article 4 — Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA, MiFID II Article 16 — Organisational requirements.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA, EMIR Article 2 — Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "IOSCO, Recommendations Regarding the Protection of Client Assets.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "FINRA, BrokerCheck.", "urls": [ "https://brokercheck.finra.org/" ] }, { "text": "SIPC, What SIPC Protects.", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "8a52c8dee45bcef6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "intermediaries", "execution", "client-assets", "counterparty-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/brutto-exposure", "locale": "de", "title": "Brutto-Exposure", "summary": "Summe absoluter Exposures innerhalb eines klaren Umfangs. Sie zeigt die gesamte Aktivität, bevor Long- und Short-Richtungen verrechnet werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/brutto-exposure/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Use of Derivatives by Registered Investment Companies.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "CFTC, Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Framework, MAR21 — Standardised approach sensitivities.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Framework, CRE52 — Standardised approach for CCR.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] } ], "revision": "50e48bd07a27eff3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "gross-exposure", "portfolio-risk", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/bruttoinlandsprodukt-bip-und-volkswirtschaftliche-gesamtrechnung", "locale": "de", "title": "BIP und Volkswirtschaftliche Gesamtrechnung", "summary": "Was das Bruttoinlandsprodukt misst, wie Produktion, Einkommen und Verwendung zusammenpassen und warum reale und nominale Größen verschieden sind.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/bruttoinlandsprodukt-bip-und-volkswirtschaftliche-gesamtrechnung/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BEA, National Economic Accounts.", "urls": [ "https://www.bea.gov/products/national-economic-accounts" ] }, { "text": "Eurostat, National accounts.", "urls": [ "https://ec.europa.eu/eurostat/web/national-accounts" ] }, { "text": "IMF, System of National Accounts 2008.", "urls": [ "https://www.imf.org/external/pubs/ft/sna/2008/sna2008.pdf" ] } ], "revision": "acd64a80585b07e9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/cagr-und-annualisierung", "locale": "de", "title": "CAGR und Annualisierung", "summary": "CAGR ist der konstante jährliche Äquivalenzsatz zwischen zwei positiven Werten. Er ist kein arithmetischer Mittelwert, beschreibt den Pfad nicht und verlangt Vorsicht bei Cashflows und kurzen Perioden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/cagr-und-annualisierung/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — Berechnung, Verkettung und Darstellung einschließlich Perioden unter einem Jahr.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — Renditen, Cashflows, Bewertungen und annualisierte Darstellungen.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — professioneller Rahmen zur Performancebewertung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Investment Adviser Marketing, Final Rule IA-5653 — regulatorische Bedingungen für Performancedarstellungen im eigenen Geltungsbereich.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ia-5653.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — Indexberechnung, Verkettung und Varianten.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "MSCI, Index Calculation Methodology — Price, Gross und Net Total Return, Corporate Actions und Währung.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] } ], "revision": "ddfbf1ec23c8c7d8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "cagr", "annualization", "compounded-return", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/callable-puttable-anleihen-und-vorzahlungsrisiko", "locale": "de", "title": "Callable und Puttable Anleihen und Vorzahlungsrisiko", "summary": "Call, Put und Vorauszahlung ändern Cashflows, Rendite und Sensitivität: Anreize, Szenarien und Risiken.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/callable-puttable-anleihen-und-vorzahlungsrisiko/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Callable Bonds: Understanding the Basics", "urls": [ "https://www.finra.org/investors/insights/callable-bonds-understanding-basics" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "381696dde7a878bb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "embedded-options", "callable-bonds", "prepayment", "convexity" ], "asset_classes": [ "fixed-income", "credit", "mortgages" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/calmar-ratio", "locale": "de", "title": "Calmar Ratio", "summary": "Annualisierte zusammengesetzte Rendite je Einheit absoluten Maximum Drawdown im selben Zeitraum, stark abhängig von Pfad und Fenster.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/calmar-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — CAGR/MDD und Fenstervergleiche.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — MDD, Dauer und Appraisal-Grenzen.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Malik Magdon-Ismail und Amir F. Atiya, Maximum Drawdown, Risk (2004) — MDD, Rendite und Calmar.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=874069" ] }, { "text": "Malik Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion (2004) — Horizont- und Prozessabhängigkeit.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "GIPS Standards, Handbook for Firms — Renditebasis, Bewertungen, Cashflows und Disclosure.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "172281d58f9116ca", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "calmar-ratio", "maximum-drawdown", "risk-adjusted-return", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/carry-roll-down-und-anleiherendite", "locale": "de", "title": "Carry, Roll-down und Anleiherendite", "summary": "Anleiherendite in Carry, Laufzeitbewegung, Zins- und Spreadeffekt, Konvexität und Kosten zerlegen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/carry-roll-down-und-anleiherendite/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "9f943d4f2120caaa", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "carry", "roll-down", "holding-period-return", "yield-curve" ], "asset_classes": [ "fixed-income", "rates", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/cfd", "locale": "de", "title": "CFD (Contract for Difference)", "summary": "Ein CFD ist ein Derivat mit Barausgleich gegenüber dem Anbieter. Er vermittelt den Basiswert nicht; Margin, Preisbildung, Overnight-Kosten, Close-out und Gegenparteirisiko hängen von Vertrag und Rechtsordnung ab.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/cfd/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, Additional information on the agreed product intervention measures relating to contracts for differences and binary options — CFD-Definition, Barausgleich und Retail-Risiken.", "urls": [ "https://www.esma.europa.eu/document/additional-information-agreed-product-intervention-measures-relating-contracts-differences" ] }, { "text": "Financial Conduct Authority, Contract for differences, aktualisiert am 13. Juni 2025 — Hebel, Close-out, Schutzmechanismen und Interessenkonflikte im britischen Rahmen.", "urls": [ "https://www.fca.org.uk/firms/contract-for-differences" ] }, { "text": "Financial Conduct Authority, Multi-firm review of CFD providers' provision of price and value, 13. November 2025 — Spreads, Provisionen, Overnight-Finanzierung und OTC-Preisbildung.", "urls": [ "https://www.fca.org.uk/publications/multi-firm-reviews/contracts-difference-providers-provision-price-and-value" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — Derivatekategorien im EU-Rahmen.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "eee4890b1c4db90a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/clearing-settlement-und-verwahrung", "locale": "de", "title": "Clearing, Settlement und Verwahrung", "summary": "Clearing, Settlement und Verwahrung sind getrennte Post-Trade-Funktionen: Clearing ermittelt Verpflichtungen, Settlement überträgt Titel und Geld, Verwahrung registriert und administriert Bestände.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/clearing-settlement-und-verwahrung/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — EMIR, Artikel 2: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "Europäische Zentralbank — What is T2S?", "urls": [ "https://www.ecb.europa.eu/paym/target/t2s/html/index.en.html" ] }, { "text": "CPSS-IOSCO — Principles for financial market infrastructures", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "134aaf4c347d4eec", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/contango-und-backwardation", "locale": "de", "title": "Contango und Backwardation bei Futures", "summary": "Contango und Backwardation bezeichnen das Vorzeichen der Differenz zwischen vergleichbaren Futures-Laufzeiten auf einem angegebenen Segment. Sie bedeuten weder steigende oder fallende Märkte noch garantierte Rollrenditen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/contango-und-backwardation/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — institutionelle Definitionen von Contango, Backwardation, Spread und Futuresbegriffen.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — Kontraktroll und Abweichung futuresgebundener Produkte vom Spotpreis.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — Risiken, Roll Yield und Verhalten rohstoff-futuresgebundener Produkte.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — notwendige Operationen beim Laufzeitwechsel.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, bei CME Group bereitgestelltes Whitepaper — Contango, Backwardation, Konvergenz und Rollrendite.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — Qualität, Ort, Differenziale und Struktur lieferbarer Kontrakte.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "d15994a307d41e14", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/data-leakage-und-look-ahead-bias", "locale": "de", "title": "Data Leakage und Look-ahead Bias", "summary": "Informationen, die zum Entscheidungszeitpunkt nicht verfügbar waren, verunreinigen Features, Regeln, Validierung oder Ordersimulation und erzeugen historisch nicht kausal reproduzierbare Ergebnisse.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/data-leakage-und-look-ahead-bias/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — Inferenz, wenn ein ausgewähltes Ergebnis aus vielen Spezifikationen hervorgeht.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey und Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — Trennung von Forschung, Auswahl und Holdout bei knappen Finanzdaten.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "David H. Bailey, Jonathan M. Borwein, Marcos López de Prado und Qiji Jim Zhu, The Probability of Backtest Overfitting — Overfitting-Risiko durch die Auswahl unter vielen Konfigurationen.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED® versus ALFRED® — Unterschied zwischen heute sichtbarer Geschichte und dem damals bekannten Vintage.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/fred_vs_alfred.html" ] }, { "text": "scikit-learn, TimeSeriesSplit — zeitlich geordnete Cross-Validation und Gap-Parameter; offizielle technische Dokumentation.", "urls": [ "https://scikit-learn.org/stable/modules/generated/sklearn.model_selection.TimeSeriesSplit.html" ] } ], "revision": "c3736fe52ebc7ba7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-quality", "validation", "machine-learning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/data-snooping-und-multiple-tests", "locale": "de", "title": "Data Snooping und multiple Tests", "summary": "Selektionsfehler, wenn viele Strategien, Features oder Schwellen auf denselben Daten getestet und nur das beste Ergebnis präsentiert werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/data-snooping-und-multiple-tests/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping — Test des besten Modells nach datengestützter Spezifikationssuche.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann und Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap — Anwendung auf ein breites Universum technischer Handelsregeln.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "Campbell R. Harvey, Yan Liu und Heqing Zhu, …and the Cross-Section of Expected Returns — Folgen multipler Tests in der Forschung zu erwarteten Renditen.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Joseph P. Romano und Michael Wolf, Stepwise Multiple Testing as Formalized Data Snooping — Stepwise-Verfahren für abhängige multiple Inferenz.", "urls": [ "https://doi.org/10.1111/j.1468-0262.2005.00615.x" ] }, { "text": "David H. Bailey und Marcos López de Prado, The Deflated Sharpe Ratio — Anpassung des Sharpe an Selektion und nicht normale Renditeeigenschaften.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "65d80687ce4f988a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "data-snooping", "multiple-testing", "backtest-overfitting", "statistical-inference" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/derivate", "locale": "de", "title": "Finanzderivate", "summary": "Ein Derivat ist ein Vertrag, dessen Wert von einem Basiswert oder einer Referenz abhängt. Rechte, Pflichten, Margin, Abwicklung, Laufzeit und Gegenpartei unterscheiden sich bei Futures, Forwards, Optionen, Swaps und CFD.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/derivate/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — EU-Kategorien für Optionen, Futures, Swaps, Forwards und weitere Derivate.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "Bank for International Settlements, About derivatives statistics — statistische Einteilung nach Basisrisiko und OTC-/Börsenmarkt.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — Futures-Pflichten, Clearing, Margin und Abwicklung.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — Rechte und Pflichten bei Calls und Puts.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "0108b671efd75c74", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/diversifikation", "locale": "de", "title": "Diversifikation", "summary": "Prozess, bei dem Gewichte, Exposures und Abhängigkeiten kombiniert werden, um die Konzentration eines Portfolios zu verringern. Seine Wirkung hängt von Daten und Szenario ab und ist kein Schutzversprechen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/diversifikation/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — Grundlage der kovarianzbasierten Portfolioauswahl anstelle eines bloßen Zählens von Wertpapieren.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee on Banking Supervision, Supervisory framework for measuring and controlling large exposures — BCBS 283 — aufsichtsrechtliche Behandlung von Konzentrationen gegenüber einzelnen Gegenparteien und verbundenen Gruppen; ein Bankenstandard, keine universelle Trader-Grenze.", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — Vollständigkeit, Genauigkeit und Anpassungsfähigkeit bei der Aggregation von Exposures und Konzentrationen.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — warum gleiche Nominalwerte bei Derivaten und anderen Anlagen keine vergleichbaren Risiken bedeuten.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "e669b39660c83af9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "diversification", "concentration-risk", "portfolio-risk", "asset-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/drawdown", "locale": "de", "title": "Drawdown", "summary": "Rückgang eines Vermögenswerts oder einer Kapitalkurve von einem bisherigen Höchststand. Tiefe und Dauer beschreiben verschiedene Belastungen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/drawdown/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "C. Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion.", "urls": [ "https://doi.org/10.1017/S0021900200014108" ] }, { "text": "Chekhlov, Uryasev und Zabarankin, Drawdown Measure in Portfolio Optimization.", "urls": [ "https://doi.org/10.1142/S0219024905002767" ] } ], "revision": "2e84e9fefbeecb2d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "performance-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomanagement" }, { "key": "de/concetti/dv01", "locale": "de", "title": "DV01 und PV01", "summary": "Lokale monetäre Preisänderung einer Zinsposition bei einer Renditebewegung um einen Basispunkt. Vorzeichen und Schockkonvention müssen genannt werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/dv01/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, How Can You Measure Risk in Treasuries?.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "CME Group, Understanding the Importance of Basis Point Value.", "urls": [ "https://www.cmegroup.com/education/courses/understanding-stir-futures/understanding-the-importance-of-basis-point-value" ] }, { "text": "CME Group, Using Treasury Futures to Replace Swap Exposure.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/using-treasury-futures-to-replace-swap-exposure.pdf" ] }, { "text": "Basel Framework, MAR21 — Standardised approach sensitivities.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Framework, SRP98 — Interest rate risk in the banking book.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "f16288ab64604137", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates", "derivatives" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk-allocation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/risikoallokation-und-sensitivitaeten" }, { "key": "de/concetti/ergebnisqualitaet-und-sondereffekte", "locale": "de", "title": "Ergebnisqualität und Sondereffekte", "summary": "Wiederkehr, Schätzungen, Abgrenzungen, Anpassungen und Cash Conversion prüfen, ohne den veröffentlichten Abschluss durch eine beliebige Gewinnzahl zu ersetzen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/ergebnisqualitaet-und-sondereffekte/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "PCAOB — AS 2810: Evaluating Audit Results — Maßgeblicher Standard zur Beurteilung von Prüfungsergebnissen und möglichen Falschdarstellungen.", "urls": [ "https://pcaobus.org/oversight/standards/auditing-standards/details/AS2810" ] }, { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Offizielle Hinweise zu bereinigten Kennzahlen und Überleitungsrechnungen.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Grundlage zur Prüfung des Zusammenhangs zwischen Ergebnis und Cashflows.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "f678424f788637e9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-framework", "topics": [ "fundamental-analysis", "earnings-quality", "accruals", "non-gaap-measures" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/concetti/etf", "locale": "de", "title": "ETF (Exchange-Traded Fund)", "summary": "Ein ETF ist ein Fonds, dessen Anteile an der Börse gehandelt werden. Er kann einen Index replizieren oder aktiv verwaltet sein; Preis, NAV, Kosten, Replikation und Liquidität sind getrennt zu prüfen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/etf/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Exchange-Traded Funds (ETFs), 23. Februar 2023 — Struktur, NAV, Authorized Participants und Risiken; der Hinweis betrifft in den USA registrierte ETF.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Leveraged and Inverse ETFs, 29. August 2023.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Exchange Traded Notes (ETNs) — Abgrenzung von Fondsanteil und Emittentenschuld.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-50" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETF, ETC und ETN im italienischen Kontext.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "European Securities and Markets Authority, Cost of Investment Products — Kosten und Performance europäischer Retail-Produkte.", "urls": [ "https://www.esma.europa.eu/investor-corner/cost-investment-products" ] } ], "revision": "bb2225136fb7eedc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/expected-shortfall", "locale": "de", "title": "Expected Shortfall (ES)", "summary": "Durchschnittlicher Verlust im ungünstigen Teil einer geschätzten Verteilung jenseits eines gewählten Quantils. Auch ES bleibt modell- und datenabhängig.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/expected-shortfall/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, MAR33 — Internal models approach.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/33.htm" ] }, { "text": "Basel Committee, Explanatory note on minimum capital requirements for market risk.", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Acerbi und Tasche, Expected Shortfall: a natural coherent alternative to Value at Risk.", "urls": [ "https://arxiv.org/abs/cond-mat/0104295" ] }, { "text": "Artzner et al., Coherent Measures of Risk.", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "88e6dce68ccb0549", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "tail-risk", "expected-shortfall" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/exposure", "locale": "de", "title": "Exposure", "summary": "Ausmaß, in dem eine Position oder ein Portfolio auf einen Markt, Faktor, Emittenten oder Kontrahenten reagiert. Die Einheit muss immer genannt werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/exposure/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Use of Derivatives by Registered Investment Companies.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "CFTC, Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Framework, MAR21 — Standardised approach sensitivities.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Framework, CRE51 — Counterparty credit risk overview.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] } ], "revision": "22c27c7e05d2fa80", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "portfolio-risk", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/familien-systematischer-strategien", "locale": "de", "title": "Familien systematischer Strategien", "summary": "Vergleichbare Taxonomie von Trend, Momentum, Mean Reversion, Carry, Relative Value, Market Making und Event-driven mit Mechanismen und Risiken ohne Renditeversprechen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/familien-systematischer-strategien/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Narasimhan Jegadeesh und Sheridan Titman, Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency — grundlegende Studie zu cross-sectional Momentum in der untersuchten Stichprobe.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] }, { "text": "Tobias J. Moskowitz, Yao Hua Ooi und Lasse Heje Pedersen, Time Series Momentum — Evidenz und Konstruktion von Time-series Momentum im untersuchten Cross-Asset-Design.", "urls": [ "https://doi.org/10.1016/j.jfineco.2011.11.003" ] }, { "text": "Ralph S. J. Koijen et al., Carry — Definition und Vergleich von Carry über Anlageklassen im Studiendesign.", "urls": [ "https://doi.org/10.1016/j.jfineco.2017.11.002" ] }, { "text": "Evan Gatev, William N. Goetzmann und K. Geert Rouwenhorst, Pairs Trading: Performance of a Relative-Value Arbitrage Rule — Methodik und historische Evidenz einer Pairs-Trading-Regel.", "urls": [ "https://doi.org/10.1093/rfs/hhj020" ] }, { "text": "Werner F. M. De Bondt und Richard Thaler, Does the Stock Market Overreact? — klassische Untersuchung von Overreaction und Contrarian-Renditen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1985.tb05004.x" ] } ], "revision": "a4e765304caba2a0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "trend-following", "momentum", "mean-reversion", "carry", "relative-value" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/finanzierungsliquiditaetsrisiko", "locale": "de", "title": "Funding-Liquiditätsrisiko", "summary": "Risiko, fällige Zahlungen oder Sicherheitsanforderungen nicht rechtzeitig und zu tragbaren Kosten erfüllen zu können, ohne schädliche Notverkäufe auszulösen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/finanzierungsliquiditaetsrisiko/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Principles for Sound Liquidity Risk Management and Supervision.", "urls": [ "https://www.bis.org/publ/bcbs144.htm" ] }, { "text": "European Central Bank, Market liquidity and financial stability.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "190f1982438801db", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "funding-liquidity", "liquidity-risk", "margin", "stress-testing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/fiskalpolitik-defizit-und-staatsverschuldung", "locale": "de", "title": "Fiskalpolitik, Defizit und Staatsverschuldung", "summary": "Einnahmen, Ausgaben, Primärsaldo, Zinsen, Defizit und Schulden mit Rechnungsgrenze, Währung und Laufzeit.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/fiskalpolitik-defizit-und-staatsverschuldung/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, Fiscal Monitor.", "urls": [ "https://www.imf.org/en/Publications/FM" ] }, { "text": "Eurostat, Government finance statistics.", "urls": [ "https://ec.europa.eu/eurostat/web/government-finance-statistics" ] }, { "text": "CBO, Budget and Economic Data.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] } ], "revision": "669814b7acb73290", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/forex", "locale": "de", "title": "Forex (Devisenmarkt)", "summary": "Forex bezeichnet die Märkte, an denen eine Währung gegen eine andere getauscht wird. Spot, Forward, Swap, Futures, Optionen und Retail-Produkte sind verschiedene Instrumente, kein einheitlicher Markt.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/forex/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025, Triennial Central Bank Survey, 30. September 2025.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "Bank for International Settlements, Covered interest parity lost: understanding the cross-currency basis, BIS Quarterly Review, 18. September 2016 — Beziehung zwischen Spot, Forward, Zinsen und Funding-Basis.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt1609e.htm" ] }, { "text": "Global Foreign Exchange Committee, FX Global Code, aktualisiert im Dezember 2024 — Großhandelsgrundsätze ohne Ersatzwirkung für Regulierung.", "urls": [ "https://www.globalfxc.org/fx-global-code/" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — Risiken des OTC-Retailhandels im US-Kontext.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "European Central Bank, Euro foreign exchange reference rates — informative Referenzkurse, nicht als ausführbare Preise empfohlen.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html" ] } ], "revision": "46b462c66245a9fe", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "execution", "risk" ], "asset_classes": [ "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/forward-test", "locale": "de", "title": "Forward-Test", "summary": "Prospektive Bewertung einer eingefrorenen Version mit Daten, die erst nach der Entscheidung eintreffen, ausführbar in Paper, Shadow oder Micro-Live.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/forward-test/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — zeitliche Ordnung, Rolling Origin und aufeinanderfolgende OOS-Bewertungen.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — proaktive Validierung und Zuverlässigkeit von Investmentmodellen.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — Grenzen hypothetischer Performance im jeweiligen NFA-Bereich.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — Automatisierung, Handelsplätze und reale Orderinteraktion.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Europäische Kommission, Delegierte Verordnung (EU) 2017/589, RTS 6 — Tests, Kontrollen, Dokumentation und Deployment im eigenen EU-Regelungsbereich.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "fc066e2f14d1ac47", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "forward-test", "prospective-validation", "frozen-model", "shadow-mode", "micro-live" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/futures", "locale": "de", "title": "Futures: Kontrakt, Margin, Verfall und Roll", "summary": "Ein Future ist ein standardisiertes Derivat, das an einem organisierten Handelsplatz gehandelt und über Clearing abgewickelt wird. Pflichten, Nominalwert, Margin, Mark-to-Market, Verfall und Settlement folgen der jeweiligen Spezifikation.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/futures/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — Pflichten, Lieferung oder Cash Settlement und mögliche Verluste oberhalb des Anfangskapitals.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Definitionen von Basis, Calendar Spread, Cash Settlement, Margin, Offset und Roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — Standardisierung, Clearing, Offset, Margin und Absicherungsfunktion.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — täglicher Abrechnungspreis, P&L und Marginanpassung.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — Offset, Roll in spätere Laufzeiten und Settlement.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — tägliche und finale sowie monetäre und physische Abwicklung.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — Basis Futures − Spot, Carry und Konvergenz bei Aktienindex-Futures.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — Qualität, Lieferorte, Differenziale und Konvergenzbedingungen.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "4696e1cf650c5757", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/futures-basis", "locale": "de", "title": "Futures-Basis", "summary": "Die Futures-Basis misst eine offengelegte Differenz zwischen Future- und Spotpreis. Cyclepedia nutzt b = F − S; Vorzeichen, Cashreferenz, Fair Value, Laufzeit und Kosten müssen vor jeder Deutung feststehen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/futures-basis/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — Kontrakt, Cash Settlement, Lieferung und wirtschaftliches Risiko.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Cash-minus-Futures-Konvention, Basisrisiko, Basispunkt und Calendar Spread.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — Hedging, Offset, Lieferung und Cashmarkt-Konvergenz.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — tägliches Settlement und Positionsvariation.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — Verfall, Offset und Ersatz durch spätere Kontrakte.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — Settlementreferenzen und Verbindung zum physischen Markt.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — Futures-minus-Spot-Konvention, Finanzierung und Dividenden.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — Lieferpunkt, Qualität, Differenziale und Konvergenzbedingungen.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "dcd8e74c2ed8f2ba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "pricing", "hedging", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/futures-kurve", "locale": "de", "title": "Futures-Kurve: Laufzeiten, Steigung und Bewegung", "summary": "Die Futures-Kurve ist eine gleichzeitige Momentaufnahme der Preise mehrerer vergleichbarer Laufzeiten. Form, Steigung und Veränderungen beschreiben Vertragsbeziehungen, keine Historie und keine automatische Prognose.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/futures-kurve/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Terminologie für Kontrakte, Monate, Basis und Futuresmarkt.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — Spotexponierung gegenüber Produkten mit Futures-Roll.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — Struktur und Risiken rohstoff-futuresgebundener Produkte.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — Verfall, Kontraktersatz und Rollkalender.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, bei CME Group bereitgestelltes Whitepaper — Kurve, Konvergenz und Renditezerlegung.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — Differenziale, Qualität, Ort und Vertragsökonomie lieferbarer Futures.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "ea6e82e6c38c8682", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/futures-roll", "locale": "de", "title": "Futures-Roll: Mechanik, Laufzeit und Kosten", "summary": "Ein Futures-Roll schließt eine Position in einer Laufzeit und eröffnet sie in einer anderen. Die Exponierung bleibt nur erhalten, wenn Richtung, Menge, Multiplikator und Risiko neu kalibriert werden; Kurvenspread, Ausführungskosten und Roll Yield sind verschieden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/futures-roll/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over — Verschieben einer nahen Position in einen späteren Monat.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — Offset, Rollover und Settlement bei Verfall.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Rolling an Equity Position Using Spreads — Laufzeitwechsel über Spreads.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/rolling-an-equity-position-using-spreads" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — Wirkung wiederholter Rolls auf Renditen.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — Kurve, Roll Yield und Abweichung futuresgebundener Produkte von Spot.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "Campbell & Company (bei CME Group bereitgestelltes Whitepaper), Deconstructing Futures Returns: The Role of Roll Yield — verkettete Reihen, Rollanpassung und Renditezerlegung.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] } ], "revision": "ad969345cf0f71cc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "process", "topics": [ "markets-instruments", "derivatives", "execution", "term-structure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/futures-verfall-und-abwicklung", "locale": "de", "title": "Futures-Verfall und -Abwicklung", "summary": "Der Verfall eines Futures ist ein Kalender von Vertragsereignissen, kein universelles Datum. Offset, Roll, Cash Settlement und physische Lieferung erzeugen unterschiedliche Pflichten nach dem Rulebook.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/futures-verfall-und-abwicklung/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — Liquidation vor Lieferung, Pflichten und Cash Settlement.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Cash Settlement, physische Lieferung, First Notice Day, Offset und Roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — Offset über Clearing, standardisierte Bedingungen und Lieferfunktion.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — täglicher Settlementpreis und Variation-Margin-Zahlungen.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — Offset, Roll und Settlement als Alternativen.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — Daily und Final Settlement, Lieferung und finaler Preis.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — Futurepreis, Spot, Carry und Konvergenz.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — Lieferpunkte, Qualität, Differenziale und normale Konvergenz.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "3c36f71de4ecb953", "translation_state": "not-assessed", "kind": "concept", "entity_type": "mechanism", "topics": [ "markets-instruments", "derivatives", "post-trade", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/geldmarkt-repo-und-overnight-saetze", "locale": "de", "title": "Geldmarkt, Repo und Overnight-Sätze", "summary": "Kurzfristige Liquidität über besicherte Finanzierung, Repo, Collateral und Overnight-Referenzen wie SOFR verstehen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/geldmarkt-repo-und-overnight-saetze/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Secured Overnight Financing Rate", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] } ], "revision": "a17c1a09003d782d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "money-market", "repo", "funding", "collateral", "overnight-rates", "sofr" ], "asset_classes": [ "money-market", "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/geschaeftsmodell-und-umsatztreiber", "locale": "de", "title": "Geschäftsmodell und Umsatztreiber", "summary": "Kunden, Nutzenversprechen, Preise, Mengen, Kosten und Kapitalbedarf verbinden, um Umsatz und Cashflow eines Unternehmens nachvollziehbar zu erklären.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/geschaeftsmodell-und-umsatztreiber/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Grundsätze zur Umsatzerfassung und zu Angaben über Kundenverträge.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Leitfaden zu Abschlüssen und Anhangangaben, mit denen die wirtschaftliche Darstellung geprüft wird.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "e915755540c8637e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "business-analysis-framework", "topics": [ "fundamental-analysis", "business-model", "revenue", "unit-economics" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/concetti/handelsplaetze-und-order-routing", "locale": "de", "title": "Handelsplätze und Order-Routing", "summary": "Order-Routing bezeichnet den Weg vom Broker zu möglichen Ausführungszielen. Kategorien unterscheiden sich zwischen EU und USA; Preis, Kosten, Geschwindigkeit, Fillchance und Konflikte beeinflussen die Wahl.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/handelsplaetze-und-order-routing/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC — Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "ESMA — MiFID II, Artikel 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Artikel 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "698e6e6774785dc4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/handelsvolumen", "locale": "de", "title": "Handelsvolumen: Menge, Trades und Datenumfang", "summary": "Handelsvolumen ist die in einem Zeitraum übertragene Zahl von Aktien, Kontrakten oder Einheiten. Jede Transaktion zählt einmal nach Menge; Volumen allein zeigt weder Richtung noch Absicht.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/handelsvolumen/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — What Is Volume?", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] }, { "text": "Nasdaq, Volume und Nasdaq-Opedia", "urls": [ "https://www.nasdaq.com/glossary/v/volume", "https://www.nasdaq.com/docs/2021/10/11/opedia%20booket28.pdf" ] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, The Ticker Publishing Company, 1910, Kapitel V, „The Significance of Volumes“.", "urls": [] } ], "revision": "9678337a3caf4df2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "microstructure", "volumetric", "market-integrity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/hebelwirkung", "locale": "de", "title": "Hebelwirkung", "summary": "Hebel setzt ein größeres ökonomisches Exposure ins Verhältnis zu Kapital oder Sicherheiten. Er verstärkt Gewinne und Verluste, ohne deren Richtung vorherzusagen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/hebelwirkung/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov, Understanding Margin Accounts.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] }, { "text": "FINRA, Rule 2264 — Margin Disclosure Statement.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CFTC, Economic Purpose of Futures Markets.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/economicpurpose.html" ] }, { "text": "CFTC, Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Margin: Know What Is Needed.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/margin-know-what-is-needed" ] } ], "revision": "5fe61d1b8a1c104a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "margin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomanagement" }, { "key": "de/concetti/iceberg-order", "locale": "de", "title": "Iceberg- und Reserve-Order: sichtbare Menge", "summary": "Eine Iceberg- oder Reserve-Order zeigt nur einen Teil ihrer Gesamtmenge. Die Reserve wird in Tranchen freigegeben; Refill, Priorität und Erkennbarkeit unterscheiden sich zwischen nativen und synthetischen Verfahren.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/iceberg-order/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Market by Order (MBO) FAQ", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group — Display Quantity Order Overview", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] }, { "text": "CME Group — Enter Orders", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-cmed-mobile/Content/Enter-Orders.html" ] }, { "text": "EUR-Lex — Delegierte Verordnung (EU) 2017/583, Artikel 4", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/583/2023-06-05/eng" ] } ], "revision": "430f028d774c463f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/implizite-und-realisierte-volatilitaet", "locale": "de", "title": "Implizite und realisierte Volatilität", "summary": "Realisierte und implizite Volatilität beantworten verschiedene Fragen: Die eine schätzt die Streuung beobachteter Renditen, die andere ist der Modellparameter, der zu einem Optionspreis passt.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/implizite-und-realisierte-volatilitaet/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Technical Information — operative Definitionen historischer und impliziter Volatilität.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "Options Industry Council, Volatility & the Greeks — Beziehung zwischen Volatilität, Bewertung und Griechen.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — historische und implizite Maße sowie Modelloutputs.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "CME Group, Understanding Options: the impact that skew can have on an options position — IV, Preise und Unterschiede über Strikes.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Options Analytics: Greeks and Implied Volatility — analytische Koordinaten und Sensitivitäten.", "urls": [ "https://www.cmegroup.com/education/lessons/understanding-options-analytics-greek-and-implied-volatility" ] }, { "text": "Fischer Black und Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — Primärquelle des klassischen Modells.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Vertragsmerkmale und Risiken standardisierter Optionen.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "7887369bafed720a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "volatility", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/inflation-vpi-pce-und-erzeugerpreise", "locale": "de", "title": "Inflation: VPI, PCE und Erzeugerpreise", "summary": "Verbraucher- und Erzeugerpreisindizes, Gesamt- und Kernraten, Gewichte, Basiseffekte und Zusammensetzung lesen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/inflation-vpi-pce-und-erzeugerpreise/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Consumer Price Index.", "urls": [ "https://www.bls.gov/cpi/" ] }, { "text": "BEA, Personal Consumption Expenditures Price Index.", "urls": [ "https://www.bea.gov/data/personal-consumption-expenditures-price-index" ] }, { "text": "BLS, Producer Price Indexes.", "urls": [ "https://www.bls.gov/ppi/" ] } ], "revision": "dbccb87feec627c8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/information-ratio", "locale": "de", "title": "Information Ratio", "summary": "Mittlere aktive Rendite je Einheit Tracking Error gegenüber einem spezifizierten Benchmark, mit expliziten statistischen und Vergleichbarkeitsgrenzen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/information-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — Definition, Tracking Error und Benchmarkgrenzen.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — Benchmark, Appraisal, Attribution und Skill.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Richard C. Grinold und Ronald N. Kahn, Advances in Active Portfolio Management — Active Return, TE und IR.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-publication/2003/rf-v2003-n1-3922-pdf.pdf" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality — Benchmarkqualität.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — Differenzrendite und Variabilität.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] } ], "revision": "4bde55b2c8dcbd6f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "information-ratio", "active-return", "tracking-error", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/jensens-alpha", "locale": "de", "title": "Jensens Alpha", "summary": "Geschätzter Achsenabschnitt einer Regression der Portfolio-Überschussrendite auf einen Benchmark, bedingt durch Modell, Stichprobe, Kosten und statistische Signifikanz.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/jensens-alpha/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Michael C. Jensen, The Performance of Mutual Funds in the Period 1945–1964 (1968) — Formulierung, Schätzung und Interzeptinterpretation.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1968.tb00815.x" ] }, { "text": "William F. Sharpe, Capital Asset Prices (1964) — CAPM-Grundlage.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "CFA Institute, Investment Risk and Performance — Alpha, Beta, Tracking Error, IR und Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — Benchmark-Misspecification und Skill-Inferenz.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — Faktoren, Stil, Kosten und Track Record.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "8977f141245041d8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "jensen-alpha", "capm", "performance-appraisal", "regression" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/kapitalallokation", "locale": "de", "title": "Kapitalallokation", "summary": "Der Prozess, mit dem Kapital, Exposures und Risikotragfähigkeit unter festgelegten Zielen und Restriktionen auf Instrumente, Strategien und Liquiditätsreserven verteilt werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/kapitalallokation/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — ursprüngliche Portfolioauswahl anhand von Renditen, Varianzen und Kovarianzen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi und Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, The Review of Financial Studies — Out-of-sample-Vergleich und Rolle des Schätzfehlers.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — Grenzen des reinen Nominalwerts beim Vergleich verschiedener Exposures.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — Genauigkeit, Vollständigkeit, Abstimmung und Governance aggregierter Risikodaten.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] } ], "revision": "a91738d916a08511", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "capital-allocation", "portfolio-construction", "portfolio-risk", "rebalancing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/kapitalgewichtete-rendite-mwr", "locale": "de", "title": "Kapitalgewichtete Rendite (MWR)", "summary": "Money-weighted Return misst die Erfahrung des eingesetzten Kapitals unter Einbezug von Betrag und Datum externer Cashflows. Als IRR kann er mehrere oder keine Lösung besitzen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/kapitalgewichtete-rendite-mwr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — offizieller Standard zu Berechnung und Präsentation einschließlich geforderter money-weighted returns.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — externe Cashflows, Bewertungen sowie TWR und MWR.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — professioneller Rahmen für Messung, Evaluation und Attribution.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Overview of the Global Investment Performance Standards — aktueller Überblick zu Umfang und Zweck der GIPS.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Microsoft Support, XIRR function — XIRR mit unregelmäßigen Daten, Startwert und Konvergenzfehlern.", "urls": [ "https://support.microsoft.com/en-us/office/xirr-function-de1242ec-6477-445b-b11b-a303ad9adc9d" ] } ], "revision": "577549f5e1f72799", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "money-weighted-return", "internal-rate-of-return", "cash-flows", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/kapitalstruktur-nettoverschuldung-und-zinsdeckung", "locale": "de", "title": "Kapitalstruktur, Nettoverschuldung und Zinsdeckung", "summary": "Schulden, liquide Mittel, Rang, Laufzeiten, Zinslast und Deckungskennzahlen verbinden, um Finanzierung und Widerstandskraft eines Unternehmens zu prüfen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/kapitalstruktur-nettoverschuldung-und-zinsdeckung/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 7 Financial Instruments: Disclosures — Angabepflichten für Finanzinstrumente und die damit verbundenen Risiken.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-7-financial-instruments-disclosures/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Leitfaden zu Abschlüssen und Anhangangaben für die Analyse von Schulden, Zinsen und Liquidität.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "e802eaf60e8dcc04", "translation_state": "not-assessed", "kind": "concept", "entity_type": "capital-structure-framework", "topics": [ "fundamental-analysis", "debt", "leverage", "liquidity", "credit-analysis" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/concetti/key-rate-duration-und-zinskurvenrisiko", "locale": "de", "title": "Key-Rate Duration und Zinskurvenrisiko", "summary": "Key-Rate Duration verteilt Zinssensitivität auf Kurvenknoten und zeigt Risiken hinter einer Gesamtduration.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/key-rate-duration-und-zinskurvenrisiko/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] } ], "revision": "9a0aab55fc2c6a98", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "interest-rate-risk", "yield-curve", "key-rate-duration", "hedging" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/konjunkturzyklus-und-produktionsluecke", "locale": "de", "title": "Konjunkturzyklus und Produktionslücke", "summary": "Expansion, Abschwung, Rezession und Erholung mit mehreren Indikatoren lesen, ohne die Produktionslücke als beobachtbar zu behandeln.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/konjunkturzyklus-und-produktionsluecke/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NBER, Business Cycle Dating.", "urls": [ "https://www.nber.org/research/business-cycle-dating" ] }, { "text": "CBO, Budget and Economic Data.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] }, { "text": "OECD, Composite Leading Indicator.", "urls": [ "https://www.oecd.org/en/data/indicators/composite-leading-indicator-cli.html" ] } ], "revision": "3b0e4ab69c36ab76", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/kontrahentenrisiko", "locale": "de", "title": "Kontrahentenrisiko", "summary": "Risiko, dass eine Gegenpartei ihre Verpflichtungen vor der endgültigen Erfüllung nicht vertragsgemäß erfüllt. Exposure verändert sich mit Marktwert und Vertrag.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/kontrahentenrisiko/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework, CRE51 — Counterparty credit risk overview.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] }, { "text": "Basel Framework, CRE52 — Standardised approach for CCR.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Framework, CRE54 — Counterparty credit risk mitigation.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] }, { "text": "Basel Framework, CRE36 — Counterparty credit risk in the IRB approach.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/36.htm" ] }, { "text": "Federal Reserve, Interagency Supervisory Guidance on Counterparty Credit Risk Management.", "urls": [ "https://www.federalreserve.gov/frrs/guidance/interagency-supervisory-guidance-on-counterparty-credit-risk-management.htm" ] }, { "text": "ESMA, EMIR Article 11 — Risk-mitigation techniques.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-11-risk-mitigation-techniques-otc-0" ] }, { "text": "CPMI-IOSCO, Principles for Financial Market Infrastructures.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "bc82e69b40d51880", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "counterparty-risk", "credit-risk", "derivatives", "clearing-settlement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/konzentrationsrisiko", "locale": "de", "title": "Konzentrationsrisiko", "summary": "Verwundbarkeit eines Portfolios, dessen Exposures oder potenzielle Verluste von wenigen Namen, Faktoren, Sektoren, Strategien, Gegenparteien oder Liquiditätskanälen dominiert werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/konzentrationsrisiko/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision, LEX10 — Definitions and application — Zweck, Anwendungsbereich und aktuelle Begriffe des aufsichtsrechtlichen Großkreditrahmens.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/10.htm" ] }, { "text": "Basel Committee on Banking Supervision, LEX20 — Requirements — für Banken im definierten Rahmen geltende Limite und Berichtspflichten.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/20.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP32 — Credit risk — Konzentrationsformen, gemeinsame Faktoren sowie Anforderungen an Richtlinien, Messung und Kontrolle.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/32.htm" ] }, { "text": "Basel Committee on Banking Supervision, Studies on credit risk concentration — Working Paper No 15 — analytische Unterscheidung von Namens- und Sektorkonzentration sowie Quantifizierungsansätze.", "urls": [ "https://www.bis.org/publ/bcbs_wp15.htm" ] }, { "text": "Office of the Comptroller of the Currency, Concentrations of Credit, Comptroller’s Handbook — Identifikation von Exposure-Gruppen, die auf dieselbe wirtschaftliche oder finanzielle Entwicklung reagieren.", "urls": [ "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/concentrations-of-credit/index-concentrations-of-credit.html" ] } ], "revision": "d710eaae01345b7c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "concentration-risk", "portfolio-risk", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/korrelation", "locale": "de", "title": "Korrelation", "summary": "Standardisierte Schätzung des linearen Zusammenhangs zwischen zwei zeitlich abgestimmten Reihen. Sie hängt von Daten und Beobachtungsfenster ab und belegt weder Kausalität noch Stabilität oder Schutz in den Verteilungsrändern.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/korrelation/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Institute of Standards and Technology, CORRELATION — Dataplot Reference Manual — Definition, Formel, Wertebereich und Interpretation des linearen Korrelationskoeffizienten.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — Rolle von Varianzen und Kovarianzen in der Portfoliokonstruktion.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "François Longin und Bruno Solnik, Extreme Correlation of International Equity Markets, The Journal of Finance (2001) — asymmetrische Abhängigkeit bei extremen internationalen Aktienrenditen.", "urls": [ "https://doi.org/10.1111/0022-1082.00340" ] }, { "text": "Kristin Forbes und Roberto Rigobon, No Contagion, Only Interdependence: Measuring Stock Market Comovements, The Journal of Finance (2002) — Verzerrung von Korrelationsvergleichen durch Heteroskedastizität in turbulenten Phasen.", "urls": [ "https://doi.org/10.1111/0022-1082.00494" ] } ], "revision": "292ab79677b73a62", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "correlation", "dependence", "portfolio-risk", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/kovarianz", "locale": "de", "title": "Kovarianz", "summary": "Nicht standardisiertes Maß für die gemeinsame lineare Bewegung zweier Variablen und zentrale Matrixgröße des Portfoliorisikos, deren Einheit, Stichprobe und Schätzverfahren offenzulegen sind.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/kovarianz/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — ursprüngliche Portfolioauswahl mittels erwarteter Rendite, Varianzen und Kovarianzen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "National Institute of Standards and Technology, Correlation — Dataplot Reference Manual — Definition des standardisierten Koeffizienten und Beziehung zwischen Kovarianz, Standardabweichungen und Korrelation.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Olivier Ledoit und Michael Wolf, A Well-Conditioned Estimator for Large-Dimensional Covariance Matrices, Journal of Multivariate Analysis (2004) — Originalarbeit zu Shrinkage und Konditionierung großer Matrizen.", "urls": [ "https://www.sciencedirect.com/science/article/pii/S0047259X03000964" ] }, { "text": "Richard O. Michaud, The Markowitz Optimization Enigma: Is “Optimized” Optimal?, Financial Analysts Journal (1989) — Wirkung von Schätzfehlern auf Optimierungsergebnisse.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1989/the-markowitz-optimization-enigma-is-optimized-optimal" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi und Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, Review of Financial Studies (2009) — Out-of-sample-Vergleich von Allokationsregeln und Schätzprobleme.", "urls": [ "https://academic.oup.com/rfs/article/22/5/1915/1592901" ] } ], "revision": "e3f033d291b29c7a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "covariance", "covariance-matrix", "portfolio-risk", "dependence", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/kreditspread-und-cs01", "locale": "de", "title": "Kreditspread und CS01", "summary": "Der Spread vergleicht Rendite und Referenz; CS01 schätzt die Wertänderung je Basispunkt des definierten Spreads.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/kreditspread-und-cs01/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "5cf46d19aec46043", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "credit-spread", "cs01", "spread-duration" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/laufzeitstruktur-der-volatilitaet", "locale": "de", "title": "Laufzeitstruktur der impliziten Volatilität", "summary": "Die Laufzeitstruktur vergleicht gleichzeitig die implizite Volatilität verschiedener Verfälle an einer konsistenten Moneyness- oder Delta-Koordinate. Sie ist ein Snapshot, keine Zeitreihe.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/laufzeitstruktur-der-volatilitaet/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Volatility Term Structure Tool User Guide — ATM-Ansicht nach Verfall und Snapshot-Vergleich.", "urls": [ "https://www.cmegroup.com/tools-information/quikstrike/quikstrike-volatility-term-structure-tool-user-guide.html" ] }, { "text": "Cboe, VIX Term Structure Data and Charts — Beispiel einer Struktur mit mehreren Laufzeiten und Timestamp.", "urls": [ "https://www.cboe.com/tradable-products/vix/term-structure" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — Laufzeitstruktur, Verfälle und Ereignisse.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "CME Group, Understanding Options and implied volatility — IV, Skew und Preisbeziehungen.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Options Analytics: Greeks and Implied Volatility — Daten nach Verfall, Moneyness und Griechen.", "urls": [ "https://www.cmegroup.com/market-data/greeks-and-implied-volatility-data.html" ] }, { "text": "Options Industry Council, Technical Information — abgeleitete Natur der IV und Volatilitätskonventionen.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Kontraktspezifikationen, Verfall und Vertragsrisiken.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "92aba73f85eccd7d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "term-structure", "derivatives" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/leerverkauf", "locale": "de", "title": "Leerverkauf: Ablauf, Kosten und besondere Risiken", "summary": "Beim Aktien-Leerverkauf werden gewöhnlich geliehene Titel verkauft und später zurückgekauft. Risiken entstehen aus Kursanstieg, Margin, Leihverfügbarkeit, Recall, Short Squeeze und Rechtsregeln.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/leerverkauf/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Key Points About Regulation SHO", "urls": [ "https://www.sec.gov/investor/pubs/regsho.htm" ] }, { "text": "U.S. Securities and Exchange Commission — Short Sales, Regulation SHO Final Rule", "urls": [ "https://www.sec.gov/rules-regulations/2004/07/short-sales" ] }, { "text": "European Securities and Markets Authority — Short Selling", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/short-selling" ] } ], "revision": "20dae6a2f71f56f1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "safety" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/leitzins-und-geldpolitischer-kurs", "locale": "de", "title": "Leitzins und geldpolitischer Kurs", "summary": "Von Ziel- zu administrierten Marktzinsen: Niveau, Abstand zum neutralen Zins und erwarteter Pfad bestimmen den Kurs.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/leitzins-und-geldpolitischer-kurs/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Policy implementation.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/policy-normalization.htm" ] }, { "text": "ECB, Key ECB interest rates.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html" ] }, { "text": "BIS, Central bank policy rates.", "urls": [ "https://www.bis.org/statistics/cbpol.htm" ] } ], "revision": "13d31dd76f1f51e4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/limit-order", "locale": "de", "title": "Limit Order: Preis, Warteschlange und Teilfills", "summary": "Eine Limit Order darf nur zum angegebenen Limit oder besser ausführen. Sie schützt bei einem Fill die Preisgrenze, garantiert aber weder Ausführung noch Maker-Status und kann teilweise offenbleiben.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/limit-order/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — Preislimit und fehlende Ausführungsgarantie.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Limit Orders — Limitbedingungen und Risiko eines ausbleibenden Fills.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "U.S. SEC — Rule 606 Regulation NMS, FAQ — liquiditätsgebende und -nehmende Orders sowie nicht eindeutig zuordenbare Fälle.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "ESMA — MiFID II, Artikel 28: Client order handling rules — faire und zeitnahe Bearbeitung bestimmter Limit Orders.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "30db4806638cc88c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/liquidity-seeking", "locale": "de", "title": "Liquidity Seeking: Ziele, Routing und Trade-offs", "summary": "Liquidity Seeking bezeichnet professionelle Strategien, die Ausführungsmöglichkeiten über Zeiten, Venues und Modi suchen. Es ist nicht nur Smart Routing und garantiert weder besten Preis noch Fill oder fehlenden Impact.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/liquidity-seeking/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Richtlinie 2014/65/EU, Artikel 4(1)(39)", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA — Supervisory Briefing on Algorithmic Trading in the EU", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. SEC — Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "U.S. SEC — Disclosure of Order Execution and Order Routing Information", "urls": [ "https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/disclosure-order-execution-order-routing-information" ] } ], "revision": "7b27a121387c0cb2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/makrodaten-konsens-ueberraschungen-und-revisionen", "locale": "de", "title": "Makrodaten: Konsens, Überraschungen und Revisionen", "summary": "Kalender, Echtzeitstände, Konsens, Überraschung und Revisionen rekonstruieren den damaligen Informationsstand.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/makrodaten-konsens-ueberraschungen-und-revisionen/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED.", "urls": [ "https://alfred.stlouisfed.org/" ] }, { "text": "BEA, Release Schedule.", "urls": [ "https://www.bea.gov/news/schedule" ] }, { "text": "BLS, Release Calendar.", "urls": [ "https://www.bls.gov/schedule/" ] } ], "revision": "91c68eefde4e68c9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/makrotransmission-zwischen-aktien-anleihen-waehrungen-und-rohstoffen", "locale": "de", "title": "Makrotransmission zwischen Aktien, Anleihen, Währungen und Rohstoffen", "summary": "Bedingte Karte von Wachstum, Inflation, Zinsen und Liquidität zu Gewinnen, Kurven, Wechselkursen und physischen Märkten.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/makrotransmission-zwischen-aktien-anleihen-waehrungen-und-rohstoffen/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Annual Economic Report.", "urls": [ "https://www.bis.org/publ/arpdf/ar2025e.htm" ] }, { "text": "IMF, Global Financial Stability Report.", "urls": [ "https://www.imf.org/en/Publications/GFSR" ] }, { "text": "ECB, Financial Stability Review.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html" ] } ], "revision": "59dd6c4c555447d8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/margin", "locale": "de", "title": "Margin", "summary": "Vermögenswert oder Betrag, den ein Broker oder Clearinghaus als Sicherheit verlangt. Margin ist kein Kaufpreis und keine garantierte Verlustgrenze.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/margin/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Brokerage Accounts.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "FINRA, Rule 2264 — Margin Disclosure Statement.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "78b7d3acf6a1d784", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomanagement" }, { "key": "de/concetti/market-impact", "locale": "de", "title": "Market Impact: Preiswirkung der eigenen Order", "summary": "Market Impact ist die Preisänderung, die einer Order oder einem Ausführungsprogramm selbst zugerechnet wird. Er ist ein impliziter Kostenbestandteil, aber nicht gleich Spread, Slippage oder Marktbewegung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/market-impact/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "SEC — Proposed Rule, Order Competition Rule, Release No. 34-96495", "urls": [ "https://www.sec.gov/files/rules/proposed/2022/34-96495.pdf" ] }, { "text": "Rama Cont, Arseniy Kukanov und Sasha Stoikov, The Price Impact of Order Book Events; Preprint", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "Robert Almgren und Neil Chriss, Optimal Execution of Portfolio Transactions", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] } ], "revision": "880d5f041d93a052", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/market-maker", "locale": "de", "title": "Market Maker: Quotes, Liquidität und Inventarrisiko", "summary": "Ein Market Maker stellt Kauf- und Verkaufspreise oder erklärt sich in einem bestimmten Markt zum Handel bereit. Er unterstützt Liquidität, garantiert aber nicht jederzeit Menge, Spread oder kontinuierliche Quotes.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/market-maker/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Market Makers", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-makers" ] }, { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Artikel 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "475621be99449eba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/market-order", "locale": "de", "title": "Market Order: Ausführung und Preisrisiko", "summary": "Eine Market Order verlangt sofortigen Handel gegen verfügbare Liquidität, ohne ein Preislimit festzulegen. Sie bevorzugt Ausführungswahrscheinlichkeit, garantiert aber weder Preis noch vollständigen Fill.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/market-order/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — Retail-Definition und Ausführungspreisrisiko.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — Routing, Latenz, quotierte Menge und Best Execution.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — unausgeführte Reste, Teilfills und Halts.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC, Investor.gov — Trading Halts and Delays — regulatorische und marktbedingte Aussetzungen.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/trading-halts-and-delays" ] } ], "revision": "1d2f331c27542bcd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/markt-beta", "locale": "de", "title": "Markt-Beta", "summary": "Beta schätzt die lineare Renditesensitivität einer Anlage oder eines Portfolios gegenüber einem benannten Benchmark. Es hängt von Daten, Fenster und Methode ab und misst nicht allein Gesamtrisiko oder Kausalität.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/markt-beta/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk, 1964.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Beta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "FINRA, Volatility — Beta gegenüber einem Benchmark.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "NIST/SEMATECH, Least Squares und R² is not enough — Schätzung und Prüfung linearer Modelle.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd431.htm", "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] } ], "revision": "14a876d08bb49878", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "portfolio-risk", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "equity" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/marktliquiditaet", "locale": "de", "title": "Marktliquidität: Dimensionen, Maße und Grenzen", "summary": "Marktliquidität ist die Fähigkeit, eine relevante Menge schnell mit begrenzten Kosten und geringem Impact auszuführen. Spread, Tiefe, Unmittelbarkeit und Resilienz sind verschiedene Dimensionen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/marktliquiditaet/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS — Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] }, { "text": "CME Group — Understanding the CME Liquidity Tool Methodology", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "91143ba0b21cd3c1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/marktliquiditaetsrisiko", "locale": "de", "title": "Marktliquiditätsrisiko", "summary": "Risiko, eine Position nicht rechtzeitig in gewünschter Größe und zu vertretbaren Kosten handeln zu können. Liquidität ist zustands- und größenabhängig.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/marktliquiditaetsrisiko/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS Committee on the Global Financial System, Market Liquidity: Research Findings and Selected Policy Implications.", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Market liquidity: proceedings of a workshop.", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank, Market liquidity and financial stability.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "62cdc7c1896c7233", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-liquidity", "execution", "slippage", "market-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/matching-engine", "locale": "de", "title": "Matching Engine: Priorität und Orderzuteilung", "summary": "Die Matching Engine wendet die Regeln eines Handelsplatzes an, um kompatible Orders zu paaren und Fills zuzuteilen. Preis-Zeit ist verbreitet, aber FIFO, Pro-rata und hybride Algorithmen unterscheiden sich.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/matching-engine/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Matching Algorithm Overview", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group — How CME Group Ag Markets Operate", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/overview-what-makes-ags-markets-work" ] }, { "text": "ESMA — MiFID II, Artikel 28: Client order handling rules", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "86982bf056285a4a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/maximaler-drawdown", "locale": "de", "title": "Maximum Drawdown", "summary": "Größter beobachteter Verlust von einem vorherigen Höchststand bis zum folgenden Tief einer Vermögenskurve, abhängig von Pfad, Fenster und Bewertung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/maximaler-drawdown/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion (2004) — Definition und Modellabhängigkeit von Horizont, Drift und Volatilität.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — Maximum Drawdown, Dauer und Appraisal-Grenzen.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — MDD, Drawdown-Verteilung und Calmar.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "GIPS Standards, Handbook for Firms — Bewertungen, Renditen, Cashflows und Disclosure.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — Drawdown und Dauer in der Managerbewertung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "95abbe22cf07c2dc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "maximum-drawdown", "path-risk", "performance-measurement", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/mittelwert-varianz-optimierung-und-effizienzlinie", "locale": "de", "title": "Mittelwert-Varianz-Optimierung und Effizienzlinie", "summary": "Markowitz-Rahmenwerk, das erwartete Renditen, Varianzen und Kovarianzen zur Bestimmung effizienter Portfolios verbindet — mit expliziten Schätz- und Umsetzungsgrenzen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/mittelwert-varianz-optimierung-und-effizienzlinie/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — ursprüngliche Formulierung des Mittelwert-Varianz-Kriteriums.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — Zielfunktion, Effizienzlinie, Kritikpunkte, Verbindlichkeiten, Faktoren und praktische Anwendungen.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi und Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — Out-of-Sample-Vergleich mit der 1/N -Regel.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "Fischer Black und Robert Litterman, Global Portfolio Optimization, Financial Analysts Journal (1992) — Rahmenwerk zur Verbindung von Gleichgewicht und Views.", "urls": [ "https://doi.org/10.2469/faj.v48.n5.28" ] }, { "text": "Richard O. Michaud und Robert Michaud, Estimation Error and Portfolio Optimization: A Resampling Solution — Schätzfehler, Resampling und Stabilität von Lösungen.", "urls": [ "https://doi.org/10.2139/ssrn.2658657" ] } ], "revision": "23260962387a381e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "mean-variance-optimization", "efficient-frontier", "portfolio-theory", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/modellrisiko", "locale": "de", "title": "Modellrisiko", "summary": "Risiko nachteiliger Entscheidungen durch falsche, missverstandene oder ungeeignet eingesetzte Modelle. Es betrifft Daten, Theorie, Code, Nutzung und Governance.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/modellrisiko/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, SR 26-2 — Model Risk Management.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Federal Reserve, SR 26-2, Attachment.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602a1.pdf" ] } ], "revision": "13a448c66c57babe", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "model-risk", "model-validation", "governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/monte-carlo-und-bootstrap", "locale": "de", "title": "Monte Carlo und Bootstrap für Trading-Strategien", "summary": "Simulationen und Resampling untersuchen Unsicherheit, Renditereihenfolge und Drawdown unter offengelegten Annahmen, ohne in den Daten fehlende Information zu erzeugen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/monte-carlo-und-bootstrap/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bradley Efron, Bootstrap Methods: Another Look at the Jackknife — grundlegender Artikel zu Bootstrap und Resampling-Schätzung.", "urls": [ "https://doi.org/10.1214/aos/1176344552" ] }, { "text": "Dimitris N. Politis und Joseph P. Romano, The Stationary Bootstrap — zufällig lange Blöcke für schwach abhängige stationäre Daten.", "urls": [ "https://doi.org/10.1080/01621459.1994.10476870" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — Einfluss zeitlicher Abhängigkeit auf Verteilung und Annualisierung des Sharpe.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — Rolle von Monte Carlo, Bootstrap und Stresstests in der Investmentmodellvalidierung.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "0f0c06a0f68c32dd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "monte-carlo", "bootstrap", "resampling", "uncertainty", "drawdown" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/netto-exposure", "locale": "de", "title": "Netto-Exposure", "summary": "Vorzeichenbehaftete Summe kompatibler Exposures. Sie zeigt die verbleibende lokale Richtung, nicht automatisch das gesamte Portfolio- oder Tail-Risiko.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/netto-exposure/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Use of Derivatives by Registered Investment Companies.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Framework, MAR21 — Standardised approach sensitivities.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Framework, CRE52 — Standardised approach for CCR.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Framework, CRE54 — Counterparty credit risk mitigation.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] } ], "revision": "5bb4d4298593a7c6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "net-exposure", "portfolio-risk", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/nominal-realzinsen-und-breakeven-inflation", "locale": "de", "title": "Nominalzinsen, Realzinsen und Breakeven-Inflation", "summary": "Zusammenhang von nominaler und realer Rendite sowie Inflationsausgleich einschließlich Prämien und Liquidität.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/nominal-realzinsen-und-breakeven-inflation/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury, TIPS.", "urls": [ "https://treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED.", "urls": [ "https://fred.stlouisfed.org/" ] }, { "text": "ECB, Inflation expectations.", "urls": [ "https://www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/index.en.html" ] } ], "revision": "60f9706b8b6f4ea1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/nominalwert", "locale": "de", "title": "Nominalwert", "summary": "Referenzbetrag eines Instruments oder Derivats. Er beschreibt den Umfang des Vertrags, ist aber weder automatisch Marktwert noch Margin oder möglicher Verlust.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/nominalwert/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "CFTC, Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CFTC, Federal Register release.", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] }, { "text": "U.S. SEC, Use of Derivatives by Registered Investment Companies.", "urls": [ "https://www.sec.gov/dera/staff-papers/white-papers/derivatives12-2015.pdf" ] }, { "text": "CME Group, Options Delta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Bybit, Profit and Loss Calculation.", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Profit-Loss-Calculation" ] }, { "text": "Bybit, Funding Fee Calculation.", "urls": [ "https://www.bybit.com/en/help-center/article/Funding-fee-calculation" ] }, { "text": "CME Group, Fee Schedule.", "urls": [ "https://www.cmegroup.com/company/files/cme-fee-schedule-2026-06-29.pdf" ] }, { "text": "Bybit, Trading Fee Calculation.", "urls": [ "https://www.bybit.com/en/help-center/article?id=000001584" ] } ], "revision": "bceb0f6501621da3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "derivatives", "leverage", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomanagement" }, { "key": "de/concetti/operationelles-risiko", "locale": "de", "title": "Operationelles Risiko", "summary": "Verlustgefahr aus unzureichenden oder versagenden Prozessen, Menschen, Systemen oder externen Ereignissen. Sie betrifft den Handel auch ohne Marktbewegung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/operationelles-risiko/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework, OPE10 — Definition of operational risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/OPE/10.htm" ] }, { "text": "Basel Committee, Principles for Operational Resilience.", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee, Revisions to the Principles for Sound Management of Operational Risk.", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA, Rule 4370 — Business Continuity Plans.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/4370" ] }, { "text": "IOSCO, Cyber Security in Securities Markets — Survey.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD522.pdf" ] }, { "text": "IOSCO, Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD523.pdf" ] } ], "revision": "e49227feb4860fa4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "operational-risk", "operational-resilience", "business-continuity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/optionen", "locale": "de", "title": "Optionen: Call, Put, Strike und Verfall", "summary": "Eine Option ist ein Derivat, das dem Käufer ein Recht und dem Verkäufer die entsprechende Pflicht gibt. Call, Put, Strike, Prämie, Verfall und Abwicklung definieren den Vertrag.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionen/", "published": "2026-07-31", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Rechte, Pflichten, Kontraktspezifikationen, Ausübung und Risiken standardisierter Optionen.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — einführende Darstellung von Call, Put, Prämie und asymmetrischen Risiken.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Opening an Options Trading Account — Freigaben, Kenntnisse und Risiken vor dem Optionshandel.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-77" ] }, { "text": "Commodity Futures Trading Commission, Futures Market Basics — Kontraktspezifikationen und der Unterschied zwischen Futures- und Optionspositionen.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — regulatorische Einordnung derivativer Finanzinstrumente im EU-Rahmen.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "6a700e8c58d45f76", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/optionsausuebung-zuteilung-und-abwicklung", "locale": "de", "title": "Optionsausübung, Zuteilung und Abwicklung", "summary": "Ausübung und Zuteilung verwandeln das Recht des Käufers in die Pflicht des Stillhalters. Stil, Cut-off, automatische Regeln, Deliverable und Settlement bestimmen den Ablauf.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionsausuebung-zuteilung-und-abwicklung/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Primärdokument zu Exercise, Assignment, Verfall und Settlement.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Exercising Options — Ablauf von Ausübung und Zuteilungsallokation.", "urls": [ "https://www.optionseducation.org/optionsoverview/exercising-options" ] }, { "text": "Options Industry Council, Options Exercise FAQ — Cut-off, amerikanischer und europäischer Stil sowie Exercise by Exception.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-exercise" ] }, { "text": "Options Industry Council, Options Assignment FAQ — Zuteilungsrisiko, Verfall, Halt und Weisungen.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-assignment" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — Pflichten des Stillhalters und Folgen der Zuteilung eines einzelnen Legs.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "FINRA, Exercise Cut-Off Time for Expiring Options — Ausübung, Nichtausübung und Contrary Exercise Advice.", "urls": [ "https://www.finra.org/rules-guidance/notices/information-notice-020321" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — grundlegende Rechte, Pflichten und Risiken von Optionen.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "37db1acb2d91d1ba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "exercise", "assignment", "settlement" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/optionsdelta", "locale": "de", "title": "Optionsdelta", "summary": "Das Delta einer Option misst die lokale Änderung ihres Modellwerts gegenüber dem Preis des Basiswerts. Vorzeichen, Einheit, Multiplikator, Modell und Marktstand gehören zur Angabe.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionsdelta/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Delta — The Greeks — Definition und Beispiele der lokalen Sensitivität.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective — Zusammenspiel der Griechen.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Sensitivities-based method — regulatorische Definition von Delta-Sensitivitäten nach Risikofaktor.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Vertrags- und Positionsrisiken.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black und Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — Primärquelle des klassischen Bewertungsrahmens.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "89c1f1ed602a9c2e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/optionsgamma", "locale": "de", "title": "Optionsgamma", "summary": "Gamma misst, wie sich das Delta einer Option bei einer Bewegung des Basiswerts ändert. Es ist eine lokale, dynamische Sensitivität zweiter Ordnung mit positionsabhängigem Vorzeichen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionsgamma/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Gamma — The Greeks — Definition und lokale Krümmung.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-gamma-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective — Zusammenspiel von Delta, Gamma, Vega und Theta.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Fischer Black und Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — klassischer Bewertungsrahmen.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Basel Committee on Banking Supervision, MAR20 — General provisions and structure — regulatorische Trennung von Delta-, Vega- und Curvature-Risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/20.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Risiken standardisierter Optionspositionen.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "7061b098330e5bdf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/optionskette", "locale": "de", "title": "Optionskette: Serien, Quotes und Liquidität", "summary": "Eine Optionskette ist ein Snapshot verfügbarer Serien nach Verfall und Strike. Timestamp, Bid, Ask, Size, Volumen, Open Interest, implizite Volatilität und Griechen haben verschiedene Bedeutungen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionskette/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Understanding the Bid and Ask Prices for Options — konsolidierte Quotes, Size, Spread und Slippage.", "urls": [ "https://www.optionseducation.org/news/understanding-the-bid-and-ask-prices-for-options" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — Chain-Felder, verzögerte Daten, Volatilität und Griechen.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "Options Industry Council, General Information FAQ — Beziehung zwischen Volumen, Open Interest, Quotes und Liquidität.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "The Options Clearing Corporation, Series Search — Open Interest je Serie und Referenztag.", "urls": [ "https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search" ] }, { "text": "The Options Clearing Corporation, Volume Query — Volumen nach Produkt, Symbol, Typ und Sitzung.", "urls": [ "https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-query" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Legal Bulletin No. 16 — Transactions in Listed Options — Veröffentlichung von Bid, Offer und Size sowie Quotierungspflichten im US-Markt.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/staff-legal-bulletins/staff-legal-bulletin-no-16-transactions-listed-options-under-exchange-act-rule-11ac1-1" ] }, { "text": "Options Price Reporting Authority, OPRA Pillar Output Specification — Primärstruktur von Quote-Meldungen und Best-Bid/Best-Offer-Indikatoren.", "urls": [ "https://cdn.opraplan.com/documents/OPRA_Pillar_Output_Specification.pdf" ] } ], "revision": "5025124b4e58f910", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "market-data", "liquidity", "execution" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/optionspraemie-und-bewertung", "locale": "de", "title": "Optionsprämie und Bewertung", "summary": "Die Optionsprämie ist ein je Basiswerteinheit gehandelter Preis, der theoretische Wert dagegen ein Modellergebnis. Bid, Mid, Ask, Multiplikator, Volatilität und Zeit sind getrennt zu lesen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionspraemie-und-bewertung/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Vertrag, Prämie, Ausübung, Settlement und Risiken standardisierter Optionen.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Options Pricing — innerer Wert, Zeitwert und wesentliche Einflussfaktoren der Prämie.", "urls": [ "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "Options Industry Council, Understanding Options Greeks — Pricing-Inputs und theoretische Sensitivitäten.", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — Call, Put, Prämie sowie Risiken für Käufer und Stillhalter.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "Cboe Options Institute, Options Calculator — Vergleich von Inputs, theoretischem Preis und Griechen.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "Fischer Black und Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — Primärquelle des klassischen Bewertungs- und Replikationsansatzes.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — Quotes, verzögerte Daten, Volatilität, Griechen und theoretische Szenarien.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] } ], "revision": "55ab5918df36bac5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-pricing", "volatility", "market-data" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/optionsstrategien-und-multi-leg-payoffs", "locale": "de", "title": "Optionsstrategien und Multi-Leg-Payoffs", "summary": "Eine Multi-Leg-Strategie kombiniert Optionen und manchmal den Basiswert. Der terminale Payoff ist die Summe der Legs; P&L vor Verfall, Ausführung, Margin und Zuteilung brauchen eigene Analysen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionsstrategien-und-multi-leg-payoffs/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Risiken von Kombinationen, Exercise, Assignment und Settlement.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, All Strategies — Aufbau und Payoff wesentlicher Multi-Leg-Familien.", "urls": [ "https://www.optionseducation.org/strategies/all-strategies-en" ] }, { "text": "Options Industry Council, Profit and Loss Simulator — P&L-Szenarien mit Preis, Volatilität, Zins und Zeit.", "urls": [ "https://www.optionseducation.org/oic-profit-and-loss-simulator" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — Folgen der Zuteilung eines einzelnen Legs.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "CME Group, Option Spread Functionality on CME Globex — Spreadtypen, Verhältnisse und Ausführung komplexer Orders.", "urls": [ "https://www.cmegroup.com/education/files/ofm-spread-overview.pdf" ] }, { "text": "CME Group, Bull Spread — Konstruktion und Payoff eines Vertical Spreads.", "urls": [ "https://www.cmegroup.com/education/courses/option-strategies/bull-spread" ] }, { "text": "Cboe Options Institute, Options Calculator — theoretische Werte und Sensitivitäten bei veränderten Inputs.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — asymmetrische Risiken und kombinierter Einsatz von Optionskontrakten.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "f68093a71c62b061", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-strategies", "payoff", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/optionstheta", "locale": "de", "title": "Optionstheta", "summary": "Theta misst die lokale Änderung des Optionswerts beim Verstreichen der Zeit, wenn andere Modellinputs festgehalten werden. Vorzeichen und Skala hängen von Zeitkonvention und Position ab.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionstheta/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Theta — The Greeks — Definition und Wirkung des Zeitablaufs.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/theta" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective — gemeinsames Lesen der Griechen.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Cboe, Options Calculator — theoretische Outputs für lokalisierte Modellinputs.", "urls": [ "https://www.cboe.com/education/tools/options-calculator/" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Verfall, Exercise, Assignment und Positionsrisiken.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black und Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — klassischer Bewertungsrahmen.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "dd41b29cd4fedbd7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "time-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/optionsvega", "locale": "de", "title": "Optionsvega", "summary": "Vega misst die lokale Änderung des Optionswerts gegenüber der im Modell verwendeten impliziten Volatilität. Skala, Oberflächenknoten, Laufzeit und Positionsvorzeichen gehören zur Messung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/optionsvega/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Vega — The Greeks — Definition der Volatilitätssensitivität.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-vega-the-greeks" ] }, { "text": "Cboe, SR-CBOE-2019-126 — Definition und Konvention für einen Prozentpunkt Volatilität.", "urls": [ "https://cdn.cboe.com/resources/regulation/rule_filings/approved/2019/SR-CBOE-2019-126.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Sensitivities-based method — Vega-Risikofaktoren und Aggregation im regulatorischen Rahmen.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective — Zusammenspiel der Griechen.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Vertrags- und Kombinationsrisiken.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "08373f45f190efb2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "volatility", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/order-book", "locale": "de", "title": "Orderbuch: Bid, Ask und sichtbare Markttiefe", "summary": "Ein Orderbuch erfasst sichtbare Limit Orders eines Marktes oder Datenfeeds. Es zeigt Bid, Ask und verfügbare Tiefe, aber weder sämtliche Liquidität noch die künftige Preisrichtung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/order-book/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Order Book Reporting Methods and Their Impact on Some Market Activity Measures", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "New York Stock Exchange — NYSE Pillar Depth", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "Rama Cont, Arseniy Kukanov und Sasha Stoikov, The Price Impact of Order Book Events; Preprint", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "U.S. Commodity Futures Trading Commission — Antidisruptive Practices Authority", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "c59787688bfbfa91", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "volumetric", "market-integrity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/order-lebenszyklus", "locale": "de", "title": "Order-Lebenszyklus: vom Versand bis zum Settlement", "summary": "Die Stationen einer Order von Konfiguration und Kontrolle über Routing, Annahme und Teilausführungen bis zur Schließung und zur Grenze des Post-Trade.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/order-lebenszyklus/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — Brokerübertragung, mögliche Ziele und Unterschied zwischen sichtbarer Quote und Ausführung.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — Empfang, Timestamps, Teilfills, Stornos und Ausführungsstatistiken.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — Faktoren und Policy der Best Execution.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — schnelle, faire und geordnete Kundenorderbearbeitung.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "ff4790b84113919a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/orderprioritaet-und-teilausfuehrungen", "locale": "de", "title": "Orderpriorität und Teilausführungen", "summary": "Orderpriorität bestimmt die Reihenfolge kompatibler Aufträge, Allokation verteilt verfügbare Menge. Preis-Zeit ist nicht universell; Teilfills müssen mit Fillmenge, Rest und Durchschnittspreis gelesen werden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/orderprioritaet-und-teilausfuehrungen/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Matching Algorithm Overview", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group — CME Globex Reference Guide", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "U.S. Securities and Exchange Commission — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "ESMA — MiFID II, Artikel 28: Client order handling rules", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "a6d07044a8bbf262", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/out-of-sample", "locale": "de", "title": "Out-of-Sample", "summary": "Bewertung mit Beobachtungen, die nicht zur Entwicklung verwendet wurden: zeitliche Trennung, Reinheit des Tests, Purging, Embargo und Walk-forward ohne universelle Abkürzungen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/out-of-sample/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, International Journal of Forecasting, 2000 — Rolling Origin, Rekalibrierung und mehrere Testperioden.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir und José M. Benítez, On the use of cross-validation for time series predictor evaluation, Information Sciences, 2012 — Cross-Validation-Designs für Zeitreihenprädiktoren.", "urls": [ "https://doi.org/10.1016/j.ins.2011.12.028" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman und Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction, 2018 — Bedingungen für gültige Cross-Validation bei autoregressiven Zeitreihen.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — Auswahl unter Konfigurationen und Grenzen eines einfachen Holdouts bei Investment-Backtests.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — offizielles Wiley-Inhaltsverzeichnis, Wiley, 2018 — Monografie zu Purged K-fold und Embargo; hier nicht als peer-reviewter Fachartikel zitiert.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "2083f4bb3ccfff82", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "out-of-sample", "holdout", "temporal-validation", "walk-forward", "purged-cross-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/overfitting", "locale": "de", "title": "Overfitting", "summary": "Anpassung an historisches Rauschen und Auswahl aus vielen Versuchen: Overfitting in Handelssystemen erkennen, messen und begrenzen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/overfitting/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — Bewertung des besten Modells nach einer Suche über viele Alternativen.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann und Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap, The Journal of Finance, 1999 — direkte Anwendung auf technische Handelsregeln.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — In-Sample-Auswahl und Rangverlust außerhalb der Stichprobe.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Campbell R. Harvey, Yan Liu und Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — multiple Tests in der Forschung zu erwarteten Renditen.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "David H. Bailey und Marcos López de Prado, The Deflated Sharpe Ratio — Anpassung des Sharpe an Selection Bias und Nichtnormalität.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "fe11620e0b86bb1d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "overfitting", "multiple-testing", "model-selection", "data-snooping", "backtest-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/paper-trading", "locale": "de", "title": "Paper Trading", "summary": "Simuliertes Kapitalumfeld zur Prüfung von Pipeline, Orders und Prozess mit aktuellen Daten, klar getrennt von Forward-Test, Shadow Mode und Micro-Live.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/paper-trading/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — Grenzen durch Hindsight, Liquidität, Slippage und fehlendes echtes Risiko im eigenen NFA-Bereich.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — Marktstruktur, Automatisierung und Interaktion realer Orders mit Handelsplätzen.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — proaktive Validierung und Grenzen von Investmentmodellen.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Europäische Kommission, Delegierte Verordnung (EU) 2017/589, RTS 6 — Tests, von Produktion getrennte Umfelder, Kontrollen und Deployment im anwendbaren EU-Bereich des algorithmischen Handels.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "24f26cd17b74d9ff", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "paper-trading", "shadow-mode", "execution-testing", "operational-validation", "simulated-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/performance-attribution", "locale": "de", "title": "Performance Attribution", "summary": "Reconciliierte Zerlegung absoluter oder aktiver Rendite in die vom Modell dargestellten Entscheidungen — getrennt von Messung, Appraisal und kausalem Fähigkeitsnachweis.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/performance-attribution/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gary P. Brinson, L. Randolph Hood und Gilbert L. Beebower, Determinants of Portfolio Performance (1986) — ursprünglicher Rahmen für Policy, aktive Allokation und Selektion.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "Gary P. Brinson, Brian D. Singer und Gilbert L. Beebower, Determinants of Portfolio Performance II: An Update (1991) — Aktualisierung und Cash.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1991/determinants-of-portfolio-performance-ii-an-update" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution (2019) — BHB/BF, Modelle und Linking.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — Measurement, Attribution, Appraisal und Datentypen.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Roger G. Ibbotson und Paul D. Kaplan, Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance? (2000) — unterschiedliche statistische Fragen hinter oft zitierten Prozentwerten.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2000/does-asset-allocation-policy-explain-40-90-or-100-percent-of-performance" ] } ], "revision": "5c410bd0e7256c7a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-attribution", "return-attribution", "brinson-model", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/performance-benchmark", "locale": "de", "title": "Performance-Benchmark", "summary": "Vorab festgelegte Referenz zur Bewertung von Rendite und Risiko eines Portfolios, definiert durch vergleichbares Universum, Total Return, Währung, Absicherung und Methodik.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/performance-benchmark/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Overview of the Global Investment Performance Standards — aktueller GIPS-Rahmen und Geltungsbereich.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Global Investment Performance Standards, Guidance Statement on Benchmarks for Firms — Angemessenheit, Total Return, Währung und Custom Benchmarks.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "IOSCO, Principles for Financial Benchmarks (2013) — Governance, Qualität, Methodik und Verantwortlichkeit.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf" ] }, { "text": "MSCI, MSCI Index Calculation Methodology — Price-, Gross- und Net-Return, Währung und Corporate Actions.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — Returnvarianten, Währungen und Hedging.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — Benchmarkeigenschaften und Abhängigkeit von Appraisal und Attribution.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "a8a260f2dda83cfb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-benchmark", "total-return", "active-return", "benchmark-governance", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/point-in-time-daten", "locale": "de", "title": "Point-in-time-Daten", "summary": "Historische Daten nach dem damals tatsächlich verfügbaren Wissensstand: Verfügbarkeit, Vintage, Universum, Kapitalmaßnahmen und Delistings ohne Rückschauwissen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/point-in-time-daten/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED® und Real-Time Periods — Archivierung ursprünglich veröffentlichter Werte, Revisionen und informativer Gültigkeitszeiträume.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/alfred.html", "https://fred.stlouisfed.org/docs/api/fred/realtime_period.html" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — Datenmodell für aktive und beendete Fonds.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR Application Programming Interfaces — Einreichungs- und Unternehmensdaten mit Aktualisierungsangaben.", "urls": [ "https://www.sec.gov/search-filings/edgar-application-programming-interfaces" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — Folgen ausgelassener Delisting-Renditen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "S&P Dow Jones Indices, Equity Indices Policies & Practices — Ankündigungen, Wirksamkeitsdaten, Rebalancing und Behandlung von Zusammensetzungskorrekturen.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-equity-indices-policies-practices.pdf" ] } ], "revision": "aece773841aff450", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-governance", "validation", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/portfolio-rebalancing", "locale": "de", "title": "Portfolio-Rebalancing", "summary": "Prozess, der tatsächliche Gewichte oder Risiken mit Zielwerten und Bandbreiten vergleicht und unter Einbezug von Kosten, Steuern, Liquidität und Governance über Transaktionen entscheidet.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/portfolio-rebalancing/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — Rolle von Rebalancing, Steuern, Liquidität und Policy-Überprüfung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — Asset-Allokation, Bandbreiten und Rebalancing im Gesamtprozess.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — offizielle Erklärung von Gewichtsdrift und Rückkehr zur Allokation.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Campbell R. Harvey, Michele G. Mazzoleni und Alessandro Melone, The Unintended Consequences of Rebalancing, NBER Working Paper 33554, Überarbeitung 2026 — Impact und Vorhersagbarkeit institutioneller Rebalancing-Flüsse in der untersuchten Stichprobe.", "urls": [ "https://doi.org/10.3386/w33554" ] }, { "text": "Karl Cuthbertson et al., What Does Rebalancing Really Achieve?, International Journal of Finance & Economics — Grenzen von Aussagen über eine Rebalancing-Prämie.", "urls": [ "https://doi.org/10.1002/ijfe.1545" ] } ], "revision": "c574bbe2e49a8857", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-rebalancing", "asset-allocation", "transaction-costs", "portfolio-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/portfoliokonstruktion", "locale": "de", "title": "Portfoliokonstruktion", "summary": "Der Prozess, der Ziele, Restriktionen und Annahmen in umsetzbare Gewichte, Instrumente, Limite, Benchmarks und Kontrollregeln übersetzt.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/portfoliokonstruktion/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — Zusammenhang von erwarteter Rendite, Varianz, Kovarianzen und Portfolioauswahl.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — Asset-only-, Liability-relative- und Goals-based-Prozesse, Risk Budgeting und Grenzen der Mittelwert-Varianz-Analyse.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — Größe, Liquidität, Zeithorizont, Steuern, Governance und Rebalancing.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — offizieller Bildungsüberblick zu Allokation, Diversifikation und Rebalancing.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi und Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — Out-of-sample-Vergleich und Bedeutung des Schätzfehlers.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] } ], "revision": "0c3bfa79758f6f95", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-construction", "asset-allocation", "investment-policy", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/portfoliorendite", "locale": "de", "title": "Portfoliorendite", "summary": "Prozentuale Veränderung des wirtschaftlichen Portfoliowerts in einem definierten Zeitraum, gemessen mit offengelegten Regeln zu Erträgen, externen Cashflows, Kosten, Währung und Zusammensetzung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/portfoliorendite/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — Holding-Period-Renditen, Verkettung, Logreturns, TWR und MWR.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A — regulatorische Vorgaben zu Endwert, Reinvestition, Kosten und annualisierter Rendite im Anwendungsbereich.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — Abgrenzung von Price, Total und Net Total Return.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, How Fees and Expenses Affect Your Investment Portfolio — Zinseszinseffekt von Gebühren und Kosten.", "urls": [ "https://www.sec.gov/file/ib_fees_expensespdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — Inputs, externe Cashflows, Bewertungen und Methodenkonsistenz.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "88d41ba9ab6560a3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-return", "total-return", "compounding", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/positionsgroessenbestimmung", "locale": "de", "title": "Positionsgrößenbestimmung", "summary": "Die Übersetzung eines vorab festgelegten Risikobudgets und eines fachlichen Stop-Abstands in eine handelbare Stück- oder Kontraktzahl.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/positionsgroessenbestimmung/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. SEC, Investor.gov, Trading Basics.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "U.S. SEC, Investor.gov, Understanding Margin Accounts.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "0436c9cab0e743ee", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomanagement" }, { "key": "de/concetti/post-only", "locale": "de", "title": "Post-only: Maker-Anweisung und Handelsplatzregeln", "summary": "Post-only verlangt, dass eine Limit Order nicht sofort Liquidität entnimmt. Der Handelsplatz kann sie jedoch ablehnen, löschen, umpreisen oder nach Sonderregeln ausführen; Fill, Maker-Gebühr und Rebate sind nicht garantiert.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/post-only/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nasdaq Trader — Post-Only Order Fact Sheet, 2026", "urls": [ "https://nasdaqtrader.com/content/ProductsServices/Trading/postonly_factsheet.pdf" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase Derivatives Exchange — Supported Order Qualifiers", "urls": [ "https://help.coinbase.com/en/derivatives/features/supported-order-qualifiers" ] }, { "text": "OKX — Basic Order Types", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "c59f542b626123fe", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/put-call-paritaet-und-synthetische-positionen", "locale": "de", "title": "Put-Call-Parität und synthetische Positionen", "summary": "Die Put-Call-Parität verbindet europäische Calls, Puts, Basiswert oder Forward, Strike, Zinsen und Dividenden bei gleichem Basiswert, Strike und Verfall.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/put-call-paritaet-und-synthetische-positionen/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Put/Call Parity — Spotbeziehung, Voraussetzungen, Conversion, Reversal und Synthetics.", "urls": [ "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "CME Group, Put-Call Parity — Parität für Optionen auf denselben Future, Strike und Verfall.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-options/put-call-parity" ] }, { "text": "CME Group, CME Options Workshop — Forwardform und Barwert der Differenz F − K.", "urls": [ "https://www.cmegroup.com/articles/files/2023/pro-workshop-series-post-webinar-recording-week4-slides.pdf" ] }, { "text": "Fischer Black und Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — Primärquelle zu Replikation und No-Arbitrage.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Ausübung, Zuteilung, Settlement und Vertragsrisiken.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Option Price Behavior — relative Preise, innerer Wert und Put-Call-Parität.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/option-price-behavior" ] }, { "text": "Cboe Options Institute, Options Definitions & Glossary — amerikanischer und europäischer Stil sowie Settlementbegriffe.", "urls": [ "https://www.cboe.com/optionsinstitute/defining-options/" ] } ], "revision": "1b0940337f4ac38c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "no-arbitrage", "synthetic-positions" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/qe-qt-und-zentralbankbilanz", "locale": "de", "title": "QE, QT und Zentralbankbilanz", "summary": "Käufe, Wiederanlage, Fälligkeiten, Reserven und Bilanzzusammensetzung mit Trennung von Fluss und Bestand.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/qe-qt-und-zentralbankbilanz/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Credit and Liquidity Programs and the Balance Sheet.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/bst.htm" ] }, { "text": "ECB, Asset purchase programmes.", "urls": [ "https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html" ] }, { "text": "Bank of England, Quantitative easing.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy/quantitative-easing" ] } ], "revision": "1c8fe4aa04107c96", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/quantitativer-und-systematischer-handel", "locale": "de", "title": "Quantitativer und systematischer Handel", "summary": "Die Unterschiede zwischen systematischen Entscheidungen, quantitativer Forschung, Algorithmen und Automatisierung sowie die vollständige Kette vom Modell bis zur Kontrolle.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/quantitativer-und-systematischer-handel/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — institutionelle Darstellung von Formen, Einsatzgebieten und Auswirkungen des algorithmischen Handels.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — Validierungszyklus für Investmentmodelle und zentrale Verfahren.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — aktuelle bankaufsichtliche Leitlinie zu Entwicklung, Nutzung, Validierung und Governance; hier analog, nicht als universelle Pflicht herangezogen.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — Grenzen und Offenlegung hypothetischer Ergebnisse im eigenen US-regulatorischen Anwendungsbereich.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "610cee245f478562", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "quantitative-trading", "systematic-trading", "algorithmic-trading", "research-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/rating-ausfall-recovery-und-loss-given-default", "locale": "de", "title": "Rating, Ausfall, Recovery und Loss Given Default", "summary": "Rating, Ausfallwahrscheinlichkeit, Recovery und Verlust verbinden, ohne bedingte Schätzungen als Gewissheiten zu lesen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/rating-ausfall-recovery-und-loss-given-default/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "34e79b9ef39c1f4e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "default", "recovery", "expected-loss" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/reduce-only", "locale": "de", "title": "Reduce-only: eine Position nur verkleinern", "summary": "Reduce-only begrenzt eine Order darauf, eine bestehende Position zu verkleinern. Es ist weder ein Stop noch eine Schließungsgarantie; Ablehnung, Löschung oder Mengenanpassung hängen vom Handelsplatz ab.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/reduce-only/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] }, { "text": "Coinbase International Exchange — Create Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/international-exchange-api/rest-api/orders/create-order" ] }, { "text": "OKX API — Place Order und Parameter reduceOnly", "urls": [ "https://www.okx.com/docs-v5/" ] }, { "text": "OKX — Basic Order Types und Reduce-only-Verwaltung", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "d0882827fc73ee76", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "risk", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/risiko-pro-trade", "locale": "de", "title": "Risiko pro Trade", "summary": "Der vorab geplante Verlust zwischen Einstieg und Stop, bezogen auf die gewählte Positionsgröße. 1R ist ein Budget, keine garantierte Verlustgrenze.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/risiko-pro-trade/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. SEC, Investor.gov, Trading Basics.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "FINRA, Brokerage Accounts.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "7eff72740fc83baf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomanagement" }, { "key": "de/concetti/risikobeitrag", "locale": "de", "title": "Risikobeitrag", "summary": "Zerlegung eines gewählten Portfoliorisikomaßes in marginale und komponentenbezogene Beiträge unter offengelegten mathematischen Bedingungen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/risikobeitrag/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Tasche, Euler Allocation: Theory and Practice.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Tasche, Capital Allocation to Business Units and Sub-Portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Qian, On the Financial Interpretation of Risk Contribution.", "urls": [ "https://arxiv.org/abs/cond-mat/0203558" ] }, { "text": "Bruder und Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] } ], "revision": "05366b7319b9823f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-contribution", "risk-decomposition", "portfolio-risk", "euler-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk-allocation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/risikoallokation-und-sensitivitaeten" }, { "key": "de/concetti/risikobudget", "locale": "de", "title": "Risikobudget und Risk Budgeting", "summary": "Ex-ante-Zuweisung eines gewählten Risikomaßes an Portfolioeinheiten. Das Risikobudget ist weder Kapitalbetrag noch nachträglich beobachteter Beitrag.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/risikobudget/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bruder und Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Tasche, Capital Allocation to Business Units and Sub-Portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Maillard, Roncalli und Teïletche, The Properties of Equally Weighted Risk Contribution Portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Tasche, Euler Allocation: Theory and Practice.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] } ], "revision": "8726a1aab4e44644", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-budgeting", "risk-allocation", "portfolio-construction", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk-allocation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/risikoallokation-und-sensitivitaeten" }, { "key": "de/concetti/risikoparitaet", "locale": "de", "title": "Risikoparität", "summary": "Familie von Portfolioverfahren, die Zielanteile an einem gewählten Risikomaß über Risikobeiträge steuern. Equal Risk Contribution ist ein wichtiger Spezialfall.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/risikoparitaet/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Qian, Risk Parity Portfolios.", "urls": [ "https://www.panagora.com/assets/risk_party_portfolios.pdf" ] }, { "text": "Maillard, Roncalli und Teïletche, The Properties of Equally Weighted Risk Contribution Portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Bruder und Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Frazzini und Pedersen, Betting Against Beta.", "urls": [ "https://pages.stern.nyu.edu/~lpederse/papers/LeverageAversionRP.pdf" ] }, { "text": "Tasche, Euler Allocation: Theory and Practice.", "urls": [ "https://arxiv.org/abs/0708.2542" ] } ], "revision": "d22e78ab76a85fc3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-parity", "equal-risk-contribution", "risk-budgeting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk-allocation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/risikoallokation-und-sensitivitaeten" }, { "key": "de/concetti/robustheit", "locale": "de", "title": "Robustheit", "summary": "Stabilität einer Strategie gegenüber plausiblen Annahmen zu Daten, Parametern, Ausführung und Regimen: eine diagnostische Batterie, kein Gültigkeitsbeweis.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/robustheit/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey und Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — Protokoll, Selektion und Stress finanzieller Schlussfolgerungen.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — Benchmarkvergleich nach Suche über mehrere Modelle.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — Fragilität ausgewählter Konfigurationen und Bewertung außerhalb der Stichprobe.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, 1988 — Abstand zwischen theoretischem Portfolio und durch Ausführung erreichbarem Ergebnis.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2 — Revised Guidance on Model Risk Management, 2026 — Governance, Validierung, Grenzen und Überwachung von Modellrisiken im jeweiligen Aufsichtsbereich.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "49205838f4b6d7d8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "robustness", "sensitivity-analysis", "stress-testing", "model-risk", "systematic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/rohstoffe", "locale": "de", "title": "Rohstoffe und Commodities", "summary": "Rohstoffe sind fungible Güter wie Energie, Metalle und Agrarprodukte. Physischer Besitz, Spotpreis, Futures, Optionen und ETP erzeugen verschiedene Exponierungen und Renditen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/rohstoffe/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Commodities.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/commodities" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — Vertrag, Lieferung, Hedger, Spekulation und Risiken.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Learn About Risks Before Investing in Commodity ETPs or Funds, 21. Mai 2020 — Abweichungen futuresbasierter ETP vom physischen Rohstoff.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_CommodityETPs.htm" ] }, { "text": "International Monetary Fund, Primary Commodity Prices — amtliche monatliche Datenbank und Indizes.", "urls": [ "https://www.imf.org/en/research/commodity-prices" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETC, Futures, Forwards und Optionen.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "e63b3b524e9cca40", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "risk" ], "asset_classes": [ "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/roll-yield", "locale": "de", "title": "Roll Yield: Rendite, Kurve und Messkonventionen", "summary": "Roll Yield bezeichnet nach einer offengelegten Methode den Renditeanteil einer Futures-Exponierung aus Laufzeitstruktur und Konvergenz. Er ist weder Provision noch die einfache Preisdifferenz beim Roll.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/roll-yield/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell & Company (bei CME Group bereitgestelltes Whitepaper), Deconstructing Futures Returns: The Role of Roll Yield — Rollanpassung, joined/spliced Serien sowie Basis- und Roll-Yield-Zerlegung.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — wiederholte Rolls und Abweichung von Spotperformance.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — Contango, Backwardation und Grenzen von Renditeschlüssen.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Basis, Contango, Backwardation, Konvergenz und Roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — Mechanik der beiden Legs und Wahl der späteren Laufzeit.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "S&P Dow Jones Indices, S&P GSCI Methodology — veröffentlichte Beispielmethodik für Auswahl, Gewichtung und Roll eines Rohstoffindex.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-gsci.pdf" ] } ], "revision": "99382d7135ff789d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "term-structure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/ruinrisiko", "locale": "de", "title": "Ruinrisiko", "summary": "Wahrscheinlichkeit, dass ein Kapitalprozess vor einem Ziel eine definierte untragbare Grenze erreicht. Das Ergebnis hängt von Modell, Einsatzregel und Abhängigkeiten ab.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/ruinrisiko/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate.", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] }, { "text": "NIST, Logarithmic Series Distribution.", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "A. D. Roy, Risk, Ruin and Investment Analysis.", "urls": [ "https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/abs/risk-ruin-and-investment-analysis/4944499167D2D79D51B023003CD4B78A" ] }, { "text": "U.S. SEC, Margin: Borrowing Money to Pay for Stocks.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsmarginhtm" ] }, { "text": "FINRA, Margin Calls.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "22541f15a812f2f4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "probability", "capital-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomanagement" }, { "key": "de/concetti/sharpe-ratio", "locale": "de", "title": "Sharpe Ratio", "summary": "Mittlere Differenzrendite je Einheit Standardabweichung, abhängig von Benchmark, Frequenz, Fenster und Annualisierungskonvention.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/sharpe-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio (1994) — allgemeine Formulierung, ex ante/ex post und Differenzrendite.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "William F. Sharpe, Mutual Fund Performance (1966) — ursprüngliches Reward-to-Variability-Maß.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/art1.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios (2002) — Stichprobenverteilung, Autokorrelation und Annualisierung.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Investment Risk and Performance — Sharpe, Tracking Error, Information Ratio, Alpha und Beta.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "GIPS Standards, Handbook for Firms — zusätzliche Kennzahlen und risikofreier Satz.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "894d6f23d9967609", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sharpe-ratio", "risk-adjusted-return", "performance-appraisal", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/slippage", "locale": "de", "title": "Slippage: Abweichung zwischen Benchmark und Fill", "summary": "Slippage ist die Differenz zwischen einem deklarierten Referenzpreis und dem tatsächlichen Ausführungspreis. Sie kann günstig oder ungünstig sein und ist nicht automatisch Spread oder Market Impact.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/slippage/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group — The Market Environment for Trend Following", "urls": [ "https://www.cmegroup.com/education/files/ac-the-market-environment-for-trendfollowing-sep19.pdf" ] } ], "revision": "930491e77b2c636f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/sortino-ratio", "locale": "de", "title": "Sortino Ratio und Downside Deviation", "summary": "Mittlere Rendite über einem Ziel je Einheit Downside Deviation, mit offengelegtem Ziel, Frequenz, Nenner und Annualisierung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/sortino-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frank A. Sortino und Lee N. Price, Performance Measurement in a Downside Risk Framework (1994) — Downside Risk und Zielrendite.", "urls": [ "https://doi.org/10.3905/joi.3.3.59" ] }, { "text": "CFA Institute, The Sortino Ratio — Definition, Target Return und Downside-Deviation-Konventionen.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/code/gips/the-sortino-ratio.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — Appraisal, Sortino, Benchmark und Drawdown.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — Vergleich mit Gesamtrisiko und Differenzrendite.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — Frequenz, Abhängigkeit und Annualisierung.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "b81e78424770e0d5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sortino-ratio", "downside-risk", "performance-appraisal", "minimum-acceptable-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/spezifikation-einer-systematischen-strategie", "locale": "de", "title": "Spezifikation einer systematischen Strategie", "summary": "Ein versioniertes Dokument macht eine Strategie implementierbar und prüfbar: Hypothese, Daten, Signal, Portfolio, Orders, Kosten, Kontrollen und Entscheidungskriterien.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/spezifikation-einer-systematischen-strategie/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — Zweck, Validierungstechniken, Benchmarking, Stresstests und Dokumentation.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — aktuelle Grundsätze für Entwicklung, Nutzung, Validierung, Governance und Monitoring im beaufsichtigten Bankensektor.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — institutioneller Kontext zu Entscheidungs- und Ausführungsalgorithmen und ihren Risiken.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — Grenzen hypothetischer Ergebnisse sowie Bedeutung von Annahmen, Liquidität und Slippage im eigenen Geltungsbereich.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "97cd2e4b0987a2c6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "strategy-design", "reproducibility", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/spotmarkt", "locale": "de", "title": "Spotmarkt: Handel, Abwicklung und Eigentum", "summary": "Spot bezeichnet ein Kassageschäft nach den Konventionen des jeweiligen Marktes. Der Begriff garantiert weder physischen Besitz noch fehlenden Hebel, Börsenhandel oder eine bestimmte Gegenpartei.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/spotmarkt/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025 — Spot, Outright Forwards, FX-Swaps, Currency Swaps und OTC-Optionen.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — OTC-Beziehung zum Händler, Margin, Finanzierung und Retail-Kosten.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa? — Funktion der Börse und Rolle der Intermediäre.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — EU-Definitionen von Handelsplatz, reguliertem Markt, MTF und OTF.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "10c98b7dcc0ba7ed", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/concetti/standardabweichung", "locale": "de", "title": "Standardabweichung der Renditen", "summary": "Quadratwurzel der Varianz und Maß für die Streuung von Renditen um ihren Mittelwert, interpretierbar nur mit angegebener Frequenz, Stichprobe und Konvention.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/standardabweichung/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Measures of Scale — Engineering Statistics Handbook — Streuungsmaße und Eigenschaften.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection (1952) — Varianzen und Kovarianzen im Portfolio.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "William F. Sharpe, The Sharpe Ratio (1994) — Standardabweichung von Differential Returns.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios (2002) — Autokorrelation und Annualisierungsgrenzen.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — koordinierte Interpretation von Risiko- und Performancemaßen.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "3e230daf3f6b28ff", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "standard-deviation", "volatility", "return-distribution", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/stichprobengroesse", "locale": "de", "title": "Stichprobengröße", "summary": "Größe und effektiver Informationsgehalt einer Trading-Stichprobe: Abhängigkeit, Präzision der Kennzahlen, Regime und Beobachtungszahl ohne universelle Schwelle.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/stichprobengroesse/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal, 2002 — Autokorrelation, Verteilung und Inferenz des Sharpe Ratio.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey und Marcos López de Prado, The Sharpe Ratio Efficient Frontier, Journal of Risk, 2012 — Track-Record-Länge, Konfidenz und Verteilungseigenschaften.", "urls": [ "https://doi.org/10.21314/JOR.2012.255" ] }, { "text": "Campbell R. Harvey, Yan Liu und Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — Versuchszahl und Evidenzschwellen bei finanzieller Selektion.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Francis X. Diebold und Roberto S. Mariano, Comparing Predictive Accuracy, Journal of Business & Economic Statistics, 1995 — Vergleich zeitlich strukturierter Prognosefehler.", "urls": [ "https://doi.org/10.1080/07350015.1995.10524599" ] }, { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — mehrere Teststichproben, Rolling Origin und zeitliche Repräsentativität.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] } ], "revision": "28078dfb582a9d56", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sample-size", "effective-sample-size", "statistical-uncertainty", "dependence", "performance-estimation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/stop-limit-order", "locale": "de", "title": "Stop-Limit Order: Trigger, Limit und Fillrisiko", "summary": "Eine Stop-Limit Order aktiviert nach dem Stop eine Limit Order. Sie kontrolliert den zulässigen Preis, kann aber auch nach dem Trigger teilweise oder vollständig unausgeführt bleiben.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/stop-limit-order/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Types of Orders — Market-, Limit- und Stop-Orders im US-Aktienkontext.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — Ausführbarkeitsbedingungen von Stops mit Limit.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group, CME Globex Reference Guide — Stop-Limit-Implementierung und Restmenge auf CME Globex.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — EU-Grundsätze der Kundenorderbearbeitung.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "650376b109c529bd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/stop-order", "locale": "de", "title": "Stop Order: Trigger, Folgeorder und Ausführungsrisiko", "summary": "Eine Stop Order wird aktiviert, wenn eine von Broker oder Handelsplatz definierte Preisbedingung eintritt. Der Trigger ist kein Ausführungspreis, sondern erzeugt eine Market- oder Limit-Folgeorder mit anderem Risiko.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/stop-order/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Stop, Stop-Limit, and Trailing Stop Orders — Folgeorder, Triggerpreis und Brokerstandards.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "U.S. SEC, Investor.gov — Types of Orders — Stop-, Buy-Stop- und Sell-Stop-Definitionen.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — Ausführbarkeit, Stop-Limit und Trigger beim nachgelagerten Broker.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "ace8ab53c77221d0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/strategieueberwachung-und-aussetzung", "locale": "de", "title": "Strategieüberwachung und Aussetzung", "summary": "Kontinuierliche Governance von Daten, Betrieb, Ausführung und Modell: Alerts, Diagnose, Eskalation, Kill Switch, Rollback, Aussetzung und Reaktivierung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/strategieueberwachung-und-aussetzung/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — proaktive Validierung, Überwachung und Zuverlässigkeit von Investmentmodellen.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2: Model Risk Management, 2026 — Governance, Validierung, Nutzungsgrenzen und Überwachung für erfasste Bankorganisationen; hier nur als Governance-Referenz.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Europäische Kommission, Delegierte Verordnung (EU) 2017/589, RTS 6 — Kontrollen, Tests, Limits und Betriebsfunktionen im anwendbaren EU-Bereich des algorithmischen Handels.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] }, { "text": "European Securities and Markets Authority, Supervisory Briefing on Algorithmic Trading in the EU, 2026 — Governance, Tests, Outsourcing und Pre-Trade-Kontrollen; nicht bindendes Supervisory Briefing im jeweiligen Bereich.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — Automatisierung, operative Risiken und Interaktion von Algorithmen mit der US-Marktstruktur.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] } ], "revision": "1d78d833793710c1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "strategy-monitoring", "suspension", "incident-management", "model-deterioration", "regime-shift", "algorithmic-controls" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "regimes", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/strategische-und-taktische-asset-allokation", "locale": "de", "title": "Strategische und taktische Asset-Allokation", "summary": "Abgrenzung zwischen langfristiger Portfolio-Policy, zulässigen Bandbreiten und zeitlich begrenzten Abweichungen mit vorab definierten Zielen, Benchmarks und Verantwortlichkeiten.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/strategische-und-taktische-asset-allokation/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — strategische Prozesse, Allokationsansätze und Trennung von Policy-Studie und laufender Überwachung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — Restriktionen, strategische Revision, Glide Path, Taktik und Rebalancing.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Gary P. Brinson, L. Randolph Hood und Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — ursprünglicher Rahmen für Policy, aktive Allokation und Selektion.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "CFA Institute, Setting the Record Straight on Asset Allocation — Klärung der empirischen Fragen, die bei der Interpretation der Brinson-Studie häufig vermischt werden.", "urls": [ "https://rpc.cfainstitute.org/blogs/enterprising-investor/2012/setting-the-record-straight-on-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — offizieller Einstieg in Zielgewichte, veränderte Umstände und Rebalancing.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "00f024bfad8aaf35", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "asset-allocation", "strategic-allocation", "tactical-allocation", "portfolio-policy" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/stresstest", "locale": "de", "title": "Stresstest", "summary": "Bewertung eines Portfolios oder Prozesses unter schweren, aber klar beschriebenen Bedingungen. Stresstests erkunden Verwundbarkeit statt Zukunft vorherzusagen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/stresstest/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Stress testing principles.", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Framework, RMA30 — Stress testing.", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee, Supervisory and bank stress testing.", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "U.S. SEC, Use of Derivatives — Final Rule.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] } ], "revision": "52d8fcc268f6e45a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "stress-testing", "scenario-analysis", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/survivorship-bias", "locale": "de", "title": "Survivorship Bias", "summary": "Verzerrung durch die Analyse ausschließlich überlebender Instrumente, Fonds, Unternehmen oder Strategien, während rückblickend bekannte Ausfälle und Veränderungen des Universums fehlen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/survivorship-bias/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Stephen J. Brown, William N. Goetzmann, Roger G. Ibbotson und Stephen A. Ross, Survivorship Bias in Performance Studies, The Review of Financial Studies, 1992 — Auswirkungen der Überlebensselektion auf Rendite, Volatilität und scheinbare Vorhersagbarkeit.", "urls": [ "https://doi.org/10.1093/rfs/5.4.553" ] }, { "text": "Edwin J. Elton, Martin J. Gruber und Christopher R. Blake, Survivorship Bias and Mutual Fund Performance, The Review of Financial Studies, 1996 — Schätzung des Bias unter Einbezug bestehender, fusionierter und eingestellter Fonds.", "urls": [ "https://doi.org/10.1093/rfs/9.4.1097" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — fehlende Renditen und Verzerrungen bei negativen Delistings.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — Datenmodell mit aktiven und delisteten Fonds.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "S&P Dow Jones Indices, Legal Disclaimers — Back-tested Performance — Anbieterhinweise zu Rückschau, Komponentenauswahl sowie möglichem Survivor- und Look-ahead Bias.", "urls": [ "https://www.spglobal.com/spdji/en/disclaimers/" ] } ], "revision": "81207324cbda8fab", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "universe-selection", "data-quality", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/systematisches-handelssignal", "locale": "de", "title": "Systematisches Handelssignal", "summary": "In eine messbare Entscheidung übersetzte Information, klar von Prognose, Position und Order getrennt und mit explizitem Timestamp, Zustand und Mapping.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/systematisches-handelssignal/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — Trennung von Entscheidungs- und Ausführungsfunktionen algorithmischer Systeme.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — Validierung, Benchmarking, Monitoring und Dokumentation von Investmentmodellen.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Tilmann Gneiting und Adrian E. Raftery, Strictly Proper Scoring Rules, Prediction, and Estimation — Grundsätze für die Beurteilung probabilistischer Prognosen.", "urls": [ "https://doi.org/10.1198/016214506000001437" ] }, { "text": "Narasimhan Jegadeesh und Sheridan Titman, Returns to Buying Winners and Selling Losers — akademisches Beispiel eines cross-sectionalen Ranking-Signals in einem bestimmten Design.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] } ], "revision": "bac29ba435803237", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "signal-generation", "forecasting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/szenarioanalyse", "locale": "de", "title": "Szenarioanalyse", "summary": "Konsistente Beschreibung eines möglichen Zustands und seiner Folgen für Preise, Exposures, Liquidität und Entscheidungen. Ein Szenario ist keine Prognose.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/szenarioanalyse/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework, RMA30 — Stress testing.", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee, Stress testing principles.", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee, Supervisory and bank stress testing.", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "Federal Reserve, Scenario Design Framework for Stress Testing.", "urls": [ "https://www.federalreserve.gov/frrs/regulations/appendix-a-policy-statement-on-the-scenario-design-framework-for-stress-testing.htm" ] } ], "revision": "e70ad98e9bf70440", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "scenario-analysis", "stress-testing", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/time-in-force", "locale": "de", "title": "Time in Force: DAY, GTC, IOC, FOK und AON", "summary": "Time in Force bestimmt, wie lange eine Order gültig bleibt und was mit der ungefüllten Menge geschieht. DAY, GTC, IOC und FOK dienen anderen Zwecken; AON verlangt den ganzen Fill, aber nicht zwingend sofort.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/time-in-force/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Trading Terms: Time Parameters and Qualifiers on Stock Orders", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] }, { "text": "CME Group — Time In Force Definitions", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-firmsoft/Content/TimeInForceDefinitions.html" ] }, { "text": "CME Group — Glossary: AON, FAK e FOK", "urls": [ "https://www.cmegroup.com/education/glossary" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] } ], "revision": "6f904f078f25c523", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/tracking-error", "locale": "de", "title": "Tracking Error", "summary": "Standardabweichung der aktiven Rendite gegenüber einem Benchmark, ex post geschätzt oder ex ante mit vergleichbaren Definitionen und Daten modelliert.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/tracking-error/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — Active Risk, IR, Alpha, Beta und Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — Benchmark, relatives Risiko und Attribution.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality (1992) — Benchmarkqualität.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "GIPS Standards, Guidance Statement on Benchmarks — Auswahl und Disclosure.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — Autokorrelation und Annualisierungsgrenzen.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "87ec8aef7652d2cc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "tracking-error", "active-risk", "benchmark-relative-risk", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/transaktionskosten", "locale": "de", "title": "Transaktionskosten: explizit, implizit und messbar", "summary": "Transaktionskosten umfassen explizite Provisionen und Gebühren sowie implizite Komponenten wie Spread, Slippage, Market Impact und Nichtausführung. Ihre Messung braucht einen deklarierten Benchmark.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/transaktionskosten/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC — Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Investor.gov — How Fees and Expenses Affect Your Investment Portfolio", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "ESMA — MiFID II, Artikel 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "2eda867dc5886f65", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/transaktionskosten-in-backtests", "locale": "de", "title": "Transaktionskosten in Backtests", "summary": "Kausale Modellierung der Kosten zwischen theoretischer Strategie und Umsetzung: Provisionen, Spread, Impact, Verzögerungen, Teilfills, Borrow, Funding, Roll und Kapazität.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/transaktionskosten-in-backtests/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — Unterschied zwischen theoretischem Portfolio und implementiertem Ergebnis.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs — Provisionen, Spread, Market Impact, Opportunity Cost und Messprobleme.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Robert Almgren und Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 2001 — Zusammenhang zwischen Größe, Impact, Ausführungsrisiko und Orderpfad.", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] }, { "text": "Gene D'Avolio, The Market for Borrowing Stock, Journal of Financial Economics, 2002 — Verfügbarkeit, Gebühren und Rückrufe bei der Wertpapierleihe.", "urls": [ "https://doi.org/10.1016/S0304-405X(02)00206-4" ] }, { "text": "Andrea Frazzini, Ronen Israel und Tobias J. Moskowitz, Trading Costs of Asset Pricing Anomalies — Live-Kosten, Impact, Skalierung und Kapazität von Aktienstrategien.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2294498" ] } ], "revision": "59c246930fd536da", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "execution", "transaction-costs", "capacity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/transmission-der-geldpolitik", "locale": "de", "title": "Transmission der Geldpolitik", "summary": "Kanäle von Leitzins und Zentralbankbilanz zu Geldmarkt, Kredit, Währungen, Nachfrage, Arbeit und Preisen.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/transmission-der-geldpolitik/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ECB, Transmission mechanism.", "urls": [ "https://www.ecb.europa.eu/mopo/intro/transmission/html/index.en.html" ] }, { "text": "Federal Reserve, Monetary Policy Report.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/mpr_default.htm" ] }, { "text": "BIS, Monetary policy.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "aff80ad200c7ecc3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/twap", "locale": "de", "title": "TWAP: Zeitbenchmark und Ausführungsalgorithmus", "summary": "TWAP kann einen zeitgewichteten Preisbenchmark oder eine Strategie bezeichnen, die eine Parent Order über Zeit verteilt. Der Name garantiert weder Fill, Preis, geringeren Impact noch gleiche Child Orders.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/twap/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase Help — Advanced Trade order types: TWAP orders", "urls": [ "https://help.coinbase.com/en-in/coinbase/trading-and-funding/advanced-trade/order-types" ] }, { "text": "Coinbase Developer Documentation — Prime Order Types", "urls": [ "https://docs.cdp.coinbase.com/prime/concepts/trading/order-types" ] }, { "text": "EUR-Lex — Richtlinie 2014/65/EU, Artikel 4(1)(39)", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA — Supervisory Briefing on Algorithmic Trading in the EU", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] } ], "revision": "4f32a0a266f3b1b8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/concetti/value-at-risk-var", "locale": "de", "title": "Value at Risk (VaR)", "summary": "Quantil einer geschätzten Verlustverteilung für einen festgelegten Umfang, Horizont und Konfidenzgrad. VaR ist keine maximale Verlustgrenze.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/value-at-risk-var/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, MAR10 — Market risk terminology.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Committee, MAR32 — Backtesting and P&L attribution.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/32.htm" ] }, { "text": "Basel Committee, Explanatory note on minimum capital requirements for market risk.", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "U.S. SEC, Use of Derivatives — Final Rule.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] }, { "text": "Artzner et al., Coherent Measures of Risk.", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "66d22241250fe3a6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "risk-measurement", "value-at-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/concetti/variabel-verzinsliche-und-inflationsindexierte-anleihen", "locale": "de", "title": "Variabel verzinsliche und inflationsindexierte Anleihen", "summary": "FRNs und Inflationsanleihen passen Kupon oder Kapital über verschiedene Indizes mit Lags, Spreads und Restrisiken an.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/variabel-verzinsliche-und-inflationsindexierte-anleihen/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Floating Rate Notes", "urls": [ "https://treasurydirect.gov/marketable-securities/floating-rate-notes/" ] }, { "text": "TreasuryDirect — Treasury Inflation-Protected Securities", "urls": [ "https://www.treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] } ], "revision": "9ab134b2e7d8d174", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "floating-rate", "inflation-linked", "tips", "basis-risk" ], "asset_classes": [ "fixed-income", "rates", "inflation" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/concetti/volatilitaet", "locale": "de", "title": "Volatilität: Bedeutung, Messung und Grenzen", "summary": "Volatilität beschreibt die Streuung von Renditen, nicht die Marktrichtung. Frequenz, Fenster, Estimator und Annualisierung gehören untrennbar zu jeder Messung.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/volatilitaet/", "published": "2026-07-11", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Commodity Futures Trading Commission, CFTC Glossary — Volatility — allgemeine Definition der Preis- und Renditeschwankung.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Options Industry Council, Volatility & the Greeks — Beziehung zwischen Volatilität, Optionsbewertung und Sensitivitäten.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "National Institute of Standards and Technology, Measures of Scale — statistische Streuungsmaße und ihre Interpretation.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Michael Parkinson, The Extreme Value Method for Estimating the Variance of the Rate of Return, 1980 — klassischer Range-basierter Varianzschätzer.", "urls": [ "https://doi.org/10.1086/296071" ] }, { "text": "Torben G. Andersen, Tim Bollerslev, Francis X. Diebold und Heiko Ebens, The Distribution of Realized Stock Return Volatility — Realized-Volatility-Messung aus hochfrequenten Renditen.", "urls": [ "https://doi.org/10.1016/S0304-405X(01)00055-1" ] }, { "text": "Cboe, VIX White Paper — Beispiel einer klar spezifizierten optionsbasierten Volatilitätsmethodik.", "urls": [ "https://cdn.cboe.com/resources/vix/vixwhite.pdf" ] } ], "revision": "82d4f312fa8b69bf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "risk-management", "volatility", "statistics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/volatilitaetssmile-skew-und-oberflaeche", "locale": "de", "title": "Volatilitätssmile, Skew und implizite Volatilitätsoberfläche", "summary": "Die Volatilitätsoberfläche ordnet implizite Volatilitäten nach Moneyness und Verfall. Smile und Skew beschreiben Krümmung und Asymmetrie ihrer Schnitte bei offengelegtem Modell und Timestamp.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/volatilitaetssmile-skew-und-oberflaeche/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding Options and implied volatility — IV-Unterschiede über Strikes und Put-Call-Beziehung.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Learn about Convexity — Smile, Skew und Krümmung impliziter Volatilitäten.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-cvol/learn-about-convexity" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — Delta-Koordinaten, Term Structure und Skew.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "Cboe, The Cboe SKEW Index — publizierte Methodik einer SPX-IV-Kurve.", "urls": [ "https://cdn.cboe.com/resources/indices/documents/SKEWwhitepaperjan2011.pdf" ] }, { "text": "Cboe, S&P 500 SMILE Index Methodology — Konventionen für Puts, Calls und Delta.", "urls": [ "https://cdn.cboe.com/api/global/us_indices/governance/SMILE_Methodology.pdf" ] }, { "text": "Cboe, The S&P 500 Spot Volatility Index — Beispiel für Maße, die sich auf bestimmte Bereiche der Volatilitätsoberfläche beziehen.", "urls": [ "https://www.cboe.com/us/indices/spotvol-and-ltv-indices/" ] }, { "text": "Fischer Black und Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — klassisches Modell und Replikationsprinzip.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — Merkmale und Risiken standardisierter Optionskontrakte.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "7a1d85426d541b83", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "volatility-surface", "derivatives" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/concetti/volatility-targeting", "locale": "de", "title": "Volatility Targeting", "summary": "Regelbasierte Anpassung des Exposures an das Verhältnis von Zielvolatilität und geschätzter Volatilität. Das Ziel ist keine Garantie für realisierte Volatilität.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/volatility-targeting/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MSCI, Risk Control Indexes Methodology.", "urls": [ "https://www.msci.com/eqb/methodology/meth_docs/MSCI_Risk_Control_Indexes_Methodology_Sept2022.pdf" ] }, { "text": "Moreira und Muir, Volatility-Managed Portfolios.", "urls": [ "https://www.nber.org/papers/w22208" ] }, { "text": "Harvey et al., The Impact of Volatility Targeting.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3357038" ] }, { "text": "Fleming, Kirby und Ostdiek, The Economic Value of Volatility Timing.", "urls": [ "https://doi.org/10.1111/0022-1082.00327" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] } ], "revision": "25a4aeb1c7fc043f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "volatility-targeting", "exposure-scaling", "portfolio-risk", "dynamic-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk-allocation", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/risikoallokation-und-sensitivitaeten" }, { "key": "de/concetti/working-capital-und-cash-conversion", "locale": "de", "title": "Working Capital und Cash Conversion", "summary": "Verstehen, wie Forderungen, Vorräte und Lieferantenverbindlichkeiten verbuchte Umsätze, operative Zeit und verfügbare Liquidität miteinander verbinden.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/working-capital-und-cash-conversion/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Klassifizierung und Darstellung der Cashflows nach IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] }, { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Referenz für Umsatzerlöse sowie Vertragsvermögenswerte und -verbindlichkeiten.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] } ], "revision": "3880c3161f9bd8c3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-concept", "topics": [ "fundamental-analysis", "working-capital", "cash-flow", "liquidity" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/concetti/zeitgewichtete-rendite-twr", "locale": "de", "title": "Zeitgewichtete Rendite (TWR)", "summary": "Methode, die Höhe und Zeitpunkt externer Cashflows neutralisiert, indem sie den Messzeitraum in Teilperioden zerlegt und deren Renditen geometrisch verkettet.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/zeitgewichtete-rendite-twr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, GIPS Standards Handbook for Firms — true TWR, Bewertungen an Cashflows, Verkettung, Modified Dietz, Composites und TWR/MWR.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — Renditemessung und Vergleich von zeit- und kapitalgewichteter Rendite.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "Robert L. Hagin, Measuring Investment Performance: The Unit Approach, Financial Analysts Journal (1966) — unitisierte Messung bei unterschiedlichen Cashflows.", "urls": [ "https://doi.org/10.2469/faj.v22.n4.93" ] }, { "text": "Peter O. Dietz, Pension Fund Investment Performance—What Method to Use When, Financial Analysts Journal 22(1), 1966 — historische Primärquelle zu Beiträgen und Entnahmen.", "urls": [ "https://www.jstor.org/stable/4469928" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — Rolle und Grenzen der Performancebewertung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A — Verkettung, Reinvestition und Kosten im geregelten Fondsbereich.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] } ], "revision": "34f673c62dd26350", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "time-weighted-return", "portfolio-return", "external-cash-flows", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/concetti/zeitreihenvalidierung-und-walk-forward", "locale": "de", "title": "Zeitreihenvalidierung und Walk-forward", "summary": "Chronologische Rolling- und Expanding-Designs trennen Entwicklung und Bewertung unter Beachtung von Abhängigkeit, Informationshorizont und tatsächlicher Entscheidungsfolge.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/zeitreihenvalidierung-und-walk-forward/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review — Taxonomie und Begründung von Rolling-Origin-Bewertungen außerhalb der Stichprobe.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman und Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction — genaue Bedingungen, unter denen k-fold für autoregressive Modelle gültig sein kann.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "Jeffrey S. 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"de/hub/systematischer-handel-und-validierung" }, { "key": "de/concetti/zentralbanken-mandate-und-kommunikation", "locale": "de", "title": "Zentralbanken: Mandate und Kommunikation", "summary": "Mandate, Unabhängigkeit, Instrumente, Gremien, Protokolle und Pressekonferenzen ohne starre hawkish-dovish-Etiketten.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/zentralbanken-mandate-und-kommunikation/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, The Fed Explained.", "urls": [ "https://www.federalreserve.gov/aboutthefed/the-fed-explained.htm" ] }, { "text": "ECB, About.", "urls": [ "https://www.ecb.europa.eu/ecb/html/index.en.html" ] }, { "text": "Bank of England, Monetary policy.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy" ] } ], "revision": "2cf7a78602c8400d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/concetti/zwangsliquidation", "locale": "de", "title": "Zwangsliquidation", "summary": "Vom Intermediär ausgelöste Schließung oder Reduzierung einer Position, wenn Sicherheiten, Kredit- oder Risikobedingungen nicht mehr erfüllt sind.", "url": "https://www.emiciclo.com/cyclepedia/de/concetti/zwangsliquidation/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Rule 2264 — Margin Disclosure Statement.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "CFTC, Understand the Risks of Virtual Currency Trading.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "342963a957b93600", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "de/hub/risikomanagement" }, { "key": "de/glossario/discounted-cashflow-dcf", "locale": "de", "title": "Discounted Cashflow (DCF)", "summary": "Künftige Cashflows mit einem passenden Diskontsatz auf einen heutigen Wert beziehen und Prognose, Endwert, Finanzierung sowie Sensitivität offenlegen.", "url": "https://www.emiciclo.com/cyclepedia/de/glossario/discounted-cashflow-dcf/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — Free Cash Flow Valuation — Professioneller Rahmen für FCFF, FCFE und die Discounted-Cashflow-Bewertung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Zentrale 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Exchange Commission — Form 8-K — Offizielles Formular für aktuelle Ereignisse und Mitteilungen von Emittenten.", "urls": [ "https://www.sec.gov/files/form8-k.pdf" ] }, { "text": "U.S. Securities and Exchange Commission — Periodic Reporting — Überblick über zentrale Anforderungen an die regelmäßige Berichterstattung.", "urls": [ "https://www.sec.gov/resources-small-businesses/going-public/periodic-reporting" ] } ], "revision": "ac167658942e4053", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "corporate-disclosure", "topics": [ "fundamental-analysis", "earnings", "disclosure", "forecasts" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/glossario/fair-value", "locale": "de", "title": "Fair Value", "summary": "Fair Value als methoden-, daten- und zeitabhängige Wertschätzung verstehen und von Marktpreis, Zielkurs sowie sicherem Zukunftswert unterscheiden.", "url": "https://www.emiciclo.com/cyclepedia/de/glossario/fair-value/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 13 Fair Value Measurement — Definition, Bewertungsrahmen und Hierarchie der Bewertungsparameter für den Fair Value nach IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-13-fair-value-measurement/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Professionelle Methoden, um erwartete Cashflows in eine Wertschätzung zu überführen.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], 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"evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Non-GAAP Financial Measures, Question 102.07 — Übliche Berechnung, fehlende Einheitlichkeit, Überleitung und Grenzen der Begriffsverwendung.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation, IAS 7 Statement of Cash Flows — Offizielle Gliederung der Cashflows aus betrieblicher Tätigkeit, Investitions- und Finanzierungstätigkeit.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows.html/" ] }, { "text": "CFA Institute, Free Cash Flow Valuation — Abgrenzung von FCFF und FCFE sowie Konsistenz mit den jeweiligen Diskontsätzen.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "6e8cfd1871a203bf", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fundamental-analysis-concept", "topics": [ "fundamental-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/glossario/jahresabschluss", "locale": "de", "title": "Jahresabschluss", "summary": "Bilanz, Gewinn- und Verlustrechnung, Kapitalflussrechnung, Eigenkapitalspiegel und Anhang als zusammenhängendes Bild des Unternehmens lesen.", "url": "https://www.emiciclo.com/cyclepedia/de/glossario/jahresabschluss/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Überblick über die wichtigsten Abschlussbestandteile und ihre Verknüpfung.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — IAS 1, Presentation of Financial Statements — Darstellungsanforderungen und Bestandteile eines vollständigen IFRS-Abschlusses.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-1-presentation-of-financial-statements.html/" ] } ], "revision": "b12afb28c2cfc42b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fundamental-analysis-concept", "topics": [ "fundamental-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/glossario/kurs-gewinn-verhaeltnis", "locale": "de", "title": "Kurs-Gewinn-Verhältnis", "summary": "Das Kurs-Gewinn-Verhältnis mit konsistentem Preis, Gewinn, Zeitraum und Aktienzahl berechnen und als Erwartungsmaß statt als automatisches Kaufurteil lesen.", "url": "https://www.emiciclo.com/cyclepedia/de/glossario/kurs-gewinn-verhaeltnis/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Price-earnings (P/E) Ratio — definition, formula and comparison with history or other companies (accessed 10 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/price-earnings-pe-ratio" ] }, { "text": "Financial Industry Regulatory Authority, Evaluating Stocks — EPS, the P/E formula and its use as a relative valuation measure (accessed 10 August 2026). ---", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/evaluating-stocks" ] } ], "revision": "81825c282975c966", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fundamental-analysis-concept", "topics": [ "fundamental-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/glossario/makrooekonomie", "locale": "de", "title": "Makroökonomie, Zinsen und Inflation", "summary": "Wachstum, Inflation, Arbeit und Wirtschaftspolitik gemeinsam lesen und Daten, Erwartungen sowie Marktpreise trennen.", "url": "https://www.emiciclo.com/cyclepedia/de/glossario/makrooekonomie/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] } ], "revision": "7fb5618aa20df06c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "glossary_term", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/glossario/nachhaltiger-wettbewerbsvorteil", "locale": "de", "title": "Nachhaltiger Wettbewerbsvorteil", "summary": "Kosten, Netzwerke, Marke, Wechselbarrieren, Vermögenswerte und Regulierung mit wirtschaftlichen Belegen prüfen, statt nur ein Moat-Etikett zu vergeben.", "url": "https://www.emiciclo.com/cyclepedia/de/glossario/nachhaltiger-wettbewerbsvorteil/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Berkshire Hathaway — 1995 Shareholder Letter — Primärquelle für die Moat-Metapher im Zusammenhang mit dem Schutz einer Unternehmensfranchise.", "urls": [ "https://www.berkshirehathaway.com/letters/1995.html" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Leitfaden zu den Dokumenten, mit denen Ergebnisse, Risiken und Anhangangaben geprüft werden.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "04dac0fc313f263e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "business-quality-concept", "topics": [ "fundamental-analysis", "competitive-advantage", "business-model", "strategy" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/glossario/value-und-growth", "locale": "de", "title": "Value und Growth", "summary": "Value und Growth als regelbasierte Anlagestile aus Multiplikatoren, Wachstum und Erwartungen verstehen, ohne sie mit sicheren Renditeversprechen zu verwechseln.", "url": "https://www.emiciclo.com/cyclepedia/de/glossario/value-und-growth/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Kenneth R. French, Data Library — Daten und Methoden für Value- und Growth-Portfolios, die anhand mehrerer Fundamental-zu-Preis-Kennzahlen gebildet werden.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html" ] }, { "text": "Kenneth R. French, Portfolios Formed on Book-to-Market — Schwellenwerte und operative Konstruktion von Book-to-Market-Portfolios.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html" ] }, { "text": "Eugene F. Fama and Kenneth R. French, The Cross-Section of Expected Stock Returns — Primäre akademische Studie zu Book-to-Market und durchschnittlichen Renditen in der untersuchten Stichprobe.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1992.tb04398.x" ] }, { "text": "CFA Institute Research Foundation, Stocks, Bonds, Bills, and Inflation — Growth and Value Investing — Einsatz von Anlagestilen und Unterschiede zwischen ihren operativen Definitionen.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2020/rf-sbbi-summary-edition.pdf" ] } ], "revision": "65da5e77b172c923", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fundamental-analysis-concept", "topics": [ "fundamental-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/glossario/zinsstrukturkurve", "locale": "de", "title": "Zinsstrukturkurve", "summary": "Die Kurve ordnet Zinsen oder Renditen nach Laufzeit: Par-, Spot- und Forwardkurven, Formen, Bewegungen und Grenzen.", "url": "https://www.emiciclo.com/cyclepedia/de/glossario/zinsstrukturkurve/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "c2059d51e65c2e92", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "concept", "topics": [ "fixed-income", "yield-curve", "interest-rates", "term-structure" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/hub/anleihen-und-kreditrisiko", "locale": "de", "title": "Anleihen und Kreditrisiko", "summary": "Lernpfad von Preis und Rendite zu Kurve, Zinsrisiko, Kreditspreads, eingebetteten Optionen und Repo-Funding.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/anleihen-und-kreditrisiko/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredakteur — nichtmenschlicher KI-Agent, beauftragt vom Direktor des Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "Federal Reserve Bank of New York — SOFR", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "2df64d2bc7ed33d1", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "fixed-income", "credit-risk", "interest-rate-risk", "yield-curve", "bond-pricing", "money-market" ], "asset_classes": [ "fixed-income", "rates", "credit", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "de/hub/anleihen-und-kreditrisiko" }, { "key": "de/hub/fundamentalanalyse-und-unternehmensbewertung", "locale": "de", "title": "Fundamentalanalyse und Unternehmensbewertung", "summary": "Geführter Lernpfad vom Geschäftsmodell über Abschluss, Ergebnisqualität und Finanzierung bis zu einer bedingten, überprüfbaren Wertspanne.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/fundamentalanalyse-und-unternehmensbewertung/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Redaktion — Prüfung durch einen nichtmenschlichen KI-Agenten", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Einstieg in die zentralen Unternehmensberichte.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — Standards Navigator — Offizielles Verzeichnis der im Lernpfad zitierten IFRS-Standards.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Professioneller Rahmen für den Weg von Cashflows zur Unternehmensbewertung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "3d8d4c0e080f5c47", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "fundamental-analysis", "financial-statements", "business-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "de/hub/fundamentalanalyse-und-unternehmensbewertung" }, { "key": "de/hub/maerkte-und-finanzinstrumente", "locale": "de", "title": "Märkte und Finanzinstrumente", "summary": "Eine systematische Karte von Aktien, ETF, Anleihen, Devisen, Rohstoffen und Derivaten: was sie darstellen, wie sie gehandelt werden und welche Risiken sich unterscheiden.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/maerkte-und-finanzinstrumente/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products und Introduction to Investing.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products", "https://www.investor.gov/introduction-investing" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cosa sapere prima di investire und Cos'è la borsa?.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html", "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "f084663922b37cab", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "markets-instruments" ], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "de/hub/maerkte-und-finanzinstrumente" }, { "key": "de/hub/makrooekonomie-und-geldpolitik", "locale": "de", "title": "Makroökonomie und Geldpolitik", "summary": "Lernpfad von der Messung der Wirtschaft bis zur monetären und fiskalischen Transmission über Anlageklassen.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/makrooekonomie-und-geldpolitik/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia-Chefredaktion — nichtmenschlicher KI-Agent im Auftrag des Direktors von Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook — Weltwirtschaftsausblick, vergleichbare Reihen und Methodik makroökonomischer Projektionen.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy — Mandat, Beschlüsse und Primärdokumente der Geldpolitik der Vereinigten Staaten.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy — Strategie, Instrumente und geldpolitische Transmission des Eurosystems.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] }, { "text": "BIS, Monetary policy — vergleichende Zentralbankforschung zu Kredit, Märkten und Finanzstabilität.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "bc6efebbcc1e4bd4", "translation_state": "not-assessed", "kind": "hub", "entity_type": "educational_path", "topics": [ "macroeconomics", "monetary-policy", "fiscal-policy", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "de/hub/makrooekonomie-und-geldpolitik" }, { "key": "de/hub/optionen-und-volatilitaet", "locale": "de", "title": "Optionen und Volatilität", "summary": "Ein vollständiger Lernpfad von den Vertragsregeln über Prämie und Optionskette bis zu impliziter Volatilität, Parität, Zuteilung, Multi-Leg-Payoffs und Griechen.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/optionen-und-volatilitaet/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — offizielles Dokument zu Vertrag, Ausübung, Zuteilung, Settlement und Kombinationsrisiken im US-Markt.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, What Is an Option? und Options Pricing — Vertragsgrundlagen und Bestandteile der Prämie.", "urls": [ "https://www.optionseducation.org/optionsoverview/what-is-an-option", "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "Options Industry Council, Volatility & the Greeks und Put/Call Parity — Volatilität, Sensitivitäten und Preisbeziehungen.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks", "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "Financial Industry Regulatory Authority, Trading Options: Understanding Assignment — Mechanik und Risiko der Zuteilung im US-Regelungsbereich.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "Fischer Black und Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — historischer Modellbezug, zusammen mit seinen Annahmen zu lesen.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "CME Group, Implied Volatility — Beziehung zwischen Optionspreisen, impliziter Volatilität und Skew.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] } ], "revision": "011292f6c6590033", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "markets-instruments", "options", "volatility", "derivatives", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "de/hub/optionen-und-volatilitaet" }, { "key": "de/hub/orders-ausfuehrung-und-marktmikrostruktur", "locale": "de", "title": "Orders, Ausführung und Markt-Mikrostruktur", "summary": "Der vollständige Weg von der Orderanweisung bis zum Settlement: Ordertypen und Gültigkeit, Orderbuch, Priorität, Routing, Liquidität, Kosten, Ausführungsalgorithmen, Best Execution, Clearing und Verwahrung.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/orders-ausfuehrung-und-marktmikrostruktur/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 27: Best execution", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — MiFID II, Article 28: Client order handling", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "ECB — Market liquidity, Economic Bulletin 2/2018", "urls": [ "https://www.ecb.europa.eu/press/economic-bulletin/html/eb201802.en.html" ] }, { "text": "BIS, CPMI-IOSCO — Principles for Financial Market Infrastructures", "urls": [ "https://www.bis.org/cpmi/info_pfmi.htm" ] } ], "revision": "a293375524b1fc69", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "execution", "microstructure", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "de/hub/orders-ausfuehrung-und-marktmikrostruktur" }, { "key": "de/hub/portfoliokonstruktion-und-performance", "locale": "de", "title": "Portfoliokonstruktion und Performance", "summary": "Fundierter Leitfaden für die Konzeption, Umsetzung und Beurteilung eines Portfolios: Asset-Allokation, Diversifikation, Rebalancing, Renditen, Benchmark, Risiko und Attribution.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/portfoliokonstruktion-und-performance/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — Grundlage der Portfolioauswahl anhand erwarteter Renditen, Varianzen und Kovarianzen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — Ziele, Asset-only-, Liability-relative- und Goals-based-Ansätze, Risk Budgeting und Grenzen der Mittelwert-Varianz-Analyse.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — Holding-period returns, Verknüpfung, TWR, MWR und Annualisierung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — Benchmarks, Attribution und Performancebeurteilung.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "GIPS Standards, GIPS Standards Handbook for Firms — offizielle Referenz zu Inputs, Bewertung, Zahlungsströmen, Renditen und Darstellung im jeweiligen Anwendungsbereich.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — Ex-ante- und Ex-post-Formulierung der Differenzrendite je Einheit Variabilität.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution: History and Progress — Geschichte, Modelle und Grenzen der Attribution.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] } ], "revision": "780b7937617ff9ca", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "portfolio-construction", "asset-allocation", "portfolio-performance", "performance-measurement", "risk-adjusted-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "de/hub/portfoliokonstruktion-und-performance" }, { "key": "de/hub/redaktionsrichtlinie", "locale": "de", "title": "So arbeitet Cyclepedia", "summary": "Mission, Quellen, Evidenzstufen, KI-Einsatz und Korrekturprozess der von Emiciclo herausgegebenen Trading-Enzyklopädie.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/redaktionsrichtlinie/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "referenced", "source_signal": true, "revision": "0bfd4b6beae4064f", "translation_state": "not-assessed", "kind": "article", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "hub", "hub": "de/hub/redaktionsrichtlinie" }, { "key": "de/hub/risikoallokation-und-sensitivitaeten", "locale": "de", "title": "Risikoallokation und Sensitivitäten", "summary": "Einsteigerfreundlicher Pfad von Kapital, Konzentration, Risikobeiträgen und Budgets bis zu Beta, Optionsgriechen, Duration, Konvexität und DV01.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/risikoallokation-und-sensitivitaeten/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov, Asset Allocation.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee, Supervisory framework for measuring and controlling large exposures.", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Basel Committee, BCBS 239 — Risk data aggregation and reporting.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Tasche, Euler Allocation: Theory and Practice.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Maillard, Roncalli und Teïletche, Equally Weighted Risk Contribution Portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Moreira und Muir, Volatility-Managed Portfolios.", "urls": [ "https://doi.org/10.1111/jofi.12513" ] }, { "text": "Sharpe, Capital Asset Prices.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "U.S. SEC, Investor.gov, Beta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "Options Industry Council, Understanding Options Greeks.", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "Options Industry Council, Volatility and the Greeks.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Basel Framework, MAR21 — Sensitivities-based method.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "FINRA, Duration and Interest-Rate Risk.", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "CME Group, How Can You Measure Risk in Treasuries?.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "Basel Committee, Interest rate risk in the banking book.", "urls": [ "https://www.bis.org/bcbs/publ/d368.htm" ] } ], "revision": "1bbcc54c8c86a7be", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "portfolio-risk", "risk-allocation", "risk-budgeting", "derivatives", "fixed-income" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "de/hub/risikoallokation-und-sensitivitaeten" }, { "key": "de/hub/risikomanagement", "locale": "de", "title": "Risikomanagement", "summary": "Einsteigerfreundlicher Lernpfad von Risiko pro Trade und Positionsgröße über Nominalwert, Hebel und Margin bis zu Liquidation, Drawdown und Ruinrisiko.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/risikomanagement/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, About Contract Notional Value.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "CFTC, Understand the Risks of Virtual Currency Trading.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] }, { "text": "U.S. SEC, Investor.gov, Margin Call.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/margin-call" ] }, { "text": "FINRA, Brokerage Accounts.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "190efbfceb341fa7", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "position-sizing", "leverage", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "de/hub/risikomanagement" }, { "key": "de/hub/risikomessung-und-risikosteuerung", "locale": "de", "title": "Risikomessung und Risikosteuerung", "summary": "Vom Verlustquantil über Tail- und Szenariorisiko bis zu Aggregation, Liquidität, Gegenpartei, Broker und operationeller Resilienz.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/risikomessung-und-risikosteuerung/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Cyclepedia-Chefredaktion — KI-Agent im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework, MAR10 — Market risk terminology.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Committee, Explanatory note on minimum capital requirements for market risk.", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Basel Committee, Stress testing principles.", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee, BCBS 239 — Risk data aggregation and reporting.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "BIS, Market liquidity: proceedings of a workshop.", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "Basel Committee, Principles for Operational Resilience.", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee, Sound Management of Operational Risk.", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA, About BrokerCheck.", "urls": [ "https://www.finra.org/investors/investing/working-with-investment-professional/about-brokercheck" ] }, { "text": "SIPC, What SIPC Protects.", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "dadca7953eb26b81", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "value-at-risk", "expected-shortfall", "stress-testing", "portfolio-risk", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "de/hub/risikomessung-und-risikosteuerung" }, { "key": "de/hub/systematischer-handel-und-validierung", "locale": "de", "title": "Systematischer Handel: Strategien, Backtests und Validierung", "summary": "Ein vollständiges Kapitel, das eine Trading-Hypothese in prüfbare Regeln überführt, ohne Zukunft simuliert und vor sowie nach dem Live-Betrieb kontrolliert.", "url": "https://www.emiciclo.com/cyclepedia/de/hub/systematischer-handel-und-validierung/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Cyclepedia-Chefredaktion — geprüft durch den nichtmenschlichen KI-Agenten Codex im Auftrag des Direktors von Emiciclo; keine menschliche Fachprüfung", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — Taxonomie, Anwendungen, Nutzen und Risiken; ein Staff Report, keine von der Commission verabschiedete Position.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — Praxisrahmen für Backtests, Validierung, Benchmarking, Simulation und Dokumentation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] }, { "text": "Halbert White, A Reality Check for Data Snooping — Inferenz, wenn eine Regel nach Vergleich vieler Alternativen ausgewählt wird.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — Rahmen zur Schätzung des Risikos eines historisch siegreichen, aber fragilen Modells.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve, SR 26-2 — Supervisory Guidance on Model Risk Management — aktuelle sektorale Quelle für Governance, Validierung, Überwachung und Modelldokumentation.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "c3d02efa404ff2c5", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "systematic-trading", "quantitative-trading", "backtesting", "time-series-validation", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "de/hub/systematischer-handel-und-validierung" }, { "key": "en/casi-studio/alloys-unlimited", "locale": "en", "title": "Alloys Unlimited", "summary": "Condensed Hurst Ch. 6 case: four consecutive half-span forecasts on Alloys — zones 48–52, 33½–36½, 50⅝–54⅛ and 39⅜–41⅞, all confirmed.", "url": "https://www.emiciclo.com/cyclepedia/en/casi-studio/alloys-unlimited/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b39682fc4f728026", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "casi-studio", "hub": "en/hub/casi-studio" }, { "key": "en/casi-studio/gruen-industries-1961", "locale": "en", "title": "Gruen Industries (1961)", "summary": "Condensed Hurst Ch. 4 case: ticker «Z Corp» analysed blind with envelopes only — buy forecast, target, and +62% net in eight weeks.", "url": "https://www.emiciclo.com/cyclepedia/en/casi-studio/gruen-industries-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c9543b5c20ee4000", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "casi-studio", "hub": "en/hub/casi-studio" }, { "key": "en/casi-studio/perkin-elmer-1961", "locale": "en", "title": "Perkin-Elmer (1961)", "summary": "Condensed Hurst Ch. 3 case: two triangles on Perkin-Elmer, four periodicities measured, and forecast of the chartist «failure».", "url": "https://www.emiciclo.com/cyclepedia/en/casi-studio/perkin-elmer-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "5e421a1801a169f6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "casi-studio", "hub": "en/hub/casi-studio" }, { "key": "en/casi-studio/screw-and-bolt-1968", "locale": "en", "title": "Screw and Bolt (1968)", "summary": "Condensed Hurst Ch. 8 case: from the 1 November 1968 scan to the 2 January sale at 23⅞ — +49.7% net in 57 days.", "url": "https://www.emiciclo.com/cyclepedia/en/casi-studio/screw-and-bolt-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "6821907d49e97003", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "casi-studio", "hub": "en/hub/casi-studio" }, { "key": "en/casi-studio/soybean-1991-case-study", "locale": "en", "title": "Soybean futures (1991)", "summary": "Condensed CBOT Part V case: three timeframes, failed test at 618, control price ~560 commands — long 16/9, short 19/9, fade at intermediate control 587.", "url": "https://www.emiciclo.com/cyclepedia/en/casi-studio/soybean-1991-case-study/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a5ee9dd6af3b2698", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "casi-studio", "hub": "en/hub/casi-studio" }, { "key": "en/casi-studio/spring-accumulation-example", "locale": "en", "title": "Spring in accumulation (didactic example)", "summary": "Didactic Wyckoff case: generic accumulation structure with phase C spring — supply test, SOS and LPS — no real ticker.", "url": "https://www.emiciclo.com/cyclepedia/en/casi-studio/spring-accumulation-example/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "dd3aa0dda6ba703b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "casi-studio", "hub": "en/hub/casi-studio" }, { "key": "en/casi-studio/utad-distribution-example", "locale": "en", "title": "UTAD in distribution (didactic example)", "summary": "Didactic Wyckoff case: generic distribution structure with phase C UTAD — demand test, SOW and LPSY — no real ticker.", "url": "https://www.emiciclo.com/cyclepedia/en/casi-studio/utad-distribution-example/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "1a25ecf1258882e2", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "casi-studio", "hub": "en/hub/casi-studio" }, { "key": "en/concetti/absorption", "locale": "en", "title": "Absorption", "summary": "High aggressive volume without price progress — passive side absorbs pressure (effort vs result).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/absorption/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ef43c610013ea46a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/active-management", "locale": "en", "title": "Active management", "summary": "Adjust stops, targets, and size during the trade — only with objective pre-authorized triggers in the playbook.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/active-management/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c7737b4598b904af", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/aggregate-risk", "locale": "en", "title": "Aggregate risk", "summary": "Portfolio risk measured over a common scope, horizon and metric, accounting for weights, dependencies, nonlinearities and concentrations.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/aggregate-risk/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — the original portfolio-selection formulation using returns, variances and covariances.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — accuracy, completeness, timeliness, adaptability and governance in risk-data aggregation.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Basel Committee on Banking Supervision, MAR10 — Market risk terminology — institutional scope and terminology for market-risk exposures and risk factors.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limitations of notional-based measures and the need for risk-sensitive metrics when comparing different instruments.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "1a8e48dddafe3d8c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-risk", "risk-aggregation", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/allocated-capital", "locale": "en", "title": "Allocated capital", "summary": "Portion of wealth dedicated to trading — separated from savings, expenses, and emergency fund.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/allocated-capital/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "594a51124ee87b7b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/anchoring", "locale": "en", "title": "Anchoring", "summary": "A cognitive bias in which an initial reference can influence a later estimate; recognizing it helps readers reassess data, assumptions and alternatives.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/anchoring/", "published": "2026-06-26", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute Research Foundation, Risk Profiling and Tolerance: Insights for the Private Wealth Manager — places anchoring among the cognitive biases relevant to financial decisions and risk profiling.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2018/risk_compilation_2018.pdf" ] }, { "text": "Chapman and Johnson, Anchoring, Activation, and the Construction of Values (PubMed) — experimental research on the influence of starting points and a possible debiasing mechanism.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/10433900/" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — advises readers not to decide under pressure or solely from social-media information and to research the investment.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "18a0a96b1fc6981b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/asset-classes", "locale": "en", "title": "Asset classes", "summary": "Asset classes group exposures with common economic characteristics, such as stocks, bonds, cash, currencies and commodities. They are not the same as the individual instruments used to trade them.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/asset-classes/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Introduction to Investing — asset allocation among stocks, bonds and cash, and the principle of diversification.", "urls": [ "https://www.investor.gov/introduction-investing" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products — products, risk, costs, liquidity and diversification.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cosa sapere prima di investire.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics — distinction among foreign-exchange, interest-rate, equity, credit and commodity derivatives.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] } ], "revision": "e375a92e751642fb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/asymmetry", "locale": "en", "title": "Asymmetry", "summary": "Imbalance of return distribution — many small losses vs few big wins (or vice versa).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/asymmetry/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "22ae4e2cd3721a71", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/auction-market-theory", "locale": "en", "title": "Auction Market Theory", "summary": "Market as continuous auction seeking equilibrium prices (value) and moving when buyers and sellers fail to agree.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/auction-market-theory/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e8984a28ddfa75c5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/average-loss", "locale": "en", "title": "Average loss", "summary": "Mean value of losing trades — defensive metric for risk control.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/average-loss/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "97d0c18c3a6db825", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/average-win", "locale": "en", "title": "Average win", "summary": "Mean value of winning trades in R or currency — measures the system's offensive power.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/average-win/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0f096073c30670ac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/backtest", "locale": "en", "title": "Backtest", "summary": "Historical simulation of a strategy using point-in-time data, causal rules, realistic execution, and bias controls before any inference is made.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/backtest/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inference when the best model emerges from many explored specifications.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey, and Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — research protocol, selection, and the scarcity of financial data.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Marcos López de Prado, What to Look for in a Backtest — number of trials, test length, and characteristics that should be disclosed.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2308682" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — comparison between a paper portfolio and effective execution.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "European Commission, Commission Delegated Regulation (EU) 2017/589, RTS 6 — methodology, documentation, and testing environments for algorithmic systems within its regulatory scope.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "d2f4480fb4ce21cb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "backtest", "systematic-trading", "model-validation", "point-in-time-data", "execution-simulation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/backtest-metrics-and-benchmarks", "locale": "en", "title": "Backtest metrics and benchmarks", "summary": "How to read return, risk, drawdown, costs, capacity and uncertainty by stating the series, frequency, annualisation and term of comparison.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/backtest-metrics-and-benchmarks/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio — definition, interpretation and relationships of the measure.", "urls": [ "https://doi.org/10.3905/jpm.1994.409501" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — distribution and limitations of annualisation in the presence of dependence.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey and Marcos López de Prado, The Deflated Sharpe Ratio — adjustment for selection bias and non-normal returns within the proposed model.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — principles for benchmark governance, quality and methodology within their scope.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD409.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — joint use of performance, benchmarks, stress and uncertainty in validation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "8496730e44a6f5ac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "benchmarks", "sharpe-ratio", "drawdown", "uncertainty" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/backtest-transaction-costs", "locale": "en", "title": "Transaction costs in backtests", "summary": "Causal modelling of the costs that separate a theoretical strategy from implementation: commissions, spread, impact, delays, partial fills, borrow, funding, roll and capacity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/backtest-transaction-costs/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — the difference between a theoretical portfolio and the implemented result.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs — commissions, spread, market impact, opportunity cost and measurement difficulties.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Robert Almgren and Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 2001 — the relationship between size, impact, execution risk and order trajectories.", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] }, { "text": "Gene D'Avolio, The Market for Borrowing Stock, Journal of Financial Economics, 2002 — availability, fees and recalls in securities lending.", "urls": [ "https://doi.org/10.1016/S0304-405X(02)00206-4" ] }, { "text": "Andrea Frazzini, Ronen Israel and Tobias J. Moskowitz, Trading Costs of Asset Pricing Anomalies — live costs, impact, scale and capacity of equity strategies.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2294498" ] } ], "revision": "d9bc01bbf97edce4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "execution", "transaction-costs", "capacity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/basic-taxation", "locale": "en", "title": "Basic taxation", "summary": "Minimum tax principles to estimate net results, documentary traceability, and planning — does not replace professional advice.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/basic-taxation/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d7a3e10235151850", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/best-execution", "locale": "en", "title": "Best execution", "summary": "Best execution is the intermediary's obligation to take appropriate measures and maintain policies aimed at the best possible result for the client, considering price, costs, speed, likelihood of execution and settlement, and order characteristics. It does not guarantee the best ", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/best-execution/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — factors, retail total consideration, policy, monitoring and demonstrability.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, Q&A 1016 — Best execution: “all sufficient steps” — level of the obligation and results sought on a consistent basis.", "urls": [ "https://www.esma.europa.eu/publications-data/questions-answers/1016" ] }, { "text": "U.S. Securities and Exchange Commission, Best Execution — broker duty and assessment factors in the United States.", "urls": [ "https://www.sec.gov/answers/bestex.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Disclosure of Order Execution and Routing Practices — facts-and-circumstances assessment and the limits of execution statistics alone.", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] } ], "revision": "398e5a5ac77e718d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "regulation", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/bid-ask-spread", "locale": "en", "title": "Bid-ask spread: quoted, effective, and realized", "summary": "The bid-ask spread is the difference between the best ask and best bid observed in the same market at the same time. Quoted, effective, and realized spreads measure different aspects of execution cost and quality.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/bid-ask-spread/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Bid Price/Ask Price", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/ask-price" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590, Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] } ], "revision": "991a51f0efb98b2b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/blockchain-transactions-fees-confirmations-and-finality", "locale": "en", "title": "Blockchain transactions: fees, confirmations, and finality", "summary": "The full lifecycle of a blockchain transaction: signing, propagation, the mempool, validation, inclusion, fees, confirmations, and finality without confusing different states.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/blockchain-transactions-fees-confirmations-and-finality/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Blockchain Technology Overview — ledger structure, transactions, consensus, resistance to modification, and limitations.", "urls": [ "https://www.nist.gov/publications/blockchain-technology-overview" ] }, { "text": "Bitcoin — A Peer-to-Peer Electronic Cash System — signatures, proof of work, the chain, and probabilistic confirmations in Bitcoin's design.", "urls": [ "https://bitcoin.org/bitcoin.pdf" ] }, { "text": "Bitcoin Developer Guide — Payment processing — unconfirmed and confirmed states, and double-spend risk management in Bitcoin.", "urls": [ "https://developer.bitcoin.org/devguide/payment_processing.html" ] }, { "text": "Ethereum.org — Transactions — fields, signing, the transaction pool, inclusion, and the Ethereum transaction lifecycle.", "urls": [ "https://ethereum.org/developers/docs/transactions/" ] }, { "text": "Ethereum.org — Gas and fees — computational resources, gas limits, and Ethereum's fee market.", "urls": [ "https://ethereum.org/developers/docs/gas/" ] }, { "text": "Ethereum.org — Proof of stake and finality — checkpoints, justification, and finality in Ethereum.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/" ] } ], "revision": "8a546ebcabc965cd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "blockchain-transaction-lifecycle", "topics": [ "blockchain", "transactions", "fees", "gas", "confirmations", "finality", "wallets" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-blockchain-transaction-lifecycle", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/bond-carry-roll-down-and-return", "locale": "en", "title": "Bond carry, roll-down and return", "summary": "Decompose a bond's holding-period return into carry, movement down the curve, rate and spread changes, convexity and costs.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/bond-carry-roll-down-and-return/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "c73ac6f9a482b479", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "carry", "roll-down", "holding-period-return", "yield-curve" ], "asset_classes": [ "fixed-income", "rates", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/bond-convexity", "locale": "en", "title": "Bond convexity", "summary": "Convexity measures how a bond's price-yield sensitivity changes. It supplements duration for larger shocks but depends on the curve, model, cash flows and embedded optionality.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/bond-convexity/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board, The U.S. Treasury Yield Curve: 1961 to the Present — duration-convexity definition and approximation.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "CME Group, Calculating the Dollar Value of a Basis Point — how DV01 changes along a convex relationship.", "urls": [ "https://www.cmegroup.com/trading/interest-rates/files/Calculating_the_Dollar_Value_of_a_Basis_Point.pdf" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Application guidance on interest rate risk in the banking book — limitations of simple measures for curve, basis and optionality risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] }, { "text": "Basel Committee on Banking Supervision, Principles for the management of interest rate risk — modified and effective duration and cash-flow assumptions.", "urls": [ "https://www.bis.org/publ/bcbs29a.htm" ] } ], "revision": "3e5e7aa82d8f7dff", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "nonlinear-risk" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/bond-duration", "locale": "en", "title": "Bond duration", "summary": "Duration organises the timing of cash flows and approximates a bond's price sensitivity to yields. Macaulay, modified and effective duration answer different questions.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/bond-duration/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frederick R. Macaulay, Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices in the United States since 1856, NBER, 1938.", "urls": [ "https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/interest-rates-and-commodity-prices" ] }, { "text": "Federal Reserve Board, The U.S. Treasury Yield Curve: 1961 to the Present — Macaulay duration, modified duration and convexity formulas.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "FINRA, Brush Up on Bonds: Interest Rate Changes and Duration.", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Application guidance on interest rate risk in the banking book — duration profiles, PV01 and limitations of simple shocks.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "de0fc59b8afd545e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/bond-issuance-auctions-and-secondary-market", "locale": "en", "title": "Bond issuance, auctions and the secondary market", "summary": "Follow a bond from primary issuance to secondary trading, including allocation, price, settlement and liquidity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/bond-issuance-auctions-and-secondary-market/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Auctions in depth", "urls": [ "https://www.treasurydirect.gov/research-center/history-of-marketable-securities/auctions/auctions-indepth/" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "b6d6ae827a1a1f44", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "primary-market", "secondary-market", "auction", "market-liquidity" ], "asset_classes": [ "fixed-income", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/bond-price-clean-dirty-and-accrued-interest", "locale": "en", "title": "Bond price: clean, dirty and accrued interest", "summary": "Move from a quoted bond price to settlement cash by separating clean price, dirty price and accrued interest.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/bond-price-clean-dirty-and-accrued-interest/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] }, { "text": "TreasuryDirect — When auctions happen", "urls": [ "https://www.treasurydirect.gov/auctions/when-auctions-happen/" ] } ], "revision": "5a611a2b5810699d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-pricing", "accrued-interest", "settlement" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/bond-yields-ytm-current-yield-and-yield-to-call", "locale": "en", "title": "Bond yields: YTM, current yield and yield to call", "summary": "Current yield, yield to maturity and yield to call answer different questions about bond income, price and timing.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/bond-yields-ytm-current-yield-and-yield-to-call/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "ca5f956979819cf5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-yield", "yield-to-maturity", "callable-bonds" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/bonds", "locale": "en", "title": "Bonds", "summary": "A bond is a debt security: the investor lends capital to an issuer under rules governing interest, repayment and maturity. Price, coupon and yield are different quantities.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/bonds/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Bonds — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Fixed Income Investments — When Interest Rates Go Up, Prices of Fixed-Rate Bonds Fall.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-86" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, What Are Corporate Bonds?.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/what-are" ] }, { "text": "Banca d'Italia, L'economia per tutti, Obbligazioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-obbligazioni/" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "51622262f857fefb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fixed-income", "fundamental", "macro", "risk" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/break-even", "locale": "en", "title": "Break even", "summary": "Stop moved to entry price — monetary risk zeroed after defined condition (e.g. +1R).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/break-even/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c38995331eada7f7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/breakout", "locale": "en", "title": "Breakout", "summary": "Break of support or resistance: price closes beyond a level that previously contained range — possible new trend start.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/breakout/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9035eaf2ab76e762", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/broker-risk", "locale": "en", "title": "Broker risk", "summary": "Broker risk is the exposure created by relying on an intermediary for access, routing, execution, or account services. Broker, venue, custodian, counterparty, and CCP are distinct roles.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/broker-risk/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "CFTC — Futures Commission Merchants and Introducing Brokers", "urls": [ "https://www.cftc.gov/IndustryOversight/Intermediaries/FCMs/fcmib" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Article 16: Organisational requirements", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA — EMIR, Article 2: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "IOSCO — Recommendations Regarding the Protection of Client Assets", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "FINRA — BrokerCheck", "urls": [ "https://brokercheck.finra.org/" ] }, { "text": "SIPC — What SIPC Protects", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "9e926caa140fc879", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "intermediaries", "execution", "client-assets", "counterparty-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "due-diligence", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/business-cycle-and-output-gap", "locale": "en", "title": "Business cycle and output gap", "summary": "Expansion, slowdown, recession and recovery read through coincident and leading evidence without treating the output gap as an observable fact.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/business-cycle-and-output-gap/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NBER, Business Cycle Dating, official documentation — criteria and chronology used to date U.S. expansions and recessions.", "urls": [ "https://www.nber.org/research/business-cycle-dating" ] }, { "text": "CBO, Budget and Economic Data, official documentation — historical and projected potential output, GDP and output-gap series.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] }, { "text": "OECD, Composite Leading Indicator, official documentation — a composite indicator designed to signal turning points in economic activity.", "urls": [ "https://www.oecd.org/en/data/indicators/composite-leading-indicator-cli.html" ] } ], "revision": "8e98c90304fcfd49", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/business-model-and-revenue-drivers", "locale": "en", "title": "Business model and revenue drivers", "summary": "A business model explains who pays, for what value and with which resources; revenue drivers turn that logic into testable price, volume and mix assumptions.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/business-model-and-revenue-drivers/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Principles for recognizing revenue and disclosing customer contracts.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guide to statements and notes used to verify the economic narrative.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "20d877ecafb6ec92", "translation_state": "not-assessed", "kind": "concept", "entity_type": "business-analysis-framework", "topics": [ "fundamental-analysis", "business-model", "revenue", "unit-economics" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/buy-and-sell", "locale": "en", "title": "Buy and sell", "summary": "Buy and sell as elementary directions — open or close long/short exposure, independent of strategy.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/buy-and-sell/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bbcd9333dd2b7e96", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/cagr-and-annualization", "locale": "en", "title": "CAGR and annualisation", "summary": "CAGR is the constant annual rate equivalent between two positive values. It is not an arithmetic average, does not describe the path and needs care with cash flows, short periods and incomparable series.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/cagr-and-annualization/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — calculation, linking and presentation of returns, including periods shorter than one year.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — official interpretations on returns, cash flows, valuation and annualised presentations.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — professional framework for measuring and comparing portfolio performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Investment Adviser Marketing, Final Rule IA-5653 — primary regulatory source on performance presentation within its scope.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ia-5653.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — index calculation, chaining and return variants.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "MSCI, Index Calculation Methodology — price, gross and net total returns, corporate actions, currencies and continuity.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] } ], "revision": "1990c4fa39a7df8a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "cagr", "annualization", "compounded-return", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/callable-puttable-bonds-and-prepayment-risk", "locale": "en", "title": "Callable and puttable bonds and prepayment risk", "summary": "Calls, puts and early repayment change cash-flow timing, yield and rate sensitivity: learn incentives, scenarios and risks.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/callable-puttable-bonds-and-prepayment-risk/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Callable Bonds: Understanding the Basics", "urls": [ "https://www.finra.org/investors/insights/callable-bonds-understanding-basics" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "c4a8ae6b3b047a61", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "embedded-options", "callable-bonds", "prepayment", "convexity" ], "asset_classes": [ "fixed-income", "credit", "mortgages" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/calmar-ratio", "locale": "en", "title": "Calmar ratio", "summary": "Compound annualised return per unit of absolute maximum drawdown over the same interval, strongly conditional on the path and observation window.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/calmar-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — contemporary CAGR/MDD definition and window-comparison issues.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — maximum drawdown, duration and appraisal limitations.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Malik Magdon-Ismail and Amir F. Atiya, Maximum Drawdown, Risk (2004) — relationships among MDD, return and measures such as Calmar.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=874069" ] }, { "text": "Malik Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — dependence of drawdown on horizon and process.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "GIPS Standards, Handbook for Firms — return, valuation, flow and disclosure bases required for a comparable series.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "f252718dd47c856e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "calmar-ratio", "maximum-drawdown", "risk-adjusted-return", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/capital", "locale": "en", "title": "Trading capital", "summary": "Distinguishing balance, equity and risk capital so position size is not based on confusing account value with money that can be lost.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/capital/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, description of financial report data fields — net liquidating equity and retail forex funds adjusted for realized and unrealized profit and loss.", "urls": [ "https://www.cftc.gov/MarketReports/financialfcmdata/DescriptionofReportDataFields/index.htm" ] }, { "text": "CFTC, Forex Frauds — prudent definition of risk capital and separation from money needed for living expenses and savings.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov, Understanding Margin Accounts — margin-account equity, debt to the intermediary and the risk of calls or liquidation.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] } ], "revision": "74c9753caf69082f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/capital-allocation", "locale": "en", "title": "Capital allocation", "summary": "The process of distributing capital, exposures and risk capacity across instruments, strategies and reserves under stated objectives and constraints.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/capital-allocation/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — the original portfolio-selection formulation using returns, variances and covariances.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi and Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, The Review of Financial Studies — out-of-sample comparison and the role of estimation error.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limitations of notional alone when comparing different exposures.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — accuracy, completeness, reconciliation and governance of aggregated data.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] } ], "revision": "ac804d4208ce88da", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "capital-allocation", "portfolio-construction", "portfolio-risk", "rebalancing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/capital-structure-net-debt-and-interest-coverage", "locale": "en", "title": "Capital structure, net debt and interest coverage", "summary": "Capital structure shows how a company finances assets and growth; net debt, maturities and interest coverage reveal financial resilience.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/capital-structure-net-debt-and-interest-coverage/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 7 Financial Instruments: Disclosures — Disclosure requirements for financial instruments and their risks.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-7-financial-instruments-disclosures/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guide to statements and notes used to read debt, interest and liquidity.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "1dac55b039783315", "translation_state": "not-assessed", "kind": "concept", "entity_type": "capital-structure-framework", "topics": [ "fundamental-analysis", "debt", "leverage", "liquidity", "credit-analysis" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/central-banks-mandates-and-communication", "locale": "en", "title": "Central banks: mandates and communication", "summary": "Mandates, independence, instruments, decision bodies, minutes and press conferences without reducing policy to one hawkish or dovish phrase.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/central-banks-mandates-and-communication/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, The Fed Explained, official documentation — the Federal Reserve's mandate, structure, functions and public accountability.", "urls": [ "https://www.federalreserve.gov/aboutthefed/the-fed-explained.htm" ] }, { "text": "ECB, About, official documentation — the ECB's mandate, decision-making bodies and role within the Eurosystem.", "urls": [ "https://www.ecb.europa.eu/ecb/html/index.en.html" ] }, { "text": "Bank of England, Monetary policy, official documentation — the MPC's objective, decisions, minutes, reports and policy explanations.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy" ] } ], "revision": "8d9e74744602882e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/cex-dex-and-otc", "locale": "en", "title": "CEX, DEX, and OTC: where crypto assets trade", "summary": "CEX, DEX, and OTC describe different routes for trading crypto assets, with different price formation, asset control, settlement, costs, and risks.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/cex-dex-and-otc/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements — DeFi risks and the decentralisation illusion — “The DeFi ecosystem” and “The decentralisation illusion”: CEX off-chain records, on-chain exchange, AMMs, gas, and governance.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt2112b.htm" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets: Final Report — chapters 2–3 and recommendations 12–16 (pp. 31–38): crypto-service lifecycle, conflicts, custody, operations, disclosure, and execution.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Decentralized Finance: Final Report — pp. 23–28 and 36–39: DEX architectures, effective roles, governance, conflicts, and technology risks.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD754.pdf" ] }, { "text": "Financial Stability Board — The Financial Stability Implications of Multifunction Crypto-asset Intermediaries — combined functions, opacity, conflicts, and vulnerability channels.", "urls": [ "https://www.fsb.org/2023/11/the-financial-stability-implications-of-multifunction-crypto-asset-intermediaries/" ] }, { "text": "ESMA — MiCA, Article 75: Custody and administration of crypto-assets — custody agreements, records, return, segregation, and liability within the EU perimeter.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "ESMA — MiCA, Article 76: Operation of a trading platform for crypto-assets — platform rules, resilience, transparency, fees, order books, and settlement within the EU perimeter.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-76-operation-trading-platform-crypto" ] } ], "revision": "0e3f5ecc551f4c52", "translation_state": "not-assessed", "kind": "concept", "entity_type": "crypto-trading-venue-comparison", "topics": [ "digital-assets", "crypto-infrastructure", "execution", "custody", "settlement", "counterparty-risk", "defi" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison-and-risk-control", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/cfd", "locale": "en", "title": "CFD (Contract for Difference)", "summary": "A CFD is a derivative settled as a cash difference against the provider. It does not confer the underlying; margin, pricing, overnight costs, close-out and counterparty risk depend on the contract and jurisdiction.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/cfd/", "published": "2026-06-23", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, Additional information on the agreed product intervention measures relating to contracts for differences and binary options — CFD definition, cash settlement and retail risks.", "urls": [ "https://www.esma.europa.eu/document/additional-information-agreed-product-intervention-measures-relating-contracts-differences" ] }, { "text": "Financial Conduct Authority, Contract for differences, updated 13 June 2025 — leverage, close-out, protections and conflicts within the UK framework.", "urls": [ "https://www.fca.org.uk/firms/contract-for-differences" ] }, { "text": "Financial Conduct Authority, Multi-firm review of CFD providers' provision of price and value, 13 November 2025 — spreads, commissions, overnight funding and pricing by OTC providers.", "urls": [ "https://www.fca.org.uk/publications/multi-firm-reviews/contracts-difference-providers-provision-price-and-value" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — derivative categories within the EU framework.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "59bda8b3c749d884", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/checklist", "locale": "en", "title": "Checklist", "summary": "Pre-trade yes/no questions that turn playbook and plan into coherent clicks — operational traffic light.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/checklist/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8eeaf8bf2d3caec3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/clearing-settlement-and-custody", "locale": "en", "title": "Clearing, settlement and custody", "summary": "Clearing, settlement and custody are distinct post-trade functions: clearing determines and manages obligations, settlement transfers securities and money, and custody records and administers held assets.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/clearing-settlement-and-custody/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, EMIR, Article 2 — Definitions — definitions of CCP, clearing, clearing member and counterparty risk.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "European Central Bank, What is T2S? — settlement of securities and cash, delivery versus payment, and accounts at CSDs and central banks.", "urls": [ "https://www.ecb.europa.eu/paym/target/t2s/html/index.en.html" ] }, { "text": "CPSS-IOSCO, Principles for financial market infrastructures, April 2012 — international standards for CCPs, CSDs and settlement systems; finality, DvP and custody risk.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "04a25bf36a887754", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/client-asset-protection", "locale": "en", "title": "Client asset protection", "summary": "Client asset protection concerns ownership, records, segregation, custody, sub-custody, and access during a crisis; it is not a guarantee against every loss.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/client-asset-protection/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IOSCO — Recommendations Regarding the Protection of Client Assets — principles covering custody, records, reconciliations, risks, and disclosure.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "ESMA — MiFID II, Article 16: organisational requirements — safeguarding client financial instruments and funds within its perimeter.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "EUR-Lex — Commission Delegated Directive (EU) 2017/593 — safeguarding measures, records, accounts, and use of client instruments.", "urls": [ "https://eur-lex.europa.eu/eli/dir_del/2017/593/oj/eng/pdf" ] }, { "text": "ESMA — MiCA, Article 70 — safeguarding clients' crypto-assets and funds.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-70-safekeeping-clients-crypto-assets" ] }, { "text": "ESMA — MiCA, Article 75 — custody and administration of crypto-assets on behalf of clients.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "PCAOB — Exercise Caution with Third-Party Verification/Proof of Reserve Reports — limits of proof-of-reserves reports as investor evidence.", "urls": [ "https://pcaobus.org/resources/information-for-investors/investor-advisories/investor-advisory-exercise-caution-with-third-party-verification-proof-of-reserve-reports" ] }, { "text": "Investor.gov — SIPC Protection: Part 1 — a US example of the limits of a protection scheme: it does not cover market losses.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/investor-bulletin-sipc-protection-part-1-sipc-basics" ] } ], "revision": "6ee521aac070d7e4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "client-asset-protection-framework", "topics": [ "client-assets", "custody", "segregation", "insolvency", "investor-protection", "intermediaries" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-client-asset-protection", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/commissions", "locale": "en", "title": "Trading commissions", "summary": "Commissions are explicit execution charges taken under a fee schedule; they should remain separate from spread and slippage.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/commissions/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — official SEC material on commissions, markups, markdowns, and other transaction costs.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "FINRA, Are You Checking Your Trade Confirmations? — official material on confirmation data, disclosed charges, and reconciliation with account statements.", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Coinbase, Advanced fees — official venue documentation of maker/taker treatment and partial fills; it is an operational example, not a universal schedule.", "urls": [ "https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees" ] }, { "text": "Investor.gov, Executing an Order — official SEC material on differences between a displayed quote and an execution price.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "c5704a8dc2ce79f1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "execution-cost", "topics": [ "trading-costs", "maker-taker", "fills", "reconciliation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/commodities", "locale": "en", "title": "Commodities and raw materials", "summary": "Commodities are fungible goods such as energy products, metals and agricultural products. Physical ownership, spot prices, futures, options and ETPs provide different exposures and do not produce the same return.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/commodities/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Commodities.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/commodities" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — contracts, delivery, hedgers, speculation and risks.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Learn About Risks Before Investing in Commodity ETPs or Funds, 21 May 2020 — divergence between futures-based ETPs and physical commodities.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_CommodityETPs.htm" ] }, { "text": "International Monetary Fund, Primary Commodity Prices — official monthly database and indices.", "urls": [ "https://www.imf.org/en/research/commodity-prices" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETCs, futures, forwards and options.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "52fe4e9dd02e7d7d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "risk" ], "asset_classes": [ "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/compliance", "locale": "en", "title": "Compliance in trading: obligations, controls, and evidence", "summary": "Compliance connects applicable obligations, procedures, controls, and evidence. It is not the same as a trader's personal discipline and varies by role, activity, and jurisdiction.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/compliance/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — MiFID II, Article 16: organisational requirements — policies, conflicts, continuity, records, and safeguarding of client assets.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA — MiFID II, Article 24: general principles and information to clients — clients' best interests and fair, clear, and not misleading communications.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-24-general-principles-and" ] }, { "text": "ESMA — MiFID II, Article 25: suitability and appropriateness — assessments linked to the service and client.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-25-assessment-suitability-and" ] }, { "text": "ESMA — MiCA, Article 14 — conduct, conflicts, and systems obligations for offerors within its perimeter.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-14-obligations-offerors-and-persons" ] }, { "text": "IOSCO — Objectives and Principles of Securities Regulation — investor protection, fair and efficient markets, and reduction of systemic risk.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD154.pdf" ] }, { "text": "EUR-Lex — Regulation (EU) 2022/2554, DORA — digital operational resilience for financial entities within its scope.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2022/2554/oj" ] } ], "revision": "61634d1bb1e66b90", "translation_state": "not-assessed", "kind": "concept", "entity_type": "trading-compliance-control-framework", "topics": [ "compliance", "regulation", "internal-controls", "recordkeeping", "investor-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-compliance", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/compression", "locale": "en", "title": "Compression", "summary": "Range contraction phase that often precedes a more decisive move — plan before the break, not direction prediction.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/compression/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "160320700a59ccfc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/concentration-risk", "locale": "en", "title": "Concentration risk", "summary": "Vulnerability created when potential exposure or loss is dominated by a few names, factors, sectors, strategies, counterparties or liquidity channels.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/concentration-risk/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision, LEX10 — Definitions and application — current rationale, scope and definitions for the prudential large-exposures framework.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/10.htm" ] }, { "text": "Basel Committee on Banking Supervision, LEX20 — Requirements — limits and reporting requirements for banks within the framework’s scope.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/20.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP32 — Credit risk — forms of concentration, common factors, policies, measurement and control.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/32.htm" ] }, { "text": "Basel Committee on Banking Supervision, Studies on credit risk concentration — Working Paper No 15 — analytical distinction between name and sector concentration and methods of quantification.", "urls": [ "https://www.bis.org/publ/bcbs_wp15.htm" ] }, { "text": "Office of the Comptroller of the Currency, Concentrations of Credit, Comptroller’s Handbook — identifying pools of exposure that share sensitivity to an economic or financial development.", "urls": [ "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/concentrations-of-credit/index-concentrations-of-credit.html" ] } ], "revision": "161515e4ee6cbe0f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "concentration-risk", "portfolio-risk", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/confirmation", "locale": "en", "title": "Confirmation", "summary": "Additional filters that raise confidence — volume, order flow, correlations; max 2–3 to avoid paralysis.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/confirmation/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f963e16627c594be", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/confirmation-bias", "locale": "en", "title": "Confirmation bias", "summary": "Seeking and overweighting evidence that confirms an already chosen trade idea — ignoring contrary signals.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/confirmation-bias/", "published": "2026-06-25", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — The Behavioral Biases of Individuals — classifies confirmation bias among belief-perseverance biases and discusses detection and mitigation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Scientific Reports via PubMed Central — Confirmation bias in information search", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC7250867/" ] } ], "revision": "82b46cad9b0662c7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/contango-and-backwardation", "locale": "en", "title": "Contango and backwardation in futures", "summary": "Contango and backwardation describe the sign of the difference between comparable futures expiries on a stated segment. They are not synonyms for bullish and bearish and do not guarantee the return of a position or roll.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/contango-and-backwardation/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — institutional definitions of contango, backwardation, spreads and futures terminology.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — contract rolls and divergence between futures-linked products and spot prices.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — risk, roll yield and the behaviour of products linked to commodity futures.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — transactions required to move between expiries.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, white paper hosted by CME Group — contango, backwardation, convergence and roll return.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — grade, location, differentials and the economic structure of deliverable contracts.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "0abf5f5724684a21", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/context", "locale": "en", "title": "Context", "summary": "Market structure and regime where trading makes sense — the filter before trigger and setup.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/context/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "17b4488133370e4a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/contrarian-opinion", "locale": "en", "title": "Contrarian opinion", "summary": "Reading the market when consensus and emotional extremes (euphoria, panic) offer setups with edge — with method, not caprice.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/contrarian-opinion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "13738b5a65ae9dde", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/correction", "locale": "en", "title": "Correction", "summary": "Temporary counter-trend move within a dominant trend: slower than impulse, often on lower volume.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/correction/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "345dfe5ee72d52fe", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/correlation", "locale": "en", "title": "Correlation", "summary": "A standardised estimate of the linear relation between two aligned series. It depends on data and window and does not establish causality, stability or tail protection.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/correlation/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Institute of Standards and Technology, CORRELATION — Dataplot Reference Manual — definition, formula, range and interpretation of the linear correlation coefficient.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — the role of variances and covariances in portfolio construction.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "François Longin and Bruno Solnik, Extreme Correlation of International Equity Markets, The Journal of Finance (2001) — asymmetric dependence in extreme international equity returns.", "urls": [ "https://doi.org/10.1111/0022-1082.00340" ] }, { "text": "Kristin Forbes and Roberto Rigobon, No Contagion, Only Interdependence: Measuring Stock Market Comovements, The Journal of Finance (2002) — heteroskedasticity bias when comparing correlations across turbulent periods.", "urls": [ "https://doi.org/10.1111/0022-1082.00494" ] } ], "revision": "286b510711feb281", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "correlation", "dependence", "portfolio-risk", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/counterparty-risk", "locale": "en", "title": "Counterparty risk", "summary": "Risk of loss if a counterparty fails before final settlement while a contract or netting set has positive economic value. It is bilateral credit risk, not a synonym for broker, venue or custodian.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/counterparty-risk/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision, CRE51 — Counterparty credit risk overview — bilateral definition of CCR and distinction from unilateral credit exposure on a loan.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE52 — Standardised approach to counterparty credit risk — replacement cost, potential future exposure, margining and netting-set calculation under SA-CCR.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE54 — Exposures to central counterparties — trade exposure to CCPs and enforceability requirements for close-out netting.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE36 — Definition of default — prudential default definition and unlikely-to-pay indicators within its scope.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/36.htm" ] }, { "text": "Board of Governors of the Federal Reserve System, Interagency Supervisory Guidance on Counterparty Credit Risk Management — current and potential exposure, concentrations, stress, collateral and wrong-way risk.", "urls": [ "https://www.federalreserve.gov/frrs/guidance/interagency-supervisory-guidance-on-counterparty-credit-risk-management.htm" ] }, { "text": "European Securities and Markets Authority, EMIR Article 11 — Risk-mitigation techniques for OTC derivatives not cleared by a CCP — confirmation, reconciliation, dispute, monitoring and collateral duties for non-centrally cleared OTC derivatives.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-11-risk-mitigation-techniques-otc-0" ] }, { "text": "CPMI-IOSCO, Principles for financial market infrastructures — management of credit, collateral, liquidity and default in infrastructures and CCPs.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "cc7bbbb666a1754a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "counterparty-risk", "credit-risk", "derivatives", "clearing-settlement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/covariance", "locale": "en", "title": "Covariance", "summary": "An unstandardised measure of joint linear movement and the central matrix in portfolio-risk calculations, interpreted only with its units, sample and estimation method.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/covariance/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — portfolio selection through expected returns, variances and covariances.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "National Institute of Standards and Technology, Correlation — Dataplot Reference Manual — the standardised coefficient and its relation to covariance and standard deviations.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Olivier Ledoit and Michael Wolf, A Well-Conditioned Estimator for Large-Dimensional Covariance Matrices, Journal of Multivariate Analysis (2004) — the original shrinkage and conditioning paper.", "urls": [ "https://www.sciencedirect.com/science/article/pii/S0047259X03000964" ] }, { "text": "Richard O. Michaud, The Markowitz Optimization Enigma: Is “Optimized” Optimal?, Financial Analysts Journal (1989) — how estimation error affects optimisation outputs.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1989/the-markowitz-optimization-enigma-is-optimized-optimal" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi and Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, Review of Financial Studies (2009) — out-of-sample allocation comparison and estimation difficulty.", "urls": [ "https://academic.oup.com/rfs/article/22/5/1915/1592901" ] } ], "revision": "cc71e0695c46b068", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "covariance", "covariance-matrix", "portfolio-risk", "dependence", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/credit-spreads-and-cs01", "locale": "en", "title": "Credit spreads and CS01", "summary": "Credit spread compares a bond yield with a reference; CS01 estimates the value change for one basis point of defined spread.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/credit-spreads-and-cs01/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "2a788642c20e4012", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "credit-spread", "cs01", "spread-duration" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/crypto-assets-and-digital-assets", "locale": "en", "title": "Crypto-assets and digital assets: coins, tokens, and rights", "summary": "A taxonomy for distinguishing coins, tokens, stablecoins, tokenised assets, and instruments that provide crypto exposure by starting from the actual rights rather than the label.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/crypto-assets-and-digital-assets/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Union — Regulation (EU) 2023/1114, MiCA — Articles 2–3: scope, exclusions, and definitions of crypto-asset, utility token, ART, and EMT.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114" ] }, { "text": "ESMA — Guidelines on the qualification of crypto-assets as financial instruments — economic substance, financial instruments, NFTs, and case-by-case assessment.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2025-03/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs.pdf" ] }, { "text": "EBA, EIOPA, and ESMA — standardised test for the classification of crypto-assets — the European MiCA classification sequence.", "urls": [ "https://www.eba.europa.eu/activities/single-rulebook/regulatory-activities/asset-referenced-and-e-money-tokens-micar/esas-guidelines-templates-explanations-and-opinions-and-standardised-test-classification-crypto" ] }, { "text": "BIS–CPMI — Tokenisation in the context of money and other assets — asset, representation, platform, and participants as separate layers.", "urls": [ "https://www.bis.org/cpmi/publ/d225.pdf" ] }, { "text": "IOSCO — Tokenization of Financial Assets — native tokens, digital twins, architectures, and tokenisation risks.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf" ] }, { "text": "EBA — Report on tokenised deposits — the relationship between a DLT record and a depositor's claim against a bank.", "urls": [ "https://www.eba.europa.eu/publications-and-media/press-releases/eba-assesses-potential-benefits-and-challenges-tokenised-deposits" ] } ], "revision": "f810ef82e195eb9f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "digital-asset-taxonomy", "topics": [ "digital-assets", "crypto-assets", "tokens", "tokenisation", "mica", "rights", "custody" ], "asset_classes": [ "crypto", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "define-and-classify-digital-assets", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/cumulative-delta", "locale": "en", "title": "Cumulative Volume Delta: definition and calculation", "summary": "Cumulative Volume Delta progressively adds volume delta over a chosen window. The feed, classification method, starting point, and reset determine the resulting curve.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/cumulative-delta/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — defines CVD as the running sum of ask volume minus bid volume and documents the start-of-day reset and historical-feed requirements.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "Sierra Chart, Cumulative Delta Bars — Volume — describes the calculation method and notes that the curve can change when the starting point of loaded data changes.", "urls": [ "https://www.sierrachart.com/index.php?ID=292&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Cumulative Volume Delta — documents a CVD estimated from lower-timeframe bars and anchored to a configurable period.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — shows which venue fields can support direct aggressor-side classification.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] } ], "revision": "f215bede92061b96", "translation_state": "not-assessed", "kind": "concept", "entity_type": "cumulative-order-flow-measure", "topics": [ "order-flow", "cumulative-volume-delta", "executions", "session-reset", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/data-leakage-and-look-ahead-bias", "locale": "en", "title": "Data leakage and look-ahead bias", "summary": "Information unavailable at decision time that contaminates features, rules, validation or order simulation, producing historical results that cannot be replicated causally.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/data-leakage-and-look-ahead-bias/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inference when the selected outcome emerges from many explored specifications.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey and Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — separation of research, selection and holdout testing under scarce financial data.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "David H. Bailey, Jonathan M. Borwein, Marcos López de Prado and Qiji Jim Zhu, The Probability of Backtest Overfitting — overfitting risk arising from selection among many configurations.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED® versus ALFRED® — the difference between historical information available today and the vintage known in the past.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/fred_vs_alfred.html" ] }, { "text": "scikit-learn, TimeSeriesSplit — time-ordered cross-validation and the gap parameter; official technical documentation.", "urls": [ "https://scikit-learn.org/stable/modules/generated/sklearn.model_selection.TimeSeriesSplit.html" ] } ], "revision": "c7d739386807f843", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-quality", "validation", "machine-learning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/data-snooping-and-multiple-testing", "locale": "en", "title": "Data snooping and multiple testing", "summary": "Selection error that arises when many strategies, features, or thresholds are tried on the same data and only the best result is presented.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/data-snooping-and-multiple-testing/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping — a test of the best model when its specification is selected through a search over the data.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann, and Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap — application of the problem to a large universe of technical trading rules.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "Campbell R. Harvey, Yan Liu, and Heqing Zhu, …and the Cross-Section of Expected Returns — implications of multiple testing in expected-return research.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Joseph P. Romano and Michael Wolf, Stepwise Multiple Testing as Formalized Data Snooping — stepwise procedures for dependent multiple inference.", "urls": [ "https://doi.org/10.1111/j.1468-0262.2005.00615.x" ] }, { "text": "David H. Bailey and Marcos López de Prado, The Deflated Sharpe Ratio — adjustment of Sharpe for selection and non-normal return characteristics.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "991342ab44349d9f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "data-snooping", "multiple-testing", "backtest-overfitting", "statistical-inference" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/decision-process", "locale": "en", "title": "Decision process", "summary": "Repeatable chain — context → setup → checklist → risk → execution → journal — focus on process, not outcome.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/decision-process/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6938e8d60ab5d47a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/delta-volume", "locale": "en", "title": "Volume delta: calculation, data, and limits", "summary": "Volume delta is the difference between two groups of executed volume, normally classified as buyer-initiated and seller-initiated. The result depends on the feed and method used.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/delta-volume/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, MDP 3.0 — Trade Summary — documents a feed that exposes aggressor side, trade price, and quantity.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] }, { "text": "Sierra Chart, Numbers Bars — defines bid volume, ask volume, and their difference by price level in its Numbers Bars.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Delta — shows an alternative implementation that estimates delta by classifying lower-timeframe bar volume from price direction.", "urls": [ "https://www.tradingview.com/support/solutions/43000725057-volume-delta/" ] }, { "text": "Lee and Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — documents why trade direction must be inferred with a fallible rule when the side is not supplied.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] } ], "revision": "dc4c10ac62c6e18f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order-flow-measure", "topics": [ "order-flow", "volume-delta", "executions", "trade-classification", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/derivative", "locale": "en", "title": "Financial derivatives", "summary": "A derivative is a contract whose value depends on an underlying or reference. Rights, obligations, margin, settlement, expiry and counterparty differ across futures, forwards, options, swaps and CFDs.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/derivative/", "published": "2026-06-23", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — EU categories of options, futures, swaps, forwards and other derivatives.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "Bank for International Settlements, About derivatives statistics — statistical classification by underlying risk and OTC/exchange market.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — futures obligations, clearing, margin and settlement.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — call and put rights and obligations.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "36001ed4e93bebe1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/discipline", "locale": "en", "title": "Discipline", "summary": "Apply predefined rules, record exceptions, and review the process without confusing discipline with rigidity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/discipline/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — risk-management planning, risk capital, and emotionally charged decisions; it also states that no technology consistently predicts the future.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Volatility — impulsive reactions to volatility and the role of goals and a financial plan.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "CFA Institute — The Behavioral Biases of Individuals — cognitive errors, emotional biases, and approaches to recognizing, moderating, or adapting to them.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Locke and Mann (2005), Professional trader discipline and trade disposition — peer-reviewed study of discipline and exit strategies in a specific sample of professional futures traders.", "urls": [ "https://doi.org/10.1016/j.jfineco.2004.01.004" ] }, { "text": "Gollwitzer and Sheeran (2006), Implementation intentions and goal achievement — peer-reviewed meta-analysis of if-then plans; general self-regulation evidence, not a test of a financial strategy.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron and Hershey (1988), Outcome bias in decision evaluation — peer-reviewed experiments on outcome-driven distortion when evaluating decisions under uncertainty.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "822e338fce6e3e7f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/discipline-routine", "locale": "en", "title": "Discipline & Routine", "summary": "Structure execution with a plan, checklist, and journal to reduce the influence of emotional bias.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/discipline-routine/", "published": "2026-06-26", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds: preparation, trading plans, and emotional discipline", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov — Financial plans, impulsive decisions, and short-term trading risk", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "2b986ba98eceef65", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/diversification", "locale": "en", "title": "Diversification", "summary": "A process that combines weights, exposures and dependencies to reduce portfolio concentration. Its effect depends on data and scenario and does not guarantee protection.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/diversification/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — foundation of covariance-based portfolio selection rather than simple security counts.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee on Banking Supervision, Supervisory framework for measuring and controlling large exposures — BCBS 283 — prudential treatment of concentrations to individual counterparties and connected groups; a banking standard, not a universal trader limit.", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — completeness, accuracy and adaptability needed to aggregate exposures and concentrations.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — why equal notionals across derivatives and asset classes do not imply comparable risks.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "374fedb6ce8d9ee2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "diversification", "concentration-risk", "portfolio-risk", "asset-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/drawdown", "locale": "en", "title": "Drawdown", "summary": "A decline in equity from its previous peak. Maximum drawdown is the worst observed peak-to-trough fall within a historical window, not a guaranteed future limit.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/drawdown/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap and Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability, 41(1), 2004, pp. 147–161 — maximum drawdown defined as the greatest peak-to-trough fall over an interval.", "urls": [ "https://doi.org/10.1017/S0021900200014108" ] }, { "text": "Alexei Chekhlov, Stanislav Uryasev and Michael Zabarankin, Drawdown Measure in Portfolio Optimization, International Journal of Theoretical and Applied Finance, 8(1), 2005, pp. 13–58 — underwater curve, average, maximum and conditional drawdown.", "urls": [ "https://doi.org/10.1142/S0219024905002767" ] } ], "revision": "d9c632aa4939220c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "performance-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/drawdown-control", "locale": "en", "title": "Drawdown control", "summary": "Three-level protocol (alert, defense, stop) limiting drawdown depth and governing gradual re-entry.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/drawdown-control/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "76df5a2c587eff3f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/due-diligence", "locale": "en", "title": "Due diligence for brokers and platforms", "summary": "Due diligence independently verifies an intermediary's entity, service, permissions, contact details, custody arrangements, and warnings before it receives money, data, or orders.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/due-diligence/", "published": "2026-06-25", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Is the firm regulated? — access to European authorities' registers.", "urls": [ "https://www.esma.europa.eu/investor-corner/is-the-firm-regulated" ] }, { "text": "ESMA — Markets in Crypto-Assets Regulation — MiCA register and information for firms and investors.", "urls": [ "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica" ] }, { "text": "ESMA — Statement on the end of transitional periods under MiCA — the transitional period ended on 1 July 2026.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-04/ESMA75-113276571-1679_Statement_on_the_end_of_transitional_periods_under_MiCA.pdf" ] }, { "text": "FCA — How to check a firm or individual is authorised — permissions, status, contact details, and clone checks.", "urls": [ "https://www.fca.org.uk/consumers/how-check-firm-individual-authorised" ] }, { "text": "CFTC — Check Registration — intermediary registration checks in CFTC-regulated markets.", "urls": [ "https://www.cftc.gov/check" ] }, { "text": "Investor.gov — Ask and Check — independent checks on an investment professional and an investment.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/researching-investments/ask-and-check" ] }, { "text": "IOSCO — I-SCAN — international alerts about unauthorised entities and clones; the list is not exhaustive.", "urls": [ "https://www.iosco.org/i-scan/" ] } ], "revision": "0862ff1a945f2aec", "translation_state": "not-assessed", "kind": "concept", "entity_type": "intermediary-due-diligence-process", "topics": [ "due-diligence", "intermediaries", "authorisation", "investor-protection", "fraud-prevention" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "verify-an-intermediary", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/dv01", "locale": "en", "title": "DV01 and PV01", "summary": "DV01 is the local monetary change in an instrument or portfolio for a one-basis-point move in a stated rate factor. PV01 is often used as a synonym, but not under every convention.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/dv01/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, How Can You Measure Risk in Treasuries?.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "CME Group, Understanding the Importance of Basis Point Value.", "urls": [ "https://www.cmegroup.com/education/courses/understanding-stir-futures/understanding-the-importance-of-basis-point-value" ] }, { "text": "CME Group, Using Treasury Futures to Replace Swap Exposure — contexts in which PV01 and DV01 can coincide or diverge.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/using-treasury-futures-to-replace-swap-exposure.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — PV01 by curves and tenors in market risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Application guidance on interest rate risk in the banking book — PV01 profiles, curve, basis and optionality risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "5b61cae38ecde1fd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates", "derivatives" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/dynamic-risk-reward", "locale": "en", "title": "Dynamic risk/reward", "summary": "R/R that evolves during the trade — real risk and reward vs static pre-entry promise.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/dynamic-risk-reward/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d88906ead44c4a5e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/earnings-quality-and-non-recurring-items", "locale": "en", "title": "Earnings quality and non-recurring items", "summary": "Earnings quality asks whether profit is supported by ordinary operations, cash conversion and transparent accounting rather than distorting adjustments.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/earnings-quality-and-non-recurring-items/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "PCAOB — AS 2810: Evaluating Audit Results — Primary standard on evaluating audit results and possible misstatements.", "urls": [ "https://pcaobus.org/oversight/standards/auditing-standards/details/AS2810" ] }, { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Official guidance on adjusted measures and reconciliations.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Basis for examining the link between earnings and cash flows.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "ddcf526bcc6c3dab", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-framework", "topics": [ "fundamental-analysis", "earnings-quality", "accruals", "non-gaap-measures" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/edge", "locale": "en", "title": "Edge", "summary": "An estimated statistical advantage: positive net expectancy conditional on rules, costs, data and market regime.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/edge/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, documentary review against CFTC, SEC and CME sources", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell R. Harvey and Yan Liu, Backtesting, multiple-testing control, sample size and strategy significance.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] }, { "text": "CFTC, Commodity Trading Systems Sold on the Internet, limitations of hypothetical results and differences from live conditions.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_tradingsystem.html" ] }, { "text": "SEC Office of Investor Education and Advocacy, Investor Bulletin: Performance Claims, costs, methodology, backtests and the non-predictive nature of past performance.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47" ] } ], "revision": "27084980fd4fd286", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/entry-reason", "locale": "en", "title": "Entry reason", "summary": "Documents before the order which observable condition triggers the rule, which plan authorizes it, and what invalidates it, without predicting the outcome.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/entry-reason/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — editorial review performed by a non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Keep a Trade Log — advises recording why a trade was made and details such as targets, entry and exit points, times, levels, and indicators.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/keep-a-trade-log" ] }, { "text": "CME Group — A Trader's Guide to Futures — describes defining the objective, risk, exit, and monitoring method before entering a trade.", "urls": [ "https://www.cmegroup.com/education/files/a-traders-guide-to-futures.pdf" ] }, { "text": "CFTC — Understand Risks and Markets before Reacting to Internet Hype — advises developing a plan suited to one's situation instead of following hype and notes that programs cannot guarantee results.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_SocialMedia_Metals.html" ] }, { "text": "Gollwitzer and Sheeran (2006) — Implementation Intentions and Goal Achievement — peer-reviewed meta-analysis of “if-then” plans in general self-regulation research; it does not evaluate trading strategies.", "urls": [ "https://www.sciencedirect.com/science/article/abs/pii/S0065260106380021" ] } ], "revision": "dc49e7b19df0514b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "record", "topics": [ "trade-journal", "decision-process", "pre-trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/etf", "locale": "en", "title": "ETF (Exchange-Traded Fund)", "summary": "An ETF is a fund whose shares trade on an exchange. It may track an index or follow an active strategy; price, NAV, costs, replication and liquidity must be assessed separately.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/etf/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Exchange-Traded Funds (ETFs), 23 February 2023 — structure, NAV, Authorized Participants and risks; the bulletin concerns ETFs registered in the United States.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Leveraged and Inverse ETFs, 29 August 2023.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Exchange Traded Notes (ETNs) — distinction between a fund share and issuer debt.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-50" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETFs, ETCs and ETNs in the Italian context.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "European Securities and Markets Authority, Cost of Investment Products — costs and performance of European retail investment products.", "urls": [ "https://www.esma.europa.eu/investor-corner/cost-investment-products" ] } ], "revision": "8164064b4d756a1c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/euphoria", "locale": "en", "title": "Euphoria", "summary": "Distinguishing post-win overconfidence from a documented process without treating it as a market signal.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/euphoria/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gervais and Odean, Learning to Be Overconfident — The Review of Financial Studies — a theoretical model of learning, attribution of success and overconfidence.", "urls": [ "https://doi.org/10.1093/rfs/14.1.1" ] }, { "text": "Barber and Odean, Trading Is Hazardous to Your Wealth — The Journal of Finance — evidence on turnover and net performance in a large sample of retail accounts.", "urls": [ "https://onlinelibrary.wiley.com/doi/full/10.1111/0022-1082.00226" ] }, { "text": "CFA Institute, The Behavioral Biases of Individuals — classification of overconfidence and self-control bias and approaches to mitigation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "CFTC, Forex Frauds — sustainable risk capital, risk planning and adherence to a plan to avoid emotionally charged decisions.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] } ], "revision": "8023dd87fed6bc9f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/exchange-and-broker", "locale": "en", "title": "Exchange, broker, dealer and custodian", "summary": "Exchanges, brokers, dealers, market makers and custodians perform different functions. One firm may combine some of them, but a trading interface alone does not reveal venue, counterparty, routing or custody.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/exchange-and-broker/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — EMIR, Article 2: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] } ], "revision": "2ef48e74b185cefe", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/exchange-risk", "locale": "en", "title": "Exchange risk: custody, solvency, and continuity", "summary": "Exchange risk covers the contractual entity, rights to assets, segregation, liabilities, conflicts, withdrawals, operations, and market integrity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/exchange-risk/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — MiCA, Article 68 — governance, resilience, continuity, and controls within the EU perimeter.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-68-governance-arrangements" ] }, { "text": "ESMA — MiCA, Article 70 — safeguarding and segregation of clients' funds and crypto-assets.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-70-safekeeping-clients-crypto-assets" ] }, { "text": "ESMA — MiCA, Article 72 — identification, prevention, and disclosure of conflicts.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-72-identification-prevention" ] }, { "text": "ESMA — MiCA, Article 75 — custody, records, sub-custody, return, and liability.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Recommendations 12–17 on client assets, segregation, assurance, and operational risk.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "FSB — Multifunction Crypto-asset Intermediaries — concentration of functions, interdependencies, and conflicts.", "urls": [ "https://www.fsb.org/2023/11/the-financial-stability-implications-of-multifunction-crypto-asset-intermediaries/" ] }, { "text": "BIS–FSI — Cryptoasset service providers as financial intermediaries — custody, title to assets, intermediation, and risk channels.", "urls": [ "https://www.bis.org/fsi/fsipapers27.pdf" ] } ], "revision": "8bb46b83c6513262", "translation_state": "not-assessed", "kind": "concept", "entity_type": "crypto-exchange-risk", "topics": [ "crypto-markets", "custody", "counterparty-risk", "solvency", "operational-risk", "market-integrity" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "assess-crypto-exchange-risk", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/execution-latency", "locale": "en", "title": "Execution latency: order path, timestamps, and measurement", "summary": "Execution latency comprises the delays between decision, submission, receipt, routing, acknowledgment, and fill reporting. It must be measured by segment with coherent clocks; it is not the same as slippage or execution quality.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/execution-latency/", "published": "2026-08-03", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590, Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "EUR-Lex — Commission Delegated Regulation (EU) 2025/1155, business-clock synchronisation", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "b30212560eb11801", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/execution-quality", "locale": "en", "title": "Execution quality: price, fills and speed", "summary": "Execution quality compares an order's actual outcome with declared benchmarks: price, effective spread, price improvement, speed, probability and executed quantity. It is not captured by the fill alone.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/execution-quality/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "6e27ef8026ba769c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "procedure", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/exit-reason", "locale": "en", "title": "Exit reason", "summary": "Records why a position was closed while separating the decision rule, process adherence, actual execution, and monetary outcome.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/exit-reason/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — official exchange material on defining entry and exit criteria in advance and managing open positions.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — distinguishes reasons for closing and operational methods in futures examples; those examples are not universal rules.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "Investor.gov, Executing an Order — official SEC source on order execution and the absence of a guarantee of price improvement.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "Baron and Hershey, Outcome Bias in Decision Evaluation — Journal of Personality and Social Psychology — peer-reviewed study of how outcome knowledge affects evaluations of decisions made under uncertainty.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "16c85989b9ec0aeb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "journal-field", "topics": [ "trade-journal", "exit-process", "execution-review", "outcome-bias" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/expansion", "locale": "en", "title": "Expansion", "summary": "Phase of rapid range and volatility increase — timing, dynamic stops, and size adapted to the new regime.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/expansion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5ff713ed5132787e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/expectancy", "locale": "en", "title": "Expectancy", "summary": "Average expected gain per trade in R — synthetic edge metric (win rate × payoff).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/expectancy/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b5bbff02beb935a7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/expected-shortfall", "locale": "en", "title": "Expected Shortfall (ES)", "summary": "Expected Shortfall measures average loss in the tail beyond a selected level of an estimated distribution. It complements VaR, but is not a worst case and remains dependent on data, valuation and model choices.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/expected-shortfall/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR33, calculation of expected shortfall", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/33.htm" ] }, { "text": "Basel Committee — Explanatory note on the minimum capital requirements for market risk", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Acerbi and Tasche — On the coherence of Expected Shortfall", "urls": [ "https://arxiv.org/abs/cond-mat/0104295" ] }, { "text": "Artzner, Delbaen, Eber and Heath — Coherent Measures of Risk", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "f2736fa5c7169e14", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "tail-risk", "expected-shortfall" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/exposure", "locale": "en", "title": "Exposure", "summary": "A quantified relationship between a position and a price, factor or counterparty. Unit, convention, currency and time must be stated; exposure is not automatically loss.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/exposure/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — comparison of notional-based, delta-adjusted and other exposure measures for derivatives.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — the reference amount used to calculate contractual cash flows, distinct from market value.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — an institutional example of measuring market risk through separate risk-factor sensitivities.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE51 — Counterparty credit risk overview — distinction between traditional credit exposure and bilateral counterparty exposure that changes over time.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] } ], "revision": "f088c88f01eaf0db", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "portfolio-risk", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/fat-tails", "locale": "en", "title": "Fat tails", "summary": "Distribution tails heavier than normal — extreme events more frequent than the Gaussian model.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/fat-tails/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "05e8145f3036aefb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/fear", "locale": "en", "title": "Fear in trading", "summary": "An emotional response to uncertainty that may flag genuine risk or interfere with execution: how to separate internal state, evidence, and plan.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/fear/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Lo and Repin, The psychophysiology of real-time financial risk processing (Journal of Cognitive Neuroscience, PubMed) — peer-reviewed study of professional traders' physiological responses during live sessions.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11970795/" ] }, { "text": "CFTC, Forex Frauds — distinguishes risk capital, risk per trade, and a plan, and notes that following a plan may help reduce emotionally charged decisions.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA, Investor Tips for Turbulent Markets — discusses fear and anxiety during volatility and recommends goals and planning over impulsive decisions.", "urls": [ "https://www.finra.org/investors/insights/tips-turbulent-market" ] } ], "revision": "498c853033c69799", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/fee-optimization", "locale": "en", "title": "Fee optimization", "summary": "Reducing total execution cost — commissions, maker/taker, volume tiers, and venue routing.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/fee-optimization/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "36036008f8a9f922", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "execution", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/feedback-loop", "locale": "en", "title": "Feedback loop", "summary": "Cycle execute → analyse → correct → verify — experience turned into measurable improvement.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/feedback-loop/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2ffca6440d2bd801", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/fiscal-policy-deficits-and-public-debt", "locale": "en", "title": "Fiscal policy, deficits and public debt", "summary": "Revenue, expenditure, primary balance, interest, deficits and debt stocks read with accounting perimeter, currency and maturity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/fiscal-policy-deficits-and-public-debt/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, Fiscal Monitor, official documentation — cross-country fiscal projections and analysis of public-finance policies and risks.", "urls": [ "https://www.imf.org/en/Publications/FM" ] }, { "text": "Eurostat, Government finance statistics, official documentation — European revenue, expenditure, deficit and debt data under ESA and EDP rules.", "urls": [ "https://ec.europa.eu/eurostat/web/government-finance-statistics" ] }, { "text": "CBO, Budget and Economic Data, official documentation — U.S. federal-budget history, baselines, projections and associated economic series.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] } ], "revision": "4f697622fd9efa20", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/floating-rate-and-inflation-linked-bonds", "locale": "en", "title": "Floating-rate and inflation-linked bonds", "summary": "Floating-rate notes and inflation-linked bonds adjust coupons or principal through different indices, with lags, spreads and residual risks.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/floating-rate-and-inflation-linked-bonds/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Floating Rate Notes", "urls": [ "https://treasurydirect.gov/marketable-securities/floating-rate-notes/" ] }, { "text": "TreasuryDirect — Treasury Inflation-Protected Securities", "urls": [ "https://www.treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] } ], "revision": "3f60170991a8cafa", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "floating-rate", "inflation-linked", "tips", "basis-risk" ], "asset_classes": [ "fixed-income", "rates", "inflation" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/fomo", "locale": "en", "title": "FOMO (Fear of Missing Out)", "summary": "Urgency to join a move or opportunity perceived as unrepeatable: how to identify it without treating it as a market signal.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/fomo/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out (Computers in Human Behavior, DOI) — peer-reviewed research that defines and measures FoMO; it is not a financial forecasting study.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "SEC Office of Investor Education and Assistance, Protect Your Money: How to Avoid Investment Scams — identifies pressure to act and FOMO among tactics used in fraudulent pitches.", "urls": [ "https://www.investor.gov/files/protect-your-money-how-avoid-investment-scams" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — advises readers to research social-media information and avoid pressured decisions.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "74dbe7ac779cfb8b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/footprint-chart", "locale": "en", "title": "Footprint chart: reading bid and ask volume", "summary": "A footprint distributes executed volume inside each bar by price level and classified side. Columns, aggregation, and imbalance rules depend on the platform.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/footprint-chart/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — documents price rows, bid/ask pairs, delta, same-price and diagonal comparisons, and tick-by-tick requirements.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Footprint charts: a complete guide — describes its implementation, volume cells, delta, bar POC, and configurable imbalance thresholds.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distinguishes traded volume from market-depth quantity and explains why aggregated records reduce price-level accuracy.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — documents execution fields that a feed can provide directly.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] } ], "revision": "5d71c6b63b9fc64b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order-flow-chart", "topics": [ "order-flow", "footprint-chart", "bid-volume", "ask-volume", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/forex", "locale": "en", "title": "Forex (foreign exchange market)", "summary": "Forex is the set of markets in which one currency is exchanged for another. Spot, forwards, swaps, futures, options and retail products are different instruments, not a single market.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/forex/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025, Triennial Central Bank Survey, 30 September 2025.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "Bank for International Settlements, Covered interest parity lost: understanding the cross-currency basis, BIS Quarterly Review, 18 September 2016 — the relationship between spot, forwards, interest rates and the funding basis.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt1609e.htm" ] }, { "text": "Global Foreign Exchange Committee, FX Global Code, updated December 2024 — wholesale principles that do not replace regulation.", "urls": [ "https://www.globalfxc.org/fx-global-code/" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — retail OTC risks in the U.S. regulatory context.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "European Central Bank, Euro foreign exchange reference rates — informative rates, not recommended as executable prices.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html" ] } ], "revision": "9b3401e31c363a06", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "execution", "risk" ], "asset_classes": [ "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/forward-test", "locale": "en", "title": "Forward test", "summary": "Prospective evaluation of a frozen version on data arriving after the decision, conducted in paper, shadow or micro-live mode.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/forward-test/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — temporal order, rolling origin and successive out-of-sample evaluations.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — proactive validation and reliability of investment models.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limitations of hypothetical performance within its NFA scope.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automation, venues and order interaction in real markets.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "European Commission, Commission Delegated Regulation (EU) 2017/589, RTS 6 — testing, controls, documentation and deployment within its applicable EU regulatory scope.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "0027c072ed3df851", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "forward-test", "prospective-validation", "frozen-model", "shadow-mode", "micro-live" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/fractional-kelly", "locale": "en", "title": "Fractional Kelly", "summary": "Fraction of theoretical Kelly (½, ⅓, ¼) — balances growth and capital survival in real markets.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/fractional-kelly/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "658d06dca75b101e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/fud", "locale": "en", "title": "FUD (Fear, Uncertainty, Doubt)", "summary": "A label for messages that evoke fear, uncertainty and doubt; it does not establish whether negative information is false, true, or relevant.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/fud/", "published": "2026-06-26", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — highlights the risks of short-term decisions driven by social media and recommends research and verification.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] }, { "text": "CFTC, Understand Risks and Markets before Reacting to Internet Hype — advises readers to understand the product, market, leverage, and source before reacting to online tips.", "urls": [ "https://www.cftc.gov/sites/default/files/2021-04/20210326_Advisory_SocialMedia-Metals_FINAL_1.pdf" ] }, { "text": "CFTC, Learn & Protect — provides resources and alerts for checking intermediaries, offers, and risks in CFTC-regulated markets.", "urls": [ "https://www.cftc.gov/LearnAndProtect" ] } ], "revision": "5cfd8e052ef1a22e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/funding-cost", "locale": "en", "title": "Funding cost: net results, backtests, and reconciliation", "summary": "Funding cost is the series of settled funding debits and credits attributable to a position; it must be integrated into net results, backtests, and venue reconciliation.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/funding-cost/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BitMEX — Perpetual Contracts Guide — official product documentation for funding purpose, timing, sign, notional basis, and settlement between sides.", "urls": [ "https://www.bitmex.com/app/perpetualContractsGuide" ] }, { "text": "Coinbase — Funding rates: International Derivatives — official venue documentation for hourly settlement, payment direction, and notional-based calculation.", "urls": [ "https://help.coinbase.com/en/coinbase/derivatives/funding-rate" ] }, { "text": "Coinbase — US Perpetual-Style Futures Funding Rate Mechanism — an official example of a different schedule and method, showing why one interval cannot be assumed universally.", "urls": [ "https://help.coinbase.com/en/derivatives/perpetual-style-futures/funding-rate" ] }, { "text": "Coinbase International Exchange — Risk Disclosures — funding, leverage, liquidation, operational, and venue risks affecting net results.", "urls": [ "https://help.coinbase.com/en/international-exchange/risk-disclosures/disclosures" ] } ], "revision": "49d53af7bb6a1620", "translation_state": "not-assessed", "kind": "concept", "entity_type": "derivative-carry-cost-analysis", "topics": [ "perpetual-futures", "funding-rate", "carrying-cost", "net-performance", "backtesting" ], "asset_classes": [ "crypto-derivatives", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "calculate-and-reconcile-funding-cost", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/funding-liquidity-risk", "locale": "en", "title": "Funding liquidity risk", "summary": "Funding liquidity risk is the risk of being unable to meet expected and unexpected cash-flow and collateral needs efficiently without harming daily operations or financial condition.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/funding-liquidity-risk/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision — Principles for Sound Liquidity Risk Management and Supervision", "urls": [ "https://www.bis.org/publ/bcbs144.htm" ] }, { "text": "European Central Bank — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "ad01dfb05686bce8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "funding-liquidity", "liquidity-risk", "margin", "stress-testing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/funding-rate", "locale": "en", "title": "Perpetual funding rate", "summary": "A funding rate governs periodic transfers between perpetual longs and shorts; its sign, interval, and method depend on the venue.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/funding-rate/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BitMEX, Perpetual Contracts Guide — official documentation of the mechanism's purpose, sign, notional base, timestamp settlement, and transfer between long and short sides.", "urls": [ "https://www.bitmex.com/app/perpetualContractsGuide" ] }, { "text": "Coinbase, Funding rates — International Derivatives — official venue documentation of hourly settlement, payment direction, and a notional-based calculation.", "urls": [ "https://help.coinbase.com/en/coinbase/derivatives/funding-rate" ] }, { "text": "Coinbase, US Perpetual-Style Futures Funding Rate Mechanism — official example of a different method based on periodic comparison between futures and spot prices.", "urls": [ "https://help.coinbase.com/en/derivatives/perpetual-style-futures/funding-rate" ] }, { "text": "Coinbase International Exchange, Risk Disclosures — official disclosure of funding, leverage, liquidation, and venue risks.", "urls": [ "https://help.coinbase.com/en/international-exchange/risk-disclosures/disclosures" ] } ], "revision": "931de81a7b017d64", "translation_state": "not-assessed", "kind": "concept", "entity_type": "carrying-cost", "topics": [ "perpetual-futures", "funding-rate", "long-short", "basis" ], "asset_classes": [ "crypto-derivatives", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/futures", "locale": "en", "title": "Futures: contract, margin, expiry and roll", "summary": "A futures contract is a standardized derivative traded on an organized venue and cleared through a clearing system. Obligations, notional amount, margin, mark-to-market, expiry and settlement method depend on the specifications of the individual contract.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/futures/", "published": "2026-06-23", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — obligations, delivery or cash settlement and the possibility of losses exceeding initial capital.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definitions of basis, calendar spread, cash settlement, margin, offset and roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — standardization, clearing, offset, margin and hedging function.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — daily settlement price, P&L and margin adjustments.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, rolling into deferred expiries and settlement.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — daily versus final settlement and monetary versus physical settlement.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — futures − spot basis, carry and convergence for equity index futures.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — grades, delivery locations, differentials and conditions for convergence.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "2354aa0e7b6bf24f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/futures-basis", "locale": "en", "title": "Futures basis", "summary": "Futures basis measures a stated difference between a futures price and a spot price. Cyclepedia uses b = F − S; sign convention, cash reference, fair value, expiry and costs must be explicit before the figure is interpreted.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/futures-basis/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — contracts, cash settlement, delivery and economic risk.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — cash-minus-futures convention, basis risk, basis point and calendar spread.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — hedging, offset, delivery and convergence with the cash market.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — daily settlement and position variation.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — expiry, offset and replacement with deferred contracts.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — settlement references and the link between the contract and physical market.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — futures-minus-spot convention and the relationship with financing and dividends.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — delivery points, grades, differentials and conditions for convergence.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "cabbcb58bb417fa9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "pricing", "hedging", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/futures-curve", "locale": "en", "title": "Futures curve: expiries, slope and movements", "summary": "The futures curve is a simultaneous snapshot of prices for several comparable expiries. Shape, slope and movements describe contractual relationships, not a time series or an automatic market forecast.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/futures-curve/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — terminology for contracts, months, basis and the futures market.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — differences between spot exposure and products that renew futures contracts.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — structure and risks of commodity-futures-linked products.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — expiry, contract replacement and the roll calendar.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, white paper hosted by CME Group — curve, convergence and decomposition of futures returns.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — differentials, grades, locations and the economic conditions of deliverable contracts.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "85931aa12a14464e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/futures-expiry-and-settlement", "locale": "en", "title": "Futures expiry and settlement", "summary": "A futures contract's expiry is a calendar of contractual events, not a universal date. Offset, roll, cash settlement and physical delivery create different obligations defined by the rulebook of the individual contract.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/futures-expiry-and-settlement/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — closeout before delivery, obligations and cash settlement.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — cash settlement, physical delivery, first notice day, offset and roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — offset through clearing, standardized terms and the function of delivery.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — daily settlement price and variation flows.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — operational choices among offset, roll and settlement.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — daily and final settlement, delivery and final price formation.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — the relationship among futures price, spot, carry and convergence.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — delivery locations, grades, differentials and normal convergence.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "2a419846884f2b2d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "mechanism", "topics": [ "markets-instruments", "derivatives", "post-trade", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/futures-roll", "locale": "en", "title": "Futures roll: mechanics, expiry and costs", "summary": "A futures roll extinguishes a position in one expiry and opens one in another. It maintains an exposure only if direction, quantity, multiplier and risk are recalibrated; curve spread, execution costs and roll yield are different quantities.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/futures-roll/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over — moving a nearby position into a more deferred delivery month.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, rollover and settlement at expiry.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Rolling an Equity Position Using Spreads — executing an expiry switch through a spread.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/rolling-an-equity-position-using-spreads" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — effect of repeated rolls on returns.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — curve, roll yield and divergence between futures-linked products and spot.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "Campbell & Company (white paper hosted by CME Group), Deconstructing Futures Returns: The Role of Roll Yield — linked series, roll adjustment and decomposition of returns.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] } ], "revision": "17730b7230fc49fc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "process", "topics": [ "markets-instruments", "derivatives", "execution", "term-structure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/gap", "locale": "en", "title": "Gap", "summary": "Price jump between close and open: chart zone with no trades — typical in session-based markets.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/gap/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c028ac053c4b5a5c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/gdp-and-national-accounts", "locale": "en", "title": "GDP and national accounts", "summary": "What gross domestic product measures, how production, income and expenditure reconcile, and why real, nominal and per-capita figures answer different questions.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/gdp-and-national-accounts/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BEA, National Economic Accounts, official documentation — U.S. accounts for GDP, income, spending, saving and related price measures.", "urls": [ "https://www.bea.gov/products/national-economic-accounts" ] }, { "text": "Eurostat, National accounts, official documentation — European national-account data and the accounting framework behind them.", "urls": [ "https://ec.europa.eu/eurostat/web/national-accounts" ] }, { "text": "IMF, System of National Accounts 2008, official documentation — internationally agreed concepts, classifications and accounting rules for national accounts.", "urls": [ "https://www.imf.org/external/pubs/ft/sna/2008/sna2008.pdf" ] } ], "revision": "ff9b8d4cb2f9ff27", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/greed", "locale": "en", "title": "Greed", "summary": "Recognising when expected profit displaces the target, risk and criteria defined before a trade.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/greed/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Thaler and Johnson, Gambling with the House Money and Trying to Break Even — Management Science — real-money experiments on how prior gains and losses affect risky choices.", "urls": [ "https://pubsonline.informs.org/doi/10.1287/mnsc.36.6.643" ] }, { "text": "Barber and Odean, Trading Is Hazardous to Your Wealth — The Journal of Finance — evidence from retail accounts on turnover and performance after costs.", "urls": [ "https://onlinelibrary.wiley.com/doi/full/10.1111/0022-1082.00226" ] }, { "text": "CFTC, Forex Frauds — risk capital, per-trade planning and avoiding emotionally charged decisions.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov, risks of social-media-driven short-term trading — risk, impulsive decisions and the role of a financial plan.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "854d4426e79116ef", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/grid-trading", "locale": "en", "title": "Grid trading: order grids and inventory risk", "summary": "Grid trading automates buys and sells at preset levels; oscillations may create cycles, but trends, costs, and execution can still produce losses.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/grid-trading/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — AI agent, non-human review commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bybit Help Center — FAQ: Spot Grid Bot — documents the range, levels, fees, out-of-range pause, and distinction between grid profit and Total P&L.", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Spot-Grid-Bot" ] }, { "text": "OKX — Spot Grid — documents capital allocation and automatic orders at grid levels.", "urls": [ "https://www.okx.com/en-gb/help/i-spot-grid" ] }, { "text": "OKX — Total PnL and Grid Profits — separates realized cycles, unrealized inventory, fees, and the overall result.", "urls": [ "https://www.okx.com/en-us/help/how-do-total-profit-and-loss-pnl-and-grid-profits-work" ] }, { "text": "SEC — Limit Orders — explains the price constraint and the absence of an execution guarantee for a limit order.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] } ], "revision": "b93b589fab958fdc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/gross-exposure", "locale": "en", "title": "Gross exposure", "summary": "The sum of absolute exposures defined in one unit. It describes scale before offsets but is not, by itself, committed capital, economic leverage or loss risk.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/gross-exposure/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — benefits and limitations of gross notional, notional netting and sensitivity-adjusted measures.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — institutional definition of notional as the basis for cash flows rather than a loss amount.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — separation of sensitivities by risk class and factor.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE52 — Standardised approach to counterparty credit risk — counterparty exposure calculated by netting set using replacement cost and potential future exposure, distinct from gross market exposure.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] } ], "revision": "934a5c29df4bfd3b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "gross-exposure", "portfolio-risk", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/herding", "locale": "en", "title": "Herding", "summary": "Following the crowd — entering or exiting because «everyone» is doing it, without your own edge.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/herding/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5c010ebac95c2ec2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/high-volatility", "locale": "en", "title": "High volatility", "summary": "Regime with wide, fast swings — size, stops, slippage and suspension thresholds must tighten immediately.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/high-volatility/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "33e3042782411c83", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/iceberg-order", "locale": "en", "title": "Iceberg and reserve orders: displayed quantity and priority", "summary": "An iceberg or reserve order displays only part of its total quantity. The reserve is released in slices under venue-specific rules; priority, detectability and behavior differ between native and synthetic implementations.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/iceberg-order/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — MBO versus MBP feeds, native and synthetic icebergs, OrderID and PriorityID.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Display Quantity Order Overview — displayed quantity, fills and replenishment within the CME framework.", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] }, { "text": "CME Group, Enter Orders — operational description of the Display Quantity field.", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-cmed-mobile/Content/Enter-Orders.html" ] }, { "text": "EUR-Lex, Commission Delegated Regulation (EU) 2017/583, Article 4 — reserve-order definition within RTS 2.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/583/2023-06-05/eng" ] } ], "revision": "45536bfa19a9398a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/idle-capital", "locale": "en", "title": "Idle capital", "summary": "Capital quota outside market risk — tactical reserve for flexibility, protection, and opportunity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/idle-capital/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ea978d6351119dba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/implied-and-realized-volatility", "locale": "en", "title": "Implied and realized volatility", "summary": "Realized and implied volatility answer different questions: the former estimates the dispersion of observed returns under a stated methodology, while the latter is the parameter that reconciles an option price with a specified model.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/implied-and-realized-volatility/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Technical Information — operational definitions of historical and implied volatility.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "Options Industry Council, Volatility & the Greeks — the relationship between volatility, valuation and Greeks.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — comparison of historical and implied measures and the model-dependent nature of outputs.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV, prices and differences across strikes.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Understanding Options Analytics: Greeks and Implied Volatility — analytical coordinates and sensitivities.", "urls": [ "https://www.cmegroup.com/education/lessons/understanding-options-analytics-greek-and-implied-volatility" ] }, { "text": "Fischer Black and Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — primary source for the classic model.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — contractual features and risks of standardized options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "6bb6dd849213d379", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "volatility", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/impulse", "locale": "en", "title": "Impulse", "summary": "Fast directional price move: wide candles, often with elevated volume — the trend's expansion phase.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/impulse/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bd4cebe67abb578a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/inflation-cpi-pce-and-ppi", "locale": "en", "title": "Inflation: CPI, PCE and PPI", "summary": "How to read consumer and producer price indexes, headline and core measures, weights, base effects and composition.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/inflation-cpi-pce-and-ppi/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Consumer Price Index, official documentation — CPI data, relative-importance weights, methods and U.S. consumer-price releases.", "urls": [ "https://www.bls.gov/cpi/" ] }, { "text": "BEA, Personal Consumption Expenditures Price Index, official documentation — PCE inflation data linked to personal income, outlays and the national accounts.", "urls": [ "https://www.bea.gov/data/personal-consumption-expenditures-price-index" ] }, { "text": "BLS, Producer Price Indexes, official documentation — methods and releases for changes in prices received by domestic producers.", "urls": [ "https://www.bls.gov/ppi/" ] } ], "revision": "c72287aa3f43797b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/information-ratio", "locale": "en", "title": "Information ratio", "summary": "Mean active return per unit of tracking error relative to a specified benchmark, with explicit statistical and comparability limits.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/information-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — definition, tracking-error comparison and benchmark limitations.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmarks, appraisal, attribution and skill evaluation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Richard C. Grinold and Ronald N. Kahn, CFA Institute Research Foundation, Advances in Active Portfolio Management — active return, tracking error and information ratio in active management.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-publication/2003/rf-v2003-n1-3922-pdf.pdf" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal — benchmark-quality criteria and consequences.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — the structure of differential return divided by variability.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] } ], "revision": "e469a3eab4f7838d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "information-ratio", "active-return", "tracking-error", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/instrument-types", "locale": "en", "title": "Financial instruments and contract types", "summary": "A financial instrument is the right or contract actually held. Stocks, bonds, funds, futures, options and CFDs confer different ownership interests, claims and obligations.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/instrument-types/", "published": "2026-07-11", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions and Annex I — Financial instruments.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions", "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa?.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "ac3eccc5a14a3663", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "risk", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/invalidation", "locale": "en", "title": "Invalidation", "summary": "Technical-logical level where trade thesis is falsified — distinct from monetary stop, but determines it.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/invalidation/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "cb4a3e9980ce4282", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/investor-mindset", "locale": "en", "title": "Investor mindset", "summary": "Allocator mentality — sustainability, risk control, and process quality over a multi-cycle horizon.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/investor-mindset/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "81dfb98de73ede13", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/jensens-alpha", "locale": "en", "title": "Jensen's alpha", "summary": "The estimated intercept in a regression of portfolio excess returns on a benchmark, conditional on the model, sample, costs and statistical significance.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/jensens-alpha/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Michael C. Jensen, The Performance of Mutual Funds in the Period 1945–1964, The Journal of Finance (1968) — formulation, estimation and interpretation of the intercept.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1968.tb00815.x" ] }, { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk, The Journal of Finance (1964) — basis of the market model used by Jensen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "CFA Institute, Investment Risk and Performance — coordinated reading of alpha, beta, tracking error, information ratio and Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark misspecification, appraisal and limits of skill inference.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — factors, style analysis, cost and quantitative evaluation of track records.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "e344600faadc3977", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "jensen-alpha", "capm", "performance-appraisal", "regression" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/kelly-criterion", "locale": "en", "title": "Kelly criterion", "summary": "Theoretical formula for optimal capital fraction to risk — maximizes logarithmic growth under ideal conditions.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/kelly-criterion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c7e23befd3231e82", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/key-rate-duration-and-yield-curve-risk", "locale": "en", "title": "Key-rate duration and yield-curve risk", "summary": "Key-rate duration distributes rate sensitivity across curve nodes and reveals risks hidden by one total duration.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/key-rate-duration-and-yield-curve-risk/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] } ], "revision": "5c19cb4fadba6da2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "interest-rate-risk", "yield-curve", "key-rate-duration", "hedging" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/labor-market-payrolls-unemployment-and-wages", "locale": "en", "title": "Labour market: payrolls, unemployment and wages", "summary": "Employment, participation, unemployment, hours and pay as complementary measures with distinct surveys and revision processes.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/labor-market-payrolls-unemployment-and-wages/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Employment Situation, official documentation — monthly household and establishment survey results for employment, unemployment, hours and earnings.", "urls": [ "https://www.bls.gov/news.release/empsit.htm" ] }, { "text": "Eurostat, Employment and unemployment, official documentation — harmonised European labour-market indicators and datasets.", "urls": [ "https://ec.europa.eu/eurostat/web/labour-market/overview" ] }, { "text": "ILO, ILOSTAT, official documentation — international labour-statistics standards, definitions and comparable country data.", "urls": [ "https://ilostat.ilo.org/" ] } ], "revision": "fa9412cde43007a5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/leverage", "locale": "en", "title": "Leverage", "summary": "The ratio of exposure to stated reference capital: how it amplifies account sensitivity and why securities margin, futures performance bonds and other derivatives require different rules.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/leverage/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Understanding Margin Accounts", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] }, { "text": "FINRA Rule 2264 — Margin Disclosure Statement", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CFTC — Economic Purpose of Futures Markets and How They Work", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/economicpurpose.html" ] }, { "text": "CFTC — Futures Glossary", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group — Margin: Know What's Needed", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/margin-know-what-is-needed" ] } ], "revision": "50941bfbb1f408a1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "margin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/limit-order", "locale": "en", "title": "Limit order: price, queue and partial fills", "summary": "A limit order may execute only at the stated limit or a better price. It protects the price constraint if filled, but does not guarantee execution, does not always imply a maker role and may be only partly completed.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/limit-order/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — price constraint and absence of an execution guarantee (accessed 3 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Limit Orders — limit price, conditions and risk of no fill (accessed 3 August 2026).", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "U.S. SEC — Rule 606 of Regulation NMS, FAQ — distinction between orders that provide or remove liquidity and cases in neither category (accessed 3 August 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "ESMA — MiFID II, Article 28: Client order handling rules — fair and timely handling and publication of certain limit orders (accessed 3 August 2026).", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "3818725c2cb65594", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/liquidation", "locale": "en", "title": "Liquidation", "summary": "Forced reduction or closure of positions or assets when equity, margin or risk limits no longer meet applicable requirements. Trigger, procedure, fills and any residual debt depend on the product and contract.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/liquidation/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Margin Disclosure Statement — Rule 2264 — forced sale without prior notice, the firm’s choice of assets, changing requirements and the possibility of losing more than the deposit.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — futures performance bonds, initial and maintenance margin, and variation debits and credits.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Understand the Risks of Virtual Currency Trading — leverage, the need to refill margin or close positions, and losses beyond the initial investment.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "5d18c6202e216d21", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/liquidity", "locale": "en", "title": "Market liquidity: dimensions, measures, and limitations", "summary": "Market liquidity is the ability to execute a meaningful quantity quickly with limited cost and price impact. It is multidimensional: spread, depth, immediacy, and resiliency are not synonyms.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/liquidity/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] }, { "text": "CME Group — Understanding the CME Liquidity Tool Methodology", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "df02a5951ec2bdd3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/liquidity-risk", "locale": "en", "title": "Market liquidity risk", "summary": "Market liquidity risk is the risk of being unable to execute the desired quantity within the expected time and cost. It depends on size, venue, urgency, and market conditions.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/liquidity-risk/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "fee34a9cf22830e7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-liquidity", "execution", "slippage", "market-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/liquidity-seeking", "locale": "en", "title": "Liquidity seeking: objectives, routing and execution trade-offs", "summary": "Liquidity seeking is a family of professional strategies that searches for execution opportunities across times, venues and trading modes. It is not merely smart routing and does not guarantee best price, fills or zero impact.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/liquidity-seeking/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex, Directive 2014/65/EU, Article 4(1)(39) — algorithmic-trading definition and distinction from routing alone.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA, Supervisory Briefing on Algorithmic Trading in the EU, 26 February 2026 — algorithm scope, governance, testing, outsourcing and pre-trade controls.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. SEC, Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS — discretion, algorithmic strategies, smart routers, venues and routing-arrangement disclosures.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "U.S. SEC, Disclosure of Order Execution and Order Routing Information — official framework for Rules 605 and 606.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/disclosure-order-execution-order-routing-information" ] } ], "revision": "ae9f94255663059f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/long-and-short", "locale": "en", "title": "Long and short", "summary": "Long: profit if price rises. Short: profit if it falls — two directions of exposure, not yet a strategy.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/long-and-short/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b8c6b606ca508a97", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/loss-aversion", "locale": "en", "title": "Loss aversion", "summary": "Losses hurt psychologically more than equivalent gains feel good — explains loose stops, holding losers, and cutting winners too soon.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/loss-aversion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "300dd7a862897d97", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/low-volatility", "locale": "en", "title": "Low volatility", "summary": "Regime with reduced swings — patience, quality filters, and preparation for possible imminent expansion.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/low-volatility/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "554c3e40f2d4b841", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/macro-data-consensus-surprises-and-revisions", "locale": "en", "title": "Macro data: consensus, surprises and revisions", "summary": "Release calendars, real-time vintages, consensus, surprises and revisions: a method for reconstructing what was knowable at the decision time.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/macro-data-consensus-surprises-and-revisions/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED, official documentation — historical vintages that show what each economic series reported before later revisions.", "urls": [ "https://alfred.stlouisfed.org/" ] }, { "text": "BEA, Release Schedule, official documentation — official publication dates and times for BEA economic releases.", "urls": [ "https://www.bea.gov/news/schedule" ] }, { "text": "BLS, Release Calendar, official documentation — scheduled dates for BLS news releases and statistical updates.", "urls": [ "https://www.bls.gov/schedule/" ] } ], "revision": "b2c9274cc7683b5a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/macro-transmission-across-stocks-bonds-currencies-and-commodities", "locale": "en", "title": "Macro transmission across stocks, bonds, currencies and commodities", "summary": "A conditional map of how growth, inflation, rates and liquidity reach earnings, curves, exchange rates and physical markets.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/macro-transmission-across-stocks-bonds-currencies-and-commodities/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Annual Economic Report, official documentation — analysis of interactions among the global economy, financial system and policy regimes.", "urls": [ "https://www.bis.org/publ/arpdf/ar2025e.htm" ] }, { "text": "IMF, Global Financial Stability Report, official documentation — assessment of global markets, systemic vulnerabilities and emerging-market financing.", "urls": [ "https://www.imf.org/en/Publications/GFSR" ] }, { "text": "ECB, Financial Stability Review, official documentation — twice-yearly evidence on euro-area financial vulnerabilities and systemic risks.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html" ] } ], "revision": "6b08e733b8bc0558", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/margin", "locale": "en", "title": "Margin", "summary": "Margin does not have one universal meaning: in securities accounts it is customer equity alongside collateralized credit; in futures it is a performance bond. Requirements, calls and close-outs depend on the product, intermediary and applicable rules.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/margin/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Brokerage Accounts — securities credit, initial and maintenance equity, house requirements and liquidation risks.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "FINRA, Rule 2264 — Margin Disclosure Statement — sale without prior notice, changes to requirements and customer liability for a shortfall.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — futures performance bonds, initial and maintenance margin, account credits and debits, and requirement changes.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "4b52bda678a78be1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-abuse-and-manipulation", "locale": "en", "title": "Market abuse and market manipulation", "summary": "Market abuse is conduct that damages market fairness or integrity; market manipulation is the branch that distorts, or attempts to distort, prices, supply, demand, or the information seen by other participants.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-abuse-and-manipulation/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Market Abuse Regulation, consolidated text as of 5 June 2026 — Article 1 defines the market-abuse framework; Article 12 defines market manipulation and Annex I lists indicators.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Commission Delegated Regulation (EU) 2026/788 — updates the non-exhaustive indicators of manipulative behaviour, including order-book, time-window, volume, and cross-exposure patterns.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj/eng" ] }, { "text": "ESMA — Market integrity — institutional overview of EU work on market abuse, surveillance, and supervisory convergence.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/market-integrity" ] }, { "text": "EUR-Lex — Markets in Crypto-Assets Regulation, Articles 86–92 — the EU market-abuse regime for crypto-assets, including the definition and prohibition of manipulation.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] }, { "text": "ESMA — Guidelines on supervisory practices to prevent and detect market abuse under MiCA — risk-based supervision and detection in crypto-asset markets.", "urls": [ "https://www.esma.europa.eu/document/guidelines-supervisory-practices-prevent-and-detect-market-abuse-under-mica" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Recommendation 8 addresses fraud and market abuse while emphasising effective surveillance and enforcement.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "33998861ab3b50e7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "market-abuse-evidence-framework", "topics": [ "market-abuse", "market-manipulation", "market-integrity", "surveillance", "investor-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-market-abuse-and-evidence", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-beta", "locale": "en", "title": "Market beta", "summary": "Beta estimates the linear sensitivity of an asset's or portfolio's returns to a stated benchmark. It depends on the data, window and method and does not by itself measure total risk, causality or explained variation.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-beta/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk, The Journal of Finance, 1964.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Beta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "FINRA, Volatility — an official introductory description of beta relative to a benchmark.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "NIST/SEMATECH, Least Squares and R² is not enough — estimation and control of a linear model.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd431.htm", "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] } ], "revision": "5eb19cbbc2517105", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "portfolio-risk", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "equity" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-conditions", "locale": "en", "title": "Market conditions", "summary": "Operating regime (trend, range, volatility) — determines which playbook setups have edge or stay off.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-conditions/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "92ec20ba9c52945b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "validation", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-cycle", "locale": "en", "title": "Market cycle", "summary": "Recurring price oscillation between expansion and contraction phases — on different scales, readable with cyclic and volumetric analysis.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-cycle/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "cd194f5a49c5bb7b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-hours-and-sessions", "locale": "en", "title": "Market Hours and Sessions", "summary": "Liquidity and volatility shift with geographic zones — Asia, Europe, America, and the London–New York overlap.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-hours-and-sessions/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f1711e607edd34cd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-impact", "locale": "en", "title": "Market impact: an order's effect on price", "summary": "Market impact is the price change attributable to the order or execution program itself. It is a component of implicit cost, but it is not the same as spread, slippage, or an independent market move.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-impact/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "SEC — Proposed Rule, Order Competition Rule, Release No. 34-96495", "urls": [ "https://www.sec.gov/files/rules/proposed/2022/34-96495.pdf" ] }, { "text": "Rama Cont, Arseniy Kukanov, and Sasha Stoikov, The Price Impact of Order Book Events, Journal of Financial Econometrics, 12(1), 2014, pp. 47–88; preprint", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "Robert Almgren and Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 3(2), 2001, pp. 5–39", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] } ], "revision": "0c844b3419f9a704", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-index", "locale": "en", "title": "Market index", "summary": "A market index measures, under a published methodology, the performance of a defined set of instruments representing a market or segment. Weighting, rebalancing and return type determine what it measures; the index itself cannot be invested in directly.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-index/", "published": "2026-06-23", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Market Index and Index Funds — definition, inability to invest directly and replication through funds.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-index", "https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-4" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — weighting methods, the divisor, corporate actions and return variants.", "urls": [ "https://www.spglobal.com/spdji/en/methodology/article/index-mathematics-methodology/" ] }, { "text": "FTSE Russell, Index Policy and Methodology — documentation on index rules, calculation and governance.", "urls": [ "https://www.lseg.com/en/ftse-russell/governance/index-policy-and-methodology" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — benchmark governance, quality and accountability.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/ioscopd409.pdf" ] }, { "text": "NIST/SEMATECH, R² is not enough — interpretation and validation of linear-model fit.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] }, { "text": "CME Group, What is Volume? — volume as a measure tied to a specific futures contract.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] } ], "revision": "4695c89f5fea2fd5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "benchmarks", "performance", "index-methodology" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-maker", "locale": "en", "title": "Market maker: role, quotes and inventory risk", "summary": "A market maker quotes buying and selling prices or states a willingness to trade in a specific market. It supplies liquidity, but does not always guarantee quoted size, spread or continuity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-maker/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Market Makers", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-makers" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "9916469c4534dedd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-order", "locale": "en", "title": "Market order: execution and price risk", "summary": "A market order asks to trade immediately against available liquidity without setting a limit price. It prioritises the likelihood of execution, but guarantees neither the price nor completion of the fill.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-order/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — retail definition and execution-price risk (accessed 3 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — routing, latency, quoted quantities and best execution (accessed 3 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — orders and unexecuted remainders, partial fills and halts (updated 1 April 2026; accessed 3 August 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC, Investor.gov — Trading Halts and Delays — regulatory and market halts (accessed 3 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/trading-halts-and-delays" ] } ], "revision": "335ce5fd707cdf58", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-profile", "locale": "en", "title": "Market Profile", "summary": "Auction representation by price and time bracket through TPOs. It is distinct from Volume Profile: it counts time-price opportunities, not quantity traded.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-profile/", "published": "2026-06-25", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 14–21, 33, and 44 — TPOs, Initial Balance, range extension, four day types, fairest price, and the distinction between TPO and Volume Value Area.", "urls": [] }, { "text": "J. Peter Steidlmayer and Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, section I, chapter 6 — TPO as a time-price unit and the organisation of market activity.", "urls": [] } ], "revision": "7948045d2c83afef", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-regime", "locale": "en", "title": "Market regime", "summary": "Dominant context (trend, range, vol, transition) — conditions strategy probability and performance.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-regime/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d3696db9b1bfb7d6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/market-to-trade", "locale": "en", "title": "Market to trade", "summary": "Deliberate narrow instrument choice — liquidity, hours, costs and specialization in the plan.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/market-to-trade/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9277f342f09ab024", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/matching-engine", "locale": "en", "title": "Matching engine: order priority and allocation", "summary": "A matching engine applies a venue's rules to match compatible orders and allocate fills. Price-time priority is common but not universal: FIFO, pro-rata and hybrid algorithms also exist.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/matching-engine/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Matching Algorithm Overview — official overview of FIFO, pro-rata, configurable and dedicated-priority algorithms (accessed 3 August 2026).", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group — How CME Group Ag Markets Operate — comparison of FIFO and Split FIFO/Pro-Rata in agricultural products (accessed 3 August 2026).", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/overview-what-makes-ags-markets-work" ] }, { "text": "ESMA — MiFID II, Article 28: Client order handling rules — handling of comparable orders and receipt time at the firm (accessed 3 August 2026).", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — routing to exchanges, market makers and ECNs, and internalisation (accessed 3 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "07ad8855b8a10787", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/max-daily-risk", "locale": "en", "title": "Max daily risk", "summary": "Daily loss ceiling — circuit breaker that shuts session before tilt.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/max-daily-risk/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6fafd14771838006", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/max-drawdown", "locale": "en", "title": "Maximum drawdown", "summary": "The largest observed loss from a prior peak to a later trough in a wealth curve, conditional on the path, window and valuation frequency.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/max-drawdown/", "published": "2026-06-24", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap and Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — definition and dependence on horizon, drift and volatility under the studied model.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — maximum drawdown, duration and appraisal limitations.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — MDD, drawdown distribution and Calmar.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "GIPS Standards, Handbook for Firms — valuation, returns, flows and disclosure that condition the performance series.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — drawdown and duration in manager evaluation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "c9d08a2e2e499d69", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "maximum-drawdown", "path-risk", "performance-measurement", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/max-trades", "locale": "en", "title": "Max trades", "summary": "Cap on trades per day or session — filters quality and cuts overtrading and costs.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/max-trades/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7712717eec346867", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/max-weekly-risk", "locale": "en", "title": "Max weekly risk", "summary": "Weekly loss limit — brake on streaks of red days and method-market mismatch.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/max-weekly-risk/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "aa5d6ab297082133", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/maximum-loss", "locale": "en", "title": "Maximum loss", "summary": "Define an ex-ante cumulative loss limit, how to measure it and what response to apply, without mistaking it for guaranteed protection.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/maximum-loss/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — non-human AI agent, acting under the mandate of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds: risk capital, risk planning and decisions defined before trading.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "CME Group — Risk Management and Your Trade Plan: documents the advance definition of intended leverage, maximum trade loss and maximum day loss in a plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "CME Group — Position and Risk Management: capital plan, position sizing, tick value, stops and margin.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "FINRA — Stop Orders: Factors to Consider During Volatile Markets: a stop order's execution price can differ from its activation price.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "cb1e37bbe1b9c726", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/mean-variance-optimization-and-efficient-frontier", "locale": "en", "title": "Mean–variance optimisation and the efficient frontier", "summary": "Markowitz's framework combining expected returns, variances and covariances to compare efficient portfolios, with estimation and implementation limits made explicit.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/mean-variance-optimization-and-efficient-frontier/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — original mean–variance formulation.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — objectives, frontiers, criticisms, liabilities, factors and practical use.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi and Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — out-of-sample comparison with 1/N.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "Fischer Black and Robert Litterman, Global Portfolio Optimization, Financial Analysts Journal (1992) — combining equilibrium and investor views.", "urls": [ "https://doi.org/10.2469/faj.v48.n5.28" ] }, { "text": "Richard O. Michaud and Robert Michaud, Estimation Error and Portfolio Optimization: A Resampling Solution — estimation error, resampling and solution stability.", "urls": [ "https://doi.org/10.2139/ssrn.2658657" ] } ], "revision": "c1467bf78771b5a8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "mean-variance-optimization", "efficient-frontier", "portfolio-theory", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/mental-accounting", "locale": "en", "title": "Mental accounting", "summary": "Treating the same portfolio money differently by mental «label» — separate buckets with inconsistent rules.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/mental-accounting/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "14af30ed2654ab54", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/mid-price", "locale": "en", "title": "Mid price", "summary": "Average of bid and ask — indicative screen price, not the fill price of a market order.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/mid-price/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7421050fc3adad38", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/model-risk", "locale": "en", "title": "Model risk", "summary": "Model risk is the potential for adverse financial consequences from decisions based on model output. It can arise from data, assumptions, development, implementation, use or governance, even without a coding error.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/model-risk/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve — SR 26-2, Revised Guidance on Model Risk Management", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Federal Reserve, OCC and FDIC — Supervisory Guidance on Model Risk Management, SR 26-2 attachment", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602a1.pdf" ] } ], "revision": "56df9d4505b24e61", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "model-risk", "model-validation", "governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/monetary-policy-transmission", "locale": "en", "title": "Monetary-policy transmission", "summary": "Channels from policy rates and central-bank balance sheets to money markets, credit, currencies, demand, employment and prices.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/monetary-policy-transmission/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ECB, Transmission mechanism, official documentation — channels from official rates to money markets, expectations, credit, demand and prices.", "urls": [ "https://www.ecb.europa.eu/mopo/intro/transmission/html/index.en.html" ] }, { "text": "Federal Reserve, Monetary Policy Report, official documentation — the semiannual account to Congress of policy conduct, economic conditions and the outlook.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/mpr_default.htm" ] }, { "text": "BIS, Monetary policy, official documentation — institutional research on policy frameworks, instruments and transmission across economies.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "eb67907f0a067f87", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/money-market-repo-and-overnight-rates", "locale": "en", "title": "Money market, repo and overnight rates", "summary": "See how short-term liquidity moves through secured lending, repo, collateral and overnight benchmarks such as SOFR.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/money-market-repo-and-overnight-rates/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Secured Overnight Financing Rate", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] } ], "revision": "294b6791117c47e0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "money-market", "repo", "funding", "collateral", "overnight-rates", "sofr" ], "asset_classes": [ "money-market", "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/money-weighted-return-mwr", "locale": "en", "title": "Money-weighted return (MWR)", "summary": "Money-weighted return measures the experience of invested capital by incorporating the amount and date of external cash flows, commonly as an internal rate of return that may have several solutions or none.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/money-weighted-return-mwr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — official performance calculation and presentation standard, including cases requiring money-weighted returns.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — official interpretation of external flows, valuation, TWR and MWR.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — professional framework for measurement, evaluation and attribution.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Overview of the Global Investment Performance Standards — current overview of the purpose and scope of GIPS.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Microsoft Support, XIRR function — official documentation of irregular dates, initial guess and convergence errors.", "urls": [ "https://support.microsoft.com/en-us/office/xirr-function-de1242ec-6477-445b-b11b-a303ad9adc9d" ] } ], "revision": "884baee79c5b4881", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "money-weighted-return", "internal-rate-of-return", "cash-flows", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/monte-carlo-and-bootstrap", "locale": "en", "title": "Monte Carlo and bootstrap for trading strategies", "summary": "Simulation and resampling methods for studying uncertainty, return order and drawdown under stated assumptions, without creating information absent from the data.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/monte-carlo-and-bootstrap/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bradley Efron, Bootstrap Methods: Another Look at the Jackknife — foundational paper on bootstrap resampling and estimation.", "urls": [ "https://doi.org/10.1214/aos/1176344552" ] }, { "text": "Dimitris N. Politis and Joseph P. Romano, The Stationary Bootstrap — random-length block bootstrap for weakly dependent, stationary data.", "urls": [ "https://doi.org/10.1080/01621459.1994.10476870" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — the effect of temporal dependence on the distribution and annualisation of the Sharpe ratio.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — the role of Monte Carlo, bootstrap and stress testing in investment-model validation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "8138d9c523c5a92b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "monte-carlo", "bootstrap", "resampling", "uncertainty", "drawdown" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/moving-average", "locale": "en", "title": "Moving average: calculation, uses and limits", "summary": "A moving average smooths a price series over a sliding window; span, weights and alignment determine what it shows and how quickly it responds.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/moving-average/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Single Moving Average — sliding-window definition and simple-average formula.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc421.htm" ] }, { "text": "NIST/SEMATECH, What Is Exponential Smoothing? — equal weights versus exponentially decreasing weights.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc43.htm" ] }, { "text": "NIST/SEMATECH, Centered Moving Average — middle alignment and the even-window case.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc422.htm" ] }, { "text": "Rob J. Hyndman and George Athanasopoulos, Moving averages — Forecasting: Principles and Practice — smoothing, moving-average order and unavailable endpoints.", "urls": [ "https://otexts.com/fpp3/moving-averages.html" ] }, { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, 1970, Chapters 3 and 6 — historical source for the linked cyclic use, not evidence of a general forecasting promise.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] } ], "revision": "744bec6561f4b085", "translation_state": "not-assessed", "kind": "concept", "entity_type": "technical-concept", "topics": [ "technical-analysis", "time-series", "smoothing", "moving-averages" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "cyclic", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/multiple-instruments", "locale": "en", "title": "Multiple instruments", "summary": "Coordinated use of different asset classes and markets — spreads opportunity and reduces single-market dependence.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/multiple-instruments/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ccc043087e87309e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/multiple-strategies", "locale": "en", "title": "Multiple strategies", "summary": "Portfolio with complementary operational logics — reduces dependence on one method and one regime.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/multiple-strategies/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "803a17fced8d4672", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/net-exposure", "locale": "en", "title": "Net exposure", "summary": "The signed sum of exposures expressed in one unit. It describes a balance under the chosen convention, but zero net exposure does not mean risk-free or neutral to every factor.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/net-exposure/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limitations of notional offsetting and the role of delta-adjusted notional and other comparison bases.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — separate aggregation of sensitivities by risk factor and class.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE52 — Standardised approach to counterparty credit risk — counterparty exposure by netting set and treatment of recognised offsets.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE54 — Exposures to central counterparties — legal-enforceability requirements for close-out netting, distinct from economic offsetting.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] } ], "revision": "b26a124e3cf3b427", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "net-exposure", "portfolio-risk", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/nft", "locale": "en", "title": "NFTs: tokens, content, rights, and risks", "summary": "An NFT is an individually identifiable token: the ledger record, linked content, and attributed rights are separate layers to verify before considering price.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/nft/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum Improvement Proposals — ERC-721 — Interface for identifying, owning, transferring, and exposing the optional metadata extension of non-fungible tokens.", "urls": [ "https://eips.ethereum.org/EIPS/eip-721" ] }, { "text": "Ethereum Improvement Proposals — ERC-1155 — Multi-token contracts, batch transfers, and management of fungible and non-fungible units.", "urls": [ "https://eips.ethereum.org/EIPS/eip-1155" ] }, { "text": "Ethereum Improvement Proposals — ERC-2981 — Royalty signalling and the voluntary nature of marketplace payments.", "urls": [ "https://eips.ethereum.org/EIPS/eip-2981" ] }, { "text": "European Union — Regulation (EU) 2023/1114, MiCA — Recitals 10–11: uniqueness, fractions, series, collections, and substance over form.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114" ] }, { "text": "ESMA — Guidelines on the qualification of crypto-assets as financial instruments — European criteria for distinguishing technical form, actual rights, and possible qualification as a financial instrument.", "urls": [ "https://www.esma.europa.eu/document/guidelines-conditions-and-criteria-qualification-crypto-assets-financial-instruments" ] }, { "text": "WIPO — Non-fungible tokens (NFTs) and copyright — The distinction between the token, the work, its licence, and the transfer of copyright.", "urls": [ "https://www.wipo.int/en/web/wipo-magazine/articles/non-fungible-tokens-nfts-and-copyright-42365" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Conflicts, market integrity, custody, disclosure, and operational risks at crypto-asset trading venues.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "FBI — Fraudulent NFT airdrops — Airdrops, links, and wallet-connection requests used to steal credentials or assets.", "urls": [ "https://www.fbi.gov/investigate/cyber/alerts/2025/cybercriminals-defraud-hedera-hashgraph-network-non-custodial-wallet-users-through-nonfungible-token-airdrops-disguised-as-free-rewards" ] } ], "revision": "8eaec41fe15cfd3b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "non-fungible-token-structure", "topics": [ "nft", "non-fungible-tokens", "metadata", "digital-rights", "erc-721", "erc-1155", "royalties", "digital-collectibles" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-and-evaluate-nfts", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/no-trade-conditions", "locale": "en", "title": "No-trade conditions", "summary": "Explicit red-light list — situations where opening new positions is banned by the plan.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/no-trade-conditions/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "75bc80ec16f0194b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/nominal-real-rates-and-breakeven-inflation", "locale": "en", "title": "Nominal rates, real rates and breakeven inflation", "summary": "The relationship between nominal yield, real yield and inflation compensation, including risk premia and liquidity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/nominal-real-rates-and-breakeven-inflation/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury, TIPS, official documentation — security terms, inflation adjustment, interest calculation, auctions and taxation of TIPS.", "urls": [ "https://treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED, official documentation — downloadable nominal-yield, real-yield and market breakeven time series.", "urls": [ "https://fred.stlouisfed.org/" ] }, { "text": "ECB, Inflation expectations, official documentation — quarterly professional forecasts for inflation, real GDP growth and unemployment.", "urls": [ "https://www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/index.en.html" ] } ], "revision": "f3c86a1ff062f4b6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/notional-value", "locale": "en", "title": "Notional value", "summary": "The reference value of a position or contract. It describes the scale of exposure but is not the same as margin, capital at risk, P&L or maximum loss.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/notional-value/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value — contract unit, futures price, multiplier and the use of notional in hedge ratios.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — initial and maintenance margin, contract factor and futures-account credits and debits.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — the reference amount to which rates are applied for periodic payments on swaps and other derivatives.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Over-the-Counter Derivatives Concept Release — for OTC derivatives, notional is not the same as market value or amount at risk.", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limits of notional as a comparable unit of risk across assets and the role of delta adjustment for options.", "urls": [ "https://www.sec.gov/dera/staff-papers/white-papers/derivatives12-2015.pdf" ] }, { "text": "CME Group, Options Delta — The Greeks — option sensitivity to the underlying and the use of delta in hedge ratios.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Bybit Help Center, FAQ — P&L Calculation — a primary example of different formulas for linear and inverse contracts.", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Profit-Loss-Calculation" ] }, { "text": "Bybit Help Center, Funding Fee Calculation — a primary example of product-defined base, rate, interval and settlement currency.", "urls": [ "https://www.bybit.com/en/help-center/article/Funding-fee-calculation" ] }, { "text": "CME Group, Fee Schedules, 29 June 2026, and Bybit Help Center, Futures Contracts: Fees Explained — examples of per-contract/per-side charges and product-specific percentage-of-order-value charges.", "urls": [ "https://www.cmegroup.com/company/files/cme-fee-schedule-2026-06-29.pdf", "https://www.bybit.com/en/help-center/article?id=000001584" ] } ], "revision": "bfd97a3aae3a8b79", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "derivatives", "leverage", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/ohlc-candlestick", "locale": "en", "title": "OHLC Candlestick", "summary": "Graphical representation of a price bar: Open, High, Low, Close — foundation of almost every trading chart.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/ohlc-candlestick/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "377f47d6ebe8541e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/operating-capital", "locale": "en", "title": "Operating capital", "summary": "Capital allocated to current operations — separated from reserve and personal liquidity, basis for professional sizing.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/operating-capital/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5748d7723ceceeaf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/operational-documentation", "locale": "en", "title": "Operational documentation", "summary": "Document system for plan, playbook, method changelog, and evidence — verifiable memory of the trading process.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/operational-documentation/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "51fd92788da4b4e3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/operational-filter", "locale": "en", "title": "Operational filter", "summary": "Decision rule that enables or blocks setups based on regime — gate before the trigger, not a trigger substitute.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/operational-filter/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9cbf6288e3acac97", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/operational-reporting", "locale": "en", "title": "Operational reporting", "summary": "Periodic reports on results, risk, and discipline — objective data for method-adaptation decisions.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/operational-reporting/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "000ec7170dee2ea7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/operational-risk", "locale": "en", "title": "Operational risk", "summary": "Operational risk arises from inadequate or failed processes, people, systems, or external events. Resilience and continuity help critical operations withstand or recover from disruption.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/operational-risk/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision — Basel Framework, OPE10: Definitions and application", "urls": [ "https://www.bis.org/basel_framework/chapter/OPE/10.htm" ] }, { "text": "Basel Committee on Banking Supervision — Revisions to the Principles for the Sound Management of Operational Risk", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee on Banking Supervision — Principles for operational resilience", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA — Rule 4370: Business Continuity Plans and Emergency Contact Information", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/4370" ] }, { "text": "IOSCO — Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD522.pdf" ] }, { "text": "IOSCO — Market Intermediary Business Continuity and Recovery Planning", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD523.pdf" ] } ], "revision": "1fd3262fc3daf586", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "operational-risk", "operational-resilience", "business-continuity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/option-chain", "locale": "en", "title": "Option chain: series, quotes and liquidity", "summary": "An option chain is a snapshot of available series by expiry and strike. Timestamps, bid, ask, size, volume, open interest, implied volatility and Greeks have different frequencies and meanings.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/option-chain/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Understanding the Bid and Ask Prices for Options — consolidated quote formation, size, spread and slippage.", "urls": [ "https://www.optionseducation.org/news/understanding-the-bid-and-ask-prices-for-options" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — chain fields, delayed data, volatility and Greeks.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "Options Industry Council, General Information FAQ — relationship among volume, open interest, quotes and liquidity.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "The Options Clearing Corporation, Series Search — open interest by series and reference date.", "urls": [ "https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search" ] }, { "text": "The Options Clearing Corporation, Volume Query — volume by product, symbol, type and session.", "urls": [ "https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-query" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Legal Bulletin No. 16 — Transactions in Listed Options — communication of bid, offer, size and quote obligations in the U.S. framework.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/staff-legal-bulletins/staff-legal-bulletin-no-16-transactions-listed-options-under-exchange-act-rule-11ac1-1" ] }, { "text": "Options Price Reporting Authority, OPRA Pillar Output Specification — primary structure of quote messages and best bid/best offer indicators.", "urls": [ "https://cdn.opraplan.com/documents/OPRA_Pillar_Output_Specification.pdf" ] } ], "revision": "7804c308043fb091", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "market-data", "liquidity", "execution" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/option-delta", "locale": "en", "title": "Option delta", "summary": "Option delta measures the local change in an option's value with respect to the underlying price. Sign, unit, multiplier, model and market state must be stated.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/option-delta/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Delta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — regulatory delta sensitivities to separate risk factors.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black and Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "22267eb0b4085271", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/option-exercise-assignment-and-settlement", "locale": "en", "title": "Option exercise, assignment and settlement", "summary": "Exercise and assignment turn the buyer's right into the seller's obligation. Style, cut-off, exercise by exception, deliverable and settlement determine what happens before and after expiry.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/option-exercise-assignment-and-settlement/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — primary document on nomenclature, exercise, assignment, expiry and settlement.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Exercising Options — exercise workflow and allocation of assignment.", "urls": [ "https://www.optionseducation.org/optionsoverview/exercising-options" ] }, { "text": "Options Industry Council, Options Exercise FAQ — cut-offs, American/European style and exercise by exception.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-exercise" ] }, { "text": "Options Industry Council, Options Assignment FAQ — assignment risk, expiry, trading halts and instructions.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-assignment" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — writer obligations and consequences of assignment on one leg.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "FINRA, Information Notice 2/3/21 — Exercise Cut-Off Time for Expiring Options — exercise, non-exercise and contrary exercise advice.", "urls": [ "https://www.finra.org/rules-guidance/notices/information-notice-020321" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — fundamental rights, obligations and risks of options.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "5ea260e0d1f81aa2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "exercise", "assignment", "settlement" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/option-gamma", "locale": "en", "title": "Option gamma", "summary": "Gamma measures how an option's delta changes when the underlying moves. It is a local, dynamic second-order sensitivity whose unit and sign depend on the position and reporting convention.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/option-gamma/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Gamma — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-gamma-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Fischer Black and Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Basel Committee on Banking Supervision, MAR20 — Standardised approach: general provisions and structure — distinction among delta, vega and curvature risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/20.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "d23da346c8d33026", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/option-premium-and-valuation", "locale": "en", "title": "Option premium and valuation", "summary": "An option premium is a negotiated price per unit of underlying, whereas theoretical value is a model output. Bid, mid, ask, multiplier, volatility and time must be read separately.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/option-premium-and-valuation/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — contract features, premium, exercise, settlement and risks of standardised listed options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Options Pricing — intrinsic value, time value and the principal drivers of premium.", "urls": [ "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "Options Industry Council, Understanding Options Greeks — pricing inputs and the theoretical nature of sensitivities.", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — call and put structure, premium and buyer/seller risks.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "Cboe Options Institute, Options Calculator — comparison of inputs, theoretical price and Greeks.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "Fischer Black and Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — primary formulation of the valuation model and replication principle.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — quotes, delayed data, volatility, Greeks and theoretical scenarios.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] } ], "revision": "4a080291117ebcca", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-pricing", "volatility", "market-data" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/option-strategies-and-multi-leg-payoffs", "locale": "en", "title": "Option strategies and multi-leg payoffs", "summary": "A multi-leg strategy combines options and sometimes the underlying. Terminal payoff is the sum of the legs, but pre-expiry P&L, execution, margin, assignment and settlement require separate analysis.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/option-strategies-and-multi-leg-payoffs/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — combination risks, exercise, assignment and settlement.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, All Strategies — structure and payoff of major multi-leg families.", "urls": [ "https://www.optionseducation.org/strategies/all-strategies-en" ] }, { "text": "Options Industry Council, Profit and Loss Simulator — P&L scenarios with changing price, volatility, rates and time.", "urls": [ "https://www.optionseducation.org/oic-profit-and-loss-simulator" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — consequences of assignment on one leg.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "CME Group, Option Spread Functionality on CME Globex — recognised types, ratios and spread execution in a complex market.", "urls": [ "https://www.cmegroup.com/education/files/ofm-spread-overview.pdf" ] }, { "text": "CME Group, Bull Spread — construction and payoff of vertical spreads with calls or puts.", "urls": [ "https://www.cmegroup.com/education/courses/option-strategies/bull-spread" ] }, { "text": "Cboe Options Institute, Options Calculator — theoretical values and sensitivities as inputs change.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — asymmetric risks and combined use of contracts.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "57bccc7d0e4b0be6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-strategies", "payoff", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/option-theta", "locale": "en", "title": "Option theta", "summary": "Theta measures the local change in an option's value as time passes while other model inputs are held fixed. Its sign and scale depend on the time variable, reporting convention and position.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/option-theta/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Theta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/theta" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Cboe, Options Calculator — model- and input-specific theoretical outputs.", "urls": [ "https://www.cboe.com/education/tools/options-calculator/" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black and Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "0d8729bbde9b7059", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "time-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/option-vega", "locale": "en", "title": "Option vega", "summary": "Vega measures the local change in an option's value with respect to the implied-volatility input used by its model. Scale, surface, expiry and position sign are part of the measure.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/option-vega/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Vega — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-vega-the-greeks" ] }, { "text": "Cboe, SR-CBOE-2019-126 — definition and one-percentage-point volatility convention.", "urls": [ "https://cdn.cboe.com/resources/regulation/rule_filings/approved/2019/SR-CBOE-2019-126.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — vega factors and aggregation within its regulatory scope.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "0de3b1c19920e179", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "volatility", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/options", "locale": "en", "title": "Options: calls, puts, strike and expiry", "summary": "An option is a derivative that gives the buyer a right and the seller the corresponding obligation. Call, put, strike, premium, expiry and settlement define the contract.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/options/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — official U.S. disclosure on contract features, exercise, assignment, settlement and combination risks.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options, published 18 March 2015 and updated 16 July 2026.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Opening an Options Trading Account, updated 16 July 2026 — risks, approval and disclosure in the U.S. regulatory context.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-77" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — options on futures and contractual obligations.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categories of options and other derivatives in the EU framework.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "29b71b31b5998661", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/order-book", "locale": "en", "title": "Order book", "summary": "A record of displayed limit orders on a specific market or feed. It shows bids, asks and available depth, but neither all liquidity nor the future direction of price.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/order-book/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — order-based and level-book feeds; displayed orders, cancellations, amendments and executions.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "New York Stock Exchange, NYSE Pillar Depth — official example of a feed containing ten bid/offer levels, size and venue attribution.", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "Rama Cont, Arseniy Kukanov and Sasha Stoikov, The Price Impact of Order Book Events, Journal of Financial Econometrics, 12(1), 2014, pp. 47–88; preprint — order-flow imbalance, depth and short-term price changes.", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "U.S. Commodity Futures Trading Commission, Antidisruptive Practices Authority — interpretation of the spoofing prohibition and the role of intent.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "40a878266022f5a2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/order-flow", "locale": "en", "title": "Order flow in trading: data, tools, and limits", "summary": "Order flow studies the sequence of orders, amendments, cancellations, and executions. Reading it correctly requires separating the order book, completed trades, and derived measures.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/order-flow/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — describes the aggressor as the incoming order that immediately matches orders already resting in the book.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — documents fields through which an exchange feed can publish execution price, quantity, and aggressor side.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distinguishes volume traded at the bid or ask from quantity waiting in market depth and explains tick-by-tick data requirements.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "Lee and Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — presents a trade-direction inference method and makes explicit that classification may be estimated rather than observed.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] } ], "revision": "ee0be041176c851a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "market-microstructure-concept", "topics": [ "order-flow", "executions", "order-book", "market-data", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/order-lifecycle", "locale": "en", "title": "Order lifecycle: from submission to settlement", "summary": "The stages an order passes through: configuration, controls, receipt, routing, acceptance, partial executions, closure and the boundary with post-trade.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/order-lifecycle/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — transmission to a broker, possible destinations and the difference between the observed quote and execution.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — receipt, timestamps, partial executions, cancellations and execution-quality statistics within the rule's perimeter.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — best-execution factors and execution policy.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — prompt, fair and expeditious handling of client orders.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "c0c36db7b71b6d7f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/order-priority-and-partial-fills", "locale": "en", "title": "Order priority and partial fills", "summary": "How a venue ranks and allocates orders, why price-time is not universal, and how to read executed quantity, remaining quantity and average fill price.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/order-priority-and-partial-fills/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Matching Algorithm Overview — FIFO, pro-rata and hybrid algorithm families used on CME Globex.", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group, CME Globex Reference Guide — orders, market controls and matching within the platform's perimeter.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — partial executions and cancellations, quantity weighting and timestamps.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — time sequencing of comparable orders in the firm's handling process.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "8fa868f5c2d8ec63", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/order-splitting", "locale": "en", "title": "Order splitting", "summary": "Splitting a large order into time tranches — reduces market impact and improves average fill price.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/order-splitting/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "302c0bf911c57b2c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "execution", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/out-of-sample", "locale": "en", "title": "Out of sample", "summary": "Evaluation on observations not used in development, covering temporal separation, test purity, purging, embargo, and walk-forward without universal shortcuts.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/out-of-sample/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, International Journal of Forecasting, 2000 — rolling origin, recalibration, and multiple test periods.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir and José M. Benítez, On the use of cross-validation for time series predictor evaluation, Information Sciences, 2012 — cross-validation designs for time-series predictors.", "urls": [ "https://doi.org/10.1016/j.ins.2011.12.028" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman, and Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction, 2018 — conditions under which cross-validation can be valid for autoregressive series.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — selection among configurations and the limitations of a simple holdout in investment backtests.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — official Wiley table of contents, Wiley, 2018 — monograph reference for purged K-fold and embargo; it is not cited here as a peer-reviewed article.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "0a41fd7c560c144f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "out-of-sample", "holdout", "temporal-validation", "walk-forward", "purged-cross-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/overconfidence", "locale": "en", "title": "Overconfidence", "summary": "Excessive certainty in forecasts after positive streaks — inflated size, loose stops, skipped rules.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/overconfidence/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "98f65076ef284c3d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/overfitting", "locale": "en", "title": "Overfitting", "summary": "Fitting historical noise and selecting among many trials: how to recognize, measure, and contain overfitting in trading systems.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/overfitting/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — evaluation of the best model after a search over many alternatives.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann, and Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap, The Journal of Finance, 1999 — direct application to technical trading rules.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — in-sample selection and loss of rank out of sample.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Campbell R. Harvey, Yan Liu, and Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — multiple testing in expected-return research.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "David H. Bailey and Marcos López de Prado, The Deflated Sharpe Ratio — correction for selection bias and non-normality when interpreting Sharpe.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "0da2481a853f530e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "overfitting", "multiple-testing", "model-selection", "data-snooping", "backtest-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/overtrading", "locale": "en", "title": "Overtrading", "summary": "Too many trades vs plan — boredom, FOMO, or revenge; dilutes edge and raises costs (fees, slippage).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/overtrading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ff2626f532f07742", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/panic", "locale": "en", "title": "Panic in trading", "summary": "Intense urgency under stress that may narrow attention and encourage unplanned actions: prevention, contingencies, and execution review.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/panic/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Lo and Repin, The psychophysiology of real-time financial risk processing (Journal of Cognitive Neuroscience, PubMed) — physiological measurements during professional traders' live sessions.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11970795/" ] }, { "text": "Porcelli and Delgado, Acute stress modulates risk taking in financial decision making (Psychological Science, PubMed) — peer-reviewed experiment on acute stress and financial choices; it does not establish a universal response.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/19207694/" ] }, { "text": "FINRA, Active vs. Passive Investing — discusses FOMO, panic during volatility, and emotional reactions that may lead investors away from planned principles.", "urls": [ "https://www.finra.org/investors/insights/active-passive-investing" ] }, { "text": "FINRA, Volatility — discusses impulsive reactions during sharp market moves and the role of goals and a financial plan.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "5b04c0087ccd57e1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/paper-trading", "locale": "en", "title": "Paper trading", "summary": "A simulated-capital environment for checking pipelines, orders and process on current data, distinguished from forward testing, shadow mode and micro-live trading.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/paper-trading/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limitations involving hindsight, liquidity, slippage and the absence of real risk; applicable within its NFA scope.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — market structure, automation and the effects of real interaction between orders and venues.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — proactive validation and the limitations of investment models.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "European Commission, Commission Delegated Regulation (EU) 2017/589, RTS 6 — testing, environments separated from production, controls and deployment within the applicable EU algorithmic-trading scope.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "06d02e89751e4ad7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "paper-trading", "shadow-mode", "execution-testing", "operational-validation", "simulated-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/partial-exit", "locale": "en", "title": "Partial exit", "summary": "Close a fraction at intermediate targets — balances realized profit and trend runner.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/partial-exit/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6de041e715b55fc3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/passive-management", "locale": "en", "title": "Passive management", "summary": "Entry, stop, and target set ex ante — zero discretionary changes during the trade (set-and-forget).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/passive-management/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7273015a0f9ccfca", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/patience", "locale": "en", "title": "Patience", "summary": "Wait for your setup — stay flat without valid reason; opposite of FOMO and overtrading.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/patience/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e6a12e472f685771", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/payoff-ratio", "locale": "en", "title": "Payoff ratio", "summary": "Average win / average loss — real result asymmetry, not just pre-trade theoretical R/R.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/payoff-ratio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "93167f6acff698ce", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/percentage-risk", "locale": "en", "title": "Percentage Risk", "summary": "A planned loss budget per trade expressed as a percentage of stated reference capital: formula, denominator choice and operating limits.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/percentage-risk/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Proper Position Size", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov — Types of Orders", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA — Brokerage Accounts", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "471e10301ff79f96", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/performance-attribution", "locale": "en", "title": "Performance attribution", "summary": "A reconciled decomposition of absolute or active return into decisions represented by a model, distinct from measurement, appraisal and causal proof of skill.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/performance-attribution/", "published": "2026-06-24", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gary P. Brinson, L. Randolph Hood and Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — original policy, active-allocation and selection framework.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "Gary P. Brinson, Brian D. Singer and Gilbert L. Beebower, Determinants of Portfolio Performance II: An Update, Financial Analysts Journal (1991) — updated framework and cash treatment.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1991/determinants-of-portfolio-performance-ii-an-update" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution (2019) — history, BHB/BF formulas, models and linking.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — measurement, attribution, appraisal, returns/holdings/transactions models and benchmarks.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Roger G. Ibbotson and Paul D. Kaplan, Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?, Financial Analysts Journal (2000) — distinct statistical questions behind often-quoted percentages.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2000/does-asset-allocation-policy-explain-40-90-or-100-percent-of-performance" ] } ], "revision": "cc870816189846d3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-attribution", "return-attribution", "brinson-model", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/performance-benchmark", "locale": "en", "title": "Performance benchmark", "summary": "A reference selected in advance to evaluate a portfolio's return and risk, defined with a comparable universe, total-return variant, currency, hedge and methodology.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/performance-benchmark/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Overview of the Global Investment Performance Standards (2026) — current overview of the GIPS framework, purpose and scope.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Global Investment Performance Standards, Guidance Statement on Benchmarks for Firms, revised July 2023 — appropriateness, total return, currency, custom benchmarks and disclosure within GIPS.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks (2013) — official principles for governance, quality, methodology and accountability.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf" ] }, { "text": "MSCI, MSCI Index Calculation Methodology, May 2026 — price, gross and net returns, currency, distributions and corporate actions.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology, April 2026 — formulas and conventions for return variants, currencies and hedged indices.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation (2026) — valid-benchmark properties and the dependence of appraisal and attribution on benchmark specification.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "e4cee8668f54b564", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-benchmark", "total-return", "active-return", "benchmark-governance", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/perpetual-futures", "locale": "en", "title": "Perpetual futures: funding, mark price, and liquidation", "summary": "A perpetual future is a derivative with no scheduled expiry: its index, mark price, funding, margin, and liquidation engine determine its behaviour and risks.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/perpetual-futures/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Guidelines on the qualification of crypto-assets as financial instruments — paragraphs 47–55: crypto derivatives and assessment of substance.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2025-03/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs.pdf" ] }, { "text": "ESMA — Statement on derivatives within CFD product-intervention measures — labels, funding, expiry, and insurance funds do not determine the scope on their own.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-02/ESMA35-243228190-8024_-_Public_statement_on_derivatives_in_scope_of_the_CFD_product_intervention_measures.pdf" ] }, { "text": "BIS–FSI — Cryptoasset service providers as financial intermediaries — perpetuals, leverage, margin, liquidation, insurance funds, and auto-deleveraging.", "urls": [ "https://www.bis.org/fsi/fsipapers27.pdf" ] }, { "text": "CFTC — BTCPERP product terms — one contract's index, premium, funding, and margin terms; not a universal model.", "urls": [ "https://www.cftc.gov/filings/ptc/ptc0602265036.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — disclosure, integrity, conflicts, custody, and crypto-platform risk.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "f33e6a824fbcd0b2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "perpetual-derivative-contract", "topics": [ "derivatives", "perpetual-futures", "crypto-markets", "funding", "margin", "liquidation" ], "asset_classes": [ "crypto", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-perpetual-futures", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/personal-audit", "locale": "en", "title": "Personal audit", "summary": "Periodic, structured review of process, data, discipline, and plan adherence — quality check, not only P&L.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/personal-audit/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9e4133f00e563080", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/plan-adherence", "locale": "en", "title": "Plan adherence", "summary": "Measure whether observable decisions followed predefined rules while separating execution, exceptions, and outcomes.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/plan-adherence/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — recommends a risk-management plan and links sticking to it with avoiding emotionally charged decisions; it does not promise success.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Investor Tips for Turbulent Markets — advises against impulsive decisions and points investors back to goals and a predetermined plan in turbulent markets.", "urls": [ "https://www.finra.org/investors/insights/tips-turbulent-market" ] }, { "text": "Gollwitzer and Sheeran (2006), Implementation intentions and goal achievement — peer-reviewed meta-analysis of if-then planning and turning intentions into action; not a financial-performance study.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron and Hershey (1988), Outcome bias in decision evaluation — five experimental studies showing that outcomes can alter judgments of decision quality under uncertainty.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] }, { "text": "Locke and Mann (2005), Professional trader discipline and trade disposition — peer-reviewed research operationalizing discipline through exit behavior in a specific sample of professional traders.", "urls": [ "https://doi.org/10.1016/j.jfineco.2004.01.004" ] } ], "revision": "b4da1acfde867b16", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/playbook", "locale": "en", "title": "Playbook", "summary": "Written catalog of validated setups — context, trigger, invalidation, management for each authorized scenario.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/playbook/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d2be44a3f3c19b1c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/poc", "locale": "en", "title": "POC (Point of Control)", "summary": "Dominant level of a profile: the price with the most volume in Volume Profile or the most TPOs in Market Profile. The two versions need not coincide.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/poc/", "published": "2026-06-25", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, p. 44 — the price present in the greatest number of time brackets and the tie-break toward the midpoint of the range.", "urls": [] }, { "text": "Chicago Board of Trade, same work, p. 33 — explicit distinction between the volume area and the TPO area.", "urls": [] } ], "revision": "2501a3f7d0c2711f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/point-and-figure", "locale": "en", "title": "Point & Figure (P&F)", "summary": "How to build and read a Point & Figure chart: boxes, X/O columns, reversal threshold, settings, operational uses, and limitations.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/point-and-figure/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — editorial review performed by a non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView Help Center — What are Point & Figure charts? — official documentation on X/O columns, boxes, reversals, price sources, and sizing methods.", "urls": [ "https://www.tradingview.com/support/solutions/43000502276-what-are-point-and-figure-charts/" ] }, { "text": "StockCharts ChartSchool — Introduction to Point & Figure Charts — construction, non-uniform time scale, and parameter sensitivity.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/chart-analysis/point-and-figure-charts/point-and-figure-basics/introduction-to-point-and-figure-charts" ] }, { "text": "StockCharts ChartSchool — P&F Price Objectives: Horizontal Counts — counting method and explicit warning that objectives are estimates without a guarantee.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/chart-analysis/point-and-figure-charts/p-and-f-price-objectives/p-and-f-price-objectives-horizontal-counts" ] }, { "text": "CMT Association — Technically Speaking, November 2025 — professional source on box size, reversal count, and time markers.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-november-2025/" ] }, { "text": "TradingView Help Center — One Step Back Building — official documentation for the one-box variant.", "urls": [ "https://www.tradingview.com/support/solutions/43000564837-what-does-the-one-step-back-building-option-mean/" ] } ], "revision": "95cb3d424c9755c3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "chart-type", "topics": [ "technical-analysis", "price-chart", "noise-filtering" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "price_action", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/point-in-time-data", "locale": "en", "title": "Point-in-time data", "summary": "Historical data reconstructed from what was genuinely available at each decision: availability timestamps, vintages, universe membership, corporate actions and delistings without hindsight.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/point-in-time-data/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED® and Real-Time Periods — storage of originally released values, revisions and information-validity periods.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/alfred.html", "https://fred.stlouisfed.org/docs/api/fred/realtime_period.html" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR Application Programming Interfaces — filing history, metadata and updates to disseminated information.", "urls": [ "https://www.sec.gov/search-filings/edgar-application-programming-interfaces" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — historical structure including both active and terminated funds.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — consequences of omitting delisting returns.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "S&P Dow Jones Indices, Equity Indices Policies & Practices — announcements, effective dates, rebalances and treatment of composition corrections.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-equity-indices-policies-practices.pdf" ] } ], "revision": "563b89a96d28d9f6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-governance", "validation", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/policy-rate-and-monetary-policy-stance", "locale": "en", "title": "Policy rate and monetary-policy stance", "summary": "From target rates to administered and market rates: nominal level, distance from neutral and expected path jointly shape the stance.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/policy-rate-and-monetary-policy-stance/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Policy implementation, official documentation — FOMC principles, plans and communications for normalising rates and the balance sheet.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/policy-normalization.htm" ] }, { "text": "ECB, Key ECB interest rates, official documentation — current and historical deposit, refinancing and marginal-lending facility rates.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html" ] }, { "text": "BIS, Central bank policy rates, official documentation — a cross-country dataset of central-bank policy rates with supporting metadata.", "urls": [ "https://www.bis.org/statistics/cbpol.htm" ] } ], "revision": "1a1f7d1f7fea155e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/portfolio-construction", "locale": "en", "title": "Portfolio construction", "summary": "The process that turns objectives, constraints and assumptions into an implementable set of weights, instruments, limits, benchmarks and control rules.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/portfolio-construction/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — expected return, variance, covariance and portfolio choice.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — asset-only, liability-relative and goals-based processes, risk budgeting and mean–variance limitations.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — size, liquidity, horizon, tax, governance and rebalancing.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — official investor education on allocation, diversification and rebalancing.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi and Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — out-of-sample comparison and estimation error.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] } ], "revision": "78401fc481ecdc87", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-construction", "asset-allocation", "investment-policy", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/portfolio-rebalancing", "locale": "en", "title": "Portfolio rebalancing", "summary": "The process of comparing actual weights or risks with targets and ranges, then deciding whether and how to trade after accounting for costs, taxes, liquidity and governance.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/portfolio-rebalancing/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — rebalancing, tax constraints, liquidity and policy review.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — asset allocation, ranges and rebalancing in the wider process.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — official explanation of drift and restoring an allocation.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Campbell R. Harvey, Michele G. Mazzoleni and Alessandro Melone, The Unintended Consequences of Rebalancing, NBER Working Paper 33554, revised 2026 — predictable institutional rebalancing flows and market impact in the studied sample.", "urls": [ "https://doi.org/10.3386/w33554" ] }, { "text": "Karl Cuthbertson et al., What Does Rebalancing Really Achieve?, International Journal of Finance & Economics — limits of claims about a rebalancing premium.", "urls": [ "https://doi.org/10.1002/ijfe.1545" ] } ], "revision": "9e0b96b510efed8b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-rebalancing", "asset-allocation", "transaction-costs", "portfolio-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/portfolio-return", "locale": "en", "title": "Portfolio return", "summary": "The percentage change in a portfolio's economic value over a defined interval, measured under explicit conventions for income, external flows, costs, currency and changing composition.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/portfolio-return/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — holding-period returns, compounding, log returns, TWR and MWR.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, total-return instructions — ending value, reinvested distributions, cost and annual compounded rate for covered funds.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — price, total-return and net-total-return indices and dividend reinvestment.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, How Fees and Expenses Affect Your Investment Portfolio — official investor bulletin on the compounded effect of costs.", "urls": [ "https://www.sec.gov/file/ib_fees_expensespdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — inputs, external flows, valuation and consistent performance methods.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "a30a7688f229b969", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-return", "total-return", "compounding", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/position-sizing", "locale": "en", "title": "Position sizing", "summary": "A method for converting a risk budget and stop distance into tradable quantity, including point value, costs, rounding and portfolio constraints.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/position-sizing/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — stop → budget → contracts process, using tick distance and tick value.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Trading Basics, pp. 2–3 — differences between stop and stop-limit orders and the risk that trigger and execution prices diverge.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — nonlinear payoffs and risks specific to option buyers and sellers.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "b70fa090b97faf85", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/positive-expectancy", "locale": "en", "title": "Positive expectancy", "summary": "The condition in which expected net outcome per trade is above zero for stated rules, costs and population.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/positive-expectancy/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, documentary review against NIST, SEC and CME sources", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, What is a Probability Distribution?, probabilities for discrete and continuous outcomes.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda361.htm" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio, the effect of costs on returns.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "Campbell R. Harvey and Yan Liu, Backtesting, sample size, multiple testing and strategy significance.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] } ], "revision": "0987ee6cf07f4da9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/post-market-routine", "locale": "en", "title": "Post-market routine", "summary": "Daily close — journal, screenshots, error tags, lesson of the day before disconnecting.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/post-market-routine/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ca7367dafc9186af", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/post-only", "locale": "en", "title": "Post-only: maker instruction and venue rules", "summary": "Post-only asks that a limit order not immediately remove liquidity, but the outcome is not universal: the venue may reject, cancel, reprice or, where its rulebook provides, execute the order. It does not guarantee a fill, maker fee or rebate.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/post-only/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nasdaq Trader — Post-Only Order Fact Sheet, 2026", "urls": [ "https://nasdaqtrader.com/content/ProductsServices/Trading/postonly_factsheet.pdf" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase Derivatives Exchange — Supported Order Qualifiers", "urls": [ "https://help.coinbase.com/en/derivatives/features/supported-order-qualifiers" ] }, { "text": "OKX — Basic Order Types", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "a64da73d51af6251", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/pre-market-routine", "locale": "en", "title": "Pre-market routine", "summary": "20–40 min preparation before the session — macro, context, allowed setups, risk limits.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/pre-market-routine/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3d5c4b4e765a4b94", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/price", "locale": "en", "title": "Price", "summary": "Last Traded Price (LTP): the last level at which a buy and sell order executed — operational data, not a value judgment.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/price/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "17f1476abb5ae774", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/price-anchoring", "locale": "en", "title": "Price anchoring", "summary": "Fixating on entry price or a past price instead of the current market — the market does not know your cost basis.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/price-anchoring/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "72daa92396e1eea2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/price-range", "locale": "en", "title": "Price range", "summary": "A sideways structure defined by stated boundaries and timeframe; breakouts and accumulation readings remain hypotheses to test.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/price-range/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, documentary review against CME Group material", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group Education, Trend and Continuation Patterns, consolidations, rectangles and the non-absolute nature of patterns.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/trend-and-continuation-patterns" ] }, { "text": "CME Group Education, Support and Resistance, previous levels, zones and interpretation limits.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "97b730b9bf41f897", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/probability", "locale": "en", "title": "Probability", "summary": "Statistical mindset — single trade is uncertain; edge emerges on sample (expectancy, not obsessive win rate).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/probability/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d18cfd6e7fce7ec5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/profit-factor", "locale": "en", "title": "Profit factor", "summary": "Gross profit ÷ gross loss — aggregate system efficiency, read with drawdown.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/profit-factor/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "531dd4b4247a2c9d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/prospect-theory", "locale": "en", "title": "Prospect theory", "summary": "Decision model under risk: non-linear valuation of gains and losses, with loss aversion and reference-point framing.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/prospect-theory/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e457139d7a14c1c0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/psychological-risk", "locale": "en", "title": "Psychological risk", "summary": "Decision distortion under stress — real risk exceeds planned risk from tilt, revenge, euphoria.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/psychological-risk/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0ac437d4adfa23f4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/pullback", "locale": "en", "title": "Pullback", "summary": "Price return toward a newly broken level: retest confirming support/resistance polarity after a breakout.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/pullback/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d78942dedddbc3cf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/put-call-parity-and-synthetic-positions", "locale": "en", "title": "Put-call parity and synthetic positions", "summary": "Put-call parity links call, put, underlying or forward prices, strike, rates and dividends when European contracts share the same underlying, strike and expiry. Synthetic positions follow from the same identity, subject to real costs and constraints.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/put-call-parity-and-synthetic-positions/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Put/Call Parity — the spot relationship, assumptions, conversions, reversals and synthetics.", "urls": [ "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "CME Group, Put-Call Parity — parity for options on the same future, strike and expiry.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-options/put-call-parity" ] }, { "text": "CME Group, CME Options Workshop — the forward form and present value of F − K.", "urls": [ "https://www.cmegroup.com/articles/files/2023/pro-workshop-series-post-webinar-recording-week4-slides.pdf" ] }, { "text": "Fischer Black and Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — primary source for replication and no-arbitrage reasoning.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — exercise, assignment, settlement and contractual risks.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Option Price Behavior — relative prices, intrinsic value and parity.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/option-price-behavior" ] }, { "text": "Cboe Options Institute, Options Definitions & Glossary — American and European styles, settlement and contract concepts.", "urls": [ "https://www.cboe.com/optionsinstitute/defining-options/" ] } ], "revision": "f8119f65913c5d1f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "no-arbitrage", "synthetic-positions" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/qe-qt-and-central-bank-balance-sheet", "locale": "en", "title": "QE, QT and the central-bank balance sheet", "summary": "Purchases, reinvestment, maturities, reserves and balance-sheet composition, distinguishing flows from stocks and shortcuts about liquidity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/qe-qt-and-central-bank-balance-sheet/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Credit and Liquidity Programs and the Balance Sheet, official documentation — disclosures and background on Fed assets, liabilities, liquidity facilities and crisis-era programmes.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/bst.htm" ] }, { "text": "ECB, Asset purchase programmes, official documentation — programme rules, holdings, redemptions and reinvestment data for Eurosystem asset purchases.", "urls": [ "https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html" ] }, { "text": "Bank of England, Quantitative easing, official documentation — an institutional explanation of asset purchases and their intended economic effects.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy/quantitative-easing" ] } ], "revision": "5382aec05cd32b3e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/quantitative-trading", "locale": "en", "title": "Quantitative trading and systematic trading", "summary": "The differences between systematic decisions, quantitative research, algorithms and automated execution, with the complete chain from model to control.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/quantitative-trading/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — institutional description of the forms, uses and effects of algorithmic trading.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — the investment-model validation cycle and principal techniques.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — current banking guidance on development, use, validation and governance; its principles are cited by analogy, not as a universal obligation.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limits and disclosures for hypothetical results within its US regulatory scope.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "576eef0fa640ff7d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "quantitative-trading", "systematic-trading", "algorithmic-trading", "research-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/r-multiple", "locale": "en", "title": "R-multiple", "summary": "Normalizes a trade's net result by its initial 1R risk; useful in a journal, but not proof by itself of skill, edge, or profitability.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/r-multiple/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts: Expectancy — primary source for the terminology: R represents initial risk per unit, and profits and losses are related to that initial risk.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/expectancy.asp" ] }, { "text": "CME Group, Proper Position Size — connects the stop, monetary value per unit, and position size in determining trade risk.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — documents possible deviation between the stop price and execution price, as well as the risk that a stop-limit order may not execute.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — describes fees and expenses that reduce the net result.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] } ], "revision": "8412f7935cb27b18", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "risk-management", "trade-journal", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/ratings-default-recovery-and-loss-given-default", "locale": "en", "title": "Ratings, default, recovery and loss given default", "summary": "Connect credit ratings, default probability, recovered value and loss without turning conditional estimates into certainties.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/ratings-default-recovery-and-loss-given-default/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "96902d2614d07cd4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "default", "recovery", "expected-loss" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/recency-bias", "locale": "en", "title": "Recency bias", "summary": "Overweighting recent events vs history and statistics — win/loss streaks distort size and discipline.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/recency-bias/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5b52f33b00c1a252", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/recovery-factor", "locale": "en", "title": "Recovery factor", "summary": "Net profit / max drawdown — how much the system «repays» the worst historical hole.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/recovery-factor/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0336c63dfadde626", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/recurring-errors", "locale": "en", "title": "Recurring errors", "summary": "Repeated deviation pattern — label, cost in R, root cause, mechanical countermeasure in the playbook.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/recurring-errors/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4168bee76a435951", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/red-flags", "locale": "en", "title": "Red flags in trading: warning signs", "summary": "Red flags are signals that require a check or a stop: they help identify inconsistencies without treating every anomaly as automatic proof of fraud.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/red-flags/", "published": "2026-06-25", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Red Flags of Investment Fraud Checklist — recurring signs including unauthorised persons, urgency, guarantees, testimonials, and suspicious payments.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/red-flags-investment-fraud-checklist" ] }, { "text": "FCA — How to check a firm or individual is authorised — comparison between official contact details and those of a possible clone.", "urls": [ "https://www.fca.org.uk/consumers/how-check-firm-individual-authorised" ] }, { "text": "FCA — Warning List — absence from the list does not prove that an entity is authorised or legitimate.", "urls": [ "https://www.fca.org.uk/consumers/warning-list-unauthorised-firms" ] }, { "text": "IOSCO — I-SCAN — international alerts, including unauthorised entities and clones; the database is not exhaustive.", "urls": [ "https://www.iosco.org/i-scan/" ] }, { "text": "CONSOB — Communication on unauthorised activity, 20 May 2026 — clone websites, public figures, and AI-generated content used to promote unauthorised offers.", "urls": [ "https://www.consob.it/web/area-pubblica/-/comunicazione-consob-del-2026-05-20-abusivismo" ] } ], "revision": "17143e6eacc5629e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "fraud-warning-signal-framework", "topics": [ "fraud-prevention", "red-flags", "due-diligence", "investor-protection", "social-engineering" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "recognise-warning-signs", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/reduce-only", "locale": "en", "title": "Reduce-only: reducing a position without increasing it", "summary": "Reduce-only is an instruction used mainly for derivatives and margin accounts to prevent an order from increasing or reversing a position. It is not a stop and does not guarantee an exit: rejection, cancellation and resizing depend on the venue.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/reduce-only/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] }, { "text": "Coinbase International Exchange — Create Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/international-exchange-api/rest-api/orders/create-order" ] }, { "text": "OKX API — Place Order and the reduceOnly parameter", "urls": [ "https://www.okx.com/docs-v5/" ] }, { "text": "OKX — Basic Order Types and reduce-only handling", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "5d3a425d3917a47b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "risk", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/regime-shift", "locale": "en", "title": "Regime shift", "summary": "Structural move from one market behaviour to another — direct impact on method validity and recent statistics.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/regime-shift/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4d3003ed84189fb5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/reserve-capital", "locale": "en", "title": "Reserve capital", "summary": "Non-operating buffer that protects trading continuity during drawdown, shocks, and strategic pauses.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/reserve-capital/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "137e0757ce91afc2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/resistance", "locale": "en", "title": "Resistance", "summary": "Upper price zone where buying pressure tends to fade: enough supply to halt or slow a rally.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/resistance/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c090e37d354cc679", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/results-communication", "locale": "en", "title": "Results communication", "summary": "Transparent presentation of return, drawdown, sample, and context — avoids bias, self-deception, and misleading narratives.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/results-communication/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "67a7840910dfae47", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/return-distribution", "locale": "en", "title": "Return distribution", "summary": "Empirical distribution of net outcomes: centre, spread, skewness, tails, outliers and sample dependence.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/return-distribution/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, documentary review against NIST and CFTC sources", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Histogram, centre, spread, skewness, outliers and modes.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda33e.htm" ] }, { "text": "NIST/SEMATECH, Measures of Skewness and Kurtosis, definitions, conventions and sensitivity to extremes.", "urls": [ "https://itl.nist.gov/div898/handbook/eda/section3/eda35b.htm" ] }, { "text": "CFTC, Commodity Trading Systems Sold on the Internet, limitations of hypothetical results and execution assumptions.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_tradingsystem.html" ] } ], "revision": "de95e1bec60808e4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/revenge-trading", "locale": "en", "title": "Revenge Trading", "summary": "Trading from anger after a loss to «recover immediately» — increased size, abandoned plan, spiral toward tilt.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/revenge-trading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "20efbaf5f5870630", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-acceptance", "locale": "en", "title": "Risk Acceptance", "summary": "Recognise a possible loss in advance and choose risk compatible with personal goals, capacity, and tolerance.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-acceptance/", "published": "2026-06-26", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute Research and Policy Center — Risk profiling and investor risk tolerance", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2018/risk_compilation_2018.pdf" ] }, { "text": "Investor.gov — Hot stocks, emotions, and the risks of short-term trading", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "340279f8db14ffdf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-budgeting", "locale": "en", "title": "Risk budgeting", "summary": "A method that assigns target contributions to a risk measure and builds or controls a portfolio so that observed contributions remain consistent with those budgets.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-budgeting/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Benjamin Bruder and Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — properties, existence, uniqueness and applications of risk-budgeting portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Edward E. Qian, On the Financial Interpretation of Risk Contribution: Risk Budgets Do Add Up — relationship between contributions, full allocation and risk-budget interpretation.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Sébastien Maillard, Thierry Roncalli and Jérôme Teïletche, On the Properties of Equally-Weighted Risk Contributions Portfolios — the equal-contribution case and comparison with equally weighted and minimum-variance portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — theoretical conditions for Euler attribution underlying risk contributions.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — relationship among weights, variances and covariances in portfolio construction.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] } ], "revision": "9b30a0b929618d4a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-budgeting", "risk-allocation", "portfolio-construction", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-contribution", "locale": "en", "title": "Risk contribution", "summary": "A decomposition of a portfolio risk measure into marginal and component contributions under stated mathematical conditions and conventions.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-contribution/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — foundations, conditions and applications of Euler allocation for risk measures.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Edward E. Qian, On the Financial Interpretation of Risk Contribution: Risk Budgets Do Add Up — financial interpretation of contributions and their relationship to risk budgets.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — basis for portfolio measurement through weights, variances and covariances.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Dirk Tasche, Expected Shortfall and Beyond — properties of Expected Shortfall and attribution to portfolio components.", "urls": [ "https://arxiv.org/abs/cond-mat/0203558" ] }, { "text": "Benjamin Bruder and Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — use of contributions in portfolios with stated risk budgets.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] } ], "revision": "f284acc6c34de1a6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-contribution", "risk-decomposition", "portfolio-risk", "euler-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-of-ruin", "locale": "en", "title": "Risk of ruin", "summary": "Risk of ruin is the probability that capital reaches a defined ruin threshold within a given horizon. It does not depend on a losing streak alone: the return model, sizing, costs, dependencies, leverage and ruin boundary all matter.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-of-ruin/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., “A New Interpretation of Information Rate”, Bell System Technical Journal 35(4), 1956, pp. 917–926, paper reproduction.", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] }, { "text": "National Institute of Standards and Technology, description of the distribution associated with the classic gambler's ruin problem.", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "Robert E. Machol and Eugene M. Lerner, “Risk, Ruin and Investment Analysis”, Journal of Financial and Quantitative Analysis 4(4), 1969, pp. 473–492, Cambridge record.", "urls": [ "https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/abs/risk-ruin-and-investment-analysis/4944499167D2D79D51B023003CD4B78A" ] }, { "text": "U.S. Securities and Exchange Commission, Margin: Borrowing Money to Pay for Stocks.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsmarginhtm" ] }, { "text": "FINRA, Know What Triggers a Margin Call.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "23ac3ef036fa5761", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "probability", "capital-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-off", "locale": "en", "title": "Risk-off", "summary": "Phase of risk aversion when capital and liquidity shift toward defensive assets — survival and drawdown control first.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-off/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9fbcabc4eca217c0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-on", "locale": "en", "title": "Risk-on", "summary": "Phase of risk appetite when aggressive and high-beta assets are favoured — selection and exposure limits remain crucial.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-on/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5c13aa4bf647ae69", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-parity", "locale": "en", "title": "Risk parity", "summary": "A family of allocations that balances contributions to a selected risk measure; equal risk contribution is the special case with equal budgets.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-parity/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Edward E. Qian, Risk Parity Portfolios: Efficient Portfolios Through True Diversification (2005) — historical use of the term and risk allocation across asset classes.", "urls": [ "https://www.panagora.com/assets/risk_party_portfolios.pdf" ] }, { "text": "Sébastien Maillard, Thierry Roncalli and Jérôme Teïletche, On the Properties of Equally-Weighted Risk Contributions Portfolios — definition, theoretical properties and comparison with equally weighted and minimum-variance portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Benjamin Bruder and Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — risk parity as a special case of the broader class of risk-budgeting portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Clifford Asness, Andrea Frazzini and Lasse Heje Pedersen, Leverage Aversion and Risk Parity — analysis of leverage and economic motivation; empirical findings remain specific to the model and samples studied.", "urls": [ "https://pages.stern.nyu.edu/~lpederse/papers/LeverageAversionRP.pdf" ] }, { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — theoretical basis for the Euler contributions used in ERC.", "urls": [ "https://arxiv.org/abs/0708.2542" ] } ], "revision": "e6133494b78443bb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-parity", "equal-risk-contribution", "risk-budgeting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-per-trade", "locale": "en", "title": "Risk per trade", "summary": "The planned amount at risk between entry and stop, also expressed as 1R. It is not a guaranteed maximum loss: gaps, slippage and costs can make the realised loss larger.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-per-trade/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — logical stop, monetary or percentage budget, and sizing through tick distance and tick value.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Trading Basics, pp. 2–3 — how stop and stop-limit orders work; a stop price is not a guaranteed execution price.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "FINRA, Brokerage Accounts — margin accounts involve broker lending and losses may exceed the amount deposited.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "1fe02fbab4a3b41f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk_first", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/risk-reward-ratio", "locale": "en", "title": "Risk/reward ratio", "summary": "Compares planned loss with potential gain: formula, probability, costs and outcome review, without treating any ratio as a universal rule.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/risk-reward-ratio/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Futures Glossary — defines risk/reward ratio as the relationship between the probability of loss and profit and notes its use in trade selection or comparison.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Position and Risk Management — relates capital at risk per trade to multiple factors and to the account's size and financial profile.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Proper Position Size — shows the relationship among a planned stop, monetary value and position size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — explains that a stop price does not guarantee the execution price and that a stop-limit order may not execute.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — describes commissions and other transaction costs that reduce net results.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] } ], "revision": "7812c788a5ff6287", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "risk-management", "trade-planning", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk_first", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/robustness", "locale": "en", "title": "Robustness", "summary": "Stability of a strategy under plausible assumptions about data, parameters, execution, and regimes: a diagnostic battery, not proof of validity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/robustness/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey, and Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocol, selection, and stress testing of financial conclusions.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — benchmark comparison after searching over multiple models.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — fragility of a selected configuration and out-of-sample evaluation.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, 1988 — the gap between a paper portfolio and an achievable result through execution.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2 — Revised Guidance on Model Risk Management, 2026 — governance, validation, limitations, and monitoring of model risk within its supervisory scope.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "534fadaab294f192", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "robustness", "sensitivity-analysis", "stress-testing", "model-risk", "systematic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/roll-yield", "locale": "en", "title": "Roll yield: return, curve and measurement conventions", "summary": "Roll yield describes the component of a futures exposure's return linked to the term structure and convergence, under a stated methodology. It is not the same as commissions or the simple price gap observed during a roll.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/roll-yield/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell & Company (white paper hosted by CME Group), Deconstructing Futures Returns: The Role of Roll Yield — roll adjustment, joined or spliced series and decomposition between basis and roll yield.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — repeated rolls and differences from spot performance.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — contango, backwardation and limits of return inferences.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definitions of basis, contango, backwardation, convergence and roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — two-leg mechanics and selection of the deferred expiry.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "S&P Dow Jones Indices, S&P GSCI Methodology — an example of a published methodology for selection, weights and rolling of a commodity index.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-gsci.pdf" ] } ], "revision": "d80eae103e7dd282", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "term-structure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/sample-size", "locale": "en", "title": "Sample size", "summary": "Sample size and effective information in trading, including dependence, metric precision, regimes, and observation counts without universal thresholds.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/sample-size/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal, 2002 — autocorrelation, distribution, and inference for the Sharpe ratio.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey and Marcos López de Prado, The Sharpe Ratio Efficient Frontier, Journal of Risk, 2012 — track-record length, confidence, and distributional characteristics.", "urls": [ "https://doi.org/10.21314/JOR.2012.255" ] }, { "text": "Campbell R. Harvey, Yan Liu, and Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — number of trials and evidential thresholds in financial selection.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Francis X. Diebold and Roberto S. Mariano, Comparing Predictive Accuracy, Journal of Business & Economic Statistics, 1995 — comparison of forecast errors with temporal structure.", "urls": [ "https://doi.org/10.1080/07350015.1995.10524599" ] }, { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — multiple test samples, rolling origin, and temporal representativeness.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] } ], "revision": "48320028446da02d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sample-size", "effective-sample-size", "statistical-uncertainty", "dependence", "performance-estimation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/scaled-order", "locale": "en", "title": "Scaled order: quantity distributed across prices", "summary": "A scaled order divides total quantity across prices and sizes; fills may be partial, and the structure does not guarantee a better average price.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/scaled-order/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — AI agent, non-human review commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Interactive Brokers — Order Types and Algos: ScaleTrader — describes automated division of an order into incrementally priced and sized limit components.", "urls": [ "https://portal.interactivebrokers.com/en/trading/ordertypes.php" ] }, { "text": "Interactive Brokers — Example 1: Basic Scale Orders — shows sequential release of components after the previous level fills.", "urls": [ "https://www.ibkrguides.com/traderworkstation/example-1-basic-scale-orders.htm" ] }, { "text": "SEC — Limit Orders — explains the price constraint and absence of an execution guarantee.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "FINRA — Time Parameters and Qualifiers on Stock Orders — documents duration, fill-or-kill, immediate-or-cancel, and partial fills.", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] } ], "revision": "4f6e5105a1d04045", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/scaling-in", "locale": "en", "title": "Scaling in", "summary": "Enter in pre-planned tranches on the same idea — spreads timing without losing risk control.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/scaling-in/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5a7e5ee4d90a64ea", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/scaling-out", "locale": "en", "title": "Scaling out", "summary": "Partial exits in tranches — bank partial, BE on rest, runner for long trend.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/scaling-out/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d91fd486bfe36c76", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/scenario", "locale": "en", "title": "Scenario", "summary": "Post-entry if-then plan — what you do if market favors, chops or goes against, before emotion hits.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/scenario/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a5f7a9c367154d2a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/scenario-analysis", "locale": "en", "title": "Scenario analysis", "summary": "Scenario analysis builds a coherent adverse narrative, translates factors and paths into impacts on a selected scope, and exposes assumptions and vulnerabilities. It is a stress-testing method, not a forecast.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/scenario-analysis/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel consolidated guidelines — RMA30, Stress testing", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee — Supervisory and bank stress testing: range of practices", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "Federal Reserve — Policy Statement on the Scenario Design Framework for Stress Testing", "urls": [ "https://www.federalreserve.gov/frrs/regulations/appendix-a-policy-statement-on-the-scenario-design-framework-for-stress-testing.htm" ] } ], "revision": "2f25cc9bebe22bd4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "scenario-analysis", "stress-testing", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/sentiment-analysis", "locale": "en", "title": "Sentiment analysis", "summary": "Measuring market mood from text and flows — news, social, surveys; contextual signal, not an oracle.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/sentiment-analysis/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "24692708db2a56a5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/setup", "locale": "en", "title": "Setup", "summary": "Set of objective binary conditions that justify entry — context, trigger, confirmation, invalidation.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/setup/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "45d2f4040eb611ce", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/sharpe-ratio", "locale": "en", "title": "Sharpe ratio", "summary": "Mean differential return per unit of standard deviation, conditional on the benchmark, frequency, window and annualisation convention.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/sharpe-ratio/", "published": "2026-06-24", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — general formulation, ex-ante and ex-post versions and differential return.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "William F. Sharpe, Mutual Fund Performance, The Journal of Business (1966) — original reward-to-variability measure.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/art1.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — sampling distribution, autocorrelation and annualisation.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Investment Risk and Performance — comparison of Sharpe, tracking error, information ratio, alpha and beta.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "GIPS Standards, Handbook for Firms — disclosure of supplemental measures and identification of the risk-free rate.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "04b38ff4f706a566", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sharpe-ratio", "risk-adjusted-return", "performance-appraisal", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/short-selling", "locale": "en", "title": "Short selling", "summary": "Short selling stock normally involves selling borrowed securities and buying them back for return. It creates upside, margin, borrow-availability and cost, recall, short-squeeze and jurisdiction-specific rule risks.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/short-selling/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Key Points About Regulation SHO — short-sale mechanics, borrowing, margin, dividends, loss risk, locate and close-out.", "urls": [ "https://www.sec.gov/investor/pubs/regsho.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Short Sales — Regulation SHO, Final Rule — marking, locate and treatment of failures to deliver.", "urls": [ "https://www.sec.gov/rules-regulations/2004/07/short-sales" ] }, { "text": "European Securities and Markets Authority, Short Selling — SSR perimeter, covered positions, transparency, exemptions and intervention powers.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/short-selling" ] } ], "revision": "675da713d07ea61a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "safety" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/sideways-market", "locale": "en", "title": "Sideways market", "summary": "Range regime where price oscillates without stable direction — stricter filters, fewer false breakouts, lower frequency.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/sideways-market/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b1c44fbb5ce0ca90", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/skew", "locale": "en", "title": "Skew", "summary": "Quantitative measure of asymmetry direction — right tail (big wins) vs left tail (extreme losses).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/skew/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bc73bdcef64230da", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/slippage", "locale": "en", "title": "Slippage: difference between benchmark and executed price", "summary": "Slippage is the difference between a stated reference price and the actual execution price. It can be favourable or adverse and is not automatically the same as spread or market impact.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/slippage/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group — The Market Environment for Trend Following", "urls": [ "https://www.cmegroup.com/education/files/ac-the-market-environment-for-trendfollowing-sep19.pdf" ] } ], "revision": "f83e7be0d5437cf0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/slippage-and-fees", "locale": "en", "title": "Slippage and fees", "summary": "Real operating costs — spread, commissions, slippage — turning gross edge into net edge.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/slippage-and-fees/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "73838cb40268c41c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "validation", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/sortino-ratio", "locale": "en", "title": "Sortino ratio and downside deviation", "summary": "Mean return above a target per unit of downside deviation, with the target, frequency, denominator and annualisation convention made explicit.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/sortino-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frank A. Sortino and Lee N. Price, Performance Measurement in a Downside Risk Framework, The Journal of Investing (1994) — performance measurement relative to downside risk and a target.", "urls": [ "https://doi.org/10.3905/joi.3.3.59" ] }, { "text": "CFA Institute, The Sortino Ratio — definition, target return and downside-deviation conventions.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/code/gips/the-sortino-ratio.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — appraisal, Sortino, benchmarks, drawdown and metric limitations.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — total variability and differential return for comparison.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — cautions on frequency, dependence and annualisation relevant to periodic-return ratios.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "633804198589ff29", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sortino-ratio", "downside-risk", "performance-appraisal", "minimum-acceptable-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/spot-market", "locale": "en", "title": "Spot market: exchange, settlement and ownership", "summary": "Spot describes an exchange for prompt settlement under market conventions. It does not by itself guarantee physical ownership or the absence of leverage, nor identify the venue or counterparty.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/spot-market/", "published": "2026-06-23", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025 — spot, outright forward, FX swap, currency swap and OTC option segments.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — OTC relationship with the dealer, margin, financing and retail costs.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa? — the function of an exchange and the role of intermediaries.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — EU definitions of venue, regulated market, MTF and OTF.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "4d0bdf9a0937c506", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/staking-consensus-rewards-and-risks", "locale": "en", "title": "Staking: consensus, rewards, and risks", "summary": "Staking explained from protocol to product: validators, proof-of-stake consensus, rewards, penalties, slashing, delegation, pools, and liquid staking tokens.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/staking-consensus-rewards-and-risks/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Blockchain Technology Overview — an overview of consensus models, including proof of stake.", "urls": [ "https://www.nist.gov/publications/blockchain-technology-overview" ] }, { "text": "Ethereum.org — Proof of stake — validator roles, attestations, and finality in Ethereum.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/" ] }, { "text": "Ethereum.org — Rewards and penalties — Ethereum-specific rewards, inactivity penalties, and slashing.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/" ] }, { "text": "Ethereum.org — Pooled staking — pools, liquid tokens, dependencies, and concentration in Ethereum.", "urls": [ "https://ethereum.org/staking/pools/" ] }, { "text": "EBA and ESMA — Recent developments in crypto-assets — centralised and decentralised models, disclosure, lock-ups, custody, and staking risks.", "urls": [ "https://www.eba.europa.eu/publications-and-media/press-releases/eba-and-esma-analyse-recent-developments-crypto-assets" ] }, { "text": "BIS — Blockchain consensus mechanisms and fragmentation — incentives, participation, concentration, and trade-offs among consensus models.", "urls": [ "https://www.bis.org/publ/bisbull126.htm" ] } ], "revision": "97cced55cdf633c9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "proof-of-stake-participation", "topics": [ "staking", "proof-of-stake", "validators", "rewards", "slashing", "liquid-staking", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-staking-rewards-and-risks", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/standard-deviation", "locale": "en", "title": "Standard deviation of returns", "summary": "The square root of variance and a measure of how returns are dispersed around their mean, interpretable only with a stated frequency, sample and convention.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/standard-deviation/", "published": "2026-06-24", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Measures of Scale — Engineering Statistics Handbook — definitions and properties of dispersion measures.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — variance and covariance in portfolio choice.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — standard deviation of differential returns and ex-ante/ex-post conventions.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — sampling, autocorrelation and annualisation limits.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — coordinated use and limits of risk and performance measures.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "78f6283617a4040e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "standard-deviation", "volatility", "return-distribution", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/stocks", "locale": "en", "title": "Stocks", "summary": "A stock represents an ownership interest in a company and a residual claim on its results. Rights, dividends, liquidity and risk depend on the share class and issuer.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/stocks/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stocks — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stock — ownership, proportional claim and voting rights.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/stock" ] }, { "text": "Banca d'Italia, L'economia per tutti, Azioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-azioni/" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR — Search and Access — official archive of U.S. corporate filings.", "urls": [ "https://www.sec.gov/search-filings" ] } ], "revision": "694d0f0a63b6c996", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "risk" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/stop-limit-order", "locale": "en", "title": "Stop-limit order: trigger, limit and no-fill risk", "summary": "A conditional order that activates a limit order once the stop is reached: it controls eligible execution prices but can remain unfilled even after triggering.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/stop-limit-order/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Types of Orders — differences among market, limit and stop orders in the US equity context.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — executability conditions for orders with stop and limit prices within the Rule 605 reporting perimeter.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group, CME Globex Reference Guide — CME Globex stop-limit implementation and treatment of remaining quantity.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — EU principles for handling client orders.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "026b110bc431860c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/stop-loss", "locale": "en", "title": "Stop loss", "summary": "A defensive exit instruction triggered by a price condition. The trigger does not guarantee the execution price: order type, venue, gaps and liquidity determine the fill.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/stop-loss/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — distinction between trigger and execution price, slippage risk and possible non-execution of a stop-limit.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "FINRA, Regulatory Notice 16-19: Stop Orders — stop prices are not guaranteed execution prices and trigger procedures may vary.", "urls": [ "https://www.finra.org/sites/default/files/notice_other_file_ref/Regulatory-Notice-16-19.pdf" ] } ], "revision": "14bcb11a8697cfc7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "order-types", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/stop-loss-and-take-profit", "locale": "en", "title": "Stop-loss and take-profit", "summary": "Orders that automatically close a position at a set price — limit loss or lock in gain per plan.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/stop-loss-and-take-profit/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5c33fe6cb904c35c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/stop-order", "locale": "en", "title": "Stop order: trigger, child order and execution risk", "summary": "A stop order activates when a price condition defined by the broker or venue is met. The trigger is not an execution price: it generates a market or limit order with different risks.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/stop-order/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Stop, Stop-Limit, and Trailing Stop Orders — child orders, trigger prices and different broker standards (13 July 2017; accessed 3 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "U.S. SEC, Investor.gov — Types of Orders — definitions of stop, buy stop and sell stop (accessed 3 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — executability conditions, stop-limits and triggers at downstream brokers (updated 1 April 2026; accessed 3 August 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "6f2abd17486c3491", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/strategic-and-tactical-asset-allocation", "locale": "en", "title": "Strategic and tactical asset allocation", "summary": "The distinction between long-term policy, permissible ranges and temporary deviations, with objectives, benchmarks and decision rights defined before execution.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/strategic-and-tactical-asset-allocation/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — strategic processes, allocation approaches and the distinction between policy review and monitoring.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — constraints, strategic review, glide paths, tactics and rebalancing.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Gary P. Brinson, L. Randolph Hood and Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — the original policy, active-allocation and selection framework.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "CFA Institute, Setting the Record Straight on Asset Allocation — clarification of the empirical questions often merged when interpreting the Brinson study.", "urls": [ "https://rpc.cfainstitute.org/blogs/enterprising-investor/2012/setting-the-record-straight-on-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — official introduction to targets, changed circumstances and rebalancing.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "909b21ef5186438d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "asset-allocation", "strategic-allocation", "tactical-allocation", "portfolio-policy" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/strategy-suspension", "locale": "en", "title": "Strategy monitoring and suspension", "summary": "Continuous governance of data, operations, execution and model behaviour: alerts, diagnosis, escalation, kill switch, rollback, suspension and reactivation.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/strategy-suspension/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — proactive validation, monitoring and reliability of investment models.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2: Model Risk Management, 2026 — governance, validation, use limitations and monitoring; it applies to banking organisations within its supervisory scope and is cited here only as a governance reference.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "European Commission, Commission Delegated Regulation (EU) 2017/589, RTS 6 — controls, testing, limits and operational functionality within the applicable EU algorithmic-trading scope.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] }, { "text": "European Securities and Markets Authority, Supervisory Briefing on Algorithmic Trading in the EU, 2026 — governance, testing, outsourcing and pre-trade controls; a non-binding supervisory briefing within its scope.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automation, operational risks and the interaction of algorithms with U.S. market structure.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] } ], "revision": "144e15880c8df07f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "strategy-monitoring", "suspension", "incident-management", "model-deterioration", "regime-shift", "algorithmic-controls" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "regimes", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/stress-test", "locale": "en", "title": "Stress testing", "summary": "A stress test evaluates the effects of stated adverse conditions over a defined scope and horizon. It includes sensitivities, historical or hypothetical scenarios and reverse stress; it is neither a forecast nor proof of safety.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/stress-test/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel consolidated guidelines — RMA30, Stress testing", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee — Supervisory and bank stress testing: range of practices", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "SEC — Use of Derivatives by Registered Investment Companies and Business Development Companies, final rule", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] } ], "revision": "a01155506cbc45b8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "stress-testing", "scenario-analysis", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/supply-and-demand", "locale": "en", "title": "Supply and Demand", "summary": "Balance between buy orders (demand) and sell orders (supply): price moves when one side is more aggressive and consumes opposing liquidity.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/supply-and-demand/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f37679b65d1c44a9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/support", "locale": "en", "title": "Support", "summary": "Lower price zone where selling pressure tends to fade: enough demand to halt or slow a decline.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/support/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "74c8ce70b5a9e950", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/support-and-resistance", "locale": "en", "title": "Support and resistance", "summary": "Price zones where demand (support) or supply (resistance) tends to halt or reverse movement — confirm with volume and structure.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/support-and-resistance/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9fe02a586ceba05e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/survivorship-bias", "locale": "en", "title": "Survivorship bias", "summary": "Bias caused by analysing only instruments, funds, companies or strategies that survived, excluding terminations and universe changes known only in hindsight.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/survivorship-bias/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Stephen J. Brown, William N. Goetzmann, Roger G. Ibbotson and Stephen A. Ross, Survivorship Bias in Performance Studies, The Review of Financial Studies, 1992 — effects of survivorship truncation on return, volatility and apparent predictability.", "urls": [ "https://doi.org/10.1093/rfs/5.4.553" ] }, { "text": "Edwin J. Elton, Martin J. Gruber and Christopher R. Blake, Survivorship Bias and Mutual Fund Performance, The Review of Financial Studies, 1996 — estimation of bias by following existing, merged and terminated funds.", "urls": [ "https://doi.org/10.1093/rfs/9.4.1097" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — missing returns and distortion associated with negative delistings.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — data model including both active and delisted funds.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "S&P Dow Jones Indices, Legal Disclaimers — Back-tested Performance — provider warnings about hindsight, constituent selection and possible survivor/look-ahead bias.", "urls": [ "https://www.spglobal.com/spdji/en/disclaimers/" ] } ], "revision": "b8f8bdbeff36d757", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "universe-selection", "data-quality", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/swing-high-low", "locale": "en", "title": "High, low and price swing", "summary": "The distinction between a bar's OHLC extremes and multi-bar swing highs/lows, including pivot rules, confirmation and timeframe.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/swing-high-low/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, documentary review against CME Group material", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group Education, Chart Types: Candlestick, Line, Bar, the open, high, low and close fields of a bar.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/chart-types-candlestick-line-bar" ] }, { "text": "CME Group Education, Technical Patterns: Reversals, highs/lows, confirmation and pattern limitations.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/technical-patterns-reversals" ] }, { "text": "CME Group Education, Support and Resistance, previous highs and lows as reference zones.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "51392d3ccf1e450e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/system-correlation", "locale": "en", "title": "System correlation", "summary": "Synchronization between equity curves of different strategies — extends correlation from asset to system level.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/system-correlation/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9f342d27f545b396", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/systematic-strategy-families", "locale": "en", "title": "Systematic strategy families", "summary": "A comparable taxonomy of trend, momentum, mean reversion, carry, relative value, market making and event-driven strategies, explaining mechanisms and risks without promising returns.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/systematic-strategy-families/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Narasimhan Jegadeesh and Sheridan Titman, Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency — foundational study of cross-sectional momentum in the sample examined.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] }, { "text": "Tobias J. Moskowitz, Yao Hua Ooi and Lasse Heje Pedersen, Time Series Momentum — evidence and construction of time-series momentum in the cross-asset design studied.", "urls": [ "https://doi.org/10.1016/j.jfineco.2011.11.003" ] }, { "text": "Ralph S. J. Koijen et al., Carry — definition and comparison of carry across asset classes within the study sample.", "urls": [ "https://doi.org/10.1016/j.jfineco.2017.11.002" ] }, { "text": "Evan Gatev, William N. Goetzmann and K. Geert Rouwenhorst, Pairs Trading: Performance of a Relative-Value Arbitrage Rule — methodology and historical evidence for one pairs-trading rule.", "urls": [ "https://doi.org/10.1093/rfs/hhj020" ] }, { "text": "Werner F. M. De Bondt and Richard Thaler, Does the Stock Market Overreact? — classic study of overreaction and contrarian returns in the sample considered.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1985.tb05004.x" ] } ], "revision": "90e484cbbdb1f6d3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "trend-following", "momentum", "mean-reversion", "carry", "relative-value" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/systematic-strategy-specification", "locale": "en", "title": "Systematic strategy specification", "summary": "A versioned document that makes a strategy implementable and verifiable: hypothesis, data, signals, portfolio, orders, costs, controls and decision criteria.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/systematic-strategy-specification/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — purpose, validation techniques, benchmarking, stress and documentation.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — current principles for development, use, validation, governance and monitoring within supervised banking.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — institutional context for decision and execution algorithms and their risks.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limitations of hypothetical results and the relevance of assumptions, liquidity, slippage and behaviour; application is limited to its own scope.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "d596530e42cf142c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "strategy-design", "reproducibility", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/systematic-trading-signal", "locale": "en", "title": "Systematic trading signal", "summary": "Information transformed into a measurable decision input, distinct from a forecast, position and order, with explicit timestamps, states and mappings.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/systematic-trading-signal/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — distinction between algorithmic decision and execution functions and their risks.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — validation, benchmarks, monitoring and documentation for investment models.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Tilmann Gneiting and Adrian E. Raftery, Strictly Proper Scoring Rules, Prediction, and Estimation — principles for evaluating probabilistic forecasts without separating the score from the quantity forecast.", "urls": [ "https://doi.org/10.1198/016214506000001437" ] }, { "text": "Narasimhan Jegadeesh and Sheridan Titman, Returns to Buying Winners and Selling Losers — academic example of a cross-sectional ranking signal under a specific design.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] } ], "revision": "15fa8bf37bcc5a87", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "signal-generation", "forecasting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/take-profit", "locale": "en", "title": "Take-profit: target and execution", "summary": "A take-profit defines an exit at a target price: order forms, non-fill risk, and the difference between target, trigger, and execution.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/take-profit/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, non-human review commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Understanding Order Types — distinguishes market, limit, and stop orders and explains which price or execution properties are not guaranteed (accessed 10 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "Coinbase Help — Advanced trade order types — documents one specific implementation of limit, bracket, and TP/SL orders, including partial fills, cancellation of the other leg, and execution limits (accessed 10 August 2026).", "urls": [ "https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/order-types" ] } ], "revision": "4c7eabb1943ad251", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/target", "locale": "en", "title": "Target", "summary": "Logical trade destination — liquidity and structure set take profit, not greed or imposed R:R.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/target/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "35bd62cd005d2c80", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/technical-stop", "locale": "en", "title": "Technical stop", "summary": "Stop loss at invalidation + volatility buffer — avoids whipsaw without denying trade logic.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/technical-stop/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "13bf21485855ebbb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/tilt", "locale": "en", "title": "Tilt", "summary": "Emotional state where decisions degrade — often after losses, excessive wins, or frustration; session out of control.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/tilt/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d0a747579a580851", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/time-in-force", "locale": "en", "title": "Time in force: DAY, GTC, IOC, FOK and AON", "summary": "Time in force determines how long an order remains valid and how unfilled quantity is handled. DAY, GTC, IOC and FOK serve different purposes; AON requires a complete fill but not necessarily an immediate one.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/time-in-force/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Trading Terms: Time Parameters and Qualifiers on Stock Orders", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] }, { "text": "CME Group — Time In Force Definitions", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-firmsoft/Content/TimeInForceDefinitions.html" ] }, { "text": "CME Group — Glossary: AON, FAK and FOK", "urls": [ "https://www.cmegroup.com/education/glossary" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] } ], "revision": "378bffa2e5673ae4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/time-series-validation-and-walk-forward", "locale": "en", "title": "Time-series validation and walk-forward", "summary": "Chronological rolling and expanding designs that separate development from evaluation while respecting dependence, information horizons, and the actual sequence of decisions.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/time-series-validation-and-walk-forward/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review — taxonomy and rationale for rolling-origin out-of-sample evaluation.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman, and Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction — precise conditions under which k-fold can be valid for autoregressive models.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "Jeffrey S. Racine, Consistent cross-validatory model-selection for dependent data: hv-block cross-validation — a block-separation proposal for dependent data, to be used with its assumptions and subsequent methodological discussion.", "urls": [ "https://doi.org/10.1016/S0304-4076(00)00030-0" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — official Wiley table of contents — authorial reference for purging and embargo; it is not presented as universal consensus or as an original peer-reviewed paper.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "fe06d48c70938e96", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "time-series-validation", "walk-forward", "cross-validation", "out-of-sample" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/time-weighted-return-twr", "locale": "en", "title": "Time-weighted return (TWR)", "summary": "A method that neutralises the size and timing of external cash flows by dividing measurement into subperiods and linking their returns geometrically.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/time-weighted-return-twr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, GIPS Standards Handbook for Firms — true TWR, flow valuations, geometric linking, Modified Dietz, composites and the TWR/MWR distinction.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — return measures and the comparison between time- and money-weighted returns.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "Robert L. Hagin, Measuring Investment Performance: The Unit Approach, Financial Analysts Journal (1966) — an early unitised method for funds with different cash flows.", "urls": [ "https://doi.org/10.2469/faj.v22.n4.93" ] }, { "text": "Peter O. Dietz, Pension Fund Investment Performance—What Method to Use When, Financial Analysts Journal 22(1), 1966 — historical primary source on performance measurement with contributions and withdrawals.", "urls": [ "https://www.jstor.org/stable/4469928" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — role, interpretation and limitations of performance evaluation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, total-return instructions — compounding, reinvestment and costs for covered funds.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] } ], "revision": "54b1e16a486255e9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "time-weighted-return", "portfolio-return", "external-cash-flows", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/timeframe", "locale": "en", "title": "Timeframe", "summary": "Chart time horizon: duration of each candle and multi-scale perspective — markets are fractal.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/timeframe/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "20be835510135f1d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/tracking-error", "locale": "en", "title": "Tracking error", "summary": "The standard deviation of active return relative to a benchmark, estimated ex post or modelled ex ante on comparable definitions and bases.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/tracking-error/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — active-risk definition and comparison with information ratio, alpha, beta and Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmarks, relative risk, attribution and appraisal.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal (1992) — benchmark quality and its implications for active return and risk.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "GIPS Standards, Guidance Statement on Benchmarks, revised 2023 — benchmark choice, presentation and disclosure.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — autocorrelation and limitations of square-root-of-time annualisation.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "8970137a354d6edf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "tracking-error", "active-risk", "benchmark-relative-risk", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/trade-frequency", "locale": "en", "title": "Trade frequency", "summary": "Number of trades over time — impacts costs, stress, sample size, and validation speed.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trade-frequency/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "988714e8d75c7d56", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trade-idea", "locale": "en", "title": "Trade idea", "summary": "Pre-trade sheet condensing direction, trigger, stop, target and scenarios — no click without written plan.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trade-idea/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4f8c0ae5e2b0360d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trade-lesson", "locale": "en", "title": "Trade lesson: evidence and verification", "summary": "A trade lesson connects evidence, comparison, and a verifiable action; it does not turn one profit or loss into a certain causal claim.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trade-lesson/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — AI agent, non-human review commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ellis, Mendel, and Nir (2006), Learning from successful and failed experience — peer-reviewed experiment on different after-event reviews following successful and failed experiences.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/16737362/" ] }, { "text": "Tannenbaum and Cerasoli (2013), Do team and individual debriefs enhance performance? — peer-reviewed meta-analysis of the structure and outcomes of individual and team debriefs.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/23516804/" ] }, { "text": "Gollwitzer and Sheeran (2006), Implementation intentions and goal achievement — peer-reviewed meta-analysis of conditional plans specifying when, where, and how to act.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron and Hershey (1988), Outcome bias in decision evaluation — experimental evidence that a known outcome can alter retrospective evaluation of a decision.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "467c8348af507754", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trade-result", "locale": "en", "title": "Trade result", "summary": "Records a trade's realized net outcome from fills and costs, separate from open P&L, decision quality, and adherence to the plan.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trade-result/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Are You Checking Your Trade Confirmations? — official source on confirmation data: date, price, quantity, time when available, commissions, and other charges.", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — official SEC source on transaction costs that reduce net results.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "Investor.gov, Better Understanding Your Brokerage Account Statement — distinguishes realized and unrealized gains and losses on an account statement.", "urls": [ "https://www.investor.gov/better-understanding-your-brokerage-account-statement" ] }, { "text": "Investor.gov, Executing an Order — describes order execution and the possible difference between a quote and an execution price.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "Baron and Hershey, Outcome Bias in Decision Evaluation — Journal of Personality and Social Psychology — peer-reviewed study of decision evaluation after the outcome becomes known.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "eb58c10f0436d120", "translation_state": "not-assessed", "kind": "concept", "entity_type": "journal-field", "topics": [ "trade-journal", "realized-pnl", "execution-review", "outcome-bias" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trade-screenshot", "locale": "en", "title": "Trade screenshot", "summary": "Captures the context visible when a trade was made: minimum contents, pre/post versions, integrity, privacy, and limits of chart evidence.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trade-screenshot/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — editorial review performed by a non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Keep a Trade Log — advises recording why a trade was made alongside targets, entries and exits, times, levels, and indicators.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/keep-a-trade-log" ] }, { "text": "Fischhoff (1975) — Hindsight is not equal to foresight — peer-reviewed study of how outcome knowledge affects retrospective judgments; it does not specifically study trading.", "urls": [ "https://doi.org/10.1037/0096-1523.1.3.288" ] }, { "text": "Information Commissioner's Office — Disclosing documents to the public securely — official guidance on checking hidden information and redacting material before disclosure.", "urls": [ "https://ico.org.uk/for-organisations/uk-gdpr-guidance-and-resources/security/disclosing-documents-to-the-public-securely/" ] } ], "revision": "2c086abbc2b3d306", "translation_state": "not-assessed", "kind": "concept", "entity_type": "record", "topics": [ "trade-journal", "decision-review", "visual-record" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trade-size", "locale": "en", "title": "Trade size and position size", "summary": "Calculating quantity from a risk budget, stop distance and unit value, while treating costs and execution as limits rather than guarantees.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trade-size/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — relationship among stop placement, monetary risk and number of contracts.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Position and Risk Management — contract count, tick value, margin and risk scenarios.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Options Premium and the Greeks — shows why an option's price depends dynamically on the underlying, volatility, time and related sensitivities.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-the-greeks-options-premium-and-the-greeks" ] }, { "text": "FINRA, stop-order risks in volatile markets — potential difference between stop price and actual execution price.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "0063486e2e503ccf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk_first", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trader-business-plan", "locale": "en", "title": "Trader business plan", "summary": "Management document that turns trading into a structured activity — objectives, costs, capital, risk, and periodic review.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trader-business-plan/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1f999b06bb21f539", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trading", "locale": "en", "title": "Trading: what it is and how it works", "summary": "Trading is the process of entering, managing and closing positions in financial instruments or contracts under market and account rules. Its outcome depends on exposure, price, execution, costs and risk—not on direction alone.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trading/", "published": "2026-08-09", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Types of Orders — market, limit and stop-order definitions and their execution limitations (accessed 9 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products — product differences, risk, fees, diversification and liquidity (accessed 9 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Financial Industry Regulatory Authority, Brokerage Accounts — cash and margin accounts, financing charges, maintenance requirements and forced sales within the U.S. securities-account scope (accessed 9 August 2026).", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — contract basics, hedgers and speculators, margin-related risk and customer due diligence (accessed 9 August 2026).", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "National Futures Association, Hypothetical Performance Results — limitations of hypothetical results, including hindsight, liquidity, slippage and the absence of real financial risk (accessed 9 August 2026).", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] }, { "text": "European Securities and Markets Authority, MiFID II Interactive Single Rulebook, Article 4 — Definitions — investment firms, execution of client orders, dealing on own account, market makers and trading venues within the EU legal framework (accessed 9 August 2026).", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "Banca d’Italia, L’economia per tutti, Cos’è la borsa? — price formation, liquidity, market participants and the distinction between primary and secondary markets (accessed 9 August 2026).", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] } ], "revision": "49d2fafd64c5d2c2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/trading-journal", "locale": "en", "title": "Trading journal", "summary": "Recording trades and decisions — external memory when emotions distort; from spreadsheet to auto-sync tools.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trading-journal/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "68fcaeea01aac25c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trading-mistake", "locale": "en", "title": "Trading mistake: process and outcome", "summary": "A trading mistake is an observable departure from a predefined rule, not a loss or a judgment reconstructed after the outcome.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trading-mistake/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — AI agent, non-human review commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — recommends defining risk capital, risk per trade, and a plan before trading (accessed 11 August 2026).", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Are You Checking Your Trade Confirmations? — describes price, quantity, date, and other confirmation data used to verify what was executed (accessed 11 August 2026).", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Baron and Hershey (1988), Outcome bias in decision evaluation — five peer-reviewed studies on how outcomes influence retrospective evaluations of decisions.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "7337a47fc6506555", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trading-plan", "locale": "en", "title": "Trading plan", "summary": "Written document defining markets, hours, risk, authorized setups and behavioral rules — no improvisation.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trading-plan/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fce5a70923e53639", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trading-session", "locale": "en", "title": "Trading session", "summary": "Time windows when you analyze and trade — aligned with institutional liquidity, not boredom.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trading-session/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f229df3c4fdfe1e1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trading-venues-and-order-routing", "locale": "en", "title": "Trading venues and order routing", "summary": "How an order moves from the broker to an execution venue, which destinations exist within the EU and US perimeters, and which factors and conflicts affect routing.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trading-venues-and-order-routing/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — destinations, internalisation, PFOF and best execution in the US equity context.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS — routing disclosure, broker discretion and further routable orders within the rule's perimeter.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — definitions of regulated market, MTF, OTF and trading venue.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — best-execution factors, execution policy and transactions outside a trading venue.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "22207f3eac4ec6c4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/trading-volume", "locale": "en", "title": "Trading volume", "summary": "The quantity of shares, contracts or units transferred during an interval. Each transaction is counted once for the quantity traded; volume alone does not indicate direction or intent.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trading-volume/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, What Is Volume? — definition for futures and an example in which one single-contract transaction increases volume by one.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] }, { "text": "Nasdaq, Volume and Nasdaq-Opedia, pp. 340–341 — quantity of shares transferred; 100 shares exchanged between A and B produce volume of 100.", "urls": [ "https://www.nasdaq.com/glossary/v/volume", "https://www.nasdaq.com/docs/2021/10/11/opedia%20booket28.pdf" ] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, The Ticker Publishing Company, 1910, Chapter V, “The Significance of Volumes” — primary source for the historical volume–movement interpretation and its cautions.", "urls": [] } ], "revision": "3d6b184638f27b10", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "microstructure", "volume-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/trailing-stop", "locale": "en", "title": "Trailing stop: dynamic threshold and fills", "summary": "A trailing stop updates a threshold with favorable movement; its trigger, child order, gaps, slippage, and rules depend on the execution venue.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trailing-stop/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, non-human review commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Understanding Order Types — defines trailing stops, distinguishes stop from stop-limit, and flags venue, trigger, and execution-price differences (accessed 10 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "FINRA — Rule 5350: Stop Orders — documents stop and stop-limit activation and disclosure of alternative triggers used by an intermediary (accessed 10 August 2026).", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5350" ] }, { "text": "Interactive Brokers Campus — Trailing Stop Limit for Desktop — official example of one implementation using a trail, stop, limit offset, and possible lack of immediate execution (accessed 10 August 2026).", "urls": [ "https://www.interactivebrokers.com/campus/trading-lessons/trailing-stop-limit-for-desktop/" ] } ], "revision": "285eba9fc823b4b4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/transaction-costs", "locale": "en", "title": "Transaction costs", "summary": "Transaction costs include explicit components, such as commissions and fees, and implicit components, such as spread, slippage, market impact and non-execution cost. Measuring them requires a stated benchmark and perimeter.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/transaction-costs/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs, sections II–III — distinction among commissions, spread, market impact, opportunity cost and implementation shortfall.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio, 23 July 2025 — commissions, markups/markdowns, transaction costs and recurring costs.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — price, costs and venue, clearing, settlement and third-party charges within retail total consideration.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "774c388becd3e4b6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/trend", "locale": "en", "title": "Trend", "summary": "Prevailing price direction over a time window: a sequence of rising highs and lows (bullish) or falling highs and lows (bearish).", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trend/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ef934933abcd9704", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trending-market", "locale": "en", "title": "Trending market", "summary": "Persistent directional regime where following flow is often more robust than anticipating reversals — continuation setups and trailing stops.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trending-market/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3954637a362bf708", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/trigger", "locale": "en", "title": "Trigger", "summary": "Execution event that authorizes the click — precise timing after context and before optional confirmation.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/trigger/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a2aee8478c617d50", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/twap", "locale": "en", "title": "TWAP: time benchmark and execution algorithm", "summary": "TWAP can mean a time-based average used as a benchmark or an algorithmic strategy that divides a parent order over time. The label does not guarantee fills, price, lower impact or equal child orders.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/twap/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase Help, Advanced Trade order types — TWAP orders — parameters, suborders, redistribution, passive/aggressive behavior and randomization in the documented implementation.", "urls": [ "https://help.coinbase.com/en-in/coinbase/trading-and-funding/advanced-trade/order-types" ] }, { "text": "Coinbase Developer Documentation, Prime — Order Types — TWAP parameters and the distinction from VWAP orders in Coinbase Prime.", "urls": [ "https://docs.cdp.coinbase.com/prime/concepts/trading/order-types" ] }, { "text": "EUR-Lex, Directive 2014/65/EU, Article 4(1)(39) — algorithmic-trading definition and the exclusion for routing alone.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA, Supervisory Briefing on Algorithmic Trading in the EU, 26 February 2026 — automated parameters, governance, testing, outsourcing and pre-trade controls.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] } ], "revision": "05e5df7825094d02", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/value-area", "locale": "en", "title": "Value Area", "summary": "Central profile interval calculated from volume or TPOs with a declared algorithm. The 70% threshold is a convention, not a universal rule.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/value-area/", "published": "2026-06-25", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, p. 33 — example and distinction between Volume Value Area and TPO Value Area.", "urls": [] }, { "text": "J. Peter Steidlmayer and Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, section I, chapter 6 — historical relationship between price, time, and profile construction.", "urls": [] } ], "revision": "153be9634ca21715", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/value-at-risk", "locale": "en", "title": "VaR (Value at Risk)", "summary": "VaR is a quantile of an estimated loss distribution, defined for a stated scope, horizon and confidence level. It is not maximum loss and does not describe the severity of outcomes beyond the threshold.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/value-at-risk/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR10, Market risk terminology", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Framework — MAR32, backtesting and P&L attribution requirements", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/32.htm" ] }, { "text": "Basel Committee — Explanatory note on the minimum capital requirements for market risk", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "SEC — Use of Derivatives by Registered Investment Companies and Business Development Companies, final rule", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] }, { "text": "Artzner, Delbaen, Eber and Heath — Coherent Measures of Risk", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "1d9db631213d9feb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "risk-measurement", "value-at-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/variance", "locale": "en", "title": "Variance", "summary": "Quadratic dispersion of returns around the mean — base measure of system instability.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/variance/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b520a9b1cb489127", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/volatility", "locale": "en", "title": "Volatility: meaning, measures and limits", "summary": "Volatility describes the dispersion of returns, not market direction. Frequency, window, estimator and annualisation are indispensable parts of every measure.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/volatility/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, CFTC Glossary — Volatility — institutional definition and distinction between historical and implied volatility.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "The Options Industry Council, Volatility & the Greeks — historical volatility, implied volatility and option sensitivities.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "National Institute of Standards and Technology, Measures of Scale — standard deviation and robust measures of dispersion.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Michael Parkinson, The Extreme Value Method for Estimating the Variance of the Rate of Return, The Journal of Business, 1980 — a range-based estimator.", "urls": [ "https://doi.org/10.1086/296071" ] }, { "text": "Torben G. Andersen, Tim Bollerslev, Francis X. Diebold and Heiko Ebens, The Distribution of Realized Stock Return Volatility, Journal of Financial Economics, 2001 — construction and distribution of high-frequency realized volatility.", "urls": [ "https://doi.org/10.1016/S0304-405X(01)00055-1" ] }, { "text": "Cboe Global Indices, VIX White Paper — one forward-looking measure derived from option prices under a published methodology, not a universal volatility measure.", "urls": [ "https://cdn.cboe.com/resources/vix/vixwhite.pdf" ] } ], "revision": "a75fe7021103caac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "risk-management", "volatility", "statistics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/volatility-smile-skew-and-surface", "locale": "en", "title": "Volatility smile, skew and implied volatility surface", "summary": "The volatility surface arranges implied volatilities by strike and expiry. Smile and skew describe curvature and asymmetry in its slices under stated coordinates, model, timestamp and quote-quality rules.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/volatility-smile-skew-and-surface/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV differences across strikes and put-call relationships.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Learn about Convexity — smile, skew and IV curvature.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-cvol/learn-about-convexity" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — delta coordinates, term structure and skew.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "Cboe, The Cboe SKEW Index — methodology and history of the SPX implied volatility curve.", "urls": [ "https://cdn.cboe.com/resources/indices/documents/SKEWwhitepaperjan2011.pdf" ] }, { "text": "Cboe, S&P 500 SMILE Index Methodology — put, call and delta conventions in a published methodology.", "urls": [ "https://cdn.cboe.com/api/global/us_indices/governance/SMILE_Methodology.pdf" ] }, { "text": "Cboe, The S&P 500 Spot Volatility Index — an example of measures tied to specific regions of the surface.", "urls": [ "https://www.cboe.com/us/indices/spotvol-and-ltv-indices/" ] }, { "text": "Fischer Black and Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — the classic model and replication principle.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — features and risks of standardized contracts.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "3d02c1cfcf8506bb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "volatility-surface", "derivatives" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/volatility-targeting", "locale": "en", "title": "Volatility targeting", "summary": "A method that scales portfolio exposure using an estimate of volatility to pursue an ex ante level within stated caps, costs and constraints.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/volatility-targeting/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MSCI, MSCI Risk Control Indexes Methodology — a primary methodology example covering estimation, lag, cash component and specific rules.", "urls": [ "https://www.msci.com/eqb/methodology/meth_docs/MSCI_Risk_Control_Indexes_Methodology_Sept2022.pdf" ] }, { "text": "Alan Moreira and Tyler Muir, Volatility Managed Portfolios, NBER Working Paper 22208; later published in The Journal of Finance — inverse-variance scaling and empirical results for the studied samples.", "urls": [ "https://www.nber.org/papers/w22208" ] }, { "text": "Scott Cederburg, Michael S. O’Doherty, Feifei Wang and Xuemin Yan, On the Performance of Volatility-Managed Portfolios, later Journal of Financial Economics — broad strategy tests and limitations of implementable out-of-sample versions.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3357038" ] }, { "text": "Jeff Fleming, Chris Kirby and Barbara Ostdiek, The Economic Value of Volatility Timing, The Journal of Finance — an original study of the economic value of volatility timing within a specified conditional mean-variance framework.", "urls": [ "https://doi.org/10.1111/0022-1082.00327" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — methodology formulas for leverage factors, targets and realized volatility in risk-control indices.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] } ], "revision": "92882559d3410170", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "volatility-targeting", "exposure-scaling", "portfolio-risk", "dynamic-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/volatility-term-structure", "locale": "en", "title": "Implied volatility term structure", "summary": "The volatility term structure compares, at the same instant and at a consistent moneyness or delta coordinate, the implied volatility of options with different expiries. It is a snapshot of the time dimension, not a time series or a certain forecast.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/volatility-term-structure/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, acting under the authority of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Volatility Term Structure Tool User Guide — ATM views by expiry and comparisons between snapshots.", "urls": [ "https://www.cmegroup.com/tools-information/quikstrike/quikstrike-volatility-term-structure-tool-user-guide.html" ] }, { "text": "Cboe, VIX Term Structure Data and Charts — a methodological example of a timestamped multi-expiry structure.", "urls": [ "https://www.cboe.com/tradable-products/vix/term-structure" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — term structure, expiries and events.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV, skew and pricing relationships.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Options Analytics: Greeks and Implied Volatility — data by expiry, moneyness and Greek.", "urls": [ "https://www.cmegroup.com/market-data/greeks-and-implied-volatility-data.html" ] }, { "text": "Options Industry Council, Technical Information — the derived nature of IV and volatility conventions.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — specifications, expiry and contractual risks.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "69ecfaf468ce4cfa", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "term-structure", "derivatives" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/volume-profile", "locale": "en", "title": "Volume Profile: volume by price and settings", "summary": "Volume Profile aggregates executed volume by price band over a selected interval. The period, session, rows, data source, and Value Area algorithm change the profile.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/volume-profile/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documents volume by price increment, period types, tick size, record quality, and POC and Value Area calculations.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — defines POC and Value Area, presents 70% as a common configurable value, and describes different volume sources and methods by instrument.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] }, { "text": "CME Group, Market by Price Multiple Depth Book — describes available order quantity by book level, helping distinguish it from the profile's already executed volume.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457574047" ] } ], "revision": "1ae00ad481e0eed9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "volume-by-price-concept", "topics": [ "volume-profile", "volume-by-price", "POC", "value-area", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/concetti/volumetric-analysis", "locale": "en", "title": "Volumetric analysis", "summary": "Reading the market through volume, order flow, and supply/demand — who is buying, who is selling, and with what conviction, beyond price alone.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/volumetric-analysis/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5b4f0590baf60ca2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/weekly-review", "locale": "en", "title": "Weekly review", "summary": "Weekly debrief — numbers, process, errors, and 1–2 concrete actions for the week ahead.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/weekly-review/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f7713def6c3340da", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/win-rate", "locale": "en", "title": "Win rate", "summary": "Percentage of profitable trades — useful only with payoff and expectancy, not alone.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/win-rate/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bde1d0ca70403eb9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "en/hub/concetti" }, { "key": "en/concetti/working-capital-and-cash-conversion", "locale": "en", "title": "Working capital and cash conversion", "summary": "Working capital connects collection, inventory and payment timing to operating cash; its change explains why revenue, profit and liquidity may diverge.", "url": "https://www.emiciclo.com/cyclepedia/en/concetti/working-capital-and-cash-conversion/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Classification and presentation of cash flows under IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] }, { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Reference for revenue and contract assets and liabilities.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] } ], "revision": "78599fec659ecb52", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-concept", "topics": [ "fundamental-analysis", "working-capital", "cash-flow", "liquidity" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "en/hub/concetti" }, { "key": "en/emiciclo/assembly", "locale": "en", "title": "Assemblea", "summary": "Assemblea, described as Assembly in English, combines a market-voting session with the Direktor video area. It shows sample consensus and reputation without turning a collective vote into a certain forecast.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/assembly/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of current product code and documentation; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Assembly — official app surface, checked on 2026-08-08.", "urls": [ "https://app.emiciclo.com/assemblea" ] }, { "text": "Direktor — official video area linked to Assembly.", "urls": [ "https://app.emiciclo.com/assemblea/direktor" ] }, { "text": "Current application code and rules for sessions, voting, reputation and the player — proprietary primary sources checked during review; they do not constitute independent verification.", "urls": [] } ], "revision": "0656a79d771c31af", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "software_application", "topics": [ "emiciclo", "assemblea", "market-sentiment", "community-consensus", "trader-reputation", "educational-video" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "assemblea", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/cyclepedia", "locale": "en", "title": "Cyclepedia", "summary": "Cyclepedia is Emiciclo's free public trading encyclopedia. It organises definitions, disciplines, methods, history and risk with visible sources, multilingual pages and Nicola, its corpus-grounded assistant.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclepedia/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of the corpus and public pipeline; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Cyclepedia — official public website.", "urls": [ "https://www.emiciclo.com/cyclepedia/" ] }, { "text": "Editorial policy — principles, sources, review and corrections.", "urls": [ "https://www.emiciclo.com/cyclepedia/en/hub/editorial-policy/" ] }, { "text": "Machine-readable stable index — publishable pages and metadata.", "urls": [ "https://www.emiciclo.com/cyclepedia/_data/stable-index.json" ] }, { "text": "Nicola retrieval index — excerpts and citations available to the assistant.", "urls": [ "https://www.emiciclo.com/cyclepedia/_data/ask-index.json" ] }, { "text": "Cyclepedia's editorial charter, language registry and build pipeline, checked against current source — primary project sources, not independent verification.", "urls": [] } ], "revision": "e0508026e0a45b87", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "digital_reference_work", "topics": [ "emiciclo", "cyclepedia", "trading-encyclopedia", "financial-education", "knowledge-base", "retrieval-augmented-generation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional", "researcher" ], "search_intent": "comprehensive-guide", "product_id": "cyclepedia", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/cyclesic", "locale": "en", "title": "CycleSic", "summary": "CycleSic is Emiciclo's cyclic-analysis terminal, combining charts, spectral tools, FLDs, harmonics and composite waves with explicit data, access and interpretation limits.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclesic/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of current product code, documentation and interface; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic in the Emiciclo app — operational interface and current feature availability.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "Official Emiciclo website — ecosystem identity and access to public services.", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "Official access and plans — current source for permissions and commercial conditions, not reproduced in this guide.", "urls": [ "https://www.emiciclo.com/pricing/" ] }, { "text": "Emiciclo privacy notice — data processing and controller contact details.", "urls": [ "https://www.emiciclo.com/privacy.html" ] }, { "text": "Cyclepedia technical check: editorial comparison on 2026-08-08 with src/products/cyclesic/, cyclesic-v2/, application routes, entitlements and tutorials in the runtime repository. Product sources remain separate from theoretical sources on cyclic analysis.", "urls": [] } ], "revision": "42e9e799d40d1e56", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "software_application", "topics": [ "cyclic", "technical", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "cyclesic", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/cyclesic/allarmi", "locale": "en", "title": "CycleSic: create and manage alerts", "summary": "How to create price or time alerts in CycleSic, move them on the chart, enable or disable them, and inspect active events and history.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclesic/allarmi/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of the current interface, code and product documentation; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic in the Emiciclo app — operating panel and chart.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[impostazioni-mobile|Settings and mobile]] — gestures and alert preferences.", "urls": [] }, { "text": "Cyclepedia technical check: verified on 2026-08-08 against price/time/indicator records, chart menu, activation, history and channel controls in cyclesic-v2/.", "urls": [] } ], "revision": "0a63ef01c2ac2065", "translation_state": "not-assessed", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "risk", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "allarmi", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/cyclesic/analisi-ciclica", "locale": "en", "title": "CycleSic: cyclic analysis, composite and spectrum", "summary": "How to use CycleSic's cyclic surfaces: cycle, composite, spectrum and Cycle Intelligence, without treating model outputs as certain forecasts.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclesic/analisi-ciclica/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of the current interface, code and product documentation; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic in the Emiciclo app — current cyclic surfaces.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[../../hub/discipline-cyclic-analysis|Cyclic analysis]] and [[../../glossario/fld|FLD]] — conceptual context and limitations.", "urls": [] }, { "text": "Cyclepedia technical check: verified on 2026-08-08 against views, panels and the built-in curriculum in cyclesic-v2/; no proprietary algorithm was reproduced.", "urls": [] } ], "revision": "e38512f872a6053f", "translation_state": "not-assessed", "kind": "product-manual", "entity_type": "how_to", "topics": [ "cyclic", "technical", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "analisi-ciclica", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/cyclesic/disegni-misure", "locale": "en", "title": "CycleSic: chart drawings, Fibonacci and measurements", "summary": "How to use the CycleSic dock for lines, channels, shapes, Fibonacci, text, measurements and position tools, then edit or remove them.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclesic/disegni-misure/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of the current interface, code and product documentation; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic in the Emiciclo app — operating chart dock.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[layout-snapshot|Layouts and snapshots]] — preserving and exporting work.", "urls": [] }, { "text": "Cyclepedia technical check: verified on 2026-08-08 against the chart dock and drawing modules in cyclesic-v2/.", "urls": [] } ], "revision": "07e53703037b944c", "translation_state": "not-assessed", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "disegni-misure", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/cyclesic/elliott-wave", "locale": "en", "title": "CycleSic: how to read the Elliott Wave count", "summary": "An operating guide to CycleSic's Elliott Wave count: how to enable it, read stage, direction, reliability, invalidation and zones, and understand its limits.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclesic/elliott-wave/", "published": "2026-07-21", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of the interface, runtime and product documentation; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic in the Emiciclo app — current operating interface and access state.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "Pattern Recognition: Your First Step to Using Elliott Waves — summary of the modern motive/corrective codification.", "urls": [ "https://www.elliottwave.com/articles/pattern-recognition-your-first-step-to-using-elliott-waves/" ] }, { "text": "Corrective Waves — variety and identification difficulty of corrective structures.", "urls": [ "https://www.elliottwave.com/waveopedia/corrective-waves/" ] }, { "text": "Elliott Wave Principle by Frost and Prechter — a later codification of R. N. Elliott's writings.", "urls": [ "https://www.elliottwave.com/books/elliott-wave-principle/" ] }, { "text": "[[../../trader/ralph-nelson-elliott|Ralph Nelson Elliott]] — historical origin, works and attribution limits.", "urls": [] }, { "text": "Cyclepedia technical check: reviewed on 16 August 2026 against the CycleSic registry, panel, renderer, alert events and output contract; proprietary formulas and rules excluded.", "urls": [] } ], "revision": "38b1d548e6ca316b", "translation_state": "not-assessed", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "cyclic", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "indicatore-elliott-wave", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/cyclesic/impostazioni-mobile", "locale": "en", "title": "CycleSic: settings and mobile use", "summary": "How to open CycleSic settings, change appearance, analysis, alert, trade and system options, and use the mobile bar and gesture tutorial.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclesic/impostazioni-mobile/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of the current interface, code and product documentation; 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no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic in the Emiciclo app — operating selectors and chart.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[manuale|CycleSic manual]] — complete procedure index.", "urls": [] }, { "text": "Cyclepedia technical check: verified on 2026-08-08 against asset/timeframe controls, loading flow and view restoration in cyclesic-v2/.", "urls": [] } ], "revision": "d810338ada90a496", "translation_state": "not-assessed", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "data-validation", "cyclic" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "primo-avvio-dati", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/cyclesic/problemi-comuni", "locale": "en", "title": "CycleSic not working: common problems and checks", "summary": "A diagnostic guide for common CycleSic problems: blank charts, insufficient data, locked indicators, off-screen layouts, alerts and mobile gestures.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclesic/problemi-comuni/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of the current interface, code and product documentation; 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Its Sundial (Clock) and Composite views organise phases and rhythms without producing certain signals.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/cyclic-dashboard/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of current product code and interface; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Cyclic Dashboard — official app surface, checked on 2026-08-08.", "urls": [ "https://app.emiciclo.com/quadro-ciclico" ] }, { "text": "Emiciclo app — official menu, identity and access.", "urls": [ "https://app.emiciclo.com/" ] }, { "text": "Current application code for dashboard views, route gate and data pipelines — proprietary primary source checked during review; it does not constitute independent verification.", "urls": [] } ], "revision": "13424d31652429ed", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "software_application", "topics": [ "emiciclo", "quadro-ciclico", "cyclic-analysis", "multi-timeframe-analysis", "composite-cycle" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "quadro", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/office", "locale": "en", "title": "Ufficio", "summary": "Ufficio, described as Office in English, is Emiciclo's trading journal: it imports compatible account data and organises dashboards, analytics, trade details and review with disclosed synchronisation limits.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/office/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of current product code, documentation and interface; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Office in the Emiciclo app — current interface, onboarding and operational state.", "urls": [ "https://app.emiciclo.com/ufficio" ] }, { "text": "Official Emiciclo website — ecosystem identity and access to public services.", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "Official access and plans — current source for access conditions, not reproduced in this guide.", "urls": [ "https://www.emiciclo.com/pricing/" ] }, { "text": "Emiciclo privacy notice — data processing and controller contact details.", "urls": [ "https://www.emiciclo.com/privacy.html" ] }, { "text": "Cyclepedia technical check: editorial comparison on 2026-08-08 with src/products/ufficio/, authentication and profile contexts, the exchange catalogue, synchronisation functions and tutorials in the runtime repository.", "urls": [] } ], "revision": "de26d1ed93f855c8", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "software_application", "topics": [ "performance", "data-validation", "psychology", "risk" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "ufficio", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/emiciclo/tournaments", "locale": "en", "title": "Tornei", "summary": "Tornei, described as Tournaments in English, is Emiciclo's competition software, bringing Maestro and Holy Hour together as two zones with their own rules, metrics, enrolment and rankings.", "url": "https://www.emiciclo.com/cyclepedia/en/emiciclo/tournaments/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Cyclepedia Chief Editor (AI editorial review of current product code, documentation and interface; no human review declared)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Tournaments hub in the Emiciclo app — current zones, state and operational access.", "urls": [ "https://app.emiciclo.com/tournaments" ] }, { "text": "Official Maestro page — presentation and zone onboarding, when available.", "urls": [ "https://app.emiciclo.com/maestro" ] }, { "text": "Official Emiciclo website — ecosystem identity and access to public services.", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "Emiciclo privacy notice — data processing and controller contact details.", "urls": [ "https://www.emiciclo.com/privacy.html" ] }, { "text": "Cyclepedia technical check: editorial comparison on 2026-08-08 with src/products/tornei/, src/products/maestro/, canonical routes, rule guides, onboarding and runtime sources. Dynamic competition data was excluded from stable claims.", "urls": [] } ], "revision": "144333d609c89dfb", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "software_application", "topics": [ "performance", "risk", "data-validation" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "tornei", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "prodotto", "hub": "en/hub/emiciclo" }, { "key": "en/fondamenti/appendix-i-djia-spectrum-hurst", "locale": "en", "title": "Appendix I — The DJIA spectrum, 44 years (Hurst)", "summary": "The 'order that should not be there': the 1921–1965 spectrum, the a=k/ω law that equalizes every cycle's maximum impact, comb filters and the 0.3676 rad/yr spectral lines.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/appendix-i-djia-spectrum-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "89dc95ceddd35bf6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/appendix-ii-commonality-hurst", "locale": "en", "title": "Appendix II — Commonality generalized (Hurst)", "summary": "The Dow and the S&P 500 overlaid from 1949 to 1961: identical fluctuations down to the finest detail — proof that the spectral signature holds for a quarter of all listed issues.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/appendix-ii-commonality-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": 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"audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/appendix-v-parabolic-interpolation-hurst", "locale": "en", "title": "Appendix V — Parabolic interpolation (Hurst)", "summary": "One parabola per triple of points: the technique the book uses to bring filter outputs to a common interval — exact formula, sliding-window procedure, limits.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/appendix-v-parabolic-interpolation-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "cc8bb9ae70432b37", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/appendix-vi-prony-method-hurst", "locale": "en", "title": "Appendix VI — Trigonometric curve fitting (Hurst)", "summary": "Objectively measuring frequency, amplitude and phase of the sinusoids in a filter output: generalized least squares, Chebyshev polynomials — and smoothing for free, at no cost in lag.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/appendix-vi-prony-method-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "6188cc05ebb521b6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/composite-man-wyckoff", "locale": "en", "title": "Composite Man (Wyckoff)", "summary": "Composite Man is the Wyckoff heuristic that reads market fluctuations as one campaign without positing a single real operator.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/composite-man-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Richard D. Wyckoff, The Richard D. Wyckoff Method of Trading in Stocks, section 9; WorldCat bibliographic record.", "urls": [ "https://search.worldcat.org/es/title/The-Richard-D.-Wyckoff-Method-of-trading-in-stocks-%3A-a-course-of-instruction-in-stock-market-science-and-technique-based-on-forty-years%27practical-experience-in-Wall-Street-including-nineteen-years-as-editor-of-the-%22Magazine-of-Wall-Street%22-founded-by-him-in-1907/oclc/493388260" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Wyckoff's Composite Man”, which reproduces the course passage and identifies the device as a heuristic.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, for use of the model in trading-range analysis.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "264ad69f01efb2ce", "translation_state": "not-assessed", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "foundation", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/cyclic-analysis", "locale": "en", "title": "Cyclic analysis", "summary": "Cyclic analysis studies recurring market oscillations to measure periods, phases, and operational timing — a complement to trend, not a substitute.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/cyclic-analysis/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3b89ec2f53db788e", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/cyclic-motivation-x", "locale": "en", "title": "Cyclic X motivation (Hurst)", "summary": "The book's theoretical heart: the deduction-by-exclusion of the 'X motivation' (≈23% of price motion), the credibility problem of millions of investors in unison, and irrational decisions.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/cyclic-motivation-x/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b7fd338a83d378db", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/djia-spectral-decomposition-hurst", "locale": "en", "title": "The DJIA's six components, 1935–1951 (Hurst)", "summary": "Fig. IX-4: six regular curves extracted from 884 weeks of Dow with over three million computations — their sum reproduces price within ±1%. And the fall of France explained by the cycles.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/djia-spectral-decomposition-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b75866c91c463a45", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/eight-principles-cyclic-model-hurst", "locale": "en", "title": "The eight principles of the cyclic model (Hurst course)", "summary": "The book's five principles plus the Cycles Course's three — harmonicity, synchronicity, cyclicality: the complete canon phasing analysis rests on.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/eight-principles-cyclic-model-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "f396a328c1b4d95e", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/five-principles-cyclic-model", "locale": "en", "title": "Five principles of the Hurst cyclic model", "summary": "Cyclic price motion follows five principles: summation, commonality, variation, nominality, and proportionality.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/five-principles-cyclic-model/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "78a5ff778e725428", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/fourier-analysis-hurst", "locale": "en", "title": "Fourier analysis, step by step (Hurst)", "summary": "The Lanczos procedure as the book teaches it: two sequences from the centre of the series, frequencies from Z = π/((m−1)/2), sine/cosine amplitudes and the composite spectrum.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/fourier-analysis-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "009d954df269a1e6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/historical-events-and-cyclicity-hurst", "locale": "en", "title": "Historical events and market cyclicity (Hurst)", "summary": "Fig. IX-2 put to the test: Korea, Vietnam, devaluations, Eisenhower, Cuba, Kennedy — the cycles run on like clockwork. And GNP as the candidate for the trend (Fig. IX-3).", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/historical-events-and-cyclicity-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "5e5364810d26149b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/hurst-nominal-cycles", "locale": "en", "title": "Hurst nominal cycles", "summary": "Table II-1 of Hurst's 1970 book: nominal market-cycle durations from 18 years to 1.625 weeks, and how they frame measurements of observed cycles.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/hurst-nominal-cycles/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI agent; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, Chapter 2, Table II-1 p. 33 and measurements pp. 37–48.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concepts 5–6, pp. 5–6 — harmonic nominal model, variation and the modern extension below the daily scale.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "542157cfe7c0c3e0", "translation_state": "not-assessed", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "foundation", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/ormsby-numeric-filters-hurst", "locale": "en", "title": "The Ormsby numerical filters (Hurst)", "summary": "The frequency sieve: low-pass, high-pass and band-pass; the lag-precision law; Ormsby's design with the n·t·Δω = 500–700 rule and the book's design (199 weights, 2.8–6.0 years).", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/ormsby-numeric-filters-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "2aa4eaaac5fc610f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/price-motion-model", "locale": "en", "title": "Price motion model (Hurst)", "summary": "Hurst decomposes price movement into five factors: random (~2%), negligible historical events, fundamentals (~75%), unforeseeable shocks, and X cyclicality (~23%).", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/price-motion-model/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "7d456c763b0e001f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/spectral-analysis-hurst", "locale": "en", "title": "Spectral analysis (Hurst Ch. 11)", "summary": "The chapter for curious minds: why numerical analysis, what a frequency spectrum means, and the vital point — the 23% cyclic share is an intrinsic process, not an artifact.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/spectral-analysis-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "4496e72554ac419a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/three-wyckoff-laws", "locale": "en", "title": "Three Wyckoff laws", "summary": "The three Wyckoff laws with sources and limits: supply and demand, cause and effect, and effort versus result.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/three-wyckoff-laws/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Three Wyckoff Laws”, definitions and Point-and-Figure count guide.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Henry O. Pruden and Bernard Belletante, Wyckoff Laws and Tests, CMT Association, for application and the method's judgmental nature.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, for phases and price-volume comparison inside a range.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "f028cd6ee865ba1e", "translation_state": "not-assessed", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "foundation", "hub": "en/hub/fondamenti" }, { "key": "en/fondamenti/why-prices-change-hurst", "locale": "en", "title": "Why prices change (Hurst Ch. 9)", "summary": "The confidence chapter: the anatomy of a decision (Fig. IX-1), the three motives of price — fundamentals, chance, X motivation — and what fundamentals really do.", "url": "https://www.emiciclo.com/cyclepedia/en/fondamenti/why-prices-change-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "16e1ce863c9e1912", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "en/hub/fondamenti" }, { "key": "en/glossario/action-signal", "locale": "en", "title": "Action signal", "summary": "Objective buy, sell, hold, or short signal predetermined by analysis and triggered by price — not an opinion.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/action-signal/", "published": "", "updated": "2026-06-22", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e9436938af8ad59c", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/airdrop-farming", "locale": "en", "title": "Airdrop farming: meaning, costs, and risks", "summary": "Airdrop farming means using protocols or completing activities in the hope of qualifying for a future token distribution, without any guarantee of receiving one.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/airdrop-farming/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Covers legitimate airdrops, fake tokens, claim sites, and malicious token approvals.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "Optimism, Airdrop #1 — Documents observable criteria and additional filters against Sybil wallets and spam.", "urls": [ "https://github.com/ethereum-optimism/community-hub/blob/main/pages/op-token/airdrops/airdrop-1.mdx" ] }, { "text": "deBridge Foundation, Airdrop Terms and Conditions — Shows that criteria, allocations, and possible exclusions depend on each distribution's rules.", "urls": [ "https://docs.debridge.foundation/legal/airdrop-terms-and-conditions" ] } ], "revision": "b0c1c6196cfdd44e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-participation-practice", "topics": [ "airdrop", "eligibility", "sybil-filtering", "wallet-security", "transaction-costs" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/alternative-data", "locale": "en", "title": "Alternative data: meaning, examples and risks", "summary": "Alternative data observes activity beyond prices and official company reports. Learn the examples, quality checks and risks before using it.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/alternative-data/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC Division of Examinations, Investment Adviser MNPI Compliance Issues — US definition, examples and observations on alternative-data diligence.", "urls": [ "https://www.sec.gov/files/code-ethics-risk-alert.pdf" ] }, { "text": "CFA Institute, Data science and AI: A guide for investment managers — the data lifecycle, non-traditional sources, quality and governance principles.", "urls": [ "https://www.cfainstitute.org/insights/articles/data-science-ai-guide-for-investment-managers" ] }, { "text": "CFA Institute Research and Policy Center, Unstructured Data and AI — the distinction between alternative and unstructured data and responsible research use.", "urls": [ "https://rpc.cfainstitute.org/research/reports/2024/unstructured-data-and-ai" ] }, { "text": "CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — survivorship and look-ahead bias, out-of-sample tests and time-ordered validation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "df131938ff800620", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "dataset", "topics": [ "alternative-data", "data-quality", "point-in-time-data", "research-governance" ], "asset_classes": [ "equities", "commodities", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/anchoring-gergo", "locale": "en", "title": "Anchoring in trading: meaning", "summary": "In trading, anchoring means giving excessive weight to an initial reference, such as entry price or a past high, even after new information arrives.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/anchoring-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — places anchoring among cognitive biases relevant to financial decisions.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Tversky and Kahneman, Judgment under Uncertainty: Heuristics and Biases (PubMed) — describes anchoring and adjustment in numerical judgments under uncertainty; it is not a market-forecasting model.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/17835457/" ] } ], "revision": "04100a7ae3475af8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "anchoring", "decision-making", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/andare-a-target", "locale": "en", "title": "Hit the target in trading: meaning", "summary": "Hitting the target means price reached a defined objective; it does not by itself prove that an exit order was executed.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/andare-a-target/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — distinguishes entry criteria, stops, and profit targets in an operating plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Types of Orders — explains different price and execution properties of market, limit, and stop orders.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA, Order Types — documents the chance that a limit order receives no execution.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "8e4747f67b1569e4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "price-target", "take-profit", "exit-plan", "execution", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/apeare", "locale": "en", "title": "Ape in", "summary": "Crypto slang: enter without research — buy the hype.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/apeare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ea9de0620e669bc3", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ask-wall", "locale": "en", "title": "Ask wall in trading: meaning", "summary": "An ask wall is a visible concentration of limit-sell quantity at one or more order-book levels; it may change, trade, or disappear.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ask-wall/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distinguishes price-level aggregates from anonymous individual orders, states that customer identity is not displayed, and explains that iceberg quantity may be hidden.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "U.S. SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — explains how order-based and level-book feeds represent displayed orders, modifications, cancellations, executions, and posted liquidity at each price.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "CFTC, Antidisruptive Practices Authority — establishes the intent requirement for spoofing and the facts-and-circumstances assessment.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "6b727854c762d71f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-book-term", "topics": [ "order-book", "liquidity", "limit-orders", "market-depth", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/assorbimento", "locale": "en", "title": "Absorption in order flow: meaning", "summary": "In order flow, absorption describes substantial aggressive execution meeting passive liquidity with little price progress; it is an interpretation of data, not proof of reversal.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/assorbimento/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Assessing liquidity — Distinguishes passive liquidity, aggressive flow, quote refresh, and price impact.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] }, { "text": "CME Group, Market by Order (MBO) — Explains the depth, individual-order, and queue details available in an order-by-order feed.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "TradingView, Volume footprint charts: a complete guide — Documents buy/sell volume, delta, price levels, and footprint aggregation.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "535ab6e4be53f974", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-pattern", "topics": [ "absorption", "aggressive-flow", "passive-liquidity", "order-book", "price-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/automatic-rally-ar", "locale": "en", "title": "Automatic Rally / Automatic Reaction (AR)", "summary": "A move after a possible climax: the rally after an SC or the reaction after a BC helps define the opposite edge of the trading range.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/automatic-rally-ar/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — Automatic Rally and Automatic Reaction in the two phase-A structures.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — AR extremes and the initial trading-range boundaries.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — price-and-volume interpretation as discretionary analysis.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "187ad96350514e98", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/averagiare", "locale": "en", "title": "Averaging a position: meaning", "summary": "Averaging a position means adding quantity at different prices and changing its average entry; in trading slang it often refers to adding to a loss.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/averagiare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — connects position size, stop level, and monetary risk.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — calls for limits on per-trade risk, exposure, and leverage.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "FINRA, The Pros and Cons of Dollar-Cost Averaging — defines scheduled DCA, distinguishing it from discretionary additions to a loss.", "urls": [ "https://www.finra.org/investors/insights/dollar-cost-averaging" ] } ], "revision": "5ad9f66b8049431d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "average-entry", "position-sizing", "scaling", "risk-management", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/back-running", "locale": "en", "title": "Back-running: meaning in MEV", "summary": "Back-running means placing a transaction immediately after a target transaction or event to use the resulting state; it is primarily a blockchain MEV term.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/back-running/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Miners as intermediaries — appendix — Defines back-running as placing a transaction immediately after another and gives operational examples.", "urls": [ "https://www.bis.org/publ/bisbull58_appendix.pdf" ] }, { "text": "Ethereum.org, Maximal extractable value (MEV) — Explains inclusion, exclusion, and reordering of transactions, arbitrage, and liquidations in MEV.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Ethereum Improvement Proposals, EIP-8209: Commit-Reveal Transaction Frames — Frames front-running, back-running, and other risks from exposing transactions before ordering.", "urls": [ "https://eips.ethereum.org/EIPS/eip-8209" ] } ], "revision": "fb840c9329e070ff", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "transaction-ordering-strategy", "topics": [ "back-running", "mev", "transaction-ordering", "arbitrage", "blockchain" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/backtestare-gergo", "locale": "en", "title": "Backtest (trading term)", "summary": "In trading, to backtest means simulating predefined rules on historical data while stating the data, execution, costs, and limits of the test.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/backtestare-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey, and Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — A recognized protocol covering data, model selection, and limits of inference from backtests.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "European Commission, Commission Delegated Regulation (EU) 2017/589, RTS 6 — Official testing, documentation, and separated-environment requirements within its regulatory scope.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "28844742139bbef9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "backtest", "systematic-trading", "model-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/bagholder", "locale": "en", "title": "Bagholder: trading meaning", "summary": "Bagholder is an often-derisive label for someone left with a deeply depreciated asset after others exit; it does not explain whether they can sell or why they hold.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/bagholder/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Beware Virtual Currency Pump-and-Dump Schemes — Describes organizers exiting while other participants face losses.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/beware_virtual_currency_pump_dump.html" ] }, { "text": "FINRA, Crypto Assets — Highlights volatility, lower liquidity, and platform risks.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Defines the tendency to hold losing investments too long.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "e4a17a8b9f16f73a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-slang", "topics": [ "loss", "holding", "liquidity", "pump-and-dump", "disposition-effect" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/bear-trap", "locale": "en", "title": "Bear trap in trading: meaning", "summary": "A bear trap is a bearish break that fails: price recovers the level and may force traders who entered short to exit.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/bear-trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — connects bear and bull traps with the failure of a previous signal or breakout.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — explains levels and breaks while noting that support and resistance are zones, not guaranteed prices.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "76c61dc5faea0ff4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "chart-pattern-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/bias-rialzista", "locale": "en", "title": "Bullish bias: meaning in trading", "summary": "A bullish bias is a working view that favors rising prices; it is not a long position, and becomes problematic only when contrary evidence is filtered out.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/bias-rialzista/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Places setups, triggers, and exits inside a defined plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Reviews behaviors and preferences that can weaken investment decisions.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "8e254a586eb1f4be", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-view", "topics": [ "bias", "bullish", "long", "confirmation-bias", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-distinction", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/bias-ribassista", "locale": "en", "title": "Bearish bias: meaning in trading", "summary": "A bearish bias is a working view that favors falling prices; it is not a short position and must be separated from ignoring evidence against the thesis.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/bias-ribassista/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Frames strategy, triggers, and exits within a trade plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Summarizes behaviors that may impair investment decisions.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "dcd4e2e984f15b6c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-view", "topics": [ "bias", "bearish", "short", "confirmation-bias", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-distinction", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/bid-wall", "locale": "en", "title": "Bid wall in trading: meaning", "summary": "A bid wall is a visible concentration of limit-buy quantity at one or more order-book levels; it may change, trade, or disappear.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/bid-wall/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distinguishes price-level aggregates from anonymous individual orders, states that customer identity is not displayed, and explains that iceberg quantity may be hidden.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "U.S. SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — explains how order-based and level-book feeds represent displayed orders, modifications, cancellations, executions, and posted liquidity at each price.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "CFTC, Antidisruptive Practices Authority — establishes the intent requirement for spoofing and the facts-and-circumstances assessment.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "ba18ccd9969ddc5a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-book-term", "topics": [ "order-book", "liquidity", "limit-orders", "market-depth", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/black-box", "locale": "en", "title": "Black box in trading: meaning", "summary": "Black box describes a system whose data, rules, risks, or signal rationale cannot be reconstructed well enough by its user; it does not automatically mean fraud or poor quality.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/black-box/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Lists algorithmic risks, limitations, oversight, third parties, and override conditions that should be disclosed.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Advises users to question vague technology claims and verify providers, performance, and access to data.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] } ], "revision": "b8d8257b0e5009b7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "system-property", "topics": [ "black-box", "algorithmic-trading", "disclosure", "model-risk", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-due-diligence", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/blockchain-oracle", "locale": "en", "title": "Blockchain oracles: external data for smart contracts", "summary": "A blockchain oracle collects, verifies, and publishes data that a smart contract cannot obtain directly, creating a dependency on the quality and timeliness of that information.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/blockchain-oracle/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Oracles — Defines oracles, source and trust models, and the flow of offchain data into smart contracts.", "urls": [ "https://ethereum.org/developers/docs/oracles/" ] }, { "text": "BIS Bulletin 76 — The oracle problem and the future of DeFi — Examines oracle dependency, manipulation, and the trade-off between efficiency and decentralization in DeFi.", "urls": [ "https://www.bis.org/publ/bisbull76.pdf" ] } ], "revision": "d470d1b6998548b2", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-data-infrastructure", "topics": [ "defi", "oracles", "price-feeds", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/bot-trading-gergo", "locale": "en", "title": "Trading bot: meaning and operation", "summary": "A trading bot is software that automates one or more operational steps; it may receive or generate signals, but automation does not mean profit, artificial intelligence, or no supervision.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/bot-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, AI Won't Turn Trading Bots into Money Machines — Explains that bots and AI do not guarantee returns or predict the future.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html" ] }, { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Calls for development, testing, backtesting, and post-implementation monitoring of algorithmic code.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Describes provider, account-access, and automated-transaction risks.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] } ], "revision": "5d699ca8c96c2815", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-software", "topics": [ "trading-bot", "automation", "execution", "operational-risk", "algorithmic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-operation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/breakdown", "locale": "en", "title": "Breakdown in trading: meaning", "summary": "Breakdown means a downside break of support, the lower edge of a range, or another defined structure.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/breakdown/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — describes support, resistance, and breaks while noting that levels are zones rather than guaranteed exact prices.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] }, { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — connects the reversal of a bearish signal with a bear trap and failed break.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] } ], "revision": "a527c6e94d954cb1", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "support-resistance", "breakout", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/breakout-fake", "locale": "en", "title": "Fake breakout", "summary": "A fake breakout crosses support or resistance but fails to hold beyond the level and returns to the previous area.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/breakout-fake/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — Defines levels, breaks, and role reversal between support and resistance while explaining that levels are zones rather than guaranteed prices.", "urls": [ "https://www.cmegroup.com/education/courses/trading-and-analysis/support-and-resistance" ] }, { "text": "CME Group, Technical Patterns: Reversals — Explains confirmation and the predictive limits of technical patterns.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/technical-patterns-reversals" ] } ], "revision": "34274df03f51bcf8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "support-resistance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/bridgiare", "locale": "en", "title": "Blockchain bridges: assets and messages across networks", "summary": "A blockchain bridge connects separate networks by relaying messages or creating a representation of an asset on the destination network, adding new trust assumptions and operational risks.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/bridgiare/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Bridges — Describes lock-and-mint, burn-and-mint, liquidity networks, verification models, and their main trade-offs.", "urls": [ "https://ethereum.org/developers/docs/bridges/" ] }, { "text": "RAID 2024 — Cross-Chain Bridges: Attack Taxonomy, Defenses, and Open Problems — Studies architectures, attack surfaces, and defenses using documented incidents.", "urls": [ "https://raid2024.github.io/papers/raid2024-4.pdf" ] } ], "revision": "efd509186fe3f60b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "cross-chain-infrastructure", "topics": [ "defi", "cross-chain", "interoperability", "wrapped-assets" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/bull-trap", "locale": "en", "title": "Bull trap in trading: meaning", "summary": "A bull trap is a bullish break that fails: price moves back below the level and may trap traders who entered long.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/bull-trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — connects bull and bear traps with the failure of a previous signal or breakout.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — explains levels and breaks while noting that support and resistance are zones, not guaranteed prices.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "ed2b9d6ec9a87192", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "chart-pattern-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/buying-climax-bc", "locale": "en", "title": "Buying Climax (BC)", "summary": "A possible culmination of buying after an advance: volume and spread often expand, while the Automatic Reaction and later tests clarify its meaning.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/buying-climax-bc/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definitions of accumulation and distribution events and phases.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — BC, AR, ST, schematic variants and effort-versus-result analysis.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "69fb2ed31123cef4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/capitolare", "locale": "en", "title": "Capitulate in trading: meaning", "summary": "To capitulate means closing after loss pressure becomes unbearable; at market level it describes broad, intense selling but does not identify the bottom with certainty.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/capitolare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Key Terms for Tough Times — Defines panic selling and risk-off behavior.", "urls": [ "https://www.finra.org/investors/insights/key-terms-tough-times-vocabulary-stressed-markets" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Describes manias and panics as aggregate dynamics.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "FINRA, Volatility — Explains why turbulent markets can trigger impulsive reactions.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "94612f3a52c91292", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-slang", "topics": [ "panic-selling", "drawdown", "market-stress", "exit", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-limits", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/chasare", "locale": "en", "title": "Chase", "summary": "Slang: chase price — enter late on a move already underway.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/chasare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4b0260782b1775be", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/claimare", "locale": "en", "title": "Claim tokens or rewards: meaning and checks", "summary": "To claim means completing the procedure that transfers or makes an existing allocation available, such as tokens, rewards, or an airdrop.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/claimare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org, Interacting with smart contracts — Distinguishes free reads from state-changing writes that require signing and block inclusion.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] }, { "text": "Ethereum.org, Ethereum security and scam prevention — Covers fake claim sites, approvals, and seed-phrase requests.", "urls": [ "https://ethereum.org/security/" ] }, { "text": "MetaMask, How to view and claim NFT airdrops and mints — Shows that eligibility, third-party redirection, and the claim transaction are separate steps.", "urls": [ "https://support.metamask.io/manage-crypto/nfts/airdrops-mints" ] } ], "revision": "dccf3368897b8bd8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-distribution-action", "topics": [ "token-claim", "airdrop", "rewards", "smart-contract", "wallet-signature" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-safe-procedure", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/clone-website", "locale": "en", "title": "Clone website: how to spot one", "summary": "A clone website impersonates a real service to steal credentials, redirect payments, or induce the user to authorise harmful transactions.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/clone-website/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FCA — Clone firms and individuals — Explains how fraudsters reuse real firm details while changing contacts and how to verify a firm through the official register.", "urls": [ "https://www.fca.org.uk/consumers/clone-firms-individuals" ] }, { "text": "FINRA — Imposter websites — Documents imposter sites that copy genuine firms to obtain money or sensitive information.", "urls": [ "https://www.finra.org/industry/information-notice-042919" ] }, { "text": "CNMV — Financial scams and fraud — Describes cloned firms and URLs that are identical or very similar to those of authorised entities.", "urls": [ "https://www.cnmv.es/Cursos/Educacion-Financiera/estafas/index.html" ] }, { "text": "FBI IC3 — NFT developer impersonation — Shows how a cloned page can request a wallet connection and trigger a malicious contract.", "urls": [ "https://www.ic3.gov/PSA/2023/PSA230804" ] } ], "revision": "30f30d30a7e0a126", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "website-impersonation", "domain-verification", "credential-theft", "financial-fraud" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/comprare-il-dip", "locale": "en", "title": "Buy the dip: meaning and risk", "summary": "Buy the dip means purchasing after a price decline in expectation of a recovery; the phrase does not define how deep or long the decline must be.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/comprare-il-dip/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, What Is Market Timing? — frames the difficulty and risks of decisions based on short-term market moves.", "urls": [ "https://www.finra.org/investors/insights/market-timing" ] }, { "text": "CME Group, Technical Analysis — discusses trends, pullbacks, and why markets do not move in a straight line.", "urls": [ "https://www.cmegroup.com/education/courses/trading-and-analysis/technical-analysis" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — connects risk, time horizon, concentration, and diversification.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "0c8e3a6e580228fb", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "pullback", "market-timing", "entry", "risk-management", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/confirmation-bias", "locale": "en", "title": "Confirmation bias in trading: meaning", "summary": "Confirmation bias is the tendency to seek or give greater weight to information that supports an already preferred thesis while reducing the weight of contrary evidence.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/confirmation-bias/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — classifies confirmation bias among belief-perseverance biases and discusses possible checks.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Rollwage et al., Confidence drives a neural confirmation bias (Nature Communications) — behavioral and MEG research on how high confidence altered the processing of later evidence in a perceptual task; it is not a trading study.", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC7250867/" ] } ], "revision": "9076bc54fc87a825", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "confirmation-bias", "decision-making", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/cot-report", "locale": "en", "title": "COT report", "summary": "Commitment of Traders — weekly institutional and spec positioning on CFTC futures; macro context.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/cot-report/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4b8d3b74ab740f2f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/crypto-wallet", "locale": "en", "title": "Crypto wallets: keys, signatures, and asset control", "summary": "A crypto wallet manages keys and signing requests used to interact with assets recorded on a blockchain. The wallet does not contain the coins: it provides control over associated addresses.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/crypto-wallet/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Editorial Team — non-human AI agent review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8301 — Blockchain Networks: Token Design and Management Overview — Distinguishes tokens, wallets, transactions, interfaces, and self-hosted, externally hosted, and hybrid custody models.", "urls": [ "https://csrc.nist.gov/pubs/ir/8301/final" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Frames custody, client-asset protection, conflicts, and operational risks in crypto services.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "aa47bf22aaa80cab", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-access-tool", "topics": [ "crypto", "wallet", "private-keys", "digital-signatures", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/cumulative-delta-gergo", "locale": "en", "title": "Cumulative delta or CVD: meaning", "summary": "Cumulative delta and CVD mean the running sum of volume delta within a defined window. The reset and starting point are part of the measure.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/cumulative-delta-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — defines the cumulative sum and the optional start-of-day reset.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "TradingView, Cumulative Volume Delta — documents the intrabars and anchor period used by its implementation.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] } ], "revision": "521788b19796b4e3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "cumulative-order-flow-term", "topics": [ "cumulative-volume-delta", "order-flow", "session-reset" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/curve-fitting-gergo", "locale": "en", "title": "Curve fitting in trading: meaning", "summary": "In trading slang, curve fitting means adapting a strategy too closely to data already observed; choosing model parameters is not automatically overfitting.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/curve-fitting-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bailey and López de Prado, How Backtest Overfitting in Finance Leads to False Discoveries — Explains why historically selected strategies may become statistical mirages out of sample.", "urls": [ "https://doi.org/10.1111/1740-9713.01588" ] }, { "text": "Bailey et al., The Probability of Backtest Overfitting — Proposes a method for estimating overfitting probability in backtest selection.", "urls": [ "https://doi.org/10.21314/JCF.2016.322" ] }, { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Includes testing, backtesting, and post-implementation monitoring among algorithmic-code controls.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] } ], "revision": "98cae404b6d97edc", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "validation-failure", "topics": [ "curve-fitting", "overfitting", "backtest", "multiple-testing", "out-of-sample" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-validation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/curvilinear-envelope", "locale": "en", "title": "Constant-width curvilinear envelope", "summary": "Hurst's graphical band uses approximately constant, minimally sufficient width to estimate cyclic components; its latest section remains provisional.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/curvilinear-envelope/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI agent; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, pp. 37–38 — introduction of the envelope and measurement of the component on the DJIA.", "urls": [] }, { "text": "J. M. Hurst, same work, pp. 69–74 — graphical procedure, minimum width, observations outside the band and validity of the latest section.", "urls": [] } ], "revision": "821f0aaa5499a8f7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/cycle-phase", "locale": "en", "title": "Cycle phase", "summary": "Angular position of a cycle within its period — where timing forecasts for troughs and crests begin.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/cycle-phase/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "baac47484c3ccf5e", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/cyclic-period", "locale": "en", "title": "Cyclic period", "summary": "The period, or wavelength, is the time interval of a cyclic component, normally measured trough to trough in the Hurst tradition. Nominal period, observed period and time translation are distinct concepts.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/cyclic-period/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, Ch. 2, Table II-1 and sections on nominality and variation.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concepts 1, 5, 6 and 10, Sentient Trader PDF.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "b91cf8bf6fdee4cc", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/cyclic-synchronization", "locale": "en", "title": "Cyclic synchronization", "summary": "In David Hickson's post-Hurst formulation, the troughs of harmonically related cycles tend to synchronize wherever possible; peaks are not synchronized.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/cyclic-synchronization/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concept 7, pp. 6–7, Sentient Trader PDF.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson, “Hurst's Cyclic Theory in a Nutshell”, post-Hurst white paper, Sentient Trader.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-1-hursts-market-cycles/" ] } ], "revision": "d129f4e56f6882cb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/data-leakage", "locale": "en", "title": "Data leakage", "summary": "Future information entering training — inflated backtests, models that fail in production.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/data-leakage/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "efadd0df54f81ab4", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/dcaare", "locale": "en", "title": "DCA: meaning and difference from averaging down", "summary": "Dollar-cost averaging means investing equal amounts at regular intervals regardless of market moves.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/dcaare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Dollar Cost Averaging — defines equal amounts, regular intervals, and investing regardless of fluctuations.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging" ] }, { "text": "FINRA, The Pros and Cons of Dollar-Cost Averaging — explains behavioral benefits as well as opportunity cost, fees, and potentially lower returns.", "urls": [ "https://www.finra.org/investors/insights/dollar-cost-averaging" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — frames time horizon, risk tolerance, and portfolio diversification.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "118b923e6f48d18b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "investment-strategy-term", "topics": [ "dollar-cost-averaging", "periodic-investing", "accumulation", "investment-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/dcf", "locale": "en", "title": "DCF: discounted cash-flow valuation", "summary": "A DCF estimates present value by discounting future cash flows and terminal value at a rate consistent with risk and capital structure.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/dcf/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — Free Cash Flow Valuation — Professional framework for FCFF, FCFE and discounted cash-flow valuation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Primary reference for cash-flow presentation and classification under IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "4c21e5c194b014a9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "valuation-method", "topics": [ "fundamental-analysis", "valuation", "cash-flow", "discount-rate" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/de-riskare", "locale": "en", "title": "De-risk: how risk is reduced", "summary": "De-risking means reducing a measurable position or portfolio risk through size, leverage, concentration, liquidity, or hedging; it does not always mean closing everything.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/de-riskare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Risk — Discusses allocation, diversification, and hedging with their costs and limits.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] }, { "text": "FINRA, Asset Allocation and Diversification — Explains concentration, rebalancing, and exposure adjustments.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/asset-allocation-diversification" ] }, { "text": "CME Group, Position and Risk Management — Connects position size with risk control.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "5472fb0051516be5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "risk-reduction", "exposure", "leverage", "concentration", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/defi-protocol-risk", "locale": "en", "title": "DeFi protocol risk: dependencies and controls", "summary": "DeFi protocol risk comes from the full system on which a position depends: contracts, governance, oracles, assets, liquidity, networks, and operational services.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/defi-protocol-risk/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Financial Stability Board — The Financial Stability Risks of Decentralised Finance — pp. 16 and 33 cover leverage, liquidity, interconnectedness, and the channels through which DeFi vulnerabilities can amplify.", "urls": [ "https://www.fsb.org/wp-content/uploads/P160223.pdf" ] }, { "text": "BIS Financial Stability Institute — Crypto, tokens and DeFi: navigating the regulatory landscape — pp. 32–33 examine the roles of governance, oracles, admin keys, and infrastructure in protocol operation.", "urls": [ "https://www.bis.org/fsi/publ/insights49.pdf" ] }, { "text": "ESMA — Decentralised Finance in the EU: Developments and risks — pp. 7–9 cover code risk, economic design, governance, liquidity, and loss transmission.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2023-10/ESMA50-2085271018-3349_TRV_Article_Decentralised_Finance_in_the_EU_Developments_and_Risks.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Decentralized Finance (DeFi) — Recommendation 5, pp. 32–36 calls for a holistic view of blockchains, contracts, governance, oracles, bridges, and dependencies.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD754.pdf" ] } ], "revision": "7f27c02cc1443194", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-composite-risk", "topics": [ "defi", "protocol-risk", "smart-contracts", "governance", "operational-risk", "liquidity-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-control", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/degen", "locale": "en", "title": "Degen", "summary": "Highly aggressive, high-risk speculator.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/degen/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "66caaa873fea0ccf", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/delta-gergo", "locale": "en", "title": "Volume delta: meaning in trading", "summary": "In trading, delta usually means the difference between volume classified as buyer-initiated and seller-initiated within a bar or another interval.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/delta-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — documents ask volume, bid volume, and their difference in Numbers Bars.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Delta — shows a variant that estimates delta from lower-timeframe bars.", "urls": [ "https://www.tradingview.com/support/solutions/43000725057-volume-delta/" ] } ], "revision": "05f340b0fbddb794", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-measure-term", "topics": [ "volume-delta", "order-flow", "trade-classification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/depeg", "locale": "en", "title": "Depeg: when a stablecoin loses its anchor", "summary": "A depeg is a move away from the reference value an asset is intended to track. It may be temporary or structural and must be read alongside liquidity, redemption, and the quality of its backing.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/depeg/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Editorial Team — non-human AI agent review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Runs and Flights to Safety: Are Stablecoins the New Money Market Funds? — Studies runs, flights towards assets perceived as safer, and differences among stablecoin structures.", "urls": [ "https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1073.pdf" ] }, { "text": "Federal Reserve Board — The stable in stablecoins — Describes issuance, redemption, collateral, stabilisation mechanisms, and run risk.", "urls": [ "https://www.federalreserve.gov/econres/notes/feds-notes/the-stable-in-stablecoins-20221216.html" ] } ], "revision": "dcc69e6fd0009067", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-market-event", "topics": [ "crypto", "stablecoin", "depeg", "market-liquidity", "redemption-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/diamond-hands", "locale": "en", "title": "Diamond hands: trading meaning", "summary": "Diamond hands is a social label for holding under pressure; it does not prove discipline and may describe either a consistent plan or ignored risk.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/diamond-hands/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Explains how peer pressure and social sentiment can drive risky decisions.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "FINRA, Crypto Assets — Documents volatility, lower liquidity, and total-loss risk.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Summarizes disposition effect, manias, and other patterns.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "728b58b399cbe126", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-slang", "topics": [ "social-media", "holding", "volatility", "group-pressure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/diamond-notation", "locale": "en", "title": "Diamond notation in phasing", "summary": "A diamond marks a trough assigned to one cycle; a stack groups several durations. Its height does not measure the future strength of price.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/diamond-notation/", "published": "2026-07-21", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — checked directly to delimit the book's content.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "David Hickson, “Phasing Analysis”, Hurst Cycles Notes, 16 September 2022 — indirect source for attribution, troughs, and stack height.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] } ], "revision": "c93297cee5c9e8c2", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "technical-notation", "topics": [ "cyclic-analysis", "phasing-analysis", "cycle-notation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/dippare", "locale": "en", "title": "Dip", "summary": "Drop quickly — price «dips».", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/dippare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f611754c4caeb601", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/double-top-bottom", "locale": "en", "title": "Double top and double bottom", "summary": "Double top, double bottom and 'V' turns: the same sum of cycles as the head and shoulders, with only the short component's phase shifted in time.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/double-top-bottom/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "9a026dd97790f6df", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/drawdown-gergo", "locale": "en", "title": "Drawdown (slang)", "summary": "Decline from equity peak — short entry.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/drawdown-gergo/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e3f578f83d4037aa", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/dumpare", "locale": "en", "title": "Dump", "summary": "Sell heavily, driving price down.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/dumpare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6a3b2fe70c2a6f5a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/earnings-guidance", "locale": "en", "title": "Earnings guidance: reading company forecasts", "summary": "Guidance communicates management expectations for revenue, margins, earnings or cash; assumptions, ranges, revisions and actual results provide context.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/earnings-guidance/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Regulation Fair Disclosure — U.S. framework addressing selective disclosure of material information.", "urls": [ "https://www.sec.gov/rules-regulations/2000/08/final-rule-selective-disclosure-insider-trading" ] }, { "text": "U.S. Securities and Exchange Commission — Form 8-K — Official form for current events and issuer disclosures.", "urls": [ "https://www.sec.gov/files/form8-k.pdf" ] }, { "text": "U.S. Securities and Exchange Commission — Periodic Reporting — Overview of core periodic reporting requirements.", "urls": [ "https://www.sec.gov/resources-small-businesses/going-public/periodic-reporting" ] } ], "revision": "a55d9cc906855bb3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "corporate-disclosure", "topics": [ "fundamental-analysis", "earnings", "disclosure", "forecasts" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ebitda", "locale": "en", "title": "EBITDA: meaning, calculation and limitations", "summary": "EBITDA isolates earnings before interest, tax, depreciation and amortization, but it is not cash and its reconciliation can vary.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ebitda/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Guidance on presentation, prominence and reconciliation of non-GAAP measures.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "ESMA — Guidelines on Alternative Performance Measures — European principles for defining, explaining and reconciling alternative performance measures.", "urls": [ "https://www.esma.europa.eu/document/guidelines-alternative-performance-measures" ] } ], "revision": "1b4e1ca7f27b773b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "profitability", "non-gaap-measures", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/economic-moat", "locale": "en", "title": "Economic moat: testing competitive advantage", "summary": "An economic moat is a mechanism that may protect returns and customer relationships from competition; it needs evidence, not a label.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/economic-moat/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Berkshire Hathaway — 1995 Shareholder Letter — Primary source for the moat metaphor in the context of defending a business franchise.", "urls": [ "https://www.berkshirehathaway.com/letters/1995.html" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guide to the documents used to test results, risks and notes.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "f384a5a07a7a30d9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "business-quality-concept", "topics": [ "fundamental-analysis", "competitive-advantage", "business-model", "strategy" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/entrare-a-mercato", "locale": "en", "title": "Enter at market", "summary": "Open with a market order — immediate execution.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/entrare-a-mercato/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3296ce7941cc0627", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/entrare-limit", "locale": "en", "title": "Limit entry in trading: meaning", "summary": "A limit entry uses a limit order to open a position only at the specified price or better; execution is not guaranteed.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/entrare-limit/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Types of Orders — defines market, limit, and stop orders and states that limit-order execution is not guaranteed.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA, Order Types — describes limit prices, non-execution risk, and operational differences between orders.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "5a580279671b126f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-term", "topics": [ "limit-order", "entry", "execution", "partial-fill", "order-types" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/eps", "locale": "en", "title": "EPS: earnings per share", "summary": "EPS expresses attributable earnings per share, using a weighted-average share count, and is presented on a basic or diluted basis.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/eps/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Earnings Per Share — Concise public definition of earnings per share.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/earnings-share" ] }, { "text": "IFRS Foundation — IAS 33, Earnings per Share — Principles for calculating and presenting basic and diluted EPS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-33-earnings-per-share/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Where EPS appears in the income statement and how to read it at a basic level.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "676d92f61eb8758d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "earnings", "equity-valuation", "dilution" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/execution-gergo", "locale": "en", "title": "Execution in trading: meaning and quality", "summary": "Execution is the actual outcome of turning an order into fills. Its quality includes price, completed quantity, speed, and fill probability against stated objectives.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/execution-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — timestamps, benchmarks, price improvement, and fill rates for covered U.S. orders; this is staff guidance with no independent legal force.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — best-execution factors for EU investment firms; it describes a process obligation, not a guarantee of the best price on every order.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "8492ea31abf96757", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-term", "topics": [ "execution", "execution-quality", "order-fills", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/exit-liquidity", "locale": "en", "title": "Exit liquidity: meaning and evidence to seek", "summary": "Exit liquidity is slang for buyers or liquidity that allow earlier holders to sell; it often implies that new demand arrived late.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/exit-liquidity/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, HoweyCoins — Illustrates the pump-and-dump sequence: misleading information, induced demand, promoter sales, and decline.", "urls": [ "https://www.investor.gov/ico-howeycoins" ] }, { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Describes promotion, price inflation, and liquidation of positions in rug-pull patterns.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "SEC, Statement Urging Caution Around Celebrity Backed ICOs — Explains why an endorsement may be paid promotion rather than independent opinion.", "urls": [ "https://www.sec.gov/newsroom/speeches-statements/statement-potentially-unlawful-promotion-icos-sec-statement-urging-caution-around-celebrity-backed-icos" ] } ], "revision": "7e972c6c36fbf6ca", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-participant-role", "topics": [ "exit-liquidity", "distribution", "pump-and-dump", "promotion", "holder-concentration" ], "asset_classes": [ "digital-assets", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-evidence-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/expectancy-gergo", "locale": "en", "title": "Expectancy (trading term)", "summary": "In trading, expectancy is the expected average result per trade for stated rules, costs, measurement unit, and population.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/expectancy-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts — Relates win probability and average win/loss size through expectancy and defines R.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] }, { "text": "NIST/SEMATECH, What is a Probability Distribution? — Statistical foundation for probabilities and the outcomes of a distribution.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda361.htm" ] }, { "text": "Campbell R. Harvey and Yan Liu, Backtesting — Sample, multiple-testing, and significance issues in strategy evaluation.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] } ], "revision": "77f5b27e28586491", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "expectancy", "expected-value", "trading-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fair-value", "locale": "en", "title": "Fair value: accounting meaning and valuation estimate", "summary": "Fair value may mean a measurement defined by accounting standards or an analyst's valuation estimate; context, date and method prevent ambiguity.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fair-value/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 13 Fair Value Measurement — Definition, measurement framework and hierarchy of fair-value inputs under IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-13-fair-value-measurement/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Professional methods for translating expected cash flows into an estimate of value.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "84dcf9e285073d84", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "valuation-concept", "topics": [ "fundamental-analysis", "valuation", "accounting", "market-price" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fake-broker", "locale": "en", "title": "Fake broker: how to recognise and verify one", "summary": "A fake broker invents or copies an intermediary to collect deposits; its identity, domain, and authorisation must be checked in official registers.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fake-broker/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CNMV — Search for authorised and unauthorised entities — Official registers and warnings for firms without the required authorisation.", "urls": [ "https://www.cnmv.es/portal/Consultas/BusquedaPorEntidad?lang=es&tipo=ESI" ] }, { "text": "FINRA — Firm Identity Protection — Describes the cloning of identities, websites, CRD numbers, and documents belonging to real firms.", "urls": [ "https://www.finra.org/rules-guidance/guidance/firm-identity-protection" ] }, { "text": "Investor.gov — Check Out Your Investment Professional — Explains independent checks of licences and disciplinary history.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/check-out-your-investment-professional" ] } ], "revision": "251a40de5a7de007", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "broker-impersonation", "authorisation-check", "due-diligence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fake-exchange", "locale": "en", "title": "Fake crypto exchange: how to spot one", "summary": "A fake crypto exchange simulates trades, balances, and withdrawals to collect deposits; it is not the same as a real but risky venue.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fake-exchange/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Fraudulent digital asset and crypto trading websites — Describes fictitious profits, guaranteed returns, and demands for more fees.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-watch-out-fraudulent-digital-asset-and-crypto-trading-websites" ] }, { "text": "FBI — Cryptocurrency Investment Fraud — Explains fake platforms, early small withdrawals, and later blocks paired with invented taxes.", "urls": [ "https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud" ] }, { "text": "FTC — What to know about cryptocurrency and scams — Shows why a credible-looking investment site may display a false balance and prevent withdrawal.", "urls": [ "https://consumer.ftc.gov/articles/what-know-about-cryptocurrency-scams" ] } ], "revision": "e31945bd722da6ab", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-fraud", "fake-trading-platform", "withdrawal-fraud", "due-diligence" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fake-prop-firm", "locale": "en", "title": "Fake prop firm: challenge checks", "summary": "A fake prop-firm scheme misrepresents its identity, account, rules, or payouts; a paid evaluation or simulated account alone is not fraud.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fake-prop-firm/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CNMV — Warning about funded trading accounts linked to training courses — Describes paid evaluations, simulated parameters, fraud risk, and the limits of the CNMV's supervisory perimeter.", "urls": [ "https://www.cnmv.es/webservices/verdocumento/ver?t=%7B20a4c56e-2324-43fb-9e78-1f50f44a8b90%7D" ] }, { "text": "FTC — When a business offer or coaching program is a scam — Identifies deceptive earnings claims, invented success stories, pressure, and expensive training as warning signs requiring verification.", "urls": [ "https://consumer.ftc.gov/articles/when-business-offer-or-coaching-program-scam" ] }, { "text": "CFTC — Commodity trading systems sold on the Internet — Explains why hypothetical trading results do not reproduce actual execution, capital constraints, or market conditions.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_tradingsystem.html" ] } ], "revision": "cfbe4df7f157eb8b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "funded-trading", "evaluation-programs", "payout-verification", "financial-fraud" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fake-trading-bot-scam", "locale": "en", "title": "Fake trading bot: promises and scam warning signs", "summary": "A fake trading bot uses AI claims, manufactured results, and simulated balances to collect deposits or fees without a verifiable strategy.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fake-trading-bot-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — AI Won't Turn Trading Bots into Money Machines — Warning about algorithms, signal strategies, and crypto schemes sold with unreasonable or guaranteed returns.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html" ] }, { "text": "Investor.gov — Common Scams — Describes fraudulent uses of emerging technology, fake balances, and payments demanded to withdraw.", "urls": [ "https://www.investor.gov/additional-resources/spotlight/common-scams" ] } ], "revision": "9ded511aba74b8b0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "automated-trading", "artificial-intelligence", "due-diligence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fakeout", "locale": "en", "title": "Fakeout in trading: meaning", "summary": "Fakeout means a false break: price crosses an observed level, fails to continue, and returns to the previous area.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fakeout/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — discusses traps and false breaks as failures of earlier signals.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — describes levels and breaks and notes that support and resistance are zones rather than guaranteed exact prices.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "91cd85a173ae63dc", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/feature-engineering", "locale": "en", "title": "Feature engineering", "summary": "Turning raw data into predictive variables — the step that separates signal from noise in quant models.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/feature-engineering/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ad7cb3cc82f9c993", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/financial-statements", "locale": "en", "title": "Financial statements", "summary": "Financial statements connect financial position, performance, cash flows and changes in equity to describe a company's financial condition.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/financial-statements/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Overview of the primary statements and how they connect.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — IAS 1, Presentation of Financial Statements — Presentation requirements and components of a complete IFRS set.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-1-presentation-of-financial-statements.html/" ] } ], "revision": "16a38862cbe2b1ba", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-report", "topics": [ "fundamental-analysis", "financial-reporting", "balance-sheet", "income-statement", "cash-flow" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/flash-loan", "locale": "en", "title": "Flash loans: instant borrowing without collateral", "summary": "A flash loan lends assets without collateral only if principal and fee are repaid within the same blockchain transaction; otherwise every step is reverted.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/flash-loan/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Aave Docs — Flash Loans — Documents atomicity, repayment, fees, the execution flow, and the main applications.", "urls": [ "https://aave.com/docs/aave-v3/guides/flash-loans" ] }, { "text": "Aave Docs — Pool contract — Specifies the flashLoan and flashLoanSimple functions exposed by the main contract.", "urls": [ "https://aave.com/docs/aave-v3/smart-contracts/pool" ] } ], "revision": "f3ed6fd5efa90cff", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-credit-mechanism", "topics": [ "defi", "lending", "atomic-transactions", "arbitrage", "liquidations" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fld", "locale": "en", "title": "FLD — Future Line of Demarcation", "summary": "Price shifted about half a cycle forward. Median-, high- and low-FLDs use different offsets for completed-bar confirmation or immediate action signals.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fld/", "published": "2026-06-22", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, Ch. 4, pp. 69–85 — primary source for envelopes, displaced averages, the state table and VTLs; used here to delimit the book's method, not as a source for the FLD.", "urls": [] }, { "text": "David Hickson / Sentient Trader, FLD's — Future Lines of Demarcation — direct post-Hurst source for the three variants, offsets, confirmations and projections.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/FLD.htm" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Trading Methodology — post-Hurst account attributing the methodology to the Cycles Course and distinguishing delayed confirmation from immediate action signals; the original course was not checked.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstTrading.htm" ] } ], "revision": "d8918b188d32c5be", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/flippare", "locale": "en", "title": "Flip", "summary": "To flip means to buy an asset intending to resell it quickly at a higher price; it describes the time horizon, not a guaranteed profit.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/flippare/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury — Illicit Finance Risk Assessment of Non-Fungible Tokens — Describes NFT markets, volatility, fraud, wash trading, and other risks that can distort signs of demand.", "urls": [ "https://home.treasury.gov/system/files/136/Illicit-Finance-Risk-Assessment-of-Non-Fungible-Tokens.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Addresses market integrity, conflicts, transparency, and sound price formation at crypto-asset trading venues.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "e5574005f3acf3b3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "short-horizon-resale-term", "topics": [ "flipping", "nft", "resale", "liquidity" ], "asset_classes": [ "crypto", "multi-asset" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/flippare-bias", "locale": "en", "title": "Flip from long to short: meaning", "summary": "Flipping long to short means changing operational direction on the same instrument; it may include an opposite position, but a bias change does not require immediate reversal.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/flippare-bias/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Explains closing through an opposite transaction.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Submitting a Futures Order — Describes orders, quantity, fills, and displayed position.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Calls for defined setups, triggers, and exits.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] } ], "revision": "14da2f4948653038", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "long", "short", "position-reversal", "bias", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fomare", "locale": "en", "title": "FOMO buy: meaning in trading", "summary": "A FOMO buy is an entry driven by urgency not to miss a perceived move; buying after a rise is not enough by itself to establish FOMO.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fomare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Warns that real-time sentiment and discussion can encourage impulsive decisions.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — Advises checking sources, objectives, and risk before acting on hype.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "fff2f0071da3932e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "fomo", "entry", "social-media", "urgency", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fomo-gergo", "locale": "en", "title": "FOMO: meaning in trading", "summary": "FOMO means Fear of Missing Out, the urgency not to miss a perceived opportunity; it describes a state, not a price signal.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fomo-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out — Peer-reviewed study defining and measuring FoMO; it is not financial forecasting research.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "FINRA, Following the Crowd: Investing and Social Media — Describes risks from impulsive decisions driven by sentiment and social pressure.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] } ], "revision": "bbd520d6a4c5dae5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-term", "topics": [ "fomo", "social-pressure", "urgency", "decision-making", "investing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "acronym-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/footprint-gergo", "locale": "en", "title": "Footprint chart: meaning in trading", "summary": "A footprint chart shows executed volume inside each bar by price level and classified side, often as bid-and-ask pairs.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/footprint-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — describes volume and trade counts by level, bid/ask pairs, and imbalance methods.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Footprint charts: a complete guide — documents cells, delta, and the settings of its footprint implementation.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "2ccd5336f8689566", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-chart-term", "topics": [ "footprint-chart", "order-flow", "bid-volume", "ask-volume" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/forward-testare-gergo", "locale": "en", "title": "Forward-test (trading term)", "summary": "In trading, to forward-test means observing a frozen strategy version on data that arrive after the decision.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/forward-testare-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — Temporal order and successive out-of-sample evaluations.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — Prospective validation, reliability, and limitations of investment models.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] } ], "revision": "44f66a69d8f518b8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "forward-test", "prospective-validation", "systematic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/free-cash-flow", "locale": "en", "title": "Free cash flow (FCF)", "summary": "Free cash flow estimates cash generated by operations after investment in long-lived assets; its formula, use, and limits must always be disclosed.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/free-cash-flow/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Non-GAAP Financial Measures, Question 102.07 — typical calculation, lack of uniformity, reconciliation, and limits on the term's use.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation, IAS 7 Statement of Cash Flows — official structure for operating, investing, and financing cash flows.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows.html/" ] }, { "text": "CFA Institute, Free Cash Flow Valuation — distinction between FCFF and FCFE and consistency with their respective discount rates.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "83082ed9b9ea5f0b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "metric", "topics": [ "fundamental-analysis", "cash-flow", "equity-valuation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/front-running", "locale": "en", "title": "Front-running: meaning in trading", "summary": "In traditional markets, front-running typically means trading ahead of an imminent order using material nonpublic order information; blockchain MEV uses the term more broadly.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/front-running/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Rule 5270 — Front Running of Block Transactions — Defines material nonpublic information, imminent block orders, related instruments, and permitted transactions.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5270" ] }, { "text": "Ethereum.org, Maximal extractable value (MEV) — Describes transaction ordering, generalized frontrunners, and sandwich trading on blockchains.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "BIS, Miners as intermediaries: extractable value and market manipulation in crypto and DeFi — Compares MEV, traditional front-running, and blockchain transaction ordering.", "urls": [ "https://www.bis.org/publ/bisbull58.htm" ] } ], "revision": "6ab796c7b3fd9d8c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "conduct-term", "topics": [ "front-running", "customer-order", "nonpublic-information", "mev", "transaction-ordering" ], "asset_classes": [ "securities", "derivatives", "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-legal-context", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/frontrunnare", "locale": "en", "title": "Front-run (trading term)", "summary": "To front-run means trading before a known or imminent order to exploit its possible effect on price or execution priority.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/frontrunnare/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Rule 5270 — Front Running of Block Transactions — Official rule concerning material non-public information about imminent block transactions.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5270" ] }, { "text": "FINRA, Rule 5320 — Prohibition Against Trading Ahead of Customer Orders — Obligations, conditions, and exceptions for held customer orders within its scope.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5320" ] } ], "revision": "7d2dc947ba2fcade", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "front-running", "customer-orders", "market-conduct" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fud", "locale": "en", "title": "FUD", "summary": "Fear, Uncertainty and Doubt — negative narrative.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fud/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c58f65481fe17dd1", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/fuddare", "locale": "en", "title": "FUD spreading", "summary": "Spread FUD — fear, uncertainty and doubt.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/fuddare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "38c7ca7bbc44099b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/gas-fee-gergo", "locale": "en", "title": "Gas fee: meaning in crypto", "summary": "A gas fee is the network charge paid for computation and transaction processing; gas measures work, while the fee is the amount paid.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/gas-fee-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Gas and fees — gas units, fee components, gas limits, and charges for failed execution.", "urls": [ "https://ethereum.org/developers/docs/gas/" ] }, { "text": "Ethereum.org — Transactions — transaction fields, signing, propagation, inclusion, and execution.", "urls": [ "https://ethereum.org/developers/docs/transactions/" ] } ], "revision": "ccdebef858fb454f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "blockchain-transaction-cost-term", "topics": [ "blockchain", "gas", "transaction-fees", "on-chain-transactions" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/hedgiare", "locale": "en", "title": "Hedge: meaning in trading", "summary": "To hedge is to add a position intended to reduce a specific risk in the primary exposure; the hedge does not necessarily remove every source of loss.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/hedgiare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Hedgers — Explains using futures to manage and offset an existing price risk.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-hedgers" ] }, { "text": "CFTC, Futures Market Basics — Distinguishes hedgers from speculators and outlines futures obligations and risks.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "00cc2323029bff4f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "risk-management-action", "topics": [ "hedging", "exposure", "derivatives", "basis-risk", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ho-anticipato-troppo", "locale": "en", "title": "Entered too early: meaning", "summary": "Entered too early means trading before the trigger or confirmation required by the setup, not merely entering before a favorable move.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ho-anticipato-troppo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — defines setups and trigger points as precise entry conditions and moments.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — connects quantity, stops, and trade risk.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Trade and Risk Management — calls for knowing the exit and capital at risk before a new trade.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] } ], "revision": "94b038e9a3b70dc0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "early-entry", "trigger", "confirmation", "setup", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ho-bruciato-l-account", "locale": "en", "title": "Blew up the account: meaning", "summary": "Blew up the account is informal language for a severe loss, liquidation, or an account that can no longer operate; it does not specify balance or cause.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ho-bruciato-l-account/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Futures Market Basics — Warns that futures customers can lose all their funds and sometimes more than the initial amount.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "CFTC, Understand Your Contractual Obligations — Explains that leverage can produce losses exceeding the initial margin deposit.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understandcontractobligations.html" ] }, { "text": "CME Group, Position and Risk Management — Connects contracts, margin, mark-to-market, and risk controls.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "5839f3f4183ee1ca", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "loss-expression", "topics": [ "account-loss", "liquidation", "drawdown", "leverage", "risk-of-ruin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ho-chiuso-in-pari", "locale": "en", "title": "Closed at breakeven: what it means", "summary": "Closed at breakeven describes an exit filled near the entry price; gross P&L may be zero while costs and slippage can make net P&L negative.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ho-chiuso-in-pari/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Describes how positions are closed and how exit strategies produce different outcomes.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Explains why execution can differ from a stop level.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio — Documents how costs affect investment results.", "urls": [ "https://www.sec.gov/oiea/investor-alerts-bulletins/investoralertsib_fees_expensespdf" ] } ], "revision": "21473f38f3d86ab8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "break-even", "exit", "execution", "costs", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ho-inseguito-il-prezzo", "locale": "en", "title": "Chasing the price: meaning", "summary": "Chasing the price means entering after a move is underway and changing the planned price or risk because the opportunity appears to be escaping.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ho-inseguito-il-prezzo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — distinguishes setups, trigger points, and exact entry criteria.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, What Is Market Timing? — frames the difficulty and risks of trying to capture short-term moves.", "urls": [ "https://www.finra.org/investors/insights/market-timing" ] }, { "text": "FINRA, Volatility — connects rapid fluctuations, risk, and impulsive decisions.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "d3dcd6681a6d3bd0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "price-chasing", "entry", "fomo", "execution", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ho-lasciato-troppo-sul-tavolo", "locale": "en", "title": "Left money on the table: trading meaning", "summary": "Left money on the table describes potential profit observed after an exit; it is not an accounting loss and does not by itself prove the decision was wrong.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ho-lasciato-troppo-sul-tavolo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Compares exit approaches and the risks of exiting early or waiting too long.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Connects trade management to written exits and targets.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Reports the behavioral tendency to sell winning investments too soon.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "3b08725819b6ffd9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "exit", "opportunity-cost", "trade-review", "hindsight", "profit-taking" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ho-messo-a-break-even", "locale": "en", "title": "Moved the stop to breakeven: meaning and limits", "summary": "Moving a stop to breakeven means bringing it toward a breakeven level while the position remains open; it changes planned risk but does not guarantee zero net loss.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ho-messo-a-break-even/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Connects entry criteria, stops, targets, and management of an open trade.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Distinguishes activation, execution price, and stop-limit non-execution risk.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio — Shows why costs affect net results.", "urls": [ "https://www.sec.gov/oiea/investor-alerts-bulletins/investoralertsib_fees_expensespdf" ] } ], "revision": "8f3b9320abff79b9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-order", "break-even", "position-management", "execution", "costs" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ho-preso-una-finta", "locale": "en", "title": "Got faked out: meaning", "summary": "Got faked out means entering on a signal that activated and was then invalidated; it does not automatically imply manipulation.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ho-preso-una-finta/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — describes support, resistance, and breakouts as zones rather than guaranteed prices.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] }, { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — provides observable bull- and bear-trap rules.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Market Manipulation — defines manipulation using more specific conditions than a reversal alone.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] } ], "revision": "a784604ce32cf1d7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "fakeout", "false-signal", "breakout", "invalidation", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ho-tagliato-troppo-presto", "locale": "en", "title": "Cut the winner too early: how to review it", "summary": "Cut the winner too early describes an exit perceived as premature, but the later high does not prove it; the planned rule, available information, and actual reason matter.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ho-tagliato-troppo-presto/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Defines the disposition effect as selling winners too early and holding losers too long.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Calls for explicit exit criteria before emotional trade management begins.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — Illustrates the trade-off between an early exit and giving profit back.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] } ], "revision": "d55454cc9355eb86", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "exit", "trade-review", "disposition-effect", "emotion", "trading-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/hodl", "locale": "en", "title": "HODL: origin and meaning", "summary": "HODL is a misspelling of hold from a 2013 Bitcoin post that became a term for keeping crypto over time; Hold On for Dear Life is a later expansion.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/hodl/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "GameKyuubi, I AM HODLING — Primary December 2013 post documenting the misspelling and context.", "urls": [ "https://bitcointalk.org/index.php?topic=375643.0" ] }, { "text": "FINRA, Crypto Assets — Describes crypto volatility, liquidity, custody, and risk of total loss.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "CFTC, Understand the Risks of Virtual Currency Trading — Covers spot, derivatives, leverage, and platform risks.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "9dc0da75fccaccd0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-slang", "topics": [ "bitcoin", "holding", "crypto-culture", "time-horizon", "risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "origin-and-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/holdare", "locale": "en", "title": "Hold a position: trading meaning", "summary": "Holding means keeping a position open instead of closing it; the word describes an action, not its horizon, thesis quality, or risk level.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/holdare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Position and Risk Management — Connects open positions with monitoring risk, profit, and loss.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "FINRA, Risk — Relates time horizon, ability to bear loss, and risk management.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] }, { "text": "FINRA, Crypto Assets — Highlights volatility, liquidity, and loss risk in crypto assets.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] } ], "revision": "e6aad3a9a68771f8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "holding", "position-management", "time-horizon", "risk", "crypto-slang" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/honeypot", "locale": "en", "title": "Crypto honeypots: tokens that trap buyers", "summary": "A crypto honeypot is a contract or token designed to look purchasable and profitable while preventing, restricting, or making a victim's sale prohibitively expensive.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/honeypot/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Why Trick Me — Honeypot Traps on Decentralized Exchanges — Studies tokens that can be bought in DEX pools but cannot be exchanged back for the original asset.", "urls": [ "https://arxiv.org/abs/2309.13501" ] }, { "text": "ESMA — Crypto fraud and scams factsheet — Places common crypto frauds in context and presents basic precautions for users.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_MT_EN.pdf" ] } ], "revision": "44fa8dca4fe4a1a3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "malicious-token", "smart-contracts", "scam-prevention" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/iceberg-order-gergo", "locale": "en", "title": "Iceberg order: meaning and limits", "summary": "An iceberg order displays only a tranche of its total quantity in the book. Refill and priority depend on venue rules and do not reveal total size or identity.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/iceberg-order-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distinguishes MBO and MBP feeds, OrderID, PriorityID, and native or synthetic icebergs within CME Globex; these rules are not universal.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Display Quantity Order Overview — describes displayed quantity, time priority, fills, and replenishment for CME orders; it is venue-specific documentation.", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] } ], "revision": "85fa1343b9395060", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-type", "topics": [ "execution", "iceberg-order", "order-book", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/imbalance", "locale": "en", "title": "Imbalance in trading: meaning", "summary": "Imbalance means a skew, but it can refer to aggressive volume, displayed book quantity, or auction orders; the definition, side, and threshold must be stated.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/imbalance/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, Volume footprint charts: a complete guide — Documents buy/sell volume, delta, and imbalance highlighting in footprints.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] }, { "text": "NYSE, Order Imbalances — Defines real-time publication of buy and sell imbalances during auctions.", "urls": [ "https://www.nyse.com/data-products/catalog/imbalances" ] }, { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Lists prices, order counts, and bid/ask quantities used to measure a book.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "347596ac8fa96b7e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "microstructure-measure", "topics": [ "imbalance", "footprint", "order-book", "auction", "aggressive-volume" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/impermanent-loss", "locale": "en", "title": "Impermanent loss: relative loss in AMM pools", "summary": "Impermanent loss is the economic shortfall that can arise when providing liquidity to an AMM produces a lower return than simply holding the same tokens.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/impermanent-loss/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Docs — Understanding Returns — Compares LP returns, fees, and the loss relative to holding the assets.", "urls": [ "https://developers.uniswap.org/docs/protocols/v2/concepts/understanding-returns" ] }, { "text": "Uniswap — V2 whitepaper — Sets out the economics of the constant-product AMM.", "urls": [ "https://app.uniswap.org/whitepaper.pdf" ] }, { "text": "Uniswap — V3 whitepaper — Specifies ranges, concentrated liquidity, and position composition outside the selected range.", "urls": [ "https://app.uniswap.org/whitepaper-v3.pdf" ] } ], "revision": "38bb6b720e2482f2", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-risk", "topics": [ "defi", "automated-market-maker", "liquidity-provision", "relative-return" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/interest-rates-inflation", "locale": "en", "title": "Macroeconomics, interest rates and inflation", "summary": "A guide to reading growth, inflation, labour and economic policy together while separating observed data, expectations and market pricing.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/interest-rates-inflation/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook, official documentation — analysis and projections for global growth, inflation and macroeconomic risks.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy, official documentation — official goals, policy tools, decisions and FOMC communications.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy, official documentation — euro-area strategy, decisions, instruments and market operations.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] } ], "revision": "7c8428967a2b5abe", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "glossary_term", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/inverse-moving-average-hurst", "locale": "en", "title": "Hurst inverse moving average: definition and edge limit", "summary": "Hurst's inverse moving average subtracts a centred average from price to expose faster fluctuations, with a decisive limitation at the latest bars.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/inverse-moving-average-hurst/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, Chapter 6, pp. 109–113 and Appendix IV, pp. 210–211 — construction, Alloys Unlimited example and filter response.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "OCLC WorldCat, The Profit Magic of Stock Transaction Timing — bibliographic record — authorship, publisher and first-edition date.", "urls": [ "https://search.worldcat.org/title/776611988" ] }, { "text": "NIST/SEMATECH, Centered Moving Average — window centring and the distinct treatment required for even orders.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc422.htm" ] }, { "text": "Rob J. Hyndman and George Athanasopoulos, Moving averages — Forecasting: Principles and Practice — symmetric formula and missing endpoint estimates.", "urls": [ "https://otexts.com/fpp3/moving-averages.html" ] } ], "revision": "50c8fbfabe85123e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "technical-indicator", "topics": [ "cyclic-analysis", "moving-averages", "signal-processing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/kelly-frazionato-gergo", "locale": "en", "title": "Fractional Kelly (trading term)", "summary": "Fractional Kelly means using a fraction of the full-Kelly size to reduce exposure and variability relative to the theoretical model.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/kelly-frazionato-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Edward O. Thorp, The Kelly Criterion and the Stock Market, 1992 — Covers logarithmic growth, fixed-fraction betting, and application to markets.", "urls": [ "https://www.edwardothorp.com/wp-content/uploads/2016/11/TheKellyCriterionAndTheStockMarket.pdf" ] }, { "text": "Enzo Busseti, Eungchun Ryu, and Stephen Boyd, Risk-Constrained Kelly Gambling, 2016 — Compares Kelly, fractional Kelly, and explicit constraints on drawdown risk.", "urls": [ "https://stanford.edu/~boyd/papers/kelly.html" ] } ], "revision": "42a410b16b6ac63d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "kelly-criterion", "position-sizing", "drawdown-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/kelly-gergo", "locale": "en", "title": "Kelly (trading term)", "summary": "In trading, Kelly is shorthand for the criterion that sizes capital or a wager to maximize expected logarithmic growth under stated assumptions.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/kelly-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate, Bell System Technical Journal, 1956 — The original work connecting information with the maximum exponential growth rate of capital.", "urls": [ "https://doi.org/10.1002/j.1538-7305.1956.tb03809.x" ] }, { "text": "Edward O. Thorp, The Kelly Criterion and the Stock Market, 1992 — A recognized derivation and application of the criterion to markets.", "urls": [ "https://www.edwardothorp.com/wp-content/uploads/2016/11/TheKellyCriterionAndTheStockMarket.pdf" ] } ], "revision": "6a3c1aa3cd3f43b4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "kelly-criterion", "position-sizing", "expected-log-growth" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/lasciare-correre", "locale": "en", "title": "Let a trade run: meaning", "summary": "Letting a trade run means keeping a favorable position open until its exit rule triggers; it does not mean removing stops or abandoning risk control.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/lasciare-correre/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Describes targets, stops, and management of a residual position.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — Shows the trade-off between waiting for a target and risking a retracement.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Explains activation and execution limitations of stop orders.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "5c3853d2e34ac4d8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "exit", "trend-following", "trailing-stop", "profit-taking", "position-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/last-point-of-supply-lpsy", "locale": "en", "title": "Last Point of Supply (LPSY)", "summary": "A weak rally after a Sign of Weakness: narrow spread and difficulty advancing are consistent with persistent supply but require confirmation.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/last-point-of-supply-lpsy/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — LPSY definition and role in phases D–E.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — weak rallies, multiple LPSYs and their relationship to SOW and support.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "7f85cfc2009e4b6f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/last-point-of-support-lps", "locale": "en", "title": "Last Point of Support (LPS)", "summary": "The low of a reaction after a Sign of Strength, often near former resistance, with spread and volume tending to contract relative to the advance.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/last-point-of-support-lps/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — LPS definition, phase D and multiple LPSs.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — spread, volume, former resistance and the back-up.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, Wiley — contextual use of resistance, ranges and trading judgement.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "eb96bba4487b7f18", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/latenza-gergo", "locale": "en", "title": "Execution latency: meaning and measurement", "summary": "Latency is the measured delay between two defined events in an order's path. It must be separated by segment and does not automatically equal slippage.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/latenza-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — addresses receipt and execution timestamps and speed statistics for covered U.S. orders; it is staff guidance, not a global end-to-end latency standard.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "EUR-Lex, Commission Delegated Regulation (EU) 2025/1155 — synchronisation of business clocks — current EU rules for entities within the MiFIR scope; Articles 11–16 apply from 2 March 2026. Synchronized clocks make timestamps comparable, but do not by themselves measure end-to-end latency.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] } ], "revision": "14948b745800ff23", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-metric", "topics": [ "execution", "execution-latency", "timestamps", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/layering", "locale": "en", "title": "Layering", "summary": "Layering is a spoofing-family pattern in which multiple non-bona fide orders at different price levels create apparent one-sided pressure, often to benefit trading on the other side.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/layering/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Commission Delegated Regulation (EU) 2026/788 — updated EU indicators expressly describe a multi-level order pattern usually known as layering and spoofing.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj/eng" ] }, { "text": "EUR-Lex — Market Abuse Regulation, consolidated text as of 5 June 2026 — Article 12 and Annex I establish the EU framework for false or misleading signals and order-based indicators.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "FINRA — Potential Manipulation Report — defines the layering surveillance pattern, including multiple baiting levels, an opposite-side execution, and cancellation.", "urls": [ "https://www.finra.org/compliance-tools/report-center/cross-market-equities-supervision/potential-manipulation-report" ] }, { "text": "FINRA — 2024 Annual Regulatory Oversight Report: Manipulative Trading — covers cross-market, cross-product, customer, and algorithmic surveillance considerations.", "urls": [ "https://www.finra.org/rules-guidance/guidance/reports/2024-finra-annual-regulatory-oversight-report/manipulative-trading" ] }, { "text": "CFTC — Interpretive Guidance and Policy Statement on Disruptive Practices — explains intent, good-faith cancellation, market context, and examples involving multiple bids or offers in the US derivatives perimeter.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] }, { "text": "EUR-Lex — Markets in Crypto-Assets Regulation, Article 91 — provides the relevant EU manipulation framework for crypto-asset orders, transactions, and behaviour.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] }, { "text": "ESMA — Guidelines on supervisory practices to prevent and detect market abuse under MiCA — risk-based supervision and data considerations for crypto-asset market abuse.", "urls": [ "https://www.esma.europa.eu/document/guidelines-supervisory-practices-prevent-and-detect-market-abuse-under-mica" ] } ], "revision": "bda429f74904b58f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "layering-order-book-manipulation-pattern", "topics": [ "layering", "spoofing", "order-book", "market-manipulation", "market-integrity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-evidence", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/liquidazione-gergo", "locale": "en", "title": "Liquidation in trading: slang meaning", "summary": "In leveraged trading, liquidation means the imposed closing or reduction of a position after its collateral no longer meets risk requirements.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/liquidazione-gergo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA Rule 2264, Margin Disclosure Statement — states that a firm may sell assets and that a customer may remain responsible for a deficit.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQs — describes the function and adjustment of derivatives margins.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "23c41a5e328f0705", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "liquidation", "margin", "leverage", "forced-closing", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/liquidity-grab", "locale": "en", "title": "Liquidity grab in trading: meaning", "summary": "Liquidity grab is an informal label for a quick move beyond a level where executable interest is thought to be concentrated, often followed by a return.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/liquidity-grab/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Executing an Order — explains that quotes cover finite quantities, routing matters, and price can change before execution.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "FINRA, OTC Tier Size Analysis — shows how an order larger than the quantity available at the best price may execute across levels and create price impact.", "urls": [ "https://www.finra.org/sites/default/files/RuleFiling/p344459.pdf" ] }, { "text": "Investor.gov, Market Manipulation — defines manipulation as artificially affecting supply or demand, not as a shape observed on a chart.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] } ], "revision": "f938871b91fac43e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-term", "topics": [ "liquidity", "order-book", "market-impact", "price-action", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/liquidity-mining", "locale": "en", "title": "Liquidity mining: incentives for DeFi liquidity", "summary": "Liquidity mining distributes tokens or other incentives to people who provide capital and liquidity to a DeFi protocol under defined rules.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/liquidity-mining/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Compound Docs — COMP distribution speeds — Documents per-block COMP distribution to suppliers and borrowers in individual markets.", "urls": [ "https://docs.compound.finance/v2/comptroller/" ] }, { "text": "BIS Working Papers No 1066 — Examines incentives, yield aggregators, and economic risks in the DeFi ecosystem.", "urls": [ "https://www.bis.org/publ/work1066.pdf" ] } ], "revision": "39341ba1bfe180da", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-incentive-mechanism", "topics": [ "defi", "liquidity-incentives", "token-emissions", "governance-tokens" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/liquidity-pool", "locale": "en", "title": "Liquidity pools: liquidity in DeFi exchanges", "summary": "A liquidity pool holds a token pair in a smart contract so a DeFi AMM exchange can execute swaps without a traditional order book.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/liquidity-pool/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Docs — Pools — Explains reserves, LP shares, and the role of pools in an AMM.", "urls": [ "https://developers.uniswap.org/docs/protocols/v2/concepts/pools" ] }, { "text": "Uniswap — V2 whitepaper — Specifies the protocol's trading model, fees, and main economic effects.", "urls": [ "https://app.uniswap.org/whitepaper.pdf" ] }, { "text": "Uniswap — V3 whitepaper — Documents concentrated liquidity, price ranges, and inactivity outside the selected range.", "urls": [ "https://app.uniswap.org/whitepaper-v3.pdf" ] } ], "revision": "fe303e6282e4e865", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-market-mechanism", "topics": [ "defi", "automated-market-maker", "liquidity", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/long-squeeze", "locale": "en", "title": "Long squeeze: meaning and mechanism", "summary": "Long squeeze is an informal term for a decline amplified when bullish positions, often leveraged, must sell or are liquidated.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/long-squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Know What Triggers a Margin Call — describes margin calls and the possibility of broker sales without advance notice.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "FINRA Rule 2264, Margin Disclosure Statement — sets out risks, forced sales, and responsibility for deficits in margin accounts.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Futures and Options Margin Model — documents the margin system used for futures and options.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/futures-and-options-margin-model.html" ] } ], "revision": "f6f16854481f50a6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-dynamics-term", "topics": [ "long-positions", "leverage", "liquidation", "margin", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/longare", "locale": "en", "title": "Go long: meaning in trading", "summary": "Going long means taking or increasing exposure that benefits from rising prices; a buy can also reduce a short, so the final net position matters.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/longare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Speculators — Describes directional risk-taking through long or short futures positions.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-speculators" ] }, { "text": "CME Group, Position and Risk Management — Connects contract choice, number of contracts, margin, and risk.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "95cfab03edf05d5c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "long", "buy", "exposure", "execution", "position" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/loss-aversion-gergo", "locale": "en", "title": "Loss aversion in trading: meaning", "summary": "In trading, loss aversion means giving greater psychological weight to a loss than to a comparable gain; it describes a possible bias, not a diagnosis of an individual trader.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/loss-aversion-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — Frames cognitive and emotional biases and approaches to recognizing or adapting to them.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Daniel Kahneman and Amos Tversky, Prospect Theory: An Analysis of Decision under Risk — Foundational study of how gains and losses are valued under risk.", "urls": [ "https://doi.org/10.2307/1914185" ] } ], "revision": "8dca2ac56b8848a7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/market-seasonality", "locale": "en", "title": "Market seasonality", "summary": "Recurring calendar patterns — months, weekdays, session turns; contextual filter, not a deterministic rule.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/market-seasonality/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1f746f18f99cb0eb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/max-drawdown-gergo", "locale": "en", "title": "Maximum drawdown: meaning in trading", "summary": "Maximum drawdown is the worst observed fall from an earlier peak to a later trough in a capital curve over a defined period.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/max-drawdown-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaQuotes, MetaTrader 5 Help — Testing Report — Defines maximal drawdown in test reports as the largest fall from a local high to the following low.", "urls": [ "https://www.metatrader5.com/en/terminal/help/algotrading/testing_report" ] }, { "text": "Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion — Studies maximum drawdown and its dependence on the horizon in the model examined.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] } ], "revision": "4de0a9167e0db746", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "drawdown", "performance-measurement", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/md-fluctuation", "locale": "en", "title": "Magnitude-duration fluctuation (MD)", "summary": "In Hurst's price-motion model, cyclic components may vary slowly in magnitude and duration: this is the third element of the model, not a perfect clock.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/md-fluctuation/", "published": "2026-06-23", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "revision": "dfeff2a67d9704e3", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/mediare-al-rialzo", "locale": "en", "title": "Adding to a winning position: pyramiding", "summary": "Adding to a winning position means increasing a long after price has risen; both average entry and total exposure increase.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/mediare-al-rialzo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — ties quantity to per-trade risk and stop distance.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — calls for advance criteria for entry, management, and exit.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — explains that more contracts increase exposure and require suitable risk scenarios.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "1ed533bf61408b1c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "pyramiding", "scaling-in", "position-sizing", "trend-following", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/mediare-al-ribasso", "locale": "en", "title": "Averaging down: meaning and risk", "summary": "Averaging down means adding to a long position as price falls, lowering average entry while increasing exposure.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/mediare-al-ribasso/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — shows why quantity, stop distance, and monetary risk must be evaluated together.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — includes maximum exposure, leverage, and per-trade loss among advance parameters.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "Investor.gov, Dollar Cost Averaging — defines equal investments at regular intervals, distinct from reactive averaging.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging" ] } ], "revision": "7330611dbdaf5b34", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "averaging-down", "position-sizing", "drawdown", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/mev", "locale": "en", "title": "MEV: extractable value from transaction ordering", "summary": "MEV is the value that can be obtained by including, excluding, or reordering transactions in a block beyond the protocol's ordinary reward.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/mev/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Maximal extractable value — Defines MEV, its participants, strategies, and effects on the Ethereum ecosystem.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Flash Boys 2.0 — A primary study of transaction ordering and front-running dynamics on decentralized exchanges.", "urls": [ "https://arxiv.org/abs/1904.05234" ] } ], "revision": "a3558a827df52f2a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "blockchain-market-mechanism", "topics": [ "blockchain", "transaction-ordering", "arbitrage", "block-building" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/mi-ha-liquidato", "locale": "en", "title": "I got liquidated: meaning", "summary": "I got liquidated means a risk system closed or reduced a leveraged position; it does not mean the market personally targeted the trader.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/mi-ha-liquidato/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA Rule 2264, Margin Disclosure Statement — describes a firm's right to sell assets when account requirements are not met.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQs — explains the role of margin and how it may be adjusted.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "29b4618bc766461b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "liquidation", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/mi-ha-preso-lo-stop", "locale": "en", "title": "Stopped out: meaning and execution", "summary": "Stopped out means the event defined to activate an exit occurred; the stop price and actual execution price may differ.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/mi-ha-preso-lo-stop/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — explains triggering, the difference between stop and fill, and short-lived moves.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA, Order Types — distinguishes stop, stop-limit, market, and their execution properties.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "Investor.gov, Types of Orders — describes a stop order becoming market after its trigger.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] } ], "revision": "aca8d5200a55f658", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-loss", "stop-order", "execution", "slippage", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/mi-sono-fatto-prendere-dalla-fomo", "locale": "en", "title": "FOMO got me: meaning in trading", "summary": "In trading slang, the phrase means that urgency about missing an opportunity pushed someone to decide without fully following the plan.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/mi-sono-fatto-prendere-dalla-fomo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out — Peer-reviewed research that defines and measures FoMO; it is not a financial forecasting study.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "SEC Office of Investor Education and Assistance, Protect Your Money: How to Avoid Investment Scams — Shows how urgency and FOMO may be used in fraudulent pitches.", "urls": [ "https://www.investor.gov/files/protect-your-money-how-avoid-investment-scams" ] } ], "revision": "e1360228a7f83d56", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trader-expression", "topics": [ "fomo", "trading-psychology", "decision-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/mi-sono-fatto-stoppare-sul-minimo", "locale": "en", "title": "Stopped out at the low: meaning", "summary": "Stopped out at the low describes an exit near a visible low before a rebound; the label is retrospective and depends on timeframe.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/mi-sono-fatto-stoppare-sul-minimo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — documents stops triggered by brief price changes followed by stabilization or rebound.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA Regulatory Notice 16-19 — describes trigger-to-fill differences and volatile-market risks.", "urls": [ "https://www.finra.org/rules-guidance/notices/16-19" ] }, { "text": "CME Group, Proper Position Size — connects a logical stop, its distance, and position size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] } ], "revision": "ff3b5546c3eb08a0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-loss", "reversal", "volatility", "hindsight", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/mintare", "locale": "en", "title": "Mint", "summary": "To mint means to create or assign a token under its smart contract's rules; for an NFT, it is the event that creates the token record.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/mintare/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum Improvement Proposals — ERC-721 — A transfer from the zero address records token creation and distinguishes it from later transfers.", "urls": [ "https://eips.ethereum.org/EIPS/eip-721" ] }, { "text": "Ethereum.org — NFT minter tutorial — Shows the relationship between a mint function, its transaction, tokenURI, and metadata.", "urls": [ "https://ethereum.org/developers/tutorials/nft-minter/" ] } ], "revision": "baf67ac61d9a1587", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-minting-term", "topics": [ "minting", "nft", "tokens", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/moonare", "locale": "en", "title": "Moon", "summary": "Rocket up — «to the moon».", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/moonare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "605ff8689e8e2ba6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/nesting-envelope", "locale": "en", "title": "Nesting envelope", "summary": "Hurst's nested-envelope technique: a second band around the first (nesting up) for the higher cycle, oscillations inside the channel (nesting down) for the sub-cycle.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/nesting-envelope/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d4d946881b7eb4b5", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/nlp-in-finance", "locale": "en", "title": "NLP in finance", "summary": "Natural language processing on financial text — news, filings, calls; basis for sentiment and ML features.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/nlp-in-finance/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c420241a2ef3fd4f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/notional-gergo", "locale": "en", "title": "Notional: meaning of notional value", "summary": "Notional is the reference value of a position or contract: it measures nominal scale, not maximum loss or margin posted.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/notional-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value — Defines futures notional from the contract unit and price and shows its use in hedge ratios.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CFTC, Over-the-Counter Derivatives Concept Release — Distinguishes notional amount from market value and the amount actually at risk in OTC derivatives.", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] } ], "revision": "88d4fdd0ea264084", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "exposure-measure", "topics": [ "notional-value", "derivatives", "exposure", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/open-interest", "locale": "en", "title": "Open interest", "summary": "Open interest is the stock of derivative contracts still outstanding at a specified point in time. It counts each contract once; by itself, it does not measure capital, direction, executable liquidity or dealer positioning.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/open-interest/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Commitments of Traders — Explanatory Notes — definition and equality between long and short OI.", "urls": [ "https://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Open Interest — an open contract that has not yet been offset or fulfilled.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Open Interest and Volume and Open Interest Columns Explained — the distinction between the stock of contracts and volume.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/open-interest", "https://www.cmegroup.com/market-data/volume-open-interest/about.html" ] }, { "text": "Options Industry Council, Open Interest: Why It Matters — opening and closing combinations, exercise and assignment.", "urls": [ "https://www.optionseducation.org/news/open-interest-why-it-matters" ] }, { "text": "Options Industry Council, General Information — OI is neither bullish nor bearish and does not guarantee liquidity.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "CME Group, About Contract Notional Value — the relationship among contract unit, price and notional value.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "Cboe, Evaluating the Market Impact of SPX 0DTE Options — market-maker gamma exposure requires signed net positions, not gross open interest alone.", "urls": [ "https://www.cboe.com/insights/posts/volatility-insights-evaluating-the-market-impact-of-spx-0-dte-options/" ] } ], "revision": "0b4065373edeb768", "translation_state": "not-assessed", "kind": "", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "market-data", "positioning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/order-flow-gergo", "locale": "en", "title": "Order flow: meaning in trading", "summary": "Order flow refers to the study of market events, from visible orders to executions. In trading usage, it often focuses on trades classified by aggressor side.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/order-flow-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — defines an aggressor order that immediately matches orders already resting in the book.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distinguishes volume executed at the bid or ask from market-depth quantity.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] } ], "revision": "5707c83594fb3820", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-microstructure-term", "topics": [ "order-flow", "executions", "order-book", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/overconfidence-gergo", "locale": "en", "title": "Overconfidence in trading: meaning", "summary": "In trading, overconfidence means trusting one's judgments more than the data and process support; a winning streak alone does not prove the bias.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/overconfidence-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — Classifies overconfidence and discusses ways to recognize and mitigate individual biases.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Brad M. Barber and Terrance Odean, Trading Is Hazardous to Your Wealth — Examines turnover and net outcomes in a large sample of individual investors without diagnosing any single trader.", "urls": [ "https://doi.org/10.1111/0022-1082.00226" ] } ], "revision": "fa771c53982c8c5a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/overtrading-gergo", "locale": "en", "title": "Overtrading: meaning in trading", "summary": "Overtrading means operating beyond the rules or opportunities of a trade plan; a high number of trades alone is not enough to identify it.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/overtrading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trade and Risk Management — Connects risk control, position size, and avoiding overtrading.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Reviews evidence on active trading and investor outcomes.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "fa53ce8fcfd64683", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "overtrading", "trade-frequency", "costs", "discipline", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/paper-hands", "locale": "en", "title": "Paper hands: trading meaning", "summary": "Paper hands is a mocking label for selling under pressure or earlier than a group expects; it does not prove that the exit was wrong.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/paper-hands/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Describes social confirmation, emotion, and risky decisions.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "FINRA, Volatility — Separates impulsive reactions from choices aligned with goals.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Calls for explicit exit and management criteria.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] } ], "revision": "7b4ecfe25f9a1db7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-slang", "topics": [ "social-media", "exit", "volatility", "group-pressure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/paper-trading-gergo", "locale": "en", "title": "Paper trading: meaning and limits", "summary": "Paper trading records or simulates trades without the normal economic exposure of a real trade; it tests process and tools, not future performance.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/paper-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Performance Results — Explains, within its regulatory scope, why hypothetical results do not fully reproduce liquidity, slippage and real financial risk.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "4070d7675f722c07", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "simulated-trading-environment", "topics": [ "paper-trading", "simulation", "operational-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/paura-di-premere-il-bottone", "locale": "en", "title": "Fear of clicking: meaning in trading", "summary": "Fear of clicking describes hesitation before a planned order; a missed trade can also result from changed risk, new data, or a technical problem.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/paura-di-premere-il-bottone/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Calls for exact entry conditions and recognizes the stress surrounding execution.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — Connects orders with capital, instrument, and financial risk profile.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "480f2ab7653a91d0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-state", "topics": [ "execution", "fear", "missed-trade", "decision-making", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-troubleshooting", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/payoff-ratio-gergo", "locale": "en", "title": "Payoff ratio: average win versus average loss", "summary": "Payoff ratio compares the average result of closed winning trades with the absolute average result of closed losing trades.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/payoff-ratio-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradeStation Help, Ratio Avg. Win: Avg. Loss — Defines the ratio of average winning trade to average losing trade and states its treatment of configured commissions and slippage.", "urls": [ "https://help.tradestation.com/10_00/eng/tradestationhelp/subsystems/spr_topics/report/ratio_avg_win_avg_loss__strategy_performance_report_.htm" ] }, { "text": "MetaQuotes, MetaTrader 5 Help — Trading Report — Defines average profit and average loss from the closed trades in each group.", "urls": [ "https://www.metatrader5.com/en/terminal/help/trading_advanced/history_report" ] } ], "revision": "11e5a47744d8ae47", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "payoff-ratio", "trade-statistics", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/pe-ratio", "locale": "en", "title": "P/E ratio", "summary": "Share price divided by earnings per share — valuation multiple; compare peers and history, not in isolation.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/pe-ratio/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Price-earnings (P/E) Ratio — definition, formula and comparison with history or other companies (accessed 10 August 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/price-earnings-pe-ratio" ] }, { "text": "Financial Industry Regulatory Authority, Evaluating Stocks — EPS, the P/E formula and its use as a relative valuation measure (accessed 10 August 2026).", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/evaluating-stocks" ] } ], "revision": "3892692b90e5e29a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "metric", "topics": [ "fundamental-analysis", "equity-valuation", "earnings" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/phishing-gergo", "locale": "en", "title": "Phishing in trading and crypto", "summary": "Phishing uses fake messages, calls, or pages to steal credentials and security codes or induce harmful authorisations.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/phishing-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Phishing — Defines impersonation of a trusted source to obtain sensitive information or direct someone to a counterfeit site.", "urls": [ "https://csrc.nist.gov/glossary/term/phishing" ] }, { "text": "FTC — How to recognize and avoid phishing scams — Covers common requests, independent verification, and actions after a click.", "urls": [ "https://consumer.ftc.gov/articles/how-recognize-avoid-phishing-scams" ] }, { "text": "ESMA — Crypto frauds and scams — Links messages, QR codes, and fake applications to credential and crypto-asset theft.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2025-12/Crypto_fraud_and_scams_factsheet.pdf" ] } ], "revision": "1c82fdcf2f4bfe91", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "social-engineering", "credential-theft", "account-security", "crypto-security" ], "asset_classes": [ "multi-asset", "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/pig-butchering", "locale": "en", "title": "Confidence-enabled investment fraud (pig butchering)", "summary": "The fraud commonly called pig butchering builds a trusted relationship and guides the victim to a fake investment platform controlled by criminals.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/pig-butchering/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FBI — Operation Level Up — Documents the classification “confidence-enabled cryptocurrency investment fraud” and the use of fake platforms and balances.", "urls": [ "https://www.fbi.gov/news/stories/operation-level-up-how-the-fbi-is-saving-victims-from-cryptocurrency-investment-fraud" ] }, { "text": "FBI — Cryptocurrency Investment Fraud — Defines the confidence-enabled fraud, fake platform, and escalating deposits.", "urls": [ "https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud" ] }, { "text": "CFTC — Avoid Forex, Precious Metals, and Digital Asset Romance Scams — Describes trust-building and applications that simulate winning trades.", "urls": [ "https://www.cftc.gov/sites/default/files/2022-02/20220203_customer%20advisory_RomanceScam_FINAL.pdf" ] } ], "revision": "329be323513fe36c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "social-engineering", "confidence-scam", "fake-platform" ], "asset_classes": [ "crypto-assets", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/poc-gergo", "locale": "en", "title": "POC in trading: meaning", "summary": "POC means Point of Control: in a volume profile it is the level with the most volume in the selected profile; in a TPO profile it has the greatest time presence.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/poc-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, Volume profile indicators: basic concepts — Defines volume profile, its data, and its point of control.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] }, { "text": "TradingView, Time price opportunity (TPO) indicator — Defines TPO POC as the level with the greatest price presence during the period.", "urls": [ "https://www.tradingview.com/support/solutions/43000713306-time-price-opportunity-tpo-indicator/" ] }, { "text": "TradingView, Volume footprint charts: a complete guide — Documents POC, row sizing, and footprint summaries.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "bfa460ffd49425b9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "profile-statistic", "topics": [ "point-of-control", "volume-profile", "tpo-profile", "price-level", "market-profile" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "acronym-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/ponzi-scheme", "locale": "en", "title": "Ponzi scheme: follow the money", "summary": "A Ponzi scheme uses new investors' money for apparent returns to earlier investors; it is neither a pyramid scheme nor a failed investment.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/ponzi-scheme/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Ponzi Scheme — Defines the use of new investors' funds to pay earlier investors and explains why the scheme needs continuing inflows.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme" ] }, { "text": "CNMV — Estafas y fraudes — Describes Ponzi cash flows, apparent benefits, recruitment effects, and collapse in an official investor guide.", "urls": [ "https://www.cnmv.es/DocPortal/Publicaciones/Guias/EstafasYFraudes.pdf" ] }, { "text": "FTC — Investment scams — Provides verification and reporting guidance for investment offers built on guaranteed profits, pressure, and missing documentation.", "urls": [ "https://consumer.ftc.gov/articles/investment-scams" ] } ], "revision": "90014ee8aa6e3d47", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "cash-flow-deception", "withdrawal-risk", "financial-fraud" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/position-sizing-gergo", "locale": "en", "title": "Position sizing: meaning in trading", "summary": "Position sizing is the process that converts a risk budget and estimated loss per unit into a quantity of shares, lots or contracts.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/position-sizing-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — Connects stop level, monetary risk budget, tick value and contract count.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — Explains why a stop price does not guarantee the execution price.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] } ], "revision": "8c22ae6d76210041", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "risk-management-process", "topics": [ "position-sizing", "risk-budget", "trade-size" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/post-quantum-security", "locale": "en", "title": "Post-quantum security", "summary": "Cryptography resistant to quantum computers — PQC for keys, wallets and financial infrastructure.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/post-quantum-security/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0c4c63621b0db293", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/preliminary-supply-psy", "locale": "en", "title": "Preliminary Supply (PSY)", "summary": "Initial supply evidence after an advance: volume and spread may expand as the trend approaches a possible stopping phase.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/preliminary-supply-psy/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — PSY and phase A in distribution and redistribution.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — PSY, BC, AR, ST and the non-climactic variant.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — discretionary reading of price, volume and trading ranges.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "e3a56697664b846a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/preliminary-support-ps", "locale": "en", "title": "Preliminary Support (PS)", "summary": "Preliminary Support (PS): the first material support after a prolonged decline; it may precede the Selling Climax but does not establish the low.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/preliminary-support-ps/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Accumulation: Wyckoff Events” and “Phase A”, definition of PS and the PS–SC–AR–ST sequence.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, accumulation schematics and nine tests.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "38baf2b5fe2df1d9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/prendere-liquidita", "locale": "en", "title": "Take liquidity: meaning in trading", "summary": "Take liquidity can mean aggressive execution against resting orders or, in chart slang, movement through an area of expected orders; the two uses must be separated.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/prendere-liquidita/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Assessing liquidity — Distinguishes passive participants supplying liquidity from aggressive orders demanding it.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] }, { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Shows how book quantity and levels determine the cost and impact of an executable order.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] }, { "text": "FINRA, Manipulative Trading — Frames surveillance and evidence for potentially manipulative trading practices.", "urls": [ "https://www.finra.org/rules-guidance/guidance/reports/2023-finras-examination-and-risk-monitoring-program/manipulative-trading" ] } ], "revision": "dc516ef98a560cb3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-action", "topics": [ "take-liquidity", "aggressive-order", "resting-order", "liquidity-grab", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/prendere-profitto", "locale": "en", "title": "Take profit in trading: meaning", "summary": "Taking profit means closing all or part of a winning position, converting an unrealized gain into a realized one.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/prendere-profitto/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — includes stops, profit targets, and exit management in a trade plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Order Types — explains execution differences and risks for market, limit, and stop orders.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "CME Group, Position and Risk Management — connects an exit decision with profit or loss targets being reached.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "d4585ff828135784", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "take-profit", "exit", "partial-exit", "realized-profit", "order-execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/profit-factor-gergo", "locale": "en", "title": "Profit factor: meaning and formula", "summary": "Profit factor divides the sum of positive results by the absolute sum of negative results in a defined sample.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/profit-factor-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaQuotes, MetaTrader 5 Help — Testing Report — Defines gross profit, gross loss and profit factor in strategy-testing reports.", "urls": [ "https://www.metatrader5.com/en/terminal/help/algotrading/testing_report" ] }, { "text": "TradeStation Help, About Performance Report — Documents profit factor as gross profit divided by gross loss in performance reports.", "urls": [ "https://help.tradestation.com/09_01/tsportfolio/reports/about_performance_report.htm" ] } ], "revision": "a147810fc965c6ed", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "profit-factor", "trade-statistics", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/pump-and-dump", "locale": "en", "title": "Pump and dump", "summary": "A pump-and-dump scheme uses false, misleading, or coordinated promotion to inflate interest or price while promoters or connected holders sell into the demand they helped create.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/pump-and-dump/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Pump and Dump Schemes — explains the promotion-and-sale sequence in securities markets.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/pump-and-dump-schemes" ] }, { "text": "FINRA — Avoiding Pump-and-Dump Scams — warning signs, low-priced shares, social promotion, and the ramp-and-dump variant.", "urls": [ "https://www.finra.org/investors/insights/pump-and-dump-scams" ] }, { "text": "CFTC — Beware Virtual Currency Pump-and-Dump Schemes — applies the pattern to thinly traded digital assets and coordinated online promotion.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/beware_virtual_currency_pump_dump.html" ] }, { "text": "Investor.gov — Social Media and Investment Fraud — official guidance on tips, group chats, impersonation, and independent verification.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/social-media-and-investment-fraud-investor-alert" ] }, { "text": "EUR-Lex — Market Abuse Regulation, consolidated text as of 5 June 2026 — Article 12 covers false or misleading signals and dissemination of false or misleading information within its scope.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Markets in Crypto-Assets Regulation, Article 91 — defines crypto-asset market manipulation within the EU regime.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — addresses fraud, manipulation, conflicts, surveillance, and enforcement in crypto-asset markets.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "121fbd053d6229e3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "pump-and-dump-manipulation-pattern", "topics": [ "pump-and-dump", "market-manipulation", "promotion", "social-media", "market-integrity" ], "asset_classes": [ "equities", "crypto", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-detection", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/pumpare", "locale": "en", "title": "Pump", "summary": "Push price higher, often rapidly or in a coordinated way.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/pumpare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a55a2cff87bac520", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/quantum-computing-finance", "locale": "en", "title": "Quantum computing in finance", "summary": "Quantum computation for optimization, pricing and simulation — active research, hybrid deployment with classical.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/quantum-computing-finance/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ff8aaa0f92ff4888", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/r-multiple-gergo", "locale": "en", "title": "R-multiple (trading term)", "summary": "An R-multiple states a trade's realized result relative to the initial risk planned before entry: +2R means twice that risk earned, while -1R means one unit lost.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/r-multiple-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo; no human expert review", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts — defines initial risk, R and R-multiples.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] }, { "text": "CME Group, Proper Position Size — connects entry, stop distance and position size to planned monetary risk.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] } ], "revision": "6d57bfabc4f9dc63", "translation_state": "not-assessed", "kind": "", "entity_type": "metric", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/recency-bias", "locale": "en", "title": "Recency bias: meaning in trading", "summary": "In trading, recency bias means giving disproportionate weight to the latest events without comparing them with an adequate sample and criterion.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/recency-bias/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — non-human AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — Frames how decisions may be reviewed when real-world conditions and constraints change.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute Research Foundation, Risk Profiling through a Behavioral Finance Lens — Defines recency bias as emphasis on recent events and possible extrapolation of patterns that do not exist.", "urls": [ "https://www.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/rfbr-v2-n1-1-pdf.pdf" ] } ], "revision": "71c5b707c8bedecf", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/recovery-scam", "locale": "en", "title": "Recovery scam: the second fraud after a loss", "summary": "A recovery scam contacts someone who has already lost money and promises restitution in exchange for upfront fees, credentials, or new transfers.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/recovery-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Recovering From Fraud — Explains vulnerability after an initial fraud and common forms of recovery fraud.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/recoveringfromlosses.html" ] }, { "text": "Federal Trade Commission — Refund and Recovery Scams — Describes upfront charges, impersonation, and requests for personal or financial information.", "urls": [ "https://consumer.ftc.gov/articles/refund-and-recovery-scams" ] } ], "revision": "16f966c300c32b4d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "recovery-fraud", "impersonation", "victim-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/regime-filter-gergo", "locale": "en", "title": "Regime filter (trading term)", "summary": "A regime filter is a predefined rule that enables or blocks a trading setup according to the detected market environment, such as trend, range or volatility.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/regime-filter-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo; no human expert review", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "James D. Hamilton, Macroeconomic Regimes and Regime Shifts, NBER Working Paper 21863 — surveys time-series methods for identifying changing regimes.", "urls": [ "https://www.nber.org/papers/w21863" ] }, { "text": "Van Tharp Institute, Tharp Think Trading Concepts — distinguishes setup conditions from entry signals and discusses systems for different market conditions.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] } ], "revision": "b15ed50e6e374f2f", "translation_state": "not-assessed", "kind": "", "entity_type": "decision-rule", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/rekt", "locale": "en", "title": "Rekt in trading: meaning", "summary": "Rekt is internet slang for suffering very serious financial damage; it expresses an outcome but does not identify its cause.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/rekt/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Know What Triggers a Margin Call — documents one real mechanism through which leverage may aggravate losses.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "FINRA, Risk — frames the relationship between investment risk, return, and the possibility of loss.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] } ], "revision": "cc2f26dfe69d244c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "loss", "liquidation", "leverage", "crypto-culture" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/relative-strength-wyckoff", "locale": "en", "title": "Relative strength (Wyckoff)", "summary": "Stock-to-index comparison: step 2 of the method, buying test 7 and selling test 4, useful when assessing reaccumulation and distribution.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/relative-strength-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "StockCharts, The Wyckoff Method: A Tutorial, sections “Comparative Strength Analysis” and “Nine Buying/Selling Tests”: https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "StockCharts, Wyckoff Stock Analysis, section “Relative Performance”: https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/wyckoff-stock-analysis.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/wyckoff-stock-analysis" ] }, { "text": "Wyckoff Analytics, The Wyckoff Method (official educational material, 2022): https://www.wyckoffanalytics.com/wp-content/uploads/2022/06/Wyckoff-Method-Wyckoff-Analytics-English-V2.pdf.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2022/06/Wyckoff-Method-Wyckoff-Analytics-English-V2.pdf" ] }, { "text": "Hank Pruden, The Three Skills of Top Trading (Wiley, 2007), chapters 5–6: https://doi.org/10.1002/9781119196822.", "urls": [ "https://doi.org/10.1002/9781119196822" ] } ], "revision": "804cc5d27abf6e86", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/rendimenti-garantiti-gergo", "locale": "en", "title": "Guaranteed returns: test the promise", "summary": "A promise of high returns with little or no risk is a fraud warning, while a genuine contractual guarantee has a defined provider and scope.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/rendimenti-garantiti-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Red Flags of Investment Fraud Checklist — Lists risk-free opportunities, guaranteed returns, urgency, and exaggerated credentials as fraud warnings.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/red-flags-investment-fraud-checklist" ] }, { "text": "SEC — Five questions to ask before you invest — Contrasts high-return, no-risk claims with narrowly guaranteed products such as insured savings accounts and explains the risk-return relationship.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsfivequestionshtm" ] }, { "text": "FTC — Investment scams — Explains why guaranteed large profits, little risk, missing detail, and pressure are characteristic investment-scam claims.", "urls": [ "https://consumer.ftc.gov/articles/investment-scams" ] } ], "revision": "556a94618f69a51b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "warning-sign", "topics": [ "investment-claims", "risk-disclosure", "guarantee-scope", "fraud-prevention" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/revenge-trading-gergo", "locale": "en", "title": "Revenge trading: meaning", "summary": "Revenge trading describes attempts to recover a loss quickly by departing from the plan; simply re-entering after a stop does not establish it.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/revenge-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Calls for explicit entry, exit, and risk criteria before a trade.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Includes leverage, maximum trade loss, and maximum day loss in the plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "678290726779321e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "revenge-trading", "losses", "risk-limits", "position-size", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/rimbalzare", "locale": "en", "title": "Bounce", "summary": "Rally after a decline.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/rimbalzare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ac8ccff85043c785", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/risk-of-ruin-gergo", "locale": "en", "title": "Risk of ruin (trading term)", "summary": "Risk of ruin is the probability that trading capital reaches a predefined failure threshold within a stated horizon; ruin does not have to mean a zero balance.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/risk-of-ruin-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo; no human expert review", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "NIST, Gambler's ruin distribution — documents the classical probability model for reaching a ruin boundary.", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate — primary paper connecting repeated proportional stakes, capital growth and survival.", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] } ], "revision": "78caae0951a1f7ef", "translation_state": "not-assessed", "kind": "", "entity_type": "risk-measure", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/risk-reward-gergo", "locale": "en", "title": "Risk/reward (trading term)", "summary": "In common trading usage, risk/reward compares the planned monetary loss with the potential gross gain; 1:2 means risking one unit to seek two.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/risk-reward-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo; no human expert review", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "CFTC, Futures Glossary — records the probability-based use of the term and its role in comparing trades.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Position and Risk Management — explains why capital at risk must fit account size and risk profile.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "586519858eca9121", "translation_state": "not-assessed", "kind": "", "entity_type": "metric", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/rollare", "locale": "en", "title": "Rolling a position", "summary": "Rolling means extinguishing a position in one contract and opening one in another expiry or series. The new contract does not automatically preserve the same exposure, and the difference between expiries is not roll yield by itself.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/rollare/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] } ], "revision": "acc42883a1c46f09", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "term", "topics": [ "markets-instruments", "derivatives", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/romance-scam", "locale": "en", "title": "Romance scam: trust before the pitch", "summary": "A romance scam builds a false relationship to obtain money or steer someone into a fake investment; it does not always become pig butchering.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/romance-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CNMV — Alert on romance and relationship investment scams — Describes trust-building, false investment applications, displayed gains, and blocked withdrawals.", "urls": [ "https://www.cnmv.es/webservices/verdocumento/ver?t=%7B08aaaacb-6dbc-40e9-b9ed-266cd83f73e0%7D" ] }, { "text": "FBI IC3 — Cryptocurrency investment schemes — Documents the sequence from approach and trust to a fraudulent crypto investment and theft.", "urls": [ "https://www.ic3.gov/PSA/2023/PSA230314" ] }, { "text": "SEC — Relationship Investment Scams campaign — Explains the long-con relationship mechanism and the overlap among romance scams, financial grooming, and pig-butchering terminology.", "urls": [ "https://www.sec.gov/newsroom/press-releases/2025-63" ] } ], "revision": "572cee8d4a201910", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "relationship-fraud", "trust-building", "fake-investment-platforms", "financial-fraud" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/rug-check", "locale": "en", "title": "Rug check: what it verifies and its limits", "summary": "A rug check is a preliminary review of the contract, administrative controls, distribution, liquidity, and communications for risk signals.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/rug-check/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Connects rug pulls with token distribution, promotion, and liquidation of positions.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "OpenZeppelin, Access Control — Documents ownership, roles, administrative privileges, and contract-control models.", "urls": [ "https://docs.openzeppelin.com/contracts/5.x/access-control" ] }, { "text": "Ethereum.org, Ethereum security and scam prevention — Collects checks for addresses, signatures, spending limits, and smart-contract interactions.", "urls": [ "https://ethereum.org/security/" ] } ], "revision": "869b9f53d99ff762", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-risk-screening", "topics": [ "rug-check", "smart-contract", "admin-keys", "holder-distribution", "liquidity", "due-diligence" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-screening-and-limits", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/rug-pull", "locale": "en", "title": "Rug pulls: how value is removed from a crypto project", "summary": "A rug pull occurs when people who control a crypto project abandon or exploit it, removing liquidity or value from buyers.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/rug-pull/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Crypto fraud and scams factsheet — Describes rug pulls among crypto frauds and outlines their main warning signs.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_MT_EN.pdf" ] }, { "text": "SEC — Complaint, Eric Zhu — A primary document on liquidity withdrawal, token sales, and conduct alleged to constitute a rug pull.", "urls": [ "https://www.sec.gov/files/litigation/complaints/2025/comp26223.pdf" ] } ], "revision": "613f1365f4245d73", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "exit-scam", "liquidity", "token-control" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/sandwich-attack", "locale": "en", "title": "Sandwich attacks: how a swap is exploited", "summary": "In a sandwich attack, an actor executes one transaction before and another after a victim's swap to exploit its price impact and slippage tolerance.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/sandwich-attack/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — MEV — Describes sandwich trading step by step and explains the role of transaction order.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Flash Boys 2.0 — Examines front-running and competition for priority on decentralized exchanges.", "urls": [ "https://arxiv.org/abs/1904.05234" ] } ], "revision": "30e5335c62d79992", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "transaction-ordering-attack", "topics": [ "defi", "mev", "transaction-ordering", "slippage", "automated-market-maker" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/scalpare", "locale": "en", "title": "Scalp", "summary": "Slang: scalp — very short trades on small moves.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/scalpare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f85af31a3dc7a755", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/secondary-test-st", "locale": "en", "title": "Secondary Test (ST)", "summary": "A revisit of a candidate climax area: spread, volume and price response are compared with the earlier event to assess whether pressure has diminished.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/secondary-test-st/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — relative spread-and-volume criteria, multiple tests and possible new lows.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — ST in accumulation and distribution schematics.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Stock Market Institute — The Elusive Secondary Test — discretionary character and real-time identification difficulty.", "urls": [ "https://wyckoffsmi.com/the-elusive-secondary-test-whats-up/" ] } ], "revision": "1a7ce938ef5fee86", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/seed-phrase-theft", "locale": "en", "title": "Seed phrase theft", "summary": "Anyone who obtains a seed phrase may recreate the wallet's derived keys and authorise transfers; it is not the app password.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/seed-phrase-theft/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaMask — Secret Recovery Phrase — Distinguishes recovery phrases, passwords, and keys and explains control over derived accounts.", "urls": [ "https://support.metamask.io/start/what-is-a-secret-recovery-phrase-and-how-to-keep-your-crypto-wallet-secure/" ] }, { "text": "FBI IC3 — Fraudulent NFT airdrops — Documents fake airdrops and dApps that induce users to disclose a seed phrase.", "urls": [ "https://www.ic3.gov/PSA/2025/PSA250603?web_view=true" ] }, { "text": "ESMA — Crypto frauds and scams — Notes that legitimate firms do not request seeds or private keys through unexpected contacts.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2025-12/Crypto_fraud_and_scams_factsheet.pdf" ] } ], "revision": "059921ae443abffc", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "seed-phrase", "wallet-compromise", "self-custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/self-custody", "locale": "en", "title": "Self-custody: direct control of crypto keys", "summary": "Self-custody is the model in which users directly control the keys or other means required to authorise crypto-asset movements, while also assuming responsibility for security and recovery.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/self-custody/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Editorial Team — non-human AI agent review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8301 — Blockchain Networks: Token Design and Management Overview — Describes wallets and self-hosted, externally hosted, and hybrid custody models alongside security and recovery mechanisms.", "urls": [ "https://csrc.nist.gov/pubs/ir/8301/final" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Sets out third-party custody risks, client-asset protection, and the information needed to assess custody arrangements.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "4e07db5949c154c1", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-custody-model", "topics": [ "crypto", "self-custody", "private-keys", "recovery", "operational-security" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/selling-climax-sc", "locale": "en", "title": "Selling Climax (SC)", "summary": "A possible selling culmination after a decline: spread and volume expand, while the Automatic Rally and later tests clarify its meaning.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/selling-climax-sc/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definitions of accumulation and distribution events and phases.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — SC, AR, ST, schematic variants and sequence limitations.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — the method as discretionary price-and-volume analysis.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "dc9fcf5a447cd938", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/shakeout", "locale": "en", "title": "Shakeout in trading: meaning", "summary": "Shakeout describes a quick move that forces many exits and is followed by a recovery; in the Wyckoff method it has a more precise structural meaning.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/shakeout/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics, The Wyckoff Method — places springs and tests in accumulation phase C and also shows the no-spring variant.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — distinguishes springs, terminal shakeouts, later tests, and confirmation through a sign of strength.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "08cc14cde62d909f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "wyckoff", "price-action", "stop-orders", "trading-range", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/shillare", "locale": "en", "title": "Shill an asset: meaning and interests to disclose", "summary": "To shill means persistently promoting an asset or project, often without making the speaker's economic interest or relationship clear.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/shillare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FTC, Disclosures 101 for Social Media Influencers — Explains material connections and why disclosure should be clear and hard to miss.", "urls": [ "https://www.ftc.gov/business-guidance/resources/disclosures-101-social-media-influencers" ] }, { "text": "SEC, Statement Urging Caution Around Celebrity Backed ICOs — Warns that an apparently independent endorsement may be paid promotion.", "urls": [ "https://www.sec.gov/newsroom/speeches-statements/statement-potentially-unlawful-promotion-icos-sec-statement-urging-caution-around-celebrity-backed-icos" ] }, { "text": "Investor.gov, HoweyCoins — Shows promotional red flags, testimonials, and claims used to induce demand.", "urls": [ "https://www.investor.gov/ico-howeycoins" ] } ], "revision": "e8a0c3a3c783e214", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "promotional-communication", "topics": [ "shilling", "endorsement", "material-connection", "disclosure", "market-promotion" ], "asset_classes": [ "digital-assets", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disclosure-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/short-squeeze", "locale": "en", "title": "Short squeeze: meaning and mechanism", "summary": "A short squeeze is a rally amplified when short sellers buy back shares to limit losses, meet margin requirements, or return borrowed securities.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/short-squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Short Sales — explains borrowing, selling, repurchasing, and the potentially large risk of a short position.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-51" ] }, { "text": "U.S. SEC, Staff Report on Equity and Options Market Structure Conditions in Early 2021 — analyzes GameStop and distinguishes short covering from other observed buying.", "urls": [ "https://www.sec.gov/file/staff-report-equity-options-market-struction-conditions-early-2021pdf" ] }, { "text": "FINRA, Know What Triggers a Margin Call — explains how margin requirements and broker-imposed sales may affect financed positions.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "3a168bfcb126f6f4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-dynamics-term", "topics": [ "short-selling", "short-covering", "margin", "positioning", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/shortare", "locale": "en", "title": "Go short: meaning in trading", "summary": "Going short means taking or increasing exposure that benefits from falling prices; a sale may only reduce a long, so the final net position must be checked.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/shortare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Speculators — Explains that futures speculation may take either long or short direction.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-speculators" ] }, { "text": "CFTC, Futures Market Basics — Frames futures participants, contract obligations, and material risks.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "854ebcc32ecbdb61", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "short", "sell", "exposure", "execution", "position" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/shrimp", "locale": "en", "title": "Shrimp", "summary": "Small retail investor — opposite of whale.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/shrimp/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "22ec413cb6b88ddf", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/sign-of-strength-sos", "locale": "en", "title": "Sign of Strength (SOS)", "summary": "An advance on expanding spread and relatively higher volume; in Wyckoff analysis it is demand evidence to judge with structure and follow-through.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/sign-of-strength-sos/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — SOS definition, phase D and its relationship with LPS.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — spread, relative volume, spring and the back-up metaphor.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — discretionary judgement of price and volume.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "dbbe9686820eb103", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/sign-of-weakness-sow", "locale": "en", "title": "Sign of Weakness (SOW)", "summary": "A decline toward or through support in a distribution range, usually on expanding volume and spread; later context confirms or invalidates the reading.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/sign-of-weakness-sow/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — SOW definition and placement in distribution phases.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — SOW, change of character, range support and its relationship to LPSY.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "52ba0a44d5d8efe5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/signal-group-scam", "locale": "en", "title": "Signal group scam", "summary": "A signal group scam uses false authority, staged social proof, and urgency to push unverifiable trades, deposits, or subscriptions.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/signal-group-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Group Chats as a Gateway to Investment Scams — SEC alert on impersonation, investment chats, and decisions based solely on group messages.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/gateway-to-investment-scams" ] }, { "text": "CNMV — Alert on fraud through WhatsApp groups — Reconstructs recruitment, favourable early trades, and final pressure in fraudulent groups.", "urls": [ "https://www.cnmv.es/portal/verdoc.axd?t=%7B8db81624-db6c-4bbf-9215-17d4ee3a25e3%7D" ] } ], "revision": "8927935cfd10e58f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "social-media", "trading-signals", "impersonation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/signal-provider", "locale": "en", "title": "Signal provider: meaning and checks", "summary": "A signal provider creates or distributes trading instructions; it is not necessarily the broker, manager, or executor, and a signal does not guarantee an outcome.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/signal-provider/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FCA, Copy trading — Distinguishes user-confirmed signals from the automatic conversion of signals into orders.", "urls": [ "https://www.fca.org.uk/firms/copy-trading" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Provides checks for providers, registration, performance, data, and account access.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] }, { "text": "U.S. SEC, All About Auto-Trading — Explains the risk when a third party can send instructions directly to a broker without prior confirmation.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsautotradinghtm" ] } ], "revision": "13416cb5f6d74e44", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "service-role", "topics": [ "signal-provider", "auto-trading", "copy-trading", "due-diligence", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-due-diligence", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/size-gergo", "locale": "en", "title": "Size in trading: meaning", "summary": "Size is the quantity of a position in units, contracts, or notional value; it does not measure risk by itself because instrument and loss scenario also matter.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/size-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Position and Risk Management — Shows how contract choice, contract count, and stops affect risk.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Submitting a Futures Order — Treats quantity, order type, and execution as separate fields.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] } ], "revision": "32036b1c28e7f0ed", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "risk-measure", "topics": [ "position-size", "quantity", "notional", "leverage", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "technical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/slippage-gergo", "locale": "en", "title": "Slippage in trading: meaning and measurement", "summary": "Slippage is the difference between a stated benchmark and the actual execution price. It may be favorable or adverse and must be measured from real fills.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/slippage-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — explains, for U.S. retail stock orders, how quoted size, routing, and delay may produce a price different from the one observed.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — defines timestamps and price and fill statistics for covered U.S. orders; it is staff guidance, not a universal slippage measure.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "025f47331556d3f6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-metric", "topics": [ "execution", "slippage", "transaction-costs", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/smart-contract-risk", "locale": "en", "title": "Smart contract risk: code, privileges, and dependencies", "summary": "Smart contract risk includes errors in code, configuration, administrative privileges, and dependencies that can cause losses or stop a protocol from operating.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/smart-contract-risk/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (non-human AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Smart contract security — Covers access control, testing, audits, upgrades, recovery, and common vulnerabilities while explaining their limits.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/security/" ] }, { "text": "Solidity — Security Considerations — Collects risks and recommendations for the current version of the Solidity language.", "urls": [ "https://docs.soliditylang.org/en/latest/security-considerations.html" ] } ], "revision": "45033c3b2a64f96f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-technical-risk", "topics": [ "defi", "smart-contracts", "security", "protocol-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-control", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/snipare", "locale": "en", "title": "Snipe in crypto: meaning, speed, and risks", "summary": "To snipe means attempting an extremely fast execution as an opportunity appears, such as new liquidity, a listing, mint, or on-chain state change.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/snipare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org, Maximal extractable value (MEV) — Explains searchers, fee competition, arbitrage, front-running, and transaction ordering.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Uniswap Labs, What is swap protection? — Describes private-pool submission to reduce front-running and sandwich attacks on swaps.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/18814993155853-What-is-swap-protection" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Frames calls, signing, gas, block inclusion, and state changes.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "9bd41ddcfdd41f78", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "latency-sensitive-execution", "topics": [ "sniping", "bot", "mev", "transaction-ordering", "token-launch", "mint" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-execution-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/social-engineering-gergo", "locale": "en", "title": "Social engineering: deception into action", "summary": "Social engineering uses deception and trust to make a person reveal information or perform an unsafe action; phishing is one delivery method.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/social-engineering-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Social engineering glossary — Defines deception used to obtain sensitive information, unauthorised access, or fraud by gaining confidence and trust.", "urls": [ "https://csrc.nist.gov/glossary/term/social_engineering" ] }, { "text": "ENISA — Threat Landscape: Social Engineering — Defines manipulation of human behaviour and places phishing, pretexting, and baiting among its attack vectors.", "urls": [ "https://www.enisa.europa.eu/topics/cyber-threats/threat-landscape" ] }, { "text": "INCIBE — Ingeniería social — Explains trust manipulation used to induce malware execution, disclosure of secrets, or purchases on fraudulent websites.", "urls": [ "https://www.incibe.es/aprendeciberseguridad/ingenieria-social" ] } ], "revision": "1d0e402d9598269c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "deception-technique", "topics": [ "social-engineering", "pretexting", "credential-theft", "fraud-prevention" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/sono-entrato-male", "locale": "en", "title": "Bad entry in trading: meaning", "summary": "Bad entry describes a perceived unfavorable entry, but diagnosis must separate the plan, signal, price, and execution from the final outcome.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/sono-entrato-male/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — calls for defined entry criteria, trigger points, and exits.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Order Types — explains why a displayed quote and execution price may differ, especially in fast markets.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "32395bb91b2c6099", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "entry", "execution", "trade-review", "slippage", "trading-journal" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/sono-rimasto-incastrato", "locale": "en", "title": "Stuck in a trade: meaning", "summary": "Stuck in a trade may mean hesitation to close a loss or a genuine execution barrier; the two situations require different diagnoses.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/sono-rimasto-incastrato/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — calls for exits and stops before entry.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Trading Halts, Delays and Suspensions — describes situations in which trading is actually interrupted or delayed.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/trading-halts-delays-suspensions" ] }, { "text": "FINRA, Order Types — explains why a limit order may remain unfilled.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "f1822634cd196e2a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "losing-position", "exit-plan", "liquidity", "execution", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/spazzolare-il-book", "locale": "en", "title": "Sweep the book: meaning", "summary": "Sweep the book means rapidly consuming available quantity at one or more price levels with aggressive orders; it describes execution, not identity or intent.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/spazzolare-il-book/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Explains how an order uses later levels when quantity at the top of book is insufficient.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] }, { "text": "CME Group, Market by Order (MBO) — Distinguishes order-by-order data, full depth, and price-level aggregation.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Assessing liquidity — Relates flow speed, level depletion, and dispersion of execution prices.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] } ], "revision": "7641001e3275feb8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-pattern", "topics": [ "book-sweep", "aggressive-order", "market-impact", "depth", "slippage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/sperare-invece-di-gestire", "locale": "en", "title": "Hope instead of manage: trading meaning", "summary": "Hoping instead of managing means allowing the desire for recovery to replace verifiable risk, invalidation, and exit criteria; waiting under a plan is different.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/sperare-invece-di-gestire/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Describes the disposition effect and other behaviors that can undermine investment processes.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Calls for explicit criteria to manage open trades, losses, and profits.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, A Trader's Guide to Futures — Connects a trade plan with a predefined liquidation point.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/a-traders-guide-to-futures.pdf" ] } ], "revision": "c24e5ddd7fd60acc", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "position-management", "disposition-effect", "invalidation", "risk", "emotion" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/spoofing", "locale": "en", "title": "Spoofing", "summary": "Spoofing is the placement of one or more non-bona fide orders with an intention to cancel before execution, usually to create a misleading impression of supply, demand, or price and benefit other trading.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/spoofing/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Interpretive Guidance and Policy Statement on Disruptive Practices — explains intent, legitimate cancellation, partial fills, market context, and trading patterns under the US derivatives provision.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] }, { "text": "EUR-Lex — Commission Delegated Regulation (EU) 2026/788 — updates EU indicators and expressly describes an order-and-execution pattern usually known as layering and spoofing.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj/eng" ] }, { "text": "EUR-Lex — Market Abuse Regulation, consolidated text as of 5 June 2026 — Article 12 and Annex I provide the relevant EU market-manipulation framework and non-exhaustive indicators.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "FINRA — 2024 Annual Regulatory Oversight Report: Manipulative Trading — surveillance considerations for non-bona fide orders, opposite-side trading, multiple products, and platforms.", "urls": [ "https://www.finra.org/rules-guidance/guidance/reports/2024-finra-annual-regulatory-oversight-report/manipulative-trading" ] }, { "text": "FINRA — Potential Manipulation Report — describes pattern exceptions for layering and cross-market quote spoofing without equating an exception with a final finding.", "urls": [ "https://www.finra.org/compliance-tools/report-center/cross-market-equities-supervision/potential-manipulation-report" ] }, { "text": "EUR-Lex — Markets in Crypto-Assets Regulation, Article 91 — covers orders, transactions, and behaviour capable of giving false or misleading signals in the EU crypto-asset perimeter.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] }, { "text": "ESMA — Market integrity — official context for prevention, detection, and supervisory convergence in EU markets.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/market-integrity" ] } ], "revision": "2cb7281b3349c775", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "spoofing-order-manipulation-pattern", "topics": [ "spoofing", "order-book", "market-manipulation", "surveillance", "market-integrity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-evidence", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/sposare-posizione", "locale": "en", "title": "Married to the trade: meaning", "summary": "Married to the trade means tying identity or conviction to a position until updating the thesis, reducing risk, or exiting becomes difficult; it is not simply a long holding period.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/sposare-posizione/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Summarizes the disposition effect, familiarity bias, and other documented patterns.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Relates emotional management to written entry and exit criteria.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — Describes monitoring a position against profit and loss targets.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "e0c4cdd0de68a668", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "position-management", "attachment", "confirmation-bias", "disposition-effect", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/spring-wyckoff", "locale": "en", "title": "Spring (Wyckoff)", "summary": "A move below accumulation-range support that returns into the range; in Wyckoff analysis it is a late test of supply, not a stand-alone signal.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/spring-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — phase C, spring, tests and the no-spring variant.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — definition, shakeouts, tests and later SOS.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — the discretionary nature of Wyckoff analysis.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "e095f24c83f2ef8d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/squeeze", "locale": "en", "title": "Squeeze in trading: meaning", "summary": "A squeeze is market pressure that pushes a group of positions to shrink or close, temporarily reinforcing the price move.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Short Sales — describes short selling, repurchasing shares, and the risk created by a rising price.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-51" ] }, { "text": "FINRA, Know What Triggers a Margin Call — explains margin calls and sales that a brokerage firm may impose.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "CME Group, Futures and Options Margin Model — documents the role of margin in derivatives risk management.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/futures-and-options-margin-model.html" ] } ], "revision": "c250b5c8998a833f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "positioning", "forced-closing", "leverage", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/stablecoin", "locale": "en", "title": "Stablecoins: how the peg works and what can fail", "summary": "A stablecoin is a token that aims to maintain a stable value relative to a currency, another asset, or a basket through reserves, collateral, or protocol rules. The peg is a target, not a guarantee.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/stablecoin/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Editorial Team — non-human AI agent review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8408 — Understanding Stablecoin Technology and Related Security Considerations — Defines stablecoins, compares major architectures, and catalogues technical properties and risks.", "urls": [ "https://csrc.nist.gov/pubs/ir/8408/final" ] }, { "text": "Financial Stability Board — High-level Recommendations for Global Stablecoin Arrangements — Covers governance, stabilisation, redemption, reserve management, and risks in stablecoin arrangements.", "urls": [ "https://www.fsb.org/uploads/P170723-3.pdf" ] } ], "revision": "9ab713915cd4aa2a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-asset", "topics": [ "crypto", "stablecoin", "peg", "reserves", "redemption" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/stakare", "locale": "en", "title": "Stake: meaning in crypto", "summary": "To stake means committing an asset to proof-of-stake participation directly or through a service; custody, rewards, penalties, and exit rules depend on the route.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/stakare/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Staking — validator participation, staking routes, rewards, and protocol responsibilities in Ethereum.", "urls": [ "https://ethereum.org/staking/" ] }, { "text": "Ethereum.org — Staking withdrawals — validator exits, withdrawal credentials, and withdrawal processes in Ethereum.", "urls": [ "https://ethereum.org/staking/withdrawals/" ] } ], "revision": "410333418d22a178", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "staking-action-term", "topics": [ "staking", "proof-of-stake", "validators", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/stop-hunt", "locale": "en", "title": "Stop hunt in trading: meaning", "summary": "Stop hunt is the informal name for a move through levels where many stops are suspected, activating them before price often returns.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/stop-hunt/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — explains triggering, execution-price risk, and how a brief move may activate a stop before price recovers.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — clarifies that trigger standards, trigger price, and execution price may differ.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "CFTC, Former Trader David Liew Engaged in Spoofing and Manipulation — documents a case in which intent to trigger stop-loss orders was established through investigation, not inferred from a chart alone.", "urls": [ "https://www.cftc.gov/PressRoom/PressReleases/7567-17" ] } ], "revision": "858c3ea1cdadb0bf", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-term", "topics": [ "stop-orders", "liquidity", "order-book", "market-impact", "manipulation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/stoppare", "locale": "en", "title": "Stopping out in trading: meaning", "summary": "Stopping out means closing a position because its planned stop condition was reached, through an automatic order or a manual action.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/stoppare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — explains triggers, price risk, and the stop-limit alternative.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA, Order Types — distinguishes stop, stop-limit, and market behavior.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "CME Group, Trade and Risk Management — connects exit point, capital at risk, and position size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] } ], "revision": "d533f6970b3dbd41", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "stop-loss", "stop-order", "exit", "risk-management", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/swappare", "locale": "en", "title": "Swap tokens: meaning, execution, and costs", "summary": "To swap means exchanging one token for another through a platform or smart contract while accepting an execution price and costs.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/swappare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Labs, How to swap tokens with the Uniswap web app — Covers contract selection, review, approval, signing, gas, and on-chain confirmation.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/8370549680909-How-to-Swap-Tokens-" ] }, { "text": "Uniswap Labs, What is price impact? — Separates the effect of trade size on pool liquidity.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/8671539602317-What-is-price-impact" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Frames a swap as a signed state-changing write included in a block.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "cf1423bf89803377", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-exchange-action", "topics": [ "swap", "dex", "routing", "price-impact", "slippage", "token-approval" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-execution-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/sweep", "locale": "en", "title": "Sweep in trading: meaning", "summary": "In an order book, a sweep is an aggressive execution that consumes quantity at one or more prices and may cross several levels.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/sweep/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — distinguishes order and level feeds and describes visible executions, amendments, and cancellations.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "NYSE, NYSE Pillar Depth — provides an official example of a feed with multiple bid and offer levels, quantities, and venue attribution.", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "FINRA, OTC Tier Size Analysis — illustrates a hypothetical order that exceeds the quantity at the best ask and fills across two levels.", "urls": [ "https://www.finra.org/sites/default/files/RuleFiling/p344459.pdf" ] } ], "revision": "54e784592dc1ba97", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-term", "topics": [ "order-book", "execution", "market-orders", "slippage", "liquidity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/swingare", "locale": "en", "title": "Swing trade", "summary": "Hold a trade for days/weeks following a swing.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/swingare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "00188e17cc6ecc7b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/switchare-bias", "locale": "en", "title": "Switch bias: what it means", "summary": "Switching bias means changing a directional hypothesis after new evidence or invalidation; it does not by itself close or reverse a position.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/switchare-bias/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Links action to defined setups, triggers, and exits.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Provides a framework for behaviors that can interfere with evidence-based decisions.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "570dd58f242290e7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "decision-process", "topics": [ "bias", "invalidation", "trade-plan", "position-reversal", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/tagliare-posizione", "locale": "en", "title": "Cut a position: reduce or close", "summary": "Cutting a position may mean reducing its quantity or closing it entirely; it does not necessarily imply a loss and should specify quantity, side, and reason.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/tagliare-posizione/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Explains how a futures position is closed with the opposite transaction.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Submitting a Futures Order — Describes orders, fills, stops, and targets used in position management.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] }, { "text": "CME Group, Position and Risk Management — Connects quantity and exposure with profit-and-loss control.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "9e8aeb60d4079626", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "position-reduction", "exit", "order", "position-sizing", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/tape-reading-gergo", "locale": "en", "title": "Tape reading: meaning in trading", "summary": "Tape reading means reading the sequence of executed transactions — price, size, time, and pace — now through time and sales; it is not a view of the entire market.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/tape-reading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NYSE, Real-Time Data — Distinguishes trades, quotes, order-by-order depth, and auction-imbalance feeds.", "urls": [ "https://www.nyse.com/market-data/real-time" ] }, { "text": "CME Group, Market by Order (MBO) — Shows the details an order-book feed adds beyond price-level aggregation.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "Nasdaq, BX Options Depth of Market specification — Distinguishes printable execution messages used in time-and-sales and volume calculations.", "urls": [ "https://www.nasdaqtrader.com/content/TechnicalSupport/specifications/dataproducts/BXOptions_DepthofMarket_2.0_042024.pdf" ] } ], "revision": "6de1c93677bd814b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "observation-method", "topics": [ "tape-reading", "time-and-sales", "executions", "order-flow", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-method", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/tilt-gergo", "locale": "en", "title": "Tilt in trading: meaning", "summary": "Tilt is an informal term for a period in which decisions repeatedly depart from the plan under pressure; it is not a clinical diagnosis.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/tilt-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Explains why entries, exits, and management should be defined before emotionally charged situations.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Sets explicit parameters for leverage, trade loss, daily loss, and exposure.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "47d81161ee3840c2", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "process-state", "topics": [ "tilt", "decision-making", "losses", "discipline", "risk-limits" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/time-translation", "locale": "en", "title": "Time translation", "summary": "In the Hickson/Hurst framework, displacement of price turns from a cycle component; underlying trend is an association, not a universal cause.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/time-translation/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — primary source for the summation model and the book's method; cited to delimit the historical layer, not as the source of the time-translation term or table.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concept 10, pp. 12–14 — direct post-Hurst source for the definition and the four associations with positive or negative underlying trend.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Trading Methodology — use of underlying trend in the post-Hurst operational formalisation; not an independent confirmation of Hickson's account.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstTrading.htm" ] } ], "revision": "cc990f7d70b0d19e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/to-the-moon", "locale": "en", "title": "To the moon", "summary": "Community phrase for explosive rally.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/to-the-moon/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a69c435c6b2f2e94", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/token-unlock", "locale": "en", "title": "Token unlocks: when tokens become transferable", "summary": "A token unlock makes tokens previously subject to a cliff, vesting, or another restriction transferable. It increases potentially tradable supply but does not automatically cause a sale or a price decline.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/token-unlock/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Editorial Team — non-human AI agent review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Regulation (EU) 2023/1114 — Markets in Crypto-assets — Lists disclosures about offered amounts, phases, transfer, retained tokens, rights, and transfer restrictions.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] }, { "text": "Cong, Li, and Wang — Tokenomics: Dynamic Adoption and Valuation, Review of Financial Studies — Shows in a dynamic model why transactional demand and adoption contribute to valuation beyond token quantity alone.", "urls": [ "https://academic.oup.com/rfs/article/34/3/1105/5891182" ] } ], "revision": "f71fb946922acb24", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-supply-event", "topics": [ "crypto", "token-unlock", "vesting", "token-supply", "market-liquidity" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-analysis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/tokenomics", "locale": "en", "title": "Tokenomics: supply, incentives, and value capture", "summary": "Tokenomics describes a token's economic rules: supply, emissions, allocations, utility, rights, and incentives. It supports scenario analysis but does not determine future value on its own.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/tokenomics/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Editorial Team — non-human AI agent review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Regulation (EU) 2023/1114 — Markets in Crypto-assets — Requires information about supply, rights, retained tokens, transferability, and protocols that change supply.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] }, { "text": "Cong, Li, and Wang — Tokenomics: Dynamic Adoption and Valuation, Review of Financial Studies — Models the relationship among transactional demand, platform adoption, network externalities, and token value.", "urls": [ "https://academic.oup.com/rfs/article/34/3/1105/5891182" ] } ], "revision": "586bf61fdeeeda32", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-economic-design", "topics": [ "crypto", "tokenomics", "token-supply", "incentives", "valuation" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-analysis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/trade-di-noia", "locale": "en", "title": "Boredom trade", "summary": "A boredom trade is opened mainly to create activity or stimulation while no planned setup is present; the label describes the decision motive, not the outcome.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/trade-di-noia/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo; no human expert review", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Yakobi and Danckert, Boredom proneness is associated with noisy decision-making, not risk-taking — primary research distinguishing erratic choice switching from risk-seeking.", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC8026330/" ] }, { "text": "FINRA, 3 Ways to Guard Against Excessive Trading in Your Brokerage Account — explains how unnecessary trading activity can increase costs.", "urls": [ "https://www.finra.org/investors/insights/3-ways-guard-against-excessive-trading-your-brokerage-account" ] } ], "revision": "85ae30a6402efc93", "translation_state": "not-assessed", "kind": "", "entity_type": "behavioral-pattern", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/trade-di-rabbia", "locale": "en", "title": "Anger trade", "summary": "An anger trade is opened while frustration is driving the decision, often after a loss; it becomes revenge trading when the aim is to win the money back immediately.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/trade-di-rabbia/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo; no human expert review", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Lerner and Keltner, Fear, anger, and risk — primary research showing that anger and fear can affect risk perception differently.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11474720/" ] }, { "text": "FINRA, 3 Ways to Guard Against Excessive Trading in Your Brokerage Account — documents the cost impact of excessive activity.", "urls": [ "https://www.finra.org/investors/insights/3-ways-guard-against-excessive-trading-your-brokerage-account" ] } ], "revision": "c04ef630977f5dd5", "translation_state": "not-assessed", "kind": "", "entity_type": "behavioral-pattern", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/trading-cycle", "locale": "en", "title": "Trading cycle (operating cycle)", "summary": "In Hurst's method, the trading cycle is the component selected as the operating horizon. It is not automatically synonymous with the dominant cycle: the choice depends on the plan, measurability and the characteristics of the issue.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/trading-cycle/", "published": "2026-06-22", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, Chs. 4, 7 and 8.", "urls": [] }, { "text": "David Hickson, “Trading with J. M. Hurst”, post-Hurst white paper, Sentient Trader.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-3-trading-with-jm-hurst/" ] } ], "revision": "1fa745f420b559aa", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/transactional-timing", "locale": "en", "title": "Transactional timing", "summary": "Choosing the right moment to buy and sell: the core of the Hurst method, distinct from passive investing.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/transactional-timing/", "published": "", "updated": "2026-06-22", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0b2cc2cef9012772", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/trap", "locale": "en", "title": "Trap in trading: meaning", "summary": "Trap is a general term for a price signal that is quickly invalidated, leaving some traders exposed on the wrong side.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — distinguishes bull and bear traps and links them to a prior signal that is quickly reversed.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Market Manipulation — defines manipulation as artificially affecting supply or demand, which is distinct from observing a chart pattern alone.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] } ], "revision": "ac2432a47d557d69", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "market-structure", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/trappola-retail", "locale": "en", "title": "Retail trap in trading: meaning", "summary": "Retail trap is an informal label for a signal or narrative that attracts non-professional traders before being invalidated.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/trappola-retail/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — defines observable traps as failures of previous signals without automatically identifying an author.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Market Manipulation — defines manipulation as artificially affecting supply or demand.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] }, { "text": "Investor.gov, Pump and Dump Schemes — describes misleading promotion and subsequent selling, elements more specific than a simple “trap.”", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/pump-and-dump-schemes" ] } ], "revision": "f0449ff351cfb37d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "market-manipulation", "fakeout", "investor-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/tvl", "locale": "en", "title": "TVL in DeFi: definition, calculation, and limits", "summary": "Total Value Locked aggregates the value of assets included in a stated DeFi scope. Quantities, prices, currency, methodology, and double counting can change the result.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/tvl/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "DefiLlama — Data Definitions — the “Total Value Locked”, “USD Inflows”, “Fees”, and “Revenue” sections define and separate stock, flow, and activity measures in the dataset.", "urls": [ "https://docs.llama.fi/analysts/data-definitions" ] }, { "text": "DefiLlama — double-counting FAQ — explains the “Doublecount” filter and how receipt tokens and liquid staking are treated in aggregates.", "urls": [ "https://docs.llama.fi/faqs/frequently-asked-questions" ] }, { "text": "ESMA — Decentralised Finance in the EU: Developments and risks — p. 6 and note 4 use TVL as a sector-size measure and state its valuation basis.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2023-10/ESMA50-2085271018-3349_TRV_Article_Decentralised_Finance_in_the_EU_Developments_and_Risks.pdf" ] }, { "text": "Financial Stability Board — The Financial Stability Risks of Decentralised Finance — p. 33 highlights measurement problems caused by collateral reuse, interconnectedness, and double counting.", "urls": [ "https://www.fsb.org/wp-content/uploads/P160223.pdf" ] } ], "revision": "0854848468972d95", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-protocol-metric", "topics": [ "defi", "total-value-locked", "protocol-metrics", "valuation", "on-chain-data" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-comparison", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/underlying-trend", "locale": "en", "title": "Underlying trend", "summary": "Sum of effects from cycles longer than the one analyzed: +1 rising toward peak, −1 falling toward trough.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/underlying-trend/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1d025535c7de6006", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/undertrading-gergo", "locale": "en", "title": "Undertrading: meaning in trading", "summary": "Undertrading means executing fewer valid signals than a plan specifies; low frequency or a day without trades is not an error by itself.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/undertrading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia Editorial Team — review by a non-human AI agent; no human expert review declared", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Separates setups, trigger points, and entry conditions defined in advance.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Requires risk, leverage, and exposure to be acceptable before an order.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "491acb7fdc4c2792", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "undertrading", "missed-trades", "execution", "discipline", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/unstakare", "locale": "en", "title": "Unstake: meaning in crypto", "summary": "To unstake means starting the process of removing an asset from a staking arrangement; 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it is optional and requires later confirmation.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/upthrust-after-distribution-utad/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — UTAD definition, phase placement and distribution variants.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — structural distinction among UT, UTAD, SOW and LPSY.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "db6c732d51681483", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/valid-trend-line", "locale": "en", "title": "Valid trend line (VTL)", "summary": "Hurst's VTL is the steepest downtrend line leading into an expected-lows window; its break is probabilistic confirmation within the model.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/valid-trend-line/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI agent; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, Chapter 4, “Recognizing the Valid Trend Line”, pp. 78–79; summary on p. 85.", "urls": [] } ], "revision": "9ea084a781c5967b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossary", "hub": "en/hub/glossario" }, { "key": "en/glossario/value-vs-growth", "locale": "en", "title": "Value and growth investing styles", "summary": "Value and growth classify stocks and portfolios by valuations and growth expectations; they are rule-defined styles, not promises of returns.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/value-vs-growth/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Kenneth R. French, Data Library — data and methods for value and growth portfolios formed with several fundamental-to-price ratios.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html" ] }, { "text": "Kenneth R. French, Portfolios Formed on Book-to-Market — breakpoints and operational construction of book-to-market portfolios.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html" ] }, { "text": "Eugene F. Fama and Kenneth R. French, The Cross-Section of Expected Stock Returns — primary academic study of book-to-market and average returns in the sample examined.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1992.tb04398.x" ] }, { "text": "CFA Institute Research Foundation, Stocks, Bonds, Bills, and Inflation — Growth and Value Investing — uses of investment styles and variation among operational definitions.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2020/rf-sbbi-summary-edition.pdf" ] } ], "revision": "6f918b7a0e0c8916", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "concept", "topics": [ "fundamental-analysis", "equity-styles", "factor-investing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/vestare", "locale": "en", "title": "Vest tokens: vesting, cliff, and unlock meaning", "summary": "To vest means making a token allocation mature according to a schedule, so tokens progressively become vested or releasable.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/vestare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "OpenZeppelin, Finance: VestingWallet — Documents beneficiary, start, duration, vested amount, releasable amount, release, and cliff.", "urls": [ "https://docs.openzeppelin.com/contracts/5.x/api/finance" ] }, { "text": "OpenZeppelin, Vesting Wallet — Separates custody, vesting curve, and release accounting for stepped or continuous schedules.", "urls": [ "https://docs.openzeppelin.com/contracts-sui/1.x/vesting-wallet" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Explains how reads and state-changing transactions expose on-chain status and release.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "0a0d513964ff2cbd", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-release-schedule", "topics": [ "vesting", "cliff", "token-unlock", "allocation", "circulating-supply" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-schedule-reading", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/volume-profile-gergo", "locale": "en", "title": "Volume Profile: meaning in trading", "summary": "Volume Profile is a histogram that distributes executed volume by price band over a selected interval. POC and Value Area depend on the settings.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/volume-profile-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documents volume by price, periods, ticks per row, and data requirements.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — defines POC and Value Area and describes configurable percentage, volume, and calculation method.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] } ], "revision": "6640e6452f73064b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "volume-profile-term", "topics": [ "volume-profile", "volume-by-price", "POC", "value-area" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/walk-forward-gergo", "locale": "en", "title": "Walk forward (slang)", "summary": "Progressive test on rolling time windows.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/walk-forward-gergo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "revision": "98a53b9056132719", "translation_state": "not-assessed", "kind": "", "entity_type": "term", "topics": [ "systematic-trading", "backtesting", "time-series-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/wallet-drainer", "locale": "en", "title": "Wallet drainer: how it works", "summary": "A wallet drainer tricks the user into authorising a transaction or permission that can transfer tokens or NFTs without exposing the seed phrase.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/wallet-drainer/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI review, under the Director of Emiciclo's mandate", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — How to revoke token access — Distinguishes disconnecting a dApp from revoking persistent approvals.", "urls": [ "https://ethereum.org/guides/how-to-revoke-token-access/" ] }, { "text": "MetaMask — Signature phishing — Explains how an apparently harmless signature may authorise an operation used later.", "urls": [ "https://support.metamask.io/stay-safe/protect-yourself/wallet-and-hardware/signature-phishing/" ] }, { "text": "FBI IC3 — NFT developer impersonation — Describes counterfeit sites that connect a wallet to drainer smart contracts.", "urls": [ "https://www.ic3.gov/PSA/2023/PSA230804" ] } ], "revision": "6c898e3b25a49b00", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "token-approvals", "signature-phishing", "self-custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/wash-trading", "locale": "en", "title": "Wash trading", "summary": "Wash trading creates trades or apparent trades without a genuine change in beneficial economic interest or market risk, making activity, volume, demand, or price discovery look more authentic than it is.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/wash-trading/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia editorial team — non-human AI-agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Futures Glossary: Wash Trading — defines wash trading in the US derivatives context as apparent transactions without market risk or a change in position.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "FINRA — 2024 Annual Regulatory Oversight Report: Manipulative Trading — includes wash sales and prearranged trading in multi-product and multi-platform surveillance.", "urls": [ "https://www.finra.org/rules-guidance/guidance/reports/2024-finra-annual-regulatory-oversight-report/manipulative-trading" ] }, { "text": "EUR-Lex — Market Abuse Regulation, consolidated text as of 5 June 2026 — the EU framework for transactions and behaviour that give false or misleading signals or secure an artificial price.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Markets in Crypto-Assets Regulation, Article 91 — covers false or misleading signals about supply, demand, or price in the EU crypto-asset perimeter.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — addresses market-abuse detection, prevention, conflicts, and surveillance at crypto-asset service providers.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "U.S. Treasury — Illicit Finance Risk Assessment of Non-Fungible Tokens — discusses wash trading and the difficulty of attributing apparently separate accounts or wallets in NFT markets.", "urls": [ "https://home.treasury.gov/system/files/136/Illicit-Finance-Risk-Assessment-of-Non-Fungible-Tokens.pdf" ] }, { "text": "ESMA — Guidelines on supervisory practices to prevent and detect market abuse under MiCA — supervisory guidance for data, risks, and detection in crypto-asset markets.", "urls": [ "https://www.esma.europa.eu/document/guidelines-supervisory-practices-prevent-and-detect-market-abuse-under-mica" ] } ], "revision": "33c6c9461b571805", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "wash-trading-manipulation-pattern", "topics": [ "wash-trading", "market-manipulation", "volume", "beneficial-ownership", "market-integrity" ], "asset_classes": [ "equities", "derivatives", "crypto", "nft", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-detection", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/webhook-gergo", "locale": "en", "title": "Webhook in trading: meaning", "summary": "A webhook automatically sends an HTTP message when an event occurs; it transports a signal but does not prove that an order was accepted or executed.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/webhook-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no expert human review is claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, How to configure webhook alerts — Defines HTTP POST delivery, content types, and the warning against including sensitive credentials in a message.", "urls": [ "https://www.tradingview.com/support/solutions/43000529348-how-to-configure-webhook-alerts/" ] }, { "text": "TradingView, Webhook authentication — Documents verification of the sending server's certificate over HTTPS.", "urls": [ "https://www.tradingview.com/support/solutions/43000680459-webhook-authentication/" ] }, { "text": "TradingView, Webhook resubmission — Specifies when a failed notification is retried.", "urls": [ "https://www.tradingview.com/support/solutions/43000735201-webhook-resubmission/" ] } ], "revision": "056af832d9119e13", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "message-transport", "topics": [ "webhook", "alert", "http", "automation", "execution-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-troubleshooting", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/whale", "locale": "en", "title": "Whale", "summary": "Large player whose orders move the market.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/whale/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fcbca78914d22553", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "en/hub/glossario" }, { "key": "en/glossario/win-rate-gergo", "locale": "en", "title": "Win rate (trading term)", "summary": "Win rate is the share of closed trades classified as winners: winning trades divided by all eligible closed trades, expressed as a percentage.", "url": "https://www.emiciclo.com/cyclepedia/en/glossario/win-rate-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo; 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M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970.", "urls": [] }, { "text": "David Hickson, The 10 Core Concepts of Hurst Cycles Analysis, Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "b2f278e79ee5bdce", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/discipline-cyclic-analysis" }, { "key": "en/hub/discipline-fundamental-analysis", "locale": "en", "title": "Fundamental analysis: companies, macroeconomics and fixed income", "summary": "The entry point to fundamental analysis: three distinct learning paths for companies, the macro environment and fixed-income instruments.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/discipline-fundamental-analysis/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia editorial desk — review by a non-human AI agent", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Introduction to company reports.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "Bank for International Settlements — About central bank statistics — Institutional context for monetary and financial data.", "urls": [ "https://www.bis.org/statistics/about_cb.htm" ] }, { "text": "U.S. Securities and Exchange Commission — Bonds — Official introduction to bonds.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] } ], "revision": "295543bb9e6ba01c", "translation_state": "not-assessed", "kind": "hub", "entity_type": "discipline-hub", "topics": [ "fundamental-analysis", "macroeconomics", "corporate-analysis", "fixed-income" ], "asset_classes": [ "equities", "corporate-bonds", "sovereign-bonds", "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "navigation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/discipline-fundamental-analysis" }, { "key": "en/hub/discipline-price-action", "locale": "en", "title": "Price action", "summary": "The grammar of price — trend, structure, levels and patterns without relying on indicators.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/discipline-price-action/", "published": "2026-06-23", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. 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Wyckoff, Studies in Tape Reading, 1910.", "urls": [] } ], "revision": "5bf4931d52600868", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/discipline-price-action" }, { "key": "en/hub/discipline-systematic-trading", "locale": "en", "title": "Systematic trading: strategies, backtesting and validation", "summary": "A complete chapter on turning a trading hypothesis into verifiable rules, simulating it without using the future, and governing it before and after live deployment.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/discipline-systematic-trading/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — taxonomy, uses, benefits and risks of algorithmic trading; it is a staff report, not a position adopted by the Commission.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — practical framework for backtesting, validation, benchmarking, simulation and documentation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] }, { "text": "Halbert White, A Reality Check for Data Snooping — inference when a rule is selected after comparing many candidates.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — framework for estimating the risk of selecting a historically winning but fragile configuration.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve, SR 26-2 — Supervisory Guidance on Model Risk Management — current sector-specific source for model governance, validation, monitoring and documentation.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "07750c3f286d1a40", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "systematic-trading", "quantitative-trading", "backtesting", "time-series-validation", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/discipline-systematic-trading" }, { "key": "en/hub/discipline-technical-analysis", "locale": "en", "title": "Technical Analysis", "summary": "Charts, indicators, trends and patterns — reading the market through price and volume.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/discipline-technical-analysis/", "published": "2026-06-24", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, 1922.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert D. Edwards, John Magee and W. H. C. Bassetti, Technical Analysis of Stock Trends, reference work; first edition 1948.", "urls": [] } ], "revision": "3d4d45d423e04b9f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/discipline-technical-analysis" }, { "key": "en/hub/discipline-volume-analysis", "locale": "en", "title": "Volume analysis: data, order flow and profiles", "summary": "Cyclepedia path for separating executed volume, the order book, order flow, delta, footprint and Volume Profile, with explicit data and classification limits.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/discipline-volume-analysis/", "published": "2026-06-23", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia editorial team — non-human AI agent review; no human expert review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Price Multiple Depth Book — documents available quantity and order count at each price level in a Market by Price book.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457574047" ] }, { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — defines an aggressing order and its relationship with resting orders.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — separates executed volume from market depth and documents data-at-price requirements.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "Lee and Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — primary research on inferring trade direction when side is not observed directly.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] }, { "text": "CME Group, Open Interest — distinguishes the stock of outstanding derivative contracts from volume traded during a period.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/open-interest" ] }, { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996 — documents TPOs, time brackets, and the structure of the historical Market Profile.", "urls": [] } ], "revision": "6ed9f15ed42f2dc0", "translation_state": "not-assessed", "kind": "hub", "entity_type": "discipline-hub", "topics": [ "volume-analysis", "order-flow", "market-data", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "disciplina", "hub": "en/hub/discipline-volume-analysis" }, { "key": "en/hub/dow-tradition", "locale": "en", "title": "Dow Tradition", "summary": "A historical path from Charles H. Dow's reading of the averages to the systematisations by Nelson, Hamilton and Rhea: market movements, confirmation, and accumulation or distribution lines.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/dow-tradition/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, chs. V–IX, digitised edition.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, chs. I, III, XIII and XV, digitised edition.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, Open Library bibliographic record.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "Stephen J. Brown, William N. Goetzmann and Alok Kumar, “The Dow Theory: William Peter Hamilton's Track Record Reconsidered”, The Journal of Finance 53(4), 1998, doi:10.1111/0022-1082.00054.", "urls": [ "https://doi.org/10.1111/0022-1082.00054" ] }, { "text": "S&P Dow Jones Indices, history of Dow's first averages.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] } ], "revision": "06ee99a48f08ae37", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/dow-tradition" }, { "key": "en/hub/editorial-policy", "locale": "en", "title": "How Cyclepedia works", "summary": "Cyclepedia's mission, sourcing standards, evidence levels, use of AI, conflicts of interest, and correction process.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/editorial-policy/", "published": "2026-07-28", "updated": "2026-07-28", "reviewed": "2026-07-28", "reviewed_by": "Cyclepedia Chief Editor (AI agent under Emiciclo mandate)", "evidence_level": "referenced", "source_signal": true, "revision": "12fa4633dceb7f25", "translation_state": "not-assessed", "kind": "article", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "hub", "hub": "en/hub/editorial-policy" }, { "key": "en/hub/emiciclo", "locale": "en", "title": "Emiciclo", "summary": "Emiciclo is the web app that connects six official software brands: CycleSic, Ufficio, Tornei, Quadro Ciclico, Assemblea and Cyclepedia. 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by discipline and area.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/glossario/", "published": "2026-06-22", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] } ], "revision": "6ac788f60df58c44", "translation_state": "not-assessed", "kind": "hub", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/glossario" }, { "key": "en/hub/gold-path", "locale": "en", "title": "Gold Path", "summary": "An advanced 66-lesson path through edge, portfolio, risk, execution, regimes and professional management of the trading process.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/gold-path/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent; no human review", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Cyclepedia editorial architecture, reviewed 12 August 2026 — order and totals derive from the 66 linked stable entries and their path metadata; this is not a professional certification.", "urls": [] } ], "revision": "261152628eea5029", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "trading-edge", "portfolio-management", "risk-management", "execution", "market-regimes" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "advanced-trading-learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "en/hub/gold-path" }, { "key": "en/hub/indicatori", "locale": "en", "title": "Indicators", "summary": "The trading measurement-tool catalogue: 17 entries with real mathematics, interactive figures and honest operational readings — from moving averages to order flow, in order of difficulty.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/indicatori/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ca502499ce77fb7d", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "disciplina", "hub": "en/hub/indicatori" }, { "key": "en/hub/macroeconomics-and-monetary-policy", "locale": "en", "title": "Macroeconomics and monetary policy", "summary": "A path from measuring the economy to monetary and fiscal transmission across stocks, bonds, currencies and commodities.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/macroeconomics-and-monetary-policy/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, commissioned by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook — global outlook, comparable series and methodology for macroeconomic projections.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy — mandate, decisions and primary documents of United States monetary policy.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy — Eurosystem strategy, instruments and monetary-policy transmission.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] }, { "text": "BIS, Monetary policy — comparative central-bank research on credit, markets and financial stability.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "aa3dbae25325df81", "translation_state": "not-assessed", "kind": "hub", "entity_type": "educational_path", "topics": [ "macroeconomics", "monetary-policy", "fiscal-policy", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/macroeconomics-and-monetary-policy" }, { "key": "en/hub/markets-and-instruments", "locale": "en", "title": "Markets and financial instruments", "summary": "A reasoned map of stocks, ETFs, bonds, currencies, commodities and derivatives: what they represent, how they trade and which risks change from one instrument to another.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/markets-and-instruments/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products and Introduction to Investing.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products", "https://www.investor.gov/introduction-investing" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cosa sapere prima di investire and Cos'è la borsa?.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html", "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "9d25ded679f425f4", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "markets-instruments" ], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "en/hub/markets-and-instruments" }, { "key": "en/hub/metodo-emiciclo", "locale": "en", "title": "Emiciclo Method", "summary": "Operational and training framework of the Emiciclo ecosystem: applied cyclic analysis, tools and community — encyclopedic tone, not promotional.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/metodo-emiciclo/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Cyclepedia Chief Editor — AI agent, commissioned by the Director of Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Emiciclo — official presentation of the ecosystem and its learning paths (accessed 10 August 2026).", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "[[emiciclo|Emiciclo app]] — verified inventory of the app and separation between its six software products.", "urls": [] }, { "text": "This entry describes a proprietary methodology from Emiciclo documentation; it is neither an independent assessment nor a reconstruction of academic consensus.", "urls": [] } ], "revision": "fd36909a9ba7e2b1", "translation_state": "not-assessed", "kind": "hub", "entity_type": "methodology", "topics": [ "metodo-emiciclo", "cyclic-analysis", "trading-process", "risk-management" ], "asset_classes": [], "audience": [ "intermediate", "professional" ], 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"https://www.emiciclo.com/cyclepedia/en/hub/metodologie/", "published": "2026-06-23", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [] }, { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, 1970.", "urls": [] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, 1910.", "urls": [] }, { "text": "J. Peter Steidlmayer and Kevin Koy, Markets and Market Logic, 1986.", "urls": [] } ], "revision": "a7091624ef6740d3", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/metodologie" }, { "key": "en/hub/options-and-volatility", "locale": "en", "title": "Options and volatility", "summary": "A complete path from contract rules to premium, from the option chain to implied volatility, and onward to parity, assignment, multi-leg payoffs and Greeks.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/options-and-volatility/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Cyclepedia Chief Editor — AI agent, under mandate from the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — official document on contracts, exercise, assignment, settlement and the risks of combinations in the United States market.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "The Options Industry Council, What Is an Option? and Options Pricing — contractual foundations and components of the premium.", "urls": [ "https://www.optionseducation.org/optionsoverview/what-is-an-option", "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "The Options Industry Council, Volatility & the Greeks and Put/Call Parity — volatility, sensitivities and price relations.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks", "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "Financial Industry Regulatory Authority, Trading Options: Understanding Assignment — mechanics and assignment risk in the United States framework.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "Fischer Black and Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — historical reference for the model, read together with its assumptions and subsequent developments.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "CME Group, Implied Volatility — the relation between option prices, implied volatility and skew.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] } ], "revision": "b0b614ccf0cef712", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "markets-instruments", "options", "volatility", "derivatives", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "en/hub/options-and-volatility" }, { "key": "en/hub/orders-execution-and-market-microstructure", "locale": "en", "title": "Orders, execution and market microstructure", "summary": "A complete map from instruction to settlement: order types and validity, books, priority, routing, liquidity, costs, execution algorithms, best execution, clearing and custody.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/orders-execution-and-market-microstructure/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC, Investor.gov — 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Sharpe — Capital Asset Prices, The Journal of Finance (1964)", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "Investor.gov — Glossary: Beta", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "Options Industry Council — Understanding Options Greeks", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "Options Industry Council — Volatility & the Greeks", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Basel Framework — MAR21, Standardised approach: sensitivities-based method", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "FINRA — Brush Up on Bonds: Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "CME Group — How Can You Measure Risk in 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second ring of risk: VaR, Expected Shortfall, stress testing, model risk, portfolio, counterparty, liquidity, operations and broker risk.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/risk-measurement-and-control/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — AI agent, acting on behalf of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR10, Market risk terminology", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Committee — Explanatory note on the minimum capital requirements for market risk", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee — Principles for effective risk data aggregation and risk reporting", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Harry Markowitz — Portfolio Selection, The Journal of Finance (1952)", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Committee on the Global Financial System — Structural Aspects of Market Liquidity", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "Basel Committee — Revisions to the principles for the sound management of operational risk", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee — Principles for operational resilience", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA — About BrokerCheck", "urls": [ "https://www.finra.org/investors/investing/working-with-investment-professional/about-brokercheck" ] }, { "text": "SIPC — What SIPC Protects", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "a50647778d6615f6", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "value-at-risk", "expected-shortfall", "stress-testing", "portfolio-risk", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "en/hub/risk-measurement-and-control" }, { "key": "en/hub/silver-path", "locale": "en", "title": "Silver Path", "summary": "A 55-lesson intermediate path for turning a trading idea into a written, measurable and testable method.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/silver-path/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Cyclepedia editorial architecture, reviewed 12 August 2026 — order and totals derive from the 55 linked stable entries and their path metadata; this is not a professional certification.", "urls": [] } ], "revision": "88ec94e22aa70db7", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "trading-process", "trading-plan", "position-management", "performance-measurement", "strategy-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/silver-path" }, { "key": "en/hub/trader", "locale": "en", "title": "Traders and traditions", "summary": "The gallery of the masters: twenty-one traders and analysts who defined the craft — biography, contribution and study path. From Homma and Dow to Simons and Buffett, through the Hurst cyclic tradition.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/trader/", "published": "2026-06-23", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [] }, { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, 1970.", "urls": [] }, { "text": "Jack D. Schwager, Market Wizards, 1989.", "urls": [] }, { "text": "Biographical sources and primary works are listed in the individual entries.", "urls": [] } ], "revision": "ef020a7785401a8a", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "trading-history", "traders", "market-analysis", "investment-traditions" ], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/trader" }, { "key": "en/hub/trading-map", "locale": "en", "title": "Trading map", "summary": "Cyclepedia's complete map: markets and instruments, execution, risk, methods, portfolios, history, safety and disciplines, with distinct routes for beginners and professionals.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/trading-map/", "published": "2026-07-30", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Cyclepedia, Editorial coverage matrix, version 1.3, 2026-08-03, governance document EDITORIAL-COVERAGE.md.", "urls": [] }, { "text": "Cyclepedia, Editorial charter, document EDITORIAL-CHARTER.md.", "urls": [] }, { "text": "Cyclepedia, Cyclepedia schema, version 2.1, document SCHEMA-CYCLEPEDIA.md.", "urls": [] } ], "revision": "369e91b62063d228", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/trading-map" }, { "key": "en/hub/tradizione-hurst", "locale": "en", "title": "Hurst tradition", "summary": "The theoretical and operational corpus of J. M. Hurst (1970): cyclic model, transactional timing, spectral analysis.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/tradizione-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b3da33053ae0c2ef", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/tradizione-hurst" }, { "key": "en/hub/tradizione-steidlmayer", "locale": "en", "title": "Steidlmayer tradition", "summary": "J. Peter Steidlmayer and Market Profile: the market as continuous auction, POC, Value Area, and reading equilibrium vs imbalance.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/tradizione-steidlmayer/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer and Kevin Koy, Markets and Market Logic, 1986.", "urls": [] }, { "text": "Chicago Board of Trade, Market Profile Home Study Guide.", "urls": [] }, { "text": "James F. Dalton, Eric T. Jones and Robert B. Dalton, Mind Over Markets,", "urls": [] } ], "revision": "79d39251f9a7b833", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/tradizione-steidlmayer" }, { "key": "en/hub/tradizione-wyckoff", "locale": "en", "title": "Wyckoff tradition", "summary": "The Wyckoff method: supply and demand, market cycle, trading range, accumulation and distribution.", "url": "https://www.emiciclo.com/cyclepedia/en/hub/tradizione-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "95dbb2bf1cda2f28", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "en/hub/tradizione-wyckoff" }, { "key": "en/indicatori/adx", "locale": "en", "title": "ADX (Average Directional Index)", "summary": "Wilder's ADX measures how much direction the move has, on an unsigned 0–100 scale: above 25 the trend dominates the noise, below 20 there is no trend to follow. Direction comes from +DI and −DI.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/adx/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "385b603a7553eab8", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/atr", "locale": "en", "title": "ATR (Average True Range)", "summary": "The ATR measures the real average excursion of bars over 14 periods, gaps and wicks included. It has no direction: it is the ruler used to size stops, targets and position size.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/atr/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e5f9a3feadc1c7c8", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/bollinger-bands", "locale": "en", "title": "Bollinger Bands", "summary": "An SMA 20 plus two bands at ±2 standard deviations: a channel that widens and tightens with volatility. Squeeze = compression that often precedes expansion; walk the band = a healthy trend.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/bollinger-bands/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c1bfb8876633b07e", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/cci", "locale": "en", "title": "CCI (Commodity Channel Index)", "summary": "Lambert's CCI measures how many 'typical deviation units' price sits from its own 20-period mean. The ±100 band marks the normal: beyond it, the move is statistically unusual.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/cci/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "36e072c259525209", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/cvd", "locale": "en", "title": "CVD indicator: feed, anchor, and reset", "summary": "Configuring CVD requires checking the volume source, side classification, anchor period, session, and reset. Different settings produce different curves.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/cvd/", "published": "2026-07-02", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — documents bid/ask data requirements and the option to reset at the start of the trading day.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "Sierra Chart, Cumulative Delta Bars — Volume — explains the calculation and why changing the first loaded date can change later values.", "urls": [ "https://www.sierrachart.com/index.php?ID=292&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Cumulative Volume Delta — describes a different implementation based on intrabars and an anchor period.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — specifies requirements for tick-by-tick data and volume traded at the bid and ask.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] } ], "revision": "24638aed66430329", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "order-flow-indicator-guide", "topics": [ "cumulative-volume-delta", "indicator-settings", "market-data", "session-reset", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/ema", "locale": "en", "title": "EMA / SMA — Moving averages", "summary": "A moving average filters price noise by averaging a sliding window: the SMA with equal weights, the EMA with more weight on recent bars. It is the building block behind half the indicator catalogue.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/ema/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "afabdffc1c20abc8", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/fibonacci-retracement", "locale": "en", "title": "Fibonacci retracements", "summary": "Horizontal levels at fixed fractions (23.6 · 38.2 · 50 · 61.8%) of the prior move: a shared grid for estimating where a pullback may find references. Price reaction and confluence are what count, not the numbers themselves.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/fibonacci-retracement/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ef5e60d365d165f6", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/ichimoku", "locale": "en", "title": "Ichimoku Kinkō Hyō", "summary": "Hosoda's system: Tenkan 9, Kijun 26 and an equilibrium cloud projected 26 periods ahead. Not averages of closes but range midpoints — a complete map of trend, levels and momentum at a glance.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/ichimoku/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3ccbaf50d253938a", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/macd", "locale": "en", "title": "MACD (Moving Average Convergence Divergence)", "summary": "The MACD measures the distance between a fast EMA (12) and a slow one (26): a widening gap means the move is accelerating, a closing gap means it is slowing. The signal line and histogram derive from it.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/macd/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "dd2206dd2ece9598", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/obv", "locale": "en", "title": "OBV (On Balance Volume)", "summary": "Granville's OBV adds volume on up days and subtracts it on down days: a line whose slope reveals which way volume is flowing. Its divergence with price is the footprint of accumulation or distribution.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/obv/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "634a29d45c5c9c61", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/parabolic-sar", "locale": "en", "title": "Parabolic SAR", "summary": "Wilder's Stop And Reverse: a trail of dots chasing the trend with acceleration, below price in uptrends and above in downtrends. When price touches it, the trail flips to the other side.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/parabolic-sar/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c605ad4c5f5baf3c", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/pivot-points", "locale": "en", "title": "Pivot Points", "summary": "From yesterday's high, low and close alone comes the day's mechanical grid: P the balance point, R1/R2 the resistances, S1/S2 the supports. Identical levels for anyone who computes them — useful precisely for that.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/pivot-points/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7c465506d5a623f9", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/rsi", "locale": "en", "title": "RSI (Relative Strength Index)", "summary": "Wilder's RSI compares the average size of gains with the average size of losses over the last 14 periods, on a 0–100 scale. Above 70 the bullish push is unusually strong: in a range it often reverts, in a trend it is the news.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/rsi/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f97e895f2113cbf0", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/stochastic", "locale": "en", "title": "Stochastic", "summary": "Lane's oscillator measures where price closes within the range of the last 14 periods: closes near the highs = buyers in control. Fast %K, confirming %D, 80/20 zones in sideways markets.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/stochastic/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b44807245132db80", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/supertrend", "locale": "en", "title": "Supertrend", "summary": "A band built as (H+L)/2 ± multiple × ATR acting as a dynamic stop: below price with a long bias (green), above with a short bias (red). The line ratchets along and never backs off while the trend lasts.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/supertrend/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9e76d2f45f780ba7", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/volume-profile", "locale": "en", "title": "Setting up Volume Profile: range, rows, and data", "summary": "A reproducible Volume Profile setup states the interval, session, row size, volume type, Value Area percentage, and calculation algorithm.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/volume-profile/", "published": "2026-07-02", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Cyclepedia Editorial Team — reviewed by a non-human AI agent; no expert human review claimed", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documents period types, ticks per row, tick-by-tick records, aggregated data, and profile calculations.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — explains periods, rows, volume types, configurable percentage, and its platform's Value Area algorithm.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] } ], "revision": "e0eea2cfd3e992af", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "volume-profile-indicator-guide", "topics": [ "volume-profile", "indicator-settings", "POC", "value-area", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/indicatori/vwap", "locale": "en", "title": "VWAP (Volume Weighted Average Price)", "summary": "The VWAP is the average price the session has actually traded at, weighted by volume. The execution benchmark of institutional desks and the intraday reference: above = relative strength, below = weakness.", "url": "https://www.emiciclo.com/cyclepedia/en/indicatori/vwap/", "published": "", "updated": "2026-07-06", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "303fd59214d69aa7", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "en/hub/indicatori" }, { "key": "en/metodologie/dow/confirmation-between-averages-dow", "locale": "en", "title": "Confirmation between the averages in Dow Theory", "summary": "In Hamilton's formulation, the industrial and railroad averages corroborate a movement when they take the same direction. They need not turn on the same day, and non-confirmation alone does not amount to a reversal.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/dow/confirmation-between-averages-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, ch. I, pp. 4–8; ch. XIV, pp. 158–159; ch. XV, pp. 172–179, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, chs. VII–IX, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "S&P Dow Jones Indices, “The Dow — Creating an Icon”, history of the industrial and railroad averages.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] } ], "revision": "48be6014d645091e", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/dow/dow-line", "locale": "en", "title": "The Dow line: accumulation, distribution and breakout", "summary": "In the Dow tradition, a line is a narrow range maintained by the averages for a significant period. Only a confirmed breakout helps identify accumulation or distribution.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/dow/dow-line/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, ch. I, pp. 6–7, and ch. XV “A Line and an Example—1914”, pp. 172–179, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, ch. IX “Methods of Reading the Market”, pp. 42–45, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] } ], "revision": "904e87cba0c42c7e", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/dow/dow-theory", "locale": "en", "title": "Dow Theory", "summary": "Dow Theory is the tradition built from Charles H. Dow's editorials and systematised by Nelson, Hamilton and Rhea. It studies market movements, confirming averages and congestions without constituting an automatic strategy.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/dow/dow-theory/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, chs. V–IX, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, chs. I, III, XIII and XV, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, Open Library.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "Brown, Goetzmann and Kumar, “The Dow Theory: William Peter Hamilton's Track Record Reconsidered”, The Journal of Finance 53(4), 1998, doi:10.1111/0022-1082.00054.", "urls": [ "https://doi.org/10.1111/0022-1082.00054" ] } ], "revision": "5c52c4231f20d622", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/dow/three-market-movements-dow", "locale": "en", "title": "The three market movements in the Dow tradition", "summary": "Dow distinguishes the primary movement, a secondary reaction or rally, and the daily fluctuation. The three scales coexist, and their historical durations are not universal parameters.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/dow/three-market-movements-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, ch. VII “Three General Lines of Reasoning” and ch. VIII “Swings Within Swings”, pp. 36–41, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, ch. I “Cycles and Stock Market Records” and ch. XIII “Nature and Uses of Secondary Swings”, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] } ], "revision": "41e6fab583270d9a", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/case-alloys-unlimited", "locale": "en", "title": "Case Alloys Unlimited", "summary": "Four consecutive predictions with half-span and full-span averages alone: zones 48–52, 33½–36½, 50⅝–54⅛ and 39⅜–41⅞ — outcomes 48¾, 35⅛, 52⅞ and 41. Chapter 6's test bench.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/case-alloys-unlimited/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "0a0e3d9af476e019", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/case-gruen-industries-1961", "locale": "en", "title": "Case Gruen Industries (1961)", "summary": "Chapter 4's guiding case: a nameless stock analysed blind with envelopes alone — buy prediction, target and timing, and the outcome: +62% net in eight weeks.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/case-gruen-industries-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a533a68ea6ac80b6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/case-perkin-elmer-1961", "locale": "en", "title": "Case Perkin-Elmer (1961)", "summary": "Chapter 3's case study: two triangles on Perkin-Elmer, four periodicities measured on the daily chart, and cyclic analysis predicting the 'failure' that charting suffers.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/case-perkin-elmer-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "898ec246f535bb23", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/case-screw-and-bolt-1968", "locale": "en", "title": "Case Screw and Bolt (1968)", "summary": "The anatomy of a trade, day by day: from the 1 November 1968 scan to the 6 November signal at 15½, to the 2 January sale at 23⅞ — +49.7% net in 57 days.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/case-screw-and-bolt-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "38d3b51ed9eb4e36", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/chart-pattern-verification", "locale": "en", "title": "Chart pattern verification", "summary": "Chapter 3 in one entry: the cyclic model explains why charting's patterns exist, repeat and work — and adds what charting lacks: the reference time and the exit direction.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/chart-pattern-verification/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "8b056924c4ee4dfd", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/computational-methods-hurst", "locale": "en", "title": "Hurst computational methods (Ch. 6)", "summary": "Chapter 6 in one entry: why add arithmetic to graphics, the half-span that turns at half the move, the full-span that is the centre line, the inverse that recovers what the average throws away.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/computational-methods-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ee163454f644a6d0", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/cyclic-analysis-pitfalls-hurst", "locale": "en", "title": "Cyclic analysis pitfalls (Hurst)", "summary": "Why the unexpected occurs: the fundamental shock without warning, magnitude drying up on the trading cycle, overlooked long components — and the remedy for each.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/cyclic-analysis-pitfalls-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "8ccfcf6b20e52cea", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/cyclic-cut-loss-hurst", "locale": "en", "title": "Cyclic cut-loss (Hurst)", "summary": "The non-arbitrary initial stop: the lowest low of the shortest cycle before the VTL break. On Gruen: ~9% risk against a 55% potential, and a solid reason to honour it.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/cyclic-cut-loss-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "aa0f8a7649363dc2", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/cyclic-market-state-hurst", "locale": "en", "title": "Cyclic market state (Hurst)", "summary": "Every trade's first move: cyclic analysis of the Averages. The 1 November 1968 case: three cycles on the Dow, one operating verdict, and the half-span check with a 1001±14 target.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/cyclic-market-state-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "98d0fdcc5ecb72d6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/cyclic-moving-averages-hurst", "locale": "en", "title": "Cyclic moving averages (Hurst)", "summary": "The moving average as a cycle filter: the span sets the cutoff, the 10- and 30-week fall exactly between the nominals — and plotted half a span back it stops 'lagging'.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/cyclic-moving-averages-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "902aad2573c9ea9a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/diamond-notation-hurst", "locale": "en", "title": "Hurst diamond notation: how to read phasing results", "summary": "Diamond notation records cycle troughs assigned during phasing: a taller stack includes a longer duration, not a stronger forecast.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/diamond-notation-hurst/", "published": "2026-07-21", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — checked directly to delimit the book method; diamond notation is not documented there.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "David Hickson, “Phasing Analysis”, Hurst Cycles Notes, 16 September 2022 — post-Hurst account attributing the system to Hurst and describing diamonds, troughs, and stack height.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] } ], "revision": "0a1bffca3b2109c2", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "historical-notation", "topics": [ "cyclic-analysis", "phasing-analysis", "cycle-notation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "method-and-limits", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologia", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/edge-band-mid-band-timing", "locale": "en", "title": "Edge-band and mid-band timing", "summary": "The graphic method's two entries: at the channel edge as soon as the lows confirm (edge-band) or in the middle, where price speed peaks (mid-band) — on Gruen, 418% versus 539% per year.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/edge-band-mid-band-timing/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "55c62c3dc9fdd964", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/envelope-construction-and-cyclic-state", "locale": "en", "title": "Envelope construction and the cyclic state table", "summary": "Chapter 4's method: a minimum-width envelope covering nearly all data, a second envelope, a cyclic state table and time-validity rules.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/envelope-construction-and-cyclic-state/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI agent; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, Chapter 4, pp. 69–74 — envelope construction, width compromise and the latest section.", "urls": [] }, { "text": "J. M. Hurst, same work, Chapter 4, pp. 75–85 — cyclic state table, turning-point window and transition to graphical signals.", "urls": [] } ], "revision": "453aaf158d022e54", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/envelope-non-real-time", "locale": "en", "title": "Non-real-time envelope (Hurst)", "summary": "Chapter 5's ace up the sleeve: cyclic extremes re-plotted at equal spacing eliminate duration variation — on Gruen they see the rollover a week before the real-time envelope.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/envelope-non-real-time/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a8216d7a168a87c2", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/graphic-buy-timing-hurst", "locale": "en", "title": "Graphic buy timing", "summary": "Chapter 4 in one entry: envelopes for the rough prediction, the turn zone, the valid trend line as trigger, edge-band and mid-band — the method's first objective buy signals.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/graphic-buy-timing-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c7476f0052abbef2", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/half-span-full-span-hurst", "locale": "en", "title": "Hurst half-span and full-span averages: method and limits", "summary": "Hurst's half-span and full-span averages compare a cycle with its channel centre; the procedure requires extrapolation and is not a standalone forecast.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/half-span-full-span-hurst/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent, acting under the mandate of the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, ch. 6, pp. 97–109 — definition, procedure, Alloys Unlimited examples and timing limits.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "OCLC WorldCat, The Profit Magic of Stock Transaction Timing — bibliographic record — author, publisher and first-edition date.", "urls": [ "https://search.worldcat.org/title/776611988" ] } ], "revision": "568e2aef3f66e68d", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "historical-method", "topics": [ "cyclic-analysis", "moving-averages", "transaction-timing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "method-and-limits", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "metodologia", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/head-and-shoulders-cyclic-origin", "locale": "en", "title": "Head and shoulders: the cyclic origin", "summary": "The head and shoulders is born when a long cycle rolls over beneath a short one: two model components and a line are enough to produce it, neckline included.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/head-and-shoulders-cyclic-origin/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "66c3482e54cdcdeb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/phasing-analysis-hurst", "locale": "en", "title": "Phasing analysis (Hurst)", "summary": "A graphical method attributed to the Cycles Course by Hickson sources: revisable trough hypotheses across scales, organised as Entry, Extension and Completion.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/phasing-analysis-hurst/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, ch. 4, pp. 69–85 — primary source for the book method's nested envelopes, displaced averages, state table and projections.", "urls": [] }, { "text": "David Hickson, Hurst Cycles Notes, Phasing Analysis, 2022 — post-Hurst account of the Cycles Course: definition, three stages and attribution of diamond notation.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Cyclic Analysis, originally published in Technical Analysis of Stocks & Commodities, March 2011 — earlier and substantially overlapping version of the same account; comparison of book and course and the three stages.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstCyclicTheoryII.htm" ] } ], "revision": "8e12637da5902085", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/price-tracking-hurst", "locale": "en", "title": "Price tracking (Hurst)", "summary": "The fourth pillar at work: your own charts for analysis, daily updates on the stable, the Averages as market climate — and the 'Personal Ticker', 1970's watchdog.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/price-tracking-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "e6a47cf74a2dce28", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/profit-management-hurst", "locale": "en", "title": "Profit management and exits (Hurst, Ch. 5)", "summary": "Chapter 5 in one entry: logical cut-loss, trailing on confirmed lows, take-profit via the valid uptrend line, non-real-time envelopes and shorting — the complete signal armoury.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/profit-management-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "f6f804526fae00f8", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/psychological-barriers-hurst", "locale": "en", "title": "The psychological barriers (Hurst)", "summary": "Ch. 10's six barriers: outside influence, greed, the persimmon effect, time distortion, the scale effect, emotional cyclicality — with the book's training drills for each.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/psychological-barriers-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a76333a20834695d", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/selection-and-tracking-hurst", "locale": "en", "title": "Issue selection and tracking (Hurst Ch. 7)", "summary": "Chapter 7 in one entry: why traditional selection is not enough, the total scanning → screening → stable funnel, and the tracking that lets no signal escape.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/selection-and-tracking-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "8f3cfa6a55020b2d", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/short-selling-hurst", "locale": "en", "title": "Short selling according to Hurst", "summary": "Every sell signal implies a short — but almost never on the stock you just profited in. And the Averages must be treated like a stock: their analysis decides which side of the market to be on.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/short-selling-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b425b508789aa2e1", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/synchronicity-trick-hurst", "locale": "en", "title": "The synchronicity trick (Hurst)", "summary": "Confirming a long cycle's low without waiting for its signal: if lows synchronize, the crossing of a short cycle's FLD is the early confirmation of the long trough.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/synchronicity-trick-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ca817a5873fc17c7", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/total-scanning-stable-hurst", "locale": "en", "title": "Total scanning and the stable (Hurst)", "summary": "The weekend scan across every NYSE+AMEX issue: two visual tests, a volume floor, 80–140 candidates — and the 'stable' of 12–20 issues that keeps capital always ready.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/total-scanning-stable-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d312b483b326ade5", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/trading-by-logic-hurst", "locale": "en", "title": "Trading by logic (Hurst Ch. 8)", "summary": "Chapter 8 in one entry: the complete arsenal, the anatomy of a trade from market side to final blowoff, and the experiment that tested it all in real time.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/trading-by-logic-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b2031c57d4554e2c", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/trading-experiment-hurst-1968", "locale": "en", "title": "The 1968 trading experiment", "summary": "The book's field test: 28 October – 10 December 1968, a team of five, 42 transactions in 35 issues, 90.5% success, +11.1% average gross in 9.7 days — with memoranda to impartial observers.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/trading-experiment-hurst-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "048a71f47ee72be0", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/trailing-sell-take-profit-hurst", "locale": "en", "title": "Trailing sell and take-profit (Hurst)", "summary": "The sell level that climbs with the confirmed lows of the right cycle, and the valid uptrend line that turns profit-taking into a signal — on Gruen, sold at 12⅜ before the slide to 9.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/trailing-sell-take-profit-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "32d4d4de65c4b3d0", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/trend-lines-and-channels-cyclic", "locale": "en", "title": "Trend lines and channels: the cyclic origin", "summary": "Why trend lines and channels form and repeat: one cycle summed with a line produces a channel — and the break marks the turn of a longer cycle.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/trend-lines-and-channels-cyclic/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "83fb8f0a2283958e", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/triangles-cyclic-analysis", "locale": "en", "title": "Triangles and cyclic analysis", "summary": "Coils, triangles, flags, pennants, boxes, diamonds and wedges: a short component changing magnitude while the longer cycles pause. And how to tell in advance whether the pattern will 'fail'.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/triangles-cyclic-analysis/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ced5748cbe033a66", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/hurst/volatility-stability-screening-hurst", "locale": "en", "title": "Screening: volatility and stability (Hurst)", "summary": "The seven criteria for trimming the scan list: three of volatility — 'by far the most important' — and four of stability. With the book's summary table, and the warning not to make a meal of it.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/hurst/volatility-stability-screening-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "f7c2436fb9a34d65", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/auction-equilibrium-and-imbalance", "locale": "en", "title": "Auction equilibrium and imbalance", "summary": "Operational rules for distinguishing balance (rotation in value) from imbalance (trend towards new value) in Market Profile.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/auction-equilibrium-and-imbalance/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "b3e5aacdcc8a3a67", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/control-price-steidlmayer", "locale": "en", "title": "Control price", "summary": "The widest part of the forming value area around which the unit rotates: the market moves from control price to control price until perception and capital flow change.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/control-price-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", 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"en/metodologie/steidlmayer/dominant-concern-steidlmayer", "locale": "en", "title": "Dominant concern", "summary": "The market worry absorbing short-timeframe participants: explains volatility, temporary excess, and why the long buffer is missing.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/dominant-concern-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "74bf91b8f474ec02", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/initial-balance-steidlmayer", "locale": "en", "title": "Initial Balance (Steidlmayer)", "summary": "The first 60 minutes of the session as a daily filter: IB range, extension rules, and 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"https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/initiating-and-responsive-activity/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "7c686b8d468549a7", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/liquidity-data-bank", "locale": "en", "title": "Liquidity Data Bank", "summary": "CBOT LDB volume confirms or contradicts Market Profile: price-level report, CTI categories, and a six-item checklist for continuation vs change.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/liquidity-data-bank/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "300a64c7546516d2", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/market-generated-information", "locale": "en", "title": "Market-Generated Information", "summary": "Transactional price/time/volume data produced by the auction itself — distinct from outside information and the basis of Steidlmayer's decision process.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/market-generated-information/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "f18dbab0bb1a0e85", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/market-logic-principles", "locale": "en", "title": "Market Logic Principles", "summary": "Steidlmayer's ten principles for an organised market: voluntary auction, price vs value, TPO, and market-generated information.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/market-logic-principles/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d9b36cf2f364339c", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/market-profile-day-types", "locale": "en", "title": "Market Profile day types", "summary": "CBOT classification of Normal, Normal Variation, Trend and Neutral days using Initial Balance and range extension; descriptive categories, not signals.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/market-profile-day-types/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex — AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 14–16 — Normal, Normal Variation, Trend, and Neutral through Initial Balance and range extension.", "urls": [] }, { "text": "Chicago Board of Trade, same work, pp. 20–21 — relationship between balance, imbalance, and range development.", "urls": [] } ], "revision": "19c3d73307460669", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/minus-development-steidlmayer", "locale": "en", "title": "Minus Development", "summary": "The absence of development after a directional move is the most direct read on capital flow — Steidlmayer's common denominator across indicators.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/minus-development-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "8fae27d79f71518f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/poc-and-value-area-operational", "locale": "en", "title": "Operational POC and Value Area", "summary": "Practical use of POC and Value Area in Market Profile: price gravity, operational boundaries, and entry/exit rules.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/poc-and-value-area-operational/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "bd1825211f757485", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/range-extension-steidlmayer", "locale": "en", "title": "Range Extension (Steidlmayer)", "summary": "Daily range extension when the longer-term trader enters with enough volume to break balance — a directional signal in Market Profile.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/range-extension-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "25cdf3126609660f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/steidlmayer-tradition-introduction", "locale": "en", "title": "Steidlmayer tradition introduction", "summary": "J. Peter Steidlmayer and Market Profile: the market as a continuous auction that separates price (where it trades) from value (where it accepts).", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/steidlmayer-tradition-introduction/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "364ed55ae13fdc15", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/tpo-time-price-opportunity", "locale": "en", "title": "TPO — Time-Price Opportunity", "summary": "Market Profile unit: a letter records that a price traded during a specific time bracket. It measures neither volume nor exact time spent at that price.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/tpo-time-price-opportunity/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex — AI editorial review; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer and Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, Section I, ch. 6 — definition and role of the Time-Price Opportunity in the framework.", "urls": [] }, { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 1–13 and 44 — graphic construction, time brackets, and fairest price.", "urls": [] } ], "revision": "17fec0b4a4370892", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/steidlmayer/trading-strategy-market-logic", "locale": "en", "title": "Trading strategy — Market Logic", "summary": "Steidlmayer (MML ch. 14): building a strategy that neutralises human frailties — weighting trades, visualising scenarios and operating within capacity.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/steidlmayer/trading-strategy-market-logic/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "60359dded185209e", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/wyckoff/accumulation-phases-a-e", "locale": "en", "title": "Accumulation — phases A–E (Wyckoff)", "summary": "Wyckoff accumulation A–E: stopping the decline, building the range, testing supply, showing strength, and possible markup.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/wyckoff/accumulation-phases-a-e/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; 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Pruden and Bernard Belletante, Wyckoff Laws and Tests, CMT Association.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] } ], "revision": "f31282a917edb223", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/wyckoff/four-phase-price-cycle-wyckoff", "locale": "en", "title": "Four-phase price cycle (Wyckoff)", "summary": "The four-phase Wyckoff cycle: accumulation, markup, distribution, and markdown, without fixed timing or a guaranteed sequence.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/wyckoff/four-phase-price-cycle-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Wyckoff Price Cycle” and trading-range analysis.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, accumulation/distribution schematics, events, and phases.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "f22581518db21167", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/wyckoff/how-i-trade-wyckoff", "locale": "en", "title": "How I Trade and Invest — Wyckoff (1922)", "summary": "Wyckoff (1922, How I Trade and Invest): operational autobiography — three defensive lines, 30–60 day swings, technical position, due diligence, Livermore rules, capital protection.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/wyckoff/how-i-trade-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bf2a67dc59667ede", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/wyckoff", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/wyckoff/nine-buying-selling-tests-wyckoff", "locale": "en", "title": "Nine buying and selling tests (Wyckoff)", "summary": "Historical Wyckoff nine-test lists for accumulation and distribution, with required charts, nine distinct reaccumulation tests and the redistribution limit.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/wyckoff/nine-buying-selling-tests-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method, Nine Buying/Selling Tests — lists, numbering and chart type; stated adaptation from Pruden, pp. 136–137.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — the same checklist in the ChartSchool tutorial.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, chapter 7 — modified reaccumulation tests and the limit of classic lists for consolidations.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "9267898d01a9911b", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/wyckoff/reaccumulation-wyckoff", "locale": "en", "title": "Reaccumulation and stepping stones (Wyckoff)", "summary": "Reaccumulation range during an advance: context, observable evidence, Pruden's nine distinct tests and the limits of stepping-stone counts.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/wyckoff/reaccumulation-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — reaccumulation characteristics, shorter phases and phase E stepping stones.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — trading-range tutorial and P&F confirming-count guidance.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, chapter 7 — nine modified reaccumulation tests and the stepping-stone confirming count.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "9d44588957e1306a", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/wyckoff/redistribution-wyckoff", "locale": "en", "title": "Redistribution (Wyckoff)", "summary": "Redistribution range within a decline: context, observable evidence, a P&F confirming count and the limit of the classic nine selling tests.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/wyckoff/redistribution-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editorial and factual review: Cyclepedia AI agent (OpenAI); no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — redistribution phase A, phases B–E, distribution events and confirming counts.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — distribution/redistribution structures and the classic nine selling tests.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, chapter 7 — the gap in continuation-pattern tests and the new reaccumulation-specific list.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "50f8e8a3a9984cdd", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/wyckoff/tape-reading-wyckoff", "locale": "en", "title": "Wyckoff tape reading", "summary": "Wyckoff tape reading (1910, Studies in Tape Reading): immediate trend, bid/ask volume, setup, market list, stops, dull markets, trade exits — historical root of the method.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/wyckoff/tape-reading-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7b9a0026165feeb7", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/wyckoff", "hub": "en/hub/metodologie" }, { "key": "en/metodologie/wyckoff/trading-range-wyckoff", "locale": "en", "title": "Trading range (Wyckoff)", "summary": "Wyckoff trading ranges: boundaries, events, phases A–E, volume, and Point-and-Figure counts for accumulation or distribution.", "url": "https://www.emiciclo.com/cyclepedia/en/metodologie/wyckoff/trading-range-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, a technical source for range events and phases.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Analyses of Trading Ranges” and “Wyckoff Schematics”.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, modern schematics and P&F count guide.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Wyckoff Stock Market Institute, Library, an institutional source for the later tradition's creek/ice vocabulary.", "urls": [ "https://wyckoffsmi.com/library/" ] } ], "revision": "98a81f14abc9a931", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/metodologie" }, { "key": "en/trader/charles-dow", "locale": "en", "title": "Charles H. Dow", "summary": "Charles H. Dow (1851–1902) was a financial journalist, co-founder of Dow Jones & Company and The Wall Street Journal. His averages and editorials are the starting point of the tradition later called Dow Theory.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/charles-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, preface and chs. V–IX, digitised edition.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, chs. I, III, XIII and XV, digitised edition.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, Open Library bibliographic record.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "S&P Dow Jones Indices, history of the Dow averages.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] }, { "text": "Encyclopaedia Britannica, Charles Henry Dow.", "urls": [ "https://www.britannica.com/money/Charles-Henry-Dow" ] } ], "revision": "23de8b4b176add2a", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/ed-seykota", "locale": "en", "title": "Ed Seykota", "summary": "Ed Seykota (b. 1946): pioneer of computerised trend following — the first systems ran on punch cards in the early 1970s — and of trading psychology as a discipline. A documented track record among the best ever.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/ed-seykota/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f9a7acc18095234a", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/george-soros", "locale": "en", "title": "George Soros", "summary": "George Soros (b. 1930): founder of the Quantum Fund and theorist of reflexivity — markets do not reflect reality, they alter it. On 16 September 1992 his position against sterling bent the Bank of England.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/george-soros/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "93aeffe1e2534472", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/giuseppe-migliorino", "locale": "en", "title": "Giuseppe Migliorino: books and Italian cyclic analysis", "summary": "Giuseppe Migliorino founded Borsari and published Italian manuals on market cycles. This profile separates documented contributions from unsupported claims.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/giuseppe-migliorino/", "published": "2026-07-07", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent; no human review", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Borsari, “Il Fondatore” — publisher archive for activity, foundation and chronology; a source connected to the subject.", "urls": [ "https://www.borsari.it/il-fondatore/" ] }, { "text": "Borsari, I cicli di borsa — publisher record with bibliographic details and analytical contents.", "urls": [ "https://www.borsari.it/prodotto/i-cicli-di-borsa/" ] }, { "text": "LibreriaUniversitaria, ISBN 9788888029368 record — independent catalogue confirmation of title, author, publisher and year.", "urls": [ "https://www.libreriauniversitaria.it/cicli-borsa-metodo-avanzato-individuare/libro/9788888029368" ] } ], "revision": "78df6ef7dc98a3a2", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "cyclic-analysis", "market-cycles", "trading-education" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/j-m-hurst", "locale": "en", "title": "J. M. Hurst", "summary": "James Marsden Hurst (1924–2005): the aerospace engineer who brought spectral analysis to stock prices — the father of modern cyclic analysis, and Emiciclo's house specialty.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/j-m-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5631279e1ec0b0b5", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/j-peter-steidlmayer", "locale": "en", "title": "J. Peter Steidlmayer", "summary": "J. Peter Steidlmayer (b. 1938): CBOT trader and creator of Market Profile, a TPO representation of time spent at each price; volume data belongs to a separate layer.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/j-peter-steidlmayer/", "published": "2026-06-23", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer and Kevin Koy, Markets and Market Logic, 1986.", "urls": [] }, { "text": "Chicago Board of Trade, Market Profile Home Study Guide.", "urls": [] }, { "text": "James F. Dalton, Eric T. Jones and Robert B. Dalton, Mind Over Markets,", "urls": [] } ], "revision": "e03c30323598fae4", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/jesse-livermore", "locale": "en", "title": "Jesse Livermore", "summary": "Jesse Livermore (1877–1940): the most famous speculator in history. Tape reading, pivotal points, pyramiding — and the demonstration, with his own life, that without risk management talent is not enough.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/jesse-livermore/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "cb00fa7b9f2b085b", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/jim-simons", "locale": "en", "title": "Jim Simons: mathematics and quantitative trading", "summary": "Jim Simons (1938–2024) brought mathematics, data and collaborative research into quantitative trading; the public lesson is the process, not secret signals.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/jim-simons/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI agent, appointed by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Simons Foundation — Our History", "urls": [ "https://www.simonsfoundation.org/about/our-history/" ] }, { "text": "Simons Foundation — Jim Simons on his career in mathematics", "urls": [ "https://www.simonsfoundation.org/2012/09/28/simons-foundation-chair-jim-simons-on-his-career-in-mathematics/" ] }, { "text": "MIT Sloan — Quant pioneer James Simons", "urls": [ "https://mitsloan.mit.edu/ideas-made-to-matter/quant-pioneer-james-simons-math-money-and-philanthropy" ] }, { "text": "Stony Brook University — Jim Simons: a life of scholarship, leadership and philanthropy", "urls": [ "https://news.stonybrook.edu/university/jim-simons-a-life-of-scholarship-leadership-and-philanthropy/" ] } ], "revision": "313a00cc0837799c", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "jim-simons", "quantitative-trading", "systematic-trading", "model-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/john-bollinger", "locale": "en", "title": "John Bollinger: bands, volatility and signal limits", "summary": "John Bollinger developed volatility-adaptive bands in the 1980s: they describe relatively high or low prices, but are not standalone signals.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/john-bollinger/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI agent, appointed by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BollingerBands.com — Bollinger Bands", "urls": [ "https://www.bollingerbands.com/bollinger-bands" ] }, { "text": "BollingerBands.com — Bollinger Band Rules", "urls": [ "https://www.bollingerbands.com/bollinger-band-rules" ] }, { "text": "CMT Association — John Bollinger", "urls": [ "https://cmtassociation.org/presenter/john-bollinger/" ] }, { "text": "McGraw Hill — Bollinger on Bollinger Bands", "urls": [ "https://www.mheducation.com/highered/mhp/product/bollinger-bollinger-bands.html" ] } ], "revision": "4bfcf1fcb4dadfc1", "translation_state": "not-assessed", "kind": "trader", "entity_type": "analyst", "topics": [ "john-bollinger", "bollinger-bands", "volatility", "technical-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/larry-williams", "locale": "en", "title": "Larry Williams", "summary": "Larry Williams (b. 1942): trader and educator, winner of the 1987 World Cup of Futures Trading with a documented +11,376% in twelve months of real money. Williams %R, COT analysis and seasonality.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/larry-williams/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c96bd01e33733dbc", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/linda-raschke", "locale": "en", "title": "Linda Raschke: setups, routines and review", "summary": "Linda Raschke has documented a short-term trading approach built on written setups, decision records, routines and continuous research.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/linda-raschke/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — non-human AI agent, appointed by the Director of Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association — Linda Raschke", "urls": [ "https://cmtassociation.org/presenter/linda-raschke/" ] }, { "text": "CMT Association — Interview with Linda Raschke", "urls": [ "https://cmtassociation.org/video/conversations-podcast-interview-with-linda-raschke-cta-2/" ] }, { "text": "Google Books — Street Smarts", "urls": [ "https://books.google.com/books/about/Street_Smarts.html?id=P8R2swEACAAJ" ] }, { "text": "Linda Raschke — professional website", "urls": [ "https://lindaraschke.net/" ] } ], "revision": "b76df426f91ad49b", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "linda-raschke", "short-term-trading", "trading-routine", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/munehisa-homma", "locale": "en", "title": "Munehisa Homma", "summary": "Munehisa Homma (1724–1803): rice merchant of Sakata and legendary operator of the Dojima market. Tradition credits his school with the origins of Japanese candlesticks and the first analysis of price psychology.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/munehisa-homma/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c1adc39661174910", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/nicolas-darvas", "locale": "en", "title": "Nicolas Darvas: box theory, breakouts and risk control", "summary": "Nicolas Darvas developed box theory: price and volume define a range, while breakouts and stop orders define entry, risk and exit.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/nicolas-darvas/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nicolas Darvas, How I Made $2,000,000 in the Stock Market, Lyle Stuart, 1960 — primary work and edition record.", "urls": [ "https://openlibrary.org/books/OL22597129M/How_I_made_2_000_000_in_the_stock_market" ] }, { "text": "TIME, “Business: Pas de Dough”, 25 May 1959 — contemporary profile covering his profession, selection process, price, volume and broker communications.", "urls": [ "https://time.com/archive/6803538/business-pas-de-dough/" ] }, { "text": "TIME, “Wall Street: $216,000 or $2,000,000?”, 19 December 1960 — contemporary account of the challenge and the inquiry's limits.", "urls": [ "https://time.com/archive/6811019/wall-street-216000-or-2000000/" ] } ], "revision": "554ef3229320b42c", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "breakout", "risk-management" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/paul-tudor-jones", "locale": "en", "title": "Paul Tudor Jones", "summary": "Paul Tudor Jones (b. 1954): macro trader, founder of Tudor Investment. He anticipated and rode the October 1987 crash; famous for 5:1 asymmetric bets and the 200-day moving average rule.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/paul-tudor-jones/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1502fdf3dd4408a7", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/ralph-nelson-elliott", "locale": "en", "title": "Ralph Nelson Elliott: origins and limits of the Wave Principle", "summary": "Ralph Nelson Elliott formulated the Wave Principle: directional moves and corrections form nested structures, but wave counting remains interpretive.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/ralph-nelson-elliott/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "R. N. Elliott, The Wave Principle, 1938 — primary work and bibliographic record of the original edition.", "urls": [ "https://openlibrary.org/works/OL2426581W/The_wave_principle" ] }, { "text": "R. N. Elliott, Nature's Law: The Secret of the Universe, 1946 — primary work and bibliographic data.", "urls": [ "https://books.google.com/books/about/Nature_s_Law.html?id=mEFQnwEACAAJ" ] }, { "text": "George A. Schade Jr., “Ralph Nelson Elliott”, CMT Association, September 2008 — biographical research and publication chronology.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2008/" ] } ], "revision": "4ccfcfbbaaa9daef", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "wave-analysis", "market-structure" ], "asset_classes": [ "equities", "market-indices" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/ray-dalio", "locale": "en", "title": "Ray Dalio: principles, systems and the All Weather portfolio", "summary": "Ray Dalio built Bridgewater around explicit principles, historical testing and portfolios balanced across scenarios. Contributions, limits and study path.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/ray-dalio/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bridgewater Associates, “Our Founder” — official biography and description of the systematic process.", "urls": [ "https://www.bridgewater.com/our-founder" ] }, { "text": "Bridgewater Associates, “The All Weather Story” — stated history, objectives and principles of the strategy.", "urls": [ "https://www.bridgewater.com/research-and-insights/the-all-weather-story" ] }, { "text": "Ray Dalio, Principles — primary text on open-mindedness, evidence and decisions.", "urls": [ "https://www.principles.com/principles/b1552e2e-f77b-46c0-b7dd-ba1f5c2b3407/" ] } ], "revision": "610aca6ee97db3c6", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "systematic-investing", "portfolio-construction", "risk-parity" ], "asset_classes": [ "equities", "bonds", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "macro", "systematic", "portfolio" ], "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/richard-dennis", "locale": "en", "title": "Richard Dennis", "summary": "Richard Dennis (b. 1949): Chicago's 'Prince of the Pit', from a few hundred dollars to hundreds of millions in commodities. With the Turtles experiment he proved that winning trading can be taught.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/richard-dennis/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "109e2aed8ce191a5", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/richard-wyckoff", "locale": "en", "title": "Richard D. Wyckoff", "summary": "Richard Demille Wyckoff (1873–1934): the chronicler who learned from the giants — tape reading, the Composite Man, the three laws and the accumulation-distribution cycle. The house's other tradition.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/richard-wyckoff/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b68466b38ad9aa61", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/stanley-druckenmiller", "locale": "en", "title": "Stanley Druckenmiller: macro process, concentration and risk", "summary": "Stanley Druckenmiller describes a flexible, multi-asset macro process concentrated in the strongest theses. Verified contributions and practical limits.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/stanley-druckenmiller/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Cyclepedia Chief Editor — non-human AI agent; no human review", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Goldman Sachs, “Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office”, 2021 — direct interview on multi-asset process and concentration.", "urls": [ "https://www.goldmansachs.com/insights/talks-at-gs/stanley-druckenmiller.html" ] }, { "text": "Economic Club of New York, transcript of the May 12, 2020 conversation — primary source on the role assigned to liquidity.", "urls": [ "https://www.econclubny.org/documents/10184/109144/2020DruckenmillerTranscript.pdf" ] }, { "text": "Bowdoin College, Stanley Druckenmiller profile, 2014 — institutional confirmation of his career.", "urls": [ "https://www.bowdoin.edu/news/2014/11/geoffrey-canada-74-and-stanley-druckenmiller-75-to-share-bowdoins-highest-honor.html" ] } ], "revision": "ee3678f90f07e266", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "global-macro", "capital-allocation", "risk-management" ], "asset_classes": [ "equities", "bonds", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "macro", "discretionary", "risk" ], "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/warren-buffett", "locale": "en", "title": "Warren Buffett", "summary": "Warren Buffett (b. 1930): the most famous investor in history, ~20% compounded annually for six decades with Berkshire Hathaway. In this gallery he is the counterpoint: time as the edge, temperament as the advantage.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/warren-buffett/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "51021161e940b980", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/wd-gann", "locale": "en", "title": "W.D. Gann", "summary": "William Delbert Gann (1878–1955): pioneer of the joint study of time and price — angles, squares, anniversary cycles. A divisive figure: verifiable geometric tools wrapped in a carefully built legend.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/wd-gann/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "902a27103bd176c1", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/trader/welles-wilder", "locale": "en", "title": "J. Welles Wilder: RSI, ATR, ADX and Parabolic SAR", "summary": "J. Welles Wilder organised volatility, direction, strength and stops into distinct tools: ATR, DMI/ADX, RSI and Parabolic SAR.", "url": "https://www.emiciclo.com/cyclepedia/en/trader/welles-wilder/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. Welles Wilder Jr., New Concepts in Technical Trading Systems, Trend Research, 1978 — primary work held by the University of Macedonia repository.", "urls": [ "https://dspace.lib.uom.gr/handle/2159/29408" ] }, { "text": "Stuart McPhee, “J. Welles Wilder”, CMT Association, August 2006 — interview with Wilder on the book's origin and its systems.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-august-2006/" ] }, { "text": "Michael Carr, “Relative Strength Index”, CMT Association, February 2013 — original RSI context and limits of the initial evidence.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-february-2013/" ] }, { "text": "Michael Kahn, “In Memoriam — J. Welles Wilder, Jr.”, CMT Association, May 2021 — biographical profile and contribution catalogue.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-may-2021/" ] } ], "revision": "9f03dbef8e13521f", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "technical-indicators", "systematic-trading" ], "asset_classes": [ "commodities", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "en/hub/trader" }, { "key": "en/tradizione-hurst/after-the-book-hurst", "locale": "en", "title": "After Profit Magic — sources and limits of the post-Hurst corpus", "summary": "A critical map of the Cycles Course and the Hickson tradition: which sources Cyclepedia holds, which concepts are reconstructed indirectly and what cannot yet be attributed directly to Hurst.", "url": "https://www.emiciclo.com/cyclepedia/en/tradizione-hurst/after-the-book-hurst/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, Sentient Trader PDF.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson, “Hurst's Cyclic Analysis”, white paper 2.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-2-hursts-cyclic-analysis/" ] }, { "text": "David Hickson, “Trading with J. M. Hurst”, white paper 3.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-3-trading-with-jm-hurst/" ] }, { "text": "A Review of J. M. Hurst Cycles Course, syllabus fragment held in the Cyclepedia collection; unpublished source.", "urls": [] } ], "revision": "db7f001a18ae3fa9", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "tradizione-hurst", "hub": "en/hub/tradizione-hurst" }, { "key": "en/tradizione-hurst/appendix-iii-transaction-interval-hurst", "locale": "en", "title": "Appendix III — Transaction interval (Hurst)", "summary": "Chapter 1's evidence on 300 stocks: potential yield grows as the trading interval shrinks, with the curve's 'knee' between 10 and 20 weeks — and the compound law explaining its shape.", "url": "https://www.emiciclo.com/cyclepedia/en/tradizione-hurst/appendix-iii-transaction-interval-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "5952c558510c8170", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "en/hub/tradizione-hurst" }, { "key": "en/tradizione-hurst/compounding-and-trading-interval", "locale": "en", "title": "Compounding and trading interval", "summary": "According to Hurst, the dominant profit factor is compounding on short trades: the more often you reinvest, the more capital growth explodes.", "url": "https://www.emiciclo.com/cyclepedia/en/tradizione-hurst/compounding-and-trading-interval/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "46468fcc37325916", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "en/hub/tradizione-hurst" }, { "key": "en/tradizione-hurst/four-pillars-hurst-system", "locale": "en", "title": "Four pillars of the Hurst system", "summary": "Hurst reduces the full method to four requirements: philosophy, stock selection, timing analysis, and price tracking.", "url": "https://www.emiciclo.com/cyclepedia/en/tradizione-hurst/four-pillars-hurst-system/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "25fc49ff19e1c7fc", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "en/hub/tradizione-hurst" }, { "key": "en/tradizione-hurst/hurst-appendices", "locale": "en", "title": "The Appendices — The Profit Magic (1970)", "summary": "The book's six appendices: the method's scientific foundation — the line spectrum, commonality generalized, the transaction interval, the averages' response, parabola and Prony.", "url": "https://www.emiciclo.com/cyclepedia/en/tradizione-hurst/hurst-appendices/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b6e2d9585f798bf6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "tradizione-hurst", "hub": "en/hub/tradizione-hurst" }, { "key": "en/tradizione-hurst/operating-philosophy-hurst", "locale": "en", "title": "Hurst operating philosophy", "summary": "Hurst defines the goal of cyclic trading: maximize return per unit of time through accurate timing, not passive dividend investing.", "url": "https://www.emiciclo.com/cyclepedia/en/tradizione-hurst/operating-philosophy-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "6adc722e735f04e5", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "en/hub/tradizione-hurst" }, { "key": "en/tradizione-wyckoff/wyckoff-method-introduction", "locale": "en", "title": "Introduction to the Wyckoff method", "summary": "Guide to the Wyckoff method: price, volume, Composite Man, three laws, schematics, five steps, historical sources, and interpretive limits.", "url": "https://www.emiciclo.com/cyclepedia/en/tradizione-wyckoff/wyckoff-method-introduction/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (AI editorial review; no human review)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Richard D. Wyckoff, Studies in Tape Reading (1910), University of California scan.", "urls": [ "https://archive.org/details/studiesintaperea00wyckrich" ] }, { "text": "Richard D. Wyckoff, The Richard D. Wyckoff Method of Trading in Stocks, WorldCat bibliographic record.", "urls": [ "https://search.worldcat.org/es/title/The-Richard-D.-Wyckoff-Method-of-trading-in-stocks-%3A-a-course-of-instruction-in-stock-market-science-and-technique-based-on-forty-years%27practical-experience-in-Wall-Street-including-nineteen-years-as-editor-of-the-%22Magazine-of-Wall-Street%22-founded-by-him-in-1907/oclc/493388260" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial, an accessible synthesis of the Composite Man, five steps, three laws, schematics, and counts.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Henry O. Pruden and Bernard Belletante, Wyckoff Laws and Tests, CMT Association.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] }, { "text": "Wyckoff Stock Market Institute, Library, for later teaching vocabulary associated with creek, ice, and Robert Evans.", "urls": [ "https://wyckoffsmi.com/library/" ] } ], "revision": "6b91f7fbe6dc64ac", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "en/hub/tradizione-wyckoff" }, { "key": "es/casi-studio/alloys-unlimited", "locale": "es", "title": "Alloys Unlimited", "summary": "Caso condensado Cap. 6 Hurst: cuatro previsiones half-span consecutivas en Alloys — zonas 48–52, 33½–36½, 50Ξ–54ˈ y 39ˈ–41ˈ, todas confirmadas.", "url": "https://www.emiciclo.com/cyclepedia/es/casi-studio/alloys-unlimited/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "e82034102ea6e94e", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "casi-studio", "hub": "es/hub/casi-studio" }, { "key": "es/casi-studio/caso-estudio-soja-1991", "locale": "es", "title": "Soybean futures (1991)", "summary": "Caso condensado CBOT Part V: tres time frame, test fallido en 618, control price ~560 que manda — long 16/9, short 19/9, fade al control intermedio 587.", "url": "https://www.emiciclo.com/cyclepedia/es/casi-studio/caso-estudio-soja-1991/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a8321837c4208155", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "casi-studio", "hub": "es/hub/casi-studio" }, { "key": "es/casi-studio/gruen-industries-1961", "locale": "es", "title": "Gruen Industries (1961)", "summary": "Caso condensado Cap. 4 Hurst: título «Z Corp» analizado a ciegas solo con las envolturas — previsión de compra, objetivo y +62% neto en ocho semanas.", "url": "https://www.emiciclo.com/cyclepedia/es/casi-studio/gruen-industries-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ab4b1ff437195c8f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "casi-studio", "hub": "es/hub/casi-studio" }, { "key": "es/casi-studio/perkin-elmer-1961", "locale": "es", "title": "Perkin-Elmer (1961)", "summary": "Caso condensado Cap. 3 Hurst: dos triángulos sobre Perkin-Elmer, cuatro periodicidades medidas y previsión del «fracaso» chartista.", "url": "https://www.emiciclo.com/cyclepedia/es/casi-studio/perkin-elmer-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c34bbf0c3070d25a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "casi-studio", "hub": "es/hub/casi-studio" }, { "key": "es/casi-studio/screw-and-bolt-1968", "locale": "es", "title": "Tornillo y perno (1968)", "summary": "Caso condensado Cap. 8 Hurst: desde el escaneo del 1 de noviembre de 1968 a la venta a 23° del 2 de enero — +49,7% neto en 57 días.", "url": "https://www.emiciclo.com/cyclepedia/es/casi-studio/screw-and-bolt-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "474d518b9c1b0873", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "casi-studio", "hub": "es/hub/casi-studio" }, { "key": "es/casi-studio/spring-accumulation-example", "locale": "es", "title": "Spring en accumulation (ejemplo didáctico)", "summary": "Caso didáctico Wyckoff: estructura genérica de acumulación con spring en fase C — test de la supply, SOS y LPS — sin ticker real.", "url": "https://www.emiciclo.com/cyclepedia/es/casi-studio/spring-accumulation-example/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "1e2fe04061314393", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "casi-studio", "hub": "es/hub/casi-studio" }, { "key": "es/casi-studio/utad-distribution-example", "locale": "es", "title": "UTAD en distribution (ejemplo didáctico)", "summary": "Caso didáctico Wyckoff: estructura genérica de distribution con UTAD en fase C — test de demanda, SOW y LPSY — sin ticker real.", "url": "https://www.emiciclo.com/cyclepedia/es/casi-studio/utad-distribution-example/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "f82227085f06065a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "casi-studio", "hub": "es/hub/casi-studio" }, { "key": "es/concetti/absorcion", "locale": "es", "title": "Absorción", "summary": "Consumo de agresión en un nivel sin desplazamiento proporcional del precio.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/absorcion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "eeb98cd879617d71", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/abuso-de-mercado-y-manipulacion", "locale": "es", "title": "Abuso de mercado y manipulación", "summary": "El abuso de mercado reúne conductas que dañan la integridad de la formación de precios, como el uso indebido de información privilegiada, su comunicación ilícita y la manipulación; una anomalía observable no demuestra por sí sola una infracción.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/abuso-de-mercado-y-manipulacion/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Reglamento (UE) n.º 596/2014, texto consolidado a 5 de junio de 2026 — Marco, ámbito y categorías de abuso de mercado en la versión consolidada vigente al revisar esta página.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "ESMA — Market Integrity — Explica la arquitectura europea, el alcance general del MAR y sus excepciones.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/market-integrity" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2016/522 — Indicadores y ejemplos de prácticas manipulativas basadas en órdenes, operaciones e información.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2016/522/oj" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2026/788 — Modificación vigente de los indicadores de manipulación y de su ventana de evaluación.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj" ] }, { "text": "EUR-Lex — Reglamento (UE) 2023/1114, MiCA — Título VI sobre prevención y prohibición del abuso relacionado con criptoactivos.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] }, { "text": "ESMA — Guidelines on supervisory practices to prevent and detect market abuse under MiCA — Supervisión basada en riesgo y particularidades de los mercados cripto.", "urls": [ "https://www.esma.europa.eu/document/guidelines-supervisory-practices-prevent-and-detect-market-abuse-under-mica" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Referencia internacional sobre vigilancia, conductas abusivas e integridad en mercados de activos digitales.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "d1f0ec025a5e502a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "market-abuse-evidence-framework", "topics": [ "market-abuse", "market-manipulation", "market-integrity", "surveillance", "investor-protection" ], "asset_classes": [ "multi-asset", "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-and-assess-market-abuse", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/acciones", "locale": "es", "title": "Acciones", "summary": "Una acción representa una participación en la propiedad de una empresa y un derecho residual sobre sus resultados. Los derechos, dividendos, liquidez y riesgo dependen de la clase y del emisor.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/acciones/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stocks — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stock — propiedad, derecho proporcional y derechos de voto.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/stock" ] }, { "text": "Banca d'Italia, L'economia per tutti, Azioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-azioni/" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR — Search and Access — archivo oficial de los filings empresariales estadounidenses.", "urls": [ "https://www.sec.gov/search-filings" ] } ], "revision": "e13065d6e87c3a6e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "risk" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/aceptacion-del-riesgo", "locale": "es", "title": "Aceptación del riesgo", "summary": "Reconocer una pérdida posible y elegir un riesgo compatible con objetivos, capacidad y tolerancia personales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/aceptacion-del-riesgo/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute Research and Policy Center — perfilado de riesgo y tolerancia del inversor", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2018/risk_compilation_2018.pdf" ] }, { "text": "Investor.gov — acciones de moda, emociones y riesgos del trading a corto plazo", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "8c39c514dd184d63", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/adherencia-al-plan", "locale": "es", "title": "Adherencia al plan", "summary": "Medir si las decisiones observables siguieron reglas predefinidas, separando ejecución, excepciones y resultados.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/adherencia-al-plan/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — recomienda un plan de gestión del riesgo y relaciona su cumplimiento con evitar decisiones emocionales; no promete éxito.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Investor Tips for Turbulent Markets — aconseja evitar decisiones impulsivas y volver a los objetivos y al plan predefinido en mercados turbulentos.", "urls": [ "https://www.finra.org/investors/insights/tips-turbulent-market" ] }, { "text": "Gollwitzer y Sheeran (2006), Implementation intentions and goal achievement — metaanálisis peer-reviewed sobre planes «si-entonces» y la traducción de intenciones en acciones; no es un estudio de rendimiento financiero.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron y Hershey (1988), Outcome bias in decision evaluation — cinco estudios experimentales muestran que los resultados pueden alterar el juicio sobre la calidad de una decisión bajo incertidumbre.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] }, { "text": "Locke y Mann (2005), Professional trader discipline and trade disposition — investigación peer-reviewed que operacionaliza la disciplina mediante conductas de salida en una muestra concreta de operadores profesionales.", "urls": [ "https://doi.org/10.1016/j.jfineco.2004.01.004" ] } ], "revision": "cb5f2364f911b068", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/alfa-de-jensen", "locale": "es", "title": "Alfa de Jensen", "summary": "Intercepto estimado de una regresión de rendimientos en exceso de la cartera sobre el benchmark, condicionado al modelo, muestra, costes y significación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/alfa-de-jensen/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Michael C. Jensen, The Performance of Mutual Funds in the Period 1945–1964, The Journal of Finance (1968) — formulación, estimación e interpretación del intercepto.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1968.tb00815.x" ] }, { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk, The Journal of Finance (1964) — base del modelo utilizado por Jensen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "CFA Institute, Investment Risk and Performance — alpha, beta, tracking error, information ratio y Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — misspecification de benchmark y límites de la inferencia.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — factores, style analysis, costes y evaluación cuantitativa.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "d1d854a152dab2ce", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "jensen-alpha", "capm", "performance-appraisal", "regression" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/alta-volatilidad", "locale": "es", "title": "Alta volatilidad", "summary": "Régimen con oscilaciones amplias y rápidas — size, stops, slippage y umbrales de suspensión deben endurecerse de inmediato.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/alta-volatilidad/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "91070140487e75db", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/analisis-de-escenarios", "locale": "es", "title": "Análisis de escenarios", "summary": "El análisis de escenarios construye una narración adversa coherente, traduce factores y trayectorias en impactos sobre el alcance elegido y expone supuestos y vulnerabilidades. Es un método de pruebas de estrés, no un pronóstico.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/analisis-de-escenarios/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel consolidated guidelines — RMA30, Stress testing", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee — Supervisory and bank stress testing: range of practices", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "Federal Reserve — Policy Statement on the Scenario Design Framework for Stress Testing", "urls": [ "https://www.federalreserve.gov/frrs/regulations/appendix-a-policy-statement-on-the-scenario-design-framework-for-stress-testing.htm" ] } ], "revision": "a6a8cc3b1507818e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "scenario-analysis", "stress-testing", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/analisis-de-sentimiento", "locale": "es", "title": "Análisis de sentimiento", "summary": "Medición de la percepción colectiva del mercado a partir de noticias, redes y flujos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/analisis-de-sentimiento/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "50b8f307a19c5886", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetti", "hub": "es/hub/concetti" }, { "key": "es/concetti/analisis-volumetrico", "locale": "es", "title": "Análisis volumétrico", "summary": "Lectura del mercado mediante volumen, delta, perfil y flujo de órdenes.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/analisis-volumetrico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "025c4ea357853c99", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/ancoraje", "locale": "es", "title": "Anclaje", "summary": "Sesgo cognitivo por el que una referencia inicial puede influir en una estimación posterior; reconocerlo ayuda a revisar datos, supuestos y alternativas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ancoraje/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute Research Foundation, Risk Profiling and Tolerance: Insights for the Private Wealth Manager — sitúa el anclaje entre los sesgos cognitivos relevantes para las decisiones financieras y el perfil de riesgo.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2018/risk_compilation_2018.pdf" ] }, { "text": "Chapman y Johnson, Anchoring, Activation, and the Construction of Values (PubMed) — investigación experimental sobre la influencia de los puntos de partida y un posible mecanismo de reducción del sesgo.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/10433900/" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — recomienda no decidir bajo presión ni basándose solo en información de redes sociales, y estudiar la inversión.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "6699147b4696bffe", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/ancoraje-de-precio", "locale": "es", "title": "Anclaje de precio", "summary": "Referencia mental rígida a un precio pasado que distorsiona decisiones.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ancoraje-de-precio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8e98a11c98755d50", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/apalancamiento", "locale": "es", "title": "Apalancamiento", "summary": "Relación entre exposición y capital de referencia: cómo amplifica la sensibilidad de la cuenta y por qué el margen sobre valores, la garantía de futuros y otros derivados exigen reglas distintas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/apalancamiento/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Understanding Margin Accounts", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] }, { "text": "FINRA Rule 2264 — Margin Disclosure Statement", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CFTC — Economic Purpose of Futures Markets and How They Work", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/economicpurpose.html" ] }, { "text": "CFTC — Futures Glossary", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group — Margin: Know What's Needed", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/margin-know-what-is-needed" ] } ], "revision": "3c55c8ba3327fcae", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "margin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/asignacion-de-capital", "locale": "es", "title": "Asignación de capital", "summary": "Proceso que distribuye capital, exposiciones y capacidad de riesgo entre instrumentos, estrategias y reservas bajo objetivos y restricciones declarados.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/asignacion-de-capital/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulación originaria de la selección de cartera mediante rendimientos, varianzas y covarianzas.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi y Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, The Review of Financial Studies — comparación fuera de muestra y papel del error de estimación.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — límites del nocional por sí solo al comparar exposiciones distintas.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — exactitud, integridad, conciliación y gobierno de datos agregados.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] } ], "revision": "54f6af9ea58bb77a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "capital-allocation", "portfolio-construction", "portfolio-risk", "rebalancing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/asignacion-estrategica-y-tactica-de-activos", "locale": "es", "title": "Asignación estratégica y táctica de activos", "summary": "Distinción entre política de largo plazo, rangos admisibles y desviaciones temporales, con objetivos, benchmark y responsabilidades definidos antes de ejecutar.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/asignacion-estrategica-y-tactica-de-activos/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — procesos estratégicos y distinción entre estudio de política y seguimiento.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — restricciones, revisión estratégica, glide path, táctica y rebalanceo.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Gary P. Brinson, L. Randolph Hood y Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — marco original de política, asignación activa y selección.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "CFA Institute, Setting the Record Straight on Asset Allocation — aclaración sobre las preguntas empíricas que suelen confundirse al interpretar el estudio Brinson.", "urls": [ "https://rpc.cfainstitute.org/blogs/enterprising-investor/2012/setting-the-record-straight-on-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — introducción oficial a objetivos, cambios de circunstancias y rebalanceo.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "132d1f1b4f1cea91", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "asset-allocation", "strategic-allocation", "tactical-allocation", "portfolio-policy" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/asimetria", "locale": "es", "title": "Asimetría", "summary": "Desequilibrio de la distribución de rendimientos — muchas pérdidas pequeñas vs pocas ganancias grandes (o viceversa).", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/asimetria/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "be5237ffddc7d564", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/auction-market-theory", "locale": "es", "title": "Auction Market Theory", "summary": "El mercado como subasta continua que busca precios de equilibrio (value) y se desplaza cuando compradores y vendedores no encuentran acuerdo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/auction-market-theory/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e8df4febbf225747", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/auditoria-personal", "locale": "es", "title": "Auditoría personal", "summary": "Revisión periódica y estructurada de proceso, datos, disciplina y conformidad al plan — verificación de calidad, no solo P&L.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/auditoria-personal/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7c9ba08a2b889fdd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/backtest", "locale": "es", "title": "Backtest", "summary": "Simulación histórica de una estrategia con datos point-in-time, reglas causales, ejecución realista y control de sesgos antes de realizar inferencias.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/backtest/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inferencia cuando el mejor modelo surge de muchas especificaciones exploradas.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey y Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocolo de investigación, selección y escasez de datos financieros.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Marcos López de Prado, What to Look for in a Backtest — número de intentos, longitud de la prueba y características que deben hacerse visibles.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2308682" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — comparación entre una cartera teórica y la ejecución efectiva.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Comisión Europea, Reglamento Delegado (UE) 2017/589, RTS 6 — metodología, documentación y entornos de prueba de los sistemas algorítmicos dentro de su ámbito regulatorio.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "2a5f355b0c92804e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "backtest", "trading-sistematico", "validacion-de-modelos", "datos-point-in-time", "simulacion-de-ejecucion" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/baja-volatilidad", "locale": "es", "title": "Baja volatilidad", "summary": "Régimen con oscilaciones reducidas — paciencia, filtros de calidad y preparación para posibles expansiones inminentes.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/baja-volatilidad/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "065e9b67aae43e56", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/bancos-centrales-mandatos-y-comunicacion", "locale": "es", "title": "Bancos centrales: mandatos y comunicación", "summary": "Mandatos, independencia, instrumentos, órganos decisores, actas y ruedas de prensa sin reducir la política a una etiqueta hawkish o dovish.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/bancos-centrales-mandatos-y-comunicacion/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, The Fed Explained, documentación oficial — mandato, estructura, funciones y rendición de cuentas de la Reserva Federal.", "urls": [ "https://www.federalreserve.gov/aboutthefed/the-fed-explained.htm" ] }, { "text": "ECB, About, documentación oficial — mandato de la BCE, órganos de decisión y papel dentro del Eurosistema.", "urls": [ "https://www.ecb.europa.eu/ecb/html/index.en.html" ] }, { "text": "Bank of England, Monetary policy, documentación oficial — objetivo del MPC, decisiones, actas, informes y explicaciones de política monetaria.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy" ] } ], "revision": "3fcdfcfa6b0d3f8c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/base-de-los-futuros", "locale": "es", "title": "Base de los futuros", "summary": "La base de los futuros mide una diferencia declarada entre el precio futuro y el precio spot. Cyclepedia utiliza b = F − S; la convención de signo, la referencia al contado, el valor teórico, el vencimiento y los costes deben ser explícitos antes de interpretarla.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/base-de-los-futuros/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — contrato, liquidación por diferencias, entrega y riesgo económico.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — convención contado menos futuros, riesgo de base, punto básico y diferencial entre vencimientos.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — cobertura, cierre por compensación, entrega y convergencia con el mercado al contado.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — liquidación diaria y variaciones de las posiciones.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — vencimiento, cierre por compensación y sustitución por contratos posteriores.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — referencias de liquidación y vínculo entre el contrato y el mercado físico.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — convención futuros menos spot y relación con la financiación y los dividendos.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — punto de entrega, grado, diferenciales y condiciones de convergencia.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "9d05bdee73b27c97", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "pricing", "hedging", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/benchmark-de-rendimiento", "locale": "es", "title": "Benchmark de rendimiento", "summary": "Referencia elegida de antemano para evaluar rendimiento y riesgo de una cartera, definida con universo, rentabilidad total, divisa, cobertura y metodología comparables.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/benchmark-de-rendimiento/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Overview of the Global Investment Performance Standards (2026) — finalidad y alcance actual de los GIPS.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Global Investment Performance Standards, Guidance Statement on Benchmarks for Firms, revisión de julio de 2023 — adecuación, total return, divisa, referencias custom y disclosure.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks (2013) — gobernanza, calidad, metodología y accountability.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf" ] }, { "text": "MSCI, MSCI Index Calculation Methodology, mayo de 2026 — price, gross y net return, divisa, distribuciones y eventos corporativos.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology, abril de 2026 — fórmulas para price, total y net total return, divisas e índices cubiertos.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation (2026) — propiedades de un benchmark válido y su efecto en appraisal y attribution.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "eeccf9fb26e216aa", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-benchmark", "total-return", "active-return", "benchmark-governance", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/beneficio-medio", "locale": "es", "title": "Beneficio medio", "summary": "Average win — valor medio de los trades ganadores en R o moneda; mide la potencia ofensiva del sistema.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/beneficio-medio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "07ecefa770c13e3f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/beta-de-mercado", "locale": "es", "title": "Beta de mercado", "summary": "La beta estima la sensibilidad lineal de los rendimientos de un activo frente a un mercado de referencia. Benchmark, ventana, frecuencia y método forman parte del resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/beta-de-mercado/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Beta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk, 1964.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "NIST/SEMATECH, Least Squares.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd431.htm" ] }, { "text": "NIST/SEMATECH, How can I assess the sufficiency of the functional part of the model? — interpretación de R² y diagnóstico del modelo.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] }, { "text": "FINRA, Stock Volatility — contexto para distinguir volatilidad de mercado, riesgo específico y límites de una medida aislada.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "6113b8f420e6f7a1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "portfolio-risk", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/bonos", "locale": "es", "title": "Bonos", "summary": "Un bono es un título de deuda: el inversor presta capital a un emisor conforme a unas reglas sobre intereses, reembolso y vencimiento. El precio, el cupón y el rendimiento son magnitudes diferentes.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/bonos/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Bonds — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Fixed Income Investments — When Interest Rates Go Up, Prices of Fixed-Rate Bonds Fall.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-86" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, What Are Corporate Bonds?.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/what-are" ] }, { "text": "Banca d'Italia, L'economia per tutti, Obbligazioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-obbligazioni/" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "483797c111a541dd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fixed-income", "fundamental", "macro", "risk" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/bonos-a-tipo-variable-e-indexados-a-la-inflacion", "locale": "es", "title": "Bonos a tipo variable e indexados a la inflación", "summary": "FRN y bonos ligados a inflación ajustan cupón o principal con índices distintos, lags, spreads y riesgos residuales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/bonos-a-tipo-variable-e-indexados-a-la-inflacion/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Floating Rate Notes", "urls": [ "https://treasurydirect.gov/marketable-securities/floating-rate-notes/" ] }, { "text": "TreasuryDirect — Treasury Inflation-Protected Securities", "urls": [ "https://www.treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] } ], "revision": "7985c6af0b2c09bc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "floating-rate", "inflation-linked", "tips", "basis-risk" ], "asset_classes": [ "fixed-income", "rates", "inflation" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/bonos-callable-puttable-y-riesgo-de-prepago", "locale": "es", "title": "Bonos callable, puttable y riesgo de prepago", "summary": "Call, put y prepago cambian fechas de flujos, rendimiento y sensibilidad: guía de incentivos, escenarios y riesgos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/bonos-callable-puttable-y-riesgo-de-prepago/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Callable Bonds: Understanding the Basics", "urls": [ "https://www.finra.org/investors/insights/callable-bonds-understanding-basics" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "ce0369db7ec85e0f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "embedded-options", "callable-bonds", "prepayment", "convexity" ], "asset_classes": [ "fixed-income", "credit", "mortgages" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/break-even", "locale": "es", "title": "Break-even", "summary": "Stop movido al precio de entrada — riesgo monetario anulado tras condición definida (ej. +1R).", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/break-even/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "66c3ee4edacbc31b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/cadena-de-opciones", "locale": "es", "title": "Cadena de opciones: series, cotizaciones y liquidez", "summary": "Una cadena de opciones es una instantánea de las series disponibles por vencimiento y strike. Timestamp, bid, ask, size, volumen, interés abierto, volatilidad implícita y griegas tienen frecuencias y significados distintos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/cadena-de-opciones/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Understanding the Bid and Ask Prices for Options — formación de las cotizaciones consolidadas, size, spread y slippage.", "urls": [ "https://www.optionseducation.org/news/understanding-the-bid-and-ask-prices-for-options" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — campos de la cadena, retraso de los datos, volatilidad y griegas.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "Options Industry Council, General Information FAQ — relación entre volumen, interés abierto, cotizaciones y liquidez.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "The Options Clearing Corporation, Series Search — interés abierto por serie y fecha de referencia.", "urls": [ "https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search" ] }, { "text": "The Options Clearing Corporation, Volume Query — volumen por producto, símbolo, tipo y sesión.", "urls": [ "https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-query" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Legal Bulletin No. 16 — Transactions in Listed Options — comunicación de bid, offer, size y obligaciones de cotización en el marco estadounidense.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/staff-legal-bulletins/staff-legal-bulletin-no-16-transactions-listed-options-under-exchange-act-rule-11ac1-1" ] }, { "text": "Options Price Reporting Authority, OPRA Pillar Output Specification — estructura primaria de los mensajes de cotización e indicadores best bid/best offer.", "urls": [ "https://cdn.opraplan.com/documents/OPRA_Pillar_Output_Specification.pdf" ] } ], "revision": "f95bb3ddb4dc2be9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "market-data", "liquidity", "execution" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/cagr-y-anualizacion", "locale": "es", "title": "CAGR y anualización", "summary": "El CAGR expresa la tasa anual constante equivalente entre dos valores positivos. No es una media aritmética, no describe la trayectoria y exige cautela con flujos externos, periodos breves y series no comparables.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/cagr-y-anualizacion/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — cálculo, concatenación y presentación, incluido el tratamiento de periodos menores de un año.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — rendimientos, flujos, valoraciones y anualización.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — medición y comparación de performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Investment Adviser Marketing, Final Rule IA-5653 — condiciones de presentación de performance en su perímetro.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ia-5653.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — cálculo, concatenación y variantes de índices.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "MSCI, Index Calculation Methodology — price, gross y net total return, eventos corporativos y divisa.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] } ], "revision": "00d8d5ae4a8ddf27", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "cagr", "annualization", "compounded-return", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/calidad-de-beneficios-y-partidas-no-recurrentes", "locale": "es", "title": "Calidad de beneficios y partidas no recurrentes", "summary": "La calidad de beneficios evalúa si el resultado procede de la actividad ordinaria, se convierte en caja y evita ajustes que distorsionan su lectura.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/calidad-de-beneficios-y-partidas-no-recurrentes/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "PCAOB — AS 2810: Evaluating Audit Results — Norma primaria sobre evaluación de resultados de auditoría y posibles incorrecciones.", "urls": [ "https://pcaobus.org/oversight/standards/auditing-standards/details/AS2810" ] }, { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Guía oficial sobre medidas ajustadas y conciliaciones.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Base para estudiar el vínculo entre beneficio y flujos.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "0c8a4b05c2cf69f8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-framework", "topics": [ "fundamental-analysis", "earnings-quality", "accruals", "non-gaap-measures" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/calidad-de-ejecucion", "locale": "es", "title": "Calidad de ejecución: precio, fill y velocidad", "summary": "La calidad de ejecución compara el resultado efectivo de una orden con benchmarks declarados: precio, spread efectivo, mejora del precio, velocidad, probabilidad y cantidad ejecutada. No equivale al mero hecho de obtener un fill.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/calidad-de-ejecucion/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "5e6d35c7b14b2432", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "procedure", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/cambio-de-regimen", "locale": "es", "title": "Cambio de régimen", "summary": "Transición estructural de un comportamiento de mercado a otro — impacto directo en la validez del método y en las estadísticas recientes.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/cambio-de-regimen/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e35bdb82b906c571", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/capital", "locale": "es", "title": "Capital de trading", "summary": "Distinguir balance, equity y capital de riesgo para dimensionar posiciones sin confundir el valor de la cuenta con el dinero que puede perderse.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/capital/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, descripción de los campos de los informes financieros — net liquidating equity y fondos de forex minorista ajustados por beneficios y pérdidas realizados y no realizados.", "urls": [ "https://www.cftc.gov/MarketReports/financialfcmdata/DescriptionofReportDataFields/index.htm" ] }, { "text": "CFTC, Forex Frauds — definición prudente del capital de riesgo y separación del dinero necesario para gastos y ahorro.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov, Understanding Margin Accounts — equity de una cuenta de margen, deuda con el intermediario y riesgo de llamadas o liquidación.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] } ], "revision": "8bce691dff39b983", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/capital-asignado", "locale": "es", "title": "Capital asignado", "summary": "Porción del patrimonio dedicada al trading — separada de ahorro, gastos y fondo de emergencia.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/capital-asignado/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "418ab79c682f7bf3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/capital-circulante-y-conversion-en-caja", "locale": "es", "title": "Capital circulante y conversión en caja", "summary": "El capital circulante conecta cobro, inventario y pago con la caja operativa; su variación explica por qué ingresos, beneficio y liquidez divergen.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/capital-circulante-y-conversion-en-caja/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Clasificación y presentación de flujos de efectivo bajo IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] }, { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Referencia para ingresos, activos y pasivos contractuales.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] } ], "revision": "ea96ffa6fe1639bd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-concept", "topics": [ "fundamental-analysis", "working-capital", "cash-flow", "liquidity" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/capital-de-reserva", "locale": "es", "title": "Capital de reserva", "summary": "Colchón no operativo que protege la continuidad del proyecto de trading durante drawdown, shocks y pausas estratégicas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/capital-de-reserva/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "48dd0f5557b0ab7e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/capital-inactivo", "locale": "es", "title": "Capital inactivo", "summary": "Cuota de capital fuera del riesgo de mercado — reserva táctica para flexibilidad, protección y oportunidades.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/capital-inactivo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "81f66650c38413b1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/capital-operativo", "locale": "es", "title": "Capital operativo", "summary": "Cuota de capital destinada a la operativa actual — separada de reserva y liquidez personal, base del sizing profesional.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/capital-operativo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f22f768179225ee8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/captura-de-operacion", "locale": "es", "title": "Captura de operación", "summary": "Captura el contexto visible al operar: contenido mínimo, versiones previa y posterior, integridad, privacidad y límites de la evidencia gráfica.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/captura-de-operacion/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — revisión editorial realizada por un agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Keep a Trade Log — aconseja registrar por qué se hizo una operación junto con objetivos, entradas y salidas, horas, niveles e indicadores.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/keep-a-trade-log" ] }, { "text": "Fischhoff (1975) — Hindsight is not equal to foresight — estudio peer-reviewed sobre cómo conocer el resultado afecta a los juicios retrospectivos; no estudia específicamente el trading.", "urls": [ "https://doi.org/10.1037/0096-1523.1.3.288" ] }, { "text": "Information Commissioner's Office — Disclosing documents to the public securely — guía oficial para comprobar información oculta y retirar datos antes de divulgar un documento.", "urls": [ "https://ico.org.uk/for-organisations/uk-gdpr-guidance-and-resources/security/disclosing-documents-to-the-public-securely/" ] } ], "revision": "26920f869672413f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "record", "topics": [ "trade-journal", "decision-review", "visual-record" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/carry-roll-down-y-rendimiento-de-bonos", "locale": "es", "title": "Carry, roll-down y rendimiento de bonos", "summary": "Descompone el rendimiento de un bono entre carry, paso por la curva, cambios de tipos y spread, convexidad y costes.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/carry-roll-down-y-rendimiento-de-bonos/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "00c41afe6a4251bc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "carry", "roll-down", "holding-period-return", "yield-curve" ], "asset_classes": [ "fixed-income", "rates", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/centros-de-negociacion-y-enrutamiento", "locale": "es", "title": "Centros de negociación y enrutamiento de órdenes", "summary": "Cómo pasa una orden del broker al centro de ejecución, qué destinos existen en los perímetros de la UE y Estados Unidos y qué factores y conflictos influyen en el enrutamiento.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/centros-de-negociacion-y-enrutamiento/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — destinos, internalización, PFOF y mejor ejecución en el contexto bursátil estadounidense.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS — información de enrutamiento, discreción del broker y órdenes que pueden reenrutarse dentro del perímetro de la regla.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — definiciones de mercado regulado, MTF, OTF y centro de negociación.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — factores de mejor ejecución, política y operaciones fuera de un centro de negociación.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "6236bc3eefe5d52f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/cex-dex-y-otc", "locale": "es", "title": "CEX, DEX y OTC: dónde se negocian los criptoactivos", "summary": "CEX, DEX y OTC describen rutas distintas para negociar criptoactivos: cambian la formación del precio, el control de los activos, la liquidación, los costes y los riesgos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/cex-dex-y-otc/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements — DeFi risks and the decentralisation illusion — secciones “The DeFi ecosystem” y “The decentralisation illusion”: registros off-chain de CEX, intercambio on-chain, AMM, gas y gobernanza.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt2112b.htm" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets: Final Report — capítulos 2–3 y recomendaciones 12–16 (pp. 31–38): ciclo de servicios cripto, conflictos, custodia, operativa, divulgación y ejecución.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Decentralized Finance: Final Report — pp. 23–28 y 36–39: arquitecturas DEX, funciones efectivas, gobernanza, conflictos y riesgos tecnológicos.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD754.pdf" ] }, { "text": "Financial Stability Board — The Financial Stability Implications of Multifunction Crypto-asset Intermediaries — funciones combinadas, opacidad, conflictos y canales de vulnerabilidad.", "urls": [ "https://www.fsb.org/2023/11/the-financial-stability-implications-of-multifunction-crypto-asset-intermediaries/" ] }, { "text": "ESMA — MiCA, Article 75: Custody and administration of crypto-assets — acuerdo de custodia, registros, devolución, segregación y responsabilidad en el perímetro UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "ESMA — MiCA, Article 76: Operation of a trading platform for crypto-assets — reglas de plataforma, resiliencia, transparencia, fees, libro de órdenes y liquidación en el perímetro UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-76-operation-trading-platform-crypto" ] } ], "revision": "2b4895a3ba130fa6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "crypto-trading-venue-comparison", "topics": [ "digital-assets", "crypto-infrastructure", "execution", "custody", "settlement", "counterparty-risk", "defi" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison-and-risk-control", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/cfd", "locale": "es", "title": "CFD (Contract for Difference)", "summary": "Un CFD es un derivado liquidado por diferencia monetaria frente al proveedor. No atribuye el subyacente; el margen, el pricing, los costes overnight, el close-out y el riesgo de contraparte dependen del contrato y de la jurisdicción.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/cfd/", "published": "2026-07-11", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, Additional information on the agreed product intervention measures relating to contracts for differences and binary options — definición del CFD, liquidación monetaria y riesgos minoristas.", "urls": [ "https://www.esma.europa.eu/document/additional-information-agreed-product-intervention-measures-relating-contracts-differences" ] }, { "text": "Financial Conduct Authority, Contract for differences, actualizado el 13 de junio de 2025 — apalancamiento, close-out, protecciones y conflictos en el ámbito del Reino Unido.", "urls": [ "https://www.fca.org.uk/firms/contract-for-differences" ] }, { "text": "Financial Conduct Authority, Multi-firm review of CFD providers' provision of price and value, 13 de noviembre de 2025 — spread, comisiones, funding overnight y pricing de los proveedores OTC.", "urls": [ "https://www.fca.org.uk/publications/multi-firm-reviews/contracts-difference-providers-provision-price-and-value" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorías de derivados en el ámbito de la UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "3021506d9a5ca32e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/checklist", "locale": "es", "title": "Checklist", "summary": "Preguntas sí/no pre-trade que traducen playbook y plan en clicks coherentes — semáforo operativo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/checklist/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a6744fb735408fe8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/ciclo-de-mercado", "locale": "es", "title": "Ciclo de mercado", "summary": "Secuencia recurrente de fases expansivas y contractivas en precio y participación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ciclo-de-mercado/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6ac36b70f0533c2c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/ciclo-de-vida-de-la-orden", "locale": "es", "title": "Ciclo de vida de la orden: del envío a la liquidación", "summary": "Las fases por las que pasa una orden: configuración, controles, recepción, enrutamiento, aceptación, ejecuciones parciales, cierre y frontera con la post-negociación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ciclo-de-vida-de-la-orden/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — transmisión al broker, posibles destinos y diferencia entre la cotización observada y la ejecución.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — recepción, marcas de tiempo, ejecuciones parciales, cancelaciones y estadísticas de calidad de ejecución dentro del perímetro de la regla.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — factores de mejor ejecución y política de ejecución.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — gestión rápida, equitativa y ordenada de las órdenes de los clientes.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "edfe20c2c8273c9e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/ciclo-economico-y-brecha-del-producto", "locale": "es", "title": "Ciclo económico y brecha del producto", "summary": "Expansión, desaceleración, recesión y recuperación leídas con evidencia coincidente y adelantada, sin tratar la brecha como un dato observable.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ciclo-economico-y-brecha-del-producto/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NBER, Business Cycle Dating, documentación oficial — criterios y cronología para fechar expansiones y recesiones en Estados Unidos.", "urls": [ "https://www.nber.org/research/business-cycle-dating" ] }, { "text": "CBO, Budget and Economic Data, documentación oficial — series históricas y proyectadas de producto potencial, PIB y brecha del producto.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] }, { "text": "OECD, Composite Leading Indicator, documentación oficial — indicador compuesto diseñado para anticipar puntos de giro de la actividad económica.", "urls": [ "https://www.oecd.org/en/data/indicators/composite-leading-indicator-cli.html" ] } ], "revision": "655443d34f3438ae", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/clases-de-activos", "locale": "es", "title": "Clases de activos", "summary": "Las clases de activos agrupan exposiciones con características económicas comunes, como acciones, bonos, efectivo, divisas y materias primas. No coinciden con los instrumentos individuales utilizados para negociarlas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/clases-de-activos/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Introduction to Investing — asignación de activos entre stocks, bonds y cash y principio de diversificación.", "urls": [ "https://www.investor.gov/introduction-investing" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products — productos, riesgo, costes, liquidez y diversificación.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cosa sapere prima di investire.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics — distinción entre derivados sobre divisas, tipos, acciones, crédito y materias primas.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] } ], "revision": "295ca93693e909f6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/codicia", "locale": "es", "title": "Codicia", "summary": "Reconocer cuándo el beneficio esperado desplaza el objetivo, el riesgo y los criterios definidos antes de operar.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/codicia/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Thaler y Johnson, Gambling with the House Money and Trying to Break Even — Management Science — experimentos con dinero real sobre el efecto de ganancias y pérdidas anteriores en decisiones con riesgo.", "urls": [ "https://pubsonline.informs.org/doi/10.1287/mnsc.36.6.643" ] }, { "text": "Barber y Odean, Trading Is Hazardous to Your Wealth — The Journal of Finance — evidencia de cuentas minoristas sobre rotación y resultados después de costes.", "urls": [ "https://onlinelibrary.wiley.com/doi/full/10.1111/0022-1082.00226" ] }, { "text": "CFTC, Forex Frauds — capital de riesgo, planificación por operación y prevención de decisiones emocionalmente cargadas.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov, riesgos del trading de corto plazo guiado por redes sociales — riesgo, decisiones impulsivas y utilidad de un plan financiero.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "754f9777b3174f98", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/comisiones", "locale": "es", "title": "Comisiones de trading", "summary": "Las comisiones son cargos explícitos aplicados a las ejecuciones: se verifican en el tarifario y se separan del spread y el slippage.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/comisiones/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — fuente oficial de la SEC sobre comisiones, markups, markdowns y otros costes de transacción.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "FINRA, Are You Checking Your Trade Confirmations? — fuente oficial sobre datos, cargos declarados y conciliación de confirmaciones con extractos.", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Coinbase, Advanced fees — documentación oficial de un centro sobre el tratamiento maker/taker y las ejecuciones parciales; es un ejemplo operativo, no un tarifario universal.", "urls": [ "https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees" ] }, { "text": "Investor.gov, Executing an Order — fuente oficial de la SEC sobre diferencias posibles entre la cotización visible y el precio ejecutado.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "c4f93a6ef56c9200", "translation_state": "not-assessed", "kind": "concept", "entity_type": "execution-cost", "topics": [ "trading-costs", "maker-taker", "fills", "reconciliation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/compensacion-liquidacion-y-custodia", "locale": "es", "title": "Compensación, liquidación y custodia", "summary": "Compensación, liquidación y custodia son funciones post-negociación distintas: la compensación determina y gestiona las obligaciones, la liquidación transfiere valores y dinero, y la custodia registra y administra los activos mantenidos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/compensacion-liquidacion-y-custodia/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, EMIR, Article 2 — Definitions — definiciones de CCP, compensación, miembro compensador y riesgo de contraparte.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "Banco Central Europeo, What is T2S? — liquidación de valores y efectivo, entrega contra pago, cuentas en CSD y bancos centrales.", "urls": [ "https://www.ecb.europa.eu/paym/target/t2s/html/index.en.html" ] }, { "text": "CPSS-IOSCO, Principles for financial market infrastructures, abril de 2012 — estándares internacionales para CCP, CSD y sistemas de liquidación; firmeza, DvP y riesgo de custodia.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "689e845fab98e02d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/compliance", "locale": "es", "title": "Compliance en el trading: obligaciones, controles y pruebas", "summary": "La compliance conecta las obligaciones aplicables con procedimientos, controles y pruebas. No es lo mismo que la disciplina personal del trader y cambia según el rol, la actividad y la jurisdicción.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/compliance/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — MiFID II, artículo 16: requisitos organizativos — políticas, conflictos, continuidad, registros y salvaguarda de activos.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA — MiFID II, artículo 24: principios generales e información a clientes — interés del cliente y comunicaciones imparciales, claras y no engañosas.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-24-general-principles-and" ] }, { "text": "ESMA — MiFID II, artículo 25: idoneidad y conveniencia — evaluaciones relacionadas con el servicio y el cliente.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-25-assessment-suitability-and" ] }, { "text": "ESMA — MiCA, artículo 14 — obligaciones de conducta, conflictos y sistemas para los oferentes incluidos en su ámbito.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-14-obligations-offerors-and-persons" ] }, { "text": "IOSCO — Objectives and Principles of Securities Regulation — protección del inversor, mercados justos y eficientes, y reducción del riesgo sistémico.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD154.pdf" ] }, { "text": "EUR-Lex — Reglamento (UE) 2022/2554, DORA — resiliencia operativa digital para las entidades financieras incluidas en su ámbito.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2022/2554/oj" ] } ], "revision": "136c0102cbd19360", "translation_state": "not-assessed", "kind": "concept", "entity_type": "trading-compliance-control-framework", "topics": [ "compliance", "regulation", "internal-controls", "recordkeeping", "investor-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-compliance", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/compra-y-venta", "locale": "es", "title": "Compra y venta", "summary": "Compra y venta como direcciones elementales — abrir o cerrar exposición long/short, independiente de la estrategia.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/compra-y-venta/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0a8ba21e0f1317a4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/compresion", "locale": "es", "title": "Compresión", "summary": "Fase de contracción del rango que a menudo prepara un movimiento más decidido — plan antes de la ruptura, no predicción de dirección.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/compresion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "17bd60904826065f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/comunicacion-de-resultados", "locale": "es", "title": "Comunicación de resultados", "summary": "Presentación transparente de rendimiento, drawdown, muestra y contexto — evita sesgos, autoengaño y narrativas engañosas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/comunicacion-de-resultados/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e31f351669a03bd2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/condiciones-de-mercado", "locale": "es", "title": "Condiciones de mercado", "summary": "Régimen operativo (trend, range, volatilidad) — determina qué setups del playbook tienen edge o deben apagarse.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/condiciones-de-mercado/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d8bace048bd7c3cd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "validation", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/condiciones-para-no-operar", "locale": "es", "title": "Condiciones para no operar", "summary": "Lista explícita de semáforos rojos — situaciones en las que abrir nuevas posiciones está prohibido por el plan.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/condiciones-para-no-operar/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1bef1605bf139177", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/confirmacion", "locale": "es", "title": "Confirmación", "summary": "Filtros adicionales que aumentan la confianza — volumen, order flow, correlaciones; máx. 2–3 para evitar parálisis.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/confirmacion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8e568cc650a26c6f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/confirmation-bias", "locale": "es", "title": "Confirmation bias", "summary": "Buscar y sobrevalorar pruebas que confirman una idea de trading ya elegida, ignorando señales contrarias.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/confirmation-bias/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — The Behavioral Biases of Individuals — clasifica el sesgo de confirmación entre los sesgos de perseverancia de las creencias y aborda su detección y mitigación.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Scientific Reports a través de PubMed Central — sesgo de confirmación en la búsqueda de información", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC7250867/" ] } ], "revision": "a6585c690bcc4260", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/construccion-de-carteras", "locale": "es", "title": "Construcción de carteras", "summary": "Proceso que convierte objetivos, restricciones e hipótesis en pesos, instrumentos, límites, benchmark y reglas de control que pueden implementarse y verificarse.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/construccion-de-carteras/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — relación entre rendimiento esperado, varianza, covarianzas y elección de cartera.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — procesos asset-only, liability-relative y goals-based, presupuestos de riesgo y límites de la media-varianza.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — tamaño, liquidez, horizonte, impuestos, gobernanza y rebalanceo.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — marco educativo oficial sobre asignación, diversificación y rebalanceo.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi y Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — comparación fuera de muestra y papel del error de estimación.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] } ], "revision": "c6186ee2e71ecfc8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-construction", "asset-allocation", "investment-policy", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/contango-y-backwardation", "locale": "es", "title": "Contango y backwardation en los futuros", "summary": "Contango y backwardation describen el signo de la diferencia entre vencimientos de futuros comparables en un segmento declarado. No son sinónimos de subida y bajada ni garantizan la rentabilidad de una posición o de un roll.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/contango-y-backwardation/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definiciones institucionales de contango, backwardation, diferenciales y terminología de futuros.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — roll de contratos y divergencia entre productos vinculados a futuros y precio spot.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — riesgos, rendimiento del roll y comportamiento de los productos vinculados a futuros de materias primas.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — operaciones necesarias para pasar de un vencimiento a otro.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, white paper alojado por CME Group — contango, backwardation, convergencia y rendimiento del roll.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — calidades, lugares, diferenciales y estructura económica de los contratos entregables.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "4c8068310f637a8f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/contexto", "locale": "es", "title": "Contexto", "summary": "Estructura de mercado y régimen en el que tiene sentido operar — el filtro que precede a trigger y setup.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/contexto/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "62aafee7e04f0618", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/contribucion-al-riesgo", "locale": "es", "title": "Contribución al riesgo", "summary": "Descomposición de una medida de riesgo de cartera en contribuciones marginales y por componente bajo condiciones matemáticas y convenciones declaradas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/contribucion-al-riesgo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — fundamentos, condiciones y aplicaciones de la asignación Euler para medidas de riesgo.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Edward E. Qian, On the Financial Interpretation of Risk Contribution: Risk Budgets Do Add Up — interpretación financiera de las contribuciones y relación con presupuestos de riesgo.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — base de la medición de cartera mediante pesos, varianzas y covarianzas.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Dirk Tasche, Expected Shortfall and Beyond — propiedades del Expected Shortfall y atribución a componentes de cartera.", "urls": [ "https://arxiv.org/abs/cond-mat/0203558" ] }, { "text": "Benjamin Bruder y Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — uso de contribuciones en carteras con presupuestos declarados.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] } ], "revision": "f53562816093afc1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-contribution", "risk-decomposition", "portfolio-risk", "euler-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/control-de-drawdown", "locale": "es", "title": "Control de drawdown", "summary": "Protocolo por niveles (alerta, defensa, stop) que limita la profundidad del drawdown y regula el reingreso gradual.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/control-de-drawdown/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "14ce14a67377caf3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/convexidad-de-bonos", "locale": "es", "title": "Convexidad de bonos", "summary": "La convexidad mide la curvatura local entre precio y rendimiento de un bono. Mejora la aproximación por duración, pero depende de flujos, curva, shock y opcionalidad.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/convexidad-de-bonos/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board, The U.S. Treasury Yield Curve: 1961 to the Present.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "CME Group, Calculating the Dollar Value of a Basis Point — duración, convexidad y aproximación de precio.", "urls": [ "https://www.cmegroup.com/trading/interest-rates/files/Calculating_the_Dollar_Value_of_a_Basis_Point.pdf" ] }, { "text": "Basel Committee on Banking Supervision, Principles for the management of interest rate risk.", "urls": [ "https://www.bis.org/publ/bcbs29a.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Interest rate risk in the banking book.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "1377aee99a80adb0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "nonlinear-risk" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/correccion", "locale": "es", "title": "Corrección", "summary": "Movimiento contra-trend temporal dentro de una tendencia dominante.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/correccion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3250245ded8e939f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/correlacion", "locale": "es", "title": "Correlación", "summary": "Estimación estandarizada de la relación lineal entre dos series alineadas. Depende de datos y ventana y no demuestra causalidad, estabilidad ni protección en las colas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/correlacion/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Institute of Standards and Technology, CORRELATION — Dataplot Reference Manual — definición, fórmula, intervalo e interpretación del coeficiente de correlación lineal.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — papel de varianzas y covarianzas en la construcción de cartera.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "François Longin y Bruno Solnik, Extreme Correlation of International Equity Markets, The Journal of Finance (2001) — dependencia asimétrica en rendimientos bursátiles internacionales extremos.", "urls": [ "https://doi.org/10.1111/0022-1082.00340" ] }, { "text": "Kristin Forbes y Roberto Rigobon, No Contagion, Only Interdependence: Measuring Stock Market Comovements, The Journal of Finance (2002) — sesgo por heterocedasticidad al comparar correlaciones durante periodos turbulentos.", "urls": [ "https://doi.org/10.1111/0022-1082.00494" ] } ], "revision": "1900b83baa25ec76", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "correlation", "dependence", "portfolio-risk", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/correlacion-entre-sistemas", "locale": "es", "title": "Correlación entre sistemas", "summary": "Sincronización entre curvas equity de estrategias distintas — extiende la correlación del nivel activo al nivel sistema.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/correlacion-entre-sistemas/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9a85017ab8c030d0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/coste-de-funding", "locale": "es", "title": "Coste de funding: resultado neto, backtest y conciliación", "summary": "El coste de funding es la suma de los cargos y abonos realmente liquidados durante una posición; debe integrarse en el resultado neto, el backtest y la conciliación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/coste-de-funding/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BitMEX — Perpetual Contracts Guide — documentación oficial sobre base nocional, momentos de liquidación, signo y transferencia entre posiciones largas y cortas.", "urls": [ "https://www.bitmex.com/app/perpetualContractsGuide" ] }, { "text": "Coinbase — Funding rates: International Derivatives — ejemplo oficial con liquidación horaria, dirección de los flujos y cálculo sobre el nocional.", "urls": [ "https://help.coinbase.com/en/coinbase/derivatives/funding-rate" ] }, { "text": "Coinbase — US Perpetual-Style Futures Funding Rate Mechanism — ejemplo oficial de una mecánica distinta basada en la comparación periódica entre futuros y spot.", "urls": [ "https://help.coinbase.com/en/derivatives/perpetual-style-futures/funding-rate" ] }, { "text": "Coinbase International Exchange — Risk Disclosures — riesgos de funding, apalancamiento, liquidación, operativa y centro que afectan al resultado neto.", "urls": [ "https://help.coinbase.com/en/international-exchange/risk-disclosures/disclosures" ] } ], "revision": "e94142b628c5eb27", "translation_state": "not-assessed", "kind": "concept", "entity_type": "derivative-carry-cost-analysis", "topics": [ "perpetual-futures", "funding-rate", "carrying-cost", "net-performance", "backtesting" ], "asset_classes": [ "crypto-derivatives", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "calculate-and-reconcile-funding-cost", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/costes-de-transaccion", "locale": "es", "title": "Costes de transacción", "summary": "Los costes de transacción incluyen componentes explícitos, como comisiones y tarifas, e implícitos, como spread, slippage, impacto de mercado y coste de la falta de ejecución. Medirlos exige declarar un benchmark y un perímetro.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/costes-de-transaccion/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs, secciones II–III — distinción entre comisiones, spread, market impact, opportunity cost e implementation shortfall.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio, 23 de julio de 2025 — comisiones, markup/markdown, costes de transacción y costes recurrentes.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — precio, costes y tarifas de centros, compensación, liquidación y terceros dentro de la contraprestación total minorista.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "229b9767ab702091", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/costes-de-transaccion-en-backtests", "locale": "es", "title": "Costes de transacción en backtests", "summary": "Modelización causal de los costes que separan una estrategia teórica de su implementación: comisiones, spread, impacto, retrasos, ejecuciones parciales, préstamo, financiación, roll y capacidad.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/costes-de-transaccion-en-backtests/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — diferencia entre una cartera teórica y el resultado implementado.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs — comisiones, spread, impacto de mercado, coste de oportunidad y dificultades de medición.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Robert Almgren y Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 2001 — relación entre tamaño, impacto, riesgo de ejecución y trayectorias de las órdenes.", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] }, { "text": "Gene D'Avolio, The Market for Borrowing Stock, Journal of Financial Economics, 2002 — disponibilidad, comisiones y reclamaciones en el préstamo de valores.", "urls": [ "https://doi.org/10.1016/S0304-405X(02)00206-4" ] }, { "text": "Andrea Frazzini, Ronen Israel y Tobias J. Moskowitz, Trading Costs of Asset Pricing Anomalies — costes reales, impacto, escala y capacidad de estrategias sobre acciones.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2294498" ] } ], "revision": "c0dddf3a6cbe6379", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "execution", "transaction-costs", "capacity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/covarianza", "locale": "es", "title": "Covarianza", "summary": "Medida no estandarizada del movimiento lineal conjunto entre dos variables y matriz central del riesgo de cartera, interpretable con unidades, muestra y método de estimación declarados.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/covarianza/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulación original mediante rendimientos esperados, varianzas y covarianzas.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "National Institute of Standards and Technology, Correlation — Dataplot Reference Manual — definición del coeficiente estandarizado y relación entre covarianza, desviaciones y correlación.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Olivier Ledoit y Michael Wolf, A Well-Conditioned Estimator for Large-Dimensional Covariance Matrices, Journal of Multivariate Analysis (2004) — artículo original sobre shrinkage y condicionamiento.", "urls": [ "https://www.sciencedirect.com/science/article/pii/S0047259X03000964" ] }, { "text": "Richard O. Michaud, The Markowitz Optimization Enigma: Is “Optimized” Optimal?, Financial Analysts Journal (1989) — amplificación del error de estimación.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1989/the-markowitz-optimization-enigma-is-optimized-optimal" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi y Raman Uppal, Optimal Versus Naive Diversification, Review of Financial Studies (2009) — comparación fuera de muestra entre reglas de asignación.", "urls": [ "https://academic.oup.com/rfs/article/22/5/1915/1592901" ] } ], "revision": "51efb0135f0d91c9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "covariance", "covariance-matrix", "portfolio-risk", "dependence", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/criptoactivos-y-activos-digitales", "locale": "es", "title": "Criptoactivos y activos digitales: coins, tokens y derechos", "summary": "Una taxonomía para distinguir coins, tokens, stablecoins, activos tokenizados e instrumentos con exposición cripto a partir de los derechos reales, no del nombre.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/criptoactivos-y-activos-digitales/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Unión Europea — Reglamento (UE) 2023/1114, MiCA — artículos 2–3: ámbito, exclusiones y definiciones de criptoactivo, utility token, ART y EMT.", "urls": [ "https://eur-lex.europa.eu/legal-content/ES/TXT/?uri=CELEX:32023R1114" ] }, { "text": "ESMA — Guidelines on the qualification of crypto-assets as financial instruments — sustancia económica, instrumentos financieros, NFT y evaluación caso por caso.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2025-03/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs.pdf" ] }, { "text": "EBA, EIOPA y ESMA — test estandarizado para clasificar criptoactivos — secuencia europea de clasificación MiCA.", "urls": [ "https://www.eba.europa.eu/activities/single-rulebook/regulatory-activities/asset-referenced-and-e-money-tokens-micar/esas-guidelines-templates-explanations-and-opinions-and-standardised-test-classification-crypto" ] }, { "text": "BIS–CPMI — Tokenisation in the context of money and other assets — activo, representación, plataforma y participantes como niveles distintos.", "urls": [ "https://www.bis.org/cpmi/publ/d225.pdf" ] }, { "text": "IOSCO — Tokenization of Financial Assets — tokens nativos, digital twin, arquitecturas y riesgos de la tokenización.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf" ] }, { "text": "EBA — Informe sobre depósitos tokenizados — relación entre registro DLT y crédito del depositante frente al banco.", "urls": [ "https://www.eba.europa.eu/publications-and-media/press-releases/eba-assesses-potential-benefits-and-challenges-tokenised-deposits" ] } ], "revision": "b3116ba08a1dd442", "translation_state": "not-assessed", "kind": "concept", "entity_type": "digital-asset-taxonomy", "topics": [ "digital-assets", "crypto-assets", "tokens", "tokenisation", "mica", "rights", "custody" ], "asset_classes": [ "crypto", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "define-and-classify-digital-assets", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/cumulative-delta", "locale": "es", "title": "Cumulative Volume Delta: definición y cálculo", "summary": "El Cumulative Volume Delta suma progresivamente el delta de volumen dentro de una ventana elegida. El feed, la clasificación, el punto inicial y el reset determinan la curva obtenida.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/cumulative-delta/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — define el CVD como suma de la diferencia entre ask volume y bid volume y documenta el reset al inicio de la jornada y los requisitos históricos del feed.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "Sierra Chart, Cumulative Delta Bars — Volume — describe el método de cálculo y señala que la curva puede cambiar cuando varía el inicio de los datos cargados.", "urls": [ "https://www.sierrachart.com/index.php?ID=292&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Cumulative Volume Delta — documenta un CVD estimado mediante barras inferiores y anclado a un periodo configurable.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — muestra qué campos de un centro de negociación pueden alimentar una clasificación directa del lado agresor.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] } ], "revision": "f305a19bfb69078f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "cumulative-order-flow-measure", "topics": [ "order-flow", "cumulative-volume-delta", "executions", "session-reset", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/curva-de-futuros", "locale": "es", "title": "Curva de futuros: vencimientos, pendiente y movimientos", "summary": "La curva de futuros es una instantánea simultánea de los precios de varios vencimientos comparables. Su forma, pendiente y variaciones describen relaciones contractuales, no una serie histórica ni una previsión automática del mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/curva-de-futuros/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — terminología de contratos, meses, base y mercado de futuros.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — diferencia entre la exposición spot y los productos que renuevan futuros.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — estructura y riesgos de los productos vinculados a futuros sobre materias primas.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — vencimiento, sustitución del contrato y calendario del roll.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, white paper alojado por CME Group — curva, convergencia y descomposición de los rendimientos de futuros.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — diferenciales, calidad, ubicación y condiciones económicas de los contratos entregables.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "72543edfcb999b04", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/data-leakage-y-sesgo-de-anticipacion", "locale": "es", "title": "Data leakage y sesgo de anticipación (look-ahead bias)", "summary": "Información no disponible en el momento de decidir que contamina variables, reglas, validación o simulación de órdenes y produce resultados históricos imposibles de replicar causalmente.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/data-leakage-y-sesgo-de-anticipacion/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inferencia cuando el resultado seleccionado surge de muchas especificaciones exploradas.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey y Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — separación entre investigación, selección y prueba holdout cuando los datos financieros son escasos.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "David H. Bailey, Jonathan M. Borwein, Marcos López de Prado y Qiji Jim Zhu, The Probability of Backtest Overfitting — riesgo de sobreajuste derivado de seleccionar entre muchas configuraciones.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED® versus ALFRED® — diferencia entre la información histórica disponible hoy y el vintage conocido en el pasado.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/fred_vs_alfred.html" ] }, { "text": "scikit-learn, TimeSeriesSplit — validación cruzada ordenada en el tiempo y parámetro de gap; documentación técnica oficial.", "urls": [ "https://scikit-learn.org/stable/modules/generated/sklearn.model_selection.TimeSeriesSplit.html" ] } ], "revision": "45a301442c12cf1b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-quality", "validation", "machine-learning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/data-snooping-y-pruebas-multiples", "locale": "es", "title": "Data snooping y pruebas múltiples", "summary": "Error de selección que aparece cuando se prueban muchas estrategias, features o umbrales sobre los mismos datos y solo se presenta el mejor resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/data-snooping-y-pruebas-multiples/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping — prueba del mejor modelo cuando la especificación se elige investigando los datos.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann y Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap — aplicación del problema a un amplio universo de reglas técnicas.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "Campbell R. Harvey, Yan Liu y Heqing Zhu, …and the Cross-Section of Expected Returns — implicaciones de las pruebas múltiples en la investigación sobre rendimientos esperados.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Joseph P. Romano y Michael Wolf, Stepwise Multiple Testing as Formalized Data Snooping — procedimientos stepwise para inferencia múltiple dependiente.", "urls": [ "https://doi.org/10.1111/j.1468-0262.2005.00615.x" ] }, { "text": "David H. Bailey y Marcos López de Prado, The Deflated Sharpe Ratio — ajuste del Sharpe por selección y características no normales de los rendimientos.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "f3ef7edad9eebc02", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "data-snooping", "pruebas-multiples", "overfitting-de-backtest", "inferencia-estadistica" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/datos-macro-consenso-sorpresas-y-revisiones", "locale": "es", "title": "Datos macro: consenso, sorpresas y revisiones", "summary": "Calendarios, vintages en tiempo real, consenso, sorpresa y revisiones para reconstruir qué podía conocerse al decidir.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/datos-macro-consenso-sorpresas-y-revisiones/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED, documentación oficial — versiones históricas que muestran qué publicaba cada serie antes de sus revisiones posteriores.", "urls": [ "https://alfred.stlouisfed.org/" ] }, { "text": "BEA, Release Schedule, documentación oficial — fechas y horas oficiales de publicación de los indicadores del BEA.", "urls": [ "https://www.bea.gov/news/schedule" ] }, { "text": "BLS, Release Calendar, documentación oficial — calendario previsto de comunicados y actualizaciones estadísticas del BLS.", "urls": [ "https://www.bls.gov/schedule/" ] } ], "revision": "76287ba035ac6ff6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/datos-point-in-time", "locale": "es", "title": "Datos point-in-time", "summary": "Datos históricos reconstruidos a partir de lo que estaba realmente disponible en cada decisión: marcas temporales de disponibilidad, vintages, composición del universo, acciones corporativas y exclusiones de cotización sin retrospectiva.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/datos-point-in-time/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED® y Real-Time Periods — conservación de los valores publicados originalmente, sus revisiones y los periodos de validez de la información.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/alfred.html", "https://fred.stlouisfed.org/docs/api/fred/realtime_period.html" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR Application Programming Interfaces — historial de presentaciones, metadatos y actualizaciones de la información difundida.", "urls": [ "https://www.sec.gov/search-filings/edgar-application-programming-interfaces" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — estructura histórica que incluye fondos activos y terminados.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — consecuencias de omitir los rendimientos de delisting.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "S&P Dow Jones Indices, Equity Indices Policies & Practices — anuncios, fechas efectivas, rebalanceos y tratamiento de las correcciones de composición.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-equity-indices-policies-practices.pdf" ] } ], "revision": "ac8689867f98c8ce", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-governance", "validation", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/delta-de-opciones", "locale": "es", "title": "Delta de opciones", "summary": "El delta de una opción mide el cambio local de su valor respecto al precio del subyacente. Signo, unidad, multiplicador, modelo y estado del mercado deben declararse.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/delta-de-opciones/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Delta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — definiciones regulatorias de sensibilidades delta por factor.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black y Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "b4cb19d3e576c602", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/delta-volume", "locale": "es", "title": "Delta de volumen: cálculo, datos y límites", "summary": "El delta de volumen es la diferencia entre dos grupos de volumen ejecutado, normalmente clasificados como buyer-initiated y seller-initiated. El resultado depende del feed y del método empleado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/delta-volume/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, MDP 3.0 — Trade Summary — documenta un feed que expone el lado agresor, el precio y la cantidad de la operación.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] }, { "text": "Sierra Chart, Numbers Bars — define bid volume, ask volume y su diferencia por nivel en sus Numbers Bars.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Delta — muestra una implementación alternativa que estima el delta clasificando el volumen de barras inferiores según la dirección del precio.", "urls": [ "https://www.tradingview.com/support/solutions/43000725057-volume-delta/" ] }, { "text": "Lee y Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — documenta por qué, cuando no se proporciona el lado, la dirección de la operación debe inferirse mediante una regla falible.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] } ], "revision": "72762be96b2dcf4d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order-flow-measure", "topics": [ "order-flow", "volume-delta", "executions", "trade-classification", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/derivado", "locale": "es", "title": "Derivados financieros", "summary": "Un derivado es un contrato cuyo valor depende de un subyacente o una referencia. Los derechos, obligaciones, margen, liquidación, vencimiento y contraparte cambian entre futuros, forwards, opciones, swaps y CFD.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/derivado/", "published": "2026-07-11", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorías de la UE de opciones, futuros, swaps, forwards y otros derivados.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "Bank for International Settlements, About derivatives statistics — clasificación estadística por riesgo subyacente y mercado OTC/exchange.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — obligaciones, clearing, margen y liquidación de futuros.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — derechos y obligaciones de calls y puts.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "b3e73426e016acf7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/desviacion-estandar", "locale": "es", "title": "Desviación estándar de los rendimientos", "summary": "Raíz de la varianza y medida de dispersión de los rendimientos alrededor de la media, interpretable únicamente con frecuencia, muestra y convención declaradas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/desviacion-estandar/", "published": "2026-07-11", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Measures of Scale — Engineering Statistics Handbook — definiciones y propiedades de medidas de dispersión.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — varianzas y covarianzas en cartera.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — desviación del differential return y enfoques ex ante/ex post.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — muestreo, autocorrelación y anualización.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — uso coordinado y límites de riesgo y performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "c6b6c6f947cc1a61", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "standard-deviation", "volatility", "return-distribution", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/diario-de-trading", "locale": "es", "title": "Diario de trading", "summary": "Anotar operaciones y decisiones — memoria externa cuando las emociones distorsionan; herramientas desde hoja de cálculo hasta diario automático.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/diario-de-trading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "7e8d19bccaac01e5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/disciplina", "locale": "es", "title": "Disciplina", "summary": "Aplicar reglas predefinidas, registrar excepciones y revisar el proceso sin confundir disciplina con rigidez.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/disciplina/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — planificación de la gestión del riesgo, capital en riesgo y decisiones emocionales; también aclara que ninguna tecnología predice el futuro de forma sistemática.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Volatility — reacciones impulsivas ante la volatilidad y función de los objetivos y del plan financiero.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "CFA Institute — The Behavioral Biases of Individuals — errores cognitivos, sesgos emocionales y formas de reconocerlos, moderarlos o adaptarse a ellos.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Locke y Mann (2005), Professional trader discipline and trade disposition — estudio peer-reviewed sobre disciplina y estrategias de salida en una muestra concreta de operadores profesionales de futuros.", "urls": [ "https://doi.org/10.1016/j.jfineco.2004.01.004" ] }, { "text": "Gollwitzer y Sheeran (2006), Implementation intentions and goal achievement — metaanálisis peer-reviewed sobre planes «si-entonces»; evidencia general de autorregulación, no una prueba de estrategia financiera.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron y Hershey (1988), Outcome bias in decision evaluation — experimentos peer-reviewed sobre la distorsión que introduce el resultado al evaluar decisiones bajo incertidumbre.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "06068d6ee8dfd6d2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/disciplina-y-rutina", "locale": "es", "title": "Disciplina y rutina", "summary": "Estructurar la ejecución con plan, checklist y diario para reducir la influencia de los sesgos emocionales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/disciplina-y-rutina/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds: preparación, plan de trading y gestión de las emociones", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov — Plan financiero, decisiones impulsivas y riesgos del trading a corto plazo", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "2a4492473335c646", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/distribucion-de-rendimientos", "locale": "es", "title": "Distribución de rendimientos", "summary": "Distribución empírica de resultados netos: centro, dispersión, asimetría, colas, outliers y dependencia de la muestra.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/distribucion-de-rendimientos/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, revisión documental con fuentes NIST y CFTC", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Histogram, lectura de centro, dispersión, asimetría, outliers y modos.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda33e.htm" ] }, { "text": "NIST/SEMATECH, Measures of Skewness and Kurtosis, definiciones, convenciones y sensibilidad a valores extremos.", "urls": [ "https://itl.nist.gov/div898/handbook/eda/section3/eda35b.htm" ] }, { "text": "CFTC, Commodity Trading Systems Sold on the Internet, límites de resultados hipotéticos y supuestos de ejecución.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_tradingsystem.html" ] } ], "revision": "c759bd90d8a2699f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/diversificacion", "locale": "es", "title": "Diversificación", "summary": "Proceso que combina pesos, exposiciones y dependencias para reducir la concentración de la cartera. Su efecto depende de los datos y del escenario y no garantiza protección.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/diversificacion/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — fundamento de la selección de cartera basada en covarianzas y no en el simple recuento de valores.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, Supervisory framework for measuring and controlling large exposures — BCBS 283 — tratamiento prudencial de concentraciones frente a contrapartes individuales y grupos vinculados; es un estándar bancario, no un límite universal para traders.", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, Principles for effective risk data aggregation and risk reporting — BCBS 239 — integridad, exactitud y adaptabilidad necesarias para agregar exposiciones y concentraciones.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — por qué nocionales iguales entre derivados y clases de activos no implican riesgos comparables.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "7cb4a63739cd2f04", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "diversification", "concentration-risk", "portfolio-risk", "asset-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/documentacion-operativa", "locale": "es", "title": "Documentación operativa", "summary": "Sistema documental de plan, playbook, changelog del método y evidencias — memoria verificable del proceso de trading.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/documentacion-operativa/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "77321c623bedd025", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/drawdown", "locale": "es", "title": "Drawdown", "summary": "Caída del equity desde su máximo anterior. El maximum drawdown es el peor descenso de pico a valle observado en una ventana histórica, no un límite futuro garantizado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/drawdown/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap y Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability, 41(1), 2004, pp. 147–161 — definición del maximum drawdown como el mayor descenso de pico a valle en un intervalo.", "urls": [ "https://doi.org/10.1017/S0021900200014108" ] }, { "text": "Alexei Chekhlov, Stanislav Uryasev y Michael Zabarankin, Drawdown Measure in Portfolio Optimization, International Journal of Theoretical and Applied Finance, 8(1), 2005, pp. 13–58 — curva underwater, drawdown medio, máximo y condicional.", "urls": [ "https://doi.org/10.1142/S0219024905002767" ] } ], "revision": "2aab4c561a817317", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "performance-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/due-diligence", "locale": "es", "title": "Due diligence de brókeres y plataformas", "summary": "La due diligence es una verificación independiente de la entidad, el servicio, los permisos, los datos de contacto, la custodia y las advertencias antes de confiar dinero, datos u órdenes a un intermediario.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/due-diligence/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Is the firm regulated? — acceso a los registros de las autoridades europeas.", "urls": [ "https://www.esma.europa.eu/investor-corner/is-the-firm-regulated" ] }, { "text": "ESMA — Markets in Crypto-Assets Regulation — registro MiCA e información para operadores e inversores.", "urls": [ "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica" ] }, { "text": "ESMA — Statement on the end of transitional periods under MiCA — final del periodo transitorio el 1 de julio de 2026.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-04/ESMA75-113276571-1679_Statement_on_the_end_of_transitional_periods_under_MiCA.pdf" ] }, { "text": "FCA — How to check a firm or individual is authorised — comprobación de permisos, estado, datos de contacto y clones.", "urls": [ "https://www.fca.org.uk/consumers/how-check-firm-individual-authorised" ] }, { "text": "CFTC — Check Registration — verificación de intermediarios en los mercados regulados por la CFTC.", "urls": [ "https://www.cftc.gov/check" ] }, { "text": "Investor.gov — Ask and Check — comprobaciones independientes sobre el profesional y la inversión.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/researching-investments/ask-and-check" ] }, { "text": "IOSCO — I-SCAN — alertas internacionales sobre entidades no autorizadas y clones; lista no exhaustiva.", "urls": [ "https://www.iosco.org/i-scan/" ] } ], "revision": "17b23a3655cd0bde", "translation_state": "not-assessed", "kind": "concept", "entity_type": "intermediary-due-diligence-process", "topics": [ "due-diligence", "intermediaries", "authorisation", "investor-protection", "fraud-prevention" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "verify-an-intermediary", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/duracion-de-bonos", "locale": "es", "title": "Duración de bonos", "summary": "La duración resume tiempo ponderado y sensibilidad local de un bono a los tipos, según la variante elegida. Macaulay, modificada y efectiva no son medidas intercambiables.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/duracion-de-bonos/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frederick R. Macaulay, Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices in the United States Since 1856, NBER.", "urls": [ "https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/interest-rates-and-commodity-prices" ] }, { "text": "FINRA, Brush Up on Bonds: Interest Rate Changes and Duration.", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Federal Reserve Board, The U.S. Treasury Yield Curve: 1961 to the Present.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Interest rate risk in the banking book.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "dc45caf71de18bc5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/duracion-key-rate-y-riesgo-de-curva", "locale": "es", "title": "Duración key-rate y riesgo de curva", "summary": "La key-rate duration distribuye la sensibilidad por nodos de la curva y revela riesgos ocultos por una duración total.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/duracion-key-rate-y-riesgo-de-curva/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] } ], "revision": "afa974b0c83a1919", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "interest-rate-risk", "yield-curve", "key-rate-duration", "hedging" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/dv01", "locale": "es", "title": "DV01", "summary": "DV01 expresa en dinero el cambio local de valor ante un movimiento de un punto básico de tipos o rendimiento. Signo, curva, nodo, moneda y convención deben declararse.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/dv01/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, How Can You Measure Risk in Treasuries?.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "CME Group, Understanding the Importance of Basis Point Value.", "urls": [ "https://www.cmegroup.com/education/courses/understanding-stir-futures/understanding-the-importance-of-basis-point-value" ] }, { "text": "CME Group, Using Treasury Futures to Replace Swap Exposure — convenciones y distinción operativa entre DV01 y PV01 en el contexto descrito.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/using-treasury-futures-to-replace-swap-exposure.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — PV01 por curvas y plazos en el riesgo de mercado.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Application guidance on interest rate risk in the banking book — perfil PV01, riesgo de curva, basis y opcionalidad.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "64b0e23d46f6d4c0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates", "derivatives" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/edge", "locale": "es", "title": "Edge", "summary": "Ventaja estadística estimada: expectativa neta positiva condicionada a reglas, costes, datos y régimen de mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/edge/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, revisión documental con fuentes CFTC, SEC y CME", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell R. Harvey y Yan Liu, Backtesting, control de pruebas múltiples, tamaño muestral y significación de estrategias.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] }, { "text": "CFTC, Commodity Trading Systems Sold on the Internet, límites de resultados hipotéticos y diferencias frente a condiciones reales.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_tradingsystem.html" ] }, { "text": "SEC Office of Investor Education and Advocacy, Investor Bulletin: Performance Claims, costes, metodología, backtests y carácter no predictivo del rendimiento pasado.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47" ] } ], "revision": "bc9ed70a7aabcfc5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/ejercicio-asignacion-y-liquidacion-de-opciones", "locale": "es", "title": "Ejercicio, asignación y liquidación de opciones", "summary": "Ejercicio y asignación convierten el derecho del comprador en la obligación del vendedor. Estilo, cut-off, exercise by exception, entregable y liquidación determinan qué ocurre antes y después del vencimiento.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ejercicio-asignacion-y-liquidacion-de-opciones/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — documento primario sobre nomenclatura, ejercicio, asignación, vencimiento y liquidación.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Exercising Options — flujo de ejercicio y distribución de la asignación.", "urls": [ "https://www.optionseducation.org/optionsoverview/exercising-options" ] }, { "text": "Options Industry Council, Options Exercise FAQ — cut-offs, estilo americano/europeo y exercise by exception.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-exercise" ] }, { "text": "Options Industry Council, Options Assignment FAQ — riesgo de asignación, vencimiento, halts e instrucciones.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-assignment" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — obligaciones del vendedor y consecuencias de la asignación de una sola pata.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "FINRA, Information Notice 2/3/21 — Exercise Cut-Off Time for Expiring Options — ejercicio, no ejercicio y contrary exercise advice.", "urls": [ "https://www.finra.org/rules-guidance/notices/information-notice-020321" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — derechos, obligaciones y riesgos fundamentales de las opciones.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "31524e9a185eb9f1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "exercise", "assignment", "settlement" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/emision-subasta-y-mercado-secundario-de-bonos", "locale": "es", "title": "Emisión, subasta y mercado secundario de bonos", "summary": "Del mercado primario a la negociación secundaria: asignación, precio, liquidación, intermediarios y liquidez.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/emision-subasta-y-mercado-secundario-de-bonos/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Auctions in depth", "urls": [ "https://www.treasurydirect.gov/research-center/history-of-marketable-securities/auctions/auctions-indepth/" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "8f7a0f614704d664", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "primary-market", "secondary-market", "auction", "market-liquidity" ], "asset_classes": [ "fixed-income", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/error-de-operacion", "locale": "es", "title": "Error de operación: proceso y resultado", "summary": "Un error de operación es una desviación observable de una regla predefinida, no una pérdida ni un juicio reconstruido después del resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/error-de-operacion/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, revisión no humana por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — recomienda definir capital de riesgo, riesgo por operación y un plan antes de operar (consultado el 11 de agosto de 2026).", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Are You Checking Your Trade Confirmations? — describe precio, cantidad, fecha y otros datos de confirmación útiles para verificar lo ejecutado (consultado el 11 de agosto de 2026).", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Baron y Hershey (1988), Outcome bias in decision evaluation — cinco estudios peer-reviewed sobre la influencia del resultado en la evaluación retrospectiva de una decisión.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "fbad474febba691c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/error-de-seguimiento", "locale": "es", "title": "Error de seguimiento", "summary": "Desviación estándar del active return frente a un benchmark, calculada ex post o modelizada ex ante con definiciones y bases comparables.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/error-de-seguimiento/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — active risk, information ratio, alpha, beta y Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, riesgo relativo y attribution.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal (1992) — calidad del benchmark y consecuencias para riesgo activo.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "GIPS Standards, Guidance Statement on Benchmarks, revisión de 2023 — selección, presentación y disclosure.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — autocorrelación y límites de anualización por raíz del tiempo.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "5eb00afc505f9357", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "tracking-error", "active-risk", "benchmark-relative-risk", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/errores-recurrentes", "locale": "es", "title": "Errores recurrentes", "summary": "Patrón de desviación repetido — etiqueta, coste en R, causa raíz, contramedida mecánica en el playbook.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/errores-recurrentes/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "77345be13f8aa647", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/escenario", "locale": "es", "title": "Escenario", "summary": "Plan if-then post-entrada — qué haces si el mercado va a favor, lateral o en contra, antes de la emoción.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/escenario/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d5d5b9ad4c35f547", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/especificacion-de-estrategia-sistematica", "locale": "es", "title": "Especificación de una estrategia sistemática", "summary": "Un documento versionado que hace que una estrategia sea implementable y verificable: hipótesis, datos, señales, cartera, órdenes, costes, controles y criterios de decisión.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/especificacion-de-estrategia-sistematica/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — propósito, técnicas de validación, benchmarking, pruebas de estrés y documentación.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — principios vigentes de desarrollo, uso, validación, gobernanza y monitorización en el ámbito bancario supervisado.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — contexto institucional de los algoritmos de decisión y ejecución y de sus riesgos.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limitaciones de los resultados hipotéticos y relevancia de los supuestos, la liquidez, el slippage y el comportamiento; su aplicación se limita a su propio ámbito.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "38c506b7f2fb88d5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "strategy-design", "reproducibility", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/estrategias-con-opciones-y-payoffs-multileg", "locale": "es", "title": "Estrategias con opciones y payoffs multileg", "summary": "Una estrategia multileg combina opciones y, en ocasiones, el subyacente. El payoff terminal es la suma de las patas, pero P&L antes del vencimiento, ejecución, margen, asignación y liquidación requieren análisis separados.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/estrategias-con-opciones-y-payoffs-multileg/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — riesgos de las combinaciones, ejercicio, asignación y liquidación.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, All Strategies — estructura y payoff de las principales familias multileg.", "urls": [ "https://www.optionseducation.org/strategies/all-strategies-en" ] }, { "text": "Options Industry Council, Profit and Loss Simulator — escenarios de P&L con variaciones de precio, volatilidad, tipos y tiempo.", "urls": [ "https://www.optionseducation.org/oic-profit-and-loss-simulator" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — consecuencias de la asignación de una sola pata.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "CME Group, Option Spread Functionality on CME Globex — tipos reconocidos, ratios y ejecución de spreads en un mercado complejo.", "urls": [ "https://www.cmegroup.com/education/files/ofm-spread-overview.pdf" ] }, { "text": "CME Group, Bull Spread — construcción y payoff de vertical spreads con calls o puts.", "urls": [ "https://www.cmegroup.com/education/courses/option-strategies/bull-spread" ] }, { "text": "Cboe Options Institute, Options Calculator — valores teóricos y sensibilidades al variar los inputs.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — riesgos asimétricos y uso combinado de los contratos.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "6e9bf33f15365372", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-strategies", "payoff", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/estrategias-multiples", "locale": "es", "title": "Estrategias múltiples", "summary": "Portfolio con varias lógicas operativas complementarias — reduce dependencia de un solo método y de un solo régimen.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/estrategias-multiples/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "42332a49ed0d95bf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/estructura-de-capital-deuda-neta-y-cobertura-de-intereses", "locale": "es", "title": "Estructura de capital, deuda neta y cobertura de intereses", "summary": "La estructura de capital muestra cómo se financian activos y crecimiento; deuda neta, vencimientos y cobertura revelan resiliencia financiera.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/estructura-de-capital-deuda-neta-y-cobertura-de-intereses/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 7 Financial Instruments: Disclosures — Requisitos de información sobre instrumentos y riesgos financieros.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-7-financial-instruments-disclosures/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guía de estados y notas para leer deuda, intereses y liquidez.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "51f4b54f86470b53", "translation_state": "not-assessed", "kind": "concept", "entity_type": "capital-structure-framework", "topics": [ "fundamental-analysis", "debt", "leverage", "liquidity", "credit-analysis" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/estructura-temporal-de-la-volatilidad", "locale": "es", "title": "Estructura temporal de la volatilidad implícita", "summary": "La estructura temporal compara, en el mismo instante y con una coordenada coherente de moneyness o delta, la volatilidad implícita de opciones con vencimientos distintos. Es una fotografía de la dimensión temporal, no una serie histórica ni una previsión cierta.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/estructura-temporal-de-la-volatilidad/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Volatility Term Structure Tool User Guide — vista ATM por vencimientos y comparación entre snapshots.", "urls": [ "https://www.cmegroup.com/tools-information/quikstrike/quikstrike-volatility-term-structure-tool-user-guide.html" ] }, { "text": "Cboe, VIX Term Structure Data and Charts — ejemplo metodológico de estructura con múltiples vencimientos y timestamp.", "urls": [ "https://www.cboe.com/tradable-products/vix/term-structure" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — estructura temporal, vencimientos y eventos.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV, skew y relaciones de precios.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Options Analytics: Greeks and Implied Volatility — datos por vencimiento, moneyness y griegas.", "urls": [ "https://www.cmegroup.com/market-data/greeks-and-implied-volatility-data.html" ] }, { "text": "Options Industry Council, Technical Information — naturaleza derivada de la IV y convenciones de volatilidad.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — especificaciones, vencimiento y riesgos contractuales.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "c28bf673958db3d9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "term-structure", "derivatives" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/etf", "locale": "es", "title": "ETF (Exchange-Traded Fund)", "summary": "Un ETF es un fondo cuyas participaciones se negocian en bolsa. Puede replicar un índice o seguir una gestión activa; el precio, el NAV, los costes, la réplica y la liquidez deben analizarse por separado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/etf/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Exchange-Traded Funds (ETFs), 23 de febrero de 2023 — estructura, NAV, Authorized Participants y riesgos; el boletín se refiere a ETF registrados en Estados Unidos.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Leveraged and Inverse ETFs, 29 de agosto de 2023.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Exchange Traded Notes (ETNs) — distinción entre la participación de un fondo y la deuda del emisor.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-50" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETF, ETC y ETN en el contexto italiano.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "European Securities and Markets Authority, Cost of Investment Products — costes y rentabilidad de los productos minoristas europeos.", "urls": [ "https://www.esma.europa.eu/investor-corner/cost-investment-products" ] } ], "revision": "4fb6d919d6d01a8a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/euforia", "locale": "es", "title": "Euforia", "summary": "Distinguir la confianza excesiva tras las ganancias de un proceso documentado, sin tratarla como señal de mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/euforia/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gervais y Odean, Learning to Be Overconfident — The Review of Financial Studies — modelo teórico de aprendizaje, atribución de los éxitos y sobreconfianza.", "urls": [ "https://doi.org/10.1093/rfs/14.1.1" ] }, { "text": "Barber y Odean, Trading Is Hazardous to Your Wealth — The Journal of Finance — evidencia sobre rotación y rendimiento neto en una amplia muestra de cuentas minoristas.", "urls": [ "https://onlinelibrary.wiley.com/doi/full/10.1111/0022-1082.00226" ] }, { "text": "CFA Institute, The Behavioral Biases of Individuals — clasificación de la sobreconfianza y el sesgo de autocontrol, junto con enfoques de mitigación.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "CFTC, Forex Frauds — capital de riesgo sostenible, planificación y cumplimiento del plan frente a decisiones emocionalmente cargadas.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] } ], "revision": "5ac2daa067ac9321", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/exchange-y-broker", "locale": "es", "title": "Exchange, bróker, dealer y custodio", "summary": "Exchange, bróker, dealer, market maker y custodio desempeñan funciones distintas. Una misma empresa puede acumular algunas de ellas, pero la interfaz de trading no revela por sí sola el centro de negociación, la contrapartida, el enrutamiento ni la custodia.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/exchange-y-broker/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — EMIR, Article 2: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] } ], "revision": "62694fb496a81087", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/expansion", "locale": "es", "title": "Expansión", "summary": "Fase de aumento rápido de rango y volatilidad — timing, stops dinámicos y size adaptada al nuevo régimen.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/expansion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "26f47958061fd061", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/expectancy", "locale": "es", "title": "Expectancy", "summary": "Ganancia media esperada por trade en R — la métrica sintética del edge (win rate × payoff).", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/expectancy/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "54b154b71a090a90", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/expectancy-positiva", "locale": "es", "title": "Expectancy positiva", "summary": "Condición en la que el valor esperado neto por operación supera cero para reglas, costes y población declarados.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/expectancy-positiva/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, revisión documental con fuentes NIST, SEC y CME", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, What is a Probability Distribution?, probabilidades de resultados discretos y continuos.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda361.htm" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio, efecto de los costes sobre los rendimientos.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "Campbell R. Harvey y Yan Liu, Backtesting, tamaño muestral, pruebas múltiples y significación de estrategias.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] } ], "revision": "468314583f1793c9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/expected-shortfall", "locale": "es", "title": "Expected Shortfall (ES)", "summary": "El Expected Shortfall mide la pérdida media en la cola más allá de un nivel elegido de la distribución estimada. Complementa el VaR, pero no es un peor caso y sigue dependiendo de datos, valoración y modelo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/expected-shortfall/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR33, calculation of expected shortfall", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/33.htm" ] }, { "text": "Basel Committee — Explanatory note on the minimum capital requirements for market risk", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Acerbi y Tasche — On the coherence of Expected Shortfall", "urls": [ "https://arxiv.org/abs/cond-mat/0104295" ] }, { "text": "Artzner, Delbaen, Eber y Heath — Coherent Measures of Risk", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "ab49d3f5cdca857b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "tail-risk", "expected-shortfall" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/exposicion", "locale": "es", "title": "Exposición", "summary": "Relación cuantificada entre una posición y un precio, factor o contraparte. Deben declararse unidad, convención, divisa y momento; no equivale automáticamente a pérdida.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/exposicion/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — comparación entre medidas basadas en el nocional, ajustadas por delta y otras medidas de exposición en derivados.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — importe de referencia usado para calcular flujos contractuales, distinto del valor de mercado.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, MAR21 — Standardised approach: sensitivities-based method — ejemplo institucional de medición del riesgo de mercado mediante sensibilidades separadas a factores.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, CRE51 — Counterparty credit risk overview — distinción entre exposición de crédito tradicional y exposición bilateral de contraparte que cambia con el tiempo.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] } ], "revision": "7d5d0b6f51dc033c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "portfolio-risk", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/exposicion-bruta", "locale": "es", "title": "Exposición bruta", "summary": "Suma de valores absolutos de exposiciones definidas en una misma unidad. Describe escala antes de compensaciones, pero no equivale por sí sola a capital comprometido, apalancamiento económico o riesgo de pérdida.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/exposicion-bruta/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — ventajas y límites del nocional bruto, la compensación de nocionales y las medidas ajustadas por sensibilidad.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — definición institucional del nocional como base de flujos y no como importe de pérdida.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, MAR21 — Standardised approach: sensitivities-based method — separación de sensibilidades por clase y factor de riesgo.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, CRE52 — Standardised approach to counterparty credit risk — exposición de contraparte calculada por netting set con coste de reposición y exposición futura potencial, distinta de la exposición bruta de mercado.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] } ], "revision": "86daa60d7bd2b2f3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "gross-exposure", "portfolio-risk", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/exposicion-neta", "locale": "es", "title": "Exposición neta", "summary": "Suma con signo de exposiciones expresadas en una misma unidad. Describe el saldo según la convención elegida, pero neta cero no significa cartera sin riesgo o neutral a todo factor.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/exposicion-neta/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — límites de la compensación de nocionales y función del nocional ajustado por delta y otras bases de comparación.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, MAR21 — Standardised approach: sensitivities-based method — agregación separada de sensibilidades por factor y clase de riesgo.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, CRE52 — Standardised approach to counterparty credit risk — exposición de contraparte por netting set y tratamiento de compensaciones reconocidas.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, CRE54 — Exposures to central counterparties — requisitos de exigibilidad legal para close-out netting, distintos de la compensación económica.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] } ], "revision": "8b09ee37631cd9b0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "net-exposure", "portfolio-risk", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/familias-de-estrategias-sistematicas", "locale": "es", "title": "Familias de estrategias sistemáticas", "summary": "Una taxonomía comparable de tendencia, momentum, reversión a la media, carry, valor relativo, market making y estrategias event-driven, explicando mecanismos y riesgos sin prometer rendimientos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/familias-de-estrategias-sistematicas/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Narasimhan Jegadeesh y Sheridan Titman, Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency — estudio fundacional del momentum transversal en la muestra examinada.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] }, { "text": "Tobias J. Moskowitz, Yao Hua Ooi y Lasse Heje Pedersen, Time Series Momentum — evidencia y construcción del momentum de series temporales en el diseño cross-asset estudiado.", "urls": [ "https://doi.org/10.1016/j.jfineco.2011.11.003" ] }, { "text": "Ralph S. J. Koijen et al., Carry — definición y comparación del carry entre clases de activos dentro de la muestra del estudio.", "urls": [ "https://doi.org/10.1016/j.jfineco.2017.11.002" ] }, { "text": "Evan Gatev, William N. Goetzmann y K. Geert Rouwenhorst, Pairs Trading: Performance of a Relative-Value Arbitrage Rule — metodología y evidencia histórica de una regla de pairs trading.", "urls": [ "https://doi.org/10.1093/rfs/hhj020" ] }, { "text": "Werner F. M. De Bondt y Richard Thaler, Does the Stock Market Overreact? — estudio clásico de sobrerreacción y rendimientos contrarian en la muestra considerada.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1985.tb05004.x" ] } ], "revision": "c6f078fbbe141ba3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "trend-following", "momentum", "mean-reversion", "carry", "relative-value" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/fat-tails", "locale": "es", "title": "Fat tails", "summary": "Colas de la distribución más pesadas que la normal — eventos extremos más frecuentes que el modelo gaussiano.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/fat-tails/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "195ce9cc3e4b5fc5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/feedback-loop", "locale": "es", "title": "Feedback loop", "summary": "Ciclo ejecutar → analizar → corregir → verificar — experiencia que se convierte en mejora medible.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/feedback-loop/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4710f06f9e61dc78", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/filtro-operativo", "locale": "es", "title": "Filtro operativo", "summary": "Regla decisional que habilita o bloquea setups según el régimen — gate antes del trigger, no sustituto del trigger.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/filtro-operativo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "73154625c2cb7182", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/fiscalidad-basica", "locale": "es", "title": "Fiscalidad básica", "summary": "Principios fiscales mínimos para estimar resultado neto, trazabilidad documental y planificación — no sustituye asesoramiento profesional.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/fiscalidad-basica/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fe5e514b8b2702ee", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/fomo", "locale": "es", "title": "FOMO (Fear of Missing Out)", "summary": "Urgencia por participar en un movimiento u oportunidad percibidos como irrepetibles: cómo reconocerla sin convertirla en una señal de mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/fomo/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out (Computers in Human Behavior, DOI) — investigación revisada por pares que define y mide la FoMO; no es un estudio de predicción financiera.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "SEC Office of Investor Education and Assistance, Protect Your Money: How to Avoid Investment Scams — identifica la presión para actuar y la FOMO entre las tácticas usadas en propuestas fraudulentas.", "urls": [ "https://www.investor.gov/files/protect-your-money-how-avoid-investment-scams" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — recomienda investigar la información de redes sociales y no decidir bajo presión.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "b973b4ed19964ce6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/footprint-chart", "locale": "es", "title": "Footprint chart: leer volúmenes bid y ask", "summary": "El footprint distribuye dentro de cada barra el volumen ejecutado por nivel de precio y lado clasificado. Las columnas, la agregación y las reglas de imbalance dependen de la plataforma.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/footprint-chart/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — documenta filas por nivel, parejas bid/ask, delta, comparaciones en la misma fila o diagonales y requisitos tick a tick.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Footprint charts: a complete guide — describe su implementación, las celdas de volumen, el delta, el POC de la barra y los umbrales de imbalance configurables.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distingue el volumen negociado de la cantidad de la profundidad de mercado y explica por qué los registros agregados reducen la precisión por precio.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — documenta los campos de ejecución que un feed puede proporcionar directamente.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] } ], "revision": "b15671bb13701cd6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order-flow-chart", "topics": [ "order-flow", "footprint-chart", "bid-volume", "ask-volume", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/forex", "locale": "es", "title": "Forex (mercado de divisas)", "summary": "El Forex es el conjunto de mercados en los que una divisa se intercambia por otra. Spot, forwards, swaps, futuros, opciones y productos minoristas son instrumentos diferentes, no un único mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/forex/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025, Triennial Central Bank Survey, 30 de septiembre de 2025.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "Bank for International Settlements, Covered interest parity lost: understanding the cross-currency basis, BIS Quarterly Review, 18 de septiembre de 2016 — relación entre spot, forward, tipos de interés y basis de funding.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt1609e.htm" ] }, { "text": "Global Foreign Exchange Committee, FX Global Code, actualización de diciembre de 2024 — principios mayoristas que no sustituyen la regulación.", "urls": [ "https://www.globalfxc.org/fx-global-code/" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — riesgos del mercado minorista OTC en el ámbito estadounidense.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "European Central Bank, Euro foreign exchange reference rates — tipos informativos, no recomendados como precios ejecutables.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html" ] } ], "revision": "1605917c46e382b6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "execution", "risk" ], "asset_classes": [ "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/forward-test", "locale": "es", "title": "Forward test", "summary": "Evaluación prospectiva de una versión congelada sobre datos que llegan después de la decisión, realizada en modo paper, shadow o micro-live.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/forward-test/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — orden temporal, origen móvil y evaluaciones out-of-sample sucesivas.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validación proactiva y fiabilidad de los modelos de inversión.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limitaciones del rendimiento hipotético dentro de su ámbito NFA.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automatización, centros de negociación e interacción de órdenes en los mercados reales.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Comisión Europea, Reglamento Delegado (UE) 2017/589, RTS 6 — pruebas, controles, documentación y despliegue dentro del ámbito regulatorio de la UE al que se aplica.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "31058c92bf38adc6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "forward-test", "prospective-validation", "frozen-model", "shadow-mode", "micro-live" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/fud", "locale": "es", "title": "FUD (Fear, Uncertainty, Doubt)", "summary": "Etiqueta aplicada a mensajes que provocan miedo, incertidumbre y duda; no determina si la información negativa es falsa, verdadera o relevante.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/fud/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — destaca los riesgos de decisiones de corto plazo impulsadas por redes sociales y recomienda investigar y verificar.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] }, { "text": "CFTC, Understand Risks and Markets before Reacting to Internet Hype — recomienda comprender el producto, el mercado, el apalancamiento y la fuente antes de reaccionar a consejos en línea.", "urls": [ "https://www.cftc.gov/sites/default/files/2021-04/20210326_Advisory_SocialMedia-Metals_FINAL_1.pdf" ] }, { "text": "CFTC, Learn & Protect — reúne recursos y alertas para comprobar intermediarios, ofertas y riesgos en mercados regulados por la CFTC.", "urls": [ "https://www.cftc.gov/LearnAndProtect" ] } ], "revision": "234a5c3a281256b5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/funding", "locale": "es", "title": "Funding de los contratos perpetuos", "summary": "El funding regula transferencias periódicas entre posiciones largas y cortas; su signo, intervalo y cálculo dependen del centro.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/funding/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BitMEX, Perpetual Contracts Guide — documentación oficial sobre finalidad del mecanismo, signo, base nocional, liquidación en momentos definidos y transferencia entre posiciones largas y cortas.", "urls": [ "https://www.bitmex.com/app/perpetualContractsGuide" ] }, { "text": "Coinbase, Funding rates — International Derivatives — documentación oficial de un centro con liquidación horaria, dirección de los pagos y cálculo sobre el nocional.", "urls": [ "https://help.coinbase.com/en/coinbase/derivatives/funding-rate" ] }, { "text": "Coinbase, US Perpetual-Style Futures Funding Rate Mechanism — ejemplo oficial de otro método basado en la comparación periódica entre precios de futuros y al contado.", "urls": [ "https://help.coinbase.com/en/derivatives/perpetual-style-futures/funding-rate" ] }, { "text": "Coinbase International Exchange, Risk Disclosures — información oficial sobre riesgos de funding, apalancamiento, liquidación y centro de negociación.", "urls": [ "https://help.coinbase.com/en/international-exchange/risk-disclosures/disclosures" ] } ], "revision": "33e5f5055f772686", "translation_state": "not-assessed", "kind": "concept", "entity_type": "carrying-cost", "topics": [ "perpetual-futures", "funding-rate", "long-short", "basis" ], "asset_classes": [ "crypto-derivatives", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/futures", "locale": "es", "title": "Futuros: contrato, margen, vencimiento y roll", "summary": "Un futuro es un derivado estandarizado que se negocia en un mercado organizado y se compensa mediante una cámara de compensación. Las obligaciones, el nocional, el margen, la valoración a mercado, el vencimiento y la forma de liquidación dependen de las especificaciones de cada c", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/futures/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — obligaciones, entrega o liquidación en efectivo y posibilidad de pérdidas superiores al capital inicial.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definiciones de base, diferencial de calendario, liquidación en efectivo, margen, compensación y roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — estandarización, compensación, cierre, margen y función de cobertura.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — precio de liquidación diaria, P&L y ajuste de los márgenes.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — cierre, roll hacia vencimientos diferidos y liquidación al vencimiento.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — diferencia entre liquidación diaria, final, monetaria y física.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — base futuros − spot, coste de mantenimiento y convergencia en futuros sobre índices.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — calidades, lugares de entrega, diferenciales y condiciones de convergencia.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "3a93d5256f1235a8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/gamma-de-opciones", "locale": "es", "title": "Gamma de opciones", "summary": "Gamma mide cómo cambia el delta de una opción cuando se mueve el subyacente. Es una sensibilidad de segundo orden cuyo signo, unidad y efecto dependen de la posición y del producto.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/gamma-de-opciones/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Gamma — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-gamma-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Fischer Black y Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Basel Committee on Banking Supervision, MAR20 — Standardised approach: general provisions and structure — distinción regulatoria entre delta, vega y curvature risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/20.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "8f51e5d00370cc6f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/gap", "locale": "es", "title": "Gap", "summary": "Salto de precio entre cierre y apertura: zona sin intercambios.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/gap/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "714e7fdef1a94c83", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/gestion-activa", "locale": "es", "title": "Gestión activa", "summary": "Adaptar stop, target y cuotas durante el trade — solo con triggers objetivos preautorizados en el playbook.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/gestion-activa/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f83e7d0f3cda1d11", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/gestion-pasiva", "locale": "es", "title": "Gestión pasiva", "summary": "Entrada, stop y target fijados ex ante — cero modificaciones discrecionales durante el trade (set-and-forget).", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/gestion-pasiva/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4838637f67f22ef6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/grid-trading", "locale": "es", "title": "Grid trading: rejilla de órdenes y riesgo de inventario", "summary": "El grid trading automatiza compras y ventas por niveles; puede crear ciclos en las oscilaciones, pero tendencias, costes y ejecución pueden causar pérdidas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/grid-trading/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, revisión no humana por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bybit Help Center — FAQ: Spot Grid Bot — documenta rango, niveles, comisiones, pausa fuera de rango y diferencia entre grid profit y P&L total.", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Spot-Grid-Bot" ] }, { "text": "OKX — Spot Grid — documenta la distribución del capital y las órdenes automáticas en los niveles de la rejilla.", "urls": [ "https://www.okx.com/en-gb/help/i-spot-grid" ] }, { "text": "OKX — Total PnL and Grid Profits — separa ciclos realizados, inventario no realizado, comisiones y resultado total.", "urls": [ "https://www.okx.com/en-us/help/how-do-total-profit-and-loss-pnl-and-grid-profits-work" ] }, { "text": "SEC — Limit Orders — explica la restricción de precio y la ausencia de garantía de ejecución de una orden limitada.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] } ], "revision": "21315d7c796b36d4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/herding", "locale": "es", "title": "Herding", "summary": "Imitar al rebaño: seguir la multitud sin proceso propio.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/herding/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d1ff74f9ad35647a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/horarios-y-sesiones", "locale": "es", "title": "Horarios y sesiones", "summary": "La liquidez y la volatilidad cambian con las zonas geográficas — Asia, Europa, América y el solapamiento Londres–Nueva York.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/horarios-y-sesiones/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "64c40fb474889317", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/iceberg-order", "locale": "es", "title": "Órdenes iceberg y de reserva: cantidad visible y prioridad", "summary": "Una orden iceberg o de reserva muestra solo una parte de su cantidad total. La reserva se libera por tramos conforme a reglas del centro; prioridad, detectabilidad y comportamiento difieren entre implementaciones nativas y sintéticas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/iceberg-order/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — feeds MBO frente a MBP, icebergs nativos y sintéticos, OrderID y PriorityID.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Display Quantity Order Overview — cantidad visible, fills y reposición dentro del marco de CME.", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] }, { "text": "CME Group, Enter Orders — descripción operativa del campo Display Quantity.", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-cmed-mobile/Content/Enter-Orders.html" ] }, { "text": "EUR-Lex, Reglamento Delegado (UE) 2017/583, artículo 4 — definición de orden de reserva dentro de RTS 2.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/583/2023-06-05/eng" ] } ], "revision": "73403538394d9a06", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/idea-de-operacion", "locale": "es", "title": "Trade idea", "summary": "Ficha pre-trade que condensa dirección, trigger, stop, objetivo y escenarios — ningún click sin plan escrito.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/idea-de-operacion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ba5ebacae5ad0767", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/impulso", "locale": "es", "title": "Impulso", "summary": "Movimiento rápido y direccional del precio: velas amplias, a menudo con volumen elevado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/impulso/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c470a36e4ed80a61", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/indice-de-mercado", "locale": "es", "title": "Índice de mercado", "summary": "Un índice de mercado mide, de acuerdo con una metodología publicada, el rendimiento de un conjunto definido de instrumentos que representa un mercado o segmento. La ponderación, el rebalanceo y el tipo de rendimiento determinan qué mide; no se puede invertir directamente en el ín", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/indice-de-mercado/", "published": "2026-06-23", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Market Index y Index Funds — definición, imposibilidad de invertir directamente y réplica mediante fondos.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-index", "https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-4" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — ponderaciones, divisor, operaciones societarias y variantes de rendimiento.", "urls": [ "https://www.spglobal.com/spdji/en/methodology/article/index-mathematics-methodology/" ] }, { "text": "FTSE Russell, Index Policy and Methodology — documentación sobre reglas, cálculo y gobernanza de los índices.", "urls": [ "https://www.lseg.com/en/ftse-russell/governance/index-policy-and-methodology" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — gobernanza, calidad de la referencia y rendición de cuentas.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/ioscopd409.pdf" ] }, { "text": "NIST/SEMATECH, R² is not enough — interpretación y control del ajuste de un modelo lineal.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] }, { "text": "CME Group, What is Volume? — volumen referido a un contrato de futuros específico.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] } ], "revision": "7b4021dd8e1fd4ad", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "benchmarks", "performance", "index-methodology" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/inflacion-ipc-pce-e-ipp", "locale": "es", "title": "Inflación: IPC, PCE e IPP", "summary": "Cómo leer índices de precios al consumo y producción, medidas general y subyacente, ponderaciones, efectos base y composición.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/inflacion-ipc-pce-e-ipp/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Consumer Price Index, documentación oficial — datos del IPC, ponderaciones relativas, metodología y publicaciones de precios al consumo de Estados Unidos.", "urls": [ "https://www.bls.gov/cpi/" ] }, { "text": "BEA, Personal Consumption Expenditures Price Index, documentación oficial — inflación PCE vinculada a renta personal, gasto y cuentas nacionales.", "urls": [ "https://www.bea.gov/data/personal-consumption-expenditures-price-index" ] }, { "text": "BLS, Producer Price Indexes, documentación oficial — método y resultados sobre la variación de precios recibidos por productores nacionales.", "urls": [ "https://www.bls.gov/ppi/" ] } ], "revision": "eb77baaf4bd35063", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/instrumentos-multiples", "locale": "es", "title": "Instrumentos múltiples", "summary": "Uso coordinado de clases de activos y mercados distintos — distribuye oportunidades y reduce dependencia de un solo mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/instrumentos-multiples/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2165f99f5fd978c4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/invalidacion", "locale": "es", "title": "Invalidación", "summary": "Nivel técnico-lógico donde la tesis del trade se falsifica — distinto del stop monetario, pero lo determina.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/invalidacion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "29d3db0761853c83", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/kelly-criterion", "locale": "es", "title": "Kelly criterion", "summary": "Fórmula teórica para la fracción óptima de capital a arriesgar — maximiza crecimiento logarítmica en condiciones ideales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/kelly-criterion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "decf0967ab9d9439", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/kelly-fraccionado", "locale": "es", "title": "Kelly fraccionado", "summary": "Fracción del Kelly teórico (½, ⅓, ¼) — equilibra crecimiento y supervivencia del capital en mercados reales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/kelly-fraccionado/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "10ade03135bf2c80", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/largo-y-corto", "locale": "es", "title": "Largo y corto", "summary": "Long: beneficio si el precio sube. Short: beneficio si baja — dos direcciones de exposición, aún no una estrategia.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/largo-y-corto/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bfd76cdb11d90a76", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/latencia-de-ejecucion", "locale": "es", "title": "Latencia de ejecución: recorrido, timestamps y medición", "summary": "La latencia de ejecución comprende los retrasos entre decisión, envío, recepción, enrutamiento, acuse y notificación de las ejecuciones. Debe medirse por tramos y con relojes coherentes; no equivale al slippage ni a la calidad de ejecución.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/latencia-de-ejecucion/", "published": "2026-08-03", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590, Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "EUR-Lex — Commission Delegated Regulation (EU) 2025/1155, business-clock synchronisation", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "5a09561769b7e7a6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/leccion-de-operacion", "locale": "es", "title": "Lección de una operación: evidencia y verificación", "summary": "Una lección de una operación conecta evidencia, comparación y una acción verificable; no convierte un único resultado en una causa cierta.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/leccion-de-operacion/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, revisión no humana por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ellis, Mendel y Nir (2006), Learning from successful and failed experience — experimento peer-reviewed sobre distintos tipos de revisión posterior a experiencias exitosas y fallidas.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/16737362/" ] }, { "text": "Tannenbaum y Cerasoli (2013), Do team and individual debriefs enhance performance? — meta-análisis peer-reviewed sobre estructura y resultados de debriefs individuales y de equipo.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/23516804/" ] }, { "text": "Gollwitzer y Sheeran (2006), Implementation intentions and goal achievement — meta-análisis peer-reviewed de planes condicionales que especifican cuándo, dónde y cómo actuar.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron y Hershey (1988), Outcome bias in decision evaluation — evidencia experimental de que conocer el resultado puede alterar la evaluación retrospectiva de una decisión.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "47ca9829d6e8b284", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/liquidacion", "locale": "es", "title": "Liquidación", "summary": "Reducción o cierre forzado de posiciones o activos cuando equity, margen o límites de riesgo dejan de cumplir los requisitos aplicables. Trigger, procedimiento, fills y posible deuda residual dependen del producto y del contrato.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/liquidacion/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Margin Disclosure Statement — Rule 2264 — venta forzada sin aviso previo, elección de activos por la entidad, cambios de requisitos y posibilidad de perder más que el depósito.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — performance bonds en futuros, initial y maintenance margin, y cargos o abonos por variación.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Understand the Risks of Virtual Currency Trading — apalancamiento, necesidad de reponer margen o cerrar posiciones y pérdidas superiores a la inversión inicial.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "785e8ad1e7583156", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/liquidez", "locale": "es", "title": "Liquidez de mercado: dimensiones, medidas y límites", "summary": "La liquidez de mercado es la capacidad de ejecutar rápidamente una cantidad significativa con costes e impacto limitados. Es multidimensional: spread, profundidad, inmediatez y resiliencia no son sinónimos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/liquidez/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] }, { "text": "CME Group — Understanding the CME Liquidity Tool Methodology", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "7165ac89517da005", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/liquidity-seeking", "locale": "es", "title": "Liquidity seeking: objetivos, routing y trade-offs de ejecución", "summary": "Liquidity seeking es una familia de estrategias profesionales que busca oportunidades de ejecución entre distintos momentos, centros y modos de negociación. No equivale al mero smart routing ni garantiza mejor precio, fill o impacto nulo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/liquidity-seeking/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex, Directiva 2014/65/UE, artículo 4(1)(39) — definición de trading algorítmico y distinción frente al mero routing.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA, Supervisory Briefing on Algorithmic Trading in the EU, 26 de febrero de 2026 — ámbito de los algoritmos, gobernanza, pruebas, externalización y controles pre-trade.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. SEC, Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS — discrecionalidad, estrategias algorítmicas, smart routers, centros y divulgación de acuerdos de routing.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "U.S. SEC, Disclosure of Order Execution and Order Routing Information — marco oficial de las Rules 605 y 606.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/disclosure-order-execution-order-routing-information" ] } ], "revision": "6e465d3eacbc8656", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/loss-aversion", "locale": "es", "title": "Loss aversion", "summary": "Sesgo: el dolor de perder pesa más que el placer de ganar igual cantidad.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/loss-aversion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "567078da40f4c236", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/marco-temporal", "locale": "es", "title": "Marco temporal", "summary": "Horizonte temporal del gráfico: duración de cada vela y perspectiva multi-escala — el mercado es fractal.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/marco-temporal/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "869ebcf8cd062513", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/margen", "locale": "es", "title": "Margen", "summary": "El margen no tiene un significado único: en las cuentas de valores es capital propio junto a crédito garantizado; en los futuros es una garantía de cumplimiento. Los requisitos, las llamadas y los cierres dependen del producto, el intermediario y las reglas aplicables.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/margen/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Brokerage Accounts — crédito sobre valores, capital inicial y de mantenimiento, requisitos internos y riesgos de liquidación.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "FINRA, Rule 2264 — Margin Disclosure Statement — venta sin aviso previo, cambios de requisitos y responsabilidad del cliente por el saldo pendiente.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — garantía de cumplimiento en futuros, margen inicial y de mantenimiento, abonos y cargos, y cambios de requisitos.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "be3b88fd066c1254", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/market-impact", "locale": "es", "title": "Market impact: efecto de la orden sobre el precio", "summary": "El market impact es la variación del precio atribuible a la propia orden o al programa de ejecución. Es un componente del coste implícito, pero no equivale al spread, al slippage ni al movimiento independiente del mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/market-impact/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "SEC — Proposed Rule, Order Competition Rule, Release No. 34-96495", "urls": [ "https://www.sec.gov/files/rules/proposed/2022/34-96495.pdf" ] }, { "text": "Rama Cont, Arseniy Kukanov y Sasha Stoikov, The Price Impact of Order Book Events, Journal of Financial Econometrics, 12(1), 2014, pp. 47–88; preprint", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "Robert Almgren y Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 3(2), 2001, pp. 5–39", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] } ], "revision": "ab2f54e2c2f7d26d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/market-maker", "locale": "es", "title": "Market maker: función, cotizaciones y riesgo de inventario", "summary": "Un market maker cotiza precios de compra y venta o se declara dispuesto a negociar en un mercado específico. Aporta liquidez, pero no garantiza siempre cantidades, spreads ni continuidad de las cotizaciones.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/market-maker/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Market Makers", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-makers" ] }, { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "e7f143ebbb81cd0d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/market-profile", "locale": "es", "title": "Market Profile", "summary": "Perfil de subasta por precio y time bracket mediante TPO. A diferencia del Volume Profile, cuenta oportunidades tiempo-precio, no cantidad negociada.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/market-profile/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 14–21, 33 y 44 — TPO, Initial Balance, extensión del rango, cuatro tipos de jornada, precio más justo y distinción entre TPO Value Area y Volume Value Area.", "urls": [] }, { "text": "J. Peter Steidlmayer y Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, sección I, capítulo 6 — TPO como unidad tiempo-precio y organización de la actividad del mercado.", "urls": [] } ], "revision": "36f796dc83e12497", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/matching-engine", "locale": "es", "title": "Matching engine: prioridad y asignación de órdenes", "summary": "El matching engine aplica las reglas del centro para emparejar órdenes compatibles y asignar los fills. La prioridad precio-tiempo es frecuente, pero no universal: existen algoritmos FIFO, pro rata e híbridos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/matching-engine/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Matching Algorithm Overview — resumen oficial de los algoritmos FIFO, pro rata, configurables y con prioridades específicas (consultado el 3 de agosto de 2026).", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group — How CME Group Ag Markets Operate — comparación entre FIFO y Split FIFO/Pro-Rata en productos agrícolas (consultado el 3 de agosto de 2026).", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/overview-what-makes-ags-markets-work" ] }, { "text": "ESMA — MiFID II, artículo 28: Client order handling rules — gestión de órdenes comparables y momento de recepción en la empresa (consultado el 3 de agosto de 2026).", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — routing hacia bolsas, market makers, ECN e internalización (consultado el 3 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "cc56ad6fed3dfd04", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/materias-primas", "locale": "es", "title": "Commodities y materias primas", "summary": "Las commodities son bienes fungibles como la energía, los metales y los productos agrícolas. La posesión física, el precio spot, los futuros, las opciones y los ETP ofrecen exposiciones diferentes y no producen el mismo rendimiento.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/materias-primas/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Commodities.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/commodities" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — contrato, entrega, hedger, especulación y riesgos.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Learn About Risks Before Investing in Commodity ETPs or Funds, 21 de mayo de 2020 — divergencia entre un ETP sobre futuros y la commodity física.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_CommodityETPs.htm" ] }, { "text": "International Monetary Fund, Primary Commodity Prices — base de datos mensual e índices oficiales.", "urls": [ "https://www.imf.org/en/research/commodity-prices" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETC, futuros, forwards y opciones.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "6fcf6bdd01bb29d0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "risk" ], "asset_classes": [ "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/max-drawdown", "locale": "es", "title": "Maximum drawdown", "summary": "Peor pérdida observada desde un máximo anterior hasta el mínimo posterior de una curva de riqueza, dependiente de la trayectoria, la ventana y la valoración.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/max-drawdown/", "published": "2026-07-11", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap y Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — definición y dependencia de horizonte, drift y volatilidad bajo el modelo.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — maximum drawdown, duración y límites.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — MDD, distribución de drawdowns y Calmar.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "GIPS Standards, Handbook for Firms — valoraciones, flujos y disclosure de la serie.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — uso de drawdown y duración en evaluación de gestores.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "321436d478db8835", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "maximum-drawdown", "path-risk", "performance-measurement", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/maximo-y-minimo", "locale": "es", "title": "Máximo, mínimo y swing", "summary": "Diferencia entre extremos OHLC de la barra y swing highs/lows multibarra, con reglas de pivote, confirmación y timeframe.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/maximo-y-minimo/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, revisión documental con materiales de CME Group", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group Education, Chart Types: Candlestick, Line, Bar, campos open, high, low y close de la barra.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/chart-types-candlestick-line-bar" ] }, { "text": "CME Group Education, Technical Patterns: Reversals, máximos/mínimos, confirmación y límites de los patrones.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/technical-patterns-reversals" ] }, { "text": "CME Group Education, Support and Resistance, uso de máximos y mínimos anteriores como zonas de referencia.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "5e8fba0c370a065f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/media-movil", "locale": "es", "title": "Media móvil: cálculo, usos y límites", "summary": "La media móvil suaviza una serie de precios sobre una ventana deslizante; longitud, pesos y alineación determinan qué muestra y cómo responde.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/media-movil/", "published": "2026-07-11", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Single Moving Average — definición de la ventana deslizante y fórmula de la media simple.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc421.htm" ] }, { "text": "NIST/SEMATECH, What Is Exponential Smoothing? — pesos iguales frente a pesos exponencialmente decrecientes.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc43.htm" ] }, { "text": "NIST/SEMATECH, Centered Moving Average — alineación central y caso de las ventanas pares.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc422.htm" ] }, { "text": "Rob J. Hyndman y George Athanasopoulos, Moving averages — Forecasting: Principles and Practice — suavizado, orden de la media y extremos no disponibles.", "urls": [ "https://otexts.com/fpp3/moving-averages.html" ] }, { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, 1970, capítulos 3 y 6 — fuente histórica del uso cíclico enlazado, no prueba de una promesa general de previsión.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] } ], "revision": "71b17481959b9f0f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "technical-concept", "topics": [ "technical-analysis", "time-series", "smoothing", "moving-averages" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "cyclic", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/mejor-ejecucion", "locale": "es", "title": "Mejor ejecución", "summary": "La mejor ejecución es la obligación del intermediario de adoptar medidas y políticas adecuadas para procurar el mejor resultado posible para el cliente, considerando precio, costes, rapidez, probabilidad de ejecución y liquidación y características de la orden. No garantiza el me", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mejor-ejecucion/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — factores, contraprestación total minorista, política, seguimiento y demostrabilidad.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, Q&A 1016 — Best execution: “all sufficient steps” — alcance de la obligación y resultados perseguidos de forma coherente.", "urls": [ "https://www.esma.europa.eu/publications-data/questions-answers/1016" ] }, { "text": "U.S. Securities and Exchange Commission, Best Execution — deber del broker y factores de evaluación en Estados Unidos.", "urls": [ "https://www.sec.gov/answers/bestex.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Disclosure of Order Execution and Routing Practices — valoración basada en hechos y circunstancias y límites de las estadísticas de ejecución por sí solas.", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] } ], "revision": "960bcf598db341c3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "regulation", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/mental-accounting", "locale": "es", "title": "Mental accounting", "summary": "Separar mentalmente el capital en cubetas con reglas distintas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mental-accounting/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f16125b592b8eef2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/mentalidad-de-inversor", "locale": "es", "title": "Mentalidad de inversor", "summary": "Mentalidad de allocador — sostenibilidad, control de riesgo y calidad del proceso en horizonte multi-ciclo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mentalidad-de-inversor/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "eb8d66199d9adbf0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/mercado-a-operar", "locale": "es", "title": "Mercado a operar", "summary": "Elección deliberada y restringida de instrumentos — liquidez, horarios, costes y especialización en el plan.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mercado-a-operar/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a21146988559b1fb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/mercado-en-tendencia", "locale": "es", "title": "Mercado en tendencia", "summary": "Régimen direccional persistente en el que seguir el flujo suele ser más robusto que anticipar reversiones — setups de continuación y trailing stop.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mercado-en-tendencia/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e3d597a8cd022136", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/mercado-laboral-nominas-desempleo-y-salarios", "locale": "es", "title": "Mercado laboral: nóminas, desempleo y salarios", "summary": "Empleo, participación, paro, horas y salarios como medidas complementarias con encuestas y revisiones distintas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mercado-laboral-nominas-desempleo-y-salarios/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Employment Situation, documentación oficial — resultados mensuales de las encuestas a hogares y empresas sobre empleo, paro, horas y salarios.", "urls": [ "https://www.bls.gov/news.release/empsit.htm" ] }, { "text": "Eurostat, Employment and unemployment, documentación oficial — indicadores y bases de datos armonizados del mercado laboral europeo.", "urls": [ "https://ec.europa.eu/eurostat/web/labour-market/overview" ] }, { "text": "ILO, ILOSTAT, documentación oficial — normas, definiciones y datos comparables por país para estadísticas laborales.", "urls": [ "https://ilostat.ilo.org/" ] } ], "revision": "906160abde3f6e54", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/mercado-lateral", "locale": "es", "title": "Mercado lateral", "summary": "Régimen de rango en el que el precio oscila sin dirección estable — filtros más severos, menos falsos breakouts, frecuencia reducida.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mercado-lateral/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4752f9873592beeb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/mercado-monetario-repo-y-tipos-overnight", "locale": "es", "title": "Mercado monetario, repo y tipos overnight", "summary": "Cómo circula la liquidez a corto plazo mediante préstamos garantizados, repo, collateral y benchmarks overnight como SOFR.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mercado-monetario-repo-y-tipos-overnight/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Secured Overnight Financing Rate", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] } ], "revision": "32c30159fa38a579", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "money-market", "repo", "funding", "collateral", "overnight-rates", "sofr" ], "asset_classes": [ "money-market", "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/mercado-spot", "locale": "es", "title": "Mercado spot: intercambio, liquidación y posesión", "summary": "Spot describe un intercambio al contado según las convenciones del mercado. Por sí solo no garantiza posesión física, ausencia de apalancamiento, negociación en bolsa ni identidad de la contraparte.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/mercado-spot/", "published": "2026-07-11", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025 — segmentos spot, outright forward, FX swap, currency swap y opciones OTC.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — relación OTC con el dealer, margen, financiación y costes minoristas.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa? — función de la bolsa y papel de los intermediarios.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — definiciones de la UE de centro, mercado regulado, MTF y OTF.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "9f77f2e96492c8ad", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/metricas-y-benchmarks-de-backtest", "locale": "es", "title": "Métricas y benchmarks de backtest", "summary": "Cómo interpretar rendimiento, riesgo, drawdown, costes, capacidad e incertidumbre declarando la serie, la frecuencia, la anualización y el término de comparación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/metricas-y-benchmarks-de-backtest/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio — definición, interpretación y relaciones de la medida.", "urls": [ "https://doi.org/10.3905/jpm.1994.409501" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — distribución y limitaciones de la anualización en presencia de dependencia.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey y Marcos López de Prado, The Deflated Sharpe Ratio — ajuste por sesgo de selección y rendimientos no normales dentro del modelo propuesto.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — principios para la gobernanza, calidad y metodología de los benchmarks dentro de su ámbito.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD409.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — uso conjunto de rendimiento, benchmarks, estrés e incertidumbre en la validación.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "eafc2a0d46e149e4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "benchmarks", "sharpe-ratio", "drawdown", "uncertainty" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/miedo", "locale": "es", "title": "Miedo en el trading", "summary": "Respuesta emocional a la incertidumbre que puede señalar un riesgo real o interferir con la ejecución: cómo separar estado interno, evidencia y plan.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/miedo/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Lo y Repin, The psychophysiology of real-time financial risk processing (Journal of Cognitive Neuroscience, PubMed) — estudio revisado por pares de las respuestas fisiológicas de traders profesionales durante sesiones reales.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11970795/" ] }, { "text": "CFTC, Forex Frauds — distingue capital de riesgo, riesgo por operación y plan, e indica que seguir un plan puede ayudar a reducir decisiones cargadas de emoción.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA, Investor Tips for Turbulent Markets — aborda miedo y ansiedad durante la volatilidad y recomienda objetivos y planificación frente a decisiones impulsivas.", "urls": [ "https://www.finra.org/investors/insights/tips-turbulent-market" ] } ], "revision": "862f6d7dfb6c5c8f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/modelo-de-negocio-y-motores-de-ingresos", "locale": "es", "title": "Modelo de negocio y motores de ingresos", "summary": "El modelo de negocio explica quién paga, por qué valor y con qué recursos; los drivers lo traducen en hipótesis comprobables de precio, volumen y mix.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/modelo-de-negocio-y-motores-de-ingresos/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Principios de reconocimiento de ingresos e información contractual.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guía de estados y notas para comprobar el relato económico.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "67728b8f0d6b69d4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "business-analysis-framework", "topics": [ "fundamental-analysis", "business-model", "revenue", "unit-economics" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/monte-carlo-y-bootstrap", "locale": "es", "title": "Monte Carlo y bootstrap para estrategias de trading", "summary": "Métodos de simulación y remuestreo para estudiar incertidumbre, orden de los rendimientos y drawdown bajo supuestos declarados, sin crear información ausente de los datos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/monte-carlo-y-bootstrap/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bradley Efron, Bootstrap Methods: Another Look at the Jackknife — artículo fundacional sobre remuestreo bootstrap y estimación.", "urls": [ "https://doi.org/10.1214/aos/1176344552" ] }, { "text": "Dimitris N. Politis y Joseph P. Romano, The Stationary Bootstrap — bootstrap por bloques de longitud aleatoria para datos estacionarios con dependencia débil.", "urls": [ "https://doi.org/10.1080/01621459.1994.10476870" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — efecto de la dependencia temporal sobre la distribución y la anualización de la ratio de Sharpe.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — función de Monte Carlo, bootstrap y pruebas de estrés en la validación de modelos de inversión.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "b8c07a06ea6bc705", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "monte-carlo", "bootstrap", "resampling", "uncertainty", "drawdown" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/motivo-de-entrada", "locale": "es", "title": "Motivo de entrada", "summary": "Documenta antes de la orden qué condición observable activa la regla, qué plan la autoriza y qué la invalida, sin predecir el resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/motivo-de-entrada/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — revisión editorial realizada por un agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Keep a Trade Log — aconseja registrar por qué se realizó la operación y detalles como objetivos, puntos de entrada y salida, horas, niveles e indicadores.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/keep-a-trade-log" ] }, { "text": "CME Group — A Trader's Guide to Futures — describe la definición, antes de entrar, del objetivo, el riesgo, la salida y el método de seguimiento.", "urls": [ "https://www.cmegroup.com/education/files/a-traders-guide-to-futures.pdf" ] }, { "text": "CFTC — Understand Risks and Markets before Reacting to Internet Hype — recomienda desarrollar un plan adaptado a la propia situación en vez de seguir el ruido y recuerda que ningún programa puede garantizar resultados.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_SocialMedia_Metals.html" ] }, { "text": "Gollwitzer y Sheeran (2006) — Implementation Intentions and Goal Achievement — meta-análisis peer-reviewed de planes «si-entonces» en la investigación general sobre autorregulación; no evalúa estrategias de trading.", "urls": [ "https://www.sciencedirect.com/science/article/abs/pii/S0065260106380021" ] } ], "revision": "3ce0ed322b86cbdc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "record", "topics": [ "trade-journal", "decision-process", "pre-trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/motivo-de-salida", "locale": "es", "title": "Motivo de salida", "summary": "Registra por qué se cerró una posición separando la regla de decisión, la adherencia al proceso, la ejecución real y el resultado monetario.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/motivo-de-salida/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — material oficial del mercado sobre la definición anticipada de criterios de entrada y salida y la gestión de posiciones abiertas.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — distingue motivos de cierre y métodos operativos en ejemplos de futuros; esos ejemplos no son reglas universales.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "Investor.gov, Executing an Order — fuente oficial de la SEC sobre el proceso de ejecución y la ausencia de garantía de mejora del precio.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "Baron y Hershey, Outcome Bias in Decision Evaluation — Journal of Personality and Social Psychology — estudio peer-reviewed sobre cómo conocer el resultado afecta a la evaluación de decisiones tomadas bajo incertidumbre.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "02576fdd0a6b9d50", "translation_state": "not-assessed", "kind": "concept", "entity_type": "journal-field", "topics": [ "trade-journal", "exit-process", "execution-review", "outcome-bias" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/nft", "locale": "es", "title": "NFT: token, contenidos, derechos y riesgos", "summary": "Un NFT es un token identificable individualmente: el registro, los contenidos vinculados y los derechos atribuidos son niveles distintos que deben comprobarse antes de considerar el precio.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/nft/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum Improvement Proposals — ERC-721 — Interfaz para la identificación, propiedad, transferencia y extensión de metadatos de los tokens no fungibles.", "urls": [ "https://eips.ethereum.org/EIPS/eip-721" ] }, { "text": "Ethereum Improvement Proposals — ERC-1155 — Contratos multitoken, transferencias por lotes y gestión de unidades fungibles y no fungibles.", "urls": [ "https://eips.ethereum.org/EIPS/eip-1155" ] }, { "text": "Ethereum Improvement Proposals — ERC-2981 — Comunicación de regalías y carácter voluntario de su pago por parte de los mercados.", "urls": [ "https://eips.ethereum.org/EIPS/eip-2981" ] }, { "text": "Unión Europea — Reglamento (UE) 2023/1114, MiCA — Considerandos 10–11: unicidad, fracciones, series, colecciones y principio de primacía de la sustancia sobre la forma.", "urls": [ "https://eur-lex.europa.eu/legal-content/ES/TXT/?uri=CELEX:32023R1114" ] }, { "text": "ESMA — Directrices sobre la calificación de los criptoactivos — Criterios europeos para distinguir la forma técnica, los derechos y la posible naturaleza de instrumento financiero.", "urls": [ "https://www.esma.europa.eu/document/guidelines-conditions-and-criteria-qualification-crypto-assets-financial-instruments" ] }, { "text": "WIPO — Non-fungible tokens (NFTs) and copyright — Distinción entre token, obra, licencia y transferencia de los derechos de autor.", "urls": [ "https://www.wipo.int/en/web/wipo-magazine/articles/non-fungible-tokens-nfts-and-copyright-42365" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Conflictos, integridad del mercado, custodia, divulgación y riesgos operativos en las plataformas cripto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "FBI — Fraudulent NFT airdrops — Uso de airdrops, enlaces y solicitudes de conexión de la cartera para robar credenciales o activos.", "urls": [ "https://www.fbi.gov/investigate/cyber/alerts/2025/cybercriminals-defraud-hedera-hashgraph-network-non-custodial-wallet-users-through-nonfungible-token-airdrops-disguised-as-free-rewards" ] } ], "revision": "ff49389dfad35c2b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "non-fungible-token-structure", "topics": [ "nft", "non-fungible-tokens", "metadata", "digital-rights", "erc-721", "erc-1155", "royalties", "digital-collectibles" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-and-evaluate-nfts", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/notional", "locale": "es", "title": "Valor nocional (notional)", "summary": "Valor de referencia de una posición o contrato. Describe la escala de la exposición, pero no equivale a margen, capital en riesgo, P&L ni pérdida máxima.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/notional/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value — unidad contractual, precio del futuro, multiplicador y uso del nocional en hedge ratios.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — margen inicial y de mantenimiento, factor contractual y abonos/cargos en la cuenta de futuros.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — importe de referencia al que se aplican tipos para calcular pagos periódicos de swaps y otros derivados.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Over-the-Counter Derivatives Concept Release — en derivados OTC, el nocional no equivale al valor de mercado ni al importe en riesgo.", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — límites del nocional como unidad de riesgo comparable entre activos y función del ajuste por delta en opciones.", "urls": [ "https://www.sec.gov/dera/staff-papers/white-papers/derivatives12-2015.pdf" ] }, { "text": "CME Group, Options Delta — The Greeks — sensibilidad de la opción al subyacente y uso del delta en hedge ratios.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Bybit Help Center, FAQ — P&L Calculation — ejemplo primario de fórmulas distintas para contratos lineales e inversos.", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Profit-Loss-Calculation" ] }, { "text": "Bybit Help Center, Funding Fee Calculation — ejemplo primario de base, tasa, intervalo y divisa de liquidación definidos por el producto.", "urls": [ "https://www.bybit.com/en/help-center/article/Funding-fee-calculation" ] }, { "text": "CME Group, Fee Schedules, 29 June 2026, y Bybit Help Center, Futures Contracts: Fees Explained — ejemplos de cargos por contrato/por lado y cargos porcentuales sobre el valor de la orden según el producto.", "urls": [ "https://www.cmegroup.com/company/files/cme-fee-schedule-2026-06-29.pdf", "https://www.bybit.com/en/help-center/article?id=000001584" ] } ], "revision": "7259fbe9747a7aa8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "derivatives", "leverage", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/numero-maximo-de-operaciones", "locale": "es", "title": "Número máximo de operaciones", "summary": "Techo al número de operaciones por día o sesión — filtra calidad y recorta overtrading y costes.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/numero-maximo-de-operaciones/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1b00b342f843ed46", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/objetivo", "locale": "es", "title": "Objetivo", "summary": "Destino lógico del trade — la liquidez y la estructura dictan el take profit, no la codicia ni un R:R impuesto.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/objetivo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ff21029f4ff3657f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/oferta-y-demanda", "locale": "es", "title": "Oferta y demanda", "summary": "Equilibrio entre órdenes de compra (demanda) y venta (oferta): el precio se desplaza cuando una parte es más agresiva y consume la liquidez opuesta.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/oferta-y-demanda/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7c9b41ddbb3d3211", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/opciones", "locale": "es", "title": "Opciones: call, put, strike y vencimiento", "summary": "Una opción es un derivado que otorga al comprador un derecho y al vendedor la obligación correspondiente. Call, put, strike, prima, vencimiento y liquidación definen el contrato.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/opciones/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — documento oficial estadounidense sobre características, ejercicio, asignación, liquidación y riesgos de las combinaciones.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options, publicado el 18 de marzo de 2015 y actualizado el 16 de julio de 2026.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Opening an Options Trading Account, actualizado el 16 de julio de 2026 — riesgos, aprobación y disclosure en el ámbito estadounidense.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-77" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — opciones sobre futuros y obligaciones contractuales.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorías de opciones y otros derivados en el ámbito de la UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "b25c7c97011f2fdd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/opinion-contrarian", "locale": "es", "title": "Opinión contrarian", "summary": "Postura deliberadamente opuesta al consenso cuando hay fundamento.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/opinion-contrarian/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b786bc6a9c99d340", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/optimizacion-de-comisiones", "locale": "es", "title": "Optimización de comisiones", "summary": "Reducción del coste total de ejecución — comisiones, maker/taker, tier de volumen y routing de venue.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/optimizacion-de-comisiones/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "cb9d5fc473e44e38", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "execution", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/optimizacion-media-varianza-y-frontera-eficiente", "locale": "es", "title": "Optimización media-varianza y frontera eficiente", "summary": "Marco de Markowitz que combina rendimientos esperados, varianzas y covarianzas para comparar carteras eficientes, haciendo explícitos sus límites de estimación e implementación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/optimizacion-media-varianza-y-frontera-eficiente/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulación original del criterio media-varianza.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — función objetivo, frontera, críticas, pasivos, factores y aplicaciones.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi y Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — comparación fuera de muestra con 1/N.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "Fischer Black y Robert Litterman, Global Portfolio Optimization, Financial Analysts Journal (1992) — marco que combina equilibrio y visiones.", "urls": [ "https://doi.org/10.2469/faj.v48.n5.28" ] }, { "text": "Richard O. Michaud y Robert Michaud, Estimation Error and Portfolio Optimization: A Resampling Solution — error de estimación, resampling y estabilidad.", "urls": [ "https://doi.org/10.2139/ssrn.2658657" ] } ], "revision": "c7e6349fc63cc8bf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "mean-variance-optimization", "efficient-frontier", "portfolio-theory", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/orden-limit", "locale": "es", "title": "Orden limit: precio, cola y fills parciales", "summary": "Una orden limit solo puede ejecutarse al precio indicado o a uno mejor. Protege el límite de precio si se ejecuta, pero no garantiza el fill, no implica siempre un papel maker y puede completarse solo en parte.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/orden-limit/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — límite de precio y ausencia de garantía de ejecución (consultado el 3 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Limit Orders — precio límite, condiciones y riesgo de falta de fill (consultado el 3 de agosto de 2026).", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "U.S. SEC — Rule 606 Regulation NMS, FAQ — distinción entre órdenes que aportan o retiran liquidez y casos que no encajan en ninguna categoría (consultado el 3 de agosto de 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "ESMA — MiFID II, artículo 28: Client order handling rules — gestión justa y oportuna y publicación de determinadas órdenes limit (consultado el 3 de agosto de 2026).", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "a3b3f19352deb84e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/orden-market", "locale": "es", "title": "Orden market: ejecución y riesgo de precio", "summary": "Una orden market solicita negociar de inmediato contra la liquidez disponible, sin fijar un precio límite. Prioriza la probabilidad de ejecución, pero no garantiza ni el precio ni que se complete toda la cantidad.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/orden-market/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — definición para inversores particulares y riesgo sobre el precio de ejecución (consultado el 3 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — routing, latencia, cantidades cotizadas y best execution (consultado el 3 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — órdenes y cantidades residuales no ejecutadas, fills parciales e interrupciones (actualizado el 1 de abril de 2026; consultado el 3 de agosto de 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC, Investor.gov — Trading Halts and Delays — suspensiones reglamentarias y del mercado (consultado el 3 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/trading-halts-and-delays" ] } ], "revision": "151049c7d93d08ad", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/orden-stop", "locale": "es", "title": "Orden stop: activación, orden hija y riesgo de ejecución", "summary": "Una orden stop se activa cuando se cumple una condición de precio definida por el broker o el centro de negociación. El trigger no es un precio de ejecución: genera una orden market o limit con riesgos distintos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/orden-stop/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Stop, Stop-Limit, and Trailing Stop Orders — diferencias entre orden hija, precio de activación y criterios de los brokers (13 de julio de 2017; consultado el 3 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "U.S. SEC, Investor.gov — Types of Orders — definiciones de stop, buy stop y sell stop (consultado el 3 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — condiciones de ejecutabilidad, stop-limit y triggers en un broker posterior (actualizado el 1 de abril de 2026; consultado el 3 de agosto de 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "de86a1896d293b43", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/orden-stop-limit", "locale": "es", "title": "Orden stop-limit: trigger, límite y riesgo de no ejecución", "summary": "Orden condicional que, al alcanzarse el stop, activa una orden limit: controla el precio admisible, pero puede quedar sin ejecutar incluso después del trigger.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/orden-stop-limit/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Types of Orders — diferencias entre market, limit y stop en el contexto bursátil estadounidense.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — condiciones de ejecutabilidad de las órdenes con stop y limit dentro del perímetro de información de la Rule 605.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group, CME Globex Reference Guide — implementación de las stop-limit en CME Globex y permanencia del remanente.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — principios de la UE para la gestión de órdenes de clientes.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "b09d56e03ff095ab", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/order-book", "locale": "es", "title": "Order book", "summary": "Registro de las órdenes limitadas mostradas en un mercado o feed concreto. Presenta el bid, el ask y la profundidad disponible, pero no toda la liquidez ni la dirección futura del precio.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/order-book/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — feeds basados en órdenes y libros por niveles; órdenes mostradas, cancelaciones, modificaciones y ejecuciones.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "New York Stock Exchange, NYSE Pillar Depth — ejemplo oficial de un feed con diez niveles bid/offer, tamaño y atribución del centro.", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "Rama Cont, Arseniy Kukanov y Sasha Stoikov, The Price Impact of Order Book Events, Journal of Financial Econometrics, 12(1), 2014, pp. 47–88; preprint — desequilibrio del flujo de órdenes, profundidad y variaciones de precio a corto plazo.", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "U.S. Commodity Futures Trading Commission, Antidisruptive Practices Authority — interpretación de la prohibición del spoofing y función de la intención.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "6f2fec1b66b6c302", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "volumetric" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/order-flow", "locale": "es", "title": "Order flow en trading: datos, herramientas y límites", "summary": "El order flow estudia la secuencia de órdenes, modificaciones, cancelaciones y ejecuciones. Para interpretarlo correctamente hay que distinguir el libro, las operaciones ejecutadas y las medidas derivadas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/order-flow/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — describe la orden agresora como la orden entrante que se cruza inmediatamente con órdenes ya presentes.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — documenta los campos con los que un feed de un mercado puede publicar el precio, la cantidad y el lado agresor de las ejecuciones.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distingue el volumen negociado en el bid o el ask de la cantidad que espera en la profundidad de mercado y explica los requisitos de los datos tick a tick.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "Lee y Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — presenta un método para inferir la dirección de las operaciones y deja claro que la clasificación puede estimarse en vez de observarse.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] } ], "revision": "9d5f65225f7d75ca", "translation_state": "not-assessed", "kind": "concept", "entity_type": "market-microstructure-concept", "topics": [ "order-flow", "executions", "order-book", "market-data", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/order-splitting", "locale": "es", "title": "Order splitting", "summary": "División de una orden grande en tramos temporales — reduce market impact y mejora el precio medio de fill.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/order-splitting/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b0e627f7ec579e4f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "execution", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/out-of-sample", "locale": "es", "title": "Out-of-sample", "summary": "Evaluación sobre observaciones no usadas en el desarrollo: separación temporal, pureza de la prueba, purging, embargo y walk-forward sin atajos universales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/out-of-sample/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, International Journal of Forecasting, 2000 — rolling origin, recalibración y múltiples periodos de prueba.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir y José M. Benítez, On the use of cross-validation for time series predictor evaluation, Information Sciences, 2012 — diseños de validación cruzada para predictores temporales.", "urls": [ "https://doi.org/10.1016/j.ins.2011.12.028" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman y Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction, 2018 — condiciones bajo las que la validación cruzada puede ser válida para series autorregresivas.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — selección entre configuraciones y límites del holdout simple en backtests de inversión.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — índice oficial de Wiley, Wiley, 2018 — referencia monográfica para purged K-fold y embargo; no se cita aquí como artículo revisado por pares.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "a756158598ace4cd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "out-of-sample", "holdout", "validacion-temporal", "walk-forward", "validacion-cruzada-purgada" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/overconfidence", "locale": "es", "title": "Overconfidence", "summary": "Exceso de confianza en la propia lectura o win rate.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/overconfidence/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9efb9bb64bb8ca3f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/overfitting", "locale": "es", "title": "Overfitting", "summary": "Ajuste al ruido histórico y selección entre numerosos intentos: cómo reconocer, medir y contener el overfitting en sistemas de trading.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/overfitting/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — evaluación del mejor modelo tras investigar numerosas alternativas.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann y Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap, The Journal of Finance, 1999 — aplicación directa a reglas técnicas de trading.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — selección in-sample y pérdida de rango fuera de muestra.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Campbell R. Harvey, Yan Liu y Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — pruebas múltiples en la investigación sobre rendimientos esperados.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "David H. Bailey y Marcos López de Prado, The Deflated Sharpe Ratio — corrección por sesgo de selección y no normalidad al interpretar el Sharpe.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "9d19c67e689b757d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "overfitting", "pruebas-multiples", "seleccion-de-modelos", "data-snooping", "validacion-de-backtest" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/overtrading", "locale": "es", "title": "Overtrading", "summary": "Exceso de operaciones sin edge.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/overtrading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a2fcad04d79a80e9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/paciencia", "locale": "es", "title": "Paciencia", "summary": "Esperar setups válidos y dejar correr trades.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/paciencia/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6a1590807954f384", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/panico", "locale": "es", "title": "Pánico en el trading", "summary": "Urgencia intensa bajo estrés que puede estrechar la atención y favorecer acciones no planificadas: prevención, contingencias y revisión de la ejecución.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/panico/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Lo y Repin, The psychophysiology of real-time financial risk processing (Journal of Cognitive Neuroscience, PubMed) — mediciones fisiológicas durante sesiones reales de traders profesionales.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11970795/" ] }, { "text": "Porcelli y Delgado, Acute stress modulates risk taking in financial decision making (Psychological Science, PubMed) — experimento revisado por pares sobre estrés agudo y decisiones financieras; no establece una respuesta universal.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/19207694/" ] }, { "text": "FINRA, Active vs. Passive Investing — aborda el FOMO, el pánico durante la volatilidad y las reacciones emocionales que pueden apartar al inversor de principios planificados.", "urls": [ "https://www.finra.org/investors/insights/active-passive-investing" ] }, { "text": "FINRA, Volatility — trata las reacciones impulsivas durante movimientos bruscos y la función de los objetivos y del plan financiero.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "6a53e873321529cb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/paper-trading", "locale": "es", "title": "Paper trading", "summary": "Entorno con capital simulado para verificar el flujo, las órdenes y el proceso sobre datos actuales, distinguiéndolo de forward test, shadow mode y micro-live.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/paper-trading/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — límites de la retrospectiva, la liquidez, el slippage y la ausencia de riesgo real; aplicable dentro de su ámbito NFA.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — estructura de los mercados, automatización y efectos de la interacción real entre órdenes y centros de negociación.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validación proactiva y límites de los modelos de inversión.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Comisión Europea, Reglamento Delegado (UE) 2017/589, RTS 6 — pruebas, entornos separados de producción, controles y despliegue dentro del ámbito de la UE del trading algorítmico al que se aplica.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "b98637d67b4aa255", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "paper-trading", "shadow-mode", "execution-testing", "operational-validation", "simulated-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/paridad-put-call-y-posiciones-sinteticas", "locale": "es", "title": "Paridad put-call y posiciones sintéticas", "summary": "La paridad put-call relaciona precios de call, put, subyacente o forward, strike, tipos y dividendos cuando los contratos europeos comparten subyacente, strike y vencimiento. Las posiciones sintéticas derivan de la misma identidad, con costes y restricciones reales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/paridad-put-call-y-posiciones-sinteticas/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Put/Call Parity — relación spot, hipótesis, conversion, reversal y sintéticas.", "urls": [ "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "CME Group, Put-Call Parity — paridad para opciones sobre el mismo futuro, strike y vencimiento.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-options/put-call-parity" ] }, { "text": "CME Group, CME Options Workshop — forma forward y valor actual de la diferencia F − K.", "urls": [ "https://www.cmegroup.com/articles/files/2023/pro-workshop-series-post-webinar-recording-week4-slides.pdf" ] }, { "text": "Fischer Black y Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — fuente primaria sobre réplica y no arbitraje.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — ejercicio, asignación, settlement y riesgos contractuales.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Option Price Behavior — precios relativos, valor intrínseco y paridad.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/option-price-behavior" ] }, { "text": "Cboe Options Institute, Options Definitions & Glossary — estilo americano/europeo, settlement y conceptos contractuales.", "urls": [ "https://www.cboe.com/optionsinstitute/defining-options/" ] } ], "revision": "2d721c39814557ff", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "no-arbitrage", "synthetic-positions" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/payoff-ratio", "locale": "es", "title": "Payoff ratio", "summary": "Relación beneficio medio / pérdida media — asimetría real de resultados, no solo R/R teórico pre-trade.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/payoff-ratio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6bec8955dac6f30a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/perdida-maxima", "locale": "es", "title": "Pérdida máxima", "summary": "Definir de antemano un límite de pérdida acumulada, cómo medirlo y qué respuesta aplicar, sin confundirlo con una protección garantizada.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/perdida-maxima/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds: capital de riesgo, planificación del riesgo y decisiones definidas antes de operar.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "CME Group — Risk Management and Your Trade Plan: documenta la definición previa en el plan del apalancamiento previsto, la pérdida máxima por operación y la pérdida máxima diaria.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "CME Group — Position and Risk Management: plan de capital, dimensionamiento, valor del tick, stops y margen.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "FINRA — Stop Orders: Factors to Consider During Volatile Markets: el precio de ejecución de una orden stop puede diferir de su precio de activación.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "bdedc21452334008", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/perdida-media", "locale": "es", "title": "Pérdida media", "summary": "Average loss — valor medio de los trades perdedores; métrica defensiva del control de riesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/perdida-media/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8dc06ffeae1f64ba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/performance-attribution", "locale": "es", "title": "Performance attribution", "summary": "Descomposición conciliada del rendimiento absoluto o activo en las decisiones representadas por un modelo, distinta de medición, appraisal y prueba causal de habilidad.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/performance-attribution/", "published": "2026-07-11", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gary P. Brinson, L. Randolph Hood y Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — marco original de política, asignación activa y selección.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "Gary P. Brinson, Brian D. Singer y Gilbert L. Beebower, Determinants of Portfolio Performance II: An Update, Financial Analysts Journal (1991) — actualización y tratamiento del efectivo.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1991/determinants-of-portfolio-performance-ii-an-update" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution (2019) — historia, fórmulas BHB/BF, modelos y linking.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — measurement, attribution, appraisal y enfoques por datos.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Roger G. Ibbotson y Paul D. Kaplan, Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?, Financial Analysts Journal (2000) — preguntas estadísticas detrás de porcentajes citados.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2000/does-asset-allocation-policy-explain-40-90-or-100-percent-of-performance" ] } ], "revision": "f61cd3a20da39001", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-attribution", "return-attribution", "brinson-model", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/perpetual-future", "locale": "es", "title": "Futuro perpetuo: funding, mark price y liquidación", "summary": "El futuro perpetuo es un derivado sin vencimiento programado: índice, mark price, funding, margen y motor de liquidación determinan su comportamiento y sus riesgos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/perpetual-future/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Guidelines on the qualification of crypto-assets as financial instruments — párrafos 47–55: derivados cripto y evaluación de la sustancia.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2025-03/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs.pdf" ] }, { "text": "ESMA — Statement on derivatives within CFD product-intervention measures — denominación, funding, vencimiento e insurance fund no deciden por sí solos el ámbito.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-02/ESMA35-243228190-8024_-_Public_statement_on_derivatives_in_scope_of_the_CFD_product_intervention_measures.pdf" ] }, { "text": "BIS–FSI — Cryptoasset service providers as financial intermediaries — perpetuos, apalancamiento, margen, liquidación, insurance fund y auto-deleveraging.", "urls": [ "https://www.bis.org/fsi/fsipapers27.pdf" ] }, { "text": "CFTC — BTCPERP product terms — ejemplo de un contrato concreto con índice, prima, funding y margen; no es un modelo universal.", "urls": [ "https://www.cftc.gov/filings/ptc/ptc0602265036.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — divulgación, integridad, conflictos, custodia y riesgos de las plataformas cripto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "5a15fd90b16aeda8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "perpetual-derivative-contract", "topics": [ "derivatives", "perpetual-futures", "crypto-markets", "funding", "margin", "liquidation" ], "asset_classes": [ "crypto", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-perpetual-futures", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/pib-y-contabilidad-nacional", "locale": "es", "title": "PIB y contabilidad nacional", "summary": "Qué mide el producto interior bruto, cómo se concilian producción, renta y gasto y por qué las magnitudes reales, nominales y per cápita responden a preguntas distintas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/pib-y-contabilidad-nacional/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BEA, National Economic Accounts, documentación oficial — cuentas estadounidenses de PIB, renta, gasto, ahorro y medidas de precios relacionadas.", "urls": [ "https://www.bea.gov/products/national-economic-accounts" ] }, { "text": "Eurostat, National accounts, documentación oficial — datos europeos de contabilidad nacional y el marco contable que los sustenta.", "urls": [ "https://ec.europa.eu/eurostat/web/national-accounts" ] }, { "text": "IMF, System of National Accounts 2008, documentación oficial — conceptos, clasificaciones y reglas contables acordados internacionalmente.", "urls": [ "https://www.imf.org/external/pubs/ft/sna/2008/sna2008.pdf" ] } ], "revision": "638400cd3a00e003", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/plan-de-negocio-del-trader", "locale": "es", "title": "Plan de negocio del trader", "summary": "Documento de gestión que transforma el trading en actividad estructurada — objetivos, costes, capital, riesgo y revisión periódica.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/plan-de-negocio-del-trader/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "039726cb1a61c960", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/plan-de-trading", "locale": "es", "title": "Plan de trading", "summary": "Documento escrito que define mercados, horarios, riesgo, setups autorizados y reglas de comportamiento — cero improvisación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/plan-de-trading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "936f68239046457c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/playbook", "locale": "es", "title": "Playbook", "summary": "Catálogo escrito de setups validados — contexto, trigger, invalidación, gestión por cada escenario autorizado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/playbook/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "aa3ca3781cbc6888", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/poc", "locale": "es", "title": "POC (Point of Control)", "summary": "Nivel dominante de un perfil: precio con más volumen en el Volume Profile o con más TPO en el Market Profile. Las dos versiones pueden no coincidir.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/poc/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, p. 44 — precio presente en el mayor número de intervalos temporales y desempate hacia el punto medio del rango.", "urls": [] }, { "text": "Chicago Board of Trade, misma obra, p. 33 — distinción explícita entre el área de volumen y el área TPO.", "urls": [] } ], "revision": "65e9ab949819df9f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/point-and-figure", "locale": "es", "title": "Point & Figure (P&F)", "summary": "Cómo construir y leer un gráfico Point & Figure: cajas, columnas X/O, umbral de inversión, ajustes, usos operativos y límites.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/point-and-figure/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — revisión editorial realizada por un agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView Help Center — What are Point & Figure charts? — documentación oficial sobre columnas X/O, cajas, inversiones, fuentes del precio y métodos de dimensionamiento.", "urls": [ "https://www.tradingview.com/support/solutions/43000502276-what-are-point-and-figure-charts/" ] }, { "text": "StockCharts ChartSchool — Introduction to Point & Figure Charts — construcción, escala temporal no uniforme y sensibilidad de los parámetros.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/chart-analysis/point-and-figure-charts/point-and-figure-basics/introduction-to-point-and-figure-charts" ] }, { "text": "StockCharts ChartSchool — P&F Price Objectives: Horizontal Counts — método de conteo y advertencia explícita de que los objetivos son estimaciones sin garantía.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/chart-analysis/point-and-figure-charts/p-and-f-price-objectives/p-and-f-price-objectives-horizontal-counts" ] }, { "text": "CMT Association — Technically Speaking, November 2025 — fuente profesional sobre tamaño de caja, número de inversión y marcadores temporales.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-november-2025/" ] }, { "text": "TradingView Help Center — One Step Back Building — documentación oficial de la variante de una caja.", "urls": [ "https://www.tradingview.com/support/solutions/43000564837-what-does-the-one-step-back-building-option-mean/" ] } ], "revision": "247be5c4e1beaf8b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "chart-type", "topics": [ "technical-analysis", "price-chart", "noise-filtering" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "price_action", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/politica-fiscal-deficit-y-deuda-publica", "locale": "es", "title": "Política fiscal, déficit y deuda pública", "summary": "Ingresos, gastos, saldo primario, intereses, déficit y deuda leídos con perímetro contable, moneda y vencimientos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/politica-fiscal-deficit-y-deuda-publica/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, Fiscal Monitor, documentación oficial — proyecciones fiscales internacionales y análisis de políticas y riesgos para las finanzas públicas.", "urls": [ "https://www.imf.org/en/Publications/FM" ] }, { "text": "Eurostat, Government finance statistics, documentación oficial — ingresos, gastos, déficit y deuda europeos según las reglas SEC y PDE.", "urls": [ "https://ec.europa.eu/eurostat/web/government-finance-statistics" ] }, { "text": "CBO, Budget and Economic Data, documentación oficial — historia, escenarios base y proyecciones del presupuesto federal estadounidense.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] } ], "revision": "d100e2cfd6b7a734", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/position-sizing", "locale": "es", "title": "Position sizing", "summary": "Método para convertir un presupuesto de riesgo y la distancia al stop en una cantidad negociable, incluyendo valor del punto, costes, redondeo y límites de cartera.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/position-sizing/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — proceso stop → presupuesto → contratos y cálculo mediante distancia y valor del tick.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Trading Basics, pp. 2–3 — diferencias entre stop y stop-limit y riesgo de divergencia entre los precios de activación y ejecución.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — payoffs no lineales y riesgos específicos para compradores y vendedores de opciones.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "e21d20dc8f5267f2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "plan", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/post-only", "locale": "es", "title": "Post-only: instrucción maker y reglas del centro", "summary": "Post-only solicita que una orden limit no retire liquidez de inmediato, pero el resultado no es universal: el centro puede rechazar, cancelar, reajustar el precio o, cuando lo prevé su reglamento, ejecutar la orden. No garantiza fill, comisión maker ni rebate.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/post-only/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nasdaq Trader — Post-Only Order Fact Sheet, 2026", "urls": [ "https://nasdaqtrader.com/content/ProductsServices/Trading/postonly_factsheet.pdf" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase Derivatives Exchange — Supported Order Qualifiers", "urls": [ "https://help.coinbase.com/en/derivatives/features/supported-order-qualifiers" ] }, { "text": "OKX — Basic Order Types", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "173f739c94a819dc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/precio", "locale": "es", "title": "Precio", "summary": "Último precio negociado (LTP): el último nivel al que una orden de compra y una de venta se ejecutaron — dato operativo, no juicio de valor.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/precio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4e31df37bc2ecc25", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/precio-de-bonos-clean-dirty-y-cupon-corrido", "locale": "es", "title": "Precio de bonos: clean, dirty y cupón corrido", "summary": "Del precio cotizado al efectivo de liquidación: diferencia entre clean price, dirty price e intereses corridos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/precio-de-bonos-clean-dirty-y-cupon-corrido/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] }, { "text": "TreasuryDirect — When auctions happen", "urls": [ "https://www.treasurydirect.gov/auctions/when-auctions-happen/" ] } ], "revision": "8be85a760229c2fe", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-pricing", "accrued-interest", "settlement" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/precio-mid", "locale": "es", "title": "Precio mid", "summary": "Punto medio entre bid y ask; referencia teórica de equilibrio.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/precio-mid/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fb799fa3106e4f10", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetti", "hub": "es/hub/concetti" }, { "key": "es/concetti/presupuesto-de-riesgo", "locale": "es", "title": "Presupuesto de riesgo y risk budgeting", "summary": "Método que asigna objetivos de contribución a una medida de riesgo y construye o controla la cartera para mantener sus contribuciones coherentes con esos presupuestos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/presupuesto-de-riesgo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Benjamin Bruder y Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — propiedades, existencia, unicidad y aplicaciones de las carteras con presupuestos de riesgo.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Edward E. Qian, On the Financial Interpretation of Risk Contribution: Risk Budgets Do Add Up — relación entre contribuciones, asignación completa e interpretación de presupuestos.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Sébastien Maillard, Thierry Roncalli y Jérôme Teïletche, On the Properties of Equally-Weighted Risk Contributions Portfolios — caso de contribuciones iguales y comparación con carteras equally weighted y minimum variance.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — condiciones teóricas de la atribución Euler que sustenta las contribuciones.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — relación entre pesos, varianzas y covarianzas en la construcción de cartera.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] } ], "revision": "9f079fcd1655dfa6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-budgeting", "risk-allocation", "portfolio-construction", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/prima-y-valoracion-de-opciones", "locale": "es", "title": "Prima y valoración de opciones", "summary": "La prima de una opción es un precio negociado por unidad de subyacente, mientras que el valor teórico es la salida de un modelo. Bid, mid, ask, multiplicador, volatilidad y tiempo deben leerse por separado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/prima-y-valoracion-de-opciones/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — características contractuales, prima, ejercicio, liquidación y riesgos de las opciones cotizadas estandarizadas.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Options Pricing — valor intrínseco, valor temporal y principales factores de la prima.", "urls": [ "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "Options Industry Council, Understanding Options Greeks — inputs de valoración y naturaleza teórica de las sensibilidades.", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — estructura de call y put, prima y riesgos para comprador y vendedor.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "Cboe Options Institute, Options Calculator — comparación entre inputs, precio teórico y griegas.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "Fischer Black y Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — formulación primaria del modelo de valoración y del principio de réplica.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — cotizaciones, datos retrasados, volatilidad, griegas y escenarios teóricos.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] } ], "revision": "ed3ca869c0fbcfd0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-pricing", "volatility", "market-data" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/prioridad-de-ordenes-y-ejecuciones-parciales", "locale": "es", "title": "Prioridad de las órdenes y ejecuciones parciales", "summary": "Cómo ordena y asigna las órdenes un centro, por qué precio-tiempo no es universal y cómo leer la cantidad ejecutada, el remanente y el precio medio de ejecución.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/prioridad-de-ordenes-y-ejecuciones-parciales/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Matching Algorithm Overview — familias FIFO, prorrata y algoritmos híbridos utilizados en CME Globex.", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group, CME Globex Reference Guide — órdenes, controles de mercado y casación dentro del perímetro de la plataforma.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — ejecuciones y cancelaciones parciales, ponderación por cantidad y marcas de tiempo.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — secuencia temporal de las órdenes comparables en la gestión de la empresa.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "9b62068237b6780d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/probabilidad", "locale": "es", "title": "Probabilidad", "summary": "Mindset estadístico — el trade individual es incierto; el edge emerge en la muestra (expectancy, no win-rate obsesivo).", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/probabilidad/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "25ba0f64e98ecb8d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/proceso-decisional", "locale": "es", "title": "Proceso decisional", "summary": "Cadena repetible contexto → setup → checklist → riesgo → ejecución → journal — foco en el proceso, no en el resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/proceso-decisional/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "18a2b72e52eeaf91", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/profit-factor", "locale": "es", "title": "Profit factor", "summary": "Beneficios brutos ÷ pérdidas brutas — eficiencia agregada del sistema, a leer con drawdown.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/profit-factor/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fbaf40bbb60df881", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/prospect-theory", "locale": "es", "title": "Prospect theory", "summary": "Modelo de decisiones bajo riesgo con aversión asimétrica a pérdidas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/prospect-theory/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e49c3f507499000f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/proteccion-de-los-activos-de-clientes", "locale": "es", "title": "Protección de los activos de clientes", "summary": "La protección de los activos de clientes abarca titularidad, registros, segregación, custodia, subcustodia y acceso en una crisis; no es una garantía contra cualquier pérdida.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/proteccion-de-los-activos-de-clientes/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IOSCO — Recommendations Regarding the Protection of Client Assets — principios sobre custodia, registros, conciliaciones, riesgos e información.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "ESMA — MiFID II, artículo 16: requisitos organizativos — salvaguarda de los instrumentos financieros y los fondos de clientes dentro de su ámbito.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "EUR-Lex — Directiva Delegada (UE) 2017/593 — medidas de salvaguarda, registros, cuentas y uso de los instrumentos de clientes.", "urls": [ "https://eur-lex.europa.eu/eli/dir_del/2017/593/oj/eng/pdf" ] }, { "text": "ESMA — MiCA, artículo 70 — salvaguarda de los criptoactivos y fondos de clientes.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-70-safekeeping-clients-crypto-assets" ] }, { "text": "ESMA — MiCA, artículo 75 — custodia y administración de criptoactivos por cuenta de clientes.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "PCAOB — Exercise Caution with Third-Party Verification/Proof of Reserve Reports — límites informativos de los informes de proof of reserves.", "urls": [ "https://pcaobus.org/resources/information-for-investors/investor-advisories/investor-advisory-exercise-caution-with-third-party-verification-proof-of-reserve-reports" ] }, { "text": "Investor.gov — SIPC Protection: Part 1 — ejemplo estadounidense de los límites de un sistema de protección: no cubre las pérdidas de mercado.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/investor-bulletin-sipc-protection-part-1-sipc-basics" ] } ], "revision": "5fd392672fcc5dee", "translation_state": "not-assessed", "kind": "concept", "entity_type": "client-asset-protection-framework", "topics": [ "client-assets", "custody", "segregation", "insolvency", "investor-protection", "intermediaries" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-client-asset-protection", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/pullback", "locale": "es", "title": "Pullback", "summary": "Retorno del precio hacia un nivel recién roto: retest tras breakout.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/pullback/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "99cbc490046962b6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/qe-qt-y-balance-del-banco-central", "locale": "es", "title": "QE, QT y balance del banco central", "summary": "Compras, reinversión, vencimientos, reservas y composición, distinguiendo flujos de stocks y evitando atajos sobre liquidez.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/qe-qt-y-balance-del-banco-central/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Credit and Liquidity Programs and the Balance Sheet, documentación oficial — información sobre activos, pasivos, facilidades de liquidez y programas de crisis de la Fed.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/bst.htm" ] }, { "text": "ECB, Asset purchase programmes, documentación oficial — reglas, tenencias, vencimientos y reinversiones de los programas de compra del Eurosistema.", "urls": [ "https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html" ] }, { "text": "Bank of England, Quantitative easing, documentación oficial — explicación institucional de las compras de activos y sus efectos económicos esperados.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy/quantitative-easing" ] } ], "revision": "b6560517166b2840", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/r-multiple", "locale": "es", "title": "Múltiplo de R", "summary": "Normaliza el resultado neto de una operación por su riesgo inicial 1R; es útil en el diario, pero no prueba por sí solo habilidad, ventaja ni rentabilidad.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/r-multiple/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts: Expectancy — fuente primaria de la terminología: R representa el riesgo inicial por unidad, y los beneficios y las pérdidas se relacionan con ese riesgo inicial.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/expectancy.asp" ] }, { "text": "CME Group, Proper Position Size — vincula el stop, el valor monetario por unidad y el tamaño de la posición para determinar el riesgo de la operación.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — documenta la posible desviación entre el precio stop y el precio ejecutado, además del riesgo de que una orden stop-limit no se ejecute.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — describe costes y comisiones que reducen el resultado neto.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] } ], "revision": "6485a143047c8ebf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "risk-management", "trade-journal", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/rango", "locale": "es", "title": "Rango", "summary": "Estructura lateral definida por límites operativos y timeframe declarados; breakout y acumulación siguen siendo hipótesis por verificar.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rango/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, revisión documental con materiales de CME Group", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group Education, Trend and Continuation Patterns, consolidaciones, rectángulos y naturaleza no absoluta de los patrones.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/trend-and-continuation-patterns" ] }, { "text": "CME Group Education, Support and Resistance, niveles anteriores, zonas y límites de interpretación.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "ad7667205e9930b4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/rating-default-recuperacion-y-loss-given-default", "locale": "es", "title": "Rating, default, recuperación y loss given default", "summary": "Relaciona rating, probabilidad de default, valor recuperado y pérdida sin convertir estimaciones condicionales en certezas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rating-default-recuperacion-y-loss-given-default/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "e6ed0dcfb1ff0999", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "default", "recovery", "expected-loss" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/ratio-de-calmar", "locale": "es", "title": "Ratio de Calmar", "summary": "Rendimiento anualizado compuesto por unidad de maximum drawdown absoluto en el mismo intervalo, muy dependiente de la trayectoria y la ventana.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ratio-de-calmar/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — definición contemporánea CAGR/MDD y comparación entre ventanas.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — MDD, duración y límites de appraisal.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Malik Magdon-Ismail y Amir F. Atiya, Maximum Drawdown, Risk (2004) — relaciones entre MDD, rendimiento y Calmar.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=874069" ] }, { "text": "Malik Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — dependencia de horizonte y proceso.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "GIPS Standards, Handbook for Firms — bases de rendimiento, valoración, flujos y disclosure.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "f50a92b3944f9c55", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "calmar-ratio", "maximum-drawdown", "risk-adjusted-return", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/ratio-de-informacion", "locale": "es", "title": "Ratio de información", "summary": "Active return medio por unidad de tracking error respecto de un benchmark especificado, con límites estadísticos y de comparabilidad explícitos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ratio-de-informacion/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — definición, tracking error y limitaciones del benchmark.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, appraisal, attribution y skill.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Richard C. Grinold y Ronald N. Kahn, CFA Institute Research Foundation, Advances in Active Portfolio Management — active return, tracking error e information ratio.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-publication/2003/rf-v2003-n1-3922-pdf.pdf" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal — criterios y consecuencias de calidad de benchmark.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — estructura del ratio entre rendimiento diferencial y variabilidad.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] } ], "revision": "5fcc4326d8b14e32", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "information-ratio", "active-return", "tracking-error", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/ratio-de-sortino", "locale": "es", "title": "Ratio de Sortino y downside deviation", "summary": "Rendimiento medio por encima de un objetivo por unidad de downside deviation, con objetivo, frecuencia, denominador y anualización declarados.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ratio-de-sortino/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frank A. Sortino y Lee N. Price, Performance Measurement in a Downside Risk Framework, The Journal of Investing (1994) — medición respecto de downside risk y objetivo.", "urls": [ "https://doi.org/10.3905/joi.3.3.59" ] }, { "text": "CFA Institute, The Sortino Ratio — target return y convenciones de downside deviation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/code/gips/the-sortino-ratio.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — appraisal, Sortino, benchmark y drawdown.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — referencia para comparar riesgo total y diferencial.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — frecuencia, dependencia y anualización de ratios periódicos.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "df09b099db7fd1ed", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sortino-ratio", "downside-risk", "performance-appraisal", "minimum-acceptable-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/ratio-riesgo-recompensa", "locale": "es", "title": "Ratio riesgo/recompensa", "summary": "Compara pérdida planificada y ganancia potencial: fórmula, probabilidad, costes y revisión del resultado, sin umbrales universales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ratio-riesgo-recompensa/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Futures Glossary — define el risk/reward ratio como relación entre la probabilidad de pérdida y beneficio, y señala su uso para seleccionar o comparar operaciones.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Position and Risk Management — relaciona el capital en riesgo por operación con múltiples factores y con el tamaño y el perfil financiero de la cuenta.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Proper Position Size — muestra la relación entre un stop planificado, el valor monetario y el tamaño de la posición.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — explica que un precio stop no garantiza el precio de ejecución y que una orden stop-limit puede no ejecutarse.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — describe comisiones y otros costes de transacción que reducen el resultado neto.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] } ], "revision": "da592e9d9110b702", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "risk-management", "trade-planning", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk_first", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/rebalanceo-de-cartera", "locale": "es", "title": "Rebalanceo de cartera", "summary": "Proceso que compara pesos o riesgos efectivos con objetivos y rangos, y decide si negociar considerando costes, impuestos, liquidez y gobernanza.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rebalanceo-de-cartera/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — rebalanceo, fiscalidad, liquidez y revisión de política.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — asignación, rangos y rebalanceo dentro del proceso.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — explicación oficial de deriva y retorno a la asignación.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Campbell R. Harvey, Michele G. Mazzoleni y Alessandro Melone, The Unintended Consequences of Rebalancing, NBER Working Paper 33554, revisión de 2026 — impacto y previsibilidad de flujos institucionales en la muestra estudiada.", "urls": [ "https://doi.org/10.3386/w33554" ] }, { "text": "Karl Cuthbertson et al., What Does Rebalancing Really Achieve?, International Journal of Finance & Economics — límites de las afirmaciones sobre una prima de rebalanceo.", "urls": [ "https://doi.org/10.1002/ijfe.1545" ] } ], "revision": "8cb4027dc542ed2e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-rebalancing", "asset-allocation", "transaction-costs", "portfolio-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/recency-bias", "locale": "es", "title": "Recency bias", "summary": "Dar peso excesivo a lo ocurrido recientemente.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/recency-bias/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b73765c4ca978694", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/recovery-factor", "locale": "es", "title": "Recovery factor", "summary": "Beneficio neto / max drawdown — cuánto el sistema «repaga» el peor hoyo histórico.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/recovery-factor/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4af49a4c7d7d1f52", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/red-flags", "locale": "es", "title": "Red flags: señales de alarma en el trading", "summary": "Las red flags son señales que exigen una parada o una comprobación: ayudan a detectar incongruencias sin tratar cada anomalía como prueba automática de fraude.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/red-flags/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Red Flags of Investment Fraud Checklist — señales recurrentes: sujetos no autorizados, urgencia, garantías, testimonios y pagos sospechosos.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/red-flags-investment-fraud-checklist" ] }, { "text": "FCA — How to check a firm or individual is authorised — comparación entre los datos oficiales y los contactos de un posible clon.", "urls": [ "https://www.fca.org.uk/consumers/how-check-firm-individual-authorised" ] }, { "text": "FCA — Warning List — no aparecer en la lista no demuestra que un sujeto esté autorizado o sea legítimo.", "urls": [ "https://www.fca.org.uk/consumers/warning-list-unauthorised-firms" ] }, { "text": "IOSCO — I-SCAN — advertencias internacionales, incluidas entidades no autorizadas y clones; el repertorio no es exhaustivo.", "urls": [ "https://www.iosco.org/i-scan/" ] }, { "text": "CONSOB — Comunicación sobre actividad no autorizada del 20 de mayo de 2026 — sitios clonados, personajes públicos y contenidos generados con IA utilizados para promover ofertas abusivas.", "urls": [ "https://www.consob.it/web/area-pubblica/-/comunicazione-consob-del-2026-05-20-abusivismo" ] } ], "revision": "9659cba008807999", "translation_state": "not-assessed", "kind": "concept", "entity_type": "fraud-warning-signal-framework", "topics": [ "fraud-prevention", "red-flags", "due-diligence", "investor-protection", "social-engineering" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "recognise-warning-signs", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/reduce-only", "locale": "es", "title": "Reduce-only: reducir una posición sin aumentarla", "summary": "Reduce-only es una instrucción utilizada sobre todo en derivados y cuentas con margen para impedir que una orden aumente o invierta una posición. No es un stop ni garantiza la salida: rechazo, cancelación y reajuste de cantidad dependen del centro.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/reduce-only/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] }, { "text": "Coinbase International Exchange — Create Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/international-exchange-api/rest-api/orders/create-order" ] }, { "text": "OKX API — Place Order y parámetro reduceOnly", "urls": [ "https://www.okx.com/docs-v5/" ] }, { "text": "OKX — Basic Order Types y gestión reduce-only", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "06f90cb19f6d133a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "risk", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/regimen-de-mercado", "locale": "es", "title": "Régimen de mercado", "summary": "Contexto dominante (trend, rango, vol, transición) — condiciona probabilidades y rendimiento de las estrategias.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/regimen-de-mercado/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "74402654f9957448", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/rendimiento-de-cartera", "locale": "es", "title": "Rendimiento de cartera", "summary": "Variación porcentual del valor económico de una cartera en un intervalo definido, medida con convenciones explícitas sobre proventos, flujos externos, costes, divisa y composición.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rendimiento-de-cartera/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — holding-period returns, composición, log-return, TWR y MWR.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, instrucciones sobre total return — valor final, reinversión, costes y rendimiento compuesto para los fondos cubiertos por el formulario.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — distinción entre price, total y net total return.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, How Fees and Expenses Affect Your Investment Portfolio — efecto compuesto de costes y gastos.", "urls": [ "https://www.sec.gov/file/ib_fees_expensespdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — inputs, flujos externos, valoraciones y coherencia metodológica.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "e54911716a73093a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-return", "total-return", "compounding", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/rendimiento-del-roll", "locale": "es", "title": "Rendimiento del roll: curva y convenciones de medición", "summary": "El rendimiento del roll describe el componente de la rentabilidad de una exposición a futuros relacionado con la estructura por vencimientos y la convergencia, según una metodología declarada. No coincide con las comisiones ni con el simple diferencial de precios observado durant", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rendimiento-del-roll/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell & Company (white paper alojado por CME Group), Deconstructing Futures Returns: The Role of Roll Yield — ajuste del roll, series concatenadas y descomposición entre base y rendimiento del roll.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — roll repetidos y diferencia respecto a la evolución spot.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — contango, backwardation y límites de las inferencias sobre rentabilidad.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definiciones de base, contango, backwardation, convergencia y roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — mecánica de las dos patas y elección del vencimiento diferido.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "S&P Dow Jones Indices, S&P GSCI Methodology — ejemplo de metodología publicada para selección, ponderaciones y roll de un índice de materias primas.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-gsci.pdf" ] } ], "revision": "162db7d450a32f21", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "term-structure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/rendimientos-de-bonos-ytm-current-yield-y-yield-to-call", "locale": "es", "title": "Rendimientos de bonos: YTM, current yield y yield to call", "summary": "Current yield, rendimiento a vencimiento y yield to call responden a preguntas distintas sobre ingreso, precio y tiempo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rendimientos-de-bonos-ytm-current-yield-y-yield-to-call/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "7e08493398f441e8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-yield", "yield-to-maturity", "callable-bonds" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/rentabilidad-ponderada-por-el-dinero-mwr", "locale": "es", "title": "Rentabilidad ponderada por el dinero (MWR)", "summary": "El money-weighted return mide la rentabilidad experimentada por el capital según el importe y la fecha de los flujos externos, normalmente como una TIR que puede tener varias soluciones o ninguna.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rentabilidad-ponderada-por-el-dinero-mwr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — cálculo y presentación, incluidos casos que requieren money-weighted returns.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — flujos externos, valoraciones, TWR y MWR.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — medición, evaluación y attribution.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Overview of the Global Investment Performance Standards — alcance y finalidad actuales de los GIPS.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Microsoft Support, XIRR function — fechas irregulares, valor inicial y posibles errores de convergencia.", "urls": [ "https://support.microsoft.com/en-us/office/xirr-function-de1242ec-6477-445b-b11b-a303ad9adc9d" ] } ], "revision": "672736269677f9f3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "money-weighted-return", "internal-rate-of-return", "cash-flows", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/rentabilidad-ponderada-por-el-tiempo-twr", "locale": "es", "title": "Rentabilidad ponderada por el tiempo (TWR)", "summary": "Método que neutraliza el tamaño y el momento de los flujos externos dividiendo la medición en subperiodos y enlazando geométricamente sus rendimientos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rentabilidad-ponderada-por-el-tiempo-twr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, GIPS Standards Handbook for Firms — true TWR, valoraciones en flujos, enlace geométrico, Modified Dietz y compuestos.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — medidas de rendimiento y comparación entre TWR y MWR.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "Robert L. Hagin, Measuring Investment Performance: The Unit Approach, Financial Analysts Journal (1966) — método unitizado para fondos con flujos distintos.", "urls": [ "https://doi.org/10.2469/faj.v22.n4.93" ] }, { "text": "Peter O. Dietz, Pension Fund Investment Performance—What Method to Use When, Financial Analysts Journal 22(1), 1966 — métodos históricos con aportaciones y retiradas.", "urls": [ "https://www.jstor.org/stable/4469928" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — interpretación y límites de la evaluación.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A — composición, reinversión y costes en el ámbito del formulario.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] } ], "revision": "ec1a8123ae1a389b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "time-weighted-return", "portfolio-return", "external-cash-flows", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/reporting-operativo", "locale": "es", "title": "Reporting operativo", "summary": "Informes periódicos sobre resultados, riesgo y disciplina — datos objetivos para decisiones de adaptación del método.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/reporting-operativo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9b95d6cd1b4c52c7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/resistencia", "locale": "es", "title": "Resistencia", "summary": "Zona de precio superior donde la presión compradora tiende a atenuarse.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/resistencia/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "db64509dbe03eb78", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/resultado-de-operacion", "locale": "es", "title": "Resultado de la operación", "summary": "Registra el resultado neto realizado de una operación a partir de ejecuciones y costes, separado del P&L abierto, la decisión y el plan.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/resultado-de-operacion/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Are You Checking Your Trade Confirmations? — fuente oficial sobre los datos de confirmación: fecha, precio, cantidad, hora cuando está disponible, comisiones y otros cargos.", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — fuente oficial de la SEC sobre los costes de transacción que reducen los resultados netos.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "Investor.gov, Better Understanding Your Brokerage Account Statement — distingue ganancias y pérdidas realizadas y no realizadas en un extracto de cuenta.", "urls": [ "https://www.investor.gov/better-understanding-your-brokerage-account-statement" ] }, { "text": "Investor.gov, Executing an Order — describe la ejecución de órdenes y la posible diferencia entre una cotización y el precio ejecutado.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "Baron y Hershey, Outcome Bias in Decision Evaluation — Journal of Personality and Social Psychology — estudio peer-reviewed sobre la evaluación de decisiones después de conocer el resultado.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "26303027fe6cfaf2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "journal-field", "topics": [ "trade-journal", "realized-pnl", "execution-review", "outcome-bias" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/revenge-trading", "locale": "es", "title": "Trading de venganza", "summary": "Operar de inmediato tras pérdida para recuperar.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/revenge-trading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1fb7e33da71764ae", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/revision-semanal", "locale": "es", "title": "Revisión semanal", "summary": "Debrief semanal — números, proceso, errores y 1–2 acciones concretas para la semana siguiente.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/revision-semanal/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4642571a5c3d0432", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-agregado", "locale": "es", "title": "Riesgo agregado", "summary": "Riesgo de cartera medido con un perímetro, horizonte y métrica comunes, teniendo en cuenta pesos, dependencias, no linealidades y concentraciones.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-agregado/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulación original de la selección de cartera mediante rendimientos, varianzas y covarianzas.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, Principles for effective risk data aggregation and risk reporting — BCBS 239 — exactitud, integridad, puntualidad, adaptabilidad y gobierno de la agregación de datos de riesgo.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, MAR10 — Market risk terminology — perímetro y terminología institucional de las exposiciones y factores de riesgo de mercado.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — límites de las medidas basadas en el nocional y necesidad de métricas sensibles al riesgo para comparar instrumentos distintos.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "d8a0a786662db036", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-risk", "risk-aggregation", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-de-broker", "locale": "es", "title": "Riesgo de bróker", "summary": "El riesgo de bróker es la exposición creada por depender de un intermediario para el acceso, el enrutamiento, la ejecución o los servicios de cuenta. Bróker, centro, custodio, contraparte y CCP son funciones distintas.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-de-broker/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "CFTC — Futures Commission Merchants and Introducing Brokers", "urls": [ "https://www.cftc.gov/IndustryOversight/Intermediaries/FCMs/fcmib" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Article 16: Organisational requirements", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA — EMIR, Article 2: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "IOSCO — Recommendations Regarding the Protection of Client Assets", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "FINRA — BrokerCheck", "urls": [ "https://brokercheck.finra.org/" ] }, { "text": "SIPC — What SIPC Protects", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "78ddd115a2a1a964", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "intermediaries", "execution", "client-assets", "counterparty-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "due-diligence", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-de-concentracion", "locale": "es", "title": "Riesgo de concentración", "summary": "Vulnerabilidad producida cuando exposiciones o pérdidas potenciales están dominadas por pocos nombres, factores, sectores, estrategias, contrapartes o canales de liquidez.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-de-concentracion/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision, LEX10 — Definitions and application — razón, perímetro y definiciones actuales del marco prudencial de grandes exposiciones.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/10.htm" ] }, { "text": "Basel Committee on Banking Supervision, LEX20 — Requirements — límites y reporting para bancos dentro del perímetro del marco.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/20.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP32 — Credit risk — formas de concentración, factores comunes, políticas, medición y control.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/32.htm" ] }, { "text": "Basel Committee on Banking Supervision, Studies on credit risk concentration — Working Paper No 15 — distinción analítica entre concentración por nombre y por sector y métodos de cuantificación.", "urls": [ "https://www.bis.org/publ/bcbs_wp15.htm" ] }, { "text": "Office of the Comptroller of the Currency, Concentrations of Credit, Comptroller’s Handbook — identificación de conjuntos de exposiciones sensibles al mismo desarrollo económico o financiero.", "urls": [ "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/concentrations-of-credit/index-concentrations-of-credit.html" ] } ], "revision": "0d3f393f657a2c7d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "concentration-risk", "portfolio-risk", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-de-contraparte", "locale": "es", "title": "Riesgo de contraparte", "summary": "Riesgo de pérdida si la contraparte incumple antes de la liquidación final mientras un contrato o netting set tiene valor económico positivo. Es riesgo de crédito bilateral, no sinónimo de bróker, sede o custodio.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-de-contraparte/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Comité de Supervisión Bancaria de Basilea, CRE51 — Counterparty credit risk overview — definición bilateral del CCR y distinción frente a la exposición crediticia unilateral de un préstamo.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, CRE52 — Standardised approach to counterparty credit risk — coste de reposición, exposición futura potencial, márgenes y cálculo por netting set en SA-CCR.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, CRE54 — Exposures to central counterparties — exposición frente a CCP y requisitos de exigibilidad del close-out netting.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea, CRE36 — Definition of default — definición prudencial de default e indicadores de unlikely-to-pay dentro de su perímetro.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/36.htm" ] }, { "text": "Board of Governors of the Federal Reserve System, Interagency Supervisory Guidance on Counterparty Credit Risk Management — exposición actual y potencial, concentraciones, estrés, garantías y wrong-way risk.", "urls": [ "https://www.federalreserve.gov/frrs/guidance/interagency-supervisory-guidance-on-counterparty-credit-risk-management.htm" ] }, { "text": "European Securities and Markets Authority, EMIR Article 11 — Risk-mitigation techniques for OTC derivatives not cleared by a CCP — obligaciones de confirmación, conciliación, disputas, seguimiento y garantías para derivados OTC no compensados centralmente.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-11-risk-mitigation-techniques-otc-0" ] }, { "text": "CPMI-IOSCO, Principles for financial market infrastructures — gestión de crédito, garantías, liquidez e impago en infraestructuras y CCP.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "936711aca0f2dc7a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "counterparty-risk", "credit-risk", "derivatives", "clearing-settlement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-de-exchange", "locale": "es", "title": "Riesgo de exchange: custodia, solvencia y continuidad", "summary": "El riesgo de exchange comprende entidad contractual, derechos sobre los activos, segregación, pasivos, conflictos, retiradas, operativa e integridad del mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-de-exchange/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — MiCA, artículo 68 — gobernanza, resiliencia, continuidad y controles dentro del ámbito de la UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-68-governance-arrangements" ] }, { "text": "ESMA — MiCA, artículo 70 — salvaguarda de fondos y criptoactivos de clientes y segregación.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-70-safekeeping-clients-crypto-assets" ] }, { "text": "ESMA — MiCA, artículo 72 — identificación, prevención y divulgación de conflictos.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-72-identification-prevention" ] }, { "text": "ESMA — MiCA, artículo 75 — custodia, registros, subcustodia, devolución y responsabilidad.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — recomendaciones 12–17 sobre activos de clientes, segregación, aseguramiento y riesgo operativo.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "FSB — Multifunction Crypto-asset Intermediaries — concentración de funciones, interdependencias y conflictos.", "urls": [ "https://www.fsb.org/2023/11/the-financial-stability-implications-of-multifunction-crypto-asset-intermediaries/" ] }, { "text": "BIS–FSI — Cryptoasset service providers as financial intermediaries — custodia, titularidad de los activos, intermediación y canales de riesgo.", "urls": [ "https://www.bis.org/fsi/fsipapers27.pdf" ] } ], "revision": "05c779986bddcd53", "translation_state": "not-assessed", "kind": "concept", "entity_type": "crypto-exchange-risk", "topics": [ "crypto-markets", "custody", "counterparty-risk", "solvency", "operational-risk", "market-integrity" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "assess-crypto-exchange-risk", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-de-liquidez", "locale": "es", "title": "Riesgo de liquidez de mercado", "summary": "El riesgo de liquidez de mercado es el riesgo de no poder ejecutar la cantidad deseada en el tiempo y al coste previstos. Depende del tamaño, el centro, la urgencia y el estado del mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-de-liquidez/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "Banco Central Europeo — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "0e55a426086efe0e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-liquidity", "execution", "slippage", "market-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-de-liquidez-de-financiacion", "locale": "es", "title": "Riesgo de liquidez de financiación", "summary": "El riesgo de liquidez de financiación es el riesgo de no poder atender con eficiencia necesidades previstas e imprevistas de flujos de caja y garantías sin perjudicar la operativa o la situación financiera.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-de-liquidez-de-financiacion/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Comité de Supervisión Bancaria de Basilea — Principles for Sound Liquidity Risk Management and Supervision", "urls": [ "https://www.bis.org/publ/bcbs144.htm" ] }, { "text": "Banco Central Europeo — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "7a0fcf18217bfff9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "funding-liquidity", "liquidity-risk", "margin", "stress-testing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-de-modelo", "locale": "es", "title": "Riesgo de modelo", "summary": "El riesgo de modelo es la posibilidad de consecuencias financieras adversas derivadas de decisiones basadas en su resultado. Puede surgir de datos, supuestos, desarrollo, implementación, uso o gobierno, incluso sin un error de código.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-de-modelo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve — SR 26-2, Revised Guidance on Model Risk Management", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Federal Reserve, OCC y FDIC — Supervisory Guidance on Model Risk Management, anexo de SR 26-2", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602a1.pdf" ] } ], "revision": "6891dc2c6e1d0e55", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "model-risk", "model-validation", "governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-maximo-diario", "locale": "es", "title": "Riesgo máximo diario", "summary": "Techo de pérdida diaria — interruptor de circuito que apaga la sesión antes del tilt.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-maximo-diario/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "11e3954ba129227a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-maximo-semanal", "locale": "es", "title": "Riesgo máximo semanal", "summary": "Límite de pérdida semanal — freno ante series de días negativos y desalineación método-mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-maximo-semanal/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ef67c3382953a06a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-operativo", "locale": "es", "title": "Riesgo operativo", "summary": "El riesgo operativo nace de procesos, personas o sistemas inadecuados o fallidos, o de sucesos externos. La resiliencia y la continuidad ayudan a sostener o recuperar las operaciones críticas durante una perturbación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-operativo/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Comité de Supervisión Bancaria de Basilea — Basel Framework, OPE10: Definitions and application", "urls": [ "https://www.bis.org/basel_framework/chapter/OPE/10.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea — Revisions to the Principles for the Sound Management of Operational Risk", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Comité de Supervisión Bancaria de Basilea — Principles for operational resilience", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA — Rule 4370: Business Continuity Plans and Emergency Contact Information", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/4370" ] }, { "text": "IOSCO — Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD522.pdf" ] }, { "text": "IOSCO — Market Intermediary Business Continuity and Recovery Planning", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD523.pdf" ] } ], "revision": "deaa2645a0bde82c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "operational-risk", "operational-resilience", "business-continuity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-por-operacion", "locale": "es", "title": "Riesgo por operación", "summary": "Importe planificado en riesgo entre entrada y stop, expresado también como 1R. No es una pérdida máxima garantizada: gaps, slippage y costes pueden ampliar la pérdida realizada.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-por-operacion/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — stop lógico, presupuesto monetario o porcentual y cálculo mediante distancia y valor del tick.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Trading Basics, pp. 2–3 — funcionamiento y límites de stop y stop-limit; el precio stop no es un precio de ejecución garantizado.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "FINRA, Brokerage Accounts — las cuentas de margen implican financiación del bróker y las pérdidas pueden superar el importe depositado.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "ff4260f52a3649b8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk_first", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-porcentual", "locale": "es", "title": "Riesgo porcentual", "summary": "Presupuesto de pérdida planificada por operación expresado como porcentaje de un capital de referencia: fórmula, elección del denominador y límites operativos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-porcentual/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Proper Position Size", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov — Types of Orders", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA — Brokerage Accounts", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "d2eb925cb81a84ae", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-psicologico", "locale": "es", "title": "Riesgo psicológico", "summary": "Distorsión decisional bajo estrés — riesgo real superior al riesgo planificado por tilt, revenge, euforia.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-psicologico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2051b501932436c6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/riesgo-recompensa-dinamico", "locale": "es", "title": "Riesgo/recompensa dinámico", "summary": "R/R que evoluciona durante el trade — riesgo y rendimiento reales vs promesa estática pre-entrada.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/riesgo-recompensa-dinamico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1c34885f68f15647", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/risk-of-ruin", "locale": "es", "title": "Risk of ruin", "summary": "El risk of ruin es la probabilidad de que el capital alcance un umbral de ruina definido dentro de un horizonte. No depende solo de una racha de pérdidas: requiere un modelo de rendimientos, sizing, costes, dependencias, apalancamiento y una frontera de ruina.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/risk-of-ruin/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., «A New Interpretation of Information Rate», Bell System Technical Journal 35(4), 1956, pp. 917–926, reproducción del artículo.", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] }, { "text": "National Institute of Standards and Technology, descripción de la distribución relacionada con el problema clásico de la gambler's ruin.", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "Robert E. Machol y Eugene M. Lerner, «Risk, Ruin and Investment Analysis», Journal of Financial and Quantitative Analysis 4(4), 1969, pp. 473–492, ficha de Cambridge.", "urls": [ "https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/abs/risk-ruin-and-investment-analysis/4944499167D2D79D51B023003CD4B78A" ] }, { "text": "U.S. Securities and Exchange Commission, Margin: Borrowing Money to Pay for Stocks.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsmarginhtm" ] }, { "text": "FINRA, Know What Triggers a Margin Call.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "890b28f8d9d37dac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "probability", "capital-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/risk-off", "locale": "es", "title": "Risk-off", "summary": "Fase de aversión al riesgo en la que capital y liquidez se desplazan hacia activos defensivos — prioridad a supervivencia y control de drawdown.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/risk-off/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "084501d5fd350513", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/risk-on", "locale": "es", "title": "Risk-on", "summary": "Fase de apetito por riesgo en la que activos agresivos y high beta son favorecidos — la selección y los límites de exposición siguen siendo cruciales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/risk-on/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7ae62bbe356ff844", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/risk-parity", "locale": "es", "title": "Risk parity", "summary": "Familia de asignaciones que equilibra las contribuciones a una medida de riesgo elegida; equal risk contribution es el caso con presupuestos iguales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/risk-parity/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Edward E. Qian, Risk Parity Portfolios: Efficient Portfolios Through True Diversification (2005) — formulación histórica del término y asignación del riesgo entre clases de activos.", "urls": [ "https://www.panagora.com/assets/risk_party_portfolios.pdf" ] }, { "text": "Sébastien Maillard, Thierry Roncalli y Jérôme Teïletche, On the Properties of Equally-Weighted Risk Contributions Portfolios — definición, propiedades teóricas y comparación con carteras equally weighted y minimum variance.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Benjamin Bruder y Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — risk parity como caso de la clase más general de carteras con presupuestos de riesgo.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Clifford Asness, Andrea Frazzini y Lasse Heje Pedersen, Leverage Aversion and Risk Parity — análisis del apalancamiento y de su motivación económica; los resultados empíricos corresponden al modelo y las muestras estudiadas.", "urls": [ "https://pages.stern.nyu.edu/~lpederse/papers/LeverageAversionRP.pdf" ] }, { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — base teórica de las contribuciones Euler empleadas en ERC.", "urls": [ "https://arxiv.org/abs/0708.2542" ] } ], "revision": "eccc19ad5b152541", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-parity", "equal-risk-contribution", "risk-budgeting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/robustez", "locale": "es", "title": "Robustez", "summary": "Estabilidad de una estrategia ante supuestos plausibles sobre datos, parámetros, ejecución y regímenes: una batería diagnóstica, no una prueba de validez.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/robustez/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey y Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocolo, selección y stress de conclusiones financieras.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — comparación con el benchmark después de investigar varios modelos.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — fragilidad de la configuración seleccionada y evaluación fuera de muestra.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, 1988 — distancia entre una cartera teórica y un resultado realizable mediante la ejecución.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2 — Revised Guidance on Model Risk Management, 2026 — gobernanza, validación, limitaciones y monitorización del riesgo de modelo dentro de su ámbito de supervisión.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "e43b36900a92add2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "robustez", "analisis-de-sensibilidad", "stress-testing", "riesgo-de-modelo", "trading-sistematico" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/roll-de-futuros", "locale": "es", "title": "Roll de futuros: mecánica, vencimiento y costes", "summary": "El roll de futuros extingue una posición en un vencimiento y abre otra en un vencimiento distinto. Solo mantiene una exposición comparable si se recalibran dirección, cantidad, multiplicador y riesgo; el diferencial de curva, los costes de ejecución y el rendimiento del roll son ", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/roll-de-futuros/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over — traslado de una posición próxima hacia un mes más diferido.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — cierre, rollover y liquidación al vencimiento.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Rolling an Equity Position Using Spreads — ejecución del cambio de vencimiento mediante diferenciales.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/rolling-an-equity-position-using-spreads" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — efecto de los roll repetidos sobre las rentabilidades.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — curva, rendimiento del roll y divergencia entre productos vinculados a futuros y spot.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "Campbell & Company (white paper alojado por CME Group), Deconstructing Futures Returns: The Role of Roll Yield — series concatenadas, ajuste del roll y descomposición de rentabilidades.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] } ], "revision": "11ac01ad3b700044", "translation_state": "not-assessed", "kind": "concept", "entity_type": "process", "topics": [ "markets-instruments", "derivatives", "execution", "term-structure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/ruptura", "locale": "es", "title": "Ruptura", "summary": "Ruptura de soporte o resistencia: el precio cierra más allá de un nivel que antes contenía el rango — posible inicio de nueva tendencia.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/ruptura/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5c19a21948b04019", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/rutina-post-mercado", "locale": "es", "title": "Rutina post-mercado", "summary": "Cierre diario — journal, screenshot, tags de error, lección del día antes de desconectar.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rutina-post-mercado/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "132f605261be30e6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/rutina-pre-mercado", "locale": "es", "title": "Rutina pre-mercado", "summary": "Preparación 20–40 min antes de la sesión — macro, contexto, setups permitidos, límites de riesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/rutina-pre-mercado/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5fa466af6b7201ac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/salida-parcial", "locale": "es", "title": "Salida parcial", "summary": "Cerrar una cuota en targets intermedios — equilibra beneficio realizado y runner sobre el trend.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/salida-parcial/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6d3f8ca4a9590b7e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/sample-size", "locale": "es", "title": "Sample size", "summary": "Tamaño e información efectiva de la muestra en trading: dependencia, precisión de las métricas, regímenes y número de observaciones sin umbrales universales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/sample-size/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal, 2002 — autocorrelación, distribución e inferencia del Sharpe ratio.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey y Marcos López de Prado, The Sharpe Ratio Efficient Frontier, Journal of Risk, 2012 — longitud del track record, confianza y características distributivas.", "urls": [ "https://doi.org/10.21314/JOR.2012.255" ] }, { "text": "Campbell R. Harvey, Yan Liu y Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — número de pruebas y umbrales de evidencia en la selección financiera.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Francis X. Diebold y Roberto S. Mariano, Comparing Predictive Accuracy, Journal of Business & Economic Statistics, 1995 — comparación entre errores predictivos con estructura temporal.", "urls": [ "https://doi.org/10.1080/07350015.1995.10524599" ] }, { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — múltiples muestras de prueba, rolling origin y representatividad temporal.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] } ], "revision": "e099913d35f75e31", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "tamano-muestral", "tamano-muestral-efectivo", "incertidumbre-estadistica", "dependencia", "estimacion-de-rendimiento" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/scaled-order", "locale": "es", "title": "Orden escalada: cantidad distribuida entre varios precios", "summary": "Una orden escalada divide la cantidad total entre precios y tamaños; las ejecuciones pueden ser parciales y no garantizan un precio medio mejor.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/scaled-order/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, revisión no humana por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Interactive Brokers — Order Types and Algos: ScaleTrader — describe la división automática de una orden en componentes limitados con precios y tamaños incrementales.", "urls": [ "https://portal.interactivebrokers.com/en/trading/ordertypes.php" ] }, { "text": "Interactive Brokers — Example 1: Basic Scale Orders — muestra la liberación secuencial de componentes después de ejecutarse el nivel anterior.", "urls": [ "https://www.ibkrguides.com/traderworkstation/example-1-basic-scale-orders.htm" ] }, { "text": "SEC — Limit Orders — explica la restricción de precio y la ausencia de garantía de ejecución.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "FINRA — Time Parameters and Qualifiers on Stock Orders — documenta duración, fill-or-kill, immediate-or-cancel y ejecuciones parciales.", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] } ], "revision": "39788ed2d27c2482", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/scaling-in", "locale": "es", "title": "Scaling in", "summary": "Entrar en tramos preplanificados sobre la misma idea — distribuye el timing sin perder el control del riesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/scaling-in/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "30d4743a3d4366bb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/scaling-out", "locale": "es", "title": "Scaling out", "summary": "Salida por tramos — cobra parcial, break-even en el resto, runner para el trend largo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/scaling-out/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4bb7ff25d068ca23", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/senal-de-trading-sistematico", "locale": "es", "title": "Señal de trading sistemático", "summary": "Información transformada en una entrada medible para la decisión, distinta de una previsión, una posición y una orden, con marcas temporales, estados y conversiones explícitos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/senal-de-trading-sistematico/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — distinción entre las funciones algorítmicas de decisión y ejecución y sus riesgos.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — validación, benchmarks, monitorización y documentación de modelos de inversión.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Tilmann Gneiting y Adrian E. Raftery, Strictly Proper Scoring Rules, Prediction, and Estimation — principios para evaluar previsiones probabilísticas sin separar la puntuación de la cantidad prevista.", "urls": [ "https://doi.org/10.1198/016214506000001437" ] }, { "text": "Narasimhan Jegadeesh y Sheridan Titman, Returns to Buying Winners and Selling Losers — ejemplo académico de una señal de ranking transversal bajo un diseño específico.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] } ], "revision": "3597777b5392abdb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "signal-generation", "forecasting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/sesgo-de-supervivencia", "locale": "es", "title": "Sesgo de supervivencia (survivorship bias)", "summary": "Sesgo causado por analizar únicamente instrumentos, fondos, empresas o estrategias que sobrevivieron, excluyendo terminaciones y cambios del universo conocidos solo en retrospectiva.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/sesgo-de-supervivencia/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Stephen J. Brown, William N. Goetzmann, Roger G. Ibbotson y Stephen A. Ross, Survivorship Bias in Performance Studies, The Review of Financial Studies, 1992 — efectos del truncamiento por supervivencia sobre rendimiento, volatilidad y predictibilidad aparente.", "urls": [ "https://doi.org/10.1093/rfs/5.4.553" ] }, { "text": "Edwin J. Elton, Martin J. Gruber y Christopher R. Blake, Survivorship Bias and Mutual Fund Performance, The Review of Financial Studies, 1996 — estimación del sesgo mediante el seguimiento de fondos existentes, fusionados y terminados.", "urls": [ "https://doi.org/10.1093/rfs/9.4.1097" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — rendimientos ausentes y distorsión asociados a delistings negativos.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — modelo de datos que incluye fondos activos y excluidos de cotización.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "S&P Dow Jones Indices, Legal Disclaimers — Back-tested Performance — advertencias del proveedor sobre retrospectiva, selección de componentes y posibles sesgos de supervivencia o anticipación.", "urls": [ "https://www.spglobal.com/spdji/en/disclaimers/" ] } ], "revision": "3b1dca2e6564f220", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "universe-selection", "data-quality", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/sesion-operativa", "locale": "es", "title": "Sesión operativa", "summary": "Ventanas horarias en las que analizas y operas — alineadas con liquidez institucional, no con el aburrimiento.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/sesion-operativa/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1388e0e763965bf1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/setup", "locale": "es", "title": "Setup", "summary": "Conjunto de condiciones objetivas y binarias que justifican una entrada — contexto, trigger, confirmación, invalidación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/setup/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "01115ad91d39f1b6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/sharpe-ratio", "locale": "es", "title": "Sharpe ratio", "summary": "Media del rendimiento diferencial por unidad de desviación estándar, condicionada al benchmark, frecuencia, ventana y convención de anualización.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/sharpe-ratio/", "published": "2026-07-11", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — formulación general, versiones ex ante/ex post y differential return.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "William F. Sharpe, Mutual Fund Performance, The Journal of Business (1966) — trabajo original reward-to-variability.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/art1.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — distribución muestral, autocorrelación y anualización.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Investment Risk and Performance — Sharpe, tracking error, information ratio, alpha y beta.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "GIPS Standards, Handbook for Firms — disclosure de medidas adicionales e identificación del risk-free rate.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "bff5c28e62e1cc10", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sharpe-ratio", "risk-adjusted-return", "performance-appraisal", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/skew", "locale": "es", "title": "Skew", "summary": "Medida cuantitativa de la dirección de la asimetría — cola derecha (ganancias grandes) vs izquierda (pérdidas extremas).", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/skew/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fb723444fa669c39", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/slippage", "locale": "es", "title": "Slippage: desviación entre el benchmark y el precio ejecutado", "summary": "El slippage es la diferencia entre un precio de referencia declarado y el precio efectivo de ejecución. Puede ser favorable o desfavorable y no coincide automáticamente con el spread o el market impact.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/slippage/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group — The Market Environment for Trend Following", "urls": [ "https://www.cmegroup.com/education/files/ac-the-market-environment-for-trendfollowing-sep19.pdf" ] } ], "revision": "82aebc9fcc1f66e7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/slippage-y-comisiones", "locale": "es", "title": "Slippage y comisiones", "summary": "Costes operativos reales — spread, comisiones, slippage — que transforman edge bruto en edge neto.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/slippage-y-comisiones/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2d847f4c69680bb2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "validation", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/smile-skew-y-superficie-de-volatilidad", "locale": "es", "title": "Smile, skew y superficie de volatilidad implícita", "summary": "La superficie de volatilidad dispone las volatilidades implícitas por strike y vencimiento. Smile y skew describen curvaturas y asimetrías de sus secciones con coordenadas, modelo, timestamp y calidad de cotización declarados.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/smile-skew-y-superficie-de-volatilidad/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — diferencias de IV entre strikes y relación put-call.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Learn about Convexity — smile, skew y curvatura de las IV.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-cvol/learn-about-convexity" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — coordenadas delta, estructura temporal y skew.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "Cboe, The Cboe SKEW Index — metodología e historia de la curva de IV de SPX.", "urls": [ "https://cdn.cboe.com/resources/indices/documents/SKEWwhitepaperjan2011.pdf" ] }, { "text": "Cboe, S&P 500 SMILE Index Methodology — convenciones de put, call y delta en una metodología publicada.", "urls": [ "https://cdn.cboe.com/api/global/us_indices/governance/SMILE_Methodology.pdf" ] }, { "text": "Cboe, The S&P 500 Spot Volatility Index — ejemplo de medidas referidas a zonas concretas de la superficie.", "urls": [ "https://www.cboe.com/us/indices/spotvol-and-ltv-indices/" ] }, { "text": "Fischer Black y Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — modelo clásico y principio de réplica.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — características y riesgos de los contratos estandarizados.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "d95b27014c53baad", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "volatility-surface", "derivatives" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/soporte", "locale": "es", "title": "Soporte", "summary": "Zona de precio inferior donde la presión vendedora tiende a atenuarse.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/soporte/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "15c0794515126fba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/soporte-y-resistencia", "locale": "es", "title": "Soporte y resistencia", "summary": "Áreas donde el precio ha reaccionado históricamente.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/soporte-y-resistencia/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c543fbc2f7e53c18", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/spread-bid-ask", "locale": "es", "title": "Spread bid-ask: cotizado, efectivo y realizado", "summary": "El spread bid-ask es la diferencia entre el mejor ask y el mejor bid observados en el mismo mercado y momento. Los spreads cotizado, efectivo y realizado miden aspectos distintos del coste y de la calidad de ejecución.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/spread-bid-ask/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Bid Price/Ask Price", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/ask-price" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590, Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] } ], "revision": "117c89fffb6e1a35", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/spreads-de-credito-y-cs01", "locale": "es", "title": "Spreads de crédito y CS01", "summary": "El spread compara el rendimiento con una referencia; el CS01 estima el cambio de valor por un punto básico de spread.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/spreads-de-credito-y-cs01/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "3f14601ea287d4fc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "credit-spread", "cs01", "spread-duration" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/staking-consenso-recompensas-y-riesgos", "locale": "es", "title": "Staking: consenso, recompensas y riesgos", "summary": "El staking explicado desde el protocolo hasta el producto: validadores, consenso proof of stake, recompensas, penalizaciones, slashing, delegación, pools y liquid staking tokens.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/staking-consenso-recompensas-y-riesgos/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Blockchain Technology Overview — panorama de los modelos de consenso, incluida la proof of stake.", "urls": [ "https://www.nist.gov/publications/blockchain-technology-overview" ] }, { "text": "Ethereum.org — Proof of stake — funciones del validador, atestaciones y finalidad en Ethereum.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/" ] }, { "text": "Ethereum.org — Rewards and penalties — recompensas, inactividad y slashing específicos de Ethereum.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/" ] }, { "text": "Ethereum.org — Pooled staking — pools, tokens líquidos, dependencias y concentración en Ethereum.", "urls": [ "https://ethereum.org/staking/pools/" ] }, { "text": "EBA y ESMA — Recent developments in crypto-assets — modelos centralizados y descentralizados, divulgación, lock-up, custodia y riesgos del staking.", "urls": [ "https://www.eba.europa.eu/publications-and-media/press-releases/eba-and-esma-analyse-recent-developments-crypto-assets" ] }, { "text": "BIS — Blockchain consensus mechanisms and fragmentation — incentivos, participación, concentración y compromisos entre modelos de consenso.", "urls": [ "https://www.bis.org/publ/bisbull126.htm" ] } ], "revision": "62a11f0e220d07c5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "proof-of-stake-participation", "topics": [ "staking", "proof-of-stake", "validators", "rewards", "slashing", "liquid-staking", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-staking-rewards-and-risks", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/stop-loss", "locale": "es", "title": "Stop loss", "summary": "Instrucción defensiva de salida activada por una condición de precio. El trigger no garantiza el precio de ejecución: tipo de orden, venue, gaps y liquidez determinan el fill.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/stop-loss/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — diferencia entre trigger y precio de ejecución, riesgo de slippage y posible falta de ejecución de una stop-limit.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "FINRA, Regulatory Notice 16-19: Stop Orders — los stop prices no son precios de ejecución garantizados y los procedimientos de trigger pueden variar.", "urls": [ "https://www.finra.org/sites/default/files/notice_other_file_ref/Regulatory-Notice-16-19.pdf" ] } ], "revision": "d8d1e1cfb7f9d20b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "order-types", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/stop-loss-y-take-profit", "locale": "es", "title": "Stop loss y take profit", "summary": "Par operativo: límite de pérdida y objetivo de beneficio.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/stop-loss-y-take-profit/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f2d83c91e9adbe4b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/stop-tecnico", "locale": "es", "title": "Stop técnico", "summary": "Stop loss posicionado sobre invalidación + buffer de volatilidad — evita whipsaw sin negar la lógica del trade.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/stop-tecnico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0758dd3ecdf77d31", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/stress-test", "locale": "es", "title": "Prueba de estrés", "summary": "Una prueba de estrés evalúa los efectos de condiciones adversas declaradas sobre un alcance y un horizonte definidos. Incluye sensibilidades, escenarios históricos o hipotéticos y estrés inverso; no es un pronóstico ni una prueba de seguridad.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/stress-test/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel consolidated guidelines — RMA30, Stress testing", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee — Supervisory and bank stress testing: range of practices", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "SEC — Use of Derivatives by Registered Investment Companies and Business Development Companies, final rule", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] } ], "revision": "e2acd5ca2c9d4459", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "stress-testing", "scenario-analysis", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/suspension-de-estrategia", "locale": "es", "title": "Monitorización y suspensión de la estrategia", "summary": "Gobernanza continua de datos, operaciones, ejecución y comportamiento del modelo: alertas, diagnóstico, escalado, kill switch, rollback, suspensión y reactivación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/suspension-de-estrategia/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validación proactiva, monitorización y fiabilidad de los modelos de inversión.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2: Model Risk Management, 2026 — gobernanza, validación, límites de uso y monitorización; se aplica a las organizaciones bancarias dentro de su ámbito de supervisión y se cita aquí únicamente como referencia de gobernanza.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Comisión Europea, Reglamento Delegado (UE) 2017/589, RTS 6 — controles, pruebas, límites y funcionalidad operativa dentro del ámbito de trading algorítmico de la UE al que se aplica.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] }, { "text": "Autoridad Europea de Valores y Mercados, Supervisory Briefing on Algorithmic Trading in the EU, 2026 — gobernanza, pruebas, externalización y controles pre-trade; orientación supervisora no vinculante dentro de su ámbito.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automatización, riesgos operativos e interacción de los algoritmos con la estructura del mercado estadounidense.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] } ], "revision": "bfc4462c1353b77b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "strategy-monitoring", "suspension", "incident-management", "model-deterioration", "regime-shift", "algorithmic-controls" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "regimes", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/take-profit", "locale": "es", "title": "Take profit: objetivo y ejecución", "summary": "El take profit define una salida a un precio objetivo: tipos de orden, riesgo de no ejecución y diferencia entre objetivo, activación y fill.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/take-profit/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, revisión no humana por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Understanding Order Types — distingue órdenes de mercado, limitadas y stop y explica qué aspectos del precio o de la ejecución no están garantizados (consultado el 10 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "Coinbase Help — Tipos de órdenes de Advanced Trade — documenta una implementación concreta de órdenes limitadas, bracket y TP/SL, incluidos fills parciales, cancelación de la otra pata y límites de ejecución (consultado el 10 de agosto de 2026).", "urls": [ "https://help.coinbase.com/es-es/coinbase/trading-and-funding/advanced-trade/order-types" ] } ], "revision": "c18f617d64f04b60", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/tamano", "locale": "es", "title": "Tamaño de la posición", "summary": "Calcular la cantidad negociada conectando presupuesto de riesgo, distancia del stop y valor por unidad, con costes y ejecución como límites.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/tamano/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — relación entre ubicación del stop, riesgo monetario y número de contratos.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Position and Risk Management — cantidad de contratos, valor del tick, margen y escenarios de riesgo.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Options Premium and the Greeks — explica por qué el precio de una opción depende dinámicamente del subyacente, la volatilidad, el tiempo y sensibilidades relacionadas.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-the-greeks-options-premium-and-the-greeks" ] }, { "text": "FINRA, riesgos de las órdenes stop en mercados volátiles — posible diferencia entre el precio stop y el precio efectivo de ejecución.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "a34885c2a04dfac2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk_first", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/tendencia", "locale": "es", "title": "Tendencia", "summary": "Dirección prevalente del precio en un intervalo de tiempo: secuencia de máximos y mínimos crecientes (alcista) o decrecientes (bajista).", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/tendencia/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1b8ca4ff7a17b82a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/theta-de-opciones", "locale": "es", "title": "Theta de opciones", "summary": "Theta mide el cambio local del valor de una opción por el paso del tiempo. El signo depende de la variable temporal y la escala diaria o anual debe declararse.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/theta-de-opciones/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Theta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/theta" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Cboe, Options Calculator.", "urls": [ "https://www.cboe.com/education/tools/options-calculator/" ] }, { "text": "Fischer Black y Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "531c23a25c27d106", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "time-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/tilt", "locale": "es", "title": "Tilt", "summary": "Estado emocional que degrada decisiones.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/tilt/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5ae3417ddb5f3c3b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/time-in-force", "locale": "es", "title": "Time in force: DAY, GTC, IOC, FOK y AON", "summary": "El time in force determina cuánto tiempo permanece válida una orden y cómo se trata la cantidad no ejecutada. DAY, GTC, IOC y FOK responden a necesidades distintas; AON exige una ejecución completa, pero no necesariamente inmediata.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/time-in-force/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Trading Terms: Time Parameters and Qualifiers on Stock Orders", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] }, { "text": "CME Group — Time In Force Definitions", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-firmsoft/Content/TimeInForceDefinitions.html" ] }, { "text": "CME Group — Glossary: AON, FAK y FOK", "urls": [ "https://www.cmegroup.com/education/glossary" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] } ], "revision": "b9d537def28721e7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/tipo-oficial-y-orientacion-monetaria", "locale": "es", "title": "Tipo oficial y orientación monetaria", "summary": "Del objetivo a los tipos administrados y de mercado: nivel nominal, distancia al neutral y senda esperada configuran la orientación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/tipo-oficial-y-orientacion-monetaria/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Policy implementation, documentación oficial — principios, planes y comunicaciones del FOMC sobre normalización de tipos y balance.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/policy-normalization.htm" ] }, { "text": "ECB, Key ECB interest rates, documentación oficial — tipos actuales e históricos de depósito, refinanciación y facilidad marginal de crédito.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html" ] }, { "text": "BIS, Central bank policy rates, documentación oficial — base internacional de tipos oficiales de bancos centrales con sus metadatos.", "urls": [ "https://www.bis.org/statistics/cbpol.htm" ] } ], "revision": "7d22553d87ed5854", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/tipos-de-instrumento", "locale": "es", "title": "Instrumentos financieros y tipos de contrato", "summary": "Un instrumento financiero es el derecho o contrato que se posee realmente. Las acciones, los bonos, los fondos, los futuros, las opciones y los CFD atribuyen propiedades, créditos y obligaciones diferentes.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/tipos-de-instrumento/", "published": "2026-07-11", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions y Annex I — Financial instruments.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions", "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa?.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "54f3ffa8b06726bc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "risk", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/tipos-nominales-reales-e-inflacion-implicita", "locale": "es", "title": "Tipos nominales, reales e inflación implícita", "summary": "Relación entre rendimiento nominal, real y compensación por inflación, incluidos primas y liquidez que impiden tratar el breakeven como previsión pura.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/tipos-nominales-reales-e-inflacion-implicita/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury, TIPS, documentación oficial — condiciones del título, ajuste por inflación, cálculo de intereses, subastas y fiscalidad de los TIPS.", "urls": [ "https://treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED, documentación oficial — series descargables de rendimientos nominales, reales e inflación implícita de mercado.", "urls": [ "https://fred.stlouisfed.org/" ] }, { "text": "ECB, Inflation expectations, documentación oficial — previsiones profesionales trimestrales de inflación, crecimiento real y desempleo.", "urls": [ "https://www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/index.en.html" ] } ], "revision": "4ed7f614c56df49a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/trade-frequency", "locale": "es", "title": "Trade frequency", "summary": "Número de operaciones en el tiempo — impacta costes, estrés, sample size y velocidad de validación.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/trade-frequency/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "977f6059b3ecef8e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/trading", "locale": "es", "title": "Trading: qué es y cómo funciona", "summary": "Guía de trading para principiantes: qué se negocia, cómo se forma el precio, qué ocurre con una orden y cómo evaluar costes, apalancamiento y riesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/trading/", "published": "2026-08-09", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products y Types of Orders.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products", "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "Financial Industry Regulatory Authority, Brokerage Accounts.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "National Futures Association, Hypothetical Performance Results.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa?.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] } ], "revision": "4cb73d01100a58a2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/trading-cuantitativo", "locale": "es", "title": "Trading cuantitativo y trading sistemático", "summary": "Las diferencias entre decisiones sistemáticas, investigación cuantitativa, algoritmos y ejecución automatizada, con la cadena completa desde el modelo hasta el control.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/trading-cuantitativo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — descripción institucional de las formas, usos y efectos del trading algorítmico.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — ciclo de validación de los modelos de inversión y técnicas principales.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — orientación bancaria vigente sobre desarrollo, uso, validación y gobernanza; sus principios se citan por analogía, no como una obligación universal.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — límites y divulgaciones aplicables a resultados hipotéticos dentro de su ámbito regulatorio estadounidense.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "8996824d4cd653b5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "quantitative-trading", "systematic-trading", "algorithmic-trading", "research-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/trailing-stop", "locale": "es", "title": "Trailing stop: umbral dinámico y fills", "summary": "El trailing stop actualiza un umbral con el movimiento favorable; activación, orden generada, gaps, slippage y reglas dependen de la sede.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/trailing-stop/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, revisión no humana por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Understanding Order Types — define el trailing stop, distingue stop de stop-limit y señala diferencias entre sedes, activadores y precio ejecutado (consultado el 10 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "FINRA — Rule 5350: Stop Orders — documenta la activación de stop y stop-limit y la divulgación de activadores alternativos utilizados por un intermediario (consultado el 10 de agosto de 2026).", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5350" ] }, { "text": "Interactive Brokers Campus — Trailing Stop Limit for Desktop — ejemplo oficial de una implementación con trail, stop, limit offset y posible falta de ejecución inmediata (consultado el 10 de agosto de 2026).", "urls": [ "https://www.interactivebrokers.com/campus/trading-lessons/trailing-stop-limit-for-desktop/" ] } ], "revision": "e4fb39d49ace5fb0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/transacciones-blockchain-comisiones-confirmaciones-y-finalidad", "locale": "es", "title": "Transacciones blockchain: comisiones, confirmaciones y finalidad", "summary": "El ciclo completo de una transacción blockchain: firma, propagación, mempool, validación, inclusión, comisiones, confirmaciones y finalidad sin confundir estados distintos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/transacciones-blockchain-comisiones-confirmaciones-y-finalidad/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Blockchain Technology Overview — estructura de los registros, transacciones, consenso, resistencia a modificaciones y límites.", "urls": [ "https://www.nist.gov/publications/blockchain-technology-overview" ] }, { "text": "Bitcoin — A Peer-to-Peer Electronic Cash System — firmas, proof of work, cadena y confirmaciones probabilísticas en el diseño de Bitcoin.", "urls": [ "https://bitcoin.org/bitcoin.pdf" ] }, { "text": "Bitcoin Developer Guide — Payment processing — estados sin confirmar y confirmado, y gestión del riesgo de doble gasto en Bitcoin.", "urls": [ "https://developer.bitcoin.org/devguide/payment_processing.html" ] }, { "text": "Ethereum.org — Transactions — campos, firma, transaction pool, inclusión y ciclo de una transacción en Ethereum.", "urls": [ "https://ethereum.org/developers/docs/transactions/" ] }, { "text": "Ethereum.org — Gas and fees — recursos computacionales, gas limit y mercado de comisiones de Ethereum.", "urls": [ "https://ethereum.org/developers/docs/gas/" ] }, { "text": "Ethereum.org — Proof of stake and finality — checkpoints, justificación y finalidad en el protocolo Ethereum.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/" ] } ], "revision": "910407d0da9d3f70", "translation_state": "not-assessed", "kind": "concept", "entity_type": "blockchain-transaction-lifecycle", "topics": [ "blockchain", "transactions", "fees", "gas", "confirmations", "finality", "wallets" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-blockchain-transaction-lifecycle", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/transmision-de-la-politica-monetaria", "locale": "es", "title": "Transmisión de la política monetaria", "summary": "Canales desde tipos y balance del banco central hacia mercado monetario, crédito, divisas, demanda, empleo y precios.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/transmision-de-la-politica-monetaria/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ECB, Transmission mechanism, documentación oficial — canales desde los tipos oficiales hasta mercado monetario, expectativas, crédito, demanda y precios.", "urls": [ "https://www.ecb.europa.eu/mopo/intro/transmission/html/index.en.html" ] }, { "text": "Federal Reserve, Monetary Policy Report, documentación oficial — informe semestral al Congreso sobre política monetaria, coyuntura económica y perspectivas.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/mpr_default.htm" ] }, { "text": "BIS, Monetary policy, documentación oficial — investigación institucional sobre marcos, instrumentos y transmisión monetaria entre economías.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "8c6a7f2dd0b13970", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/transmision-macro-entre-acciones-bonos-divisas-y-materias-primas", "locale": "es", "title": "Transmisión macro entre acciones, bonos, divisas y materias primas", "summary": "Mapa condicional de cómo crecimiento, inflación, tipos y liquidez llegan a beneficios, curvas, cambios y mercados físicos.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/transmision-macro-entre-acciones-bonos-divisas-y-materias-primas/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Annual Economic Report, documentación oficial — análisis de la interacción entre economía mundial, sistema financiero y regímenes de política.", "urls": [ "https://www.bis.org/publ/arpdf/ar2025e.htm" ] }, { "text": "IMF, Global Financial Stability Report, documentación oficial — evaluación de mercados globales, vulnerabilidades sistémicas y financiación emergente.", "urls": [ "https://www.imf.org/en/Publications/GFSR" ] }, { "text": "ECB, Financial Stability Review, documentación oficial — evidencia semestral sobre vulnerabilidades financieras y riesgos sistémicos de la zona euro.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html" ] } ], "revision": "b5283ddbb0d16e34", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/trigger", "locale": "es", "title": "Trigger", "summary": "Evento ejecutivo que autoriza el click — timing preciso después del contexto y antes de la confirmación opcional.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/trigger/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0d070627e4d2baec", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/twap", "locale": "es", "title": "TWAP: benchmark temporal y algoritmo de ejecución", "summary": "TWAP puede designar una media temporal utilizada como benchmark o una estrategia algorítmica que divide una orden matriz a lo largo del tiempo. La etiqueta no garantiza fills, precio, menor impacto ni órdenes hijas iguales.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/twap/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase Help, Advanced Trade order types — TWAP orders — parámetros, subórdenes, redistribución, comportamiento pasivo/agresivo y aleatorización en la implementación documentada.", "urls": [ "https://help.coinbase.com/en-in/coinbase/trading-and-funding/advanced-trade/order-types" ] }, { "text": "Coinbase Developer Documentation, Prime — Order Types — parámetros TWAP y distinción frente a las órdenes VWAP en Coinbase Prime.", "urls": [ "https://docs.cdp.coinbase.com/prime/concepts/trading/order-types" ] }, { "text": "EUR-Lex, Directiva 2014/65/UE, artículo 4(1)(39) — definición de trading algorítmico y exclusión del mero routing.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA, Supervisory Briefing on Algorithmic Trading in the EU, 26 de febrero de 2026 — parámetros automatizados, gobernanza, pruebas, externalización y controles pre-trade.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] } ], "revision": "ebc66b32278982f9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/validacion-de-series-temporales-y-walk-forward", "locale": "es", "title": "Validación de series temporales y walk-forward", "summary": "Diseños cronológicos rolling y expanding para separar desarrollo y evaluación respetando dependencia, horizonte informativo y secuencia real de decisiones.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/validacion-de-series-temporales-y-walk-forward/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review — taxonomía y justificación de las evaluaciones rolling-origin fuera de muestra.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman y Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction — condiciones precisas bajo las que k-fold puede ser válido para modelos autorregresivos.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "Jeffrey S. Racine, Consistent cross-validatory model-selection for dependent data: hv-block cross-validation — propuesta de separación en bloques para datos dependientes, que debe usarse con sus supuestos y con la discusión metodológica posterior.", "urls": [ "https://doi.org/10.1016/S0304-4076(00)00030-0" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — índice oficial de Wiley — referencia de autor para purging y embargo; no se presenta como consenso universal ni como artículo original revisado por pares.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "cbe4dfa6cbd03bbc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "validacion-de-series-temporales", "walk-forward", "validacion-cruzada", "out-of-sample" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/value-area", "locale": "es", "title": "Value Area", "summary": "Intervalo central de un perfil calculado sobre volumen o TPO con un algoritmo declarado. El 70% es una convención, no una regla universal.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/value-area/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, p. 33 — ejemplo y distinción entre Volume Value Area y TPO Value Area.", "urls": [] }, { "text": "J. Peter Steidlmayer y Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, sección I, capítulo 6 — relación histórica entre precio, tiempo y construcción del perfil.", "urls": [] } ], "revision": "65b47347ec470354", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/var", "locale": "es", "title": "VaR (Value at Risk)", "summary": "El VaR es un cuantil de la distribución estimada de pérdidas, definido para un alcance, horizonte y nivel de confianza. No es la pérdida máxima ni describe la gravedad de los resultados más allá del umbral.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/var/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR10, Market risk terminology", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Framework — MAR32, backtesting and P&L attribution requirements", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/32.htm" ] }, { "text": "Basel Committee — Explanatory note on the minimum capital requirements for market risk", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "SEC — Use of Derivatives by Registered Investment Companies and Business Development Companies, final rule", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] }, { "text": "Artzner, Delbaen, Eber y Heath — Coherent Measures of Risk", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "4e372eccd7486752", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "risk-measurement", "value-at-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/varianza", "locale": "es", "title": "Varianza", "summary": "Dispersión cuadrática de los rendimientos alrededor de la media — medida base de la inestabilidad del sistema.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/varianza/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a79a0f297d711dd7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/vega-de-opciones", "locale": "es", "title": "Vega de opciones", "summary": "Vega mide el cambio local del valor de una opción respecto a la volatilidad implícita usada por el modelo. Escala, superficie, vencimiento y signo forman parte de la medida.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/vega-de-opciones/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Vega — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-vega-the-greeks" ] }, { "text": "Cboe, SR-CBOE-2019-126 — definición y convención de un punto porcentual de volatilidad.", "urls": [ "https://cdn.cboe.com/resources/regulation/rule_filings/approved/2019/SR-CBOE-2019-126.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — factores vega y agregación dentro de su ámbito regulatorio.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "89ea8bc421f064c9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "volatility", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/vela-ohlc", "locale": "es", "title": "Vela OHLC", "summary": "Representación gráfica de una barra: Open, High, Low, Close.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/vela-ohlc/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "39787085619c4841", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/concetti/vencimiento-y-liquidacion-de-futuros", "locale": "es", "title": "Vencimiento y liquidación de futuros", "summary": "El vencimiento de un futuro es un calendario de eventos contractuales, no una fecha universal. El cierre por compensación, el roll, la liquidación por diferencias y la entrega física generan obligaciones distintas definidas por el reglamento de cada contrato.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/vencimiento-y-liquidacion-de-futuros/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — cierre antes de la entrega, obligaciones y liquidación por diferencias.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — liquidación por diferencias, entrega física, primer día de notificación, cierre por compensación y roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — cierre mediante compensación, términos estandarizados y función de la entrega.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — precio de liquidación diario y flujos de variación.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — alternativas operativas entre cierre por compensación, roll y liquidación.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — liquidación diaria y final, entrega y formación del precio final.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — relación entre el precio futuro, el spot, el coste de mantenimiento y la convergencia.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — puntos, calidades, diferenciales de entrega y convergencia normal.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "fb57798587f48f58", "translation_state": "not-assessed", "kind": "concept", "entity_type": "mechanism", "topics": [ "markets-instruments", "derivatives", "post-trade", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/venta-en-corto", "locale": "es", "title": "Venta en corto", "summary": "La venta en corto de acciones consiste normalmente en vender valores tomados en préstamo y recomprarlos para devolverlos. Expone al riesgo de subida, al margen, a la disponibilidad y el coste del préstamo, a devoluciones anticipadas, short squeezes y reglas específicas de cada ju", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/venta-en-corto/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Key Points About Regulation SHO — mecanismo de la venta en corto, préstamo, margen, dividendos, riesgo de pérdida, localización y cierre.", "urls": [ "https://www.sec.gov/investor/pubs/regsho.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Short Sales — Regulation SHO, Final Rule — marcado, localización y regulación de los fallos de entrega.", "urls": [ "https://www.sec.gov/rules-regulations/2004/07/short-sales" ] }, { "text": "European Securities and Markets Authority, Short Selling — ámbito del SSR, posiciones cubiertas, transparencia, exenciones y poderes de intervención.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/short-selling" ] } ], "revision": "4a43e0cc306ed395", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "safety" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/volatilidad", "locale": "es", "title": "Volatilidad: significado, medidas y límites", "summary": "La volatilidad describe la dispersión de los rendimientos, no la dirección del mercado. Frecuencia, ventana, estimador y anualización son partes indispensables de cada medida.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/volatilidad/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, CFTC Glossary — Volatility — definición institucional y distinción entre volatilidad histórica e implícita.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "The Options Industry Council, Volatility & the Greeks — volatilidad histórica, implícita y sensibilidades de las opciones.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "National Institute of Standards and Technology, Measures of Scale — desviación estándar y medidas robustas de dispersión.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Michael Parkinson, The Extreme Value Method for Estimating the Variance of the Rate of Return, The Journal of Business, 1980 — estimador basado en el rango.", "urls": [ "https://doi.org/10.1086/296071" ] }, { "text": "Torben G. Andersen, Tim Bollerslev, Francis X. Diebold y Heiko Ebens, The Distribution of Realized Stock Return Volatility, Journal of Financial Economics, 2001 — construcción y distribución de la volatilidad realizada de alta frecuencia.", "urls": [ "https://doi.org/10.1016/S0304-405X(01)00055-1" ] }, { "text": "Cboe Global Indices, VIX White Paper — ejemplo de una medida forward-looking obtenida de precios de opciones con metodología publicada, no medida universal de volatilidad.", "urls": [ "https://cdn.cboe.com/resources/vix/vixwhite.pdf" ] } ], "revision": "b8b19f3fdafadcc4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "risk-management", "volatility", "statistics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/volatilidad-implicita-y-realizada", "locale": "es", "title": "Volatilidad implícita y realizada", "summary": "La volatilidad realizada y la implícita responden a preguntas distintas: la primera estima la dispersión de las rentabilidades observadas con una metodología declarada; la segunda es el parámetro que concilia el precio de una opción con un modelo especificado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/volatilidad-implicita-y-realizada/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Technical Information — definiciones operativas de volatilidad histórica e implícita.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "Options Industry Council, Volatility & the Greeks — relación entre volatilidad, valoración y griegas.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — comparación de medidas históricas e implícitas y naturaleza modelística de los resultados.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV, precios y diferencias entre strikes.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Understanding Options Analytics: Greeks and Implied Volatility — coordenadas analíticas y sensibilidades.", "urls": [ "https://www.cmegroup.com/education/lessons/understanding-options-analytics-greek-and-implied-volatility" ] }, { "text": "Fischer Black y Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — fuente primaria del modelo clásico.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — características contractuales y riesgos de las opciones estandarizadas.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "ab7c84df6ff6f13f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "volatility", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/volatility-targeting", "locale": "es", "title": "Volatility targeting", "summary": "Método que escala la exposición de una cartera según una estimación de volatilidad para perseguir un nivel ex ante, dentro de caps, costes y restricciones declarados.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/volatility-targeting/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MSCI, MSCI Risk Control Indexes Methodology — ejemplo primario de metodología con estimación, retraso, componente de efectivo y reglas específicas.", "urls": [ "https://www.msci.com/eqb/methodology/meth_docs/MSCI_Risk_Control_Indexes_Methodology_Sept2022.pdf" ] }, { "text": "Alan Moreira y Tyler Muir, Volatility Managed Portfolios, NBER Working Paper 22208 y posterior artículo en The Journal of Finance — escalado inverso a la varianza y resultados empíricos para las muestras estudiadas.", "urls": [ "https://www.nber.org/papers/w22208" ] }, { "text": "Scott Cederburg, Michael S. O’Doherty, Feifei Wang y Xuemin Yan, On the Performance of Volatility-Managed Portfolios, publicado después en Journal of Financial Economics — evaluación extensa y límites de las versiones realizables fuera de muestra.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3357038" ] }, { "text": "Jeff Fleming, Chris Kirby y Barbara Ostdiek, The Economic Value of Volatility Timing, The Journal of Finance — estudio del valor económico del volatility timing en un marco condicional media-varianza específico.", "urls": [ "https://doi.org/10.1111/0022-1082.00327" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — fórmulas metodológicas para leverage factor, objetivo y volatilidad realizada en índices risk control.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] } ], "revision": "ebb8ab547ba929de", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "volatility-targeting", "exposure-scaling", "portfolio-risk", "dynamic-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/volume-profile", "locale": "es", "title": "Volume Profile: volumen por precio y ajustes", "summary": "El Volume Profile agrega el volumen ejecutado por franja de precio en un intervalo elegido. El periodo, la sesión, las filas, la fuente de datos y el algoritmo de la Value Area cambian el perfil.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/volume-profile/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documenta el volumen por incremento de precio, los tipos de periodo, el tick size, la calidad de los registros y los cálculos del POC y la Value Area.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — define el POC y la Value Area, indica el 70% como valor típico configurable y describe fuentes y métodos de volumen diferentes según el instrumento.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] }, { "text": "CME Group, Market by Price Multiple Depth Book — describe la cantidad de órdenes disponibles por nivel en el libro, útil para distinguirla del volumen ya ejecutado del perfil.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457574047" ] } ], "revision": "569ea5d65f93d277", "translation_state": "not-assessed", "kind": "concept", "entity_type": "volume-by-price-concept", "topics": [ "volume-profile", "volume-by-price", "POC", "value-area", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/volumen-de-intercambio", "locale": "es", "title": "Volumen de intercambio", "summary": "Cantidad de acciones, contratos o unidades transferidas en un intervalo. Cada transacción se cuenta una vez por la cantidad negociada; el volumen por sí solo no indica dirección ni intención.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/volumen-de-intercambio/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, What Is Volume? — definición para futuros y ejemplo de una transacción de un contrato que aumenta el volumen en uno.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] }, { "text": "Nasdaq, Volume y Nasdaq-Opedia, pp. 340–341 — cantidad de acciones transferidas; 100 acciones entre A y B producen un volumen de 100.", "urls": [ "https://www.nasdaq.com/glossary/v/volume", "https://www.nasdaq.com/docs/2021/10/11/opedia%20booket28.pdf" ] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, The Ticker Publishing Company, 1910, cap. V, “The Significance of Volumes” — fuente primaria de la interpretación histórica entre volumen y movimiento y de sus cautelas.", "urls": [] } ], "revision": "6bbecbb881424f2d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "microstructure", "volumetric" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "es/hub/concetti" }, { "key": "es/concetti/win-rate", "locale": "es", "title": "Win rate", "summary": "Porcentaje de trades en beneficio — útil solo junto a payoff y expectancy, no aislado.", "url": "https://www.emiciclo.com/cyclepedia/es/concetti/win-rate/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f08ee5eccee4aefd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "es/hub/concetti" }, { "key": "es/emiciclo/asamblea", "locale": "es", "title": "Assemblea", "summary": "Assemblea, descrita como Asamblea en español, combina una sesión de votación sobre el mercado con el área de vídeo Direktor. Muestra consenso de la muestra y reputación sin convertir el voto colectivo en un pronóstico seguro.", "url": "https://www.emiciclo.com/cyclepedia/es/emiciclo/asamblea/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, editor jefe de Cyclepedia (revisión editorial mediante IA del código y la documentación actual del producto; no se declara revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Assemblea — superficie oficial de la app, comprobada el 2026-08-08.", "urls": [ "https://app.emiciclo.com/assemblea" ] }, { "text": "Direktor — área oficial de vídeo vinculada a Assemblea.", "urls": [ "https://app.emiciclo.com/assemblea/direktor" ] }, { "text": "Código y reglas actuales de la aplicación para sesiones, votación, reputación y reproductor — fuentes primarias propietarias comprobadas durante la revisión; no constituyen una verificación independiente.", "urls": [] } ], "revision": "3c40cce3ab76a64d", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "software_application", "topics": [ "emiciclo", "assemblea", "market-sentiment", "community-consensus", "trader-reputation", "educational-video" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "assemblea", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "es/hub/emiciclo" }, { "key": "es/emiciclo/cuadro-ciclico", "locale": "es", "title": "Quadro Ciclico", "summary": "Quadro Ciclico, descrito como Cuadro Cíclico en español, compara la estructura cíclica de un instrumento en varios marcos temporales. Sus vistas Meridiana (Clock) y Composite organizan fases y ritmos sin producir señales seguras.", "url": "https://www.emiciclo.com/cyclepedia/es/emiciclo/cuadro-ciclico/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, editor jefe de Cyclepedia (revisión editorial mediante IA del código y la interfaz actual del producto; no se declara revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Quadro Ciclico — superficie oficial de la app, comprobada el 2026-08-08.", "urls": [ "https://app.emiciclo.com/quadro-ciclico" ] }, { "text": "App Emiciclo — menú, identidad y acceso oficiales.", "urls": [ "https://app.emiciclo.com/" ] }, { "text": "Código actual de la aplicación para las vistas del panel, la puerta de ruta y los canales de datos — fuente primaria propietaria comprobada durante la revisión; no constituye una verificación independiente.", "urls": [] } ], "revision": "7e2b3221f780ffd7", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "software_application", "topics": [ "emiciclo", "quadro-ciclico", "cyclic-analysis", "multi-timeframe-analysis", "composite-cycle" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "quadro", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "es/hub/emiciclo" }, { "key": "es/emiciclo/cyclepedia", "locale": "es", "title": "Cyclepedia", "summary": "Cyclepedia es la enciclopedia pública y gratuita de trading de Emiciclo. Organiza definiciones, disciplinas, métodos, historia y riesgo con fuentes visibles, páginas multilingües y Nicola, su asistente basado en el corpus.", "url": "https://www.emiciclo.com/cyclepedia/es/emiciclo/cyclepedia/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, editor jefe de Cyclepedia (revisión editorial mediante IA del corpus y del canal público de publicación; no se declara revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Cyclepedia — sitio público oficial.", "urls": [ "https://www.emiciclo.com/cyclepedia/" ] }, { "text": "Política editorial — principios, fuentes, revisión y correcciones.", "urls": [ "https://www.emiciclo.com/cyclepedia/es/hub/politica-editorial/" ] }, { "text": "Índice estable legible por máquinas — páginas publicables y metadatos.", "urls": [ "https://www.emiciclo.com/cyclepedia/_data/stable-index.json" ] }, { "text": "Índice de recuperación de Nicola — extractos y citas disponibles para el asistente.", "urls": [ "https://www.emiciclo.com/cyclepedia/_data/ask-index.json" ] }, { "text": "Carta editorial, registro de idiomas y canal de compilación de Cyclepedia, comprobados frente a la fuente actual — fuentes primarias del proyecto, no verificación independiente.", "urls": [] } ], "revision": "c857cd7ee5e2adda", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "digital_reference_work", "topics": [ "emiciclo", "cyclepedia", "trading-encyclopedia", "financial-education", "knowledge-base", "retrieval-augmented-generation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional", "researcher" ], "search_intent": "comprehensive-guide", "product_id": "cyclepedia", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "es/hub/emiciclo" }, { "key": "es/emiciclo/cyclesic", "locale": "es", "title": "CycleSic", "summary": "CycleSic es el terminal de análisis cíclico de Emiciclo: reúne gráficos, herramientas espectrales, FLD, armónicos y ondas compuestas, con límites explícitos sobre datos, acceso e interpretación.", "url": "https://www.emiciclo.com/cyclepedia/es/emiciclo/cyclesic/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, editor jefe de Cyclepedia (revisión editorial mediante IA del código, la documentación y la interfaz actual del producto; no se declara revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic en la app Emiciclo — interfaz operativa y disponibilidad actual de las funciones.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "Sitio oficial de Emiciclo — identidad del ecosistema y acceso a los servicios públicos.", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "Acceso y planes oficiales — fuente actual para permisos y condiciones comerciales, que esta guía no reproduce.", "urls": [ "https://www.emiciclo.com/pricing/" ] }, { "text": "Aviso de privacidad de Emiciclo — tratamiento de datos y datos de contacto del responsable.", "urls": [ "https://www.emiciclo.com/privacy.html" ] }, { "text": "Comprobación técnica de Cyclepedia: comparación editorial del 2026-08-08 con src/products/cyclesic/, cyclesic-v2/, rutas de la aplicación, derechos de acceso y tutoriales del repositorio de ejecución. Las fuentes del producto se mantienen separadas de las fuentes teóricas del análisis cíclico.", "urls": [] } ], "revision": "a6004d49f63f4aca", "translation_state": "not-assessed", "kind": "product-guide", "entity_type": "software_application", "topics": [ "cyclic", "technical", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "cyclesic", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "prodotto", "hub": "es/hub/emiciclo" }, { "key": "es/emiciclo/cyclesic/allarmi", "locale": "es", "title": "CycleSic: crear y gestionar alertas", "summary": "Cómo crear alertas de precio o tiempo en CycleSic, moverlas en el gráfico, activarlas o desactivarlas y consultar eventos activos e historial.", "url": "https://www.emiciclo.com/cyclepedia/es/emiciclo/cyclesic/allarmi/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, editor jefe de Cyclepedia (revisión editorial mediante IA de la interfaz, el código y la documentación actual del producto; no se declara revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic en la app Emiciclo — panel y gráfico operativos.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[impostazioni-mobile|Ajustes y móvil]] — gestos y preferencias.", "urls": [] }, { "text": "Comprobación técnica de Cyclepedia: verificación del 2026-08-08 de registros de precio, tiempo e indicador, menú, activación, historial y canales en cyclesic-v2/.", "urls": [] } ], "revision": "33d4ce3f4cad37fa", "translation_state": "not-assessed", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "risk", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "allarmi", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "es/hub/emiciclo" }, { "key": "es/emiciclo/cyclesic/analisi-ciclica", "locale": "es", "title": "CycleSic: análisis cíclico, compuesta y espectro", "summary": "Cómo usar las superficies cíclicas de CycleSic: ciclo, compuesta, espectro y Cycle Intelligence, sin tratar los resultados como previsiones seguras.", "url": "https://www.emiciclo.com/cyclepedia/es/emiciclo/cyclesic/analisi-ciclica/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, editor jefe de Cyclepedia (revisión editorial mediante IA de la interfaz, el código y la documentación actual del producto; no se declara revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic en la app Emiciclo — superficies cíclicas actuales.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[../../hub/discipline-cyclic-analysis|Análisis cíclico]] y [[../../glossario/fld|FLD]] — contexto y límites.", "urls": [] }, { "text": "Comprobación técnica de Cyclepedia: verificación del 2026-08-08 de vistas, paneles y recorrido integrado en cyclesic-v2/; no se reprodujo ningún algoritmo propietario.", "urls": [] } ], "revision": "bc1b26d5caa63ef2", "translation_state": "not-assessed", "kind": "product-manual", "entity_type": "how_to", "topics": [ "cyclic", "technical", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "analisi-ciclica", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "es/hub/emiciclo" }, { "key": "es/emiciclo/cyclesic/disegni-misure", "locale": "es", "title": "CycleSic: dibujos, Fibonacci y mediciones", "summary": "Cómo usar la barra CycleSic para líneas, canales, formas, Fibonacci, texto, mediciones y herramientas de posición, y después modificarlas o borrarlas.", "url": "https://www.emiciclo.com/cyclepedia/es/emiciclo/cyclesic/disegni-misure/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, editor jefe de Cyclepedia (revisión editorial mediante IA de la interfaz, el código y la documentación actual del producto; 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El apéndice responde con un solo gráfico «realmente increíble» — y con un …", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/apendice-ii-commonality-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "fbea97e96d9a2b9f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/apendice-iv-respuesta-medias-moviles-hurst", "locale": "es", "title": "Apéndice IV — Cómo responde una media móvil (Hurst)", "summary": "A quién sirve esta entrada — Cada media móvil del libro — half-span, full-span, inversa — se apoya en esta derivación.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/apendice-iv-respuesta-medias-moviles-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "95c7a3003ab382a3", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/apendice-v-interpolacion-parabolica-hurst", "locale": "es", "title": "Apéndice V — La interpolación parabólica (Hurst)", "summary": "A quién sirve esta entrada — El espaciado de los datos es un parámetro de diseño de los filtros: dos filtros construidos con espaciados distintos producen salidas que no se pueden …", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/apendice-v-interpolacion-parabolica-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "55f3d34f8a9a679a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/apendice-vi-metodo-prony-hurst", "locale": "es", "title": "Apéndice VI — El curve fitting trigonométrico (Hurst)", "summary": "A quién sirve esta entrada — Después del band-pass queda una pregunta: qué sinusoides hay exactamente en la salida.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/apendice-vi-metodo-prony-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "aaf66a5f1015d97b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/ciclos-nominales-hurst", "locale": "es", "title": "Ciclos nominales de Hurst", "summary": "La Tabla II-1 de Hurst (1970): duraciones nominales de los ciclos, desde 18 años hasta 1,625 semanas, y su uso para medir ciclos observados.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/ciclos-nominales-hurst/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (agente de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, capítulo 2, Tabla II-1 p. 33 y mediciones pp. 37–48.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, conceptos 5–6, pp. 5–6 — modelo nominal armónico, variación y extensión moderna por debajo de la escala diaria.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "b9e9de36262a9857", "translation_state": "not-assessed", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "foundation", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/cinco-principios-modelo-ciclico", "locale": "es", "title": "Cinco principios del modelo cíclico Hurst", "summary": "A quién sirve esta entrada — El motor del 23% cíclico: cinco reglas que Hurst usa en todo el libro para leer gráficos, envelopes y patrones sin arbitrariedad.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/cinco-principios-modelo-ciclico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "63d810989b684c3f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/composite-man-wyckoff", "locale": "es", "title": "Composite Man (Wyckoff)", "summary": "El Composite Man es la heurística Wyckoff que estudia las fluctuaciones como una campaña unitaria, sin postular un único operador real.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/composite-man-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Richard D. Wyckoff, The Richard D. Wyckoff Method of Trading in Stocks, sección 9; registro bibliográfico de WorldCat.", "urls": [ "https://search.worldcat.org/es/title/The-Richard-D.-Wyckoff-Method-of-trading-in-stocks-%3A-a-course-of-instruction-in-stock-market-science-and-technique-based-on-forty-years%27practical-experience-in-Wall-Street-including-nineteen-years-as-editor-of-the-%22Magazine-of-Wall-Street%22-founded-by-him-in-1907/oclc/493388260" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Wyckoff's Composite Man”, que reproduce el pasaje del curso y define el recurso como heurística.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, para el uso del modelo en el análisis del rango.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "5e98661074feee77", "translation_state": "not-assessed", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "foundation", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/cyclic-analysis", "locale": "es", "title": "Análisis cíclico", "summary": "A quién sirve — Traders que conocen la tendencia y los indicadores pero quieren un marco temporal : cuándo esperar giros, cómo contextualizar entradas y salidas.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/cyclic-analysis/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "be9bb1a5fade2bfc", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/descomposicion-espectral-djia-hurst", "locale": "es", "title": "Las seis componentes del DJIA 1935–1951 (Hurst)", "summary": "A quién sirve esta entrada — «Uno de los gráficos más informativos del libro», digno de «estudio intenso»: 17 años de Dow descompuestos en seis ondas regulares cuya suma reproduce …", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/descomposicion-espectral-djia-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "9e43399223bc9e92", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/eventos-historicos-y-ciclicidad-hurst", "locale": "es", "title": "Eventos históricos y ciclicidad de mercado (Hurst)", "summary": "A quién sirve esta entrada — Cada día los comentarios atribuyen el mercado a las noticias.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/eventos-historicos-y-ciclicidad-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ffab2c4c91a2409a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/filtros-numericos-ormsby-hurst", "locale": "es", "title": "Los filtros numéricos de Ormsby (Hurst)", "summary": "A quién sirve esta entrada — La herramienta que produjo la Fig. IX-4: el filtro band-pass que aísla una banda de periodos de una serie de precios, con fase cero.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/filtros-numericos-ormsby-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c8fdbe3af6be8eb7", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/modelo-price-motion", "locale": "es", "title": "Modelo de movimiento de precios (Hurst)", "summary": "Hurst descompone el movimiento de los precios en cinco factores: aleatorios (~2%), eventos históricos insignificantes, fundamentales (~75%), choques impredecibles y ciclos X (~23%).", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/modelo-price-motion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b8e3e6da3924c9de", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/motivacion-ciclica-x", "locale": "es", "title": "Motivación cíclica X (Hurst)", "summary": "A quién sirve esta entrada — El corazón teórico de todo el libro.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/motivacion-ciclica-x/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "03a39ee7044d73a7", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/ocho-principios-modelo-ciclico-hurst", "locale": "es", "title": "Los ocho principios del modelo cíclico (curso Hurst)", "summary": "A quién sirve esta entrada — El libro de 1970 enuncia cinco principios; el curso añade tres y completa el canon.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/ocho-principios-modelo-ciclico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "6b31b4fa59394264", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/por-que-cambian-los-precios-hurst", "locale": "es", "title": "Por qué cambian los precios (Hurst, cap. 9)", "summary": "A quién sirve esta entrada — Tras el ensayo de campo (cap. 8), el libro cambia de registro: ya no «cómo se hace», sino por qué funciona .", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/por-que-cambian-los-precios-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d7975386f2730bef", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "es/hub/fondamenti" }, { "key": "es/fondamenti/tres-leyes-wyckoff", "locale": "es", "title": "Tres leyes Wyckoff", "summary": "Las tres leyes Wyckoff con fuentes y límites: oferta y demanda, causa y efecto, y esfuerzo frente a resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/fondamenti/tres-leyes-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Three Wyckoff Laws”, definiciones y guía del recuento de punto y figura.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Henry O. Pruden y Bernard Belletante, Wyckoff Laws and Tests, CMT Association, aplicación y naturaleza discrecional del método.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, para las fases y la comparación precio-volumen dentro del rango.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "d316a33195ddd4f6", "translation_state": "not-assessed", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "foundation", "hub": "es/hub/fondamenti" }, { "key": "es/glossario/action-signal", "locale": "es", "title": "Señal de acción (action signal)", "summary": "Señal objetiva de compra, venta, retención o cortocircuito predeterminada por el análisis y activada por el precio, no una opinión.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/action-signal/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "95bbd029afedf920", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/airdrop-farming", "locale": "es", "title": "Airdrop farming: significado, costes y riesgos", "summary": "Airdrop farming significa usar protocolos o completar actividades con la esperanza de cumplir los requisitos de una futura distribución de tokens, sin garantía de recibirla.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/airdrop-farming/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Describe airdrops legítimos, tokens falsos, sitios de claim y token approvals maliciosos.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "Optimism, Airdrop #1 — Documenta criterios observables y filtros adicionales contra wallets Sybil y spam.", "urls": [ "https://github.com/ethereum-optimism/community-hub/blob/main/pages/op-token/airdrops/airdrop-1.mdx" ] }, { "text": "deBridge Foundation, Airdrop Terms and Conditions — Muestra que criterios, asignaciones y posibles exclusiones dependen de las reglas de cada distribución.", "urls": [ "https://docs.debridge.foundation/legal/airdrop-terms-and-conditions" ] } ], "revision": "ca6c1b4f07a6dcfe", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-participation-practice", "topics": [ "airdrop", "eligibility", "sybil-filtering", "wallet-security", "transaction-costs" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/alternative-data", "locale": "es", "title": "Datos alternativos: qué son, ejemplos y riesgos", "summary": "Los datos alternativos observan actividad fuera de precios e informes. Aprende sus ejemplos, controles de calidad y riesgos antes de usarlos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/alternative-data/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC Division of Examinations, Investment Adviser MNPI Compliance Issues — definición, ejemplos y observaciones estadounidenses sobre la diligencia en datos alternativos.", "urls": [ "https://www.sec.gov/files/code-ethics-risk-alert.pdf" ] }, { "text": "CFA Institute, Data science and AI: A guide for investment managers — ciclo del dato, fuentes no tradicionales, calidad y principios de gobierno.", "urls": [ "https://www.cfainstitute.org/insights/articles/data-science-ai-guide-for-investment-managers" ] }, { "text": "CFA Institute Research and Policy Center, Unstructured Data and AI — distinción entre datos alternativos y no estructurados y uso responsable en investigación.", "urls": [ "https://rpc.cfainstitute.org/research/reports/2024/unstructured-data-and-ai" ] }, { "text": "CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — sesgos de supervivencia y anticipación, pruebas fuera de muestra y validación temporal.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "c34c28a7c14ca0f4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "dataset", "topics": [ "alternative-data", "data-quality", "point-in-time-data", "research-governance" ], "asset_classes": [ "equities", "commodities", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/anchoring-gergo", "locale": "es", "title": "Anclaje en trading: significado", "summary": "En trading, anchoring significa dar un peso excesivo a una referencia inicial, como el precio de entrada o un máximo anterior, aunque aparezca información nueva.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/anchoring-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — sitúa el anchoring entre los sesgos cognitivos relevantes para las decisiones financieras.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Tversky y Kahneman, Judgment under Uncertainty: Heuristics and Biases (PubMed) — describe el anclaje y ajuste en juicios numéricos bajo incertidumbre; no es un modelo de predicción de mercados.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/17835457/" ] } ], "revision": "7dcd65711a2ecca4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "anchoring", "decision-making", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/andare-a-target", "locale": "es", "title": "Alcanzar el objetivo en trading: significado", "summary": "Alcanzar el objetivo significa que el precio llegó a un nivel definido; no demuestra por sí solo que una orden de salida se ejecutara.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/andare-a-target/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — distingue criterios de entrada, stop y objetivos de beneficio en un plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Types of Orders — aclara propiedades de precio y ejecución de órdenes market, limit y stop.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA, Order Types — documenta la posibilidad de que una orden limitada no se ejecute.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "852fa7740308aa7b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "price-target", "take-profit", "exit-plan", "execution", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ask-wall", "locale": "es", "title": "Ask wall en trading: significado", "summary": "Una ask wall es una concentración visible de cantidad en venta mediante órdenes limitadas en uno o varios niveles del libro; puede cambiar, ejecutarse o desaparecer.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ask-wall/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distingue los agregados por nivel de las órdenes individuales anónimas, aclara que no se muestra la identidad del cliente y explica que una orden iceberg puede ocultar cantidad.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — explica cómo los feeds order-based y level-book representan órdenes visibles, modificaciones, cancelaciones, ejecuciones y liquidez publicada por precio.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "CFTC, Antidisruptive Practices Authority — establece el requisito de intención para el spoofing y su evaluación según los hechos y las circunstancias.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "a9f6425d91fac33d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-book-term", "topics": [ "order-book", "liquidity", "limit-orders", "market-depth", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/assorbimento", "locale": "es", "title": "Absorción en order flow: significado", "summary": "En order flow, absorción describe muchas ejecuciones agresivas recibidas por liquidez pasiva con poco avance del precio; es una interpretación de datos, no una prueba de reversión.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/assorbimento/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Assessing liquidity — Distingue liquidez pasiva, flujo agresivo, renovación de cotizaciones e impacto en precio.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] }, { "text": "CME Group, Market by Order (MBO) — Explica profundidad, órdenes individuales y posición en cola disponibles en un feed order-by-order.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "TradingView, Volume footprint charts: a complete guide — Documenta volumen buy/sell, delta, niveles y agregación de footprints.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "59a141e6bbd77806", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-pattern", "topics": [ "absorption", "aggressive-flow", "passive-liquidity", "order-book", "price-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/automatic-rally-ar", "locale": "es", "title": "Automatic Rally / Automatic Reaction (AR)", "summary": "Movimiento posterior a un posible clímax: el rebote tras un SC o la reacción tras un BC ayudan a definir el borde opuesto del rango.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/automatic-rally-ar/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — Automatic Rally y Automatic Reaction en las dos estructuras de fase A.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — extremos del AR y límites iniciales del rango.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — interpretación discrecional del precio y el volumen.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "a51c575f6732f5e3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/averagiare", "locale": "es", "title": "Promediar una posición: significado", "summary": "Promediar una posición significa añadir cantidad a precios distintos y cambiar el precio medio; en la jerga suele indicar añadir a una posición perdedora.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/averagiare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — relaciona tamaño, nivel de stop y riesgo monetario.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — exige límites sobre riesgo por operación, exposición y apalancamiento.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "FINRA, The Pros and Cons of Dollar-Cost Averaging — define el DCA programado y permite diferenciarlo de añadir discrecionalmente a una pérdida.", "urls": [ "https://www.finra.org/investors/insights/dollar-cost-averaging" ] } ], "revision": "0570d08353a45ef6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "average-entry", "position-sizing", "scaling", "risk-management", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/back-running", "locale": "es", "title": "Back-running: significado en MEV", "summary": "Back-running es colocar una transacción justo después de una transacción objetivo o evento para aprovechar el estado resultante; es principalmente un término del MEV blockchain.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/back-running/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Miners as intermediaries — appendix — Define back-running como colocar una transacción inmediatamente después de otra y ofrece ejemplos.", "urls": [ "https://www.bis.org/publ/bisbull58_appendix.pdf" ] }, { "text": "Ethereum.org, Maximal extractable value (MEV) — Explica inclusión, exclusión y reordenación de transacciones, arbitraje y liquidaciones en MEV.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Ethereum Improvement Proposals, EIP-8209: Commit-Reveal Transaction Frames — Enmarca front-running, back-running y otros riesgos de exponer transacciones antes de ordenarlas.", "urls": [ "https://eips.ethereum.org/EIPS/eip-8209" ] } ], "revision": "a0481ed63c987c78", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "transaction-ordering-strategy", "topics": [ "back-running", "mev", "transaction-ordering", "arbitrage", "blockchain" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/backtestare-gergo", "locale": "es", "title": "Backtest: significado en trading", "summary": "En trading, hacer un backtest significa simular reglas ya definidas sobre datos históricos, declarando datos, ejecución, costes y límites de la prueba.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/backtestare-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey y Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — Protocolo reconocido sobre datos, selección de modelos y límites de la inferencia obtenida de backtests.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Comisión Europea, Reglamento Delegado (UE) 2017/589, RTS 6 — Requisitos oficiales de pruebas, documentación y entornos separados dentro de su ámbito regulatorio.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "83509e2216252407", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "backtest", "systematic-trading", "model-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/bagholder", "locale": "es", "title": "Bagholder: significado en trading", "summary": "Bagholder es una etiqueta a menudo despectiva para quien conserva un activo muy depreciado tras la salida de otros; no explica si puede vender ni por qué lo mantiene.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/bagholder/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Beware Virtual Currency Pump-and-Dump Schemes — Describe cómo los promotores salen mientras otros sufren pérdidas.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/beware_virtual_currency_pump_dump.html" ] }, { "text": "FINRA, Crypto Assets — Destaca volatilidad, menor liquidez y riesgos de plataforma.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Define la tendencia a mantener perdedoras demasiado tiempo.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "2ef0b095ffbb847e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-slang", "topics": [ "loss", "holding", "liquidity", "pump-and-dump", "disposition-effect" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/bear-trap", "locale": "es", "title": "Bear trap en trading: significado", "summary": "Una bear trap es una ruptura bajista que falla: el precio recupera el nivel y puede obligar a salir a quienes entraron en corto.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/bear-trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — relaciona las bear traps y bull traps con el fallo de una señal o ruptura anterior.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — explica niveles y rupturas, y precisa que soportes y resistencias son zonas, no precios garantizados.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "72b7427496a8ada6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "chart-pattern-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/bias-rialzista", "locale": "es", "title": "Sesgo alcista: significado en trading", "summary": "Un sesgo alcista es una hipótesis favorable a una subida; no es una posición larga y solo se convierte en problema cuando excluye la evidencia contraria.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/bias-rialzista/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Sitúa setups, triggers y salidas dentro de un plan definido.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Revisa comportamientos y preferencias que pueden debilitar las decisiones de inversión.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "df4c656e85cfed98", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-view", "topics": [ "bias", "bullish", "long", "confirmation-bias", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-distinction", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/bias-ribassista", "locale": "es", "title": "Sesgo bajista: significado en trading", "summary": "Un sesgo bajista es una hipótesis favorable a una caída; no equivale a una posición corta y debe distinguirse de ignorar la evidencia contraria.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/bias-ribassista/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Enmarca estrategia, triggers y salidas dentro de un plan operativo.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Resume comportamientos que pueden perjudicar las decisiones de inversión.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "d781e562e6372e21", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-view", "topics": [ "bias", "bearish", "short", "confirmation-bias", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-distinction", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/bid-wall", "locale": "es", "title": "Bid wall en trading: significado", "summary": "Una bid wall es una concentración visible de cantidad en compra mediante órdenes limitadas en uno o varios niveles del libro; puede cambiar, ejecutarse o desaparecer.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/bid-wall/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distingue los agregados por nivel de las órdenes individuales anónimas, aclara que no se muestra la identidad del cliente y explica que una orden iceberg puede ocultar cantidad.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — explica cómo los feeds order-based y level-book representan órdenes visibles, modificaciones, cancelaciones, ejecuciones y liquidez publicada por precio.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "CFTC, Antidisruptive Practices Authority — establece el requisito de intención para el spoofing y su evaluación según los hechos y las circunstancias.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "1fda7470904125d6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-book-term", "topics": [ "order-book", "liquidity", "limit-orders", "market-depth", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/black-box", "locale": "es", "title": "Black box en trading: significado", "summary": "Black box o caja negra describe un sistema cuyos datos, reglas, riesgos o motivos de señal no pueden reconstruirse de forma suficiente; no significa automáticamente fraude o mala calidad.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/black-box/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Enumera riesgos, límites, supervisión, terceros y condiciones de anulación que deben explicarse.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Recomienda cuestionar afirmaciones tecnológicas vagas y comprobar proveedor, resultados y acceso a datos.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] } ], "revision": "78a88972ad8bed55", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "system-property", "topics": [ "black-box", "algorithmic-trading", "disclosure", "model-risk", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-due-diligence", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/blockchain-oracle", "locale": "es", "title": "Oracle blockchain: datos externos para los smart contracts", "summary": "Un oracle blockchain recopila, verifica y publica datos que un smart contract no puede obtener directamente, creando una dependencia de la calidad y la puntualidad de esa información.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/blockchain-oracle/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Oracles — Define los oracles, sus modelos de fuentes y confianza y el flujo de datos off-chain hacia los smart contracts.", "urls": [ "https://ethereum.org/developers/docs/oracles/" ] }, { "text": "BIS Bulletin 76 — The oracle problem and the future of DeFi — Examina la dependencia, la manipulación y el compromiso entre eficiencia y descentralización de los oracles DeFi.", "urls": [ "https://www.bis.org/publ/bisbull76.pdf" ] } ], "revision": "8b47e1d9dfa134c9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-data-infrastructure", "topics": [ "defi", "oracles", "price-feeds", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/bot-trading-gergo", "locale": "es", "title": "Bot de trading: significado y funcionamiento", "summary": "Un bot de trading es software que automatiza una o varias fases operativas; puede recibir o generar señales, pero automatización no significa beneficio, IA o falta de supervisión.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/bot-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, AI Won't Turn Trading Bots into Money Machines — Aclara que bots e IA no garantizan rendimientos ni predicen el futuro.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html" ] }, { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Pide desarrollo, pruebas, backtesting y monitorización posterior del código algorítmico.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Describe riesgos del proveedor, acceso a la cuenta y transacciones automáticas.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] } ], "revision": "67031cede2d98ec1", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-software", "topics": [ "trading-bot", "automation", "execution", "operational-risk", "algorithmic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-operation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/breakdown", "locale": "es", "title": "Breakdown en trading: significado", "summary": "Breakdown significa ruptura bajista de un soporte, del límite inferior de un rango o de otra estructura definida.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/breakdown/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — describe soportes, resistencias y rupturas, y precisa que los niveles son zonas, no precios exactos garantizados.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] }, { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — relaciona la negación de una señal bajista con la bear trap y el fallo de la ruptura.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] } ], "revision": "382e262201ac6539", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "support-resistance", "breakout", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/breakout-fake", "locale": "es", "title": "Falso breakout", "summary": "Un falso breakout cruza un soporte o una resistencia, pero no logra mantenerse más allá del nivel y vuelve al área anterior.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/breakout-fake/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — Define niveles, rupturas y cambio de función entre soporte y resistencia, y explica que los niveles son zonas, no precios garantizados.", "urls": [ "https://www.cmegroup.com/education/courses/trading-and-analysis/support-and-resistance" ] }, { "text": "CME Group, Technical Patterns: Reversals — Explica la confirmación y los límites predictivos de los patrones técnicos.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/technical-patterns-reversals" ] } ], "revision": "57441d7cebeff1c5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "support-resistance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/bridgiare", "locale": "es", "title": "Bridge blockchain: activos y mensajes entre redes", "summary": "Un bridge blockchain conecta redes separadas mediante el envío de mensajes o la creación de una representación de un activo en la red de destino, con nuevas dependencias y riesgos operativos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/bridgiare/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Bridges — Describe lock-and-mint, burn-and-mint, redes de liquidez, modelos de verificación y sus principales compromisos.", "urls": [ "https://ethereum.org/developers/docs/bridges/" ] }, { "text": "RAID 2024 — Cross-Chain Bridges: Attack Taxonomy, Defenses, and Open Problems — Analiza arquitecturas, superficies de ataque y defensas a partir de incidentes documentados.", "urls": [ "https://raid2024.github.io/papers/raid2024-4.pdf" ] } ], "revision": "bfef591a8b623a68", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "cross-chain-infrastructure", "topics": [ "defi", "cross-chain", "interoperability", "wrapped-assets" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/bull-trap", "locale": "es", "title": "Bull trap en trading: significado", "summary": "Una bull trap es una ruptura alcista que falla: el precio vuelve bajo el nivel y puede atrapar a quienes entraron en largo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/bull-trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — relaciona las bull traps y bear traps con el fallo de una señal o ruptura anterior.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — explica niveles y rupturas, y precisa que soportes y resistencias son zonas, no precios garantizados.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "f655e961d8ac4518", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "chart-pattern-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/buying-climax-bc", "locale": "es", "title": "Buying Climax (BC)", "summary": "Posible culminación de las compras tras una subida: volumen y rango suelen aumentar; la Automatic Reaction y las pruebas posteriores aclaran su significado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/buying-climax-bc/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — definiciones de eventos y fases de acumulación y distribución.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — BC, AR, ST, variantes de los esquemas y análisis de esfuerzo y resultado.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "cbd50e8c8333a283", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/capitolare", "locale": "es", "title": "Capitular en trading: significado", "summary": "Capitular significa cerrar cuando la presión de la pérdida se vuelve insoportable; a escala de mercado describe ventas amplias e intensas, pero no identifica con certeza el mínimo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/capitolare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Key Terms for Tough Times — Define panic selling y conducta risk-off.", "urls": [ "https://www.finra.org/investors/insights/key-terms-tough-times-vocabulary-stressed-markets" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Describe manías y pánicos como dinámicas agregadas.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "FINRA, Volatility — Explica reacciones impulsivas en mercados turbulentos.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "6abd97ba3248e568", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-slang", "topics": [ "panic-selling", "drawdown", "market-stress", "exit", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-limits", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/claimare", "locale": "es", "title": "Claim de tokens o rewards: significado y controles", "summary": "Hacer claim significa completar el procedimiento que transfiere o hace disponible una asignación ya prevista, como tokens, rewards o un airdrop.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/claimare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org, Interacting with smart contracts — Distingue lecturas gratuitas y escrituras que cambian el estado, requieren firma e inclusión en un bloque.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] }, { "text": "Ethereum.org, Ethereum security and scam prevention — Explica riesgos de sitios de claim falsos, approvals y solicitudes de seed phrase.", "urls": [ "https://ethereum.org/security/" ] }, { "text": "MetaMask, How to view and claim NFT airdrops and mints — Muestra que elegibilidad, redirección a terceros y transacción de claim son pasos distintos.", "urls": [ "https://support.metamask.io/manage-crypto/nfts/airdrops-mints" ] } ], "revision": "fc7464bae5d05874", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-distribution-action", "topics": [ "token-claim", "airdrop", "rewards", "smart-contract", "wallet-signature" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-safe-procedure", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/clone-website", "locale": "es", "title": "Web clonada: cómo reconocerla", "summary": "Una web clonada suplanta un servicio real para robar credenciales, desviar pagos o inducir al usuario a autorizar operaciones maliciosas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/clone-website/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FCA — Clone firms and individuals — Explica cómo se reutilizan datos reales cambiando los contactos y cómo verificar una empresa en el registro oficial.", "urls": [ "https://www.fca.org.uk/consumers/clone-firms-individuals" ] }, { "text": "FINRA — Imposter websites — Documenta webs impostoras que copian empresas reales para obtener dinero o información sensible.", "urls": [ "https://www.finra.org/industry/information-notice-042919" ] }, { "text": "CNMV — Estafas y fraudes financieros — Describe empresas clonadas y URL idénticas o casi idénticas a las de entidades autorizadas.", "urls": [ "https://www.cnmv.es/Cursos/Educacion-Financiera/estafas/index.html" ] }, { "text": "FBI IC3 — NFT developer impersonation — Muestra cómo una página clonada puede pedir la conexión del wallet y activar un contrato malicioso.", "urls": [ "https://www.ic3.gov/PSA/2023/PSA230804" ] } ], "revision": "c35e40404448c082", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "website-impersonation", "domain-verification", "credential-theft", "financial-fraud" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/comprare-il-dip", "locale": "es", "title": "Comprar la caída: significado y riesgo", "summary": "Comprar la caída significa adquirir después de una bajada esperando una recuperación; la expresión no define profundidad ni duración del movimiento.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/comprare-il-dip/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, What Is Market Timing? — enmarca dificultad y riesgos de decidir por movimientos de corto plazo.", "urls": [ "https://www.finra.org/investors/insights/market-timing" ] }, { "text": "CME Group, Technical Analysis — analiza tendencias, pullbacks y razones por las que el mercado no avanza en línea recta.", "urls": [ "https://www.cmegroup.com/education/courses/trading-and-analysis/technical-analysis" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — relaciona riesgo, horizonte, concentración y diversificación.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "1ab3f664adbe3e41", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "pullback", "market-timing", "entry", "risk-management", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/confirmation-bias", "locale": "es", "title": "Sesgo de confirmación en trading: significado", "summary": "El confirmation bias es la tendencia a buscar o dar más peso a la información que confirma una tesis ya preferida, reduciendo el peso de las pruebas contrarias.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/confirmation-bias/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — clasifica el sesgo de confirmación entre los sesgos de perseverancia de las creencias y aborda posibles controles.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Rollwage et al., Confidence drives a neural confirmation bias (Nature Communications) — estudio conductual y MEG sobre cómo una confianza alta alteró el procesamiento de pruebas posteriores en una tarea perceptiva; no es un estudio de trading.", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC7250867/" ] } ], "revision": "2afe2ecaa0ee8301", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "confirmation-bias", "decision-making", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/cot-report", "locale": "es", "title": "COT report", "summary": "Commitment of Traders — posicionamiento semanal institucional y especulador en futuros CFTC; contexto macro.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/cot-report/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2efb331aa3812291", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/crypto-wallet", "locale": "es", "title": "Cartera cripto: claves, firmas y control de los activos", "summary": "Una cartera cripto gestiona claves y solicitudes de firma para interactuar con los activos registrados en una blockchain. La cartera no contiene las monedas: permite controlar las direcciones asociadas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/crypto-wallet/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8301 — Blockchain Networks: Token Design and Management Overview — Distingue tokens, carteras, transacciones, interfaces y modelos de custodia self-hosted, externos e híbridos.", "urls": [ "https://csrc.nist.gov/pubs/ir/8301/final" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Aborda custodia, protección de los activos de clientes, conflictos y riesgos operativos de los servicios cripto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "f42bf54f0e72a558", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-access-tool", "topics": [ "crypto", "wallet", "private-keys", "digital-signatures", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/cumulative-delta-gergo", "locale": "es", "title": "Cumulative delta o CVD: significado", "summary": "Cumulative delta y CVD indican la suma progresiva del delta de volumen dentro de una ventana definida. El reset y el punto inicial forman parte de la medida.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/cumulative-delta-gergo/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — define la suma acumulada y el reset opcional al inicio de la jornada.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "TradingView, Cumulative Volume Delta — documenta las intrabarras y el periodo de anclaje de su implementación.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] } ], "revision": "d70df041c20c0a70", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "cumulative-order-flow-term", "topics": [ "cumulative-volume-delta", "order-flow", "session-reset" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/curve-fitting-gergo", "locale": "es", "title": "Curve fitting en trading: significado", "summary": "En la jerga del trading, curve fitting es adaptar en exceso una estrategia a datos ya observados; elegir parámetros de un modelo no es automáticamente sobreajuste.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/curve-fitting-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bailey y López de Prado, How Backtest Overfitting in Finance Leads to False Discoveries — Explica por qué estrategias elegidas con datos históricos pueden convertirse en espejismos estadísticos fuera de muestra.", "urls": [ "https://doi.org/10.1111/1740-9713.01588" ] }, { "text": "Bailey et al., The Probability of Backtest Overfitting — Propone un método para estimar la probabilidad de sobreajuste al seleccionar backtests.", "urls": [ "https://doi.org/10.21314/JCF.2016.322" ] }, { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Incluye pruebas, backtesting y monitorización posterior entre los controles del código algorítmico.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] } ], "revision": "cf791b05f2e02d30", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "validation-failure", "topics": [ "curve-fitting", "overfitting", "backtest", "multiple-testing", "out-of-sample" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-validation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/cycle-phase", "locale": "es", "title": "Fase cíclica", "summary": "Posición angular de un ciclo en su periodo — de donde parte la previsión de timing en trough y crest.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/cycle-phase/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d88d31b22382d03b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/cyclic-period", "locale": "es", "title": "Periodo cíclico", "summary": "El periodo, o wavelength, es el intervalo temporal de una componente cíclica, normalmente medido trough-to-trough en la tradición Hurst. Periodo nominal, periodo observado y time translation son conceptos distintos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/cyclic-period/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 2, Tabla II-1 y secciones sobre nominalidad y variación.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, conceptos 1, 5, 6 y 10, PDF de Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "a91cbe79bbe3c7bb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/cyclic-synchronization", "locale": "es", "title": "Sincronización cíclica", "summary": "En la formulación post-Hurst de David Hickson, los troughs de los ciclos relacionados armónicamente tienden a sincronizarse siempre que sea posible; los peaks no están sincronizados.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/cyclic-synchronization/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concepto 7, pp. 6–7, PDF de Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson, “Hurst's Cyclic Theory in a Nutshell”, white paper post-Hurst, Sentient Trader.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-1-hursts-market-cycles/" ] } ], "revision": "d21e974376ad19b1", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/data-leakage", "locale": "es", "title": "Data leakage", "summary": "Información futura que entra en el training — backtesting inflado, modelos que fallan en producción.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/data-leakage/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "828828b4206c3731", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/dcaare", "locale": "es", "title": "DCA: significado y diferencia con promediar", "summary": "Dollar-cost averaging significa invertir importes iguales a intervalos regulares sin depender de los movimientos del mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/dcaare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Dollar Cost Averaging — define importes iguales, intervalos regulares e inversión independiente de las oscilaciones.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging" ] }, { "text": "FINRA, The Pros and Cons of Dollar-Cost Averaging — expone beneficios conductuales, coste de oportunidad, comisiones y posible menor rendimiento.", "urls": [ "https://www.finra.org/investors/insights/dollar-cost-averaging" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — enmarca horizonte, tolerancia al riesgo y diversificación de cartera.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "6c577f7e5f65418c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "investment-strategy-term", "topics": [ "dollar-cost-averaging", "periodic-investing", "accumulation", "investment-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/dcf", "locale": "es", "title": "DCF: valoración por flujos de caja descontados", "summary": "El DCF estima un valor presente descontando flujos futuros y valor terminal con una tasa coherente con riesgo y estructura financiera.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/dcf/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — Free Cash Flow Valuation — Marco profesional para FCFF, FCFE y valoración por flujos descontados.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Referencia primaria para presentación y clasificación de flujos bajo IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "1d4744fbd1220761", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "valuation-method", "topics": [ "fundamental-analysis", "valuation", "cash-flow", "discount-rate" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/de-riskare", "locale": "es", "title": "Reducir riesgo: significado y métodos", "summary": "Reducir riesgo significa disminuir un riesgo medible de posición o cartera mediante tamaño, apalancamiento, concentración, liquidez o cobertura; no siempre exige cerrar todo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/de-riskare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Risk — Presenta asignación, diversificación y cobertura con costes y límites.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] }, { "text": "FINRA, Asset Allocation and Diversification — Explica concentración, rebalanceo y ajustes de exposición.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/asset-allocation-diversification" ] }, { "text": "CME Group, Position and Risk Management — Relaciona tamaño y control del riesgo.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "cfdc2e0a6ba31e0e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "risk-reduction", "exposure", "leverage", "concentration", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/delta-gergo", "locale": "es", "title": "Delta de volumen: significado en trading", "summary": "En trading, delta suele indicar la diferencia entre el volumen clasificado como buyer-initiated y seller-initiated en una barra u otro intervalo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/delta-gergo/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — documenta ask volume, bid volume y su diferencia en las Numbers Bars.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Delta — muestra una variante que estima el delta a partir de barras de un intervalo inferior.", "urls": [ "https://www.tradingview.com/support/solutions/43000725057-volume-delta/" ] } ], "revision": "41c5ab81715ff908", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-measure-term", "topics": [ "volume-delta", "order-flow", "trade-classification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/depeg", "locale": "es", "title": "Depeg: cuando una stablecoin pierde la paridad", "summary": "Un depeg es el alejamiento del precio de un activo respecto del valor de referencia que debería seguir. Puede ser temporal o estructural y debe leerse junto con liquidez, reembolso y calidad de la cobertura.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/depeg/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Runs and Flights to Safety: Are Stablecoins the New Money Market Funds? — Estudia carreras, flujos hacia activos percibidos como más seguros y diferencias entre estructuras de stablecoins.", "urls": [ "https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1073.pdf" ] }, { "text": "Federal Reserve Board — The stable in stablecoins — Describe emisión, reembolso, colateral y mecanismos de estabilización, incluido el riesgo de carrera.", "urls": [ "https://www.federalreserve.gov/econres/notes/feds-notes/the-stable-in-stablecoins-20221216.html" ] } ], "revision": "de81cb36a295e568", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-market-event", "topics": [ "crypto", "stablecoin", "depeg", "market-liquidity", "redemption-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/diamond-hands", "locale": "es", "title": "Diamond hands: significado", "summary": "Diamond hands es una etiqueta social para quien mantiene bajo presión; no demuestra disciplina y puede describir tanto un plan coherente como riesgo ignorado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/diamond-hands/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Explica cómo presión y sentimiento social pueden guiar decisiones arriesgadas.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "FINRA, Crypto Assets — Documenta volatilidad, menor liquidez y riesgo de pérdida total.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Resume disposition effect, manías y otros patrones.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "985fdd6df425ec8f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-slang", "topics": [ "social-media", "holding", "volatility", "group-pressure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/diamond-notation", "locale": "es", "title": "Notación de diamantes en el phasing", "summary": "Un diamante marca un trough asignado a un ciclo; una pila reúne varias duraciones. Su altura no mide la fuerza futura del precio.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/diamond-notation/", "published": "2026-07-21", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — consulta directa para delimitar el contenido del libro.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "David Hickson, “Phasing Analysis”, Hurst Cycles Notes, 16 de septiembre de 2022 — fuente indirecta para la atribución, los troughs y la altura de la pila.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] } ], "revision": "fa3ba0f526e07880", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "technical-notation", "topics": [ "cyclic-analysis", "phasing-analysis", "cycle-notation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/doble-maximo-minimo", "locale": "es", "title": "Doble máximo y doble mínimo", "summary": "A quién sirve esta entrada — Dos máximos casi iguales separados por un valle (o al revés, en los mínimos): el chartista lo llama doble máximo y recela de él.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/doble-maximo-minimo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "43b0d00fc5b3535a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/earnings-guidance", "locale": "es", "title": "Earnings guidance: cómo leer las previsiones empresariales", "summary": "La guidance comunica expectativas de la dirección sobre ingresos, márgenes, beneficios o caja; importan hipótesis, rango, revisiones y resultado real.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/earnings-guidance/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Regulation Fair Disclosure — Marco estadounidense contra la difusión selectiva de información material.", "urls": [ "https://www.sec.gov/rules-regulations/2000/08/final-rule-selective-disclosure-insider-trading" ] }, { "text": "U.S. Securities and Exchange Commission — Form 8-K — Formulario oficial para hechos y comunicaciones actuales del emisor.", "urls": [ "https://www.sec.gov/files/form8-k.pdf" ] }, { "text": "U.S. Securities and Exchange Commission — Periodic Reporting — Visión general de las obligaciones periódicas de información.", "urls": [ "https://www.sec.gov/resources-small-businesses/going-public/periodic-reporting" ] } ], "revision": "56027f6367ffdb5a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "corporate-disclosure", "topics": [ "fundamental-analysis", "earnings", "disclosure", "forecasts" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ebitda", "locale": "es", "title": "EBITDA: significado, cálculo y límites", "summary": "El EBITDA aísla un resultado antes de intereses, impuestos, depreciaciones y amortizaciones, pero no mide caja y su conciliación puede variar.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ebitda/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Criterios sobre presentación, prominencia y conciliación de medidas no GAAP.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "ESMA — Guidelines on Alternative Performance Measures — Principios europeos para definir, explicar y conciliar medidas alternativas de rendimiento.", "urls": [ "https://www.esma.europa.eu/document/guidelines-alternative-performance-measures" ] } ], "revision": "efd6cc94a6f14191", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "profitability", "non-gaap-measures", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/economic-moat", "locale": "es", "title": "Moat económico: comprobar una ventaja competitiva", "summary": "Un moat económico es un mecanismo que puede proteger retornos y relaciones con clientes frente a la competencia; exige evidencias, no etiquetas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/economic-moat/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Berkshire Hathaway — 1995 Shareholder Letter — Fuente primaria de la metáfora del foso en la defensa competitiva de un negocio.", "urls": [ "https://www.berkshirehathaway.com/letters/1995.html" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guía de documentos para comprobar resultados, riesgos y notas.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "a42dfb15d58b4e33", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "business-quality-concept", "topics": [ "fundamental-analysis", "competitive-advantage", "business-model", "strategy" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/entrare-a-mercato", "locale": "es", "title": "Entrar a mercado", "summary": "Entrar a mercado = orden market: prioridad a la velocidad, precio no garantizado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/entrare-a-mercato/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "161380a157922170", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/entrare-limit", "locale": "es", "title": "Entrada con orden limitada: significado", "summary": "Una entrada limitada usa una orden limit para abrir posición solo al precio indicado o a uno mejor; la ejecución no está garantizada.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/entrare-limit/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Types of Orders — define órdenes market, limit y stop y señala que la ejecución de una limit no está garantizada.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA, Order Types — describe precio límite, riesgo de no ejecución y diferencias operativas entre órdenes.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "7f83cebcf76075be", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-term", "topics": [ "limit-order", "entry", "execution", "partial-fill", "order-types" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/envelope-curvilinea", "locale": "es", "title": "Envelope curvilínea de anchura constante", "summary": "Banda gráfica de Hurst con anchura casi constante y mínima para estimar componentes cíclicas; su último tramo es provisional.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/envelope-curvilinea/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (agente de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, pp. 37–38 — introducción de la envelope y medición de la componente sobre el DJIA.", "urls": [] }, { "text": "J. M. Hurst, misma obra, pp. 69–74 — procedimiento gráfico, anchura mínima, puntos fuera de la banda y validez del tramo final.", "urls": [] } ], "revision": "96067a8029579e11", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/eps", "locale": "es", "title": "EPS: beneficio por acción", "summary": "El EPS expresa el beneficio atribuible por acción mediante un número medio ponderado de acciones y se presenta como EPS básico o diluido.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/eps/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Earnings Per Share — Definición pública esencial del beneficio por acción.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/earnings-share" ] }, { "text": "IFRS Foundation — IAS 33, Earnings per Share — Principios para calcular y presentar el EPS básico y diluido.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-33-earnings-per-share/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Ubicación del EPS en la cuenta de resultados y lectura inicial.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "451041b5d3d53bf1", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "earnings", "equity-valuation", "dilution" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/execution-gergo", "locale": "es", "title": "Ejecución en trading: significado y calidad", "summary": "La ejecución es el resultado real de convertir una orden en operaciones ejecutadas. Su calidad incluye precio, cantidad completada, rapidez y probabilidad de ejecución frente a objetivos declarados.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/execution-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — marcas de tiempo, benchmarks, mejora de precio y tasas de ejecución para órdenes estadounidenses cubiertas; es orientación del personal sin fuerza jurídica propia.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — factores de mejor ejecución para empresas de inversión de la UE; describe una obligación de proceso, no garantiza el mejor precio en cada orden.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "778ee4843f807997", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-term", "topics": [ "execution", "execution-quality", "order-fills", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/exit-liquidity", "locale": "es", "title": "Exit liquidity: significado y pruebas que buscar", "summary": "Exit liquidity es la jerga para compradores o liquidez que permiten vender a tenedores anteriores; suele implicar que la nueva demanda llegó tarde.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/exit-liquidity/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, HoweyCoins — Ilustra el esquema pump and dump: información engañosa, demanda inducida, ventas de promotores y caída posterior.", "urls": [ "https://www.investor.gov/ico-howeycoins" ] }, { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Describe promoción, aumento del precio y liquidación de posiciones en patrones de rug pull.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "SEC, Statement Urging Caution Around Celebrity Backed ICOs — Explica por qué un endorsement puede ser promoción pagada y no una opinión independiente.", "urls": [ "https://www.sec.gov/newsroom/speeches-statements/statement-potentially-unlawful-promotion-icos-sec-statement-urging-caution-around-celebrity-backed-icos" ] } ], "revision": "23331b930ff19f0e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-participant-role", "topics": [ "exit-liquidity", "distribution", "pump-and-dump", "promotion", "holder-concentration" ], "asset_classes": [ "digital-assets", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-evidence-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/expectancy-gergo", "locale": "es", "title": "Expectancy: valor esperado por operación", "summary": "En trading, expectancy es el resultado medio esperado por operación para unas reglas, costes, unidad de medida y población declarados.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/expectancy-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts — Relaciona la probabilidad de ganar con el tamaño medio de ganancias y pérdidas mediante la expectancy y define R.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] }, { "text": "NIST/SEMATECH, What is a Probability Distribution? — Base estadística para las probabilidades y los resultados de una distribución.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda361.htm" ] }, { "text": "Campbell R. Harvey y Yan Liu, Backtesting — Problemas de muestra, pruebas múltiples y significación en la evaluación de estrategias.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] } ], "revision": "635d1fb027cd77f4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "expectancy", "expected-value", "trading-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fair-value", "locale": "es", "title": "Fair value: significado contable y estimación de valoración", "summary": "Fair value puede ser una medición definida por normas contables o una estimación analítica; contexto, fecha y método evitan ambigüedades.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fair-value/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 13 Fair Value Measurement — Definición, marco de medición y jerarquía de inputs del fair value IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-13-fair-value-measurement/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Métodos profesionales para convertir flujos esperados en estimaciones de valor.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "4bb934cf483a4273", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "valuation-concept", "topics": [ "fundamental-analysis", "valuation", "accounting", "market-price" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fake-broker", "locale": "es", "title": "Bróker falso: cómo reconocerlo y verificarlo", "summary": "Un bróker falso inventa o suplanta a un intermediario para captar depósitos; identidad, dominio y autorización deben comprobarse en registros oficiales.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fake-broker/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CNMV — Búsqueda por entidades — Registros oficiales de entidades autorizadas y advertencias sobre entidades sin autorización.", "urls": [ "https://www.cnmv.es/portal/Consultas/BusquedaPorEntidad?lang=es&tipo=ESI" ] }, { "text": "FINRA — Firm Identity Protection — Describe la clonación de identidades, webs, números CRD y documentos de empresas reales.", "urls": [ "https://www.finra.org/rules-guidance/guidance/firm-identity-protection" ] }, { "text": "Investor.gov — Check Out Your Investment Professional — Explica la comprobación independiente de licencias y antecedentes disciplinarios.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/check-out-your-investment-professional" ] } ], "revision": "b5b8cff36c17ac0c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "broker-impersonation", "authorisation-check", "due-diligence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fake-exchange", "locale": "es", "title": "Exchange falso: cómo reconocerlo", "summary": "Un exchange falso simula operaciones, saldos y retiradas para captar depósitos; no es lo mismo que una plataforma real pero arriesgada.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fake-exchange/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Fraudulent digital asset and crypto trading websites — Describe beneficios ficticios, rentabilidad garantizada y exigencias de nuevas comisiones.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-watch-out-fraudulent-digital-asset-and-crypto-trading-websites" ] }, { "text": "FBI — Cryptocurrency Investment Fraud — Explica plataformas falsas, pequeñas retiradas iniciales y bloqueos posteriores con impuestos inventados.", "urls": [ "https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud" ] }, { "text": "FTC — What to know about cryptocurrency and scams — Muestra por qué una web de inversión creíble puede enseñar un saldo falso e impedir retirarlo.", "urls": [ "https://consumer.ftc.gov/articles/what-know-about-cryptocurrency-scams" ] } ], "revision": "5adf382b35b488f5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-fraud", "fake-trading-platform", "withdrawal-fraud", "due-diligence" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fake-prop-firm", "locale": "es", "title": "Prop firm falsa: señales y límites", "summary": "Una prop firm falsa usa evaluaciones, supuestas cuentas financiadas o pagos para engañar; no toda firma ni todo programa de evaluación es fraudulento.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fake-prop-firm/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CNMV — Estafas y fraudes financieros — Explica los riesgos de las cuentas de trading financiadas ligadas a cursos y pruebas en entornos simulados.", "urls": [ "https://www.cnmv.es/Cursos/Educacion-Financiera/estafas/index.html" ] }, { "text": "CONSOB — Comunicación sobre funded trading y prop firms — Describe las evaluaciones de pago, la posible réplica de operaciones virtuales y las reclamaciones sobre dificultad y remuneración.", "urls": [ "https://www.consob.it/web/area-pubblica/-/comunicazione-del-2024-07-08" ] }, { "text": "FSMA — Advertencia sobre el shadow investment game — Distingue la cuenta demo, la decisión de replicar operaciones y la discrecionalidad sobre comisiones.", "urls": [ "https://www.fsma.be/en/warnings/fsma-warns-consumers-against-shadow-investment-game" ] } ], "revision": "d1007ada7e919323", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "funded-trading", "prop-firm-risk", "paid-challenge", "consumer-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fake-trading-bot-scam", "locale": "es", "title": "Bot de trading falso: promesas y señales de estafa", "summary": "Un bot de trading falso usa promesas sobre IA, resultados falsos y saldos simulados para obtener depósitos o cobrar comisiones sin una estrategia verificable.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fake-trading-bot-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — AI Won't Turn Trading Bots into Money Machines — Advierte sobre algoritmos, señales y esquemas cripto ofrecidos con rentabilidades desproporcionadas o garantizadas.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html" ] }, { "text": "Investor.gov — Common Scams — Describe el uso fraudulento de tecnologías emergentes, saldos falsos y pagos exigidos para retirar.", "urls": [ "https://www.investor.gov/additional-resources/spotlight/common-scams" ] } ], "revision": "50466805865ba72c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "automated-trading", "artificial-intelligence", "due-diligence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fakeout", "locale": "es", "title": "Fakeout en trading: significado", "summary": "Fakeout significa falsa ruptura: el precio cruza un nivel observado, no consigue continuar y vuelve al área anterior.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fakeout/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — trata traps y falsas rupturas como fallos de señales anteriores.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — describe niveles y rupturas y recuerda que soportes y resistencias son zonas, no precios exactos garantizados.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "b9ab2c040969b98b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/feature-engineering", "locale": "es", "title": "Feature engineering", "summary": "Transformación de datos brutos en variables predictivas: el paso que separa la señal del ruido en los modelos cuánticos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/feature-engineering/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5d67fb71bd9c2c33", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/financial-statements", "locale": "es", "title": "Estados financieros", "summary": "Los estados financieros conectan situación patrimonial, resultados, flujos de efectivo y cambios en el patrimonio para describir una empresa.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/financial-statements/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Introducción a los estados principales y a sus conexiones.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — IAS 1, Presentation of Financial Statements — Requisitos de presentación y componentes de un conjunto IFRS completo.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-1-presentation-of-financial-statements.html/" ] } ], "revision": "6f5058622c7fec71", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-report", "topics": [ "fundamental-analysis", "financial-reporting", "balance-sheet", "income-statement", "cash-flow" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/flash-loan", "locale": "es", "title": "Flash loan: préstamo instantáneo sin colateral", "summary": "Un flash loan presta activos sin colateral solo si el capital y la comisión se devuelven en la misma transacción blockchain; de lo contrario, toda la operación se revierte.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/flash-loan/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Aave Docs — Flash Loans — Documenta la atomicidad, el reembolso, las comisiones, el flujo de ejecución y las principales aplicaciones.", "urls": [ "https://aave.com/docs/aave-v3/guides/flash-loans" ] }, { "text": "Aave Docs — Pool contract — Especifica las funciones flashLoan y flashLoanSimple expuestas por el contrato principal.", "urls": [ "https://aave.com/docs/aave-v3/smart-contracts/pool" ] } ], "revision": "d43606328fa3e618", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-credit-mechanism", "topics": [ "defi", "lending", "atomic-transactions", "arbitrage", "liquidations" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fld", "locale": "es", "title": "FLD — Future Line of Demarcation", "summary": "Precio desplazado aproximadamente medio ciclo hacia el futuro. Las FLD mediana, alta y baja usan offsets distintos para confirmación o señales inmediatas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fld/", "published": "2026-06-22", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 4, pp. 69–85 — fuente primaria para envelopes, medias desplazadas, tabla de estado y VTL; se usa aquí para delimitar el método del libro, no como fuente de la FLD.", "urls": [] }, { "text": "David Hickson / Sentient Trader, FLD's — Future Lines of Demarcation — fuente posterior a Hurst directa para las tres variantes, offsets, confirmaciones y proyecciones.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/FLD.htm" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Trading Methodology — exposición posterior a Hurst que atribuye la metodología al Cycles Course y distingue confirmación diferida y señales de acción inmediatas; el curso original no se ha comprobado.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstTrading.htm" ] } ], "revision": "10074f8726569a83", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/flippare", "locale": "es", "title": "Flipear", "summary": "Flipear significa comprar un activo con la intención de revenderlo a corto plazo a un precio mayor; describe el horizonte, no un beneficio garantizado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/flippare/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury — Illicit Finance Risk Assessment of NFTs — Describe los mercados NFT, su volatilidad, los fraudes y el wash trading que pueden alterar las señales de demanda.", "urls": [ "https://home.treasury.gov/system/files/136/Illicit-Finance-Risk-Assessment-of-Non-Fungible-Tokens.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Enmarca la integridad del mercado, los conflictos, la transparencia y la formación correcta de precios en los centros de negociación cripto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "d52f4a362fa4d7f5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "short-horizon-resale-term", "topics": [ "flipping", "nft", "resale", "liquidity" ], "asset_classes": [ "crypto", "multi-asset" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/flippare-bias", "locale": "es", "title": "Pasar de largo a corto: significado", "summary": "Pasar de largo a corto significa cambiar la dirección operativa sobre el mismo instrumento; puede incluir posición opuesta, pero cambiar el sesgo no obliga a invertir inmediatamente.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/flippare-bias/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Explica el cierre mediante una operación opuesta.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Submitting a Futures Order — Describe órdenes, cantidades, fills y posición.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Exige setups, triggers y salidas definidos.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] } ], "revision": "58e19bad469e2d61", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "long", "short", "position-reversal", "bias", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fomare", "locale": "es", "title": "Entrar por FOMO: significado", "summary": "Entrar por FOMO significa actuar por la urgencia de no perder un movimiento percibido; comprar después de una subida no basta para demostrarlo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fomare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Advierte que el sentimiento y la conversación en tiempo real pueden favorecer decisiones impulsivas.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — Recomienda comprobar fuentes, objetivos y riesgo antes de actuar ante el entusiasmo del mercado.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "04bb4b28cdce4890", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "fomo", "entry", "social-media", "urgency", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fomo-gergo", "locale": "es", "title": "FOMO en trading: significado", "summary": "FOMO significa Fear of Missing Out, la urgencia por no perder una oportunidad percibida; describe un estado, no una señal sobre el precio.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fomo-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out — Estudio revisado por pares que define y mide la FoMO; no es una investigación de predicción financiera.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "FINRA, Following the Crowd: Investing and Social Media — Explica los riesgos de decisiones impulsivas guiadas por sentimiento y presión social.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] } ], "revision": "b6e734711c0733ed", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-term", "topics": [ "fomo", "social-pressure", "urgency", "decision-making", "investing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "acronym-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/footprint-gergo", "locale": "es", "title": "Footprint chart: significado en trading", "summary": "Un footprint chart muestra dentro de cada barra el volumen ejecutado por nivel de precio y lado clasificado, a menudo en parejas bid y ask.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/footprint-gergo/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — describe el volumen y el número de operaciones por nivel, las parejas bid/ask y los métodos de imbalance.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Footprint charts: a complete guide — documenta las celdas, el delta y los ajustes de su implementación footprint.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "8bad2abf821ab8bf", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-chart-term", "topics": [ "footprint-chart", "order-flow", "bid-volume", "ask-volume" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/forward-testare-gergo", "locale": "es", "title": "Forward test: prueba con datos nuevos", "summary": "En trading, hacer un forward test significa observar una versión congelada de la estrategia con datos que llegan después de la decisión.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/forward-testare-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — Orden temporal y evaluaciones sucesivas fuera de muestra.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — Validación prospectiva, fiabilidad y límites de los modelos de inversión.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] } ], "revision": "f515d8684da84ad6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "forward-test", "prospective-validation", "systematic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/free-cash-flow", "locale": "es", "title": "Flujo de caja libre (FCF)", "summary": "El flujo de caja libre estima el efectivo generado por la actividad tras invertir en activos duraderos; su fórmula, uso y límites deben declararse.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/free-cash-flow/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Non-GAAP Financial Measures, pregunta 102.07 — cálculo típico, falta de uniformidad, conciliación y límites de uso del término.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation, IAS 7 Statement of Cash Flows — estructura oficial de los flujos operativos, de inversión y de financiación.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows.html/" ] }, { "text": "CFA Institute, Free Cash Flow Valuation — distinción entre FCFF y FCFE y coherencia con sus respectivas tasas de descuento.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "0dbd2e0515f1e8a2", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "metric", "topics": [ "fundamental-analysis", "cash-flow", "equity-valuation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/front-running", "locale": "es", "title": "Front-running: significado en trading", "summary": "En mercados tradicionales, front-running suele significar operar antes de una orden inminente usando información material no pública; el MEV blockchain emplea el término de forma más amplia.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/front-running/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Rule 5270 — Front Running of Block Transactions — Define información material no pública, orden block inminente, instrumentos relacionados y operaciones permitidas.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5270" ] }, { "text": "Ethereum.org, Maximal extractable value (MEV) — Describe ordenación de transacciones, generalized frontrunners y sandwich trading en blockchain.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "BIS, Miners as intermediaries: extractable value and market manipulation in crypto and DeFi — Compara MEV, front-running tradicional y ordenación de transacciones blockchain.", "urls": [ "https://www.bis.org/publ/bisbull58.htm" ] } ], "revision": "8332f6e85fd7b7ca", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "conduct-term", "topics": [ "front-running", "customer-order", "nonpublic-information", "mev", "transaction-ordering" ], "asset_classes": [ "securities", "derivatives", "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-legal-context", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/frontrunnare", "locale": "es", "title": "Hacer front-running", "summary": "Hacer front-running significa operar antes de una orden conocida o inminente para aprovechar su posible efecto en el precio o en la prioridad de ejecución.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/frontrunnare/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Rule 5270 — Front Running of Block Transactions — Norma oficial sobre información material no pública relativa a transacciones en bloque inminentes.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5270" ] }, { "text": "FINRA, Rule 5320 — Prohibition Against Trading Ahead of Customer Orders — Obligaciones, condiciones y excepciones para órdenes de clientes mantenidas dentro de su ámbito.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5320" ] } ], "revision": "d2e7bf12e669d2a5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "front-running", "customer-orders", "market-conduct" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/fuerza-relativa-wyckoff", "locale": "es", "title": "Fuerza relativa (Wyckoff)", "summary": "Comparación entre valor e índice: paso 2 del método, test 7 en compras y test 4 en ventas, útil para evaluar reaccumulation y distribution.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/fuerza-relativa-wyckoff/", "published": "2026-07-12", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "StockCharts, The Wyckoff Method: A Tutorial, secciones «Comparative Strength Analysis» y «Nine Buying/Selling Tests»: https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "StockCharts, Wyckoff Stock Analysis, sección «Relative Performance»: https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/wyckoff-stock-analysis.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/wyckoff-stock-analysis" ] }, { "text": "Wyckoff Analytics, The Wyckoff Method (material didáctico oficial, 2022): https://www.wyckoffanalytics.com/wp-content/uploads/2022/06/Wyckoff-Method-Wyckoff-Analytics-English-V2.pdf.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2022/06/Wyckoff-Method-Wyckoff-Analytics-English-V2.pdf" ] }, { "text": "Hank Pruden, The Three Skills of Top Trading (Wiley, 2007), caps. 5–6: https://doi.org/10.1002/9781119196822.", "urls": [ "https://doi.org/10.1002/9781119196822" ] } ], "revision": "01fe7c163dcf261a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/gas-fee-gergo", "locale": "es", "title": "Gas fee: coste de ejecutar una transacción on-chain", "summary": "La gas fee es la comisión pagada por los recursos computacionales que consume una transacción; no incluye automáticamente spread, slippage ni costes del protocolo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/gas-fee-gergo/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Gas and fees — definición del gas, recursos computacionales, gas limit y formación de la comisión en Ethereum.", "urls": [ "https://ethereum.org/developers/docs/gas/" ] }, { "text": "Ethereum.org — Transactions — campos, firma, inclusión y ciclo de una transacción Ethereum.", "urls": [ "https://ethereum.org/developers/docs/transactions/" ] } ], "revision": "6e3d74c9f7be0057", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "blockchain-transaction-cost-term", "topics": [ "blockchain", "gas", "transaction-fees", "on-chain-transactions" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/hedgiare", "locale": "es", "title": "Cubrir o hacer hedge: significado", "summary": "Cubrir o hacer hedge significa añadir una posición destinada a reducir un riesgo específico de la exposición principal; la cobertura no elimina necesariamente toda pérdida.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/hedgiare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Hedgers — Explica el uso de futuros para gestionar y compensar un riesgo de precio existente.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-hedgers" ] }, { "text": "CFTC, Futures Market Basics — Distingue hedgers de especuladores y resume obligaciones y riesgos de los futuros.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "c78dd1c0a9d1a455", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "risk-management-action", "topics": [ "hedging", "exposure", "derivatives", "basis-risk", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ho-anticipato-troppo", "locale": "es", "title": "Entré demasiado pronto: significado", "summary": "Entré demasiado pronto significa operar antes del trigger o confirmación exigidos por el setup, no simplemente antes de un movimiento favorable.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ho-anticipato-troppo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — define setup y trigger como condiciones y momentos precisos.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — relaciona cantidad, stop y riesgo.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Trade and Risk Management — exige conocer salida y capital en riesgo antes de operar.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] } ], "revision": "01bb2d6282b5c982", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "early-entry", "trigger", "confirmation", "setup", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ho-bruciato-l-account", "locale": "es", "title": "He quemado la cuenta: significado", "summary": "He quemado la cuenta es una expresión informal para una pérdida muy grave, una liquidación o una cuenta que ya no permite operar; no precisa saldo ni causa.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ho-bruciato-l-account/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Futures Market Basics — Advierte que en futuros puede perderse todo el capital y, en ciertos casos, más que el importe inicial.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "CFTC, Understand Your Contractual Obligations — Explica que el apalancamiento y los contratos pueden generar pérdidas superiores al margen inicial.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understandcontractobligations.html" ] }, { "text": "CME Group, Position and Risk Management — Relaciona contratos, margen, valoración diaria y liquidación del riesgo.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "2d505925e4a8ee80", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "loss-expression", "topics": [ "account-loss", "liquidation", "drawdown", "leverage", "risk-of-ruin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ho-chiuso-in-pari", "locale": "es", "title": "Cerré en tablas: qué significa", "summary": "Cerrar en tablas describe una salida ejecutada cerca del precio de entrada; el resultado bruto puede ser cero, mientras costes y slippage pueden volver negativo el resultado neto.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ho-chiuso-in-pari/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Describe el cierre de posiciones y los distintos resultados de una estrategia de salida.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Explica por qué la ejecución puede diferir del nivel stop.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio — Documenta el efecto de los costes sobre el resultado.", "urls": [ "https://www.sec.gov/oiea/investor-alerts-bulletins/investoralertsib_fees_expensespdf" ] } ], "revision": "440916d1dd8faef7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "break-even", "exit", "execution", "costs", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ho-inseguito-il-prezzo", "locale": "es", "title": "Perseguí el precio: significado", "summary": "Perseguir el precio significa entrar cuando el movimiento ya empezó y alterar el precio o riesgo previsto porque la oportunidad parece escapar.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ho-inseguito-il-prezzo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — distingue setup, trigger y criterios exactos de entrada.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, What Is Market Timing? — enmarca dificultad y riesgos de capturar movimientos cortos.", "urls": [ "https://www.finra.org/investors/insights/market-timing" ] }, { "text": "FINRA, Volatility — relaciona oscilaciones rápidas, riesgo y decisiones impulsivas.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "c66d947b28389dab", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "price-chasing", "entry", "fomo", "execution", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ho-lasciato-troppo-sul-tavolo", "locale": "es", "title": "Dejé dinero sobre la mesa: significado", "summary": "Dejar dinero sobre la mesa describe beneficio potencial observado después de salir; no es una pérdida contable ni demuestra por sí solo que la decisión fuera errónea.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ho-lasciato-troppo-sul-tavolo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Compara estrategias de salida y los riesgos de salir pronto o esperar demasiado.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Relaciona la gestión con salidas y objetivos escritos.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Recoge la tendencia a vender posiciones ganadoras demasiado pronto.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "95ae808b76292673", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "exit", "opportunity-cost", "trade-review", "hindsight", "profit-taking" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ho-messo-a-break-even", "locale": "es", "title": "Moví el stop a break-even: significado y límites", "summary": "Mover el stop a break-even significa acercarlo a un nivel de equilibrio mientras la posición sigue abierta; cambia el riesgo previsto, pero no garantiza una pérdida neta nula.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ho-messo-a-break-even/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Relaciona criterios de entrada, stops, objetivos y gestión de la operación abierta.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Distingue activación, precio ejecutado y riesgo de no ejecución del stop-limit.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio — Muestra por qué los costes afectan al resultado neto.", "urls": [ "https://www.sec.gov/oiea/investor-alerts-bulletins/investoralertsib_fees_expensespdf" ] } ], "revision": "9d03af0ff03c1b10", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-order", "break-even", "position-management", "execution", "costs" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ho-preso-una-finta", "locale": "es", "title": "Caí en una finta: significado", "summary": "Caer en una finta significa entrar con una señal que se activó y después quedó invalidada; no implica automáticamente manipulación.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ho-preso-una-finta/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — describe soportes, resistencias y rupturas como zonas, no precios garantizados.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] }, { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — ofrece reglas observables para bull y bear trap.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Market Manipulation — define manipulación con condiciones más específicas que una simple inversión.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] } ], "revision": "bcd551768391a320", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "fakeout", "false-signal", "breakout", "invalidation", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ho-tagliato-troppo-presto", "locale": "es", "title": "Cerré demasiado pronto: cómo evaluarlo", "summary": "Cerré demasiado pronto describe una salida percibida como anticipada, pero el máximo posterior no lo demuestra: importan la regla prevista, la información disponible y el motivo real.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ho-tagliato-troppo-presto/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Define el disposition effect como vender ganadoras pronto y mantener perdedoras demasiado tiempo.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Exige criterios explícitos de salida antes de la gestión emocional.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — Ilustra el compromiso entre salir pronto y devolver beneficio.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] } ], "revision": "1ed1167b06881d3a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "exit", "trade-review", "disposition-effect", "emotion", "trading-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/hodl", "locale": "es", "title": "HODL: origen y significado", "summary": "HODL es un error al escribir hold nacido en un post de Bitcoin de 2013 y convertido en término para mantener crypto; Hold On for Dear Life es una expansión posterior.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/hodl/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "GameKyuubi, I AM HODLING — Post primario de diciembre de 2013 que documenta el error y su contexto.", "urls": [ "https://bitcointalk.org/index.php?topic=375643.0" ] }, { "text": "FINRA, Crypto Assets — Describe volatilidad, liquidez, custodia y riesgo de pérdida total.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "CFTC, Understand the Risks of Virtual Currency Trading — Expone riesgos spot, derivados, apalancamiento y plataformas.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "e1351c6d09e410af", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-slang", "topics": [ "bitcoin", "holding", "crypto-culture", "time-horizon", "risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "origin-and-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/holdare", "locale": "es", "title": "Mantener una posición: significado", "summary": "Mantener significa conservar abierta una posición en vez de cerrarla; describe una acción, no su horizonte, la calidad de la tesis ni el nivel de riesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/holdare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Position and Risk Management — Relaciona posición abierta con control de riesgo y resultado.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "FINRA, Risk — Conecta horizonte, capacidad de soportar pérdidas y gestión.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] }, { "text": "FINRA, Crypto Assets — Destaca volatilidad, liquidez y riesgo de pérdida en crypto.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] } ], "revision": "6d7de7e373793340", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "holding", "position-management", "time-horizon", "risk", "crypto-slang" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/honeypot", "locale": "es", "title": "Honeypot cripto: tokens que atrapan al comprador", "summary": "Un honeypot cripto es un contrato o token diseñado para parecer comprable y rentable mientras impide, limita o encarece de forma prohibitiva la venta de la víctima.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/honeypot/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Why Trick Me — Honeypot Traps on Decentralized Exchanges — Estudia tokens que pueden comprarse en pools DEX pero no intercambiarse de nuevo por el activo original.", "urls": [ "https://arxiv.org/abs/2309.13501" ] }, { "text": "ESMA — Crypto fraud and scams factsheet — Enmarca las principales estafas cripto y las comprobaciones prudentes para los usuarios.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_MT_EN.pdf" ] } ], "revision": "212742ff7febd5ff", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "malicious-token", "smart-contracts", "scam-prevention" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/iceberg-order-gergo", "locale": "es", "title": "Orden iceberg: significado y límites", "summary": "Una orden iceberg muestra en el libro solo un tramo de su cantidad total. La reposición y la prioridad dependen de las reglas del centro y no revelan tamaño o identidad.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/iceberg-order-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distingue feeds MBO y MBP, OrderID, PriorityID e icebergs nativos o sintéticos en CME Globex; estas reglas no son universales.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Display Quantity Order Overview — describe cantidad visible, prioridad temporal, ejecuciones y reposición para órdenes CME; es documentación específica del centro.", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] } ], "revision": "2066d7108a9628bd", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-type", "topics": [ "execution", "iceberg-order", "order-book", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/imbalance", "locale": "es", "title": "Imbalance en trading: significado", "summary": "Imbalance significa desequilibrio, pero puede referirse a volumen agresivo, cantidad visible en el libro u órdenes de subasta; deben indicarse definición, lado y umbral.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/imbalance/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, Volume footprint charts: a complete guide — Documenta volumen buy/sell, delta y niveles destacados como imbalance.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] }, { "text": "NYSE, Order Imbalances — Define la publicación en tiempo real de desequilibrios de compra y venta durante subastas.", "urls": [ "https://www.nyse.com/data-products/catalog/imbalances" ] }, { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Enumera precios, número de órdenes y cantidades bid/ask del libro.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "d2442c38f58b905a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "microstructure-measure", "topics": [ "imbalance", "footprint", "order-book", "auction", "aggressive-volume" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/impermanent-loss", "locale": "es", "title": "Impermanent loss: pérdida relativa en las pools AMM", "summary": "La impermanent loss es la desventaja económica que puede surgir cuando aportar liquidez a un AMM rinde menos que conservar simplemente los mismos tokens.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/impermanent-loss/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Docs — Understanding Returns — Compara el rendimiento del LP, las comisiones y la pérdida relativa frente a conservar los activos.", "urls": [ "https://developers.uniswap.org/docs/protocols/v2/concepts/understanding-returns" ] }, { "text": "Uniswap — V2 whitepaper — Expone el funcionamiento económico del AMM de producto constante.", "urls": [ "https://app.uniswap.org/whitepaper.pdf" ] }, { "text": "Uniswap — V3 whitepaper — Especifica rangos, liquidez concentrada y composición de la posición fuera del rango elegido.", "urls": [ "https://app.uniswap.org/whitepaper-v3.pdf" ] } ], "revision": "61fb5becffc6654f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-risk", "topics": [ "defi", "automated-market-maker", "liquidity-provision", "relative-return" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/interest-rates-inflation", "locale": "es", "title": "Macroeconomía, tipos e inflación", "summary": "Guía para leer conjuntamente crecimiento, inflación, empleo y política económica, separando datos observados, expectativas y precios de mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/interest-rates-inflation/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook, documentación oficial — análisis y proyecciones sobre crecimiento mundial, inflación y riesgos macroeconómicos.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy, documentación oficial — objetivos oficiales, instrumentos, decisiones y comunicaciones del FOMC.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy, documentación oficial — estrategia, decisiones, instrumentos y operaciones de mercado de la zona euro.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] } ], "revision": "5723d95005dd2f3e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "glossary_term", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/kelly-frazionato-gergo", "locale": "es", "title": "Fractional Kelly: Kelly fraccionado", "summary": "Fractional Kelly significa utilizar una fracción del tamaño calculado por Kelly completo para reducir exposición y variabilidad respecto al modelo teórico.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/kelly-frazionato-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Edward O. Thorp, The Kelly Criterion and the Stock Market, 1992 — Trata el crecimiento logarítmico, las apuestas de fracción fija y su aplicación a los mercados.", "urls": [ "https://www.edwardothorp.com/wp-content/uploads/2016/11/TheKellyCriterionAndTheStockMarket.pdf" ] }, { "text": "Enzo Busseti, Eungchun Ryu y Stephen Boyd, Risk-Constrained Kelly Gambling, 2016 — Compara Kelly, fractional Kelly y restricciones explícitas sobre el riesgo de drawdown.", "urls": [ "https://stanford.edu/~boyd/papers/kelly.html" ] } ], "revision": "c395d63da11a0587", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "kelly-criterion", "position-sizing", "drawdown-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/kelly-gergo", "locale": "es", "title": "Kelly: significado en trading", "summary": "En trading, Kelly es la abreviatura del criterio que dimensiona capital o una apuesta para maximizar el crecimiento logarítmico esperado bajo hipótesis declaradas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/kelly-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate, Bell System Technical Journal, 1956 — Trabajo original que relaciona la información con la máxima tasa exponencial de crecimiento del capital.", "urls": [ "https://doi.org/10.1002/j.1538-7305.1956.tb03809.x" ] }, { "text": "Edward O. Thorp, The Kelly Criterion and the Stock Market, 1992 — Derivación y aplicación reconocida del criterio a los mercados.", "urls": [ "https://www.edwardothorp.com/wp-content/uploads/2016/11/TheKellyCriterionAndTheStockMarket.pdf" ] } ], "revision": "7eafd4a003474be8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "kelly-criterion", "position-sizing", "expected-log-growth" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/lasciare-correre", "locale": "es", "title": "Dejar correr una operación: significado", "summary": "Dejar correr significa mantener abierta una posición favorable hasta que se active su regla de salida; no significa quitar stops ni abandonar el control del riesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/lasciare-correre/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Describe objetivos, stops y gestión de la parte restante.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — Muestra el compromiso entre esperar el objetivo y arriesgar una corrección.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Aclara las limitaciones de activación y ejecución de los stops.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "ca32ae39d9e32452", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "exit", "trend-following", "trailing-stop", "profit-taking", "position-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/last-point-of-supply-lpsy", "locale": "es", "title": "Last Point of Supply (LPSY)", "summary": "Rebote débil tras un Sign of Weakness: poca amplitud y dificultad para avanzar son compatibles con una oferta persistente, pero requieren confirmación.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/last-point-of-supply-lpsy/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — definición del LPSY y función en las fases D–E.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — rebotes débiles, multiplicidad de los LPSY y relación con el SOW y el soporte.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "33b219700b003801", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/last-point-of-support-lps", "locale": "es", "title": "Last Point of Support (LPS)", "summary": "Mínimo de una reacción después de un Sign of Strength, a menudo cerca de una antigua resistencia y con rango y volumen decrecientes.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/last-point-of-support-lps/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — definición de LPS, fase D y presencia de varios LPS.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — rango, volumen, antigua resistencia y back-up.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, Wiley — uso contextual de resistencia, rangos y juicio operativo.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "ac5105caa60441aa", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/latenza-gergo", "locale": "es", "title": "Latencia de ejecución: significado y medición", "summary": "La latencia es el retraso medido entre dos eventos definidos del recorrido de una orden. Debe separarse por tramo y no equivale automáticamente a slippage.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/latenza-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — trata marcas de recepción y ejecución y estadísticas de velocidad para órdenes estadounidenses cubiertas; es orientación del personal, no un estándar mundial de latencia end-to-end.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "EUR-Lex, Reglamento Delegado (UE) 2025/1155 — sincronización de los relojes de actividad — norma vigente de la UE para las entidades incluidas en el ámbito MiFIR; los artículos 11–16 se aplican desde el 2 de marzo de 2026. Los relojes sincronizados hacen comparables las marcas de tiempo, pero no miden por sí solos la latencia end-to-end.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] } ], "revision": "973e43e8b8950bee", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-metric", "topics": [ "execution", "execution-latency", "timestamps", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/layering", "locale": "es", "title": "Layering: capas de órdenes y presión aparente", "summary": "El layering muestra varias órdenes señuelo en distintos niveles de un lado del libro para aparentar presión y favorecer operaciones relacionadas; comparte rasgos con el spoofing, pero los términos no son idénticos en todos los mercados.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/layering/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Reglamento (UE) n.º 596/2014, texto consolidado a 5 de junio de 2026 — Marco europeo vigente al revisar esta página para órdenes que dan o pueden dar señales falsas o engañosas.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2016/522 — Incluye las órdenes múltiples o grandes, la operación opuesta y su cancelación en la práctica conocida como layering y spoofing.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2016/522/oj" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2026/788 — Actualiza el uso de indicadores y su evaluación en horizontes temporales adecuados al caso.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj" ] }, { "text": "FINRA — Potential Manipulation Report — Define el patrón de capas, ejecución opuesta y cancelación usado en su vigilancia de acciones.", "urls": [ "https://www.finra.org/compliance-tools/report-center/cross-market-equities-supervision/potential-manipulation-report" ] }, { "text": "FINRA — Equity Market Surveillance Today and the Path Ahead — Distingue layering, spoofing, wash trading y front-running dentro de la supervisión estadounidense.", "urls": [ "https://www.finra.org/media-center/speeches-testimony/equity-market-surveillance-today-and-path-ahead" ] }, { "text": "CFTC — Interpretive Guidance on Disruptive Practices — Explica por qué intención, patrón, fills y circunstancias sustituyen reglas mecánicas de cancelación.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] }, { "text": "EUR-Lex — Reglamento (UE) 2023/1114, MiCA — Tratamiento de órdenes, modificaciones y señales engañosas en criptoactivos cubiertos.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] } ], "revision": "24f88f69006a3d5c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "layering-order-book-manipulation-pattern", "topics": [ "layering", "spoofing", "market-manipulation", "order-book", "market-surveillance" ], "asset_classes": [ "multi-asset", "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/liquidazione-gergo", "locale": "es", "title": "Liquidación en trading: significado en la jerga", "summary": "En trading apalancado, liquidación significa el cierre o reducción impuesta de una posición cuando la garantía deja de cumplir los requisitos de riesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/liquidazione-gergo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA Rule 2264, Margin Disclosure Statement — aclara que la firma puede vender activos y que el cliente puede seguir siendo responsable de un déficit.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQs — describe la función y el ajuste de márgenes en derivados.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "613ab590abef6247", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "liquidation", "margin", "leverage", "forced-closing", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/liquidity-grab", "locale": "es", "title": "Liquidity grab en trading: significado", "summary": "Liquidity grab es una etiqueta informal para un paso rápido más allá de un nivel donde se supone que hay interés ejecutable concentrado, seguido a menudo de un regreso.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/liquidity-grab/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Executing an Order — explica que las cotizaciones cubren cantidades limitadas, que el routing importa y que el precio puede cambiar antes de la ejecución.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "FINRA, OTC Tier Size Analysis — muestra cómo una orden mayor que la cantidad disponible al mejor precio puede ejecutarse en varios niveles y producir impacto de precio.", "urls": [ "https://www.finra.org/sites/default/files/RuleFiling/p344459.pdf" ] }, { "text": "Investor.gov, Manipulación del mercado — define la manipulación como una alteración artificial de la oferta o la demanda, no como una forma observada en el gráfico.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/manipulacion-del-mercado" ] } ], "revision": "497907505449cd84", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-term", "topics": [ "liquidity", "order-book", "market-impact", "price-action", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/liquidity-mining", "locale": "es", "title": "Liquidity mining: incentivos para la liquidez DeFi", "summary": "El liquidity mining distribuye tokens u otros incentivos a quienes aportan capital y liquidez a un protocolo DeFi conforme a unas reglas definidas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/liquidity-mining/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Compound Docs — velocidades de distribución de COMP — Documenta la distribución de COMP por bloque a proveedores y prestatarios de cada mercado.", "urls": [ "https://docs.compound.finance/v2/comptroller/" ] }, { "text": "BIS Working Papers No 1066 — Analiza incentivos, agregadores de rendimiento y riesgos económicos del ecosistema DeFi.", "urls": [ "https://www.bis.org/publ/work1066.pdf" ] } ], "revision": "d12048d1a6fc00b6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-incentive-mechanism", "topics": [ "defi", "liquidity-incentives", "token-emissions", "governance-tokens" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/liquidity-pool", "locale": "es", "title": "Liquidity pool: la liquidez en los exchanges DeFi", "summary": "Una liquidity pool reúne un par de tokens en un contrato inteligente para que un exchange DeFi AMM ejecute intercambios sin un libro de órdenes tradicional.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/liquidity-pool/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Docs — Pools — Describe las reservas, las participaciones LP y la función de las pools en el AMM.", "urls": [ "https://developers.uniswap.org/docs/protocols/v2/concepts/pools" ] }, { "text": "Uniswap — V2 whitepaper — Especifica el modelo de intercambio, las comisiones y los principales efectos económicos del protocolo.", "urls": [ "https://app.uniswap.org/whitepaper.pdf" ] }, { "text": "Uniswap — V3 whitepaper — Documenta la liquidez concentrada, los rangos de precio y la inactividad fuera del rango elegido.", "urls": [ "https://app.uniswap.org/whitepaper-v3.pdf" ] } ], "revision": "00dcf1ec79f6530f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-market-mechanism", "topics": [ "defi", "automated-market-maker", "liquidity", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/long-squeeze", "locale": "es", "title": "Long squeeze: significado y mecanismo", "summary": "Long squeeze es un término informal para una bajada amplificada cuando posiciones alcistas, a menudo apalancadas, deben vender o son liquidadas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/long-squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Know What Triggers a Margin Call — describe llamadas de margen y posibles ventas del intermediario sin aviso previo.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "FINRA Rule 2264, Margin Disclosure Statement — expone riesgos, ventas forzadas y responsabilidad por déficits en cuentas de margen.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Futures and Options Margin Model — documenta el sistema de margen de futuros y opciones.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/futures-and-options-margin-model.html" ] } ], "revision": "eeee56c996485030", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-dynamics-term", "topics": [ "long-positions", "leverage", "liquidation", "margin", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/longare", "locale": "es", "title": "Ir largo: significado en trading", "summary": "Ir largo significa asumir o aumentar una exposición que se beneficia de una subida; una compra también puede reducir un corto, por lo que importa la posición neta final.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/longare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Speculators — Describe la toma de riesgo direccional mediante posiciones largas o cortas en futuros.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-speculators" ] }, { "text": "CME Group, Position and Risk Management — Relaciona contrato, número de contratos, margen y riesgo.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "f27653b9018451f0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "long", "buy", "exposure", "execution", "position" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/loss-aversion-gergo", "locale": "es", "title": "Aversión a las pérdidas: significado en trading", "summary": "En trading, loss aversion significa dar más peso psicológico a una pérdida que a una ganancia comparable; describe un posible sesgo, no un diagnóstico del trader.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/loss-aversion-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — Sitúa los sesgos cognitivos y emocionales y los enfoques para reconocerlos o adaptarse a ellos.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Daniel Kahneman y Amos Tversky, Prospect Theory: An Analysis of Decision under Risk — Estudio fundacional sobre la valoración de ganancias y pérdidas bajo riesgo.", "urls": [ "https://doi.org/10.2307/1914185" ] } ], "revision": "d78fe9e0218ede42", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/market-seasonality", "locale": "es", "title": "Estacionalidad de mercado", "summary": "Patrones recurrentes por calendario — meses, días, turnos de sesión; filtro contextual, no regla determinista.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/market-seasonality/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bf049d725916ff72", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/max-drawdown-gergo", "locale": "es", "title": "Maximum drawdown: significado en trading", "summary": "El maximum drawdown es la peor caída observada desde un máximo anterior hasta un mínimo posterior de la curva de capital durante un periodo definido.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/max-drawdown-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisión editorial de agente de IA no humano; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaQuotes, MetaTrader 5 Help — Testing Report — Define el drawdown máximo de un informe de prueba como la mayor caída desde un máximo local hasta el mínimo posterior.", "urls": [ "https://www.metatrader5.com/en/terminal/help/algotrading/testing_report" ] }, { "text": "Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion — Estudia el maximum drawdown y su dependencia del horizonte en el modelo analizado.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] } ], "revision": "f7b2860fddf3294e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "drawdown", "performance-measurement", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/md-fluctuation", "locale": "es", "title": "Fluctuación magnitud-duración (MD)", "summary": "En el modelo price-motion de Hurst, las componentes cíclicas pueden variar lentamente en magnitud y duración: es el tercer elemento del modelo, no un reloj perfecto.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/md-fluctuation/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "revision": "5ef71bbea473571e", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/mediare-al-rialzo", "locale": "es", "title": "Añadir a una posición ganadora: piramidación", "summary": "Añadir a una posición ganadora significa aumentarla después de una subida; crecen tanto la entrada media como la exposición total.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/mediare-al-rialzo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — vincula cantidad, riesgo por operación y distancia del stop.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — pide criterios previos de entrada, gestión y salida.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — explica que más contratos aumentan la exposición y requieren escenarios de riesgo adecuados.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "9d9159723ba150d1", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "pyramiding", "scaling-in", "position-sizing", "trend-following", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/mediare-al-ribasso", "locale": "es", "title": "Promediar a la baja: significado y riesgo", "summary": "Promediar a la baja significa añadir a una posición larga mientras cae el precio, bajando la entrada media pero aumentando la exposición.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/mediare-al-ribasso/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — muestra por qué cantidad, distancia del stop y riesgo monetario deben evaluarse juntos.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — incluye exposición máxima, apalancamiento y pérdida por operación entre los parámetros previos.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "Investor.gov, Dollar Cost Averaging — define inversiones iguales a intervalos regulares, distintas del promedio reactivo.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging" ] } ], "revision": "0a9186e3e1c90927", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "averaging-down", "position-sizing", "drawdown", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/mev", "locale": "es", "title": "MEV: valor extraíble del orden de las transacciones", "summary": "La MEV es el valor que puede obtenerse al incluir, excluir o reordenar transacciones en un bloque, además de la recompensa ordinaria prevista por el protocolo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/mev/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Maximal extractable value — Define la MEV, sus actores, estrategias y efectos en el ecosistema Ethereum.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Flash Boys 2.0 — Estudio primario sobre el orden de las transacciones y las dinámicas de front-running en exchanges descentralizados.", "urls": [ "https://arxiv.org/abs/1904.05234" ] } ], "revision": "2e52b61a1a3b7d2d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "blockchain-market-mechanism", "topics": [ "blockchain", "transaction-ordering", "arbitrage", "block-building" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/mi-ha-liquidato", "locale": "es", "title": "Me liquidaron: significado", "summary": "Me liquidaron significa que un sistema de riesgo cerró o redujo una posición apalancada; no que el mercado persiguiera personalmente al operador.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/mi-ha-liquidato/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA Rule 2264, Margin Disclosure Statement — describe el derecho de una firma a vender activos cuando no se cumplen los requisitos de la cuenta.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQs — explica el papel del margen y sus posibles ajustes.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "7f31331bca8174fa", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "liquidation", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/mi-ha-preso-lo-stop", "locale": "es", "title": "Me saltó el stop: significado y ejecución", "summary": "Me saltó el stop significa que ocurrió el evento definido para activar la salida; el precio stop y el precio real de ejecución pueden diferir.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/mi-ha-preso-lo-stop/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — explica activación, diferencia entre stop y ejecución y movimientos breves.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA, Order Types — distingue stop, stop-limit, market y sus propiedades.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "Investor.gov, Types of Orders — describe la conversión de stop a market tras el trigger.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] } ], "revision": "6f4f7cbfcdfb413a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-loss", "stop-order", "execution", "slippage", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/mi-sono-fatto-prendere-dalla-fomo", "locale": "es", "title": "Me dejé llevar por la FOMO: significado en trading", "summary": "En la jerga del trading, la frase indica que la urgencia por no perder una oportunidad impulsó una decisión sin seguir por completo el plan.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/mi-sono-fatto-prendere-dalla-fomo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisión editorial de agente de IA no humano; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out — Investigación revisada por pares que define y mide la FoMO; no es un estudio de predicción financiera.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "SEC Office of Investor Education and Assistance, Protect Your Money: How to Avoid Investment Scams — Explica cómo la urgencia y la FOMO pueden utilizarse en propuestas fraudulentas.", "urls": [ "https://www.investor.gov/files/protect-your-money-how-avoid-investment-scams" ] } ], "revision": "0350b64ca07cb9de", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trader-expression", "topics": [ "fomo", "trading-psychology", "decision-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/mi-sono-fatto-stoppare-sul-minimo", "locale": "es", "title": "Stop ejecutado en el mínimo: significado", "summary": "Stop ejecutado en el mínimo describe una salida cerca de un mínimo visible antes de un rebote; la etiqueta es retrospectiva y depende del marco temporal.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/mi-sono-fatto-stoppare-sul-minimo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — documenta stops activados por cambios breves seguidos de estabilización o rebote.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA Regulatory Notice 16-19 — describe diferencias entre trigger y ejecución y riesgos de mercados volátiles.", "urls": [ "https://www.finra.org/rules-guidance/notices/16-19" ] }, { "text": "CME Group, Proper Position Size — relaciona stop lógico, distancia y tamaño de posición.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] } ], "revision": "61ad3a95eecab193", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-loss", "reversal", "volatility", "hindsight", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/mintare", "locale": "es", "title": "Mintear", "summary": "Mintear significa crear o asignar un token según las reglas de su smart contract; en un NFT es el evento que da origen al registro del token.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/mintare/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum Improvement Proposals — ERC-721 — La transferencia desde la dirección cero registra la creación del token y la distingue de transferencias posteriores.", "urls": [ "https://eips.ethereum.org/EIPS/eip-721" ] }, { "text": "Ethereum.org — NFT minter tutorial — Muestra la relación entre la función de mint, la transacción, el tokenURI y los metadatos.", "urls": [ "https://ethereum.org/developers/tutorials/nft-minter/" ] } ], "revision": "c76071a6e349a06d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-minting-term", "topics": [ "minting", "nft", "tokens", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/moving-average-inversa-hurst", "locale": "es", "title": "Media móvil inversa de Hurst: definición y límite", "summary": "La media móvil inversa de Hurst resta una media centrada al precio para mostrar oscilaciones más rápidas, con un límite decisivo en las barras recientes.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/moving-average-inversa-hurst/", "published": "2026-07-11", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, capítulo 6, pp. 109–113 y apéndice IV, pp. 210–211 — construcción, caso Alloys Unlimited y respuesta del filtro.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "OCLC WorldCat, The Profit Magic of Stock Transaction Timing — registro bibliográfico — autoría, editorial y fecha de la primera edición.", "urls": [ "https://search.worldcat.org/title/776611988" ] }, { "text": "NIST/SEMATECH, Centered Moving Average — centrado de la ventana y tratamiento distinto de los órdenes pares.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc422.htm" ] }, { "text": "Rob J. Hyndman y George Athanasopoulos, Moving averages — Forecasting: Principles and Practice — fórmula simétrica y ausencia de estimaciones en los extremos.", "urls": [ "https://otexts.com/fpp3/moving-averages.html" ] } ], "revision": "1b110c4d1526d1af", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "technical-indicator", "topics": [ "cyclic-analysis", "moving-averages", "signal-processing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/nesting-envelope", "locale": "es", "title": "Nesting envelope", "summary": "A quién sirve esta entrada — Una sola envelope aísla un solo ciclo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/nesting-envelope/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "8bd8a9955f1229fb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/nlp-in-finance", "locale": "es", "title": "NLP en finanzas", "summary": "Elaboración del lenguaje natural en textos financieros — news, filing, call; base para sentiment y feature ML.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/nlp-in-finance/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bf1a58af41030dbf", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/notional-gergo", "locale": "es", "title": "Notional: significado del valor nocional", "summary": "Notional indica el valor de referencia de una posición o un contrato: mide su escala nominal, no la pérdida máxima ni el margen depositado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/notional-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisión editorial de agente de IA no humano; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value — Define el nocional de los futuros mediante la unidad contractual y el precio, y muestra su uso en ratios de cobertura.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CFTC, Over-the-Counter Derivatives Concept Release — Distingue el importe nocional del valor de mercado y del importe que está realmente en riesgo en los derivados OTC.", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] } ], "revision": "48ad924e36c45542", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "exposure-measure", "topics": [ "notional-value", "derivatives", "exposure", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/open-interest", "locale": "es", "title": "Interés abierto", "summary": "El interés abierto es el saldo de contratos de derivados que permanecen abiertos en un momento definido. Cada contrato se cuenta una sola vez: el dato no mide por sí solo capital, dirección, liquidez ejecutable ni posición de los intermediarios.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/open-interest/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Commitments of Traders — Explanatory Notes — definición e igualdad entre el OI largo y corto.", "urls": [ "https://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Open Interest — contrato abierto aún no compensado ni cumplido.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Open Interest y Volume and Open Interest Columns Explained — diferencia entre el saldo de contratos y el volumen.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/open-interest", "https://www.cmegroup.com/market-data/volume-open-interest/about.html" ] }, { "text": "Options Industry Council, Open Interest: Why It Matters — combinaciones de apertura y cierre, ejercicio y asignación.", "urls": [ "https://www.optionseducation.org/news/open-interest-why-it-matters" ] }, { "text": "Options Industry Council, General Information — el OI no es alcista ni bajista y no garantiza liquidez.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "CME Group, About Contract Notional Value — relación entre unidad contractual, precio y nocional.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "Cboe, Volatility Insights: Much Ado About 0DTEs — Evaluating the Market Impact of SPX 0DTE Options — la exposición gamma de los creadores de mercado exige posición neta y signo, no solo el dato bruto.", "urls": [ "https://www.cboe.com/insights/posts/volatility-insights-evaluating-the-market-impact-of-spx-0dte-options/" ] } ], "revision": "4d59630dc2c355ba", "translation_state": "not-assessed", "kind": "", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "market-data", "positioning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/order-flow-gergo", "locale": "es", "title": "Order flow: significado en trading", "summary": "Order flow indica el estudio de los acontecimientos del mercado, desde las órdenes visibles hasta las ejecuciones. En el lenguaje operativo suele centrarse en operaciones clasificadas por lado agresor.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/order-flow-gergo/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — define la orden agresora que se cruza inmediatamente con órdenes ya presentes.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distingue el volumen ejecutado en el bid/ask de la cantidad de la profundidad de mercado.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] } ], "revision": "82311d1ef50d876e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-microstructure-term", "topics": [ "order-flow", "executions", "order-book", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/overconfidence-gergo", "locale": "es", "title": "Exceso de confianza: significado en trading", "summary": "En trading, overconfidence significa confiar en las propias valoraciones más de lo que respaldan los datos y el proceso; una racha ganadora no demuestra el sesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/overconfidence-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — Clasifica la overconfidence y aborda formas de reconocer y mitigar los sesgos individuales.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Brad M. Barber y Terrance Odean, Trading Is Hazardous to Your Wealth — Examina rotación y resultados netos en una muestra amplia de inversores particulares sin diagnosticar a un trader concreto.", "urls": [ "https://doi.org/10.1111/0022-1082.00226" ] } ], "revision": "d24c9e01b171cbd3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/overtrading-gergo", "locale": "es", "title": "Overtrading: significado en trading", "summary": "Overtrading significa operar más allá de las reglas o de las oportunidades del plan; un número elevado de operaciones no basta para identificarlo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/overtrading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trade and Risk Management — Relaciona el control del riesgo, el tamaño y la prevención del overtrading.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Resume evidencia sobre los efectos de una actividad de compraventa frecuente.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "257fd6fd73e3eb25", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "overtrading", "trade-frequency", "costs", "discipline", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/paper-hands", "locale": "es", "title": "Paper hands: significado", "summary": "Paper hands es una etiqueta burlona para quien vende bajo presión o antes de lo esperado por el grupo; no demuestra que la salida fuera errónea.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/paper-hands/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Describe confirmación social, emoción y decisiones arriesgadas.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "FINRA, Volatility — Separa reacciones impulsivas de decisiones ligadas a objetivos.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Exige criterios explícitos de salida y gestión.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] } ], "revision": "45088209468095e9", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-slang", "topics": [ "social-media", "exit", "volatility", "group-pressure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/paper-trading-gergo", "locale": "es", "title": "Paper trading: significado y límites", "summary": "El paper trading registra o simula operaciones sin la exposición económica normal de una operación real; prueba el proceso y las herramientas, no el rendimiento futuro.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/paper-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisión editorial de agente de IA no humano; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Performance Results — Explica, dentro de su ámbito regulatorio, por qué los resultados hipotéticos no reproducen por completo la liquidez, el slippage y el riesgo financiero real.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "a32f2e2ba456ace8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "simulated-trading-environment", "topics": [ "paper-trading", "simulation", "operational-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/paura-di-premere-il-bottone", "locale": "es", "title": "Miedo a pulsar el botón: significado", "summary": "El miedo a pulsar el botón describe la duda ante una orden prevista; una operación omitida también puede deberse al riesgo, a los datos o a un problema técnico.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/paura-di-premere-il-bottone/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Pide condiciones exactas de entrada y reconoce la presión vinculada con la ejecución.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — Vincula cada orden con capital, instrumento y tolerancia al riesgo.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "5ae42bce4d7dff03", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-state", "topics": [ "execution", "fear", "missed-trade", "decision-making", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-troubleshooting", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/payoff-ratio-gergo", "locale": "es", "title": "Payoff ratio: ganancia media frente a pérdida media", "summary": "El payoff ratio compara el resultado medio de las operaciones ganadoras con el valor absoluto del resultado medio de las operaciones perdedoras.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/payoff-ratio-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisión editorial de agente de IA no humano; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradeStation Help, Ratio Avg. Win: Avg. Loss — Define el ratio entre la operación ganadora media y la perdedora media, e indica el tratamiento de comisiones y slippage configurado.", "urls": [ "https://help.tradestation.com/10_00/eng/tradestationhelp/subsystems/spr_topics/report/ratio_avg_win_avg_loss__strategy_performance_report_.htm" ] }, { "text": "MetaQuotes, MetaTrader 5 Help — Trading Report — Define la ganancia media y la pérdida media a partir de las operaciones cerradas de cada grupo.", "urls": [ "https://www.metatrader5.com/en/terminal/help/trading_advanced/history_report" ] } ], "revision": "7d36905ead75b946", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "payoff-ratio", "trade-statistics", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/pe-ratio", "locale": "es", "title": "P/E ratio", "summary": "Precio por acción dividido por beneficio por acción: múltiplo de valoración que debe compararse con empresas similares y su serie histórica, no de forma aislada.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/pe-ratio/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Price-earnings (P/E) Ratio — definición, fórmula y comparación histórica o entre empresas (consultado el 10 de agosto de 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/price-earnings-pe-ratio" ] }, { "text": "Financial Industry Regulatory Authority, Evaluating Stocks — EPS, fórmula del P/E y uso como medida de valoración relativa (consultado el 10 de agosto de 2026).", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/evaluating-stocks" ] } ], "revision": "7e4a801c97715b72", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "metric", "topics": [ "fundamental-analysis", "equity-valuation", "earnings" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/phishing-gergo", "locale": "es", "title": "Phishing en trading y criptomonedas", "summary": "El phishing usa mensajes, llamadas o páginas falsas para robar credenciales y códigos o inducir autorizaciones maliciosas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/phishing-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Phishing — Define la suplantación de una fuente fiable para obtener información sensible o conducir a un sitio falsificado.", "urls": [ "https://csrc.nist.gov/glossary/term/phishing" ] }, { "text": "FTC — How to recognize and avoid phishing scams — Explica peticiones habituales, verificación independiente y medidas posteriores a un clic.", "urls": [ "https://consumer.ftc.gov/articles/how-recognize-avoid-phishing-scams" ] }, { "text": "ESMA — Fraudes y estafas con criptoactivos — Relaciona mensajes, códigos QR y aplicaciones falsas con el robo de credenciales y criptoactivos.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_ES.pdf" ] } ], "revision": "146faca02c3ac606", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "social-engineering", "credential-theft", "account-security", "crypto-security" ], "asset_classes": [ "multi-asset", "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/pig-butchering", "locale": "es", "title": "Pig butchering: fraude de inversión", "summary": "El fraude llamado pig butchering construye una relación de confianza y conduce a la víctima hacia una plataforma de inversión falsa controlada por delincuentes.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/pig-butchering/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FBI — Operation Level Up — Documenta la clasificación «fraude de inversión en criptoactivos basado en la confianza» y el uso de plataformas y saldos falsos.", "urls": [ "https://www.fbi.gov/news/stories/operation-level-up-how-the-fbi-is-saving-victims-from-cryptocurrency-investment-fraud" ] }, { "text": "FBI — Cryptocurrency Investment Fraud — Define el fraude basado en la confianza, la plataforma falsa y el aumento progresivo de depósitos.", "urls": [ "https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud" ] }, { "text": "CFTC — Avoid Forex, Precious Metals, and Digital Asset Romance Scams — Describe la creación de confianza y las aplicaciones que simulan operaciones ganadoras.", "urls": [ "https://www.cftc.gov/sites/default/files/2022-02/20220203_customer%20advisory_RomanceScam_FINAL.pdf" ] } ], "revision": "aa4a6397814dc39c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "social-engineering", "confidence-scam", "fake-platform" ], "asset_classes": [ "crypto-assets", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/poc-gergo", "locale": "es", "title": "POC en trading: significado", "summary": "POC significa Point of Control: en volume profile es el nivel con más volumen del perfil elegido; en TPO profile es el de mayor presencia temporal.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/poc-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, Volume profile indicators: basic concepts — Define volume profile, datos utilizados y point of control.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] }, { "text": "TradingView, Time price opportunity (TPO) indicator — Define el POC TPO como nivel con mayor presencia del precio durante el periodo.", "urls": [ "https://www.tradingview.com/support/solutions/43000713306-time-price-opportunity-tpo-indicator/" ] }, { "text": "TradingView, Volume footprint charts: a complete guide — Documenta POC, tamaño de filas y resúmenes de footprints.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "49b9ab72352d90af", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "profile-statistic", "topics": [ "point-of-control", "volume-profile", "tpo-profile", "price-level", "market-profile" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "acronym-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/ponzi-scheme", "locale": "es", "title": "Esquema Ponzi: cómo funciona", "summary": "Un esquema Ponzi paga aparentes beneficios con aportaciones nuevas y necesita captar dinero continuamente; no equivale a toda pérdida de inversión.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/ponzi-scheme/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Ponzi Scheme — Define el pago a inversores existentes con fondos nuevos y explica las condiciones habituales de colapso.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme" ] }, { "text": "CNMV — Estafas y fraudes financieros — Describe el mecanismo Ponzi, los beneficios aparentes y el uso de aportaciones recientes.", "urls": [ "https://www.cnmv.es/Cursos/Educacion-Financiera/estafas/index.html" ] }, { "text": "CFTC — Digital Asset Frauds — Aplica el patrón a fraudes con activos digitales y recomienda comprobar cómo se producirían los beneficios.", "urls": [ "https://www.cftc.gov/LearnAndProtect/digitalassetfrauds" ] } ], "revision": "d506866a9765b341", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "ponzi-scheme", "new-investor-funds", "withdrawal-risk" ], "asset_classes": [ "multi-asset", "crypto-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/position-sizing-gergo", "locale": "es", "title": "Position sizing: significado y cálculo", "summary": "El position sizing convierte un presupuesto de riesgo y una pérdida estimada por unidad en la cantidad de acciones, lotes o contratos que se negociará.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/position-sizing-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisión editorial de agente de IA no humano; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — Relaciona el nivel del stop, el presupuesto monetario de riesgo, el valor del tick y el número de contratos.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — Explica por qué el precio stop no garantiza el precio de ejecución.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] } ], "revision": "a4ab4350da29ac14", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "risk-management-process", "topics": [ "position-sizing", "risk-budget", "trade-size" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/post-quantum-security", "locale": "es", "title": "Post-quantum security", "summary": "Cifrado resistente a los ordenadores cuánticos — PQC para llaves, wallet e infraestructura financiera.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/post-quantum-security/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "014c68ee41a520cc", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/preliminary-supply-psy", "locale": "es", "title": "Preliminary Supply (PSY)", "summary": "Primera evidencia de oferta tras una subida: volumen y rango pueden ampliarse mientras la tendencia se acerca a una posible fase de freno.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/preliminary-supply-psy/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — PSY y fase A en distribución y redistribución.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — PSY, BC, AR, ST y variante no climática.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — lectura discrecional de precio, volumen y rangos.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "4a15538f11098d4d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/preliminary-support-ps", "locale": "es", "title": "Preliminary Support (PS)", "summary": "Preliminary Support (PS): primer soporte relevante tras una caída prolongada; puede preceder al Selling Climax, pero no determina el mínimo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/preliminary-support-ps/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Accumulation: Wyckoff Events” y “Phase A”, definición de PS y secuencia PS–SC–AR–ST.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, esquemas de acumulación y nueve pruebas.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "7edfb2ccb0adbda8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/prendere-liquidita", "locale": "es", "title": "Tomar liquidez: significado en trading", "summary": "Tomar liquidez puede indicar ejecución agresiva contra órdenes pasivas o, en la jerga gráfica, un movimiento por una zona de órdenes esperadas; ambos usos deben separarse.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/prendere-liquidita/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Assessing liquidity — Distingue participantes pasivos que ofrecen liquidez y órdenes agresivas que la demandan.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] }, { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Muestra cómo cantidad y niveles determinan coste e impacto de una orden ejecutable.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] }, { "text": "FINRA, Manipulative Trading — Enmarca vigilancia y pruebas para prácticas potencialmente manipulativas.", "urls": [ "https://www.finra.org/rules-guidance/guidance/reports/2023-finras-examination-and-risk-monitoring-program/manipulative-trading" ] } ], "revision": "2ff8ce54dabf207e", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-action", "topics": [ "take-liquidity", "aggressive-order", "resting-order", "liquidity-grab", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/prendere-profitto", "locale": "es", "title": "Tomar beneficios: significado en trading", "summary": "Tomar beneficios significa cerrar toda o parte de una posición ganadora y convertir una ganancia no realizada en realizada.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/prendere-profitto/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — incluye stop, objetivo de beneficio y gestión de salidas en el plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Order Types — explica diferencias y riesgos de ejecución de órdenes market, limit y stop.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "CME Group, Position and Risk Management — relaciona la decisión de salida con objetivos de beneficio o pérdida.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "f6e125c89ceabfb0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "take-profit", "exit", "partial-exit", "realized-profit", "order-execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/profit-factor-gergo", "locale": "es", "title": "Profit factor: significado y fórmula", "summary": "El profit factor divide la suma de los resultados positivos por el valor absoluto de la suma de los resultados negativos de una muestra definida.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/profit-factor-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisión editorial de agente de IA no humano; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaQuotes, MetaTrader 5 Help — Testing Report — Define el beneficio bruto, la pérdida bruta y el profit factor en los informes del probador de estrategias.", "urls": [ "https://www.metatrader5.com/en/terminal/help/algotrading/testing_report" ] }, { "text": "TradeStation Help, About Performance Report — Documenta el profit factor como el ratio entre beneficio bruto y pérdida bruta en los informes de rendimiento.", "urls": [ "https://help.tradestation.com/09_01/tsportfolio/reports/about_performance_report.htm" ] } ], "revision": "73554f8d23219851", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "profit-factor", "trade-statistics", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/pump-and-dump", "locale": "es", "title": "Pump and dump: promoción, precio y salida", "summary": "En un pump and dump, una posición se beneficia de una subida promovida mediante información engañosa o actividad coordinada y después se vende a la demanda atraída; un rally o un desplome no demuestran por sí solos el esquema.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/pump-and-dump/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Reglamento (UE) n.º 596/2014, texto consolidado a 5 de junio de 2026 — Marco europeo vigente al revisar esta página sobre señales engañosas, precios artificiales, información y manipulación.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2016/522 — Describe el pump and dump entre las prácticas indicativas y lo conecta con posición, actividad promotora y salida.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2016/522/oj" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2026/788 — Actualiza los indicadores europeos y su evaluación temporal, especialmente relevante en instrumentos menos líquidos.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj" ] }, { "text": "Investor.gov — Pump and Dump Schemes — Explica la combinación de afirmaciones engañosas, subida promovida y venta de la posición.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/pump-and-dump-schemes" ] }, { "text": "CFTC — Beware Virtual Currency Pump-and-Dump Schemes — Describe el patrón en criptoactivos de baja liquidez y advierte sobre promociones coordinadas en línea.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/beware_virtual_currency_pump_dump.html" ] }, { "text": "FINRA — Avoiding Pump-and-Dump Scams — Detalla posición previa, promoción, liquidez, salida y límites de las señales visibles para el inversor.", "urls": [ "https://www.finra.org/investors/insights/pump-and-dump-scams" ] }, { "text": "EUR-Lex — Reglamento (UE) 2023/1114, MiCA — Régimen europeo de manipulación para los criptoactivos incluidos en su ámbito.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Vigilancia de conductas abusivas, conflictos y formación de precios en mercados de activos digitales.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "448b2203e80291bc", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "pump-and-dump-manipulation-pattern", "topics": [ "pump-and-dump", "market-manipulation", "misleading-information", "coordinated-trading", "market-integrity" ], "asset_classes": [ "multi-asset", "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-assessment", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/quantum-computing-finance", "locale": "es", "title": "Quantum computing en finanzas", "summary": "Computación cuántica para optimización, fijación de precios y simulaciones — investigación activa, despliegue híbrido con clásico.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/quantum-computing-finance/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "02f4ed27f1e3dce2", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/r-multiple-gergo", "locale": "es", "title": "Múltiplo de R (término de trading)", "summary": "Un múltiplo de R expresa el resultado realizado de una operación respecto al riesgo inicial previsto antes de entrar: +2R gana dos veces ese riesgo y -1R pierde una unidad.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/r-multiple-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Dirección editorial de Cyclepedia — agente de IA no humano por encargo del Director de Emiciclo; sin revisión de un experto humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts — Define el riesgo inicial, R y los múltiplos de R.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] }, { "text": "CME Group, Proper Position Size — Relaciona entrada, distancia al stop y tamaño de posición con el riesgo monetario previsto.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] } ], "revision": "80c76d3ff727d77e", "translation_state": "not-assessed", "kind": "", "entity_type": "metric", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/recency-bias", "locale": "es", "title": "Sesgo de recencia (recency bias): significado en trading", "summary": "En trading, el sesgo de recencia consiste en dar un peso desproporcionado a los últimos acontecimientos sin compararlos con una muestra y un criterio adecuados.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/recency-bias/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisión editorial de IA no humana; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — Explica cómo pueden revisarse las decisiones cuando cambian las condiciones y las restricciones reales.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute Research Foundation, Risk Profiling through a Behavioral Finance Lens — Define el sesgo de recencia como énfasis en acontecimientos recientes y posible extrapolación de patrones inexistentes.", "urls": [ "https://www.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/rfbr-v2-n1-1-pdf.pdf" ] } ], "revision": "46c2513861d0b5eb", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/recovery-scam", "locale": "es", "title": "Estafa de recuperación de fondos", "summary": "Una estafa de recuperación contacta con quien ya perdió dinero y promete devolverlo a cambio de anticipos, credenciales o nuevas transferencias.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/recovery-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Recovering From Fraud — Explica la vulnerabilidad posterior al primer fraude y las formas habituales de la estafa de recuperación.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/recoveringfromlosses.html" ] }, { "text": "Federal Trade Commission — Refund and Recovery Scams — Describe anticipos, suplantación y solicitudes de información personal o financiera.", "urls": [ "https://consumer.ftc.gov/articles/refund-and-recovery-scams" ] } ], "revision": "b835493dea1dd476", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "recovery-fraud", "impersonation", "victim-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/regime-filter-gergo", "locale": "es", "title": "Filtro de régimen (término de trading)", "summary": "Un filtro de régimen es una regla predefinida que permite o bloquea un setup según el entorno de mercado detectado, como tendencia, rango o volatilidad.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/regime-filter-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Dirección editorial de Cyclepedia — agente de IA no humano por encargo del Director de Emiciclo; sin revisión de un experto humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "James D. Hamilton, Macroeconomic Regimes and Regime Shifts, NBER Working Paper 21863 — Revisa métodos de series temporales para identificar cambios de régimen.", "urls": [ "https://www.nber.org/papers/w21863" ] }, { "text": "Van Tharp Institute, Tharp Think Trading Concepts — Distingue condiciones del setup y señales de entrada, y analiza sistemas para diferentes condiciones de mercado.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] } ], "revision": "05c3ff42c365810f", "translation_state": "not-assessed", "kind": "", "entity_type": "decision-rule", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/rekt", "locale": "es", "title": "Rekt en trading: significado", "summary": "Rekt es jerga de internet para un daño financiero muy grave; expresa el resultado, pero no identifica por sí solo la causa.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/rekt/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Know What Triggers a Margin Call — documenta uno de los mecanismos reales por los que el apalancamiento puede agravar pérdidas.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "FINRA, Risk — enmarca la relación entre riesgo, rendimiento y posibilidad de pérdida en una inversión.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] } ], "revision": "59d97b510371ef97", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "loss", "liquidation", "leverage", "crypto-culture" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/rendimenti-garantiti-gergo", "locale": "es", "title": "Rendimientos garantizados: señal de alerta", "summary": "Prometer una rentabilidad alta, estable y sin riesgo es una señal clásica de fraude; una garantía real tiene emisor, alcance y límites verificables.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/rendimenti-garantiti-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Red Flags of Investment Fraud Checklist — Incluye las oportunidades «sin riesgo» y los rendimientos garantizados entre las señales de fraude.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/red-flags-investment-fraud-checklist" ] }, { "text": "Banco de España — Qué depósitos cubre el FGD — Delimita una garantía legal concreta y distingue la devolución de valores de sus pérdidas de mercado.", "urls": [ "https://clientebancario.bde.es/pcb/es/blog/que-depositos-cubre-el-fgd-.html" ] }, { "text": "FINRA — Watch for Red Flags — Explica por qué deben generar sospecha las garantías de comportamiento o de rentabilidad elevada.", "urls": [ "https://www.finra.org/investors/protect-your-money/watch-red-flags" ] } ], "revision": "34555e7b01b0f1b8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "warning-sign", "topics": [ "investment-fraud", "guaranteed-returns", "risk-disclosure", "due-diligence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/revenge-trading-gergo", "locale": "es", "title": "Revenge trading: significado", "summary": "Revenge trading describe operaciones destinadas a recuperar rápidamente una pérdida mediante una desviación del plan; una reentrada tras un stop no basta para demostrarlo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/revenge-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Exige criterios explícitos de entrada, salida y riesgo antes de operar.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Incluye el riesgo por operación y la pérdida diaria máxima dentro del plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "d863456de9ee7871", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "revenge-trading", "losses", "risk-limits", "position-size", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/riesgo-de-protocolo-defi", "locale": "es", "title": "Riesgo de protocolo DeFi: dependencias y controles", "summary": "El riesgo de protocolo DeFi nace del sistema completo del que depende una posición: contratos, gobernanza, oráculos, activos, liquidez, redes y servicios operativos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/riesgo-de-protocolo-defi/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Financial Stability Board — The Financial Stability Risks of Decentralised Finance — pp. 16 y 33: trata apalancamiento, liquidez, interconexiones y los canales por los que las vulnerabilidades DeFi pueden amplificarse.", "urls": [ "https://www.fsb.org/wp-content/uploads/P160223.pdf" ] }, { "text": "BIS Financial Stability Institute — Crypto, tokens and DeFi: navigating the regulatory landscape — pp. 32–33: examina el papel de gobernanza, oracles, admin keys e infraestructura en el funcionamiento de los protocolos.", "urls": [ "https://www.bis.org/fsi/publ/insights49.pdf" ] }, { "text": "ESMA — Decentralised Finance in the EU: Developments and risks — pp. 7–9: trata riesgo del código, diseño económico, gobernanza, liquidez y transmisión de pérdidas.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2023-10/ESMA50-2085271018-3349_TRV_Article_Decentralised_Finance_in_the_EU_Developments_and_Risks.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Decentralized Finance (DeFi) — recomendación 5, pp. 32–36: exige una lectura integral de blockchains, contratos, gobernanza, oracles, bridges y dependencias.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD754.pdf" ] } ], "revision": "a48573a2eedba6ea", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-composite-risk", "topics": [ "defi", "protocol-risk", "smart-contracts", "governance", "operational-risk", "liquidity-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-control", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/risk-of-ruin-gergo", "locale": "es", "title": "Riesgo de ruina (término de trading)", "summary": "El riesgo de ruina es la probabilidad de que el capital alcance un umbral de fracaso predefinido dentro de un horizonte declarado; ruina no tiene que significar saldo cero.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/risk-of-ruin-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Dirección editorial de Cyclepedia — agente de IA no humano por encargo del Director de Emiciclo; sin revisión de un experto humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "NIST, Gambler's ruin distribution — Documenta el modelo clásico de probabilidad de alcanzar un límite de ruina.", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate — Trabajo primario que relaciona apuestas proporcionales repetidas, crecimiento del capital y supervivencia.", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] } ], "revision": "fac555159d4ec7a5", "translation_state": "not-assessed", "kind": "", "entity_type": "risk-measure", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/risk-reward-gergo", "locale": "es", "title": "Riesgo/recompensa (término de trading)", "summary": "En el uso habitual del trading, riesgo/recompensa compara la pérdida monetaria prevista con la ganancia potencial bruta; 1:2 significa arriesgar una unidad para buscar dos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/risk-reward-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Dirección editorial de Cyclepedia — agente de IA no humano por encargo del Director de Emiciclo; sin revisión de un experto humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "CFTC, Futures Glossary — Recoge el uso probabilístico del término y su función al comparar operaciones.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Position and Risk Management — Explica por qué el capital arriesgado debe ajustarse al tamaño y al perfil de riesgo de la cuenta.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "5f50b81364c8adef", "translation_state": "not-assessed", "kind": "", "entity_type": "metric", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/rollare", "locale": "es", "title": "Roll de una posición", "summary": "Hacer roll significa extinguir una posición en un contrato y abrirla en otro vencimiento o serie. El nuevo contrato no conserva automáticamente la misma exposición y el diferencial entre vencimientos no coincide por sí solo con el rendimiento del roll.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/rollare/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] } ], "revision": "72942ec25a612889", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "term", "topics": [ "markets-instruments", "derivatives", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/romance-scam", "locale": "es", "title": "Romance scam: inversión y engaño afectivo", "summary": "Una estafa afectiva construye confianza o intimidad para pedir dinero o dirigir una inversión falsa; no siempre adopta la forma de pig butchering.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/romance-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CNMV — Alerta sobre estafas amorosas o afectivas — Describe cómo una relación en línea puede conducir a una propuesta de inversión y a la pérdida de los fondos.", "urls": [ "https://www.cnmv.es/webservices/verdocumento/ver?t=%7B08aaaacb-6dbc-40e9-b9ed-266cd83f73e0%7D" ] }, { "text": "FTC — What to Know About Romance Scams — Explica la construcción de confianza, las peticiones de dinero y el uso de inversiones en criptomonedas.", "urls": [ "https://consumer.ftc.gov/articles/what-know-about-romance-scams" ] }, { "text": "FBI — Cryptocurrency Investment Fraud — Documenta fraudes basados en confianza que pueden comenzar con una relación romántica y terminar en una plataforma falsa.", "urls": [ "https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud" ] } ], "revision": "54c10c32191c727b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "romance-scam", "social-engineering", "fake-platform" ], "asset_classes": [ "crypto-assets", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/rug-check", "locale": "es", "title": "Rug check: qué verifica y cuáles son sus límites", "summary": "Un rug check es una revisión preliminar del contrato, controles administrativos, distribución, liquidez y comunicación para buscar señales de riesgo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/rug-check/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Relaciona rug pulls con distribución de tokens, promoción y liquidación de posiciones.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "OpenZeppelin, Access Control — Documenta propiedad, roles, privilegios administrativos y modelos de control de contratos.", "urls": [ "https://docs.openzeppelin.com/contracts/5.x/access-control" ] }, { "text": "Ethereum.org, Ethereum security and scam prevention — Reúne controles sobre direcciones, firmas, límites de gasto e interacciones con smart contracts.", "urls": [ "https://ethereum.org/security/" ] } ], "revision": "caf56bf966b26aa7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-risk-screening", "topics": [ "rug-check", "smart-contract", "admin-keys", "holder-distribution", "liquidity", "due-diligence" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-screening-and-limits", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/rug-pull", "locale": "es", "title": "Rug pull: cómo se sustrae valor de un proyecto cripto", "summary": "Un rug pull ocurre cuando quienes controlan un proyecto cripto lo abandonan o explotan para sustraer liquidez o valor a los compradores.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/rug-pull/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Crypto fraud and scams factsheet — Describe los rug pulls entre las estafas cripto y sus principales señales de alerta.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_MT_EN.pdf" ] }, { "text": "SEC — Complaint, Eric Zhu — Documento primario sobre retirada de liquidez, venta de tokens y conductas denunciadas como rug pull.", "urls": [ "https://www.sec.gov/files/litigation/complaints/2025/comp26223.pdf" ] } ], "revision": "12c775d1667ee105", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "exit-scam", "liquidity", "token-control" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/sandwich-attack", "locale": "es", "title": "Sandwich attack: cómo se aprovecha un swap", "summary": "En un sandwich attack, un actor ejecuta una transacción antes y otra después del swap de la víctima para aprovechar su impacto en el precio y su tolerancia al slippage.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/sandwich-attack/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — MEV — Describe paso a paso el sandwich trading y la función del orden de las transacciones.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Flash Boys 2.0 — Analiza el front-running y la competencia por la prioridad en exchanges descentralizados.", "urls": [ "https://arxiv.org/abs/1904.05234" ] } ], "revision": "1c30524c898c5753", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "transaction-ordering-attack", "topics": [ "defi", "mev", "transaction-ordering", "slippage", "automated-market-maker" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/secondary-test-st", "locale": "es", "title": "Secondary Test (ST)", "summary": "Nueva visita a un posible clímax: rango, volumen y respuesta del precio indican si la presión anterior ha disminuido.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/secondary-test-st/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — criterios relativos de rango y volumen, pruebas múltiples y posibles nuevos mínimos.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — ST en los esquemas de acumulación y distribución.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Stock Market Institute — The Elusive Secondary Test — carácter discrecional y dificultad de identificarlo en tiempo real.", "urls": [ "https://wyckoffsmi.com/the-elusive-secondary-test-whats-up/" ] } ], "revision": "a0a1e48866100064", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/seed-phrase-theft", "locale": "es", "title": "Robo de la frase semilla", "summary": "Quien obtiene la frase semilla puede recrear las claves derivadas de la cartera y autorizar transferencias; no es la contraseña de la app.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/seed-phrase-theft/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaMask — Frase secreta de recuperación, contraseña y claves privadas — Distingue la frase de recuperación de la contraseña y explica su relación con las cuentas derivadas.", "urls": [ "https://support.metamask.io/es/start/user-guide-secret-recovery-phrase-password-and-private-keys" ] }, { "text": "FBI IC3 — Fraudulent NFT airdrops — Documenta falsos airdrops y dApps que inducen a revelar la frase semilla.", "urls": [ "https://www.ic3.gov/PSA/2025/PSA250603?web_view=true" ] }, { "text": "ESMA — Fraudes y estafas con criptoactivos — Recuerda que una empresa legítima no pide seeds o claves privadas mediante contactos inesperados.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_ES.pdf" ] } ], "revision": "f78add7ff21ed9f6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "seed-phrase", "wallet-compromise", "self-custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/self-custody", "locale": "es", "title": "Autocustodia: control directo de las claves cripto", "summary": "La autocustodia es el modelo en el que una persona controla directamente las claves u otros medios necesarios para autorizar movimientos de criptoactivos y asume también la seguridad y la recuperación.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/self-custody/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8301 — Blockchain Networks: Token Design and Management Overview — Describe carteras y modelos de custodia self-hosted, externos e híbridos, junto con sus mecanismos de seguridad y recuperación.", "urls": [ "https://csrc.nist.gov/pubs/ir/8301/final" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Expone riesgos de la custodia por proveedores, protección de los activos de clientes e información necesaria para evaluarla.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "1f916bc18b341d1b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-custody-model", "topics": [ "crypto", "self-custody", "private-keys", "recovery", "operational-security" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/selling-climax-sc", "locale": "es", "title": "Selling Climax (SC)", "summary": "Posible culminación de las ventas tras una caída: aumentan rango y volumen; el Automatic Rally y las pruebas posteriores aclaran su significado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/selling-climax-sc/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — definiciones de eventos y fases de acumulación y distribución.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — SC, AR, ST, variantes de los esquemas y límites de la secuencia.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — encuadre del método como análisis discrecional de precio y volumen.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "110e7a10c2469b8d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/shakeout", "locale": "es", "title": "Shakeout en trading: significado", "summary": "Shakeout describe un movimiento rápido que fuerza muchas salidas y va seguido de una recuperación; en el método Wyckoff tiene un significado estructural más preciso.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/shakeout/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics, El Método Wyckoff — sitúa springs y pruebas en la fase C de acumulación y muestra también la variante sin spring.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — distingue spring, terminal shakeout, pruebas posteriores y confirmación mediante sign of strength.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "00347e574d3605a4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "wyckoff", "price-action", "stop-orders", "trading-range", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/shillare", "locale": "es", "title": "Shillear un activo: significado e intereses que declarar", "summary": "Shillear significa promocionar insistentemente un activo o proyecto, a menudo sin aclarar el interés económico o la relación de quien habla.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/shillare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FTC, Disclosures 101 for Social Media Influencers — Explica qué conexiones materiales declarar y por qué la disclosure debe ser clara y difícil de ignorar.", "urls": [ "https://www.ftc.gov/business-guidance/resources/disclosures-101-social-media-influencers" ] }, { "text": "SEC, Statement Urging Caution Around Celebrity Backed ICOs — Advierte que un endorsement aparentemente independiente puede ser promoción pagada.", "urls": [ "https://www.sec.gov/newsroom/speeches-statements/statement-potentially-unlawful-promotion-icos-sec-statement-urging-caution-around-celebrity-backed-icos" ] }, { "text": "Investor.gov, HoweyCoins — Muestra red flags promocionales, testimonios y afirmaciones usadas para inducir demanda.", "urls": [ "https://www.investor.gov/ico-howeycoins" ] } ], "revision": "a8c3c2597b1039f3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "promotional-communication", "topics": [ "shilling", "endorsement", "material-connection", "disclosure", "market-promotion" ], "asset_classes": [ "digital-assets", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disclosure-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/short-squeeze", "locale": "es", "title": "Short squeeze: significado y mecanismo", "summary": "Un short squeeze es una subida amplificada cuando vendedores en corto recompran para limitar pérdidas, cumplir el margen o devolver valores prestados.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/short-squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Short Sales — explica préstamo, venta, recompra y riesgo potencialmente elevado de una posición corta.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-51" ] }, { "text": "U.S. SEC, Staff Report on Equity and Options Market Structure Conditions in Early 2021 — analiza GameStop y distingue la cobertura de cortos de otras compras observadas.", "urls": [ "https://www.sec.gov/file/staff-report-equity-options-market-struction-conditions-early-2021pdf" ] }, { "text": "FINRA, Know What Triggers a Margin Call — explica cómo los requisitos de margen y las ventas impuestas pueden afectar a posiciones financiadas.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "50a05abe894fecd8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "market-dynamics-term", "topics": [ "short-selling", "short-covering", "margin", "positioning", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/shortare", "locale": "es", "title": "Ir corto: significado en trading", "summary": "Ir corto significa asumir o aumentar una exposición que se beneficia de una caída; una venta puede limitarse a reducir un largo, por lo que debe comprobarse la posición neta.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/shortare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Speculators — Explica que la especulación con futuros puede adoptar dirección larga o corta.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-speculators" ] }, { "text": "CFTC, Futures Market Basics — Enmarca participantes, obligaciones contractuales y riesgos relevantes de los futuros.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "6c7c66688f9e8916", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "short", "sell", "exposure", "execution", "position" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/sign-of-strength-sos", "locale": "es", "title": "Sign of Strength (SOS)", "summary": "Avance con expansión del rango y volumen relativamente mayor; en Wyckoff es evidencia de demanda que debe evaluarse con la estructura.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/sign-of-strength-sos/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — definición de SOS, fase D y relación con LPS.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — rango, volumen relativo, spring y metáfora del back-up.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — juicio discrecional sobre precio y volumen.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "54aeb71c2b8f5c01", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/sign-of-weakness-sow", "locale": "es", "title": "Sign of Weakness (SOW)", "summary": "Descenso hacia el soporte de un rango distributivo o por debajo, normalmente con más volumen y amplitud; el contexto posterior confirma o invalida la lectura.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/sign-of-weakness-sow/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — definición del SOW y su posición en las fases distributivas.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — SOW, cambio de carácter, soporte del rango y relación con el LPSY.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "41e10e3aa6bb2423", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/signal-group-scam", "locale": "es", "title": "Estafa en grupos de señales de trading", "summary": "Una estafa en grupos de señales usa falsa autoridad, prueba social y urgencia para impulsar operaciones, depósitos o suscripciones no verificables.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/signal-group-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CNMV — Alerta sobre fraudes en grupos de WhatsApp — Reconstruye la captación, las primeras operaciones favorables y la presión final en grupos fraudulentos.", "urls": [ "https://www.cnmv.es/portal/verdoc.axd?t=%7B8db81624-db6c-4bbf-9215-17d4ee3a25e3%7D" ] }, { "text": "Investor.gov — Group Chats as a Gateway to Investment Scams — Alerta de la SEC sobre suplantación y decisiones basadas únicamente en mensajes del grupo.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/gateway-to-investment-scams" ] } ], "revision": "768eab4b33dcb8eb", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "social-media", "trading-signals", "impersonation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/signal-provider", "locale": "es", "title": "Proveedor de señales: significado y controles", "summary": "Un proveedor de señales crea o distribuye indicaciones operativas; no es necesariamente el bróker, gestor o ejecutor, y una señal no garantiza un resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/signal-provider/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FCA, Copy trading — Distingue señales confirmadas por el cliente y conversión automática de señales en órdenes.", "urls": [ "https://www.fca.org.uk/firms/copy-trading" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Propone controles sobre proveedor, registro, rendimiento, datos y acceso a la cuenta.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] }, { "text": "U.S. SEC, All About Auto-Trading — Explica el riesgo cuando un tercero puede enviar instrucciones directamente al bróker sin confirmación previa.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsautotradinghtm" ] } ], "revision": "5eb2d60ca055f7c4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "service-role", "topics": [ "signal-provider", "auto-trading", "copy-trading", "due-diligence", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-due-diligence", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/size-gergo", "locale": "es", "title": "Tamaño en trading: significado", "summary": "Size o tamaño es la cantidad de una posición en unidades, contratos o valor nocional; por sí solo no mide el riesgo, que también depende del instrumento y del escenario de pérdida.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/size-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Position and Risk Management — Muestra cómo contrato, número de contratos y stops modifican el riesgo.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Submitting a Futures Order — Trata cantidad, tipo de orden y ejecución como campos diferentes.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] } ], "revision": "1fd3033ccb1157d1", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "risk-measure", "topics": [ "position-size", "quantity", "notional", "leverage", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "technical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/slippage-gergo", "locale": "es", "title": "Slippage en trading: significado y medición", "summary": "El slippage es la diferencia entre un benchmark declarado y el precio real de ejecución. Puede ser favorable o desfavorable y debe medirse con los precios realmente ejecutados.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/slippage-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — explica, para órdenes minoristas sobre acciones estadounidenses, por qué cantidad cotizada, enrutamiento y demora pueden producir un precio distinto del observado.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — define marcas de tiempo y estadísticas de precio y fill para órdenes estadounidenses cubiertas; es orientación del personal, no una medida universal del slippage.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "50de71f3361763f3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-metric", "topics": [ "execution", "slippage", "transaction-costs", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/smart-contract-risk", "locale": "es", "title": "Riesgo del smart contract: código, privilegios y dependencias", "summary": "El riesgo del smart contract incluye errores de código, configuración, privilegios administrativos y dependencias capaces de causar pérdidas o detener un protocolo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/smart-contract-risk/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Smart contract security — Documenta control de acceso, pruebas, auditorías, upgrades, recuperación y vulnerabilidades frecuentes, junto con sus límites.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/security/" ] }, { "text": "Solidity — Security Considerations — Reúne riesgos y recomendaciones para la versión actual del lenguaje Solidity.", "urls": [ "https://docs.soliditylang.org/en/latest/security-considerations.html" ] } ], "revision": "37215adac18fe335", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-technical-risk", "topics": [ "defi", "smart-contracts", "security", "protocol-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-control", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/snipare", "locale": "es", "title": "Sniping en crypto: significado, velocidad y riesgos", "summary": "Hacer sniping significa intentar una ejecución rapidísima cuando aparece una oportunidad, como nueva liquidez, listing, mint o cambio de estado on-chain.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/snipare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org, Maximal extractable value (MEV) — Explica searchers, competencia por fees, arbitraje, front-running y orden de transacciones.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Uniswap Labs, What is swap protection? — Describe el envío a pool privado para reducir front-running y sandwich attacks en swaps.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/18814993155853-What-is-swap-protection" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Sitúa llamadas, firma, gas, inclusión en bloque y cambio de estado.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "30cc5cd5b86a719c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "latency-sensitive-execution", "topics": [ "sniping", "bot", "mev", "transaction-ordering", "token-launch", "mint" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-execution-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/social-engineering-gergo", "locale": "es", "title": "Ingeniería social: engaño antes de la acción", "summary": "La ingeniería social manipula confianza, autoridad o urgencia para provocar una acción; el phishing es uno de sus posibles vectores, no toda la categoría.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/social-engineering-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Social Engineering, CSRC Glossary — Define el engaño orientado a obtener información, acceso no autorizado o una acción fraudulenta mediante confianza.", "urls": [ "https://csrc.nist.gov/glossary/term/social_engineering" ] }, { "text": "CISA — Phishing Infographic — Sitúa el phishing dentro de la ingeniería social y muestra cebos enviados por correo, texto o llamada.", "urls": [ "https://www.cisa.gov/sites/default/files/2023-02/phishing-infographic-508c_0.pdf" ] }, { "text": "FTC — What to Know About Cryptocurrency and Scams — Muestra suplantaciones, relaciones de confianza y solicitudes de transferencia aplicadas al fraude con criptomonedas.", "urls": [ "https://consumer.ftc.gov/articles/what-know-about-cryptocurrency-scams" ] } ], "revision": "219b7f938d56920d", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "deception-technique", "topics": [ "social-engineering", "impersonation", "persuasion", "account-security" ], "asset_classes": [ "multi-asset", "crypto-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/sono-entrato-male", "locale": "es", "title": "Entré mal: significado en trading", "summary": "Entré mal describe una entrada percibida como desfavorable, pero el diagnóstico debe separar plan, señal, precio y ejecución del resultado final.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/sono-entrato-male/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — exige criterios de entrada, trigger y salida definidos.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Order Types — explica por qué cotización visible y precio ejecutado pueden diferir en mercados rápidos.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "bcbb6d18a32a99ab", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "entry", "execution", "trade-review", "slippage", "trading-journal" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/sono-rimasto-incastrato", "locale": "es", "title": "Me quedé atrapado en la operación: significado", "summary": "Quedarse atrapado puede indicar resistencia a cerrar una pérdida o una barrera real de ejecución; cada situación exige un diagnóstico distinto.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/sono-rimasto-incastrato/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — exige salidas y stops antes de entrar.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Trading Halts, Delays and Suspensions — describe situaciones en las que la negociación se interrumpe o retrasa realmente.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/trading-halts-delays-suspensions" ] }, { "text": "FINRA, Order Types — explica por qué una limit puede quedar sin ejecución.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "c0be24e6370130ea", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "losing-position", "exit-plan", "liquidity", "execution", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/spazzolare-il-book", "locale": "es", "title": "Barrer el libro de órdenes: significado", "summary": "Barrer el libro significa consumir rápidamente la cantidad disponible en uno o varios niveles con órdenes agresivas; describe una ejecución, no identidad o intención.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/spazzolare-il-book/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Explica cómo una orden usa niveles posteriores si la cantidad al top of book es insuficiente.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] }, { "text": "CME Group, Market by Order (MBO) — Distingue datos order-by-order, profundidad completa y agregación por precio.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Assessing liquidity — Relaciona velocidad del flujo, agotamiento de niveles y dispersión de precios ejecutados.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] } ], "revision": "a9d26af084da4775", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-pattern", "topics": [ "book-sweep", "aggressive-order", "market-impact", "depth", "slippage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/sperare-invece-di-gestire", "locale": "es", "title": "Esperar en vez de gestionar: significado", "summary": "Esperar en vez de gestionar significa dejar que el deseo de recuperación sustituya criterios verificables de riesgo, invalidación y salida; esperar según un plan es distinto.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/sperare-invece-di-gestire/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Describe el disposition effect y otros comportamientos que pueden perjudicar el proceso.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Exige criterios explícitos para gestionar operaciones abiertas, pérdidas y beneficios.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, A Trader's Guide to Futures — Relaciona el plan con un punto de liquidación definido de antemano.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/a-traders-guide-to-futures.pdf" ] } ], "revision": "4a026e3512f9dd44", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "position-management", "disposition-effect", "invalidation", "risk", "emotion" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/spoofing", "locale": "es", "title": "Spoofing: órdenes, intención y falsa liquidez", "summary": "El spoofing utiliza órdenes que se pretende cancelar antes de ejecutarlas para crear una señal engañosa o favorecer otra operación; una orden grande o cancelada no demuestra por sí sola esa intención.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/spoofing/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Reglamento (UE) n.º 596/2014, texto consolidado a 5 de junio de 2026 — Marco europeo vigente al revisar esta página para órdenes y conductas capaces de producir señales engañosas o precios artificiales.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2016/522 — Describe indicadores y la práctica conocida como layering y spoofing dentro del análisis europeo.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2016/522/oj" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2026/788 — Actualiza los indicadores y permite evaluarlos en ventanas temporales adecuadas al instrumento y al algoritmo.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj" ] }, { "text": "CFTC — Q&A on Disruptive Trading Practices — Expone la definición estadounidense basada en la intención de cancelar antes de ejecutar.", "urls": [ "https://www.cftc.gov/sites/default/files/idc/groups/public/%40newsroom/documents/file/dtpinterpretiveorder_qa.pdf" ] }, { "text": "CFTC — Interpretive Guidance and Policy Statement, 2013-12365 — Explica el análisis contextual, los patrones, fills y circunstancias relevantes.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] }, { "text": "FINRA — Potential Manipulation Report — Documenta cómo la vigilancia distingue excepciones de layering y spoofing en acciones.", "urls": [ "https://www.finra.org/compliance-tools/report-center/cross-market-equities-supervision/potential-manipulation-report" ] }, { "text": "EUR-Lex — Reglamento (UE) 2023/1114, MiCA — Reglas de manipulación y prevención para criptoactivos dentro de su ámbito.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] } ], "revision": "967fd97ced66c732", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "spoofing-order-manipulation-pattern", "topics": [ "spoofing", "market-manipulation", "order-book", "false-liquidity", "market-surveillance" ], "asset_classes": [ "multi-asset", "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-assessment", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/sposare-posizione", "locale": "es", "title": "Casarse con una posición: significado", "summary": "Casarse con una posición significa ligar identidad o convicción a la operación hasta dificultar actualizar la tesis, reducir riesgo o salir; no equivale a mantenerla mucho tiempo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/sposare-posizione/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Resume disposition effect, sesgo de familiaridad y otros patrones documentados.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Relaciona la gestión emocional con criterios escritos de entrada y salida.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — Describe el seguimiento de una posición frente a objetivos de beneficio y pérdida.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "dde1c75304b3efa1", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "position-management", "attachment", "confirmation-bias", "disposition-effect", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/spring-wyckoff", "locale": "es", "title": "Spring (Wyckoff)", "summary": "Movimiento bajo el soporte de un rango de acumulación que vuelve al interior; en la lectura Wyckoff es una prueba tardía de la oferta, no una señal autónoma.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/spring-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — fase C, spring, pruebas y variante sin spring.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — definición, sacudidas, pruebas y SOS posterior.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — naturaleza discrecional del análisis Wyckoff.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "0c84930d4b96420f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/squeeze", "locale": "es", "title": "Squeeze en trading: significado", "summary": "Un squeeze es una presión de mercado que obliga a un grupo de posiciones a reducirse o cerrarse y refuerza temporalmente el movimiento del precio.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Short Sales — describe la venta en corto, la recompra de valores y el riesgo de una subida del precio.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-51" ] }, { "text": "FINRA, Know What Triggers a Margin Call — explica llamadas de margen y ventas que puede imponer un intermediario.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "CME Group, Futures and Options Margin Model — documenta el papel del margen en la gestión del riesgo de derivados.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/futures-and-options-margin-model.html" ] } ], "revision": "d77eefe0027437b4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "positioning", "forced-closing", "leverage", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/stablecoin", "locale": "es", "title": "Stablecoin: cómo funciona la paridad y qué riesgos implica", "summary": "Una stablecoin es un token que busca mantener un valor estable respecto de una moneda, otro activo o una cesta mediante reservas, colateral o reglas de protocolo. La paridad es un objetivo, no una garantía.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/stablecoin/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8408 — Understanding Stablecoin Technology and Related Security Considerations — Define las stablecoins, compara sus principales arquitecturas y clasifica propiedades y riesgos técnicos.", "urls": [ "https://csrc.nist.gov/pubs/ir/8408/final" ] }, { "text": "Financial Stability Board — High-level Recommendations for Global Stablecoin Arrangements — Aborda gobernanza, estabilización, reembolso, gestión de reservas y riesgos de los acuerdos de stablecoins.", "urls": [ "https://www.fsb.org/uploads/P170723-3.pdf" ] } ], "revision": "fe1f7ec0843cd5d7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "crypto-asset", "topics": [ "crypto", "stablecoin", "peg", "reserves", "redemption" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/stakare", "locale": "es", "title": "Hacer staking: qué significa stake", "summary": "Hacer staking significa comprometer un criptoactivo o un derecho relacionado para participar en la validación proof of stake, directamente o mediante un servicio.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/stakare/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Staking — modalidades de participación, función del validador, recompensas y riesgos en Ethereum.", "urls": [ "https://ethereum.org/staking/" ] }, { "text": "Ethereum.org — Staking withdrawals — relación entre participación, salida del validador y retirada en Ethereum.", "urls": [ "https://ethereum.org/staking/withdrawals/" ] } ], "revision": "d3025564c5e6a427", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "staking-action-term", "topics": [ "staking", "proof-of-stake", "validators", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/stop-hunt", "locale": "es", "title": "Stop hunt en trading: significado", "summary": "Stop hunt es el nombre informal de un movimiento que cruza niveles donde se sospecha que hay muchos stops, los activa y después suele regresar.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/stop-hunt/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — explica la activación, el riesgo de precio y cómo un movimiento breve puede hacer saltar un stop antes de la recuperación.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — aclara que el trigger, el precio de ejecución y los criterios de activación pueden diferir.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "CFTC, Former Trader David Liew Engaged in Spoofing and Manipulation — documenta un caso en el que la intención de activar stop-loss se estableció mediante investigación, no solo a partir de un gráfico.", "urls": [ "https://www.cftc.gov/PressRoom/PressReleases/7567-17" ] } ], "revision": "01efb7764657ed52", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "order-flow-term", "topics": [ "stop-orders", "liquidity", "order-book", "market-impact", "manipulation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/stoppare", "locale": "es", "title": "Salir por stop en trading: significado", "summary": "Salir por stop significa cerrar una posición porque se alcanzó la condición prevista, mediante una orden automática o una acción manual.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/stoppare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — explica trigger, riesgo de precio y alternativa stop-limit.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA, Order Types — distingue comportamiento de stop, stop-limit y market.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "CME Group, Trade and Risk Management — relaciona salida, capital en riesgo y tamaño de posición.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] } ], "revision": "57d6a8768a9c52b7", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "stop-loss", "stop-order", "exit", "risk-management", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/swappare", "locale": "es", "title": "Swap de tokens: significado, ejecución y costes", "summary": "Hacer swap significa cambiar un token por otro mediante una plataforma o smart contract, aceptando un precio y costes de ejecución.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/swappare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Labs, How to swap tokens with the Uniswap web app — Describe selección del contrato, revisión, approval, firma, gas y confirmación on-chain.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/8370549680909-How-to-Swap-Tokens-" ] }, { "text": "Uniswap Labs, What is price impact? — Distingue el efecto del tamaño de la operación sobre la liquidez del pool.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/8671539602317-What-is-price-impact" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Sitúa el swap como escritura de estado firmada e incluida en un bloque.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "ac5240ce49e544c5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-exchange-action", "topics": [ "swap", "dex", "routing", "price-impact", "slippage", "token-approval" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-execution-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/sweep", "locale": "es", "title": "Sweep en trading: significado", "summary": "En un libro de órdenes, un sweep es una ejecución agresiva que consume cantidad a uno o varios precios y puede atravesar varios niveles.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/sweep/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — distingue feeds por orden y por nivel y describe ejecuciones, modificaciones y cancelaciones visibles.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "NYSE, NYSE Pillar Depth — ofrece un ejemplo oficial de feed con varios niveles bid/offer, cantidades y atribución del centro.", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "FINRA, OTC Tier Size Analysis — ilustra una orden hipotética que supera la cantidad del mejor ask y se ejecuta en dos niveles.", "urls": [ "https://www.finra.org/sites/default/files/RuleFiling/p344459.pdf" ] } ], "revision": "3a03ec343407612b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "execution-term", "topics": [ "order-book", "execution", "market-orders", "slippage", "liquidity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/switchare-bias", "locale": "es", "title": "Cambiar de sesgo: qué significa", "summary": "Cambiar de sesgo significa revisar la hipótesis direccional tras nueva evidencia o una invalidación; por sí solo no cierra ni invierte una posición.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/switchare-bias/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Vincula la acción con setups, triggers y salidas definidos.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Aporta un marco sobre conductas que pueden interferir con decisiones basadas en evidencia.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "ad4e7f3a12373d07", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "decision-process", "topics": [ "bias", "invalidation", "trade-plan", "position-reversal", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/tagliare-posizione", "locale": "es", "title": "Recortar una posición: reducir o cerrar", "summary": "Recortar una posición puede significar reducir su cantidad o cerrarla por completo; no implica necesariamente una pérdida y debe precisar cantidad, lado y motivo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/tagliare-posizione/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Explica cómo se cierra una posición de futuros con la operación contraria.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Submitting a Futures Order — Describe órdenes, fills, stops y objetivos usados en la gestión.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] }, { "text": "CME Group, Position and Risk Management — Relaciona cantidad y exposición con el control de resultados.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "377a7c00bc2f32eb", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-action", "topics": [ "position-reduction", "exit", "order", "position-sizing", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/tape-reading-gergo", "locale": "es", "title": "Tape reading: significado en trading", "summary": "Tape reading significa leer la secuencia de transacciones ejecutadas — precio, tamaño, tiempo y ritmo — hoy mediante time and sales; no equivale a ver todo el mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/tape-reading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NYSE, Real-Time Data — Distingue feeds de operaciones, cotizaciones, profundidad order-by-order e imbalance de subasta.", "urls": [ "https://www.nyse.com/market-data/real-time" ] }, { "text": "CME Group, Market by Order (MBO) — Muestra los detalles que un feed del libro añade a la agregación por precio.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "Nasdaq, BX Options Depth of Market specification — Distingue mensajes de ejecución imprimibles para time and sales y cálculo de volumen.", "urls": [ "https://www.nasdaqtrader.com/content/TechnicalSupport/specifications/dataproducts/BXOptions_DepthofMarket_2.0_042024.pdf" ] } ], "revision": "bb756d034fac7ebf", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "observation-method", "topics": [ "tape-reading", "time-and-sales", "executions", "order-flow", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-method", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/tilt-gergo", "locale": "es", "title": "Tilt en trading: significado", "summary": "Tilt es el término informal para una fase de desviaciones repetidas del plan bajo presión; no es un diagnóstico clínico.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/tilt-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Explica por qué entradas, salidas y gestión deben definirse antes de situaciones de presión.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Propone límites explícitos de apalancamiento, pérdida y exposición.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "068d91794fbfb8d8", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "process-state", "topics": [ "tilt", "decision-making", "losses", "discipline", "risk-limits" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/time-translation", "locale": "es", "title": "Time translation", "summary": "En el marco Hickson/Hurst, desplazamiento de los giros respecto a una componente cíclica; la tendencia subyacente es una asociación, no una causa universal.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/time-translation/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — fuente primaria para el modelo de suma y el método del libro; citada para delimitar la capa histórica, no como fuente del término ni de la tabla de time translation.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concepto 10, pp. 12–14 — fuente posterior a Hurst directa para la definición y las cuatro asociaciones con underlying trend positivo o negativo.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Trading Methodology — uso del underlying trend en la formalización operativa posterior a Hurst; no es una confirmación independiente del trabajo de Hickson.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstTrading.htm" ] } ], "revision": "0f4f112afbaf340f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/token-unlock", "locale": "es", "title": "Token unlock: cuándo los tokens pasan a ser transferibles", "summary": "Un token unlock hace transferibles tokens antes sujetos a cliff, vesting u otras restricciones. Aumenta la oferta potencialmente negociable, pero no implica automáticamente una venta ni una caída del precio.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/token-unlock/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Reglamento (UE) 2023/1114 — Markets in Crypto-assets — Enumera información sobre cantidades ofrecidas, fases, transferencia, tokens retenidos, derechos y restricciones a la transferibilidad.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] }, { "text": "Cong, Li y Wang — Tokenomics: Dynamic Adoption and Valuation, Review of Financial Studies — Muestra en un modelo dinámico por qué demanda transaccional y adopción intervienen en la valoración además de la cantidad de tokens.", "urls": [ "https://academic.oup.com/rfs/article/34/3/1105/5891182" ] } ], "revision": "201de4390b6a9fbc", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-supply-event", "topics": [ "crypto", "token-unlock", "vesting", "token-supply", "market-liquidity" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-analysis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/tokenomics", "locale": "es", "title": "Tokenomics: oferta, incentivos y captura de valor", "summary": "La tokenomics describe las reglas económicas de un token: oferta, emisiones, asignaciones, utilidad, derechos e incentivos. Ayuda a formular escenarios, pero no determina por sí sola el valor futuro.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/tokenomics/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Reglamento (UE) 2023/1114 — Markets in Crypto-assets — Exige información sobre oferta, derechos, tokens retenidos, transferibilidad y protocolos que modifican la supply.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] }, { "text": "Cong, Li y Wang — Tokenomics: Dynamic Adoption and Valuation, Review of Financial Studies — Modeliza la relación entre demanda transaccional, adopción de la plataforma, externalidades de red y valor del token.", "urls": [ "https://academic.oup.com/rfs/article/34/3/1105/5891182" ] } ], "revision": "28fd1cd91efcaea5", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-economic-design", "topics": [ "crypto", "tokenomics", "token-supply", "incentives", "valuation" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-analysis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/trade-di-noia", "locale": "es", "title": "Operación por aburrimiento", "summary": "Una operación por aburrimiento se abre principalmente para crear actividad o estímulo cuando no existe un setup previsto; la etiqueta describe el motivo, no el resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/trade-di-noia/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Dirección editorial de Cyclepedia — agente de IA no humano por encargo del Director de Emiciclo; sin revisión de un experto humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Yakobi y Danckert, Boredom proneness is associated with noisy decision-making, not risk-taking — Investigación primaria que distingue los cambios erráticos de elección de una búsqueda general de riesgo.", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC8026330/" ] }, { "text": "FINRA, 3 Ways to Guard Against Excessive Trading in Your Brokerage Account — Explica cómo la actividad innecesaria puede aumentar los costes.", "urls": [ "https://www.finra.org/investors/insights/3-ways-guard-against-excessive-trading-your-brokerage-account" ] } ], "revision": "0dcf6d823d037d51", "translation_state": "not-assessed", "kind": "", "entity_type": "behavioral-pattern", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/trade-di-rabbia", "locale": "es", "title": "Operación por enfado", "summary": "Una operación por enfado se abre mientras la frustración dirige la decisión, a menudo tras una pérdida; se convierte en revenge trading cuando busca recuperar el dinero de inmediato.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/trade-di-rabbia/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Dirección editorial de Cyclepedia — agente de IA no humano por encargo del Director de Emiciclo; sin revisión de un experto humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Lerner y Keltner, Fear, anger, and risk — Investigación primaria sobre cómo miedo e ira pueden afectar de forma distinta a la percepción del riesgo.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11474720/" ] }, { "text": "FINRA, 3 Ways to Guard Against Excessive Trading in Your Brokerage Account — Documenta el impacto de la actividad excesiva sobre los costes.", "urls": [ "https://www.finra.org/investors/insights/3-ways-guard-against-excessive-trading-your-brokerage-account" ] } ], "revision": "0e1b2afca004cdfc", "translation_state": "not-assessed", "kind": "", "entity_type": "behavioral-pattern", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/trading-cycle", "locale": "es", "title": "Ciclo de trading (ciclo operativo)", "summary": "En el método de Hurst, el trading cycle es la componente elegida como horizonte operativo. No es automáticamente sinónimo de dominant cycle: la elección depende del plan, de la posibilidad de medirla y de las características del activo.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/trading-cycle/", "published": "2026-06-22", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, caps. 4, 7 y 8.", "urls": [] }, { "text": "David Hickson, “Trading with J. M. Hurst”, white paper post-Hurst, Sentient Trader.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-3-trading-with-jm-hurst/" ] } ], "revision": "643fa81f24597104", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/transactional-timing", "locale": "es", "title": "Timing transaccional", "summary": "Elegir el momento adecuado para comprar y vender: el corazón del método Hurst, distinto de la inversión pasiva.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/transactional-timing/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d6427eb2f46bb478", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/trap", "locale": "es", "title": "Trap en trading: significado", "summary": "Trap es un término general para una señal de precio que se invalida pronto y deja a algunos traders expuestos en el lado equivocado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — distingue bull trap y bear trap y las vincula con una señal anterior rápidamente invalidada.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Manipulación del mercado — define la manipulación como una alteración artificial de oferta o demanda, algo distinto de observar únicamente un patrón gráfico.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/manipulacion-del-mercado" ] } ], "revision": "c55dbb8bad6022b4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "market-structure", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/trappola-retail", "locale": "es", "title": "Trampa retail en trading: significado", "summary": "Trampa retail es una etiqueta informal para una señal o narrativa que atrae a traders no profesionales antes de ser invalidada.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/trappola-retail/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — define traps observables como fallos de señales anteriores sin identificar automáticamente a un autor.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Manipulación del mercado — define la manipulación como una alteración artificial de la oferta o la demanda.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/manipulacion-del-mercado" ] }, { "text": "Investor.gov, Pump and Dump Schemes — describe promoción falsa o engañosa y venta posterior, elementos más específicos que una simple “trampa”.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/pump-and-dump-schemes" ] } ], "revision": "ba55c5a52a436249", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "market-manipulation", "fakeout", "investor-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/tvl", "locale": "es", "title": "TVL en DeFi: definición, cálculo y límites", "summary": "El Total Value Locked agrega el valor de los activos incluidos en un perímetro DeFi declarado. Cantidades, precios, moneda, método y doble conteo pueden cambiar el resultado.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/tvl/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "DefiLlama — Data Definitions — las secciones “Total Value Locked”, “USD Inflows”, “Fees” y “Revenue” definen y separan medidas de existencias, flujos y actividad en el conjunto de datos.", "urls": [ "https://docs.llama.fi/analysts/data-definitions" ] }, { "text": "DefiLlama — FAQ sobre doble conteo — explica el filtro “Doublecount” y el tratamiento de tokens recibo y liquid staking en los agregados.", "urls": [ "https://docs.llama.fi/faqs/frequently-asked-questions" ] }, { "text": "ESMA — Decentralised Finance in the EU: Developments and risks — p. 6 y nota 4: emplea el TVL como medida del tamaño del sector y declara su base de valoración.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2023-10/ESMA50-2085271018-3349_TRV_Article_Decentralised_Finance_in_the_EU_Developments_and_Risks.pdf" ] }, { "text": "Financial Stability Board — The Financial Stability Risks of Decentralised Finance — p. 33: señala problemas de medición causados por reutilización del colateral, interconexiones y doble conteo.", "urls": [ "https://www.fsb.org/wp-content/uploads/P160223.pdf" ] } ], "revision": "80a210986e83a233", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-protocol-metric", "topics": [ "defi", "total-value-locked", "protocol-metrics", "valuation", "on-chain-data" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-comparison", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/underlying-trend", "locale": "es", "title": "Underlying trend", "summary": "La suma de los efectos de los ciclos más largos del analizado: +1 si el ciclo está en subida hacia el pico, −1 hacia el trough.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/underlying-trend/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a3d7c0d4e0a13ac6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/undertrading-gergo", "locale": "es", "title": "Undertrading: significado en trading", "summary": "Undertrading significa ejecutar menos señales válidas de las previstas por el propio plan; una frecuencia baja o un día sin operaciones no son errores por sí mismos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/undertrading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Distingue setups, activadores y condiciones de entrada definidas en un plan.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Exige comprobar que riesgo, apalancamiento y exposición sean compatibles antes de ordenar.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "9e3977114ecc4ccb", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "undertrading", "missed-trades", "execution", "discipline", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/unstakare", "locale": "es", "title": "Unstake: retirar del staking", "summary": "Unstake significa iniciar la salida del staking; la liberación y retirada pueden requerir colas, un periodo de unbonding o pasos adicionales del servicio.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/unstakare/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Staking withdrawals — salida del validador, credenciales y retiradas en Ethereum.", "urls": [ "https://ethereum.org/staking/withdrawals/" ] }, { "text": "Ethereum.org — Staking — modalidades de participación y riesgos que acompañan al staking.", "urls": [ "https://ethereum.org/staking/" ] } ], "revision": "8f009ffa841a18d0", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "staking-exit-term", "topics": [ "staking", "unstaking", "withdrawals", "unbonding", "liquidity" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/upthrust-after-distribution-utad", "locale": "es", "title": "Upthrust After Distribution (UTAD)", "summary": "Ruptura sobre la resistencia en las últimas fases de un rango distributivo, seguida de una vuelta al interior; es opcional y requiere confirmación posterior.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/upthrust-after-distribution-utad/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — definición del UTAD, posición en las fases y variantes distributivas.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — distinción estructural entre UT, UTAD, SOW y LPSY.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "b3f09526f5bc9a68", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/valid-trend-line", "locale": "es", "title": "Línea de tendencia válida (VTL)", "summary": "La VTL de Hurst es la línea bajista más pronunciada que conduce a la ventana de mínimos esperados; su ruptura aporta una confirmación probabilística.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/valid-trend-line/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (agente de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, capítulo 4, “Recognizing the Valid Trend Line”, pp. 78–79; resumen en p. 85.", "urls": [] } ], "revision": "20675490f4bc9b3a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossary", "hub": "es/hub/glossario" }, { "key": "es/glossario/value-vs-growth", "locale": "es", "title": "Value y growth: estilos de inversión", "summary": "Value y growth clasifican acciones y carteras por valoración y expectativas de crecimiento; son estilos definidos por reglas, no promesas de rentabilidad.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/value-vs-growth/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Kenneth R. French, Data Library — datos y métodos de carteras value y growth creadas con varias relaciones entre fundamentales y precio.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html" ] }, { "text": "Kenneth R. French, Portfolios Formed on Book-to-Market — umbrales y construcción operativa de las carteras book-to-market.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html" ] }, { "text": "Eugene F. Fama y Kenneth R. French, The Cross-Section of Expected Stock Returns — estudio académico primario sobre book-to-market y rentabilidades medias en la muestra analizada.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1992.tb04398.x" ] }, { "text": "CFA Institute Research Foundation, Stocks, Bonds, Bills, and Inflation — Growth and Value Investing — usos de los estilos y variación entre definiciones operativas.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2020/rf-sbbi-summary-edition.pdf" ] } ], "revision": "6c08b92c644e8246", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "concept", "topics": [ "fundamental-analysis", "equity-styles", "factor-investing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/vestare", "locale": "es", "title": "Vesting de tokens: significado de cliff y unlock", "summary": "Hacer vesting significa que una asignación de tokens madura según un calendario, de modo que los tokens pasan gradualmente a estar adquiridos o liberables.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/vestare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "OpenZeppelin, Finance: VestingWallet — Documenta beneficiario, inicio, duración, cantidad adquirida, cantidad liberable, release y cliff.", "urls": [ "https://docs.openzeppelin.com/contracts/5.x/api/finance" ] }, { "text": "OpenZeppelin, Vesting Wallet — Separa custodia, curva de vesting y contabilidad del release en calendarios por tramos o continuos.", "urls": [ "https://docs.openzeppelin.com/contracts-sui/1.x/vesting-wallet" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Explica cómo lecturas y transacciones de escritura exponen estado y liberación on-chain.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "946dd8dde5ae3c5a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "token-release-schedule", "topics": [ "vesting", "cliff", "token-unlock", "allocation", "circulating-supply" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-schedule-reading", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/volume-profile-gergo", "locale": "es", "title": "Volume Profile: significado en trading", "summary": "El Volume Profile es un histograma que distribuye el volumen ejecutado por franja de precio en un intervalo elegido. El POC y la Value Area dependen de los ajustes.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/volume-profile-gergo/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documenta el volumen por precio, los periodos, los ticks por fila y los requisitos de los datos.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — define el POC y la Value Area y describe el porcentaje, el volumen y el algoritmo configurables.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] } ], "revision": "a6c61d45c5f6faa6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "volume-profile-term", "topics": [ "volume-profile", "volume-by-price", "POC", "value-area" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/walk-forward-gergo", "locale": "es", "title": "Walk forward (jerga)", "summary": "Evaluación progresiva mediante orígenes y ventanas temporales sucesivas.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/walk-forward-gergo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Jefe editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "revision": "16d637e72bc13a30", "translation_state": "not-assessed", "kind": "", "entity_type": "term", "topics": [ "systematic-trading", "backtesting", "time-series-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/wallet-drainer", "locale": "es", "title": "Wallet drainer: cómo funciona", "summary": "Un wallet drainer induce a autorizar una transacción o un permiso que puede transferir tokens o NFT sin revelar la frase semilla.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/wallet-drainer/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — revisión de agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — How to revoke token access — Distingue desconectar una dApp de revocar aprobaciones persistentes.", "urls": [ "https://ethereum.org/guides/how-to-revoke-token-access/" ] }, { "text": "MetaMask — Signature phishing — Explica cómo una firma aparentemente inocua puede autorizar una operación usada más tarde.", "urls": [ "https://support.metamask.io/stay-safe/protect-yourself/wallet-and-hardware/signature-phishing/" ] }, { "text": "FBI IC3 — NFT developer impersonation — Describe webs falsificadas que conectan la cartera con contratos drainer.", "urls": [ "https://www.ic3.gov/PSA/2023/PSA230804" ] } ], "revision": "5b16e7f335c090db", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "token-approvals", "signature-phishing", "self-custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/wash-trading", "locale": "es", "title": "Wash trading: operaciones sin interés económico real", "summary": "El wash trading crea operaciones sin un cambio genuino de interés económico o riesgo para aparentar volumen, actividad o demanda; una transacción registrada no demuestra que las contrapartes sean independientes.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/wash-trading/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Futures Glossary: Wash Trading — Define el wash trading en el ámbito estadounidense de derivados mediante apariencia de operaciones sin riesgo de mercado o cambio de posición.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "EUR-Lex — Reglamento (UE) n.º 596/2014, texto consolidado a 5 de junio de 2026 — Marco europeo vigente al revisar esta página sobre operaciones y conductas que pueden crear señales falsas o engañosas.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2016/522 — Describe wash trades, ausencia de cambio de interés beneficiario o riesgo y partes concertadas.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2016/522/oj" ] }, { "text": "EUR-Lex — Reglamento Delegado (UE) 2026/788 — Actualiza el marco de indicadores y su evaluación temporal.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj" ] }, { "text": "FINRA — Equity Market Surveillance Today and the Path Ahead — Explica la vigilancia de operaciones contra uno mismo o previamente acordadas en acciones.", "urls": [ "https://www.finra.org/media-center/speeches-testimony/equity-market-surveillance-today-and-path-ahead" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Recomendaciones sobre vigilancia, manipulación, conflictos y formación de precios en mercados digitales.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "U.S. Treasury — Illicit Finance Risk Assessment of Non-Fungible Tokens — Documenta wash trading en NFT, múltiples cuentas y límites de atribución.", "urls": [ "https://home.treasury.gov/system/files/136/Illicit-Finance-Risk-Assessment-of-Non-Fungible-Tokens.pdf" ] }, { "text": "EUR-Lex — Reglamento (UE) 2023/1114, MiCA — Prohíbe y exige prevenir conductas manipulativas en criptoactivos cubiertos.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] } ], "revision": "a4bb02012e74759c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "wash-trading-manipulation-pattern", "topics": [ "wash-trading", "market-manipulation", "volume", "liquidity", "market-integrity" ], "asset_classes": [ "multi-asset", "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-detection", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/webhook-gergo", "locale": "es", "title": "Webhook en trading: significado", "summary": "Un webhook envía automáticamente un mensaje HTTP cuando ocurre un evento; transporta una señal, pero no demuestra que una orden haya sido aceptada o ejecutada.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/webhook-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, How to configure webhook alerts — Define el envío HTTP POST, los tipos de contenido y la advertencia de no incluir credenciales sensibles.", "urls": [ "https://www.tradingview.com/support/solutions/43000529348-how-to-configure-webhook-alerts/" ] }, { "text": "TradingView, Webhook authentication — Documenta la verificación del certificado del servidor remitente mediante HTTPS.", "urls": [ "https://www.tradingview.com/support/solutions/43000680459-webhook-authentication/" ] }, { "text": "TradingView, Webhook resubmission — Especifica cuándo se vuelve a enviar una notificación fallida.", "urls": [ "https://www.tradingview.com/support/solutions/43000735201-webhook-resubmission/" ] } ], "revision": "297288a0671444c6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "message-transport", "topics": [ "webhook", "alert", "http", "automation", "execution-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-troubleshooting", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/win-rate-gergo", "locale": "es", "title": "Tasa de acierto (término de trading)", "summary": "La tasa de acierto es la proporción de operaciones cerradas y clasificadas como ganadoras: operaciones ganadoras divididas entre todas las operaciones cerradas elegibles.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/win-rate-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Dirección editorial de Cyclepedia — agente de IA no humano por encargo del Director de Emiciclo; sin revisión de un experto humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Confidence intervals for a proportion — Explica la incertidumbre muestral de una proporción observada.", "urls": [ "https://itl.nist.gov/div898/handbook/prc/section2/prc241.htm" ] }, { "text": "Van Tharp Institute, Tharp Think Trading Concepts — Relaciona probabilidad de ganar y tamaño medio de ganancias y pérdidas mediante la expectancy.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] } ], "revision": "b4af8616efeeb22f", "translation_state": "not-assessed", "kind": "", "entity_type": "metric", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/yield-curve", "locale": "es", "title": "Yield curve", "summary": "La curva de rendimientos ordena tipos o yields por vencimiento: diferencia curvas par, spot y forward y lee formas y movimientos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/yield-curve/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "f29a44567c400186", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "concept", "topics": [ "fixed-income", "yield-curve", "interest-rates", "term-structure" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/glossario/yield-farming", "locale": "es", "title": "Yield farming: estrategias de rendimiento en DeFi", "summary": "El yield farming combina depósitos y movimientos de capital entre protocolos DeFi para buscar comisiones, intereses e incentivos, asumiendo varios riesgos.", "url": "https://www.emiciclo.com/cyclepedia/es/glossario/yield-farming/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS Working Papers No 1061 — Describe las fuentes de rendimiento, el apalancamiento y los riesgos de las estrategias DeFi.", "urls": [ "https://www.bis.org/publ/work1061.pdf" ] }, { "text": "BIS Working Papers No 1066 — Examina el liquidity mining, los agregadores de rendimiento y las dependencias entre protocolos.", "urls": [ "https://www.bis.org/publ/work1066.pdf" ] } ], "revision": "f1c00344f5fdd87c", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "defi-strategy", "topics": [ "defi", "yield", "liquidity-provision", "lending", "composability" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "es/hub/glossario" }, { "key": "es/hub/activos-digitales-y-mercados-cripto", "locale": "es", "title": "Activos digitales y mercados cripto: guía completa", "summary": "Un mapa progresivo para distinguir criptoactivos, tokens, transacciones blockchain, staking, mercados spot y derivados, custodia y riesgo de plataforma.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/activos-digitales-y-mercados-cripto/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Blockchain Technology Overview — registro distribuido, transacciones, consenso, límites y modelos blockchain.", "urls": [ "https://www.nist.gov/publications/blockchain-technology-overview" ] }, { "text": "Unión Europea — Reglamento (UE) 2023/1114, MiCA — ámbito y definiciones jurídicas europeas de los criptoactivos y sus servicios.", "urls": [ "https://eur-lex.europa.eu/legal-content/ES/TXT/?uri=CELEX:32023R1114" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — conflictos, custodia, operativa, divulgación e integridad de los mercados.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "EBA y ESMA — Recent developments in crypto-assets — modelos y riesgos observados en DeFi, lending, borrowing y staking.", "urls": [ "https://www.eba.europa.eu/publications-and-media/press-releases/eba-and-esma-analyse-recent-developments-crypto-assets" ] }, { "text": "BIS — Cryptoasset service providers as financial intermediaries — productos, intermediación, apalancamiento, custodia y transmisión de riesgos.", "urls": [ "https://www.bis.org/fsi/fsipapers27.pdf" ] } ], "revision": "aadb4347ad94b0c6", "translation_state": "not-assessed", "kind": "hub", "entity_type": "digital-assets-knowledge-hub", "topics": [ "digital-assets", "crypto-markets", "blockchain", "staking", "derivatives", "custody", "risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learn-digital-assets-and-crypto-markets", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/activos-digitales-y-mercados-cripto" }, { "key": "es/hub/analisis-fundamental-y-valoracion-de-empresas", "locale": "es", "title": "Análisis fundamental y valoración de empresas", "summary": "Recorrido desde el modelo de negocio a los estados, la calidad del beneficio, la financiación y la valoración, con controles progresivos.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/analisis-fundamental-y-valoracion-de-empresas/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Entrada a los documentos esenciales de la empresa.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — Standards Navigator — Índice oficial de normas IFRS citadas en el recorrido.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Marco profesional para pasar de flujos a valoración.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "93771587c2970f84", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "fundamental-analysis", "financial-statements", "business-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/analisis-fundamental-y-valoracion-de-empresas" }, { "key": "es/hub/anti-scam", "locale": "es", "title": "Regulación, seguridad y prevención del fraude", "summary": "Un recorrido operativo para verificar intermediarios y plataformas, comprender qué protecciones existen, reconocer señales de alarma y reaccionar sin convertir un indicio en una sentencia.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/anti-scam/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Is the firm regulated? — registros oficiales y verificación de empresas autorizadas en el EEE.", "urls": [ "https://www.esma.europa.eu/investor-corner/is-the-firm-regulated" ] }, { "text": "IOSCO — I-SCAN — portal internacional de alertas; el repertorio no es exhaustivo.", "urls": [ "https://www.iosco.org/i-scan/" ] }, { "text": "FCA — How to check a firm or individual is authorised — entidad, permisos, datos de contacto y riesgo de clonación.", "urls": [ "https://www.fca.org.uk/consumers/how-check-firm-individual-authorised" ] }, { "text": "CONSOB — Comunicación sobre actividad no autorizada del 20 de mayo de 2026 — verificación de la autorización y señales relacionadas con sitios clonados y contenidos sintéticos.", "urls": [ "https://www.consob.it/web/area-pubblica/-/comunicazione-consob-del-2026-05-20-abusivismo" ] }, { "text": "Investor.gov — Red Flags of Investment Fraud Checklist — indicadores recurrentes y comprobaciones previas a una inversión.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/red-flags-investment-fraud-checklist" ] } ], "revision": "fa21f8810dfa9463", "translation_state": "not-assessed", "kind": "hub", "entity_type": "regulation-security-learning-hub", "topics": [ "regulation", "investor-protection", "due-diligence", "client-assets", "compliance", "fraud-prevention" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "verify-and-protect", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "anti-scam", "hub": "es/hub/anti-scam" }, { "key": "es/hub/asignacion-y-sensibilidades-del-riesgo", "locale": "es", "title": "Asignación y sensibilidades del riesgo", "summary": "Recorrido visual desde el empleo del capital hasta la lectura de las exposiciones: concentración, contribuciones y presupuestos de riesgo, risk parity, volatility targeting, beta, griegas de opciones, duración, convexidad y DV01.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/asignacion-y-sensibilidades-del-riesgo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Asset Allocation and Diversification", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Harry Markowitz — Portfolio Selection, The Journal of Finance (1952)", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Comité de Basilea — Supervisory framework for measuring and controlling large exposures", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Comité de Basilea — Principles for effective risk data aggregation and risk reporting", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Dirk Tasche — Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Maillard, Roncalli y Teïletche — On the Properties of Equally-Weighted Risk Contributions Portfolios", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Moreira y Muir — Volatility-Managed Portfolios, The Journal of Finance (2017)", "urls": [ "https://doi.org/10.1111/jofi.12513" ] }, { "text": "William F. Sharpe — Capital Asset Prices, The Journal of Finance (1964)", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "Investor.gov — Glosario: Beta", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "Options Industry Council — Understanding Options Greeks", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "Options Industry Council — Volatility & the Greeks", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Marco de Basilea — MAR21, Standardised approach: sensitivities-based method", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "FINRA — Brush Up on Bonds: Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "CME Group — How Can You Measure Risk in Treasuries?", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "Comité de Basilea — Interest rate risk in the banking book", "urls": [ "https://www.bis.org/bcbs/publ/d368.htm" ] } ], "revision": "3805c0ac14999601", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "portfolio-risk", "risk-allocation", "risk-budgeting", "derivatives", "fixed-income" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/asignacion-y-sensibilidades-del-riesgo" }, { "key": "es/hub/casi-studio", "locale": "es", "title": "Casos de estudio", "summary": "Siete casos condensados — Hurst en datos reales, dos ejemplos Wyckoff (spring y UTAD) y Steidlmayer soja 1991.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/casi-studio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9a1dc6d13b64a4d6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/casi-studio" }, { "key": "es/hub/concetti", "locale": "es", "title": "Conceptos de trading y definiciones", "summary": "Definiciones neutras de trading: instrumentos, órdenes, mercados — independientes de escuela o trader.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/concetti/", "published": "2026-07-11", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Introduction to Investing, Investor.gov.", "urls": [ "https://www.investor.gov/introduction-investing" ] }, { "text": "Cyclepedia, Matriz de cobertura editorial, versión 1.3, 2026-08-03; las fuentes especializadas se declaran en cada entrada enlazada.", "urls": [] } ], "revision": "e8fb82e49b71231a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/concetti" }, { "key": "es/hub/construccion-de-carteras-y-rendimiento", "locale": "es", "title": "Construcción de carteras y rendimiento", "summary": "Guía verificada para diseñar, implementar y evaluar una cartera: asignación de activos, diversificación, rebalanceo, rendimientos, benchmark, riesgo y attribution.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/construccion-de-carteras-y-rendimiento/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — elección de cartera mediante rendimientos esperados, varianzas y covarianzas.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — objetivos, enfoques de asignación, presupuestos de riesgo y límites de media-varianza.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — rendimientos, composición, TWR, MWR y anualización.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, attribution y appraisal.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "GIPS Standards, GIPS Standards Handbook for Firms — inputs, valoraciones, flujos, rendimientos y presentación en su ámbito.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — rendimiento diferencial por unidad de variabilidad.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution: History and Progress — historia, modelos y límites de attribution.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] } ], "revision": "2e1c32238465abaa", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "portfolio-construction", "asset-allocation", "portfolio-performance", "performance-measurement", "risk-adjusted-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/construccion-de-carteras-y-rendimiento" }, { "key": "es/hub/discipline-ai-markets", "locale": "es", "title": "IA, Big Data y Quantum Finance", "summary": "Machine learning, NLP, datos alternativos y riesgos de overfitting en finanzas.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/discipline-ai-markets/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a2ca3943c29ba86f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/discipline-ai-markets" }, { "key": "es/hub/discipline-cyclic-analysis", "locale": "es", "title": "Análisis cíclico", "summary": "El estudio del tiempo en los mercados — ciclos, recurrencia, armónicos y estructura rítmica del precio.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/discipline-cyclic-analysis/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970.", "urls": [] }, { "text": "David Hickson, The 10 Core Concepts of Hurst Cycles Analysis, Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "8aca1fdc63b38560", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/discipline-cyclic-analysis" }, { "key": "es/hub/discipline-fundamental-analysis", "locale": "es", "title": "Análisis fundamental: empresas, macroeconomía y renta fija", "summary": "Puerta de entrada al análisis fundamental con tres recorridos separados para empresas, contexto macroeconómico e instrumentos de renta fija.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/discipline-fundamental-analysis/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redacción Cyclepedia — revisión por un agente de IA no humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Introducción a los informes empresariales.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "Bank for International Settlements — About central bank statistics — Contexto institucional para datos monetarios y financieros.", "urls": [ "https://www.bis.org/statistics/about_cb.htm" ] }, { "text": "U.S. Securities and Exchange Commission — Bonds — Introducción oficial a los bonos.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] } ], "revision": "fb8b88f83e4133ad", "translation_state": "not-assessed", "kind": "hub", "entity_type": "discipline-hub", "topics": [ "fundamental-analysis", "macroeconomics", "corporate-analysis", "fixed-income" ], "asset_classes": [ "equities", "corporate-bonds", "sovereign-bonds", "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "navigation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/discipline-fundamental-analysis" }, { "key": "es/hub/discipline-price-action", "locale": "es", "title": "Acción del Precio", "summary": "La gramática del precio. No es «trazar dos líneas en el gráfico».", "url": "https://www.emiciclo.com/cyclepedia/es/hub/discipline-price-action/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, 1922.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, 1910.", "urls": [] } ], "revision": "a4479d20637194ac", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/discipline-price-action" }, { "key": "es/hub/discipline-systematic-trading", "locale": "es", "title": "Trading sistemático: estrategias, backtests y validación", "summary": "Capítulo completo para convertir una hipótesis de trading en reglas verificables, simularla sin utilizar el futuro y gobernarla antes y después del live.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/discipline-systematic-trading/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Director editorial de Cyclepedia — agente de IA, por encargo del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — taxonomía, usos, beneficios y riesgos del trading algorítmico; es un informe del personal, no una posición adoptada por la Comisión.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — marco práctico sobre backtests, validación, benchmarking, simulación y documentación.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] }, { "text": "Halbert White, A Reality Check for Data Snooping — inferencia cuando una regla se elige después de comparar muchas.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — marco para estimar el riesgo de seleccionar una configuración ganadora en el historial, pero frágil.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve, SR 26-2 — Supervisory Guidance on Model Risk Management — fuente sectorial vigente sobre gobernanza, validación, monitorización y documentación de modelos.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "6570b2751b2ad686", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "systematic-trading", "quantitative-trading", "backtesting", "time-series-validation", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/discipline-systematic-trading" }, { "key": "es/hub/discipline-technical-analysis", "locale": "es", "title": "Análisis técnico", "summary": "Gráficos, indicadores, patrones y estructura — la tradición occidental del análisis técnico.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/discipline-technical-analysis/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, 1922.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert D. Edwards, John Magee y W. H. C. Bassetti, Technical Analysis of Stock Trends, obra de referencia; primera edición 1948.", "urls": [] } ], "revision": "04d8427d2f2d4056", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/discipline-technical-analysis" }, { "key": "es/hub/discipline-volume-analysis", "locale": "es", "title": "Análisis volumétrico: datos, order flow y perfiles", "summary": "Recorrido de Cyclepedia para separar volumen ejecutado, libro de órdenes, order flow, delta, footprint y Volume Profile, con límites explícitos de datos y clasificación.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/discipline-volume-analysis/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humano; no se declara revisión humana experta", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Price Multiple Depth Book — documenta cantidad disponible y número de órdenes en cada nivel de un libro Market by Price.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457574047" ] }, { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — define una orden agresora y su relación con órdenes que ya estaban en espera.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — separa volumen ejecutado y profundidad de mercado y documenta los requisitos de datos por precio.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "Lee y Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — investigación primaria sobre la inferencia de la dirección de las operaciones cuando el lado no se observa directamente.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] }, { "text": "CME Group, Open Interest — distingue el saldo de contratos de derivados aún abiertos del volumen negociado durante el periodo.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/open-interest" ] }, { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996 — documenta los TPO, los intervalos temporales y la estructura del Market Profile histórico.", "urls": [] } ], "revision": "8357d4db887c7540", "translation_state": "not-assessed", "kind": "hub", "entity_type": "discipline-hub", "topics": [ "volume-analysis", "order-flow", "market-data", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "disciplina", "hub": "es/hub/discipline-volume-analysis" }, { "key": "es/hub/emiciclo", "locale": "es", "title": "Emiciclo", "summary": "Emiciclo es la aplicación web que conecta seis marcas oficiales de software: CycleSic, Ufficio, Tornei, Quadro Ciclico, Assemblea y Cyclepedia. Esta guía explica sus descriptores en español, sus relaciones y por dónde empezar.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/emiciclo/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, editor jefe de Cyclepedia (revisión editorial mediante IA frente a fuentes primarias del producto; no se declara revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "App Emiciclo — interfaz oficial y rutas operativas, comprobadas el 2026-08-08.", "urls": [ "https://app.emiciclo.com/" ] }, { "text": "Emiciclo — sitio oficial e información de acceso vigente.", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "Cyclepedia — enciclopedia pública, políticas y navegación.", "urls": [ "https://www.emiciclo.com/cyclepedia/" ] }, { "text": "Registro actual de la aplicación Emiciclo y menú Cosmo — fuentes primarias propietarias comprobadas durante la revisión; no constituyen una verificación independiente.", "urls": [] } ], "revision": "cd88a3ee52441e7b", "translation_state": "not-assessed", "kind": "hub", "entity_type": "software_application", "topics": [ "emiciclo", "app-emiciclo", "software-de-trading", "educacion-financiera", "documentacion-de-producto" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "product_id": "emiciclo", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/emiciclo" }, { "key": "es/hub/finanzas-descentralizadas-defi", "locale": "es", "title": "Finanzas descentralizadas (DeFi): infraestructura, mecanismos y riesgos", "summary": "Recorrido visual desde la custodia de las claves hasta stablecoins, puentes y oráculos, y después pools, TVL, rendimientos y riesgo integral de protocolo.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/finanzas-descentralizadas-defi/", "published": "2026-08-16", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción Cyclepedia — revisión de agente de IA no humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8301 — Blockchain Networks: Token Design and Management — claves, tokens, carteras y modelos de custodia.", "urls": [ "https://csrc.nist.gov/pubs/ir/8301/final" ] }, { "text": "NIST IR 8408 — Stablecoin Technology and Security Considerations — arquitecturas, mecanismos de estabilidad y superficies de riesgo.", "urls": [ "https://nvlpubs.nist.gov/nistpubs/ir/2023/NIST.IR.8408.pdf" ] }, { "text": "Financial Stability Board — The Financial Stability Risks of DeFi — vulnerabilidades, interconexiones y canales de transmisión.", "urls": [ "https://www.fsb.org/wp-content/uploads/P160223.pdf" ] }, { "text": "IOSCO — Final DeFi Policy Recommendations — actividades, gobernanza y responsabilidades en estructuras DeFi.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/ioscopd754.pdf" ] }, { "text": "Ethereum.org — DeFi — panorama técnico del ecosistema y sus principales casos de uso.", "urls": [ "https://ethereum.org/defi/" ] } ], "revision": "cebcec898effe4e1", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "defi", "crypto-infrastructure", "digital-assets", "smart-contracts", "risk-management" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/finanzas-descentralizadas-defi" }, { "key": "es/hub/fondamenti", "locale": "es", "title": "Teoría cíclica", "summary": "Teoría del análisis cíclico Hurst: modelo del precio, principios y fundamentos empíricos.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/fondamenti/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1e1d23d39dedb297", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/fondamenti" }, { "key": "es/hub/gestion-del-riesgo", "locale": "es", "title": "Gestión del riesgo en el trading", "summary": "Capítulo visual verificado desde la pérdida planificada hasta la supervivencia del capital: riesgo por operación, position sizing, valor nocional, apalancamiento, margen, liquidación, drawdown y riesgo de ruina.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/gestion-del-riesgo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Proper Position Size", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group — About Contract Notional Value", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group — Performance Bonds/Margins FAQ", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "CFTC — Understand the Risks of Virtual Currency Trading", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] }, { "text": "Investor.gov — Margin Call", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/margin-call" ] }, { "text": "FINRA — Brokerage and Advisory Accounts", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "fdb7af809ece0874", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "position-sizing", "leverage", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/gestion-del-riesgo" }, { "key": "es/hub/glossario", "locale": "es", "title": "Glosario", "summary": "La espina dorsal de la wiki — índice sistemático de términos, por disciplina y área.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/glossario/", "published": "2026-06-22", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] } ], "revision": "74dd4977584bdfc8", "translation_state": "not-assessed", "kind": "hub", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/glossario" }, { "key": "es/hub/indicatori", "locale": "es", "title": "Indicadores", "summary": "Cada indicador de este catálogo —el RSI, el MACD, las medias móviles, las bandas— nace de la misma materia prima: el precio que ya ha sucedido (y el volumen que lo acompañó).", "url": "https://www.emiciclo.com/cyclepedia/es/hub/indicatori/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5123c74ac6a9368b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "disciplina", "hub": "es/hub/indicatori" }, { "key": "es/hub/macroeconomia-y-politica-monetaria", "locale": "es", "title": "Macroeconomía y política monetaria", "summary": "Recorrido desde la medición de la economía hasta la transmisión monetaria y fiscal entre acciones, bonos, divisas y materias primas.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/macroeconomia-y-politica-monetaria/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook — perspectivas globales, series comparables y metodología de las proyecciones macroeconómicas.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy — mandato, decisiones y documentos primarios de la política monetaria estadounidense.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy — estrategia, instrumentos y transmisión de la política monetaria del Eurosistema.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] }, { "text": "BIS, Monetary policy — investigación comparada sobre bancos centrales, crédito, mercados y estabilidad financiera.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "1f5261017a792c7f", "translation_state": "not-assessed", "kind": "hub", "entity_type": "educational_path", "topics": [ "macroeconomics", "monetary-policy", "fiscal-policy", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/macroeconomia-y-politica-monetaria" }, { "key": "es/hub/mapa-del-trading", "locale": "es", "title": "Mapa del trading", "summary": "El mapa completo de Cyclepedia: mercados e instrumentos, ejecución, riesgo, métodos, cartera, historia, seguridad y disciplinas, con rutas distintas para principiantes y profesionales.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/mapa-del-trading/", "published": "2026-07-30", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Cyclepedia, Matriz de cobertura editorial, versión 1.3, 2026-08-03, documento de gobernanza EDITORIAL-COVERAGE.md.", "urls": [] }, { "text": "Cyclepedia, Carta editorial, documento EDITORIAL-CHARTER.md.", "urls": [] }, { "text": "Cyclepedia, Esquema Cyclepedia, versión 2.1, documento SCHEMA-CYCLEPEDIA.md.", "urls": [] } ], "revision": "18a6ccb909e53bcb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/mapa-del-trading" }, { "key": "es/hub/medicion-y-control-del-riesgo", "locale": "es", "title": "Medición y control del riesgo en el trading", "summary": "Capítulo visual verificado sobre el segundo anillo del riesgo: VaR, Expected Shortfall, estrés, riesgo de modelo, cartera, contraparte, liquidez, operaciones y bróker.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/medicion-y-control-del-riesgo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente de IA, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR10, Market risk terminology", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Committee — Explanatory note on the minimum capital requirements for market risk", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee — Principles for effective risk data aggregation and risk reporting", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Harry Markowitz — Portfolio Selection, The Journal of Finance (1952)", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Committee on the Global Financial System — Structural Aspects of Market Liquidity", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "Basel Committee — Revisions to the principles for the sound management of operational risk", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee — Principles for operational resilience", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA — About BrokerCheck", "urls": [ "https://www.finra.org/investors/investing/working-with-investment-professional/about-brokercheck" ] }, { "text": "SIPC — What SIPC Protects", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "b6449344c43de1c3", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "value-at-risk", "expected-shortfall", "stress-testing", "portfolio-risk", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/medicion-y-control-del-riesgo" }, { "key": "es/hub/mercados-e-instrumentos", "locale": "es", "title": "Mercados e instrumentos financieros", "summary": "Mapa razonado de acciones, ETF, bonos, divisas, materias primas y derivados: qué representan, cómo se negocian y qué riesgos cambian de un instrumento a otro.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/mercados-e-instrumentos/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products y Introduction to Investing.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products", "https://www.investor.gov/introduction-investing" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cosa sapere prima di investire y Cos'è la borsa?.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html", "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "5ce8027ccb24f791", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "markets-instruments" ], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/mercados-e-instrumentos" }, { "key": "es/hub/metodo-emiciclo", "locale": "es", "title": "Método Emiciclo", "summary": "Visión general del ecosistema Emiciclo — distinto del corpus Hurst puro.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/metodo-emiciclo/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, por encargo del Director del Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Emiciclo — presentación oficial del ecosistema y de sus recorridos formativos (consultado el 10 de agosto de 2026).", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "[[emiciclo|App Emiciclo]] — inventario verificado de la app y separación entre sus seis productos de software.", "urls": [] }, { "text": "Esta entrada describe una metodología propietaria a partir de documentación de Emiciclo; no es una evaluación independiente ni una reconstrucción del consenso académico.", "urls": [] } ], "revision": "18bf4645811f414d", "translation_state": "not-assessed", "kind": "hub", "entity_type": "methodology", "topics": [ "metodo-emiciclo", 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por tradición — Hurst, Wyckoff, Steidlmayer y más.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/metodologie/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [] }, { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, 1970.", "urls": [] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, 1910.", "urls": [] }, { "text": "J. Peter Steidlmayer y Kevin Koy, Markets and Market Logic, 1986.", "urls": [] } ], "revision": "78510d66e7a8f195", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/metodologie" }, { "key": "es/hub/opciones-y-volatilidad", "locale": "es", "title": "Opciones y volatilidad", "summary": "Recorrido completo desde las reglas del contrato hasta la prima, desde la cadena hasta la volatilidad implícita, y después hacia paridad, asignación, payoffs multi-leg y griegas.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/opciones-y-volatilidad/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA, bajo mandato del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — documento oficial sobre contratos, ejercicio, asignación, liquidación y riesgos de las combinaciones en el mercado estadounidense.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "The Options Industry Council, What Is an Option? y Options Pricing — fundamentos contractuales y componentes de la prima.", "urls": [ "https://www.optionseducation.org/optionsoverview/what-is-an-option", "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "The Options Industry Council, Volatility & the Greeks y Put/Call Parity — volatilidad, sensibilidades y relaciones de precio.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks", "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "Financial Industry Regulatory Authority, Trading Options: Understanding Assignment — mecánica y riesgo de asignación en el marco estadounidense.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "Fischer Black y Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — referencia histórica del modelo, leída junto con sus supuestos y los desarrollos posteriores.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "CME Group, Implied Volatility — relación entre precios de opciones, volatilidad implícita y skew.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] } ], "revision": "c8fbf5de3947884c", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "markets-instruments", "options", "volatility", "derivatives", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/opciones-y-volatilidad" }, { "key": "es/hub/ordenes-ejecucion-y-microestructura", "locale": "es", "title": "Órdenes, ejecución y microestructura de mercado", "summary": "Mapa completo desde la instrucción hasta la liquidación: tipos y vigencia de las órdenes, libro, prioridad, enrutamiento, liquidez, costes, algoritmos de ejecución, mejor ejecución, compensación y custodia.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/ordenes-ejecucion-y-microestructura/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 27: Best execution", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — MiFID II, Article 28: Client order handling", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "ECB — Market liquidity, Economic Bulletin 2/2018", "urls": [ "https://www.ecb.europa.eu/press/economic-bulletin/html/eb201802.en.html" ] }, { "text": "BIS, CPMI-IOSCO — Principles for Financial Market Infrastructures", "urls": [ "https://www.bis.org/cpmi/info_pfmi.htm" ] } ], "revision": "210bb516935c5a19", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "execution", "microstructure", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/ordenes-ejecucion-y-microestructura" }, { "key": "es/hub/politica-editorial", "locale": "es", "title": "Cómo trabaja Cyclepedia", "summary": "Misión, fuentes, niveles de evidencia, uso de la IA, conflictos de interés y proceso de corrección de Cyclepedia.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/politica-editorial/", "published": "2026-07-28", "updated": "2026-07-28", "reviewed": "2026-07-28", "reviewed_by": "Chief Editor de Cyclepedia (agente de IA por mandato de Emiciclo)", "evidence_level": "referenced", "source_signal": true, "revision": "b2e90e11c808398c", "translation_state": "not-assessed", "kind": "article", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "hub", "hub": "es/hub/politica-editorial" }, { "key": "es/hub/psicologia", "locale": "es", "title": "Psicología del trading", "summary": "Sesgos, emociones, disciplina y toma de decisiones bajo incertidumbre.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/psicologia/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f7f8a510f6933205", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/psicologia" }, { "key": "es/hub/recorrido-bronce", "locale": "es", "title": "Recorrido Bronce", "summary": "Recorrido introductorio de 68 lecciones sobre mercados, lectura del precio, órdenes, riesgo, psicología y primer diario de trading.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/recorrido-bronce/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Arquitectura editorial de Cyclepedia, revisada el 12 de agosto de 2026 — el orden y el total proceden de las 68 entradas stable enlazadas y sus metadatos de recorrido; no es una certificación profesional.", "urls": [] } ], "revision": "e9a6755519f86496", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "trading-foundations", "market-structure", "order-types", "risk-management", "trading-psychology", "trading-journal" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/recorrido-bronce" }, { "key": "es/hub/recorrido-oro", "locale": "es", "title": "Recorrido Oro", "summary": "Recorrido avanzado de 66 lecciones: ventaja, cartera, riesgo, ejecución, regímenes y gestión profesional del proceso de trading.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/recorrido-oro/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano; sin revisión humana", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Arquitectura editorial de Cyclepedia, revisada el 12 de agosto de 2026 — el orden y el total proceden de las 66 entradas stable enlazadas y sus metadatos de recorrido; no es una certificación profesional.", "urls": [] } ], "revision": "4ed1dcb50b4b0e91", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "trading-edge", "portfolio-management", "risk-management", "execution", "market-regimes" ], "asset_classes": [ 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"translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "trading-process", "trading-plan", "position-management", "performance-measurement", "strategy-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/recorrido-plata" }, { "key": "es/hub/recorridos-fundamentales", "locale": "es", "title": "Recorridos fundamentales", "summary": "Tres niveles de madurez operativa — Bronce, Plata, Oro — antes de elegir una disciplina.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/recorridos-fundamentales/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "22c387c181bf6fdb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/recorridos-fundamentales" }, { "key": "es/hub/renta-fija-y-credito", "locale": "es", "title": "Renta fija y crédito", "summary": "Ruta completa desde precio y yield de bonos hasta curva, riesgo de tipos, spreads, opciones incorporadas y financiación repo.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/renta-fija-y-credito/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor jefe de Cyclepedia — agente de IA no humano, por encargo del Director del Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "Federal Reserve Bank of New York — SOFR", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "1acb97551859f905", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "fixed-income", "credit-risk", "interest-rate-risk", "yield-curve", "bond-pricing", "money-market" ], "asset_classes": [ "fixed-income", "rates", "credit", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "es/hub/renta-fija-y-credito" }, { "key": "es/hub/trader", "locale": "es", "title": "Traders y tradiciones", "summary": "La galería de los maestros: veintiún traders y analistas que definieron el oficio, con biografía, aportaciones y recorridos de estudio documentados.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/trader/", "published": "2026-07-11", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [] }, { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, 1970.", "urls": [] }, { "text": "Jack D. Schwager, Market Wizards, 1989.", "urls": [] }, { "text": "Las fuentes biográficas y las obras primarias figuran en cada ficha.", "urls": [] } ], "revision": "d5a1caa3a7d17954", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "trading-history", "traders", "market-analysis", "investment-traditions" ], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/trader" }, { "key": "es/hub/tradicion-dow", "locale": "es", "title": "Tradición Dow", "summary": "Recorrido histórico desde la lectura de las medias de Charles H. Dow hasta la sistematización de Nelson, Hamilton y Rhea: movimientos del mercado, confirmación y líneas de acumulación o distribución.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/tradicion-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, caps. V–IX, edición digitalizada.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, caps. I, III, XIII y XV, edición digitalizada.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, ficha bibliográfica de Open Library.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "Stephen J. Brown, William N. Goetzmann y Alok Kumar, «The Dow Theory: William Peter Hamilton's Track Record Reconsidered», The Journal of Finance 53(4), 1998, doi:10.1111/0022-1082.00054.", "urls": [ "https://doi.org/10.1111/0022-1082.00054" ] }, { "text": "S&P Dow Jones Indices, historia de las primeras medias de Dow.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] } ], "revision": "b35e11529d2b7d01", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/tradicion-dow" }, { "key": "es/hub/tradizione-hurst", "locale": "es", "title": "Tradición Hurst", "summary": "Corpus teórico y operativo de J. M. Hurst (1970): modelo cíclico, timing transaccional, análisis espectral.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/tradizione-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3bb99d919fd95b9a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/tradizione-hurst" }, { "key": "es/hub/tradizione-steidlmayer", "locale": "es", "title": "Tradición Steidlmayer", "summary": "J. Peter Steidlmayer y el Market Profile: el mercado como subasta continua, POC, Value Area y lectura de equilibrio frente a desbalance.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/tradizione-steidlmayer/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer y Kevin Koy, Markets and Market Logic, 1986.", "urls": [] }, { "text": "Chicago Board of Trade, Market Profile Home Study Guide.", "urls": [] }, { "text": "James F. Dalton, Eric T. Jones y Robert B. Dalton, Mind Over Markets,", "urls": [] } ], "revision": "c576860d82e6d2d4", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/tradizione-steidlmayer" }, { "key": "es/hub/tradizione-wyckoff", "locale": "es", "title": "Tradición Wyckoff", "summary": "Método Wyckoff: oferta y demanda, ciclo de mercado, trading range, accumulation y distribution.", "url": "https://www.emiciclo.com/cyclepedia/es/hub/tradizione-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6bf5fbc0f61dc594", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "es/hub/tradizione-wyckoff" }, { "key": "es/indicatori/adx", "locale": "es", "title": "ADX (Average Directional Index)", "summary": "El ADX de Wilder mide cuánta dirección hay en el movimiento, en escala 0–100 sin signo: por encima de 25 la tendencia domina el ruido, por debajo de 20 no hay tendencia que seguir. La dirección la dan +DI y −DI.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/adx/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3b3203458f25179b", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/atr", "locale": "es", "title": "ATR (Average True Range)", "summary": "El ATR mide la excursión media real de las barras en 14 periodos, colas y gaps incluidos. No tiene dirección: es la regla con la que se dimensionan stops, objetivos y tamaño de posición.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/atr/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "223a479852bf8aec", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/bollinger-bands", "locale": "es", "title": "Bandas de Bollinger", "summary": "SMA 20 más dos bandas a ±2 desviaciones estándar: un canal que se ensancha y estrecha con la volatilidad. Squeeze = compresión que a menudo precede la expansión; walk the band = tendencia sana.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/bollinger-bands/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ac03c1d11f475336", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/cci", "locale": "es", "title": "CCI (Commodity Channel Index)", "summary": "El CCI de Lambert mide cuántas «unidades de desviación típica» se aleja el precio de su media a 20 periodos. La franja ±100 delimita lo normal: fuera, el movimiento es estadísticamente inusual.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/cci/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6155e7121a13fb45", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/cvd", "locale": "es", "title": "Indicador CVD: feed, anclaje y reset", "summary": "Para configurar el CVD hay que comprobar el origen del volumen, la clasificación del lado, el periodo de anclaje, la sesión y el reset. Dos ajustes diferentes generan curvas distintas.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/cvd/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — documenta los requisitos de los datos bid/ask y la opción de reset al inicio de la jornada de negociación.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "Sierra Chart, Cumulative Delta Bars — Volume — explica el cálculo y por qué modificar la fecha inicial cargada puede cambiar los valores posteriores.", "urls": [ "https://www.sierrachart.com/index.php?ID=292&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Cumulative Volume Delta — describe otra implementación basada en intrabarras y un periodo de anclaje.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — precisa los requisitos de los datos tick a tick y del volumen negociado en el bid y el ask.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] } ], "revision": "72921cb0d0ef1742", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "order-flow-indicator-guide", "topics": [ "cumulative-volume-delta", "indicator-settings", "market-data", "session-reset", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/ema", "locale": "es", "title": "EMA / SMA — Medias móviles", "summary": "La media móvil filtra el ruido del precio promediando una ventana deslizante: SMA con pesos iguales, EMA con más peso en barras recientes. Es el ladrillo de medio catálogo de indicadores.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/ema/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "dd6b4b91402a4f51", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/fibonacci-retracement", "locale": "es", "title": "Retrocesos de Fibonacci", "summary": "Niveles horizontales en cotas fijas (23,6 · 38,2 · 50 · 61,8 %) del movimiento anterior: una rejilla compartida para estimar dónde un pullback puede encontrar referencias. Cuentan reacción del precio y confluencia, no los números en sí.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/fibonacci-retracement/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fe28297c116cfe04", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/ichimoku", "locale": "es", "title": "Ichimoku Kinkō Hyō", "summary": "El sistema de Hosoda: Tenkan 9, Kijun 26 y una nube de equilibrio proyectada 26 periodos adelante. No medias de cierres sino puntos medios de rangos — un mapa completo de tendencia, niveles y momentum de un vistazo.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/ichimoku/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bc2ed5e3b1d809ce", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/macd", "locale": "es", "title": "MACD (Moving Average Convergence Divergence)", "summary": "El MACD mide la distancia entre una EMA rápida (12) y una lenta (26): distancia que crece = movimiento que acelera, distancia que se cierra = movimiento que frena. Línea de señal e histograma derivan de ahí.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/macd/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2f3f97c3b239e57b", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/obv", "locale": "es", "title": "OBV (On Balance Volume)", "summary": "El OBV de Granville suma el volumen en días alcistas y lo resta en días bajistas: una línea cuya pendiente revela hacia dónde fluye el volumen. La divergencia con el precio es la huella de acumulación o distribución.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/obv/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "06ed0b3d23a436b2", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/parabolic-sar", "locale": "es", "title": "Parabolic SAR", "summary": "El Stop And Reverse de Wilder: una estela de puntos que persigue la tendencia acelerando, bajo el precio en alzas y encima en bajas. Cuando el precio la toca, la estela salta al otro lado (flip).", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/parabolic-sar/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "86bfbf2e15ddfe6a", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/pivot-points", "locale": "es", "title": "Pivot Points", "summary": "Del solo máximo, mínimo y cierre de ayer nace la rejilla mecánica del día: P el baricentro, R1/R2 las resistencias, S1/S2 los soportes. Niveles idénticos para quien los calcule — útiles precisamente por eso.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/pivot-points/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e6842f3d78a6c731", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/rsi", "locale": "es", "title": "RSI (Relative Strength Index)", "summary": "El RSI de Wilder compara la amplitud media de las subidas con la de las bajadas de los últimos 14 periodos, en escala 0–100. Por encima de 70 el impulso alcista es inusualmente fuerte: en rango suele revertir, en tendencia es la noticia.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/rsi/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4841dac81a63432d", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/stochastic", "locale": "es", "title": "Estocástico", "summary": "El oscilador de Lane mide dónde cierra el precio dentro del rango de los últimos 14 periodos: cierres en máximos = compradores al mando. %K rápido, %D de confirmación, zonas 80/20 en mercado lateral.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/stochastic/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7257eb968d54afee", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/supertrend", "locale": "es", "title": "Supertrend", "summary": "Una banda construida con (H+L)/2 ± múltiplo × ATR que actúa como stop dinámico: bajo el precio con bias long (verde), encima con bias short (roja). La línea sube a saltos y no retrocede mientras dura la tendencia.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/supertrend/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "57028f45d9faed41", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/volume-profile", "locale": "es", "title": "Configurar el Volume Profile: rango, filas y datos", "summary": "Una configuración reproducible del Volume Profile declara el intervalo, la sesión, el tamaño de las filas, el tipo de volumen, el porcentaje y el algoritmo de la Value Area.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/volume-profile/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redacción de Cyclepedia — revisión de un agente de IA no humano; no se declara revisión de un experto humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documenta tipos de periodo, ticks por fila, registros tick a tick, datos agregados y cálculos del perfil.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — explica los periodos, las filas, los tipos de volumen, el porcentaje configurable y el algoritmo de la Value Area de su plataforma.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] } ], "revision": "0956bfa436f7a3d3", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "volume-profile-indicator-guide", "topics": [ "volume-profile", "indicator-settings", "POC", "value-area", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/indicatori/vwap", "locale": "es", "title": "VWAP (Volume Weighted Average Price)", "summary": "El VWAP es el precio medio al que la sesión operó realmente, ponderado por volúmenes. Benchmark de ejecución de desks institucionales y referencia intraday: arriba = fuerza relativa, abajo = debilidad.", "url": "https://www.emiciclo.com/cyclepedia/es/indicatori/vwap/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c8c42abfc60062dd", "translation_state": "not-assessed", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "es/hub/indicatori" }, { "key": "es/metodologie/dow/confirmacion-medias-dow", "locale": "es", "title": "Confirmación entre las medias en la Teoría de Dow", "summary": "En la formulación de Hamilton, las medias industrial y ferroviaria corroboran un movimiento cuando toman la misma dirección. No tienen que girar el mismo día y la no confirmación no equivale por sí sola a una inversión.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/dow/confirmacion-medias-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, cap. I, pp. 4–8; cap. XIV, pp. 158–159; cap. XV, pp. 172–179, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, caps. VII–IX, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "S&P Dow Jones Indices, «The Dow — Creating an Icon», historia de las medias industrial y ferroviaria.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] } ], "revision": "51de3ae3cc9831c1", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/dow/linea-dow", "locale": "es", "title": "La línea de Dow: acumulación, distribución y ruptura", "summary": "En la tradición Dow, una línea es una franja estrecha que las medias mantienen durante un periodo significativo. Solo la ruptura confirmada ayuda a reconocer acumulación o distribución.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/dow/linea-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, cap. I, pp. 6–7, y cap. XV «A Line and an Example—1914», pp. 172–179, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, cap. IX «Methods of Reading the Market», pp. 42–45, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] } ], "revision": "bb5a5b838d212e7e", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/dow/teoria-de-dow", "locale": "es", "title": "Teoría de Dow", "summary": "La Teoría de Dow es la tradición construida a partir de los editoriales de Charles H. Dow y sistematizada por Nelson, Hamilton y Rhea. Estudia movimientos del mercado, medias confirmatorias y congestiones, sin constituir una estrategia automática.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/dow/teoria-de-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, caps. V–IX, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, caps. I, III, XIII y XV, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, Open Library.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "Brown, Goetzmann y Kumar, «The Dow Theory: William Peter Hamilton's Track Record Reconsidered», The Journal of Finance 53(4), 1998, doi:10.1111/0022-1082.00054.", "urls": [ "https://doi.org/10.1111/0022-1082.00054" ] } ], "revision": "80c8ae7749afd69d", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/dow/tres-movimientos-mercado-dow", "locale": "es", "title": "Los tres movimientos del mercado en la tradición Dow", "summary": "Dow distingue movimiento primario, reacción o rally secundario y fluctuación diaria. Las tres escalas conviven y sus duraciones históricas no son parámetros universales.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/dow/tres-movimientos-mercado-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, cap. VII «Three General Lines of Reasoning» y cap. VIII «Swings Within Swings», pp. 36–41, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, cap. I «Cycles and Stock Market Records» y cap. XIII «Nature and Uses of Secondary Swings», Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] } ], "revision": "016e72d56369f523", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/barreras-psicologicas-hurst", "locale": "es", "title": "Las barreras psicológicas (Hurst)", "summary": "A quién sirve esta entrada — «Puedes dominar las técnicas a la perfección y meterte en problemas igualmente.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/barreras-psicologicas-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "addecd688a577e07", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/cabeza-y-hombros-origen-ciclico", "locale": "es", "title": "Cabeza y hombros: origen cíclico", "summary": "A quién sirve esta entrada — El patrón más célebre del chartismo, reconstruido a partir de sus ingredientes: por qué se forma, por qué debe formarse, y qué dice realmente la ruptur…", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/cabeza-y-hombros-origen-ciclico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "68a23a4a6e4642e1", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/caso-alloys-unlimited", "locale": "es", "title": "Caso Alloys Unlimited", "summary": "A quién sirve esta entrada — El valor del Capítulo 1 vuelve a escena como banco de pruebas del método computacional: cuatro inversiones de la half-span, cuatro zonas previstas, cua…", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/caso-alloys-unlimited/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "8ae354903f96e674", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/caso-gruen-industries-1961", "locale": "es", "title": "Caso Gruen Industries (1961)", "summary": "A quién sirve esta entrada — El experimento más convincente del libro: una tabla de máximos y mínimos semanales de un valor sin nombre , sin fundamentales, sin noticias — y el anál…", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/caso-gruen-industries-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "46b41feefb45bdd7", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/caso-perkin-elmer-1961", "locale": "es", "title": "Caso Perkin-Elmer (1961)", "summary": "A quién sirve esta entrada — Un caso real, tomado de un manual de chartismo de la época: mismo gráfico, dos lecturas.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/caso-perkin-elmer-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "bab4f7b50c99aac6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/caso-screw-and-bolt-1968", "locale": "es", "title": "Tornillo y perno Caso (1968)", "summary": "La anatomía de un comercio, día a día: desde el escaneo del 1 de noviembre de 1968 hasta la señal del 6 de noviembre a las 15½, hasta la venta a las 23 horas del 2 de enero — +49,7% neto en 57 días.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/caso-screw-and-bolt-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "1dc8d81c30108afd", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/construccion-envelope-y-estado-ciclico", "locale": "es", "title": "Construcción de la envelope y tabla de estado cíclico", "summary": "Método del capítulo 4: envelope de anchura mínima que cubre casi todos los datos, segunda envelope, tabla de estado cíclico y reglas de validez temporal.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/construccion-envelope-y-estado-ciclico/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (agente de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, capítulo 4, pp. 69–74 — construcción de la envelope, equilibrio de anchura y último tramo.", "urls": [] }, { "text": "J. M. Hurst, misma obra, capítulo 4, pp. 75–85 — tabla de estado cíclico, ventana de los puntos de giro y transición a las señales gráficas.", "urls": [] } ], "revision": "294e5b93b082e432", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/cut-loss-ciclico-hurst", "locale": "es", "title": "Cut-loss cíclico (Hurst)", "summary": "A quién sirve esta entrada — El stop «a ojo» es el primer paso hacia dejar correr las pérdidas.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/cut-loss-ciclico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "533870d92f31cee4", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/diamond-notation-hurst", "locale": "es", "title": "Notación de diamantes de Hurst: cómo leer el phasing", "summary": "La notación de diamantes anota los troughs asignados durante el phasing: una pila más alta incluye una duración mayor, no una previsión más fuerte.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/diamond-notation-hurst/", "published": "2026-07-21", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — edición comprobada directamente para delimitar el método del libro; la notación de diamantes no aparece documentada.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "David Hickson, “Phasing Analysis”, Hurst Cycles Notes, 16 de septiembre de 2022 — exposición post-Hurst que atribuye el sistema a Hurst y describe diamantes, troughs y altura de la pila.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] } ], "revision": "9977206aa908f5bd", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "historical-notation", "topics": [ "cyclic-analysis", "phasing-analysis", "cycle-notation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "method-and-limits", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologia", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/edge-band-mid-band-timing", "locale": "es", "title": "Edge-band y mid-band timing", "summary": "A quién sirve esta entrada — La misma subida, dos formas de subirse a ella: enseguida, en el borde del canal, o después de la primera pausa, en el medio.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/edge-band-mid-band-timing/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "35e8a1f4de4cfa0f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/envelope-non-real-time", "locale": "es", "title": "Envelope non-real-time (Hurst)", "summary": "A quién sirve esta entrada — La variación de las duraciones deforma los envelopes en tiempo real y oculta información justo cuando hace falta.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/envelope-non-real-time/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "366048ff4e86c405", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/estado-mercado-ciclico-hurst", "locale": "es", "title": "Estado del mercado cíclico (Hurst)", "summary": "A quién sirve esta entrada — «¿Comprar o vender en corto?» es la primera pregunta de toda operación, y la respuesta no se busca en el valor: se busca en los índices.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/estado-mercado-ciclico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ea803e0461ebafc6", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/experimento-trading-hurst-1968", "locale": "es", "title": "El experimento de trading de 1968", "summary": "La prueba de campo del libro: 28 de octubre – 10 de diciembre de 1968, equipo de cinco, 42 transacciones de 35 títulos, 90,5% de aciertos, +11,1% bruto medio en 9,7 días — con memorandos a observadores imparciales.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/experimento-trading-hurst-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "afe8d7a558107619", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/gestion-beneficios-hurst", "locale": "es", "title": "Gestión de beneficios y salidas (Hurst, Cap. 5)", "summary": "A quién sirve esta entrada — El Capítulo 4 compra; este capítulo hace todo lo demás: protege del error, persigue el beneficio, lo cobra con una señal, y abre el lado corto.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/gestion-beneficios-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "797709c55bf740ef", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/half-span-full-span-hurst", "locale": "es", "title": "Medias half-span y full-span de Hurst: método y límites", "summary": "Las medias half-span y full-span de Hurst comparan un ciclo con el centro de su canal; el procedimiento exige extrapolar y no es una previsión autónoma.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/half-span-full-span-hurst/", "published": "2026-07-11", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 6, pp. 97–109 — definición, procedimiento, ejemplos de Alloys Unlimited y límites temporales.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "OCLC WorldCat, The Profit Magic of Stock Transaction Timing — registro bibliográfico — autor, editorial y fecha de la primera edición.", "urls": [ "https://search.worldcat.org/title/776611988" ] } ], "revision": "7842fcbdacf409cb", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "historical-method", "topics": [ "cyclic-analysis", "moving-averages", "transaction-timing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "method-and-limits", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "metodologia", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/medias-moviles-ciclicas-hurst", "locale": "es", "title": "Medias móviles cíclicas (Hurst)", "summary": "A quién sirve esta entrada — La media móvil es el indicador más usado del mundo — y casi siempre dibujado en el lugar equivocado.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/medias-moviles-ciclicas-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c345af8d449f035b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/metodos-computacionales-hurst", "locale": "es", "title": "Métodos computacionales Hurst (Cap. 6)", "summary": "A quién sirve esta entrada — Los métodos gráficos de los Capítulos 4–5 ya bastan.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/metodos-computacionales-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "4af049c31784de6a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/phasing-analysis-hurst", "locale": "es", "title": "Phasing analysis (Hurst)", "summary": "Método gráfico atribuido al Cycles Course por fuentes Hickson: hipótesis revisables sobre mínimos, organizadas en Entry, Extension y Completion.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/phasing-analysis-hurst/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 4, pp. 69–85 — fuente primaria para las envolventes anidadas, medias desplazadas, tabla de estado y proyecciones del método del libro.", "urls": [] }, { "text": "David Hickson, Hurst Cycles Notes, Phasing Analysis, 2022 — exposición post-Hurst del Cycles Course: definición, tres etapas y atribución de la notación de diamantes.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Cyclic Analysis, publicado originalmente en Technical Analysis of Stocks & Commodities, marzo de 2011 — versión anterior y sustancialmente solapada de la misma exposición; comparación entre libro y curso y las tres etapas.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstCyclicTheoryII.htm" ] } ], "revision": "533308ec1dc1fc5b", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/pitfall-analisis-ciclico-hurst", "locale": "es", "title": "Los pitfalls del análisis cíclico (Hurst)", "summary": "A quién sirve esta entrada — «Nada es perfecto: hay trampas.» El método es probabilístico, no infalible — y cuando falla, falla por tres razones precisas.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/pitfall-analisis-ciclico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "80b17b1d89ef9fea", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/screening-volatilidad-estabilidad-hurst", "locale": "es", "title": "Screening: volatilidad y estabilidad (Hurst)", "summary": "A quién sirve esta entrada — El escaneo entrega 80–140 candidatos: demasiados.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/screening-volatilidad-estabilidad-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "6892b8535f4e70bd", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/seleccion-y-tracking-hurst", "locale": "es", "title": "Selección y tracking de los valores (Cap. 7 Hurst)", "summary": "A quién sirve esta entrada — De los cuatro pilares del Capítulo 1, el método ya había entregado filosofía y timing.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/seleccion-y-tracking-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c8619165f95dd4ac", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/short-selling-hurst", "locale": "es", "title": "Short selling según Hurst", "summary": "A quién sirve esta entrada — Con «wait, buy, hold, sell y protect-loss» ya en el arsenal, faltan dos señales: vender en corto y recobrar.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/short-selling-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "e3e791a64db1a16a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/timing-compras-grafico-hurst", "locale": "es", "title": "Timing de las compras con métodos gráficos", "summary": "A quién sirve esta entrada — El mapa del Capítulo 4: donde la teoría de los primeros tres capítulos se convierte en una orden de compra.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/timing-compras-grafico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d495832ad37d8623", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/total-scanning-stable-hurst", "locale": "es", "title": "Total scanning y la cuadra (Hurst)", "summary": "A quién sirve esta entrada — No se espera a que un valor «llegue» por las noticias: se revisa todo el listado, cada semana, con dos pruebas visuales que se aplican a la velocidad c…", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/total-scanning-stable-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ea430e8edfa9f2a4", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/tracking-precios-hurst", "locale": "es", "title": "Tracking de los precios (Hurst)", "summary": "A quién sirve esta entrada — Las señales del método se preparan antes y las activa el precio: si no ves el precio en el momento justo, la señal pasa sin ti.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/tracking-precios-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "0710fb1aebe4c34a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/trading-by-logic-hurst", "locale": "es", "title": "Trading por lógica (Cap. 8 Hurst)", "summary": "El Capítulo 8 en una entrada: el arsenal completo, la anatomía de un trade desde el lado del mercado hasta el blowoff final, y el experimento que puso todo a prueba en tiempo real.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/trading-by-logic-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "face5eca7ffd057f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/trailing-sell-take-profit-hurst", "locale": "es", "title": "Trailing sell y take-profit (Hurst)", "summary": "A quién sirve esta entrada — El trailing stop clásico tiene un dilema: demasiado estrecho te expulsa con un respiro, demasiado ancho devuelve la ganancia.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/trailing-sell-take-profit-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "bce921eb0fdafaaa", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/trend-line-y-canales-ciclicos", "locale": "es", "title": "Líneas de tendencia y canales: el origen cíclico", "summary": "Por qué las líneas de tendencia y los canales se forman y se repiten: un ciclo sumado a una recta produce un canal, y la ruptura marca el giro de un ciclo más largo.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/trend-line-y-canales-ciclicos/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "47d39dc7f816c121", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/triangulos-analisis-ciclico", "locale": "es", "title": "Triángulos y análisis cíclico", "summary": "A quién sirve esta entrada — La familia más numerosa del chartismo — triángulos, banderas, cuñas — reconducida a un solo mecanismo: la fluctuación de magnitud del modelo.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/triangulos-analisis-ciclico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c56a23f6548e8026", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/truco-sincronicidad-hurst", "locale": "es", "title": "El truco de la sincronicidad (Hurst)", "summary": "A quién sirve esta entrada — El problema de todo ciclo largo: cuando su FLD o VTL confirma el mínimo, la mitad del movimiento ya ha pasado.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/truco-sincronicidad-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "be4b86057419321f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/hurst/verificacion-patrones-graficos", "locale": "es", "title": "Verificación de los patrones gráficos", "summary": "A quién sirve esta entrada — Es el mapa del Capítulo 3. Si el modelo «X» es válido, debe saber explicar los patrones que los chartistas observan desde hace décadas.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/hurst/verificacion-patrones-graficos/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "3d790f960ccfa112", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/actividad-initiating-y-responsive", "locale": "es", "title": "Actividad initiating y responsive", "summary": "Clasificación CBOT de la actividad longer-term respecto a la Value Area anterior: responsive (esperada) vs initiating (inesperada y más informativa).", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/actividad-initiating-y-responsive/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "7f9139984ae75ddf", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/cti2-actividad-comercial", "locale": "es", "title": "CTI2 — actividad comercial", "summary": "Los comerciales CBOT (CTI2): comportamiento conocido debajo/encima de value, señales initiating cuando compran encima o venden debajo, y top/fondo plano por overwhelm.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/cti2-actividad-comercial/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "00826000439eae3a", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/dominant-concern-steidlmayer", "locale": "es", "title": "Dominant concern", "summary": "La preocupación de mercado que absorbe a los participantes short timeframe: explica volatilidad, excesos temporales y por qué falta el colchón de los long.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/dominant-concern-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a5792ffac7db3602", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/equilibrio-y-desbalance-subasta", "locale": "es", "title": "Equilibrio y desbalance de la subasta", "summary": "Reglas operativas para distinguir balance (rotación en value) de imbalance (tendencia hacia nueva value) en el Market Profile.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/equilibrio-y-desbalance-subasta/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "db5562dca7eaba94", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/estrategia-trading-market-logic", "locale": "es", "title": "Estrategia de trading — Market Logic", "summary": "Steidlmayer (MML cap. 14): construir una estrategia que neutralice fragilidades humanas — ponderar operaciones, visualizar escenarios y operar dentro de la capacidad.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/estrategia-trading-market-logic/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "cc514c061156b523", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/informacion-generada-mercado", "locale": "es", "title": "Información generada por el mercado", "summary": "Datos transaccionales precio/tiempo/volumen producidos por la subasta — distintos de la información externa y base del proceso decisional Steidlmayer.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/informacion-generada-mercado/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "fe3f1b8ca2c4eefb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/initial-balance-steidlmayer", "locale": "es", "title": "Initial Balance (Steidlmayer)", "summary": "Los primeros 60 minutos de sesión como filtro diario: rango IB, reglas de extensión y lectura del sesgo intraday.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/initial-balance-steidlmayer/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "e89f9c91f10ba6a7", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/introduccion-tradicion-steidlmayer", "locale": "es", "title": "Introducción a la tradición Steidlmayer", "summary": "J. Peter Steidlmayer y el Market Profile: el mercado como subasta continua que separa precio (dónde intercambia) de valor (dónde acepta).", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/introduccion-tradicion-steidlmayer/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "ac98f71ef57a6194", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/liquidity-data-bank", "locale": "es", "title": "Liquidity Data Bank", "summary": "El volumen CBOT LDB confirma o contradice el Market Profile: informe por precio, categorías CTI y checklist de seis ítems para continuación vs cambio.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/liquidity-data-bank/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "9a20eccd084fe080", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/minus-development-steidlmayer", "locale": "es", "title": "Minus development", "summary": "La ausencia de desarrollo tras un movimiento direccional es la señal más directa del flujo de capital — denominador común de los indicadores Steidlmayer.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/minus-development-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d178497b32ba81ef", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/poc-y-value-area-operativos", "locale": "es", "title": "POC y Value Area operativos", "summary": "Uso práctico de POC y Value Area en el Market Profile: gravedad del precio, límites operativos y reglas de entrada/salida.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/poc-y-value-area-operativos/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "67550afb5fc0287f", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/precio-de-control-steidlmayer", "locale": "es", "title": "Precio de control", "summary": "La parte más ancha de la value area en formación alrededor de la cual rota la unidad: el mercado se mueve de control price a control price mientras cambian percepción y flujo de capital.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/precio-de-control-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "82e3d17cd7a55ffe", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/principios-market-logic", "locale": "es", "title": "Principios del Market Logic", "summary": "Los diez principios con que Steidlmayer describe un mercado organizado: subasta voluntaria, precio vs valor, TPO e información generada por el mercado.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/principios-market-logic/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "fa8b43dcaf500801", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/proceso-de-distribucion-steidlmayer", "locale": "es", "title": "Proceso de distribución", "summary": "La distribución sustituye a la sesión como unidad natural del flujo de capital: esquema de cuatro pasos, patrón 3-1-3 y distinción distribución/desarrollo.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/proceso-de-distribucion-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "af6fd163e91803e5", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/range-extension-steidlmayer", "locale": "es", "title": "Range extension (Steidlmayer)", "summary": "Extensión del rango diario cuando el trader longer-term entra con volumen suficiente para romper el balance — señal direccional en el Market Profile.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/range-extension-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "3689822f2f1791f5", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/tipos-de-sesion-market-profile", "locale": "es", "title": "Tipos de jornada en Market Profile", "summary": "Clasificación CBOT de los días Normal, Normal Variation, Trend y Neutral mediante Initial Balance y range extension; categorías descriptivas, no señales.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/tipos-de-sesion-market-profile/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex — revisión editorial de IA; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 14–16 — Normal, Normal Variation, Trend y Neutral mediante Initial Balance y range extension.", "urls": [] }, { "text": "Chicago Board of Trade, misma obra, pp. 20–21 — relación entre balance, imbalance y desarrollo del rango.", "urls": [] } ], "revision": "40cf4d9077090174", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/steidlmayer/tpo-time-price-opportunity", "locale": "es", "title": "TPO — Time-Price Opportunity", "summary": "Unidad del Market Profile: una letra registra que un precio se negoció en un time bracket concreto; no mide volumen ni tiempo exacto en ese precio.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/steidlmayer/tpo-time-price-opportunity/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex — revisión editorial de IA; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer y Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, sección I, cap. 6 — definición y función de la Time-Price Opportunity en el framework.", "urls": [] }, { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 1–13 y 44 — construcción del gráfico, time brackets y fairest price.", "urls": [] } ], "revision": "d8a498e84c8b171c", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/accumulation-fases-a-e", "locale": "es", "title": "Acumulación — fases A–E (Wyckoff)", "summary": "Acumulación Wyckoff A–E: frenado de la caída, construcción del rango, prueba de oferta, señales de fortaleza y posible fase alcista.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/accumulation-fases-a-e/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, para eventos y fases del esquema.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Accumulation: Wyckoff Events” y “Wyckoff Phases”.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, dos variantes del esquema, nueve pruebas y guía de recuento.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Wyckoff Stock Market Institute, Library, para la metáfora Jump Across the Creek en la enseñanza posterior.", "urls": [ "https://wyckoffsmi.com/library/" ] } ], "revision": "5b00fc846b9ba9ed", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/ciclo-cuatro-fases-wyckoff", "locale": "es", "title": "Ciclo de cuatro fases (Wyckoff)", "summary": "Ciclo Wyckoff: acumulación, fase alcista (markup), distribución y fase bajista (markdown), sin duración fija ni secuencia garantizada.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/ciclo-cuatro-fases-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Wyckoff Price Cycle” y análisis de rangos.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, esquemas, eventos y fases de acumulación/distribución.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "d72a9715091cc7f6", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/cinco-pasos-wyckoff", "locale": "es", "title": "Cinco pasos Wyckoff", "summary": "Los cinco pasos Wyckoff: mercado, fortaleza relativa, causa de punto y figura, preparación, sincronización, riesgo y nueve pruebas documentadas en las fuentes.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/cinco-pasos-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “A Five-Step Approach to the Market” y “Nine Buying/Selling Tests”.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, versión accesible con los gráficos requeridos y el orden de las pruebas.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Henry O. Pruden y Bernard Belletante, Wyckoff Laws and Tests, CMT Association.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] } ], "revision": "4c0f4bcf35324d72", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/count-causa-point-figure-wyckoff", "locale": "es", "title": "Conteo de causa P&F (Wyckoff)", "summary": "Procedimiento Wyckoff para medir la causa con un conteo horizontal Point & Figure y estimar una zona objetivo, no un punto de giro seguro.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/count-causa-point-figure-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El método Wyckoff, guía de conteo P&F — procedimiento, fases completas, conteos de confirmación y límite “stop, look and listen”.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — conteo P&F y nueve pruebas en el tutorial de ChartSchool.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "59c518a810ac6043", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/distribution-fases-a-e", "locale": "es", "title": "Distribución — fases A–E (Wyckoff)", "summary": "Modelo Wyckoff de cinco fases tras una subida: freno de la tendencia, prueba de la demanda, debilidad y posible fase bajista.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/distribution-fases-a-e/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El Método Wyckoff — eventos, fases, variantes, redistribución y límites de la lectura.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — dos esquemas distributivos y definiciones de PSY, BC, AR, ST, UTAD, SOW y LPSY.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — método discrecional, leyes y rangos de negociación.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "0ba0b6702b6e6d1b", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/how-i-trade-wyckoff", "locale": "es", "title": "Cómo opero e invierto — Wyckoff (1922)", "summary": "Wyckoff (1922, How I Trade and Invest): autobiografía operativa — tres líneas defensivas, swings 30–60 días, posición técnica, due diligence, reglas Livermore, protección del capital.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/how-i-trade-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "aec8488fbc73745b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/wyckoff", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/nine-buying-selling-tests-wyckoff", "locale": "es", "title": "Nueve pruebas de compra y venta (Wyckoff)", "summary": "Nueve pruebas Wyckoff de compra y venta: gráficos requeridos, lista específica de reacumulación y límite para redistribución.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/nine-buying-selling-tests-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El método Wyckoff, nueve pruebas de compra y venta — listas, numeración y tipo de gráfico; adaptación declarada de Pruden, pp. 136–137.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — la misma lista en el tutorial de ChartSchool.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, capítulo 7 — pruebas modificadas para reacumulación y límite de las listas clásicas en consolidaciones.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "6ccdc3680b08cf11", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/reaccumulation-wyckoff", "locale": "es", "title": "Reacumulación y rangos escalonados (Wyckoff)", "summary": "Rango de reacumulación durante una subida: contexto, evidencia observable, nueve pruebas específicas de Pruden y límites de los conteos escalonados.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/reaccumulation-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El método Wyckoff — características de la reacumulación, fases más breves y rangos escalonados en fase E.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — tutorial sobre rangos y guía de conteos P&F de confirmación.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, capítulo 7 — nueve pruebas modificadas para la reacumulación y conteo confirmatorio escalonado.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "3210cfdf6292546d", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/redistribution-wyckoff", "locale": "es", "title": "Redistribución (Wyckoff)", "summary": "Rango de redistribución dentro de una bajada: contexto, evidencia observable, conteo P&F de confirmación y límite de las nueve pruebas clásicas de venta.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/redistribution-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisión editorial y factual: agente de IA de Cyclepedia (OpenAI); sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — El método Wyckoff — fase A de redistribución, lectura de las fases B–E, eventos distributivos y conteos de confirmación.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method-spanish/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — estructuras de distribución/redistribución y nueve pruebas clásicas de venta.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, capítulo 7 — carencia de pruebas para consolidaciones y nueva lista específica de reacumulación.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "91c047f6b0415613", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/tape-reading-wyckoff", "locale": "es", "title": "Tape reading Wyckoff", "summary": "Tape reading Wyckoff (1910, Studies in Tape Reading): tendencia inmediata, volumen bid/ask, setup, listado, stops, mercados spentos, cierre — raíz histórica del método.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/tape-reading-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "906a49c599344778", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/wyckoff", "hub": "es/hub/metodologie" }, { "key": "es/metodologie/wyckoff/trading-range-wyckoff", "locale": "es", "title": "Rango de negociación (Wyckoff)", "summary": "Rango Wyckoff: bordes, eventos, fases A–E, volumen y recuento de punto y figura para distinguir acumulación y distribución.", "url": "https://www.emiciclo.com/cyclepedia/es/metodologie/wyckoff/trading-range-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, fuente técnica para eventos y fases del rango.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Analyses of Trading Ranges” y “Wyckoff Schematics”.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, esquemas modernos y guía del recuento P&F.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Wyckoff Stock Market Institute, Library, fuente institucional sobre el vocabulario creek/ice de la tradición posterior.", "urls": [ "https://wyckoffsmi.com/library/" ] } ], "revision": "6d981d6aa4a575d4", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/metodologie" }, { "key": "es/trader/charles-dow", "locale": "es", "title": "Charles H. Dow", "summary": "Charles H. Dow (1851–1902) fue periodista financiero, cofundador de Dow Jones & Company y de The Wall Street Journal. Sus medias y editoriales son el punto de partida de la tradición que después recibió el nombre de Teoría de Dow.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/charles-dow/", "published": "2026-07-12", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, prefacio y caps. V–IX, edición digitalizada.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, caps. I, III, XIII y XV, edición digitalizada.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, ficha bibliográfica de Open Library.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "S&P Dow Jones Indices, historia de las medias Dow.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] }, { "text": "Encyclopaedia Britannica, Charles Henry Dow.", "urls": [ "https://www.britannica.com/money/Charles-Henry-Dow" ] } ], "revision": "dd480bf64524ace8", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/ed-seykota", "locale": "es", "title": "Ed Seykota", "summary": "Ed Seykota (1946): pionero del seguimiento de tendencias por ordenador, los primeros sistemas que se ejecutaron en tarjetas perforadas en los años 70, y de la psicología del trading como disciplina. Rendimiento documentado entre los mejores de todos los tiempos.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/ed-seykota/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f8b0288ed0f88cbc", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/george-soros", "locale": "es", "title": "George Soros", "summary": "George Soros (n .º 1930): fundador del Quantum Fund y teórico de la reflexividad: los mercados no reflejan la realidad, la modifican. El 16 de septiembre de 1992, su posición contra la libra esterlina dobló al Banco de Inglaterra.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/george-soros/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7bdcf4095b1479fd", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/giuseppe-migliorino", "locale": "es", "title": "Giuseppe Migliorino: libros y análisis cíclico italiano", "summary": "Giuseppe Migliorino fundó Borsari y publicó manuales italianos sobre ciclos de mercado. La ficha separa contribuciones documentadas de afirmaciones sin apoyo.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/giuseppe-migliorino/", "published": "2026-07-07", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano; sin revisión humana", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Borsari, “Il Fondatore” — archivo de la editorial sobre actividad, fundación y cronología; fuente vinculada al sujeto.", "urls": [ "https://www.borsari.it/il-fondatore/" ] }, { "text": "Borsari, I cicli di borsa — ficha editorial con datos bibliográficos e índice analítico.", "urls": [ "https://www.borsari.it/prodotto/i-cicli-di-borsa/" ] }, { "text": "LibreriaUniversitaria, ficha ISBN 9788888029368 — confirmación catalográfica independiente de título, autor, editorial y año.", "urls": [ "https://www.libreriauniversitaria.it/cicli-borsa-metodo-avanzato-individuare/libro/9788888029368" ] } ], "revision": "0ed9ef76feea6625", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "cyclic-analysis", "market-cycles", "trading-education" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/j-m-hurst", "locale": "es", "title": "J. M. Hurst", "summary": "«El 23% de todo el movimiento de los precios es de naturaleza oscilatoria y semiprevisible.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/j-m-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1b638d698594bf25", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/j-peter-steidlmayer", "locale": "es", "title": "J. Peter Steidlmayer", "summary": "J. Peter Steidlmayer (n. 1938): trader del CBOT y creador del Market Profile, una representación TPO del tiempo transcurrido en cada precio; los datos de volumen pertenecen a una capa distinta.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/j-peter-steidlmayer/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer y Kevin Koy, Markets and Market Logic, 1986.", "urls": [] }, { "text": "Chicago Board of Trade, Market Profile Home Study Guide.", "urls": [] }, { "text": "James F. Dalton, Eric T. Jones y Robert B. Dalton, Mind Over Markets,", "urls": [] } ], "revision": "620a8fa46ac40387", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/jesse-livermore", "locale": "es", "title": "Jesse Livermore", "summary": "Jesse Livermore (1877–1940): el especulador más célebre de la historia. Lectura de cintas, puntos de pivote, piramidación, y la demostración, con su propia vida, de que sin gestión del riesgo el talento no es suficiente.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/jesse-livermore/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "616a93ea73f783e5", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/jim-simons", "locale": "es", "title": "Jim Simons: matemáticas y trading cuantitativo", "summary": "Jim Simons (1938–2024) llevó matemáticas, datos e investigación colectiva al trading cuantitativo; la lección pública es el proceso, no las señales secretas.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/jim-simons/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Simons Foundation — Our History", "urls": [ "https://www.simonsfoundation.org/about/our-history/" ] }, { "text": "Simons Foundation — Jim Simons on his career in mathematics", "urls": [ "https://www.simonsfoundation.org/2012/09/28/simons-foundation-chair-jim-simons-on-his-career-in-mathematics/" ] }, { "text": "MIT Sloan — Quant pioneer James Simons", "urls": [ "https://mitsloan.mit.edu/ideas-made-to-matter/quant-pioneer-james-simons-math-money-and-philanthropy" ] }, { "text": "Stony Brook University — Jim Simons: a life of scholarship, leadership and philanthropy", "urls": [ "https://news.stonybrook.edu/university/jim-simons-a-life-of-scholarship-leadership-and-philanthropy/" ] } ], "revision": "37fc95cf69bf9f8b", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "jim-simons", "quantitative-trading", "systematic-trading", "model-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/john-bollinger", "locale": "es", "title": "John Bollinger: bandas, volatilidad y límites de señal", "summary": "John Bollinger desarrolló en los años ochenta bandas adaptativas a la volatilidad: describen precios relativamente altos o bajos, pero no son señales autónomas.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/john-bollinger/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BollingerBands.com — Bollinger Bands", "urls": [ "https://www.bollingerbands.com/bollinger-bands" ] }, { "text": "BollingerBands.com — Bollinger Band Rules", "urls": [ "https://www.bollingerbands.com/bollinger-band-rules" ] }, { "text": "CMT Association — John Bollinger", "urls": [ "https://cmtassociation.org/presenter/john-bollinger/" ] }, { "text": "McGraw Hill — Bollinger on Bollinger Bands", "urls": [ "https://www.mheducation.com/highered/mhp/product/bollinger-bollinger-bands.html" ] } ], "revision": "1939f19a1ac3192d", "translation_state": "not-assessed", "kind": "trader", "entity_type": "analyst", "topics": [ "john-bollinger", "bollinger-bands", "volatility", "technical-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/larry-williams", "locale": "es", "title": "Larry Williams", "summary": "Larry Williams (n. 1942): trader y divulgador, ganador de la World Cup of Futures Trading 1987 con un +11.376% documentado en doce meses con dinero real. Williams %R, análisis del COT y estacionalidad.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/larry-williams/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "13a1e402cb0e27c4", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/linda-raschke", "locale": "es", "title": "Linda Raschke: setups, rutinas y revisión", "summary": "Linda Raschke ha documentado un enfoque de trading a corto plazo basado en setups escritos, registro de decisiones, rutinas e investigación continua.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/linda-raschke/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente de IA no humano, por mandato del Director de Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association — Linda Raschke", "urls": [ "https://cmtassociation.org/presenter/linda-raschke/" ] }, { "text": "CMT Association — entrevista con Linda Raschke", "urls": [ "https://cmtassociation.org/video/conversations-podcast-interview-with-linda-raschke-cta-2/" ] }, { "text": "Google Books — Street Smarts", "urls": [ "https://books.google.com/books/about/Street_Smarts.html?id=P8R2swEACAAJ" ] }, { "text": "Linda Raschke — sitio profesional", "urls": [ "https://lindaraschke.net/" ] } ], "revision": "b06c77b5cf10e5a8", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "linda-raschke", "short-term-trading", "trading-routine", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/munehisa-homma", "locale": "es", "title": "Munehisa Homma", "summary": "Munehisa Homma (1724–1803): comerciante de arroz de Sakata, operador legendario del mercado de Dojima. A su escuela, la tradición se remonta a las velas japonesas y al primer análisis de la psicología de los precios.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/munehisa-homma/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2d4e30ddfd2f27b3", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/nicolas-darvas", "locale": "es", "title": "Nicolas Darvas: box theory, rupturas y control del riesgo", "summary": "Nicolas Darvas desarrolló la box theory: precio y volumen delimitan un rango, mientras ruptura y stop definen entrada, riesgo y salida.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/nicolas-darvas/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nicolas Darvas, How I Made $2,000,000 in the Stock Market, Lyle Stuart, 1960 — obra primaria y registro de la edición.", "urls": [ "https://openlibrary.org/books/OL22597129M/How_I_made_2_000_000_in_the_stock_market" ] }, { "text": "TIME, “Business: Pas de Dough”, 25 de mayo de 1959 — perfil contemporáneo sobre profesión, selección, precio, volumen y comunicaciones con el bróker.", "urls": [ "https://time.com/archive/6803538/business-pas-de-dough/" ] }, { "text": "TIME, “Wall Street: $216,000 or $2,000,000?”, 19 de diciembre de 1960 — relato contemporáneo de la impugnación y de los límites de la investigación.", "urls": [ "https://time.com/archive/6811019/wall-street-216000-or-2000000/" ] } ], "revision": "d083bb22419f7235", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "breakout", "risk-management" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/paul-tudor-jones", "locale": "es", "title": "Paul Tudor Jones", "summary": "Paul Tudor Jones (n .º 1954): macrotrader, fundador de Tudor Investment. Anticipó y cabalgó el desplome de octubre de 1987; célebre por las apuestas asimétricas 5:1 y por la regla de la media de 200 días.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/paul-tudor-jones/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a7d9b9ec27e3eb8b", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/ralph-nelson-elliott", "locale": "es", "title": "Ralph Nelson Elliott: origen y límites del Wave Principle", "summary": "Ralph Nelson Elliott formuló el Wave Principle: movimientos direccionales y correcciones forman estructuras anidadas, pero el conteo es interpretativo.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/ralph-nelson-elliott/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "R. N. Elliott, The Wave Principle, 1938 — obra primaria y registro bibliográfico de la edición original.", "urls": [ "https://openlibrary.org/works/OL2426581W/The_wave_principle" ] }, { "text": "R. N. Elliott, Nature's Law: The Secret of the Universe, 1946 — obra primaria y datos bibliográficos.", "urls": [ "https://books.google.com/books/about/Nature_s_Law.html?id=mEFQnwEACAAJ" ] }, { "text": "George A. Schade Jr., “Ralph Nelson Elliott”, CMT Association, septiembre de 2008 — investigación biográfica y cronología editorial.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2008/" ] } ], "revision": "91b9e6ef271adfe8", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "wave-analysis", "market-structure" ], "asset_classes": [ "equities", "market-indices" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/ray-dalio", "locale": "es", "title": "Ray Dalio: principios, sistemas y cartera All Weather", "summary": "Ray Dalio construyó Bridgewater en torno a principios explícitos, pruebas históricas y carteras equilibradas por escenarios. Contribuciones, límites y estudio.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/ray-dalio/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bridgewater Associates, “Our Founder” — biografía oficial y descripción del proceso sistemático.", "urls": [ "https://www.bridgewater.com/our-founder" ] }, { "text": "Bridgewater Associates, “The All Weather Story” — historia, objetivos y principios declarados de la estrategia.", "urls": [ "https://www.bridgewater.com/research-and-insights/the-all-weather-story" ] }, { "text": "Ray Dalio, Principles — texto primario sobre apertura mental, evidencia y decisión.", "urls": [ "https://www.principles.com/principles/b1552e2e-f77b-46c0-b7dd-ba1f5c2b3407/" ] } ], "revision": "9572937dc3bcde6a", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "systematic-investing", "portfolio-construction", "risk-parity" ], "asset_classes": [ "equities", "bonds", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "macro", "systematic", "portfolio" ], "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/richard-dennis", "locale": "es", "title": "Richard Dennis", "summary": "Richard Dennis (1949): el «Príncipe del Pit» de Chicago, de unos pocos cientos de dólares a cientos de millones en materias primas. Con el experimento de las Tortugas demostró que el trading ganador se puede enseñar.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/richard-dennis/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "863ae31db5cab4f6", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/richard-wyckoff", "locale": "es", "title": "Richard D. Wyckoff", "summary": "Richard Demille Wyckoff (1873–1934): el cronista que aprendió de los gigantes — tape reading, Composite Man, las tres leyes y el ciclo acumulación-distribución. La otra tradición de la casa.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/richard-wyckoff/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4e74e47191b641ae", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/stanley-druckenmiller", "locale": "es", "title": "Stanley Druckenmiller: proceso macro, concentración y riesgo", "summary": "Stanley Druckenmiller describe un proceso macro flexible, multiactivo y concentrado en las tesis más sólidas. Contribuciones verificadas y límites prácticos.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/stanley-druckenmiller/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor de Cyclepedia — agente de IA no humano; sin revisión humana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Goldman Sachs, “Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office”, 2021 — entrevista directa sobre proceso multiactivo y concentración.", "urls": [ "https://www.goldmansachs.com/insights/talks-at-gs/stanley-druckenmiller.html" ] }, { "text": "Economic Club of New York, transcripción de la conversación del 12 de mayo de 2020 — fuente primaria sobre el papel atribuido a la liquidez.", "urls": [ "https://www.econclubny.org/documents/10184/109144/2020DruckenmillerTranscript.pdf" ] }, { "text": "Bowdoin College, perfil de Stanley Druckenmiller, 2014 — confirmación institucional de su carrera.", "urls": [ "https://www.bowdoin.edu/news/2014/11/geoffrey-canada-74-and-stanley-druckenmiller-75-to-share-bowdoins-highest-honor.html" ] } ], "revision": "0ac90429139afbdc", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "global-macro", "capital-allocation", "risk-management" ], "asset_classes": [ "equities", "bonds", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "macro", "discretionary", "risk" ], "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/warren-buffett", "locale": "es", "title": "Warren Buffett", "summary": "Warren Buffett (n. 1930): el inversor más famoso de la historia, ~20% compuesto anual durante seis décadas con Berkshire Hathaway. En la galería hace de contrapunto: el tiempo como ventaja, el temperamento como borde.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/warren-buffett/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fb1287070b27699f", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/wd-gann", "locale": "es", "title": "W.D. Gann", "summary": "William Delbert Gann (1878–1955): pionero del estudio conjunto del tiempo y el precio — esquinas, cuadrados, aniversarios cíclicos. Figura divisiva: instrumentos geométricos verificables envueltos en una leyenda construida artísticamente.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/wd-gann/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "46e58ebe9ffb1133", "translation_state": "not-assessed", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/trader/welles-wilder", "locale": "es", "title": "J. Welles Wilder: RSI, ATR, ADX y Parabolic SAR", "summary": "J. Welles Wilder organizó volatilidad, dirección, fuerza y stops en herramientas distintas: ATR, DMI/ADX, RSI y Parabolic SAR.", "url": "https://www.emiciclo.com/cyclepedia/es/trader/welles-wilder/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. Welles Wilder Jr., New Concepts in Technical Trading Systems, Trend Research, 1978 — obra primaria conservada por el repositorio de la Universidad de Macedonia.", "urls": [ "https://dspace.lib.uom.gr/handle/2159/29408" ] }, { "text": "Stuart McPhee, “J. Welles Wilder”, CMT Association, agosto de 2006 — entrevista a Wilder sobre el origen del libro y sus sistemas.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-august-2006/" ] }, { "text": "Michael Carr, “Relative Strength Index”, CMT Association, febrero de 2013 — contexto original del RSI y límites de la evidencia inicial.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-february-2013/" ] }, { "text": "Michael Kahn, “In Memoriam — J. Welles Wilder, Jr.”, CMT Association, mayo de 2021 — perfil biográfico y catálogo de contribuciones.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-may-2021/" ] } ], "revision": "c60d7c39585cf47c", "translation_state": "not-assessed", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "technical-indicators", "systematic-trading" ], "asset_classes": [ "commodities", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "es/hub/trader" }, { "key": "es/tradizione-hurst/apendice-iii-intervalo-transaccion-hurst", "locale": "es", "title": "Apéndice III — Intervalo de transacción (Hurst)", "summary": "A quién sirve esta entrada — El Capítulo 1 demuestra en un valor que los trades cortos rinden más.", "url": "https://www.emiciclo.com/cyclepedia/es/tradizione-hurst/apendice-iii-intervalo-transaccion-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "8711fce53861bc0b", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "es/hub/tradizione-hurst" }, { "key": "es/tradizione-hurst/apendices-hurst", "locale": "es", "title": "Le Appendici — La magia de las ganancias (1970)", "summary": "Los seis apéndices del libro: la base científica del método — el espectro a rayas, la commonality generalizada, el intervalo de transacción, la respuesta de las medias, parábola y Prony.", "url": "https://www.emiciclo.com/cyclepedia/es/tradizione-hurst/apendices-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "794cab0c48914aa5", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "tradizione-hurst", "hub": "es/hub/tradizione-hurst" }, { "key": "es/tradizione-hurst/compounding-e-intervalo-de-trading", "locale": "es", "title": "Compounding e intervalo de trading", "summary": "El factor dominante de la ganancia según Hurst es el compounding en operaciones cortas: cuanto más a menudo se reinvierte, más explota el crecimiento del capital.", "url": "https://www.emiciclo.com/cyclepedia/es/tradizione-hurst/compounding-e-intervalo-de-trading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "229a498a9c4f8bcb", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "es/hub/tradizione-hurst" }, { "key": "es/tradizione-hurst/cuatro-pilares-sistema-hurst", "locale": "es", "title": "Cuatro pilares del sistema Hurst", "summary": "A quién sirve esta entrada — Es el mapa del libro: los cuatro requisitos que Hurst enumera al cerrar el Capítulo 1.", "url": "https://www.emiciclo.com/cyclepedia/es/tradizione-hurst/cuatro-pilares-sistema-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "864d99d98632ce44", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "es/hub/tradizione-hurst" }, { "key": "es/tradizione-hurst/despues-del-libro-hurst", "locale": "es", "title": "Después de Profit Magic — fuentes y límites del corpus post-Hurst", "summary": "Mapa crítico del Cycles Course y de la tradición Hickson: qué fuentes posee Cyclepedia, qué conceptos se reconstruyen de forma indirecta y qué no puede atribuirse todavía directamente a Hurst.", "url": "https://www.emiciclo.com/cyclepedia/es/tradizione-hurst/despues-del-libro-hurst/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, PDF de Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson, “Hurst's Cyclic Analysis”, white paper 2.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-2-hursts-cyclic-analysis/" ] }, { "text": "David Hickson, “Trading with J. M. Hurst”, white paper 3.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-3-trading-with-jm-hurst/" ] }, { "text": "A Review of J. M. Hurst Cycles Course, fragmento del programa conservado en el patrimonio de Cyclepedia; fuente no publicada.", "urls": [] } ], "revision": "32ba8d12795d69fa", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "tradizione-hurst", "hub": "es/hub/tradizione-hurst" }, { "key": "es/tradizione-hurst/filosofia-operativa-hurst", "locale": "es", "title": "Filosofía operativa Hurst", "summary": "A quién sirve esta entrada — Es el punto de entrada del libro de Hurst: qué quiere conseguir un trader cíclico, y por qué el «compra bajo, vende alto» por sí solo no basta.", "url": "https://www.emiciclo.com/cyclepedia/es/tradizione-hurst/filosofia-operativa-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "6409d692db7cdb67", "translation_state": "not-assessed", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "es/hub/tradizione-hurst" }, { "key": "es/tradizione-wyckoff/introduccion-metodo-wyckoff", "locale": "es", "title": "Introducción al método Wyckoff", "summary": "Guía del método Wyckoff: precio, volumen, Composite Man, tres leyes, esquemas y cinco pasos, con fuentes históricas y límites interpretativos.", "url": "https://www.emiciclo.com/cyclepedia/es/tradizione-wyckoff/introduccion-metodo-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisión editorial de IA; sin revisión humana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Richard D. Wyckoff, Studies in Tape Reading (1910), digitalización de la University of California.", "urls": [ "https://archive.org/details/studiesintaperea00wyckrich" ] }, { "text": "Richard D. Wyckoff, The Richard D. Wyckoff Method of Trading in Stocks, registro bibliográfico de WorldCat.", "urls": [ "https://search.worldcat.org/es/title/The-Richard-D.-Wyckoff-Method-of-trading-in-stocks-%3A-a-course-of-instruction-in-stock-market-science-and-technique-based-on-forty-years%27practical-experience-in-Wall-Street-including-nineteen-years-as-editor-of-the-%22Magazine-of-Wall-Street%22-founded-by-him-in-1907/oclc/493388260" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial, síntesis accesible del Composite Man, los cinco pasos, las tres leyes, los esquemas y los recuentos.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Henry O. Pruden y Bernard Belletante, Wyckoff Laws and Tests, CMT Association.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] }, { "text": "Wyckoff Stock Market Institute, Library, para el vocabulario didáctico posterior asociado con creek, ice y Robert Evans.", "urls": [ "https://wyckoffsmi.com/library/" ] } ], "revision": "5d3914e47b3c4ae4", "translation_state": "not-assessed", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "es/hub/tradizione-wyckoff" }, { "key": "fr/concetti/actions", "locale": "fr", "title": "Actions", "summary": "Une action représente une part de propriété dans une société et un droit résiduel sur ses résultats. Droits, dividendes, liquidité et risque dépendent de la catégorie et de l’émetteur.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/actions/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stocks — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stock — propriété, créance proportionnelle et droits de vote.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/stock" ] }, { "text": "Banca d’Italia, L’economia per tutti, Azioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-azioni/" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR — Search and Access — registre officiel des documents déposés par les sociétés américaines.", "urls": [ "https://www.sec.gov/search-filings" ] } ], "revision": "ebb585ba707625d7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "risk" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/allocation-du-capital", "locale": "fr", "title": "Allocation du capital", "summary": "Processus de répartition du capital, des expositions et de la capacité de risque entre instruments, stratégies et réserve, sous des objectifs et contraintes déclarés.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/allocation-du-capital/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulation initiale de la sélection de portefeuille au moyen des rendements, variances et covariances.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi et Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, The Review of Financial Studies — comparaison hors échantillon et rôle de l’erreur d’estimation.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limites du seul notionnel lorsqu’on compare des expositions différentes.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — exactitude, exhaustivité, rapprochement et gouvernance des données agrégées.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] } ], "revision": "d4184eaac31f502d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "capital-allocation", "portfolio-construction", "portfolio-risk", "rebalancing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/allocation-strategique-et-tactique-des-actifs", "locale": "fr", "title": "Allocation stratégique et tactique des actifs", "summary": "Distinction entre politique de long terme, fourchettes admissibles et écarts temporaires, avec objectifs, référence et responsabilités définis avant l’exécution.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/allocation-strategique-et-tactique-des-actifs/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — processus stratégiques, approches d’allocation et distinction entre étude de la politique et suivi.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — contraintes, révision stratégique, glide path, tactique et rééquilibrage.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Gary P. Brinson, L. Randolph Hood et Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — cadre initial distinguant politique, allocation active et sélection.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "CFA Institute, Setting the Record Straight on Asset Allocation — clarification des différentes questions empiriques souvent confondues dans l’interprétation de l’étude Brinson.", "urls": [ "https://rpc.cfainstitute.org/blogs/enterprising-investor/2012/setting-the-record-straight-on-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — présentation officielle des cibles, changements de situation et rééquilibrage.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "9b756e3931ae52de", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "asset-allocation", "strategic-allocation", "tactical-allocation", "portfolio-policy" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/alpha-de-jensen", "locale": "fr", "title": "Alpha de Jensen", "summary": "Constante estimée d’une régression des rendements excédentaires du portefeuille sur ceux du benchmark, conditionnée au modèle, à l’échantillon, aux coûts et à la significativité.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/alpha-de-jensen/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Michael C. Jensen, The Performance of Mutual Funds in the Period 1945–1964, The Journal of Finance (1968) — formulation de la mesure, estimation et interprétation de la constante.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1968.tb00815.x" ] }, { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk, The Journal of Finance (1964) — fondement du modèle de marché employé par Jensen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "CFA Institute, Investment Risk and Performance — lecture coordonnée de l’alpha, du bêta, de l’erreur de suivi, du ratio d’information et de Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — mauvaise spécification du benchmark, évaluation et limites de l’inférence sur la compétence.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — facteurs, analyse de style, coûts et évaluation quantitative d’un historique.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "57d63839cda12783", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "jensen-alpha", "capm", "performance-appraisal", "regression" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/analyse-de-scenarios", "locale": "fr", "title": "Analyse de scénarios", "summary": "Méthode qui traduit une histoire économique ou opérationnelle en chocs cohérents, revalorisation des positions, effets de second tour et décisions de contrôle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/analyse-de-scenarios/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — RMA30", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee — Supervisory and bank stress testing", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "Federal Reserve — Scenario Design Framework for Stress Testing", "urls": [ "https://www.federalreserve.gov/frrs/regulations/appendix-a-policy-statement-on-the-scenario-design-framework-for-stress-testing.htm" ] } ], "revision": "87c02ca5e3ab715f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "scenario-analysis", "stress-testing", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/attribution-de-performance", "locale": "fr", "title": "Attribution de performance", "summary": "Décomposition rapprochée du rendement absolu ou actif entre les décisions représentées par le modèle, distincte de la mesure, de l’évaluation et d’une preuve causale de compétence.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/attribution-de-performance/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gary P. Brinson, L. Randolph Hood et Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — cadre initial de politique, allocation active et sélection.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "Gary P. Brinson, Brian D. Singer et Gilbert L. Beebower, Determinants of Portfolio Performance II: An Update, Financial Analysts Journal (1991) — mise à jour et traitement des liquidités.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1991/determinants-of-portfolio-performance-ii-an-update" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution (2019) — histoire, formules BHB/BF, modèles et méthodes d’enchaînement.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — mesure, attribution, évaluation, modèles fondés sur rendements, positions ou transactions et benchmark.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Roger G. Ibbotson et Paul D. Kaplan, Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?, Financial Analysts Journal (2000) — distinction entre les questions statistiques derrière les pourcentages souvent cités.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2000/does-asset-allocation-policy-explain-40-90-or-100-percent-of-performance" ] } ], "revision": "8279212a65948a02", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-attribution", "return-attribution", "brinson-model", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/backtest", "locale": "fr", "title": "Backtest", "summary": "Simulation historique d’une stratégie : données point-in-time, règles causales, exécution réaliste et contrôle des biais avant toute inférence.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/backtest/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inférence lorsque le meilleur modèle ressort de nombreuses spécifications explorées.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey et Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocole de recherche, sélection et rareté des données financières.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Marcos López de Prado, What to Look for in a Backtest — nombre d’essais, longueur du test et caractéristiques à rendre visibles.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2308682" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — comparaison du portefeuille théorique et de l’exécution effective.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Commission européenne, Règlement délégué (UE) 2017/589, RTS 6 — méthodologie, documentation et environnements de test des systèmes algorithmiques dans son périmètre réglementaire.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "ea33dab9aa9fa0a3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "backtest", "systematic-trading", "model-validation", "point-in-time-data", "execution-simulation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/banques-centrales-mandats-et-communication", "locale": "fr", "title": "Banques centrales : mandats et communication", "summary": "Mandats, indépendance, instruments, comités, procès-verbaux et conférences sans réduire la politique à hawkish ou dovish.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/banques-centrales-mandats-et-communication/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, The Fed Explained.", "urls": [ "https://www.federalreserve.gov/aboutthefed/the-fed-explained.htm" ] }, { "text": "ECB, About.", "urls": [ "https://www.ecb.europa.eu/ecb/html/index.en.html" ] }, { "text": "Bank of England, Monetary policy.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy" ] } ], "revision": "67d65eb4b2e2e7d6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/basis-des-futures", "locale": "fr", "title": "Basis des futures", "summary": "Le basis des futures mesure une différence déclarée entre prix future et prix spot. Cyclepedia emploie b = F − S ; convention de signe, référence cash, fair value, échéance et coûts doivent être explicites avant toute interprétation.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/basis-des-futures/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — contrat, règlement en espèces, livraison et risque économique.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — convention cash moins futures, risque de basis, point de base et calendar spread.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — couverture, offset, livraison et convergence avec le marché cash.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — règlement quotidien et variations des positions.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — échéance, offset et remplacement par des contrats plus lointains.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — références de règlement et lien entre contrat et marché physique.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — convention futures moins spot et relation avec financement et dividendes.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — point de livraison, grade, différentiels et conditions de convergence.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "ed2627a7ae2a8b12", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "pricing", "hedging", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/beta-de-marche", "locale": "fr", "title": "Bêta de marché", "summary": "Le bêta estime la sensibilité linéaire des rendements d’un actif ou portefeuille à une référence déclarée. Il dépend des données, de la fenêtre et de la méthode et ne mesure seul ni risque total, ni causalité, ni part de mouvement expliquée.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/beta-de-marche/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk, The Journal of Finance, 1964.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Beta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "FINRA, Volatility — définition pédagogique du bêta relatif à un benchmark.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "NIST/SEMATECH, Least Squares et R² is not enough — estimation et contrôle d’un modèle linéaire.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd431.htm", "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] } ], "revision": "2d67544b8b8a4637", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "portfolio-risk", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "equity" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/biais-de-survie", "locale": "fr", "title": "Biais de survie", "summary": "Biais produit par l’analyse des seuls instruments, fonds, sociétés ou stratégies ayant survécu, en excluant les cessations et les changements d’univers connus seulement a posteriori.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/biais-de-survie/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Stephen J. Brown, William N. Goetzmann, Roger G. Ibbotson et Stephen A. Ross, Survivorship Bias in Performance Studies, The Review of Financial Studies, 1992 — effets de la troncature par survie sur rendement, volatilité et prévisibilité apparente.", "urls": [ "https://doi.org/10.1093/rfs/5.4.553" ] }, { "text": "Edwin J. Elton, Martin J. Gruber et Christopher R. Blake, Survivorship Bias and Mutual Fund Performance, The Review of Financial Studies, 1996 — estimation du biais en suivant fonds existants, fusionnés et disparus.", "urls": [ "https://doi.org/10.1093/rfs/9.4.1097" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — rendements manquants et distorsion associée aux radiations négatives.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — modèle de données comprenant les fonds actifs et radiés.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "S&P Dow Jones Indices, Legal Disclaimers — Back-tested Performance — avertissements du fournisseur sur le recul rétrospectif, la sélection des composantes et les possibles biais de survie ou d’anticipation.", "urls": [ "https://www.spglobal.com/spdji/en/disclaimers/" ] } ], "revision": "de3826a4d4aa402d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "universe-selection", "data-quality", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/bourse-et-courtier", "locale": "fr", "title": "Bourse, courtier, dealer et conservateur", "summary": "Bourse, courtier, dealer, teneur de marché et conservateur remplissent des fonctions différentes. Une même entreprise peut en réunir plusieurs sans les rendre équivalentes.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/bourse-et-courtier/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, article 4: définitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, article 27: exécution aux conditions les plus favorables", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — EMIR, article 2: définitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] } ], "revision": "91017228d7487aac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/budget-de-risque", "locale": "fr", "title": "Budget de risque et risk budgeting", "summary": "Allocation ex ante d’une mesure de risque entre composantes. Un budget nomme la mesure, l’horizon, le périmètre et la cible ; il ne se confond pas avec le capital.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/budget-de-risque/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Benjamin Bruder et Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Edward E. Qian, Risk Budgets Do Add Up", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Maillard, Roncalli et Teïletche, Equally-Weighted Risk Contributions Portfolios", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Dirk Tasche, The Euler Principle", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Harry Markowitz, Portfolio Selection", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] } ], "revision": "f655e0d53726fdd2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-budgeting", "risk-allocation", "portfolio-construction", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/allocation-du-risque-et-sensibilites" }, { "key": "fr/concetti/cagr-et-annualisation", "locale": "fr", "title": "CAGR et annualisation", "summary": "Le CAGR exprime le taux annuel constant équivalent entre deux valeurs positives. Ce n’est pas une moyenne arithmétique, il ne décrit pas le parcours et exige de la prudence avec flux externes, périodes courtes et séries non comparables.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/cagr-et-annualisation/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — norme officielle sur le calcul, l’enchaînement et la présentation des rendements, y compris le traitement des périodes inférieures à un an.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — interprétations officielles sur rendements, flux, valorisations et présentations annualisées.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — cadre professionnel de mesure et de comparaison de la performance d’un portefeuille.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Investment Adviser Marketing, Final Rule IA-5653 — source réglementaire primaire sur les conditions de présentation de la performance dans son périmètre.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ia-5653.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — méthodologie officielle du fournisseur pour le calcul, l’enchaînement et les variantes d’indices.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "MSCI, Index Calculation Methodology — méthodologie officielle relative aux indices de prix, gross et net total return, opérations sur titres, devise et continuité.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] } ], "revision": "0035d2e6c29ed210", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "cagr", "annualization", "compounded-return", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/carnet-d-ordres", "locale": "fr", "title": "Carnet d’ordres : prix, profondeur et limites", "summary": "Le carnet d’ordres rassemble les ordres à cours limité affichés sur un marché précis. Il montre bid, ask et profondeur disponible, mais ni toute la liquidité ni la direction future du prix.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/carnet-d-ordres/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC — Order Book Reporting Methods — ordres affichés, modifications, annulations et exécutions selon le format du flux.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "NYSE — NYSE Pillar Depth — exemple officiel d’un flux de profondeur avec prix, tailles et lieu.", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "Cont, Kukanov et Stoikov — The Price Impact of Order Book Events — étude publiée sur OFI, profondeur et variations de prix.", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003" ] }, { "text": "Prépublication de l’étude sur l’order-flow imbalance — version accessible du travail empirique.", "urls": [ "https://arxiv.org/abs/1011.6402" ] }, { "text": "U.S. CFTC — Antidisruptive Practices Authority — interprétation du spoofing et rôle de l’intention.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "cec69fa7016bc233", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "volumetric", "market-integrity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/carry-roll-down-et-rendement-obligataire", "locale": "fr", "title": "Carry, roll-down et rendement obligataire", "summary": "Décomposer le rendement entre carry, déplacement sur la courbe, taux, spread, convexité et coûts.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/carry-roll-down-et-rendement-obligataire/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "3aeb621093b9c604", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "carry", "roll-down", "holding-period-return", "yield-curve" ], "asset_classes": [ "fixed-income", "rates", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/cfd", "locale": "fr", "title": "CFD (Contract for Difference)", "summary": "Un CFD est un produit dérivé réglé par différence monétaire envers le fournisseur. Il n’attribue pas le sous-jacent ; marge, prix, coûts overnight, close-out et risque de contrepartie dépendent du contrat et de la juridiction.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/cfd/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, Additional information on the agreed product intervention measures relating to contracts for differences and binary options — définition du CFD, règlement monétaire et risques pour le client de détail.", "urls": [ "https://www.esma.europa.eu/document/additional-information-agreed-product-intervention-measures-relating-contracts-differences" ] }, { "text": "Financial Conduct Authority, Contract for differences, mise à jour le 13 juin 2025 — levier, close-out, protections et conflits dans le périmètre britannique.", "urls": [ "https://www.fca.org.uk/firms/contract-for-differences" ] }, { "text": "Financial Conduct Authority, Multi-firm review of CFD providers' provision of price and value, 13 novembre 2025 — spreads, commissions, financement overnight et fixation des prix par les fournisseurs OTC.", "urls": [ "https://www.fca.org.uk/publications/multi-firm-reviews/contracts-difference-providers-provision-price-and-value" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — catégories de produits dérivés dans le cadre européen.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "55aeb95c459e1aac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/chaine-d-options", "locale": "fr", "title": "Chaîne d’options : séries, cotations et liquidité", "summary": "Une chaîne d’options photographie les séries disponibles par échéance et strike. Timestamp, bid, ask, taille, volume, intérêt ouvert, IV et grecques n’ont ni la même fréquence ni le même sens.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/chaine-d-options/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Understanding the Bid and Ask Prices for Options — cotations, tailles, spread et slippage.", "urls": [ "https://www.optionseducation.org/news/understanding-the-bid-and-ask-prices-for-options" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — champs de chaîne, retard, volatilité et grecques.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "Options Industry Council, General Information FAQ — volume, intérêt ouvert et liquidité.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "The Options Clearing Corporation, Series Search — intérêt ouvert par série et date.", "urls": [ "https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search" ] }, { "text": "The Options Clearing Corporation, Volume Query — volume par produit et séance.", "urls": [ "https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-query" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Legal Bulletin No. 16 — Transactions in Listed Options — diffusion du bid, de l’ask et de la taille, ainsi qu’obligations de cotation aux États-Unis.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/staff-legal-bulletins/staff-legal-bulletin-no-16-transactions-listed-options-under-exchange-act-rule-11ac1-1" ] }, { "text": "Options Price Reporting Authority, OPRA Pillar Output Specification — structure primaire des messages de cotation.", "urls": [ "https://cdn.opraplan.com/documents/OPRA_Pillar_Output_Specification.pdf" ] } ], "revision": "fddf2eeda9afce55", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "market-data", "liquidity", "execution" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/classes-d-actifs", "locale": "fr", "title": "Classes d’actifs", "summary": "Les classes d’actifs regroupent des expositions aux caractéristiques économiques communes, comme les actions, obligations, liquidités, devises et matières premières. Elles ne se confondent pas avec les instruments utilisés pour les négocier.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/classes-d-actifs/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Introduction to Investing — allocation entre actions, obligations et liquidités, et principe de diversification.", "urls": [ "https://www.investor.gov/introduction-investing" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products — produits, risque, coûts, liquidité et diversification.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d’Italia, L’economia per tutti, Cosa sapere prima di investire.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics — distinction entre produits dérivés sur devises, taux, actions, crédit et matières premières.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] } ], "revision": "8abea17f0d011054", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/compensation-reglement-et-conservation", "locale": "fr", "title": "Compensation, règlement et conservation", "summary": "Compensation, règlement et conservation sont des fonctions post-marché distinctes : calculer et gérer les obligations, transférer titres et cash, puis tenir et administrer les actifs.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/compensation-reglement-et-conservation/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — EMIR, article 2: définitions — CCP, clearing, membre et risque de contrepartie.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "Banque centrale européenne — What is T2S? — règlement titres-cash, DvP, CSD et comptes banque centrale.", "urls": [ "https://www.ecb.europa.eu/paym/target/t2s/html/index.en.html" ] }, { "text": "CPSS-IOSCO — Principles for financial market infrastructures — normes pour CCP, CSD, règlement, finalité, DvP et conservation.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "00bb06679e2a99a9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/construction-de-portefeuille", "locale": "fr", "title": "Construction de portefeuille", "summary": "Processus qui transforme objectifs, contraintes et hypothèses en un ensemble applicable de pondérations, d’instruments, de limites, de références et de règles de contrôle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/construction-de-portefeuille/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — relation entre rendement attendu, variance, covariances et choix de portefeuille.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — processus asset-only, liability-relative et goals-based, budget de risque et limites de la moyenne-variance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — taille, liquidité, horizon, fiscalité, gouvernance et rééquilibrage.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — cadre pédagogique officiel sur l’allocation, la diversification et le rééquilibrage.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi et Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — comparaison hors échantillon et rôle de l’erreur d’estimation.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] } ], "revision": "1e1f37f89dc56007", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-construction", "asset-allocation", "investment-policy", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/contango-et-backwardation", "locale": "fr", "title": "Contango et backwardation des futures", "summary": "Contango et backwardation décrivent le signe de l’écart entre échéances futures comparables sur un segment déclaré. Ils ne signifient ni hausse ni baisse et ne garantissent pas le rendement d’une position ou d’un roll.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/contango-et-backwardation/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — définitions institutionnelles de contango, backwardation, spread et terminologie des futures.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — roll des contrats et divergence entre produits liés aux futures et prix spot.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — risques, rendement de roll et comportement des produits liés aux futures sur matières premières.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — opérations nécessaires lors du passage entre échéances.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, livre blanc hébergé par CME Group — contango, backwardation, convergence et rendement du roll.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — qualité, lieu, différentiels et structure économique des contrats livrables.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "3faa0a60891906c8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/contrats-futures", "locale": "fr", "title": "Futures : contrat, marge, échéance et roll", "summary": "Un future est un produit dérivé standardisé négocié sur un marché organisé et compensé par une chambre. Obligations, notionnel, marge, mark-to-market, échéance et règlement dépendent des spécifications du contrat.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/contrats-futures/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — obligations, livraison ou règlement en espèces et possibilité de pertes supérieures au capital initial.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — définitions de basis, calendar spread, cash settlement, marge, offset et roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — standardisation, compensation, offset, marge et fonction de couverture.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — prix de règlement quotidien, P&L et ajustement des marges.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, roll vers des échéances plus lointaines et règlement.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — différence entre règlement quotidien, final, monétaire et physique.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — basis futures − spot, portage et convergence pour futures sur indices.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — qualités, lieux de livraison, différentiels et conditions de convergence.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "41bdadc5465f8987", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/contribution-au-risque", "locale": "fr", "title": "Contribution au risque", "summary": "Décomposition d’une mesure de risque de portefeuille en contributions marginales et composantes, sous des conditions mathématiques et des conventions déclarées.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/contribution-au-risque/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Edward E. Qian, On the Financial Interpretation of Risk Contribution: Risk Budgets Do Add Up", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Harry Markowitz, Portfolio Selection", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Paul Glasserman, Philip Heidelberger et Perwez Shahabuddin, Portfolio Value-at-Risk with Heavy-Tailed Risk Factors", "urls": [ "https://arxiv.org/abs/cond-mat/0203558" ] }, { "text": "Benjamin Bruder et Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] } ], "revision": "790254fffde358a1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-contribution", "risk-decomposition", "portfolio-risk", "euler-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/allocation-du-risque-et-sensibilites" }, { "key": "fr/concetti/convexite-obligataire", "locale": "fr", "title": "Convexité obligataire", "summary": "Sensibilité de second ordre qui mesure comment la pente prix-rendement change. Elle complète la duration pour les chocs plus larges et les flux optionnels.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/convexite-obligataire/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board, The U.S. Treasury Yield Curve: 1961 to the Present", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "CME Group, Calculating the Dollar Value of a Basis Point", "urls": [ "https://www.cmegroup.com/trading/interest-rates/files/Calculating_the_Dollar_Value_of_a_Basis_Point.pdf" ] }, { "text": "Basel Framework — SRP98", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] }, { "text": "Basel Committee, Principles for the management of interest rate risk", "urls": [ "https://www.bis.org/publ/bcbs29a.htm" ] } ], "revision": "cbce912a067e26c4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "nonlinear-risk" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/allocation-du-risque-et-sensibilites" }, { "key": "fr/concetti/correlation", "locale": "fr", "title": "Corrélation", "summary": "Estimation standardisée de la relation linéaire entre deux séries alignées. Elle dépend des données et de la fenêtre et ne démontre ni causalité, ni stabilité, ni protection dans les queues de distribution.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/correlation/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Institute of Standards and Technology, CORRELATION — Dataplot Reference Manual — définition, formule, intervalle et interprétation du coefficient de corrélation linéaire.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — rôle des variances et covariances dans la construction de portefeuille.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "François Longin et Bruno Solnik, Extreme Correlation of International Equity Markets, The Journal of Finance (2001) — dépendance asymétrique des rendements internationaux extrêmes.", "urls": [ "https://doi.org/10.1111/0022-1082.00340" ] }, { "text": "Kristin Forbes et Roberto Rigobon, No Contagion, Only Interdependence: Measuring Stock Market Comovements, The Journal of Finance (2002) — biais lié à l’hétéroscédasticité dans la comparaison des corrélations en période de turbulence.", "urls": [ "https://doi.org/10.1111/0022-1082.00494" ] } ], "revision": "3055866fe92d1e3d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "correlation", "dependence", "portfolio-risk", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/courbe-des-futures", "locale": "fr", "title": "Courbe des futures : échéances, pente et mouvements", "summary": "La courbe des futures est un instantané simultané des prix de plusieurs échéances comparables. Forme, pente et variations décrivent des relations contractuelles, pas une série historique ni une prévision automatique.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/courbe-des-futures/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — terminologie des contrats, mois, basis et marché des futures.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — différence entre exposition spot et produits qui renouvellent des futures.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — structure et risques des produits liés aux futures sur matières premières.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — échéance, remplacement du contrat et calendrier du roll.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, livre blanc hébergé par CME Group — courbe, convergence et décomposition des rendements des futures.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — différentiels, qualités, lieux et conditions économiques des contrats livrables.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "abaff5b038f05297", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/couts-de-transaction", "locale": "fr", "title": "Coûts de transaction : visibles et implicites", "summary": "Les coûts de transaction comprennent commissions et frais explicites, mais aussi spread, slippage, impact et coût de non-exécution. Les mesurer exige un benchmark et un périmètre déclarés.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/couts-de-transaction/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC — Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs — distinctions entre commissions, spread, impact, opportunité et implementation shortfall.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Investor.gov — How Fees and Expenses Affect Your Investment Portfolio — commissions, majorations et frais récurrents.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "ESMA — MiFID II, article 27 — prix, coûts et contrepartie totale pour le client de détail.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "46700698abb1448b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/couts-de-transaction-dans-les-backtests", "locale": "fr", "title": "Coûts de transaction dans les backtests", "summary": "Modélisation causale des coûts séparant stratégie théorique et mise en œuvre : commissions, spread, impact, délais, exécutions partielles, prêt de titres, financement, roll et capacité.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/couts-de-transaction-dans-les-backtests/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — différence entre portefeuille théorique et résultat mis en œuvre.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs — commissions, spread, impact de marché, coût d’opportunité et difficultés de mesure.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Robert Almgren et Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 2001 — relation entre taille, impact, risque d’exécution et trajectoire des ordres.", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] }, { "text": "Gene D’Avolio, The Market for Borrowing Stock, Journal of Financial Economics, 2002 — disponibilité, frais et rappels dans le prêt de titres.", "urls": [ "https://doi.org/10.1016/S0304-405X(02)00206-4" ] }, { "text": "Andrea Frazzini, Ronen Israel et Tobias J. Moskowitz, Trading Costs of Asset Pricing Anomalies — coûts réels, impact, échelle et capacité des stratégies sur actions.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2294498" ] } ], "revision": "966179239eeefe83", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "execution", "transaction-costs", "capacity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/covariance", "locale": "fr", "title": "Covariance", "summary": "Mesure non standardisée du mouvement linéaire conjoint entre deux variables et matrice centrale du risque de portefeuille, à interpréter en déclarant unités, échantillon et méthode d’estimation.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/covariance/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulation initiale de la sélection de portefeuille au moyen des rendements attendus, variances et covariances.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "National Institute of Standards and Technology, Correlation — Dataplot Reference Manual — définition officielle du coefficient standardisé et relation entre covariance, écarts-types et corrélation.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Olivier Ledoit et Michael Wolf, A Well-Conditioned Estimator for Large-Dimensional Covariance Matrices, Journal of Multivariate Analysis (2004) — article original sur le shrinkage et le conditionnement des matrices de grande dimension.", "urls": [ "https://www.sciencedirect.com/science/article/pii/S0047259X03000964" ] }, { "text": "Richard O. Michaud, The Markowitz Optimization Enigma: Is “Optimized” Optimal?, Financial Analysts Journal (1989) — effet de l’erreur d’estimation sur les résultats de l’optimisation.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1989/the-markowitz-optimization-enigma-is-optimized-optimal" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi et Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, Review of Financial Studies (2009) — comparaison hors échantillon de règles d’allocation et difficulté de l’estimation.", "urls": [ "https://academic.oup.com/rfs/article/22/5/1915/1592901" ] } ], "revision": "f6fb766fc9c17891", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "covariance", "covariance-matrix", "portfolio-risk", "dependence", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/cycle-de-vie-d-un-ordre", "locale": "fr", "title": "Cycle de vie d’un ordre : de l’envoi au règlement", "summary": "Les étapes traversées par un ordre : paramétrage, contrôles, réception, routage, acceptation, exécutions partielles, clôture et frontière avec le post-marché.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/cycle-de-vie-d-un-ordre/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — transmission, destinations et écart entre cotation et exécution.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — réception, timestamps, exécutions partielles et annulations.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — facteurs et politique de meilleure exécution.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — traitement rapide, équitable et ordonné.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "7bb660c72a2f1a64", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/cycle-economique-et-ecart-de-production", "locale": "fr", "title": "Cycle économique et écart de production", "summary": "Expansion, ralentissement, récession et reprise lus avec plusieurs indicateurs sans traiter l’écart de production comme observable.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/cycle-economique-et-ecart-de-production/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NBER, Business Cycle Dating.", "urls": [ "https://www.nber.org/research/business-cycle-dating" ] }, { "text": "CBO, Budget and Economic Data.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] }, { "text": "OECD, Composite Leading Indicator.", "urls": [ "https://www.oecd.org/en/data/indicators/composite-leading-indicator-cli.html" ] } ], "revision": "4ff7d902ca806d18", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/data-snooping-et-tests-multiples", "locale": "fr", "title": "Data snooping et tests multiples", "summary": "Erreur de sélection qui apparaît lorsque de nombreuses stratégies, features ou seuils sont essayés sur les mêmes données et que seul le meilleur résultat est présenté.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/data-snooping-et-tests-multiples/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping — test du meilleur modèle lorsque la spécification est choisie en recherchant dans les données.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann et Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap — application du problème à un vaste univers de règles techniques.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "Campbell R. Harvey, Yan Liu et Heqing Zhu, …and the Cross-Section of Expected Returns — implications des tests multiples dans la recherche sur les rendements attendus.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Joseph P. Romano et Michael Wolf, Stepwise Multiple Testing as Formalized Data Snooping — procédures stepwise pour l’inférence multiple dépendante.", "urls": [ "https://doi.org/10.1111/j.1468-0262.2005.00615.x" ] }, { "text": "David H. Bailey et Marcos López de Prado, The Deflated Sharpe Ratio — ajustement du Sharpe à la sélection et aux propriétés non normales des rendements.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "d3299e7806336330", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "data-snooping", "multiple-testing", "backtest-overfitting", "statistical-inference" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/delta-des-options", "locale": "fr", "title": "Delta des options", "summary": "Le delta mesure la variation locale de la valeur d’une option par rapport au prix du sous-jacent. Signe, unité, multiplicateur, modèle et instant de calcul font partie de la mesure.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/delta-des-options/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Delta — The Greeks — définition et comportement du delta.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert’s Perspective — interprétation des grecques.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Sensitivities-based method — facteurs et sensibilités delta dans un cadre réglementaire.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — caractéristiques et risques des options standardisées.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black et Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — modèle classique.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "b1dd93a85a65e162", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/dimensionnement-de-position", "locale": "fr", "title": "Dimensionnement de position", "summary": "Méthode qui transforme un budget de risque et une distance d’invalidation en quantité négociable, puis applique lot minimal, coûts, liquidité et limites de portefeuille.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/dimensionnement-de-position/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Trading Basics", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "18671da9e2013b0b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "plan", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/gestion-du-risque" }, { "key": "fr/concetti/diversification", "locale": "fr", "title": "Diversification", "summary": "Processus qui combine pondérations, expositions et dépendances afin de réduire la concentration du portefeuille. Son effet dépend des données et des scénarios et ne garantit aucune protection.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/diversification/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — fondement de la sélection de portefeuille reposant sur les covariances plutôt que sur le simple nombre de titres.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee on Banking Supervision, Supervisory framework for measuring and controlling large exposures — BCBS 283 — traitement prudentiel des concentrations envers une contrepartie unique ou des groupes liés; il s’agit d’une norme bancaire, et non d’une limite universelle applicable aux traders.", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — exhaustivité, exactitude et adaptabilité nécessaires à l’agrégation des expositions et concentrations.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — raisons pour lesquelles des notionnels égaux sur des dérivés et actifs différents n’impliquent pas des risques comparables.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "bf10eef0882cbff4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "diversification", "concentration-risk", "portfolio-risk", "asset-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/donnees-macro-consensus-surprises-et-revisions", "locale": "fr", "title": "Données macro : consensus, surprises et révisions", "summary": "Calendriers, millésimes temps réel, consensus, surprises et révisions pour reconstruire l’information disponible lors de la décision.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/donnees-macro-consensus-surprises-et-revisions/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED.", "urls": [ "https://alfred.stlouisfed.org/" ] }, { "text": "BEA, Release Schedule.", "urls": [ "https://www.bea.gov/news/schedule" ] }, { "text": "BLS, Release Calendar.", "urls": [ "https://www.bls.gov/schedule/" ] } ], "revision": "da53ce98ffadfd6b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/donnees-point-in-time", "locale": "fr", "title": "Données point-in-time", "summary": "Données historiques reconstituées selon ce qui était réellement disponible à chaque décision : horodatage de disponibilité, millésime, univers, opérations sur titres et radiations sans connaissance rétrospective.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/donnees-point-in-time/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED® et Real-Time Periods — archivage des valeurs initialement publiées, de leurs révisions et de leurs périodes de validité informationnelle.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/alfred.html", "https://fred.stlouisfed.org/docs/api/fred/realtime_period.html" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR Application Programming Interfaces — historique des dépôts, métadonnées et mise à jour des informations diffusées.", "urls": [ "https://www.sec.gov/search-filings/edgar-application-programming-interfaces" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — structure historique comprenant les fonds actifs et disparus.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — conséquences de l’omission des rendements de radiation.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "S&P Dow Jones Indices, Equity Indices Policies & Practices — annonces, dates d’effet, rééquilibrages et traitement des corrections de composition.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-equity-indices-policies-practices.pdf" ] } ], "revision": "1402dd07f5945ac2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-governance", "validation", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/drawdown", "locale": "fr", "title": "Drawdown", "summary": "Baisse d’une courbe de capital depuis son sommet antérieur. Le drawdown maximal est le pire recul observé dans une fenêtre, et non une limite garantie pour l’avenir.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/drawdown/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap et Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion", "urls": [ "https://doi.org/10.1017/S0021900200014108" ] }, { "text": "Alexei Chekhlov, Stanislav Uryasev et Michael Zabarankin, Drawdown Measure in Portfolio Optimization", "urls": [ "https://doi.org/10.1142/S0219024905002767" ] } ], "revision": "9a3240b9a8a99936", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "performance-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/gestion-du-risque" }, { "key": "fr/concetti/drawdown-maximal", "locale": "fr", "title": "Drawdown maximal", "summary": "Plus forte perte observée entre un sommet antérieur et le creux qui le suit sur une courbe de richesse, dépendante du parcours, de la fenêtre et de la valorisation.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/drawdown-maximal/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap et Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — définition et dépendance à l’horizon, la dérive et la volatilité dans le modèle étudié.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — drawdown maximal, durée et limites des mesures d’évaluation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — relation entre MDD, distribution des drawdowns et Calmar.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "GIPS Standards, Handbook for Firms — valorisations, rendements, flux et informations qui conditionnent la série de performance.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — utilisation des drawdowns et de leur durée dans l’évaluation des gestionnaires.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "44345dc897af13b8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "maximum-drawdown", "path-risk", "performance-measurement", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/duration-obligataire", "locale": "fr", "title": "Duration obligataire", "summary": "Famille de mesures qui organise le temps des flux et estime la sensibilité du prix d’une obligation aux rendements. Chaque variante répond à une question différente.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/duration-obligataire/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frederick R. Macaulay, Some Theoretical Problems Suggested by the Movements of Interest Rates…", "urls": [ "https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/interest-rates-and-commodity-prices" ] }, { "text": "Federal Reserve Board, The U.S. Treasury Yield Curve: 1961 to the Present", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "FINRA, Duration — What an Interest Rate Hike Could Do to Your Bond Portfolio", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Basel Framework — SRP98", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "e21ead53b355bece", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/allocation-du-risque-et-sensibilites" }, { "key": "fr/concetti/duree-de-validite-des-ordres", "locale": "fr", "title": "Durée de validité : DAY, GTC, IOC, FOK et AON", "summary": "Le time in force fixe la durée de validité d’un ordre et le traitement de la quantité non exécutée. DAY, GTC, IOC et FOK répondent à des besoins distincts ; AON exige le fill intégral sans toujours imposer l’immédiateté.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/duree-de-validite-des-ordres/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Trading Terms: Time Parameters and Qualifiers on Stock Orders", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] }, { "text": "CME Group — Time In Force Definitions", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-firmsoft/Content/TimeInForceDefinitions.html" ] }, { "text": "CME Group — Glossary: AON, FAK et FOK", "urls": [ "https://www.cmegroup.com/education/glossary" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] } ], "revision": "cd03a42c2c3b36cd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/dv01", "locale": "fr", "title": "DV01 et PV01", "summary": "Variation monétaire locale d’un instrument ou portefeuille pour un mouvement d’un point de base du facteur de taux déclaré. La convention de signe et l’unité sont essentielles.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/dv01/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, How Can You Measure Risk in Treasuries?", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "CME Group, Understanding the Importance of Basis Point Value", "urls": [ "https://www.cmegroup.com/education/courses/understanding-stir-futures/understanding-the-importance-of-basis-point-value" ] }, { "text": "CME Group, Using Treasury Futures to Replace Swap Exposure", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/using-treasury-futures-to-replace-swap-exposure.pdf" ] }, { "text": "Basel Framework — MAR21", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Framework — SRP98", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "da7f3e095d9181e6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates", "derivatives" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/allocation-du-risque-et-sensibilites" }, { "key": "fr/concetti/ecart-type", "locale": "fr", "title": "Écart-type des rendements", "summary": "Racine de la variance et mesure de dispersion des rendements autour de leur moyenne, interprétable uniquement avec fréquence, échantillon et convention déclarés.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ecart-type/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Measures of Scale — Engineering Statistics Handbook — définitions et propriétés des mesures de dispersion.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — rôle des variances et covariances dans le portefeuille.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — usage de l’écart-type des rendements différentiels et conventions ex ante et ex post.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — échantillonnage, autocorrélation et limites de l’annualisation.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — utilisation coordonnée et limites des mesures de risque et de performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "488d104a9be0e10a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "standard-deviation", "volatility", "return-distribution", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/echeance-et-reglement-des-futures", "locale": "fr", "title": "Échéance et règlement des futures", "summary": "L’échéance d’un future est un calendrier d’événements contractuels, pas une date universelle. Offset, roll, règlement en espèces et livraison physique créent des obligations différentes définies par le rulebook du contrat.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/echeance-et-reglement-des-futures/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — liquidation avant livraison, obligations et règlement en espèces.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — cash settlement, livraison physique, first notice day, offset et roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — offset par compensation, termes standardisés et fonction de la livraison.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — prix de règlement quotidien et flux de variation.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — choix opérationnels entre offset, roll et règlement.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — règlements quotidien et final, livraison et formation du prix final.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — relation entre prix du future, spot, portage et convergence.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — points, qualités, différentiels de livraison et convergence normale.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "0bb95a9952102389", "translation_state": "not-assessed", "kind": "concept", "entity_type": "mechanism", "topics": [ "markets-instruments", "derivatives", "post-trade", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/effet-de-levier", "locale": "fr", "title": "Effet de levier financier", "summary": "Rapport entre une exposition et un capital de référence. Le levier amplifie la sensibilité du capital, mais ne fixe ni perte maximale, ni coût, ni prix de liquidation.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/effet-de-levier/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Understanding Margin Accounts", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] }, { "text": "FINRA Rule 2264 — Margin Disclosure Statement", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CFTC — Economic Purpose of Futures Markets and How They Work", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/economicpurpose.html" ] }, { "text": "CFTC — Futures Glossary", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group — Margin: Know What’s Needed", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/margin-know-what-is-needed" ] } ], "revision": "503be49e0195d3ce", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "margin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/gestion-du-risque" }, { "key": "fr/concetti/emission-adjudication-et-marche-secondaire-obligataire", "locale": "fr", "title": "Émission, adjudication et marché secondaire obligataire", "summary": "Du primaire au secondaire : allocation, prix, règlement, intermédiaires et liquidité des obligations.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/emission-adjudication-et-marche-secondaire-obligataire/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Auctions in depth", "urls": [ "https://www.treasurydirect.gov/research-center/history-of-marketable-securities/auctions/auctions-indepth/" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "579b5cf875e7b5bf", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "primary-market", "secondary-market", "auction", "market-liquidity" ], "asset_classes": [ "fixed-income", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/erreur-de-suivi", "locale": "fr", "title": "Erreur de suivi", "summary": "Écart-type du rendement actif relatif à un benchmark, estimé ex post ou modélisé ex ante selon des définitions et des bases comparables.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/erreur-de-suivi/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — définition du risque actif et comparaison avec ratio d’information, alpha, bêta et Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, risque relatif, attribution et évaluation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal (1992) — qualité de la référence et conséquences pour rendement et risque actifs.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "GIPS Standards, Guidance Statement on Benchmarks, révision 2023 — choix, présentation et informations relatives au benchmark.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — autocorrélation et limites des annualisations par racine du temps.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "62f455ad56cd75fc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "tracking-error", "active-risk", "benchmark-relative-risk", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/etf", "locale": "fr", "title": "ETF (Exchange-Traded Fund)", "summary": "Un ETF est un fonds dont les parts sont négociées en bourse. Il peut répliquer un indice ou suivre une gestion active ; prix, NAV, coûts, réplication et liquidité doivent être analysés séparément.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/etf/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Exchange-Traded Funds (ETFs), 23 février 2023 — structure, NAV, Authorized Participants et risques; le bulletin porte sur les ETF enregistrés aux États-Unis.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Leveraged and Inverse ETFs, 29 août 2023.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Exchange Traded Notes (ETNs) — distinction entre part de fonds et dette de l’émetteur.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-50" ] }, { "text": "Banca d’Italia, Glossario delle tipologie di strumenti finanziari — ETF, ETC et ETN dans le contexte italien.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "European Securities and Markets Authority, Cost of Investment Products — coûts et performance des produits de détail européens.", "urls": [ "https://www.esma.europa.eu/investor-corner/cost-investment-products" ] } ], "revision": "18eb9a75c2b9a557", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/exercice-assignation-et-reglement-des-options", "locale": "fr", "title": "Exercice, assignation et règlement des options", "summary": "L’exercice transforme le droit de l’acheteur en obligation pour le vendeur assigné. Style, cutoff, livrable et règlement déterminent les flux avant et après l’échéance.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/exercice-assignation-et-reglement-des-options/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — source officielle sur exercice, assignation, échéance et règlement.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Exercising Options — flux d’exercice et allocation des assignations.", "urls": [ "https://www.optionseducation.org/optionsoverview/exercising-options" ] }, { "text": "Options Industry Council, Options Exercise FAQ — cutoffs, styles et exercise by exception.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-exercise" ] }, { "text": "Options Industry Council, Options Assignment FAQ — assignation, échéance, suspension et instructions.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-assignment" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — obligations du vendeur et assignation d’une jambe.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "FINRA, Exercise Cut-Off Time for Expiring Options — exercice, non-exercice et avis contraire.", "urls": [ "https://www.finra.org/rules-guidance/notices/information-notice-020321" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — droits, obligations et risques fondamentaux des options.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "46da29c2ff2a9bf4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "exercise", "assignment", "settlement" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/expected-shortfall", "locale": "fr", "title": "Expected Shortfall (ES)", "summary": "Moyenne conditionnelle des pertes situées au-delà d’un quantile choisi. L’Expected Shortfall décrit la queue, mais reste dépendante des données et du modèle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/expected-shortfall/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR33", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/33.htm" ] }, { "text": "Basel Committee — Minimum capital requirements for market risk: explanatory note", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Carlo Acerbi et Dirk Tasche, On the Coherence of Expected Shortfall", "urls": [ "https://arxiv.org/abs/cond-mat/0104295" ] }, { "text": "Philippe Artzner et al., Coherent Measures of Risk", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "4f3a72594ba2a623", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "tail-risk", "expected-shortfall" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/exposition", "locale": "fr", "title": "Exposition", "summary": "Mesure de la sensibilité économique d’une position, d’un portefeuille ou d’un contrat à un actif, facteur, devise, contrepartie ou scénario défini.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/exposition/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Use of Derivatives by Registered Investment Companies", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "CFTC, Futures Glossary", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Framework — MAR21", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Framework — CRE51", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] } ], "revision": "dcc018af519a9e69", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "portfolio-risk", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/exposition-brute", "locale": "fr", "title": "Exposition brute", "summary": "Somme des valeurs absolues des expositions selon une convention déclarée. Elle montre l’échelle totale des positions avant compensation, sans mesurer seule le risque.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/exposition-brute/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Use of Derivatives by Registered Investment Companies", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "CFTC, Futures Glossary", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Framework — MAR21", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Framework — CRE52", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] } ], "revision": "232c5d072219e699", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "gross-exposure", "portfolio-risk", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/exposition-nette", "locale": "fr", "title": "Exposition nette", "summary": "Somme algébrique d’expositions signées selon une convention définie. Elle montre une direction résiduelle, mais une valeur proche de zéro ne prouve pas la neutralité.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/exposition-nette/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Use of Derivatives by Registered Investment Companies", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Framework — MAR21", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Framework — CRE52", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Framework — CRE54", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] } ], "revision": "cf905e0c7f09fe72", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "net-exposure", "portfolio-risk", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/familles-de-strategies-systematiques", "locale": "fr", "title": "Familles de stratégies systématiques", "summary": "Taxonomie comparable du trend, du momentum, de la mean reversion, du carry, de la relative value, du market making et de l’event-driven, avec leurs mécanismes et leurs risques, sans promesse de rendement.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/familles-de-strategies-systematiques/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Narasimhan Jegadeesh et Sheridan Titman, Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency — étude fondatrice du momentum cross-sectional dans l’échantillon analysé.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] }, { "text": "Tobias J. Moskowitz, Yao Hua Ooi et Lasse Heje Pedersen, Time Series Momentum — preuve et construction du time-series momentum dans le plan multi-actifs étudié.", "urls": [ "https://doi.org/10.1016/j.jfineco.2011.11.003" ] }, { "text": "Ralph S. J. Koijen et al., Carry — définition et comparaison du carry entre classes d’actifs dans l’échantillon de l’étude.", "urls": [ "https://doi.org/10.1016/j.jfineco.2017.11.002" ] }, { "text": "Evan Gatev, William N. Goetzmann et K. Geert Rouwenhorst, Pairs Trading: Performance of a Relative-Value Arbitrage Rule — méthodologie et données historiques relatives à une règle de pairs trading.", "urls": [ "https://doi.org/10.1093/rfs/hhj020" ] }, { "text": "Werner F. M. De Bondt et Richard Thaler, Does the Stock Market Overreact? — étude classique de l’overreaction et des rendements contrarian dans l’échantillon considéré.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1985.tb05004.x" ] } ], "revision": "f427d252d1ace278", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "trend-following", "momentum", "mean-reversion", "carry", "relative-value" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/fonds-de-roulement-et-conversion-en-tresorerie", "locale": "fr", "title": "Fonds de roulement et conversion en trésorerie", "summary": "Comprendre comment créances, stocks et dettes fournisseurs transforment ventes comptables, délais opérationnels et liquidité disponible.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/fonds-de-roulement-et-conversion-en-tresorerie/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Classement et présentation des flux de trésorerie selon les IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] }, { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Référence pour le chiffre d’affaires ainsi que les actifs et passifs sur contrats.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] } ], "revision": "68e5c40bb9430a2a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-concept", "topics": [ "fundamental-analysis", "working-capital", "cash-flow", "liquidity" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/concetti/forex", "locale": "fr", "title": "Forex (marché des changes)", "summary": "Le Forex regroupe les marchés où une devise est échangée contre une autre. Spot, forwards, swaps, futures, options et produits de détail sont des instruments différents, pas un marché unique.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/forex/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025, Triennial Central Bank Survey, 30 septembre 2025.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "Bank for International Settlements, Covered interest parity lost: understanding the cross-currency basis, BIS Quarterly Review, 18 septembre 2016 — relation spot-forward, taux et basis de financement.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt1609e.htm" ] }, { "text": "Global Foreign Exchange Committee, FX Global Code, actualisation de décembre 2024 — principes de gros qui ne remplacent pas la réglementation.", "urls": [ "https://www.globalfxc.org/fx-global-code/" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — risques du marché OTC de détail dans le périmètre américain.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "European Central Bank, Euro foreign exchange reference rates — taux informatifs, non recommandés comme prix exécutables.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html" ] } ], "revision": "b66f275a85b8c8a5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "execution", "risk" ], "asset_classes": [ "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/forward-test", "locale": "fr", "title": "Forward test", "summary": "Évaluation prospective d’une version gelée sur des données qui arrivent après la décision, réalisable en paper trading, en mode shadow ou en micro-live.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/forward-test/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — ordre temporel, origine glissante et évaluations hors échantillon successives.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validation proactive et fiabilité des modèles d’investissement.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limites de la performance hypothétique dans son propre périmètre NFA.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automatisation, plateformes de négociation et interaction des ordres sur les marchés réels.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Commission européenne, Règlement délégué (UE) 2017/589, RTS 6 — tests, contrôles, documentation et déploiement dans son propre périmètre réglementaire européen.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "651d3d9246051d44", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "forward-test", "prospective-validation", "frozen-model", "shadow-mode", "micro-live" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/fuite-de-donnees-et-biais-d-anticipation", "locale": "fr", "title": "Fuite de données et biais d’anticipation", "summary": "Information indisponible au moment de la décision qui contamine features, règles, validation ou simulation des ordres et produit des résultats historiques non reproductibles causalement.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/fuite-de-donnees-et-biais-d-anticipation/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inférence lorsque le résultat sélectionné provient de nombreuses spécifications.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey et Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — séparation entre recherche, sélection, holdout et rareté des données financières.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "David H. Bailey, Jonathan M. Borwein, Marcos López de Prado et Qiji Jim Zhu, The Probability of Backtest Overfitting — risque de surapprentissage issu de la sélection entre de nombreuses configurations.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED® versus ALFRED® — différence entre l’information historique disponible aujourd’hui et le millésime connu dans le passé.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/fred_vs_alfred.html" ] }, { "text": "scikit-learn, TimeSeriesSplit — validation croisée ordonnée dans le temps et paramètre de gap; documentation technique officielle.", "urls": [ "https://scikit-learn.org/stable/modules/generated/sklearn.model_selection.TimeSeriesSplit.html" ] } ], "revision": "bc65d4a8a8f71944", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-quality", "validation", "machine-learning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/gamma-des-options", "locale": "fr", "title": "Gamma des options", "summary": "Le gamma mesure la variation du delta lorsque le sous-jacent évolue. C’est une sensibilité locale de second ordre dont unité, signe et échelle dépendent de la position.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/gamma-des-options/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Gamma — The Greeks — définition et comportement du gamma.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-gamma-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert’s Perspective — interprétation des sensibilités.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Fischer Black et Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — modèle classique.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Basel Committee on Banking Supervision, MAR20 — General provisions and structure — distinction entre delta, vega et risque de courbure.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/20.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — risques des options standardisées.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "18c392b9306d99e0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/hors-echantillon", "locale": "fr", "title": "Hors échantillon", "summary": "Évaluation sur des observations non employées pendant le développement : séparation temporelle, intégrité du test, purging, embargo et walk-forward sans raccourci universel.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/hors-echantillon/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, International Journal of Forecasting, 2000 — rolling origin, recalibration et multiples périodes de test.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir et José M. Benítez, On the use of cross-validation for time series predictor evaluation, Information Sciences, 2012 — plans de validation croisée pour prédicteurs temporels.", "urls": [ "https://doi.org/10.1016/j.ins.2011.12.028" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman et Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction, 2018 — conditions dans lesquelles la validation croisée peut convenir aux séries autorégressives.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — sélection entre configurations et limites du simple holdout dans les backtests d’investissement.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — table des matières officielle Wiley, Wiley, 2018 — référence monographique pour le purged K-fold et l’embargo; elle n’est pas citée ici comme article évalué par les pairs.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "07dc92f915a79207", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "out-of-sample", "holdout", "temporal-validation", "walk-forward", "purged-cross-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/impact-de-marche", "locale": "fr", "title": "Impact de marché : effet causal de l’ordre", "summary": "L’impact de marché est la variation de prix attribuable à l’ordre ou au programme d’exécution lui-même. C’est un coût implicite distinct du spread, du slippage et du mouvement autonome.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/impact-de-marche/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS — Structural Aspects of Market Liquidity", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "U.S. SEC — Proposed Order Competition Rule, Release No. 34-96495", "urls": [ "https://www.sec.gov/files/rules/proposed/2022/34-96495.pdf" ] }, { "text": "Cont, Kukanov et Stoikov — The Price Impact of Order Book Events", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003" ] }, { "text": "Prépublication de The Price Impact of Order Book Events", "urls": [ "https://arxiv.org/abs/1011.6402" ] }, { "text": "Almgren et Chriss — Optimal Execution of Portfolio Transactions", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] } ], "revision": "b6efbe6d0085ea2b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/indice-de-reference-de-performance", "locale": "fr", "title": "Indice de référence de performance", "summary": "Référence choisie à l’avance pour évaluer le rendement et le risque d’un portefeuille, définie par un univers, une version de rendement total, une devise, une couverture et une méthodologie comparables.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/indice-de-reference-de-performance/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Overview of the Global Investment Performance Standards (2026) — cadre actuel des normes GIPS, leurs finalités et leur périmètre.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Global Investment Performance Standards, Guidance Statement on Benchmarks for Firms, révision de juillet 2023 — pertinence, rendement total, devise, références personnalisées et informations à fournir dans le cadre GIPS.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks (2013) — principes officiels de gouvernance, qualité, méthodologie et responsabilité des indices de référence.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf" ] }, { "text": "MSCI, MSCI Index Calculation Methodology, mai 2026 — calcul des versions price, gross et net return, devises, distributions et opérations sur titres.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology, avril 2026 — formules et conventions officielles pour les versions price return, total return, net total return, devises et indices couverts.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation (2026) — propriétés d’une référence valide et dépendance de l’évaluation et de l’attribution à sa spécification.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "bd87e756426f5e38", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-benchmark", "total-return", "active-return", "benchmark-governance", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/inflation-ipc-pce-et-ipp", "locale": "fr", "title": "Inflation : IPC, PCE et IPP", "summary": "Lire indices de consommation et de production, inflation totale et sous-jacente, pondérations, effets de base et composition.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/inflation-ipc-pce-et-ipp/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Consumer Price Index.", "urls": [ "https://www.bls.gov/cpi/" ] }, { "text": "BEA, Personal Consumption Expenditures Price Index.", "urls": [ "https://www.bea.gov/data/personal-consumption-expenditures-price-index" ] }, { "text": "BLS, Producer Price Indexes.", "urls": [ "https://www.bls.gov/ppi/" ] } ], "revision": "74a0c1b589908ef2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/key-rate-duration-et-risque-de-courbe", "locale": "fr", "title": "Key-rate duration et risque de courbe", "summary": "La key-rate duration distribue la sensibilité sur les nœuds et révèle les risques masqués par une duration totale.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/key-rate-duration-et-risque-de-courbe/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] } ], "revision": "27198b2577777aee", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "interest-rate-risk", "yield-curve", "key-rate-duration", "hedging" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/latence-d-execution", "locale": "fr", "title": "Latence d’exécution : parcours et horodatages", "summary": "La latence couvre les délais entre décision, envoi, réception, routage, accusé de réception et rapports d’exécution. Elle se mesure par segment avec des horloges cohérentes.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/latence-d-execution/", "published": "2026-08-03", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC — FAQ Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC — Release No. 34-43590", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "EUR-Lex — Règlement délégué (UE) 2025/1155, synchronisation des horloges professionnelles", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] }, { "text": "ESMA — MiFID II, article 27", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "5f99ca1df7058b43", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/lieux-de-negociation-et-routage", "locale": "fr", "title": "Lieux de négociation et routage des ordres", "summary": "Le routage conduit un ordre du courtier vers une destination d’exécution. Les catégories, facteurs de choix et conflits diffèrent selon juridiction, produit et politique du courtier.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/lieux-de-negociation-et-routage/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Executing an Order — destinations, internalisation et PFOF dans le contexte américain.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC — FAQ Rule 606 of Regulation NMS — déclarations de routage et discrétion du courtier.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "ESMA — MiFID II, article 4: définitions — marché réglementé, MTF, OTF et trading venue.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, article 27 — facteurs, politique et exécution hors lieu.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "4b68365cc0c18fcd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "silver", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/liquidation-forcee", "locale": "fr", "title": "Liquidation forcée", "summary": "Réduction ou clôture imposée lorsqu’un compte ne respecte plus une exigence de marge, d’equity ou de risque. Déclencheur, procédure, exécution et déficit sont distincts.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/liquidation-forcee/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Margin Disclosure Statement — Rule 2264", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Understand the Risks of Virtual Currency Trading", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "efb450ac114f2828", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/gestion-du-risque" }, { "key": "fr/concetti/liquidite-de-marche", "locale": "fr", "title": "Liquidité de marché : dimensions et mesures", "summary": "La liquidité est la capacité d’exécuter rapidement une quantité significative avec des coûts et un impact limités. Spread, profondeur, immédiateté et résilience ne sont pas synonymes.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/liquidite-de-marche/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS — Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS — Structural Aspects of Market Liquidity", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "Banque centrale européenne — Market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] }, { "text": "CME Group — Understanding the CME Liquidity Tool Methodology", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "062a10dac836f279", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/marche-au-comptant", "locale": "fr", "title": "Marché au comptant : échange, règlement et détention", "summary": "Le comptant décrit un échange réglé selon les conventions du marché. Il ne garantit à lui seul ni détention physique, ni absence de levier, ni négociation en bourse, ni identité de la contrepartie.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/marche-au-comptant/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025 — segments spot, outright forward, swaps de change, swaps de devises et options OTC.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — relation OTC avec le dealer, marge, financement et coûts pour le client de détail.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "Banca d’Italia, L’economia per tutti, Cos’è la borsa? — fonction d’une bourse et rôle des intermédiaires.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — définitions européennes du lieu de négociation, du marché réglementé, du MTF et de l’OTF.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "ec61d2f294906867", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/marche-du-travail-emploi-chomage-et-salaires", "locale": "fr", "title": "Marché du travail : emploi, chômage et salaires", "summary": "Emploi, participation, chômage, heures et rémunérations comme mesures complémentaires issues d’enquêtes distinctes.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/marche-du-travail-emploi-chomage-et-salaires/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Employment Situation.", "urls": [ "https://www.bls.gov/news.release/empsit.htm" ] }, { "text": "Eurostat, Employment and unemployment.", "urls": [ "https://ec.europa.eu/eurostat/web/labour-market/overview" ] }, { "text": "ILO, ILOSTAT.", "urls": [ "https://ilostat.ilo.org/" ] } ], "revision": "6550c74bd31d9bd6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/marche-monetaire-repo-et-taux-au-jour-le-jour", "locale": "fr", "title": "Marché monétaire, repo et taux au jour le jour", "summary": "Circulation de la liquidité courte par financement garanti, repo, collateral et références overnight comme SOFR.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/marche-monetaire-repo-et-taux-au-jour-le-jour/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Secured Overnight Financing Rate", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] } ], "revision": "dfcc3d476255211f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "money-market", "repo", "funding", "collateral", "overnight-rates", "sofr" ], "asset_classes": [ "money-market", "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/marge", "locale": "fr", "title": "Marge", "summary": "Ressource exigée pour ouvrir ou maintenir une exposition. Dans les titres, elle accompagne un crédit garanti ; dans les futures, elle constitue une garantie de bonne exécution.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/marge/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Brokerage Accounts", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "FINRA, Rule 2264 — Margin Disclosure Statement", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "aa998dece53e2948", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/gestion-du-risque" }, { "key": "fr/concetti/matieres-premieres", "locale": "fr", "title": "Matières premières et commodities", "summary": "Les matières premières sont des biens fongibles comme l’énergie, les métaux et les produits agricoles. Détention physique, spot, futures, options et ETP offrent des expositions différentes et ne produisent pas le même rendement.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/matieres-premieres/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Commodities.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/commodities" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — contrat, livraison, hedger, spéculation et risques.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Learn About Risks Before Investing in Commodity ETPs or Funds, 21 mai 2020 — divergence entre ETP sur futures et matière première physique.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_CommodityETPs.htm" ] }, { "text": "International Monetary Fund, Primary Commodity Prices — base mensuelle et indices officiels.", "urls": [ "https://www.imf.org/en/research/commodity-prices" ] }, { "text": "Banca d’Italia, Glossario delle tipologie di strumenti finanziari — ETC, futures, forwards et options.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "3d402d593176c954", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "risk" ], "asset_classes": [ "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/meilleure-execution", "locale": "fr", "title": "Meilleure exécution : obligation et contrôle", "summary": "La meilleure exécution oblige certains intermédiaires à rechercher le meilleur résultat possible selon prix, coûts, rapidité, probabilité, règlement et caractéristiques de l’ordre.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/meilleure-execution/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — MiFID II, article 27 — facteurs, contrepartie totale, politique, suivi et preuve.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — Q&A 1016, all sufficient steps — niveau de l’obligation et résultats cohérents.", "urls": [ "https://www.esma.europa.eu/publications-data/questions-answers/1016" ] }, { "text": "U.S. SEC — Best Execution — devoir et facteurs américains.", "urls": [ "https://www.sec.gov/answers/bestex.htm" ] }, { "text": "U.S. SEC — Disclosure of Order Execution and Routing Practices — analyse selon faits et circonstances.", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] } ], "revision": "70de83d1d71321d3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "regulation", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/metriques-et-benchmarks-de-backtest", "locale": "fr", "title": "Métriques et benchmarks de backtest", "summary": "Comment lire rendement, risque, drawdown, coûts, capacité et incertitude en déclarant la série, la fréquence, l’annualisation et le terme de comparaison.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/metriques-et-benchmarks-de-backtest/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio — définition, interprétation et relations de la mesure.", "urls": [ "https://doi.org/10.3905/jpm.1994.409501" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — distribution et limites de l’annualisation en présence de dépendance.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey et Marcos López de Prado, The Deflated Sharpe Ratio — ajustement du biais de sélection et des rendements non normaux dans le cadre du modèle proposé.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — principes de gouvernance, de qualité et de méthodologie applicables aux benchmarks dans leur périmètre.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD409.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — utilisation conjointe de la performance, des benchmarks, des tests de résistance et de l’incertitude dans la validation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "4a9b64f03f29e8f4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "benchmarks", "sharpe-ratio", "drawdown", "uncertainty" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/modele-economique-et-moteurs-de-revenus", "locale": "fr", "title": "Modèle économique et moteurs de revenus", "summary": "Relier clients, proposition de valeur, prix, volumes, coûts et capital pour comprendre comment une entreprise produit revenus et trésorerie.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/modele-economique-et-moteurs-de-revenus/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Principes de comptabilisation du chiffre d’affaires et informations à fournir sur les contrats clients.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guide des états et notes utilisés pour vérifier le récit économique.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "748a10769a548f1a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "business-analysis-framework", "topics": [ "fundamental-analysis", "business-model", "revenue", "unit-economics" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/concetti/monte-carlo-et-bootstrap", "locale": "fr", "title": "Monte-Carlo et bootstrap pour les stratégies de trading", "summary": "Simulations et rééchantillonnages pour étudier l’incertitude, l’ordre des rendements et les drawdowns sous des hypothèses déclarées, sans créer d’information absente des données.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/monte-carlo-et-bootstrap/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bradley Efron, Bootstrap Methods: Another Look at the Jackknife — article fondateur sur le bootstrap et l’estimation par rééchantillonnage.", "urls": [ "https://doi.org/10.1214/aos/1176344552" ] }, { "text": "Dimitris N. Politis et Joseph P. Romano, The Stationary Bootstrap — bootstrap par blocs de longueur aléatoire pour des données faiblement dépendantes et stationnaires.", "urls": [ "https://doi.org/10.1080/01621459.1994.10476870" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — effet de la dépendance temporelle sur la distribution et l’annualisation du ratio de Sharpe.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — rôle de Monte-Carlo, du bootstrap et des tests de résistance dans la validation des modèles d’investissement.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "4cfc940aaef7887e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "monte-carlo", "bootstrap", "resampling", "uncertainty", "drawdown" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/moteur-d-appariement", "locale": "fr", "title": "Moteur d’appariement : règles et priorités", "summary": "Le moteur d’appariement applique les règles d’un marché pour confronter les ordres compatibles et répartir les exécutions. La priorité prix-temps est fréquente, mais pas universelle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/moteur-d-appariement/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Matching Algorithm Overview — principaux modèles d’allocation et variations par produit.", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group — Overview: What Makes Ag Markets Work — rôle du carnet central et du moteur dans les marchés électroniques.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/overview-what-makes-ags-markets-work" ] }, { "text": "ESMA — MiFID II, article 28 — exigences de traitement rapide, équitable et séquentiel des ordres clients.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — distinction entre réception par le courtier, routage et exécution.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "762b13aa0385bf93", "translation_state": "not-assessed", "kind": "concept", "entity_type": "infrastructure", "topics": [ "execution", "microstructure", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/notation-defaut-recouvrement-et-perte-en-cas-de-defaut", "locale": "fr", "title": "Notation, défaut, recouvrement et perte en cas de défaut", "summary": "Relier notation, probabilité de défaut, valeur recouvrée et perte sans transformer les estimations en certitudes.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/notation-defaut-recouvrement-et-perte-en-cas-de-defaut/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "3d9138989d0dae21", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "default", "recovery", "expected-loss" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/obligations", "locale": "fr", "title": "Obligations", "summary": "Une obligation est un titre de dette : l’investisseur prête du capital à un émetteur selon des règles d’intérêt, de remboursement et d’échéance. Prix, coupon et rendement sont des grandeurs différentes.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/obligations/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Bonds — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Fixed Income Investments — When Interest Rates Go Up, Prices of Fixed-Rate Bonds Fall.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-86" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, What Are Corporate Bonds?.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/what-are" ] }, { "text": "Banca d’Italia, L’economia per tutti, Obbligazioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-obbligazioni/" ] }, { "text": "Banca d’Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "cda75b67c9856720", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "macro", "risk" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/obligations-a-taux-variable-et-indexees-sur-inflation", "locale": "fr", "title": "Obligations à taux variable et indexées sur l'inflation", "summary": "FRN et obligations indexées ajustent coupon ou principal via des indices distincts, avec lags, spreads et risques résiduels.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/obligations-a-taux-variable-et-indexees-sur-inflation/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Floating Rate Notes", "urls": [ "https://treasurydirect.gov/marketable-securities/floating-rate-notes/" ] }, { "text": "TreasuryDirect — Treasury Inflation-Protected Securities", "urls": [ "https://www.treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] } ], "revision": "a6316fe50a48755c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "floating-rate", "inflation-linked", "tips", "basis-risk" ], "asset_classes": [ "fixed-income", "rates", "inflation" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/obligations-callable-puttable-et-risque-de-remboursement-anticipe", "locale": "fr", "title": "Obligations callable, puttable et risque de remboursement anticipé", "summary": "Call, put et prépaiement modifient flux, rendement et sensibilité : incitations, scénarios et risques.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/obligations-callable-puttable-et-risque-de-remboursement-anticipe/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Callable Bonds: Understanding the Basics", "urls": [ "https://www.finra.org/investors/insights/callable-bonds-understanding-basics" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "12e6564c57696e18", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "embedded-options", "callable-bonds", "prepayment", "convexity" ], "asset_classes": [ "fixed-income", "credit", "mortgages" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/optimisation-moyenne-variance-et-frontiere-efficiente", "locale": "fr", "title": "Optimisation moyenne-variance et frontière efficiente", "summary": "Cadre de Markowitz combinant rendements attendus, variances et covariances afin de comparer des portefeuilles efficients, avec des limites d’estimation et de mise en œuvre explicites.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/optimisation-moyenne-variance-et-frontiere-efficiente/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulation initiale du critère moyenne-variance.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — fonction objectif, frontière, critiques, passifs, facteurs et applications pratiques.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi et Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — comparaison hors échantillon avec la règle 1/N.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "Fischer Black et Robert Litterman, Global Portfolio Optimization, Financial Analysts Journal (1992) — cadre combinant équilibre et vues.", "urls": [ "https://doi.org/10.2469/faj.v48.n5.28" ] }, { "text": "Richard O. Michaud et Robert Michaud, Estimation Error and Portfolio Optimization: A Resampling Solution — erreur d’estimation, rééchantillonnage et stabilité des solutions.", "urls": [ "https://doi.org/10.2139/ssrn.2658657" ] } ], "revision": "08b4580852bd07d0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "mean-variance-optimization", "efficient-frontier", "portfolio-theory", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/options", "locale": "fr", "title": "Options : call, put, strike et échéance", "summary": "Une option confère un droit à l’acheteur et l’obligation correspondante au vendeur. Call, put, strike, prime, échéance et règlement définissent le contrat.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/options/", "published": "2026-07-31", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — contrat, exercice, assignation, règlement et risques des options standardisées.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — droits, obligations et risques fondamentaux des call et put.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Opening an Options Trading Account — approbation du compte et informations à examiner dans le périmètre américain.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-77" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — options sur futures et obligations contractuelles.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Financial instruments — catégories d’options et de dérivés dans le cadre européen.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "052452a083d3b445", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "options", "derivatives", "risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/ordre-a-cours-limite", "locale": "fr", "title": "Ordre à cours limité : prix, file et fills partiels", "summary": "Un ordre à cours limité ne peut s’exécuter qu’au prix indiqué ou à un prix meilleur. Il protège la limite si un fill intervient, sans garantir l’exécution, le rôle maker ni la quantité complète.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ordre-a-cours-limite/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — limite de prix et absence de garantie d’exécution.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Limit Orders — conditions et risque de non-exécution.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "U.S. SEC — Rule 606 Regulation NMS, FAQ — ordres qui apportent ou retirent de la liquidité.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "ESMA — MiFID II, article 28: Client order handling rules — traitement équitable et publication de certains ordres limités.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "1c14a9ecdc323397", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/ordre-au-marche", "locale": "fr", "title": "Ordre au marché : exécution et risque de prix", "summary": "Un ordre au marché demande de négocier immédiatement contre la liquidité disponible, sans prix limite. Il privilégie la probabilité d’exécution, sans garantir le prix ni le remplissage complet.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ordre-au-marche/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — définition et risque de prix.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — routage, délai et quantité cotée.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — ordres non exécutés, fills partiels et suspensions.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC, Investor.gov — Trading Halts and Delays — suspensions réglementaires et de marché.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/trading-halts-and-delays" ] } ], "revision": "a22272c21808943e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/ordre-iceberg", "locale": "fr", "title": "Ordre iceberg : tranche visible et réserve", "summary": "Un ordre iceberg affiche une petite tranche de sa quantité et garde le reste en réserve. Le réapprovisionnement, la priorité et la visibilité dépendent du marché ou du courtier.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ordre-iceberg/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Market by Order FAQ — identifiants, priorité et représentation des ordres iceberg dans MBO.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group — Display Quantity Order Overview — fonctionnement de la quantité affichée et de la réserve.", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] }, { "text": "CME Group — Enter Orders — paramètres opérationnels des ordres à quantité affichée.", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-cmed-mobile/Content/Enter-Orders.html" ] }, { "text": "EUR-Lex — Règlement délégué (UE) 2017/583 — définition réglementaire des ordres iceberg dans le cadre de transparence.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/583/2023-06-05/eng" ] } ], "revision": "57b3e3ac3d6bdc6c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "liquidity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/ordre-post-only", "locale": "fr", "title": "Post-only : instruction maker et règles du marché", "summary": "Post-only demande qu’un ordre limité ne retire pas immédiatement de liquidité, mais le résultat varie : refus, annulation, réévaluation ou exécution selon le règlement. Il ne garantit ni fill, ni frais maker, ni rebate.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ordre-post-only/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nasdaq Trader — Post-Only Order Fact Sheet, 2026", "urls": [ "https://nasdaqtrader.com/content/ProductsServices/Trading/postonly_factsheet.pdf" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase Derivatives Exchange — Supported Order Qualifiers", "urls": [ "https://help.coinbase.com/en/derivatives/features/supported-order-qualifiers" ] }, { "text": "OKX — Basic Order Types", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "b34665bec5c2142b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/ordre-reduce-only", "locale": "fr", "title": "Reduce-only : réduire une position sans l’augmenter", "summary": "Reduce-only est une instruction surtout utilisée sur les dérivés et comptes sur marge pour empêcher un ordre d’augmenter ou d’inverser la position. Elle ne garantit pas la clôture : refus, annulation et réduction dépendent du lieu.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ordre-reduce-only/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] }, { "text": "Coinbase International Exchange — Create Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/international-exchange-api/rest-api/orders/create-order" ] }, { "text": "OKX API — Place Order et paramètre reduceOnly", "urls": [ "https://www.okx.com/docs-v5/" ] }, { "text": "OKX — Basic Order Types et gestion reduce-only", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "907421fa5e718b0e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "risk", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/ordre-stop", "locale": "fr", "title": "Ordre stop : déclenchement et risque d’exécution", "summary": "Un ordre stop s’active lorsqu’une condition de prix définie par le courtier ou le marché est satisfaite. Le seuil n’est pas un prix d’exécution : il génère un ordre au marché ou à cours limité.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ordre-stop/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Stop, Stop-Limit, and Trailing Stop Orders — ordre enfant, seuil et standards des courtiers.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "U.S. SEC, Investor.gov — Types of Orders — définitions de buy stop et sell stop.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — exécutabilité, stop-limit et déclenchement en aval.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "e920d64013a3f101", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/ordre-stop-limite", "locale": "fr", "title": "Ordre stop-limit : seuil, limite et risque de non-exécution", "summary": "Ordre conditionnel qui, lorsque le seuil stop est atteint, active un ordre à cours limité : il contrôle le prix admissible mais peut rester non exécuté, même après le déclenchement.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ordre-stop-limite/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Types of Orders — différences entre market, limit et stop.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — conditions d’exécutabilité des ordres avec stop et limite.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group, CME Globex Reference Guide — implémentation et reliquat.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — principes de traitement des ordres.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "87671857e6f0c97b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/paper-trading", "locale": "fr", "title": "Paper trading", "summary": "Environnement à capital simulé pour vérifier la chaîne de traitement, les ordres et le processus sur des données courantes, à distinguer du forward test, du mode shadow et du micro-live.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/paper-trading/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limites liées au biais rétrospectif, à la liquidité, au slippage et à l’absence de risque réel; applicable dans son propre périmètre NFA.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — structure des marchés, automatisation et effets de l’interaction réelle entre les ordres et les plateformes de négociation.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validation proactive et limites des modèles d’investissement.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Commission européenne, Règlement délégué (UE) 2017/589, RTS 6 — tests, environnements séparés de la production, contrôles et déploiement dans le périmètre européen du trading algorithmique auquel il s’applique.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "359d3fdeabb2e87e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "paper-trading", "shadow-mode", "execution-testing", "operational-validation", "simulated-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/parite-put-call-et-positions-synthetiques", "locale": "fr", "title": "Parité put-call et positions synthétiques", "summary": "La parité put-call relie call, put, sous-jacent ou forward, strike, taux et dividendes lorsque des options européennes partagent sous-jacent, strike et échéance.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/parite-put-call-et-positions-synthetiques/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Put/Call Parity — relation spot, hypothèses et synthétiques.", "urls": [ "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "CME Group, Put-Call Parity — parité des options portant sur le même future, strike et terme.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-options/put-call-parity" ] }, { "text": "CME Group, CME Options Workshop — forme forward et valeur actuelle de F − K.", "urls": [ "https://www.cmegroup.com/articles/files/2023/pro-workshop-series-post-webinar-recording-week4-slides.pdf" ] }, { "text": "Fischer Black et Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — principe de réplication et non-arbitrage.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — exercice, assignation, règlement et risques.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Option Price Behavior — prix relatifs, valeur intrinsèque et parité.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/option-price-behavior" ] }, { "text": "Cboe Options Institute, Options Definitions & Glossary — styles, règlement et notions contractuelles.", "urls": [ "https://www.cboe.com/optionsinstitute/defining-options/" ] } ], "revision": "039314efda6ad2c6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "no-arbitrage", "synthetic-positions" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/politique-budgetaire-deficit-et-dette-publique", "locale": "fr", "title": "Politique budgétaire, déficit et dette publique", "summary": "Recettes, dépenses, solde primaire, intérêts, déficit et dette avec périmètre comptable, monnaie et échéances.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/politique-budgetaire-deficit-et-dette-publique/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, Fiscal Monitor.", "urls": [ "https://www.imf.org/en/Publications/FM" ] }, { "text": "Eurostat, Government finance statistics.", "urls": [ "https://ec.europa.eu/eurostat/web/government-finance-statistics" ] }, { "text": "CBO, Budget and Economic Data.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] } ], "revision": "435b863d306d04f7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/prime-et-valorisation-des-options", "locale": "fr", "title": "Prime et valorisation des options", "summary": "La prime est un prix négocié par unité de sous-jacent, tandis que la valeur théorique est produite par un modèle. Bid, mid, ask, multiplicateur, temps et volatilité se lisent séparément.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/prime-et-valorisation-des-options/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — prime, caractéristiques contractuelles et risques.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Options Pricing — valeur intrinsèque, valeur temps et facteurs de prix.", "urls": [ "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "Options Industry Council, Understanding Options Greeks — paramètres de valorisation et nature théorique des sensibilités.", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "U.S. Securities and Exchange Commission, An Introduction to Options — prime et risques des acheteurs et vendeurs.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "Cboe Options Institute, Options Calculator — scénarios de valeur théorique et de grecques.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "Fischer Black et Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — modèle classique et principe de réplication.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — cotations, données différées, volatilité, grecques et scénarios théoriques.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] } ], "revision": "30a74e0358c86924", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-pricing", "volatility", "market-data" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/priorite-des-ordres-et-executions-partielles", "locale": "fr", "title": "Priorité des ordres et exécutions partielles", "summary": "La priorité décide quels ordres sont servis en premier ; l’allocation répartit la quantité disponible. Une exécution partielle remplit seulement une partie et laisse un reliquat à gérer.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/priorite-des-ordres-et-executions-partielles/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Matching Algorithm Overview — règles FIFO, pro-rata et modèles d’allocation.", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group — Globex Reference Guide — états, messages et traitement des ordres sur Globex.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "U.S. SEC — FAQ Rule 605 of Regulation NMS — mesures d’exécution, ordres non exécutés et fills partiels.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "ESMA — MiFID II, article 28 — exigences de traitement séquentiel, rapide et équitable des ordres clients.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "b3254c0f12b0846a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "execution", "topics": [ "execution", "microstructure", "order-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/prix-obligataire-clean-dirty-et-coupon-couru", "locale": "fr", "title": "Prix obligataire : clean, dirty et coupon couru", "summary": "Passer du prix coté au montant réglé en séparant clean price, dirty price et intérêts courus.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/prix-obligataire-clean-dirty-et-coupon-couru/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] }, { "text": "TreasuryDirect — When auctions happen", "urls": [ "https://www.treasurydirect.gov/auctions/when-auctions-happen/" ] } ], "revision": "4e464b90b5bacbda", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-pricing", "accrued-interest", "settlement" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/produit-interieur-brut-pib-et-comptabilite-nationale", "locale": "fr", "title": "PIB et comptabilité nationale", "summary": "Ce que mesure le PIB, comment production, revenu et dépense se réconcilient et pourquoi réel, nominal et par habitant diffèrent.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/produit-interieur-brut-pib-et-comptabilite-nationale/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BEA, National Economic Accounts.", "urls": [ "https://www.bea.gov/products/national-economic-accounts" ] }, { "text": "Eurostat, National accounts.", "urls": [ "https://ec.europa.eu/eurostat/web/national-accounts" ] }, { "text": "IMF, System of National Accounts 2008.", "urls": [ "https://www.imf.org/external/pubs/ft/sna/2008/sna2008.pdf" ] } ], "revision": "611697f7dd3cc1aa", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/produits-derives", "locale": "fr", "title": "Produits dérivés financiers", "summary": "Un produit dérivé est un contrat dont la valeur dépend d’un sous-jacent ou d’une référence. Droits, obligations, marge, règlement, échéance et contrepartie diffèrent entre futures, forwards, options, swaps et CFD.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/produits-derives/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — catégories européennes d’options, futures, swaps, forwards et autres produits dérivés.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "Bank for International Settlements, About derivatives statistics — classification statistique par risque sous-jacent et par marché OTC ou organisé.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — obligations, compensation, marge et règlement des futures.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — droits et obligations des call et des put.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "0b2e39ad50e6171c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/qe-qt-et-bilan-de-la-banque-centrale", "locale": "fr", "title": "QE, QT et bilan de la banque centrale", "summary": "Achats, réinvestissements, échéances, réserves et composition en distinguant flux et stocks.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/qe-qt-et-bilan-de-la-banque-centrale/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Credit and Liquidity Programs and the Balance Sheet.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/bst.htm" ] }, { "text": "ECB, Asset purchase programmes.", "urls": [ "https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html" ] }, { "text": "Bank of England, Quantitative easing.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy/quantitative-easing" ] } ], "revision": "3b36eed04ea90b50", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/qualite-d-execution", "locale": "fr", "title": "Qualité d’exécution : prix, quantité et vitesse", "summary": "La qualité d’exécution compare le résultat réel d’un ordre à des références déclarées : prix, spread effectif, amélioration, vitesse, probabilité et quantité exécutée.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/qualite-d-execution/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC — FAQ Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC — Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] }, { "text": "ESMA — MiFID II, article 27", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "0af48add973bb14d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "procedure", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/qualite-des-resultats-et-elements-non-recurrents", "locale": "fr", "title": "Qualité des résultats et éléments non récurrents", "summary": "Évaluer récurrence, estimations, accruals, ajustements et conversion en trésorerie sans remplacer les comptes publiés par un bénéfice arbitraire.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/qualite-des-resultats-et-elements-non-recurrents/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "PCAOB — AS 2810: Evaluating Audit Results — Norme de référence pour évaluer les résultats d’audit et les anomalies possibles.", "urls": [ "https://pcaobus.org/oversight/standards/auditing-standards/details/AS2810" ] }, { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Orientations officielles sur les mesures ajustées et leurs rapprochements.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Base pour examiner le lien entre résultat et flux de trésorerie.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "2b52a4f009999e86", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-framework", "topics": [ "fundamental-analysis", "earnings-quality", "accruals", "non-gaap-measures" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/concetti/ratio-d-information", "locale": "fr", "title": "Ratio d’information", "summary": "Rendement actif moyen par unité d’erreur de suivi relativement à un benchmark spécifié, avec des limites statistiques et de comparabilité explicites.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ratio-d-information/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — définition, comparaison avec l’erreur de suivi et limites du benchmark.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, évaluation, attribution et appréciation de la compétence.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Richard C. Grinold et Ronald N. Kahn, CFA Institute Research Foundation, Advances in Active Portfolio Management — rendement actif, erreur de suivi et ratio d’information dans le cadre de la gestion active.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-publication/2003/rf-v2003-n1-3922-pdf.pdf" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal — critères et conséquences de la qualité du benchmark.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — structure du rapport entre rendement différentiel et variabilité.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] } ], "revision": "4cc47505b55419aa", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "information-ratio", "active-return", "tracking-error", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/ratio-de-calmar", "locale": "fr", "title": "Ratio de Calmar", "summary": "Rendement composé annualisé par unité de drawdown maximal absolu sur le même intervalle, fortement dépendant du parcours et de la fenêtre.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ratio-de-calmar/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — définition contemporaine CAGR/MDD et difficultés de comparaison entre fenêtres.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — drawdown maximal, durée et limites des mesures d’évaluation.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Malik Magdon-Ismail et Amir F. Atiya, Maximum Drawdown, Risk (2004) — relations entre MDD, rendement et mesures comme le Calmar.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=874069" ] }, { "text": "Malik Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — dépendance du drawdown à l’horizon et au processus.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "GIPS Standards, Handbook for Firms — bases de rendement, valorisation, flux et informations nécessaires à une série comparable.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "3deba5b40bd12df0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "calmar-ratio", "maximum-drawdown", "risk-adjusted-return", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/ratio-de-sharpe", "locale": "fr", "title": "Ratio de Sharpe", "summary": "Moyenne du rendement différentiel par unité d’écart-type, conditionnée au benchmark, à la fréquence, à la fenêtre et à la convention d’annualisation.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ratio-de-sharpe/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — formulation générale, versions ex ante et ex post et rendement différentiel.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "William F. Sharpe, Mutual Fund Performance, The Journal of Business (1966) — travail initial sur la mesure reward-to-variability.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/art1.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — distribution empirique, autocorrélation et annualisation.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Investment Risk and Performance — comparaison de Sharpe, erreur de suivi, ratio d’information, alpha et bêta.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "GIPS Standards, Handbook for Firms — informations sur les mesures supplémentaires et identification du taux sans risque.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "4c0ed903fea02e4d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sharpe-ratio", "risk-adjusted-return", "performance-appraisal", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/ratio-de-sortino", "locale": "fr", "title": "Ratio de Sortino et déviation baissière", "summary": "Rendement moyen au-dessus d’une cible par unité de déviation baissière, avec cible, fréquence, dénominateur et annualisation déclarés.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/ratio-de-sortino/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frank A. Sortino et Lee N. Price, Performance Measurement in a Downside Risk Framework, The Journal of Investing (1994) — formulation de la mesure en fonction d’un risque baissier et d’une cible.", "urls": [ "https://doi.org/10.3905/joi.3.3.59" ] }, { "text": "CFA Institute, The Sortino Ratio — définition, rendement cible et conventions de déviation baissière.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/code/gips/the-sortino-ratio.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — évaluation, Sortino, benchmark, drawdown et limites des métriques.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — référence pour comparer risque total et rendement différentiel.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — avertissements statistiques sur fréquence, dépendance et annualisation applicables aux ratios de rendements périodiques.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "5cfa4c7db0b78f3d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sortino-ratio", "downside-risk", "performance-appraisal", "minimum-acceptable-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/recherche-de-liquidite", "locale": "fr", "title": "Recherche de liquidité : routage et compromis", "summary": "Le liquidity seeking regroupe des stratégies professionnelles qui cherchent des contreparties dans le temps, entre plusieurs lieux et selon différents modes d’exécution. Il ne garantit ni le meilleur prix, ni l’exécution, ni l’absence d’impact.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/recherche-de-liquidite/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Directive 2014/65/UE, article 4(1)(39)", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA — Supervisory Briefing on Algorithmic Trading in the EU", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. SEC — FAQ Rule 606 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "U.S. SEC — Disclosure of Order Execution and Routing Information", "urls": [ "https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/disclosure-order-execution-order-routing-information" ] } ], "revision": "ff7e378847d21fcb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/reequilibrage-du-portefeuille", "locale": "fr", "title": "Rééquilibrage du portefeuille", "summary": "Processus qui compare les pondérations ou risques effectifs aux cibles et fourchettes, puis décide si et comment négocier compte tenu des coûts, impôts, liquidité et règles de gouvernance.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/reequilibrage-du-portefeuille/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — rôle du rééquilibrage, contraintes fiscales, liquidité et révision de la politique.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — allocation d’actifs, fourchettes et rééquilibrage dans le processus global.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — explication officielle de la dérive et du retour à l’allocation.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Campbell R. Harvey, Michele G. Mazzoleni et Alessandro Melone, The Unintended Consequences of Rebalancing, NBER Working Paper 33554, révision 2026 — impact et prévisibilité des flux de rééquilibrage institutionnels dans l’échantillon étudié.", "urls": [ "https://doi.org/10.3386/w33554" ] }, { "text": "Karl Cuthbertson et al., What Does Rebalancing Really Achieve?, International Journal of Finance & Economics — limites des affirmations relatives à une prime de rééquilibrage.", "urls": [ "https://doi.org/10.1002/ijfe.1545" ] } ], "revision": "38ad1d405c67df0c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-rebalancing", "asset-allocation", "transaction-costs", "portfolio-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/rendement-de-roll", "locale": "fr", "title": "Rendement de roll : courbe et conventions de mesure", "summary": "Le rendement de roll décrit la composante du rendement d’une exposition aux futures liée à la structure par échéance et à la convergence, selon une méthode déclarée. Il ne correspond ni aux commissions ni au simple écart de prix observé au roll.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/rendement-de-roll/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell & Company (livre blanc hébergé par CME Group), Deconstructing Futures Returns: The Role of Roll Yield — ajustement de roll, séries jointes ou enchaînées et décomposition entre basis et rendement de roll.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — rolls répétés et différence par rapport à la performance spot.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — contango, backwardation et limites des inférences sur le rendement.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — définitions de basis, contango, backwardation, convergence et roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — mécanique des deux jambes et choix de l’échéance lointaine.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "S&P Dow Jones Indices, S&P GSCI Methodology — exemple de méthode publiée pour la sélection, les poids et le roll d’un indice de matières premières.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-gsci.pdf" ] } ], "revision": "5cfc2bd84c03eba0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "term-structure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/rendement-du-portefeuille", "locale": "fr", "title": "Rendement du portefeuille", "summary": "Variation en pourcentage de la valeur économique d’un portefeuille sur un intervalle défini, mesurée selon des conventions explicites sur revenus, flux externes, coûts, devise et composition temporelle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/rendement-du-portefeuille/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — source officielle sur les rendements de période de détention, la composition, les rendements logarithmiques, le TWR et le MWR.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, instructions sur le total return — source réglementaire primaire relative à la valeur finale, au réinvestissement des distributions, aux coûts et au taux composé annuel pour les fonds relevant du formulaire.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — méthodologie officielle distinguant indices de prix, de rendement total et de rendement total net, et documentant le réinvestissement des dividendes.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, How Fees and Expenses Affect Your Investment Portfolio — bulletin officiel sur l’effet composé des frais et dépenses.", "urls": [ "https://www.sec.gov/file/ib_fees_expensespdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — source officielle sur les entrées, les flux externes, les évaluations et la cohérence des méthodes de performance.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "278adf15175d7aeb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-return", "total-return", "compounding", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/rendement-pondere-dans-le-temps-twr", "locale": "fr", "title": "Rendement pondéré dans le temps (TWR)", "summary": "Méthode qui neutralise le montant et le calendrier des flux externes en divisant la mesure en sous-périodes puis en enchaînant géométriquement leurs rendements.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/rendement-pondere-dans-le-temps-twr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, GIPS Standards Handbook for Firms — source officielle sur le true TWR, les valorisations aux flux, l’enchaînement géométrique, Modified Dietz, les composites et la distinction TWR-MWR.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — source officielle sur les mesures de rendement et la comparaison des rendements pondérés dans le temps et par les flux.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "Robert L. Hagin, Measuring Investment Performance: The Unit Approach, Financial Analysts Journal (1966) — source primaire sur une méthode par parts rendant comparables des fonds soumis à des flux différents.", "urls": [ "https://doi.org/10.2469/faj.v22.n4.93" ] }, { "text": "Peter O. Dietz, Pension Fund Investment Performance—What Method to Use When, Financial Analysts Journal 22(1), 1966 — source primaire historique sur les méthodes de mesure en présence de versements et retraits.", "urls": [ "https://www.jstor.org/stable/4469928" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — source officielle sur le rôle, l’interprétation et les limites de l’évaluation de performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, instructions sur le total return — source réglementaire primaire sur composition, réinvestissement et coûts pour les fonds relevant du formulaire.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] } ], "revision": "becdddfbc1a4b4b9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "time-weighted-return", "portfolio-return", "external-cash-flows", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/rendement-pondere-par-les-flux-mwr", "locale": "fr", "title": "Rendement pondéré par les flux (MWR)", "summary": "Le money-weighted return mesure le rendement vécu par le capital en tenant compte du montant et de la date des flux externes. Souvent calculé comme un taux de rendement interne, il peut avoir plusieurs solutions ou aucune.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/rendement-pondere-par-les-flux-mwr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — norme officielle de calcul et de présentation de la performance, y compris les cas exigeant des rendements money-weighted.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — interprétations officielles relatives aux flux externes, valorisations, TWR et MWR.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — cadre professionnel de mesure, d’évaluation et d’attribution de la performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Overview of the Global Investment Performance Standards — synthèse officielle actuelle du périmètre et des objectifs des GIPS.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Microsoft Support, XIRR function — documentation officielle de l’algorithme XIRR, des dates irrégulières, de la valeur initiale et des erreurs possibles de convergence.", "urls": [ "https://support.microsoft.com/en-us/office/xirr-function-de1242ec-6477-445b-b11b-a303ad9adc9d" ] } ], "revision": "781e00a042948cc2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "money-weighted-return", "internal-rate-of-return", "cash-flows", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/rendements-obligataires-ytm-current-yield-et-yield-to-call", "locale": "fr", "title": "Rendements obligataires : YTM, current yield et yield to call", "summary": "Current yield, rendement à l'échéance et yield to call répondent à des questions différentes de revenu, prix et temps.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/rendements-obligataires-ytm-current-yield-et-yield-to-call/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "77929639696d49ac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-yield", "yield-to-maturity", "callable-bonds" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/risk-parity", "locale": "fr", "title": "Risk parity", "summary": "Famille d’allocations qui rapproche les contributions d’une mesure de risque de cibles déclarées. L’equal risk contribution est le cas aux budgets égaux.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risk-parity/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Edward E. Qian, Risk Parity Portfolios", "urls": [ "https://www.panagora.com/assets/risk_party_portfolios.pdf" ] }, { "text": "Maillard, Roncalli et Teïletche, Equally-Weighted Risk Contributions Portfolios", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Benjamin Bruder et Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Clifford Asness, Andrea Frazzini et Lasse Heje Pedersen, Leverage Aversion and Risk Parity", "urls": [ "https://pages.stern.nyu.edu/~lpederse/papers/LeverageAversionRP.pdf" ] }, { "text": "Dirk Tasche, The Euler Principle", "urls": [ "https://arxiv.org/abs/0708.2542" ] } ], "revision": "43f27810fc3dcec1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-parity", "equal-risk-contribution", "risk-budgeting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/allocation-du-risque-et-sensibilites" }, { "key": "fr/concetti/risque-agrege", "locale": "fr", "title": "Risque agrégé", "summary": "Mesure du risque au niveau d’un portefeuille après combinaison des positions, facteurs et dépendances. Elle ne se déduit ni d’une somme naïve ni d’une compensation automatique.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-agrege/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee — BCBS 239", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Basel Framework — MAR10", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Use of Derivatives by Registered Investment Companies", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "4ca667fde662edf5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-risk", "risk-aggregation", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/risque-de-concentration", "locale": "fr", "title": "Risque de concentration", "summary": "Vulnérabilité produite lorsque les expositions ou pertes potentielles sont dominées par quelques noms, facteurs, secteurs, stratégies, contreparties ou canaux de liquidité.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-de-concentration/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision, LEX10 — Definitions and application — logique, périmètre et définitions actuelles du cadre prudentiel relatif aux grands risques.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/10.htm" ] }, { "text": "Basel Committee on Banking Supervision, LEX20 — Requirements — limites et déclaration applicables aux banques dans le périmètre défini par le cadre.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/20.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP32 — Credit risk — formes de concentration, facteurs communs, politiques, mesure et contrôle.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/32.htm" ] }, { "text": "Basel Committee on Banking Supervision, Studies on credit risk concentration — Working Paper No 15 — distinction analytique entre concentration par nom et par secteur et outils de quantification.", "urls": [ "https://www.bis.org/publ/bcbs_wp15.htm" ] }, { "text": "Office of the Comptroller of the Currency, Concentrations of Credit, Comptroller’s Handbook — identification de groupes d’expositions sensibles à une même évolution économique ou financière.", "urls": [ "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/concentrations-of-credit/index-concentrations-of-credit.html" ] } ], "revision": "7eb91c29a55bec0d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "concentration-risk", "portfolio-risk", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/construction-de-portefeuille-et-performance" }, { "key": "fr/concetti/risque-de-contrepartie", "locale": "fr", "title": "Risque de contrepartie", "summary": "Risque que la partie opposée fasse défaut avant l’achèvement de ses obligations, laissant un coût de remplacement, un règlement manquant ou une exposition future.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-de-contrepartie/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — CRE51", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] }, { "text": "Basel Framework — CRE52", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Framework — CRE54", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] }, { "text": "Basel Framework — CRE36", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/36.htm" ] }, { "text": "Federal Reserve — Counterparty credit risk management", "urls": [ "https://www.federalreserve.gov/frrs/guidance/interagency-supervisory-guidance-on-counterparty-credit-risk-management.htm" ] }, { "text": "ESMA — EMIR Article 11", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-11-risk-mitigation-techniques-otc-0" ] }, { "text": "CPMI-IOSCO — Principles for financial market infrastructures", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "96cf09ea2c48d64c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "counterparty-risk", "credit-risk", "derivatives", "clearing-settlement" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/risque-de-liquidite-de-financement", "locale": "fr", "title": "Risque de liquidité de financement", "summary": "Risque de ne pas disposer des espèces ou garanties nécessaires, dans la bonne devise et au bon moment, pour honorer règlements, marges et obligations.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-de-liquidite-de-financement/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Principles for Sound Liquidity Risk Management and Supervision", "urls": [ "https://www.bis.org/publ/bcbs144.htm" ] }, { "text": "European Central Bank, Market liquidity and funding liquidity risks", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "e6fb4cfb00ade2c4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "funding-liquidity", "liquidity-risk", "margin", "stress-testing" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/risque-de-liquidite-de-marche", "locale": "fr", "title": "Risque de liquidité de marché", "summary": "Risque de ne pas pouvoir acheter, vendre ou couvrir la quantité voulue dans le délai prévu sans déplacer fortement le prix ni subir un coût imprévu.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-de-liquidite-de-marche/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Market liquidity: research findings and selected policy implications", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank, Market liquidity and funding liquidity risks", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "1364c845e1db7d23", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-liquidity", "execution", "slippage", "market-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/risque-de-modele", "locale": "fr", "title": "Risque de modèle", "summary": "Risque de conséquences défavorables lorsqu’une décision repose sur un modèle incorrect, mal implémenté ou utilisé hors de ses limites.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-de-modele/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, SR 26-2 — Model Risk Management", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Federal Reserve, SR 26-2 Attachment", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602a1.pdf" ] } ], "revision": "e0ab3a493de1a864", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "model-risk", "model-validation", "governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/risque-de-ruine", "locale": "fr", "title": "Risque de ruine", "summary": "Probabilité que le capital atteigne un seuil de ruine défini avant un horizon. Elle dépend du modèle des résultats, du dimensionnement, des coûts et des dépendances.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-de-ruine/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] }, { "text": "NIST, Gambler’s ruin distribution", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "Robert E. Machol et Eugene M. Lerner, Risk, Ruin and Investment Analysis", "urls": [ "https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/abs/risk-ruin-and-investment-analysis/4944499167D2D79D51B023003CD4B78A" ] }, { "text": "U.S. Securities and Exchange Commission, Margin: Borrowing Money to Pay for Stocks", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsmarginhtm" ] }, { "text": "FINRA, Know What Triggers a Margin Call", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "3dd23c22d7f6247f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "probability", "capital-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/gestion-du-risque" }, { "key": "fr/concetti/risque-du-courtier", "locale": "fr", "title": "Risque du courtier", "summary": "Ensemble des risques liés à l’intermédiaire : solvabilité, qualité d’exécution, garde, sous-conservation, continuité, cybersécurité, cadre juridique et recours.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-du-courtier/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "CFTC — Futures Commission Merchants", "urls": [ "https://www.cftc.gov/IndustryOversight/Intermediaries/FCMs/fcmib" ] }, { "text": "ESMA — MiFID II Article 4", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II Article 16", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA — EMIR Article 2", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "IOSCO — Recommendations Regarding the Protection of Client Assets", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "FINRA BrokerCheck", "urls": [ "https://brokercheck.finra.org/" ] }, { "text": "SIPC — What SIPC Protects", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "9a7b0d454977a3e4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "intermediaries", "execution", "client-assets", "counterparty-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/risque-operationnel", "locale": "fr", "title": "Risque opérationnel", "summary": "Risque de perte lié à des processus, personnes ou systèmes inadéquats ou défaillants, ou à des événements externes. Il inclut le risque juridique selon le cadre de Bâle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-operationnel/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — OPE10", "urls": [ "https://www.bis.org/basel_framework/chapter/OPE/10.htm" ] }, { "text": "Basel Committee — Principles for operational resilience", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee — Revisions to the principles for sound management of operational risk", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA Rule 4370 — Business Continuity Plans", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/4370" ] }, { "text": "IOSCO — Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD522.pdf" ] }, { "text": "IOSCO — Cyber Security in Securities Markets", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD523.pdf" ] } ], "revision": "fd69278f2553c7bb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "operational-risk", "operational-resilience", "business-continuity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/risque-par-operation", "locale": "fr", "title": "Risque par opération", "summary": "Perte planifiée entre l’entrée et l’invalidation pour la quantité choisie. Elle peut servir d’unité 1R, mais ne constitue jamais une perte maximale garantie.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/risque-par-operation/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Trading Basics", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "FINRA, Brokerage Accounts", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "12652914bde70e8e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/gestion-du-risque" }, { "key": "fr/concetti/robustesse", "locale": "fr", "title": "Robustesse", "summary": "Stabilité d’une stratégie face à des hypothèses plausibles sur les données, paramètres, exécution et régimes : batterie diagnostique, et non preuve de validité.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/robustesse/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey et Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocole, sélection et stress des conclusions financières.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — comparaison au benchmark après recherche sur plusieurs modèles.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — fragilité de la configuration sélectionnée et évaluation hors échantillon.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, 1988 — distance entre portefeuille théorique et résultat réalisable par l’exécution.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2 — Revised Guidance on Model Risk Management, 2026 — gouvernance, validation, limites et suivi du risque de modèle dans le périmètre de supervision concerné.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "2624e6d11a2853b0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "robustness", "sensitivity-analysis", "stress-testing", "model-risk", "systematic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/roll-des-futures", "locale": "fr", "title": "Roll des futures : mécanique, échéance et coûts", "summary": "Le roll des futures éteint une position sur une échéance et en ouvre une sur une autre. Il ne maintient l’exposition que si direction, quantité, multiplicateur et risque sont recalibrés ; spread de courbe, coûts et rendement de roll diffèrent.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/roll-des-futures/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over — déplacement d’une position proche vers un mois plus lointain.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, rollover et règlement à l’échéance.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Rolling an Equity Position Using Spreads — exécution du changement d’échéance au moyen d’un spread.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/rolling-an-equity-position-using-spreads" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — effet des rolls répétés sur les rendements.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — courbe, rendement de roll et divergence entre produits liés aux futures et spot.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "Campbell & Company (livre blanc hébergé par CME Group), Deconstructing Futures Returns: The Role of Roll Yield — séries enchaînées, ajustement du roll et décomposition des rendements.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] } ], "revision": "662567cc31fa27ef", "translation_state": "not-assessed", "kind": "concept", "entity_type": "process", "topics": [ "markets-instruments", "derivatives", "execution", "term-structure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/marches-et-instruments-financiers" }, { "key": "fr/concetti/signal-de-trading-systematique", "locale": "fr", "title": "Signal de trading systématique", "summary": "Information transformée en décision mesurable, distincte de la prévision, de la position et de l’ordre, avec horodatage, état et mapping explicites.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/signal-de-trading-systematique/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — distinction entre fonctions décisionnelles et fonctions d’exécution des algorithmes, et risques associés.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — validation, benchmarks, suivi et documentation des modèles d’investissement.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Tilmann Gneiting et Adrian E. Raftery, Strictly Proper Scoring Rules, Prediction, and Estimation — principes d’évaluation des prévisions probabilistes sans les séparer de la quantité prévue.", "urls": [ "https://doi.org/10.1198/016214506000001437" ] }, { "text": "Narasimhan Jegadeesh et Sheridan Titman, Returns to Buying Winners and Selling Losers — exemple académique de construction d’un signal de classement cross-sectional dans un plan précis.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] } ], "revision": "d4b62f7b06b9e7eb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "signal-generation", "forecasting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/slippage", "locale": "fr", "title": "Slippage : écart entre benchmark et exécution", "summary": "Le slippage est la différence entre un prix de référence déclaré et le prix moyen réellement exécuté. Il peut être favorable ou défavorable et ne se confond pas avec spread ou impact.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/slippage/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "U.S. SEC — FAQ Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group — The Market Environment for Trend Following", "urls": [ "https://www.cmegroup.com/education/files/ac-the-market-environment-for-trendfollowing-sep19.pdf" ] } ], "revision": "51f0dc1205ee600c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/smile-skew-et-surface-de-volatilite", "locale": "fr", "title": "Smile, skew et surface de volatilité implicite", "summary": "La surface place les volatilités implicites par strike et échéance. Smile et skew décrivent la courbure et l’asymétrie de ses coupes sous des coordonnées et cotations déclarées.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/smile-skew-et-surface-de-volatilite/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Implied Volatility and Skew — différences d’IV entre strikes et relation put-call.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Learn about Convexity — smile, skew et courbure.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-cvol/learn-about-convexity" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — delta, term structure et skew.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "Cboe, The Cboe SKEW Index — méthodologie et histoire d’un indice spécifique.", "urls": [ "https://cdn.cboe.com/resources/indices/documents/SKEWwhitepaperjan2011.pdf" ] }, { "text": "Cboe, S&P 500 SMILE Index Methodology — conventions put, call et delta.", "urls": [ "https://cdn.cboe.com/api/global/us_indices/governance/SMILE_Methodology.pdf" ] }, { "text": "Cboe, The S&P 500 Spot Volatility Index — exemple de mesure portant sur une zone précise de la surface.", "urls": [ "https://www.cboe.com/us/indices/spotvol-and-ltv-indices/" ] }, { "text": "Fischer Black et Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — modèle classique et réplication.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — caractéristiques et risques des contrats standardisés.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "3abe7d8b2597dcd0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "volatility-surface", "derivatives" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/specification-de-strategie-systematique", "locale": "fr", "title": "Spécification d’une stratégie systématique", "summary": "Document versionné qui rend une stratégie implémentable et vérifiable : hypothèse, données, signaux, portefeuille, ordres, coûts, contrôles et critères de décision.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/specification-de-strategie-systematique/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — objectif, techniques de validation, benchmarking, stress et documentation.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — principes actuels de développement, d’utilisation, de validation, de gouvernance et de suivi dans le périmètre bancaire supervisé.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — contexte institutionnel des algorithmes de décision et d’exécution et des risques associés.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limites des résultats hypothétiques et importance des hypothèses, de la liquidité, du slippage et du comportement; application limitée à son propre périmètre.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "919347354875e146", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "strategy-design", "reproducibility", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/spread-bid-ask", "locale": "fr", "title": "Spread bid-ask : coté, effectif et réalisé", "summary": "Le spread bid-ask est l’écart entre meilleur ask et meilleur bid observés au même instant et sur le même marché. Ses versions cotée, effective et réalisée répondent à des questions différentes.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/spread-bid-ask/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Ask Price", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/ask-price" ] }, { "text": "U.S. SEC — FAQ Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC — Release No. 34-43590", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "BIS — Structural Aspects of Market Liquidity", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] } ], "revision": "2e52a982b503fc5c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/spread-de-credit-et-cs01", "locale": "fr", "title": "Spread de crédit et CS01", "summary": "Le spread compare un rendement à une référence ; le CS01 estime le changement de valeur pour un point de base.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/spread-de-credit-et-cs01/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "4b00368039211a73", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "credit-spread", "cs01", "spread-duration" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/concetti/strategies-d-options-et-payoffs-multi-jambes", "locale": "fr", "title": "Stratégies d’options et payoffs multi-jambes", "summary": "Une stratégie multi-jambes combine options et parfois sous-jacent. Le payoff terminal additionne les jambes, mais valeur avant terme, exécution, marge et assignation s’analysent séparément.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/strategies-d-options-et-payoffs-multi-jambes/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — combinaisons, exercice, assignation et règlement.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, All Strategies — structure et payoff des principales familles.", "urls": [ "https://www.optionseducation.org/strategies/all-strategies-en" ] }, { "text": "Options Industry Council, Profit and Loss Simulator — scénarios de P&L selon prix, IV, taux et temps.", "urls": [ "https://www.optionseducation.org/oic-profit-and-loss-simulator" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — conséquences de l’assignation d’une jambe.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "CME Group, Option Spread Functionality on CME Globex — ratios et exécution des spreads.", "urls": [ "https://www.cmegroup.com/education/files/ofm-spread-overview.pdf" ] }, { "text": "CME Group, Bull Spread — construction et payoff d’un spread vertical avec call ou put.", "urls": [ "https://www.cmegroup.com/education/courses/option-strategies/bull-spread" ] }, { "text": "Cboe Options Institute, Options Calculator — valeurs théoriques et sensibilités.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — risques asymétriques et combinaison de plusieurs contrats.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "66c90116215424f3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-strategies", "payoff", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/structure-du-capital-dette-nette-et-couverture-des-interets", "locale": "fr", "title": "Structure du capital, dette nette et couverture des intérêts", "summary": "Relier dette, trésorerie, échéances, coût, covenants et priorité des financeurs pour évaluer flexibilité et risque de refinancement.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/structure-du-capital-dette-nette-et-couverture-des-interets/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 7 Financial Instruments: Disclosures — Exigences d’information sur les instruments financiers et les risques associés.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-7-financial-instruments-disclosures/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guide des états et notes utilisés pour lire dette, intérêts et liquidité.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "90a5184e9ffc8a5c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "capital-structure-framework", "topics": [ "fundamental-analysis", "debt", "leverage", "liquidity", "credit-analysis" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/concetti/structure-par-terme-de-la-volatilite", "locale": "fr", "title": "Structure par terme de la volatilité implicite", "summary": "La structure par terme compare, au même instant et à moneyness ou delta cohérent, les volatilités implicites de plusieurs échéances. C’est un relevé transversal, pas une série historique.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/structure-par-terme-de-la-volatilite/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Volatility Term Structure Tool User Guide — vue ATM par échéance et comparaison de relevés.", "urls": [ "https://www.cmegroup.com/tools-information/quikstrike/quikstrike-volatility-term-structure-tool-user-guide.html" ] }, { "text": "Cboe, VIX Term Structure Data and Charts — exemple de structure à échéances multiples.", "urls": [ "https://www.cboe.com/tradable-products/vix/term-structure" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — échéances, événements et skew.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "CME Group, Implied Volatility — IV et relations de prix.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Greeks and Implied Volatility Data — données par échéance et moneyness.", "urls": [ "https://www.cmegroup.com/market-data/greeks-and-implied-volatility-data.html" ] }, { "text": "Options Industry Council, Technical Information — nature dérivée de l’IV et conventions de volatilité.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — spécifications et risques contractuels.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "3905de6c858ea509", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "term-structure", "derivatives" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/surapprentissage", "locale": "fr", "title": "Surapprentissage", "summary": "Ajustement au bruit historique et sélection parmi de nombreux essais : comment reconnaître, mesurer et contenir le surapprentissage dans les systèmes de trading.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/surapprentissage/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — évaluation du meilleur modèle après recherche parmi de nombreuses solutions.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann et Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap, The Journal of Finance, 1999 — application directe aux règles techniques de trading.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — sélection in-sample et perte de rang hors échantillon.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Campbell R. Harvey, Yan Liu et Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — tests multiples dans la recherche sur les rendements attendus.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "David H. Bailey et Marcos López de Prado, The Deflated Sharpe Ratio — correction du biais de sélection et de la non-normalité dans l’interprétation du Sharpe.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "cd4f3b9cd4c6bf9c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "overfitting", "multiple-testing", "model-selection", "data-snooping", "backtest-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/suspension-de-strategie", "locale": "fr", "title": "Surveillance et suspension de la stratégie", "summary": "Gouvernance continue des données, des opérations, de l’exécution et du modèle : alertes, diagnostic, escalade, kill switch, rollback, suspension et réactivation.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/suspension-de-strategie/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validation proactive, surveillance et fiabilité des modèles d’investissement.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2: Model Risk Management, 2026 — gouvernance, validation, limites d’utilisation et surveillance; ce texte s’applique aux organisations bancaires relevant de son champ de supervision et n’est cité ici qu’en tant que référence de gouvernance.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Commission européenne, Règlement délégué (UE) 2017/589, RTS 6 — contrôles, tests, limites et fonctionnalités opérationnelles dans le périmètre européen du trading algorithmique auquel il s’applique.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] }, { "text": "European Securities and Markets Authority, Supervisory Briefing on Algorithmic Trading in the EU, 2026 — gouvernance, tests, externalisation et contrôles pré-trade; briefing de supervision non contraignant dans son propre champ d’application.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automatisation, risques opérationnels et interaction des algorithmes avec la structure du marché américain.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] } ], "revision": "a53750c51a0305fc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "strategy-monitoring", "suspension", "incident-management", "model-deterioration", "regime-shift", "algorithmic-controls" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "regimes", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/taille-d-echantillon", "locale": "fr", "title": "Taille d’échantillon", "summary": "Taille et information effective de l’échantillon en trading : dépendance, précision des métriques, régimes et nombre d’observations sans seuil universel.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/taille-d-echantillon/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal, 2002 — autocorrélation, distribution et inférence du ratio de Sharpe.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey et Marcos López de Prado, The Sharpe Ratio Efficient Frontier, Journal of Risk, 2012 — longueur de l’historique, confiance et caractéristiques distributives.", "urls": [ "https://doi.org/10.21314/JOR.2012.255" ] }, { "text": "Campbell R. Harvey, Yan Liu et Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — nombre d’essais et seuils de preuve dans la sélection financière.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Francis X. Diebold et Roberto S. Mariano, Comparing Predictive Accuracy, Journal of Business & Economic Statistics, 1995 — comparaison d’erreurs de prévision possédant une structure temporelle.", "urls": [ "https://doi.org/10.1080/07350015.1995.10524599" ] }, { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — multiples échantillons de test, rolling origin et représentativité temporelle.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] } ], "revision": "eb4fa034287d4f36", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sample-size", "effective-sample-size", "statistical-uncertainty", "dependence", "performance-estimation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/taux-directeur-et-orientation-monetaire", "locale": "fr", "title": "Taux directeur et orientation monétaire", "summary": "Du taux cible aux taux administrés et de marché : niveau, écart au neutre et trajectoire attendue définissent l’orientation.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/taux-directeur-et-orientation-monetaire/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Policy implementation.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/policy-normalization.htm" ] }, { "text": "ECB, Key ECB interest rates.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html" ] }, { "text": "BIS, Central bank policy rates.", "urls": [ "https://www.bis.org/statistics/cbpol.htm" ] } ], "revision": "b583dccc0645c4c7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/taux-nominaux-reels-et-inflation-implicite", "locale": "fr", "title": "Taux nominaux, réels et inflation implicite", "summary": "Relation entre rendement nominal, réel et compensation d’inflation, avec primes et liquidité.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/taux-nominaux-reels-et-inflation-implicite/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury, TIPS.", "urls": [ "https://treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED.", "urls": [ "https://fred.stlouisfed.org/" ] }, { "text": "ECB, Inflation expectations.", "urls": [ "https://www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/index.en.html" ] } ], "revision": "efb2dc77c4c0f164", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/teneur-de-marche", "locale": "fr", "title": "Teneur de marché : cotations et risque d’inventaire", "summary": "Un teneur de marché affiche des prix d’achat et de vente ou se déclare prêt à négocier sur un marché précis. Il apporte de la liquidité sans garantir quantité, spread ou continuité.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/teneur-de-marche/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Market Makers", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-makers" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, article 4: définitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "a0be691aaa0554fe", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/test-de-resistance", "locale": "fr", "title": "Test de résistance", "summary": "Évaluation des pertes, besoins de liquidité ou défaillances sous des conditions sévères mais plausibles. Un stress test complète les modèles fondés sur l’histoire.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/test-de-resistance/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Framework — RMA30", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee — Supervisory and bank stress testing", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "U.S. Securities and Exchange Commission — Rule 18f-4", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] } ], "revision": "cb52f14f9ea7b7ff", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "stress-testing", "scenario-analysis", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/theta-des-options", "locale": "fr", "title": "Theta des options", "summary": "Le theta mesure la variation locale de la valeur d’une option avec le passage du temps, les autres paramètres étant figés. Signe et échelle dépendent de la convention temporelle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/theta-des-options/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Theta — The Greeks — définition et comportement du theta.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/theta" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert’s Perspective — interprétation des grecques.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Cboe, Options Calculator — résultats théoriques selon paramètres et modèle.", "urls": [ "https://www.cboe.com/education/tools/options-calculator/" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — échéance, exercice et risques.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black et Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — modèle classique.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "e2b4e609df4d73ac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "time-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/trading-quantitatif-et-systematique", "locale": "fr", "title": "Trading quantitatif et trading systématique", "summary": "Différences entre décisions systématiques, recherche quantitative, algorithmes et exécution automatisée, avec toute la chaîne allant du modèle au contrôle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/trading-quantitatif-et-systematique/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — description institutionnelle des formes, des usages et des effets du trading algorithmique.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — cycle de validation des modèles d’investissement et principales techniques.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — recommandations bancaires actuelles sur le développement, l’utilisation, la validation et la gouvernance; les principes sont cités par analogie et non comme obligation universelle.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limites et informations à fournir au sujet des résultats hypothétiques dans son périmètre réglementaire américain.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "372a08febc72c38d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "quantitative-trading", "systematic-trading", "algorithmic-trading", "research-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/transmission-de-la-politique-monetaire", "locale": "fr", "title": "Transmission de la politique monétaire", "summary": "Canaux des taux et du bilan central vers marché monétaire, crédit, change, demande, emploi et prix.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/transmission-de-la-politique-monetaire/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ECB, Transmission mechanism.", "urls": [ "https://www.ecb.europa.eu/mopo/intro/transmission/html/index.en.html" ] }, { "text": "Federal Reserve, Monetary Policy Report.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/mpr_default.htm" ] }, { "text": "BIS, Monetary policy.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "01e641c8c6866c76", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/transmission-macro-entre-actions-obligations-devises-et-matieres-premieres", "locale": "fr", "title": "Transmission macro entre actions, obligations, devises et matières premières", "summary": "Carte conditionnelle reliant croissance, inflation, taux et liquidité aux bénéfices, courbes, changes et marchés physiques.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/transmission-macro-entre-actions-obligations-devises-et-matieres-premieres/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Annual Economic Report.", "urls": [ "https://www.bis.org/publ/arpdf/ar2025e.htm" ] }, { "text": "IMF, Global Financial Stability Report.", "urls": [ "https://www.imf.org/en/Publications/GFSR" ] }, { "text": "ECB, Financial Stability Review.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html" ] } ], "revision": "5ff93c0fca33cc97", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/concetti/twap", "locale": "fr", "title": "TWAP : benchmark temporel et algorithme", "summary": "TWAP peut désigner une moyenne temporelle servant de benchmark ou un algorithme qui répartit un ordre parent dans le temps. Le nom ne garantit ni l’exécution, ni le prix, ni un impact réduit.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/twap/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase Help — Advanced Trade order types — sous-ordres, redistribution et randomisation documentées.", "urls": [ "https://help.coinbase.com/en-in/coinbase/trading-and-funding/advanced-trade/order-types" ] }, { "text": "Coinbase Developer Documentation — Prime Order Types — paramètres TWAP du produit Prime.", "urls": [ "https://docs.cdp.coinbase.com/prime/concepts/trading/order-types" ] }, { "text": "EUR-Lex — Directive 2014/65/UE, article 4(1)(39) — définition du trading algorithmique.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA — Supervisory Briefing on Algorithmic Trading in the EU — paramètres, gouvernance, tests et contrôles.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] } ], "revision": "fe93718ce5cdd135", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/valeur-notionnelle", "locale": "fr", "title": "Valeur notionnelle", "summary": "Valeur de référence d’une position ou d’un contrat. Elle décrit l’échelle économique, mais ne correspond ni à la marge, ni au P&L, ni au capital à risque.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/valeur-notionnelle/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "CFTC, Futures Glossary — Notional Principal", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CFTC, Over-the-Counter Derivatives Concept Release", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] }, { "text": "SEC, Use of Derivatives by Registered Investment Companies", "urls": [ "https://www.sec.gov/dera/staff-papers/white-papers/derivatives12-2015.pdf" ] }, { "text": "CME Group, Options Delta — The Greeks", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Bybit Help Center, FAQ — P&L Calculation", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Profit-Loss-Calculation" ] }, { "text": "Bybit Help Center, Funding Fee Calculation", "urls": [ "https://www.bybit.com/en/help-center/article/Funding-fee-calculation" ] }, { "text": "CME Group, Fee Schedules, 29 June 2026", "urls": [ "https://www.cmegroup.com/company/files/cme-fee-schedule-2026-06-29.pdf" ] }, { "text": "Bybit Help Center, Futures Contracts: Fees Explained", "urls": [ "https://www.bybit.com/en/help-center/article?id=000001584" ] } ], "revision": "f4596eecda2e60a7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "derivatives", "leverage", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/gestion-du-risque" }, { "key": "fr/concetti/validation-des-series-temporelles-et-walk-forward", "locale": "fr", "title": "Validation des séries temporelles et walk-forward", "summary": "Plans chronologiques rolling et expanding pour séparer développement et évaluation en respectant dépendance, horizon informationnel et séquence réelle des décisions.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/validation-des-series-temporelles-et-walk-forward/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review — taxonomie et motivation des évaluations rolling-origin hors échantillon.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman et Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction — conditions précises de validité du k-fold pour les modèles autorégressifs.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "Jeffrey S. Racine, Consistent cross-validatory model-selection for dependent data: hv-block cross-validation — proposition d’une séparation en blocs pour données dépendantes, à employer avec ses hypothèses et les discussions méthodologiques ultérieures.", "urls": [ "https://doi.org/10.1016/S0304-4076(00)00030-0" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — table des matières officielle Wiley — référence d’auteur pour purging et embargo; elle n’est pas présentée comme consensus universel ni comme article fondateur évalué par les pairs.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "f832fbf1f98e3821", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "time-series-validation", "walk-forward", "cross-validation", "out-of-sample" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "fr/concetti/value-at-risk-var", "locale": "fr", "title": "Value at Risk (VaR)", "summary": "Quantile de perte estimé pour un portefeuille, un horizon, un niveau de confiance et un modèle déclarés. La VaR n’est ni une perte maximale ni une prévision certaine.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/value-at-risk-var/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR10", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Framework — MAR32", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/32.htm" ] }, { "text": "Basel Committee — Minimum capital requirements for market risk: explanatory note", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "U.S. Securities and Exchange Commission — Rule 18f-4", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] }, { "text": "Philippe Artzner et al., Coherent Measures of Risk", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "aa75fe414caeb241", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "risk-measurement", "value-at-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/mesure-et-controle-du-risque" }, { "key": "fr/concetti/vega-des-options", "locale": "fr", "title": "Vega des options", "summary": "Le vega mesure la variation locale de la valeur d’une option face à l’IV utilisée par le modèle. Échelle, surface, échéance, devise et signe de position appartiennent à la mesure.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/vega-des-options/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Vega — The Greeks — définition et comportement du vega.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-vega-the-greeks" ] }, { "text": "Cboe, SR-CBOE-2019-126 — convention d’un point de pourcentage de volatilité.", "urls": [ "https://cdn.cboe.com/resources/regulation/rule_filings/approved/2019/SR-CBOE-2019-126.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Sensitivities-based method — facteurs et agrégation de la sensibilité vega.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert’s Perspective — lecture des grecques.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — caractéristiques et risques.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "696f2f5d44ec7fca", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "volatility", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/vente-a-decouvert", "locale": "fr", "title": "Vente à découvert : emprunt, risques et règles", "summary": "La vente à découvert d’actions consiste généralement à vendre des titres empruntés puis à les racheter pour les rendre. Elle expose aux appels de marge, au coût d’emprunt, au rappel et au squeeze.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/vente-a-decouvert/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC — Key Points About Regulation SHO — mécanique, prêt, marge, dividendes, localisation et close-out.", "urls": [ "https://www.sec.gov/investor/pubs/regsho.htm" ] }, { "text": "U.S. SEC — Short Sales, Regulation SHO Final Rule — marquage, localisation et défauts de livraison.", "urls": [ "https://www.sec.gov/rules-regulations/2004/07/short-sales" ] }, { "text": "ESMA — Short Selling — champ européen, transparence, exemptions et intervention.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/short-selling" ] } ], "revision": "16054850af94b63f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "safety" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/concetti/volatilite", "locale": "fr", "title": "Volatilité : sens, mesures et limites", "summary": "La volatilité décrit la dispersion des rendements, pas la direction du marché. Fréquence, fenêtre, estimateur, données et annualisation font partie de toute mesure.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/volatilite/", "published": "2026-07-11", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, CFTC Glossary — Volatility — définition institutionnelle et distinction historique/implicite.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Options Industry Council, Volatility & the Greeks — volatilité historique, implicite et sensibilités.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "National Institute of Standards and Technology, Measures of Scale — écart-type et mesures robustes de dispersion.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Michael Parkinson, The Extreme Value Method for Estimating the Variance of the Rate of Return, 1980 — estimateur fondé sur le range.", "urls": [ "https://doi.org/10.1086/296071" ] }, { "text": "Torben G. Andersen et al., The Distribution of Realized Stock Return Volatility, 2001 — construction de volatilité réalisée à haute fréquence.", "urls": [ "https://doi.org/10.1016/S0304-405X(01)00055-1" ] }, { "text": "Cboe Global Indices, VIX White Paper — exemple de mesure issue des options selon une méthodologie publiée.", "urls": [ "https://cdn.cboe.com/resources/vix/vixwhite.pdf" ] } ], "revision": "c226397d3ed55d10", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "risk-management", "volatility", "statistics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/volatilite-implicite-et-realisee", "locale": "fr", "title": "Volatilité implicite et réalisée", "summary": "La volatilité réalisée estime la dispersion de rendements observés selon une méthode déclarée ; l’implicite est le paramètre qui réconcilie un prix d’option avec un modèle.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/volatilite-implicite-et-realisee/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Technical Information — définitions opérationnelles des volatilités historique et implicite.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "Options Industry Council, Volatility & the Greeks — relation entre volatilité, valorisation et grecques.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — nature modélisée des résultats et cotations.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "CME Group, Implied Volatility — IV, prix et différences selon les strikes.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Greeks and Implied Volatility — coordonnées analytiques et sensibilités.", "urls": [ "https://www.cmegroup.com/education/lessons/understanding-options-analytics-greek-and-implied-volatility" ] }, { "text": "Fischer Black et Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — modèle classique et hypothèses.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — caractéristiques contractuelles et risques des options standardisées.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "d551a42ff0431ee3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "volatility", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/concetti/volatility-targeting", "locale": "fr", "title": "Volatility targeting", "summary": "Méthode qui adapte l’échelle d’un portefeuille à une estimation de volatilité afin de poursuivre une cible ex ante, sous cap, coûts et contraintes.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/volatility-targeting/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MSCI, MSCI Risk Control Indexes Methodology", "urls": [ "https://www.msci.com/eqb/methodology/meth_docs/MSCI_Risk_Control_Indexes_Methodology_Sept2022.pdf" ] }, { "text": "Alan Moreira et Tyler Muir, Volatility Managed Portfolios", "urls": [ "https://www.nber.org/papers/w22208" ] }, { "text": "Scott Cederburg et al., On the Performance of Volatility-Managed Portfolios", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3357038" ] }, { "text": "Jeff Fleming, Chris Kirby et Barbara Ostdiek, The Economic Value of Volatility Timing", "urls": [ "https://doi.org/10.1111/0022-1082.00327" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] } ], "revision": "3cad961c0453a3cd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "volatility-targeting", "exposure-scaling", "portfolio-risk", "dynamic-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "fr/hub/allocation-du-risque-et-sensibilites" }, { "key": "fr/concetti/volume-de-negociation", "locale": "fr", "title": "Volume de négociation : unité et périmètre", "summary": "Le volume de négociation est la quantité d’actions, contrats ou unités transférée pendant une période. Chaque transaction est comptée une fois et le volume seul n’indique aucune direction.", "url": "https://www.emiciclo.com/cyclepedia/fr/concetti/volume-de-negociation/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — What Is Volume? — définition et comptage d’un contrat une fois par transaction.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] }, { "text": "Nasdaq — Volume — quantité d’actions transférée.", "urls": [ "https://www.nasdaq.com/glossary/v/volume" ] }, { "text": "Nasdaq-Opedia — exemple de comptage du volume, pages 340–341.", "urls": [ "https://www.nasdaq.com/docs/2021/10/11/opedia%20booket28.pdf" ] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, The Ticker Publishing Company, 1910, chapitre V, « The Significance of Volumes » — source primaire de la lecture historique volume-mouvement.", "urls": [] } ], "revision": "494a01bc990fdf25", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "microstructure", "volumetric", "market-integrity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/glossario/actualisation-des-flux-de-tresorerie-dcf", "locale": "fr", "title": "Actualisation des flux de trésorerie (DCF)", "summary": "Construire un DCF cohérent entre flux, devise, bénéficiaire, taux d’actualisation, valeur terminale et passage à la valeur par action.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/actualisation-des-flux-de-tresorerie-dcf/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — Free Cash Flow Valuation — Cadre professionnel pour le FCFF, le FCFE et la valorisation par actualisation des flux.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Référence principale pour la présentation et le classement des flux selon les IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "f9e66320b7baac8a", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "valuation-method", "topics": [ "fundamental-analysis", "valuation", "cash-flow", "discount-rate" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/glossario/avantage-concurrentiel-durable", "locale": "fr", "title": "Avantage concurrentiel durable", "summary": "Tester coûts, réseau, marque, changement de fournisseur, actifs et réglementation avec preuves économiques plutôt qu’avec une étiquette.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/avantage-concurrentiel-durable/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Berkshire Hathaway — 1995 Shareholder Letter — Source primaire de la métaphore du « moat » dans le contexte de la protection d’une franchise économique.", "urls": [ "https://www.berkshirehathaway.com/letters/1995.html" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guide des documents servant à vérifier résultats, risques et notes.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "1c3f0713bf79c809", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "business-quality-concept", "topics": [ "fundamental-analysis", "competitive-advantage", "business-model", "strategy" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/glossario/benefice-par-action", "locale": "fr", "title": "Bénéfice par action (BPA)", "summary": "Calculer et interpréter le BPA de base et dilué en alignant résultat attribuable, nombre moyen d’actions, options et changements de capital.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/benefice-par-action/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Earnings Per Share — Définition publique concise du bénéfice par action.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/earnings-share" ] }, { "text": "IFRS Foundation — IAS 33, Earnings per Share — Principes de calcul et de présentation du BPA de base et dilué.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-33-earnings-per-share/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Emplacement du BPA dans le compte de résultat et principes de lecture initiale.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "95f1cef87ec25272", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fundamental-analysis-concept", "topics": [ "fundamental-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/glossario/courbe-des-taux", "locale": "fr", "title": "Courbe des taux", "summary": "La courbe ordonne taux ou rendements par échéance : distinguer par, spot et forward et lire formes et mouvements.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/courbe-des-taux/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "fc35aa4a524bfd45", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "concept", "topics": [ "fixed-income", "yield-curve", "interest-rates", "term-structure" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "fr/hub/obligations-et-credit" }, { "key": "fr/glossario/ebitda", "locale": "fr", "title": "EBITDA", "summary": "Lire l’EBITDA comme mesure opérationnelle avant intérêts, impôts et charges non monétaires, sans le confondre avec trésorerie ou valeur.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/ebitda/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Orientations sur la présentation, la prééminence et le rapprochement des mesures non-GAAP.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "ESMA — Guidelines on Alternative Performance Measures — Principes européens pour définir, expliquer et rapprocher les indicateurs alternatifs de performance.", "urls": [ "https://www.esma.europa.eu/document/guidelines-alternative-performance-measures" ] } ], "revision": "dda817c479355085", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "profitability", "non-gaap-measures", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/glossario/etats-financiers", "locale": "fr", "title": "États financiers", "summary": "Lire ensemble bilan, compte de résultat, tableau des flux, capitaux propres et notes pour reconstruire la situation économique d’une entreprise.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/etats-financiers/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Présentation des principaux états financiers et de leurs liens.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — IAS 1, Presentation of Financial Statements — Exigences de présentation et composantes d’un jeu complet d’états financiers selon les IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-1-presentation-of-financial-statements.html/" ] } ], "revision": "9b8ffd3c4d4a26c3", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fundamental-analysis-concept", "topics": [ "fundamental-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/glossario/flux-de-tresorerie-disponible", "locale": "fr", "title": "Flux de trésorerie disponible", "summary": "Définir, rapprocher et interpréter le flux disponible après besoins opérationnels et investissements, avec distinction entre entreprise et actionnaires.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/flux-de-tresorerie-disponible/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Non-GAAP Financial Measures, Question 102.07 — Calcul usuel, absence d’uniformité, rapprochement et limites d’emploi du terme.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation, IAS 7 Statement of Cash Flows — Structure officielle des flux d’exploitation, d’investissement et de financement.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows.html/" ] }, { "text": "CFA Institute, Free Cash Flow Valuation — Distinction entre FCFF et FCFE et cohérence avec leurs taux d’actualisation respectifs.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "3c41ad53647b422b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "fundamental-analysis-concept", "topics": [ "fundamental-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", 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"CFA Institute — Free Cash Flow Valuation — Méthodes professionnelles pour convertir des flux attendus en estimation de valeur.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "678e953f75241fd2", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "valuation-concept", "topics": [ "fundamental-analysis", "valuation", "accounting", "market-price" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "fr/hub/analyse-fondamentale-et-valorisation" }, { "key": "fr/glossario/macroeconomie", "locale": "fr", "title": "Macroéconomie, taux et inflation", "summary": "Lire ensemble croissance, inflation, emploi et politique économique en séparant données observées, anticipations et prix de marché.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/macroeconomie/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédacteur en chef de Cyclepedia — agent IA non humain, mandaté par le Directeur de l’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] } ], "revision": "93b75c50b9473ac4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "glossary_term", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "fr/hub/macroeconomie-et-politique-monetaire" }, { "key": "fr/glossario/previsions-de-resultats", "locale": "fr", "title": "Prévisions de résultats", "summary": "Comparer guidance, fourchettes, hypothèses, consensus et révisions pour comprendre ce que la direction communique réellement sur l’avenir.", "url": "https://www.emiciclo.com/cyclepedia/fr/glossario/previsions-de-resultats/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Rédaction Cyclepedia — révision par un agent IA non humain", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Regulation Fair Disclosure — Cadre américain relatif à la communication sélective d’informations significatives.", "urls": [ "https://www.sec.gov/rules-regulations/2000/08/final-rule-selective-disclosure-insider-trading" ] }, { 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agent IA non humain, mandaté par le Directeur de l'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "Federal Reserve Bank of New York — SOFR", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ 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éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — contrat, exercice, assignation, règlement et risques.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, What Is an Option? — fondements des call et put.", "urls": [ "https://www.optionseducation.org/optionsoverview/what-is-an-option" ] }, { "text": "Options Industry Council, Options Pricing — composantes de la prime.", "urls": [ "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "Options Industry Council, Volatility & the Greeks — volatilité et sensibilités.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Options Industry Council, Put/Call Parity — réplication et relation de prix.", "urls": [ "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — mécanique et risque d’assignation.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "Fischer Black et Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — référence historique du modèle classique.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "CME Group, Implied Volatility — relation entre prix des options, volatilité implicite et skew.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] } ], "revision": "3cc15348353874c9", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "markets-instruments", "options", "volatility", "derivatives", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "fr/hub/options-et-volatilite" }, { "key": "fr/hub/ordres-execution-et-microstructure", "locale": "fr", "title": "Ordres, exécution et microstructure de marché", "summary": "Carte complète de l’instruction au règlement : types et validité des ordres, carnet, priorité, routage, liquidité, coûts, algorithmes, meilleure exécution et conservation.", "url": "https://www.emiciclo.com/cyclepedia/fr/hub/ordres-execution-et-microstructure/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Révision éditoriale effectuée par l’agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, article 27: best execution", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — MiFID II, article 28: traitement des ordres clients", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "Banque centrale européenne — Market liquidity, Economic Bulletin 2/2018", "urls": [ "https://www.ecb.europa.eu/press/economic-bulletin/html/eb201802.en.html" ] }, { "text": "BIS, CPMI-IOSCO — Principles for Financial Market Infrastructures", "urls": [ "https://www.bis.org/cpmi/info_pfmi.htm" ] } ], "revision": "7e00eb7b2ede9abe", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "execution", "microstructure", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "fr/hub/ordres-execution-et-microstructure" }, { "key": "fr/hub/politique-editoriale", "locale": "fr", "title": "Comment travaille Cyclepedia", "summary": "Mission, sources, niveaux de vérification, usage de l’IA et processus de correction de l’encyclopédie du trading éditée par Emiciclo.", "url": "https://www.emiciclo.com/cyclepedia/fr/hub/politique-editoriale/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Révision éditoriale effectuée par un agent IA Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Google Search Central — créer du contenu utile, fiable et centré sur les personnes", "urls": [ "https://developers.google.com/search/docs/fundamentals/creating-helpful-content" ] }, { "text": "Google Search Central — fonctionnalités d’IA et sites web", "urls": [ "https://developers.google.com/search/docs/appearance/ai-features" ] }, { "text": "Creative Commons — choisir et appliquer une licence", "urls": [ "https://creativecommons.org/share-your-work/cclicenses/" ] } ], "revision": "cc87d959247e3a0b", "translation_state": "not-assessed", "kind": "article", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "hub", "hub": "fr/hub/politique-editoriale" }, { "key": "fr/hub/trading-systematique-et-validation", "locale": "fr", "title": "Trading systématique : stratégies, backtests et validation", "summary": "Guide complet pour transformer une hypothèse de trading en règles vérifiables, la simuler sans utiliser le futur et l’encadrer avant comme après son déploiement réel.", "url": "https://www.emiciclo.com/cyclepedia/fr/hub/trading-systematique-et-validation/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Révision éditoriale effectuée par un agent IA non humain Codex, sous mandat du Directeur d’Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — taxonomie, usages, bénéfices et risques du trading algorithmique; il s’agit d’un rapport du personnel de la SEC, et non d’une position adoptée par la Commission.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — cadre pratique consacré aux backtests, à la validation, au benchmarking, à la simulation et à la documentation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] }, { "text": "Halbert White, A Reality Check for Data Snooping — inférence lorsqu’une règle est retenue après comparaison de nombreux candidats.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — cadre permettant d’estimer le risque de sélectionner une configuration historiquement gagnante, mais fragile.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve, SR 26-2 — Supervisory Guidance on Model Risk Management — source sectorielle actuelle relative à la gouvernance, à la validation, au suivi et à la documentation des modèles.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "7328d7d9dadcee3a", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "systematic-trading", "quantitative-trading", "backtesting", "time-series-validation", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "fr/hub/trading-systematique-et-validation" }, { "key": "it/casi-studio/alloys-unlimited", "locale": "it", "title": "Alloys Unlimited", "summary": "Caso condensato Cap. 6 Hurst: quattro previsioni half-span consecutive su Alloys — zone 48–52, 33½–36½, 50⅝–54⅛ e 39⅜–41⅞, tutte confermate.", "url": "https://www.emiciclo.com/cyclepedia/it/casi-studio/alloys-unlimited/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "13b71491ee458ba8", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "casi-studio", "hub": "it/hub/casi-studio" }, { "key": "it/casi-studio/caso-studio-soybean-1991", "locale": "it", "title": "Soybean futures (1991)", "summary": "Caso condensato CBOT Part V: tre time frame, test fallito a 618, control price ~560 che comanda — long 16/9, short 19/9, fade al control intermedio 587.", "url": "https://www.emiciclo.com/cyclepedia/it/casi-studio/caso-studio-soybean-1991/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "eade423885c994a8", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "casi-studio", "hub": "it/hub/casi-studio" }, { "key": "it/casi-studio/gruen-industries-1961", "locale": "it", "title": "Gruen Industries (1961)", "summary": "Caso condensato Cap. 4 Hurst: titolo «Z Corp» analizzato alla cieca con le sole envelope — previsione di acquisto, target e +62% netto in otto settimane.", "url": "https://www.emiciclo.com/cyclepedia/it/casi-studio/gruen-industries-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a37ddf8cdb1aad9c", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "casi-studio", "hub": "it/hub/casi-studio" }, { "key": "it/casi-studio/perkin-elmer-1961", "locale": "it", "title": "Perkin-Elmer (1961)", "summary": "Caso condensato Cap. 3 Hurst: due triangoli su Perkin-Elmer, quattro periodicità misurate e previsione del «fallimento» chartista.", "url": "https://www.emiciclo.com/cyclepedia/it/casi-studio/perkin-elmer-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d46fd749505b8f79", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "casi-studio", "hub": "it/hub/casi-studio" }, { "key": "it/casi-studio/screw-and-bolt-1968", "locale": "it", "title": "Screw and Bolt (1968)", "summary": "Caso condensato Cap. 8 Hurst: dal scan del 1° novembre 1968 alla vendita a 23⅞ del 2 gennaio — +49,7% netto in 57 giorni.", "url": "https://www.emiciclo.com/cyclepedia/it/casi-studio/screw-and-bolt-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "835605746f22927b", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "casi-studio", "hub": "it/hub/casi-studio" }, { "key": "it/casi-studio/spring-accumulation-esempio", "locale": "it", "title": "Spring in accumulation (esempio didattico)", "summary": "Caso didattico Wyckoff: struttura generica di accumulation con spring in fase C — test della supply, SOS e LPS — senza ticker reale.", "url": "https://www.emiciclo.com/cyclepedia/it/casi-studio/spring-accumulation-esempio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "9cc1619aae9bc2f9", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "casi-studio", "hub": "it/hub/casi-studio" }, { "key": "it/casi-studio/utad-distribution-esempio", "locale": "it", "title": "UTAD in distribution (esempio didattico)", "summary": "Caso didattico Wyckoff: struttura generica di distribution con UTAD in fase C — test della domanda, SOW e LPSY — senza ticker reale.", "url": "https://www.emiciclo.com/cyclepedia/it/casi-studio/utad-distribution-esempio/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "69d3dfc382ffbd4b", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "casi-studio", "hub": "it/hub/casi-studio" }, { "key": "it/concetti/abuso-di-mercato-e-manipolazione", "locale": "it", "title": "Abuso di mercato e manipolazione", "summary": "L'abuso di mercato comprende condotte che danneggiano l'integrità del mercato; la manipolazione può creare segnali falsi o fuorvianti su prezzo, domanda, offerta o attività. Un'anomalia osservata è un punto di partenza, non una prova.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/abuso-di-mercato-e-manipolazione/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Regolamento (UE) n. 596/2014, testo consolidato al 5 giugno 2026 — definisce il quadro MAR, il suo ambito e le principali forme di abuso di mercato nell'Unione europea.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Regolamento delegato (UE) 2026/788 — aggiorna gli indicatori di manipolazione, compresi pattern di ordini e analisi su finestre temporali differenti.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj/eng" ] }, { "text": "ESMA — Market integrity — raccoglie il quadro europeo su integrità del mercato, prevenzione e segnalazione degli abusi.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/market-integrity" ] }, { "text": "EUR-Lex — Regolamento (UE) 2023/1114, articoli 91 e 92 — disciplina manipolazione, prevenzione, rilevazione e segnalazione nel perimetro MiCA.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] }, { "text": "ESMA — Guidelines on supervisory practices to prevent and detect market abuse under MiCA — orienta la supervisione del rischio di abuso nei mercati crypto-asset europei.", "urls": [ "https://www.esma.europa.eu/document/guidelines-supervisory-practices-prevent-and-detect-market-abuse-under-mica" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — raccomandazioni internazionali su sorveglianza, conflitti, frode e manipolazione nelle sedi crypto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "54eba64790990eed", "translation_state": "source", "kind": "concept", "entity_type": "market-abuse-evidence-framework", "topics": [ "market-integrity", "market-abuse", "market-manipulation", "surveillance", "evidence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-and-assess-market-abuse", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/accettazione-del-rischio", "locale": "it", "title": "Accettazione del Rischio", "summary": "Riconoscere in anticipo una perdita possibile e scegliere un rischio compatibile con obiettivi, capacità e tolleranza personali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/accettazione-del-rischio/", "published": "2026-06-26", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute Research and Policy Center — Risk profiling and investor risk tolerance", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2018/risk_compilation_2018.pdf" ] }, { "text": "Investor.gov — Hot stocks, emozioni e rischi del trading di breve periodo", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "5855de9573103232", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/allocazione-capitale", "locale": "it", "title": "Allocazione del capitale", "summary": "Processo con cui capitale, esposizioni e capacità di rischio vengono distribuiti tra strumenti, strategie e riserva, sotto obiettivi e vincoli dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/allocazione-capitale/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulazione originaria della selezione di portafoglio tramite rendimenti, varianze e covarianze.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi e Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, The Review of Financial Studies — confronto fuori campione e ruolo dell’errore di stima.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limiti del solo nozionale nel confronto tra esposizioni differenti.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — accuratezza, completezza, riconciliazione e governance dei dati aggregati.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] } ], "revision": "d7600be6c84027db", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "capital-allocation", "portfolio-construction", "portfolio-risk", "rebalancing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/alpha-di-jensen", "locale": "it", "title": "Alpha di Jensen", "summary": "Intercetta stimata di una regressione dei rendimenti in eccesso del portafoglio sul benchmark, condizionata a modello, campione, costi e significatività.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/alpha-di-jensen/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Michael C. Jensen, The Performance of Mutual Funds in the Period 1945–1964, The Journal of Finance (1968) — formulazione della misura, stima e interpretazione dell'intercetta.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1968.tb00815.x" ] }, { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk, The Journal of Finance (1964) — base del modello di mercato impiegato da Jensen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "CFA Institute, Investment Risk and Performance — lettura coordinata di alpha, beta, tracking error, information ratio e Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark misspecification, appraisal e limiti dell'inferenza sulla skill.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — fattori, style analysis, costi e valutazione quantitativa del track record.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "dea76bfe750464f5", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "jensen-alpha", "capm", "performance-appraisal", "regression" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/alta-volatilita", "locale": "it", "title": "Alta volatilità", "summary": "Regime con oscillazioni ampie e rapide — size, stop, slippage e soglie di sospensione vanno irrigiditi subito.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/alta-volatilita/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "80397f1a324d79fd", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/analisi-scenario", "locale": "it", "title": "Analisi di scenario", "summary": "L'analisi di scenario costruisce una narrazione avversa coerente, traduce fattori e traiettorie in impatti sul perimetro scelto e rende esplicite assunzioni e vulnerabilità. È una metodologia di stress testing, non una previsione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/analisi-scenario/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel consolidated guidelines — RMA30, Stress testing", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee — Supervisory and bank stress testing: range of practices", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "Federal Reserve — Policy Statement on the Scenario Design Framework for Stress Testing", "urls": [ "https://www.federalreserve.gov/frrs/regulations/appendix-a-policy-statement-on-the-scenario-design-framework-for-stress-testing.htm" ] } ], "revision": "d51a7ff4dd40256e", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "scenario-analysis", "stress-testing", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/analisi-sentiment", "locale": "it", "title": "Analisi del sentiment", "summary": "Misura dell'umore di mercato da testi e flussi — news, social, survey; segnale contestuale, non oracolo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/analisi-sentiment/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "21bbbef24c10931f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/analisi-volumetrica", "locale": "it", "title": "Analisi volumetrica", "summary": "Lettura del mercato tramite volume, order flow e domanda/offerta — chi compra, chi vende e con quale convinzione, oltre al solo prezzo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/analisi-volumetrica/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f402829ebf7eda61", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/ancoraggio", "locale": "it", "title": "Ancoraggio (Anchoring)", "summary": "Bias cognitivo per cui un riferimento iniziale può influenzare una stima successiva; riconoscerlo aiuta a riesaminare dati, ipotesi e alternative.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ancoraggio/", "published": "2026-06-26", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute Research Foundation, Risk Profiling and Tolerance: Insights for the Private Wealth Manager — inquadra l'ancoraggio tra i bias cognitivi rilevanti per le decisioni finanziarie e il profilo di rischio.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2018/risk_compilation_2018.pdf" ] }, { "text": "Chapman e Johnson, Anchoring, Activation, and the Construction of Values (PubMed) — studio sperimentale sull'influenza dei punti di partenza e su un possibile meccanismo di debiasing.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/10433900/" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — invita a non decidere sotto pressione o sulla sola informazione social e a verificare l'investimento.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "dc106d7f42515bfd", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/ancoraggio-prezzo", "locale": "it", "title": "Ancoraggio al prezzo", "summary": "Fissarsi al prezzo di ingresso o a un prezzo passato invece che al mercato attuale — il mercato non conosce il tuo carico.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ancoraggio-prezzo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0ea4cbec39e5876f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/asimmetria", "locale": "it", "title": "Asimmetria", "summary": "Squilibrio della distribuzione rendimenti — molti piccoli loss vs pochi grandi win (o viceversa).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/asimmetria/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7f4f48da54cc1568", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/asset-allocation-strategica-e-tattica", "locale": "it", "title": "Asset allocation strategica e tattica", "summary": "Distinzione tra policy di lungo periodo, range ammissibili e deviazioni temporanee, con obiettivi, benchmark e responsabilità definiti prima dell'esecuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/asset-allocation-strategica-e-tattica/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — processi strategici, approcci di allocazione e distinzione tra studio della policy e monitoraggio.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — vincoli, revisione strategica, glide path, tattica e ribilanciamento.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Gary P. Brinson, L. Randolph Hood e Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — framework originario di policy, active allocation e selezione.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "CFA Institute, Setting the Record Straight on Asset Allocation — chiarimento sulle diverse domande empiriche spesso fuse nell'interpretazione dello studio Brinson.", "urls": [ "https://rpc.cfainstitute.org/blogs/enterprising-investor/2012/setting-the-record-straight-on-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — introduzione ufficiale a target, cambi di circostanze e ribilanciamento.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "322c0235b3287f3d", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "asset-allocation", "strategic-allocation", "tactical-allocation", "portfolio-policy" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/assorbimento", "locale": "it", "title": "Assorbimento", "summary": "Alto volume aggressivo senza progresso di prezzo — un lato passivo assorbe la pressione dell'altro (effort vs result).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/assorbimento/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5062fd34e25f5bba", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/auction-market-theory", "locale": "it", "title": "Auction Market Theory", "summary": "Il mercato come asta continua che cerca prezzi di equilibrio (value) e si sposta quando compratori e venditori non trovano accordo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/auction-market-theory/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9e077a0b23955f36", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/audit-personale", "locale": "it", "title": "Audit personale", "summary": "Revisione periodica e strutturata di processo, dati, disciplina e conformità al piano — verifica qualità, non solo P&L.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/audit-personale/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0a78304e8e3f95be", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/avidita", "locale": "it", "title": "Avidità", "summary": "Riconoscere quando il profitto atteso sostituisce target, rischio e criteri definiti prima del trade.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/avidita/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Thaler e Johnson, Gambling with the House Money and Trying to Break Even — Management Science — esperimenti con denaro reale sugli effetti di guadagni e perdite precedenti sulle scelte rischiose.", "urls": [ "https://pubsonline.informs.org/doi/10.1287/mnsc.36.6.643" ] }, { "text": "Barber e Odean, Trading Is Hazardous to Your Wealth — The Journal of Finance — studio sui conti di investitori retail, turnover e risultati al netto dei costi.", "urls": [ "https://onlinelibrary.wiley.com/doi/full/10.1111/0022-1082.00226" ] }, { "text": "CFTC, Forex Frauds — capitale di rischio, piano per singola operazione e prevenzione delle decisioni emotivamente cariche.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov, rischi del trading di breve periodo guidato dai social — rischio, decisioni impulsive e utilità di un piano finanziario.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "0cb135a9aaa5bd55", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/azioni", "locale": "it", "title": "Azioni", "summary": "Un'azione rappresenta una quota di proprietà in una società e una pretesa residuale sui suoi risultati. Diritti, dividendi, liquidità e rischio dipendono dalla classe e dall'emittente.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/azioni/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stocks — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stock — proprietà, pretesa proporzionale e diritti di voto.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/stock" ] }, { "text": "Banca d'Italia, L'economia per tutti, Azioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-azioni/" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR — Search and Access — archivio ufficiale dei filing societari statunitensi.", "urls": [ "https://www.sec.gov/search-filings" ] } ], "revision": "d5444340216cbc22", "translation_state": "source", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "risk" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/backtest", "locale": "it", "title": "Backtest", "summary": "Simulazione storica di una strategia: dati point-in-time, regole causali, esecuzione realistica e controllo dei bias prima di qualunque inferenza.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/backtest/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inferenza quando il modello migliore emerge da molte specifiche esplorate.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey e Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocollo di ricerca, selezione e scarsità dei dati finanziari.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Marcos López de Prado, What to Look for in a Backtest — numero di prove, lunghezza del test e caratteristiche da rendere visibili.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2308682" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — confronto fra portafoglio teorico ed esecuzione effettiva.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Commissione europea, Regolamento delegato (UE) 2017/589, RTS 6 — metodologia, documentazione e ambienti di prova dei sistemi algoritmici nel relativo perimetro regolamentare.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "e3b78d9f6b1594ed", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "backtest", "systematic-trading", "model-validation", "point-in-time-data", "execution-simulation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/banche-centrali-mandati-e-comunicazione", "locale": "it", "title": "Banche centrali: mandati e comunicazione", "summary": "Mandati, indipendenza operativa, strumenti, organi decisionali, verbali e conferenze: come leggere una banca centrale senza ridurla a una singola frase hawkish o dovish.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/banche-centrali-mandati-e-comunicazione/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, The Fed Explained, documentazione ufficiale — mandato, struttura e responsabilità.", "urls": [ "https://www.federalreserve.gov/aboutthefed/the-fed-explained.htm" ] }, { "text": "ECB, About, documentazione ufficiale — mandato e organizzazione della BCE.", "urls": [ "https://www.ecb.europa.eu/ecb/html/index.en.html" ] }, { "text": "Bank of England, Monetary policy, documentazione ufficiale — mandato, decisioni e comunicazione.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy" ] } ], "revision": "37d0c14ebc5b80ab", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/basis-dei-futures", "locale": "it", "title": "Basis dei futures", "summary": "La basis dei futures misura una differenza dichiarata fra prezzo future e prezzo spot. Cyclepedia usa b = F − S; convenzione di segno, riferimento cash, fair value, scadenza e costi devono essere espliciti prima di interpretarla.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/basis-dei-futures/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — contratto, cash settlement, consegna e rischio economico.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — convenzione cash meno futures, basis risk, basis point e calendar spread.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — hedging, offset, consegna e convergenza con il mercato cash.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — settlement giornaliero e variazioni delle posizioni.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — scadenza, offset e sostituzione con contratti differiti.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — riferimenti di settlement e legame fra contratto e mercato fisico.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — convenzione futures meno spot e relazione con finanziamento e dividendi.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — delivery point, grade, differenziali e condizioni della convergenza.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "4e8e8c628b7af60a", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "pricing", "hedging", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/bassa-volatilita", "locale": "it", "title": "Bassa volatilità", "summary": "Regime con oscillazioni ridotte — pazienza, filtri di qualità e preparazione a possibili espansioni imminenti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/bassa-volatilita/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7e41ff7fa42dd6a4", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/benchmark-di-performance", "locale": "it", "title": "Benchmark di performance", "summary": "Riferimento scelto in anticipo per valutare risultati e rischio di un portafoglio, definito con universo, rendimento totale, valuta, copertura e metodologia confrontabili.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/benchmark-di-performance/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Overview of the Global Investment Performance Standards (2026) — quadro corrente degli standard GIPS, loro finalità e perimetro.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Global Investment Performance Standards, Guidance Statement on Benchmarks for Firms, revisione luglio 2023 — appropriatezza, total return, valuta, benchmark custom e disclosure nel perimetro GIPS.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks (2013) — principi ufficiali su governance, qualità, metodologia e accountability dei benchmark.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf" ] }, { "text": "MSCI, MSCI Index Calculation Methodology, maggio 2026 — calcolo delle versioni price, gross e net return, valuta, distribuzioni ed eventi societari.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology, aprile 2026 — formule e convenzioni ufficiali per price return, total return, net total return, valute e indici coperti.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation (2026) — proprietà di un benchmark valido e dipendenza di appraisal e attribution dalla sua specificazione.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "c9004be161265605", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "performance-benchmark", "total-return", "active-return", "benchmark-governance", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/best-execution", "locale": "it", "title": "Best execution", "summary": "La best execution è l'obbligo dell'intermediario di adottare misure e politiche idonee a perseguire il miglior risultato possibile per il cliente considerando prezzo, costi, rapidità, probabilità di esecuzione e regolamento e caratteristiche dell'ordine. Non garantisce il miglior", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/best-execution/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — fattori, corrispettivo totale retail, policy, monitoraggio e dimostrabilità.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, Q&A 1016 — Best execution: “all sufficient steps” — livello dell'obbligo e risultati perseguiti su base coerente.", "urls": [ "https://www.esma.europa.eu/publications-data/questions-answers/1016" ] }, { "text": "U.S. Securities and Exchange Commission, Best Execution — dovere del broker e fattori di valutazione negli Stati Uniti.", "urls": [ "https://www.sec.gov/answers/bestex.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Disclosure of Order Execution and Routing Practices — valutazione basata su fatti e circostanze e limiti delle sole statistiche di esecuzione.", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] } ], "revision": "251dcd3e7616f5f5", "translation_state": "source", "kind": "concept", "entity_type": "regulation", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/beta-di-mercato", "locale": "it", "title": "Beta di mercato", "summary": "Il beta stima la sensibilità lineare dei rendimenti di un'attività o portafoglio rispetto a un benchmark dichiarato. Dipende da dati, finestra e metodo e non misura da solo rischio totale, causalità o quota di movimento spiegata.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/beta-di-mercato/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk, The Journal of Finance, 1964.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Beta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "FINRA, Volatility — definizione divulgativa del beta rispetto a un benchmark.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "NIST/SEMATECH, Least Squares e R² is not enough — stima e controllo di un modello lineare.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd431.htm", "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] } ], "revision": "dec9ed1760af3c4c", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "portfolio-risk", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "equity" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/break-even", "locale": "it", "title": "Break even", "summary": "Stop spostato al prezzo di ingresso — rischio monetario azzerato dopo condizione definita (es. +1R).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/break-even/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fea0cdb91db5d1af", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/breakout", "locale": "it", "title": "Breakout", "summary": "Rottura di supporto o resistenza: il prezzo chiude oltre un livello che prima conteneva il range — possibile inizio di nuovo trend.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/breakout/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e42c16d19dd83227", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/broker-risk", "locale": "it", "title": "Broker risk", "summary": "Il broker risk è l'esposizione che nasce dall'affidarsi a un intermediario per accesso, routing, esecuzione o servizi sul conto. Broker, venue, custode, controparte e CCP sono ruoli distinti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/broker-risk/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "CFTC — Futures Commission Merchants and Introducing Brokers", "urls": [ "https://www.cftc.gov/IndustryOversight/Intermediaries/FCMs/fcmib" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Article 16: Organisational requirements", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA — EMIR, Article 2: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "IOSCO — Recommendations Regarding the Protection of Client Assets", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "FINRA — BrokerCheck", "urls": [ "https://brokercheck.finra.org/" ] }, { "text": "SIPC — What SIPC Protects", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "dfe5c22669f3f225", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "intermediaries", "execution", "client-assets", "counterparty-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "due-diligence", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/budget-di-rischio", "locale": "it", "title": "Budget di rischio e risk budgeting", "summary": "Metodo che assegna obiettivi di contributo a una misura di rischio e costruisce o controlla il portafoglio affinché i contributi siano coerenti con quei budget.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/budget-di-rischio/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Benjamin Bruder e Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — proprietà, esistenza, unicità e applicazioni dei portafogli con budget di rischio.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Edward E. Qian, On the Financial Interpretation of Risk Contribution: Risk Budgets Do Add Up — relazione tra contributi, piena allocazione e interpretazione dei budget.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Sébastien Maillard, Thierry Roncalli e Jérôme Teïletche, On the Properties of Equally-Weighted Risk Contributions Portfolios — caso a contributi uguali e confronto con portafogli equally weighted e minimum variance.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — condizioni teoriche dell’attribuzione Euler alla base dei contributi.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — relazione fra pesi, varianze e covarianze nella costruzione di portafoglio.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] } ], "revision": "97680d4855b96b2f", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-budgeting", "risk-allocation", "portfolio-construction", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/business-plan-trader", "locale": "it", "title": "Business plan del trader", "summary": "Documento gestionale che trasforma il trading in attività strutturata — obiettivi, costi, capitale, rischio e revisione periodica.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/business-plan-trader/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "aaa2dc34ea5a0e8a", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/buy-e-sell", "locale": "it", "title": "Buy e sell", "summary": "Acquisto e vendita come direzioni elementari — aprire o chiudere esposizione long/short, indipendente dalla strategia.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/buy-e-sell/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "29bbe9d159d0be1d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/cagr-e-annualizzazione", "locale": "it", "title": "CAGR e annualizzazione", "summary": "Il CAGR esprime il tasso annuo costante equivalente fra due valori positivi. Non è una media aritmetica, non descrive il percorso e richiede cautela con flussi esterni, periodi brevi e serie non comparabili.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/cagr-e-annualizzazione/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — standard ufficiale su calcolo, concatenazione e presentazione dei rendimenti, incluso il trattamento dei periodi inferiori a un anno.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — interpretazioni ufficiali su rendimenti, flussi, valutazioni e presentazioni annualizzate.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — quadro professionale per misurare e confrontare la performance di portafoglio.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Investment Adviser Marketing, Final Rule IA-5653 — fonte regolamentare primaria sulle condizioni di presentazione della performance nel proprio perimetro.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ia-5653.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — metodologia ufficiale del provider per calcolo, concatenazione e varianti degli indici.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "MSCI, Index Calculation Methodology — metodologia ufficiale su price, gross e net total return, corporate action, valuta e continuità degli indici.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] } ], "revision": "5133a82f0e593be2", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "cagr", "annualization", "compounded-return", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/calmar-ratio", "locale": "it", "title": "Calmar ratio", "summary": "Rendimento annualizzato composto per unità di maximum drawdown assoluto sullo stesso intervallo, fortemente dipendente dal percorso e dalla finestra.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/calmar-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — definizione contemporanea CAGR/MDD e problemi di confronto tra finestre.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — maximum drawdown, durata e limiti delle misure di appraisal.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Malik Magdon-Ismail e Amir F. Atiya, Maximum Drawdown, Risk (2004) — relazioni tra MDD, rendimento e misure come il Calmar.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=874069" ] }, { "text": "Malik Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — dipendenza del drawdown da orizzonte e processo.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "GIPS Standards, Handbook for Firms — basi di rendimento, valorizzazione, flussi e disclosure necessarie per una serie comparabile.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "1b35191b00785d7c", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "calmar-ratio", "maximum-drawdown", "risk-adjusted-return", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/candela-ohlc", "locale": "it", "title": "Candela OHLC", "summary": "Rappresentazione grafica di una barra di prezzo: Open, High, Low, Close — base di quasi ogni chart trading.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/candela-ohlc/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "87e98121f4728bdf", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/capitale", "locale": "it", "title": "Capitale di trading", "summary": "Distinguere balance, equity e capitale a rischio per dimensionare le posizioni senza confondere valore del conto e denaro sacrificabile.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/capitale/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, descrizione dei campi dei report finanziari — net liquidating equity e fondi retail forex corretti per profitti e perdite realizzati e non realizzati.", "urls": [ "https://www.cftc.gov/MarketReports/financialfcmdata/DescriptionofReportDataFields/index.htm" ] }, { "text": "CFTC, Forex Frauds — definizione prudenziale del capitale a rischio e separazione dai fondi necessari per vita e risparmio.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov, Understanding Margin Accounts — equity di un conto a margine, debito verso l'intermediario e rischio di richieste o liquidazioni.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] } ], "revision": "1ebe9f15b2056cdc", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/capitale-allocato", "locale": "it", "title": "Capitale allocato", "summary": "Porzione del patrimonio dedicata al trading — separata da risparmio, spese e fondo emergenza.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/capitale-allocato/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a5b6835cec1749ba", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/capitale-circolante-e-conversione-in-cassa", "locale": "it", "title": "Capitale circolante e conversione in cassa", "summary": "Il capitale circolante collega tempi di incasso, scorte e pagamenti alla cassa operativa; la sua variazione spiega perché ricavi, utile e liquidità si muovono diversamente.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/capitale-circolante-e-conversione-in-cassa/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Classificazione e presentazione dei flussi di cassa nei bilanci IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] }, { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Riferimento per ricavi, attività e passività contrattuali.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] } ], "revision": "c6a8f0d507571074", "translation_state": "source", "kind": "concept", "entity_type": "financial-analysis-concept", "topics": [ "fundamental-analysis", "working-capital", "cash-flow", "liquidity" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/capitale-inattivo", "locale": "it", "title": "Capitale inattivo", "summary": "Quota di capitale fuori dal rischio di mercato — riserva tattica per flessibilità, protezione e opportunità.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/capitale-inattivo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e65cf31df52f38bb", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/capitale-operativo", "locale": "it", "title": "Capitale operativo", "summary": "Quota di capitale destinata all'operatività corrente — separata da riserva e liquidità personale, base del sizing professionale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/capitale-operativo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "858c18cb16587ed3", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/capitale-riserva", "locale": "it", "title": "Capitale di riserva", "summary": "Buffer non operativo che protegge continuità del progetto trading durante drawdown, shock e pause strategiche.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/capitale-riserva/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a26d75a3b97f6c42", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/carry-roll-down-e-rendimento-obbligazionario", "locale": "it", "title": "Carry, roll-down e rendimento obbligazionario", "summary": "Come scomporre il rendimento di periodo di un'obbligazione tra carry, movimento lungo la curva, variazioni di tassi, spread e costi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/carry-roll-down-e-rendimento-obbligazionario/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "ca8b7d9aadd24367", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "carry", "roll-down", "holding-period-return", "yield-curve" ], "asset_classes": [ "fixed-income", "rates", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/catena-delle-opzioni", "locale": "it", "title": "Catena delle opzioni: serie, quotazioni e liquidità", "summary": "Una option chain è una fotografia delle serie disponibili per scadenza e strike. Timestamp, bid, ask, size, volume, open interest, volatilità implicita e greche hanno frequenze e significati diversi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/catena-delle-opzioni/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Understanding the Bid and Ask Prices for Options — formazione delle quote consolidate, size, spread e slippage.", "urls": [ "https://www.optionseducation.org/news/understanding-the-bid-and-ask-prices-for-options" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — campi della chain, ritardo dei dati, volatilità e greche.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "Options Industry Council, General Information FAQ — relazione fra volume, open interest, quotazioni e liquidità.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "The Options Clearing Corporation, Series Search — open interest per serie e data di riferimento.", "urls": [ "https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search" ] }, { "text": "The Options Clearing Corporation, Volume Query — volume per prodotto, simbolo, tipo e sessione.", "urls": [ "https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-query" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Legal Bulletin No. 16 — Transactions in Listed Options — comunicazione di bid, offer, size e obblighi di quotazione nel perimetro statunitense.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/staff-legal-bulletins/staff-legal-bulletin-no-16-transactions-listed-options-under-exchange-act-rule-11ac1-1" ] }, { "text": "Options Price Reporting Authority, OPRA Pillar Output Specification — struttura primaria dei messaggi di quote e indicatori best bid/best offer.", "urls": [ "https://cdn.opraplan.com/documents/OPRA_Pillar_Output_Specification.pdf" ] } ], "revision": "a1e90597cec52e4b", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "market-data", "liquidity", "execution" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/cex-dex-otc", "locale": "it", "title": "CEX, DEX e OTC: dove si negoziano le criptovalute", "summary": "CEX, DEX e OTC descrivono percorsi diversi per negoziare cripto-attività: cambiano formazione del prezzo, controllo degli asset, regolamento, costi e rischi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/cex-dex-otc/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements — DeFi risks and the decentralisation illusion — sezioni “The DeFi ecosystem” e “The decentralisation illusion”: registri off-chain dei CEX, scambio on-chain, AMM, gas e governance.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt2112b.htm" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets: Final Report — capitoli 2–3 e raccomandazioni 12–16 (pp. 31–38): ciclo dei servizi crypto, conflitti, custodia, operatività, disclosure ed esecuzione.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Decentralized Finance: Final Report — pp. 23–28 e 36–39: architetture DEX, ruoli effettivi, governance, conflitti e rischi tecnologici.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD754.pdf" ] }, { "text": "Financial Stability Board — The Financial Stability Implications of Multifunction Crypto-asset Intermediaries — concentrazione di funzioni, opacità, conflitti e canali di vulnerabilità.", "urls": [ "https://www.fsb.org/2023/11/the-financial-stability-implications-of-multifunction-crypto-asset-intermediaries/" ] }, { "text": "ESMA — MiCA, Article 75: Custody and administration of crypto-assets — accordo di custodia, registri, restituzione, separazione e responsabilità nel perimetro UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "ESMA — MiCA, Article 76: Operation of a trading platform for crypto-assets — regole di piattaforma, resilienza, trasparenza, fee, order book e settlement nel perimetro UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-76-operation-trading-platform-crypto" ] } ], "revision": "fd64cb20528a64d3", "translation_state": "source", "kind": "concept", "entity_type": "crypto-trading-venue-comparison", "topics": [ "digital-assets", "crypto-infrastructure", "execution", "custody", "settlement", "counterparty-risk", "defi" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison-and-risk-control", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/cfd", "locale": "it", "title": "CFD (Contract for Difference)", "summary": "Un CFD è un derivato regolato per differenza monetaria verso il provider. Non attribuisce il sottostante; margine, pricing, costi overnight, close-out e rischio di controparte dipendono dal contratto e dalla giurisdizione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/cfd/", "published": "2026-06-23", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, Additional information on the agreed product intervention measures relating to contracts for differences and binary options — definizione del CFD, regolamento monetario e rischi retail.", "urls": [ "https://www.esma.europa.eu/document/additional-information-agreed-product-intervention-measures-relating-contracts-differences" ] }, { "text": "Financial Conduct Authority, Contract for differences, aggiornato 13 giugno 2025 — leva, close-out, protezioni e conflitti nel perimetro UK.", "urls": [ "https://www.fca.org.uk/firms/contract-for-differences" ] }, { "text": "Financial Conduct Authority, Multi-firm review of CFD providers' provision of price and value, 13 novembre 2025 — spread, commissioni, funding overnight e pricing dei provider OTC.", "urls": [ "https://www.fca.org.uk/publications/multi-firm-reviews/contracts-difference-providers-provision-price-and-value" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorie dei derivati nel perimetro UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "7f3bf04c2a05bfb1", "translation_state": "source", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/checklist", "locale": "it", "title": "Checklist", "summary": "Domande sì/no pre-trade che traducono playbook e piano in click coerenti — semaforo operativo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/checklist/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3db6ea48698e00ab", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/ciclo-di-mercato", "locale": "it", "title": "Ciclo di mercato", "summary": "Oscillazione ricorrente del prezzo tra fasi di espansione e contrazione — su scale diverse, leggibile con analisi ciclica e volumetrica.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ciclo-di-mercato/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bcb96574704c6600", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/ciclo-di-vita-dell-ordine", "locale": "it", "title": "Ciclo di vita dell'ordine: dall'invio al regolamento", "summary": "Le fasi attraversate da un ordine: configurazione, controlli, ricezione, routing, accettazione, esecuzioni parziali, chiusura e confine con il post-trade.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ciclo-di-vita-dell-ordine/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — trasmissione al broker, possibili destinazioni e differenza tra quotazione osservata ed esecuzione.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — ricezione, timestamp, esecuzioni parziali, cancellazioni e statistiche di execution quality nel perimetro della regola.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — fattori di best execution e policy di esecuzione.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — gestione rapida, equa e ordinata degli ordini dei clienti.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "a2ac6fea392e685b", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/ciclo-economico-e-output-gap", "locale": "it", "title": "Ciclo economico e output gap", "summary": "Espansione, rallentamento, recessione e ripresa letti con indicatori coincidenti e anticipatori, senza trattare l’output gap come una misura osservabile.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ciclo-economico-e-output-gap/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NBER, Business Cycle Dating, documentazione ufficiale — criteri e cronologia del ciclo statunitense.", "urls": [ "https://www.nber.org/research/business-cycle-dating" ] }, { "text": "CBO, Budget and Economic Data, documentazione ufficiale — stime di prodotto potenziale e output gap.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] }, { "text": "OECD, Composite Leading Indicator, documentazione ufficiale — indicatore anticipatore composito.", "urls": [ "https://www.oecd.org/en/data/indicators/composite-leading-indicator-cli.html" ] } ], "revision": "ec53cb27ef0e456e", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/classi-di-attivo", "locale": "it", "title": "Classi di attivo", "summary": "Le classi di attivo raggruppano esposizioni con caratteristiche economiche comuni, come azioni, obbligazioni, liquidità, valute e commodity. Non coincidono con i singoli strumenti usati per negoziarle.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/classi-di-attivo/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Introduction to Investing — asset allocation fra stocks, bonds e cash e principio di diversificazione.", "urls": [ "https://www.investor.gov/introduction-investing" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products — prodotti, rischio, costi, liquidità e diversificazione.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cosa sapere prima di investire.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics — distinzione fra derivati su valute, tassi, azioni, credito e commodity.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] } ], "revision": "89342a460c9216ae", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/clearing-settlement-e-custodia", "locale": "it", "title": "Clearing, settlement e custodia", "summary": "Clearing, settlement e custodia sono funzioni post-trade distinte: il clearing determina e gestisce le obbligazioni, il settlement trasferisce titoli e denaro, la custodia registra e amministra le attività detenute.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/clearing-settlement-e-custodia/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, EMIR, Article 2 — Definitions — definizioni di CCP, clearing, clearing member e rischio di controparte.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "Banca centrale europea, What is T2S? — settlement di titoli e cash, delivery versus payment, conti presso CSD e banche centrali.", "urls": [ "https://www.ecb.europa.eu/paym/target/t2s/html/index.en.html" ] }, { "text": "CPSS-IOSCO, Principles for financial market infrastructures, aprile 2012 — standard internazionali per CCP, CSD e sistemi di settlement; finalità, DvP e rischio di custodia.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "f7b071c674b9c65b", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/commissioni", "locale": "it", "title": "Commissioni di trading", "summary": "Le commissioni sono costi espliciti applicati alle esecuzioni: si verificano dal tariffario e restano distinte da spread e slippage.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/commissioni/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — fonte ufficiale SEC su commissioni, markup, markdown e altri costi di transazione.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "FINRA, Are You Checking Your Trade Confirmations? — fonte ufficiale sui dati e sugli addebiti riportati nelle conferme e sulla loro riconciliazione con l'estratto conto.", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Coinbase, Advanced fees — documentazione ufficiale di una sede sul trattamento maker/taker e sui fill parziali; è un esempio operativo, non un tariffario universale.", "urls": [ "https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/advanced-trade-fees" ] }, { "text": "Investor.gov, Executing an Order — fonte ufficiale SEC sulla possibile differenza fra quotazione osservata e prezzo eseguito.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "095641ad391db3ee", "translation_state": "source", "kind": "concept", "entity_type": "execution-cost", "topics": [ "trading-costs", "maker-taker", "fills", "reconciliation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/commodity", "locale": "it", "title": "Commodity e materie prime", "summary": "Le commodity sono beni fungibili come energia, metalli e prodotti agricoli. Possesso fisico, prezzo spot, futures, opzioni ed ETP offrono esposizioni diverse e non producono lo stesso rendimento.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/commodity/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Commodities.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/commodities" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — contratto, consegna, hedger, speculazione e rischi.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Learn About Risks Before Investing in Commodity ETPs or Funds, 21 maggio 2020 — divergenza fra ETP su futures e commodity fisica.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_CommodityETPs.htm" ] }, { "text": "International Monetary Fund, Primary Commodity Prices — database mensile e indici ufficiali.", "urls": [ "https://www.imf.org/en/research/commodity-prices" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETC, futures, forward e opzioni.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "4952155a664fb05a", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "risk" ], "asset_classes": [ "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/compliance", "locale": "it", "title": "Compliance nel trading: obblighi, controlli e prove", "summary": "La compliance collega obblighi applicabili, procedure, controlli ed evidenze. Non coincide con la disciplina personale del trader e cambia secondo ruolo, attività e giurisdizione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/compliance/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — MiFID II, articolo 16: requisiti organizzativi — policy, conflitti, continuità, registrazioni e salvaguardia degli asset.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA — MiFID II, articolo 24: principi generali e informazione ai clienti — interesse del cliente e comunicazioni corrette, chiare e non fuorvianti.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-24-general-principles-and" ] }, { "text": "ESMA — MiFID II, articolo 25: adeguatezza e appropriatezza — valutazioni legate al servizio e al cliente.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-25-assessment-suitability-and" ] }, { "text": "ESMA — MiCA, articolo 14 — obblighi di condotta, conflitti e sistemi per gli offerenti nel relativo perimetro.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-14-obligations-offerors-and-persons" ] }, { "text": "IOSCO — Objectives and Principles of Securities Regulation — protezione degli investitori, mercati equi ed efficienti e riduzione del rischio sistemico.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD154.pdf" ] }, { "text": "EUR-Lex — Regolamento (UE) 2022/2554, DORA — resilienza operativa digitale per le entità finanziarie nel suo ambito.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2022/2554/oj" ] } ], "revision": "f41f8bd6bd6d023c", "translation_state": "source", "kind": "concept", "entity_type": "trading-compliance-control-framework", "topics": [ "compliance", "regulation", "internal-controls", "recordkeeping", "investor-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-compliance", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/compressione", "locale": "it", "title": "Compressione", "summary": "Fase di contrazione del range che spesso prepara un movimento più deciso — piano prima della rottura, non previsione della direzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/compressione/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e902dd4c1aa5a3c0", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/comunicazione-risultati", "locale": "it", "title": "Comunicazione dei risultati", "summary": "Presentazione trasparente di rendimento, drawdown, campione e contesto — evita bias, autoinganno e narrazioni fuorvianti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/comunicazione-risultati/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6d520d23f2158b79", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/condizioni-di-mercato", "locale": "it", "title": "Condizioni di mercato", "summary": "Regime operativo (trend, range, volatilità) — determina quali setup del playbook hanno edge o vanno spenti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/condizioni-di-mercato/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9a312927e968e059", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "validation", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/condizioni-per-non-tradare", "locale": "it", "title": "Condizioni per non tradare", "summary": "Elenco esplicito di semafori rossi — situazioni in cui aprire nuove posizioni è vietato dal piano.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/condizioni-per-non-tradare/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "636accf53bbbf91e", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/conferma", "locale": "it", "title": "Conferma", "summary": "Filtri aggiuntivi che aumentano confidenza — volume, order flow, correlazioni; max 2–3 per evitare paralisi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/conferma/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6732fd3454de4754", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/confirmation-bias", "locale": "it", "title": "Confirmation bias", "summary": "Cercare e valorizzare solo le prove che confermano l'idea di trade già scelta — ignorando segnali contrari.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/confirmation-bias/", "published": "2026-06-25", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — The Behavioral Biases of Individuals — include il confirmation bias tra i bias di perseveranza delle credenze e ne descrive riconoscimento e mitigazione.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Scientific Reports via PubMed Central — Confirmation bias in information search", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC7250867/" ] } ], "revision": "b049e3f268dca389", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/contango-e-backwardation", "locale": "it", "title": "Contango e backwardation nei futures", "summary": "Contango e backwardation descrivono il segno della differenza fra scadenze futures comparabili su un segmento dichiarato. Non sono sinonimi di rialzo e ribasso e non garantiscono il rendimento di una posizione o di un roll.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/contango-e-backwardation/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definizioni istituzionali di contango, backwardation, spread e terminologia futures.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — roll dei contratti e divergenza fra prodotti futures-linked e prezzo spot.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — rischi, roll yield e comportamento dei prodotti collegati a commodity futures.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — operazioni necessarie nel passaggio fra scadenze.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, white paper ospitato da CME Group — contango, backwardation, convergenza e rendimento del roll.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — qualità, località, differenziali e struttura economica dei contratti consegnabili.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "a3ef11ba972fec0a", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/contesto", "locale": "it", "title": "Contesto", "summary": "Struttura di mercato e regime in cui ha senso operare — il filtro che precede trigger e setup.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/contesto/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6ce62262f7486f15", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/contributo-al-rischio", "locale": "it", "title": "Contributo al rischio", "summary": "Decomposizione di una misura di rischio di portafoglio in contributi marginali e di componente, sotto condizioni matematiche e convenzioni dichiarate.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/contributo-al-rischio/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — fondamenti, condizioni e applicazioni dell’allocazione Euler per misure di rischio.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Edward E. Qian, On the Financial Interpretation of Risk Contribution: Risk Budgets Do Add Up — interpretazione finanziaria dei contributi e relazione con i budget di rischio.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — base della misura di portafoglio tramite pesi, varianze e covarianze.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Dirk Tasche, Expected Shortfall and Beyond — proprietà dell’Expected Shortfall e attribuzione dei contributi alle componenti.", "urls": [ "https://arxiv.org/abs/cond-mat/0203558" ] }, { "text": "Benjamin Bruder e Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — uso dei contributi nella costruzione di portafogli con budget dichiarati.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] } ], "revision": "fc8f05c7df12b820", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-contribution", "risk-decomposition", "portfolio-risk", "euler-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/convessita-obbligazionaria", "locale": "it", "title": "Convessità obbligazionaria", "summary": "La convessità misura come cambia la sensibilità prezzo-rendimento di un'obbligazione. Integra la duration per shock più ampi, ma dipende da curva, modello, flussi e optionalità.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/convessita-obbligazionaria/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board, The U.S. Treasury Yield Curve: 1961 to the Present — definizione e approssimazione duration-convexity.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "CME Group, Calculating the Dollar Value of a Basis Point — variazione del DV01 lungo una relazione convessa.", "urls": [ "https://www.cmegroup.com/trading/interest-rates/files/Calculating_the_Dollar_Value_of_a_Basis_Point.pdf" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Application guidance on interest rate risk in the banking book — limiti delle misure semplici rispetto a curve, basis e optionalità.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] }, { "text": "Basel Committee on Banking Supervision, Principles for the management of interest rate risk — duration modificata, duration effettiva e ipotesi sui flussi.", "urls": [ "https://www.bis.org/publ/bcbs29a.htm" ] } ], "revision": "3d10ef994de4537c", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "nonlinear-risk" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/correlazione", "locale": "it", "title": "Correlazione", "summary": "Stima standardizzata della relazione lineare tra due serie allineate. Dipende da dati e finestra e non dimostra causalità, stabilità o protezione nelle code.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/correlazione/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Institute of Standards and Technology, CORRELATION — Dataplot Reference Manual — definizione, formula, intervallo e interpretazione del coefficiente di correlazione lineare.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — ruolo di varianze e covarianze nella costruzione di portafoglio.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "François Longin e Bruno Solnik, Extreme Correlation of International Equity Markets, The Journal of Finance (2001) — dipendenza asimmetrica nei rendimenti internazionali estremi.", "urls": [ "https://doi.org/10.1111/0022-1082.00340" ] }, { "text": "Kristin Forbes e Roberto Rigobon, No Contagion, Only Interdependence: Measuring Stock Market Comovements, The Journal of Finance (2002) — bias dovuto all'eteroschedasticità nel confronto delle correlazioni durante periodi turbolenti.", "urls": [ "https://doi.org/10.1111/0022-1082.00494" ] } ], "revision": "fb950dbec692705c", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "correlation", "dependence", "portfolio-risk", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/correlazione-tra-sistemi", "locale": "it", "title": "Correlazione tra sistemi", "summary": "Sincronizzazione tra curve equity di strategie diverse — estende la correlazione dal livello asset al livello sistema.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/correlazione-tra-sistemi/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5cac7060930fa2b3", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/correzione", "locale": "it", "title": "Correzione", "summary": "Movimento contro-trend temporaneo dentro un trend dominante: più lento dell'impulso, spesso a volume ridotto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/correzione/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e8dd4e46a71333fd", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/costi-di-transazione", "locale": "it", "title": "Costi di transazione", "summary": "I costi di transazione comprendono componenti esplicite, come commissioni e tariffe, e componenti implicite, come spread, slippage, impatto di mercato e costo della mancata esecuzione. Misurarli richiede un benchmark e un perimetro dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/costi-di-transazione/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs, sezioni II–III — distinzione fra commissioni, spread, market impact, opportunity cost e implementation shortfall.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio, 23 luglio 2025 — commissioni, markup/markdown, costi di transazione e costi ricorrenti.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — prezzo, costi e spese di venue, clearing, settlement e terzi nella total consideration retail.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "f417116214a707ef", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/costi-di-transazione-nei-backtest", "locale": "it", "title": "Costi di transazione nei backtest", "summary": "Modellazione causale dei costi che separano strategia teorica e implementazione: commissioni, spread, impatto, ritardi, fill parziali, borrow, funding, roll e capacità.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/costi-di-transazione-nei-backtest/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — differenza fra portafoglio teorico e risultato implementato.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs — commissioni, spread, market impact, opportunity cost e difficoltà di misurazione.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Robert Almgren e Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 2001 — relazione fra dimensione, impatto, rischio di esecuzione e traiettoria degli ordini.", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] }, { "text": "Gene D'Avolio, The Market for Borrowing Stock, Journal of Financial Economics, 2002 — disponibilità, fee e recall nel prestito titoli.", "urls": [ "https://doi.org/10.1016/S0304-405X(02)00206-4" ] }, { "text": "Andrea Frazzini, Ronen Israel e Tobias J. Moskowitz, Trading Costs of Asset Pricing Anomalies — costi live, impatto, scala e capacità di strategie azionarie.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2294498" ] } ], "revision": "e1b2127d3fff72a9", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "execution", "transaction-costs", "capacity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/costruzione-del-portafoglio", "locale": "it", "title": "Costruzione del portafoglio", "summary": "Processo che traduce obiettivi, vincoli e ipotesi in un insieme implementabile di pesi, strumenti, limiti, benchmark e regole di controllo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/costruzione-del-portafoglio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — relazione tra rendimento atteso, varianza, covarianze e scelta di portafoglio.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — processi asset-only, liability-relative, goals-based, risk budgeting e limiti della media-varianza.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — dimensione, liquidità, orizzonte, imposte, governance e ribilanciamento.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — quadro educativo ufficiale su allocazione, diversificazione e ribilanciamento.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi e Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — confronto fuori campione e ruolo dell'errore di stima.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] } ], "revision": "977b2dbf67b91855", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-construction", "asset-allocation", "investment-policy", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/covarianza", "locale": "it", "title": "Covarianza", "summary": "Misura non standardizzata del movimento lineare congiunto tra due variabili e matrice centrale nel rischio di portafoglio, da interpretare con unità, campione e metodo di stima dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/covarianza/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulazione originaria della selezione di portafoglio tramite rendimento atteso, varianze e covarianze.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "National Institute of Standards and Technology, Correlation — Dataplot Reference Manual — definizione ufficiale del coefficiente standardizzato e relazione fra covarianza, deviazioni standard e correlazione.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Olivier Ledoit e Michael Wolf, A Well-Conditioned Estimator for Large-Dimensional Covariance Matrices, Journal of Multivariate Analysis (2004) — articolo originale sullo shrinkage e sul condizionamento delle matrici di grande dimensione.", "urls": [ "https://www.sciencedirect.com/science/article/pii/S0047259X03000964" ] }, { "text": "Richard O. Michaud, The Markowitz Optimization Enigma: Is “Optimized” Optimal?, Financial Analysts Journal (1989) — effetto dell'errore di stima sugli output dell'ottimizzazione.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1989/the-markowitz-optimization-enigma-is-optimized-optimal" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi e Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, Review of Financial Studies (2009) — confronto fuori campione tra regole di allocazione e difficoltà di stima.", "urls": [ "https://academic.oup.com/rfs/article/22/5/1915/1592901" ] } ], "revision": "b35bfb7a3ff7d112", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "covariance", "covariance-matrix", "portfolio-risk", "dependence", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/crypto-asset-e-attivita-digitali", "locale": "it", "title": "Crypto-asset e attività digitali: coin, token e diritti", "summary": "Una tassonomia per distinguere coin, token, stablecoin, asset tokenizzati e strumenti che offrono esposizione crypto partendo dai diritti reali, non dal nome.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/crypto-asset-e-attivita-digitali/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Unione europea — Regolamento (UE) 2023/1114, MiCA — articoli 2–3: ambito, esclusioni e definizioni di crypto-asset, utility token, ART ed EMT.", "urls": [ "https://eur-lex.europa.eu/legal-content/IT/TXT/?uri=CELEX:32023R1114" ] }, { "text": "ESMA — Guidelines on the qualification of crypto-assets as financial instruments — sostanza economica, strumenti finanziari, NFT e valutazione caso per caso.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2025-03/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs.pdf" ] }, { "text": "EBA, EIOPA ed ESMA — test standardizzato per classificare le cripto-attività — sequenza europea di classificazione MiCA.", "urls": [ "https://www.eba.europa.eu/activities/single-rulebook/regulatory-activities/asset-referenced-and-e-money-tokens-micar/esas-guidelines-templates-explanations-and-opinions-and-standardised-test-classification-crypto" ] }, { "text": "BIS–CPMI — Tokenisation in the context of money and other assets — asset, rappresentazione, piattaforma e partecipanti come livelli distinti.", "urls": [ "https://www.bis.org/cpmi/publ/d225.pdf" ] }, { "text": "IOSCO — Tokenization of Financial Assets — token nativi, digital twin, architetture e rischi della tokenizzazione.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf" ] }, { "text": "EBA — Report on tokenised deposits — rapporto tra registrazione DLT e credito del depositante verso la banca.", "urls": [ "https://www.eba.europa.eu/publications-and-media/press-releases/eba-assesses-potential-benefits-and-challenges-tokenised-deposits" ] } ], "revision": "965860a06f347756", "translation_state": "source", "kind": "concept", "entity_type": "digital-asset-taxonomy", "topics": [ "digital-assets", "crypto-assets", "tokens", "tokenisation", "mica", "rights", "custody" ], "asset_classes": [ "crypto", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "define-and-classify-digital-assets", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/cumulative-delta", "locale": "it", "title": "Cumulative Volume Delta: definizione e calcolo", "summary": "Il Cumulative Volume Delta somma progressivamente il delta di volume entro una finestra scelta. Feed, classificazione, punto iniziale e reset determinano la curva ottenuta.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/cumulative-delta/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — definisce il CVD come somma della differenza tra ask volume e bid volume e documenta il reset a inizio giornata e i requisiti storici del feed.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "Sierra Chart, Cumulative Delta Bars — Volume — descrive il metodo di calcolo e segnala che la curva può cambiare quando varia l’inizio dei dati caricati.", "urls": [ "https://www.sierrachart.com/index.php?ID=292&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Cumulative Volume Delta — documenta un CVD stimato da barre inferiori e ancorato a un periodo configurabile.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — mostra quali campi di una sede possono alimentare una classificazione diretta del lato aggressore.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] } ], "revision": "12646aabe625e9f0", "translation_state": "source", "kind": "concept", "entity_type": "cumulative-order-flow-measure", "topics": [ "order-flow", "cumulative-volume-delta", "executions", "session-reset", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/curva-dei-futures", "locale": "it", "title": "Curva dei futures: scadenze, pendenza e movimenti", "summary": "La curva dei futures è uno snapshot simultaneo dei prezzi di più scadenze comparabili. Forma, pendenza e variazioni descrivono relazioni contrattuali, non una serie storica né una previsione automatica del mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/curva-dei-futures/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — terminologia di contratti, mesi, basis e mercato futures.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — differenza fra esposizione spot e prodotti che rinnovano futures.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — struttura e rischi dei prodotti commodity-futures-linked.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — scadenza, sostituzione del contratto e calendario del roll.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, white paper ospitato da CME Group — curva, convergenza e scomposizione dei rendimenti futures.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — differenziali, qualità, località e condizioni economiche dei contratti consegnabili.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "58cdc3952d9a856a", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/data-leakage-e-look-ahead-bias", "locale": "it", "title": "Data leakage e look-ahead bias", "summary": "Informazione non disponibile alla decisione che contamina feature, regole, validazione o simulazione degli ordini, producendo risultati storici non causalmente replicabili.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/data-leakage-e-look-ahead-bias/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inferenza quando il risultato selezionato emerge da molte specifiche.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey e Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — separazione fra ricerca, selezione, holdout e scarsità dei dati finanziari.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "David H. Bailey, Jonathan M. Borwein, Marcos López de Prado e Qiji Jim Zhu, The Probability of Backtest Overfitting — rischio di sovra-adattamento derivante dalla selezione fra molte configurazioni.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED® versus ALFRED® — differenza fra informazione storica disponibile oggi e vintage noto nel passato.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/fred_vs_alfred.html" ] }, { "text": "scikit-learn, TimeSeriesSplit — cross-validation ordinata nel tempo e parametro di gap; documentazione tecnica ufficiale.", "urls": [ "https://scikit-learn.org/stable/modules/generated/sklearn.model_selection.TimeSeriesSplit.html" ] } ], "revision": "fbba881bce6dc134", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-quality", "validation", "machine-learning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/data-snooping-e-test-multipli", "locale": "it", "title": "Data snooping e test multipli", "summary": "Errore di selezione che nasce quando molte strategie, feature o soglie vengono provate sugli stessi dati e si presenta soltanto il risultato migliore.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/data-snooping-e-test-multipli/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping — test del miglior modello quando la specifica è scelta mediante ricerca sui dati.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann e Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap — applicazione del problema a un ampio universo di regole tecniche.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "Campbell R. Harvey, Yan Liu e Heqing Zhu, …and the Cross-Section of Expected Returns — implicazioni dei test multipli nella ricerca sui rendimenti attesi.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Joseph P. Romano e Michael Wolf, Stepwise Multiple Testing as Formalized Data Snooping — procedure stepwise per inferenza multipla dipendente.", "urls": [ "https://doi.org/10.1111/j.1468-0262.2005.00615.x" ] }, { "text": "David H. Bailey e Marcos López de Prado, The Deflated Sharpe Ratio — aggiustamento dello Sharpe per selezione e caratteristiche non normali dei rendimenti.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "6398a4c45a84befe", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "data-snooping", "multiple-testing", "backtest-overfitting", "statistical-inference" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/dati-macro-consensus-sorpresa-e-revisioni", "locale": "it", "title": "Dati macro: consensus, sorpresa e revisioni", "summary": "Calendario di pubblicazione, vintage disponibili, consenso, sorpresa, revisioni e benchmark: il metodo per ricostruire ciò che era conoscibile al momento della decisione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/dati-macro-consensus-sorpresa-e-revisioni/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED, documentazione ufficiale — vintage storici e revisioni delle serie.", "urls": [ "https://alfred.stlouisfed.org/" ] }, { "text": "BEA, Release Schedule, documentazione ufficiale — calendario ufficiale delle pubblicazioni.", "urls": [ "https://www.bea.gov/news/schedule" ] }, { "text": "BLS, Release Calendar, documentazione ufficiale — calendario e documentazione dei comunicati.", "urls": [ "https://www.bls.gov/schedule/" ] } ], "revision": "7e0a9c3b0c55d20f", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/dati-point-in-time", "locale": "it", "title": "Dati point-in-time", "summary": "Dati storici ricostruiti secondo ciò che era realmente disponibile a ogni decisione: timestamp di disponibilità, vintage, universo, corporate action e delisting senza conoscenza retrospettiva.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/dati-point-in-time/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED® e Real-Time Periods — archiviazione dei valori originariamente pubblicati, revisioni e periodi di validità informativa.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/alfred.html", "https://fred.stlouisfed.org/docs/api/fred/realtime_period.html" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR Application Programming Interfaces — storia dei filing, metadati e aggiornamento delle informazioni disseminate.", "urls": [ "https://www.sec.gov/search-filings/edgar-application-programming-interfaces" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — struttura storica comprendente fondi attivi e cessati.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — conseguenze dell'omissione dei rendimenti di delisting.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "S&P Dow Jones Indices, Equity Indices Policies & Practices — annunci, date effettive, ribilanciamenti e trattamento delle correzioni di composizione.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-equity-indices-policies-practices.pdf" ] } ], "revision": "40495e9d2f0cc1ef", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-governance", "validation", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/delta-delle-opzioni", "locale": "it", "title": "Delta delle opzioni", "summary": "Il delta di un'opzione misura la variazione locale del suo valore rispetto al prezzo del sottostante. Segno, unità, moltiplicatore, modello e stato del mercato devono essere dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/delta-delle-opzioni/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Delta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — definizioni regolamentari di sensitività delta per fattori distinti.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "d101eca87b9c3ca7", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/delta-volume", "locale": "it", "title": "Delta di volume: calcolo, dati e limiti", "summary": "Il delta di volume è la differenza tra due gruppi di volume eseguito, normalmente classificati come buyer-initiated e seller-initiated. Il risultato dipende dal feed e dal metodo usato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/delta-volume/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, MDP 3.0 — Trade Summary — documenta un feed che espone lato aggressore, prezzo e quantità del trade.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] }, { "text": "Sierra Chart, Numbers Bars — definisce bid volume, ask volume e differenza per livello nelle proprie Numbers Bars.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Delta — mostra un’implementazione alternativa che stima il delta classificando il volume di barre inferiori in base alla direzione del prezzo.", "urls": [ "https://www.tradingview.com/support/solutions/43000725057-volume-delta/" ] }, { "text": "Lee e Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — documenta perché, quando il lato non è fornito, la direzione del trade deve essere inferita con una regola fallibile.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] } ], "revision": "e14628493d6f6349", "translation_state": "source", "kind": "concept", "entity_type": "order-flow-measure", "topics": [ "order-flow", "volume-delta", "executions", "trade-classification", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/derivato", "locale": "it", "title": "Derivati finanziari", "summary": "Un derivato è un contratto il cui valore dipende da un sottostante o riferimento. Diritti, obblighi, margine, regolamento, scadenza e controparte cambiano fra future, forward, opzioni, swap e CFD.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/derivato/", "published": "2026-06-23", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorie UE di opzioni, future, swap, forward e altri derivati.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "Bank for International Settlements, About derivatives statistics — classificazione statistica per rischio sottostante e mercato OTC/exchange.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — obblighi, clearing, margine e regolamento dei future.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — diritti e obblighi di call e put.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "008837487bc2d013", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/deviazione-standard", "locale": "it", "title": "Deviazione standard dei rendimenti", "summary": "Radice della varianza e misura della dispersione dei rendimenti attorno alla media, interpretabile soltanto con frequenza, campione e convenzione dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/deviazione-standard/", "published": "2026-06-24", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Measures of Scale — Engineering Statistics Handbook — definizioni e proprietà delle misure di dispersione.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — ruolo di varianze e covarianze nel portafoglio.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — uso della deviazione standard dei differential return e convenzioni ex ante/ex post.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — campionamento, autocorrelazione e limiti dell'annualizzazione.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — uso coordinato e limiti delle misure di rischio e performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "df151c5b8f9d110a", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "standard-deviation", "volatility", "return-distribution", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/disciplina", "locale": "it", "title": "Disciplina", "summary": "Applicare regole predefinite, registrare le eccezioni e rivedere il processo senza confondere disciplina e rigidità.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/disciplina/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — piano di gestione del rischio, capitale a rischio e decisioni emotive; chiarisce anche che nessuna tecnologia prevede con continuità il futuro.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Volatility — rischio di reazioni impulsive alla volatilità e ruolo di obiettivi e piano finanziario.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "CFA Institute — The Behavioral Biases of Individuals — distinzione tra errori cognitivi e bias emotivi e necessità di riconoscerli o adattarvisi.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Locke e Mann (2005), Professional trader discipline and trade disposition — studio peer-reviewed su disciplina e strategie di uscita in un campione specifico di trader professionali di futures.", "urls": [ "https://doi.org/10.1016/j.jfineco.2004.01.004" ] }, { "text": "Gollwitzer e Sheeran (2006), Implementation intentions and goal achievement — meta-analisi peer-reviewed sui piani «se-allora»; evidenza generale di autoregolazione, non test di una strategia finanziaria.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron e Hershey (1988), Outcome bias in decision evaluation — esperimenti peer-reviewed sulla distorsione introdotta dall'esito nella valutazione di decisioni sotto incertezza.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "62089516acced72d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/disciplina-routine", "locale": "it", "title": "Disciplina & Routine", "summary": "Strutturare l'esecuzione con piano, checklist e diario per ridurre l'influenza dei bias emotivi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/disciplina-routine/", "published": "2026-06-26", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds: preparazione, piano di trading e gestione delle emozioni", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "Investor.gov — Piano finanziario, decisioni impulsive e rischi del trading di breve periodo", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "183db88296120505", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/distribuzione-rendimenti", "locale": "it", "title": "Distribuzione dei rendimenti", "summary": "Distribuzione empirica dei risultati netti: centro, dispersione, asimmetria, code, outlier e dipendenza dal campione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/distribuzione-rendimenti/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, verifica documentale su fonti NIST e CFTC", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Histogram, lettura di centro, dispersione, asimmetria, outlier e modalità.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda33e.htm" ] }, { "text": "NIST/SEMATECH, Measures of Skewness and Kurtosis, definizioni, convenzioni e sensibilità agli estremi.", "urls": [ "https://itl.nist.gov/div898/handbook/eda/section3/eda35b.htm" ] }, { "text": "CFTC, Commodity Trading Systems Sold on the Internet, limiti dei risultati ipotetici e delle assunzioni di esecuzione.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_tradingsystem.html" ] } ], "revision": "988517f3540bdb6d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/diversificazione", "locale": "it", "title": "Diversificazione", "summary": "Processo che combina pesi, esposizioni e dipendenze con l'obiettivo di ridurre la concentrazione del portafoglio. L'effetto dipende dai dati e dallo scenario e non garantisce protezione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/diversificazione/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — fondamento della selezione di portafoglio basata sulla covarianza, non sul semplice conteggio dei titoli.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee on Banking Supervision, Supervisory framework for measuring and controlling large exposures — BCBS 283 — trattamento prudenziale delle concentrazioni verso singole controparti e gruppi connessi; è uno standard bancario, non un limite universale per trader.", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — completezza, accuratezza e adattabilità necessarie per aggregare esposizioni e concentrazioni.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — perché nozionali uguali fra derivati e asset diversi non implicano rischi comparabili.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "8b6ed8002e8bbf44", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "diversification", "concentration-risk", "portfolio-risk", "asset-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/documentazione-operativa", "locale": "it", "title": "Documentazione operativa", "summary": "Sistema documentale di piano, playbook, changelog metodo e prove — memoria verificabile del processo trading.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/documentazione-operativa/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "90a342d3846f9e3c", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/domanda-e-offerta", "locale": "it", "title": "Domanda e offerta", "summary": "Equilibrio tra ordini di acquisto (domanda) e vendita (offerta): il prezzo si sposta quando una parte è più aggressiva e consuma la liquidità opposta.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/domanda-e-offerta/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d6c454801f483787", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/drawdown", "locale": "it", "title": "Drawdown", "summary": "Declino di un'equity dal massimo precedente. Il maximum drawdown è il peggior calo picco-valle osservato in una finestra storica, non un limite garantito per il futuro.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/drawdown/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap e Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability, 41(1), 2004, pp. 147–161 — definizione del maximum drawdown come maggiore discesa picco-valle in un intervallo.", "urls": [ "https://doi.org/10.1017/S0021900200014108" ] }, { "text": "Alexei Chekhlov, Stanislav Uryasev e Michael Zabarankin, Drawdown Measure in Portfolio Optimization, International Journal of Theoretical and Applied Finance, 8(1), 2005, pp. 13–58 — underwater curve, drawdown medio, massimo e condizionale.", "urls": [ "https://doi.org/10.1142/S0219024905002767" ] } ], "revision": "1ee6c8eeed367f56", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "performance-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/drawdown-control", "locale": "it", "title": "Drawdown control", "summary": "Protocollo a livelli (allerta, difesa, stop) che limita profondità del drawdown e regola il rientro graduale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/drawdown-control/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "950652c8404152da", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/due-diligence", "locale": "it", "title": "Due diligence su broker e piattaforme", "summary": "La due diligence è una verifica indipendente di entità, servizio, permessi, recapiti, custodia e warning prima di affidare denaro, dati o ordini a un intermediario.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/due-diligence/", "published": "2026-06-25", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Is the firm regulated? — accesso ai registri delle autorità europee.", "urls": [ "https://www.esma.europa.eu/investor-corner/is-the-firm-regulated" ] }, { "text": "ESMA — Markets in Crypto-Assets Regulation — registro MiCA e informazioni per operatori e investitori.", "urls": [ "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica" ] }, { "text": "ESMA — Statement on the end of transitional periods under MiCA — termine del periodo transitorio il 1º luglio 2026.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-04/ESMA75-113276571-1679_Statement_on_the_end_of_transitional_periods_under_MiCA.pdf" ] }, { "text": "FCA — How to check a firm or individual is authorised — controllo di permessi, stato, recapiti e clone.", "urls": [ "https://www.fca.org.uk/consumers/how-check-firm-individual-authorised" ] }, { "text": "CFTC — Check Registration — verifica degli intermediari nei mercati regolati dalla CFTC.", "urls": [ "https://www.cftc.gov/check" ] }, { "text": "Investor.gov — Ask and Check — controlli indipendenti su professionista e investimento.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/researching-investments/ask-and-check" ] }, { "text": "IOSCO — I-SCAN — alert internazionali su soggetti non autorizzati e cloni; elenco non esaustivo.", "urls": [ "https://www.iosco.org/i-scan/" ] } ], "revision": "9e8139d8c5d92915", "translation_state": "source", "kind": "concept", "entity_type": "intermediary-due-diligence-process", "topics": [ "due-diligence", "intermediaries", "authorisation", "investor-protection", "fraud-prevention" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "verify-an-intermediary", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/duration-obbligazionaria", "locale": "it", "title": "Duration obbligazionaria", "summary": "La duration organizza il tempo dei flussi e approssima la sensibilità del prezzo di un'obbligazione ai rendimenti. Macaulay, duration modificata ed effettiva rispondono a domande diverse.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/duration-obbligazionaria/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frederick R. Macaulay, Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices in the United States since 1856, NBER, 1938.", "urls": [ "https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/interest-rates-and-commodity-prices" ] }, { "text": "Federal Reserve Board, The U.S. Treasury Yield Curve: 1961 to the Present — formule di Macaulay, modified duration e convexity.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "FINRA, Brush Up on Bonds: Interest Rate Changes and Duration.", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Application guidance on interest rate risk in the banking book — profili di duration, PV01 e limiti degli shock semplici.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "ab038c463fd09704", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/dv01", "locale": "it", "title": "DV01 e PV01", "summary": "Il DV01 esprime la variazione monetaria locale di uno strumento o portafoglio per un movimento di un punto base del fattore di tasso dichiarato. PV01 è spesso usato come sinonimo, ma non in ogni convenzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/dv01/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, How Can You Measure Risk in Treasuries?.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "CME Group, Understanding the Importance of Basis Point Value.", "urls": [ "https://www.cmegroup.com/education/courses/understanding-stir-futures/understanding-the-importance-of-basis-point-value" ] }, { "text": "CME Group, Using Treasury Futures to Replace Swap Exposure — perimetri in cui PV01 e DV01 possono coincidere o divergere.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/using-treasury-futures-to-replace-swap-exposure.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — PV01 per curve e tenor nel rischio di mercato.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP98 — Application guidance on interest rate risk in the banking book — profilo PV01, rischio di curva, basis e optionalità.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "4743c9eb4a539cb6", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates", "derivatives" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/edge", "locale": "it", "title": "Edge", "summary": "Vantaggio statistico stimato: aspettativa netta positiva, condizionata a regole, costi, dati e regime di mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/edge/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, verifica documentale su fonti CFTC, SEC e CME", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell R. Harvey e Yan Liu, Backtesting, controllo dei test multipli, numerosità e significatività delle strategie.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] }, { "text": "CFTC, Commodity Trading Systems Sold on the Internet, limiti dei risultati ipotetici e differenze rispetto alle condizioni reali.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_tradingsystem.html" ] }, { "text": "SEC Office of Investor Education and Advocacy, Investor Bulletin: Performance Claims, costi, metodologia, backtest e non-predittività della performance passata.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47" ] } ], "revision": "cbbe137af736d13d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/emissione-asta-e-mercato-secondario-obbligazionario", "locale": "it", "title": "Emissione, asta e mercato secondario obbligazionario", "summary": "Dal collocamento primario alla negoziazione secondaria: soggetti, prezzi, settlement, liquidità e differenze tra asta e scambio.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/emissione-asta-e-mercato-secondario-obbligazionario/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Auctions in depth", "urls": [ "https://www.treasurydirect.gov/research-center/history-of-marketable-securities/auctions/auctions-indepth/" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "a3b1feedd8d928d3", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "primary-market", "secondary-market", "auction", "market-liquidity" ], "asset_classes": [ "fixed-income", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/errore-trade", "locale": "it", "title": "Errore di trading: processo ed esito", "summary": "Un errore di trading è una deviazione osservabile da una regola predefinita, non una perdita né un giudizio ricostruito dopo l'esito.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/errore-trade/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — agente AI, revisione non umana su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — raccomanda di definire capitale a rischio, rischio per trade e piano prima dell'operatività (consultato l'11 agosto 2026).", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Are You Checking Your Trade Confirmations? — descrive prezzo, quantità, data e altri dati delle conferme utili a verificare ciò che è stato eseguito (consultato l'11 agosto 2026).", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Baron e Hershey (1988), Outcome bias in decision evaluation — cinque studi peer-reviewed sull'influenza dell'esito nella valutazione retrospettiva di una decisione.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "f35877400d221232", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/errori-ricorrenti", "locale": "it", "title": "Errori ricorrenti", "summary": "Pattern di deviazione ripetuto — etichetta, costo in R, causa radice, contromisura meccanica nel playbook.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/errori-ricorrenti/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a3daaed621b0fdfe", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/esercizio-assegnazione-e-regolamento-delle-opzioni", "locale": "it", "title": "Esercizio, assegnazione e regolamento delle opzioni", "summary": "Esercizio e assegnazione trasformano il diritto del compratore nell'obbligo del venditore. Stile, cutoff, exercise by exception, deliverable e regolamento determinano che cosa accade prima e dopo la scadenza.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/esercizio-assegnazione-e-regolamento-delle-opzioni/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — documento primario su nomenclatura, esercizio, assegnazione, scadenza e regolamento.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Exercising Options — flusso di esercizio e allocazione dell'assegnazione.", "urls": [ "https://www.optionseducation.org/optionsoverview/exercising-options" ] }, { "text": "Options Industry Council, Options Exercise FAQ — cutoff, stile americano/europeo ed exercise by exception.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-exercise" ] }, { "text": "Options Industry Council, Options Assignment FAQ — rischio di assegnazione, scadenza, halt e istruzioni.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-assignment" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — obblighi del writer e conseguenze dell'assegnazione di una singola gamba.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "FINRA, Information Notice 2/3/21 — Exercise Cut-Off Time for Expiring Options — esercizio, non esercizio e contrary exercise advice.", "urls": [ "https://www.finra.org/rules-guidance/notices/information-notice-020321" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — diritti, obblighi e rischi fondamentali delle opzioni.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "dae0f447d7f5c210", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "exercise", "assignment", "settlement" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/espansione", "locale": "it", "title": "Espansione", "summary": "Fase di aumento rapido di range e volatilità — timing, stop dinamici e size adattata al nuovo regime.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/espansione/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0ac78cd4b6d1ebc8", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/esposizione", "locale": "it", "title": "Esposizione", "summary": "Relazione quantificata tra una posizione e un prezzo, fattore o controparte. Va sempre dichiarata con unità, convenzione, valuta e istante e non coincide automaticamente con la perdita.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/esposizione/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — confronto fra misure basate sul nozionale, delta-adjusted e altre misure di esposizione nei derivati.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — importo di riferimento usato per calcolare flussi contrattuali, distinto dal valore di mercato.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — esempio istituzionale di misura del rischio di mercato tramite sensitività a fattori distinti.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE51 — Counterparty credit risk overview — distinzione fra esposizione di credito tradizionale e esposizione bilaterale di controparte che varia nel tempo.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] } ], "revision": "5ee6b8ff785ec095", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "portfolio-risk", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/esposizione-lorda", "locale": "it", "title": "Esposizione lorda", "summary": "Somma dei valori assoluti di esposizioni definite nella stessa unità. Descrive scala prima delle compensazioni, ma non equivale da sola a capitale impegnato, leva economica o rischio di perdita.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/esposizione-lorda/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — vantaggi e limiti di gross notional, notional-netting e misure aggiustate per la sensibilità.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — definizione istituzionale dell'importo nozionale come base dei flussi, non come perdita.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — separazione delle sensitività per classe e fattore di rischio.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE52 — Standardised approach to counterparty credit risk — esposizione di controparte calcolata per netting set con replacement cost e potential future exposure, distinta dalla lorda di mercato.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] } ], "revision": "2aa689c22ff5c224", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "gross-exposure", "portfolio-risk", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/esposizione-netta", "locale": "it", "title": "Esposizione netta", "summary": "Somma firmata di esposizioni espresse nella stessa unità. Descrive il saldo rispetto alla convenzione scelta, ma netta zero non significa portafoglio privo di rischio o neutrale a ogni fattore.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/esposizione-netta/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limiti della compensazione dei nozionali e ruolo di delta-adjusted notional e altre basi di confronto.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — aggregazione separata delle sensitività per fattore e classe di rischio.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE52 — Standardised approach to counterparty credit risk — calcolo dell'esposizione di controparte per netting set e trattamento delle compensazioni riconosciute.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE54 — Exposures to central counterparties — requisiti di opponibilità legale per il close-out netting, distinti dalla compensazione economica.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] } ], "revision": "2ef4171bc85a7127", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "net-exposure", "portfolio-risk", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/etf", "locale": "it", "title": "ETF (Exchange-Traded Fund)", "summary": "Un ETF è un fondo le cui quote sono negoziate in borsa. Può replicare un indice o seguire una gestione attiva; prezzo, NAV, costi, replica e liquidità vanno analizzati separatamente.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/etf/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Exchange-Traded Funds (ETFs), 23 febbraio 2023 — struttura, NAV, Authorized Participants e rischi; il bollettino riguarda ETF registrati negli Stati Uniti.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Leveraged and Inverse ETFs, 29 agosto 2023.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Exchange Traded Notes (ETNs) — distinzione fra quota di fondo e debito dell'emittente.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-50" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETF, ETC ed ETN nel contesto italiano.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "European Securities and Markets Authority, Cost of Investment Products — costi e performance dei prodotti retail europei.", "urls": [ "https://www.esma.europa.eu/investor-corner/cost-investment-products" ] } ], "revision": "0af3e13e3d7c4b03", "translation_state": "source", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/euforia", "locale": "it", "title": "Euforia", "summary": "Distinguere la fiducia eccessiva dopo le vincite da un processo documentato, senza usarla come segnale di mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/euforia/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gervais e Odean, Learning to Be Overconfident — The Review of Financial Studies — modello teorico di apprendimento, attribuzione dei successi e overconfidence.", "urls": [ "https://doi.org/10.1093/rfs/14.1.1" ] }, { "text": "Barber e Odean, Trading Is Hazardous to Your Wealth — The Journal of Finance — evidenza su turnover e performance netta in un ampio campione di conti retail.", "urls": [ "https://onlinelibrary.wiley.com/doi/full/10.1111/0022-1082.00226" ] }, { "text": "CFA Institute, The Behavioral Biases of Individuals — classificazione di overconfidence e self-control bias e criteri di mitigazione.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "CFTC, Forex Frauds — capitale sostenibile, piano di rischio e aderenza al piano contro decisioni emotivamente cariche.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] } ], "revision": "0f1b29c508f9928b", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/exchange-broker", "locale": "it", "title": "Exchange, broker, dealer e custode", "summary": "Exchange, broker, dealer, market maker e custode svolgono funzioni diverse. Una stessa impresa può cumularne alcune, ma l'interfaccia di trading non rivela da sola venue, controparte, routing o custodia.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/exchange-broker/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — EMIR, Article 2: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] } ], "revision": "d16acb915526ef57", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/exchange-risk", "locale": "it", "title": "Rischio exchange: custodia, solvibilità e continuità", "summary": "Il rischio exchange comprende entità contrattuale, diritti sugli asset, segregazione, passività, conflitti, prelievi, operatività e integrità del mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/exchange-risk/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — MiCA, articolo 68 — governance, resilienza, continuità e controlli nel perimetro UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-68-governance-arrangements" ] }, { "text": "ESMA — MiCA, articolo 70 — salvaguardia di fondi e cripto-attività dei clienti e segregazione.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-70-safekeeping-clients-crypto-assets" ] }, { "text": "ESMA — MiCA, articolo 72 — identificazione, prevenzione e disclosure dei conflitti.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-72-identification-prevention" ] }, { "text": "ESMA — MiCA, articolo 75 — custodia, registri, sub-custodia, restituzione e responsabilità.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — raccomandazioni 12–17 su asset dei clienti, segregazione, assurance e rischio operativo.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "FSB — Multifunction Crypto-asset Intermediaries — concentrazione di funzioni, interdipendenze e conflitti.", "urls": [ "https://www.fsb.org/2023/11/the-financial-stability-implications-of-multifunction-crypto-asset-intermediaries/" ] }, { "text": "BIS–FSI — Cryptoasset service providers as financial intermediaries — custodia, titolo sugli asset, intermediazione e canali di rischio.", "urls": [ "https://www.bis.org/fsi/fsipapers27.pdf" ] } ], "revision": "dfd675ada500bb86", "translation_state": "source", "kind": "concept", "entity_type": "crypto-exchange-risk", "topics": [ "crypto-markets", "custody", "counterparty-risk", "solvency", "operational-risk", "market-integrity" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "assess-crypto-exchange-risk", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/execution-quality", "locale": "it", "title": "Qualità di esecuzione: prezzo, fill e velocità", "summary": "La qualità di esecuzione confronta il risultato effettivo di un ordine con benchmark dichiarati: prezzo, spread effettivo, miglioramento, velocità, probabilità e quantità eseguita. Non coincide con il solo fill.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/execution-quality/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "90dfb32ccfeea121", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "procedure", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/expectancy", "locale": "it", "title": "Expectancy", "summary": "Guadagno medio atteso per trade in R — la metrica sintetica dell'edge (win rate × payoff).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/expectancy/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3b68bad71697a51c", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/expectancy-positiva", "locale": "it", "title": "Expectancy positiva", "summary": "Condizione in cui il valore atteso netto per trade è maggiore di zero, stimato su regole, costi e popolazione dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/expectancy-positiva/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, verifica documentale su fonti NIST, SEC e CME", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, What is a Probability Distribution?, probabilità degli esiti discreti e continui.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda361.htm" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio, effetto dei costi sui rendimenti.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "Campbell R. Harvey e Yan Liu, Backtesting, numerosità, test multipli e significatività delle strategie.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] } ], "revision": "e7c72c86ecc28b4b", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/expected-shortfall", "locale": "it", "title": "Expected Shortfall (ES)", "summary": "L'Expected Shortfall misura la perdita media nella coda oltre un livello scelto della distribuzione stimata. Completa il VaR, ma non è un peggior caso e resta dipendente da dati, valutazioni e modello.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/expected-shortfall/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR33, calculation of expected shortfall", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/33.htm" ] }, { "text": "Basel Committee — Explanatory note on the minimum capital requirements for market risk", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Acerbi e Tasche — On the coherence of Expected Shortfall", "urls": [ "https://arxiv.org/abs/cond-mat/0104295" ] }, { "text": "Artzner, Delbaen, Eber e Heath — Coherent Measures of Risk", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "e087e089c2f85389", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "tail-risk", "expected-shortfall" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/famiglie-strategie-sistematiche", "locale": "it", "title": "Famiglie di strategie sistematiche", "summary": "Tassonomia comparabile di trend, momentum, mean reversion, carry, relative value, market making ed event-driven, con meccanismi e rischi senza promesse di rendimento.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/famiglie-strategie-sistematiche/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Narasimhan Jegadeesh e Sheridan Titman, Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency — studio originario sul momentum cross-sectional nel campione analizzato.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] }, { "text": "Tobias J. Moskowitz, Yao Hua Ooi e Lasse Heje Pedersen, Time Series Momentum — evidenza e costruzione del time-series momentum nel disegno cross-asset studiato.", "urls": [ "https://doi.org/10.1016/j.jfineco.2011.11.003" ] }, { "text": "Ralph S. J. Koijen et al., Carry — definizione e confronto del carry tra classi di attività nel campione dello studio.", "urls": [ "https://doi.org/10.1016/j.jfineco.2017.11.002" ] }, { "text": "Evan Gatev, William N. Goetzmann e K. Geert Rouwenhorst, Pairs Trading: Performance of a Relative-Value Arbitrage Rule — metodologia ed evidenza storica su una regola di pairs trading.", "urls": [ "https://doi.org/10.1093/rfs/hhj020" ] }, { "text": "Werner F. M. De Bondt e Richard Thaler, Does the Stock Market Overreact? — studio classico su overreaction e rendimenti contrarian nel campione considerato.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1985.tb05004.x" ] } ], "revision": "13c07ae750d050d3", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "trend-following", "momentum", "mean-reversion", "carry", "relative-value" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/fat-tails", "locale": "it", "title": "Fat tails", "summary": "Code della distribuzione più pesanti del normale — eventi estremi più frequenti del modello gaussiano.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/fat-tails/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a28b5bd9738ac7af", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/fee-optimization", "locale": "it", "title": "Fee optimization", "summary": "Riduzione del costo totale di esecuzione — commissioni, maker/taker, tier volume e routing venue.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/fee-optimization/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7027585672827d88", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "execution", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/feedback-loop", "locale": "it", "title": "Feedback loop", "summary": "Ciclo esegui → analizza → correggi → verifica — esperienza che diventa miglioramento misurabile.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/feedback-loop/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "31059f82cf3db2be", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/filtro-operativo", "locale": "it", "title": "Filtro operativo", "summary": "Regola decisionale che abilita o blocca setup in funzione del regime — gate prima del trigger, non sostituto del trigger.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/filtro-operativo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a021181ae6619121", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/fiscalita-base", "locale": "it", "title": "Fiscalità base", "summary": "Principi fiscali minimi per stimare risultato netto, tracciabilità documentale e pianificazione — non sostituisce consulenza professionale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/fiscalita-base/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "02cd7a4b56623175", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/fomo", "locale": "it", "title": "FOMO (Fear of Missing Out)", "summary": "Urgenza di partecipare a un movimento o a un'opportunità percepita come irripetibile: come riconoscerla senza trasformarla in un segnale di mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/fomo/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out (Computers in Human Behavior, DOI) — studio peer-reviewed che definisce e misura la FoMO; non è uno studio di previsione finanziaria.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "SEC Office of Investor Education and Assistance, Protect Your Money: How to Avoid Investment Scams — identifica pressione ad agire e FOMO tra le leve usate nelle proposte fraudolente.", "urls": [ "https://www.investor.gov/files/protect-your-money-how-avoid-investment-scams" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — invita a verificare le informazioni social e a non decidere sotto pressione.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "5db99a06cba0167c", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/footprint-chart", "locale": "it", "title": "Footprint chart: leggere volumi bid e ask", "summary": "Il footprint distribuisce dentro ogni barra il volume eseguito per livello di prezzo e lato classificato. Colonne, aggregazione e regole di imbalance dipendono dalla piattaforma.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/footprint-chart/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — documenta righe per livello, coppie bid/ask, delta, confronti sulla stessa riga o diagonali e requisiti tick-by-tick.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Footprint charts: a complete guide — descrive la propria implementazione, le celle di volume, il delta, il POC della barra e le soglie di imbalance configurabili.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distingue volume scambiato e quantità del market depth e spiega perché record aggregati riducono l’accuratezza per prezzo.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — documenta i campi di esecuzione che un feed può fornire direttamente.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] } ], "revision": "7d11219ec8b39c99", "translation_state": "source", "kind": "concept", "entity_type": "order-flow-chart", "topics": [ "order-flow", "footprint-chart", "bid-volume", "ask-volume", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/forex", "locale": "it", "title": "Forex (mercato valutario)", "summary": "Il Forex è l'insieme dei mercati in cui una valuta viene scambiata contro un'altra. Spot, forward, swap, futures, opzioni e prodotti retail sono strumenti diversi, non un unico mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/forex/", "published": "2026-07-31", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025, Triennial Central Bank Survey, 30 settembre 2025.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "Bank for International Settlements, Covered interest parity lost: understanding the cross-currency basis, BIS Quarterly Review, 18 settembre 2016 — relazione spot/forward, tassi e basis di funding.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt1609e.htm" ] }, { "text": "Global Foreign Exchange Committee, FX Global Code, aggiornamento dicembre 2024 — principi wholesale non sostitutivi della regolamentazione.", "urls": [ "https://www.globalfxc.org/fx-global-code/" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — rischi del retail OTC nel perimetro statunitense.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "European Central Bank, Euro foreign exchange reference rates — tassi informativi, non raccomandati come prezzi eseguibili.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html" ] } ], "revision": "9072652923a6cd75", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "execution", "risk" ], "asset_classes": [ "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/forward-test", "locale": "it", "title": "Forward test", "summary": "Valutazione prospettica di una versione congelata su dati che arrivano dopo la decisione, eseguibile in paper, shadow o micro-live.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/forward-test/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — ordine temporale, rolling origin e valutazioni successive fuori campione.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validazione proattiva e affidabilità dei modelli d'investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limiti della performance ipotetica nel relativo ambito NFA.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automazione, venue e interazione degli ordini nei mercati reali.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Commissione europea, Regolamento delegato (UE) 2017/589, RTS 6 — test, controlli, documentazione e deployment nel proprio perimetro normativo UE.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "dd0495a0fbca636d", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "forward-test", "prospective-validation", "frozen-model", "shadow-mode", "micro-live" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/fud", "locale": "it", "title": "FUD (Fear, Uncertainty, Doubt)", "summary": "Etichetta usata per messaggi che suscitano paura, incertezza e dubbio; non stabilisce se un'informazione negativa sia falsa, vera o rilevante.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/fud/", "published": "2026-06-26", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — evidenzia i rischi delle decisioni di breve periodo basate sui social e raccomanda ricerca e verifica.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] }, { "text": "CFTC, Understand Risks and Markets before Reacting to Internet Hype — invita a comprendere prodotto, mercato, leva e fonte prima di reagire a suggerimenti online.", "urls": [ "https://www.cftc.gov/sites/default/files/2021-04/20210326_Advisory_SocialMedia-Metals_FINAL_1.pdf" ] }, { "text": "CFTC, Learn & Protect — raccoglie risorse e avvisi per verificare intermediari, offerte e rischi nei mercati regolati dalla CFTC.", "urls": [ "https://www.cftc.gov/LearnAndProtect" ] } ], "revision": "610ef790b8dfaba0", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/funding", "locale": "it", "title": "Funding rate dei perpetual", "summary": "Il funding rate regola trasferimenti periodici fra long e short nei perpetual; segno, intervallo e calcolo dipendono dalla sede.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/funding/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BitMEX, Perpetual Contracts Guide — documentazione ufficiale su finalità del meccanismo, segno, base nozionale, regolamento a timestamp e scambio fra long e short.", "urls": [ "https://www.bitmex.com/app/perpetualContractsGuide" ] }, { "text": "Coinbase, Funding rates — International Derivatives — documentazione ufficiale di una sede con regolamento orario, direzione dei pagamenti e calcolo sul nozionale.", "urls": [ "https://help.coinbase.com/en/coinbase/derivatives/funding-rate" ] }, { "text": "Coinbase, US Perpetual-Style Futures Funding Rate Mechanism — esempio ufficiale di una diversa metodologia basata sul confronto periodico fra future e spot.", "urls": [ "https://help.coinbase.com/en/derivatives/perpetual-style-futures/funding-rate" ] }, { "text": "Coinbase International Exchange, Risk Disclosures — informativa ufficiale su rischio di funding, leva, liquidazione e problemi della sede.", "urls": [ "https://help.coinbase.com/en/international-exchange/risk-disclosures/disclosures" ] } ], "revision": "3b517795a2435738", "translation_state": "source", "kind": "concept", "entity_type": "carrying-cost", "topics": [ "perpetual-futures", "funding-rate", "long-short", "basis" ], "asset_classes": [ "crypto-derivatives", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/funding-cost", "locale": "it", "title": "Funding cost: dal tasso al risultato netto", "summary": "Il funding cost è la somma degli addebiti e accrediti di funding maturati mentre una posizione resta aperta: va separato dal profitto sul prezzo e riconciliato con il conto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/funding-cost/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BitMEX — Perpetual Contracts Guide — Documenta base nozionale, timestamp, segno e trasferimento del funding fra long e short.", "urls": [ "https://www.bitmex.com/app/perpetualContractsGuide" ] }, { "text": "Coinbase — Funding rates: International Derivatives — Mostra un metodo ufficiale di calcolo e regolamento, distinto da quello di altre sedi.", "urls": [ "https://help.coinbase.com/en/coinbase/derivatives/funding-rate" ] }, { "text": "Coinbase — US Perpetual-Style Futures Funding Rate Mechanism — Offre un secondo esempio ufficiale di frequenza e metodo, evitando di trattare un intervallo come universale.", "urls": [ "https://help.coinbase.com/en/derivatives/perpetual-style-futures/funding-rate" ] }, { "text": "Coinbase International Exchange — Risk Disclosures — Espone rischi di funding, leva, liquidazione e continuità della sede.", "urls": [ "https://help.coinbase.com/en/international-exchange/risk-disclosures/disclosures" ] } ], "revision": "2cd058650d39d0b0", "translation_state": "source", "kind": "concept", "entity_type": "derivative-carry-cost-analysis", "topics": [ "perpetual-futures", "funding-rate", "carrying-cost", "net-performance", "backtesting" ], "asset_classes": [ "crypto-derivatives", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "calculate-and-reconcile-funding-cost", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/futures", "locale": "it", "title": "Futures: contratto, margine, scadenza e roll", "summary": "Un future è un derivato standardizzato negoziato su una sede organizzata e compensato tramite clearing. Obblighi, nozionale, margine, mark-to-market, scadenza e modalità di regolamento dipendono dalle specifiche del singolo contratto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/futures/", "published": "2026-06-23", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — obblighi, consegna o cash settlement e possibilità di perdite superiori al capitale iniziale.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definizioni di basis, calendar spread, cash settlement, margin, offset e roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — standardizzazione, clearing, offset, margine e funzione di copertura.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — prezzo di regolamento giornaliero, P&L e adeguamento dei margini.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, roll verso scadenze differite e regolamento.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — differenza fra regolamento giornaliero, finale, monetario e fisico.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — basis futures − spot, carry e convergenza per futures su indici.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — qualità, luoghi di consegna, differenziali e condizioni della convergenza.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "7521afb30237cb06", "translation_state": "source", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/gamma-delle-opzioni", "locale": "it", "title": "Gamma delle opzioni", "summary": "Il gamma misura come cambia il delta di un'opzione quando varia il sottostante. È una sensitività di secondo ordine, locale e dinamica, con unità e segno dipendenti dalla posizione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/gamma-delle-opzioni/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Gamma — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-gamma-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Basel Committee on Banking Supervision, MAR20 — Standardised approach: general provisions and structure — distinzione regolamentare fra delta, vega e curvature risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/20.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "46783039321f04b6", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/gap", "locale": "it", "title": "Gap", "summary": "Salto di prezzo tra chiusura e apertura: zona del grafico senza scambi — tipico dei mercati con sessioni chiuse.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/gap/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e21f0efe8016b106", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/gestione-attiva", "locale": "it", "title": "Gestione attiva", "summary": "Adattare stop, target e quote durante il trade — solo con trigger oggettivi pre-autorizzati nel playbook.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/gestione-attiva/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f2aed3744c8289de", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/gestione-passiva", "locale": "it", "title": "Gestione passiva", "summary": "Ingresso, stop e target fissati ex ante — zero modifiche discrezionali durante il trade (set-and-forget).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/gestione-passiva/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f8eb270a42d42e2e", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/grid-trading", "locale": "it", "title": "Grid trading: ordini a griglia e rischio di inventario", "summary": "Il grid trading automatizza compravendite su più livelli; può creare cicli nelle oscillazioni, ma trend, costi ed esecuzione possono causare perdite.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/grid-trading/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — agente AI, revisione non umana su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bybit Help Center — FAQ: Spot Grid Bot — descrive fascia, livelli, commissioni, pausa fuori range e differenza fra grid profit e P&L totale.", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Spot-Grid-Bot" ] }, { "text": "OKX — Spot Grid — documenta ripartizione del capitale e ordini automatici ai livelli della griglia.", "urls": [ "https://www.okx.com/en-gb/help/i-spot-grid" ] }, { "text": "OKX — Total PnL and Grid Profits — separa cicli realizzati, inventario non realizzato, commissioni e risultato complessivo.", "urls": [ "https://www.okx.com/en-us/help/how-do-total-profit-and-loss-pnl-and-grid-profits-work" ] }, { "text": "SEC — Limit Orders — chiarisce il vincolo di prezzo e l'assenza di garanzia di esecuzione di un ordine limit.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] } ], "revision": "8500fd27180dbef8", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/herding", "locale": "it", "title": "Herding", "summary": "Seguire la folla — entrare o uscire perché «tutti» lo fanno, senza edge proprio.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/herding/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8685ba53be17bf98", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/iceberg-order", "locale": "it", "title": "Iceberg e reserve order: quantità visibile e priorità", "summary": "Un iceberg o reserve order rende visibile soltanto una parte della quantità totale. La riserva viene rilasciata in tranche secondo regole del venue; priorità, rilevabilità e comportamento differiscono fra implementazioni native e sintetiche.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/iceberg-order/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — differenza fra feed MBO e MBP, iceberg nativi e sintetici, OrderID e PriorityID.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Display Quantity Order Overview — quantità mostrata, fill e replenishment nel perimetro CME.", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] }, { "text": "CME Group, Enter Orders — descrizione operativa del campo Display Quantity.", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-cmed-mobile/Content/Enter-Orders.html" ] }, { "text": "EUR-Lex, Regolamento delegato (UE) 2017/583, articolo 4 — definizione di reserve order nel perimetro RTS 2.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/583/2023-06-05/eng" ] } ], "revision": "93192113f4c66a21", "translation_state": "source", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/impulso", "locale": "it", "title": "Impulso", "summary": "Movimento rapido e direzionale del prezzo: candele ampie, spesso con volume elevato — fase espansiva del trend.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/impulso/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "012f3916f30e98cb", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/indice-di-mercato", "locale": "it", "title": "Indice di mercato", "summary": "Un indice di mercato misura, secondo una metodologia pubblicata, la performance di un insieme definito di strumenti che rappresenta un mercato o segmento. Ponderazione, ribilanciamento e tipo di rendimento determinano che cosa misura; l'indice non è investibile direttamente.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/indice-di-mercato/", "published": "2026-06-23", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Market Index e Index Funds — definizione, non investibilità diretta e replica tramite fondi.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-index", "https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-4" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — ponderazioni, divisore, corporate action e varianti di rendimento.", "urls": [ "https://www.spglobal.com/spdji/en/methodology/article/index-mathematics-methodology/" ] }, { "text": "FTSE Russell, Index Policy and Methodology — documentazione su regole, calcolo e governance degli indici.", "urls": [ "https://www.lseg.com/en/ftse-russell/governance/index-policy-and-methodology" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — governance, qualità del benchmark e accountability.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/ioscopd409.pdf" ] }, { "text": "NIST/SEMATECH, R² is not enough — interpretazione e controllo dell'adattamento di un modello lineare.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] }, { "text": "CME Group, What is Volume? — volume riferito a uno specifico contratto futures.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] } ], "revision": "28255884d17f2111", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "benchmarks", "performance", "index-methodology" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/inflazione-cpi-pce-e-ppi", "locale": "it", "title": "Inflazione: CPI, PCE e PPI", "summary": "Come leggere indici dei prezzi al consumo e alla produzione, headline e core, pesi, basi di confronto ed effetti di composizione senza confondere un indice con il costo della vita individuale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/inflazione-cpi-pce-e-ppi/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Consumer Price Index, documentazione ufficiale — definizioni, pesi e pubblicazioni del CPI.", "urls": [ "https://www.bls.gov/cpi/" ] }, { "text": "BEA, Personal Consumption Expenditures Price Index, documentazione ufficiale — indice PCE e conti collegati.", "urls": [ "https://www.bea.gov/data/personal-consumption-expenditures-price-index" ] }, { "text": "BLS, Producer Price Indexes, documentazione ufficiale — prezzi alla produzione e metodologia PPI.", "urls": [ "https://www.bls.gov/ppi/" ] } ], "revision": "e5fb234597e1240f", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/information-ratio", "locale": "it", "title": "Information ratio", "summary": "Active return medio per unità di tracking error rispetto a un benchmark specificato, con limiti statistici e di comparabilità espliciti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/information-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — definizione, confronto con tracking error e limiti del benchmark.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, appraisal, attribution e valutazione della skill.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Richard C. Grinold e Ronald N. Kahn, CFA Institute Research Foundation, Advances in Active Portfolio Management — active return, tracking error e information ratio nel quadro della gestione attiva.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-publication/2003/rf-v2003-n1-3922-pdf.pdf" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal — criteri e conseguenze della qualità del benchmark.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — struttura del rapporto tra rendimento differenziale e variabilità.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] } ], "revision": "49249b735c688ce9", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "information-ratio", "active-return", "tracking-error", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/invalidazione", "locale": "it", "title": "Invalidazione", "summary": "Livello tecnico-logico dove la tesi del trade è falsata — distinto dallo stop monetario, ma lo determina.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/invalidazione/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "418cdbd6d1cdd53e", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/investor-mindset", "locale": "it", "title": "Investor mindset", "summary": "Mentalità da allocatore — sostenibilità, controllo rischio e qualità del processo su orizzonte multi-ciclo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/investor-mindset/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b731b19551ec2ec6", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/journaling", "locale": "it", "title": "Journaling", "summary": "Annotare trade e decisioni — memoria esterna quando le emozioni distorcono; strumenti da foglio a journal automatico.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/journaling/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "0171e3268066bfb7", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/kelly-criterion", "locale": "it", "title": "Kelly criterion", "summary": "Formula teorica per la frazione ottimale di capitale da rischiare — massimizza crescita logaritmica in condizioni ideali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/kelly-criterion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "dc1989d203b87273", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/kelly-frazionato", "locale": "it", "title": "Kelly frazionato", "summary": "Frazione del Kelly teorico (½, ⅓, ¼) — bilancia crescita e sopravvivenza del capitale in mercati reali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/kelly-frazionato/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "37aa5c864fe55bd3", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/key-rate-duration-e-rischio-di-curva", "locale": "it", "title": "Key-rate duration e rischio di curva", "summary": "La key-rate duration distribuisce la sensibilità ai tassi lungo i nodi della curva e rende visibili rischi nascosti da una duration totale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/key-rate-duration-e-rischio-di-curva/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] } ], "revision": "f2e7c18267de4aaf", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "interest-rate-risk", "yield-curve", "key-rate-duration", "hedging" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/latenza-esecuzione", "locale": "it", "title": "Latenza di esecuzione: percorso, timestamp e misurazione", "summary": "La latenza di esecuzione comprende i ritardi fra decisione, invio, ricezione, routing, acknowledgement e report dei fill. Va misurata per tratto e con orologi coerenti; non coincide con slippage o qualità di esecuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/latenza-esecuzione/", "published": "2026-08-03", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590, Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "EUR-Lex — Commission Delegated Regulation (EU) 2025/1155, business-clock synchronisation", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] }, { "text": "ESMA — MiFID II, Article 27: Obligation to execute orders on terms most favourable to the client", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "9fa91977ffb08e37", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/leva", "locale": "it", "title": "Leva finanziaria", "summary": "Rapporto tra esposizione e capitale di riferimento: come amplifica la sensibilità del conto e perché margine titoli, performance bond futures e altri derivati richiedono regole diverse.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/leva/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Understanding Margin Accounts", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] }, { "text": "FINRA Rule 2264 — Margin Disclosure Statement", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CFTC — Economic Purpose of Futures Markets and How They Work", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/economicpurpose.html" ] }, { "text": "CFTC — Futures Glossary", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group — Margin: Know What's Needed", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/margin-know-what-is-needed" ] } ], "revision": "956fb7d9c152da8e", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "margin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/lezione-trade", "locale": "it", "title": "Lezione dal trade: evidenza e verifica", "summary": "Una lezione dal trade collega evidenza, confronto e azione verificabile; non trasforma un singolo profitto o perdita in una causa certa.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/lezione-trade/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — agente AI, revisione non umana su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ellis, Mendel e Nir (2006), Learning from successful and failed experience — esperimento peer-reviewed sugli effetti di diversi tipi di after-event review dopo successi e fallimenti.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/16737362/" ] }, { "text": "Tannenbaum e Cerasoli (2013), Do team and individual debriefs enhance performance? — meta-analisi peer-reviewed su struttura e risultati dei debrief individuali e di gruppo.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/23516804/" ] }, { "text": "Gollwitzer e Sheeran (2006), Implementation intentions and goal achievement — meta-analisi peer-reviewed dei piani condizionali che specificano quando, dove e come agire.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron e Hershey (1988), Outcome bias in decision evaluation — evidenza sperimentale che l'esito conosciuto può alterare la valutazione retrospettiva della decisione.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "6f8efb3d65a5908d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/liquidazione", "locale": "it", "title": "Liquidazione", "summary": "Riduzione o chiusura forzata di posizioni o attività quando equity, margine o limiti di rischio non rispettano più i requisiti applicabili. Trigger, procedura, fill e debito residuo dipendono dal prodotto e dal contratto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/liquidazione/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Margin Disclosure Statement — Rule 2264 — vendita forzata senza preavviso, scelta delle attività da liquidare, variazione dei requisiti e possibilità di perdere più del deposito.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — natura del performance bond nei futures, initial/maintenance margin e addebiti/accrediti del conto.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Understand the Risks of Virtual Currency Trading — leva, obbligo di reintegrare il margine o chiudere posizioni e possibilità di perdere oltre l'investimento iniziale.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "620c594daee5a142", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/liquidita", "locale": "it", "title": "Liquidità di mercato: dimensioni, misure e limiti", "summary": "La liquidità di mercato è la capacità di eseguire rapidamente una quantità significativa con costi e impatto contenuti. È multidimensionale: spread, profondità, immediatezza e resilienza non sono sinonimi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/liquidita/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] }, { "text": "CME Group — Understanding the CME Liquidity Tool Methodology", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "262c3d7bdd5abc7e", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/liquidity-seeking", "locale": "it", "title": "Liquidity seeking: obiettivi, routing e trade-off di esecuzione", "summary": "Liquidity seeking indica una famiglia di strategie professionali che cerca opportunità di esecuzione fra tempi, sedi e modalità diverse. Non coincide con il solo smart routing e non garantisce miglior prezzo, fill o assenza di impatto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/liquidity-seeking/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex, Direttiva 2014/65/UE, articolo 4(1)(39) — definizione di algorithmic trading e distinzione dal solo routing.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA, Supervisory Briefing on Algorithmic Trading in the EU, 26 febbraio 2026 — perimetro degli algoritmi, governance, test, outsourcing e controlli pre-trade.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. SEC, Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS — discrezionalità, strategie algoritmiche, smart router, venue e disclosure degli accordi di routing.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "U.S. SEC, Disclosure of Order Execution and Order Routing Information — quadro ufficiale delle Rules 605 e 606.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/disclosure-order-execution-order-routing-information" ] } ], "revision": "390e7f7f04e804c3", "translation_state": "source", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/long-e-short", "locale": "it", "title": "Long e short", "summary": "Long: profitto se il prezzo sale. Short: profitto se scende — due direzioni di esposizione, non ancora una strategia.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/long-e-short/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "310822ee97179546", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/loss-aversion", "locale": "it", "title": "Loss aversion", "summary": "Le perdite pesano psicologicamente più dei guadagni equivalenti — spiega stop allentati, holding di perdenti e chiusura prematura dei vincenti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/loss-aversion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "372fddc5c4b568f3", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/margine", "locale": "it", "title": "Margine", "summary": "Il margine non ha un unico significato: nei conti titoli è capitale proprio a fronte di un credito garantito; nei futures è un performance bond. Requisiti, margin call e chiusure dipendono da prodotto, intermediario e regole applicabili.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/margine/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Brokerage Accounts — credito su titoli, equity iniziale e di mantenimento, requisiti house e rischi di liquidazione.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "FINRA, Rule 2264 — Margin Disclosure Statement — facoltà di vendita senza preavviso, variazione dei requisiti e responsabilità del cliente per lo shortfall.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — performance bond futures, margine iniziale e di mantenimento, accrediti, addebiti e variazioni dei requisiti.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "57d1031f8ca8a822", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/market-impact", "locale": "it", "title": "Market impact: effetto dell'ordine sul prezzo", "summary": "Il market impact è la variazione di prezzo attribuibile all'ordine o al programma di esecuzione stesso. È una componente del costo implicito, ma non coincide con spread, slippage o movimento indipendente del mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/market-impact/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "SEC — Proposed Rule, Order Competition Rule, Release No. 34-96495", "urls": [ "https://www.sec.gov/files/rules/proposed/2022/34-96495.pdf" ] }, { "text": "Rama Cont, Arseniy Kukanov e Sasha Stoikov, The Price Impact of Order Book Events, Journal of Financial Econometrics, 12(1), 2014, pp. 47–88; preprint", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "Robert Almgren e Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 3(2), 2001, pp. 5–39", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] } ], "revision": "64b3ef5ab39b84a8", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/market-maker", "locale": "it", "title": "Market maker: ruolo, quotazioni e rischio d'inventario", "summary": "Un market maker quota prezzi di acquisto e vendita o si dichiara disponibile a negoziare in uno specifico mercato. Fornisce liquidità, ma non garantisce sempre quantità, spread o continuità delle quotazioni.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/market-maker/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Market Makers", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-makers" ] }, { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "d7dc9735cd1617b9", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "market", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/market-profile", "locale": "it", "title": "Market Profile", "summary": "Rappresentazione dell'asta per prezzo e time bracket tramite TPO. È distinta dal Volume Profile: conta opportunità tempo-prezzo, non quantità scambiata.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/market-profile/", "published": "2026-06-25", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 14–21, 33 e 44 — TPO, Initial Balance, range extension, quattro tipologie di giornata, fairest price e distinzione fra TPO e Volume Value Area.", "urls": [] }, { "text": "J. Peter Steidlmayer e Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, sez. I, cap. 6 — TPO come unità tempo-prezzo e organizzazione dell'attività di mercato.", "urls": [] } ], "revision": "f84892901ee3f887", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/massimo-minimo", "locale": "it", "title": "Massimo, minimo e swing", "summary": "Differenza fra estremi OHLC della barra e swing high/low multi-barra, con regole di pivot, conferma e dipendenza dal timeframe.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/massimo-minimo/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, verifica documentale su materiali CME Group", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group Education, Chart Types: Candlestick, Line, Bar, campi open, high, low e close della barra.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/chart-types-candlestick-line-bar" ] }, { "text": "CME Group Education, Technical Patterns: Reversals, massimi/minimi, conferma e limiti dei pattern.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/technical-patterns-reversals" ] }, { "text": "CME Group Education, Support and Resistance, uso dei precedenti massimi e minimi come zone di riferimento.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "9e756d1350e3ea36", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/matching-engine", "locale": "it", "title": "Matching engine: priorità e allocazione degli ordini", "summary": "Il matching engine applica le regole della sede per abbinare ordini compatibili e allocare i fill. La priorità prezzo-tempo è comune ma non universale: esistono algoritmi FIFO, pro-rata e ibridi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/matching-engine/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Matching Algorithm Overview — panoramica ufficiale degli algoritmi FIFO, pro-rata, configurable e con priorità dedicate (consultato il 3 agosto 2026).", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group — How CME Group Ag Markets Operate — confronto tra FIFO e Split FIFO/Pro-Rata nei prodotti agricoli (consultato il 3 agosto 2026).", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/overview-what-makes-ags-markets-work" ] }, { "text": "ESMA — MiFID II, articolo 28: Client order handling rules — gestione degli ordini comparabili e tempo di ricezione presso l'impresa (consultato il 3 agosto 2026).", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — routing verso exchange, market maker, ECN e internalizzazione (consultato il 3 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "377d683891d219e5", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/max-drawdown", "locale": "it", "title": "Maximum drawdown", "summary": "Peggiore perdita osservata da un massimo precedente al minimo successivo di una curva di ricchezza, dipendente da percorso, finestra e valorizzazione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/max-drawdown/", "published": "2026-06-24", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap e Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — definizione e dipendenza da orizzonte, drift e volatilità sotto il modello studiato.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — maximum drawdown, durata e limiti delle misure di appraisal.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — rapporto tra MDD, distribuzione dei drawdown e Calmar.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "GIPS Standards, Handbook for Firms — valorizzazioni, rendimenti, flussi e disclosure che condizionano la serie di performance.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — uso di drawdown e durata nella valutazione dei manager.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "802e39fc9649c7b1", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "maximum-drawdown", "path-risk", "performance-measurement", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/media-mobile", "locale": "it", "title": "Media mobile: cos'è, calcolo e limiti", "summary": "La media mobile smussa una serie di prezzi su una finestra che scorre: span, pesi e allineamento determinano ciò che mostra e quanto ritarda.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/media-mobile/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor di Cyclepedia — agente di IA non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Single Moving Average — definizione della finestra scorrevole e formula della media semplice.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc421.htm" ] }, { "text": "NIST/SEMATECH, What Is Exponential Smoothing? — differenza fra pesi uguali ed esponenzialmente decrescenti.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc43.htm" ] }, { "text": "NIST/SEMATECH, Centered Moving Average — allineamento al centro e caso delle finestre pari.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc422.htm" ] }, { "text": "Rob J. Hyndman e George Athanasopoulos, Moving averages — Forecasting: Principles and Practice — smoothing, ordine della media ed estremi non disponibili.", "urls": [ "https://otexts.com/fpp3/moving-averages.html" ] }, { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, 1970, capp. 3 e 6 — fonte storica dell'uso ciclico richiamato, non fonte di una promessa predittiva generale.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] } ], "revision": "ef95a5208e6cb748", "translation_state": "source", "kind": "concept", "entity_type": "technical-concept", "topics": [ "technical-analysis", "time-series", "smoothing", "moving-averages" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "cyclic", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/mental-accounting", "locale": "it", "title": "Mental accounting", "summary": "Trattare soldi dello stesso portafoglio in modo diverso a seconda dell'«etichetta» mentale — bucket separati con regole incoerenti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/mental-accounting/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c8bcacf3c01aa782", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/mercato-da-tradare", "locale": "it", "title": "Mercato da tradare", "summary": "Scelta deliberata e ristretta degli strumenti — liquidità, orari, costi e specializzazione nel piano.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/mercato-da-tradare/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "01e23ab9e6b8258c", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/mercato-del-lavoro-payroll-disoccupazione-e-salari", "locale": "it", "title": "Mercato del lavoro: payroll, disoccupazione e salari", "summary": "Occupazione, partecipazione, disoccupazione, ore lavorate e salari come misure complementari, con indagini, denominatori e revisioni da dichiarare.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/mercato-del-lavoro-payroll-disoccupazione-e-salari/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Employment Situation, documentazione ufficiale — payroll, disoccupazione, salari e revisioni.", "urls": [ "https://www.bls.gov/news.release/empsit.htm" ] }, { "text": "Eurostat, Employment and unemployment, documentazione ufficiale — statistiche ufficiali europee sul lavoro.", "urls": [ "https://ec.europa.eu/eurostat/web/labour-market/overview" ] }, { "text": "ILO, ILOSTAT, documentazione ufficiale — standard e dati internazionali sul mercato del lavoro.", "urls": [ "https://ilostat.ilo.org/" ] } ], "revision": "19ab7be8c28b9a45", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/mercato-laterale", "locale": "it", "title": "Mercato laterale", "summary": "Regime di range in cui il prezzo oscilla senza direzione stabile — filtri più severi, meno falsi breakout, frequenza ridotta.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/mercato-laterale/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3fea74eebb8ec45f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/mercato-monetario-repo-e-tassi-overnight", "locale": "it", "title": "Mercato monetario, repo e tassi overnight", "summary": "Come circola la liquidità a breve termine tra prestiti garantiti, repo, collateral e benchmark overnight come SOFR.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/mercato-monetario-repo-e-tassi-overnight/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Secured Overnight Financing Rate", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] } ], "revision": "20d9a62d0d4c5a13", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "money-market", "repo", "funding", "collateral", "overnight-rates", "sofr" ], "asset_classes": [ "money-market", "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/mercato-spot", "locale": "it", "title": "Mercato spot: scambio, regolamento e possesso", "summary": "Spot descrive uno scambio a pronti secondo le convenzioni del mercato. Non garantisce da solo possesso fisico, assenza di leva, sede di borsa o identità della controparte.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/mercato-spot/", "published": "2026-06-23", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025 — segmenti spot, outright forward, FX swap, currency swap e opzioni OTC.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — rapporto OTC con il dealer, margine, finanziamento e costi retail.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa? — funzione della borsa e ruolo degli intermediari.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — definizioni UE di sede, mercato regolamentato, MTF e OTF.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "27e3f48b6dafe637", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/mercato-trend", "locale": "it", "title": "Mercato trend", "summary": "Regime direzionale persistente in cui seguire il flusso è spesso più robusto che anticipare inversioni — setup di continuazione e trailing stop.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/mercato-trend/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "60c17f2f94e3707c", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/metriche-e-benchmark-di-backtest", "locale": "it", "title": "Metriche e benchmark di backtest", "summary": "Come leggere rendimento, rischio, drawdown, costi, capacità e incertezza dichiarando serie, frequenza, annualizzazione e termine di confronto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/metriche-e-benchmark-di-backtest/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio — definizione, interpretazione e relazioni della misura.", "urls": [ "https://doi.org/10.3905/jpm.1994.409501" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — distribuzione e limiti dell'annualizzazione in presenza di dipendenza.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey e Marcos López de Prado, The Deflated Sharpe Ratio — aggiustamento per bias di selezione e rendimenti non normali nel modello proposto.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — principi di governance, qualità e metodologia dei benchmark nel relativo perimetro.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD409.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — uso congiunto di performance, benchmark, stress e incertezza nella validazione.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "b3b867e4c7aa3972", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "benchmarks", "sharpe-ratio", "drawdown", "uncertainty" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/modello-di-business-e-driver-dei-ricavi", "locale": "it", "title": "Modello di business e driver dei ricavi", "summary": "Il modello di business spiega chi paga, per quale valore e con quali costi; i driver traducono questa logica in volumi, prezzi, mix e ricavi verificabili.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/modello-di-business-e-driver-dei-ricavi/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Principi per riconoscere ricavi e informazioni sui contratti con clienti.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guida ai prospetti e alle note usati per verificare il racconto economico.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "53ba9ea7d63f707a", "translation_state": "source", "kind": "concept", "entity_type": "business-analysis-framework", "topics": [ "fundamental-analysis", "business-model", "revenue", "unit-economics" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/monte-carlo-e-bootstrap", "locale": "it", "title": "Monte Carlo e bootstrap per strategie di trading", "summary": "Simulazioni e ricampionamenti per studiare incertezza, ordine dei rendimenti e drawdown sotto assunzioni dichiarate, senza creare informazione assente dai dati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/monte-carlo-e-bootstrap/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bradley Efron, Bootstrap Methods: Another Look at the Jackknife — articolo fondativo sul bootstrap e sulla stima mediante ricampionamento.", "urls": [ "https://doi.org/10.1214/aos/1176344552" ] }, { "text": "Dimitris N. Politis e Joseph P. Romano, The Stationary Bootstrap — bootstrap a blocchi di lunghezza casuale per dati debolmente dipendenti e stazionari.", "urls": [ "https://doi.org/10.1080/01621459.1994.10476870" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — effetto della dipendenza temporale sulla distribuzione e annualizzazione dello Sharpe.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — ruolo di Monte Carlo, bootstrap e stress testing nella validazione dei modelli d'investimento.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "b438ecff7fa82926", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "monte-carlo", "bootstrap", "resampling", "uncertainty", "drawdown" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/motivo-ingresso", "locale": "it", "title": "Motivo d'ingresso", "summary": "Documenta prima dell'ordine quale condizione osservabile attiva la regola, quale piano la autorizza e che cosa la invalida, senza predire l'esito.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/motivo-ingresso/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — revisione editoriale effettuata da agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Keep a Trade Log — raccomanda di registrare il perché del trade e dettagli come target, punti di ingresso e uscita, orari, livelli e indicatori.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/keep-a-trade-log" ] }, { "text": "CME Group — A Trader's Guide to Futures — descrive la definizione, prima dell'ingresso, di obiettivo, rischio, uscita e modalità di monitoraggio.", "urls": [ "https://www.cmegroup.com/education/files/a-traders-guide-to-futures.pdf" ] }, { "text": "CFTC — Understand Risks and Markets before Reacting to Internet Hype — invita a sviluppare un piano adatto alla propria situazione invece di seguire il clamore e ricorda che non esistono programmi che garantiscano risultati.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_SocialMedia_Metals.html" ] }, { "text": "Gollwitzer e Sheeran (2006) — Implementation Intentions and Goal Achievement — meta-analisi peer-reviewed sui piani «se-allora» nella ricerca generale sull'autoregolazione; non valuta strategie di trading.", "urls": [ "https://www.sciencedirect.com/science/article/abs/pii/S0065260106380021" ] } ], "revision": "b95a63798c465375", "translation_state": "source", "kind": "concept", "entity_type": "record", "topics": [ "trade-journal", "decision-process", "pre-trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/motivo-uscita", "locale": "it", "title": "Motivo d'uscita", "summary": "Classifica perché una posizione è stata chiusa separando regola decisionale, aderenza al processo, esecuzione effettiva ed esito monetario.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/motivo-uscita/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — fonte ufficiale dell'exchange sulla definizione anticipata di criteri di entrata e uscita e sulla gestione delle posizioni aperte.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — distingue motivi di chiusura e modalità operative negli esempi futures; gli esempi non costituiscono una regola universale.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "Investor.gov, Executing an Order — fonte ufficiale SEC sul processo di esecuzione e sull'assenza di garanzia di miglioramento del prezzo.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "Baron e Hershey, Outcome Bias in Decision Evaluation — Journal of Personality and Social Psychology — studio peer-reviewed su come la conoscenza dell'esito influenzi la valutazione di decisioni prese sotto incertezza.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "b171344f230dbf37", "translation_state": "source", "kind": "concept", "entity_type": "journal-field", "topics": [ "trade-journal", "exit-process", "execution-review", "outcome-bias" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/nft", "locale": "it", "title": "NFT: token, contenuti, diritti e rischi", "summary": "Un NFT è un token identificabile singolarmente: il registro, i contenuti collegati e i diritti attribuiti sono livelli diversi da verificare prima del prezzo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/nft/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum Improvement Proposals — ERC-721 — Interfaccia per identificazione, proprietà, trasferimento ed estensione metadata dei token non fungibili.", "urls": [ "https://eips.ethereum.org/EIPS/eip-721" ] }, { "text": "Ethereum Improvement Proposals — ERC-1155 — Contratti multi-token, trasferimenti batch e gestione di unità fungibili e non fungibili.", "urls": [ "https://eips.ethereum.org/EIPS/eip-1155" ] }, { "text": "Ethereum Improvement Proposals — ERC-2981 — Segnalazione delle royalty e natura volontaria del pagamento da parte dei mercati.", "urls": [ "https://eips.ethereum.org/EIPS/eip-2981" ] }, { "text": "Unione europea — Regolamento (UE) 2023/1114, MiCA — Considerando 10–11: unicità, frazioni, serie, raccolte e principio della sostanza sulla forma.", "urls": [ "https://eur-lex.europa.eu/legal-content/IT/TXT/?uri=CELEX:32023R1114" ] }, { "text": "ESMA — Orientamenti sulla qualificazione delle cripto-attività — Criteri europei per distinguere forma tecnica, diritti e possibile natura di strumento finanziario.", "urls": [ "https://www.esma.europa.eu/document/guidelines-conditions-and-criteria-qualification-crypto-assets-financial-instruments" ] }, { "text": "WIPO — Non-fungible tokens (NFTs) and copyright — Separazione tra token, opera, licenza e trasferimento del copyright.", "urls": [ "https://www.wipo.int/en/web/wipo-magazine/articles/non-fungible-tokens-nfts-and-copyright-42365" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Conflitti, integrità del mercato, custodia, disclosure e rischi operativi nelle sedi crypto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "FBI — Fraudulent NFT airdrops — Uso di airdrop, link e richieste di collegamento del wallet per furto di credenziali o asset.", "urls": [ "https://www.fbi.gov/investigate/cyber/alerts/2025/cybercriminals-defraud-hedera-hashgraph-network-non-custodial-wallet-users-through-nonfungible-token-airdrops-disguised-as-free-rewards" ] } ], "revision": "49d62fa984f4c8d3", "translation_state": "source", "kind": "concept", "entity_type": "non-fungible-token-structure", "topics": [ "nft", "non-fungible-tokens", "metadata", "digital-rights", "erc-721", "erc-1155", "royalties", "digital-collectibles" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-and-evaluate-nfts", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/notional", "locale": "it", "title": "Valore nozionale (notional)", "summary": "Valore di riferimento di una posizione o di un contratto. Misura la scala dell'esposizione, ma non coincide con margine, capitale a rischio, P&L o perdita massima.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/notional/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value — unità contrattuale, prezzo del future, moltiplicatore e impiego del nozionale nei rapporti di copertura.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ — margine iniziale e di mantenimento, moltiplicatore e accrediti/addebiti del conto future.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Notional Principal — importo di riferimento su cui vengono calcolati i pagamenti periodici di swap e altri derivati.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Over-the-Counter Derivatives Concept Release — nei derivati OTC il nozionale non coincide con valore di mercato o importo a rischio.", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limiti del nozionale come unità comparabile di rischio fra asset e ruolo dell'aggiustamento per delta nelle opzioni.", "urls": [ "https://www.sec.gov/dera/staff-papers/white-papers/derivatives12-2015.pdf" ] }, { "text": "CME Group, Options Delta — The Greeks — sensibilità dell'opzione al sottostante e uso del delta negli hedge ratio.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Bybit Help Center, FAQ — P&L Calculation — esempio primario di formule diverse per contratti lineari e inversi.", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Profit-Loss-Calculation" ] }, { "text": "Bybit Help Center, Funding Fee Calculation — esempio primario di base, tasso, intervallo e valuta definiti dal singolo perpetual.", "urls": [ "https://www.bybit.com/en/help-center/article/Funding-fee-calculation" ] }, { "text": "CME Group, Fee Schedules, 29 June 2026, e Bybit Help Center, Futures Contracts: Fees Explained — esempi di commissioni per contratto/per lato e di commissioni calcolate sul valore d'ordine secondo il prodotto.", "urls": [ "https://www.cmegroup.com/company/files/cme-fee-schedule-2026-06-29.pdf", "https://www.bybit.com/en/help-center/article?id=000001584" ] } ], "revision": "63bf6c34c32cd640", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "derivatives", "leverage", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/numero-massimo-trade", "locale": "it", "title": "Numero massimo di trade", "summary": "Tetto al numero di operazioni per giornata o sessione — filtra qualità e taglia overtrading e costi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/numero-massimo-trade/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "160ef42fb5944d29", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/obbligazioni", "locale": "it", "title": "Obbligazioni", "summary": "Un'obbligazione è un titolo di debito: l'investitore presta capitale a un emittente secondo regole su interessi, rimborso e scadenza. Prezzo, cedola e rendimento sono grandezze diverse.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/obbligazioni/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Bonds — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Fixed Income Investments — When Interest Rates Go Up, Prices of Fixed-Rate Bonds Fall.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-86" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, What Are Corporate Bonds?.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/what-are" ] }, { "text": "Banca d'Italia, L'economia per tutti, Obbligazioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-obbligazioni/" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "6219252cfef666d5", "translation_state": "source", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fixed-income", "fundamental", "macro", "risk" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/obbligazioni-a-tasso-variabile-e-indicizzate-all-inflazione", "locale": "it", "title": "Obbligazioni a tasso variabile e indicizzate all'inflazione", "summary": "Floating-rate note e inflation-linked bond modificano cedole o capitale secondo indici diversi: formule, lag, spread, floor e rischi residui.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/obbligazioni-a-tasso-variabile-e-indicizzate-all-inflazione/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Floating Rate Notes", "urls": [ "https://treasurydirect.gov/marketable-securities/floating-rate-notes/" ] }, { "text": "TreasuryDirect — Treasury Inflation-Protected Securities", "urls": [ "https://www.treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] } ], "revision": "7ebc91008713305c", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "floating-rate", "inflation-linked", "tips", "basis-risk" ], "asset_classes": [ "fixed-income", "rates", "inflation" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/obbligazioni-callable-puttable-e-rischio-di-prepayment", "locale": "it", "title": "Obbligazioni callable, puttable e rischio di prepayment", "summary": "Call, put e rimborso anticipato cambiano tempi dei flussi, rendimento e sensibilità ai tassi: guida a incentivi, scenari e rischi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/obbligazioni-callable-puttable-e-rischio-di-prepayment/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Callable Bonds: Understanding the Basics", "urls": [ "https://www.finra.org/investors/insights/callable-bonds-understanding-basics" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "35c5b3a191623507", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "embedded-options", "callable-bonds", "prepayment", "convexity" ], "asset_classes": [ "fixed-income", "credit", "mortgages" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/opinione-contrarian", "locale": "it", "title": "Opinione contrarian", "summary": "Leggere il mercato quando consenso ed estremi emotivi (euforia, panico) offrono setup con edge — con metodo, non per capriccio.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/opinione-contrarian/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8476fcf2d177f5d2", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/opzioni", "locale": "it", "title": "Opzioni: call, put, strike e scadenza", "summary": "Un'opzione è un derivato che attribuisce al compratore un diritto e al venditore l'obbligo corrispondente. Call, put, strike, premio, scadenza e regolamento definiscono il contratto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/opzioni/", "published": "2026-07-31", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — caratteristiche contrattuali, esercizio, assegnazione, regolamento e rischi delle combinazioni nel mercato statunitense.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options, pubblicato il 18 marzo 2015 e aggiornato il 16 luglio 2026.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Opening an Options Trading Account, aggiornato il 16 luglio 2026 — rischi, approvazione e disclosure nel perimetro statunitense.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-77" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — opzioni su futures e obblighi contrattuali.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorie di opzioni e altri derivati nel perimetro UE.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "e68aaa3c1e604cf5", "translation_state": "source", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/orari-sessioni", "locale": "it", "title": "Orari e sessioni", "summary": "Liquidità e volatilità cambiano con le zone geografiche — Asia, Europa, America e l'overlap Londra–New York.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/orari-sessioni/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "defcf0c276af011d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/order-book", "locale": "it", "title": "Order book", "summary": "Registro degli ordini limite visualizzati su uno specifico mercato o feed. Mostra bid, ask e profondità disponibile, ma non tutta la liquidità né la direzione futura del prezzo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/order-book/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — feed order-based e level-book; ordini visualizzati, cancellazioni, modifiche ed esecuzioni.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "New York Stock Exchange, NYSE Pillar Depth — esempio ufficiale di feed con dieci livelli bid/offer, size e attribuzione del venue.", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "Rama Cont, Arseniy Kukanov e Sasha Stoikov, The Price Impact of Order Book Events, Journal of Financial Econometrics, 12(1), 2014, pp. 47–88; preprint — order-flow imbalance, profondità e variazioni di prezzo a breve termine.", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "U.S. Commodity Futures Trading Commission, Antidisruptive Practices Authority — interpretazione del divieto di spoofing e ruolo dell'intento.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "7766ef3cbecf82cf", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "volumetric" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/order-flow", "locale": "it", "title": "Order flow nel trading: dati, strumenti e limiti", "summary": "L'order flow studia la sequenza di ordini, modifiche, cancellazioni ed esecuzioni. Per leggerlo correttamente bisogna distinguere book, trade eseguiti e misure derivate.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/order-flow/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — descrive l’ordine aggressore come l’ordine entrante che si abbina immediatamente a ordini già presenti.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "CME Group, MDP 3.0 — Trade Summary — documenta i campi con cui un feed di exchange può pubblicare prezzo, quantità e lato aggressore delle esecuzioni.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457418925/MDP+3.0+-+Trade+Summary" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distingue il volume scambiato al bid o all’ask dalla quantità in attesa nel market depth e spiega i requisiti dei dati tick-by-tick.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "Lee e Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — presenta un metodo di inferenza della direzione dei trade e rende esplicito che la classificazione può essere stimata anziché osservata.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] } ], "revision": "02f9c74fb18e80e8", "translation_state": "source", "kind": "concept", "entity_type": "market-microstructure-concept", "topics": [ "order-flow", "executions", "order-book", "market-data", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/order-splitting", "locale": "it", "title": "Order splitting", "summary": "Divisione di un ordine grande in tranche temporali — riduce market impact e migliora il prezzo medio di fill.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/order-splitting/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f0abc2e1d28de9dd", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "execution", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/ordine-limit", "locale": "it", "title": "Ordine limit: prezzo, coda e fill parziali", "summary": "Un ordine limit può eseguire soltanto al limite indicato o a un prezzo migliore. Protegge il vincolo di prezzo se viene eseguito, ma non garantisce il fill, non implica sempre ruolo maker e può essere completato solo in parte.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ordine-limit/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — limite di prezzo e assenza di garanzia di esecuzione (consultato il 3 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Limit Orders — prezzo limite, condizioni e rischio di mancato fill (consultato il 3 agosto 2026).", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "U.S. SEC — Rule 606 Regulation NMS, FAQ — distinzione fra ordini che forniscono o rimuovono liquidità e casi che non rientrano in entrambe le categorie (consultato il 3 agosto 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "ESMA — MiFID II, articolo 28: Client order handling rules — gestione equa e tempestiva e pubblicazione di determinati ordini limit (consultato il 3 agosto 2026).", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "5ecb84daff0c5331", "translation_state": "source", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/ordine-market", "locale": "it", "title": "Ordine market: esecuzione e rischio di prezzo", "summary": "Un ordine market chiede di negoziare subito contro la liquidità disponibile, senza fissare un prezzo limite. Privilegia la probabilità di esecuzione, ma non garantisce né il prezzo né il completamento del fill.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ordine-market/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders — definizione retail e rischio sul prezzo di esecuzione (consultato il 3 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order — routing, latenza, quantità quotate e best execution (consultato il 3 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — ordini e residui ineseguiti, fill parziali e halt (aggiornato il 1º aprile 2026; consultato il 3 agosto 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC, Investor.gov — Trading Halts and Delays — sospensioni regolamentari e di mercato (consultato il 3 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/trading-halts-and-delays" ] } ], "revision": "b2af77a85d9f6f89", "translation_state": "source", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/ordine-stop", "locale": "it", "title": "Ordine stop: trigger, ordine figlio e rischio di esecuzione", "summary": "Un ordine stop si attiva quando una condizione di prezzo definita dal broker o dalla venue viene soddisfatta. Il trigger non è un prezzo di esecuzione: genera un ordine market o limit con rischi differenti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ordine-stop/", "published": "2026-06-24", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Stop, Stop-Limit, and Trailing Stop Orders — differenze fra ordine figlio, prezzo di trigger e standard dei broker (13 luglio 2017; consultato il 3 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "U.S. SEC, Investor.gov — Types of Orders — definizioni di stop, buy stop e sell stop (consultato il 3 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS — condizioni di eseguibilità, stop-limit e trigger presso broker a valle (aggiornato il 1º aprile 2026; consultato il 3 agosto 2026).", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "69817eee1ef763d0", "translation_state": "source", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/ordine-stop-limit", "locale": "it", "title": "Ordine stop-limit: trigger, limite e rischio di mancato fill", "summary": "Ordine condizionale che, raggiunto lo stop, attiva un ordine limit: controlla il prezzo ammissibile ma può restare ineseguito, anche dopo il trigger.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ordine-stop-limit/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Types of Orders — differenze fra market, limit e stop nel contesto azionario statunitense.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — condizioni di eseguibilità degli ordini con stop e limit nel perimetro della reportistica Rule 605.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group, CME Globex Reference Guide — implementazione degli stop-limit su CME Globex e permanenza del residuo.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — principi UE di gestione degli ordini dei clienti.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "223b5f3762122dde", "translation_state": "source", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/ottimizzazione-media-varianza-e-frontiera-efficiente", "locale": "it", "title": "Ottimizzazione media-varianza e frontiera efficiente", "summary": "Quadro di Markowitz che combina rendimenti attesi, varianze e covarianze per confrontare portafogli efficienti, con limiti di stima e implementazione espliciti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ottimizzazione-media-varianza-e-frontiera-efficiente/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulazione originaria del criterio media-varianza.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — funzione obiettivo, frontiera, critiche, passività, fattori e applicazioni pratiche.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi e Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — confronto fuori campione con la regola 1/N.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "Fischer Black e Robert Litterman, Global Portfolio Optimization, Financial Analysts Journal (1992) — quadro che combina equilibrio e view.", "urls": [ "https://doi.org/10.2469/faj.v48.n5.28" ] }, { "text": "Richard O. Michaud e Robert Michaud, Estimation Error and Portfolio Optimization: A Resampling Solution — errore di stima, resampling e stabilità delle soluzioni.", "urls": [ "https://doi.org/10.2139/ssrn.2658657" ] } ], "revision": "dd9aa9e2a2f42309", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "mean-variance-optimization", "efficient-frontier", "portfolio-theory", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/out-of-sample", "locale": "it", "title": "Out of sample", "summary": "Valutazione su osservazioni non usate nello sviluppo: separazione temporale, purezza del test, purging, embargo e walk-forward senza scorciatoie universali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/out-of-sample/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, International Journal of Forecasting, 2000 — rolling origin, ricalibrazione e periodi di test multipli.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir e José M. Benítez, On the use of cross-validation for time series predictor evaluation, Information Sciences, 2012 — disegni di cross-validation per predittori temporali.", "urls": [ "https://doi.org/10.1016/j.ins.2011.12.028" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman e Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction, 2018 — condizioni sotto cui la cross-validation può essere valida per serie autoregressive.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — selezione fra configurazioni e limiti del semplice holdout nei backtest d'investimento.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — indice ufficiale Wiley, Wiley, 2018 — riferimento monografico per purged K-fold ed embargo; non è citato qui come articolo peer-reviewed.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "d7148e67d4b6f00d", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "out-of-sample", "holdout", "temporal-validation", "walk-forward", "purged-cross-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/overconfidence", "locale": "it", "title": "Overconfidence", "summary": "Eccessiva sicurezza nelle proprie previsioni dopo streak positive — size gonfiata, stop allentati, regole saltate.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/overconfidence/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "60fabcbc50cd939e", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/overfitting", "locale": "it", "title": "Overfitting", "summary": "Adattamento al rumore storico e selezione fra molti tentativi: come riconoscere, misurare e contenere l'overfitting nei sistemi di trading.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/overfitting/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — valutazione del miglior modello dopo ricerca su molte alternative.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann e Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap, The Journal of Finance, 1999 — applicazione diretta alle regole tecniche di trading.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — selezione in-sample e perdita di rango fuori campione.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Campbell R. Harvey, Yan Liu e Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — test multipli nella ricerca sui rendimenti attesi.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "David H. Bailey e Marcos López de Prado, The Deflated Sharpe Ratio — correzione per selection bias e non normalità nell'interpretazione dello Sharpe.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "dee77dd2afed06bc", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "overfitting", "multiple-testing", "model-selection", "data-snooping", "backtest-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/overtrading", "locale": "it", "title": "Overtrading", "summary": "Troppi trade rispetto al piano — noia, FOMO o revenge; diluisce edge e aumenta costi (fee, slippage).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/overtrading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e13f66566de394de", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/panico", "locale": "it", "title": "Panico nel trading", "summary": "Urgenza intensa sotto stress che può restringere l'attenzione e favorire azioni non pianificate: prevenzione, contingenze ed esame dell'esecuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/panico/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Lo e Repin, The psychophysiology of real-time financial risk processing (Journal of Cognitive Neuroscience, PubMed) — misurazioni fisiologiche durante sessioni reali di trader professionisti.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11970795/" ] }, { "text": "Porcelli e Delgado, Acute stress modulates risk taking in financial decision making (Psychological Science, PubMed) — esperimento peer-reviewed sull'interazione tra stress acuto e scelte finanziarie; non stabilisce una risposta universale.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/19207694/" ] }, { "text": "FINRA, Active vs. Passive Investing — tratta FOMO, panico durante la volatilità e decisioni impulsive come reazioni che possono far abbandonare principi pianificati.", "urls": [ "https://www.finra.org/investors/insights/active-passive-investing" ] }, { "text": "FINRA, Volatility — descrive il rischio di reazioni impulsive durante forti variazioni e richiama obiettivi e piano finanziario.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "d236c649d319a6af", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/paper-trading", "locale": "it", "title": "Paper trading", "summary": "Ambiente a capitale simulato per verificare pipeline, ordini e processo su dati correnti, distinguendolo da forward test, shadow mode e micro-live.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/paper-trading/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limiti di hindsight, liquidità, slippage e assenza di rischio reale; applicabile nel proprio ambito NFA.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — struttura dei mercati, automazione ed effetti dell'interazione reale fra ordini e venue.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validazione proattiva e limiti dei modelli d'investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Commissione europea, Regolamento delegato (UE) 2017/589, RTS 6 — test, ambienti separati dalla produzione, controlli e deployment nel perimetro UE dell'algorithmic trading cui si applica.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "bf895aade59dcf41", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "paper-trading", "shadow-mode", "execution-testing", "operational-validation", "simulated-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/parita-put-call-e-posizioni-sintetiche", "locale": "it", "title": "Parità put-call e posizioni sintetiche", "summary": "La parità put-call collega prezzi di call, put, sottostante o forward, strike, tassi e dividendi quando i contratti europei condividono sottostante, strike e scadenza. Le posizioni sintetiche derivano dalla stessa identità, entro costi e vincoli reali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/parita-put-call-e-posizioni-sintetiche/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Put/Call Parity — relazione spot, ipotesi, conversion, reversal e sintetiche.", "urls": [ "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "CME Group, Put-Call Parity — parità per opzioni sullo stesso future, strike e scadenza.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-options/put-call-parity" ] }, { "text": "CME Group, CME Options Workshop — forma forward e valore attuale della differenza F − K.", "urls": [ "https://www.cmegroup.com/articles/files/2023/pro-workshop-series-post-webinar-recording-week4-slides.pdf" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — fonte primaria sul principio di replica e non arbitraggio.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — esercizio, assegnazione, settlement e rischi contrattuali.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Option Price Behavior — prezzi relativi, valore intrinseco e parità.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/option-price-behavior" ] }, { "text": "Cboe Options Institute, Options Definitions & Glossary — stile americano/europeo, settlement e nozioni contrattuali.", "urls": [ "https://www.cboe.com/optionsinstitute/defining-options/" ] } ], "revision": "bf690ee6d146f443", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "no-arbitrage", "synthetic-positions" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/paura", "locale": "it", "title": "Paura nel trading", "summary": "Risposta emotiva all'incertezza che può segnalare un rischio reale oppure interferire con l'esecuzione: come distinguere stato interno, evidenza e piano.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/paura/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Lo e Repin, The psychophysiology of real-time financial risk processing (Journal of Cognitive Neuroscience, PubMed) — studio peer-reviewed delle risposte fisiologiche di trader professionisti durante sessioni reali.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11970795/" ] }, { "text": "CFTC, Forex Frauds — distingue capitale di rischio, rischio per operazione e piano, e indica che attenersi a un piano può contribuire a ridurre decisioni emotivamente cariche.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA, Investor Tips for Turbulent Markets — tratta paura e ansia durante la volatilità e raccomanda obiettivi e pianificazione invece di decisioni impulsive.", "urls": [ "https://www.finra.org/investors/insights/tips-turbulent-market" ] } ], "revision": "9abbd6334a96328a", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/payoff-ratio", "locale": "it", "title": "Payoff ratio", "summary": "Rapporto profitto medio / perdita media — asimmetria reale dei risultati, non solo R/R teorico pre-trade.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/payoff-ratio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "25dd837fe479b7e0", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/pazienza", "locale": "it", "title": "Pazienza", "summary": "Aspettare il proprio setup — restare flat senza motivo valido; opposto di FOMO e overtrading.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/pazienza/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "51cf3857ad9f0a2f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/perdita-massima", "locale": "it", "title": "Perdita massima", "summary": "Definire ex ante un limite di perdita cumulativa, come misurarlo e quale risposta applicare, senza confonderlo con uno stop garantito.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/perdita-massima/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds: capitale di rischio, pianificazione del rischio e decisioni definite prima dell'operatività.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "CME Group — Risk Management and Your Trade Plan: documenta la definizione preventiva di leva prevista, perdita massima per trade e perdita massima giornaliera nel piano.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "CME Group — Position and Risk Management: piano di capitale, dimensionamento, valore del tick, stop e margine.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "FINRA — Stop Orders: Factors to Consider During Volatile Markets: il prezzo di esecuzione di uno stop può differire dal prezzo di attivazione.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "049c250539e0f28f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/perdita-media", "locale": "it", "title": "Perdita media", "summary": "Average loss — valore medio dei trade perdenti; metrica difensiva del controllo rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/perdita-media/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "4f37044d236b6451", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/performance-attribution", "locale": "it", "title": "Performance attribution", "summary": "Decomposizione riconciliata del rendimento assoluto o attivo nelle decisioni rappresentate dal modello, distinta da misurazione, appraisal e prova causale di abilità.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/performance-attribution/", "published": "2026-06-24", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gary P. Brinson, L. Randolph Hood e Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — framework originario di policy, allocazione attiva e selezione.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "Gary P. Brinson, Brian D. Singer e Gilbert L. Beebower, Determinants of Portfolio Performance II: An Update, Financial Analysts Journal (1991) — aggiornamento e trattamento della cassa.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1991/determinants-of-portfolio-performance-ii-an-update" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution (2019) — storia, formule BHB/BF, modelli e linking.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — measurement, attribution, appraisal, modelli returns/holdings/transactions e benchmark.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Roger G. Ibbotson e Paul D. Kaplan, Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?, Financial Analysts Journal (2000) — distinzione tra domande statistiche dietro alle percentuali citate.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2000/does-asset-allocation-policy-explain-40-90-or-100-percent-of-performance" ] } ], "revision": "88b468be0e66f362", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "performance-attribution", "return-attribution", "brinson-model", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/perpetual-future", "locale": "it", "title": "Perpetual future: funding, mark price e liquidazione", "summary": "Il perpetual future è un derivato senza scadenza programmata: indice, mark price, funding, margine e motore di liquidazione ne determinano comportamento e rischi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/perpetual-future/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Guidelines on the qualification of crypto-assets as financial instruments — paragrafi 47–55: derivati crypto e valutazione della sostanza.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2025-03/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs.pdf" ] }, { "text": "ESMA — Statement on derivatives within CFD product-intervention measures — denominazione, funding, scadenza e insurance fund non decidono da soli il perimetro.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-02/ESMA35-243228190-8024_-_Public_statement_on_derivatives_in_scope_of_the_CFD_product_intervention_measures.pdf" ] }, { "text": "BIS–FSI — Cryptoasset service providers as financial intermediaries — perpetual, leva, margine, liquidazione, insurance fund e auto-deleveraging.", "urls": [ "https://www.bis.org/fsi/fsipapers27.pdf" ] }, { "text": "CFTC — BTCPERP product terms — esempio di un singolo contratto con indice, premio, funding e margine; non modello universale.", "urls": [ "https://www.cftc.gov/filings/ptc/ptc0602265036.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — disclosure, integrità, conflitti, custodia e rischi delle piattaforme crypto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "fad035f19da04d14", "translation_state": "source", "kind": "concept", "entity_type": "perpetual-derivative-contract", "topics": [ "derivatives", "perpetual-futures", "crypto-markets", "funding", "margin", "liquidation" ], "asset_classes": [ "crypto", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-perpetual-futures", "path_tier": "gold", "path_module": "execution", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/piano-di-trading", "locale": "it", "title": "Piano di trading", "summary": "Documento scritto che definisce mercati, orari, rischio, setup autorizzati e regole comportamentali — niente improvvisazione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/piano-di-trading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "46f709be00307688", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/pil-e-contabilita-nazionale", "locale": "it", "title": "PIL e contabilità nazionale", "summary": "Che cosa misura il prodotto interno lordo, come si riconciliano produzione, reddito e spesa e perché dati reali, nominali e pro capite rispondono a domande diverse.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/pil-e-contabilita-nazionale/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BEA, National Economic Accounts, documentazione ufficiale — conti nazionali e metodologia del PIL statunitense.", "urls": [ "https://www.bea.gov/products/national-economic-accounts" ] }, { "text": "Eurostat, National accounts, documentazione ufficiale — contabilità nazionale europea.", "urls": [ "https://ec.europa.eu/eurostat/web/national-accounts" ] }, { "text": "IMF, System of National Accounts 2008, documentazione ufficiale — standard internazionale dei conti nazionali.", "urls": [ "https://www.imf.org/external/pubs/ft/sna/2008/sna2008.pdf" ] } ], "revision": "19135ba1b70cab3a", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/playbook", "locale": "it", "title": "Playbook", "summary": "Catalogo scritto dei setup validati — contesto, trigger, invalidazione, gestione per ogni scenario autorizzato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/playbook/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "afeda119b6ab054f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/poc", "locale": "it", "title": "POC (Point of Control)", "summary": "Livello dominante di un profilo: prezzo con più volume nel Volume Profile o con più TPO nel Market Profile. Le due versioni possono non coincidere.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/poc/", "published": "2026-06-25", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, p. 44 — prezzo con più time bracket e tie-break verso il punto medio del range.", "urls": [] }, { "text": "Chicago Board of Trade, stessa opera, p. 33 — distinzione esplicita fra area del volume e area TPO.", "urls": [] } ], "revision": "3ede6ef66930e53a", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/point-and-figure", "locale": "it", "title": "Point & Figure (P&F)", "summary": "Costruzione e lettura del grafico Point & Figure: box, colonne X/O, soglia d'inversione, impostazioni, usi operativi e limiti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/point-and-figure/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — revisione editoriale effettuata da agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView Help Center — What are Point & Figure charts? — documentazione ufficiale su X/O, box, inversione, fonti del prezzo e metodi di dimensionamento.", "urls": [ "https://www.tradingview.com/support/solutions/43000502276-what-are-point-and-figure-charts/" ] }, { "text": "StockCharts ChartSchool — Introduction to Point & Figure Charts — costruzione, scala temporale non uniforme e sensibilità dei parametri.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/chart-analysis/point-and-figure-charts/point-and-figure-basics/introduction-to-point-and-figure-charts" ] }, { "text": "StockCharts ChartSchool — P&F Price Objectives: Horizontal Counts — metodo di conteggio e avvertenza esplicita che gli obiettivi sono stime senza garanzia.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/chart-analysis/point-and-figure-charts/p-and-f-price-objectives/p-and-f-price-objectives-horizontal-counts" ] }, { "text": "CMT Association — Technically Speaking, November 2025 — fonte professionale su box size, reversal count e marcatori temporali.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-november-2025/" ] }, { "text": "TradingView Help Center — One Step Back Building — documentazione ufficiale della variante a un box.", "urls": [ "https://www.tradingview.com/support/solutions/43000564837-what-does-the-one-step-back-building-option-mean/" ] } ], "revision": "8130dce0500fef42", "translation_state": "source", "kind": "concept", "entity_type": "chart-type", "topics": [ "technical-analysis", "price-chart", "noise-filtering" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "price_action", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/politica-fiscale-deficit-e-debito-pubblico", "locale": "it", "title": "Politica fiscale, deficit e debito pubblico", "summary": "Entrate, spese, saldo primario, interessi, deficit e stock di debito letti con perimetro, valuta, scadenze e sostenibilità intertemporale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/politica-fiscale-deficit-e-debito-pubblico/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, Fiscal Monitor, documentazione ufficiale — analisi istituzionale di deficit, debito e rischi fiscali.", "urls": [ "https://www.imf.org/en/Publications/FM" ] }, { "text": "Eurostat, Government finance statistics, documentazione ufficiale — deficit e debito secondo regole europee.", "urls": [ "https://ec.europa.eu/eurostat/web/government-finance-statistics" ] }, { "text": "CBO, Budget and Economic Data, documentazione ufficiale — dati e proiezioni del bilancio federale.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] } ], "revision": "e41cbd4fb3bbbda1", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/position-sizing", "locale": "it", "title": "Position sizing", "summary": "Metodo per convertire budget di rischio e distanza dallo stop in una quantità negoziabile, includendo valore del punto, costi, arrotondamenti e vincoli di portafoglio.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/position-sizing/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — processo stop → budget → contratti e calcolo mediante distanza in tick e valore del tick.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Trading Basics, pp. 2–3 — differenze fra stop e stop-limit e rischio che prezzo di attivazione ed esecuzione divergano.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — payoff non lineari e rischi specifici per acquirenti e venditori di opzioni.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "a4828b4e739dd51f", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/post-only", "locale": "it", "title": "Post-only: istruzione maker e regole della venue", "summary": "Post-only chiede che un ordine limite non rimuova immediatamente liquidità, ma l'esito non è universale: la venue può rifiutare, cancellare, riprezzare o, in casi previsti dal rulebook, eseguire l'ordine. Non garantisce fill, fee maker o rebate.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/post-only/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nasdaq Trader — Post-Only Order Fact Sheet, 2026", "urls": [ "https://nasdaqtrader.com/content/ProductsServices/Trading/postonly_factsheet.pdf" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase Derivatives Exchange — Supported Order Qualifiers", "urls": [ "https://help.coinbase.com/en/derivatives/features/supported-order-qualifiers" ] }, { "text": "OKX — Basic Order Types", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "aa55e78ac565902b", "translation_state": "source", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/premio-e-valutazione-delle-opzioni", "locale": "it", "title": "Premio e valutazione delle opzioni", "summary": "Il premio di un'opzione è un prezzo negoziato per unità di sottostante, mentre il valore teorico è l'output di un modello. Bid, mid, ask, moltiplicatore, volatilità e tempo devono essere letti separatamente.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/premio-e-valutazione-delle-opzioni/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — caratteristiche contrattuali, premio, esercizio, regolamento e rischi delle opzioni quotate standardizzate.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Options Pricing — valore intrinseco, valore temporale e principali fattori del premio.", "urls": [ "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "Options Industry Council, Understanding Options Greeks — input di pricing e natura teorica delle sensitività.", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — struttura di call e put, premio e rischi per compratore e venditore.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "Cboe Options Institute, Options Calculator — confronto fra input, prezzo teorico e greche.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — formulazione primaria del modello di valutazione e del principio di replica.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — quotazioni, dati ritardati, volatilità, greche e scenari teorici.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] } ], "revision": "784af7833da7915f", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-pricing", "volatility", "market-data" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/prezzo", "locale": "it", "title": "Prezzo", "summary": "Last Traded Price (LTP): l'ultimo livello al quale un ordine di acquisto e uno di vendita si sono eseguiti — dato operativo, non giudizio di valore.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/prezzo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "925ac97f8bbbe02a", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "market", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/prezzo-mid", "locale": "it", "title": "Prezzo mid", "summary": "Media tra bid e ask — prezzo indicativo sullo schermo, non il prezzo di esecuzione di un ordine a mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/prezzo-mid/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a6f71c26a108268d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/prezzo-obbligazionario-clean-dirty-e-rateo", "locale": "it", "title": "Prezzo obbligazionario: clean, dirty e rateo", "summary": "Come passare dal prezzo quotato al regolamento effettivo di un'obbligazione distinguendo clean price, dirty price e interessi maturati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/prezzo-obbligazionario-clean-dirty-e-rateo/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] }, { "text": "TreasuryDirect — When auctions happen", "urls": [ "https://www.treasurydirect.gov/auctions/when-auctions-happen/" ] } ], "revision": "2fbb832013636a9b", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-pricing", "accrued-interest", "settlement" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/priorita-ordini-e-fill-parziali", "locale": "it", "title": "Priorità degli ordini e fill parziali", "summary": "Come una sede ordina e alloca gli ordini, perché prezzo-tempo non è universale e come leggere quantità eseguita, residuo e prezzo medio di fill.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/priorita-ordini-e-fill-parziali/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Matching Algorithm Overview — famiglie FIFO, pro-rata e algoritmi ibridi impiegati su CME Globex.", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group, CME Globex Reference Guide — ordini, controlli di mercato e matching nel perimetro della piattaforma.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS — esecuzioni e cancellazioni parziali, ponderazione per quantità e timestamp.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28 — Client order handling rules — sequenza temporale degli ordini comparabili nella gestione dell'impresa.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "b7468fa0baed3d27", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/probabilita", "locale": "it", "title": "Probabilità", "summary": "Mindset statistico — il singolo trade è incerto; l'edge emerge sul campione (expectancy, non win rate ossessivo).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/probabilita/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9b6aa9fa1b2a7d07", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/processo-decisionale", "locale": "it", "title": "Processo decisionale", "summary": "Catena ripetibile contesto → setup → checklist → rischio → esecuzione → journal — focus sul processo, non sull'esito.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/processo-decisionale/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8baf1c4f3260d73d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/profit-factor", "locale": "it", "title": "Profit factor", "summary": "Profitti lordi ÷ perdite lorde — efficienza aggregata del sistema, da leggere con drawdown.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/profit-factor/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f18bc35bf7d5226f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/profitto-medio", "locale": "it", "title": "Profitto medio", "summary": "Average win — valore medio dei trade vincenti in R o valuta; misura la potenza d'attacco del sistema.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/profitto-medio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "685bcb9f5f761ac6", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/prospect-theory", "locale": "it", "title": "Prospect theory", "summary": "Modello decisionale sotto rischio: valutazione non lineare di gain e loss, con loss aversion e riferimento al punto di partenza.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/prospect-theory/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "de8b33d94ffd14b9", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/protezione-degli-asset-dei-clienti", "locale": "it", "title": "Protezione degli asset dei clienti", "summary": "La protezione degli asset dei clienti riguarda titolarità, registri, segregazione, custodia, sub-custodia e accesso in caso di crisi; non è una garanzia contro ogni perdita.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/protezione-degli-asset-dei-clienti/", "published": "2026-08-18", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IOSCO — Recommendations Regarding the Protection of Client Assets — principi su custodia, registri, riconciliazioni, rischi e informazione.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "ESMA — MiFID II, articolo 16: requisiti organizzativi — salvaguardia degli strumenti finanziari e dei fondi dei clienti nel relativo perimetro.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "EUR-Lex — Direttiva delegata (UE) 2017/593 — misure di salvaguardia, registri, conti e uso degli strumenti dei clienti.", "urls": [ "https://eur-lex.europa.eu/eli/dir_del/2017/593/oj/eng/pdf" ] }, { "text": "ESMA — MiCA, articolo 70 — salvaguardia dei crypto-asset e dei fondi dei clienti.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-70-safekeeping-clients-crypto-assets" ] }, { "text": "ESMA — MiCA, articolo 75 — custodia e amministrazione di crypto-asset per conto dei clienti.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-75-providing-custody-and" ] }, { "text": "PCAOB — Exercise Caution with Third-Party Verification/Proof of Reserve Reports — limiti informativi delle attestazioni proof of reserves.", "urls": [ "https://pcaobus.org/resources/information-for-investors/investor-advisories/investor-advisory-exercise-caution-with-third-party-verification-proof-of-reserve-reports" ] }, { "text": "Investor.gov — SIPC Protection: Part 1 — esempio statunitense dei limiti di un sistema di protezione: non copre perdite di mercato.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/investor-bulletin-sipc-protection-part-1-sipc-basics" ] } ], "revision": "1994c72ed76cf4c2", "translation_state": "source", "kind": "concept", "entity_type": "client-asset-protection-framework", "topics": [ "client-assets", "custody", "segregation", "insolvency", "investor-protection", "intermediaries" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-client-asset-protection", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/pullback", "locale": "it", "title": "Pullback", "summary": "Ritorno del prezzo verso un livello appena rotto: retest che conferma la polarità supporto/resistenza dopo un breakout.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/pullback/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "61cdd8a5157efec3", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/qe-qt-e-bilancio-della-banca-centrale", "locale": "it", "title": "QE, QT e bilancio della banca centrale", "summary": "Acquisti, reinvestimenti, scadenze, riserve e composizione del bilancio: differenze tra flussi e stock e limiti delle scorciatoie sulla liquidità.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/qe-qt-e-bilancio-della-banca-centrale/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Credit and Liquidity Programs and the Balance Sheet, documentazione ufficiale — composizione e operazioni del bilancio Fed.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/bst.htm" ] }, { "text": "ECB, Asset purchase programmes, documentazione ufficiale — programmi di acquisto dell’Eurosistema.", "urls": [ "https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html" ] }, { "text": "Bank of England, Quantitative easing, documentazione ufficiale — spiegazione istituzionale del QE.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy/quantitative-easing" ] } ], "revision": "c1589d9cc6bed24c", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/qualita-degli-utili-e-componenti-non-ricorrenti", "locale": "it", "title": "Qualità degli utili e componenti non ricorrenti", "summary": "La qualità degli utili valuta quanto il risultato sia sostenuto dall'attività ordinaria, convertito in cassa e privo di rettifiche che ne alterano la lettura.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/qualita-degli-utili-e-componenti-non-ricorrenti/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "PCAOB — AS 2810: Evaluating Audit Results — Standard primario sulla valutazione dei risultati della revisione e delle possibili inesattezze.", "urls": [ "https://pcaobus.org/oversight/standards/auditing-standards/details/AS2810" ] }, { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Indicazioni ufficiali su misure rettificate e riconciliazioni.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Base per leggere il collegamento fra risultato e flussi di cassa.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "309651bd2d63c78c", "translation_state": "source", "kind": "concept", "entity_type": "financial-analysis-framework", "topics": [ "fundamental-analysis", "earnings-quality", "accruals", "non-gaap-measures" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/r-multiple", "locale": "it", "title": "R-multiple (multiplo di R)", "summary": "Normalizza il risultato netto di un trade per il rischio iniziale 1R; utile nel diario, ma non prova da solo abilità, edge o redditività.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/r-multiple/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts: Expectancy — fonte primaria della terminologia: R rappresenta il rischio iniziale per unità e profitti e perdite vengono rapportati al rischio iniziale.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/expectancy.asp" ] }, { "text": "CME Group, Proper Position Size — collega stop, valore monetario per unità e dimensione della posizione per determinare il rischio del trade.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — documenta la possibile deviazione fra prezzo stop e prezzo eseguito e il rischio di mancata esecuzione dello stop-limit.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — descrive costi e commissioni che riducono il risultato netto.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] } ], "revision": "1635a577c8f4c18a", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "risk-management", "trade-journal", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/range", "locale": "it", "title": "Range", "summary": "Struttura laterale definita da limiti operativi e timeframe dichiarati; breakout e interpretazioni di accumulo restano ipotesi da verificare.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/range/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, verifica documentale su materiali CME Group", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group Education, Trend and Continuation Patterns, consolidamenti, rettangoli e natura non assoluta dei pattern.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/trend-and-continuation-patterns" ] }, { "text": "CME Group Education, Support and Resistance, livelli precedenti, zone e limiti dell'interpretazione.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "7ce162ddc4a10162", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rapporto-rischio-rendimento", "locale": "it", "title": "Rapporto rischio/rendimento", "summary": "Confronta perdita pianificata e guadagno potenziale: formula, probabilità, costi e verifica dell'esito senza soglie universali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rapporto-rischio-rendimento/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Futures Glossary — definisce il risk/reward ratio come relazione fra probabilità di perdita e profitto e segnala l'uso nella selezione o comparazione dei trade.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Position and Risk Management — collega il capitale a rischio per trade a più fattori e alla coerenza con dimensione e profilo del conto.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Proper Position Size — mostra la relazione fra stop pianificato, valore monetario e dimensione della posizione.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — chiarisce che il prezzo stop non garantisce il prezzo di esecuzione e che uno stop-limit può non essere eseguito.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — descrive commissioni e altri costi di transazione che riducono il risultato netto.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] } ], "revision": "1552dc0e3cdd04bb", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "risk-management", "trade-planning", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk_first", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rating-default-recovery-e-loss-given-default", "locale": "it", "title": "Rating, default, recovery e loss given default", "summary": "Come collegare giudizio di rating, probabilità di default, valore recuperato e perdita senza trasformare stime condizionate in certezze.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rating-default-recovery-e-loss-given-default/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "8ba29edc4dfcdf8b", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "default", "recovery", "expected-loss" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/recency-bias", "locale": "it", "title": "Recency bias", "summary": "Dare troppo peso agli eventi recenti rispetto alla storia e alle statistiche — streak di win/loss distorcono size e disciplina.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/recency-bias/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2a10925052e82a17", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/recovery-factor", "locale": "it", "title": "Recovery factor", "summary": "Profitto netto / max drawdown — quanto il sistema «ripaga» il peggior buco storico.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/recovery-factor/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a69f1d5330f1c4b6", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/red-flags", "locale": "it", "title": "Red flags: segnali d'allarme nel trading", "summary": "Le red flags sono segnali che richiedono uno stop o una verifica: aiutano a riconoscere incongruenze senza trattare ogni anomalia come prova automatica di frode.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/red-flags/", "published": "2026-06-25", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Red Flags of Investment Fraud Checklist — segnali ricorrenti: soggetti non autorizzati, urgenza, garanzie, testimonianze e pagamenti sospetti.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/red-flags-investment-fraud-checklist" ] }, { "text": "FCA — How to check a firm or individual is authorised — confronto fra recapiti ufficiali e contatti di un possibile clone.", "urls": [ "https://www.fca.org.uk/consumers/how-check-firm-individual-authorised" ] }, { "text": "FCA — Warning List — l'assenza dalla lista non dimostra che un soggetto sia autorizzato o legittimo.", "urls": [ "https://www.fca.org.uk/consumers/warning-list-unauthorised-firms" ] }, { "text": "IOSCO — I-SCAN — segnalazioni internazionali, incluse entità non autorizzate e cloni; repertorio non esaustivo.", "urls": [ "https://www.iosco.org/i-scan/" ] }, { "text": "CONSOB — Comunicazione sull'abusivismo del 20 maggio 2026 — siti clone, personaggi pubblici e contenuti generati con AI usati per promuovere offerte abusive.", "urls": [ "https://www.consob.it/web/area-pubblica/-/comunicazione-consob-del-2026-05-20-abusivismo" ] } ], "revision": "9d4b214bd26a2307", "translation_state": "source", "kind": "concept", "entity_type": "fraud-warning-signal-framework", "topics": [ "fraud-prevention", "red-flags", "due-diligence", "investor-protection", "social-engineering" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "recognise-warning-signs", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/reduce-only", "locale": "it", "title": "Reduce-only: ridurre una posizione senza aumentarla", "summary": "Reduce-only è un'istruzione usata soprattutto su derivati e conti a margine per impedire che un ordine aumenti o inverta la posizione. Non è uno stop e non garantisce la chiusura: rifiuto, cancellazione e ridimensionamento dipendono dalla venue.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/reduce-only/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] }, { "text": "Coinbase International Exchange — Create Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/international-exchange-api/rest-api/orders/create-order" ] }, { "text": "OKX API — Place Order e parametro reduceOnly", "urls": [ "https://www.okx.com/docs-v5/" ] }, { "text": "OKX — Basic Order Types e gestione reduce-only", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "a8676acaf3500363", "translation_state": "source", "kind": "concept", "entity_type": "order", "topics": [ "execution", "risk", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/regime-di-mercato", "locale": "it", "title": "Regime di mercato", "summary": "Contesto dominante (trend, range, vol, transizione) — condiziona probabilità e performance delle strategie.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/regime-di-mercato/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ac8519337f71dde6", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/regime-shift", "locale": "it", "title": "Regime shift", "summary": "Passaggio strutturale da un comportamento di mercato a un altro — impatto diretto sulla validità del metodo e sulle statistiche recenti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/regime-shift/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5b451c8d1955669f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rendimenti-obbligazionari-ytm-current-yield-e-yield-to-call", "locale": "it", "title": "Rendimenti obbligazionari: YTM, current yield e yield to call", "summary": "Current yield, rendimento a scadenza e rendimento alla call rispondono a domande diverse: ecco formule, ipotesi e controlli.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rendimenti-obbligazionari-ytm-current-yield-e-yield-to-call/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "6e6ee405361afafb", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-yield", "yield-to-maturity", "callable-bonds" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rendimento-del-portafoglio", "locale": "it", "title": "Rendimento del portafoglio", "summary": "Variazione percentuale del valore economico di un portafoglio in un intervallo definito, misurata con convenzioni esplicite su proventi, flussi esterni, costi, valuta e composizione nel tempo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rendimento-del-portafoglio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — fonte ufficiale su rendimenti holding-period, composizione, log-return, TWR e MWR.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, istruzioni sul total return — fonte regolamentare primaria su valore finale, reinvestimento delle distribuzioni, costi e tasso composto annuale per i fondi nel perimetro del modulo.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — metodologia ufficiale che distingue price index, total return e net total return e documenta il reinvestimento dei dividendi.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, How Fees and Expenses Affect Your Investment Portfolio — bollettino ufficiale sull'effetto composto di costi e spese.", "urls": [ "https://www.sec.gov/file/ib_fees_expensespdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — fonte ufficiale su input, flussi esterni, valutazioni e coerenza delle metodologie di performance.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "e9386accf7fa30c1", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-return", "total-return", "compounding", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rendimento-ponderato-per-il-denaro-mwr", "locale": "it", "title": "Rendimento ponderato per il denaro (MWR)", "summary": "Il money-weighted return misura il rendimento sperimentato dal capitale tenendo conto di importo e data dei flussi esterni. È spesso calcolato come tasso interno di rendimento, che può avere più soluzioni o nessuna.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rendimento-ponderato-per-il-denaro-mwr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — standard ufficiale per il calcolo e la presentazione della performance, inclusi i casi in cui sono richiesti rendimenti money-weighted.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — interpretazioni ufficiali su flussi esterni, valorizzazioni, TWR e MWR.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — quadro professionale per misurazione, valutazione e attribuzione della performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Overview of the Global Investment Performance Standards — sintesi ufficiale corrente del perimetro e delle finalità dei GIPS.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Microsoft Support, XIRR function — documentazione ufficiale dell’algoritmo XIRR, delle date irregolari, del valore iniziale e dei possibili errori di convergenza.", "urls": [ "https://support.microsoft.com/en-us/office/xirr-function-de1242ec-6477-445b-b11b-a303ad9adc9d" ] } ], "revision": "d6d7e1897338b3a0", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "money-weighted-return", "internal-rate-of-return", "cash-flows", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rendimento-ponderato-per-il-tempo-twr", "locale": "it", "title": "Rendimento ponderato per il tempo (TWR)", "summary": "Metodo che neutralizza dimensione e timing dei flussi esterni dividendo la misurazione in sottoperiodi e collegandone geometricamente i rendimenti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rendimento-ponderato-per-il-tempo-twr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, GIPS Standards Handbook for Firms — fonte ufficiale su true TWR, valorizzazioni ai flussi, linking geometrico, Modified Dietz, compositi e differenza tra TWR e MWR.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — fonte ufficiale sulle misure di rendimento e sul confronto tra time-weighted e money-weighted return.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "Robert L. Hagin, Measuring Investment Performance: The Unit Approach, Financial Analysts Journal (1966) — fonte primaria su un metodo unitizzato per rendere confrontabili fondi con flussi differenti.", "urls": [ "https://doi.org/10.2469/faj.v22.n4.93" ] }, { "text": "Peter O. Dietz, Pension Fund Investment Performance—What Method to Use When, Financial Analysts Journal 22(1), 1966 — fonte primaria storica sui metodi di misurazione con contributi e prelievi.", "urls": [ "https://www.jstor.org/stable/4469928" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — fonte ufficiale sul ruolo, l'interpretazione e i limiti della valutazione di performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, istruzioni sul total return — fonte regolamentare primaria su composizione, reinvestimento e costi nel perimetro dei fondi coperti dal modulo.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] } ], "revision": "4669c4f13f80e5e0", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "time-weighted-return", "portfolio-return", "external-cash-flows", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/reporting-operativo", "locale": "it", "title": "Reporting operativo", "summary": "Report periodici su risultati, rischio e disciplina — dati oggettivi per decisioni di adattamento del metodo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/reporting-operativo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "85901accd7ceace9", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "professional", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/resistenza", "locale": "it", "title": "Resistenza", "summary": "Zona di prezzo superiore dove la pressione compratrice tende a attenuarsi: offerta sufficiente a fermare o rallentare il rialzo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/resistenza/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "772acc73d3e2e063", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/revenge-trading", "locale": "it", "title": "Revenge Trading", "summary": "Operare per rabbia dopo una perdita per «recuperare subito» — size aumentata, piano abbandonato, spirale verso tilt.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/revenge-trading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "109cf66c434ab238", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/review-settimanale", "locale": "it", "title": "Review settimanale", "summary": "Debrief settimanale — numeri, processo, errori e 1–2 azioni concrete per la settimana dopo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/review-settimanale/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3946cd2ea9f3627f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/ribilanciamento-del-portafoglio", "locale": "it", "title": "Ribilanciamento del portafoglio", "summary": "Processo che confronta pesi o rischi effettivi con target e range, poi decide se e come negoziare considerando costi, imposte, liquidità e governance.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/ribilanciamento-del-portafoglio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — ruolo del ribilanciamento, vincoli fiscali, liquidità e revisione della policy.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — asset allocation, range e ribilanciamento nel processo complessivo.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — spiegazione ufficiale della deriva e del ritorno all'allocazione.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Campbell R. Harvey, Michele G. Mazzoleni e Alessandro Melone, The Unintended Consequences of Rebalancing, NBER Working Paper 33554, revisione 2026 — impatto e prevedibilità dei flussi di ribilanciamento istituzionali nel campione studiato.", "urls": [ "https://doi.org/10.3386/w33554" ] }, { "text": "Karl Cuthbertson et al., What Does Rebalancing Really Achieve?, International Journal of Finance & Economics — limiti delle affermazioni sul premio di ribilanciamento.", "urls": [ "https://doi.org/10.1002/ijfe.1545" ] } ], "revision": "8cd24ab89bb5460a", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-rebalancing", "asset-allocation", "transaction-costs", "portfolio-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-aggregato", "locale": "it", "title": "Rischio aggregato", "summary": "Rischio del portafoglio misurato su un perimetro, un orizzonte e una metrica comuni, tenendo conto di pesi, dipendenze, nonlinearità e concentrazioni.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-aggregato/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulazione originaria della selezione di portafoglio tramite rendimenti, varianze e covarianze.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — accuratezza, completezza, tempestività, adattabilità e governance dell'aggregazione dei dati di rischio.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Basel Committee on Banking Supervision, MAR10 — Market risk terminology — perimetro e terminologia istituzionale delle esposizioni e dei fattori di rischio di mercato.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limiti delle misure basate sul nozionale e necessità di metriche sensibili al rischio per confrontare strumenti diversi.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "b3640e8e706c1598", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-risk", "risk-aggregation", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-di-concentrazione", "locale": "it", "title": "Rischio di concentrazione", "summary": "Vulnerabilità prodotta da esposizioni o perdite potenziali dominate da pochi nomi, fattori, settori, strategie, controparti o canali di liquidità.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-di-concentrazione/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision, LEX10 — Definitions and application — razionale, perimetro e definizioni correnti del quadro prudenziale sulle grandi esposizioni.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/10.htm" ] }, { "text": "Basel Committee on Banking Supervision, LEX20 — Requirements — limiti e reporting applicabili alle banche nel perimetro definito dal framework.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/20.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP32 — Credit risk — forme di concentrazione, fattori comuni, politiche, misurazione e controllo.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/32.htm" ] }, { "text": "Basel Committee on Banking Supervision, Studies on credit risk concentration — Working Paper No 15 — distinzione analitica fra concentrazione per nome e per settore e strumenti di quantificazione.", "urls": [ "https://www.bis.org/publ/bcbs_wp15.htm" ] }, { "text": "Office of the Comptroller of the Currency, Concentrations of Credit, Comptroller’s Handbook — identificazione di pool di esposizioni sensibili allo stesso sviluppo economico o finanziario.", "urls": [ "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/concentrations-of-credit/index-concentrations-of-credit.html" ] } ], "revision": "91ca77f837e4988c", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "concentration-risk", "portfolio-risk", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-di-controparte", "locale": "it", "title": "Rischio di controparte", "summary": "Rischio di perdita se la controparte non adempie prima del regolamento finale mentre il contratto o netting set ha valore economico positivo. È una forma bilaterale di rischio di credito, non un sinonimo di broker, venue o custode.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-di-controparte/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision, CRE51 — Counterparty credit risk overview — definizione bilaterale del CCR e distinzione dall'esposizione creditizia unilaterale di un prestito.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE52 — Standardised approach to counterparty credit risk — replacement cost, potential future exposure, marginazione e calcolo per netting set nel SA-CCR.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE54 — Exposures to central counterparties — trade exposure verso CCP e requisiti di opponibilità del close-out netting.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] }, { "text": "Basel Committee on Banking Supervision, CRE36 — Definition of default — definizione prudenziale di default e indicatori di unlikely-to-pay nel relativo perimetro.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/36.htm" ] }, { "text": "Board of Governors of the Federal Reserve System, Interagency Supervisory Guidance on Counterparty Credit Risk Management — current e potential exposure, concentrazioni, stress, collateral e wrong-way risk.", "urls": [ "https://www.federalreserve.gov/frrs/guidance/interagency-supervisory-guidance-on-counterparty-credit-risk-management.htm" ] }, { "text": "European Securities and Markets Authority, EMIR Article 11 — Risk-mitigation techniques for OTC derivatives not cleared by a CCP — obblighi su conferme, riconciliazione, dispute, monitoraggio e collateral per derivati OTC non compensati centralmente.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-11-risk-mitigation-techniques-otc-0" ] }, { "text": "CPMI-IOSCO, Principles for financial market infrastructures — gestione di credito, collateral, liquidità e default nelle infrastrutture e nelle CCP.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "1b255962e57cb6e8", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "counterparty-risk", "credit-risk", "derivatives", "clearing-settlement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-di-modello", "locale": "it", "title": "Rischio di modello", "summary": "Il rischio di modello è la possibilità di conseguenze finanziarie avverse derivanti da decisioni basate sull'output di un modello. Può nascere da dati, ipotesi, sviluppo, implementazione, uso o governance, anche senza un errore di codice.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-di-modello/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve — SR 26-2, Revised Guidance on Model Risk Management", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Federal Reserve, OCC e FDIC — Supervisory Guidance on Model Risk Management, allegato a SR 26-2", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602a1.pdf" ] } ], "revision": "2cb71dafa363d461", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "model-risk", "model-validation", "governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-liquidita", "locale": "it", "title": "Rischio di liquidità di mercato", "summary": "Il rischio di liquidità di mercato è il rischio di non riuscire a eseguire la quantità desiderata nel tempo e ai costi attesi. Dipende da size, venue, urgenza e stato del mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-liquidita/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Committee on the Global Financial System — Market Liquidity: Research Findings and Selected Policy Implications", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "Banca centrale europea — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "eba030d08d745a71", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-liquidity", "execution", "slippage", "market-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-liquidita-di-funding", "locale": "it", "title": "Rischio di liquidità di funding", "summary": "Il rischio di liquidità di funding è il rischio di non riuscire a soddisfare in modo efficiente fabbisogni attesi e inattesi di cassa e collateral senza compromettere operatività o condizione finanziaria.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-liquidita-di-funding/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision — Principles for Sound Liquidity Risk Management and Supervision", "urls": [ "https://www.bis.org/publ/bcbs144.htm" ] }, { "text": "Banca centrale europea — Gauging the interplay between market liquidity and funding liquidity", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "253aea4a36c3cf2b", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "funding-liquidity", "liquidity-risk", "margin", "stress-testing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-massimo-giornaliero", "locale": "it", "title": "Rischio massimo giornaliero", "summary": "Tetto di perdita giornaliera — circuit breaker che spegne la sessione prima del tilt.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-massimo-giornaliero/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9266f7131d0c3c3e", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-massimo-settimanale", "locale": "it", "title": "Rischio massimo settimanale", "summary": "Limite di perdita settimanale — freno su serie di giornate negative e disallineamento metodo-mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-massimo-settimanale/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "66ba0003eac17581", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-operativo", "locale": "it", "title": "Rischio operativo", "summary": "Il rischio operativo nasce da processi, persone, sistemi o eventi esterni inadeguati o falliti. Resilienza e continuità servono a mantenere o ripristinare le operazioni critiche durante una perturbazione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-operativo/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision — Basel Framework, OPE10: Definitions and application", "urls": [ "https://www.bis.org/basel_framework/chapter/OPE/10.htm" ] }, { "text": "Basel Committee on Banking Supervision — Revisions to the Principles for the Sound Management of Operational Risk", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee on Banking Supervision — Principles for operational resilience", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA — Rule 4370: Business Continuity Plans and Emergency Contact Information", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/4370" ] }, { "text": "IOSCO — Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD522.pdf" ] }, { "text": "IOSCO — Market Intermediary Business Continuity and Recovery Planning", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD523.pdf" ] } ], "revision": "c5f167b085fae3f7", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "operational-risk", "operational-resilience", "business-continuity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-per-trade", "locale": "it", "title": "Rischio per trade", "summary": "Importo pianificato a rischio tra ingresso e stop, espresso anche come 1R. Non è una perdita massima garantita: gap, slippage e costi possono far perdere più del previsto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-per-trade/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — stop logico, budget monetario o percentuale e calcolo tramite distanza in tick e valore del tick.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Trading Basics, pp. 2–3 — funzionamento e limiti di stop e stop-limit; il prezzo stop non è un prezzo di esecuzione garantito.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "FINRA, Brokerage Accounts — nei conti a margine il broker presta fondi e le perdite possono superare l'importo depositato.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "29105cf42364eff9", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk_first", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-percentuale", "locale": "it", "title": "Rischio Percentuale", "summary": "Budget di perdita pianificata per operazione espresso come percentuale di un capitale di riferimento: formula, scelta del denominatore e limiti operativi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-percentuale/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Proper Position Size", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov — Types of Orders", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA — Brokerage Accounts", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "9ce03d17ead011bf", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-psicologico", "locale": "it", "title": "Rischio psicologico", "summary": "Distorsione decisionale sotto stress — rischio reale superiore al rischio pianificato per tilt, revenge, euforia.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-psicologico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "20c2e63e88141224", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "risk", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/rischio-rendimento-dinamico", "locale": "it", "title": "Rischio/rendimento dinamico", "summary": "R/R che evolve durante il trade — rischio e rendimento reali vs promessa statica pre-ingresso.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rischio-rendimento-dinamico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ffce17525d0b69ec", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/risk-of-ruin", "locale": "it", "title": "Risk of ruin", "summary": "Il risk of ruin è la probabilità che il capitale raggiunga una soglia di rovina definita entro un orizzonte. Non dipende dalla sola losing streak: servono modello dei rendimenti, sizing, costi, dipendenze, leva e confine di rovina.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/risk-of-ruin/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., “A New Interpretation of Information Rate”, Bell System Technical Journal 35(4), 1956, pp. 917–926, riproduzione del paper.", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] }, { "text": "National Institute of Standards and Technology, descrizione della distribuzione collegata al problema classico della gambler's ruin.", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "Robert E. Machol ed Eugene M. Lerner, “Risk, Ruin and Investment Analysis”, Journal of Financial and Quantitative Analysis 4(4), 1969, pp. 473–492, scheda Cambridge.", "urls": [ "https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/abs/risk-ruin-and-investment-analysis/4944499167D2D79D51B023003CD4B78A" ] }, { "text": "U.S. Securities and Exchange Commission, Margin: Borrowing Money to Pay for Stocks.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsmarginhtm" ] }, { "text": "FINRA, Know What Triggers a Margin Call.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "598656f35ce76613", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "probability", "capital-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/risk-off", "locale": "it", "title": "Risk-off", "summary": "Fase di avversione al rischio in cui capitale e liquidità si spostano verso asset difensivi — priorità a sopravvivenza e controllo drawdown.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/risk-off/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c7f45932f101ee1c", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/risk-on", "locale": "it", "title": "Risk-on", "summary": "Fase di appetito al rischio in cui asset aggressivi e high beta sono favoriti — la selezione e i limiti di esposizione restano cruciali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/risk-on/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8a44bd65019805ce", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "regimes", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/risk-parity", "locale": "it", "title": "Risk parity", "summary": "Famiglia di allocazioni che bilancia i contributi a una misura di rischio scelta; l’equal risk contribution è il caso con budget uguali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/risk-parity/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Edward E. Qian, Risk Parity Portfolios: Efficient Portfolios Through True Diversification (2005) — formulazione storica del termine e allocazione del rischio tra classi di attivo.", "urls": [ "https://www.panagora.com/assets/risk_party_portfolios.pdf" ] }, { "text": "Sébastien Maillard, Thierry Roncalli e Jérôme Teïletche, On the Properties of Equally-Weighted Risk Contributions Portfolios — definizione, proprietà teoriche e confronto con portafogli equally weighted e minimum variance.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Benjamin Bruder e Thierry Roncalli, Managing Risk Exposures Using the Risk Budgeting Approach — risk parity come caso della classe più generale dei portafogli con budget di rischio.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Clifford Asness, Andrea Frazzini e Lasse Heje Pedersen, Leverage Aversion and Risk Parity — analisi della leva e della motivazione economica; i risultati empirici restano specifici al modello e ai campioni studiati.", "urls": [ "https://pages.stern.nyu.edu/~lpederse/papers/LeverageAversionRP.pdf" ] }, { "text": "Dirk Tasche, Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle — base teorica dei contributi Euler impiegati nell’ERC.", "urls": [ "https://arxiv.org/abs/0708.2542" ] } ], "revision": "2916e50116d653a3", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-parity", "equal-risk-contribution", "risk-budgeting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/rispetto-piano", "locale": "it", "title": "Rispetto del piano", "summary": "Misurare se le decisioni osservabili hanno seguito regole predefinite, separando esecuzione, eccezioni ed esito.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/rispetto-piano/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Forex Frauds — raccomanda un piano di gestione del rischio e collega il rispetto del piano alla riduzione di decisioni emotive; non promette successo.", "urls": [ "https://www.cftc.gov/LearnAndProtect/forexfrauds" ] }, { "text": "FINRA — Investor Tips for Turbulent Markets — invita a evitare decisioni impulsive e a tornare a obiettivi e piano predefiniti nei mercati turbolenti.", "urls": [ "https://www.finra.org/investors/insights/tips-turbulent-market" ] }, { "text": "Gollwitzer e Sheeran (2006), Implementation intentions and goal achievement — meta-analisi peer-reviewed sui piani «se-allora» e sulla traduzione delle intenzioni in azioni; non è uno studio di rendimento finanziario.", "urls": [ "https://www.socmot.uni-konstanz.de/publications/implementation-intentions-and-goal-achievement-meta-analysis-effects-and-processes" ] }, { "text": "Baron e Hershey (1988), Outcome bias in decision evaluation — cinque studi sperimentali mostrano che l'esito può alterare il giudizio sulla qualità di una decisione sotto incertezza.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] }, { "text": "Locke e Mann (2005), Professional trader discipline and trade disposition — ricerca peer-reviewed che operazionalizza la disciplina tramite comportamenti di uscita in uno specifico campione di trader professionali.", "urls": [ "https://doi.org/10.1016/j.jfineco.2004.01.004" ] } ], "revision": "d30ba89be85972fc", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/risultato-trade", "locale": "it", "title": "Risultato del trade", "summary": "Registra l'esito realizzato netto di un trade da fill e costi, distinto da P&L aperto, qualità della decisione e aderenza al piano.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/risultato-trade/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Are You Checking Your Trade Confirmations? — fonte ufficiale sui dati di conferma: data, prezzo, quantità, ora quando disponibile, commissioni e altri addebiti.", "urls": [ "https://www.finra.org/investors/insights/checking-trade-confirmations" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio — fonte ufficiale SEC sui costi di transazione che riducono il risultato netto.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "Investor.gov, Better Understanding Your Brokerage Account Statement — distingue guadagni e perdite realizzati e non realizzati nell'estratto conto.", "urls": [ "https://www.investor.gov/better-understanding-your-brokerage-account-statement" ] }, { "text": "Investor.gov, Executing an Order — descrive il processo di esecuzione e la possibile differenza fra quotazione e prezzo eseguito.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "Baron e Hershey, Outcome Bias in Decision Evaluation — Journal of Personality and Social Psychology — studio peer-reviewed sulla valutazione delle decisioni dopo la conoscenza dell'esito.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/3367280/" ] } ], "revision": "985b3be0423a10b7", "translation_state": "source", "kind": "concept", "entity_type": "journal-field", "topics": [ "trade-journal", "realized-pnl", "execution-review", "outcome-bias" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/robustezza", "locale": "it", "title": "Robustezza", "summary": "Stabilità di una strategia rispetto ad assunzioni plausibili su dati, parametri, esecuzione e regimi: una batteria diagnostica, non una prova di validità.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/robustezza/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey e Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocollo, selezione e stress delle conclusioni finanziarie.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — confronto con il benchmark dopo la ricerca su più modelli.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — fragilità della configurazione selezionata e valutazione fuori campione.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, 1988 — distanza fra portafoglio teorico e risultato realizzabile attraverso l'esecuzione.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2 — Revised Guidance on Model Risk Management, 2026 — governance, validazione, limiti e monitoraggio del rischio di modello nel relativo perimetro di vigilanza.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "c6405f70c9b8c3e1", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "robustness", "sensitivity-analysis", "stress-testing", "model-risk", "systematic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/roll-dei-futures", "locale": "it", "title": "Roll dei futures: meccanica, scadenza e costi", "summary": "Il roll dei futures estingue una posizione su una scadenza e ne apre una su un'altra. Mantiene un'esposizione solo se direzione, quantità, moltiplicatore e rischio vengono ricalibrati; spread di curva, costi di esecuzione e roll yield sono grandezze diverse.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/roll-dei-futures/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over — spostamento di una posizione vicina verso un mese più differito.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, rollover e regolamento alla scadenza.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Rolling an Equity Position Using Spreads — esecuzione del cambio scadenza tramite spread.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/rolling-an-equity-position-using-spreads" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — impatto dei roll ripetuti sui rendimenti.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — curva, roll yield e divergenza fra prodotti futures-linked e spot.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "Campbell & Company (white paper ospitato da CME Group), Deconstructing Futures Returns: The Role of Roll Yield — serie concatenate, aggiustamento del roll e decomposizione dei rendimenti.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] } ], "revision": "c04978c06c942cee", "translation_state": "source", "kind": "concept", "entity_type": "process", "topics": [ "markets-instruments", "derivatives", "execution", "term-structure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/roll-yield", "locale": "it", "title": "Roll yield: rendimento, curva e convenzioni di misura", "summary": "Il roll yield descrive la componente del rendimento di un'esposizione futures legata alla struttura per scadenza e alla convergenza, secondo una metodologia dichiarata. Non coincide con le commissioni né con il semplice divario di prezzo osservato durante il roll.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/roll-yield/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell & Company (white paper ospitato da CME Group), Deconstructing Futures Returns: The Role of Roll Yield — roll adjustment, serie joined/spliced e decomposizione fra basis e roll yield.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — roll ripetuti e differenza rispetto alla performance spot.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — contango, backwardation e limiti delle inferenze sul rendimento.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definizioni di basis, contango, backwardation, convergence e roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — meccanica delle due gambe e scelta della scadenza differita.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "S&P Dow Jones Indices, S&P GSCI Methodology — esempio di metodologia pubblicata per selezione, pesi e roll di un indice commodity.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-gsci.pdf" ] } ], "revision": "180e0fde589ec64f", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "term-structure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/routine-post-market", "locale": "it", "title": "Routine post-market", "summary": "Chiusura giornaliera — journal, screenshot, tag errori, lezione del giorno prima di staccare.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/routine-post-market/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "65de163dabe10737", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/routine-pre-market", "locale": "it", "title": "Routine pre-market", "summary": "Preparazione 20–40 min prima della sessione — macro, contesto, setup ammessi, limiti rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/routine-pre-market/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "938e2556da833f95", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "review", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/sample-size", "locale": "it", "title": "Sample size", "summary": "Dimensione e informazione effettiva del campione nel trading: dipendenza, precisione delle metriche, regimi e numerosità senza soglie universali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/sample-size/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal, 2002 — autocorrelazione, distribuzione e inferenza dello Sharpe ratio.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey e Marcos López de Prado, The Sharpe Ratio Efficient Frontier, Journal of Risk, 2012 — track-record length, confidenza e caratteristiche distributive.", "urls": [ "https://doi.org/10.21314/JOR.2012.255" ] }, { "text": "Campbell R. Harvey, Yan Liu e Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — numerosità delle prove e soglie di evidenza nella selezione finanziaria.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Francis X. Diebold e Roberto S. Mariano, Comparing Predictive Accuracy, Journal of Business & Economic Statistics, 1995 — confronto fra errori previsivi con struttura temporale.", "urls": [ "https://doi.org/10.1080/07350015.1995.10524599" ] }, { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — campioni di test multipli, rolling origin e rappresentatività temporale.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] } ], "revision": "93171d6764b839ff", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "sample-size", "effective-sample-size", "statistical-uncertainty", "dependence", "performance-estimation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/scadenza-e-regolamento-dei-futures", "locale": "it", "title": "Scadenza e regolamento dei futures", "summary": "La scadenza di un future è un calendario di eventi contrattuali, non una data universale. Offset, roll, cash settlement e consegna fisica producono obblighi diversi definiti dal rulebook del singolo contratto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/scadenza-e-regolamento-dei-futures/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — liquidazione prima della consegna, obblighi e cash settlement.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — cash settlement, physical delivery, first notice day, offset e roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — offset tramite clearing, termini standardizzati e funzione della consegna.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — prezzo di regolamento giornaliero e flussi di variazione.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — alternative operative fra offset, roll e settlement.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — daily e final settlement, consegna e formazione del prezzo finale.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — relazione fra prezzo future, spot, carry e convergenza.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — punti, qualità, differenziali di consegna e normale convergenza.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "c8ee215b24e1d00c", "translation_state": "source", "kind": "concept", "entity_type": "mechanism", "topics": [ "markets-instruments", "derivatives", "post-trade", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/scaled-order", "locale": "it", "title": "Scaled order: quantità distribuita su più prezzi", "summary": "Uno scaled order divide la quantità totale fra più prezzi e componenti; le esecuzioni possono essere parziali e non garantiscono un prezzo medio migliore.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/scaled-order/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — agente AI, revisione non umana su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Interactive Brokers — Order Types and Algos: ScaleTrader — descrive la suddivisione automatica di un ordine in componenti limit con prezzi e quantità incrementali.", "urls": [ "https://portal.interactivebrokers.com/en/trading/ordertypes.php" ] }, { "text": "Interactive Brokers — Example 1: Basic Scale Orders — mostra la sequenza di rilascio dei componenti dopo il fill del livello precedente.", "urls": [ "https://www.ibkrguides.com/traderworkstation/example-1-basic-scale-orders.htm" ] }, { "text": "SEC — Limit Orders — chiarisce vincolo di prezzo e assenza di garanzia di esecuzione.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "FINRA — Time Parameters and Qualifiers on Stock Orders — documenta durata, fill-or-kill, immediate-or-cancel e fill parziali.", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] } ], "revision": "3dfd00e20b65982c", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/scaling-in", "locale": "it", "title": "Scaling in", "summary": "Entrare in tranche pre-pianificate sulla stessa idea — distribuisce il timing senza perdere il controllo del rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/scaling-in/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d3da53e6b73a5688", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/scaling-out", "locale": "it", "title": "Scaling out", "summary": "Uscita a tranche — incassa parziale, BE sul resto, runner per il trend lungo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/scaling-out/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6eabfe659e91b957", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/scenario", "locale": "it", "title": "Scenario", "summary": "Piano if-then post-ingresso — cosa fai tu se il mercato va a favore, laterale o contro, prima dell'emozione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/scenario/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c0cf66fdc9b5257b", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/screenshot", "locale": "it", "title": "Screenshot del trade", "summary": "Cattura il contesto visibile al momento del trade: contenuti minimi, versioni pre e post, integrità, privacy e limiti della prova grafica.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/screenshot/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor Cyclepedia — revisione editoriale effettuata da agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Keep a Trade Log — indica di registrare il perché del trade insieme a target, ingressi e uscite, orari, livelli e indicatori.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/keep-a-trade-log" ] }, { "text": "Fischhoff (1975) — Hindsight is not equal to foresight — studio peer-reviewed sull'effetto della conoscenza dell'esito nei giudizi retrospettivi; non studia specificamente il trading.", "urls": [ "https://doi.org/10.1037/0096-1523.1.3.288" ] }, { "text": "Information Commissioner's Office — Disclosing documents to the public securely — guida ufficiale sul controllo delle informazioni nascoste e sulla redazione prima della divulgazione.", "urls": [ "https://ico.org.uk/for-organisations/uk-gdpr-guidance-and-resources/security/disclosing-documents-to-the-public-securely/" ] } ], "revision": "978b4c80fa708d3e", "translation_state": "source", "kind": "concept", "entity_type": "record", "topics": [ "trade-journal", "decision-review", "visual-record" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "journal", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/sedi-di-negoziazione-e-routing", "locale": "it", "title": "Sedi di negoziazione e routing degli ordini", "summary": "Come un ordine passa dal broker alla sede di esecuzione, quali destinazioni esistono nei perimetri UE e USA e quali fattori e conflitti incidono sul routing.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/sedi-di-negoziazione-e-routing/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — destinazioni, internalizzazione, PFOF e best execution nel contesto azionario statunitense.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS — disclosure di routing, discrezione del broker e ordini ulteriormente instradabili nel perimetro della regola.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — definizioni di regulated market, MTF, OTF e trading venue.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — fattori di best execution, policy e operazioni fuori trading venue.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "906c2a37182db4cc", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/segnale-di-trading-sistematico", "locale": "it", "title": "Segnale di trading sistematico", "summary": "Informazione trasformata in una decisione misurabile, distinta da previsione, posizione e ordine, con timestamp, stato e mapping espliciti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/segnale-di-trading-sistematico/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — distinzione tra funzioni decisionali ed esecutive degli algoritmi e relativi rischi.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — validazione, benchmark, monitoraggio e documentazione dei modelli d'investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Tilmann Gneiting e Adrian E. Raftery, Strictly Proper Scoring Rules, Prediction, and Estimation — principi per valutare previsioni probabilistiche senza separarle dalla quantità prevista.", "urls": [ "https://doi.org/10.1198/016214506000001437" ] }, { "text": "Narasimhan Jegadeesh e Sheridan Titman, Returns to Buying Winners and Selling Losers — esempio accademico di costruzione di un segnale di ranking cross-sectional in un disegno specifico.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] } ], "revision": "a1475cad680192fa", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "signal-generation", "forecasting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/sessione-operativa", "locale": "it", "title": "Sessione operativa", "summary": "Finestre orarie in cui analizzi e operi — allineate a liquidità istituzionale, non alla noia.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/sessione-operativa/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "daea78c911d45fca", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "plan", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/setup", "locale": "it", "title": "Setup", "summary": "Insieme di condizioni oggettive e binarie che giustificano un ingresso — contesto, trigger, conferma, invalidazione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/setup/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fd609ab08eaa1078", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/sharpe-ratio", "locale": "it", "title": "Sharpe ratio", "summary": "Media del rendimento differenziale per unità di deviazione standard, condizionata a benchmark, frequenza, finestra e convenzione di annualizzazione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/sharpe-ratio/", "published": "2026-06-24", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — formulazione generale, versioni ex ante/ex post e differential return.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "William F. Sharpe, Mutual Fund Performance, The Journal of Business (1966) — lavoro originario sulla misura reward-to-variability.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/art1.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — distribuzione campionaria, autocorrelazione e annualizzazione.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Investment Risk and Performance — confronto tra Sharpe, tracking error, information ratio, alpha e beta.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "GIPS Standards, Handbook for Firms — disclosure di misure aggiuntive e identificazione del risk-free rate.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "143378905bc50dc5", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "sharpe-ratio", "risk-adjusted-return", "performance-appraisal", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/size", "locale": "it", "title": "Size e dimensione della posizione", "summary": "Calcolare la quantità negoziata collegando budget di rischio, distanza dello stop e valore per unità, con costi ed esecuzione come limiti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/size/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — relazione fra collocazione dello stop, rischio monetario e numero di contratti.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Position and Risk Management — quantità di contratti, valore del tick, margine e scenari di rischio.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Options Premium and the Greeks — mostra perché il prezzo di un'opzione dipende dinamicamente da sottostante, volatilità, tempo e sensibilità collegate.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-the-greeks-options-premium-and-the-greeks" ] }, { "text": "FINRA, rischi degli stop order nei mercati volatili — differenza possibile fra prezzo stop e prezzo effettivo di esecuzione.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "5c6038b0f4556c52", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "risk_first", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/skew", "locale": "it", "title": "Skew", "summary": "Misura quantitativa della direzione dell'asimmetria — coda destra (win grandi) vs sinistra (loss estreme).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/skew/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "507231a581e24cc7", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/slippage", "locale": "it", "title": "Slippage: scostamento fra benchmark e prezzo eseguito", "summary": "Lo slippage è la differenza fra un prezzo di riferimento dichiarato e il prezzo effettivo di esecuzione. Può essere favorevole o sfavorevole e non coincide automaticamente con spread o market impact.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/slippage/", "published": "2026-06-23", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group — The Market Environment for Trend Following", "urls": [ "https://www.cmegroup.com/education/files/ac-the-market-environment-for-trendfollowing-sep19.pdf" ] } ], "revision": "e75a8fca6d5aa665", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/slippage-e-commissioni", "locale": "it", "title": "Slippage e commissioni", "summary": "Costi operativi reali — spread, commissioni, slippage — che trasformano edge lordo in edge netto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/slippage-e-commissioni/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "276ababfdddaa9bb", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "validation", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/smile-skew-e-superficie-di-volatilita", "locale": "it", "title": "Smile, skew e superficie di volatilità implicita", "summary": "La superficie di volatilità dispone le volatilità implicite per strike e scadenza. Smile e skew descrivono curvature e asimmetrie di sue sezioni, sotto coordinate, modello, timestamp e qualità delle quotazioni dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/smile-skew-e-superficie-di-volatilita/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — differenze di IV fra strike e relazione put-call.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Learn about Convexity — smile, skew e curvatura delle IV.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-cvol/learn-about-convexity" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — coordinate delta, term structure e skew.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "Cboe, The Cboe SKEW Index — metodologia e storia della curva di IV SPX.", "urls": [ "https://cdn.cboe.com/resources/indices/documents/SKEWwhitepaperjan2011.pdf" ] }, { "text": "Cboe, S&P 500 SMILE Index Methodology — convenzioni su put, call e delta in una metodologia pubblicata.", "urls": [ "https://cdn.cboe.com/api/global/us_indices/governance/SMILE_Methodology.pdf" ] }, { "text": "Cboe, The S&P 500 Spot Volatility Index — esempio di misure riferite a porzioni specifiche della superficie.", "urls": [ "https://www.cboe.com/us/indices/spotvol-and-ltv-indices/" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — modello classico e principio di replica.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — caratteristiche e rischi dei contratti standardizzati.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "5a5398ee4afafa69", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "volatility-surface", "derivatives" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/sortino-ratio", "locale": "it", "title": "Sortino ratio e downside deviation", "summary": "Rendimento medio sopra un target per unità di downside deviation, con target, frequenza, denominatore e annualizzazione dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/sortino-ratio/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frank A. Sortino e Lee N. Price, Performance Measurement in a Downside Risk Framework, The Journal of Investing (1994) — formulazione della misurazione rispetto a downside risk e target.", "urls": [ "https://doi.org/10.3905/joi.3.3.59" ] }, { "text": "CFA Institute, The Sortino Ratio — definizione, target return e convenzioni di downside deviation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/code/gips/the-sortino-ratio.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — appraisal, Sortino, benchmark, drawdown e limiti delle metriche.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — riferimento per il confronto tra rischio totale e rendimento differenziale.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — avvertenze statistiche su frequenza, dipendenza e annualizzazione applicabili ai rapporti da rendimenti periodici.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "9774f381be3e550f", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "sortino-ratio", "downside-risk", "performance-appraisal", "minimum-acceptable-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/sospensione-strategia", "locale": "it", "title": "Monitoraggio e sospensione della strategia", "summary": "Governance continua di dati, operazioni, esecuzione e modello: alert, diagnosi, escalation, kill switch, rollback, sospensione e riattivazione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/sospensione-strategia/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validazione proattiva, monitoraggio e affidabilità dei modelli d'investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2: Model Risk Management, 2026 — governance, validazione, limiti d'uso e monitoraggio; si applica alle organizzazioni bancarie comprese nel suo ambito di vigilanza, qui richiamato solo come riferimento di governance.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Commissione europea, Regolamento delegato (UE) 2017/589, RTS 6 — controlli, test, limiti e funzionalità operative nel perimetro UE dell'algorithmic trading cui si applica.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] }, { "text": "European Securities and Markets Authority, Supervisory Briefing on Algorithmic Trading in the EU, 2026 — governance, testing, outsourcing e controlli pre-trade; supervisory briefing non vincolante nel relativo ambito.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automazione, rischi operativi e interazione degli algoritmi con la struttura di mercato statunitense.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] } ], "revision": "5a805d1864e76d73", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "strategy-monitoring", "suspension", "incident-management", "model-deterioration", "regime-shift", "algorithmic-controls" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "regimes", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/specifica-strategia-sistematica", "locale": "it", "title": "Specifica di una strategia sistematica", "summary": "Documento versionato che rende una strategia implementabile e verificabile: ipotesi, dati, segnali, portafoglio, ordini, costi, controlli e criteri decisionali.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/specifica-strategia-sistematica/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — scopo, tecniche di validazione, benchmarking, stress e documentazione.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — principi correnti di sviluppo, uso, validazione, governance e monitoraggio nel perimetro bancario supervisionato.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — contesto istituzionale su algoritmi di decisione ed esecuzione e relativi rischi.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limiti dei risultati ipotetici e rilevanza di ipotesi, liquidità, slippage e comportamento; applicazione circoscritta al proprio perimetro.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "573a5fb60ec8040c", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "strategy-design", "reproducibility", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/spread-bid-ask", "locale": "it", "title": "Spread bid-ask: quotato, effettivo e realizzato", "summary": "Lo spread bid-ask è la differenza fra miglior ask e miglior bid osservati nello stesso mercato e istante. Spread quotato, effettivo e realizzato misurano aspetti diversi del costo e della qualità di esecuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/spread-bid-ask/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Bid Price/Ask Price", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/ask-price" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590, Disclosure of Order Execution and Routing Practices", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "BIS, Committee on the Global Financial System — Structural Aspects of Market Liquidity from a Financial Stability Perspective", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] } ], "revision": "86852897184c8839", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/spread-di-credito-e-cs01", "locale": "it", "title": "Spread di credito e CS01", "summary": "Lo spread confronta il rendimento di un titolo creditizio con un riferimento; il CS01 stima la variazione di valore per un punto base di spread.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/spread-di-credito-e-cs01/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "4cb5e15364a7638d", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "credit-spread", "cs01", "spread-duration" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/staking-consenso-ricompense-e-rischi", "locale": "it", "title": "Staking: consenso, ricompense e rischi", "summary": "Lo staking spiegato dal protocollo al prodotto: validator, consenso proof of stake, ricompense, penalità, slashing, delega, pool e liquid staking token.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/staking-consenso-ricompense-e-rischi/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Blockchain Technology Overview — panoramica dei modelli di consenso, inclusa la proof of stake.", "urls": [ "https://www.nist.gov/publications/blockchain-technology-overview" ] }, { "text": "Ethereum.org — Proof of stake — ruoli del validator, attestazioni e finalità nel caso Ethereum.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/" ] }, { "text": "Ethereum.org — Rewards and penalties — ricompense, inattività e slashing specifici di Ethereum.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/" ] }, { "text": "Ethereum.org — Pooled staking — pool, token liquidi, dipendenze e concentrazione nel caso Ethereum.", "urls": [ "https://ethereum.org/staking/pools/" ] }, { "text": "EBA ed ESMA — Recent developments in crypto-assets — modelli centralizzati e decentralizzati, disclosure, lock-up, custodia e rischi dello staking.", "urls": [ "https://www.eba.europa.eu/publications-and-media/press-releases/eba-and-esma-analyse-recent-developments-crypto-assets" ] }, { "text": "BIS — Blockchain consensus mechanisms and fragmentation — incentivi, partecipazione, concentrazione e trade-off tra modelli di consenso.", "urls": [ "https://www.bis.org/publ/bisbull126.htm" ] } ], "revision": "eac8890fe15fc7de", "translation_state": "source", "kind": "concept", "entity_type": "proof-of-stake-participation", "topics": [ "staking", "proof-of-stake", "validators", "rewards", "slashing", "liquid-staking", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-staking-rewards-and-risks", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/stop-loss", "locale": "it", "title": "Stop loss", "summary": "Istruzione di uscita difensiva attivata a una condizione di prezzo. Il trigger non garantisce il prezzo di esecuzione: tipo d'ordine, venue, gap e liquidità determinano il fill.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/stop-loss/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — distinzione fra trigger e prezzo di esecuzione, rischio di slippage e possibile mancata esecuzione dello stop-limit.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "FINRA, Regulatory Notice 16-19: Stop Orders — gli stop price non sono prezzi di esecuzione garantiti e le procedure di trigger possono variare.", "urls": [ "https://www.finra.org/sites/default/files/notice_other_file_ref/Regulatory-Notice-16-19.pdf" ] } ], "revision": "2abc5fb047a4f69b", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "order-types", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/stop-loss-e-take-profit", "locale": "it", "title": "Stop loss e take profit", "summary": "Ordini che chiudono automaticamente una posizione a prezzo definito — limitare la perdita o cristallizzare il guadagno secondo piano.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/stop-loss-e-take-profit/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "06d2067091fb88ee", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/stop-tecnico", "locale": "it", "title": "Stop tecnico", "summary": "Stop loss posizionato su invalidazione + buffer di volatilità — evita whipsaw senza negare la logica del trade.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/stop-tecnico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f21c97f3ed61235f", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/strategie-con-opzioni-e-payoff-multi-leg", "locale": "it", "title": "Strategie con opzioni e payoff multi-leg", "summary": "Una strategia multi-leg combina opzioni e, talvolta, sottostante. Il payoff terminale è la somma delle gambe, ma P&L pre-scadenza, esecuzione, margine, assegnazione e settlement richiedono analisi separate.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/strategie-con-opzioni-e-payoff-multi-leg/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — rischi delle combinazioni, esercizio, assegnazione e regolamento.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, All Strategies — struttura e payoff delle principali famiglie multi-leg.", "urls": [ "https://www.optionseducation.org/strategies/all-strategies-en" ] }, { "text": "Options Industry Council, Profit and Loss Simulator — scenari di P&L con prezzo, volatilità, tassi e tempo variabili.", "urls": [ "https://www.optionseducation.org/oic-profit-and-loss-simulator" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — conseguenze dell'assegnazione su una singola gamba.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "CME Group, Option Spread Functionality on CME Globex — tipologie riconosciute, rapporti ed esecuzione di spread sul mercato complesso.", "urls": [ "https://www.cmegroup.com/education/files/ofm-spread-overview.pdf" ] }, { "text": "CME Group, Bull Spread — costruzione e payoff di vertical spread con call o put.", "urls": [ "https://www.cmegroup.com/education/courses/option-strategies/bull-spread" ] }, { "text": "Cboe Options Institute, Options Calculator — valori teorici e sensitività al variare degli input.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — rischi asimmetrici e uso combinato dei contratti.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "84121a9c828e2b92", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-strategies", "payoff", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/strategie-multiple", "locale": "it", "title": "Strategie multiple", "summary": "Portfolio con più logiche operative complementari — riduce dipendenza da un solo metodo e da un solo regime.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/strategie-multiple/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1f32ca896e9c1990", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/stress-test", "locale": "it", "title": "Stress test", "summary": "Uno stress test valuta gli effetti di condizioni avverse dichiarate su un perimetro e un orizzonte definiti. Comprende sensibilità, scenari storici o ipotetici e reverse stress; non è una previsione né una prova di sicurezza.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/stress-test/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee — Stress testing principles", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel consolidated guidelines — RMA30, Stress testing", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee — Supervisory and bank stress testing: range of practices", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "SEC — Use of Derivatives by Registered Investment Companies and Business Development Companies, final rule", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] } ], "revision": "c32650973258f559", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "stress-testing", "scenario-analysis", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/strumenti-multipli", "locale": "it", "title": "Strumenti multipli", "summary": "Uso coordinato di asset class e mercati diversi — distribuisce opportunità e riduce dipendenza da un solo mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/strumenti-multipli/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "23c73d47ff7956b6", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "portfolio", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/struttura-a-termine-della-volatilita", "locale": "it", "title": "Struttura a termine della volatilità implicita", "summary": "La struttura a termine confronta, nello stesso istante e a una coordinata coerente di moneyness o delta, la volatilità implicita di opzioni con scadenze diverse. È una fotografia della dimensione temporale, non una serie storica né una previsione certa.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/struttura-a-termine-della-volatilita/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Volatility Term Structure Tool User Guide — vista ATM per scadenze e confronto fra snapshot.", "urls": [ "https://www.cmegroup.com/tools-information/quikstrike/quikstrike-volatility-term-structure-tool-user-guide.html" ] }, { "text": "Cboe, VIX Term Structure Data and Charts — esempio metodologico di struttura a scadenze multiple con timestamp.", "urls": [ "https://www.cboe.com/tradable-products/vix/term-structure" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — term structure, scadenze ed eventi.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV, skew e relazioni di prezzo.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Options Analytics: Greeks and Implied Volatility — dati per scadenza, moneyness e greche.", "urls": [ "https://www.cmegroup.com/market-data/greeks-and-implied-volatility-data.html" ] }, { "text": "Options Industry Council, Technical Information — natura derivata della IV e convenzioni di volatilità.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — specifiche, scadenza e rischi contrattuali.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "47b0c3be7c34da64", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "term-structure", "derivatives" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/struttura-del-capitale-debito-netto-e-copertura-interessi", "locale": "it", "title": "Struttura del capitale, debito netto e copertura interessi", "summary": "La struttura del capitale mostra come un'impresa finanzia attività e crescita; debito netto, scadenze e copertura degli interessi ne chiariscono la resilienza.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/struttura-del-capitale-debito-netto-e-copertura-interessi/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 7 Financial Instruments: Disclosures — Requisiti informativi sui rischi e sugli strumenti finanziari.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-7-financial-instruments-disclosures/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guida ai prospetti e alle note per leggere debito, interessi e liquidità.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "ee1e1fc6f4e39f20", "translation_state": "source", "kind": "concept", "entity_type": "capital-structure-framework", "topics": [ "fundamental-analysis", "debt", "leverage", "liquidity", "credit-analysis" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/supporto", "locale": "it", "title": "Supporto", "summary": "Zona di prezzo inferiore dove la pressione venditrice tende a attenuarsi: domanda sufficiente a fermare o rallentare il calo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/supporto/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "439c0935d8d4079b", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/supporto-e-resistenza", "locale": "it", "title": "Supporto e resistenza", "summary": "Zone di prezzo dove la domanda (supporto) o l'offerta (resistenza) tendono a fermare o invertire il movimento — da confermare con volume e struttura.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/supporto-e-resistenza/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6ad10ac00d023a14", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/survivorship-bias", "locale": "it", "title": "Survivorship bias", "summary": "Bias prodotto dall'analizzare soltanto strumenti, fondi, società o strategie sopravvissuti, escludendo cessazioni e cambiamenti dell'universo conosciuti solo a posteriori.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/survivorship-bias/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Stephen J. Brown, William N. Goetzmann, Roger G. Ibbotson e Stephen A. Ross, Survivorship Bias in Performance Studies, The Review of Financial Studies, 1992 — effetti della troncatura per sopravvivenza su rendimento, volatilità e apparente prevedibilità.", "urls": [ "https://doi.org/10.1093/rfs/5.4.553" ] }, { "text": "Edwin J. Elton, Martin J. Gruber e Christopher R. Blake, Survivorship Bias and Mutual Fund Performance, The Review of Financial Studies, 1996 — stima del bias seguendo fondi esistenti, fusi e cessati.", "urls": [ "https://doi.org/10.1093/rfs/9.4.1097" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — rendimenti mancanti e distorsione associata ai delisting negativi.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — modello dati comprendente fondi attivi e delistati.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "S&P Dow Jones Indices, Legal Disclaimers — Back-tested Performance — avvertenze del provider su hindsight, selezione dei componenti e possibili bias survivor/look-ahead.", "urls": [ "https://www.spglobal.com/spdji/en/disclaimers/" ] } ], "revision": "fa9e927f8dd44ee1", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "universe-selection", "data-quality", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/take-profit", "locale": "it", "title": "Take profit: target ed esecuzione", "summary": "Il take profit definisce un'uscita a un prezzo obiettivo: forme d'ordine, rischio di mancato fill e differenza tra target, trigger ed esecuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/take-profit/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, revisione non umana su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Understanding Order Types — distingue ordini market, limit e stop e chiarisce quali aspetti di prezzo o esecuzione non sono garantiti (consultato il 10 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "Coinbase Help — Advanced trade order types — documenta una specifica implementazione di limit, bracket e TP/SL, inclusi fill parziali, cancellazione dell'altra gamba e limiti di esecuzione (consultato il 10 agosto 2026).", "urls": [ "https://help.coinbase.com/en/coinbase/trading-and-funding/advanced-trade/order-types" ] } ], "revision": "e8e0c6f6db558c45", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/target", "locale": "it", "title": "Target", "summary": "Destinazione logica del trade — liquidità e struttura dettano il take profit, non l'avidità o un R:R imposto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/target/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b5908fcb27d838f8", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/tassi-nominali-reali-e-breakeven-inflation", "locale": "it", "title": "Tassi nominali, reali e breakeven inflation", "summary": "Relazione tra rendimento nominale, rendimento reale e compensazione per l’inflazione, con premi, liquidità e convenzioni che impediscono di leggere il breakeven come previsione pura.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/tassi-nominali-reali-e-breakeven-inflation/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury, TIPS, documentazione ufficiale — struttura dei titoli indicizzati all’inflazione.", "urls": [ "https://treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED, documentazione ufficiale — serie nominali, reali e breakeven.", "urls": [ "https://fred.stlouisfed.org/" ] }, { "text": "ECB, Inflation expectations, documentazione ufficiale — aspettative d’inflazione rilevate dalla BCE.", "urls": [ "https://www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/index.en.html" ] } ], "revision": "20fe5ec8c863d551", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/tasso-ufficiale-e-orientamento-monetario", "locale": "it", "title": "Tasso ufficiale e orientamento monetario", "summary": "Dal tasso obiettivo ai tassi amministrati e di mercato: livello nominale, posizione rispetto al neutrale e aspettative definiscono insieme l’orientamento monetario.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/tasso-ufficiale-e-orientamento-monetario/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Policy implementation, documentazione ufficiale — strumenti operativi e tassi amministrati.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/policy-normalization.htm" ] }, { "text": "ECB, Key ECB interest rates, documentazione ufficiale — serie ufficiale dei tassi BCE.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html" ] }, { "text": "BIS, Central bank policy rates, documentazione ufficiale — confronto internazionale dei tassi ufficiali.", "urls": [ "https://www.bis.org/statistics/cbpol.htm" ] } ], "revision": "0cbcc29de8c86faa", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/theta-delle-opzioni", "locale": "it", "title": "Theta delle opzioni", "summary": "Il theta misura la variazione locale del valore di un'opzione al trascorrere del tempo, mantenendo fermi gli altri input del modello. Segno e scala dipendono dalla convenzione temporale e dalla posizione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/theta-delle-opzioni/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Theta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/theta" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Cboe, Options Calculator — output teorici localizzati per modello e input.", "urls": [ "https://www.cboe.com/education/tools/options-calculator/" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "f577437f7faf8b15", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "time-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/tilt", "locale": "it", "title": "Tilt", "summary": "Stato emotivo in cui le decisioni degradano — spesso dopo loss, win eccessive o frustrazione; sessione fuori controllo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/tilt/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2ab663fbeadf78db", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "psychology", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/time-in-force", "locale": "it", "title": "Time in force: DAY, GTC, IOC, FOK e AON", "summary": "Il time in force stabilisce per quanto tempo un ordine resta valido e come viene trattata la quantità non eseguita. DAY, GTC, IOC e FOK rispondono a esigenze diverse; AON impone l'interezza del fill ma non necessariamente l'immediatezza.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/time-in-force/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Trading Terms: Time Parameters and Qualifiers on Stock Orders", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] }, { "text": "CME Group — Time In Force Definitions", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-firmsoft/Content/TimeInForceDefinitions.html" ] }, { "text": "CME Group — Glossary: AON, FAK e FOK", "urls": [ "https://www.cmegroup.com/education/glossary" ] }, { "text": "Coinbase Exchange — Create a New Order", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase International Exchange — FIX Order Entry Messages", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] } ], "revision": "71c5c790285f6008", "translation_state": "source", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/timeframe", "locale": "it", "title": "Timeframe", "summary": "Orizzonte temporale del grafico: durata di ogni candela e prospettiva multi-scala — il mercato è frattale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/timeframe/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f31bd44a169b6005", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/tipi-strumento", "locale": "it", "title": "Strumenti finanziari e tipi di contratto", "summary": "Uno strumento finanziario è il diritto o contratto effettivamente detenuto. Azioni, obbligazioni, fondi, futures, opzioni e CFD attribuiscono proprietà, crediti e obblighi differenti.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/tipi-strumento/", "published": "2026-07-11", "updated": "2026-07-31", "reviewed": "2026-07-31", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions e Annex I — Financial instruments.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions", "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa?.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "a5a0f2481ea59e81", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "risk", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/tracking-error", "locale": "it", "title": "Tracking error", "summary": "Deviazione standard dell'active return rispetto a un benchmark, stimata ex post o modellata ex ante con definizioni e basi comparabili.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/tracking-error/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — definizione di active risk, confronto con information ratio, alpha, beta e Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, rischio relativo, attribution e appraisal.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal (1992) — qualità del benchmark e implicazioni per active return e rischio.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "GIPS Standards, Guidance Statement on Benchmarks, revisione 2023 — scelta, presentazione e disclosure del benchmark.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — autocorrelazione e limiti delle regole di annualizzazione basate sulla radice del tempo.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "bda13e333c980f7a", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "tracking-error", "active-risk", "benchmark-relative-risk", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/trade-frequency", "locale": "it", "title": "Trade frequency", "summary": "Numero di operazioni nel tempo — impatta costi, stress, sample size e velocità di validazione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trade-frequency/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5f1c8d3ea7bec2d5", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/trade-idea", "locale": "it", "title": "Trade idea", "summary": "Scheda pre-trade che condensa direzione, trigger, stop, target e scenari — niente click senza piano scritto.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trade-idea/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "93ae28dca4b16589", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/trading", "locale": "it", "title": "Trading: cos'è e come funziona", "summary": "Guida al trading per principianti: cosa si negozia, come si forma il prezzo, cosa accade a un ordine e come valutare costi, leva e rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trading/", "published": "2026-08-09", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products e Types of Orders.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products", "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "Financial Industry Regulatory Authority, Brokerage Accounts.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "National Futures Association, Hypothetical Performance Results.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa?.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] } ], "revision": "3d8bb84000b0a09f", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/trading-quantitativo", "locale": "it", "title": "Trading quantitativo e trading sistematico", "summary": "Differenze tra decisioni sistematiche, ricerca quantitativa, algoritmi ed esecuzione automatica, con la filiera completa dal modello al controllo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trading-quantitativo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — descrizione istituzionale di forme, impieghi ed effetti del trading algoritmico.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — ciclo di validazione dei modelli d'investimento e tecniche principali.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — guida bancaria corrente su sviluppo, uso, validazione e governance; i principi sono richiamati per analogia, non come obbligo universale.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limiti e disclosure dei risultati ipotetici nel proprio perimetro regolamentare statunitense.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "c4f967330af9f1c3", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "quantitative-trading", "systematic-trading", "algorithmic-trading", "research-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/trailing-stop", "locale": "it", "title": "Trailing stop: soglia dinamica e fill", "summary": "Il trailing stop aggiorna una soglia con il movimento favorevole: trigger, ordine generato, gap, slippage e regole dipendono dalla sede di esecuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trailing-stop/", "published": "2026-06-24", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, revisione non umana su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Investor Bulletin: Understanding Order Types — definisce il trailing stop, distingue stop e stop-limit e segnala differenze tra venue, trigger e prezzo eseguito (consultato il 10 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "FINRA — Rule 5350: Stop Orders — documenta l'attivazione di stop e stop-limit e l'obbligo di descrivere trigger alternativi adottati dall'intermediario (consultato il 10 agosto 2026).", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5350" ] }, { "text": "Interactive Brokers Campus — Trailing Stop Limit for Desktop — esempio ufficiale di una specifica implementazione con trail, stop, limit offset e rischio di mancata esecuzione immediata (consultato il 10 agosto 2026).", "urls": [ "https://www.interactivebrokers.com/campus/trading-lessons/trailing-stop-limit-for-desktop/" ] } ], "revision": "fb412e8ed3fbb43d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/transazioni-blockchain-fee-conferme-e-finalita", "locale": "it", "title": "Transazioni blockchain: fee, conferme e finalità", "summary": "Il ciclo completo di una transazione blockchain: firma, propagazione, mempool, validazione, inclusione, fee, conferme e finalità senza confondere stati diversi.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/transazioni-blockchain-fee-conferme-e-finalita/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Blockchain Technology Overview — struttura dei registri, transazioni, consenso, resistenza alle modifiche e limiti.", "urls": [ "https://www.nist.gov/publications/blockchain-technology-overview" ] }, { "text": "Bitcoin — A Peer-to-Peer Electronic Cash System — firme, proof of work, catena e conferme probabilistiche nel disegno Bitcoin.", "urls": [ "https://bitcoin.org/bitcoin.pdf" ] }, { "text": "Bitcoin Developer Guide — Payment processing — stati non confermato/confermato e gestione del rischio di double spend nel caso Bitcoin.", "urls": [ "https://developer.bitcoin.org/devguide/payment_processing.html" ] }, { "text": "Ethereum.org — Transactions — campi, firma, transaction pool, inclusione e ciclo della transazione Ethereum.", "urls": [ "https://ethereum.org/developers/docs/transactions/" ] }, { "text": "Ethereum.org — Gas and fees — risorse computazionali, gas limit e mercato delle fee Ethereum.", "urls": [ "https://ethereum.org/developers/docs/gas/" ] }, { "text": "Ethereum.org — Proof of stake and finality — checkpoint, giustificazione e finalità nel protocollo Ethereum.", "urls": [ "https://ethereum.org/developers/docs/consensus-mechanisms/pos/" ] } ], "revision": "c75f56e44d5661bf", "translation_state": "source", "kind": "concept", "entity_type": "blockchain-transaction-lifecycle", "topics": [ "blockchain", "transactions", "fees", "gas", "confirmations", "finality", "wallets" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "understand-blockchain-transaction-lifecycle", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/trasmissione-della-politica-monetaria", "locale": "it", "title": "Trasmissione della politica monetaria", "summary": "I canali da tassi ufficiali e bilancio della banca centrale a mercato monetario, credito, cambio, domanda, occupazione e prezzi, con ritardi e intensità variabili.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trasmissione-della-politica-monetaria/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ECB, Transmission mechanism, documentazione ufficiale — canali della politica monetaria.", "urls": [ "https://www.ecb.europa.eu/mopo/intro/transmission/html/index.en.html" ] }, { "text": "Federal Reserve, Monetary Policy Report, documentazione ufficiale — valutazione ufficiale di condizioni e trasmissione.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/mpr_default.htm" ] }, { "text": "BIS, Monetary policy, documentazione ufficiale — ricerca istituzionale su strumenti e trasmissione.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "75f9534e304a88ef", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/trasmissione-macro-tra-azioni-obbligazioni-valute-e-commodity", "locale": "it", "title": "Trasmissione macro tra azioni, obbligazioni, valute e commodity", "summary": "Una mappa condizionale dei canali con cui crescita, inflazione, tassi e liquidità raggiungono utili, curve, cambi e materie prime senza trasformarsi in segnali meccanici.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trasmissione-macro-tra-azioni-obbligazioni-valute-e-commodity/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Annual Economic Report, documentazione ufficiale — interazioni tra economia, finanza e politica monetaria.", "urls": [ "https://www.bis.org/publ/arpdf/ar2025e.htm" ] }, { "text": "IMF, Global Financial Stability Report, documentazione ufficiale — trasmissione macro-finanziaria e rischi cross-asset.", "urls": [ "https://www.imf.org/en/Publications/GFSR" ] }, { "text": "ECB, Financial Stability Review, documentazione ufficiale — condizioni finanziarie e stabilità dell’area euro.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html" ] } ], "revision": "4d57d9161574bcdf", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/trend", "locale": "it", "title": "Trend", "summary": "Direzione prevalente del prezzo in un intervallo di tempo: sequenza di massimi e minimi crescenti (rialzo) o decrescenti (ribasso).", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trend/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e6cbc031721bd901", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "bronze", "path_module": "price_action", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/trigger", "locale": "it", "title": "Trigger", "summary": "Evento esecutivo che autorizza il click — timing preciso dopo contesto e prima della conferma opzionale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/trigger/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "63a1232b33e414ff", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "setup", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/twap", "locale": "it", "title": "TWAP: benchmark temporale e algoritmo di esecuzione", "summary": "TWAP può indicare una media temporale usata come benchmark oppure una strategia algoritmica che suddivide un ordine parent nel tempo. Il nome non garantisce fill, prezzo, riduzione dell'impatto né uguaglianza fra child order.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/twap/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase Help, Advanced Trade order types — TWAP orders — parametri, suborder, redistribuzione, modalità passiva/aggressiva e randomizzazione dell'implementazione documentata.", "urls": [ "https://help.coinbase.com/en-in/coinbase/trading-and-funding/advanced-trade/order-types" ] }, { "text": "Coinbase Developer Documentation, Prime — Order Types — parametri degli ordini TWAP e distinzione dai VWAP nel prodotto Prime.", "urls": [ "https://docs.cdp.coinbase.com/prime/concepts/trading/order-types" ] }, { "text": "EUR-Lex, Direttiva 2014/65/UE, articolo 4(1)(39) — definizione di algorithmic trading ed esclusione del mero routing.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA, Supervisory Briefing on Algorithmic Trading in the EU, 26 febbraio 2026 — parametri automatizzati, governance, test, outsourcing e controlli pre-trade.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] } ], "revision": "1c3fcc8d019186cd", "translation_state": "source", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "execution", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/uscita-parziale", "locale": "it", "title": "Uscita parziale", "summary": "Chiudere una quota a target intermedi — bilancia profitto realizzato e runner sul trend.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/uscita-parziale/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ef00dac163c8ac0d", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "position", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/validazione-serie-temporali-e-walk-forward", "locale": "it", "title": "Validazione delle serie temporali e walk-forward", "summary": "Disegni cronologici rolling ed expanding per separare sviluppo e valutazione rispettando dipendenza, orizzonte informativo e reale sequenza delle decisioni.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/validazione-serie-temporali-e-walk-forward/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review — tassonomia e motivazione delle valutazioni rolling-origin fuori campione.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman e Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction — condizioni precise sotto cui il k-fold può essere valido per modelli autoregressivi.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "Jeffrey S. Racine, Consistent cross-validatory model-selection for dependent data: hv-block cross-validation — proposta di separazione a blocchi per dati dipendenti, da usare con le assunzioni e le successive discussioni metodologiche.", "urls": [ "https://doi.org/10.1016/S0304-4076(00)00030-0" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — indice ufficiale Wiley — riferimento autoriale per purging ed embargo; non è presentato come consenso universale o paper originario peer-reviewed.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "702c5cbf7daed0c4", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "time-series-validation", "walk-forward", "cross-validation", "out-of-sample" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/value-area", "locale": "it", "title": "Value Area", "summary": "Intervallo centrale di un profilo, calcolato su volume o TPO con un algoritmo dichiarato. Il 70% è una convenzione, non una regola universale.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/value-area/", "published": "2026-06-25", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, p. 33 — esempio e distinzione fra Volume Value Area e TPO Value Area.", "urls": [] }, { "text": "J. Peter Steidlmayer e Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, sez. I, cap. 6 — relazione storica fra prezzo, tempo e costruzione del profilo.", "urls": [] } ], "revision": "fbe9dbd98c6791ee", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/var", "locale": "it", "title": "VaR (Value at Risk)", "summary": "Il VaR è un quantile della distribuzione stimata delle perdite, definito per perimetro, orizzonte e livello di confidenza. Non è la perdita massima e non descrive la gravità degli esiti oltre la soglia.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/var/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Framework — MAR10, Market risk terminology", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Framework — MAR32, backtesting and P&L attribution requirements", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/32.htm" ] }, { "text": "Basel Committee — Explanatory note on the minimum capital requirements for market risk", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "SEC — Use of Derivatives by Registered Investment Companies and Business Development Companies, final rule", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] }, { "text": "Artzner, Delbaen, Eber e Heath — Coherent Measures of Risk", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "2bf3fab8c14b7543", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "risk-measurement", "value-at-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/varianza", "locale": "it", "title": "Varianza", "summary": "Dispersione quadratica dei rendimenti attorno alla media — misura base dell'instabilità del sistema.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/varianza/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0159c10e9427bfa9", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "gold", "path_module": "edge", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/vega-delle-opzioni", "locale": "it", "title": "Vega delle opzioni", "summary": "Il vega misura la variazione locale del valore di un'opzione rispetto alla volatilità implicita usata dal modello. Scala, superficie, scadenza e segno della posizione sono parte della misura.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/vega-delle-opzioni/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Vega — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-vega-the-greeks" ] }, { "text": "Cboe, SR-CBOE-2019-126 — definizione e convenzione per un punto percentuale di volatilità.", "urls": [ "https://cdn.cboe.com/resources/regulation/rule_filings/approved/2019/SR-CBOE-2019-126.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — fattori e aggregazione della sensitività vega nel perimetro regolamentare.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "5d7ec8bdd08f1c24", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "volatility", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/concetti/vendita-allo-scoperto", "locale": "it", "title": "Vendita allo scoperto", "summary": "La vendita allo scoperto di azioni consiste normalmente nel vendere titoli presi in prestito e ricomprarli per restituirli. Espone a rischio di rialzo, margine, disponibilità e costo del prestito, richiami, short squeeze e regole specifiche della giurisdizione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/vendita-allo-scoperto/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Key Points About Regulation SHO — meccanica della short sale, prestito, margine, dividendi, rischio di perdita, locate e close-out.", "urls": [ "https://www.sec.gov/investor/pubs/regsho.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Short Sales — Regulation SHO, Final Rule — marcatura, locate e disciplina delle failure to deliver.", "urls": [ "https://www.sec.gov/rules-regulations/2004/07/short-sales" ] }, { "text": "European Securities and Markets Authority, Short Selling — perimetro SSR, posizioni coperte, trasparenza, esenzioni e poteri di intervento.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/short-selling" ] } ], "revision": "d972af77591a63c9", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "safety" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/volatilita", "locale": "it", "title": "Volatilità: significato, misure e limiti", "summary": "La volatilità descrive la dispersione dei rendimenti, non la direzione del mercato. Frequenza, finestra, stimatore e annualizzazione sono parte indispensabile di ogni misura.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/volatilita/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, CFTC Glossary — Volatility — definizione istituzionale e distinzione fra volatilità storica e implicita.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "The Options Industry Council, Volatility & the Greeks — volatilità storica, implicita e sensitività delle opzioni.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "National Institute of Standards and Technology, Measures of Scale — deviazione standard e misure robuste di dispersione.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Michael Parkinson, The Extreme Value Method for Estimating the Variance of the Rate of Return, The Journal of Business, 1980 — stimatore basato sul range.", "urls": [ "https://doi.org/10.1086/296071" ] }, { "text": "Torben G. Andersen, Tim Bollerslev, Francis X. Diebold e Heiko Ebens, The Distribution of Realized Stock Return Volatility, Journal of Financial Economics, 2001 — costruzione e distribuzione della volatilità realizzata ad alta frequenza.", "urls": [ "https://doi.org/10.1016/S0304-405X(01)00055-1" ] }, { "text": "Cboe Global Indices, VIX White Paper — esempio di misura forward-looking ricavata da prezzi di opzioni secondo una metodologia pubblicata; non è una misura universale della volatilità.", "urls": [ "https://cdn.cboe.com/resources/vix/vixwhite.pdf" ] } ], "revision": "60e1f19a8acf2673", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "risk-management", "volatility", "statistics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/volatilita-implicita-e-realizzata", "locale": "it", "title": "Volatilità implicita e realizzata", "summary": "Volatilità realizzata e implicita rispondono a domande diverse: la prima stima la dispersione dei rendimenti osservati con una metodologia dichiarata, la seconda è il parametro che riconcilia un prezzo d'opzione con un modello specificato.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/volatilita-implicita-e-realizzata/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Technical Information — definizioni operative di volatilità storica e implicita.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "Options Industry Council, Volatility & the Greeks — relazione fra volatilità, valutazione e greche.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — confronto fra misure storiche e implicite e natura modellistica degli output.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV, prezzi e differenze lungo gli strike.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Understanding Options Analytics: Greeks and Implied Volatility — coordinate analitiche e sensitività.", "urls": [ "https://www.cmegroup.com/education/lessons/understanding-options-analytics-greek-and-implied-volatility" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — fonte primaria del modello classico.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — caratteristiche contrattuali e rischi delle opzioni standardizzate.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "955af054edf91ae1", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "options", "volatility", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/volatility-targeting", "locale": "it", "title": "Volatility targeting", "summary": "Metodo che scala l’esposizione di un portafoglio in base a una stima di volatilità per perseguire un livello ex ante, entro cap, costi e vincoli dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/volatility-targeting/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MSCI, MSCI Risk Control Indexes Methodology — esempio primario di metodologia con stima, ritardo, componente cash e regole specifiche.", "urls": [ "https://www.msci.com/eqb/methodology/meth_docs/MSCI_Risk_Control_Indexes_Methodology_Sept2022.pdf" ] }, { "text": "Alan Moreira e Tyler Muir, Volatility Managed Portfolios, NBER Working Paper 22208; versione pubblicata in The Journal of Finance — scaling inverso alla varianza e risultati empirici sui campioni studiati.", "urls": [ "https://www.nber.org/papers/w22208" ] }, { "text": "Scott Cederburg, Michael S. O’Doherty, Feifei Wang e Xuemin Yan, On the Performance of Volatility-Managed Portfolios, poi Journal of Financial Economics — verifica su numerose strategie e limiti delle versioni fuori campione realizzabili.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3357038" ] }, { "text": "Jeff Fleming, Chris Kirby e Barbara Ostdiek, The Economic Value of Volatility Timing, The Journal of Finance — studio originario del valore economico del volatility timing in uno specifico quadro condizionale media-varianza.", "urls": [ "https://doi.org/10.1111/0022-1082.00327" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — formule metodologiche per leverage factor, target e volatilità realizzata negli indici risk control.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] } ], "revision": "257bb32f506ebc35", "translation_state": "source", "kind": "concept", "entity_type": "concept", "topics": [ "volatility-targeting", "exposure-scaling", "portfolio-risk", "dynamic-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/volume-di-scambio", "locale": "it", "title": "Volume di scambio", "summary": "Quantità di azioni, contratti o unità trasferite in un intervallo. Ogni transazione è contata una volta per la quantità scambiata; il volume da solo non indica direzione o intenzione.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/volume-di-scambio/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, What Is Volume? — definizione per i futures ed esempio di una transazione da un contratto che aumenta il volume di uno.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] }, { "text": "Nasdaq, Volume e Nasdaq-Opedia, pp. 340–341 — quantità di azioni trasferite; 100 azioni fra A e B producono volume 100.", "urls": [ "https://www.nasdaq.com/glossary/v/volume", "https://www.nasdaq.com/docs/2021/10/11/opedia%20booket28.pdf" ] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, The Ticker Publishing Company, 1910, cap. V, “The Significance of Volumes” — fonte primaria della lettura storica volume–movimento e delle sue cautele.", "urls": [] } ], "revision": "870b9f043e18877d", "translation_state": "source", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "microstructure", "volumetric" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": "volumetric, all", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/volume-profile", "locale": "it", "title": "Volume Profile: volume per prezzo e impostazioni", "summary": "Il Volume Profile aggrega il volume eseguito per fascia di prezzo in un intervallo scelto. Periodo, sessione, righe, fonte dati e algoritmo della Value Area cambiano il profilo.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/volume-profile/", "published": "2026-06-25", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documenta volume per incremento di prezzo, tipi di periodo, tick size, qualità dei record e calcoli di POC e Value Area.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — definisce POC e Value Area, indica il 70% come valore tipico configurabile e descrive fonti e metodi di volume diversi per strumento.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] }, { "text": "CME Group, Market by Price Multiple Depth Book — descrive la quantità di ordini disponibili per livello nel book, utile per distinguerla dal volume già eseguito del profilo.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457574047" ] } ], "revision": "590aaad36113ea3e", "translation_state": "source", "kind": "concept", "entity_type": "volume-by-price-concept", "topics": [ "volume-profile", "volume-by-price", "POC", "value-area", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "informational", "path_tier": "", "path_module": "", "lenses": "volumetric, all", "pillar": "concetto", "hub": "it/hub/concetti" }, { "key": "it/concetti/win-rate", "locale": "it", "title": "Win rate", "summary": "Percentuale di trade in profitto — utile solo accoppiata a payoff e expectancy, non da sola.", "url": "https://www.emiciclo.com/cyclepedia/it/concetti/win-rate/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "fde91b2ab9b96bf0", "translation_state": "source", "kind": "concept", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "silver", "path_module": "metrics", "lenses": "all", "pillar": "concept", "hub": "it/hub/concetti" }, { "key": "it/emiciclo/assemblea", "locale": "it", "title": "Assemblea", "summary": "Assemblea è il software Emiciclo che riunisce una seduta di voto sul mercato e l'area video Direktor. Mostra consenso e reputazione del campione, ma non trasforma il voto collettivo in una previsione certa.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/assemblea/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su codice e documentazione corrente del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Assemblea — superficie ufficiale dell'app, verificata il 2026-08-08.", "urls": [ "https://app.emiciclo.com/assemblea" ] }, { "text": "Direktor — area video ufficiale collegata ad Assemblea.", "urls": [ "https://app.emiciclo.com/assemblea/direktor" ] }, { "text": "Codice applicativo e regole correnti di sedute, voto, reputazione e player — fonti primarie proprietarie confrontate durante la revisione; non costituiscono verifica indipendente.", "urls": [] } ], "revision": "44a60fb5faebab65", "translation_state": "source", "kind": "product-guide", "entity_type": "software_application", "topics": [ "emiciclo", "assemblea", "market-sentiment", "community-consensus", "trader-reputation", "educational-video" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "assemblea", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclepedia", "locale": "it", "title": "Cyclepedia", "summary": "Cyclepedia è l'enciclopedia pubblica e gratuita del trading curata da Emiciclo. Organizza definizioni, discipline, metodi, storia e rischio con fonti visibili, pagine multilingue e Nicola, l'assistente ancorato al corpus.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclepedia/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI sul corpus e sulla pipeline pubblica; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Cyclepedia — sito pubblico ufficiale.", "urls": [ "https://www.emiciclo.com/cyclepedia/" ] }, { "text": "Politica editoriale — principi, fonti, review e correzioni.", "urls": [ "https://www.emiciclo.com/cyclepedia/it/hub/politica-editoriale/" ] }, { "text": "Indice stabile machine-readable — pagine pubblicabili e metadati.", "urls": [ "https://www.emiciclo.com/cyclepedia/_data/stable-index.json" ] }, { "text": "Indice di retrieval di Nicola — estratti e citazioni disponibili all'assistente.", "urls": [ "https://www.emiciclo.com/cyclepedia/_data/ask-index.json" ] }, { "text": "Carta editoriale, registro linguistico e pipeline di build Cyclepedia, verificati sulla sorgente corrente; fonti primarie del progetto, non verifica indipendente.", "urls": [] } ], "revision": "ee99480582d327a7", "translation_state": "source", "kind": "product-guide", "entity_type": "digital_reference_work", "topics": [ "emiciclo", "cyclepedia", "trading-encyclopedia", "financial-education", "knowledge-base", "retrieval-augmented-generation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional", "researcher" ], "search_intent": "comprehensive-guide", "product_id": "cyclepedia", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic", "locale": "it", "title": "CycleSic", "summary": "CycleSic è il terminale grafico e di analisi ciclica Emiciclo. Questa voce chiarisce funzioni, accesso, limiti e collega il manuale operativo verificato schermata per schermata.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su codice, documentazione e interfaccia del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — interfaccia operativa ufficiale.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "App Emiciclo — sessione, profilo e accesso ai software.", "urls": [ "https://app.emiciclo.com/" ] }, { "text": "Sito ufficiale Emiciclo — identità dell’ecosistema e accessi pubblici.", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "Verifica tecnica Cyclepedia: controllo redazionale del 2026-08-08 sul wrapper src/products/cyclesic/, sul runtime cyclesic-v2/, sul catalogo indicatori, sugli strumenti grafici, sui layout e sul motore degli allarmi. Le logiche proprietarie non sono state riprodotte.", "urls": [] } ], "revision": "b7004b58b491ee05", "translation_state": "source", "kind": "product-guide", "entity_type": "software_application", "topics": [ "cyclic", "technical", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "cyclesic", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/allarmi", "locale": "it", "title": "CycleSic: creare e gestire gli allarmi", "summary": "Come creare allarmi di prezzo o tempo in CycleSic, spostarli sul grafico, attivarli o disattivarli e controllare pannello e storico degli eventi.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/allarmi/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — pannello e grafico operativi.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[impostazioni-mobile|Impostazioni e mobile]] — tutorial gesti e preferenze degli alert.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-08 su pannello, menu grafico, record prezzo/tempo/indicatore, attivazione, storico e canali del runtime cyclesic-v2/.", "urls": [] } ], "revision": "73ad63ca4c96f38b", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "risk", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "allarmi", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/analisi-ciclica", "locale": "it", "title": "CycleSic: analisi ciclica, composita e spettro", "summary": "Come orientarsi nelle superfici cicliche di CycleSic: ciclo, composita, spettro e Cycle Intelligence, senza trasformare gli output in previsioni certe.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/analisi-ciclica/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — superfici operative correnti.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[../../hub/discipline-analisi-ciclica|Analisi ciclica]] e [[../../glossario/fld|FLD]] — contesto enciclopedico e limiti interpretativi.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-08 su viste, pannelli, curriculum integrato e flussi osservabili del runtime cyclesic-v2/; nessun algoritmo proprietario è riprodotto.", "urls": [] } ], "revision": "35b2d98d7b4dba64", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "cyclic", "technical", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "analisi-ciclica", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/disegni-misure", "locale": "it", "title": "CycleSic: disegni, Fibonacci e misure sul grafico", "summary": "Come usare il dock di CycleSic per tracciare linee, canali, forme, Fibonacci, testi, misure e strumenti posizione e poi modificarli o eliminarli.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/disegni-misure/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — dock grafico operativo.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[layout-snapshot|Layout e snapshot]] — conservazione ed esportazione del lavoro.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-08 sul dock e sui moduli degli strumenti grafici del runtime cyclesic-v2/.", "urls": [] } ], "revision": "d3288eacfa11623b", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "disegni-misure", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/elliott-wave", "locale": "it", "title": "CycleSic: come leggere il conteggio Elliott Wave", "summary": "Guida operativa al conteggio Elliott Wave di CycleSic: come attivarlo, leggere stadio, direzione, attendibilità, invalidazione e zone, e riconoscerne i limiti.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/elliott-wave/", "published": "2026-07-21", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, runtime e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — interfaccia operativa e stato di accesso correnti.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "Pattern Recognition: Your First Step to Using Elliott Waves — sintesi della codificazione moderna di impulso e correzione.", "urls": [ "https://www.elliottwave.com/articles/pattern-recognition-your-first-step-to-using-elliott-waves/" ] }, { "text": "Corrective Waves — varietà e difficoltà di identificazione delle strutture correttive.", "urls": [ "https://www.elliottwave.com/waveopedia/corrective-waves/" ] }, { "text": "Elliott Wave Principle, Frost e Prechter — opera di codificazione successiva agli scritti di R. N. Elliott.", "urls": [ "https://www.elliottwave.com/books/elliott-wave-principle/" ] }, { "text": "[[../../trader/ralph-nelson-elliott|Ralph Nelson Elliott]] — origine storica, opere e limiti di attribuzione.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-16 su registro, pannello, renderer, eventi alert e contratto di output del runtime CycleSic; formule e regole proprietarie escluse.", "urls": [] } ], "revision": "816bd2a5d1f42794", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "cyclic", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "indicatore-elliott-wave", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/impostazioni-mobile", "locale": "it", "title": "CycleSic: impostazioni e uso su mobile", "summary": "Come aprire le impostazioni CycleSic, modificare aspetto, analisi, alert, trade e sistema e usare barra e tutorial gesti su smartphone.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/impostazioni-mobile/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — impostazioni e interfaccia responsive.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[interfaccia-grafico|Interfaccia e viste]] — struttura generale.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-08 su menu Impostazioni, scale, superfici e tutorial gesti del runtime cyclesic-v2/.", "urls": [] } ], "revision": "49607aee490a3923", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "accessibility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "impostazioni-mobile", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/indicatori", "locale": "it", "title": "CycleSic: come usare gli indicatori", "summary": "Come aprire il catalogo indicatori di CycleSic, aggiungere uno studio, configurarlo, distinguerne lo stato e rimuoverlo senza confondere accesso, dati e risultato.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/indicatori/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — catalogo e pannelli operativi.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[analisi-ciclica|Analisi ciclica in CycleSic]] — uso prudente delle superfici cicliche.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-08 sul catalogo visibile e sul registro degli indicatori del runtime cyclesic-v2/; le implementazioni matematiche proprietarie sono escluse.", "urls": [] } ], "revision": "914192b7e16289d7", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "cyclic", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "indicatori", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/interfaccia-grafico", "locale": "it", "title": "CycleSic: interfaccia, grafico e viste", "summary": "Guida alle aree dell'interfaccia CycleSic e alle viste Dashboard, Prezzo, Ciclo e Spettro, con controlli del grafico su desktop e mobile.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/interfaccia-grafico/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — interfaccia operativa.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[manuale|Manuale CycleSic]] — percorso completo.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-08 su cyclesic-v2/index.html, gestione delle viste e layout del grafico nel runtime corrente.", "urls": [] } ], "revision": "30196f44785c0b6b", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "cyclic", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "interfaccia-grafico", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/layout-snapshot", "locale": "it", "title": "CycleSic: layout e snapshot", "summary": "Come salvare, applicare e controllare un layout CycleSic e come creare, copiare o scaricare uno snapshot del grafico con o senza disegni.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/layout-snapshot/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — gestore layout e snapshot operativi.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[disegni-misure|Disegni e misure]] — preparazione degli oggetti grafici.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-08 sui flussi layout, ripristino vista e snapshot desktop/mobile nel runtime cyclesic-v2/.", "urls": [] } ], "revision": "32bd424d82b76f0c", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "layout-snapshot", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/manuale", "locale": "it", "title": "Manuale CycleSic", "summary": "Il manuale operativo di CycleSic spiega l'interfaccia funzione per funzione: asset, timeframe, viste, analisi ciclica, indicatori, disegni, layout, snapshot, impostazioni, mobile e allarmi.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/manuale/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — interfaccia operativa ufficiale.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[../cyclesic|CycleSic: panoramica del prodotto]] — perimetro, accesso e limiti generali.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: navigazione e confronto del 2026-08-08 con il runtime cyclesic-v2/, inclusi controlli desktop/mobile, viste, catalogo, strumenti, layout, snapshot e allarmi.", "urls": [] } ], "revision": "f65da9f0a3be8033", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "cyclic", "technical", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "indice", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/primo-avvio-dati", "locale": "it", "title": "CycleSic: primo avvio, asset, timeframe e dati", "summary": "Come aprire CycleSic, selezionare un asset e un timeframe e controllare che i dati caricati siano adatti all'analisi.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/primo-avvio-dati/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — selettori e grafico operativi.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[manuale|Manuale CycleSic]] — indice delle procedure collegate.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: controllo del 2026-08-08 su barra asset/timeframe, flusso di caricamento e ripristino della vista nel runtime cyclesic-v2/.", "urls": [] } ], "revision": "1a482c37d1653a7f", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "data-validation", "cyclic" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "manual_for": "cyclesic", "manual_section": "primo-avvio-dati", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/cyclesic/problemi-comuni", "locale": "it", "title": "CycleSic non funziona: problemi comuni e controlli", "summary": "Diagnosi guidata dei problemi comuni di CycleSic: grafico vuoto, dati insufficienti, indicatore bloccato, layout fuori campo, allarmi e gesti mobile.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/cyclesic/problemi-comuni/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su interfaccia, codice e documentazione del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CycleSic nell’app Emiciclo — stato operativo corrente.", "urls": [ "https://app.emiciclo.com/cyclesic" ] }, { "text": "[[primo-avvio-dati|Primo avvio e dati]], [[indicatori|Indicatori]], [[layout-snapshot|Layout e snapshot]] e [[allarmi|Allarmi]] — procedure specifiche.", "urls": [] }, { "text": "Verifica tecnica Cyclepedia: matrice diagnostica redazionale del 2026-08-08 confrontata con i flussi di dati, accesso, vista salvata, indicatori, mobile e allarmi del runtime cyclesic-v2/.", "urls": [] } ], "revision": "ab1962486dcd0fe9", "translation_state": "source", "kind": "product-manual", "entity_type": "how_to", "topics": [ "technical", "data-validation", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "troubleshooting", "manual_for": "cyclesic", "manual_section": "problemi-comuni", "ui_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/quadro-ciclico", "locale": "it", "title": "Quadro Ciclico", "summary": "Quadro Ciclico è il software Emiciclo che confronta la struttura ciclica di uno strumento su più timeframe. Le viste Meridiana (Orologio) e Composita aiutano a orientarsi fra fasi e ritmi, senza produrre segnali certi.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/quadro-ciclico/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su codice e interfaccia del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Quadro Ciclico — superficie ufficiale dell'app, verificata il 2026-08-08.", "urls": [ "https://app.emiciclo.com/quadro-ciclico" ] }, { "text": "App Emiciclo — menu, identità e accesso ufficiali.", "urls": [ "https://app.emiciclo.com/" ] }, { "text": "Codice applicativo corrente delle viste Quadro, del gate di route e delle pipeline dati — fonte primaria proprietaria confrontata durante la revisione; non costituisce verifica indipendente.", "urls": [] } ], "revision": "f2ede8522fe53983", "translation_state": "source", "kind": "product-guide", "entity_type": "software_application", "topics": [ "emiciclo", "quadro-ciclico", "cyclic-analysis", "multi-timeframe-analysis", "composite-cycle" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "quadro", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": "", "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/tornei", "locale": "it", "title": "Tornei", "summary": "Tornei è il software competitivo Emiciclo che riunisce Maestro e Holy Hour in due zone con regole, metriche, iscrizione e classifiche proprie.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/tornei/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su codice, documentazione e interfaccia del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Hub Tornei nell’app Emiciclo — zone, stato e accesso operativo correnti.", "urls": [ "https://app.emiciclo.com/tournaments" ] }, { "text": "Pagina ufficiale Maestro — presentazione e onboarding della zona, quando disponibili.", "urls": [ "https://app.emiciclo.com/maestro" ] }, { "text": "Sito ufficiale Emiciclo — identità dell’ecosistema e accesso ai servizi pubblici.", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "Informativa privacy Emiciclo — trattamento dei dati e contatti del titolare.", "urls": [ "https://www.emiciclo.com/privacy.html" ] }, { "text": "Verifica tecnica Cyclepedia: confronto redazionale del 2026-08-08 con src/products/tornei/, src/products/maestro/, route canoniche, guide alle regole, onboarding e sorgenti runtime. I dati dinamici delle competizioni sono stati esclusi dalle affermazioni stabili.", "urls": [] } ], "revision": "cf11a1ca0fd03213", "translation_state": "source", "kind": "product-guide", "entity_type": "software_application", "topics": [ "performance", "risk", "data-validation" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "tornei", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/emiciclo/ufficio", "locale": "it", "title": "Ufficio", "summary": "Ufficio è il trading journal Emiciclo che importa dati da account compatibili e organizza dashboard, analytics, dettaglio trade e review, con limiti di sincronizzazione dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/emiciclo/ufficio/", "published": "2026-08-08", "updated": "2026-08-09", "reviewed": "2026-08-09", "reviewed_by": "Codex, Chief Editor Cyclepedia (revisione editoriale AI su codice, documentazione e interfaccia del prodotto; nessuna revisione umana dichiarata)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ufficio nell’app Emiciclo — interfaccia, onboarding e stato operativo corrente.", "urls": [ "https://app.emiciclo.com/ufficio" ] }, { "text": "Sito ufficiale Emiciclo — identità dell’ecosistema e accesso ai servizi pubblici.", "urls": [ "https://www.emiciclo.com/" ] }, { "text": "Accesso e piani ufficiali — fonte corrente per condizioni di accesso, non riprodotte in questa guida.", "urls": [ "https://www.emiciclo.com/pricing/" ] }, { "text": "Informativa privacy Emiciclo — trattamento dei dati e contatti del titolare.", "urls": [ "https://www.emiciclo.com/privacy.html" ] }, { "text": "Verifica tecnica Cyclepedia: confronto redazionale del 2026-08-08 con src/products/ufficio/, contesti di autenticazione e profilo, catalogo exchange, funzioni di sincronizzazione e tutorial inclusi nel repository runtime.", "urls": [] } ], "revision": "dc849a41b827a34b", "translation_state": "source", "kind": "product-guide", "entity_type": "software_application", "topics": [ "performance", "data-validation", "psychology", "risk" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "product_id": "ufficio", "provenance_layer": "emiciclo-product", "relationship_disclosure": "publisher-is-vendor", "product_verified": "2026-08-08", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "prodotto", "hub": "it/hub/emiciclo" }, { "key": "it/fondamenti/analisi-ciclica", "locale": "it", "title": "Analisi ciclica", "summary": "L'analisi ciclica studia oscillazioni ricorrenti nei mercati per misurare periodi, fasi e timing operativo — complemento al trend, non sostituto.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/analisi-ciclica/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "f2da9b05744c9069", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/analisi-fourier-hurst", "locale": "it", "title": "L'analisi di Fourier, passo passo (Hurst)", "summary": "La procedura di Lanczos come la insegna il libro: due sequenze dal centro della serie, le frequenze da Z = π/((m−1)/2), le ampiezze seno/coseno e lo spettro composito.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/analisi-fourier-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "05b69a67fcbdbee8", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/analisi-spettrale-hurst", "locale": "it", "title": "L'analisi spettrale (Hurst, Cap. 11)", "summary": "Il capitolo per le menti curiose: perché l'analisi numerica, cosa significa uno spettro di frequenza, e il punto vitale — il 23% ciclico è un processo intrinseco, non un artefatto.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/analisi-spettrale-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "2d8c7d3117964154", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/appendice-i-spettro-djia-hurst", "locale": "it", "title": "Appendice I — Lo spettro del DJIA, 44 anni (Hurst)", "summary": "L'«ordine che non dovrebbe esserci»: lo spettro 1921–1965, la legge a=k/ω che rende uguale l'impatto massimo di ogni ciclo, i comb filter e le righe spettrali a 0,3676 rad/anno.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/appendice-i-spettro-djia-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a46973c0781295e7", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/appendice-ii-commonality-hurst", "locale": "it", "title": "Appendice II — La commonality generalizzata (Hurst)", "summary": "Il Dow e lo S&P 500 sovrapposti dal 1949 al 1961: fluttuazioni identiche fino al minimo dettaglio — la prova che la firma spettrale vale per un quarto di tutti i titoli quotati.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/appendice-ii-commonality-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "306902ed32b13a25", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/appendice-iv-risposta-medie-mobili-hurst", "locale": "it", "title": "Appendice IV — Come risponde una media mobile (Hurst)", "summary": "La derivazione esatta: aᵣ = (1+2f)/n, lag di mezzo span, zero al periodo = span, il lobo d'errore costante −0,23 — e perché un filtro così mediocre funziona sui prezzi.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/appendice-iv-risposta-medie-mobili-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c3ed11ea9f7048e9", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/appendice-v-interpolazione-parabolica-hurst", "locale": "it", "title": "Appendice V — L'interpolazione parabolica (Hurst)", "summary": "Una parabola per ogni terna di punti: la tecnica con cui il libro riporta le uscite dei filtri a un intervallo comune — formula esatta, procedura a finestra scorrevole, limiti.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/appendice-v-interpolazione-parabolica-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "311237276592e4ae", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/appendice-vi-metodo-prony-hurst", "locale": "it", "title": "Appendice VI — Il curve fitting trigonometrico (Hurst)", "summary": "Misurare oggettivamente frequenza, ampiezza e fase delle sinusoidi in un'uscita di filtro: minimi quadrati generalizzati, polinomi di Chebyshev — e smussamento gratis, senza lag aggiuntivo.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/appendice-vi-metodo-prony-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "019e4e43a1d6df55", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/cicli-nominali-hurst", "locale": "it", "title": "Cicli nominali Hurst", "summary": "La Tabella II-1 del libro (1970): le durate nominali dei cicli di mercato, da 18 anni a 1,625 settimane, e come si usano per misurare i cicli reali.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/cicli-nominali-hurst/", "published": "2026-06-22", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (agente AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 2, Tabella II-1 p. 33 e misure pp. 37–48.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concetti 5–6, pp. 5–6 — modello nominale armonico, variazione ed estensione moderna sotto la scala giornaliera.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "1f68f30754e0112b", "translation_state": "source", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "foundation", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/cinque-principi-modello-ciclico", "locale": "it", "title": "Cinque principi del modello ciclico Hurst", "summary": "Il moto ciclico dei prezzi segue cinque principi: sommazione, commonality, variazione, nominalità e proporzionalità.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/cinque-principi-modello-ciclico/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "e1d6baede122c710", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/composite-man-wyckoff", "locale": "it", "title": "Composite Man (Wyckoff)", "summary": "Il Composite Man è l'euristica Wyckoff che studia le fluttuazioni come una campagna unitaria, senza postulare un unico operatore reale.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/composite-man-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Richard D. Wyckoff, The Richard D. Wyckoff Method of Trading in Stocks, sezione 9; record bibliografico WorldCat.", "urls": [ "https://search.worldcat.org/es/title/The-Richard-D.-Wyckoff-Method-of-trading-in-stocks-%3A-a-course-of-instruction-in-stock-market-science-and-technique-based-on-forty-years%27practical-experience-in-Wall-Street-including-nineteen-years-as-editor-of-the-%22Magazine-of-Wall-Street%22-founded-by-him-in-1907/oclc/493388260" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Wyckoff's Composite Man”, che riproduce il passo del corso e lo qualifica come euristica.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, per l'uso del modello nella struttura del range.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "4afeca590c4b7f54", "translation_state": "source", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "foundation", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/decomposizione-spettrale-djia-hurst", "locale": "it", "title": "Le sei componenti del DJIA 1935–1951 (Hurst)", "summary": "La Fig. IX-4: sei curve regolari estratte da 884 settimane di Dow con oltre tre milioni di calcoli — la somma riproduce il prezzo entro ±1%. E la caduta di Francia spiegata dai cicli.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/decomposizione-spettrale-djia-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "dc640760f23bac7e", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/eventi-storici-e-ciclicita-hurst", "locale": "it", "title": "Eventi storici e ciclicità di mercato (Hurst)", "summary": "La Fig. IX-2 alla prova: Corea, Vietnam, devalutazioni, Eisenhower, Cuba, Kennedy — i cicli continuano come un orologio. E il PNL come candidato per il trend (Fig. IX-3).", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/eventi-storici-e-ciclicita-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ae68034c5a013aee", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/filtri-numerici-ormsby-hurst", "locale": "it", "title": "I filtri numerici di Ormsby (Hurst)", "summary": "Il setaccio delle frequenze: low-pass, high-pass e band-pass; la legge lag-precisione; il progetto di Ormsby con la regola n·t·Δω = 500–700 e il design del libro (199 pesi, 2,8–6,0 anni).", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/filtri-numerici-ormsby-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "2e62656b44909a02", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/modello-price-motion", "locale": "it", "title": "Modello price motion (Hurst)", "summary": "Hurst scompone il movimento dei prezzi in cinque fattori: random (~2%), eventi storici trascurabili, fondamentali (~75%), shock imprevedibili e ciclicità X (~23%).", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/modello-price-motion/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "e5cfa1f40434372c", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/motivazione-ciclica-x", "locale": "it", "title": "Motivazione ciclica X (Hurst)", "summary": "Il cuore teorico del modello: la deduzione per esclusione della «X motivation» (≈23% del moto), il problema di credibilità dei milioni di investitori all'unisono, e le decisioni irrazionali.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/motivazione-ciclica-x/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b30e3924b7b8cf3f", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/otto-principi-modello-ciclico-hurst", "locale": "it", "title": "Gli otto principi del modello ciclico (corso Hurst)", "summary": "I cinque principi del libro più i tre del Cycles Course — armonicità, sincronicità, ciclicità: il canone completo su cui poggia la phasing analysis.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/otto-principi-modello-ciclico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "9239d26fd8431c8e", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/perche-prezzi-cambiano-hurst", "locale": "it", "title": "Perché i prezzi cambiano (Hurst, Cap. 9)", "summary": "Il capitolo della fiducia: l'anatomia della decisione (Fig. IX-1), i tre moventi del prezzo — fondamentali, caso, motivazione X — e il ruolo vero dei fondamentali.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/perche-prezzi-cambiano-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "3d71de4ca7790208", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "fondamenti", "hub": "it/hub/fondamenti" }, { "key": "it/fondamenti/tre-leggi-wyckoff", "locale": "it", "title": "Tre leggi Wyckoff", "summary": "Le tre leggi Wyckoff spiegate con fonti e limiti: domanda e offerta, causa ed effetto, sforzo e risultato.", "url": "https://www.emiciclo.com/cyclepedia/it/fondamenti/tre-leggi-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Three Wyckoff Laws”, definizioni e guida al count Point & Figure.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Henry O. Pruden e Bernard Belletante, Wyckoff Laws and Tests, CMT Association, applicazione e limiti judgmental.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, per le fasi e il confronto prezzo-volume nel range.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "b7cab02c6cc6c3a5", "translation_state": "source", "kind": "foundation", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "foundation", "hub": "it/hub/fondamenti" }, { "key": "it/glossario/airdrop-farming", "locale": "it", "title": "Airdrop farming: significato, costi e rischi", "summary": "Airdrop farming significa usare protocolli o svolgere attività nella speranza di risultare idonei a una futura distribuzione di token, senza garanzia di riceverla.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/airdrop-farming/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Descrive airdrop legittimi, falsi token, siti di claim e token approval malevoli.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "Optimism, Airdrop #1 — Documenta criteri osservabili e filtri aggiuntivi contro wallet Sybil e spam.", "urls": [ "https://github.com/ethereum-optimism/community-hub/blob/main/pages/op-token/airdrops/airdrop-1.mdx" ] }, { "text": "deBridge Foundation, Airdrop Terms and Conditions — Mostra che criteri, importi e possibili esclusioni dipendono dalle regole della distribuzione.", "urls": [ "https://docs.debridge.foundation/legal/airdrop-terms-and-conditions" ] } ], "revision": "b82d5a3c21616079", "translation_state": "source", "kind": "glossary", "entity_type": "crypto-participation-practice", "topics": [ "airdrop", "eligibility", "sybil-filtering", "wallet-security", "transaction-costs" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/alternative-data", "locale": "it", "title": "Alternative data: cosa sono i dati alternativi", "summary": "I dati alternativi osservano attività fuori da prezzi e bilanci: scopri esempi, controlli di qualità e rischi prima di usarli nel trading.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/alternative-data/", "published": "2026-07-11", "updated": "2026-08-11", "reviewed": "2026-08-11", "reviewed_by": "Chief Editor di Cyclepedia — agente di IA non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC Division of Examinations, Investment Adviser MNPI Compliance Issues — definizione, esempi e rilievi sulla diligenza relativa ai dati alternativi negli Stati Uniti.", "urls": [ "https://www.sec.gov/files/code-ethics-risk-alert.pdf" ] }, { "text": "CFA Institute, Data science and AI: A guide for investment managers — ciclo del dato, fonti non tradizionali, qualità e principi di governance.", "urls": [ "https://www.cfainstitute.org/insights/articles/data-science-ai-guide-for-investment-managers" ] }, { "text": "CFA Institute Research and Policy Center, Unstructured Data and AI — distinzione fra dati alternativi e non strutturati e uso responsabile nella ricerca.", "urls": [ "https://rpc.cfainstitute.org/research/reports/2024/unstructured-data-and-ai" ] }, { "text": "CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — bias di sopravvivenza e look-ahead, test fuori campione e validazione temporale.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "f95fa8b96f0dae9b", "translation_state": "source", "kind": "glossary", "entity_type": "dataset", "topics": [ "alternative-data", "data-quality", "point-in-time-data", "research-governance" ], "asset_classes": [ "equities", "commodities", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/anchoring-gergo", "locale": "it", "title": "Ancoraggio nel trading: significato", "summary": "Nel trading, anchoring indica l'eccessivo peso dato a un riferimento iniziale, come il prezzo di carico o un vecchio massimo, anche quando arrivano nuove informazioni.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/anchoring-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — inquadra l'anchoring tra i bias cognitivi rilevanti nelle decisioni finanziarie.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Tversky e Kahneman, Judgment under Uncertainty: Heuristics and Biases (PubMed) — descrive l'ancoraggio e aggiustamento nei giudizi numerici sotto incertezza; non è un modello di previsione dei mercati.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/17835457/" ] } ], "revision": "f817df197aabe82f", "translation_state": "source", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "anchoring", "decision-making", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/andare-a-target", "locale": "it", "title": "Andare a target: significato nel trading", "summary": "Andare a target significa che il prezzo ha raggiunto un obiettivo definito prima o durante il trade; non prova da solo che l'ordine sia stato eseguito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/andare-a-target/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — distingue criteri d'ingresso, stop e profit target nel piano operativo.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Types of Orders — chiarisce prezzo e garanzie differenti di ordini market, limit e stop.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA, Order Types — documenta il rischio che un ordine limit non venga eseguito.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "ef1224a15e5f6b6a", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "price-target", "take-profit", "exit-plan", "execution", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/apeare", "locale": "it", "title": "Apeare", "summary": "Gergo crypto: entrare senza analisi — «buy the hype».", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/apeare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8c47d54038cfebbb", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ask-wall", "locale": "it", "title": "Ask wall nel trading: significato", "summary": "Una ask wall è una concentrazione visibile di quantità in vendita con ordini limite su uno o più livelli del book; può cambiare, essere eseguita o sparire.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ask-wall/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distingue quantità aggregate per livello e singoli ordini anonimi, chiarendo che il feed non mostra l'identità del cliente e che gli iceberg possono avere quantità non visualizzata.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — descrive come i feed order-based e level-book rappresentano ordini visibili, modifiche, cancellazioni, esecuzioni e liquidità pubblicata per prezzo.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "CFTC, Antidisruptive Practices Authority — definisce il requisito di intenzione nello spoofing e la valutazione basata sui fatti e sulle circostanze.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "b94f50e74f284eec", "translation_state": "source", "kind": "glossary", "entity_type": "order-book-term", "topics": [ "order-book", "liquidity", "limit-orders", "market-depth", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/assorbimento", "locale": "it", "title": "Assorbimento nell'order flow: significato", "summary": "Nell'order flow, assorbimento descrive molte esecuzioni aggressive accolte da liquidità passiva con poco avanzamento del prezzo; è un'interpretazione dei dati, non una prova d'inversione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/assorbimento/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Assessing liquidity — Distingue liquidità passiva, flusso aggressivo, refresh delle quote e impatto sul prezzo.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] }, { "text": "CME Group, Market by Order (MBO) — Spiega quali dettagli su profondità, singoli ordini e posizione in coda sono disponibili in un feed order-by-order.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "TradingView, Volume footprint charts: a complete guide — Documenta volume buy/sell, delta, livelli e aggregazione dei footprint.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "f479df12b8a0e6e8", "translation_state": "source", "kind": "glossary", "entity_type": "order-flow-pattern", "topics": [ "absorption", "aggressive-flow", "passive-liquidity", "order-book", "price-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/automatic-rally-ar", "locale": "it", "title": "Automatic Rally / Automatic Reaction (AR)", "summary": "Movimento successivo a un possibile climax: il rally dopo uno SC o la reazione dopo un BC aiuta a definire il bordo opposto del trading range.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/automatic-rally-ar/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizioni di Automatic Rally e Automatic Reaction nelle due fasi A.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — ruolo degli estremi dell'AR nei confini iniziali del range.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — prezzo e volume come analisi discrezionale, non regola automatica.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "7fb25690385830ff", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/averagiare", "locale": "it", "title": "Averagiare una posizione: significato", "summary": "Averagiare significa aggiungere quantità a prezzi diversi modificando il prezzo medio di carico; nel gergo indica spesso aggiunte a una posizione in perdita.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/averagiare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — collega dimensione della posizione, livello di stop e rischio monetario.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — richiede limiti su rischio per trade, esposizione e leva.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "FINRA, The Pros and Cons of Dollar-Cost Averaging — definisce il DCA programmato, utile per distinguerlo dall'aggiunta discrezionale a una perdita.", "urls": [ "https://www.finra.org/investors/insights/dollar-cost-averaging" ] } ], "revision": "e9d224b8dca030a2", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "average-entry", "position-sizing", "scaling", "risk-management", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/back-running", "locale": "it", "title": "Back-running: significato nel MEV", "summary": "Back-running indica collocare una transazione subito dopo una transazione bersaglio o un evento per sfruttare lo stato risultante; è soprattutto un termine del MEV blockchain.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/back-running/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Miners as intermediaries — appendix — Definisce il back-running come collocazione di una transazione subito dopo un'altra e presenta esempi operativi.", "urls": [ "https://www.bis.org/publ/bisbull58_appendix.pdf" ] }, { "text": "Ethereum.org, Maximal extractable value (MEV) — Spiega inclusione, esclusione e riordinamento delle transazioni, arbitraggio e liquidazioni nel MEV.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Ethereum Improvement Proposals, EIP-8209: Commit-Reveal Transaction Frames — Inquadra front-running, back-running e altri rischi derivanti dall'esposizione delle transazioni prima dell'ordinamento.", "urls": [ "https://eips.ethereum.org/EIPS/eip-8209" ] } ], "revision": "0af03520d6a3d094", "translation_state": "source", "kind": "glossary", "entity_type": "transaction-ordering-strategy", "topics": [ "back-running", "mev", "transaction-ordering", "arbitrage", "blockchain" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/backtestare-gergo", "locale": "it", "title": "Backtestare (gergo)", "summary": "Nel gergo del trading, backtestare significa simulare regole già definite su dati storici, dichiarando dati, esecuzione, costi e limiti del test.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/backtestare-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey e Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — Protocollo riconosciuto su dati, selezione dei modelli e limiti dell'inferenza da backtest.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Commissione europea, Regolamento delegato (UE) 2017/589, RTS 6 — Requisiti ufficiali di test, documentazione e ambienti separati nel relativo perimetro regolamentare.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "3deec3dea39375f1", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "backtest", "systematic-trading", "model-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bagholder", "locale": "it", "title": "Bagholder: significato nel trading", "summary": "Bagholder indica in modo spesso sprezzante chi resta con un asset fortemente svalutato mentre altri sono usciti; non spiega se possa vendere né perché continui a tenerlo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bagholder/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Beware Virtual Currency Pump-and-Dump Schemes — Descrive come i promotori escano lasciando altri partecipanti esposti a forti perdite.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/beware_virtual_currency_pump_dump.html" ] }, { "text": "FINRA, Crypto Assets — Evidenzia volatilità, minore liquidità e rischi delle piattaforme crypto.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Definisce la tendenza a trattenere investimenti in perdita troppo a lungo.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "943ae0277ebb3211", "translation_state": "source", "kind": "glossary", "entity_type": "market-slang", "topics": [ "loss", "holding", "liquidity", "pump-and-dump", "disposition-effect" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bear-trap", "locale": "it", "title": "Bear trap nel trading: significato", "summary": "Una bear trap è una rottura ribassista che non regge: il prezzo recupera il livello e può costringere chi è entrato short a uscire.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bear-trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — collega bear trap e bull trap al fallimento di un precedente segnale o breakout.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — spiega il ruolo di supporti, resistenze e rotture, precisando che i livelli sono zone e non prezzi garantiti.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "a828f44e2bd96347", "translation_state": "source", "kind": "glossary", "entity_type": "chart-pattern-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bias-rialzista", "locale": "it", "title": "Bias rialzista: significato nel trading", "summary": "Un bias rialzista è un'ipotesi favorevole al rialzo; non coincide con una posizione long e diventa un problema solo quando filtra le evidenze contrarie.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bias-rialzista/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Colloca setup, trigger e uscita dentro un piano definito prima dell'operazione.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Descrive comportamenti e preferenze che possono alterare le decisioni d'investimento.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "3216bbdd8de62b8f", "translation_state": "source", "kind": "glossary", "entity_type": "market-view", "topics": [ "bias", "bullish", "long", "confirmation-bias", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-distinction", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bias-ribassista", "locale": "it", "title": "Bias ribassista: significato nel trading", "summary": "Un bias ribassista è un'ipotesi favorevole al ribasso; non equivale a essere short e va distinto dalla tendenza a ignorare le evidenze contrarie.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bias-ribassista/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Inquadra strategie, trigger e criteri d'uscita nel piano operativo.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Riepiloga comportamenti che possono compromettere la qualità delle decisioni.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "fcc243358bf21c89", "translation_state": "source", "kind": "glossary", "entity_type": "market-view", "topics": [ "bias", "bearish", "short", "confirmation-bias", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-distinction", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bid-wall", "locale": "it", "title": "Bid wall nel trading: significato", "summary": "Una bid wall è una concentrazione visibile di quantità in acquisto con ordini limite su uno o più livelli del book; può cambiare, essere eseguita o sparire.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bid-wall/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distingue quantità aggregate per livello e singoli ordini anonimi, chiarendo che il feed non mostra l'identità del cliente e che gli iceberg possono avere quantità non visualizzata.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — descrive come i feed order-based e level-book rappresentano ordini visibili, modifiche, cancellazioni, esecuzioni e liquidità pubblicata per prezzo.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "CFTC, Antidisruptive Practices Authority — definisce il requisito di intenzione nello spoofing e la valutazione basata sui fatti e sulle circostanze.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "89c45874ae0084c5", "translation_state": "source", "kind": "glossary", "entity_type": "order-book-term", "topics": [ "order-book", "liquidity", "limit-orders", "market-depth", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bilancio-aziendale", "locale": "it", "title": "Bilancio aziendale", "summary": "Il bilancio aziendale collega patrimonio, risultati, flussi di cassa e variazioni del capitale per descrivere la situazione economica di una società.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bilancio-aziendale/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Panoramica dei principali prospetti e dei loro collegamenti.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — IAS 1, Presentation of Financial Statements — Requisiti di presentazione e componenti di un insieme completo IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-1-presentation-of-financial-statements.html/" ] } ], "revision": "1cbfab2f2908a0e5", "translation_state": "source", "kind": "glossary", "entity_type": "financial-report", "topics": [ "fundamental-analysis", "financial-reporting", "balance-sheet", "income-statement", "cash-flow" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/black-box", "locale": "it", "title": "Black box nel trading: significato", "summary": "Black box indica un sistema di cui l'utente non può ricostruire in modo sufficiente dati, regole, rischi o ragioni dei segnali; non significa automaticamente frode o scarsa qualità.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/black-box/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Elenca rischi, limiti, supervisione, terze parti e circostanze di override da rendere comprensibili.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Invita a diffidare di affermazioni tecnologiche vaghe e a verificare provider, risultati e accesso ai dati.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] } ], "revision": "ace5a1911c7c3640", "translation_state": "source", "kind": "glossary", "entity_type": "system-property", "topics": [ "black-box", "algorithmic-trading", "disclosure", "model-risk", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-due-diligence", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/blockchain-oracle", "locale": "it", "title": "Oracle blockchain: dati esterni per gli smart contract", "summary": "Un oracle blockchain raccoglie, verifica e pubblica dati che uno smart contract non può ottenere direttamente, introducendo una dipendenza dalla qualità e dalla tempestività dell'informazione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/blockchain-oracle/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Oracles — Definisce gli oracle, i modelli di fonte e fiducia e il flusso dei dati off-chain verso gli smart contract.", "urls": [ "https://ethereum.org/developers/docs/oracles/" ] }, { "text": "BIS Bulletin 76 — The oracle problem and the future of DeFi — Esamina dipendenza, manipolazione e compromesso tra efficienza e decentralizzazione degli oracle DeFi.", "urls": [ "https://www.bis.org/publ/bisbull76.pdf" ] } ], "revision": "5e470e32e29bdc22", "translation_state": "source", "kind": "glossary", "entity_type": "defi-data-infrastructure", "topics": [ "defi", "oracles", "price-feeds", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bot-trading-gergo", "locale": "it", "title": "Trading bot: significato e funzionamento", "summary": "Un trading bot è software che automatizza una o più fasi operative; può ricevere o generare segnali, ma automazione non significa profitto, intelligenza artificiale o assenza di controllo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bot-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, AI Won't Turn Trading Bots into Money Machines — Chiarisce che bot e IA non garantiscono rendimenti né prevedono il futuro.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html" ] }, { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Richiede sviluppo, test, backtest e monitoraggio post-implementazione del codice algoritmico.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Descrive rischi di provider, accesso al conto e operazioni automatiche non coerenti con obiettivi e tolleranza al rischio.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] } ], "revision": "0c663ef80c59e649", "translation_state": "source", "kind": "glossary", "entity_type": "execution-software", "topics": [ "trading-bot", "automation", "execution", "operational-risk", "algorithmic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-operation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/breakdown", "locale": "it", "title": "Breakdown nel trading: significato", "summary": "Breakdown indica una rottura al ribasso di un supporto, del limite inferiore di un range o di un'altra struttura definita.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/breakdown/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — descrive supporti, resistenze e rotture, precisando che i livelli sono zone e non prezzi esatti garantiti.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] }, { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — collega la negazione di un segnale ribassista alla bear trap e al fallimento della rottura.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] } ], "revision": "40b08a586cca7ab0", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "support-resistance", "breakout", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/breakout-fake", "locale": "it", "title": "Breakout fake", "summary": "Un breakout fake è una rottura di supporto o resistenza che non riesce a mantenersi oltre il livello e rientra nell'area precedente.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/breakout-fake/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — Definisce livelli, rotture e inversione di ruolo fra supporto e resistenza, precisando che i livelli sono zone e non prezzi garantiti.", "urls": [ "https://www.cmegroup.com/education/courses/trading-and-analysis/support-and-resistance" ] }, { "text": "CME Group, Technical Patterns: Reversals — Spiega conferma e limiti previsivi dei pattern tecnici.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/technical-patterns-reversals" ] } ], "revision": "a70d2538d0382380", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "support-resistance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bridgiare", "locale": "it", "title": "Bridge blockchain: asset e messaggi tra reti", "summary": "Un bridge blockchain collega reti separate trasferendo messaggi o creando una rappresentazione di un asset sulla rete di destinazione, con nuove ipotesi di fiducia e rischi operativi.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bridgiare/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Bridges — Descrive lock-and-mint, burn-and-mint, reti di liquidità, modelli di verifica e principali compromessi.", "urls": [ "https://ethereum.org/developers/docs/bridges/" ] }, { "text": "RAID 2024 — Cross-Chain Bridges: Attack Taxonomy, Defenses, and Open Problems — Analizza architetture, superfici di attacco e difese sulla base di incidenti documentati.", "urls": [ "https://raid2024.github.io/papers/raid2024-4.pdf" ] } ], "revision": "2dbbb7799f6ebbdd", "translation_state": "source", "kind": "glossary", "entity_type": "cross-chain-infrastructure", "topics": [ "defi", "cross-chain", "interoperability", "wrapped-assets" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/bull-trap", "locale": "it", "title": "Bull trap nel trading: significato", "summary": "Una bull trap è una rottura rialzista che non regge: il prezzo torna sotto il livello e può intrappolare chi è entrato long.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/bull-trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — collega bull trap e bear trap al fallimento di un precedente segnale o breakout.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — spiega il ruolo di supporti, resistenze e rotture, precisando che i livelli sono zone e non prezzi garantiti.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "7e7d0ba6ceea7d97", "translation_state": "source", "kind": "glossary", "entity_type": "chart-pattern-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/buying-climax-bc", "locale": "it", "title": "Buying Climax (BC)", "summary": "Possibile culmine degli acquisti dopo un rialzo: volume e ampiezza spesso aumentano; Automatic Reaction e test successivi ne chiariscono il significato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/buying-climax-bc/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizioni degli eventi e delle fasi di accumulazione e distribuzione.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — BC, AR, ST, varianti schematiche e analisi di sforzo e risultato.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "85c6ce0d5d909ce3", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/capitolare", "locale": "it", "title": "Capitolare nel trading: significato", "summary": "Capitolare significa chiudere dopo una pressione di perdita diventata insostenibile; a livello di mercato indica vendite diffuse e intense, ma non identifica con certezza il minimo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/capitolare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Key Terms for Tough Times — Definisce il panic selling e il passaggio a strategie risk-off durante lo stress.", "urls": [ "https://www.finra.org/investors/insights/key-terms-tough-times-vocabulary-stressed-markets" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Descrive manie e panico come dinamiche aggregate di rapida espansione e vendita.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "FINRA, Volatility — Spiega perché mercati turbolenti possono favorire reazioni impulsive.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "bedf9ff33f09c27e", "translation_state": "source", "kind": "glossary", "entity_type": "market-slang", "topics": [ "panic-selling", "drawdown", "market-stress", "exit", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-limits", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/chasare", "locale": "it", "title": "Chasare", "summary": "Gergo: inseguire il prezzo — entrare tardi perché il movimento è già partito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/chasare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5210c56ae2d2b983", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/claimare", "locale": "it", "title": "Claimare token o reward: significato e controlli", "summary": "Claimare significa eseguire la procedura che trasferisce o rende disponibile un'allocazione già prevista, come token, reward o airdrop.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/claimare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org, Interacting with smart contracts — Distingue letture gratuite e scritture che modificano lo stato, richiedono firma e vengono incluse in un blocco.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] }, { "text": "Ethereum.org, Ethereum security and scam prevention — Spiega rischi di siti di claim falsi, approvazioni e richieste di seed phrase.", "urls": [ "https://ethereum.org/security/" ] }, { "text": "MetaMask, How to view and claim NFT airdrops and mints — Mostra che idoneità, reindirizzamento a terzi e transazione di claim sono passaggi distinti.", "urls": [ "https://support.metamask.io/manage-crypto/nfts/airdrops-mints" ] } ], "revision": "d1f76c654fb1818a", "translation_state": "source", "kind": "glossary", "entity_type": "token-distribution-action", "topics": [ "token-claim", "airdrop", "rewards", "smart-contract", "wallet-signature" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-safe-procedure", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/clone-website", "locale": "it", "title": "Sito clone: come riconoscerlo", "summary": "Un sito clone imita un servizio reale per rubare credenziali, deviare pagamenti o indurre l'utente ad autorizzare operazioni dannose.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/clone-website/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FCA — Clone firms and individuals — Spiega come i truffatori riutilizzano dati reali cambiando recapiti e come verificare una società dal registro ufficiale.", "urls": [ "https://www.fca.org.uk/consumers/clone-firms-individuals" ] }, { "text": "FINRA — Imposter websites — Documenta siti impostori che copiano imprese reali per sottrarre denaro o informazioni sensibili.", "urls": [ "https://www.finra.org/industry/information-notice-042919" ] }, { "text": "CNMV — Estafas y fraudes financieros — Descrive le imprese clonate e l'uso di URL quasi identici a quelli delle entità autorizzate.", "urls": [ "https://www.cnmv.es/Cursos/Educacion-Financiera/estafas/index.html" ] }, { "text": "FBI IC3 — NFT developer impersonation — Mostra come una pagina clonata possa chiedere il collegamento del wallet e attivare un contratto malevolo.", "urls": [ "https://www.ic3.gov/PSA/2023/PSA230804" ] } ], "revision": "2835553abf1031e4", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "website-impersonation", "domain-verification", "credential-theft", "financial-fraud" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/comprare-il-dip", "locale": "it", "title": "Comprare il dip: significato e rischio", "summary": "Comprare il dip significa acquistare dopo una discesa aspettandosi un recupero; il termine non stabilisce quanto debba durare o scendere il movimento.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/comprare-il-dip/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, What Is Market Timing? — inquadra rischi e difficoltà delle decisioni basate sui movimenti di breve periodo.", "urls": [ "https://www.finra.org/investors/insights/market-timing" ] }, { "text": "CME Group, Technical Analysis — descrive pullback, trend e ragioni per cui un movimento non procede in linea retta.", "urls": [ "https://www.cmegroup.com/education/courses/trading-and-analysis/technical-analysis" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — collega rischio, orizzonte temporale, concentrazione e diversificazione.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "23acee922cd605da", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "pullback", "market-timing", "entry", "risk-management", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/confirmation-bias", "locale": "it", "title": "Bias di conferma nel trading: significato", "summary": "Il confirmation bias è la tendenza a cercare o valorizzare soprattutto le informazioni che confermano una tesi già preferita, riducendo il peso delle prove contrarie.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/confirmation-bias/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — classifica il confirmation bias tra i bias di perseveranza delle credenze e tratta possibili controlli.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Rollwage et al., Confidence drives a neural confirmation bias (Nature Communications) — studio comportamentale e MEG su come, in un compito percettivo, un'elevata fiducia nella decisione modifichi l'elaborazione delle prove successive; non è uno studio sul trading.", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC7250867/" ] } ], "revision": "c8a4c7f99702b021", "translation_state": "source", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "confirmation-bias", "decision-making", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/cot-report", "locale": "it", "title": "COT report", "summary": "Commitment of Traders — posizionamento settimanale istituzionali e speculatori su futures CFTC; contesto macro.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/cot-report/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "6001f499958699b1", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/crypto-wallet", "locale": "it", "title": "Crypto wallet: chiavi, firme e controllo degli asset", "summary": "Un crypto wallet gestisce chiavi e richieste di firma per interagire con gli asset registrati su una blockchain. Il wallet non contiene le monete: consente di controllare gli indirizzi associati.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/crypto-wallet/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8301 — Blockchain Networks: Token Design and Management Overview — Distingue token, wallet, transazioni, interfacce e modelli di custodia self-hosted, esterni e ibridi.", "urls": [ "https://csrc.nist.gov/pubs/ir/8301/final" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Inquadra custodia, protezione degli asset dei clienti, conflitti e rischi operativi dei servizi crypto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "77839d1fd0cc38b9", "translation_state": "source", "kind": "glossary", "entity_type": "crypto-access-tool", "topics": [ "crypto", "wallet", "private-keys", "digital-signatures", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/cumulative-delta-gergo", "locale": "it", "title": "Cumulative delta o CVD: significato", "summary": "Cumulative delta e CVD indicano la somma progressiva del volume delta dentro una finestra definita. Il reset e il punto iniziale fanno parte della misura.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/cumulative-delta-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — definisce la somma cumulativa e il reset opzionale a inizio giornata.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "TradingView, Cumulative Volume Delta — documenta intrabarre e periodo di ancoraggio della propria implementazione.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] } ], "revision": "e3afe402b656deb1", "translation_state": "source", "kind": "glossary", "entity_type": "cumulative-order-flow-term", "topics": [ "cumulative-volume-delta", "order-flow", "session-reset" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/curve-fitting-gergo", "locale": "it", "title": "Curve fitting nel trading: significato", "summary": "Nel gergo del trading, curve fitting indica l'adattamento eccessivo di una strategia ai dati già osservati; calibrare parametri non è però automaticamente overfitting.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/curve-fitting-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bailey e López de Prado, How Backtest Overfitting in Finance Leads to False Discoveries — Spiega perché strategie selezionate sui dati storici possono diventare miraggi statistici fuori campione.", "urls": [ "https://doi.org/10.1111/1740-9713.01588" ] }, { "text": "Bailey et al., The Probability of Backtest Overfitting — Propone una procedura per stimare la probabilità di overfitting nella selezione di backtest.", "urls": [ "https://doi.org/10.21314/JCF.2016.322" ] }, { "text": "U.S. SEC, Robo-Advisers — IM Guidance Update 2017-02 — Include test, backtest e monitoraggio post-implementazione fra i controlli sul codice algoritmico.", "urls": [ "https://www.sec.gov/investment/im-guidance-2017-02.pdf" ] } ], "revision": "bba5eee671d0bc20", "translation_state": "source", "kind": "glossary", "entity_type": "validation-failure", "topics": [ "curve-fitting", "overfitting", "backtest", "multiple-testing", "out-of-sample" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-validation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/data-leakage", "locale": "it", "title": "Data leakage", "summary": "Informazione futura che entra nel training — backtest gonfiato, modelli che falliscono in produzione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/data-leakage/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "8e128a6542106976", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/dcaare", "locale": "it", "title": "DCAare: significato e differenza dalla mediazione", "summary": "DCAare significa investire importi uguali a intervalli regolari indipendentemente dai movimenti del mercato, secondo la strategia dollar-cost averaging.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/dcaare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Dollar Cost Averaging — definisce importi uguali, intervalli regolari e acquisti indipendenti dalle oscillazioni.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging" ] }, { "text": "FINRA, The Pros and Cons of Dollar-Cost Averaging — espone benefici comportamentali e possibili costi opportunità, commissioni e rendimento inferiore.", "urls": [ "https://www.finra.org/investors/insights/dollar-cost-averaging" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — inquadra orizzonte, tolleranza al rischio e diversificazione del portafoglio.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "38c509b76b252b9f", "translation_state": "source", "kind": "glossary", "entity_type": "investment-strategy-term", "topics": [ "dollar-cost-averaging", "periodic-investing", "accumulation", "investment-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/dcf", "locale": "it", "title": "DCF: valutazione con i flussi di cassa scontati", "summary": "Il DCF stima un valore attuale traducendo flussi di cassa futuri e valore terminale attraverso un tasso coerente con rischio e struttura finanziaria.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/dcf/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — Free Cash Flow Valuation — Quadro professionale per FCFF, FCFE e valutazione mediante flussi scontati.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Riferimento primario per classificazione e lettura dei flussi di cassa nei bilanci IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "d4431e353aaa00f6", "translation_state": "source", "kind": "glossary", "entity_type": "valuation-method", "topics": [ "fundamental-analysis", "valuation", "cash-flow", "discount-rate" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/de-riskare", "locale": "it", "title": "De-riskare: come si riduce il rischio", "summary": "De-riskare significa ridurre un rischio misurabile della posizione o del portafoglio attraverso size, leva, concentrazione o copertura; non equivale sempre a chiudere tutto.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/de-riskare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Risk — Presenta allocazione, diversificazione e copertura come strumenti con limiti e costi.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] }, { "text": "FINRA, Asset Allocation and Diversification — Spiega concentrazione, riequilibrio e modi diversi di riallineare l'esposizione.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/asset-allocation-diversification" ] }, { "text": "CME Group, Position and Risk Management — Collega size e monitoraggio della posizione al controllo del rischio.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "489feba71254f68c", "translation_state": "source", "kind": "glossary", "entity_type": "trading-action", "topics": [ "risk-reduction", "exposure", "leverage", "concentration", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/degen", "locale": "it", "title": "Degen", "summary": "Trader/speculatore molto aggressivo e rischioso.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/degen/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3838b1f91dfdc20f", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/delta-gergo", "locale": "it", "title": "Delta di volume: significato nel trading", "summary": "Nel trading, delta indica di solito la differenza tra volume classificato come buyer-initiated e seller-initiated in una barra o in un altro intervallo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/delta-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — documenta ask volume, bid volume e loro differenza nelle Numbers Bars.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Delta — mostra una variante che stima il delta da barre di un intervallo inferiore.", "urls": [ "https://www.tradingview.com/support/solutions/43000725057-volume-delta/" ] } ], "revision": "f25275b47f5afd06", "translation_state": "source", "kind": "glossary", "entity_type": "order-flow-measure-term", "topics": [ "volume-delta", "order-flow", "trade-classification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/depeg", "locale": "it", "title": "Depeg: quando una stablecoin perde l'ancoraggio", "summary": "Il depeg è l'allontanamento del prezzo di un asset dal valore di riferimento che dovrebbe seguire. Può essere temporaneo o strutturale e va letto insieme a liquidità, rimborso e qualità della copertura.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/depeg/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Runs and Flights to Safety: Are Stablecoins the New Money Market Funds? — Studia corse, flussi verso asset percepiti come più sicuri e differenze fra strutture di stablecoin.", "urls": [ "https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1073.pdf" ] }, { "text": "Federal Reserve Board — The stable in stablecoins — Descrive emissione, rimborso, collateral e meccanismi di stabilizzazione, compreso il rischio di corsa.", "urls": [ "https://www.federalreserve.gov/econres/notes/feds-notes/the-stable-in-stablecoins-20221216.html" ] } ], "revision": "ef6585366c702144", "translation_state": "source", "kind": "glossary", "entity_type": "crypto-market-event", "topics": [ "crypto", "stablecoin", "depeg", "market-liquidity", "redemption-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/diamond-hands", "locale": "it", "title": "Diamond hands: significato", "summary": "Diamond hands è un'etichetta sociale per chi mantiene una posizione sotto forte pressione; non dimostra disciplina e può descrivere sia coerenza sia rischio ignorato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/diamond-hands/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Avverte che pressione dei pari e sentiment social possono favorire decisioni impulsive e perdite elevate.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "FINRA, Crypto Assets — Documenta volatilità, minore liquidità e rischio di perdita totale delle crypto.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Riassume disposition effect, manie e altri pattern comportamentali.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "7f7123a6aa59e182", "translation_state": "source", "kind": "glossary", "entity_type": "market-slang", "topics": [ "social-media", "holding", "volatility", "group-pressure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/dippare", "locale": "it", "title": "Dippare", "summary": "Scendere rapidamente — dal «dip».", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/dippare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5327969b251deadf", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/doppio-massimo-minimo", "locale": "it", "title": "Doppio massimo e doppio minimo", "summary": "Doppio massimo, doppio minimo e punte a «V»: la stessa somma di cicli del testa e spalle, con la sola fase della componente breve spostata nel tempo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/doppio-massimo-minimo/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d0c33ce0a1e63b94", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/drawdown-gergo", "locale": "it", "title": "Drawdown (gergo)", "summary": "Calo dal picco del capitale — voce breve.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/drawdown-gergo/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e144ea9214b88b50", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/dumpare", "locale": "it", "title": "Dumpare", "summary": "Vendere forte causando una discesa del prezzo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/dumpare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "b9048d48542102ed", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/earnings-guidance", "locale": "it", "title": "Earnings guidance: leggere le previsioni aziendali", "summary": "La guidance comunica aspettative della direzione su ricavi, margini, utili o cassa; va letta insieme a ipotesi, intervallo, revisioni e risultati effettivi.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/earnings-guidance/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Regulation Fair Disclosure — Quadro statunitense sulla diffusione selettiva di informazioni materiali.", "urls": [ "https://www.sec.gov/rules-regulations/2000/08/final-rule-selective-disclosure-insider-trading" ] }, { "text": "U.S. Securities and Exchange Commission — Form 8-K — Modulo ufficiale per eventi e comunicazioni correnti dell'emittente.", "urls": [ "https://www.sec.gov/files/form8-k.pdf" ] }, { "text": "U.S. Securities and Exchange Commission — Periodic Reporting — Inquadramento dei principali obblighi periodici di reporting.", "urls": [ "https://www.sec.gov/resources-small-businesses/going-public/periodic-reporting" ] } ], "revision": "2f047d540fa83bcd", "translation_state": "source", "kind": "glossary", "entity_type": "corporate-disclosure", "topics": [ "fundamental-analysis", "earnings", "disclosure", "forecasts" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ebitda", "locale": "it", "title": "EBITDA: significato, calcolo e limiti", "summary": "L'EBITDA isola un risultato prima di interessi, imposte e ammortamenti, ma non misura la cassa e può cambiare secondo la riconciliazione usata.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ebitda/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Indicazioni su presentazione, prominenza e riconciliazione delle misure non-GAAP.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "ESMA — Guidelines on Alternative Performance Measures — Principi europei per definizione, spiegazione, coerenza e riconciliazione degli indicatori alternativi.", "urls": [ "https://www.esma.europa.eu/document/guidelines-alternative-performance-measures" ] } ], "revision": "4cccb038d33b1137", "translation_state": "source", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "profitability", "non-gaap-measures", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/entrare-a-mercato", "locale": "it", "title": "Entrare a mercato", "summary": "Aprire con ordine market — esecuzione immediata.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/entrare-a-mercato/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "327890dd7149386f", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/entrare-limit", "locale": "it", "title": "Entrare limit: significato nel trading", "summary": "Entrare limit significa usare un ordine limite per aprire una posizione solo al prezzo stabilito o a uno migliore; l'esecuzione non è garantita.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/entrare-limit/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Types of Orders — definisce ordine market, limit e stop e precisa che l'esecuzione del limit non è garantita.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "FINRA, Order Types — descrive prezzo limite, rischio di mancata esecuzione e differenze operative tra ordini.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "f07d92b2d24904a1", "translation_state": "source", "kind": "glossary", "entity_type": "execution-term", "topics": [ "limit-order", "entry", "execution", "partial-fill", "order-types" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/envelope-curvilinea", "locale": "it", "title": "Envelope curvilinea a larghezza costante", "summary": "L'envelope grafica di Hurst usa larghezza quasi costante e minima per stimare componenti cicliche; l'ultimo tratto resta provvisorio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/envelope-curvilinea/", "published": "2026-06-22", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (agente AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, pp. 37–38 — introduzione dell'envelope e misura della componente sul DJIA.", "urls": [] }, { "text": "J. M. Hurst, stessa opera, pp. 69–74 — procedura grafica, larghezza minima, punti fuori banda e validità del tratto finale.", "urls": [] } ], "revision": "689e95145b6c371f", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/eps", "locale": "it", "title": "EPS: utile per azione", "summary": "L'EPS esprime l'utile attribuibile per azione: usa un numero medio ponderato di azioni e può essere presentato in versione base o diluita.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/eps/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Earnings Per Share — Definizione pubblica essenziale dell'utile per azione.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/earnings-share" ] }, { "text": "IFRS Foundation — IAS 33, Earnings per Share — Principi di calcolo e presentazione dell'EPS base e diluito.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-33-earnings-per-share/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Collocazione dell'EPS nel conto economico e lettura di base.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "607f90c217d176e2", "translation_state": "source", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "earnings", "equity-valuation", "dilution" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/execution-gergo", "locale": "it", "title": "Execution nel trading: significato e qualità", "summary": "L'execution è il risultato concreto dell'esecuzione di un ordine. La sua qualità comprende prezzo, quantità, velocità e probabilità di esecuzione rispetto a obiettivi dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/execution-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — timestamp, benchmark, miglioramento di prezzo e fill rate nel perimetro degli ordini coperti statunitensi; è una guida dello staff senza forza di legge autonoma.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27 — Obligation to execute orders on terms most favourable to the client — fattori della best execution per le imprese di investimento UE; descrive un obbligo di processo, non garantisce il miglior prezzo su ogni singolo ordine.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "709545eff6cf51ab", "translation_state": "source", "kind": "glossary", "entity_type": "execution-term", "topics": [ "execution", "execution-quality", "order-fills", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/exit-liquidity", "locale": "it", "title": "Exit liquidity: significato e prove da cercare", "summary": "Exit liquidity è il gergo per compratori o liquidità che permettono a detentori precedenti di vendere; spesso implica che la nuova domanda sia arrivata tardi.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/exit-liquidity/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, HoweyCoins — Illustra lo schema pump and dump: informazioni ingannevoli, domanda indotta, vendita dei promotori e successivo crollo.", "urls": [ "https://www.investor.gov/ico-howeycoins" ] }, { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Descrive promozione, crescita del prezzo e liquidazione delle posizioni nei rug pull.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "SEC, Statement Urging Caution Around Celebrity Backed ICOs — Spiega perché un endorsement può essere una promozione pagata e non indipendente.", "urls": [ "https://www.sec.gov/newsroom/speeches-statements/statement-potentially-unlawful-promotion-icos-sec-statement-urging-caution-around-celebrity-backed-icos" ] } ], "revision": "73a9e635a515083b", "translation_state": "source", "kind": "glossary", "entity_type": "market-participant-role", "topics": [ "exit-liquidity", "distribution", "pump-and-dump", "promotion", "holder-concentration" ], "asset_classes": [ "digital-assets", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-evidence-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/expectancy-gergo", "locale": "it", "title": "Expectancy (gergo)", "summary": "Nel trading, expectancy indica il risultato medio atteso per operazione per regole, costi, unità di misura e popolazione dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/expectancy-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts — Collega probabilità di vincita e dimensione media di profitti e perdite attraverso l'expectancy e definisce R.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] }, { "text": "NIST/SEMATECH, What is a Probability Distribution? — Base statistica per probabilità ed esiti di una distribuzione.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda361.htm" ] }, { "text": "Campbell R. Harvey e Yan Liu, Backtesting — Effetti di campione, test multipli e significatività nella valutazione di strategie.", "urls": [ "https://www.cmegroup.com/education/files/backtesting.pdf" ] } ], "revision": "33edb89aeae2d26c", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "expectancy", "expected-value", "trading-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fair-value", "locale": "it", "title": "Fair value: significato contabile e stima di valutazione", "summary": "Fair value può indicare una misura contabile definita dagli standard oppure una stima analitica del valore: contesto, data e metodo evitano ambiguità.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fair-value/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 13 Fair Value Measurement — Definizione, quadro di misurazione e gerarchia degli input del fair value IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-13-fair-value-measurement/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Metodi professionali per trasformare flussi attesi in una stima di valore.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "f362600ac3056202", "translation_state": "source", "kind": "glossary", "entity_type": "valuation-concept", "topics": [ "fundamental-analysis", "valuation", "accounting", "market-price" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fake-broker", "locale": "it", "title": "Fake broker: come riconoscerlo e verificarlo", "summary": "Un fake broker imita o inventa un intermediario per raccogliere depositi: identità, dominio e autorizzazione vanno verificati sul registro ufficiale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fake-broker/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CNMV — Ricerca di entità autorizzate e non autorizzate — Registro ufficiale e avvertenze sugli intermediari privi di autorizzazione.", "urls": [ "https://www.cnmv.es/portal/Consultas/BusquedaPorEntidad?lang=es&tipo=ESI" ] }, { "text": "FINRA — Firm Identity Protection — Descrive la clonazione di identità, siti, numeri CRD e documenti di imprese reali.", "urls": [ "https://www.finra.org/rules-guidance/guidance/firm-identity-protection" ] }, { "text": "Investor.gov — Check Out Your Investment Professional — Spiega come controllare licenze e precedenti attraverso registri indipendenti.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/check-out-your-investment-professional" ] } ], "revision": "9105652aa55fe9ae", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "broker-impersonation", "authorisation-check", "due-diligence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fake-exchange", "locale": "it", "title": "Exchange falso: come riconoscerlo", "summary": "Un exchange falso simula operazioni, saldi e prelievi per raccogliere depositi; non va confuso con una piattaforma reale ma rischiosa.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fake-exchange/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Fraudulent digital asset and crypto trading websites — Descrive profitti fittizi, promesse garantite e richieste di ulteriori commissioni.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-watch-out-fraudulent-digital-asset-and-crypto-trading-websites" ] }, { "text": "FBI — Cryptocurrency Investment Fraud — Illustra piattaforme false, piccoli prelievi iniziali e blocchi accompagnati da tasse inventate.", "urls": [ "https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud" ] }, { "text": "FTC — What to know about cryptocurrency and scams — Spiega perché un sito di investimento credibile può mostrare saldi inesistenti e impedire il ritiro.", "urls": [ "https://consumer.ftc.gov/articles/what-know-about-cryptocurrency-scams" ] } ], "revision": "30dbbd7a5fd4f000", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-fraud", "fake-trading-platform", "withdrawal-fraud", "due-diligence" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fake-prop-firm", "locale": "it", "title": "Fake prop firm: come verificarla", "summary": "Una fake prop firm vende challenge o accessi finanziati con condizioni opache, capitale non verificabile o payout che non arrivano.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fake-prop-firm/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CONSOB — Comunicazione sulle prop firm e sul funded trading — Descrive challenge, conti simulati, fee e rischi segnalati dai risparmiatori.", "urls": [ "https://www.consob.it/web/area-pubblica/-/comunicazione-del-2024-07-08" ] }, { "text": "FSMA — The FSMA warns consumers against shadow investment game — Distingue il trading proprietario dai programmi retail a pagamento e richiama i rischi del modello.", "urls": [ "https://www.fsma.be/en/warnings/fsma-warns-consumers-against-shadow-investment-game" ] }, { "text": "FTC — When a business offer or coaching program is a scam — Fornisce controlli generali su promesse, pressioni commerciali e programmi formativi a pagamento.", "urls": [ "https://consumer.ftc.gov/articles/when-business-offer-or-coaching-program-scam" ] } ], "revision": "147bc91b779f2386", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "funded-trading", "proprietary-trading", "trading-challenge", "payout-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fake-trading-bot-scam", "locale": "it", "title": "Bot di trading falso: promesse e segnali di truffa", "summary": "Un bot di trading falso usa l'etichetta AI, risultati costruiti e saldi simulati per ottenere depositi o commissioni senza una strategia verificabile.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fake-trading-bot-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — AI Won't Turn Trading Bots into Money Machines — Allerta su algoritmi, segnali e schemi crypto presentati con rendimenti irragionevoli o garantiti.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html" ] }, { "text": "Investor.gov — Common Scams — Descrive l'uso fraudolento di tecnologie emergenti, saldi fittizi e richieste di pagamento per prelevare.", "urls": [ "https://www.investor.gov/additional-resources/spotlight/common-scams" ] } ], "revision": "2326597d54b244a2", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "automated-trading", "artificial-intelligence", "due-diligence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fakeout", "locale": "it", "title": "Fakeout nel trading: significato", "summary": "Fakeout significa falsa rottura: il prezzo supera un livello osservato, non riesce a proseguire e rientra nell'area precedente.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fakeout/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — tratta trap e false rotture come fallimenti di segnali precedenti.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "CME Group, Support and Resistance — descrive livelli e rotture e ricorda che supporti e resistenze sono zone, non prezzi esatti garantiti.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] } ], "revision": "7e46bf30641d8331", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "support-resistance", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fase-ciclica", "locale": "it", "title": "Fase ciclica", "summary": "Posizione angolare di un ciclo nel suo periodo — da dove parte la previsione di timing su trough e crest.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fase-ciclica/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5a9995fb64d9722f", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/feature-engineering", "locale": "it", "title": "Feature engineering", "summary": "Trasformazione di dati grezzi in variabili predittive — il passo che separa segnale da rumore nei modelli quant.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/feature-engineering/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3ff7001ff89a5b27", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/flash-loan", "locale": "it", "title": "Flash loan: prestito istantaneo senza collaterale", "summary": "Un flash loan presta asset senza collaterale solo se capitale e commissione vengono restituiti nella stessa transazione blockchain; altrimenti tutto viene annullato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/flash-loan/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Aave Docs — Flash Loans — Documenta atomicità, rimborso, fee, flusso di esecuzione e principali applicazioni.", "urls": [ "https://aave.com/docs/aave-v3/guides/flash-loans" ] }, { "text": "Aave Docs — Pool contract — Specifica le funzioni flashLoan e flashLoanSimple esposte dal contratto principale.", "urls": [ "https://aave.com/docs/aave-v3/smart-contracts/pool" ] } ], "revision": "1e14bb8cc33aa489", "translation_state": "source", "kind": "glossary", "entity_type": "defi-credit-mechanism", "topics": [ "defi", "lending", "atomic-transactions", "arbitrage", "liquidations" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fld", "locale": "it", "title": "FLD — Future Line of Demarcation", "summary": "Prezzo traslato nel futuro di circa mezzo ciclo. Median-FLD e high/low-FLD hanno offset e usi distinti: conferma a barra chiusa oppure action signal immediato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fld/", "published": "2026-06-22", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 4, pp. 69–85 — fonte primaria per envelope, medie traslate, tabella di stato e VTL; usata qui per delimitare il metodo del libro, non come fonte della FLD.", "urls": [] }, { "text": "David Hickson / Sentient Trader, FLD's — Future Lines of Demarcation — fonte post-Hurst diretta per le tre varianti, gli offset, le conferme e le proiezioni.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/FLD.htm" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Trading Methodology — esposizione post-Hurst che attribuisce la metodologia al Cycles Course e distingue conferma ritardata e action signal immediato; il corso originale non è stato verificato.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstTrading.htm" ] } ], "revision": "20b4db51e9f2a28e", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/flippare", "locale": "it", "title": "Flippare", "summary": "Flippare significa comprare un asset con l'intenzione di rivenderlo in tempi brevi a un prezzo maggiore; descrive l'orizzonte, non un profitto garantito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/flippare/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury — Illicit Finance Risk Assessment of NFTs — Descrive mercati NFT, volatilità, frodi, wash trading e altri rischi che possono alterare i segnali di domanda.", "urls": [ "https://home.treasury.gov/system/files/136/Illicit-Finance-Risk-Assessment-of-Non-Fungible-Tokens.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Inquadra integrità del mercato, conflitti, trasparenza e corretta formazione del prezzo nelle sedi crypto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "6c649cfb032a1395", "translation_state": "source", "kind": "glossary", "entity_type": "short-horizon-resale-term", "topics": [ "flipping", "nft", "resale", "liquidity" ], "asset_classes": [ "crypto", "multi-asset" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/flippare-bias", "locale": "it", "title": "Flippare da long a short: significato", "summary": "Flippare long/short significa cambiare direzione operativa sullo stesso strumento; può includere chiusura e posizione opposta, ma cambiare bias non obbliga a invertire subito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/flippare-bias/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Spiega la chiusura mediante un'operazione opposta sullo stesso contratto.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Submitting a Futures Order — Descrive ordini, quantità, fill e posizione mostrata dalla piattaforma.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Richiede setup, trigger e criteri di uscita definiti.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] } ], "revision": "cec164472a6cd648", "translation_state": "source", "kind": "glossary", "entity_type": "trading-action", "topics": [ "long", "short", "position-reversal", "bias", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/flusso-di-cassa-libero", "locale": "it", "title": "Flusso di cassa libero (FCF)", "summary": "Il flusso di cassa libero stima la liquidità prodotta dall'attività dopo gli investimenti in beni durevoli; formula, uso e limiti vanno sempre dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/flusso-di-cassa-libero/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Non-GAAP Financial Measures, domanda 102.07 — definizione tipica, assenza di uniformità, riconciliazione e limite sull'uso del termine.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation, IAS 7 Statement of Cash Flows — struttura ufficiale dei flussi operativi, di investimento e di finanziamento.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows.html/" ] }, { "text": "CFA Institute, Free Cash Flow Valuation — distinzione fra FCFF e FCFE e coerenza con i rispettivi tassi di sconto.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "d34a53cc4f6bdeaa", "translation_state": "source", "kind": "glossary", "entity_type": "metric", "topics": [ "fundamental-analysis", "cash-flow", "equity-valuation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fomare", "locale": "it", "title": "Fomare: significato nel trading", "summary": "Fomare significa entrare per urgenza di non perdere un movimento percepito; comprare dopo un rialzo non basta però a dimostrare FOMO.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fomare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Avverte che sentiment e discussioni in tempo reale possono favorire decisioni impulsive.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "Investor.gov, Thinking About Investing in the Latest Hot Stock? — Invita a verificare fonti, obiettivi e rischio prima di agire sull'hype.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-alert-thinking-about-investing-latest-hot-stock-understand-significant-risks-short-term" ] } ], "revision": "311f25fad93d5b77", "translation_state": "source", "kind": "glossary", "entity_type": "trading-action", "topics": [ "fomo", "entry", "social-media", "urgency", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fomo-gergo", "locale": "it", "title": "FOMO: significato nel trading", "summary": "FOMO significa Fear of Missing Out, l'urgenza di non perdere un'opportunità percepita; descrive uno stato, non un segnale sul prezzo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fomo-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out — Studio peer-reviewed che definisce e misura la FoMO; non è una ricerca di previsione finanziaria.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "FINRA, Following the Crowd: Investing and Social Media — Descrive rischi di decisioni impulsive guidate da sentiment e pressione sociale.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] } ], "revision": "2a5b506da9234505", "translation_state": "source", "kind": "glossary", "entity_type": "behavioral-term", "topics": [ "fomo", "social-pressure", "urgency", "decision-making", "investing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "acronym-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/footprint-gergo", "locale": "it", "title": "Footprint chart: significato nel trading", "summary": "Un footprint chart mostra dentro ogni barra il volume eseguito per livello di prezzo e lato classificato, spesso in coppie bid e ask.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/footprint-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Numbers Bars — descrive volume e numero di trade per livello, coppie bid/ask e metodi di imbalance.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/NumbersBars.php" ] }, { "text": "TradingView, Volume Footprint charts: a complete guide — documenta celle, delta e impostazioni della propria implementazione footprint.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "6e94b111dbf1b56d", "translation_state": "source", "kind": "glossary", "entity_type": "order-flow-chart-term", "topics": [ "footprint-chart", "order-flow", "bid-volume", "ask-volume" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/forward-testare-gergo", "locale": "it", "title": "Forward testare (gergo)", "summary": "Nel gergo, forward testare significa osservare una versione congelata della strategia su dati che arrivano dopo la decisione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/forward-testare-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — Ordine temporale e valutazioni successive fuori campione.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — Validazione prospettica, affidabilità e limiti dei modelli d'investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] } ], "revision": "419779cb07787c15", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "forward-test", "prospective-validation", "systematic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/forza-relativa-wyckoff", "locale": "it", "title": "Forza relativa (Wyckoff)", "summary": "Confronto tra titolo e indice: passo 2 del metodo, test 7 negli acquisti e test 4 nelle vendite, utile per valutare reaccumulation e distribution.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/forza-relativa-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "StockCharts, The Wyckoff Method: A Tutorial, sezioni «Comparative Strength Analysis» e «Nine Buying/Selling Tests»: https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "StockCharts, Wyckoff Stock Analysis, sezione «Relative Performance»: https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/wyckoff-stock-analysis.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/wyckoff-stock-analysis" ] }, { "text": "Wyckoff Analytics, The Wyckoff Method (materiale didattico ufficiale, 2022): https://www.wyckoffanalytics.com/wp-content/uploads/2022/06/Wyckoff-Method-Wyckoff-Analytics-English-V2.pdf.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2022/06/Wyckoff-Method-Wyckoff-Analytics-English-V2.pdf" ] }, { "text": "Hank Pruden, The Three Skills of Top Trading (Wiley, 2007), capp. 5–6: https://doi.org/10.1002/9781119196822.", "urls": [ "https://doi.org/10.1002/9781119196822" ] } ], "revision": "bb6078f9901ce082", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/front-running", "locale": "it", "title": "Front-running: significato nel trading", "summary": "Nel mercato tradizionale, front-running indica tipicamente operare prima di un ordine imminente usando informazioni materiali non pubbliche; nel MEV blockchain il termine ha un uso tecnico più ampio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/front-running/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Rule 5270 — Front Running of Block Transactions — Definisce informazione materiale non pubblica, ordine block imminente, strumenti correlati e transazioni consentite.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5270" ] }, { "text": "Ethereum.org, Maximal extractable value (MEV) — Descrive ordinamento delle transazioni, generalized frontrunners e sandwich trading sulla blockchain.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "BIS, Miners as intermediaries: extractable value and market manipulation in crypto and DeFi — Confronta MEV, front-running tradizionale e ordinamento delle transazioni blockchain.", "urls": [ "https://www.bis.org/publ/bisbull58.htm" ] } ], "revision": "a94b7c2a24587598", "translation_state": "source", "kind": "glossary", "entity_type": "conduct-term", "topics": [ "front-running", "customer-order", "nonpublic-information", "mev", "transaction-ordering" ], "asset_classes": [ "securities", "derivatives", "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-legal-context", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/frontrunnare", "locale": "it", "title": "Frontrunnare", "summary": "Frontrunnare significa negoziare prima di un ordine noto o imminente per sfruttarne il possibile effetto sul prezzo o sulla priorità di esecuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/frontrunnare/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Rule 5270 — Front Running of Block Transactions — Regola ufficiale su informazioni materiali non pubbliche relative a transazioni in blocco imminenti.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5270" ] }, { "text": "FINRA, Rule 5320 — Prohibition Against Trading Ahead of Customer Orders — Obblighi, condizioni ed eccezioni per ordini cliente detenuti nel relativo perimetro.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/5320" ] } ], "revision": "276eace0e324f22b", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "front-running", "customer-orders", "market-conduct" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fud", "locale": "it", "title": "FUD", "summary": "Fear, Uncertainty and Doubt — narrativa negativa che spinge a vendere o restare fuori.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fud/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0d8cab912de368dd", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/fuddare", "locale": "it", "title": "Fuddare", "summary": "Diffondere FUD — paura, incertezza e dubbio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/fuddare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a85244198002cbaa", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/gas-fee-gergo", "locale": "it", "title": "Gas fee: significato nel gergo crypto", "summary": "La gas fee è il costo pagato per far elaborare un'operazione on-chain; il gas misura il lavoro computazionale e non coincide con una commissione di trading.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/gas-fee-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Gas and fees — Definisce gas, base fee, priority fee, consumo e costo delle operazioni Ethereum.", "urls": [ "https://ethereum.org/developers/docs/gas/" ] }, { "text": "Ethereum.org — Transactions — Descrive campi, firma, fee e ciclo di una transazione Ethereum.", "urls": [ "https://ethereum.org/developers/docs/transactions/" ] } ], "revision": "6b4d571227572ddc", "translation_state": "source", "kind": "glossary", "entity_type": "blockchain-transaction-cost-term", "topics": [ "blockchain", "gas", "transaction-fees", "on-chain-transactions" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/hedgiare", "locale": "it", "title": "Hedgiare: significato della copertura", "summary": "Hedgiare significa aggiungere una posizione destinata a ridurre un rischio specifico dell'esposizione principale; la copertura non elimina necessariamente ogni perdita.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/hedgiare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Hedgers — Spiega l'uso dei futures per gestire e compensare un rischio di prezzo esistente.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-hedgers" ] }, { "text": "CFTC, Futures Market Basics — Distingue hedger e speculatori e richiama obblighi e rischi dei futures.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "c9e4ba59536ca8f8", "translation_state": "source", "kind": "glossary", "entity_type": "risk-management-action", "topics": [ "hedging", "exposure", "derivatives", "basis-risk", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ho-anticipato-troppo", "locale": "it", "title": "Ho anticipato troppo: significato", "summary": "Ho anticipato troppo significa essere entrati prima del trigger o della conferma prevista dal proprio setup, non semplicemente prima di un movimento favorevole.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ho-anticipato-troppo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — definisce setup e trigger come condizioni e momenti precisi dell'ingresso.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — collega quantità, stop e rischio del trade.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Trade and Risk Management — richiede di conoscere uscita e capitale a rischio prima di una nuova operazione.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] } ], "revision": "5cf816340dc41d80", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "early-entry", "trigger", "confirmation", "setup", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ho-bruciato-l-account", "locale": "it", "title": "Ho bruciato l'account: significato", "summary": "Ho bruciato l'account è un'espressione informale per una perdita molto grave, una liquidazione o un conto non più operativo; non specifica saldo né causa.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ho-bruciato-l-account/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC, Futures Market Basics — Avverte che nei futures si può perdere l'intero capitale e, in alcuni casi, più dell'importo iniziale.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "CFTC, Understand Your Contractual Obligations — Spiega che leva e contratti possono produrre perdite superiori al margine iniziale.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understandcontractobligations.html" ] }, { "text": "CME Group, Position and Risk Management — Collega contratti, margine, mark-to-market e liquidazione del rischio.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "cabd98270589cc24", "translation_state": "source", "kind": "glossary", "entity_type": "loss-expression", "topics": [ "account-loss", "liquidation", "drawdown", "leverage", "risk-of-ruin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ho-chiuso-in-pari", "locale": "it", "title": "Ho chiuso in pari: che cosa significa", "summary": "Ho chiuso in pari descrive un'uscita eseguita vicino al prezzo di ingresso; il risultato lordo può essere zero, mentre costi e slippage possono rendere negativo quello netto.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ho-chiuso-in-pari/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Descrive la chiusura di una posizione e i diversi esiti prodotti dalla strategia di uscita.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Spiega perché il prezzo di esecuzione può differire dal livello di stop.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio — Documenta l'impatto dei costi sul risultato dell'investimento.", "urls": [ "https://www.sec.gov/oiea/investor-alerts-bulletins/investoralertsib_fees_expensespdf" ] } ], "revision": "02bb22a03d4e2ae2", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "break-even", "exit", "execution", "costs", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ho-inseguito-il-prezzo", "locale": "it", "title": "Ho inseguito il prezzo: significato", "summary": "Inseguire il prezzo significa entrare dopo che il movimento è già partito, modificando il prezzo o il rischio previsto per paura di perdere l'occasione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ho-inseguito-il-prezzo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — distingue setup, trigger e criteri esatti d'ingresso.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, What Is Market Timing? — inquadra rischi e difficoltà del tentativo di catturare movimenti di breve periodo.", "urls": [ "https://www.finra.org/investors/insights/market-timing" ] }, { "text": "FINRA, Volatility — collega oscillazioni rapide, rischio e decisioni impulsive.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] } ], "revision": "fb8851889009f5e6", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "price-chasing", "entry", "fomo", "execution", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ho-lasciato-troppo-sul-tavolo", "locale": "it", "title": "Ho lasciato profitto sul tavolo: significato", "summary": "Lasciare profitto sul tavolo descrive il guadagno potenziale osservato dopo l'uscita; non è una perdita contabile e non prova da solo che la decisione fosse sbagliata.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ho-lasciato-troppo-sul-tavolo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Confronta strategie di uscita e il rischio di uscire presto o restare troppo a lungo.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Collega la gestione del trade a criteri di uscita e target scritti.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Riporta la tendenza comportamentale a vendere troppo presto le posizioni vincenti.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "51911e2c81213e3f", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "exit", "opportunity-cost", "trade-review", "hindsight", "profit-taking" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ho-messo-a-break-even", "locale": "it", "title": "Ho messo a break-even: significato e limiti", "summary": "Mettere lo stop a break-even significa spostarlo verso un livello di pareggio mentre la posizione resta aperta; riduce un rischio pianificato, ma non garantisce un risultato netto nullo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ho-messo-a-break-even/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Collega criteri di entrata, stop, target e gestione del trade aperto.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Distingue attivazione, prezzo eseguito e rischio di mancata esecuzione dello stop-limit.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "SEC Office of Investor Education and Advocacy, How Fees and Expenses Affect Your Investment Portfolio — Mostra perché i costi incidono sul risultato netto.", "urls": [ "https://www.sec.gov/oiea/investor-alerts-bulletins/investoralertsib_fees_expensespdf" ] } ], "revision": "8ba015a3cf0c9940", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-order", "break-even", "position-management", "execution", "costs" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ho-preso-una-finta", "locale": "it", "title": "Ho preso una finta: significato", "summary": "Ho preso una finta significa essere entrati su un segnale che si è attivato e poi è stato negato; non implica automaticamente manipolazione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ho-preso-una-finta/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Support and Resistance — descrive supporti, resistenze e rotture come zone, non prezzi garantiti.", "urls": [ "https://www.cmegroup.com/education/courses/technical-analysis/support-and-resistance" ] }, { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — fornisce regole osservabili per bull e bear trap.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Market Manipulation — definisce la manipolazione con requisiti più specifici di una semplice inversione.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] } ], "revision": "28ec9da759233447", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "fakeout", "false-signal", "breakout", "invalidation", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ho-tagliato-troppo-presto", "locale": "it", "title": "Ho tagliato troppo presto: come valutarlo", "summary": "Ho tagliato troppo presto indica un'uscita percepita come anticipata, ma il massimo successivo non basta a provarlo: servono regola prevista, informazioni disponibili e motivo reale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ho-tagliato-troppo-presto/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Definisce il disposition effect come tendenza a vendere i vincitori presto e trattenere i perdenti a lungo.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Richiede criteri di uscita espliciti prima della gestione emotiva del trade.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — Illustra il compromesso fra uscita anticipata e restituzione del profitto.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] } ], "revision": "5facc509703edda8", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "exit", "trade-review", "disposition-effect", "emotion", "trading-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/hodl", "locale": "it", "title": "HODL: origine e significato", "summary": "HODL è un refuso di hold nato in un post Bitcoin del 2013 e diventato il motto di chi mantiene crypto nel tempo; l'espansione Hold On for Dear Life è successiva.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/hodl/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "GameKyuubi, I AM HODLING — Post primario del 18 dicembre 2013 che documenta il refuso e il contesto originario.", "urls": [ "https://bitcointalk.org/index.php?topic=375643.0" ] }, { "text": "FINRA, Crypto Assets — Descrive volatilità, liquidità, custodia e rischio di perdita totale nelle crypto.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] }, { "text": "CFTC, Understand the Risks of Virtual Currency Trading — Espone i rischi di mercati spot, derivati, leva e piattaforme.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "956808d5cc4c629f", "translation_state": "source", "kind": "glossary", "entity_type": "crypto-slang", "topics": [ "bitcoin", "holding", "crypto-culture", "time-horizon", "risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "origin-and-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/holdare", "locale": "it", "title": "Holdare: che cosa significa nel trading", "summary": "Holdare significa mantenere aperta una posizione invece di chiuderla; descrive un'azione, non la durata, la qualità della tesi o il livello di rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/holdare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Position and Risk Management — Collega il mantenimento di una posizione al monitoraggio di rischio, profitto e perdita.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "FINRA, Risk — Spiega perché orizzonte, capacità di sostenere perdite e gestione del rischio devono essere valutati insieme.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] }, { "text": "FINRA, Crypto Assets — Evidenzia volatilità, liquidità e rischio di perdita degli asset crypto.", "urls": [ "https://www.finra.org/investors/insights/avoid-crypto-stock-scams" ] } ], "revision": "78b0f6e627a22efe", "translation_state": "source", "kind": "glossary", "entity_type": "trading-action", "topics": [ "holding", "position-management", "time-horizon", "risk", "crypto-slang" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/honeypot", "locale": "it", "title": "Honeypot crypto: token che intrappolano l'acquirente", "summary": "Un honeypot crypto è un contratto o token progettato per sembrare acquistabile e profittevole mentre impedisce, limita o rende proibitiva la vendita alla vittima.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/honeypot/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Why Trick Me — Honeypot Traps on Decentralized Exchanges — Studia token acquistabili nelle pool DEX che non possono essere riconvertiti nell'asset originario.", "urls": [ "https://arxiv.org/abs/2309.13501" ] }, { "text": "ESMA — Crypto fraud and scams factsheet — Inquadra le principali frodi crypto e i controlli di prudenza per gli utenti.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_MT_EN.pdf" ] } ], "revision": "ee76905212ce86c1", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "malicious-token", "smart-contracts", "scam-prevention" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/iceberg-order-gergo", "locale": "it", "title": "Iceberg order: significato e limiti", "summary": "Un iceberg order espone nel book soltanto una tranche della quantità totale. Refill e priorità dipendono dalle regole della venue e non rivelano size o identità.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/iceberg-order-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ — distingue feed MBO e MBP, OrderID, PriorityID e iceberg nativi o sintetici nel perimetro CME Globex; le regole non sono universali.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Display Quantity Order Overview — descrive quantità visualizzata, coda temporale, fill e replenishment per gli ordini CME; è documentazione specifica della venue.", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] } ], "revision": "37031cdf0da4322a", "translation_state": "source", "kind": "glossary", "entity_type": "order-type", "topics": [ "execution", "iceberg-order", "order-book", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/imbalance", "locale": "it", "title": "Imbalance nel trading: significato", "summary": "Imbalance significa squilibrio, ma può riferirsi a volume aggressivo, quantità nel book o ordini d'asta; definizione, lato e soglia devono essere dichiarati.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/imbalance/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, Volume footprint charts: a complete guide — Documenta buy/sell volume, delta e livelli evidenziati come imbalance nei footprint.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] }, { "text": "NYSE, Order Imbalances — Definisce la pubblicazione in tempo reale degli squilibri buy/sell durante le aste.", "urls": [ "https://www.nyse.com/data-products/catalog/imbalances" ] }, { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Elenca prezzi, numero di ordini e quantità bid/ask usati per misurare il book.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "6d9b8e9688d2a77f", "translation_state": "source", "kind": "glossary", "entity_type": "microstructure-measure", "topics": [ "imbalance", "footprint", "order-book", "auction", "aggressive-volume" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/impermanent-loss", "locale": "it", "title": "Impermanent loss: perdita relativa nelle pool AMM", "summary": "L'impermanent loss è lo svantaggio economico che può emergere quando fornire liquidità a un AMM rende meno del semplice possesso degli stessi token.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/impermanent-loss/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Docs — Understanding Returns — Confronta rendimento LP, commissioni e perdita rispetto al possesso degli asset.", "urls": [ "https://developers.uniswap.org/docs/protocols/v2/concepts/understanding-returns" ] }, { "text": "Uniswap — V2 whitepaper — Espone il funzionamento economico dell'AMM a prodotto costante.", "urls": [ "https://app.uniswap.org/whitepaper.pdf" ] }, { "text": "Uniswap — V3 whitepaper — Specifica intervalli, liquidità concentrata e composizione fuori range.", "urls": [ "https://app.uniswap.org/whitepaper-v3.pdf" ] } ], "revision": "7069b5ff8c277243", "translation_state": "source", "kind": "glossary", "entity_type": "defi-risk", "topics": [ "defi", "automated-market-maker", "liquidity-provision", "relative-return" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/kelly-frazionato-gergo", "locale": "it", "title": "Fractional Kelly (gergo)", "summary": "Fractional Kelly indica l'uso di una frazione della size calcolata dal Kelly pieno, per ridurre esposizione e variabilità rispetto al modello teorico.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/kelly-frazionato-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Edward O. Thorp, The Kelly Criterion and the Stock Market, 1992 — Tratta crescita logaritmica, fixed-fraction betting e applicazione ai mercati.", "urls": [ "https://www.edwardothorp.com/wp-content/uploads/2016/11/TheKellyCriterionAndTheStockMarket.pdf" ] }, { "text": "Enzo Busseti, Eungchun Ryu e Stephen Boyd, Risk-Constrained Kelly Gambling, 2016 — Confronta Kelly, fractional Kelly e vincoli espliciti sul rischio di drawdown.", "urls": [ "https://stanford.edu/~boyd/papers/kelly.html" ] } ], "revision": "c50eb83d19cbff2e", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "kelly-criterion", "position-sizing", "drawdown-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/kelly-gergo", "locale": "it", "title": "Kelly (gergo)", "summary": "Nel trading, Kelly è l'abbreviazione del criterio che dimensiona capitale o puntata per massimizzare la crescita logaritmica attesa sotto ipotesi dichiarate.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/kelly-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate, Bell System Technical Journal, 1956 — Lavoro originale che collega informazione e massimo tasso esponenziale di crescita del capitale.", "urls": [ "https://doi.org/10.1002/j.1538-7305.1956.tb03809.x" ] }, { "text": "Edward O. Thorp, The Kelly Criterion and the Stock Market, 1992 — Derivazione e applicazione riconosciuta del criterio ai mercati.", "urls": [ "https://www.edwardothorp.com/wp-content/uploads/2016/11/TheKellyCriterionAndTheStockMarket.pdf" ] } ], "revision": "cc57d31d3503983b", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "kelly-criterion", "position-sizing", "expected-log-growth" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/lasciare-correre", "locale": "it", "title": "Lasciare correre un trade: significato", "summary": "Lasciare correre significa mantenere aperta una posizione favorevole finché la regola di uscita non si attiva; non vuol dire rinunciare a stop e controllo del rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/lasciare-correre/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Descrive target, stop e gestione della parte residua di una posizione.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Closing Your Position — Illustra il compromesso tra attendere il target e rischiare una successiva ritracciata.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — Chiarisce limiti di attivazione ed esecuzione degli stop.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] } ], "revision": "ca83a1822fa6f0a2", "translation_state": "source", "kind": "glossary", "entity_type": "trading-action", "topics": [ "exit", "trend-following", "trailing-stop", "profit-taking", "position-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/last-point-of-supply-lpsy", "locale": "it", "title": "Last Point of Supply (LPSY)", "summary": "Rally debole dopo un Sign of Weakness: ampiezza ridotta e difficoltà ad avanzare sono coerenti con offerta persistente, ma richiedono conferme.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/last-point-of-supply-lpsy/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizione dell'LPSY e ruolo nelle fasi D–E.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — rally deboli, molteplicità degli LPSY e relazione con SOW e supporto.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "8fb0aa9cdf119d96", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/last-point-of-support-lps", "locale": "it", "title": "Last Point of Support (LPS)", "summary": "Minimo di una reazione dopo un Sign of Strength, spesso verso una precedente resistenza, con spread e volume tendenzialmente ridotti rispetto all'avanzamento.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/last-point-of-support-lps/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizione di LPS, fase D e presenza di LPS multipli.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — spread, volume, precedente resistenza e back-up.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, Wiley — uso contestuale di resistenza, range e giudizio operativo.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "2d4facbe9cddc44d", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/latenza-gergo", "locale": "it", "title": "Latenza di esecuzione: significato e misura", "summary": "La latenza è il ritardo misurato tra due eventi definiti del percorso di un ordine. Va separata per tratto e non equivale automaticamente a slippage.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/latenza-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — tratta timestamp di ricezione ed esecuzione e statistiche di velocità per gli ordini coperti statunitensi; è una guida dello staff, non uno standard globale di latenza end-to-end.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "EUR-Lex, Regolamento delegato (UE) 2025/1155 — sincronizzazione degli orologi aziendali — disciplina UE vigente per le entità comprese nel perimetro MiFIR; gli articoli 11–16 si applicano dal 2 marzo 2026. Clock sincronizzati rendono confrontabili i timestamp, ma non misurano da soli la latenza end-to-end.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] } ], "revision": "fe9137938fd173a7", "translation_state": "source", "kind": "glossary", "entity_type": "execution-metric", "topics": [ "execution", "execution-latency", "timestamps", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/layering", "locale": "it", "title": "Layering", "summary": "Il layering è un pattern di manipolazione del book in cui più ordini, spesso distribuiti su livelli di prezzo, creano pressione apparente mentre si cerca un'esecuzione sul lato opposto. La forma del book è un indizio, non una prova autonoma.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/layering/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Regolamento delegato (UE) 2026/788 — aggiorna gli indicatori UE e descrive il pattern comunemente noto come layering e spoofing.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj/eng" ] }, { "text": "EUR-Lex — Regolamento (UE) n. 596/2014, testo consolidato al 5 giugno 2026 — quadro MAR per ordini e comportamenti che inviano segnali falsi o fuorvianti.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "FCA — Monitoring orders and transactions: expectations of firms — descrive livelli su un lato, operazione opposta e successiva cancellazione.", "urls": [ "https://www.fca.org.uk/news/speeches/monitoring-orders-and-transactions-%E2%80%93-our-expectations-firms" ] }, { "text": "FCA — Market Watch 69 — richiede valutazioni di rischio e sorveglianza calibrate per sottotipo di abuso, attività, sede e asset class.", "urls": [ "https://www.fca.org.uk/publications/newsletters/market-watch-69" ] }, { "text": "SEC — SEC Charges N.Y.-Based Brokerage Firm with Layering — caso ufficiale che illustra ordini non genuini, accesso al mercato e obblighi di controllo.", "urls": [ "https://www.sec.gov/newsroom/press-releases/2012-2012-197htm" ] }, { "text": "FINRA — Cross Market Equities Supervision: Potential Manipulation Report — distingue analisi di layering e spoofing nella sorveglianza cross-market.", "urls": [ "https://www.finra.org/compliance-tools/report-center/cross-market-equities-supervision-potential-manipulation-report" ] }, { "text": "CFTC — Interpretive Guidance and Policy Statement on Disruptive Practices — chiarisce intento, cancellazioni legittime e analisi delle circostanze per lo spoofing nel proprio perimetro.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "5aaeb857cc24abf8", "translation_state": "source", "kind": "glossary", "entity_type": "layering-order-book-manipulation-pattern", "topics": [ "layering", "spoofing", "market-manipulation", "order-book", "surveillance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-pattern-analysis", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/liquidazione-gergo", "locale": "it", "title": "Liquidazione nel trading: significato nel gergo", "summary": "Nel trading a leva, liquidazione indica la chiusura o riduzione imposta di una posizione quando le garanzie non soddisfano più i requisiti di rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/liquidazione-gergo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA Rule 2264, Margin Disclosure Statement — chiarisce che l'intermediario può vendere attività e che il cliente può restare responsabile di un deficit.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQs — descrive funzione e aggiornamento dei margini nei derivati.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "af0f9096e764f908", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "liquidation", "margin", "leverage", "forced-closing", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/liquidity-grab", "locale": "it", "title": "Liquidity grab nel trading: significato", "summary": "Liquidity grab è un'etichetta informale per un rapido passaggio oltre un livello dove si presume sia concentrato interesse eseguibile, spesso seguito da rientro.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/liquidity-grab/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Executing an Order — spiega che quotazioni e quantità sono limitate, il routing conta e il prezzo può cambiare prima dell'esecuzione.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "FINRA, OTC Tier Size Analysis — mostra come un ordine che supera la quantità al miglior prezzo possa eseguire su più livelli e produrre impatto di prezzo.", "urls": [ "https://www.finra.org/sites/default/files/RuleFiling/p344459.pdf" ] }, { "text": "Investor.gov, Market Manipulation — definisce la manipolazione come alterazione artificiale di domanda o offerta, non come semplice forma osservata sul grafico.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] } ], "revision": "e03d3fbe7c4169f4", "translation_state": "source", "kind": "glossary", "entity_type": "order-flow-term", "topics": [ "liquidity", "order-book", "market-impact", "price-action", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/liquidity-mining", "locale": "it", "title": "Liquidity mining: incentivi per la liquidità DeFi", "summary": "Il liquidity mining distribuisce token o altri incentivi a chi fornisce capitale e liquidità a un protocollo DeFi secondo regole definite.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/liquidity-mining/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Compound Docs — COMP distribution speeds — Documenta l'emissione di COMP per blocco verso fornitori e debitori dei singoli mercati.", "urls": [ "https://docs.compound.finance/v2/comptroller/" ] }, { "text": "BIS Working Papers No 1066 — Analizza incentivi, yield aggregators e rischi economici nell'ecosistema DeFi.", "urls": [ "https://www.bis.org/publ/work1066.pdf" ] } ], "revision": "ee85b3481d3e2121", "translation_state": "source", "kind": "glossary", "entity_type": "defi-incentive-mechanism", "topics": [ "defi", "liquidity-incentives", "token-emissions", "governance-tokens" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/liquidity-pool", "locale": "it", "title": "Liquidity pool: la liquidità negli exchange DeFi", "summary": "Una liquidity pool raccoglie una coppia di token in uno smart contract affinché un exchange DeFi AMM possa eseguire scambi senza un order book tradizionale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/liquidity-pool/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Docs — Pools — Descrive riserve, quote LP e ruolo delle pool nell'AMM.", "urls": [ "https://developers.uniswap.org/docs/protocols/v2/concepts/pools" ] }, { "text": "Uniswap — V2 whitepaper — Specifica il modello di scambio, le commissioni e i principali effetti economici del protocollo.", "urls": [ "https://app.uniswap.org/whitepaper.pdf" ] }, { "text": "Uniswap — V3 whitepaper — Documenta liquidità concentrata, intervalli di prezzo e inattività fuori range.", "urls": [ "https://app.uniswap.org/whitepaper-v3.pdf" ] } ], "revision": "cd051428f2e0139d", "translation_state": "source", "kind": "glossary", "entity_type": "defi-market-mechanism", "topics": [ "defi", "automated-market-maker", "liquidity", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/long-squeeze", "locale": "it", "title": "Long squeeze: significato e meccanismo", "summary": "Long squeeze è un termine informale per un ribasso amplificato quando posizioni rialziste, spesso a leva, devono vendere o vengono liquidate.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/long-squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Know What Triggers a Margin Call — descrive le richieste di margine e la possibilità che l'intermediario venda attività senza preavviso.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "FINRA Rule 2264, Margin Disclosure Statement — espone rischi, vendite forzate e responsabilità per eventuali deficit nei conti a margine.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Futures and Options Margin Model — documenta il sistema di margine per futures e opzioni.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/futures-and-options-margin-model.html" ] } ], "revision": "5f57f658a0e604d8", "translation_state": "source", "kind": "glossary", "entity_type": "market-dynamics-term", "topics": [ "long-positions", "leverage", "liquidation", "margin", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/longare", "locale": "it", "title": "Longare: significato di andare long", "summary": "Longare significa assumere o aumentare un'esposizione che beneficia del rialzo; un acquisto può però anche ridurre uno short, quindi conta la posizione netta finale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/longare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Speculators — Descrive l'assunzione di rischio direzionale tramite posizioni long o short nei futures.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-speculators" ] }, { "text": "CME Group, Position and Risk Management — Collega numero di contratti, profilo dello strumento, margine e rischio.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "7724e749d2e60fa1", "translation_state": "source", "kind": "glossary", "entity_type": "trading-action", "topics": [ "long", "buy", "exposure", "execution", "position" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/loss-aversion-gergo", "locale": "it", "title": "Avversione alle perdite nel trading: significato", "summary": "Nel trading, loss aversion indica la tendenza a dare più peso psicologico a una perdita che a un guadagno comparabile; descrive un possibile bias, non una diagnosi del singolo trader.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/loss-aversion-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — Inquadra i bias cognitivi ed emotivi e i criteri per riconoscerli o adattarvisi.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Daniel Kahneman e Amos Tversky, Prospect Theory: An Analysis of Decision under Risk — Studio fondativo sul valore attribuito a guadagni e perdite sotto rischio.", "urls": [ "https://doi.org/10.2307/1914185" ] } ], "revision": "3719f838839387f8", "translation_state": "source", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/macro-tassi-inflazione", "locale": "it", "title": "Macroeconomia, tassi e inflazione", "summary": "Guida alla lettura congiunta di crescita, inflazione, lavoro e politica economica, distinguendo dati osservati, aspettative e reazioni dei mercati.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/macro-tassi-inflazione/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook, documentazione ufficiale — quadro istituzionale per crescita, inflazione e rischi macroeconomici.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy, documentazione ufficiale — obiettivi, strumenti e comunicazioni ufficiali.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy, documentazione ufficiale — strategia e decisioni dell’Eurosistema.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] } ], "revision": "caa369480873dfc4", "translation_state": "source", "kind": "glossary", "entity_type": "glossary_term", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/max-drawdown-gergo", "locale": "it", "title": "Max drawdown: significato nel trading", "summary": "Il max drawdown è il peggior calo osservato da un picco precedente a un minimo successivo nella curva del capitale, entro un periodo definito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/max-drawdown-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisione editoriale di agente AI non umano; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaQuotes, MetaTrader 5 Help — Testing Report — Definisce il drawdown massimo nei report di test come la maggiore discesa da un massimo locale al minimo successivo.", "urls": [ "https://www.metatrader5.com/en/terminal/help/algotrading/testing_report" ] }, { "text": "Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion — Analizza il massimo drawdown e la sua dipendenza dall'orizzonte nel modello studiato.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] } ], "revision": "cccd13a3fc52f53f", "translation_state": "source", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "drawdown", "performance-measurement", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/md-fluctuation", "locale": "it", "title": "Fluttuazione magnitudine-durata (MD)", "summary": "Nel modello price-motion di Hurst, le componenti cicliche possono variare lentamente in magnitudine e durata: è il terzo elemento del modello, non un orologio perfetto.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/md-fluctuation/", "published": "2026-06-23", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "revision": "7585854cd20c8e01", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/mediare-al-rialzo", "locale": "it", "title": "Mediare al rialzo: significato e gestione", "summary": "Mediare al rialzo significa aggiungere quantità a una posizione long dopo che il prezzo è salito; aumenta sia il carico medio sia l'esposizione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/mediare-al-rialzo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — lega la quantità al rischio per trade e alla distanza dello stop.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — richiede criteri preventivi di ingresso, gestione ed uscita.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — mostra che più contratti aumentano l'esposizione e richiedono scenari di rischio coerenti.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "5de34c2c19e31ea3", "translation_state": "source", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "pyramiding", "scaling-in", "position-sizing", "trend-following", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/mediare-al-ribasso", "locale": "it", "title": "Mediare al ribasso: significato e rischio", "summary": "Mediare al ribasso significa aggiungere a una posizione long mentre il prezzo scende, abbassando il carico medio ma aumentando l'esposizione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/mediare-al-ribasso/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — mostra come quantità, stop e rischio monetario debbano essere valutati insieme.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — include esposizione massima, leva e perdita per trade tra i parametri preventivi.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] }, { "text": "Investor.gov, Dollar Cost Averaging — definisce l'investimento a importi uguali e intervalli regolari, distinto dalla mediazione reattiva.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging" ] } ], "revision": "37cbfc3d6a3ec3d0", "translation_state": "source", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "averaging-down", "position-sizing", "drawdown", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/mev", "locale": "it", "title": "MEV: valore estraibile dall'ordine delle transazioni", "summary": "La MEV è il valore ottenibile includendo, escludendo o riordinando transazioni in un blocco, oltre alla normale ricompensa prevista dal protocollo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/mev/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Maximal extractable value — Definisce MEV, attori, strategie ed effetti sull'ecosistema Ethereum.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Flash Boys 2.0 — Studio primario sul transaction ordering e sulle dinamiche di front-running negli exchange decentralizzati.", "urls": [ "https://arxiv.org/abs/1904.05234" ] } ], "revision": "c2ad6f01a8d3f1af", "translation_state": "source", "kind": "glossary", "entity_type": "blockchain-market-mechanism", "topics": [ "blockchain", "transaction-ordering", "arbitrage", "block-building" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/mi-ha-liquidato", "locale": "it", "title": "Mi ha liquidato: che cosa significa", "summary": "Mi ha liquidato significa che una posizione a leva è stata chiusa o ridotta dal sistema di rischio, non che il mercato abbia preso di mira il trader.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/mi-ha-liquidato/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA Rule 2264, Margin Disclosure Statement — descrive il diritto dell'intermediario di vendere attività quando i requisiti del conto non sono soddisfatti.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQs — spiega il ruolo dei margini e il loro possibile aggiornamento.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "7f8c5eec8304279c", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "liquidation", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/mi-ha-preso-lo-stop", "locale": "it", "title": "Mi ha preso lo stop: che cosa significa", "summary": "Mi ha preso lo stop significa che si è verificato l'evento previsto per attivare l'uscita; prezzo di stop e prezzo effettivo possono essere diversi.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/mi-ha-preso-lo-stop/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — spiega attivazione, differenza tra stop ed eseguito e rischio dei movimenti brevi.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA, Order Types — distingue stop, stop-limit, market e relative proprietà di esecuzione.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "Investor.gov, Types of Orders — descrive il passaggio dell'ordine stop a market al raggiungimento del trigger.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] } ], "revision": "640804cf476ecd3e", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-loss", "stop-order", "execution", "slippage", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/mi-sono-fatto-prendere-dalla-fomo", "locale": "it", "title": "Mi sono fatto prendere dalla FOMO: significato", "summary": "Nel gergo del trading, la frase indica che l'urgenza di non perdere un'occasione ha spinto a decidere senza seguire pienamente il piano.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/mi-sono-fatto-prendere-dalla-fomo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisione editoriale di agente AI non umano; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Przybylski et al., Motivational, emotional, and behavioral correlates of fear of missing out — Ricerca peer-reviewed che definisce e misura la FoMO; non è uno studio di previsione finanziaria.", "urls": [ "https://doi.org/10.1016/j.chb.2013.02.014" ] }, { "text": "SEC Office of Investor Education and Assistance, Protect Your Money: How to Avoid Investment Scams — Mostra come urgenza e FOMO possano essere sfruttate nelle proposte fraudolente.", "urls": [ "https://www.investor.gov/files/protect-your-money-how-avoid-investment-scams" ] } ], "revision": "b1af8c1ceab6777a", "translation_state": "source", "kind": "glossary", "entity_type": "trader-expression", "topics": [ "fomo", "trading-psychology", "decision-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/mi-sono-fatto-stoppare-sul-minimo", "locale": "it", "title": "Stoppato sul minimo: significato", "summary": "Stoppato sul minimo descrive un'uscita vicino a un minimo visibile prima di un rimbalzo; la classificazione è retrospettiva e dipende dal timeframe.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/mi-sono-fatto-stoppare-sul-minimo/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — documenta stop attivati da variazioni brevi seguite da stabilizzazione o rimbalzo.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA Regulatory Notice 16-19 — descrive differenza tra trigger ed esecuzione e rischi nelle condizioni volatili.", "urls": [ "https://www.finra.org/rules-guidance/notices/16-19" ] }, { "text": "CME Group, Proper Position Size — collega stop logico, distanza e quantità della posizione.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] } ], "revision": "3ba28ec6c767074d", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "stop-loss", "reversal", "volatility", "hindsight", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/mintare", "locale": "it", "title": "Mintare", "summary": "Mintare significa creare o assegnare un token secondo le regole del suo smart contract; nel caso di un NFT è l'evento che fa nascere il record del token.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/mintare/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum Improvement Proposals — ERC-721 — Il trasferimento dall'indirizzo zero registra la creazione del token e lo distingue dai trasferimenti successivi.", "urls": [ "https://eips.ethereum.org/EIPS/eip-721" ] }, { "text": "Ethereum.org — NFT minter tutorial — Mostra la relazione fra funzione di mint, transazione, tokenURI e metadata.", "urls": [ "https://ethereum.org/developers/tutorials/nft-minter/" ] } ], "revision": "3450aa93e160842f", "translation_state": "source", "kind": "glossary", "entity_type": "token-minting-term", "topics": [ "minting", "nft", "tokens", "smart-contracts" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/moat-economico", "locale": "it", "title": "Moat economico: riconoscere un vantaggio competitivo", "summary": "Un moat economico è un vantaggio che può difendere ritorni e relazioni economiche dalla concorrenza; va verificato con meccanismi ed evidenze, non con etichette.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/moat-economico/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Berkshire Hathaway — 1995 Shareholder Letter — Fonte primaria della metafora del fossato nel contesto della difesa competitiva di un business.", "urls": [ "https://www.berkshirehathaway.com/letters/1995.html" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guida ai documenti con cui verificare risultati, rischi e note dell'impresa.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "5b4b9dc6b7852f78", "translation_state": "source", "kind": "glossary", "entity_type": "business-quality-concept", "topics": [ "fundamental-analysis", "competitive-advantage", "business-model", "strategy" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/moonare", "locale": "it", "title": "Moonare", "summary": "Salire fortissimo — «to the moon».", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/moonare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7ae15abbca31ea44", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/moving-average-inversa-hurst", "locale": "it", "title": "Moving average inversa di Hurst: definizione e limite", "summary": "La moving average inversa di Hurst sottrae una media centrata al prezzo per osservare le oscillazioni più rapide, con un limite decisivo sulle barre recenti.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/moving-average-inversa-hurst/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor di Cyclepedia — agente di IA non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 6, pp. 109–113 e appendice IV, pp. 210–211 — costruzione, caso Alloys Unlimited e risposta del filtro.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "OCLC WorldCat, The Profit Magic of Stock Transaction Timing — record bibliografico — attribuzione, editore e data della prima edizione.", "urls": [ "https://search.worldcat.org/title/776611988" ] }, { "text": "NIST/SEMATECH, Centered Moving Average — centratura della finestra e trattamento distinto degli ordini pari.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmc/section4/pmc422.htm" ] }, { "text": "Rob J. Hyndman e George Athanasopoulos, Moving averages — Forecasting: Principles and Practice — formula simmetrica e indisponibilità agli estremi del campione.", "urls": [ "https://otexts.com/fpp3/moving-averages.html" ] } ], "revision": "7f4e61c74c258b5b", "translation_state": "source", "kind": "glossary", "entity_type": "technical-indicator", "topics": [ "cyclic-analysis", "moving-averages", "signal-processing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/nesting-envelope", "locale": "it", "title": "Nesting envelope", "summary": "La tecnica Hurst delle envelope annidate: una seconda banda attorno alla prima (nesting up) per il ciclo superiore, oscillazioni dentro il canale (nesting down) per il sottociclo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/nesting-envelope/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "5cfabad0955ea4f9", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/nlp-finanza", "locale": "it", "title": "NLP in finanza", "summary": "Elaborazione del linguaggio naturale su testi finanziari — news, filing, call; base per sentiment e feature ML.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/nlp-finanza/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ce19c6fba9fd7495", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/notazione-diamanti", "locale": "it", "title": "Notazione a diamanti nel phasing", "summary": "Un diamante marca un trough assegnato a un ciclo; una pila riunisce più durate. La sua altezza non misura la forza futura del prezzo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/notazione-diamanti/", "published": "2026-07-21", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — consultazione diretta per delimitare il contenuto del libro.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "David Hickson, “Phasing Analysis”, Hurst Cycles Notes, 16 settembre 2022 — fonte indiretta per attribuzione, trough e altezza della pila.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] } ], "revision": "99cbc958e598a464", "translation_state": "source", "kind": "glossary", "entity_type": "technical-notation", "topics": [ "cyclic-analysis", "phasing-analysis", "cycle-notation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/notional-gergo", "locale": "it", "title": "Notional: significato del valore nozionale", "summary": "Notional indica il valore di riferimento di una posizione o di un contratto: misura la scala nominale, non la perdita massima né il margine versato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/notional-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisione editoriale di agente AI non umano; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value — Definisce il notional dei future tramite unità contrattuale e prezzo e ne mostra l'uso nei rapporti di copertura.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CFTC, Over-the-Counter Derivatives Concept Release — Distingue l'importo nozionale dal valore di mercato e dall'importo effettivamente a rischio nei derivati OTC.", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] } ], "revision": "ebd5717a2f39b6b4", "translation_state": "source", "kind": "glossary", "entity_type": "exposure-measure", "topics": [ "notional-value", "derivatives", "exposure", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/open-interest", "locale": "it", "title": "Open interest", "summary": "L'open interest è lo stock di contratti derivati ancora aperti a un istante definito. Conta ogni contratto una sola volta: non misura da solo capitale, direzione, liquidità eseguibile o posizione dei dealer.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/open-interest/", "published": "2026-07-11", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Commitments of Traders — Explanatory Notes — definizione e uguaglianza fra OI long e short.", "urls": [ "https://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Open Interest — contratto aperto non ancora compensato o adempiuto.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Open Interest e Volume and Open Interest Columns Explained — differenza fra stock di contratti e volume.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/open-interest", "https://www.cmegroup.com/market-data/volume-open-interest/about.html" ] }, { "text": "Options Industry Council, Open Interest: Why It Matters — combinazioni open/close, esercizio e assegnazione.", "urls": [ "https://www.optionseducation.org/news/open-interest-why-it-matters" ] }, { "text": "Options Industry Council, General Information — l'OI non è rialzista o ribassista e non garantisce liquidità.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "CME Group, About Contract Notional Value — relazione fra unità contrattuale, prezzo e nozionale.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "Cboe, Evaluating the Market Impact of SPX 0DTE Options — l'esposizione gamma dei market maker richiede posizioni nette e segno, non il solo dato lordo.", "urls": [ "https://www.cboe.com/insights/posts/volatility-insights-evaluating-the-market-impact-of-spx-0-dte-options/" ] } ], "revision": "44d2e1b4de3ad278", "translation_state": "source", "kind": "", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "market-data", "positioning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/order-flow-gergo", "locale": "it", "title": "Order flow: significato nel trading", "summary": "Order flow indica lo studio degli eventi di mercato, dagli ordini visibili alle esecuzioni. Nel linguaggio operativo spesso si concentra sui trade classificati per lato aggressore.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/order-flow-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — definisce l’ordine aggressore che si abbina immediatamente a ordini già presenti.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — distingue volume eseguito al bid/ask e quantità del market depth.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] } ], "revision": "5aa21caee97e2c1b", "translation_state": "source", "kind": "glossary", "entity_type": "market-microstructure-term", "topics": [ "order-flow", "executions", "order-book", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/overconfidence-gergo", "locale": "it", "title": "Eccesso di fiducia nel trading: significato", "summary": "Nel trading, overconfidence indica una fiducia nelle proprie valutazioni superiore a quanto sostengono dati e processo; una serie vincente non prova da sola il bias.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/overconfidence-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, The Behavioral Biases of Individuals — Classifica l'overconfidence e discute riconoscimento e mitigazione dei bias individuali.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/the-behavioral-biases-of-individuals" ] }, { "text": "Brad M. Barber e Terrance Odean, Trading Is Hazardous to Your Wealth — Analizza turnover e risultati netti in un ampio campione di investitori individuali, senza diagnosticare il singolo trader.", "urls": [ "https://doi.org/10.1111/0022-1082.00226" ] } ], "revision": "c04d0f92bc7b598c", "translation_state": "source", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/overtrading-gergo", "locale": "it", "title": "Overtrading: significato nel trading", "summary": "Overtrading significa operare oltre le regole o le opportunità del proprio piano; il numero elevato di trade, da solo, non basta a identificarlo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/overtrading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trade and Risk Management — Collega controllo del rischio, size e prevenzione dell'overtrading.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Riporta evidenze sugli effetti dell'attività di compravendita frequente sui risultati degli investitori.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "166988cd9ffef737", "translation_state": "source", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "overtrading", "trade-frequency", "costs", "discipline", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/paper-hands", "locale": "it", "title": "Paper hands: significato", "summary": "Paper hands è un'etichetta derisoria per chi vende sotto pressione o presto rispetto alle attese del gruppo; non prova che l'uscita fosse sbagliata.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/paper-hands/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Following the Crowd: Investing and Social Media — Spiega come sentiment, conferma sociale ed emozione possano guidare decisioni rischiose.", "urls": [ "https://www.finra.org/investors/insights/following-crowd-investing-and-social-media" ] }, { "text": "FINRA, Volatility — Distingue reazioni impulsive da scelte coerenti con obiettivi e situazione finanziaria.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Richiede criteri espliciti di uscita e gestione prima del trade.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] } ], "revision": "4e9bd9af0ce41e00", "translation_state": "source", "kind": "glossary", "entity_type": "market-slang", "topics": [ "social-media", "exit", "volatility", "group-pressure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-review", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/paper-trading-gergo", "locale": "it", "title": "Paper trading: significato e limiti", "summary": "Il paper trading registra o simula operazioni senza la normale esposizione economica di un trade reale; serve a provare processo e strumenti, non a dimostrare risultati futuri.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/paper-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisione editoriale di agente AI non umano; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Performance Results — Spiega, nel proprio ambito regolamentare, perché risultati ipotetici non riproducono pienamente liquidità, slippage e rischio finanziario reale.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "5a23df0f10330499", "translation_state": "source", "kind": "glossary", "entity_type": "simulated-trading-environment", "topics": [ "paper-trading", "simulation", "operational-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/paura-di-premere-il-bottone", "locale": "it", "title": "Paura di premere il bottone: significato", "summary": "La paura di premere il bottone descrive l'esitazione davanti a un ordine previsto; un trade mancato può però dipendere anche da rischio, dati o problemi tecnici.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/paura-di-premere-il-bottone/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Richiede condizioni esatte di ingresso e riconosce lo stress associato all'esecuzione.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — Collega ogni ordine alla compatibilità fra capitale, strumento e profilo di rischio.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "0f96ce8373dfbd84", "translation_state": "source", "kind": "glossary", "entity_type": "execution-state", "topics": [ "execution", "fear", "missed-trade", "decision-making", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-troubleshooting", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/payoff-ratio-gergo", "locale": "it", "title": "Payoff ratio: vincita media e perdita media", "summary": "Il payoff ratio confronta la vincita media dei trade chiusi in profitto con il valore assoluto della perdita media dei trade chiusi in perdita.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/payoff-ratio-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisione editoriale di agente AI non umano; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradeStation Help, Ratio Avg. Win: Avg. Loss — Definisce il rapporto fra trade vincente medio e trade perdente medio e indica il trattamento di commissioni e slippage configurato.", "urls": [ "https://help.tradestation.com/10_00/eng/tradestationhelp/subsystems/spr_topics/report/ratio_avg_win_avg_loss__strategy_performance_report_.htm" ] }, { "text": "MetaQuotes, MetaTrader 5 Help — Trading Report — Definisce vincita media e perdita media a partire dai trade chiusi dei rispettivi gruppi.", "urls": [ "https://www.metatrader5.com/en/terminal/help/trading_advanced/history_report" ] } ], "revision": "2aabf5a9b064dd40", "translation_state": "source", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "payoff-ratio", "trade-statistics", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/pe-ratio", "locale": "it", "title": "P/E ratio", "summary": "Prezzo per azione diviso utile per azione: multiplo di valutazione da confrontare con società simili e serie storica, non da leggere in isolamento.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/pe-ratio/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Price-earnings (P/E) Ratio — definizione, formula e confronto storico o fra società (consultato il 10 agosto 2026).", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/price-earnings-pe-ratio" ] }, { "text": "Financial Industry Regulatory Authority, Evaluating Stocks — EPS, formula del P/E e uso come misura di valutazione relativa (consultato il 10 agosto 2026).", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/evaluating-stocks" ] } ], "revision": "963a24a5038121fc", "translation_state": "source", "kind": "glossary", "entity_type": "metric", "topics": [ "fundamental-analysis", "equity-valuation", "earnings" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/periodo-ciclico", "locale": "it", "title": "Periodo ciclico", "summary": "Il periodo, o wavelength, è l'intervallo temporale di una componente ciclica, normalmente misurato trough-to-trough nella tradizione Hurst. Periodo nominale, periodo osservato e time translation sono concetti distinti.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/periodo-ciclico/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 2, Tabella II-1 e sezioni su nominalità e variazione.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concetti 1, 5, 6 e 10, PDF Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "b519341ac902e880", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/phishing-gergo", "locale": "it", "title": "Phishing: trading e criptovalute", "summary": "Il phishing usa messaggi, chiamate o pagine false per sottrarre credenziali e codici oppure indurre autorizzazioni dannose.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/phishing-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Phishing — Definisce l'impersonazione di una fonte affidabile per ottenere dati sensibili o condurre a siti contraffatti.", "urls": [ "https://csrc.nist.gov/glossary/term/phishing" ] }, { "text": "FTC — How to recognize and avoid phishing scams — Descrive richieste tipiche, verifica indipendente e azioni da compiere dopo un clic.", "urls": [ "https://consumer.ftc.gov/articles/how-recognize-avoid-phishing-scams" ] }, { "text": "ESMA — Crypto frauds and scams — Collega messaggi, QR code e applicazioni fasulle al furto di credenziali e cripto-attività.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_IT.pdf" ] } ], "revision": "b949d6f988d9fc02", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "social-engineering", "credential-theft", "account-security", "crypto-security" ], "asset_classes": [ "multi-asset", "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/pig-butchering", "locale": "it", "title": "Pig butchering: frode d'investimento", "summary": "La frode detta pig butchering costruisce una relazione di fiducia e conduce la vittima verso una falsa piattaforma d'investimento controllata dai truffatori.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/pig-butchering/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FBI — Operation Level Up — Spiega la classificazione «confidence-enabled cryptocurrency investment fraud» e il ruolo di piattaforme e saldi falsi.", "urls": [ "https://www.fbi.gov/news/stories/operation-level-up-how-the-fbi-is-saving-victims-from-cryptocurrency-investment-fraud" ] }, { "text": "FBI — Cryptocurrency Investment Fraud — Definisce la frode basata sulla fiducia, la falsa piattaforma e la progressione dei depositi.", "urls": [ "https://www.fbi.gov/how-we-can-help-you/victim-services/national-crimes-and-victim-resources/cryptocurrency-investment-fraud" ] }, { "text": "CFTC — Avoid Forex, Precious Metals, and Digital Asset Romance Scams — Descrive la costruzione della fiducia e le applicazioni che simulano operazioni vincenti.", "urls": [ "https://www.cftc.gov/sites/default/files/2022-02/20220203_customer%20advisory_RomanceScam_FINAL.pdf" ] } ], "revision": "f4e18854f7a13231", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "social-engineering", "confidence-scam", "fake-platform" ], "asset_classes": [ "crypto-assets", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/poc-gergo", "locale": "it", "title": "POC nel trading: significato", "summary": "POC significa Point of Control: nel volume profile è il livello con più volume nel profilo scelto; nel TPO profile è quello con maggiore presenza temporale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/poc-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, Volume profile indicators: basic concepts — Definisce il volume profile, i dati usati e il POC del profilo.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] }, { "text": "TradingView, Time price opportunity (TPO) indicator — Definisce il POC TPO come livello con maggiore presenza del prezzo nel periodo.", "urls": [ "https://www.tradingview.com/support/solutions/43000713306-time-price-opportunity-tpo-indicator/" ] }, { "text": "TradingView, Volume footprint charts: a complete guide — Documenta POC, dimensione delle righe e riepiloghi nei footprint.", "urls": [ "https://www.tradingview.com/support/solutions/43000726164-volume-footprint-charts-a-complete-guide/" ] } ], "revision": "29fd93a8565123d6", "translation_state": "source", "kind": "glossary", "entity_type": "profile-statistic", "topics": [ "point-of-control", "volume-profile", "tpo-profile", "price-level", "market-profile" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "acronym-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/ponzi-scheme", "locale": "it", "title": "Schema Ponzi: come funziona", "summary": "Uno schema Ponzi usa il denaro dei nuovi partecipanti per pagare rendimenti apparenti ai precedenti e dipende da nuovi flussi.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/ponzi-scheme/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Ponzi Scheme — Definisce il pagamento dei vecchi investitori con fondi nuovi, il bisogno di nuovi flussi e i segnali ricorrenti.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme" ] }, { "text": "FINRA — How to Avoid Investment Scams — Illustra il circuito centrale di raccolta e pagamento e lo distingue da altri schemi.", "urls": [ "https://investorpublications.finra.org/Avoiding_Investment_Scams_BBB.pdf" ] }, { "text": "CFTC — Digital Asset Frauds — Inquadra frodi d'investimento, piattaforme simulate e richieste di ulteriori pagamenti.", "urls": [ "https://www.cftc.gov/LearnAndProtect/digitalassetfrauds" ] } ], "revision": "0a1df300331838c8", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "cash-flow-deception", "investor-protection", "due-diligence" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/position-sizing-gergo", "locale": "it", "title": "Position sizing: significato nel trading", "summary": "Il position sizing è il processo che trasforma budget di rischio e perdita stimata per unità nella quantità di azioni, lotti o contratti da negoziare.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/position-sizing-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisione editoriale di agente AI non umano; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size — Collega livello dello stop, budget monetario, valore del tick e numero di contratti.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — Spiega perché il prezzo stop non garantisce il prezzo di esecuzione.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] } ], "revision": "2a9dda9f86c157e9", "translation_state": "source", "kind": "glossary", "entity_type": "risk-management-process", "topics": [ "position-sizing", "risk-budget", "trade-size" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/post-quantum-security", "locale": "it", "title": "Post-quantum security", "summary": "Crittografia resistente ai computer quantistici — PQC per chiavi, wallet e infrastruttura finanziaria.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/post-quantum-security/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "eacf1ac72878333c", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/preliminary-supply-psy", "locale": "it", "title": "Preliminary Supply (PSY)", "summary": "Prima evidenza di offerta dopo un rialzo: volume e spread possono espandersi mentre il trend si avvicina a una possibile fase di arresto.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/preliminary-supply-psy/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizione di PSY e fasi A di distribuzione e redistribuzione.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — PSY, BC, AR, ST e variante non climatica.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — lettura discrezionale di prezzo, volume e trading range.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "6dc8c68ce7881052", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/preliminary-support-ps", "locale": "it", "title": "Preliminary Support (PS)", "summary": "Preliminary Support (PS): primo supporto rilevante dopo un ribasso prolungato; può precedere il Selling Climax ma non certifica il minimo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/preliminary-support-ps/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Accumulation: Wyckoff Events” e “Phase A”, definizione di PS e sequenza PS–SC–AR–ST.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, schemi di accumulation e nove test.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "33082adb33851d46", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/prendere-liquidita", "locale": "it", "title": "Prendere liquidità: significato nel trading", "summary": "Prendere liquidità può indicare l'esecuzione aggressiva contro ordini passivi oppure, nel gergo grafico, il passaggio in un'area di ordini attesi; i due usi vanno distinti.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/prendere-liquidita/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Assessing liquidity — Distingue partecipanti passivi che forniscono liquidità e ordini aggressivi che la richiedono.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] }, { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Mostra come quantità e livelli del book determinano costo e impatto di un ordine eseguibile.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] }, { "text": "FINRA, Manipulative Trading — Inquadra sorveglianza e prove per pratiche di negoziazione potenzialmente manipolative.", "urls": [ "https://www.finra.org/rules-guidance/guidance/reports/2023-finras-examination-and-risk-monitoring-program/manipulative-trading" ] } ], "revision": "6d22a6647ab04841", "translation_state": "source", "kind": "glossary", "entity_type": "execution-action", "topics": [ "take-liquidity", "aggressive-order", "resting-order", "liquidity-grab", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disambiguation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/prendere-profitto", "locale": "it", "title": "Prendere profitto: significato nel trading", "summary": "Prendere profitto significa chiudere tutta o parte di una posizione in guadagno, trasformando un risultato non realizzato in profitto realizzato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/prendere-profitto/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — include stop, profit target e gestione delle uscite nel piano del trade.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Order Types — spiega differenze e rischi di esecuzione degli ordini market, limit e stop.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "CME Group, Position and Risk Management — collega la decisione di uscita al raggiungimento di obiettivi di profitto o perdita.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "d19a2976274a12b7", "translation_state": "source", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "take-profit", "exit", "partial-exit", "realized-profit", "order-execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/profit-factor-gergo", "locale": "it", "title": "Profit factor: significato e formula", "summary": "Il profit factor divide la somma dei risultati positivi per il valore assoluto della somma dei risultati negativi in un campione definito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/profit-factor-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex (revisione editoriale di agente AI non umano; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaQuotes, MetaTrader 5 Help — Testing Report — Definisce gross profit, gross loss e profit factor nei report del tester.", "urls": [ "https://www.metatrader5.com/en/terminal/help/algotrading/testing_report" ] }, { "text": "TradeStation Help, About Performance Report — Documenta il profit factor come rapporto tra profitto lordo e perdita lorda nei report di performance.", "urls": [ "https://help.tradestation.com/09_01/tsportfolio/reports/about_performance_report.htm" ] } ], "revision": "1bdbaebfd942c127", "translation_state": "source", "kind": "glossary", "entity_type": "performance-metric", "topics": [ "profit-factor", "trade-statistics", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/pump-and-dump", "locale": "it", "title": "Pump and dump", "summary": "Il pump and dump è uno schema in cui chi possiede o controlla un asset ne alimenta artificialmente domanda e prezzo, spesso con promozione falsa o coordinata, e poi vende sui compratori arrivati dopo. Un rialzo seguito da un crollo non basta a provarlo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/pump-and-dump/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Pump and Dump Schemes — descrive promozione ingannevole, aumento del prezzo e vendita delle posizioni dei promotori.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/pump-and-dump-schemes" ] }, { "text": "Investor.gov — Social Media and Stock Tip Scams — collega gruppi social, false identità e raccomandazioni coordinate a schemi di manipolazione; ricorda che non sono limitati alle micro-cap.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/social-media-stock-scams" ] }, { "text": "CFTC — Beware Virtual Currency Pump-and-Dump Schemes — illustra il ciclo rapido nei token sottili e i rischi dei segnali diffusi nelle chat.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/beware_virtual_currency_pump_dump.html" ] }, { "text": "EUR-Lex — Regolamento (UE) n. 596/2014, testo consolidato al 5 giugno 2026 — definisce la manipolazione e i segnali falsi o fuorvianti nel perimetro MAR.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Regolamento (UE) 2023/1114, articolo 91 — disciplina la manipolazione dei crypto-asset nel perimetro MiCA.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — raccomanda sorveglianza e controlli contro frode e manipolazione nelle sedi crypto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "d24160f579d67ca6", "translation_state": "source", "kind": "glossary", "entity_type": "pump-and-dump-manipulation-pattern", "topics": [ "pump-and-dump", "market-manipulation", "promotion", "social-media", "market-integrity" ], "asset_classes": [ "equities", "crypto", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-detection", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/pumpare", "locale": "it", "title": "Pumpare", "summary": "Spingere il prezzo verso l'alto, spesso in modo rapido o coordinato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/pumpare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9a7533e89d81e96b", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/quantum-computing-finanza", "locale": "it", "title": "Quantum computing in finanza", "summary": "Computazione quantistica per ottimizzazione, pricing e simulazioni — ricerca attiva, deployment ibrido con classico.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/quantum-computing-finanza/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0278aeb3e749f4fc", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/r-multiple-gergo", "locale": "it", "title": "R-multiple (termine di trading)", "summary": "L'R-multiple esprime il risultato realizzato di un trade rispetto al rischio iniziale pianificato: +2R indica un guadagno pari a due volte quel rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/r-multiple-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo; nessuna revisione umana esperta", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Van Tharp Institute, Tharp Think Trading Concepts — definisce rischio iniziale, R e R-multiple.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] }, { "text": "CME Group, Proper Position Size — collega ingresso, distanza dello stop e dimensione della posizione al rischio monetario pianificato.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] } ], "revision": "5b5d6771359700ce", "translation_state": "source", "kind": "", "entity_type": "metric", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/recency-bias", "locale": "it", "title": "Bias di recenza (recency bias): significato nel trading", "summary": "Nel trading, il bias di recenza è il peso sproporzionato dato agli eventi più recenti senza confrontarli con un campione e un criterio adeguati.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/recency-bias/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "OpenAI Codex — revisione editoriale AI non umana; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — Inquadra la revisione delle decisioni quando cambiano condizioni e vincoli reali.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute Research Foundation, Risk Profiling through a Behavioral Finance Lens — Definisce il recency bias come enfasi sugli eventi recenti e possibile estrapolazione di schemi inesistenti.", "urls": [ "https://www.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/rfbr-v2-n1-1-pdf.pdf" ] } ], "revision": "d4f1570f16cf94a2", "translation_state": "source", "kind": "glossary", "entity_type": "behavioral-bias", "topics": [ "behavioral-finance", "trading-psychology", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/recovery-scam", "locale": "it", "title": "Recovery scam: la truffa del recupero fondi", "summary": "Una recovery scam ricontatta chi ha già perso denaro e promette un recupero in cambio di anticipi, credenziali o nuovi trasferimenti.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/recovery-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Recovering From Fraud — Spiega la vulnerabilità successiva alla prima frode e le forme tipiche della recovery fraud.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/recoveringfromlosses.html" ] }, { "text": "Federal Trade Commission — Refund and Recovery Scams — Descrive anticipi, impersonificazione e richieste di dati personali o finanziari.", "urls": [ "https://consumer.ftc.gov/articles/refund-and-recovery-scams" ] } ], "revision": "8370693c98a002be", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "recovery-fraud", "impersonation", "victim-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/regime-filter-gergo", "locale": "it", "title": "Regime filter (termine di trading)", "summary": "Un regime filter è una regola predefinita che abilita o blocca un setup in base al contesto di mercato rilevato, come trend, lateralità o volatilità.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/regime-filter-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo; nessuna revisione umana esperta", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "James D. Hamilton, Macroeconomic Regimes and Regime Shifts, NBER Working Paper 21863 — rassegna i metodi per riconoscere cambiamenti di regime nelle serie temporali.", "urls": [ "https://www.nber.org/papers/w21863" ] }, { "text": "Van Tharp Institute, Tharp Think Trading Concepts — distingue condizioni di setup e segnali d'ingresso e tratta sistemi destinati a condizioni di mercato diverse.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] } ], "revision": "beeff253fac9a9d7", "translation_state": "source", "kind": "", "entity_type": "decision-rule", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/rekt", "locale": "it", "title": "Rekt nel trading: significato", "summary": "Rekt è gergo internet per una perdita o un danno finanziario molto grave; esprime l'esito, ma non identifica da solo la causa.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/rekt/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Know What Triggers a Margin Call — documenta uno dei possibili meccanismi reali dietro perdite aggravate dalla leva.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "FINRA, Risk — inquadra il rapporto tra rischio, rendimento e possibilità di perdita degli investimenti.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/risk" ] } ], "revision": "0d25970f6e81c3aa", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "loss", "liquidation", "leverage", "crypto-culture" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/rendimenti-garantiti-gergo", "locale": "it", "title": "Rendimenti garantiti: cosa verificare", "summary": "Una promessa di rendimento elevato, stabile e quasi privo di rischio è un forte segnale d'allarme se garanzia e garante non sono verificabili.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/rendimenti-garantiti-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — What You Can Do to Avoid Investment Fraud — Collega promesse di alto rendimento e basso rischio ai segnali tipici di frode.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/what-you-can-do-avoid-investment-fraud" ] }, { "text": "FINRA — Watch for Red Flags — Richiama garanzie, rendimenti troppo regolari e strategie non spiegabili.", "urls": [ "https://www.finra.org/investors/protect-your-money/watch-red-flags" ] }, { "text": "FDIC — Deposit Insurance at a Glance — Mostra che una tutela reale ha soggetti, categorie, requisiti e limiti precisi.", "urls": [ "https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/" ] } ], "revision": "0372060d3e921680", "translation_state": "source", "kind": "glossary", "entity_type": "warning-sign", "topics": [ "investment-promises", "risk-disclosure", "guarantor-risk", "fraud-red-flags" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/revenge-trading-gergo", "locale": "it", "title": "Revenge trading: significato", "summary": "Revenge trading indica operazioni aperte per recuperare rapidamente una perdita, con deviazione dal piano; un semplice rientro dopo uno stop non lo dimostra.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/revenge-trading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Richiede criteri espliciti di ingresso, uscita e rischio prima dell'operazione.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Include leva, perdita massima per trade e perdita massima giornaliera nel piano.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "627f8459a9dbd9d2", "translation_state": "source", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "revenge-trading", "losses", "risk-limits", "position-size", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/rimbalzare", "locale": "it", "title": "Rimbalzare", "summary": "Risalire dopo una discesa.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/rimbalzare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3b3549cadd0e6965", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/rischio-di-protocollo-defi", "locale": "it", "title": "Rischio di protocollo DeFi: dipendenze e controlli", "summary": "Il rischio di protocollo DeFi nasce dall'intero sistema da cui dipende una posizione: contratti, governance, oracle, asset, liquidità, rete e servizi operativi.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/rischio-di-protocollo-defi/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Financial Stability Board — The Financial Stability Risks of Decentralised Finance — pp. 16 e 33: tratta leva, liquidità, interconnessioni e canali con cui le vulnerabilità DeFi possono amplificarsi.", "urls": [ "https://www.fsb.org/wp-content/uploads/P160223.pdf" ] }, { "text": "BIS Financial Stability Institute — Crypto, tokens and DeFi: navigating the regulatory landscape — pp. 32–33: esamina il ruolo di governance, oracle, admin key e infrastruttura nel funzionamento dei protocolli.", "urls": [ "https://www.bis.org/fsi/publ/insights49.pdf" ] }, { "text": "ESMA — Decentralised Finance in the EU: Developments and risks — pp. 7–9: tratta rischio del codice, design economico, governance, liquidità e trasmissione delle perdite.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2023-10/ESMA50-2085271018-3349_TRV_Article_Decentralised_Finance_in_the_EU_Developments_and_Risks.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Decentralized Finance (DeFi) — raccomandazione 5, pp. 32–36: richiede una lettura complessiva di blockchain, contratti, governance, oracle, bridge e dipendenze.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD754.pdf" ] } ], "revision": "f9b52b267a8c3a01", "translation_state": "source", "kind": "glossary", "entity_type": "defi-composite-risk", "topics": [ "defi", "protocol-risk", "smart-contracts", "governance", "operational-risk", "liquidity-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-control", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/risk-of-ruin-gergo", "locale": "it", "title": "Risk of ruin (termine di trading)", "summary": "Il risk of ruin è la probabilità che il capitale raggiunga una soglia di fallimento predefinita entro un certo orizzonte; rovina non significa necessariamente saldo zero.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/risk-of-ruin-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo; nessuna revisione umana esperta", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "NIST, Gambler's ruin distribution — documenta il modello probabilistico classico del raggiungimento di una soglia di rovina.", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate — paper primario su puntate proporzionali ripetute, crescita del capitale e sopravvivenza.", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] } ], "revision": "fc40462043efb8cd", "translation_state": "source", "kind": "", "entity_type": "risk-measure", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/risk-reward-gergo", "locale": "it", "title": "Risk/reward (termine di trading)", "summary": "Nel linguaggio comune del trading, il risk/reward confronta la perdita pianificata con il guadagno lordo potenziale; 1:2 significa rischiare un'unità per tentarne due.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/risk-reward-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo; nessuna revisione umana esperta", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "CFTC, Futures Glossary — documenta l'uso probabilistico del termine e il suo impiego nel confronto fra trade.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Position and Risk Management — spiega perché il capitale a rischio deve essere coerente con dimensione e profilo del conto.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "636026232d22b415", "translation_state": "source", "kind": "", "entity_type": "metric", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/rollare", "locale": "it", "title": "Rollare una posizione", "summary": "Rollare significa estinguere una posizione su un contratto e aprirne una su un'altra scadenza o serie. Il nuovo contratto non conserva automaticamente la stessa esposizione e il differenziale fra scadenze non coincide da solo con il roll yield.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/rollare/", "published": "2026-06-24", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] } ], "revision": "c836e151f08c815e", "translation_state": "source", "kind": "glossary", "entity_type": "term", "topics": [ "markets-instruments", 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"urls": [ "https://consumer.ftc.gov/articles/what-know-about-romance-scams" ] }, { "text": "FBI IC3 — Spike in Cryptocurrency Investment Schemes — Documenta il passaggio da identità e relazione fittizie a piattaforme d'investimento controllate.", "urls": [ "https://www.ic3.gov/PSA/2023/psa230314" ] }, { "text": "CFTC — Beware Offers to Receive and Forward Money — Collega romance fraud, trading e richieste di movimentazione di denaro.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MoneyMuleFraud.html" ] } ], "revision": "eaf541fd96dbfc0e", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "relationship-fraud", "trust-building", "investment-scam", "victim-support" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/rug-check", "locale": "it", "title": "Rug check: che cosa verifica e quali limiti ha", "summary": "Un rug check è una verifica preliminare di contratto, controlli amministrativi, distribuzione, liquidità e comunicazione per cercare segnali di rischio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/rug-check/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MetaMask, How to avoid scammers, rug pulls, and airdrop scams — Collega rug pull, distribuzione dei token, promozione e liquidazione delle posizioni.", "urls": [ "https://support.metamask.io/stay-safe/safety-in-web3/scammers-and-phishers-rugpulls-and-airdrop-scams" ] }, { "text": "OpenZeppelin, Access Control — Documenta proprietà, ruoli, privilegi amministrativi e modelli di controllo nei contratti.", "urls": [ "https://docs.openzeppelin.com/contracts/5.x/access-control" ] }, { "text": "Ethereum.org, Ethereum security and scam prevention — Raccoglie controlli su indirizzi, firme, limiti di spesa e interazioni con smart contract.", "urls": [ "https://ethereum.org/security/" ] } ], "revision": "c8f5eee504426f51", "translation_state": "source", "kind": "glossary", "entity_type": "token-risk-screening", "topics": [ "rug-check", "smart-contract", "admin-keys", "holder-distribution", "liquidity", "due-diligence" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-screening-and-limits", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/rug-pull", "locale": "it", "title": "Rug pull: come viene sottratto valore a un progetto crypto", "summary": "Un rug pull avviene quando chi controlla un progetto crypto abbandona o sfrutta il progetto sottraendo liquidità o valore agli acquirenti.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/rug-pull/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Crypto fraud and scams factsheet — Descrive i rug pull tra le frodi crypto e i principali segnali di allarme.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_MT_EN.pdf" ] }, { "text": "SEC — Complaint, Eric Zhu — Documento primario su ritiro di liquidità, vendita dei token e condotte contestate come rug pull.", "urls": [ "https://www.sec.gov/files/litigation/complaints/2025/comp26223.pdf" ] } ], "revision": "a09357817170df31", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "exit-scam", "liquidity", "token-control" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/sandwich-attack", "locale": "it", "title": "Sandwich attack: come viene sfruttato uno swap", "summary": "In un sandwich attack, un attore esegue una transazione prima e una dopo lo swap della vittima per sfruttarne l'impatto sul prezzo e la tolleranza allo slippage.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sandwich-attack/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — MEV — Descrive passo per passo il sandwich trading e il ruolo dell'ordine 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"evidence_level": "", "source_signal": false, "revision": "119a9de6b811210b", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/secondary-test-st", "locale": "it", "title": "Secondary Test (ST)", "summary": "Rivisitazione di un climax candidato: spread, volume e risposta del prezzo indicano se la pressione precedente si è ridotta.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/secondary-test-st/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — criteri relativi di spread e volume, test multipli e possibili nuovi minimi.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — ST negli schemi di accumulazione e distribuzione.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Stock Market Institute — The Elusive Secondary Test — carattere discrezionale e difficoltà di identificazione in tempo reale.", "urls": [ "https://wyckoffsmi.com/the-elusive-secondary-test-whats-up/" ] } ], "revision": "eaf22c2d9d89893b", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/seed-phrase-theft", "locale": "it", "title": "Furto della seed phrase", "summary": "Chi ottiene la seed phrase può ricreare 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private attraverso contatti inattesi.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2026-01/Factsheet_on_crypto_fraud_and_scams_IT.pdf" ] } ], "revision": "38c42d30f5eda662", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "seed-phrase", "wallet-compromise", "self-custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/segnale-azione", "locale": "it", "title": "Segnale d'azione (action signal)", "summary": "Segnale oggettivo buy, sell, hold o short predeterminato dall'analisi e attivato dal prezzo — non un'opinione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/segnale-azione/", "published": "", "updated": "2026-06-22", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "277ea30043ab0fa4", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/self-custody", "locale": "it", "title": "Self-custody: controllo diretto delle chiavi crypto", "summary": "La self-custody è il modello in cui l'utente controlla direttamente le chiavi o gli altri mezzi necessari ad autorizzare movimenti di crypto-asset, assumendo anche responsabilità di sicurezza e recupero.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/self-custody/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8301 — Blockchain Networks: Token Design and Management Overview — Descrive wallet e modelli di custodia self-hosted, esterni e ibridi, insieme ai meccanismi di sicurezza e recupero.", "urls": [ "https://csrc.nist.gov/pubs/ir/8301/final" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — Espone i rischi di custodia presso fornitori, la protezione degli asset dei clienti e le informazioni necessarie per valutarla.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] } ], "revision": "9a2ba68ded3e77a9", "translation_state": "source", "kind": "glossary", "entity_type": "crypto-custody-model", "topics": [ "crypto", "self-custody", "private-keys", "recovery", "operational-security" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/selling-climax-sc", "locale": "it", "title": "Selling Climax (SC)", "summary": "Possibile culmine della vendita dopo un ribasso: spread e volume aumentano; Automatic Rally e test successivi ne chiariscono il significato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/selling-climax-sc/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizioni degli eventi e delle fasi di accumulazione e distribuzione.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — SC, AR, ST, varianti schematiche e limiti della sequenza.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — inquadramento del metodo come analisi discrezionale di prezzo e volume.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "68c8febe61485505", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/shakeout", "locale": "it", "title": "Shakeout nel trading: significato", "summary": "Shakeout indica un movimento rapido che forza molte uscite e viene seguito da un recupero; nel metodo Wyckoff ha un significato strutturale più preciso.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/shakeout/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics, The Wyckoff Method — colloca spring e test nella fase C dell'accumulazione e mostra anche la variante senza spring.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — distingue spring, terminal shakeout, test successivo e conferma tramite sign of strength.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "10535c1de7c19844", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "wyckoff", "price-action", "stop-orders", "trading-range", "market-structure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/shillare", "locale": "it", "title": "Shillare un asset: significato e interessi da dichiarare", "summary": "Shillare significa promuovere insistentemente un asset o progetto, spesso senza rendere chiaro il proprio interesse economico o il rapporto con il promotore.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/shillare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FTC, Disclosures 101 for Social Media Influencers — Spiega quali connessioni materiali dichiarare e perché la disclosure deve essere chiara e difficile da ignorare.", "urls": [ "https://www.ftc.gov/business-guidance/resources/disclosures-101-social-media-influencers" ] }, { "text": "SEC, Statement Urging Caution Around Celebrity Backed ICOs — Avverte che un endorsement apparentemente indipendente può essere promozione pagata.", "urls": [ "https://www.sec.gov/newsroom/speeches-statements/statement-potentially-unlawful-promotion-icos-sec-statement-urging-caution-around-celebrity-backed-icos" ] }, { "text": "Investor.gov, HoweyCoins — Mostra red flag promozionali, testimonial e affermazioni usate per indurre domanda.", "urls": [ "https://www.investor.gov/ico-howeycoins" ] } ], "revision": "0e4f1e253f72ef16", "translation_state": "source", "kind": "glossary", "entity_type": "promotional-communication", "topics": [ "shilling", "endorsement", "material-connection", "disclosure", "market-promotion" ], "asset_classes": [ "digital-assets", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-disclosure-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/short-squeeze", "locale": "it", "title": "Short squeeze: significato e meccanismo", "summary": "Uno short squeeze è un rialzo amplificato quando venditori allo scoperto ricomprano il titolo per limitare perdite, rispettare il margine o restituire i titoli presi in prestito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/short-squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Short Sales — illustra prestito, vendita, riacquisto e rischio potenzialmente elevato della posizione short.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-51" ] }, { "text": "U.S. SEC, Staff Report on Equity and Options Market Structure Conditions in Early 2021 — esamina GameStop distinguendo la ricopertura degli short dagli altri acquisti osservati.", "urls": [ "https://www.sec.gov/file/staff-report-equity-options-market-struction-conditions-early-2021pdf" ] }, { "text": "FINRA, Know What Triggers a Margin Call — spiega come requisiti di margine e vendite imposte possano incidere sulle posizioni finanziate.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "d1140c329faffe06", "translation_state": "source", "kind": "glossary", "entity_type": "market-dynamics-term", "topics": [ "short-selling", "short-covering", "margin", "positioning", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/shortare", "locale": "it", "title": "Shortare: significato di andare short", "summary": "Shortare significa assumere o aumentare un'esposizione che beneficia del ribasso; una vendita può però soltanto ridurre un long, quindi va controllata la posizione netta.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/shortare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the Role of Speculators — Spiega che nei futures la speculazione può assumere direzione long o short.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-speculators" ] }, { "text": "CFTC, Futures Market Basics — Inquadra futures, hedger, speculatori, obblighi e rischi del contratto.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] } ], "revision": "c7d71785c39ebfbc", "translation_state": "source", "kind": "glossary", "entity_type": "trading-action", "topics": [ "short", "sell", "exposure", "execution", "position" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/shrimp", "locale": "it", "title": "Shrimp", "summary": "Piccolo investitore retail — opposto di whale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/shrimp/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "68f732256264e7b4", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/sign-of-strength-sos", "locale": "it", "title": "Sign of Strength (SOS)", "summary": "Avanzamento con spread in espansione e volume relativamente maggiore; per Wyckoff è evidenza di domanda da valutare con struttura e seguito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sign-of-strength-sos/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizione di SOS, fase D e relazione con LPS.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — spread, volume relativo, spring e metafora del back-up.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — giudizio discrezionale su prezzo e volume.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "d0298257e6bf9e24", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/sign-of-weakness-sow", "locale": "it", "title": "Sign of Weakness (SOW)", "summary": "Discesa verso o oltre il supporto di un range distributivo, spesso con volume e ampiezza in aumento; il seguito rafforza o invalida la lettura.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sign-of-weakness-sow/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizione del SOW e sua collocazione nelle fasi distributive.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — SOW, change of character, supporto del range e relazione con LPSY.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "9751290d07b8e36d", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/signal-group-scam", "locale": "it", "title": "Truffa dei gruppi di segnali", "summary": "Una truffa dei gruppi di segnali usa falsa autorità, prove sociali e urgenza per spingere ordini, depositi o abbonamenti non verificabili.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/signal-group-scam/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Group Chats as a Gateway to Investment Scams — Allerta SEC su impersonificazione, chat d'investimento e decisioni basate soltanto sul gruppo.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/gateway-to-investment-scams" ] }, { "text": "CNMV — Alerta sobre fraudes en grupos de WhatsApp — Ricostruisce la captazione, le prime operazioni favorevoli e la pressione finale in gruppi fraudolenti.", "urls": [ "https://www.cnmv.es/portal/verdoc.axd?t=%7B8db81624-db6c-4bbf-9215-17d4ee3a25e3%7D" ] } ], "revision": "1472c3181063176a", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "investment-fraud", "social-media", "trading-signals", "impersonation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/signal-provider", "locale": "it", "title": "Signal provider: significato e controlli", "summary": "Un signal provider produce o distribuisce indicazioni operative; non coincide necessariamente con broker, gestore o esecutore e il segnale non garantisce un risultato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/signal-provider/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FCA, Copy trading — Distingue segnali confermati dal cliente e trasformazione automatica dei segnali in ordini.", "urls": [ "https://www.fca.org.uk/firms/copy-trading" ] }, { "text": "FINRA, Know the Risks of Auto-Trading Services Offered by Unregistered Entities — Indica verifiche su provider, registrazione, performance, dati e accesso al conto.", "urls": [ "https://www.finra.org/investors/insights/auto-trading-unregistered-entities" ] }, { "text": "U.S. SEC, All About Auto-Trading — Spiega i rischi quando terzi possono impartire istruzioni direttamente al broker senza conferma preventiva.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsautotradinghtm" ] } ], "revision": "60454287dab63a7d", "translation_state": "source", "kind": "glossary", "entity_type": "service-role", "topics": [ "signal-provider", "auto-trading", "copy-trading", "due-diligence", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-due-diligence", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/sincronizzazione-ciclica", "locale": "it", "title": "Sincronizzazione ciclica", "summary": "Nella formulazione post-Hurst di David Hickson, i trough dei cicli armonicamente collegati tendono a sincronizzarsi dove possibile; i peak non sono sincronizzati.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sincronizzazione-ciclica/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concetto 7, pp. 6–7, PDF Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson, “Hurst's Cyclic Theory in a Nutshell”, white paper post-Hurst, Sentient Trader.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-1-hursts-market-cycles/" ] } ], "revision": "cd133e958287b8dc", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/size-gergo", "locale": "it", "title": "Size nel trading: significato", "summary": "Size indica la dimensione di una posizione in unità, contratti o valore nozionale; da sola non misura il rischio, che dipende anche da strumento e scenario di perdita.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/size-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Position and Risk Management — Mostra come contratto, numero di contratti e stop cambiano il rischio.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] }, { "text": "CME Group, Submitting a Futures Order — Descrive quantità, tipo di ordine ed esecuzione come campi distinti.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] } ], "revision": "1b66e8792f5f8328", "translation_state": "source", "kind": "glossary", "entity_type": "risk-measure", "topics": [ "position-size", "quantity", "notional", "leverage", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "technical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/slippage-gergo", "locale": "it", "title": "Slippage nel trading: significato e misura", "summary": "Lo slippage è la differenza tra un benchmark dichiarato e il prezzo effettivo di esecuzione. Può essere favorevole o sfavorevole e va misurato sui prezzi realmente eseguiti.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/slippage-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order — spiega, nel contesto azionario retail statunitense, perché quantità quotata, routing e ritardo possono produrre un prezzo diverso da quello osservato.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS (April 1, 2026) — definisce timestamp e statistiche di prezzo e fill per gli ordini coperti negli Stati Uniti; è una guida dello staff, non una misura universale dello slippage.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "3ee8a6eac14abb1b", "translation_state": "source", "kind": "glossary", "entity_type": "execution-metric", "topics": [ "execution", "slippage", "transaction-costs", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/smart-contract-risk", "locale": "it", "title": "Rischio smart contract: codice, privilegi e dipendenze", "summary": "Il rischio smart contract comprende errori nel codice, configurazioni, privilegi amministrativi e dipendenze capaci di produrre perdite o bloccare un protocollo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/smart-contract-risk/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Smart contract security — Documenta access control, test, audit, upgrade, recovery e vulnerabilità frequenti, chiarendone i limiti.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/security/" ] }, { "text": "Solidity — Security Considerations — Raccoglie rischi e raccomandazioni riferiti alla versione corrente del linguaggio Solidity.", "urls": [ "https://docs.soliditylang.org/en/latest/security-considerations.html" ] } ], "revision": "ddf25743ed69b07e", "translation_state": "source", "kind": "glossary", "entity_type": "defi-technical-risk", "topics": [ "defi", "smart-contracts", "security", "protocol-risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk-control", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/snipare", "locale": "it", "title": "Snipare in crypto: significato, velocità e rischi", "summary": "Snipare significa tentare un'esecuzione rapidissima appena compare un'opportunità, come nuova liquidità, listing, mint o variazione dello stato on-chain.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/snipare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org, Maximal extractable value (MEV) — Spiega searcher, competizione sulle fee, arbitraggio, front-running e ordine delle transazioni.", "urls": [ "https://ethereum.org/developers/docs/mev/" ] }, { "text": "Uniswap Labs, What is swap protection? — Descrive l'invio in pool privato per ridurre front-running e sandwich attack negli swap.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/18814993155853-What-is-swap-protection" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Inquadra chiamate, firma, gas, inclusione nel blocco e modifica dello stato.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "bcf1714cec89b08a", "translation_state": "source", "kind": "glossary", "entity_type": "latency-sensitive-execution", "topics": [ "sniping", "bot", "mev", "transaction-ordering", "token-launch", "mint" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-execution-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/social-engineering-gergo", "locale": "it", "title": "Ingegneria sociale: come riconoscerla", "summary": "L'ingegneria sociale usa un pretesto e leve psicologiche per indurre una persona a rivelare dati o autorizzare un'azione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/social-engineering-gergo/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST CSRC — Social engineering — Definisce l'inganno volto a ottenere informazioni, accesso o azioni attraverso fiducia e confidenza.", "urls": [ "https://csrc.nist.gov/glossary/term/social_engineering" ] }, { "text": "ENISA — Threat Landscape: Social Engineering — Definisce la manipolazione del comportamento umano e colloca phishing, pretexting e baiting fra i suoi vettori.", "urls": [ "https://www.enisa.europa.eu/topics/cyber-threats/threat-landscape" ] }, { "text": "CISA — Phishing — Descrive il phishing come forma di ingegneria sociale veicolata da email, messaggi o chiamate.", "urls": [ "https://www.cisa.gov/sites/default/files/2023-02/phishing-infographic-508c_0.pdf" ] } ], "revision": "a4f4f6a658fe63a0", "translation_state": "source", "kind": "glossary", "entity_type": "deception-technique", "topics": [ "cybersecurity", "psychological-manipulation", "impersonation", "independent-verification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/sono-entrato-male", "locale": "it", "title": "Sono entrato male: che cosa significa", "summary": "Sono entrato male indica un ingresso percepito come sfavorevole, ma per diagnosticarlo bisogna separare piano, segnale, prezzo ed esecuzione dall'esito finale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sono-entrato-male/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — richiede criteri d'ingresso, trigger e uscite definiti prima del trade.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Order Types — spiega perché quotazione vista e prezzo eseguito possono differire, soprattutto nei mercati veloci.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "5467c18a7d1d6491", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "entry", "execution", "trade-review", "slippage", "trading-journal" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/sono-rimasto-incastrato", "locale": "it", "title": "Sono rimasto incastrato: significato", "summary": "Sono rimasto incastrato può indicare esitazione nel chiudere una perdita oppure una reale difficoltà di esecuzione; i due casi richiedono diagnosi diverse.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sono-rimasto-incastrato/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — richiede uscite e stop definiti prima dell'ingresso.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "FINRA, Trading Halts, Delays and Suspensions — descrive casi in cui la negoziazione può essere realmente interrotta o ritardata.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/trading-halts-delays-suspensions" ] }, { "text": "FINRA, Order Types — spiega perché un ordine limit può non ricevere esecuzione.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] } ], "revision": "7341898bf402a9bd", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "losing-position", "exit-plan", "liquidity", "execution", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/spazzolare-il-book", "locale": "it", "title": "Spazzolare il book: significato", "summary": "Spazzolare il book significa consumare rapidamente la quantità disponibile su uno o più livelli di prezzo con ordini aggressivi; descrive un'esecuzione, non l'identità o l'intento.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/spazzolare-il-book/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding the CME Liquidity Tool Methodology — Spiega come un ordine usa livelli successivi quando la quantità al top of book non basta.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] }, { "text": "CME Group, Market by Order (MBO) — Distingue dati order-by-order, profondità completa e aggregazione per prezzo.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Assessing liquidity — Collega velocità del flusso, esaurimento dei livelli e dispersione dei prezzi eseguiti.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/assessing-liquidity" ] } ], "revision": "fda326e66be3856d", "translation_state": "source", "kind": "glossary", "entity_type": "execution-pattern", "topics": [ "book-sweep", "aggressive-order", "market-impact", "depth", "slippage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/sperare-invece-di-gestire", "locale": "it", "title": "Sperare invece di gestire: che cosa significa", "summary": "Sperare invece di gestire significa lasciare che il desiderio di recupero sostituisca criteri verificabili su rischio, invalidazione e uscita; attendere secondo un piano è diverso.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sperare-invece-di-gestire/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Descrive il disposition effect e altri comportamenti che possono danneggiare il processo d'investimento.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Richiede criteri espliciti per gestire trade aperti, perdite e profitti.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, A Trader's Guide to Futures — Collega il piano alla definizione preventiva del punto di liquidazione.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/a-traders-guide-to-futures.pdf" ] } ], "revision": "f38b09723df4842d", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "position-management", "disposition-effect", "invalidation", "risk", "emotion" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/spoofing", "locale": "it", "title": "Spoofing", "summary": "Lo spoofing usa ordini inseriti con l'intenzione di cancellarli prima dell'esecuzione per creare un segnale ingannevole o ottenere esecuzioni favorevoli. Una cancellazione, anche grande o rapida, non basta da sola a provarlo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/spoofing/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFTC — Interpretive Guidance and Policy Statement on Disruptive Practices — chiarisce requisito d'intento, cancellazioni in buona fede, esecuzioni parziali e valutazione del contesto.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] }, { "text": "CFTC — Questions & Answers on Disruptive Practices — sintesi ufficiale della definizione di spoofing nel relativo perimetro statunitense.", "urls": [ "https://www.cftc.gov/sites/default/files/idc/groups/public/%40newsroom/documents/file/dtpinterpretiveorder_qa.pdf" ] }, { "text": "EUR-Lex — Regolamento (UE) n. 596/2014, testo consolidato al 5 giugno 2026 — quadro europeo sulla manipolazione tramite ordini, transazioni e comportamenti.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Regolamento delegato (UE) 2026/788 — aggiorna gli indicatori UE e descrive esplicitamente pattern noti come layering e spoofing.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2026/788/oj/eng" ] }, { "text": "FCA — Monitoring orders and transactions: expectations of firms — illustra il pattern nel book e la necessità di sorveglianza su ordini e transazioni.", "urls": [ "https://www.fca.org.uk/news/speeches/monitoring-orders-and-transactions-%E2%80%93-our-expectations-firms" ] }, { "text": "FINRA — Manipulative Trading — indica dati, controlli e schemi che le imprese devono considerare nella sorveglianza.", "urls": [ "https://www.finra.org/rules-guidance/guidance/reports/2023-finras-examination-and-risk-monitoring-program/manipulative-trading" ] }, { "text": "EUR-Lex — Regolamento (UE) 2023/1114, articoli 91 e 92 — stabilisce divieti e obblighi di prevenzione e rilevazione nel perimetro MiCA.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] } ], "revision": "9456fa782fe8c12f", "translation_state": "source", "kind": "glossary", "entity_type": "spoofing-order-manipulation-pattern", "topics": [ "spoofing", "market-manipulation", "order-book", "surveillance", "intent" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-evidence", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/sposare-posizione", "locale": "it", "title": "Sposare una posizione: significato", "summary": "Sposare una posizione significa legare identità o convinzione al trade fino a rendere difficile aggiornare la tesi, ridurre il rischio o uscire; non coincide con una normale detenzione lunga.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sposare-posizione/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Behavioral Patterns of U.S. Investors — Riassume disposition effect, familiarity bias e altri pattern comportamentali documentati.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] }, { "text": "CME Group, Trading Strategies in Your Trade Plan — Collega la gestione emotiva a criteri scritti di entrata e uscita.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Position and Risk Management — Descrive il monitoraggio della posizione rispetto a target di profitto e perdita.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "14b3e4833b234953", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "position-management", "attachment", "confirmation-bias", "disposition-effect", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "diagnostic-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/spring-wyckoff", "locale": "it", "title": "Spring (Wyckoff)", "summary": "Movimento sotto il supporto di un range di accumulazione che rientra nel range; nella lettura Wyckoff è un test tardivo dell'offerta, non un segnale autonomo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/spring-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — fase C, spring, test e variante senza spring.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — definizione, shakeout, test e SOS successivo.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — natura discrezionale dell'analisi Wyckoff.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "c6ff9f8dc3a23d67", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/squeeze", "locale": "it", "title": "Squeeze nel trading: significato", "summary": "Squeeze indica una pressione di mercato che costringe un gruppo di posizioni a ridursi o chiudersi, alimentando temporaneamente il movimento del prezzo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/squeeze/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Short Sales — descrive vendita allo scoperto, riacquisto dei titoli e rischio di perdita quando il prezzo sale.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-51" ] }, { "text": "FINRA, Know What Triggers a Margin Call — spiega richieste di margine e possibili vendite imposte dall'intermediario.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] }, { "text": "CME Group, Futures and Options Margin Model — documenta il ruolo dei margini nella gestione del rischio dei derivati.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/futures-and-options-margin-model.html" ] } ], "revision": "8a12236777425065", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "positioning", "forced-closing", "leverage", "market-dynamics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/stablecoin", "locale": "it", "title": "Stablecoin: come funziona il peg e quali rischi comporta", "summary": "Una stablecoin è un token che mira a mantenere un valore stabile rispetto a una valuta, un altro asset o un paniere attraverso riserve, collateral o regole di protocollo. Il peg è un obiettivo, non una garanzia.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/stablecoin/", "published": "2026-08-16", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST IR 8408 — Understanding Stablecoin Technology and Related Security Considerations — Definisce le stablecoin, confronta le principali architetture e cataloga proprietà e rischi tecnici.", "urls": [ "https://csrc.nist.gov/pubs/ir/8408/final" ] }, { "text": "Financial Stability Board — High-level Recommendations for Global Stablecoin Arrangements — Inquadra governance, stabilizzazione, rimborso, gestione delle riserve e rischi degli accordi stablecoin.", "urls": [ "https://www.fsb.org/uploads/P170723-3.pdf" ] } ], "revision": "02f3c9b2fe6c2917", "translation_state": "source", "kind": "glossary", "entity_type": "crypto-asset", "topics": [ "crypto", "stablecoin", "peg", "reserves", "redemption" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/stagionalita-mercato", "locale": "it", "title": "Stagionalità di mercato", "summary": "Pattern ricorrenti per calendario — mesi, giorni, turni di sessione; filtro contestuale, non regola deterministica.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/stagionalita-mercato/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "329e6f81fae88564", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/stakare", "locale": "it", "title": "Stakare: significato nel gergo crypto", "summary": "Stakare significa impegnare un crypto-asset in una forma di staking; il termine non chiarisce da solo se si tratta di validazione, delega, pool o servizio exchange.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/stakare/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Staking — Descrive ruolo del validator, modalità di partecipazione e prelievi nel caso Ethereum.", "urls": [ "https://ethereum.org/staking/" ] }, { "text": "Ethereum.org — Staking withdrawals — Distingue uscita del validator, prelievi e gestione tramite provider o pool nel caso Ethereum.", "urls": [ "https://ethereum.org/staking/withdrawals/" ] } ], "revision": "ca2a33ecbe0f3ddd", "translation_state": "source", "kind": "glossary", "entity_type": "staking-action-term", "topics": [ "staking", "proof-of-stake", "validators", "custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/stop-hunt", "locale": "it", "title": "Stop hunt nel trading: significato", "summary": "Stop hunt è il nome informale dato a un movimento che attraversa livelli dove si sospettano molti stop, li attiva e poi spesso rientra.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/stop-hunt/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — spiega attivazione, rischio di prezzo e possibilità che un movimento breve faccia scattare lo stop prima di un recupero.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders — chiarisce che trigger, prezzo di esecuzione e criteri di attivazione possono differire.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "CFTC, Former Trader David Liew Engaged in Spoofing and Manipulation — documenta un caso in cui l'intento di attivare stop-loss fu accertato tramite indagine, distinguendolo da una semplice lettura grafica.", "urls": [ "https://www.cftc.gov/PressRoom/PressReleases/7567-17" ] } ], "revision": "e750b1abb55e49cd", "translation_state": "source", "kind": "glossary", "entity_type": "order-flow-term", "topics": [ "stop-orders", "liquidity", "order-book", "market-impact", "manipulation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/stoppare", "locale": "it", "title": "Stoppare nel trading: significato", "summary": "Stoppare significa chiudere una posizione perché è stata raggiunta la condizione di stop prevista, tramite ordine automatico o azione manuale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/stoppare/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Stop Orders: Factors to Consider During Volatile Markets — illustra trigger, rischio di prezzo e alternativa stop-limit.", "urls": [ "https://www.finra.org/investors/insights/stop-orders-factors-consider-during-volatile-markets" ] }, { "text": "FINRA, Order Types — distingue funzionamento di stop, stop-limit e market.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/order-types" ] }, { "text": "CME Group, Trade and Risk Management — collega punto di uscita, capitale a rischio e dimensione della posizione.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management" ] } ], "revision": "b629121bc67b317f", "translation_state": "source", "kind": "glossary", "entity_type": "position-management-term", "topics": [ "stop-loss", "stop-order", "exit", "risk-management", "execution" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/swappare", "locale": "it", "title": "Swappare token: significato, esecuzione e costi", "summary": "Swappare significa scambiare un token con un altro attraverso una piattaforma o uno smart contract, accettando un prezzo e costi di esecuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/swappare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Uniswap Labs, How to swap tokens with the Uniswap web app — Mostra selezione del contratto, review, approval, firma, gas e conferma on-chain.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/8370549680909-How-to-Swap-Tokens-" ] }, { "text": "Uniswap Labs, What is price impact? — Distingue l'effetto della dimensione dell'ordine sulla liquidità del pool.", "urls": [ "https://support.uniswap.org/hc/en-us/articles/8671539602317-What-is-price-impact" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Inquadra lo swap come scrittura di stato firmata e inclusa in un blocco.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "7abad1f02176700f", "translation_state": "source", "kind": "glossary", "entity_type": "token-exchange-action", "topics": [ "swap", "dex", "routing", "price-impact", "slippage", "token-approval" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-execution-check", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/sweep", "locale": "it", "title": "Sweep nel trading: significato", "summary": "Nel book, uno sweep è un'esecuzione aggressiva che consuma la quantità disponibile a uno o più prezzi e può attraversare diversi livelli.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/sweep/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Order Book Reporting Methods and Their Impact on Some Market Activity Measures — distingue feed per ordine e per livello e descrive esecuzioni, modifiche e cancellazioni visibili.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "NYSE, NYSE Pillar Depth — esempio ufficiale di feed con più livelli bid/offer, quantità e attribuzione della sede.", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "FINRA, OTC Tier Size Analysis — illustra un ordine ipotetico che supera la quantità al miglior ask e viene eseguito su due livelli.", "urls": [ "https://www.finra.org/sites/default/files/RuleFiling/p344459.pdf" ] } ], "revision": "5e08b187bfcf4c53", "translation_state": "source", "kind": "glossary", "entity_type": "execution-term", "topics": [ "order-book", "execution", "market-orders", "slippage", "liquidity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/swingare", "locale": "it", "title": "Swingare", "summary": "Tenere un trade per giorni/settimane seguendo uno swing.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/swingare/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "26ece6c2f6b85869", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/switchare-bias", "locale": "it", "title": "Switchare bias: che cosa significa", "summary": "Switchare bias significa cambiare ipotesi direzionale dopo nuove evidenze o un'invalidazione; non implica da solo chiudere o invertire una posizione.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/switchare-bias/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Collega l'azione a setup, trigger e criteri d'uscita predefiniti.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "Investor.gov, Investor Bulletin: Behavioral Patterns of U.S. Investors — Offre il quadro dei comportamenti che possono interferire con una decisione basata sui dati.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-72" ] } ], "revision": "e3b0a94192904073", "translation_state": "source", "kind": "glossary", "entity_type": "decision-process", "topics": [ "bias", "invalidation", "trade-plan", "position-reversal", "decision-making" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/tagliare-posizione", "locale": "it", "title": "Tagliare una posizione: ridurre o chiudere", "summary": "Tagliare una posizione può significare ridurne la quantità oppure chiuderla del tutto; non implica necessariamente una perdita e va precisato con quantità, lato e motivo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/tagliare-posizione/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Closing Your Position — Spiega come una posizione futures viene chiusa tramite l'operazione opposta e come cambiano gli esiti.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/closing-your-position" ] }, { "text": "CME Group, Submitting a Futures Order — Descrive ordini, fill, stop e target usati nella gestione di una posizione.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/submitting-a-futures-order" ] }, { "text": "CME Group, Position and Risk Management — Collega quantità ed esposizione al controllo di profitto e perdita.", "urls": [ "https://www.cmegroup.com/education/courses/things-to-know-before-trading-cme-futures/position-and-risk-management" ] } ], "revision": "ebbb162ffb3ca71d", "translation_state": "source", "kind": "glossary", "entity_type": "trading-action", "topics": [ "position-reduction", "exit", "order", "position-sizing", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "operational-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/tape-reading-gergo", "locale": "it", "title": "Tape reading: significato nel trading", "summary": "Tape reading significa leggere la sequenza delle transazioni eseguite — prezzo, size, tempo e ritmo — oggi tramite time and sales; non equivale a vedere l'intero mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/tape-reading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NYSE, Real-Time Data — Distingue feed di trades, quote, profondità order-by-order e imbalance d'asta.", "urls": [ "https://www.nyse.com/market-data/real-time" ] }, { "text": "CME Group, Market by Order (MBO) — Mostra quali dettagli aggiunge un feed del book rispetto ai dati aggregati per prezzo.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "Nasdaq, BX Options Depth of Market specification — Distingue messaggi di esecuzione stampabili e dati destinati a time and sales e calcolo dei volumi.", "urls": [ "https://www.nasdaqtrader.com/content/TechnicalSupport/specifications/dataproducts/BXOptions_DepthofMarket_2.0_042024.pdf" ] } ], "revision": "11189e1c65bf0987", "translation_state": "source", "kind": "glossary", "entity_type": "observation-method", "topics": [ "tape-reading", "time-and-sales", "executions", "order-flow", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-method", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/tilt-gergo", "locale": "it", "title": "Tilt nel trading: significato", "summary": "Tilt è il termine informale per una fase in cui le decisioni si allontanano ripetutamente dal piano sotto pressione; non è una diagnosi clinica.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/tilt-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Spiega perché entrate, uscite e gestione devono essere definite prima delle situazioni emotivamente cariche.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Propone limiti espliciti su leva, perdita per trade, perdita giornaliera ed esposizione.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "bdc4d3958f26410d", "translation_state": "source", "kind": "glossary", "entity_type": "process-state", "topics": [ "tilt", "decision-making", "losses", "discipline", "risk-limits" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/time-translation", "locale": "it", "title": "Time translation", "summary": "Nel modello Hickson/Hurst, spostamento dei turning point rispetto alla componente ciclica; l'underlying trend è un'associazione, non una causa universale.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/time-translation/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — fonte primaria per il modello di somma e il metodo del libro; citata per il confine storico, non come fonte del termine o della tabella di time translation.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, concetto 10, pp. 12–14 — fonte post-Hurst diretta per la definizione e le quattro associazioni con underlying trend positivo o negativo.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Trading Methodology — uso dell'underlying trend nella formalizzazione operativa post-Hurst; non è una conferma indipendente dal lavoro di Hickson.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstTrading.htm" ] } ], "revision": "bf3e3553056cbcb1", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/timing-transazionale", "locale": "it", "title": "Timing transazionale", "summary": "Scegliere il momento giusto per comprare e vendere: il cuore del metodo Hurst, distinto dall'investimento passivo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/timing-transazionale/", "published": "", "updated": "2026-06-22", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "dd3a6979a3b39349", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/to-the-moon", "locale": "it", "title": "To the moon", "summary": "Espressione community per rialzo esplosivo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/to-the-moon/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bb16eee6c82f99d9", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/token-unlock", "locale": "it", "title": "Token unlock: quando i token diventano trasferibili", "summary": "Un token unlock rende trasferibili token prima soggetti a cliff, vesting o altri vincoli. Aumenta l'offerta potenzialmente negoziabile, ma non implica automaticamente una vendita o un ribasso.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/token-unlock/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Regolamento (UE) 2023/1114 — Markets in Crypto-assets — Elenca disclosure su quantità offerte, fasi, trasferimento, token trattenuti, diritti e restrizioni alla trasferibilità.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] }, { "text": "Cong, Li e Wang — Tokenomics: Dynamic Adoption and Valuation, Review of Financial Studies — Mostra in un modello dinamico perché domanda transazionale e adozione partecipano alla valutazione oltre alla sola quantità di token.", "urls": [ "https://academic.oup.com/rfs/article/34/3/1105/5891182" ] } ], "revision": "adf4844d6d92368b", "translation_state": "source", "kind": "glossary", "entity_type": "token-supply-event", "topics": [ "crypto", "token-unlock", "vesting", "token-supply", "market-liquidity" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-analysis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/tokenomics", "locale": "it", "title": "Tokenomics: offerta, incentivi e cattura di valore", "summary": "La tokenomics descrive le regole economiche di un token: offerta, emissioni, allocazioni, utilità, diritti e incentivi. Aiuta a formulare scenari, ma non determina da sola il valore futuro.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/tokenomics/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Regolamento (UE) 2023/1114 — Markets in Crypto-assets — Richiede informazioni su offerta, diritti, token trattenuti, trasferibilità e protocolli che modificano la supply.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj" ] }, { "text": "Cong, Li e Wang — Tokenomics: Dynamic Adoption and Valuation, Review of Financial Studies — Modella la relazione fra domanda transazionale, adozione della piattaforma, esternalità di rete e valore del token.", "urls": [ "https://academic.oup.com/rfs/article/34/3/1105/5891182" ] } ], "revision": "ff2ab92991d8e621", "translation_state": "source", "kind": "glossary", "entity_type": "token-economic-design", "topics": [ "crypto", "tokenomics", "token-supply", "incentives", "valuation" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-analysis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/trade-di-noia", "locale": "it", "title": "Trade di noia", "summary": "Un trade di noia viene aperto soprattutto per creare attività o stimolo quando manca un setup pianificato; l'espressione descrive la motivazione, non il risultato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/trade-di-noia/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo; nessuna revisione umana esperta", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Yakobi e Danckert, Boredom proneness is associated with noisy decision-making, not risk-taking — ricerca primaria che distingue l'irregolarità delle scelte dalla ricerca del rischio.", "urls": [ "https://pmc.ncbi.nlm.nih.gov/articles/PMC8026330/" ] }, { "text": "FINRA, 3 Ways to Guard Against Excessive Trading in Your Brokerage Account — descrive l'effetto sui costi di un'attività di trading non necessaria.", "urls": [ "https://www.finra.org/investors/insights/3-ways-guard-against-excessive-trading-your-brokerage-account" ] } ], "revision": "d24dcba33d1ad150", "translation_state": "source", "kind": "", "entity_type": "behavioral-pattern", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/trade-di-rabbia", "locale": "it", "title": "Trade di rabbia", "summary": "Un trade di rabbia viene aperto mentre la frustrazione guida la decisione, spesso dopo una perdita; diventa revenge trading quando mira a recuperare subito il denaro perso.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/trade-di-rabbia/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo; nessuna revisione umana esperta", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Lerner e Keltner, Fear, anger, and risk — ricerca primaria sulle diverse influenze di rabbia e paura nella percezione del rischio.", "urls": [ "https://pubmed.ncbi.nlm.nih.gov/11474720/" ] }, { "text": "FINRA, 3 Ways to Guard Against Excessive Trading in Your Brokerage Account — documenta l'impatto sui costi di un'attività eccessiva.", "urls": [ "https://www.finra.org/investors/insights/3-ways-guard-against-excessive-trading-your-brokerage-account" ] } ], "revision": "1afed614c825f6a3", "translation_state": "source", "kind": "", "entity_type": "behavioral-pattern", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/trading-cycle", "locale": "it", "title": "Trading cycle (ciclo operativo)", "summary": "Nel metodo di Hurst, il trading cycle è la componente scelta come orizzonte operativo. Non è automaticamente sinonimo di dominant cycle: la scelta dipende dal piano, dalla misurabilità e dalle caratteristiche del titolo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/trading-cycle/", "published": "2026-06-22", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, capp. 4, 7 e 8.", "urls": [] }, { "text": "David Hickson, “Trading with J. M. Hurst”, white paper post-Hurst, Sentient Trader.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-3-trading-with-jm-hurst/" ] } ], "revision": "7ffe89607d5db573", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/trap", "locale": "it", "title": "Trap nel trading: significato", "summary": "Trap è un termine generico per un segnale di prezzo che viene presto negato e lascia alcuni trader esposti dalla parte sbagliata.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/trap/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — distingue bull trap e bear trap e le collega a un segnale precedente subito negato.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Market Manipulation — definisce la manipolazione come un'alterazione artificiale di domanda o offerta, distinta dalla sola lettura di un pattern grafico.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] } ], "revision": "6750294b4c0e1ede", "translation_state": "source", "kind": "glossary", "entity_type": "trading-term", "topics": [ "technical-analysis", "breakout", "market-structure", "trading-language" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/trappola-retail", "locale": "it", "title": "Trappola retail nel trading: significato", "summary": "Trappola retail è un'etichetta informale per un segnale o una narrativa che attira trader non professionali prima di essere negata.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/trappola-retail/", "published": "2026-06-24", "updated": "2026-08-21", "reviewed": "2026-08-21", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association, P&F Traps: Rules That Define Weakened Bulls & Bears — definisce trap osservabili come fallimenti di segnali precedenti senza identificare automaticamente un autore.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-october-2013/" ] }, { "text": "Investor.gov, Market Manipulation — definisce la manipolazione come alterazione artificiale di domanda o offerta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation" ] }, { "text": "Investor.gov, Pump and Dump Schemes — descrive promozione falsa o fuorviante e vendita delle posizioni, elementi più specifici di una semplice “trappola”.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/types-fraud/pump-and-dump-schemes" ] } ], "revision": "f55649765921f745", "translation_state": "source", "kind": "glossary", "entity_type": "trading-slang", "topics": [ "trading-language", "market-manipulation", "fakeout", "investor-protection" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "lexical-definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/tvl", "locale": "it", "title": "TVL nella DeFi: definizione, calcolo e limiti", "summary": "La Total Value Locked aggrega il valore degli asset inclusi in un perimetro DeFi dichiarato. Quantità, prezzi, valuta, metodo e doppio conteggio possono cambiare il risultato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/tvl/", "published": "2026-07-11", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "DefiLlama — Data Definitions — sezioni “Total Value Locked”, “USD Inflows”, “Fees” e “Revenue”: definizioni e distinzione fra consistenza, flussi e attività nel dataset.", "urls": [ "https://docs.llama.fi/analysts/data-definitions" ] }, { "text": "DefiLlama — FAQ sul doppio conteggio — spiega il filtro “Doublecount” e il trattamento di receipt token e liquid staking negli aggregati.", "urls": [ "https://docs.llama.fi/faqs/frequently-asked-questions" ] }, { "text": "ESMA — Decentralised Finance in the EU: Developments and risks — p. 6 e nota 4: impiega la TVL come misura della dimensione del comparto e ne esplicita la base valutativa.", "urls": [ "https://www.esma.europa.eu/sites/default/files/2023-10/ESMA50-2085271018-3349_TRV_Article_Decentralised_Finance_in_the_EU_Developments_and_Risks.pdf" ] }, { "text": "Financial Stability Board — The Financial Stability Risks of Decentralised Finance — p. 33: segnala le difficoltà di misura legate a riuso del collateral, interconnessioni e doppio conteggio.", "urls": [ "https://www.fsb.org/wp-content/uploads/P160223.pdf" ] } ], "revision": "49bdad84faed133f", "translation_state": "source", "kind": "glossary", "entity_type": "defi-protocol-metric", "topics": [ "defi", "total-value-locked", "protocol-metrics", "valuation", "on-chain-data" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-comparison", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/underlying-trend", "locale": "it", "title": "Underlying trend", "summary": "La somma degli effetti dei cicli più lunghi di quello analizzato: +1 se il ciclo è in salita verso il peak, −1 verso il trough.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/underlying-trend/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "051040f9e829b23c", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/undertrading-gergo", "locale": "it", "title": "Undertrading: significato nel trading", "summary": "Undertrading significa eseguire meno segnali validi di quelli previsti dal proprio piano; una bassa frequenza o una giornata senza trade non sono errori di per sé.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/undertrading-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Trading Strategies in Your Trade Plan — Distingue setup, trigger e condizioni di ingresso definite nel piano.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/trading-strategies-in-your-trade-plan" ] }, { "text": "CME Group, Risk Management and Your Trade Plan — Richiede che rischio, leva ed esposizione siano compatibili prima dell'ordine.", "urls": [ "https://www.cmegroup.com/education/courses/building-a-trade-plan/risk-management-and-your-trade-plan" ] } ], "revision": "db3e98c0a8f655ec", "translation_state": "source", "kind": "glossary", "entity_type": "process-deviation", "topics": [ "undertrading", "missed-trades", "execution", "discipline", "trade-plan" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-diagnosis", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/unstakare", "locale": "it", "title": "Unstakare: uscire dallo staking", "summary": "Unstakare significa avviare l'uscita da una posizione di staking; disponibilità degli asset, coda, unbonding e rimborso dipendono da rete e servizio.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/unstakare/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — Staking withdrawals — Distingue uscita del validator, prelievi parziali e completi e gestione tramite provider o pool.", "urls": [ "https://ethereum.org/staking/withdrawals/" ] }, { "text": "Ethereum.org — Staking — Descrive modalità di partecipazione, responsabilità e rischi che precedono l'uscita dallo staking.", "urls": [ "https://ethereum.org/staking/" ] } ], "revision": "3115472ab33760eb", "translation_state": "source", "kind": "glossary", "entity_type": "staking-exit-term", "topics": [ "staking", "unstaking", "withdrawals", "unbonding", "liquidity" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/upthrust-after-distribution-utad", "locale": "it", "title": "Upthrust After Distribution (UTAD)", "summary": "Rottura sopra la resistenza nelle ultime fasi di un range distributivo, seguita dal rientro; è facoltativa e richiede conferme successive.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/upthrust-after-distribution-utad/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — definizione dell'UTAD, collocazione nelle fasi e varianti distributive.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — distinzione strutturale fra UT, UTAD, SOW e LPSY.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "80ec5cc2d02981a6", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/valid-trend-line", "locale": "it", "title": "Valid trend line (VTL)", "summary": "La VTL di Hurst è la trend line ribassista più ripida verso la finestra dei minimi; la rottura è una conferma probabilistica del modello.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/valid-trend-line/", "published": "2026-06-22", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (agente AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 4, “Recognizing the Valid Trend Line”, pp. 78–79; riepilogo p. 85.", "urls": [] } ], "revision": "bdc33128ef8f3710", "translation_state": "source", "kind": "glossary", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossary", "hub": "it/hub/glossario" }, { "key": "it/glossario/value-vs-growth", "locale": "it", "title": "Value e growth: stili di investimento", "summary": "Value e growth classificano azioni e portafogli per valutazioni e aspettative di crescita; sono stili definiti da regole, non promesse di rendimento.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/value-vs-growth/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Kenneth R. French, Data Library — dati e metodi dei portafogli value e growth costruiti con più rapporti fondamentali/prezzo.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html" ] }, { "text": "Kenneth R. French, Portfolios Formed on Book-to-Market — breakpoint e costruzione operativa dei portafogli book-to-market.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html" ] }, { "text": "Eugene F. Fama e Kenneth R. French, The Cross-Section of Expected Stock Returns — studio accademico primario sul rapporto fra book-to-market e rendimenti medi nel campione analizzato.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1992.tb04398.x" ] }, { "text": "CFA Institute Research Foundation, Stocks, Bonds, Bills, and Inflation — Growth and Value Investing — uso degli stili e variabilità delle definizioni operative.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2020/rf-sbbi-summary-edition.pdf" ] } ], "revision": "54b42b9f98b67fed", "translation_state": "source", "kind": "glossary", "entity_type": "concept", "topics": [ "fundamental-analysis", "equity-styles", "factor-investing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/vestare", "locale": "it", "title": "Vestare token: significato di vesting, cliff e unlock", "summary": "Vestare significa far maturare un'allocazione di token secondo un calendario; i token diventano progressivamente maturati o rilasciabili.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/vestare/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "OpenZeppelin, Finance: VestingWallet — Documenta beneficiario, inizio, durata, quota maturata, quota rilasciabile, release e cliff.", "urls": [ "https://docs.openzeppelin.com/contracts/5.x/api/finance" ] }, { "text": "OpenZeppelin, Vesting Wallet — Distingue custodia, curva di maturazione e contabilità del rilascio con tranche o andamento continuo.", "urls": [ "https://docs.openzeppelin.com/contracts-sui/1.x/vesting-wallet" ] }, { "text": "Ethereum.org, Interacting with smart contracts — Spiega come letture e transazioni di scrittura espongono stato e rilascio on-chain.", "urls": [ "https://ethereum.org/developers/docs/smart-contracts/interacting/" ] } ], "revision": "08c32fe4d82c297a", "translation_state": "source", "kind": "glossary", "entity_type": "token-release-schedule", "topics": [ "vesting", "cliff", "token-unlock", "allocation", "circulating-supply" ], "asset_classes": [ "digital-assets" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-schedule-reading", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/volume-profile-gergo", "locale": "it", "title": "Volume Profile: significato nel trading", "summary": "Il Volume Profile è un istogramma che distribuisce il volume eseguito per fascia di prezzo in un intervallo scelto. POC e Value Area dipendono dalle impostazioni.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/volume-profile-gergo/", "published": "2026-06-24", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documenta volume per prezzo, periodi, tick per riga e requisiti dei dati.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — definisce POC e Value Area e descrive percentuale, volume e algoritmo configurabili.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] } ], "revision": "e96ad4f3ee798a17", "translation_state": "source", "kind": "glossary", "entity_type": "volume-profile-term", "topics": [ "volume-profile", "volume-by-price", "POC", "value-area" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/walk-forward-gergo", "locale": "it", "title": "Walk forward (gergo)", "summary": "Test progressivo su finestre temporali successive.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/walk-forward-gergo/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "revision": "c0d0859094140bc7", "translation_state": "source", "kind": "", "entity_type": "term", "topics": [ "systematic-trading", "backtesting", "time-series-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/wallet-drainer", "locale": "it", "title": "Wallet drainer: come funziona", "summary": "Un wallet drainer induce ad autorizzare una transazione o un permesso che può trasferire token o NFT senza rivelare la seed phrase.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/wallet-drainer/", "published": "2026-06-24", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Ethereum.org — How to revoke token access — Distingue la disconnessione di una dApp dalla revoca delle approvazioni persistenti.", "urls": [ "https://ethereum.org/guides/how-to-revoke-token-access/" ] }, { "text": "MetaMask — Signature phishing — Spiega come firme apparentemente innocue possano autorizzare operazioni usate in seguito.", "urls": [ "https://support.metamask.io/stay-safe/protect-yourself/wallet-and-hardware/signature-phishing/" ] }, { "text": "FBI IC3 — NFT developer impersonation — Descrive siti contraffatti che collegano il wallet a smart contract drainer.", "urls": [ "https://www.ic3.gov/PSA/2023/PSA230804" ] } ], "revision": "da674ddffd0837d5", "translation_state": "source", "kind": "glossary", "entity_type": "fraud-pattern", "topics": [ "crypto-security", "token-approvals", "signature-phishing", "self-custody" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-prevention", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/wash-trading", "locale": "it", "title": "Wash trading", "summary": "Il wash trading crea scambi senza reale cambiamento di interesse economico o rischio per simulare volume, attività, liquidità o domanda. Un self-trade o un picco di volume è un indizio da contestualizzare, non una prova.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/wash-trading/", "published": "2026-06-24", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex — Regolamento (UE) n. 596/2014, testo consolidato al 5 giugno 2026 — quadro europeo su transazioni e ordini che possono inviare segnali falsi o fissare prezzi artificiali.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2014/596/2026-06-05/eng" ] }, { "text": "EUR-Lex — Regolamento (UE) 2023/1114, articoli 91 e 92 — divieti e obblighi di prevenzione, rilevazione e segnalazione nel perimetro MiCA.", "urls": [ "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" ] }, { "text": "FINRA — Regulatory Notice 14-28 — distingue wash sale intenzionali e pattern di self-trade, compresi casi accidentali fra strategie separate.", "urls": [ "https://www.finra.org/rules-guidance/notices/14-28" ] }, { "text": "FINRA — Manipulative Trading — descrive sorveglianza di wash trading, account collegati, incentivi e attività cross-product.", "urls": [ "https://www.finra.org/rules-guidance/guidance/reports/2023-finras-examination-and-risk-monitoring-program/manipulative-trading" ] }, { "text": "CFTC — Coinbase order on false reporting and wash trading — mostra come dati di transazione inaccurati possano alterare volume e liquidità percepiti in una sede crypto.", "urls": [ "https://www.cftc.gov/PressRoom/PressReleases/8369-21" ] }, { "text": "U.S. Treasury — Illicit Finance Risk Assessment of Non-Fungible Tokens — tratta wash trading, account multipli e limiti di attribuzione nei mercati NFT.", "urls": [ "https://home.treasury.gov/system/files/136/Illicit-Finance-Risk-Assessment-of-Non-Fungible-Tokens.pdf" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — raccomanda sistemi di sorveglianza e gestione dei conflitti nei mercati crypto.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "SEC — Charges concerning alleged wash trading in crypto-asset securities — caso ufficiale che collega compravendite coordinate, proprietà effettiva e volume apparente nel relativo procedimento.", "urls": [ "https://www.sec.gov/newsroom/press-releases/2023-59" ] } ], "revision": "e07cd236c6272b45", "translation_state": "source", "kind": "glossary", "entity_type": "wash-trading-manipulation-pattern", "topics": [ "wash-trading", "market-manipulation", "volume", "beneficial-ownership", "market-integrity" ], "asset_classes": [ "equities", "futures", "crypto", "nft", "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-multi-asset-detection", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/webhook-gergo", "locale": "it", "title": "Webhook nel trading: significato", "summary": "Un webhook invia automaticamente un messaggio HTTP quando si verifica un evento; trasporta il segnale, ma non dimostra che un ordine sia stato accettato o eseguito.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/webhook-gergo/", "published": "2026-06-24", "updated": "2026-08-22", "reviewed": "2026-08-22", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TradingView, How to configure webhook alerts — Definisce l'invio HTTP POST, i tipi di contenuto e il divieto di inserire credenziali sensibili nel messaggio.", "urls": [ "https://www.tradingview.com/support/solutions/43000529348-how-to-configure-webhook-alerts/" ] }, { "text": "TradingView, Webhook authentication — Documenta la verifica del certificato del server mittente su HTTPS.", "urls": [ "https://www.tradingview.com/support/solutions/43000680459-webhook-authentication/" ] }, { "text": "TradingView, Webhook resubmission — Specifica quando una notifica fallita viene inviata nuovamente.", "urls": [ "https://www.tradingview.com/support/solutions/43000735201-webhook-resubmission/" ] } ], "revision": "8642ba5a3f3dac41", "translation_state": "source", "kind": "glossary", "entity_type": "message-transport", "topics": [ "webhook", "alert", "http", "automation", "execution-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-troubleshooting", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/whale", "locale": "it", "title": "Whale", "summary": "Partecipante con capitale molto grande — i suoi ordini muovono il mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/whale/", "published": "", "updated": "2026-06-24", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0b797b294e2c1da6", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/win-rate-gergo", "locale": "it", "title": "Win rate (termine di trading)", "summary": "Il win rate è la quota dei trade chiusi classificati come vincenti: operazioni in profitto divise per tutte le operazioni chiuse ammesse nel calcolo.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/win-rate-gergo/", "published": "2026-06-24", "updated": "2026-08-16", "reviewed": "2026-08-16", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo; nessuna revisione umana esperta", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Confidence intervals for a proportion — spiega l'incertezza campionaria di una proporzione osservata.", "urls": [ "https://itl.nist.gov/div898/handbook/prc/section2/prc241.htm" ] }, { "text": "Van Tharp Institute, Tharp Think Trading Concepts — collega probabilità di vincita e dimensione media di profitti e perdite attraverso l'expectancy.", "urls": [ "https://vantharpinstitute.com/tharp-think-trading-concepts/" ] } ], "revision": "e71eda651b2a861e", "translation_state": "source", "kind": "", "entity_type": "metric", "topics": [], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-use", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/yield-curve", "locale": "it", "title": "Yield curve", "summary": "La curva dei rendimenti ordina tassi o yield per scadenza: come distinguere curve par, spot e forward e leggere forma, movimenti e limiti.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/yield-curve/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "0965a1e61afade1a", "translation_state": "source", "kind": "glossary", "entity_type": "concept", "topics": [ "fixed-income", "yield-curve", "interest-rates", "term-structure" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/glossario/yield-farming", "locale": "it", "title": "Yield farming: strategie di rendimento nella DeFi", "summary": "Lo yield farming combina depositi e spostamenti di capitale tra protocolli DeFi per cercare commissioni, interessi e incentivi, assumendo rischi multipli.", "url": "https://www.emiciclo.com/cyclepedia/it/glossario/yield-farming/", "published": "2026-06-24", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS Working Papers No 1061 — Descrive fonti di rendimento, leva e rischi delle strategie DeFi.", "urls": [ "https://www.bis.org/publ/work1061.pdf" ] }, { "text": "BIS Working Papers No 1066 — Esamina liquidity mining, yield aggregators e dipendenze tra protocolli.", "urls": [ "https://www.bis.org/publ/work1066.pdf" ] } ], "revision": "50189a869c173102", "translation_state": "source", "kind": "glossary", "entity_type": "defi-strategy", "topics": [ "defi", "yield", "liquidity-provision", "lending", "composability" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition-and-risk", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "it/hub/glossario" }, { "key": "it/hub/allocazione-e-sensitivita-del-rischio", "locale": "it", "title": "Allocazione e sensitività del rischio", "summary": "Percorso visuale dall'impiego del capitale alla lettura delle esposizioni: concentrazione, contributi e budget di rischio, risk parity, volatility targeting, beta, greche delle opzioni, duration, convessità e DV01.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/allocazione-e-sensitivita-del-rischio/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Asset Allocation and Diversification", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Harry Markowitz — Portfolio Selection, The Journal of Finance (1952)", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee — Supervisory framework for measuring and controlling large exposures", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Basel Committee — Principles for effective risk data aggregation and risk reporting", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Dirk Tasche — Capital Allocation to Business Units and Sub-Portfolios: the Euler Principle", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Maillard, Roncalli e Teïletche — On the Properties of Equally-Weighted Risk Contributions Portfolios", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Moreira e Muir — Volatility-Managed Portfolios, The Journal of Finance (2017)", "urls": [ "https://doi.org/10.1111/jofi.12513" ] }, { "text": "William F. Sharpe — Capital Asset Prices, The Journal of Finance (1964)", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "Investor.gov — Glossary: Beta", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "Options Industry Council — Understanding Options Greeks", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "Options Industry Council — Volatility & the Greeks", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Basel Framework — MAR21, Standardised approach: sensitivities-based method", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "FINRA — Brush Up on Bonds: Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "CME Group — How Can You Measure Risk in Treasuries?", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "Basel Committee — Interest rate risk in the banking book", "urls": [ "https://www.bis.org/bcbs/publ/d368.htm" ] } ], "revision": "f4766efaf79aac47", "translation_state": "source", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "portfolio-risk", "risk-allocation", "risk-budgeting", "derivatives", "fixed-income" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "it/hub/allocazione-e-sensitivita-del-rischio" }, { "key": "it/hub/analisi-fondamentale-aziendale", "locale": "it", "title": "Analisi fondamentale aziendale: percorso completo", "summary": "Percorso guidato dal modello di business al bilancio, dalla qualità degli utili alla valutazione, con controlli progressivi per leggere un'impresa.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/analisi-fondamentale-aziendale/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Accesso ai documenti fondamentali e ai loro collegamenti.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — Standards Navigator — Indice ufficiale degli standard IFRS richiamati nelle singole tappe.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Quadro professionale per il passaggio dai flussi alla valutazione.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "076344ffc87e61cb", "translation_state": "source", "kind": "hub", "entity_type": "learning-path", "topics": [ "fundamental-analysis", "financial-statements", "business-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/analisi-fondamentale-aziendale" }, { "key": "it/hub/anti-scam", "locale": "it", "title": "Regolamentazione, sicurezza e prevenzione delle frodi", "summary": "Un percorso operativo per verificare intermediari e piattaforme, capire quali protezioni esistono, riconoscere i segnali d'allarme e reagire senza trasformare un indizio in una sentenza.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/anti-scam/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ESMA — Is the firm regulated? — registri ufficiali e verifica delle imprese autorizzate nello SEE.", "urls": [ "https://www.esma.europa.eu/investor-corner/is-the-firm-regulated" ] }, { "text": "IOSCO — I-SCAN — portale internazionale di alert; il repertorio non è esaustivo.", "urls": [ "https://www.iosco.org/i-scan/" ] }, { "text": "FCA — How to check a firm or individual is authorised — entità, permessi, recapiti e rischio di clone.", "urls": [ "https://www.fca.org.uk/consumers/how-check-firm-individual-authorised" ] }, { "text": "CONSOB — Comunicazione sull'abusivismo del 20 maggio 2026 — verifica dell'autorizzazione e segnali legati a siti clone e contenuti sintetici.", "urls": [ "https://www.consob.it/web/area-pubblica/-/comunicazione-consob-del-2026-05-20-abusivismo" ] }, { "text": "Investor.gov — Red Flags of Investment Fraud Checklist — indicatori ricorrenti e controlli prima di investire.", "urls": [ "https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/red-flags-investment-fraud-checklist" ] } ], "revision": "d254accf01d18cd6", "translation_state": "source", "kind": "hub", "entity_type": "regulation-security-learning-hub", "topics": [ "regulation", "investor-protection", "due-diligence", "client-assets", "compliance", "fraud-prevention" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "verify-and-protect", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "anti-scam", "hub": "it/hub/anti-scam" }, { "key": "it/hub/attivita-digitali-e-mercati-crypto", "locale": "it", "title": "Attività digitali e mercati crypto: guida completa", "summary": "Una mappa progressiva per distinguere crypto-asset, token, transazioni blockchain, staking, mercati spot e derivati, custodia e rischio della piattaforma.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/attivita-digitali-e-mercati-crypto/", "published": "2026-08-17", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST — Blockchain Technology Overview — registro distribuito, transazioni, consenso, limiti e modelli blockchain.", "urls": [ "https://www.nist.gov/publications/blockchain-technology-overview" ] }, { "text": "Unione europea — Regolamento (UE) 2023/1114, MiCA — perimetro e definizioni giuridiche europee delle cripto-attività e dei servizi.", "urls": [ "https://eur-lex.europa.eu/legal-content/IT/TXT/?uri=CELEX:32023R1114" ] }, { "text": "IOSCO — Policy Recommendations for Crypto and Digital Asset Markets — conflitti, custodia, operatività, disclosure e integrità dei mercati.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf" ] }, { "text": "EBA ed ESMA — Recent developments in crypto-assets — modelli e rischi osservati in DeFi, lending, borrowing e staking.", "urls": [ "https://www.eba.europa.eu/publications-and-media/press-releases/eba-and-esma-analyse-recent-developments-crypto-assets" ] }, { "text": "BIS — Cryptoasset service providers as financial intermediaries — prodotti, intermediazione, leva, custodia e trasmissione dei rischi.", "urls": [ "https://www.bis.org/fsi/fsipapers27.pdf" ] } ], "revision": "5aba74cf65969ac3", "translation_state": "source", "kind": "hub", "entity_type": "digital-assets-knowledge-hub", "topics": [ "digital-assets", "crypto-markets", "blockchain", "staking", "derivatives", "custody", "risk" ], "asset_classes": [ "crypto" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learn-digital-assets-and-crypto-markets", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "it/hub/attivita-digitali-e-mercati-crypto" }, { "key": "it/hub/casi-studio", "locale": "it", "title": "Casi studio", "summary": "Sette casi condensati — Hurst su dati reali (1961–1968), due esempi Wyckoff (spring e UTAD) e soybean Steidlmayer 1991 — con link alle voci enciclopediche complete.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/casi-studio/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "04e2db510fa5cbfd", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/casi-studio" }, { "key": "it/hub/concetti", "locale": "it", "title": "Concetti di trading e definizioni", "summary": "Definizioni neutrali del trading: strumenti, ordini, mercati — indipendenti da scuola o trader.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/concetti/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Introduction to Investing, Investor.gov.", "urls": [ "https://www.investor.gov/introduction-investing" ] }, { "text": "Cyclepedia, Matrice di completezza editoriale, versione 1.3, 2026-08-03; le fonti specialistiche sono dichiarate nelle singole voci collegate.", "urls": [] } ], "revision": "bf008a42fdb61df9", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/concetti" }, { "key": "it/hub/costruzione-di-portafoglio-e-performance", "locale": "it", "title": "Costruzione di portafoglio e performance", "summary": "Guida verificata per progettare, implementare e valutare un portafoglio: asset allocation, diversificazione, ribilanciamento, rendimenti, benchmark, rischio e attribution.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/costruzione-di-portafoglio-e-performance/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — fondamento della scelta di portafoglio attraverso rendimenti attesi, varianze e covarianze.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — obiettivi, approcci asset-only, liability-relative e goals-based, risk budgeting e limiti della media-varianza.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — rendimenti holding-period, composizione, TWR, MWR e annualizzazione.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, attribution e appraisal della performance.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "GIPS Standards, GIPS Standards Handbook for Firms — riferimento ufficiale su input, valutazioni, flussi, rendimenti e presentazione nel proprio ambito di applicazione.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — formulazione ex ante ed ex post del rendimento differenziale per unità di variabilità.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution: History and Progress — storia, modelli e limiti dell'attribution.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] } ], "revision": "994f7969d435f0db", "translation_state": "source", "kind": "hub", "entity_type": "learning_hub", "topics": [ "portfolio-construction", "asset-allocation", "portfolio-performance", "performance-measurement", "risk-adjusted-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "it/hub/costruzione-di-portafoglio-e-performance" }, { "key": "it/hub/discipline-ai-mercati", "locale": "it", "title": "AI, Big Data & Quantum Finance", "summary": "Machine learning, big data, LLM e quantum computing applicati alla finanza — con limiti e governance.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/discipline-ai-mercati/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "60c7a0b51b0a3081", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/discipline-ai-mercati" }, { "key": "it/hub/discipline-analisi-ciclica", "locale": "it", "title": "Analisi Ciclica", "summary": "Lo studio del tempo nei mercati — cicli, ricorrenza, armoniche e struttura ritmica del prezzo.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/discipline-analisi-ciclica/", "published": "2026-06-23", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970.", "urls": [] }, { "text": "David Hickson, The 10 Core Concepts of Hurst Cycles Analysis, Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] } ], "revision": "7d3d4bfa2b4dc04f", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/discipline-analisi-ciclica" }, { "key": "it/hub/discipline-analisi-fondamentale", "locale": "it", "title": "Analisi fondamentale: aziende, macroeconomia e reddito fisso", "summary": "La porta d'ingresso all'analisi fondamentale: tre percorsi distinti per imprese, contesto macroeconomico e strumenti a reddito fisso.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/discipline-analisi-fondamentale/", "published": "2026-07-11", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Introduzione ai documenti societari.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "Bank for International Settlements — About central bank statistics — Contesto istituzionale per dati monetari e finanziari.", "urls": [ "https://www.bis.org/statistics/about_cb.htm" ] }, { "text": "U.S. Securities and Exchange Commission — Bonds — Introduzione ufficiale agli strumenti obbligazionari.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] } ], "revision": "7017453fc35e2bf1", "translation_state": "source", "kind": "hub", "entity_type": "discipline-hub", "topics": [ "fundamental-analysis", "macroeconomics", "corporate-analysis", "fixed-income" ], "asset_classes": [ "equities", "corporate-bonds", "sovereign-bonds", "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "navigation", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/discipline-analisi-fondamentale" }, { "key": "it/hub/discipline-analisi-tecnica", "locale": "it", "title": "Analisi Tecnica", "summary": "Grafici, indicatori, trend e pattern — leggere il mercato attraverso prezzo e volume.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/discipline-analisi-tecnica/", "published": "2026-06-24", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, 1922.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert D. Edwards, John Magee e W. H. C. Bassetti, Technical Analysis of Stock Trends, opera di riferimento; prima edizione 1948.", "urls": [] } ], "revision": "5907c9ab437882e2", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "disciplina", "hub": "it/hub/discipline-analisi-tecnica" }, { "key": "it/hub/discipline-analisi-volumetrica", "locale": "it", "title": "Analisi volumetrica: dati, order flow e profili", "summary": "Percorso Cyclepedia per distinguere volume eseguito, book, order flow, delta, footprint e Volume Profile, con attenzione a feed, classificazione e limiti.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/discipline-analisi-volumetrica/", "published": "2026-06-23", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Price Multiple Depth Book — descrive quantità e numero di ordini disponibili per livello nel book Market by Price.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457574047" ] }, { "text": "CME Group, Order Functionalities — Order Aggressor Indicator — definisce l’ordine aggressore e il suo rapporto con gli ordini già presenti.", "urls": [ "https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457414497" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — separa volume eseguito e market depth e documenta i requisiti dei dati per prezzo.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] }, { "text": "Lee e Ready, Inferring Trade Direction from Intraday Data, Journal of Finance (1991) — fonte primaria sui metodi di inferenza della direzione dei trade quando il lato non è osservato direttamente.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1991.tb02683.x" ] }, { "text": "CME Group, Open Interest — distingue lo stock dei contratti derivati ancora aperti dal volume scambiato nel periodo.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/open-interest" ] }, { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996 — documenta TPO, time bracket e struttura del Market Profile storico.", "urls": [] } ], "revision": "1d99d4b445acafd8", "translation_state": "source", "kind": "hub", "entity_type": "discipline-hub", "topics": [ "volume-analysis", "order-flow", "market-data", "market-microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "disciplina", "hub": "it/hub/discipline-analisi-volumetrica" }, { "key": "it/hub/discipline-price-action", "locale": "it", "title": "Price Action", "summary": "La grammatica del prezzo — trend, struttura, livelli e pattern senza dipendere dagli indicatori.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/discipline-price-action/", "published": "2026-06-23", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, 1922.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, 1910.", "urls": [] } ], "revision": "defd681bf7221967", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/discipline-price-action" }, { "key": "it/hub/discipline-trading-sistematico", "locale": "it", "title": "Trading sistematico: strategie, backtest e validazione", "summary": "Capitolo completo per trasformare un'ipotesi di trading in regole verificabili, simularla senza usare il futuro e governarla prima e dopo il live.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/discipline-trading-sistematico/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — tassonomia, usi, benefici e rischi del trading algoritmico; è un rapporto dello staff, non una posizione adottata dalla Commissione.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — quadro pratico su backtest, validazione, benchmarking, simulazione e documentazione.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] }, { "text": "Halbert White, A Reality Check for Data Snooping — inferenza quando una regola viene scelta dopo averne confrontate molte.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — quadro per stimare il rischio di selezionare una configurazione storicamente vincente ma fragile.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve, SR 26-2 — Supervisory Guidance on Model Risk Management — fonte settoriale corrente per governance, validazione, monitoraggio e documentazione dei modelli.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "204727102f98d424", "translation_state": "source", "kind": "hub", "entity_type": "learning_hub", "topics": [ "systematic-trading", "quantitative-trading", "backtesting", "time-series-validation", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/discipline-trading-sistematico" }, { "key": "it/hub/emiciclo", "locale": "it", "title": "Emiciclo", "summary": "Emiciclo è l'app web che collega sei software: CycleSic, Ufficio, Tornei, Quadro Ciclico, Assemblea e Cyclepedia. 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e volatilità", "summary": "Percorso completo dalle regole del contratto al premio, dalla catena alla volatilità implicita, fino a parità, assegnazione, payoff multi-leg e greche.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/opzioni-e-volatilita/", "published": "2026-08-07", "updated": "2026-08-07", "reviewed": "2026-08-07", "reviewed_by": "Caporedattore Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — documento ufficiale su contratto, esercizio, assegnazione, regolamento e rischi delle combinazioni nel mercato statunitense.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "The Options Industry Council, What Is an Option? e Options Pricing — fondamenti contrattuali e componenti del premio.", "urls": [ "https://www.optionseducation.org/optionsoverview/what-is-an-option", "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "The Options Industry Council, Volatility & the Greeks e Put/Call Parity — volatilità, sensitività e relazioni di prezzo.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks", "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "Financial Industry Regulatory Authority, Trading Options: Understanding Assignment — meccanica e rischio di assegnazione nel perimetro statunitense.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — riferimento storico del modello, letto insieme alle sue ipotesi e ai successivi sviluppi.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "CME Group, Implied Volatility — relazione fra prezzi di opzione, implicita e skew.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] } ], "revision": "83882bf72fa4e57e", "translation_state": "source", "kind": "hub", "entity_type": "concept", "topics": [ "markets-instruments", "options", "volatility", "derivatives", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "it/hub/opzioni-e-volatilita" }, { "key": "it/hub/ordini-esecuzione-e-microstruttura", "locale": "it", "title": "Ordini, esecuzione e microstruttura di mercato", "summary": "Mappa completa dall'istruzione al regolamento: tipi e validità degli ordini, book, priorità, routing, liquidità, costi, algoritmi di esecuzione, best execution, clearing e custodia.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/ordini-esecuzione-e-microstruttura/", "published": "2026-08-03", "updated": "2026-08-03", "reviewed": "2026-08-03", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Understanding Order Types", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC, Investor.gov — Executing an Order", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 27: Best execution", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — MiFID II, Article 28: Client order handling", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "ECB — Market liquidity, Economic Bulletin 2/2018", "urls": [ "https://www.ecb.europa.eu/press/economic-bulletin/html/eb201802.en.html" ] }, { "text": "BIS, CPMI-IOSCO — Principles for Financial Market Infrastructures", "urls": [ "https://www.bis.org/cpmi/info_pfmi.htm" ] } ], "revision": "4bdf38e2d0aa94f6", "translation_state": "source", "kind": "hub", "entity_type": "concept", "topics": [ "execution", "microstructure", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "it/hub/ordini-esecuzione-e-microstruttura" }, { "key": "it/hub/percorsi-fondamentali", "locale": "it", "title": "Percorsi fondamentali", "summary": "Tre livelli di maturità operativa — Bronzo, Argento, Oro — prima di scegliere una disciplina.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/percorsi-fondamentali/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d19ae892ecbb1866", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/percorsi-fondamentali" }, { "key": "it/hub/percorso-argento", "locale": "it", "title": "Percorso Argento", "summary": "Percorso intermedio in 55 lezioni per trasformare un'idea di trading in un metodo scritto, misurabile e verificabile.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/percorso-argento/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Architettura editoriale Cyclepedia, revisione 12 agosto 2026 — ordine e conteggio derivano dalle 55 voci stable collegate e dai relativi metadati di percorso; non costituiscono una certificazione professionale.", "urls": [] } ], "revision": "ba5a4b4399a8e9bd", "translation_state": "source", "kind": "hub", "entity_type": "learning-path", "topics": [ "trading-process", "trading-plan", "position-management", "performance-measurement", "strategy-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/percorso-argento" }, { "key": "it/hub/percorso-bronzo", "locale": "it", "title": "Percorso Bronzo", "summary": "Percorso introduttivo in 68 lezioni: mercato, lettura del prezzo, ordini, rischio, psicologia e primo diario di trading.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/percorso-bronzo/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Architettura editoriale Cyclepedia, revisione 12 agosto 2026 — ordine e conteggio derivano dalle 68 voci stable collegate e dai relativi metadati di percorso; non costituiscono una certificazione professionale.", "urls": [] } ], "revision": "99187c37b9f3b40e", "translation_state": "source", "kind": "hub", "entity_type": "learning-path", "topics": [ "trading-foundations", "market-structure", "order-types", "risk-management", "trading-psychology", "trading-journal" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/percorso-bronzo" }, { "key": "it/hub/percorso-oro", "locale": "it", "title": "Percorso Oro", "summary": "Percorso avanzato in 66 lezioni: edge, portafoglio, rischio, esecuzione, regimi e gestione professionale del processo di trading.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/percorso-oro/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor di Cyclepedia — agente AI non umano; nessuna revisione umana", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Architettura editoriale Cyclepedia, revisione 12 agosto 2026 — ordine e conteggio derivano dalle 66 voci stable collegate e dai relativi metadati di percorso; non costituiscono una certificazione professionale.", "urls": [] } ], "revision": "153be15ab89832e7", "translation_state": "source", "kind": "hub", "entity_type": "learning-path", "topics": [ "trading-edge", "portfolio-management", "risk-management", "execution", "market-regimes" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "advanced-trading-learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "it/hub/percorso-oro" }, { "key": "it/hub/politica-editoriale", "locale": "it", "title": "Come lavora Cyclepedia", "summary": "Missione, fonti, livelli di verifica, uso dell'AI e processo di correzione dell'enciclopedia del trading curata da Emiciclo.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/politica-editoriale/", "published": "2026-07-28", "updated": "2026-07-28", "reviewed": "2026-07-28", "reviewed_by": "Chief Editor Cyclepedia (agente AI su mandato Emiciclo)", "evidence_level": "referenced", "source_signal": true, "revision": "91e3b09fafc558a3", "translation_state": "source", "kind": "article", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "hub", "hub": "it/hub/politica-editoriale" }, { "key": "it/hub/psicologia", "locale": "it", "title": "Psicologia", "summary": "Bias, emozioni, disciplina e decision making — il fattore umano che attraversa tutte le discipline.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/psicologia/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "90ca4bc8786480f6", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/psicologia" }, { "key": "it/hub/reddito-fisso-e-credito", "locale": "it", "title": "Reddito fisso e credito", "summary": "Percorso completo dal prezzo e rendimento dei bond alla curva, al rischio di tasso, agli spread di credito, alle opzioni incorporate e al funding repo.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/reddito-fisso-e-credito/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "Federal Reserve Bank of New York — SOFR", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "ba6f810008f38a76", "translation_state": "source", "kind": "hub", "entity_type": "learning-path", "topics": [ "fixed-income", "credit-risk", "interest-rate-risk", "yield-curve", "bond-pricing", "money-market" ], "asset_classes": [ "fixed-income", "rates", "credit", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "it/hub/reddito-fisso-e-credito" }, { "key": "it/hub/trader", "locale": "it", "title": "Trader e tradizioni", "summary": "La galleria dei maestri: ventuno trader e analisti che hanno definito il mestiere — biografia, contributo e percorso di studio. Da Homma e Dow fino a Simons e Buffett, passando per la tradizione ciclica di Hurst.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/trader/", "published": "2026-06-23", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Samuel A. Nelson, The ABC of Stock Speculation, 1903.", "urls": [] }, { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, 1970.", "urls": [] }, { "text": "Jack D. Schwager, Market Wizards, 1989.", "urls": [] }, { "text": "Le fonti biografiche e le opere primarie sono elencate nelle singole schede.", "urls": [] } ], "revision": "c1f5c36e1d15cb0f", "translation_state": "source", "kind": "hub", "entity_type": "learning_hub", "topics": [ "trading-history", "traders", "market-analysis", "investment-traditions" ], "asset_classes": [], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/trader" }, { "key": "it/hub/tradizione-dow", "locale": "it", "title": "Tradizione Dow", "summary": "Percorso storico dalla lettura delle medie di Charles H. Dow alla sistematizzazione di Nelson, Hamilton e Rhea: movimenti del mercato, conferma e linee di accumulazione o distribuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/tradizione-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, capp. V–IX, edizione digitalizzata.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, capp. I, III, XIII e XV, edizione digitalizzata.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, scheda bibliografica Open Library.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "Stephen J. Brown, William N. Goetzmann e Alok Kumar, “The Dow Theory: William Peter Hamilton's Track Record Reconsidered”, The Journal of Finance 53(4), 1998, doi:10.1111/0022-1082.00054.", "urls": [ "https://doi.org/10.1111/0022-1082.00054" ] }, { "text": "S&P Dow Jones Indices, storia delle prime medie di Dow.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] } ], "revision": "92be146e81dd4754", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/tradizione-dow" }, { "key": "it/hub/tradizione-hurst", "locale": "it", "title": "Tradizione Hurst", "summary": "Il corpus teorico e operativo di J. M. Hurst (1970): modello ciclico, timing transazionale, analisi spettrale.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/tradizione-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1126dc1343b85d3f", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/tradizione-hurst" }, { "key": "it/hub/tradizione-steidlmayer", "locale": "it", "title": "Tradizione Steidlmayer", "summary": "J. Peter Steidlmayer e il Market Profile: il mercato come asta continua, POC, Value Area e lettura di equilibrio vs sbilanciamento.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/tradizione-steidlmayer/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer e Kevin Koy, Markets and Market Logic, 1986.", "urls": [] }, { "text": "Chicago Board of Trade, Market Profile Home Study Guide.", "urls": [] }, { "text": "James F. Dalton, Eric T. Jones e Robert B. Dalton, Mind Over Markets,", "urls": [] } ], "revision": "a2c7dc419573d6fe", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/tradizione-steidlmayer" }, { "key": "it/hub/tradizione-wyckoff", "locale": "it", "title": "Tradizione Wyckoff", "summary": "Il metodo Wyckoff: domanda e offerta, ciclo di mercato, trading range, accumulation e distribution.", "url": "https://www.emiciclo.com/cyclepedia/it/hub/tradizione-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "3a4ac9d749d8fe34", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "it/hub/tradizione-wyckoff" }, { "key": "it/indicatori/adx", "locale": "it", "title": "ADX (Average Directional Index)", "summary": "L'ADX di Wilder misura quanta direzione c'è nel movimento, su scala 0–100 senza segno: sopra 25 il trend domina il rumore, sotto 20 non c'è trend da seguire. La direzione la danno +DI e −DI.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/adx/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "64d80a7efd96dfe9", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/atr", "locale": "it", "title": "ATR (Average True Range)", "summary": "L'ATR misura l'escursione media reale delle barre su 14 periodi, code e gap compresi. Non ha direzione: è il metro con cui si dimensionano stop, obiettivi e size della posizione.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/atr/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bdd0be90e52bd0f3", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/bollinger-bands", "locale": "it", "title": "Bande di Bollinger", "summary": "SMA 20 più due bande a ±2 deviazioni standard: un canale che si allarga e si stringe con la volatilità. Squeeze = compressione che spesso precede l'espansione; walk the band = trend in salute.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/bollinger-bands/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "9f1ba7066faf1ac2", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/cci", "locale": "it", "title": "CCI (Commodity Channel Index)", "summary": "Il CCI di Lambert misura di quante «unità di scostamento tipico» il prezzo dista dalla propria media a 20 periodi. La fascia ±100 delimita il normale: fuori, il movimento è statisticamente insolito.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/cci/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "e2e775b0de550bf3", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/cvd", "locale": "it", "title": "Indicatore CVD: feed, ancoraggio e reset", "summary": "Per configurare il CVD bisogna verificare origine del volume, classificazione del lato, periodo di ancoraggio, sessione e reset. Due impostazioni diverse generano curve diverse.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/cvd/", "published": "2026-07-02", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Cumulative AskVolume and BidVolume Difference Bars — documenta requisiti dei dati bid/ask e opzione di reset all’inizio della giornata di trading.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/helpdetails71.html" ] }, { "text": "Sierra Chart, Cumulative Delta Bars — Volume — spiega il calcolo e perché modificare la data iniziale caricata può cambiare i valori successivi.", "urls": [ "https://www.sierrachart.com/index.php?ID=292&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Cumulative Volume Delta — descrive una diversa implementazione basata su intrabarre e periodo di ancoraggio.", "urls": [ "https://www.tradingview.com/support/solutions/43000725058-cumulative-volume-delta/" ] }, { "text": "Sierra Chart, Tick by Tick Data Configuration — precisa i requisiti dei dati tick-by-tick e del volume scambiato al bid e all’ask.", "urls": [ "https://www.sierrachart.com/index.php?page=doc/TickbyTickDataConfiguration.php" ] } ], "revision": "e8a09214f5b2861e", "translation_state": "source", "kind": "indicator", "entity_type": "order-flow-indicator-guide", "topics": [ "cumulative-volume-delta", "indicator-settings", "market-data", "session-reset", "order-flow" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/ema", "locale": "it", "title": "EMA / SMA — Medie mobili", "summary": "La media mobile filtra il rumore del prezzo facendo la media di una finestra che scorre: SMA con pesi uguali, EMA con più peso alle barre recenti. È il mattone di mezzo catalogo di indicatori.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/ema/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c1b63bb26fbc8102", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/fibonacci-retracement", "locale": "it", "title": "Ritracciamenti di Fibonacci", "summary": "Livelli orizzontali a quote fisse (23,6 · 38,2 · 50 · 61,8%) del movimento precedente: una griglia condivisa per stimare dove un pullback può trovare riferimenti. Contano reazione del prezzo e confluenza, non i numeri in sé.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/fibonacci-retracement/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "2a9db982cb1d75c4", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/ichimoku", "locale": "it", "title": "Ichimoku Kinkō Hyō", "summary": "Il sistema di Hosoda: Tenkan 9, Kijun 26 e una nuvola di equilibrio proiettata 26 periodi avanti. Non medie di chiusure ma punti medi dei range — una mappa completa di trend, livelli e momentum in un colpo d'occhio.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/ichimoku/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5cd0af634b664e4b", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/macd", "locale": "it", "title": "MACD (Moving Average Convergence Divergence)", "summary": "Il MACD misura la distanza fra una EMA veloce (12) e una lenta (26): distanza che cresce = movimento che accelera, distanza che si chiude = movimento che rallenta. Linea di segnale e istogramma ne derivano.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/macd/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "22355b7ee28f6935", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/obv", "locale": "it", "title": "OBV (On Balance Volume)", "summary": "L'OBV di Granville somma il volume nei giorni di rialzo e lo sottrae nei giorni di ribasso: una linea la cui pendenza rivela da che parte scorre il volume. La divergenza col prezzo è l'impronta di accumulo o distribuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/obv/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "5d80c060b374aee9", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/parabolic-sar", "locale": "it", "title": "Parabolic SAR", "summary": "Lo Stop And Reverse di Wilder: una scia di punti che insegue il trend accelerando, sotto il prezzo nei rialzi e sopra nei ribassi. Quando il prezzo la tocca, la scia salta dall'altro lato (flip).", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/parabolic-sar/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1eedb49b897dfd9a", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/pivot-points", "locale": "it", "title": "Pivot Points", "summary": "Dai soli massimo, minimo e chiusura di ieri nasce la griglia meccanica del giorno: P il baricentro, R1/R2 le resistenze, S1/S2 i supporti. Livelli identici per chiunque li calcoli — utili proprio per questo.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/pivot-points/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c87b42d30394d78d", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/rsi", "locale": "it", "title": "RSI (Relative Strength Index)", "summary": "L'RSI di Wilder confronta l'ampiezza media dei rialzi con quella dei ribassi degli ultimi 14 periodi, su scala 0–100. Sopra 70 la spinta rialzista è insolitamente forte: in range spesso rientra, in trend è la notizia.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/rsi/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "21a5356a1bf70985", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/stochastic", "locale": "it", "title": "Stocastico", "summary": "L'oscillatore di Lane misura dove chiude il prezzo dentro il range degli ultimi 14 periodi: chiusure sui massimi = compratori in controllo. %K veloce, %D di conferma, zone 80/20 in mercato laterale.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/stochastic/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "a265ffc56c69a014", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/supertrend", "locale": "it", "title": "Supertrend", "summary": "Una banda costruita con (H+L)/2 ± multiplo × ATR che fa da stop dinamico: sotto il prezzo con bias long (verde), sopra con bias short (rossa). La linea sale a gradini e non arretra finché il trend dura.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/supertrend/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "16e7ac6533a57e6d", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/volume-profile", "locale": "it", "title": "Impostare il Volume Profile: range, righe e dati", "summary": "Una configurazione ripetibile del Volume Profile dichiara intervallo, sessione, dimensione delle righe, tipo di volume, percentuale e algoritmo della Value Area.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/volume-profile/", "published": "2026-07-02", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Redazione Cyclepedia — revisione di agente AI non umano; nessuna revisione umana esperta dichiarata", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Sierra Chart, Volume By Price Study — documenta tipi di periodo, tick per riga, record tick-by-tick, dati aggregati e calcoli del profilo.", "urls": [ "https://www.sierrachart.com/index.php?ID=141&Name=Volume_by_Price&page=doc/StudiesReference.php" ] }, { "text": "TradingView, Volume profile indicators: basic concepts — spiega periodi, righe, tipi di volume, percentuale configurabile e algoritmo della Value Area della propria piattaforma.", "urls": [ "https://www.tradingview.com/support/solutions/43000502040-volume-profile-indicators-basic-concepts/" ] } ], "revision": "98a32d1bf391c3ea", "translation_state": "source", "kind": "indicator", "entity_type": "volume-profile-indicator-guide", "topics": [ "volume-profile", "indicator-settings", "POC", "value-area", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-to", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/indicatori/vwap", "locale": "it", "title": "VWAP (Volume Weighted Average Price)", "summary": "Il VWAP è il prezzo medio a cui la sessione ha realmente scambiato, ponderato per i volumi. Benchmark di esecuzione dei desk istituzionali e riferimento intraday: sopra = forza relativa, sotto = debolezza.", "url": "https://www.emiciclo.com/cyclepedia/it/indicatori/vwap/", "published": "", "updated": "2026-07-05", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "1bce8876729ebc93", "translation_state": "source", "kind": "indicator", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "indicatore", "hub": "it/hub/indicatori" }, { "key": "it/metodologie/dow/conferma-medie-dow", "locale": "it", "title": "Conferma fra le medie nella Teoria di Dow", "summary": "Nella formulazione di Hamilton, medie industriale e ferroviaria corroborano un movimento quando assumono la stessa direzione. Non devono girare nello stesso giorno e la non-conferma non equivale da sola a inversione.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/dow/conferma-medie-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, cap. I, pp. 4–8; cap. XIV, pp. 158–159; cap. XV, pp. 172–179, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, capp. VII–IX, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "S&P Dow Jones Indices, “The Dow — Creating an Icon”, storia delle medie industriale e ferroviaria.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] } ], "revision": "5b818b58adfe6594", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/dow/linea-dow", "locale": "it", "title": "La linea di Dow: accumulazione, distribuzione e rottura", "summary": "Nella tradizione Dow, una linea è una fascia stretta mantenuta dalle medie per un periodo significativo. Solo la rottura confermata aiuta a riconoscere accumulazione o distribuzione.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/dow/linea-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, cap. I, pp. 6–7, e cap. XV “A Line and an Example—1914”, pp. 172–179, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, cap. IX “Methods of Reading the Market”, pp. 42–45, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] } ], "revision": "cb719c2dbc6341ac", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/dow/teoria-di-dow", "locale": "it", "title": "Teoria di Dow", "summary": "La Teoria di Dow è la tradizione costruita dagli editoriali di Charles H. Dow e sistematizzata da Nelson, Hamilton e Rhea. Studia movimenti del mercato, medie confermanti e congestioni, senza costituire una strategia automatica.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/dow/teoria-di-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, capp. V–IX, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, capp. I, III, XIII e XV, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, Open Library.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "Brown, Goetzmann e Kumar, “The Dow Theory: William Peter Hamilton's Track Record Reconsidered”, The Journal of Finance 53(4), 1998, doi:10.1111/0022-1082.00054.", "urls": [ "https://doi.org/10.1111/0022-1082.00054" ] } ], "revision": "0334171d011d3503", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/dow/tre-movimenti-mercato-dow", "locale": "it", "title": "I tre movimenti del mercato nella tradizione Dow", "summary": "Dow distingue movimento primario, reazione o rally secondario e fluttuazione giornaliera. Le tre scale convivono e le loro durate storiche non sono parametri universali.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/dow/tre-movimenti-mercato-dow/", "published": "2026-07-30", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, cap. VII “Three General Lines of Reasoning” e cap. VIII “Swings Within Swings”, pp. 36–41, Internet Archive.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, 1922, cap. I “Cycles and Stock Market Records” e cap. XIII “Nature and Uses of Secondary Swings”, Internet Archive.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] } ], "revision": "905b71aa2584dc76", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "metodologia", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/barriere-psicologiche-hurst", "locale": "it", "title": "Le barriere psicologiche (Hurst)", "summary": "Le sei barriere del Cap. 10: influenza esterna, avidità, effetto cachi, distorsione del tempo, effetto scala, ciclicità emotiva — con gli addestramenti del libro per ciascuna.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/barriere-psicologiche-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "97e77990a30de1bd", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/caso-alloys-unlimited", "locale": "it", "title": "Caso Alloys Unlimited", "summary": "Quattro previsioni consecutive con le sole medie half-span e full-span: zone 48–52, 33½–36½, 50⅝–54⅛ e 39⅜–41⅞ — esiti 48¾, 35⅛, 52⅞ e 41. Il banco di prova del Capitolo 6.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/caso-alloys-unlimited/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "fe8d05ac6dfe5b67", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/caso-gruen-industries-1961", "locale": "it", "title": "Caso Gruen Industries (1961)", "summary": "Il caso guida del Capitolo 4: un titolo senza nome analizzato alla cieca con le sole envelope — previsione di acquisto, target e tempi, e l'esito: +62% netto in otto settimane.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/caso-gruen-industries-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d51e404cd0e435e6", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/caso-perkin-elmer-1961", "locale": "it", "title": "Caso Perkin-Elmer (1961)", "summary": "Il caso di studio del Capitolo 3: due triangoli su Perkin-Elmer, quattro periodicità misurate sul daily, e l'analisi ciclica che prevede il «fallimento» che il chartismo subisce.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/caso-perkin-elmer-1961/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "7df084f71ca1a447", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/caso-screw-and-bolt-1968", "locale": "it", "title": "Caso Screw and Bolt (1968)", "summary": "L'anatomia di un trade, giorno per giorno: dallo scan del 1° novembre 1968 al segnale del 6 novembre a 15½, fino alla vendita a 23⅞ del 2 gennaio — +49,7% netto in 57 giorni.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/caso-screw-and-bolt-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "49646b155bcab26e", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/costruzione-envelope-e-stato-ciclico", "locale": "it", "title": "Costruzione envelope e tabella di stato ciclico", "summary": "Procedura manuale di Hurst per disegnare envelope a larghezza costante, misurare componenti e compilare la tabella di stato ciclico.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/costruzione-envelope-e-stato-ciclico/", "published": "2026-06-22", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (agente AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 4, pp. 69–74 — costruzione dell'envelope, compromesso di larghezza e ultimo tratto.", "urls": [] }, { "text": "J. M. Hurst, stessa opera, cap. 4, pp. 75–85 — tabella di stato, finestra dei turning point e passaggio ai segnali grafici.", "urls": [] } ], "revision": "7b97bfe8cc233701", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/cut-loss-ciclico-hurst", "locale": "it", "title": "Cut-loss ciclico (Hurst)", "summary": "Lo stop iniziale non arbitrario: il minimo più basso del ciclo più corto prima della rottura della VTL. Su Gruen: rischio ~9% contro un potenziale del 55%, e una ragione solida per rispettarlo.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/cut-loss-ciclico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "37dc69234044d75d", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/diamond-notation-hurst", "locale": "it", "title": "Notazione a diamanti di Hurst: come leggere il phasing", "summary": "La notazione a diamanti annota i trough assegnati ai cicli nel phasing: una pila più alta include una durata maggiore, non una previsione più forte.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/diamond-notation-hurst/", "published": "2026-07-21", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970 — edizione controllata direttamente per delimitare il metodo del libro; la notazione a diamanti non vi è documentata.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "David Hickson, “Phasing Analysis”, Hurst Cycles Notes, 16 settembre 2022 — esposizione post-Hurst che attribuisce il sistema a Hurst e descrive diamanti, trough e altezza della pila.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] } ], "revision": "06d3d278d556d9ac", "translation_state": "source", "kind": "methodology", "entity_type": "historical-notation", "topics": [ "cyclic-analysis", "phasing-analysis", "cycle-notation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "method-and-limits", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologia", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/edge-band-mid-band-timing", "locale": "it", "title": "Edge-band e mid-band timing", "summary": "I due ingressi del metodo grafico: sul bordo del canale appena i minimi si confermano (edge-band) o nel mezzo, dove la velocità del prezzo è massima (mid-band) — su Gruen, 418% contro 539% annui.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/edge-band-mid-band-timing/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "5d301d5b9813857a", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/envelope-non-real-time", "locale": "it", "title": "Envelope non-real-time (Hurst)", "summary": "L'asso nella manica del Capitolo 5: gli estremi ciclici riplottati a distanze uguali eliminano la variazione di durata — e su Gruen vedono lo scollinamento una settimana prima dell'envelope in tempo reale.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/envelope-non-real-time/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "720fb50c6b3846f1", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/esperimento-trading-hurst-1968", "locale": "it", "title": "L'esperimento di trading del 1968", "summary": "La prova sul campo del libro: 28 ottobre – 10 dicembre 1968, team di cinque, 42 transazioni su 35 titoli, 90,5% di successi, +11,1% lordo medio in 9,7 giorni — con memorandum a osservatori imparziali.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/esperimento-trading-hurst-1968/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "34d43bcb74670595", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/gestione-profitti-hurst", "locale": "it", "title": "Gestione dei profitti e uscite (Hurst, Cap. 5)", "summary": "Il Capitolo 5 in una voce: cut-loss logico, trailing sui minimi confermati, take-profit con la valid uptrend line, envelope non-real-time e short — l'armeria completa dei segnali.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/gestione-profitti-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "08b32763f9ea1ad8", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/half-span-full-span-hurst", "locale": "it", "title": "Half-span e full-span di Hurst: metodo e limiti", "summary": "Le medie half-span e full-span di Hurst leggono un ciclo e il centro del suo canale; richiedono estrapolazioni e non offrono previsioni autonome.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/half-span-full-span-hurst/", "published": "2026-06-23", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor di Cyclepedia — agente di IA non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 6, pp. 97–109 — definizione, procedura, casi Alloys Unlimited e limiti temporali.", "urls": [ "https://archive.org/details/profitmagicofsto0000hurs" ] }, { "text": "OCLC WorldCat, The Profit Magic of Stock Transaction Timing — record bibliografico — autore, editore e data della prima edizione.", "urls": [ "https://search.worldcat.org/title/776611988" ] } ], "revision": "1f62450170eea4fe", "translation_state": "source", "kind": "methodology", "entity_type": "historical-method", "topics": [ "cyclic-analysis", "moving-averages", "transaction-timing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "method-and-limits", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "metodologia", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/medie-mobili-cicliche-hurst", "locale": "it", "title": "Medie mobili cicliche (Hurst)", "summary": "La media mobile come filtro di cicli: lo span fissa il taglio, la 10 e la 30 settimane cadono esattamente fra i nominali — e piazzata mezzo span indietro smette di «essere in ritardo».", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/medie-mobili-cicliche-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c4fb5b864814fa49", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/metodi-computazionali-hurst", "locale": "it", "title": "Metodi computazionali Hurst (Cap. 6)", "summary": "Il Capitolo 6 in una voce: perché aggiungere l'aritmetica ai grafici, la half-span che gira a metà mossa, la full-span che è la linea centrale, l'inversa che recupera ciò che la media butta via.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/metodi-computazionali-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "803b1886c1228f75", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/phasing-analysis-hurst", "locale": "it", "title": "La phasing analysis (Hurst)", "summary": "Metodo grafico attribuito al Cycles Course da fonti Hickson: ipotesi revisionabili sui trough di più scale, organizzate in Entry, Extension e Completion.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/phasing-analysis-hurst/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970, cap. 4, pp. 69–85 — fonte primaria per envelope annidate, medie traslate, tabella di stato e proiezioni del metodo del libro.", "urls": [] }, { "text": "David Hickson, Hurst Cycles Notes, Phasing Analysis, 2022 — resoconto post-Hurst del Cycles Course: definizione, tre stadi e attribuzione della notazione a diamanti.", "urls": [ "https://notes.hurstcycles.com/phasing-analysis/" ] }, { "text": "David Hickson / Sentient Trader, Hurst's Cyclic Analysis, pubblicato originariamente in Technical Analysis of Stocks & Commodities, marzo 2011 — versione precedente e sostanzialmente sovrapposta dello stesso resoconto; confronto libro/corso e tre stadi.", "urls": [ "https://sentienttrader.com/downloads/SentientTraderHelp/HurstCyclicTheoryII.htm" ] } ], "revision": "67f5082120a1e64a", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/pitfall-analisi-ciclica-hurst", "locale": "it", "title": "I pitfall dell'analisi ciclica (Hurst)", "summary": "Perché l'imprevisto accade: lo shock fondamentale senza preavviso, l'ampiezza che si spegne sul trading cycle, le componenti lunghe trascurate — e il rimedio per ciascuno.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/pitfall-analisi-ciclica-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "0c98120bc4fd4657", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/screening-volatilita-stabilita-hurst", "locale": "it", "title": "Screening: volatilità e stabilità (Hurst)", "summary": "I sette criteri per sfoltire la lista dello scan: tre di volatilità — «di gran lunga la più importante» — e quattro di stabilità. Con la tabella del libro e l'avvertenza a non farne un pranzo.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/screening-volatilita-stabilita-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "5e2d9bcd6cae49b8", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/selezione-e-tracking-hurst", "locale": "it", "title": "Selezione e tracking dei titoli (Cap. 7 Hurst)", "summary": "Il Capitolo 7 in una voce: perché la selezione tradizionale non basta, l'imbuto total scanning → screening → scuderia, e il tracking che non lascia scappare i segnali.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/selezione-e-tracking-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "bcfe934f63371b55", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/short-selling-hurst", "locale": "it", "title": "Short selling secondo Hurst", "summary": "Ogni segnale di vendita implica uno short — ma quasi mai sullo stesso titolo appena chiuso in guadagno. E gli indici vanno trattati come un titolo: la loro analisi decide da che lato del mercato stare.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/short-selling-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "5200799da1018dd2", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/stato-mercato-ciclico-hurst", "locale": "it", "title": "Stato del mercato ciclico (Hurst)", "summary": "La prima mossa di ogni trade: l'analisi ciclica degli indici. Il caso del 1° novembre 1968: tre cicli sul Dow, un verdetto operativo, e la conferma half-span col target a 1001±14.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/stato-mercato-ciclico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b7cd10ae54394868", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/testa-e-spalle-origine-ciclica", "locale": "it", "title": "Testa e spalle: origine ciclica", "summary": "Il testa e spalle nasce quando un ciclo lungo scollina sotto uno breve: due componenti del modello e una retta bastano a produrlo, neckline compresa.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/testa-e-spalle-origine-ciclica/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "893ed857025a0602", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/timing-acquisti-grafico-hurst", "locale": "it", "title": "Timing degli acquisti con metodi grafici", "summary": "Il Capitolo 4 in una voce: envelope per la previsione grezza, zona di svolta, valid trend line come grilletto, edge-band e mid-band — i primi segnali d'acquisto oggettivi del metodo.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/timing-acquisti-grafico-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "402e6f56b132b070", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/total-scanning-stable-hurst", "locale": "it", "title": "Total scanning e la scuderia (Hurst)", "summary": "Lo scan del fine settimana su tutti i titoli NYSE+AMEX: due test visivi, volume minimo, 80–140 candidati — e la «scuderia» di 12–20 titoli che tiene il capitale sempre pronto.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/total-scanning-stable-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "26c19c4c5cd12886", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/tracking-prezzi-hurst", "locale": "it", "title": "Tracking dei prezzi (Hurst)", "summary": "Il quarto pilastro all'opera: grafici propri per l'analisi, aggiornamento quotidiano della scuderia, gli indici come clima di mercato — e il «Personal Ticker», il cane da guardia del 1970.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/tracking-prezzi-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "4a0c04d847777816", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/trading-by-logic-hurst", "locale": "it", "title": "Trading by logic (Cap. 8 Hurst)", "summary": "Il Capitolo 8 in una voce: l'arsenale completo, l'anatomia di un trade dal lato del mercato al blowoff finale, e l'esperimento che mise tutto alla prova in tempo reale.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/trading-by-logic-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "48963cea54d873d4", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/trailing-sell-take-profit-hurst", "locale": "it", "title": "Trailing sell e take-profit (Hurst)", "summary": "Il livello di vendita che sale coi minimi confermati del ciclo giusto, e la valid uptrend line che trasforma la presa di profitto in un segnale — su Gruen, venduto a 12⅜ prima della discesa a 9.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/trailing-sell-take-profit-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "14de30c7dc6cf572", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/trend-line-canali-ciclici", "locale": "it", "title": "Trend line e canali: l'origine ciclica", "summary": "Perché trend line e canali si formano e si ripetono: un ciclo sommato a una retta produce un canale — e la rottura segna la virata di un ciclo più lungo.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/trend-line-canali-ciclici/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ffb4e9a96d4519b7", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/triangoli-analisi-ciclica", "locale": "it", "title": "Triangoli e analisi ciclica", "summary": "Coil, triangoli, flag, pennant, box, diamond e wedge: una componente breve che cambia ampiezza mentre i cicli lunghi sono in pausa. E come dire in anticipo se il pattern «fallirà».", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/triangoli-analisi-ciclica/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "e8e4bb728da011be", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/trucco-sincronicita-hurst", "locale": "it", "title": "Il trucco della sincronicità (Hurst)", "summary": "Confermare il minimo di un ciclo lungo senza aspettarne il segnale: se i minimi si sincronizzano, il cross della FLD di un ciclo corto è la conferma anticipata del trough lungo.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/trucco-sincronicita-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "6e521760a213d414", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/hurst/verifica-pattern-grafici", "locale": "it", "title": "Verifica dei pattern grafici", "summary": "Il Capitolo 3 in una voce: il modello ciclico spiega perché i pattern del chartismo esistono, si ripetono e funzionano — e aggiunge ciò che al chartismo manca: il tempo di riferimento e la direzione d'uscita.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/hurst/verifica-pattern-grafici/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b5e61f46e2a3deb2", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "metodologie/hurst", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/attivita-initiating-responsive", "locale": "it", "title": "Attività initiating e responsive", "summary": "Classificazione CBOT dell'attività longer-term rispetto alla Value Area precedente: responsive (attesa) vs initiating (inaspettata e più informativa).", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/attivita-initiating-responsive/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "916bf061e4ba1309", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/cti2-attivita-commerciale", "locale": "it", "title": "CTI2 — attività commerciale", "summary": "I commerciali CBOT (CTI2): comportamento noto sotto/sopra value, segnali initiating quando comprano sopra o vendono sotto, e top/fondo piatto da overwhelm.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/cti2-attivita-commerciale/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "d3b46a079ceda82c", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/dominant-concern-steidlmayer", "locale": "it", "title": "Dominant concern", "summary": "La preoccupazione di mercato che assorbe i partecipanti short timeframe: spiega volatilità, eccessi temporanei e perché manca il cuscinetto dei long.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/dominant-concern-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "c6d8900c24100c79", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/equilibrio-e-sbilanciamento-asta", "locale": "it", "title": "Equilibrio e sbilanciamento dell'asta", "summary": "Regole operative per distinguere balance (rotazione in value) da imbalance (trend verso nuova value) nel Market Profile.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/equilibrio-e-sbilanciamento-asta/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "3ece9ab1e6b70d7f", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/informazione-generata-mercato", "locale": "it", "title": "Informazione generata dal mercato", "summary": "Dati transazionali price/tempo/volume prodotti dall'asta stessa — distinti dalle informazioni esterne e base del processo decisionale Steidlmayer.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/informazione-generata-mercato/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "805920a5df9d99c5", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/initial-balance-steidlmayer", "locale": "it", "title": "Initial Balance (Steidlmayer)", "summary": "I primi 60 minuti di sessione come filtro giornaliero: range IB, regole di estensione e lettura del bias intraday.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/initial-balance-steidlmayer/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "f5f415fd7ee79125", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/introduzione-tradizione-steidlmayer", "locale": "it", "title": "Introduzione alla tradizione Steidlmayer", "summary": "J. Peter Steidlmayer e il Market Profile: il mercato come asta continua che separa prezzo (dove scambia) da valore (dove accetta).", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/introduzione-tradizione-steidlmayer/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "revision": "756c14a27a71cf7f", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/liquidity-data-bank", "locale": "it", "title": "Liquidity Data Bank", "summary": "Il volume CBOT LDB conferma o contraddice il Market Profile: report per prezzo, categorie CTI e checklist a sei voci per continuazione vs cambio.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/liquidity-data-bank/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "97aa6cbc2443936d", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/minus-development-steidlmayer", "locale": "it", "title": "Minus development", "summary": "L'assenza di sviluppo dopo un movimento direzionale è la spia più diretta del flusso di capitale — denominatore comune degli indicatori Steidlmayer.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/minus-development-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "e98f25b1e0095844", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/poc-e-value-area-operativi", "locale": "it", "title": "POC e Value Area operativi", "summary": "Uso pratico di POC e Value Area nel Market Profile: gravità del prezzo, confini operativi e regole di ingresso/uscita.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/poc-e-value-area-operativi/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "6df69267138d6d8b", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/prezzo-di-controllo-steidlmayer", "locale": "it", "title": "Prezzo di controllo", "summary": "La parte più larga della value area in formazione attorno a cui ruota l'unità: il mercato si muove da control price a control price finché percezione e flusso di capitale cambiano.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/prezzo-di-controllo-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "26592e9f23bfe606", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/principi-market-logic", "locale": "it", "title": "Principi del Market Logic", "summary": "I dieci principi con cui Steidlmayer descrive un mercato organizzato: asta volontaria, prezzo vs valore, TPO e informazione generata dal mercato.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/principi-market-logic/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "00ce9d9339df6fd8", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/processo-di-distribuzione", "locale": "it", "title": "Processo di distribuzione", "summary": "La distribuzione sostituisce la sessione come unità naturale del flusso di capitale: schema a quattro passi, pattern 3-1-3 e distinzione distribuzione/sviluppo.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/processo-di-distribuzione/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "2fc7aa03098a07f1", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/range-extension-steidlmayer", "locale": "it", "title": "Range extension (Steidlmayer)", "summary": "Estensione del range giornaliero quando il trader longer-term entra con volume sufficiente a rompere il balance — segnale direzionale nel Market Profile.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/range-extension-steidlmayer/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "ec110c678202f230", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/strategia-trading-market-logic", "locale": "it", "title": "Strategia di trading — Market Logic", "summary": "Steidlmayer (MML cap. 14): costruire una strategia che neutralizza le fragilità umane — pesare i trade, visualizzare scenari e operare sotto la propria capacità.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/strategia-trading-market-logic/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "a2e7303e81895c9b", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/steidlmayer", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/tipologie-giornata-market-profile", "locale": "it", "title": "Tipologie di giornata nel Market Profile", "summary": "Classificazione CBOT delle giornate Normal, Normal Variation, Trend e Neutral tramite Initial Balance e range extension; categorie descrittive, non segnali.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/tipologie-giornata-market-profile/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex — revisione editoriale AI; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 14–16 — Normal, Normal Variation, Trend e Neutral tramite Initial Balance e range extension.", "urls": [] }, { "text": "Chicago Board of Trade, stessa opera, pp. 20–21 — relazione fra balance, imbalance e sviluppo del range.", "urls": [] } ], "revision": "c81437580993b3ef", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/steidlmayer/tpo-time-price-opportunity", "locale": "it", "title": "TPO — Time-Price Opportunity", "summary": "Unità del Market Profile: una lettera registra un prezzo negoziato in uno specifico time bracket; non misura volume né durata esatta della permanenza.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/steidlmayer/tpo-time-price-opportunity/", "published": "2026-07-11", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex — revisione editoriale AI; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer e Kevin Koy, Markets and Market Logic, Porcupine Press, 1986, sez. I, cap. 6 — definizione e ruolo della Time-Price Opportunity nel framework.", "urls": [] }, { "text": "Chicago Board of Trade, CBOT Market Profile®, Part I: Reading the Market Profile Graphic, 1996, pp. 1–13 e 44 — costruzione del grafico, time bracket e fairest price.", "urls": [] } ], "revision": "1e64f87ba15efbbf", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/accumulation-fasi-a-e", "locale": "it", "title": "Accumulation — fasi A–E (Wyckoff)", "summary": "Accumulation Wyckoff A–E: arresto del ribasso, costruzione del range, test dell'offerta, segnali di forza e possibile markup.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/accumulation-fasi-a-e/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, per eventi e fasi dello schema.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Accumulation: Wyckoff Events” e “Wyckoff Phases”.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, due varianti dello schema, nove test e count guide.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Wyckoff Stock Market Institute, Library, per la metafora Jump Across the Creek nella tradizione didattica successiva.", "urls": [ "https://wyckoffsmi.com/library/" ] } ], "revision": "920dd9fbfbb8adb9", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/ciclo-quattro-fasi-wyckoff", "locale": "it", "title": "Ciclo a quattro fasi (Wyckoff)", "summary": "Ciclo Wyckoff in quattro fasi: accumulation, markup, distribution e markdown, senza periodicità fissa né sequenza garantita.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/ciclo-quattro-fasi-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Wyckoff Price Cycle” e analisi dei trading range.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, schemi, eventi e fasi di accumulation/distribution.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] } ], "revision": "a375158a87d81aa1", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/cinque-passi-wyckoff", "locale": "it", "title": "Cinque passi Wyckoff", "summary": "I cinque passi Wyckoff: mercato, forza relativa, causa Point & Figure, readiness, timing e rischio, con i nove test documentati nelle fonti.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/cinque-passi-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “A Five-Step Approach to the Market” e “Nine Buying/Selling Tests”.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, versione accessibile con strumenti richiesti e ordine dei test.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Henry O. Pruden e Bernard Belletante, Wyckoff Laws and Tests, CMT Association.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] } ], "revision": "525885fa2d8cc441", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/count-causa-point-figure-wyckoff", "locale": "it", "title": "Count causa P&F (Wyckoff)", "summary": "Conteggio Point & Figure della causa Wyckoff: procedura replicabile e fascia obiettivo, non punto di inversione certo.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/count-causa-point-figure-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method, sezione P&F Count Guide — procedura, fasi complete, confirming count e limite “stop, look and listen”.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — conteggio P&F e nove test nel tutorial ChartSchool.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] } ], "revision": "6afc1d21d8c96507", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/distribution-fasi-a-e", "locale": "it", "title": "Distribuzione — fasi A–E (Wyckoff)", "summary": "Modello Wyckoff in cinque fasi per leggere un range dopo un rialzo: arresto del trend, test della domanda, debolezza e markdown.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/distribution-fasi-a-e/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — eventi, fasi, varianti, redistribuzione e limiti della lettura.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — due schemi distributivi e definizioni di PSY, BC, AR, ST, UTAD, SOW e LPSY.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — The Wyckoff Method of Technical Analysis and Speculation, Wiley — metodo discrezionale, leggi e trading range.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch6" ] } ], "revision": "3966ab18596c67dd", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/how-i-trade-wyckoff", "locale": "it", "title": "Come opero e investo — Wyckoff (1922)", "summary": "Wyckoff (1922, How I Trade and Invest): autobiografia operativa — tre linee difensive, swing 30–60 giorni, posizione tecnica, due diligence, regole Livermore, protezione capitale.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/how-i-trade-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "b051fbbd6517c334", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/wyckoff", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/nine-buying-selling-tests-wyckoff", "locale": "it", "title": "Nine buying e selling tests (Wyckoff)", "summary": "Nove test Wyckoff per accumulation e distribution: grafici richiesti, lista distinta di reaccumulation e limite per la redistribution.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/nine-buying-selling-tests-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method, Nine Buying/Selling Tests — elenchi, numerazione e tipo di grafico; adattamento dichiarato da Pruden, pp. 136–137.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — stessa checklist nel tutorial ChartSchool.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, capitolo 7 — nove test modificati per reaccumulation e limite delle checklist classiche nelle consolidazioni.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "80945d56ab1f680c", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/reaccumulation-wyckoff", "locale": "it", "title": "Reaccumulation e stepping stones (Wyckoff)", "summary": "Rango di riaccumulazione durante un rialzo: contesto, segnali osservabili, nove test distinti di Pruden e limiti dei conteggi stepping stone.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/reaccumulation-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — caratteristiche della reaccumulation, fasi più brevi e stepping stones in fase E.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — tutorial sul range e guida ai conteggi P&F di conferma.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, capitolo 7 — nove test modificati per la reaccumulation e stepping-stone confirming count.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "09e6e092f78347cf", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/redistribution-wyckoff", "locale": "it", "title": "Redistribution (Wyckoff)", "summary": "Rango di redistribuzione dentro un ribasso: contesto, segnali osservabili, conteggio P&F di conferma e limite dei nove selling tests classici.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/redistribution-wyckoff/", "published": "2026-07-10", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "Revisione editoriale e fattuale: agente AI Cyclepedia (OpenAI); nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Wyckoff Analytics — Wyckoff Method — fase A della redistribution, lettura delle fasi B–E, eventi distributivi e conteggi di conferma.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "StockCharts ChartSchool — The Wyckoff Method: A Tutorial — tutorial sulle strutture di distribution/redistribution e nove selling tests classici.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Hank Pruden — Anatomy of a Trade, capitolo 7 — lacuna dei test per le consolidazioni e nuova lista specifica per la reaccumulation.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1002/9781119196822.ch7" ] } ], "revision": "f01e113746f205a4", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/tape-reading-wyckoff", "locale": "it", "title": "Tape reading Wyckoff", "summary": "Il tape reading di Wyckoff (1910, Studies in Tape Reading): trend immediato, volumi bid/ask, setup, listino, stop, mercati spenti, chiusura trade — radice storica del metodo.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/tape-reading-wyckoff/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "63a133d6536bfbc2", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "metodologie/wyckoff", "hub": "it/hub/metodologie" }, { "key": "it/metodologie/wyckoff/trading-range-wyckoff", "locale": "it", "title": "Trading range (Wyckoff)", "summary": "Trading range Wyckoff: bordi, eventi, fasi A–E, volume e count Point & Figure per distinguere accumulation e distribution.", "url": "https://www.emiciclo.com/cyclepedia/it/metodologie/wyckoff/trading-range-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994, fonte tecnica per eventi e fasi del range.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial — “Analyses of Trading Ranges” e “Wyckoff Schematics”.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Wyckoff Analytics, Wyckoff Method, schemi moderni e guida al count P&F.", "urls": [ "https://www.wyckoffanalytics.com/wyckoff-method/" ] }, { "text": "Wyckoff Stock Market Institute, Library, fonte istituzionale sul lessico creek/ice della tradizione successiva.", "urls": [ "https://wyckoffsmi.com/library/" ] } ], "revision": "4342d3d90fb38049", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/metodologie" }, { "key": "it/trader/charles-dow", "locale": "it", "title": "Charles H. Dow", "summary": "Charles H. Dow (1851–1902) fu giornalista finanziario, cofondatore di Dow Jones & Company e del Wall Street Journal. Le sue medie e i suoi editoriali sono il punto di partenza della tradizione poi chiamata Teoria di Dow.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/charles-dow/", "published": "2026-07-12", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "S. A. Nelson, The A B C of Stock Speculation, 1903, prefazione e capp. V–IX, edizione digitalizzata.", "urls": [ "https://archive.org/details/abcstockspecula00nelsgoog" ] }, { "text": "William Peter Hamilton, The Stock Market Barometer, Harper & Brothers, 1922, capp. I, III, XIII e XV, edizione digitalizzata.", "urls": [ "https://archive.org/details/stockmarketbaro00dowgoog" ] }, { "text": "Robert Rhea, The Dow Theory, Barron's, 1932, scheda bibliografica Open Library.", "urls": [ "https://openlibrary.org/books/OL6279382M/The_Dow_theory" ] }, { "text": "S&P Dow Jones Indices, storia delle medie Dow.", "urls": [ "https://www.spglobal.com/spdji/en/landing/investment-themes/the-dow/" ] }, { "text": "Encyclopaedia Britannica, Charles Henry Dow.", "urls": [ "https://www.britannica.com/money/Charles-Henry-Dow" ] } ], "revision": "a13254b1b2607050", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/ed-seykota", "locale": "it", "title": "Ed Seykota", "summary": "Ed Seykota (n. 1946): pioniere del trend following computerizzato — i primi sistemi girati su schede perforate negli anni '70 — e della psicologia del trading come disciplina. Rendimento documentato fra i migliori di sempre.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/ed-seykota/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "c6cfae16fc313e58", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/george-soros", "locale": "it", "title": "George Soros", "summary": "George Soros (n. 1930): fondatore del Quantum Fund e teorico della riflessività — i mercati non riflettono la realtà, la modificano. Il 16 settembre 1992 la sua posizione contro la sterlina piegò la Banca d'Inghilterra.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/george-soros/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "84e35b595ad012c9", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/giuseppe-migliorino", "locale": "it", "title": "Giuseppe Migliorino: libri e analisi ciclica italiana", "summary": "Giuseppe Migliorino fondò Borsari e pubblicò manuali italiani sui cicli di mercato. Ecco il contributo documentato e i limiti delle fonti disponibili.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/giuseppe-migliorino/", "published": "2026-07-07", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor di Cyclepedia — agente AI non umano; nessuna revisione umana", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Borsari, “Il Fondatore” — archivio dell'editore per attività, fondazione e cronologia; fonte collegata al soggetto.", "urls": [ "https://www.borsari.it/il-fondatore/" ] }, { "text": "Borsari, I cicli di borsa — scheda editoriale con dati bibliografici e indice analitico.", "urls": [ "https://www.borsari.it/prodotto/i-cicli-di-borsa/" ] }, { "text": "LibreriaUniversitaria, scheda ISBN 9788888029368 — riscontro catalografico indipendente di titolo, autore, editore e anno.", "urls": [ "https://www.libreriauniversitaria.it/cicli-borsa-metodo-avanzato-individuare/libro/9788888029368" ] } ], "revision": "a504f35ca599ca2d", "translation_state": "source", "kind": "trader", "entity_type": "historical-trader", "topics": [ "cyclic-analysis", "market-cycles", "trading-education" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "cyclic" ], "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/j-m-hurst", "locale": "it", "title": "J. M. Hurst", "summary": "James Marsden Hurst (1924–2005): l'ingegnere aerospaziale che portò l'analisi spettrale sui prezzi di borsa — il padre dell'analisi ciclica moderna, e la specialità di casa dell'Emiciclo.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/j-m-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "aa752076cef97433", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/j-peter-steidlmayer", "locale": "it", "title": "J. Peter Steidlmayer", "summary": "J. Peter Steidlmayer (n. 1938): trader del CBOT e creatore del Market Profile, una rappresentazione TPO del tempo trascorso a ciascun prezzo; i dati di volume appartengono a un livello distinto.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/j-peter-steidlmayer/", "published": "2026-06-23", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. Peter Steidlmayer e Kevin Koy, Markets and Market Logic, 1986.", "urls": [] }, { "text": "Chicago Board of Trade, Market Profile Home Study Guide.", "urls": [] }, { "text": "James F. Dalton, Eric T. Jones e Robert B. Dalton, Mind Over Markets,", "urls": [] } ], "revision": "2e4fcf8fb79915f8", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/jesse-livermore", "locale": "it", "title": "Jesse Livermore", "summary": "Jesse Livermore (1877–1940): il più celebre speculatore della storia. Tape reading, punti pivot, piramidazione — e la dimostrazione, con la sua stessa vita, che senza gestione del rischio il talento non basta.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/jesse-livermore/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "20c338c8e4d62cc1", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/jim-simons", "locale": "it", "title": "Jim Simons: matematica e trading quantitativo", "summary": "Jim Simons (1938–2024) portò metodi matematici, dati e ricerca collettiva nel trading quantitativo; la lezione pubblica è il processo, non i segnali segreti.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/jim-simons/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Simons Foundation — Our History", "urls": [ "https://www.simonsfoundation.org/about/our-history/" ] }, { "text": "Simons Foundation — Jim Simons on his career in mathematics", "urls": [ "https://www.simonsfoundation.org/2012/09/28/simons-foundation-chair-jim-simons-on-his-career-in-mathematics/" ] }, { "text": "MIT Sloan — Quant pioneer James Simons", "urls": [ "https://mitsloan.mit.edu/ideas-made-to-matter/quant-pioneer-james-simons-math-money-and-philanthropy" ] }, { "text": "Stony Brook University — Jim Simons: a life of scholarship, leadership and philanthropy", "urls": [ "https://news.stonybrook.edu/university/jim-simons-a-life-of-scholarship-leadership-and-philanthropy/" ] } ], "revision": "f0f3dd65fb18d011", "translation_state": "source", "kind": "trader", "entity_type": "historical-trader", "topics": [ "jim-simons", "quantitative-trading", "systematic-trading", "model-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/john-bollinger", "locale": "it", "title": "John Bollinger: bande, volatilità e limiti dei segnali", "summary": "John Bollinger sviluppò negli anni Ottanta bande adattive alla volatilità: descrivono prezzi relativamente alti o bassi, ma non sono segnali autonomi.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/john-bollinger/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BollingerBands.com — Bollinger Bands", "urls": [ "https://www.bollingerbands.com/bollinger-bands" ] }, { "text": "BollingerBands.com — Bollinger Band Rules", "urls": [ "https://www.bollingerbands.com/bollinger-band-rules" ] }, { "text": "CMT Association — John Bollinger", "urls": [ "https://cmtassociation.org/presenter/john-bollinger/" ] }, { "text": "McGraw Hill — Bollinger on Bollinger Bands", "urls": [ "https://www.mheducation.com/highered/mhp/product/bollinger-bollinger-bands.html" ] } ], "revision": "0dcc153845ce19f7", "translation_state": "source", "kind": "trader", "entity_type": "analyst", "topics": [ "john-bollinger", "bollinger-bands", "volatility", "technical-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/larry-williams", "locale": "it", "title": "Larry Williams", "summary": "Larry Williams (n. 1942): trader e divulgatore, vincitore della World Cup of Futures Trading 1987 con un +11.376% documentato in dodici mesi con denaro reale. Williams %R, analisi del COT e stagionalità.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/larry-williams/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "d2decd8332b18aad", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/linda-raschke", "locale": "it", "title": "Linda Raschke: setup, routine e revisione", "summary": "Linda Raschke ha documentato un approccio al trading di breve periodo basato su setup scritti, registrazione delle decisioni, routine e ricerca continua.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/linda-raschke/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor Cyclepedia — agente AI non umano, su mandato del Direttore dell'Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CMT Association — Linda Raschke", "urls": [ "https://cmtassociation.org/presenter/linda-raschke/" ] }, { "text": "CMT Association — Interview with Linda Raschke", "urls": [ "https://cmtassociation.org/video/conversations-podcast-interview-with-linda-raschke-cta-2/" ] }, { "text": "Google Books — Street Smarts", "urls": [ "https://books.google.com/books/about/Street_Smarts.html?id=P8R2swEACAAJ" ] }, { "text": "Linda Raschke — sito professionale", "urls": [ "https://lindaraschke.net/" ] } ], "revision": "d2bd9388c04d70d7", "translation_state": "source", "kind": "trader", "entity_type": "historical-trader", "topics": [ "linda-raschke", "short-term-trading", "trading-routine", "trade-review" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/munehisa-homma", "locale": "it", "title": "Munehisa Homma", "summary": "Munehisa Homma (1724–1803): mercante di riso di Sakata, operatore leggendario del mercato di Dojima. Alla sua scuola la tradizione fa risalire le candele giapponesi e la prima analisi della psicologia dei prezzi.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/munehisa-homma/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "41c740a4eadd4d1f", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/nicolas-darvas", "locale": "it", "title": "Nicolas Darvas: box theory, breakout e controllo del rischio", "summary": "Nicolas Darvas sviluppò la box theory: prezzo e volume delimitano un range, mentre breakout e stop definiscono ingresso, rischio e uscita.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/nicolas-darvas/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nicolas Darvas, How I Made $2,000,000 in the Stock Market, Lyle Stuart, 1960 — opera primaria e catalogo dell'edizione.", "urls": [ "https://openlibrary.org/books/OL22597129M/How_I_made_2_000_000_in_the_stock_market" ] }, { "text": "TIME, “Business: Pas de Dough”, 25 maggio 1959 — profilo contemporaneo su professione, selezione, prezzi, volume e comunicazioni col broker.", "urls": [ "https://time.com/archive/6803538/business-pas-de-dough/" ] }, { "text": "TIME, “Wall Street: $216,000 or $2,000,000?”, 19 dicembre 1960 — resoconto contemporaneo della contestazione e dei limiti dell'indagine.", "urls": [ "https://time.com/archive/6811019/wall-street-216000-or-2000000/" ] } ], "revision": "fd1cf5a66e58ef8b", "translation_state": "source", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "breakout", "risk-management" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/paul-tudor-jones", "locale": "it", "title": "Paul Tudor Jones", "summary": "Paul Tudor Jones (n. 1954): macro trader, fondatore di Tudor Investment. Anticipò e cavalcò il crollo dell'ottobre 1987; celebre per le scommesse asimmetriche 5:1 e per la regola della media a 200 giorni.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/paul-tudor-jones/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "bf33aeb97b64cdac", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/ralph-nelson-elliott", "locale": "it", "title": "Ralph Nelson Elliott: origine e limiti del Wave Principle", "summary": "Ralph Nelson Elliott formulò il Wave Principle: movimenti direzionali e correzioni formano strutture annidate, ma il conteggio resta interpretativo.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/ralph-nelson-elliott/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "R. N. Elliott, The Wave Principle, 1938 — opera primaria e record bibliografico dell'edizione originale.", "urls": [ "https://openlibrary.org/works/OL2426581W/The_wave_principle" ] }, { "text": "R. N. Elliott, Nature's Law: The Secret of the Universe, 1946 — opera primaria e dati bibliografici.", "urls": [ "https://books.google.com/books/about/Nature_s_Law.html?id=mEFQnwEACAAJ" ] }, { "text": "George A. Schade Jr., “Ralph Nelson Elliott”, CMT Association, settembre 2008 — ricostruzione biografica e cronologia editoriale.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2008/" ] } ], "revision": "c777867062aa4065", "translation_state": "source", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "wave-analysis", "market-structure" ], "asset_classes": [ "equities", "market-indices" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/ray-dalio", "locale": "it", "title": "Ray Dalio: principi, sistemi e portafoglio All Weather", "summary": "Ray Dalio ha costruito Bridgewater attorno a principi espliciti, test storici e portafogli bilanciati per scenari. Contributi, limiti e percorso di studio.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/ray-dalio/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor di Cyclepedia — agente AI non umano; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bridgewater Associates, “Our Founder” — biografia ufficiale e descrizione del processo sistematico.", "urls": [ "https://www.bridgewater.com/our-founder" ] }, { "text": "Bridgewater Associates, “The All Weather Story” — storia, obiettivi e principi dichiarati della strategia.", "urls": [ "https://www.bridgewater.com/research-and-insights/the-all-weather-story" ] }, { "text": "Ray Dalio, Principles — testo primario su apertura mentale, evidenza e decisione.", "urls": [ "https://www.principles.com/principles/b1552e2e-f77b-46c0-b7dd-ba1f5c2b3407/" ] } ], "revision": "b24844e75ae44087", "translation_state": "source", "kind": "trader", "entity_type": "historical-trader", "topics": [ "systematic-investing", "portfolio-construction", "risk-parity" ], "asset_classes": [ "equities", "bonds", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "macro", "systematic", "portfolio" ], "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/richard-dennis", "locale": "it", "title": "Richard Dennis", "summary": "Richard Dennis (n. 1949): il «Principe del Pit» di Chicago, da poche centinaia di dollari a centinaia di milioni sulle commodity. Con l'esperimento delle Turtles dimostrò che il trading vincente si può insegnare.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/richard-dennis/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "ed8b7f5b231e0f57", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/richard-wyckoff", "locale": "it", "title": "Richard D. Wyckoff", "summary": "Richard Demille Wyckoff (1873–1934): il cronista che imparò dai giganti — tape reading, Composite Man, le tre leggi e il ciclo accumulazione-distribuzione. L'altra tradizione di casa.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/richard-wyckoff/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "0f1e8b1e8dd6e78a", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/stanley-druckenmiller", "locale": "it", "title": "Stanley Druckenmiller: processo macro, concentrazione e rischio", "summary": "Stanley Druckenmiller descrive un processo macro flessibile, multi-asset e concentrato nelle tesi migliori. Ecco contributi verificati e limiti pratici.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/stanley-druckenmiller/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "Chief Editor di Cyclepedia — agente AI non umano; nessuna revisione umana", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Goldman Sachs, “Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office”, 2021 — intervista diretta su processo multi-asset e concentrazione.", "urls": [ "https://www.goldmansachs.com/insights/talks-at-gs/stanley-druckenmiller.html" ] }, { "text": "Economic Club of New York, trascrizione della conversazione del 12 maggio 2020 — fonte primaria sul ruolo attribuito alla liquidità.", "urls": [ "https://www.econclubny.org/documents/10184/109144/2020DruckenmillerTranscript.pdf" ] }, { "text": "Bowdoin College, profilo di Stanley Druckenmiller, 2014 — riscontro istituzionale della carriera.", "urls": [ "https://www.bowdoin.edu/news/2014/11/geoffrey-canada-74-and-stanley-druckenmiller-75-to-share-bowdoins-highest-honor.html" ] } ], "revision": "05438a05f9aa02d0", "translation_state": "source", "kind": "trader", "entity_type": "historical-trader", "topics": [ "global-macro", "capital-allocation", "risk-management" ], "asset_classes": [ "equities", "bonds", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": [ "macro", "discretionary", "risk" ], "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/warren-buffett", "locale": "it", "title": "Warren Buffett", "summary": "Warren Buffett (n. 1930): l'investitore più celebre della storia, ~20% composto annuo per sei decenni con Berkshire Hathaway. Nella galleria fa da contrappunto: il tempo come vantaggio, il temperamento come edge.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/warren-buffett/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "7435cbce76386807", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/wd-gann", "locale": "it", "title": "W.D. Gann", "summary": "William Delbert Gann (1878–1955): pioniere dello studio congiunto di tempo e prezzo — angoli, quadrati, anniversari ciclici. Figura divisiva: strumenti geometrici verificabili avvolti in una leggenda costruita ad arte.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/wd-gann/", "published": "", "updated": "2026-07-12", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": false, "revision": "596821452b45bd74", "translation_state": "source", "kind": "trader", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/trader/welles-wilder", "locale": "it", "title": "J. Welles Wilder: RSI, ATR, ADX e Parabolic SAR", "summary": "J. Welles Wilder organizzò volatilità, direzione, forza e stop in strumenti distinti: ATR, DMI/ADX, RSI e Parabolic SAR.", "url": "https://www.emiciclo.com/cyclepedia/it/trader/welles-wilder/", "published": "2026-07-06", "updated": "2026-08-12", "reviewed": "2026-08-12", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. Welles Wilder Jr., New Concepts in Technical Trading Systems, Trend Research, 1978 — opera primaria conservata dal repository dell'Università della Macedonia.", "urls": [ "https://dspace.lib.uom.gr/handle/2159/29408" ] }, { "text": "Stuart McPhee, “J. Welles Wilder”, CMT Association, agosto 2006 — intervista a Wilder sulla genesi del libro e dei sistemi.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-august-2006/" ] }, { "text": "Michael Carr, “Relative Strength Index”, CMT Association, febbraio 2013 — contesto originale dell'RSI e limiti dell'evidenza iniziale.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-february-2013/" ] }, { "text": "Michael Kahn, “In Memoriam — J. Welles Wilder, Jr.”, CMT Association, maggio 2021 — profilo biografico e catalogo dei contributi.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-may-2021/" ] } ], "revision": "bcfe24c3a7620c20", "translation_state": "source", "kind": "trader", "entity_type": "historical-trader", "topics": [ "technical-analysis", "technical-indicators", "systematic-trading" ], "asset_classes": [ "commodities", "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "biography-and-contribution", "path_tier": "", "path_module": "", "lenses": "all", "pillar": "trader", "hub": "it/hub/trader" }, { "key": "it/tradizione-hurst/appendice-iii-intervallo-transazione-hurst", "locale": "it", "title": "Appendice III — Intervallo di transazione (Hurst)", "summary": "La prova su 300 titoli del Capitolo 1: il rendimento potenziale cresce accorciando l'intervallo di trading, con il «ginocchio» della curva fra 10 e 20 settimane — e la legge composta a spiegarne la forma.", "url": "https://www.emiciclo.com/cyclepedia/it/tradizione-hurst/appendice-iii-intervallo-transazione-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "59c54ba3509e552b", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "it/hub/tradizione-hurst" }, { "key": "it/tradizione-hurst/appendici-hurst", "locale": "it", "title": "Le Appendici — The Profit Magic (1970)", "summary": "Le sei appendici del libro: la fondazione scientifica del metodo — lo spettro a righe, la commonality generalizzata, l'intervallo di transazione, la risposta delle medie, parabola e Prony.", "url": "https://www.emiciclo.com/cyclepedia/it/tradizione-hurst/appendici-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "cf90ec1888d4252c", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "tradizione-hurst", "hub": "it/hub/tradizione-hurst" }, { "key": "it/tradizione-hurst/compounding-e-intervallo-trading", "locale": "it", "title": "Compounding e intervallo di trading", "summary": "Il fattore dominante del profitto secondo Hurst è il compounding su trade brevi: più spesso si reinveste, più esplode la crescita del capitale.", "url": "https://www.emiciclo.com/cyclepedia/it/tradizione-hurst/compounding-e-intervallo-trading/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "171bf13381d6fa52", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "it/hub/tradizione-hurst" }, { "key": "it/tradizione-hurst/dopo-il-libro-hurst", "locale": "it", "title": "Dopo Profit Magic — fonti e limiti del corpus post-Hurst", "summary": "Mappa critica del Cycles Course e della tradizione Hickson: quali fonti possiede Cyclepedia, quali concetti sono ricostruiti indirettamente e che cosa non può ancora essere attribuito direttamente a Hurst.", "url": "https://www.emiciclo.com/cyclepedia/it/tradizione-hurst/dopo-il-libro-hurst/", "published": "2026-07-11", "updated": "2026-07-30", "reviewed": "2026-07-30", "reviewed_by": "Chief Editor Cyclepedia — agente AI, su mandato del Direttore dell'Emiciclo", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "J. M. Hurst, The Profit Magic of Stock Transaction Timing, Prentice-Hall, 1970.", "urls": [] }, { "text": "David Hickson, 10 Core Concepts of Hurst Cycles, PDF Sentient Trader.", "urls": [ "https://sentienttrader.com/downloads/10_Core_Concepts.pdf" ] }, { "text": "David Hickson, “Hurst's Cyclic Analysis”, white paper 2.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-2-hursts-cyclic-analysis/" ] }, { "text": "David Hickson, “Trading with J. M. Hurst”, white paper 3.", "urls": [ "https://www.sentienttrader.com/cyclic-theory/white-paper-3-trading-with-jm-hurst/" ] }, { "text": "A Review of J. M. Hurst Cycles Course, frammento di syllabus conservato nel patrimonio Cyclepedia; fonte non pubblicata.", "urls": [] } ], "revision": "6ccbdf72f10e4792", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "cyclic", "pillar": "tradizione-hurst", "hub": "it/hub/tradizione-hurst" }, { "key": "it/tradizione-hurst/filosofia-operativa-hurst", "locale": "it", "title": "Filosofia operativa Hurst", "summary": "Hurst definisce l'obiettivo del trading ciclico: massimizzare il rendimento per unità di tempo tramite timing accurato, non l'investimento passivo sui dividendi.", "url": "https://www.emiciclo.com/cyclepedia/it/tradizione-hurst/filosofia-operativa-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "e922010de692caa4", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "it/hub/tradizione-hurst" }, { "key": "it/tradizione-hurst/quattro-pilastri-sistema-hurst", "locale": "it", "title": "Quattro pilastri del sistema Hurst", "summary": "Hurst riduce il metodo completo a quattro requisiti: filosofia, selezione titoli, analisi di timing e tracking dei prezzi.", "url": "https://www.emiciclo.com/cyclepedia/it/tradizione-hurst/quattro-pilastri-sistema-hurst/", "published": "", "updated": "2026-07-11", "reviewed": "", "reviewed_by": "", "evidence_level": "", "source_signal": true, "revision": "69e4f3a84c861bb5", "translation_state": "source", "kind": "", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "tradizione-hurst", "hub": "it/hub/tradizione-hurst" }, { "key": "it/tradizione-wyckoff/introduzione-metodo-wyckoff", "locale": "it", "title": "Introduzione al metodo Wyckoff", "summary": "Guida al metodo Wyckoff: prezzo, volume, Composite Man, tre leggi, schemi e cinque passi, con fonti storiche e limiti interpretativi.", "url": "https://www.emiciclo.com/cyclepedia/it/tradizione-wyckoff/introduzione-metodo-wyckoff/", "published": "2026-06-23", "updated": "2026-08-10", "reviewed": "2026-08-10", "reviewed_by": "OpenAI Codex (revisione editoriale AI; nessuna revisione umana)", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Richard D. Wyckoff, Studies in Tape Reading (1910), scansione della University of California.", "urls": [ "https://archive.org/details/studiesintaperea00wyckrich" ] }, { "text": "Richard D. Wyckoff, The Richard D. Wyckoff Method of Trading in Stocks, record bibliografico WorldCat.", "urls": [ "https://search.worldcat.org/es/title/The-Richard-D.-Wyckoff-Method-of-trading-in-stocks-%3A-a-course-of-instruction-in-stock-market-science-and-technique-based-on-forty-years%27practical-experience-in-Wall-Street-including-nineteen-years-as-editor-of-the-%22Magazine-of-Wall-Street%22-founded-by-him-in-1907/oclc/493388260" ] }, { "text": "StockCharts ChartSchool, The Wyckoff Method: A Tutorial, sintesi accessibile di Composite Man, cinque passi, tre leggi, schemi e conteggi.", "urls": [ "https://chartschool.stockcharts.com/table-of-contents/market-analysis/wyckoff-analysis-articles/the-wyckoff-method-a-tutorial" ] }, { "text": "Henry O. Pruden e Bernard Belletante, Wyckoff Laws and Tests, CMT Association.", "urls": [ "https://cmtassociation.org/technically_speaking/technically-speaking-september-2015/" ] }, { "text": "Jim Forte, Anatomy of a Trading Range, MTA Journal, 1994.", "urls": [ "https://www.wyckoffanalytics.com/wp-content/uploads/2019/08/AnatomyofaTradingRange.pdf" ] }, { "text": "Wyckoff Stock Market Institute, Library, per il lessico didattico successivo legato a creek, ice e Robert Evans.", "urls": [ "https://wyckoffsmi.com/library/" ] } ], "revision": "097ad16e895d2f21", "translation_state": "source", "kind": "methodology", "entity_type": "", "topics": [], "asset_classes": [], "audience": [], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "volumetric", "pillar": "methodology", "hub": "it/hub/tradizione-wyckoff" }, { "key": "pt-br/concetti/acoes", "locale": "pt-br", "title": "Ações", "summary": "Uma ação representa uma parcela da propriedade de uma empresa e uma pretensão residual sobre seus resultados. Direitos, dividendos, liquidez e risco dependem da classe e do emissor.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/acoes/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stocks — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Stock — propriedade, pretensão proporcional e voto.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/stock" ] }, { "text": "Banca d'Italia, L'economia per tutti, Azioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-azioni/" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR — Search and Access — arquivo oficial de filings societários dos Estados Unidos.", "urls": [ "https://www.sec.gov/search-filings" ] } ], "revision": "22584c47bad14393", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "risk" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/alavancagem", "locale": "pt-br", "title": "Alavancagem financeira", "summary": "Relação entre exposição e um capital de referência declarado. Amplia a sensibilidade do patrimônio, mas seu efeito depende do que permanece constante e das regras do produto.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/alavancagem/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor Bulletin: Understanding Margin Accounts.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-29" ] }, { "text": "FINRA, Margin Disclosure Statement — Rule 2264.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CFTC, Economic Purpose of Futures Markets and How They Work.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/economicpurpose.html" ] }, { "text": "CFTC, Futures Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Margin: Know What Is Needed.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/margin-know-what-is-needed" ] } ], "revision": "f9b6fed287b93dc0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "margin" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/concetti/alfa-de-jensen", "locale": "pt-br", "title": "Alfa de Jensen", "summary": "Intercepto estimado em uma regressão dos retornos excedentes da carteira sobre o benchmark, condicionado ao modelo, à amostra, aos custos e à significância.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/alfa-de-jensen/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Michael C. Jensen, The Performance of Mutual Funds in the Period 1945–1964, The Journal of Finance (1968) — formulação da medida, estimação e interpretação do intercepto.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1968.tb00815.x" ] }, { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk, The Journal of Finance (1964) — base do modelo de mercado utilizado por Jensen.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "CFA Institute, Investment Risk and Performance — leitura conjunta de alfa, beta, tracking error, índice de informação e Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — especificação incorreta de benchmark, avaliação e limites da inferência sobre habilidade.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — fatores, análise de estilo, custos e avaliação quantitativa do histórico.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "a3c03ebdbaead0ed", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "jensen-alpha", "capm", "performance-appraisal", "regression" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/alocacao-de-capital", "locale": "pt-br", "title": "Alocação de capital", "summary": "Processo de distribuir capital, exposições e capacidade de risco entre instrumentos, estratégias e reservas sob objetivos e restrições declarados.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/alocacao-de-capital/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulação original da seleção de carteira por meio de retornos, variâncias e covariâncias.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi e Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, The Review of Financial Studies — comparação fora da amostra e papel do erro de estimação.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — limitações do nocional isolado ao comparar exposições diferentes.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — exatidão, completude, conciliação e governança de dados agregados.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] } ], "revision": "591f8b96eb984302", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "capital-allocation", "portfolio-construction", "portfolio-risk", "rebalancing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/alocacao-estrategica-e-tatica-de-ativos", "locale": "pt-br", "title": "Alocação estratégica e tática de ativos", "summary": "Diferença entre a política de longo prazo, as faixas permitidas e os desvios temporários, com objetivos, benchmarks e responsabilidades definidos antes da execução.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/alocacao-estrategica-e-tatica-de-ativos/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — processos estratégicos, abordagens de alocação e distinção entre estudo da política e monitoramento.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — restrições, revisão estratégica, trajetórias de alocação, tática e rebalanceamento.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Gary P. Brinson, L. Randolph Hood e Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — modelo original de política, alocação ativa e seleção.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "CFA Institute, Setting the Record Straight on Asset Allocation — esclarecimento das perguntas empíricas frequentemente fundidas na interpretação do estudo Brinson.", "urls": [ "https://rpc.cfainstitute.org/blogs/enterprising-investor/2012/setting-the-record-straight-on-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — introdução oficial a alvos, mudança de circunstâncias e rebalanceamento.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] } ], "revision": "1ee2beabc5e710ec", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "asset-allocation", "strategic-allocation", "tactical-allocation", "portfolio-policy" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/alvo-de-volatilidade", "locale": "pt-br", "title": "Alvo de volatilidade", "summary": "Método que escala a exposição a partir de uma estimativa de volatilidade para perseguir um nível ex ante, sujeito a limites, custos e restrições.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/alvo-de-volatilidade/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "MSCI, Risk Control Indexes Methodology.", "urls": [ "https://www.msci.com/eqb/methodology/meth_docs/MSCI_Risk_Control_Indexes_Methodology_Sept2022.pdf" ] }, { "text": "Moreira e Muir, Volatility-Managed Portfolios.", "urls": [ "https://www.nber.org/papers/w22208" ] }, { "text": "Harvey et al., The Impact of Volatility Targeting.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3357038" ] }, { "text": "Longin e Solnik, Extreme Correlation of International Equity Markets.", "urls": [ "https://doi.org/10.1111/0022-1082.00327" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] } ], "revision": "387e481da25194f3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "volatility-targeting", "exposure-scaling", "portfolio-risk", "dynamic-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/alocacao-de-risco-e-sensibilidades" }, { "key": "pt-br/concetti/analise-de-cenarios", "locale": "pt-br", "title": "Análise de cenários", "summary": "Construção de uma narrativa adversa coerente, traduzida em fatores e trajetórias para medir impactos e vulnerabilidades. É método de estresse, não previsão.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/analise-de-cenarios/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Supervisory review process — Stress testing, RMA30.", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee, Stress testing principles.", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee, Supervisory and bank stress testing: range of practices.", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "Federal Reserve, Policy Statement on the Scenario Design Framework for Stress Testing.", "urls": [ "https://www.federalreserve.gov/frrs/regulations/appendix-a-policy-statement-on-the-scenario-design-framework-for-stress-testing.htm" ] } ], "revision": "de8b74622bd2a0b4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "scenario-analysis", "stress-testing", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/atribuicao-de-desempenho", "locale": "pt-br", "title": "Atribuição de desempenho", "summary": "Decomposição reconciliada do retorno absoluto ou ativo nas decisões representadas pelo modelo, distinta de mensuração, avaliação e prova causal de habilidade.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/atribuicao-de-desempenho/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Gary P. Brinson, L. Randolph Hood e Gilbert L. Beebower, Determinants of Portfolio Performance, Financial Analysts Journal (1986) — estrutura original de política, alocação ativa e seleção.", "urls": [ "https://doi.org/10.2469/faj.v42.n4.39" ] }, { "text": "Gary P. Brinson, Brian D. Singer e Gilbert L. Beebower, Determinants of Portfolio Performance II: An Update, Financial Analysts Journal (1991) — atualização e tratamento do caixa.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1991/determinants-of-portfolio-performance-ii-an-update" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution (2019) — história, fórmulas BHB/BF, modelos e linking.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — mensuração, atribuição, avaliação, modelos baseados em retornos, posições e operações e benchmark.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Roger G. Ibbotson e Paul D. Kaplan, Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?, Financial Analysts Journal (2000) — distinção entre as perguntas estatísticas por trás das porcentagens citadas.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2000/does-asset-allocation-policy-explain-40-90-or-100-percent-of-performance" ] } ], "revision": "ccd0a10f140d92eb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-attribution", "return-attribution", "brinson-model", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "professional", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/backtest", "locale": "pt-br", "title": "Backtest", "summary": "Simulação histórica de uma estratégia com dados point-in-time, regras causais, execução realista e controle dos vieses antes de qualquer inferência.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/backtest/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inferência quando o melhor modelo emerge de muitas especificações exploradas.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey e Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocolo de pesquisa, seleção e escassez dos dados financeiros.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Marcos López de Prado, What to Look for in a Backtest — número de testes, duração e características que devem ser divulgadas.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2308682" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — comparação entre carteira teórica e execução efetiva.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Comissão Europeia, Regulamento Delegado (UE) 2017/589, RTS 6 — metodologia, documentação e ambientes de teste dos sistemas algorítmicos em seu âmbito regulatório.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "82eb6890fe5271f7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "backtest", "systematic-trading", "model-validation", "point-in-time-data", "execution-simulation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/bancos-centrais-mandatos-e-comunicacao", "locale": "pt-br", "title": "Bancos centrais: mandatos e comunicação", "summary": "Mandatos, independência, instrumentos, colegiados, atas e entrevistas sem reduzir política a uma etiqueta hawkish ou dovish.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/bancos-centrais-mandatos-e-comunicacao/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, The Fed Explained, documentação oficial — mandato, estrutura, funções e prestação de contas do Federal Reserve.", "urls": [ "https://www.federalreserve.gov/aboutthefed/the-fed-explained.htm" ] }, { "text": "ECB, About, documentação oficial — mandato do BCE, órgãos decisórios e papel dentro do Eurosistema.", "urls": [ "https://www.ecb.europa.eu/ecb/html/index.en.html" ] }, { "text": "Bank of England, Monetary policy, documentação oficial — objetivo do MPC, decisões, atas, relatórios e explicações de política monetária.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy" ] } ], "revision": "e785de13282cefe1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/base-dos-futuros", "locale": "pt-br", "title": "Base dos futuros", "summary": "A base dos futuros mede uma diferença declarada entre preço futuro e spot. Cyclepedia usa b = F − S; sinal, referência cash, valor justo, vencimento e custos devem ser explícitos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/base-dos-futuros/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — contrato, cash settlement, entrega e risco.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — cash menos futures, basis risk, basis point e calendar spread.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — hedge, offset, entrega e convergência.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — settlement diário e variações.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — vencimento, offset e substituição.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — referências finais e vínculo com o físico.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — futures menos spot, funding e dividendos.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — delivery point, grade e convergência.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "86bed84c719dd633", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "pricing", "hedging", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/benchmark-de-desempenho", "locale": "pt-br", "title": "Benchmark de desempenho", "summary": "Referência escolhida antecipadamente para avaliar retorno e risco de uma carteira, definida por universo, retorno total, moeda, proteção e metodologia comparáveis.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/benchmark-de-desempenho/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Overview of the Global Investment Performance Standards (2026) — panorama atual dos padrões GIPS, de sua finalidade e de seu escopo.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Global Investment Performance Standards, Guidance Statement on Benchmarks for Firms, revisão de julho de 2023 — adequação, total return, moeda, benchmarks personalizados e divulgação no escopo GIPS.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks (2013) — princípios oficiais sobre governança, qualidade, metodologia e responsabilização dos benchmarks.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf" ] }, { "text": "MSCI, MSCI Index Calculation Methodology, maio de 2026 — cálculo das versões price, gross e net return, moeda, distribuições e eventos corporativos.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology, abril de 2026 — fórmulas e convenções oficiais para price return, total return, net total return, moedas e índices protegidos.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation (2026) — propriedades de um benchmark válido e dependência da avaliação e da atribuição em relação à sua especificação.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "5049f29afdddaee1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-benchmark", "total-return", "active-return", "benchmark-governance", "performance-evaluation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/beta-de-mercado", "locale": "pt-br", "title": "Beta de mercado", "summary": "O beta estima a sensibilidade linear dos retornos de um ativo ou carteira a um benchmark declarado. Depende de dados, janela e método e não mede sozinho risco total, causalidade ou parcela explicada do movimento.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/beta-de-mercado/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk, The Journal of Finance (1964).", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Beta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "FINRA, Volatility — definição introdutória de beta em relação a um benchmark.", "urls": [ "https://www.finra.org/investors/investing/investing-basics/volatility" ] }, { "text": "NIST/SEMATECH, Least Squares e R² is not enough — estimação e verificação de um modelo linear.", "urls": [ "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd431.htm", "https://www.itl.nist.gov/div898/handbook/pmd/section4/pmd44.htm" ] } ], "revision": "83117f69f44afd76", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "portfolio-risk", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "equity" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/bolsa-e-corretora", "locale": "pt-br", "title": "Bolsa, corretora, dealer e custodiante", "summary": "Bolsa, corretora, dealer, market maker e custodiante exercem funções distintas. Uma empresa pode acumular papéis, mas a interface não revela sozinha rota e contraparte.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/bolsa-e-corretora/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA — MiFID II, Article 27.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "ESMA — EMIR, Article 2: Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] } ], "revision": "8e1e208c26d52092", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/busca-de-liquidez", "locale": "pt-br", "title": "Liquidity seeking: objetivos, roteamento e trade-offs", "summary": "Liquidity seeking reúne estratégias profissionais que buscam execução entre tempos, locais e modalidades. Não é apenas smart routing e não garante melhor preço ou fill.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/busca-de-liquidez/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "EUR-Lex, Diretiva 2014/65/UE, artigo 4(1)(39).", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA, Supervisory Briefing on Algorithmic Trading in the EU.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. SEC, Responses to Frequently Asked Questions Concerning Rule 606.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "U.S. SEC, Disclosure of Order Execution and Order Routing Information.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/disclosure-order-execution-order-routing-information" ] } ], "revision": "c501af9134c8f6d8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/cadeia-de-opcoes", "locale": "pt-br", "title": "Cadeia de opções: séries, cotações e liquidez", "summary": "Uma option chain é uma fotografia das séries por vencimento e strike. Timestamp, bid, ask, quantidade, volume, contratos em aberto, volatilidade implícita e gregas têm significados diferentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/cadeia-de-opcoes/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Understanding the Bid and Ask Prices for Options — formação das cotações, quantidade, spread e slippage.", "urls": [ "https://www.optionseducation.org/news/understanding-the-bid-and-ask-prices-for-options" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — campos da cadeia, atraso, volatilidade e gregas.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "Options Industry Council, General Information FAQ — volume, open interest, cotações e liquidez.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/general-information" ] }, { "text": "The Options Clearing Corporation, Series Search — open interest por série e data.", "urls": [ "https://www.theocc.com/Market-Data/Market-Data-Reports/Series-and-Trading-Data/Series-Search" ] }, { "text": "The Options Clearing Corporation, Volume Query — volume por produto, símbolo, tipo e sessão.", "urls": [ "https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-query" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Legal Bulletin No. 16 — Transactions in Listed Options — bid, offer, quantidade e obrigações de cotação nos Estados Unidos.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/staff-legal-bulletins/staff-legal-bulletin-no-16-transactions-listed-options-under-exchange-act-rule-11ac1-1" ] }, { "text": "Options Price Reporting Authority, OPRA Pillar Output Specification — estrutura dos dados primários de cotações e best bid/best offer.", "urls": [ "https://cdn.opraplan.com/documents/OPRA_Pillar_Output_Specification.pdf" ] } ], "revision": "cfe28470bfefd882", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "market-data", "liquidity", "execution" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/cagr-e-anualizacao", "locale": "pt-br", "title": "CAGR e anualização", "summary": "O CAGR expressa a taxa anual constante equivalente entre dois valores positivos. Não é média aritmética, não descreve o percurso e exige cautela com fluxos externos, períodos curtos e séries não comparáveis.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/cagr-e-anualizacao/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — padrão oficial sobre cálculo, encadeamento e apresentação dos retornos, inclusive o tratamento de períodos inferiores a um ano.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — interpretações oficiais sobre retornos, fluxos, avaliações e apresentações anualizadas.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — estrutura profissional para medir e comparar o desempenho de carteiras.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Investment Adviser Marketing, Final Rule IA-5653 — fonte regulatória primária sobre condições de apresentação de desempenho em seu próprio escopo.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ia-5653.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — metodologia oficial do provedor para cálculo, encadeamento e variantes de índices.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "MSCI, Index Calculation Methodology — metodologia oficial sobre price, gross e net total return, eventos corporativos, moeda e continuidade dos índices.", "urls": [ "https://app2.msci.com/eqb/methodology/meth_docs/MSCI_Index_Calculation_Methodology_May2026.pdf" ] } ], "revision": "ef57369dcd44557a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "cagr", "annualization", "compounded-return", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/capital-de-giro-e-conversao-em-caixa", "locale": "pt-br", "title": "Capital de giro e conversão em caixa", "summary": "O capital de giro conecta prazos de recebimento, estoque e pagamento ao caixa operacional e explica divergências entre receita, lucro e liquidez.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/capital-de-giro-e-conversao-em-caixa/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Classificação e apresentação dos fluxos de caixa.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] }, { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Referência para receitas, ativos e passivos contratuais.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] } ], "revision": "4e103d87e79c1dd3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-concept", "topics": [ "fundamental-analysis", "working-capital", "cash-flow", "liquidity" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/concetti/carry-roll-down-e-retorno-de-titulos", "locale": "pt-br", "title": "Carry, roll-down e retorno de títulos", "summary": "Decomponha retorno entre carry, passagem pela curva, mudanças de taxas e spread, convexidade e custos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/carry-roll-down-e-retorno-de-titulos/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "20dc56578d86dd5b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "carry", "roll-down", "holding-period-return", "yield-curve" ], "asset_classes": [ "fixed-income", "rates", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/cfd", "locale": "pt-br", "title": "CFD (Contract for Difference)", "summary": "Um CFD é um derivativo liquidado pela diferença monetária contra o provedor. Não concede o subjacente; margem, preço, custos overnight, close-out e contraparte dependem do contrato e da jurisdição.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/cfd/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, Additional information on the agreed product intervention measures relating to contracts for differences and binary options — definição de CFD, liquidação monetária e riscos de varejo.", "urls": [ "https://www.esma.europa.eu/document/additional-information-agreed-product-intervention-measures-relating-contracts-differences" ] }, { "text": "Financial Conduct Authority, Contract for differences, atualizado em 13 de junho de 2025 — alavancagem, close-out, proteção e conflitos no Reino Unido.", "urls": [ "https://www.fca.org.uk/firms/contract-for-differences" ] }, { "text": "Financial Conduct Authority, Multi-firm review of CFD providers' provision of price and value, 13 de novembro de 2025 — spread, comissões, funding overnight e preços dos provedores OTC.", "urls": [ "https://www.fca.org.uk/publications/multi-firm-reviews/contracts-difference-providers-provision-price-and-value" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorias de derivativos no perímetro europeu.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] } ], "revision": "33f764603d7ca9c2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/ciclo-de-vida-da-ordem", "locale": "pt-br", "title": "Ciclo de vida da ordem: do envio à liquidação", "summary": "As etapas de uma ordem: configuração, controles, recebimento, roteamento, aceitação, execuções parciais, encerramento e passagem para o pós-negociação.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/ciclo-de-vida-da-ordem/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "06ab77ac2012b842", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/ciclo-economico-e-hiato-do-produto", "locale": "pt-br", "title": "Ciclo econômico e hiato do produto", "summary": "Expansão, desaceleração, recessão e recuperação lidas com evidências coincidentes e antecedentes sem tratar o hiato como dado observável.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/ciclo-economico-e-hiato-do-produto/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NBER, Business Cycle Dating, documentação oficial — critérios e cronologia usados para datar expansões e recessões nos Estados Unidos.", "urls": [ "https://www.nber.org/research/business-cycle-dating" ] }, { "text": "CBO, Budget and Economic Data, documentação oficial — séries históricas e projetadas de produto potencial, PIB e hiato do produto.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] }, { "text": "OECD, Composite Leading Indicator, documentação oficial — indicador composto concebido para antecipar pontos de virada da atividade econômica.", "urls": [ "https://www.oecd.org/en/data/indicators/composite-leading-indicator-cli.html" ] } ], "revision": "02407c23f632188f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/classes-de-ativos", "locale": "pt-br", "title": "Classes de ativos", "summary": "Classes de ativos agrupam exposições com características econômicas comuns, como ações, títulos, caixa, moedas e commodities. Elas não coincidem com os instrumentos usados para negociá-las.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/classes-de-ativos/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Introduction to Investing — alocação entre ações, títulos e caixa e princípio de diversificação.", "urls": [ "https://www.investor.gov/introduction-investing" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Investment Products — produtos, risco, custos, liquidez e diversificação.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cosa sapere prima di investire.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/introduzione-agli-investimenti/index.html" ] }, { "text": "Bank for International Settlements, About derivatives statistics — distinção entre derivativos de moedas, juros, ações, crédito e commodities.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] } ], "revision": "df356d921843d215", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/commodities", "locale": "pt-br", "title": "Commodities e matérias-primas", "summary": "Commodities são bens fungíveis como energia, metais e produtos agrícolas. Posse física, spot, futuros, opções e ETPs oferecem exposições diferentes e não geram o mesmo retorno.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/commodities/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Commodities.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/commodities" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — contrato, entrega, hedger, especulação e riscos.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Learn About Risks Before Investing in Commodity ETPs or Funds, 21 de maio de 2020 — divergência entre ETP de futuros e commodity física.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_CommodityETPs.htm" ] }, { "text": "International Monetary Fund, Primary Commodity Prices — banco de dados mensal e índices oficiais.", "urls": [ "https://www.imf.org/en/research/commodity-prices" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETC, futuros, forwards e opções.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "2d309fa5cf6b3433", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "risk" ], "asset_classes": [ "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/compensacao-liquidacao-e-custodia", "locale": "pt-br", "title": "Clearing, liquidação e custódia", "summary": "Clearing, liquidação e custódia são funções distintas: apuram e gerem obrigações, transferem ativos e dinheiro e registram ou administram o patrimônio.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/compensacao-liquidacao-e-custodia/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, EMIR, Article 2 — Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "Banco Central Europeu, What is T2S?.", "urls": [ "https://www.ecb.europa.eu/paym/target/t2s/html/index.en.html" ] }, { "text": "CPSS-IOSCO, Principles for financial market infrastructures.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "7be1674377212e43", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/construcao-da-carteira", "locale": "pt-br", "title": "Construção da carteira", "summary": "Processo que transforma objetivos, restrições e premissas em um conjunto implementável de pesos, instrumentos, limites, benchmark e regras de controle.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/construcao-da-carteira/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — relação entre retorno esperado, variância, covariâncias e escolha de carteira.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — processos asset-only, relativos a passivos e baseados em objetivos, orçamento de risco e limitações da média-variância.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — porte, liquidez, horizonte, tributação, governança e rebalanceamento.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — material educativo oficial sobre alocação, diversificação e rebalanceamento.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi e Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — comparação fora da amostra e papel do erro de estimação.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] } ], "revision": "1ef1b79bc465a9fd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-construction", "asset-allocation", "investment-policy", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/contango-e-backwardation", "locale": "pt-br", "title": "Contango e backwardation em futuros", "summary": "Contango e backwardation descrevem o sinal da diferença entre vencimentos futuros comparáveis em um trecho declarado. Não significam alta ou baixa nem garantem retorno ou roll yield.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/contango-e-backwardation/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — definições institucionais de contango, backwardation e spreads.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — rolagem e divergência de produtos futures-linked.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — riscos, roll yield e produtos de commodities.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — operações da troca de vencimento.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, white paper hospedado pelo CME Group — curva, convergência e retorno.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — qualidade, local e estrutura dos contratos entregáveis.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "95cc6ab7a4b3bb50", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/contratos-futuros", "locale": "pt-br", "title": "Contratos futuros: margem, vencimento e rolagem", "summary": "Um futuro é um derivativo padronizado negociado em mercado organizado e compensado por clearing. Nocional, margem, ajuste diário, vencimento e liquidação dependem das especificações do contrato.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/contratos-futuros/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — obrigações, entrega ou cash settlement e perdas acima do capital inicial.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — basis, calendar spread, cash settlement, margin, offset e roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — padronização, clearing, offset, margem e hedge.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — preço diário, P&L e ajuste de margens.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, rolagem e liquidação.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — liquidação diária, final, monetária e física.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — base futures − spot, carry e convergência em índices.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — qualidade, pontos de entrega, diferenciais e convergência.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "5d05be31f95a4ab2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/contribuicao-ao-risco", "locale": "pt-br", "title": "Contribuição ao risco", "summary": "Decomposição de uma medida de risco da carteira em contribuições marginais e de componente, sob condições matemáticas e convenções declaradas.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/contribuicao-ao-risco/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Thierry Roncalli, Risk Contributions and Performance Measurement.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Tasche, Risk Contributions and Performance Measurement.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Harry Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Dirk Tasche, Expected Shortfall and Beyond.", "urls": [ "https://arxiv.org/abs/cond-mat/0203558" ] }, { "text": "Bruder e Roncalli, Managing Risk Exposures using the Risk Budgeting Approach.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] } ], "revision": "5fde3940978b0bd0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-contribution", "risk-decomposition", "portfolio-risk", "euler-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/alocacao-de-risco-e-sensibilidades" }, { "key": "pt-br/concetti/convexidade-de-titulos", "locale": "pt-br", "title": "Convexidade de títulos", "summary": "Medida de como a sensibilidade preço-taxa de um título muda. Complementa a duration para choques maiores, mas depende de curva, modelo, fluxos e opções.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/convexidade-de-titulos/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, FEDS 2006-28.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "CME Group, Calculating the Dollar Value of a Basis Point.", "urls": [ "https://www.cmegroup.com/trading/interest-rates/files/Calculating_the_Dollar_Value_of_a_Basis_Point.pdf" ] }, { "text": "Basel Committee, Interest rate risk in the banking book — SRP98.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] }, { "text": "Basel Committee, Principles for the management of interest rate risk.", "urls": [ "https://www.bis.org/publ/bcbs29a.htm" ] } ], "revision": "62efbf270c0fab19", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "nonlinear-risk" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/alocacao-de-risco-e-sensibilidades" }, { "key": "pt-br/concetti/correlacao", "locale": "pt-br", "title": "Correlação", "summary": "Estimativa padronizada da relação linear entre duas séries alinhadas. Depende dos dados e da janela e não demonstra causalidade, estabilidade nem proteção nas caudas.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/correlacao/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Institute of Standards and Technology, CORRELATION — Dataplot Reference Manual — definição, fórmula, intervalo e interpretação do coeficiente de correlação linear.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — papel de variâncias e covariâncias na construção de carteiras.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "François Longin e Bruno Solnik, Extreme Correlation of International Equity Markets, The Journal of Finance (2001) — dependência assimétrica em retornos acionários internacionais extremos.", "urls": [ "https://doi.org/10.1111/0022-1082.00340" ] }, { "text": "Kristin Forbes e Roberto Rigobon, No Contagion, Only Interdependence: Measuring Stock Market Comovements, The Journal of Finance (2002) — viés de heterocedasticidade ao comparar correlações em períodos turbulentos.", "urls": [ "https://doi.org/10.1111/0022-1082.00494" ] } ], "revision": "09eec4c3e82a80e9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "correlation", "dependence", "portfolio-risk", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/covariancia", "locale": "pt-br", "title": "Covariância", "summary": "Medida não padronizada do movimento linear conjunto entre duas variáveis e matriz central do risco de carteira, interpretável apenas com unidade, amostra e método de estimação declarados.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/covariancia/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulação original da seleção de carteira por retorno esperado, variâncias e covariâncias.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "National Institute of Standards and Technology, Correlation — Dataplot Reference Manual — definição oficial do coeficiente padronizado e relação entre covariância, desvios-padrão e correlação.", "urls": [ "https://www.itl.nist.gov/div898/software/dataplot/refman2/auxillar/correlat.htm" ] }, { "text": "Olivier Ledoit e Michael Wolf, A Well-Conditioned Estimator for Large-Dimensional Covariance Matrices, Journal of Multivariate Analysis (2004) — artigo original sobre shrinkage e condicionamento de matrizes de alta dimensão.", "urls": [ "https://www.sciencedirect.com/science/article/pii/S0047259X03000964" ] }, { "text": "Richard O. Michaud, The Markowitz Optimization Enigma: Is “Optimized” Optimal?, Financial Analysts Journal (1989) — efeito do erro de estimação nos resultados da otimização.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1989/the-markowitz-optimization-enigma-is-optimized-optimal" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi e Raman Uppal, Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?, Review of Financial Studies (2009) — comparação fora da amostra entre regras de alocação e dificuldade de estimação.", "urls": [ "https://academic.oup.com/rfs/article/22/5/1915/1592901" ] } ], "revision": "e9606146348a3e88", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "covariance", "covariance-matrix", "portfolio-risk", "dependence", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/curva-de-futuros", "locale": "pt-br", "title": "Curva de futuros: vencimentos, inclinação e movimentos", "summary": "A curva de futuros é um snapshot simultâneo dos preços de vários vencimentos comparáveis. Forma, inclinação e mudanças descrevem relações contratuais, não uma série histórica nem previsão automática.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/curva-de-futuros/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — contratos, meses, basis e mercado futuro.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — diferença entre spot e produtos que rolam futuros.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "Financial Industry Regulatory Authority, Regulatory Notice 10-51 — estrutura e riscos de produtos ligados a futuros de commodities.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — vencimento, substituição e calendário.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "Campbell & Company, Deconstructing Futures Returns: The Role of Roll Yield, white paper hospedado pelo CME Group — curva, convergência e decomposição.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Economic Requirements — Policy Statement on Price Differentials — diferenciais, qualidade e local.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "db441bb3ca450cde", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "derivatives", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/custos-de-transacao", "locale": "pt-br", "title": "Custos de transação", "summary": "Custos de transação incluem componentes explícitos, como comissões, e implícitos, como spread, slippage, impacto e custo da não execução.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/custos-de-transacao/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Investor.gov, How Fees and Expenses Affect Your Investment Portfolio.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "3fbad7020d6dfad4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/custos-de-transacao-em-backtests", "locale": "pt-br", "title": "Custos de transação em backtests", "summary": "Modelagem causal dos custos entre estratégia teórica e implementação: comissões, spread, impacto, atrasos, fills parciais, borrow, funding, rolagem e capacidade.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/custos-de-transacao-em-backtests/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, The Journal of Portfolio Management, 1988 — diferença entre carteira teórica e resultado implementado.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "U.S. Securities and Exchange Commission, Request for Comments on Measures To Improve Disclosure of Mutual Fund Transaction Costs — comissões, spread, market impact, opportunity cost e dificuldades de mensuração.", "urls": [ "https://www.sec.gov/rules-regulations/2003/12/request-comments-measures-improve-disclosure-mutual-fund-transaction-costs" ] }, { "text": "Robert Almgren e Neil Chriss, Optimal Execution of Portfolio Transactions, Journal of Risk, 2001 — relação entre tamanho, impacto, risco de execução e trajetória das ordens.", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] }, { "text": "Gene D'Avolio, The Market for Borrowing Stock, Journal of Financial Economics, 2002 — disponibilidade, fee e recall no empréstimo de ações.", "urls": [ "https://doi.org/10.1016/S0304-405X(02)00206-4" ] }, { "text": "Andrea Frazzini, Ronen Israel e Tobias J. Moskowitz, Trading Costs of Asset Pricing Anomalies — custos live, impacto, escala e capacidade de estratégias de ações.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2294498" ] } ], "revision": "bfc5a7c9896bc434", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "execution", "transaction-costs", "capacity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/dados-macro-consenso-surpresas-e-revisoes", "locale": "pt-br", "title": "Dados macro: consenso, surpresas e revisões", "summary": "Calendários, vintages em tempo real, consenso, surpresa e revisões para reconstruir o que era conhecível na decisão.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/dados-macro-consenso-surpresas-e-revisoes/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED, documentação oficial — versões históricas que mostram o que cada série informava antes das revisões posteriores.", "urls": [ "https://alfred.stlouisfed.org/" ] }, { "text": "BEA, Release Schedule, documentação oficial — datas e horários oficiais de publicação dos indicadores do BEA.", "urls": [ "https://www.bea.gov/news/schedule" ] }, { "text": "BLS, Release Calendar, documentação oficial — calendário previsto de comunicados e atualizações estatísticas do BLS.", "urls": [ "https://www.bls.gov/schedule/" ] } ], "revision": "d003752b18bdad68", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/dados-point-in-time", "locale": "pt-br", "title": "Dados point-in-time", "summary": "Dados históricos reconstruídos conforme o que estava realmente disponível em cada decisão: timestamps, vintages, universo, eventos corporativos e delistings sem retrospectiva.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/dados-point-in-time/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of St. Louis, ALFRED® e Real-Time Periods — valores originalmente publicados, revisões e períodos de validade informativa.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/alfred.html", "https://fred.stlouisfed.org/docs/api/fred/realtime_period.html" ] }, { "text": "U.S. Securities and Exchange Commission, EDGAR Application Programming Interfaces — histórico de filings, metadados e atualização das informações divulgadas.", "urls": [ "https://www.sec.gov/search-filings/edgar-application-programming-interfaces" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — estrutura histórica com fundos ativos e encerrados.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — consequências da omissão dos retornos de delisting.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "S&P Dow Jones Indices, Equity Indices Policies & Practices — anúncios, datas efetivas, rebalanceamentos e correções de composição.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-equity-indices-policies-practices.pdf" ] } ], "revision": "74b1c3fd384afb61", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-governance", "validation", "market-data" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/data-leakage-e-vies-de-antecipacao", "locale": "pt-br", "title": "Data leakage e viés de antecipação", "summary": "Informação indisponível na decisão que contamina features, regras, validação ou simulação das ordens e produz resultados históricos sem causalidade replicável.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/data-leakage-e-vies-de-antecipacao/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — inferência quando o resultado selecionado emerge de muitas especificações.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Robert D. Arnott, Campbell R. Harvey e Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — separação entre pesquisa, seleção, holdout e escassez de dados financeiros.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "David H. Bailey, Jonathan M. Borwein, Marcos López de Prado e Qiji Jim Zhu, The Probability of Backtest Overfitting — risco de sobreajuste decorrente da seleção entre muitas configurações.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED® versus ALFRED® — diferença entre história conhecida hoje e vintage conhecido no passado.", "urls": [ "https://fred.stlouisfed.org/docs/api/fred/fred_vs_alfred.html" ] }, { "text": "scikit-learn, TimeSeriesSplit — validação cruzada ordenada no tempo e parâmetro de gap; documentação técnica oficial.", "urls": [ "https://scikit-learn.org/stable/modules/generated/sklearn.model_selection.TimeSeriesSplit.html" ] } ], "revision": "215990dd1db21585", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "data-quality", "validation", "machine-learning" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/data-snooping-e-testes-multiplos", "locale": "pt-br", "title": "Data snooping e testes múltiplos", "summary": "Erro de seleção criado quando muitas estratégias, features ou regras são testadas nos mesmos dados e somente o melhor resultado é apresentado.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/data-snooping-e-testes-multiplos/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping — teste do melhor modelo quando a especificação é escolhida por pesquisa nos dados.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann e Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap — aplicação a amplo universo de regras técnicas.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "Campbell R. Harvey, Yan Liu e Heqing Zhu, …and the Cross-Section of Expected Returns — implicações dos testes múltiplos na pesquisa de retornos esperados.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Joseph P. Romano e Michael Wolf, Stepwise Multiple Testing as Formalized Data Snooping — procedimentos stepwise para inferência múltipla dependente.", "urls": [ "https://doi.org/10.1111/j.1468-0262.2005.00615.x" ] }, { "text": "David H. Bailey e Marcos López de Prado, The Deflated Sharpe Ratio — ajuste do Sharpe para seleção e características não normais dos retornos.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "006b8861b0fa9de7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "data-snooping", "multiple-testing", "backtest-overfitting", "statistical-inference" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/delta-de-opcoes", "locale": "pt-br", "title": "Delta de opções", "summary": "O delta mede a variação local do valor de uma opção diante do preço do ativo-objeto. Sinal, unidade, multiplicador, modelo e instante devem ser declarados.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/delta-de-opcoes/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Delta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — definições de sensibilidades delta por fator.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "63ca93ebb91d5b79", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "factor-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/derivativos", "locale": "pt-br", "title": "Derivativos financeiros", "summary": "Um derivativo é um contrato cujo valor depende de um subjacente ou referência. Direitos, obrigações, margem, liquidação, vencimento e contraparte mudam entre futuros, forwards, opções, swaps e CFDs.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/derivativos/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorias europeias de opções, futuros, swaps, forwards e outros derivativos.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "Bank for International Settlements, About derivatives statistics — classificação por risco subjacente e mercado OTC/exchange.", "urls": [ "https://www.bis.org/statistics/dataportal/derivatives.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — obrigações, clearing, margem e liquidação de futuros.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — direitos e obrigações de calls e puts.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "9a892ce27cabd3ee", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/desvio-padrao", "locale": "pt-br", "title": "Desvio-padrão dos retornos", "summary": "Raiz da variância e medida da dispersão dos retornos em torno da média, interpretável somente com frequência, amostra e convenção declaradas.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/desvio-padrao/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "NIST/SEMATECH, Measures of Scale — Engineering Statistics Handbook — definições e propriedades das medidas de dispersão.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — papel de variâncias e covariâncias na carteira.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — uso do desvio-padrão dos differential returns e convenções ex ante e ex post.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — amostragem, autocorrelação e limites da anualização.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — uso conjunto e limites das medidas de risco e desempenho.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] } ], "revision": "904a202f4f626b35", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "standard-deviation", "volatility", "return-distribution", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "edge", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/dimensionamento-de-posicao", "locale": "pt-br", "title": "Dimensionamento de posição", "summary": "Método para converter orçamento de risco e distância até a invalidação em uma quantidade negociável, com valor do ponto, custos, lote e limites da carteira.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/dimensionamento-de-posicao/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Trading Basics, pp. 2–3.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, An Introduction to Options.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "ac6373c605d4a5d4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "plan", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/concetti/diversificacao", "locale": "pt-br", "title": "Diversificação", "summary": "Processo de combinar pesos, exposições e dependências para reduzir a concentração da carteira. O efeito depende dos dados e do cenário e não garante proteção.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/diversificacao/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — fundamento da seleção de carteiras baseada em covariância, e não na simples contagem de títulos.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee on Banking Supervision, Supervisory framework for measuring and controlling large exposures — BCBS 283 — tratamento prudencial das concentrações em contrapartes individuais e grupos conectados; é um padrão bancário, não um limite universal para traders.", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting — BCBS 239 — completude, exatidão e adaptabilidade necessárias para agregar exposições e concentrações.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Use of Derivatives by Registered Investment Companies — por que nocionais iguais em derivativos e ativos diferentes não implicam riscos comparáveis.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "23378fead10baf8f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "diversification", "concentration-risk", "portfolio-risk", "asset-allocation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/drawdown", "locale": "pt-br", "title": "Drawdown", "summary": "Queda do patrimônio desde o pico anterior. O drawdown máximo é o pior recuo pico-vale observado em uma amostra, não um limite garantido para o futuro.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/drawdown/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion, 2004.", "urls": [ "https://doi.org/10.1017/S0021900200014108" ] }, { "text": "Alexei Chekhlov, Stanislav Uryasev e Michael Zabarankin, Drawdown Measure in Portfolio Optimization, 2005.", "urls": [ "https://doi.org/10.1142/S0219024905002767" ] } ], "revision": "009a9a9baa8876d0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "performance-analysis" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/concetti/drawdown-maximo", "locale": "pt-br", "title": "Drawdown máximo", "summary": "Maior perda observada entre um pico anterior e o vale seguinte de uma curva de riqueza, dependente do percurso, da janela e da avaliação.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/drawdown-maximo/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Malik Magdon-Ismail, Amir F. Atiya, Amrit Pratap e Yaser S. Abu-Mostafa, On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — definição e dependência de horizonte, drift e volatilidade sob o modelo estudado.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — drawdown máximo, duração e limites das medidas de avaliação.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — relação entre MDD, distribuição dos drawdowns e Calmar.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "GIPS Standards, Handbook for Firms — avaliações, retornos, fluxos e divulgações que condicionam a série de desempenho.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Investment Manager Selection — 2026 refresher reading — uso de drawdown e duração na avaliação de gestores.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/investment-manager-selection" ] } ], "revision": "15b4f19e91364968", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "maximum-drawdown", "path-risk", "performance-measurement", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/duration-de-titulos", "locale": "pt-br", "title": "Duration de títulos", "summary": "Medida que organiza o tempo dos fluxos e aproxima a sensibilidade do preço de um título às taxas. Macaulay, modificada e efetiva respondem a perguntas diferentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/duration-de-titulos/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frederick Macaulay, Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices.", "urls": [ "https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/interest-rates-and-commodity-prices" ] }, { "text": "Federal Reserve, FEDS 2006-28.", "urls": [ "https://www.federalreserve.gov/pubs/feds/2006/200628/" ] }, { "text": "FINRA, Duration — What an Interest Rate Hike Could Do to Your Bond Portfolio.", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Basel Committee, Interest rate risk in the banking book — SRP98.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "0a7198e4dd563573", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/alocacao-de-risco-e-sensibilidades" }, { "key": "pt-br/concetti/dv01", "locale": "pt-br", "title": "DV01 e PV01", "summary": "Variação monetária local de um instrumento ou carteira para um movimento de um ponto-base no fator de taxa declarado. PV01 é frequentemente, mas não sempre, sinônimo.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/dv01/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, How Can You Measure Risk in Treasuries?.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "CME Group, Understanding the Importance of Basis Point Value.", "urls": [ "https://www.cmegroup.com/education/courses/understanding-stir-futures/understanding-the-importance-of-basis-point-value" ] }, { "text": "CME Group, Using Treasury Futures to Replace Swap Exposure.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/education/files/using-treasury-futures-to-replace-swap-exposure.pdf" ] }, { "text": "Basel Committee, Market risk — MAR21.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee, Interest rate risk in the banking book — SRP98.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/98.htm" ] } ], "revision": "00d4f52cc1ad9b1d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "fixed-income", "interest-rate-risk", "factor-sensitivity" ], "asset_classes": [ "fixed-income", "rates", "derivatives" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/alocacao-de-risco-e-sensibilidades" }, { "key": "pt-br/concetti/emissao-leilao-e-mercado-secundario-de-titulos", "locale": "pt-br", "title": "Emissão, leilão e mercado secundário de títulos", "summary": "Do mercado primário à negociação secundária: alocação, preço, liquidação, intermediários e liquidez.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/emissao-leilao-e-mercado-secundario-de-titulos/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Auctions in depth", "urls": [ "https://www.treasurydirect.gov/research-center/history-of-marketable-securities/auctions/auctions-indepth/" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "8cbbcaa3589d7f97", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "primary-market", "secondary-market", "auction", "market-liquidity" ], "asset_classes": [ "fixed-income", "money-market" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/especificacao-de-estrategia-sistematica", "locale": "pt-br", "title": "Especificação de uma estratégia sistemática", "summary": "Documento versionado que torna uma estratégia implementável e verificável: hipótese, dados, sinais, carteira, ordens, custos, controles e critérios decisórios.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/especificacao-de-estrategia-sistematica/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — finalidade, técnicas de validação, benchmarking, stress e documentação.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — princípios atuais de desenvolvimento, uso, validação, governança e monitoramento no âmbito bancário supervisionado.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — contexto institucional sobre algoritmos decisórios e de execução e seus riscos.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limites dos resultados hipotéticos e importância das premissas, liquidez, slippage e comportamento em seu próprio âmbito.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "0542b3c82307846a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "strategy-design", "reproducibility", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/estrategias-com-opcoes-e-payoffs-multileg", "locale": "pt-br", "title": "Estratégias com opções e payoffs multi-leg", "summary": "Uma estratégia multi-leg combina opções e, às vezes, o ativo-objeto. O payoff terminal soma as pernas, mas valor atual, execução, margem, exercício e liquidação exigem análise separada.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/estrategias-com-opcoes-e-payoffs-multileg/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — riscos de combinações, exercício e liquidação.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, All Strategies — estrutura e payoff das principais famílias multi-leg.", "urls": [ "https://www.optionseducation.org/strategies/all-strategies-en" ] }, { "text": "Options Industry Council, Profit and Loss Simulator — cenários de P&L por preço, IV, taxas e tempo.", "urls": [ "https://www.optionseducation.org/oic-profit-and-loss-simulator" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — consequências do exercício de uma perna.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "CME Group, Option Spread Functionality on CME Globex — tipos, razões e execução de spreads complexos.", "urls": [ "https://www.cmegroup.com/education/files/ofm-spread-overview.pdf" ] }, { "text": "CME Group, Bull Spread — construção e payoff de vertical spread.", "urls": [ "https://www.cmegroup.com/education/courses/option-strategies/bull-spread" ] }, { "text": "Cboe Options Institute, Options Calculator — valores teóricos e sensibilidades.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — riscos assimétricos e combinações.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] } ], "revision": "ba789ea22c9e32fb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-strategies", "payoff", "risk-management" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/estrutura-a-termo-da-volatilidade", "locale": "pt-br", "title": "Estrutura a termo da volatilidade implícita", "summary": "A estrutura a termo compara, no mesmo instante e em uma coordenada coerente de moneyness ou delta, a volatilidade implícita de opções com vencimentos diferentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/estrutura-a-termo-da-volatilidade/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Volatility Term Structure Tool User Guide — visão ATM por vencimento e comparação de snapshots.", "urls": [ "https://www.cmegroup.com/tools-information/quikstrike/quikstrike-volatility-term-structure-tool-user-guide.html" ] }, { "text": "Cboe, VIX Term Structure Data and Charts — exemplo de estrutura com múltiplos vencimentos e timestamp.", "urls": [ "https://www.cboe.com/tradable-products/vix/term-structure" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — estrutura a termo, vencimentos e eventos.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV, skew e relações de preço.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Options Analytics: Greeks and Implied Volatility — dados por vencimento, moneyness e gregas.", "urls": [ "https://www.cmegroup.com/market-data/greeks-and-implied-volatility-data.html" ] }, { "text": "Options Industry Council, Technical Information — natureza derivada da IV e convenções.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — vencimento, especificações e riscos contratuais.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "B3, Manual de Apreçamento — Contratos de Opções — uso institucional brasileiro de estrutura a termo e superfície de volatilidade.", "urls": [ "https://www.b3.com.br/data/files/F8/32/66/B5/58043910B371F339AC094EA8/Manual%20de%20Apre%C3%A7amento%20-%20Op%C3%A7%C3%B5es%20v20_20241118.pdf" ] } ], "revision": "ad5b133ecf6779ad", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "term-structure", "derivatives" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/estrutura-de-capital-divida-liquida-e-cobertura-de-juros", "locale": "pt-br", "title": "Estrutura de capital, dívida líquida e cobertura de juros", "summary": "A estrutura de capital mostra como a empresa financia ativos e crescimento; dívida líquida, vencimentos e cobertura revelam resiliência.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/estrutura-de-capital-divida-liquida-e-cobertura-de-juros/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 7 Financial Instruments: Disclosures — Requisitos de divulgação de instrumentos e riscos financeiros.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-7-financial-instruments-disclosures/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guia para ler dívida, juros e liquidez nas contas.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "18365144aaa49444", "translation_state": "not-assessed", "kind": "concept", "entity_type": "capital-structure-framework", "topics": [ "fundamental-analysis", "debt", "leverage", "liquidity", "credit-analysis" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/concetti/etf", "locale": "pt-br", "title": "ETF (Exchange-Traded Fund)", "summary": "Um ETF é um fundo cujas cotas são negociadas em bolsa. Ele pode replicar um índice ou ter gestão ativa; preço, NAV, custos, réplica e liquidez devem ser analisados separadamente.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/etf/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Exchange-Traded Funds (ETFs), 23 de fevereiro de 2023 — estrutura, NAV, Authorized Participants e riscos no mercado dos Estados Unidos.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Updated Investor Bulletin: Leveraged and Inverse ETFs, 29 de agosto de 2023.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Exchange Traded Notes (ETNs) — distinção entre cota de fundo e dívida do emissor.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-50" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari — ETF, ETC e ETN no contexto italiano.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] }, { "text": "European Securities and Markets Authority, Cost of Investment Products — custos e performance de produtos de varejo europeus.", "urls": [ "https://www.esma.europa.eu/investor-corner/cost-investment-products" ] } ], "revision": "2665cd35d6748787", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "portfolio", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/exercicio-obrigacao-do-lancador-e-liquidacao-de-opcoes", "locale": "pt-br", "title": "Exercício, obrigação do lançador e liquidação de opções", "summary": "O exercício converte o direito do titular em obrigação para um lançador. Estilo, horário-limite, procedimentos automáticos, ativo entregável e liquidação definem o que acontece.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/exercicio-obrigacao-do-lancador-e-liquidacao-de-opcoes/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — exercício, assignment, vencimento e liquidação.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Exercising Options — fluxo de exercício e alocação do assignment.", "urls": [ "https://www.optionseducation.org/optionsoverview/exercising-options" ] }, { "text": "Options Industry Council, Options Exercise FAQ — horário-limite, estilo e exercise by exception.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-exercise" ] }, { "text": "Options Industry Council, Options Assignment FAQ — assignment, vencimento, suspensão e instruções.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/options-assignment" ] }, { "text": "FINRA, Trading Options: Understanding Assignment — obrigação do writer e uma perna exercida.", "urls": [ "https://www.finra.org/investors/insights/trading-options-understanding-assignment" ] }, { "text": "FINRA, Information Notice 2/3/21 — Exercise Cut-Off Time for Expiring Options — exercício, não exercício e instrução contrária.", "urls": [ "https://www.finra.org/rules-guidance/notices/information-notice-020321" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — direitos e obrigações fundamentais.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "B3, Opções sobre Ações — titular, lançador, exercício automático e liquidação no mercado brasileiro.", "urls": [ "https://www.b3.com.br/pt_br/produtos-e-servicos/negociacao/renda-variavel/opcoes-sobre-acoes.htm" ] } ], "revision": "cb0ef24333768e2b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "exercise", "assignment", "settlement" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/expected-shortfall", "locale": "pt-br", "title": "Expected Shortfall (ES)", "summary": "Perda média na cauda além de um nível escolhido da distribuição estimada. Complementa o VaR, mas não é pior caso e continua dependente de dados e modelo.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/expected-shortfall/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Market risk — Internal models approach, MAR33.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/33.htm" ] }, { "text": "Basel Committee, Explanatory note on the revised market risk framework.", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Carlo Acerbi e Dirk Tasche, On the Coherence of Expected Shortfall.", "urls": [ "https://arxiv.org/abs/cond-mat/0104295" ] }, { "text": "Philippe Artzner et al., Coherent Measures of Risk.", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "422921d5ac9deb6e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "tail-risk", "expected-shortfall" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/exposicao", "locale": "pt-br", "title": "Exposição", "summary": "Relação quantificada entre uma posição e um preço, fator ou contraparte. Deve declarar unidade, convenção, moeda e instante e não equivale automaticamente à perda.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/exposicao/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Derivatives Use by Investment Companies.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "CFTC, Futures Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Committee, Market risk — MAR21.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee, Counterparty credit risk — CRE51.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] } ], "revision": "b1f961cb9c3158ac", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "portfolio-risk", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/exposicao-bruta", "locale": "pt-br", "title": "Exposição bruta", "summary": "Soma dos valores absolutos de exposições definidas na mesma unidade. Mostra escala antes das compensações, mas não equivale a capital, alavancagem ou perda.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/exposicao-bruta/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Derivatives Use by Investment Companies.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "CFTC, Futures Glossary.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "Basel Committee, Market risk — MAR21.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee, Standardised approach for counterparty credit risk — CRE52.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] } ], "revision": "cd3e672abe403f9e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "gross-exposure", "portfolio-risk", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/exposicao-liquida", "locale": "pt-br", "title": "Exposição líquida", "summary": "Soma com sinal de exposições na mesma unidade. Mostra o saldo da convenção escolhida, mas zero líquido não significa carteira sem risco ou neutra a todo fator.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/exposicao-liquida/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Derivatives Use by Investment Companies.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] }, { "text": "Basel Committee, Market risk — MAR21.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Basel Committee, Standardised approach for counterparty credit risk — CRE52.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Committee, Counterparty credit risk: IMM — CRE54.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] } ], "revision": "afd4df466190223e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "net-exposure", "portfolio-risk", "hedging" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/familias-de-estrategias-sistematicas", "locale": "pt-br", "title": "Famílias de estratégias sistemáticas", "summary": "Taxonomia comparável de trend, momentum, mean reversion, carry, relative value, market making e event-driven, com mecanismos e riscos sem promessas de retorno.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/familias-de-estrategias-sistematicas/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Narasimhan Jegadeesh e Sheridan Titman, Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency — estudo original sobre momentum cross-sectional na amostra analisada.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] }, { "text": "Tobias J. Moskowitz, Yao Hua Ooi e Lasse Heje Pedersen, Time Series Momentum — evidência e construção de time-series momentum no desenho cross-asset estudado.", "urls": [ "https://doi.org/10.1016/j.jfineco.2011.11.003" ] }, { "text": "Ralph S. J. Koijen et al., Carry — definição e comparação de carry entre classes de ativos na amostra do estudo.", "urls": [ "https://doi.org/10.1016/j.jfineco.2017.11.002" ] }, { "text": "Evan Gatev, William N. Goetzmann e K. Geert Rouwenhorst, Pairs Trading: Performance of a Relative-Value Arbitrage Rule — metodologia e evidência histórica de uma regra de pairs trading.", "urls": [ "https://doi.org/10.1093/rfs/hhj020" ] }, { "text": "Werner F. M. De Bondt e Richard Thaler, Does the Stock Market Overreact? — estudo clássico de overreaction e retornos contrarian na amostra observada.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1985.tb05004.x" ] } ], "revision": "61d5eea47136b4c5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "trend-following", "momentum", "mean-reversion", "carry", "relative-value" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/forex", "locale": "pt-br", "title": "Forex (mercado de câmbio)", "summary": "Forex é o conjunto de mercados em que uma moeda é trocada por outra. Spot, forward, swap, futuros, opções e produtos de varejo são instrumentos diferentes, não um único mercado.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/forex/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025, Triennial Central Bank Survey, 30 de setembro de 2025.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "Bank for International Settlements, Covered interest parity lost: understanding the cross-currency basis, BIS Quarterly Review, 18 de setembro de 2016 — relação spot/forward, juros e basis de funding.", "urls": [ "https://www.bis.org/publ/qtrpdf/r_qt1609e.htm" ] }, { "text": "Global Foreign Exchange Committee, FX Global Code, atualizado em dezembro de 2024.", "urls": [ "https://www.globalfxc.org/fx-global-code/" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — riscos do varejo OTC no perímetro dos Estados Unidos.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "European Central Bank, Euro foreign exchange reference rates — taxas informativas, não recomendadas como preços executáveis.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html" ] } ], "revision": "b2c8fa8d13f5a3e5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "macro", "execution", "risk" ], "asset_classes": [ "currencies" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/formador-de-mercado", "locale": "pt-br", "title": "Formador de mercado: cotações e risco de inventário", "summary": "Um formador de mercado publica preços de compra e venda ou se dispõe a negociar em um mercado específico. Ele fornece liquidez, mas não garante spread ou quantidade.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/formador-de-mercado/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Market Makers.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/market-makers" ] }, { "text": "SEC, Investor.gov — Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "ESMA — MiFID II, Article 4: Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "23e50976084e55a5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/forward-test", "locale": "pt-br", "title": "Forward test", "summary": "Avaliação prospectiva de uma versão congelada em dados que chegam depois da decisão, executável em paper, shadow ou micro-live.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/forward-test/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — ordem temporal, rolling origin e avaliações sucessivas fora da amostra.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validação proativa e confiabilidade dos modelos de investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limites da performance hipotética em seu âmbito NFA.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automação, venues e interação das ordens nos mercados reais.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Comissão Europeia, Regulamento Delegado (UE) 2017/589, RTS 6 — testes, controles, documentação e deployment no próprio âmbito regulatório da UE.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "6855625a5d56fa9b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "forward-test", "prospective-validation", "frozen-model", "shadow-mode", "micro-live" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/gamma-de-opcoes", "locale": "pt-br", "title": "Gamma de opções", "summary": "O gamma mede como o delta de uma opção muda quando varia o ativo-objeto. É uma sensibilidade local de segunda ordem, dinâmica e dependente da escala e da posição.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/gamma-de-opcoes/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Gamma — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-gamma-the-greeks" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Basel Committee on Banking Supervision, MAR20 — Standardised approach: general provisions and structure — distinção regulatória entre delta, vega e curvature risk.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/20.htm" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "243746d47afacecc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/impacto-de-mercado", "locale": "pt-br", "title": "Impacto de mercado: efeito da ordem sobre o preço", "summary": "Impacto de mercado é a mudança de preço atribuível à própria ordem ou programa de execução. É custo implícito, mas não equivale a spread, slippage ou drift.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/impacto-de-mercado/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS — Structural Aspects of Market Liquidity.", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "SEC — Order Competition Rule, Release No. 34-96495.", "urls": [ "https://www.sec.gov/files/rules/proposed/2022/34-96495.pdf" ] }, { "text": "Rama Cont, Arseniy Kukanov e Sasha Stoikov, The Price Impact of Order Book Events; preprint.", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "Robert Almgren e Neil Chriss, Optimal Execution of Portfolio Transactions.", "urls": [ "https://doi.org/10.21314/JOR.2001.041" ] } ], "revision": "f37aa932497eb521", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/indice-de-calmar", "locale": "pt-br", "title": "Índice de Calmar", "summary": "Retorno anualizado composto por unidade de drawdown máximo absoluto no mesmo intervalo, fortemente dependente do percurso e da janela.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/indice-de-calmar/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Sculpting Investment Portfolios: Maximum Drawdown and Optimal Portfolio Strategy — definição contemporânea CAGR/MDD e problemas de comparação entre janelas.", "urls": [ "https://blogs.cfainstitute.org/investor/2013/02/12/sculpting-investment-portfolios-maximum-drawdown-and-optimal-portfolio-strategy/" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — drawdown máximo, duração e limites das medidas de avaliação.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Malik Magdon-Ismail e Amir F. Atiya, Maximum Drawdown, Risk (2004) — relações entre MDD, retorno e medidas como Calmar.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=874069" ] }, { "text": "Malik Magdon-Ismail et al., On the Maximum Drawdown of a Brownian Motion, Journal of Applied Probability (2004) — dependência do drawdown em relação ao horizonte e ao processo.", "urls": [ "https://doi.org/10.1239/jap/1077134674" ] }, { "text": "GIPS Standards, Handbook for Firms — bases de retorno, avaliação, fluxos e divulgações necessárias a uma série comparável.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "6b9eca009f7a4c68", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "calmar-ratio", "maximum-drawdown", "risk-adjusted-return", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/indice-de-informacao", "locale": "pt-br", "title": "Índice de informação", "summary": "Retorno ativo médio por unidade de tracking error diante de um benchmark especificado, com limites estatísticos e de comparabilidade explícitos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/indice-de-informacao/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — definição, comparação com tracking error e limites do benchmark.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, avaliação, atribuição e análise de habilidade.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Richard C. Grinold e Ronald N. Kahn, CFA Institute Research Foundation, Advances in Active Portfolio Management — retorno ativo, tracking error e índice de informação no contexto da gestão ativa.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-publication/2003/rf-v2003-n1-3922-pdf.pdf" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal — critérios e consequências da qualidade do benchmark.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — estrutura da razão entre retorno diferencial e variabilidade.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] } ], "revision": "33407d2287250525", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "information-ratio", "active-return", "tracking-error", "performance-appraisal" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/indice-de-sharpe", "locale": "pt-br", "title": "Índice de Sharpe", "summary": "Média do retorno diferencial por unidade de desvio-padrão, condicionada ao benchmark, à frequência, à janela e à convenção de anualização.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/indice-de-sharpe/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — formulação geral, versões ex ante e ex post e retorno diferencial.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "William F. Sharpe, Mutual Fund Performance, The Journal of Business (1966) — trabalho original sobre a medida reward-to-variability.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/art1.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal (2002) — distribuição amostral, autocorrelação e anualização.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] }, { "text": "CFA Institute, Investment Risk and Performance — comparação entre Sharpe, tracking error, índice de informação, alfa e beta.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "GIPS Standards, Handbook for Firms — divulgação de medidas adicionais e identificação da taxa livre de risco.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "e59f6a14e575c4ba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sharpe-ratio", "risk-adjusted-return", "performance-appraisal", "volatility" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "metrics", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/indice-de-sortino", "locale": "pt-br", "title": "Índice de Sortino e downside deviation", "summary": "Retorno médio acima de uma meta por unidade de downside deviation, com meta, frequência, denominador e anualização declarados.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/indice-de-sortino/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Frank A. Sortino e Lee N. Price, Performance Measurement in a Downside Risk Framework, The Journal of Investing (1994) — formulação da mensuração em relação ao downside risk e à meta.", "urls": [ "https://doi.org/10.3905/joi.3.3.59" ] }, { "text": "CFA Institute, The Sortino Ratio — definição, retorno-meta e convenções de downside deviation.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/code/gips/the-sortino-ratio.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — avaliação, Sortino, benchmark, drawdown e limites das métricas.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "William F. Sharpe, The Sharpe Ratio — referência para comparar risco total e retorno diferencial.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — alertas estatísticos sobre frequência, dependência e anualização aplicáveis às razões de retornos periódicos.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "176a5f87c3c6331d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sortino-ratio", "downside-risk", "performance-appraisal", "minimum-acceptable-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/inflacao-cpi-pce-e-ppi", "locale": "pt-br", "title": "Inflação: CPI, PCE e PPI", "summary": "Como ler índices de preços ao consumidor e produtor, medidas cheias e núcleos, pesos, efeitos-base e composição.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/inflacao-cpi-pce-e-ppi/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Consumer Price Index, documentação oficial — dados do CPI, pesos relativos, metodologia e divulgações de preços ao consumidor nos EUA.", "urls": [ "https://www.bls.gov/cpi/" ] }, { "text": "BEA, Personal Consumption Expenditures Price Index, documentação oficial — inflação PCE ligada à renda pessoal, aos gastos e às contas nacionais.", "urls": [ "https://www.bea.gov/data/personal-consumption-expenditures-price-index" ] }, { "text": "BLS, Producer Price Indexes, documentação oficial — método e resultados da variação nos preços recebidos por produtores domésticos.", "urls": [ "https://www.bls.gov/ppi/" ] } ], "revision": "ed9a3827d1fcb9ee", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/juros-nominais-reais-e-inflacao-implicita", "locale": "pt-br", "title": "Juros nominais, reais e inflação implícita", "summary": "Relação entre rendimento nominal, real e compensação inflacionária, incluindo prêmios e liquidez.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/juros-nominais-reais-e-inflacao-implicita/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Treasury, TIPS, documentação oficial — características do título, correção inflacionária, cálculo de juros, leilões e tributação dos TIPS.", "urls": [ "https://treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Bank of St. Louis, FRED, documentação oficial — séries para download de juros nominais, reais e inflação implícita de mercado.", "urls": [ "https://fred.stlouisfed.org/" ] }, { "text": "ECB, Inflation expectations, documentação oficial — previsões profissionais trimestrais de inflação, crescimento real e desemprego.", "urls": [ "https://www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/index.en.html" ] } ], "revision": "b7e986c2670eae38", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/key-rate-duration-e-risco-de-curva", "locale": "pt-br", "title": "Key-rate duration e risco de curva", "summary": "A key-rate duration distribui a sensibilidade por nós da curva e revela riscos escondidos pela duration total.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/key-rate-duration-e-risco-de-curva/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Interest Rate Changes and Duration", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] } ], "revision": "2b7efcb4549b126f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "interest-rate-risk", "yield-curve", "key-rate-duration", "hedging" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/latencia-de-execucao", "locale": "pt-br", "title": "Latência de execução: caminho, timestamps e medição", "summary": "A latência reúne atrasos entre decisão, envio, recebimento, roteamento, acknowledgement e fills. Deve ser medida por trecho e com relógios coerentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/latencia-de-execucao/", "published": "2026-08-03", "updated": "2026-08-17", "reviewed": "2026-08-17", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590.", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "EUR-Lex — Regulamento Delegado (UE) 2025/1155, sincronização dos relógios profissionais.", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32025R1155" ] }, { "text": "ESMA — MiFID II, Article 27.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "507a5638520e84d7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/liquidacao-forcada", "locale": "pt-br", "title": "Liquidação forçada", "summary": "Redução ou fechamento imposto quando patrimônio, margem ou limites deixam de atender aos requisitos. Gatilho, procedimento, fills e eventual débito são eventos distintos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/liquidacao-forcada/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Margin Disclosure Statement — Rule 2264.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "CFTC, Understand the Risks of Virtual Currency Trading.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] } ], "revision": "cb126d058b5e27e2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "margin", "leverage" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/concetti/liquidez", "locale": "pt-br", "title": "Liquidez de mercado: dimensões, medidas e limites", "summary": "Liquidez de mercado é executar rapidamente uma quantidade relevante com custos e impacto contidos. Spread, profundidade, rapidez e resiliência não são sinônimos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/liquidez/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS — Market Liquidity: Research Findings and Selected Policy Implications.", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS — Structural Aspects of Market Liquidity.", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank — Market liquidity and funding liquidity.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] }, { "text": "CME Group — Understanding the CME Liquidity Tool Methodology.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/understanding-the-cme-liquidity-tool-methodology" ] } ], "revision": "f2c0ec1fbc031bc7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/livro-de-ofertas", "locale": "pt-br", "title": "Livro de ofertas", "summary": "Registro das ordens limitadas visíveis em um mercado ou feed. Mostra bids, asks e profundidade, mas não toda a liquidez nem a direção futura do preço.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/livro-de-ofertas/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Order Book Reporting Methods and Their Impact on Some Market Activity Measures.", "urls": [ "https://www.sec.gov/data-research/statistics-data-visualizations/order-book-reporting-methods-their-impact-some-market-activity-measures" ] }, { "text": "New York Stock Exchange, NYSE Pillar Depth.", "urls": [ "https://www.nyse.com/data-products/catalog/nyse-pillar-depth" ] }, { "text": "Rama Cont, Arseniy Kukanov e Sasha Stoikov, The Price Impact of Order Book Events; preprint.", "urls": [ "https://doi.org/10.1093/jjfinec/nbt003", "https://arxiv.org/abs/1011.6402" ] }, { "text": "U.S. Commodity Futures Trading Commission, Antidisruptive Practices Authority.", "urls": [ "https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2013-12365.html" ] } ], "revision": "898948c9e3b9f3ba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "market-integrity", "microstructure", "volumetric" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/locais-de-negociacao-e-roteamento", "locale": "pt-br", "title": "Locais de negociação e roteamento de ordens", "summary": "Como uma ordem passa do broker ao local de execução, quais destinos existem nos marcos da União Europeia e dos EUA e quais fatores e conflitos afetam a rota.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/locais-de-negociacao-e-roteamento/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. Securities and Exchange Commission, Rule 606 FAQ.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 27.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "47f767185c055958", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/margem", "locale": "pt-br", "title": "Margem", "summary": "Em títulos, margem é patrimônio diante de crédito garantido; em futuros, é um performance bond. Requisitos, chamadas e fechamentos dependem do produto e do intermediário.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/margem/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA, Brokerage Accounts.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] }, { "text": "FINRA, Margin Disclosure Statement — Rule 2264.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/2264" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] } ], "revision": "f2de275d780dd48a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "leverage", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/concetti/mecanismo-de-casamento-de-ordens", "locale": "pt-br", "title": "Mecanismo de casamento: prioridade e alocação", "summary": "O matching engine aplica as regras do mercado para casar ordens e alocar fills. Preço-tempo é comum, mas existem algoritmos FIFO, pro-rata e híbridos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/mecanismo-de-casamento-de-ordens/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Matching Algorithm Overview.", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group — How CME Group Ag Markets Operate.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/overview-what-makes-ags-markets-work" ] }, { "text": "ESMA — MiFID II, Article 28: Client order handling rules.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] } ], "revision": "3b4cee8a9b5eccea", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/melhor-execucao", "locale": "pt-br", "title": "Melhor execução", "summary": "Best execution é o dever do intermediário de buscar o melhor resultado possível considerando preço, custos, rapidez, probabilidade, liquidação e características da ordem.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/melhor-execucao/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "European Securities and Markets Authority, MiFID II, Article 27.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] }, { "text": "European Securities and Markets Authority, Q&A 1016 — Best execution.", "urls": [ "https://www.esma.europa.eu/publications-data/questions-answers/1016" ] }, { "text": "U.S. Securities and Exchange Commission, Best Execution.", "urls": [ "https://www.sec.gov/answers/bestex.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Disclosure of Order Execution and Routing Practices.", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] } ], "revision": "e541184a53473d17", "translation_state": "not-assessed", "kind": "concept", "entity_type": "regulation", "topics": [ "execution", "microstructure", "safety" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/mercado-a-vista", "locale": "pt-br", "title": "Mercado à vista: troca, liquidação e posse", "summary": "Spot descreve uma troca à vista segundo as convenções do mercado. Não garante por si só posse física, ausência de alavancagem, negociação em bolsa nem identidade da contraparte.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/mercado-a-vista/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bank for International Settlements, OTC foreign exchange turnover in April 2025 — segmentos spot, outright forward, FX swap, currency swap e opções OTC.", "urls": [ "https://www.bis.org/statistics/rpfx25_fx.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Eight Things You Should Know Before Trading Forex — relação OTC com o dealer, margem, funding e custos de varejo.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_MustKnowForex.html" ] }, { "text": "Banca d'Italia, L'economia per tutti, Cos'è la borsa? — função da bolsa e papel dos intermediários.", "urls": [ "https://economiapertutti.bancaditalia.it/notizie-e-rubriche/in-parole-semplici/borsa/index.html" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 4 — Definitions — definições europeias de ambiente, mercado regulamentado, MTF e OTF.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] } ], "revision": "9ada4de9f173351c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/mercado-de-trabalho-payroll-desemprego-e-salarios", "locale": "pt-br", "title": "Mercado de trabalho: payroll, desemprego e salários", "summary": "Emprego, participação, desemprego, horas e remuneração como medidas complementares, com pesquisas e revisões distintas.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/mercado-de-trabalho-payroll-desemprego-e-salarios/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BLS, Employment Situation, documentação oficial — resultados mensais das pesquisas domiciliar e empresarial sobre emprego, desemprego, horas e salários.", "urls": [ "https://www.bls.gov/news.release/empsit.htm" ] }, { "text": "Eurostat, Employment and unemployment, documentação oficial — indicadores e bases harmonizadas do mercado de trabalho europeu.", "urls": [ "https://ec.europa.eu/eurostat/web/labour-market/overview" ] }, { "text": "ILO, ILOSTAT, documentação oficial — padrões, definições e dados comparáveis entre países para estatísticas do trabalho.", "urls": [ "https://ilostat.ilo.org/" ] } ], "revision": "3c967c187a4ef215", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/mercado-monetario-repo-e-taxas-overnight", "locale": "pt-br", "title": "Mercado monetário, repo e taxas overnight", "summary": "Como a liquidez curta circula por financiamento garantido, repo, collateral e benchmarks overnight como SOFR.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/mercado-monetario-repo-e-taxas-overnight/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Bank of New York — Secured Overnight Financing Rate", "urls": [ "https://www.newyorkfed.org/markets/reference-rates/sofr" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] } ], "revision": "a3ee5989663e6e5a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "money-market", "repo", "funding", "collateral", "overnight-rates", "sofr" ], "asset_classes": [ "money-market", "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/metricas-e-benchmarks-de-backtest", "locale": "pt-br", "title": "Métricas e benchmarks de backtest", "summary": "Como ler retorno, risco, drawdown, custos, capacidade e incerteza declarando série, frequência, anualização e termo de comparação.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/metricas-e-benchmarks-de-backtest/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "William F. Sharpe, The Sharpe Ratio — definição, interpretação e relações da medida.", "urls": [ "https://doi.org/10.3905/jpm.1994.409501" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — distribuição e limites da anualização com dependência.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey e Marcos López de Prado, The Deflated Sharpe Ratio — ajuste para viés de seleção e retornos não normais no modelo proposto.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] }, { "text": "International Organization of Securities Commissions, Principles for Financial Benchmarks — princípios de governança, qualidade e metodologia de benchmarks em seu âmbito.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD409.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — uso conjunto de performance, benchmark, stress e incerteza na validação.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "1ffa5ad61b9b3559", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "benchmarks", "sharpe-ratio", "drawdown", "uncertainty" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/modelo-de-negocio-e-motores-de-receita", "locale": "pt-br", "title": "Modelo de negócio e motores de receita", "summary": "O modelo de negócio explica quem paga, por qual valor e com quais recursos; os drivers transformam essa lógica em preço, volume e mix testáveis.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/modelo-de-negocio-e-motores-de-receita/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IFRS Foundation — IFRS 15 Revenue from Contracts with Customers — Princípios de reconhecimento de receita e divulgação de contratos.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guia para verificar a narrativa nas demonstrações e notas.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "8cd29e436f0f4288", "translation_state": "not-assessed", "kind": "concept", "entity_type": "business-analysis-framework", "topics": [ "fundamental-analysis", "business-model", "revenue", "unit-economics" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/concetti/monte-carlo-e-bootstrap", "locale": "pt-br", "title": "Monte Carlo e bootstrap para estratégias de trading", "summary": "Simulações e reamostragens para estudar incerteza, ordem dos retornos e drawdown sob premissas declaradas, sem criar informação ausente dos dados.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/monte-carlo-e-bootstrap/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bradley Efron, Bootstrap Methods: Another Look at the Jackknife — artigo fundador sobre bootstrap e estimação por reamostragem.", "urls": [ "https://doi.org/10.1214/aos/1176344552" ] }, { "text": "Dimitris N. Politis e Joseph P. Romano, The Stationary Bootstrap — bootstrap em blocos de comprimento aleatório para dados fracamente dependentes e estacionários.", "urls": [ "https://doi.org/10.1080/01621459.1994.10476870" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — efeito da dependência temporal sobre distribuição e anualização do Sharpe.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — papel de Monte Carlo, bootstrap e stress testing na validação de modelos de investimento.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/rf-brief/investment-model-validation.pdf" ] } ], "revision": "532db1ddc9384833", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "monte-carlo", "bootstrap", "resampling", "uncertainty", "drawdown" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/opcoes", "locale": "pt-br", "title": "Opções: call, put, strike e vencimento", "summary": "Uma opção é um derivativo que concede um direito ao titular e impõe a obrigação correspondente ao lançador. Call, put, strike, prêmio, vencimento e liquidação definem o contrato.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/opcoes/", "published": "2026-07-31", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — características contratuais, exercício, assignment, liquidação e riscos das combinações no mercado dos Estados Unidos.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options, publicado em 18 de março de 2015 e atualizado em 16 de julho de 2026.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Opening an Options Trading Account, atualizado em 16 de julho de 2026 — riscos, aprovação e divulgação no perímetro norte-americano.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-77" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Market Basics — opções sobre futuros e obrigações contratuais.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/FuturesMarketBasics/index2.htm" ] }, { "text": "European Securities and Markets Authority, MiFID II, Annex I — Lists of services and activities and financial instruments — categorias de opções e outros derivativos no perímetro europeu.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/annex-i" ] }, { "text": "B3, Opções sobre Ações — terminologia brasileira de titular, lançador, preço de exercício, exercício automático e liquidação da posição exercida.", "urls": [ "https://www.b3.com.br/pt_br/produtos-e-servicos/negociacao/renda-variavel/opcoes-sobre-acoes.htm" ] } ], "revision": "4e0bd75ca593d146", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "risk", "options", "derivatives" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/orcamento-de-risco", "locale": "pt-br", "title": "Orçamento de risco e risk budgeting", "summary": "Método que define contribuições-alvo para uma medida de risco e constrói ou controla a carteira para aproximar contribuições realizadas desses orçamentos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/orcamento-de-risco/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Bruder e Roncalli, Managing Risk Exposures using the Risk Budgeting Approach.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Tasche, Risk Contributions and Performance Measurement.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684221" ] }, { "text": "Maillard, Roncalli e Teïletche, The Properties of Equally Weighted Risk Contribution Portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Thierry Roncalli, Risk Contributions and Performance Measurement.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Harry Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] } ], "revision": "1260997327a6856a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-budgeting", "risk-allocation", "portfolio-construction", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/alocacao-de-risco-e-sensibilidades" }, { "key": "pt-br/concetti/ordem-a-mercado", "locale": "pt-br", "title": "Ordem a mercado: execução e risco de preço", "summary": "Uma ordem a mercado negocia contra a liquidez disponível sem impor preço limite. Prioriza a probabilidade de execução, mas não garante preço nem fill completo.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/ordem-a-mercado/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC, Investor.gov — Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "U.S. SEC, Investor.gov — Trading Halts and Delays.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/trading-halts-and-delays" ] } ], "revision": "43812ad0c17a1aba", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/ordem-iceberg", "locale": "pt-br", "title": "Ordem iceberg e reserve: quantidade visível e prioridade", "summary": "Uma ordem iceberg exibe apenas parte da quantidade total. A reserva reaparece em lotes segundo o mercado; prioridade e rastros diferem entre modelos nativos e sintéticos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/ordem-iceberg/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Market by Order (MBO) — FAQ.", "urls": [ "https://www.cmegroup.com/articles/faqs/market-by-order-mbo.html" ] }, { "text": "CME Group, Display Quantity Order Overview.", "urls": [ "https://www.cmegroup.com/education/display-quantity-order-overview" ] }, { "text": "CME Group, Enter Orders.", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-cmed-mobile/Content/Enter-Orders.html" ] }, { "text": "EUR-Lex, Regulamento Delegado (UE) 2017/583, artigo 4.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/583/2023-06-05/eng" ] } ], "revision": "99a00fe5e1f19acc", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/ordem-limitada", "locale": "pt-br", "title": "Ordem limitada: preço, fila e fills parciais", "summary": "Uma ordem limitada só executa no limite indicado ou em preço melhor. Protege o preço se houver fill, mas não garante execução, prioridade nem quantidade completa.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/ordem-limitada/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Types of Orders.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Limit Orders.", "urls": [ "https://www.sec.gov/answers/limit.htm" ] }, { "text": "U.S. SEC — Rule 606 Regulation NMS, FAQ.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/faq-rule-606-regulation" ] }, { "text": "ESMA — MiFID II, Article 28: Client order handling rules.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "0c0b40baa1334352", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/ordem-stop", "locale": "pt-br", "title": "Ordem stop: gatilho, ordem filha e risco de execução", "summary": "Uma ordem stop é ativada por uma condição de preço definida pelo broker ou mercado. O gatilho não é preço de execução: ele cria uma ordem market ou limit.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/ordem-stop/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. SEC, Investor.gov — Stop, Stop-Limit, and Trailing Stop Orders.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-15" ] }, { "text": "U.S. SEC, Investor.gov — Types of Orders.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. SEC — Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] } ], "revision": "2a0269a266d9544f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/ordem-stop-limit", "locale": "pt-br", "title": "Ordem stop-limit: gatilho, limite e risco de não execução", "summary": "Ordem condicional que, ao atingir o stop, ativa uma ordem limitada. Controla os preços admissíveis, mas pode ficar parcial ou totalmente sem execução.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/ordem-stop-limit/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Types of Orders.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group, CME Globex Reference Guide.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "df36da8a0347472e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/otimizacao-media-variancia-e-fronteira-eficiente", "locale": "pt-br", "title": "Otimização média-variância e fronteira eficiente", "summary": "Modelo de Markowitz que combina retornos esperados, variâncias e covariâncias para comparar carteiras eficientes, com limitações de estimação e implementação explícitas.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/otimizacao-media-variancia-e-fronteira-eficiente/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — formulação original do critério média-variância.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — função objetivo, fronteira, críticas, passivos, fatores e aplicações práticas.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Victor DeMiguel, Lorenzo Garlappi e Raman Uppal, Optimal Versus Naive Diversification, The Review of Financial Studies — comparação fora da amostra com a regra 1/N.", "urls": [ "https://doi.org/10.1093/rfs/hhm075" ] }, { "text": "Fischer Black e Robert Litterman, Global Portfolio Optimization, Financial Analysts Journal (1992) — modelo que combina equilíbrio e visões.", "urls": [ "https://doi.org/10.2469/faj.v48.n5.28" ] }, { "text": "Richard O. Michaud e Robert Michaud, Estimation Error and Portfolio Optimization: A Resampling Solution — erro de estimação, reamostragem e estabilidade das soluções.", "urls": [ "https://doi.org/10.2139/ssrn.2658657" ] } ], "revision": "5e9577fe1c46a6b2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "mean-variance-optimization", "efficient-frontier", "portfolio-theory", "estimation-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/out-of-sample", "locale": "pt-br", "title": "Out of sample", "summary": "Avaliação em observações não usadas no desenvolvimento: separação temporal, pureza do teste, purging, embargo e walk-forward sem atalhos universais.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/out-of-sample/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, International Journal of Forecasting, 2000 — rolling origin, recalibração e múltiplos períodos de teste.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir e José M. Benítez, On the use of cross-validation for time series predictor evaluation, Information Sciences, 2012 — desenhos de validação cruzada para preditores temporais.", "urls": [ "https://doi.org/10.1016/j.ins.2011.12.028" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman e Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction, 2018 — condições para validade da cross-validation em séries autorregressivas.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — seleção entre configurações e limites do holdout simples em backtests de investimento.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — índice oficial Wiley, Wiley, 2018 — referência monográfica para purged K-fold e embargo; não é apresentado aqui como artigo peer-reviewed.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "7de6ee20da853050", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "out-of-sample", "holdout", "temporal-validation", "walk-forward", "purged-cross-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/overfitting", "locale": "pt-br", "title": "Overfitting", "summary": "Ajuste ao ruído histórico e seleção entre muitos testes: como reconhecer, medir e conter overfitting em sistemas de trading.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/overfitting/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — avaliação do melhor modelo após pesquisar muitas alternativas.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "Ryan Sullivan, Allan Timmermann e Halbert White, Data-Snooping, Technical Trading Rule Performance, and the Bootstrap, The Journal of Finance, 1999 — aplicação direta às regras técnicas de trading.", "urls": [ "https://doi.org/10.1111/0022-1082.00163" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — seleção in-sample e perda de ranking fora da amostra.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "Campbell R. Harvey, Yan Liu e Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — testes múltiplos na pesquisa de retornos esperados.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "David H. Bailey e Marcos López de Prado, The Deflated Sharpe Ratio — correção para selection bias e não normalidade na interpretação do Sharpe.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2460551" ] } ], "revision": "899c9252d74599b3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "overfitting", "multiple-testing", "model-selection", "data-snooping", "backtest-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/paper-trading", "locale": "pt-br", "title": "Paper trading", "summary": "Ambiente com capital simulado para verificar pipeline, ordens e processo em dados correntes, distinguindo-o de forward test, shadow mode e micro-live.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/paper-trading/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "National Futures Association, Interpretive Notice 9025 — Use of Promotional Material Containing Hypothetical Performance Results — limites de hindsight, liquidez, slippage e ausência de risco real; aplicável em seu âmbito NFA.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?Section=9" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — estrutura dos mercados, automação e efeitos da interação real entre ordens e venues.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validação proativa e limites dos modelos de investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Comissão Europeia, Regulamento Delegado (UE) 2017/589, RTS 6 — testes, ambientes separados da produção, controles e deployment no âmbito de trading algorítmico ao qual se aplica.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] } ], "revision": "c0b7428e3e955964", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "paper-trading", "shadow-mode", "execution-testing", "operational-validation", "simulated-performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/paridade-de-risco", "locale": "pt-br", "title": "Paridade de risco", "summary": "Família de alocações que equilibra contribuições a uma medida de risco escolhida; a contribuição igual de risco (ERC) é o caso de orçamentos iguais.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/paridade-de-risco/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Qian, Risk Parity Portfolios.", "urls": [ "https://www.panagora.com/assets/risk_party_portfolios.pdf" ] }, { "text": "Maillard, Roncalli e Teïletche, The Properties of Equally Weighted Risk Contribution Portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Bruder e Roncalli, Managing Risk Exposures using the Risk Budgeting Approach.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2009778" ] }, { "text": "Frazzini e Pedersen, Betting Against Beta.", "urls": [ "https://pages.stern.nyu.edu/~lpederse/papers/LeverageAversionRP.pdf" ] }, { "text": "Thierry Roncalli, Risk Contributions and Performance Measurement.", "urls": [ "https://arxiv.org/abs/0708.2542" ] } ], "revision": "c113f5b230a86d82", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-parity", "equal-risk-contribution", "risk-budgeting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/alocacao-de-risco-e-sensibilidades" }, { "key": "pt-br/concetti/paridade-put-call-e-posicoes-sinteticas", "locale": "pt-br", "title": "Paridade put-call e posições sintéticas", "summary": "A paridade put-call liga call, put, ativo-objeto ou forward, strike, taxas e dividendos para opções europeias com mesmo contrato. Posições sintéticas derivam da mesma identidade.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/paridade-put-call-e-posicoes-sinteticas/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Put/Call Parity — relação spot, hipóteses, conversion, reversal e sintéticas.", "urls": [ "https://www.optionseducation.org/advancedconcepts/put-call-parity" ] }, { "text": "CME Group, Put-Call Parity — paridade para opções no mesmo futuro, strike e vencimento.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-options/put-call-parity" ] }, { "text": "CME Group, CME Options Workshop — forma forward e valor presente de F − K.", "urls": [ "https://www.cmegroup.com/articles/files/2023/pro-workshop-series-post-webinar-recording-week4-slides.pdf" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — fonte primária sobre replicação e não arbitragem.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — exercício, assignment, liquidação e riscos.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Option Price Behavior — preços relativos, valor intrínseco e paridade.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/option-price-behavior" ] }, { "text": "Cboe Options Institute, Options Definitions & Glossary — estilo americano e europeu e liquidação.", "urls": [ "https://www.cboe.com/optionsinstitute/defining-options/" ] } ], "revision": "1203545f296f5739", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "no-arbitrage", "synthetic-positions" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/politica-fiscal-deficit-e-divida-publica", "locale": "pt-br", "title": "Política fiscal, déficit e dívida pública", "summary": "Receitas, despesas, saldo primário, juros, déficit e dívida lidos com perímetro contábil, moeda e vencimentos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/politica-fiscal-deficit-e-divida-publica/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, Fiscal Monitor, documentação oficial — projeções fiscais internacionais e análise de políticas e riscos para as finanças públicas.", "urls": [ "https://www.imf.org/en/Publications/FM" ] }, { "text": "Eurostat, Government finance statistics, documentação oficial — receitas, despesas, déficit e dívida europeus sob as regras ESA e EDP.", "urls": [ "https://ec.europa.eu/eurostat/web/government-finance-statistics" ] }, { "text": "CBO, Budget and Economic Data, documentação oficial — histórico, cenários-base e projeções do orçamento federal dos Estados Unidos.", "urls": [ "https://www.cbo.gov/data/budget-economic-data" ] } ], "revision": "84f6f104e48c3255", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/post-only", "locale": "pt-br", "title": "Post-only: instrução maker e regras do mercado", "summary": "Post-only solicita que uma ordem limitada não remova liquidez de imediato. O mercado pode rejeitar, cancelar, reprificar ou executar conforme seu regulamento.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/post-only/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Nasdaq Trader — Post-Only Order Fact Sheet, 2026.", "urls": [ "https://nasdaqtrader.com/content/ProductsServices/Trading/postonly_factsheet.pdf" ] }, { "text": "Coinbase Exchange — Create a New Order.", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase Derivatives Exchange — Supported Order Qualifiers.", "urls": [ "https://help.coinbase.com/en/derivatives/features/supported-order-qualifiers" ] }, { "text": "OKX — Basic Order Types.", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "7e15652b15417039", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/preco-de-titulos-clean-dirty-e-juros-corridos", "locale": "pt-br", "title": "Preço de títulos: clean, dirty e juros corridos", "summary": "Da cotação ao caixa de liquidação: diferença entre clean price, dirty price e juros corridos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/preco-de-titulos-clean-dirty-e-juros-corridos/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Glossary", "urls": [ "https://www.treasurydirect.gov/indiv/help/treasurydirect-help/glossary/" ] }, { "text": "TreasuryDirect — When auctions happen", "urls": [ "https://www.treasurydirect.gov/auctions/when-auctions-happen/" ] } ], "revision": "e0d6b74cb91fae81", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-pricing", "accrued-interest", "settlement" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/premio-e-precificacao-de-opcoes", "locale": "pt-br", "title": "Prêmio e precificação de opções", "summary": "O prêmio de uma opção é um preço negociado por unidade do ativo-objeto; o valor teórico é a saída de um modelo. Bid, mid, ask, multiplicador, volatilidade e tempo devem permanecer separados.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/premio-e-precificacao-de-opcoes/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — contrato, prêmio, exercício, liquidação e riscos de opções padronizadas.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Options Industry Council, Options Pricing — valor intrínseco, componente temporal e fatores do prêmio.", "urls": [ "https://www.optionseducation.org/optionsoverview/options-pricing" ] }, { "text": "Options Industry Council, Understanding Options Greeks — inputs de precificação e natureza teórica das sensibilidades.", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, An Introduction to Options — call, put, prêmio e riscos de titular e lançador.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63" ] }, { "text": "Cboe Options Institute, Options Calculator — comparação entre inputs, valor teórico e gregas.", "urls": [ "https://www.cboe.com/optionsinstitute/tools/options-calculator" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — formulação primária do modelo e do princípio de replicação.", "urls": [ "https://doi.org/10.1086/260062" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — cotações, dados atrasados, volatilidade, gregas e cenários teóricos.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "B3, Manual de Apreçamento — Contratos de Opções — terminologia e procedimentos públicos de apreçamento no mercado brasileiro.", "urls": [ "https://www.b3.com.br/data/files/F8/32/66/B5/58043910B371F339AC094EA8/Manual%20de%20Apre%C3%A7amento%20-%20Op%C3%A7%C3%B5es%20v20_20241118.pdf" ] } ], "revision": "87f5f56fbc66bfe1", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "derivatives", "option-pricing", "volatility", "market-data" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/prioridade-de-ordens-e-execucoes-parciais", "locale": "pt-br", "title": "Prioridade de ordens e execuções parciais", "summary": "Como o mercado ordena e distribui as ordens, por que preço-tempo não é universal e como interpretar quantidade executada, saldo e preço médio dos fills.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/prioridade-de-ordens-e-execucoes-parciais/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Matching Algorithm Overview.", "urls": [ "https://www.cmegroup.com/education/matching-algorithm-overview" ] }, { "text": "CME Group, CME Globex Reference Guide.", "urls": [ "https://www.cmegroup.com/content/dam/cmegroup/globex/files/GlobexRefGd.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "European Securities and Markets Authority, MiFID II, Article 28.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-28-client-order-handling-rules" ] } ], "revision": "6e56152287f90cf3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "execution", "microstructure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/produto-interno-bruto-pib-e-contas-nacionais", "locale": "pt-br", "title": "PIB e contas nacionais", "summary": "O que o produto interno bruto mede, como produção, renda e despesa se reconciliam e por que valores reais, nominais e per capita respondem a perguntas diferentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/produto-interno-bruto-pib-e-contas-nacionais/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BEA, National Economic Accounts, documentação oficial — contas dos EUA para PIB, renda, gasto, poupança e medidas de preços relacionadas.", "urls": [ "https://www.bea.gov/products/national-economic-accounts" ] }, { "text": "Eurostat, National accounts, documentação oficial — dados europeus de contas nacionais e o arcabouço contábil que os sustenta.", "urls": [ "https://ec.europa.eu/eurostat/web/national-accounts" ] }, { "text": "IMF, System of National Accounts 2008, documentação oficial — conceitos, classificações e regras contábeis acordados internacionalmente.", "urls": [ "https://www.imf.org/external/pubs/ft/sna/2008/sna2008.pdf" ] } ], "revision": "9d95da61f0cb74e5", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/qe-qt-e-balanco-do-banco-central", "locale": "pt-br", "title": "QE, QT e balanço do banco central", "summary": "Compras, reinvestimentos, vencimentos, reservas e composição, distinguindo fluxos de estoques e atalhos sobre liquidez.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/qe-qt-e-balanco-do-banco-central/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Credit and Liquidity Programs and the Balance Sheet, documentação oficial — informações sobre ativos, passivos, linhas de liquidez e programas de crise do Fed.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/bst.htm" ] }, { "text": "ECB, Asset purchase programmes, documentação oficial — regras, carteiras, resgates e reinvestimentos dos programas de compra do Eurosistema.", "urls": [ "https://www.ecb.europa.eu/mopo/implement/app/html/index.en.html" ] }, { "text": "Bank of England, Quantitative easing, documentação oficial — explicação institucional das compras de ativos e de seus efeitos econômicos pretendidos.", "urls": [ "https://www.bankofengland.co.uk/monetary-policy/quantitative-easing" ] } ], "revision": "80acd522a8958ef3", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/qualidade-de-execucao", "locale": "pt-br", "title": "Qualidade de execução: preço, fill e velocidade", "summary": "Qualidade de execução compara o resultado real com benchmarks declarados: preço, spread efetivo, melhoria, velocidade, probabilidade e quantidade executada.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/qualidade-de-execucao/", "published": "2026-06-24", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Disclosure of Order Execution and Routing Practices.", "urls": [ "https://www.sec.gov/rules-regulations/2001/03/disclosure-order-execution-routing-practices" ] }, { "text": "ESMA — MiFID II, Article 27.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-27-obligation-execute-orders" ] } ], "revision": "0ba5e562eb9c861a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance", "data-validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "procedure", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/qualidade-dos-lucros-e-itens-nao-recorrentes", "locale": "pt-br", "title": "Qualidade dos lucros e itens não recorrentes", "summary": "A qualidade dos lucros avalia se o resultado vem da operação, converte-se em caixa e evita ajustes que dificultam sua interpretação.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/qualidade-dos-lucros-e-itens-nao-recorrentes/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "PCAOB — AS 2810: Evaluating Audit Results — Norma primária sobre avaliação do resultado da auditoria.", "urls": [ "https://pcaobus.org/oversight/standards/auditing-standards/details/AS2810" ] }, { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Orientação oficial sobre medidas ajustadas e conciliações.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Base para examinar o elo entre lucro e caixa.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "54b0587ac8eea8ed", "translation_state": "not-assessed", "kind": "concept", "entity_type": "financial-analysis-framework", "topics": [ "fundamental-analysis", "earnings-quality", "accruals", "non-gaap-measures" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/concetti/rating-default-recuperacao-e-loss-given-default", "locale": "pt-br", "title": "Rating, default, recuperação e loss given default", "summary": "Conecte rating, probabilidade de default, valor recuperado e perda sem transformar estimativas em certezas.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/rating-default-recuperacao-e-loss-given-default/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "e2fad0e0b0283473", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "default", "recovery", "expected-loss" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/rebalanceamento-da-carteira", "locale": "pt-br", "title": "Rebalanceamento da carteira", "summary": "Processo que compara pesos ou riscos efetivos com alvos e faixas e decide se e como negociar considerando custos, tributos, liquidez e governança.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/rebalanceamento-da-carteira/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Asset Allocation with Real-World Constraints — 2026 refresher reading — papel do rebalanceamento, restrições tributárias, liquidez e revisão da política.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/asset-allocation-with-real-world-constraints" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — alocação de ativos, faixas e rebalanceamento no processo geral.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "Investor.gov, Asset Allocation and Diversification — explicação oficial da deriva e do retorno à alocação.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Campbell R. Harvey, Michele G. Mazzoleni e Alessandro Melone, The Unintended Consequences of Rebalancing, NBER Working Paper 33554, revisão de 2026 — impacto e previsibilidade dos fluxos de rebalanceamento institucional na amostra estudada.", "urls": [ "https://doi.org/10.3386/w33554" ] }, { "text": "Karl Cuthbertson et al., What Does Rebalancing Really Achieve?, International Journal of Finance & Economics — limitações das afirmações sobre prêmio de rebalanceamento.", "urls": [ "https://doi.org/10.1002/ijfe.1545" ] } ], "revision": "aed6a006c9006edd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-rebalancing", "asset-allocation", "transaction-costs", "portfolio-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/reduce-only", "locale": "pt-br", "title": "Reduce-only: reduzir uma posição sem aumentá-la", "summary": "Reduce-only limita uma ordem para que ela apenas reduza uma posição. Não é stop nem garante o fechamento; rejeição, ajuste e cancelamento dependem do mercado.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/reduce-only/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase International Exchange — FIX Order Entry Messages.", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] }, { "text": "Coinbase International Exchange — Create Order.", "urls": [ "https://docs.cdp.coinbase.com/api-reference/international-exchange-api/rest-api/orders/create-order" ] }, { "text": "OKX API — Place Order e parâmetro reduceOnly.", "urls": [ "https://www.okx.com/docs-v5/" ] }, { "text": "OKX — Basic Order Types.", "urls": [ "https://www.okx.com/en-us/help/x-basic-order-types" ] } ], "revision": "f17624fccc8b6878", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "risk", "markets-instruments" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/rendimentos-de-titulos-ytm-current-yield-e-yield-to-call", "locale": "pt-br", "title": "Rendimentos de títulos: YTM, current yield e yield to call", "summary": "Current yield, yield to maturity e yield to call respondem a perguntas diferentes sobre renda, preço e prazo.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/rendimentos-de-titulos-ytm-current-yield-e-yield-to-call/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "c395f99bd6c5d46c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "bond-yield", "yield-to-maturity", "callable-bonds" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/retorno-da-carteira", "locale": "pt-br", "title": "Retorno da carteira", "summary": "Variação percentual do valor econômico de uma carteira em um intervalo definido, medida com convenções explícitas sobre proventos, fluxos externos, custos, moeda e capitalização.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/retorno-da-carteira/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — fonte oficial sobre retornos de período, capitalização, retorno logarítmico, TWR e MWR.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, instruções sobre retorno total — fonte regulatória primária sobre valor final, reinvestimento das distribuições, custos e taxa anual composta para fundos no escopo do formulário.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] }, { "text": "S&P Dow Jones Indices, Index Mathematics Methodology — metodologia oficial que distingue índice de preço, retorno total e retorno total líquido e documenta o reinvestimento de dividendos.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-index-math.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, How Fees and Expenses Affect Your Investment Portfolio — boletim oficial sobre o efeito composto de custos e despesas.", "urls": [ "https://www.sec.gov/file/ib_fees_expensespdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — fonte oficial sobre insumos, fluxos externos, avaliações e consistência das metodologias de desempenho.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] } ], "revision": "8c76bdbdd54d2a63", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-return", "total-return", "compounding", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/retorno-ponderado-pelo-dinheiro-mwr", "locale": "pt-br", "title": "Retorno ponderado pelo dinheiro (MWR)", "summary": "O money-weighted return mede o retorno vivido pelo capital ao considerar o valor e a data dos fluxos externos. Em geral, é calculado como uma taxa interna de retorno, que pode ter várias soluções ou nenhuma.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/retorno-ponderado-pelo-dinheiro-mwr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, 2020 GIPS Standards for Firms — padrão oficial para cálculo e apresentação do desempenho, inclusive nos casos em que retornos money-weighted são exigidos.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf" ] }, { "text": "CFA Institute, GIPS Standards Handbook for Firms — interpretações oficiais sobre fluxos externos, avaliações, TWR e MWR.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2021/04/gips-standards-handbook-firms.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — estrutura profissional para mensuração, avaliação e atribuição de desempenho.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "CFA Institute, Overview of the Global Investment Performance Standards — síntese oficial atual do escopo e dos objetivos do GIPS.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/overview-of-the-global-investment-performance-standards" ] }, { "text": "Microsoft Support, Função XIRR — documentação oficial do algoritmo XIRR, das datas irregulares, do valor inicial e dos possíveis erros de convergência.", "urls": [ "https://support.microsoft.com/en-us/office/xirr-function-de1242ec-6477-445b-b11b-a303ad9adc9d" ] } ], "revision": "1d7958b3c88f867d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "performance-measurement", "money-weighted-return", "internal-rate-of-return", "cash-flows", "portfolio-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/retorno-ponderado-pelo-tempo-twr", "locale": "pt-br", "title": "Retorno ponderado pelo tempo (TWR)", "summary": "Método que neutraliza o valor e o timing dos fluxos externos ao dividir a mensuração em subperíodos e encadear geometricamente seus retornos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/retorno-ponderado-pelo-tempo-twr/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, GIPS Standards Handbook for Firms — fonte oficial sobre true TWR, avaliações nos fluxos, encadeamento geométrico, Modified Dietz, compostos e diferença entre TWR e MWR.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — fonte oficial sobre medidas de retorno e comparação entre retorno ponderado pelo tempo e pelo dinheiro.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "Robert L. Hagin, Measuring Investment Performance: The Unit Approach, Financial Analysts Journal (1966) — fonte primária sobre método unitizado para comparar fundos com fluxos diferentes.", "urls": [ "https://doi.org/10.2469/faj.v22.n4.93" ] }, { "text": "Peter O. Dietz, Pension Fund Investment Performance—What Method to Use When, Financial Analysts Journal 22(1), 1966 — fonte histórica primária sobre métodos de mensuração com aportes e retiradas.", "urls": [ "https://www.jstor.org/stable/4469928" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — fonte oficial sobre papel, interpretação e limites da avaliação de desempenho.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "U.S. Securities and Exchange Commission, Form N-1A, instruções sobre retorno total — fonte regulatória primária sobre capitalização, reinvestimento e custos no escopo do formulário.", "urls": [ "https://www.sec.gov/files/form-n-1a.pdf" ] } ], "revision": "f4911bca13b9dd21", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "time-weighted-return", "portfolio-return", "external-cash-flows", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "performance", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/risco-agregado", "locale": "pt-br", "title": "Risco agregado", "summary": "Risco da carteira medido em perímetro, horizonte e métrica comuns, considerando pesos, dependências, não linearidades e concentrações.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-agregado/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee, Principles for effective risk data aggregation and risk reporting.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Basel Committee, Minimum capital requirements for market risk — MAR10.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Derivatives Use by Investment Companies.", "urls": [ "https://www.sec.gov/about/divisions-offices/division-economic-risk-analysis/staff-papers-analyses/11dec15_derivatives" ] } ], "revision": "4c2a736382bd28a9", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "portfolio-risk", "risk-aggregation", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/risco-da-corretora", "locale": "pt-br", "title": "Risco da corretora", "summary": "Exposição criada ao depender de um intermediário para acesso, roteamento, execução ou serviços da conta. Corretora, bolsa, custodiante, contraparte e CCP são papéis distintos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-da-corretora/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "CFTC, Futures Commission Merchants — Financial Data.", "urls": [ "https://www.cftc.gov/IndustryOversight/Intermediaries/FCMs/fcmib" ] }, { "text": "ESMA, MiFID II Article 4 — Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-4-definitions" ] }, { "text": "ESMA, MiFID II Article 16 — Organisational requirements.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii/article-16-organisational-requirements" ] }, { "text": "ESMA, EMIR Article 2 — Definitions.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-2-definitions-0" ] }, { "text": "IOSCO, Principles for Financial Benchmarks.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD436.pdf" ] }, { "text": "FINRA, BrokerCheck.", "urls": [ "https://brokercheck.finra.org/" ] }, { "text": "SIPC, What SIPC Protects.", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "8811d50eb90f4bce", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "intermediaries", "execution", "client-assets", "counterparty-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "due-diligence", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/risco-de-concentracao", "locale": "pt-br", "title": "Risco de concentração", "summary": "Vulnerabilidade criada quando exposições ou perdas potenciais são dominadas por poucos emissores, fatores, setores, estratégias, contrapartes ou canais de liquidez.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-de-concentracao/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee on Banking Supervision, LEX10 — Definitions and application — justificativa, perímetro e definições atuais do arcabouço prudencial de grandes exposições.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/10.htm" ] }, { "text": "Basel Committee on Banking Supervision, LEX20 — Requirements — limites e requisitos de reporte para bancos no escopo do arcabouço.", "urls": [ "https://www.bis.org/basel_framework/chapter/LEX/20.htm" ] }, { "text": "Basel Committee on Banking Supervision, SRP32 — Credit risk — formas de concentração, fatores comuns, políticas, mensuração e controle.", "urls": [ "https://www.bis.org/basel_framework/chapter/SRP/32.htm" ] }, { "text": "Basel Committee on Banking Supervision, Studies on credit risk concentration — Working Paper No 15 — distinção analítica entre concentração por nome e por setor e métodos de quantificação.", "urls": [ "https://www.bis.org/publ/bcbs_wp15.htm" ] }, { "text": "Office of the Comptroller of the Currency, Concentrations of Credit, Comptroller’s Handbook — identificação de grupos de exposição sensíveis ao mesmo desenvolvimento econômico ou financeiro.", "urls": [ "https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/concentrations-of-credit/index-concentrations-of-credit.html" ] } ], "revision": "19c5f1c2a8e53076", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "concentration-risk", "portfolio-risk", "risk-measurement", "diversification" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "portfolio", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/risco-de-contraparte", "locale": "pt-br", "title": "Risco de contraparte", "summary": "Risco de perda se a contraparte inadimplir antes do acerto final enquanto o contrato ou conjunto de netting tem valor positivo. Não é sinônimo de corretora ou bolsa.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-de-contraparte/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Counterparty credit risk — CRE51.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/51.htm" ] }, { "text": "Basel Committee, Standardised approach for counterparty credit risk — CRE52.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm" ] }, { "text": "Basel Committee, Counterparty credit risk: IMM — CRE54.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/54.htm" ] }, { "text": "Basel Committee, Credit risk mitigation — CRE36.", "urls": [ "https://www.bis.org/basel_framework/chapter/CRE/36.htm" ] }, { "text": "Federal Reserve, Interagency supervisory guidance on counterparty credit risk management.", "urls": [ "https://www.federalreserve.gov/frrs/guidance/interagency-supervisory-guidance-on-counterparty-credit-risk-management.htm" ] }, { "text": "ESMA, EMIR Article 11 — Risk-mitigation techniques for OTC derivatives.", "urls": [ "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/emir/article-11-risk-mitigation-techniques-otc-0" ] }, { "text": "CPMI-IOSCO, Principles for Financial Market Infrastructures.", "urls": [ "https://www.bis.org/cpmi/publ/d101.htm" ] } ], "revision": "edaf5a255aa90692", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "counterparty-risk", "credit-risk", "derivatives", "clearing-settlement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/risco-de-liquidez-de-financiamento", "locale": "pt-br", "title": "Risco de liquidez de financiamento", "summary": "Risco de não conseguir cumprir necessidades esperadas e inesperadas de caixa ou colateral sem comprometer a operação ou a condição financeira.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-de-liquidez-de-financiamento/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Principles for Sound Liquidity Risk Management and Supervision.", "urls": [ "https://www.bis.org/publ/bcbs144.htm" ] }, { "text": "European Central Bank, Market liquidity and funding liquidity risks.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "be8b2dcd4f7ca41c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "funding-liquidity", "liquidity-risk", "margin", "stress-testing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/risco-de-liquidez-de-mercado", "locale": "pt-br", "title": "Risco de liquidez de mercado", "summary": "Risco de não conseguir executar a quantidade desejada no tempo e custo esperados. Depende do tamanho da ordem, local, urgência e estado do mercado.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-de-liquidez-de-mercado/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Market Liquidity: Research Findings and Selected Policy Implications — Overview.", "urls": [ "https://www.bis.org/publ/cgfs11overview.pdf" ] }, { "text": "BIS, Market liquidity: research findings and selected policy implications.", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "European Central Bank, Market liquidity and funding liquidity risks.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202305_01~830184261b.en.html" ] } ], "revision": "5074c9ea19b3b0f2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-liquidity", "execution", "slippage", "market-impact" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/risco-de-modelo", "locale": "pt-br", "title": "Risco de modelo", "summary": "Possibilidade de consequências adversas por decisões baseadas em um modelo. Pode nascer de dados, hipóteses, desenvolvimento, implementação, uso ou governança.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-de-modelo/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, SR 26-2: Guidance on Model Risk Management.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Federal Reserve, Attachment to SR 26-2.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602a1.pdf" ] } ], "revision": "1a67dadbc7c5ae9d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "model-risk", "model-validation", "governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/risco-de-ruina", "locale": "pt-br", "title": "Risco de ruína", "summary": "Probabilidade de o capital atingir uma fronteira de ruína definida dentro de um horizonte. Exige modelo de resultados, dimensionamento da posição, custos, dependências e limite explícito.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-de-ruina/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "J. L. Kelly Jr., A New Interpretation of Information Rate, 1956.", "urls": [ "https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" ] }, { "text": "NIST, Gambler's Ruin Distribution.", "urls": [ "https://itl.nist.gov/div898/software/dataplot/refman2/auxillar/lospdf.htm" ] }, { "text": "Robert E. Machol e Eugene M. Lerner, Risk, Ruin and Investment Analysis, 1969.", "urls": [ "https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/abs/risk-ruin-and-investment-analysis/4944499167D2D79D51B023003CD4B78A" ] }, { "text": "U.S. Securities and Exchange Commission, Margin: Borrowing Money to Pay for Stocks.", "urls": [ "https://www.sec.gov/about/reports-publications/investorpubsmarginhtm" ] }, { "text": "FINRA, Know What Triggers a Margin Call.", "urls": [ "https://www.finra.org/investors/insights/margin-calls" ] } ], "revision": "3cff293a2e40f6c4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "probability", "capital-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/concetti/risco-operacional", "locale": "pt-br", "title": "Risco operacional", "summary": "Risco decorrente de processos, pessoas, sistemas ou eventos externos inadequados ou falhos. Resiliência busca manter ou restaurar operações críticas durante perturbações.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-operacional/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Operational risk — OPE10.", "urls": [ "https://www.bis.org/basel_framework/chapter/OPE/10.htm" ] }, { "text": "Basel Committee, Principles for operational resilience.", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee, Revisions to the principles for sound management of operational risk.", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA, Rule 4370 — Business Continuity Plans and Emergency Contact Information.", "urls": [ "https://www.finra.org/rules-guidance/rulebooks/finra-rules/4370" ] }, { "text": "IOSCO, Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD522.pdf" ] }, { "text": "IOSCO, Cyber Security in Securities Markets.", "urls": [ "https://www.iosco.org/library/pubdocs/pdf/IOSCOPD523.pdf" ] } ], "revision": "cd99a10ce0e24819", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "operational-risk", "operational-resilience", "business-continuity" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/risco-por-operacao", "locale": "pt-br", "title": "Risco por operação", "summary": "Perda planejada entre entrada e saída de invalidação, também expressa como 1R. Gap, slippage e custos podem fazer a perda real superar esse valor.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/risco-por-operacao/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Proper Position Size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "U.S. Securities and Exchange Commission, Trading Basics, pp. 2–3.", "urls": [ "https://www.investor.gov/sites/default/files/trading101basics.pdf" ] }, { "text": "FINRA, Brokerage Accounts.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "eb3a8cb5dbda0f5d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "position-sizing" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk_first", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/concetti/robustez", "locale": "pt-br", "title": "Robustez", "summary": "Estabilidade de uma estratégia diante de premissas plausíveis sobre dados, parâmetros, execução e regimes: bateria diagnóstica, não prova de validade.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/robustez/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Robert D. Arnott, Campbell R. Harvey e Harry Markowitz, A Backtesting Protocol in the Era of Machine Learning — protocolo, seleção e stress das conclusões financeiras.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275654" ] }, { "text": "Halbert White, A Reality Check for Data Snooping, Econometrica, 2000 — comparação com benchmark após pesquisa em vários modelos.", "urls": [ "https://doi.org/10.1111/1468-0262.00152" ] }, { "text": "David H. Bailey et al., The Probability of Backtest Overfitting — fragilidade da configuração selecionada e avaliação fora da amostra.", "urls": [ "https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2326253" ] }, { "text": "André F. Perold, The Implementation Shortfall: Paper Versus Reality, 1988 — distância entre carteira teórica e resultado realizável por execução.", "urls": [ "https://doi.org/10.3905/jpm.1988.409150" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2 — Revised Guidance on Model Risk Management, 2026 — governança, validação, limites e monitoramento do risco de modelo em seu âmbito de supervisão.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "6f6e45b3fa9551f4", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "robustness", "sensitivity-analysis", "stress-testing", "model-risk", "systematic-trading" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/rolagem-de-futuros", "locale": "pt-br", "title": "Rolagem de futuros: mecânica, vencimento e custos", "summary": "A rolagem encerra uma posição em um vencimento e abre outra. A exposição só é mantida se direção, quantidade, multiplicador e risco forem recalibrados; spread, execução e roll yield são distintos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/rolagem-de-futuros/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — Roll-Over — deslocamento de uma posição próxima para mês posterior.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, rollover e settlement.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Rolling an Equity Position Using Spreads — troca de vencimento por spread.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/rolling-an-equity-position-using-spreads" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — impacto de rolagens repetidas.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — curva, roll yield e divergência do spot.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "Campbell & Company (white paper hospedado pelo CME Group), Deconstructing Futures Returns: The Role of Roll Yield — séries, ajuste e decomposição.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] } ], "revision": "33cec801b5306e72", "translation_state": "not-assessed", "kind": "concept", "entity_type": "process", "topics": [ "markets-instruments", "derivatives", "execution", "term-structure", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/roll-yield", "locale": "pt-br", "title": "Roll yield: retorno, curva e convenções de medida", "summary": "Roll yield descreve a parcela do retorno de uma exposição a futuros ligada à estrutura de vencimentos e à convergência, segundo metodologia declarada. Não é comissão nem simples diferença no roll.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/roll-yield/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Campbell & Company (white paper hospedado pelo CME Group), Deconstructing Futures Returns: The Role of Roll Yield — roll adjustment, séries joined/spliced e decomposição entre base e roll yield.", "urls": [ "https://www.cmegroup.com/education/files/deconstructing-futures-returns-the-role-of-roll-yield.pdf" ] }, { "text": "U.S. Commodity Futures Trading Commission, Customer Advisory: Learn About Risks Before Investing in Commodity ETPs or Funds — rolagens repetidas e diferença para spot.", "urls": [ "https://www.cftc.gov/sites/default/files/2020-05/20200520_CustomerAdvisory_ETPs_FINAL%20V508%20%284%29.pdf" ] }, { "text": "FINRA, Regulatory Notice 10-51 — contango, backwardation e limites de inferência.", "urls": [ "https://www.finra.org/rules-guidance/notices/10-51" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — base, contango, backwardation, convergência e roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — duas pernas e escolha da série.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "S&P Dow Jones Indices, S&P GSCI Methodology — exemplo de seleção, pesos e rolagem de índice de commodities.", "urls": [ "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-gsci.pdf" ] } ], "revision": "449260b271ddd608", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "derivatives", "term-structure", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/sinal-de-trading-sistematico", "locale": "pt-br", "title": "Sinal de trading sistemático", "summary": "Informação transformada em decisão mensurável, distinta de previsão, posição e ordem, com timestamp, estado e mapeamento explícitos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/sinal-de-trading-sistematico/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — distinção entre funções decisórias e executivas dos algoritmos e seus riscos.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — validação, benchmark, monitoramento e documentação de modelos de investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Tilmann Gneiting e Adrian E. Raftery, Strictly Proper Scoring Rules, Prediction, and Estimation — princípios para avaliar previsões probabilísticas em relação à quantidade prevista.", "urls": [ "https://doi.org/10.1198/016214506000001437" ] }, { "text": "Narasimhan Jegadeesh e Sheridan Titman, Returns to Buying Winners and Selling Losers — exemplo acadêmico de sinal de ranking cross-sectional em desenho específico.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1993.tb04702.x" ] } ], "revision": "c512296fe562dfcd", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "signal-generation", "forecasting", "portfolio-construction" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/slippage", "locale": "pt-br", "title": "Slippage: desvio entre benchmark e preço executado", "summary": "Slippage é a diferença entre um preço de referência declarado e o preço efetivo da execução. Pode ser favorável ou desfavorável e não é igual a spread ou impacto.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/slippage/", "published": "2026-06-23", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Executing an Order.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/executing-order" ] }, { "text": "SEC, Investor.gov — Understanding Order Types.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-14" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "CME Group — The Market Environment for Trend Following.", "urls": [ "https://www.cmegroup.com/education/files/ac-the-market-environment-for-trendfollowing-sep19.pdf" ] } ], "revision": "42523736a3f785a2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/smile-skew-e-superficie-de-volatilidade", "locale": "pt-br", "title": "Smile, skew e superfície de volatilidade implícita", "summary": "A superfície organiza volatilidades implícitas por strike e vencimento. Smile e skew descrevem curvatura e assimetria de suas seções sob coordenadas, modelo, timestamp e cotações declarados.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/smile-skew-e-superficie-de-volatilidade/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV entre strikes e relação put-call.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Learn about Convexity — smile, skew e curvatura.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-cvol/learn-about-convexity" ] }, { "text": "Options Industry Council, Understanding Volatility and Options Skew — delta, term structure e skew.", "urls": [ "https://www.optionseducation.org/news/april-webinar-key-takeaways-understanding-volatility-and-options-skew" ] }, { "text": "Cboe, The Cboe SKEW Index — metodologia da curva de IV do SPX.", "urls": [ "https://cdn.cboe.com/resources/indices/documents/SKEWwhitepaperjan2011.pdf" ] }, { "text": "Cboe, S&P 500 SMILE Index Methodology — convenções públicas sobre put, call e delta.", "urls": [ "https://cdn.cboe.com/api/global/us_indices/governance/SMILE_Methodology.pdf" ] }, { "text": "Cboe, The S&P 500 Spot Volatility Index — medidas sobre partes específicas da superfície.", "urls": [ "https://www.cboe.com/us/indices/spotvol-and-ltv-indices/" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973 — modelo clássico e replicação.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — características e riscos contratuais.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "a2b7778bf6d5ceee", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "implied-volatility", "volatility-surface", "derivatives" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/spread-bid-ask", "locale": "pt-br", "title": "Spread bid-ask: cotado, efetivo e realizado", "summary": "O spread bid-ask é a diferença entre melhor ask e melhor bid no mesmo mercado e instante. Spread cotado, efetivo e realizado medem aspectos diferentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/spread-bid-ask/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "SEC, Investor.gov — Bid Price/Ask Price.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/ask-price" ] }, { "text": "SEC — Frequently Asked Questions: Rule 605 of Regulation NMS.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-rule-605-regulation-nms" ] }, { "text": "SEC — Release No. 34-43590.", "urls": [ "https://www.sec.gov/files/rules/final/34-43590.htm" ] }, { "text": "BIS — Structural Aspects of Market Liquidity.", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] } ], "revision": "604d0b4c80787f0d", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "execution", "microstructure", "performance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/spread-de-credito-e-cs01", "locale": "pt-br", "title": "Spread de crédito e CS01", "summary": "O spread compara o rendimento a uma referência; o CS01 estima a mudança de valor por um basis point de spread.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/spread-de-credito-e-cs01/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "Basel Committee — Basel III: Finalising post-crisis reforms", "urls": [ "https://www.bis.org/bcbs/publ/d424.htm" ] } ], "revision": "cfa549a37469aa93", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "credit-risk", "credit-spread", "cs01", "spread-duration" ], "asset_classes": [ "fixed-income", "credit" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/suspensao-da-estrategia", "locale": "pt-br", "title": "Monitoramento e suspensão da estratégia", "summary": "Governança contínua de dados, operações, execução e modelo: alertas, diagnóstico, escalonamento, kill switch, rollback, suspensão e reativação.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/suspensao-da-estrategia/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners, 2024 — validação proativa, monitoramento e confiabilidade dos modelos de investimento.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Board of Governors of the Federal Reserve System, SR 26-2: Model Risk Management, 2026 — governança, validação, limites de uso e monitoramento; aplica-se às organizações bancárias em seu âmbito e é citado aqui apenas como referência de governança.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "Comissão Europeia, Regulamento Delegado (UE) 2017/589, RTS 6 — controles, testes, limites e funcionalidades operacionais no âmbito da UE ao qual se aplica.", "urls": [ "https://eur-lex.europa.eu/eli/reg_del/2017/589/oj" ] }, { "text": "European Securities and Markets Authority, Supervisory Briefing on Algorithmic Trading in the EU, 2026 — governança, testes, outsourcing e controles pré-trade; briefing de supervisão não vinculante em seu âmbito.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] }, { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets, 2020 — automação, riscos operacionais e interação dos algoritmos com a estrutura de mercado dos Estados Unidos.", "urls": [ "https://www.sec.gov/file/staff-report-algorithmic-trading-us-capital-markets" ] } ], "revision": "ee5a4da5b15c3f5f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "strategy-monitoring", "suspension", "incident-management", "model-deterioration", "regime-shift", "algorithmic-controls" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "risk-control", "path_tier": "gold", "path_module": "regimes", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/tamanho-da-amostra", "locale": "pt-br", "title": "Tamanho da amostra", "summary": "Dimensão e informação efetiva da amostra no trading: dependência, precisão das métricas, regimes e representatividade sem limiares universais.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/tamanho-da-amostra/", "published": "2026-06-24", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios, Financial Analysts Journal, 2002 — autocorrelação, distribuição e inferência do Sharpe ratio.", "urls": [ "https://doi.org/10.2469/faj.v58.n4.2453" ] }, { "text": "David H. Bailey e Marcos López de Prado, The Sharpe Ratio Efficient Frontier, Journal of Risk, 2012 — duração do histórico, confiança e características distributivas.", "urls": [ "https://doi.org/10.21314/JOR.2012.255" ] }, { "text": "Campbell R. Harvey, Yan Liu e Heqing Zhu, …and the Cross-Section of Expected Returns, The Review of Financial Studies, 2016 — quantidade de testes e limiares de evidência na seleção financeira.", "urls": [ "https://doi.org/10.1093/rfs/hhv059" ] }, { "text": "Francis X. Diebold e Roberto S. Mariano, Comparing Predictive Accuracy, Journal of Business & Economic Statistics, 1995 — comparação entre erros preditivos com estrutura temporal.", "urls": [ "https://doi.org/10.1080/07350015.1995.10524599" ] }, { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review, 2000 — múltiplas amostras de teste, rolling origin e representatividade temporal.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] } ], "revision": "464458b142c091f2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "sample-size", "effective-sample-size", "statistical-uncertainty", "dependence", "performance-estimation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "explanation", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/taxa-basica-de-juros-e-orientacao-monetaria", "locale": "pt-br", "title": "Taxa básica de juros e orientação monetária", "summary": "Da meta às taxas administradas e de mercado: nível nominal, distância do neutro e trajetória esperada definem a orientação.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/taxa-basica-de-juros-e-orientacao-monetaria/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve, Policy implementation, documentação oficial — princípios, planos e comunicações do FOMC para normalizar juros e balanço.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/policy-normalization.htm" ] }, { "text": "ECB, Key ECB interest rates, documentação oficial — taxas atuais e históricas de depósito, refinanciamento e empréstimo marginal.", "urls": [ "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html" ] }, { "text": "BIS, Central bank policy rates, documentação oficial — base internacional de taxas básicas dos bancos centrais com seus metadados.", "urls": [ "https://www.bis.org/statistics/cbpol.htm" ] } ], "revision": "549d86fa57ec6945", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/teste-de-estresse", "locale": "pt-br", "title": "Teste de estresse", "summary": "Avaliação dos efeitos de condições adversas declaradas sobre um perímetro e horizonte definidos. Pode usar sensibilidades, cenários históricos, hipotéticos ou reversos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/teste-de-estresse/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Stress testing principles.", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee, Supervisory review process — Stress testing, RMA30.", "urls": [ "https://www.bis.org/basel_consolidated_guidelines/chapter/RMA/30.htm" ] }, { "text": "Basel Committee, Supervisory and bank stress testing: range of practices.", "urls": [ "https://www.bis.org/bcbs/publ/d427.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Use of Derivatives by Registered Investment Companies.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] } ], "revision": "1d3d3ed08aa99d8f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "stress-testing", "scenario-analysis", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/theta-de-opcoes", "locale": "pt-br", "title": "Theta de opções", "summary": "O theta mede a variação local do valor de uma opção com a passagem do tempo, mantendo fixos os outros inputs. Sinal, escala e calendário dependem da convenção.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/theta-de-opcoes/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Theta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/theta" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "Cboe, Options Calculator — outputs teóricos por modelo e inputs.", "urls": [ "https://www.cboe.com/education/tools/options-calculator/" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, 1973.", "urls": [ "https://doi.org/10.1086/260062" ] } ], "revision": "d2f9f0718c7224f7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "derivatives", "time-sensitivity" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/titulos-callable-puttable-e-risco-de-pre-pagamento", "locale": "pt-br", "title": "Títulos callable, puttable e risco de pré-pagamento", "summary": "Call, put e pré-pagamento alteram fluxos, rendimento e sensibilidade: incentivos, cenários e riscos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/titulos-callable-puttable-e-risco-de-pre-pagamento/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Callable Bonds: Understanding the Basics", "urls": [ "https://www.finra.org/investors/insights/callable-bonds-understanding-basics" ] }, { "text": "Investor.gov — Bonds or Fixed Income Products", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "FINRA — Bonds", "urls": [ "https://www.finra.org/investors/investing/investment-products/bonds" ] } ], "revision": "1cafd07ce2a5c342", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "embedded-options", "callable-bonds", "prepayment", "convexity" ], "asset_classes": [ "fixed-income", "credit", "mortgages" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/titulos-de-divida", "locale": "pt-br", "title": "Títulos de dívida (bonds)", "summary": "Um título de dívida representa capital emprestado a um emissor sob regras de juros, pagamento e vencimento. Preço, cupom e rendimento são grandezas diferentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/titulos-de-divida/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Investor.gov, Bonds — FAQs.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products/bonds" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, Fixed Income Investments — When Interest Rates Go Up, Prices of Fixed-Rate Bonds Fall.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-86" ] }, { "text": "U.S. Securities and Exchange Commission, Investor.gov, What Are Corporate Bonds?.", "urls": [ "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/what-are" ] }, { "text": "Banca d'Italia, L'economia per tutti, Obbligazioni.", "urls": [ "https://economiapertutti.bancaditalia.it/aree-tematiche/risparmio-e-investimenti/le-obbligazioni/" ] }, { "text": "Banca d'Italia, Glossario delle tipologie di strumenti finanziari.", "urls": [ "https://www.bancaditalia.it/compiti/stabilita-finanziaria/potere-intervento/potere-glossario/index.html" ] } ], "revision": "d8059639effcee4f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "instrument", "topics": [ "markets-instruments", "fundamental", "macro", "risk" ], "asset_classes": [ "fixed-income" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/titulos-de-taxa-flutuante-e-indexados-a-inflacao", "locale": "pt-br", "title": "Títulos de taxa flutuante e indexados à inflação", "summary": "FRNs e títulos de inflação ajustam cupom ou principal por índices distintos, com lags, spreads e riscos residuais.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/titulos-de-taxa-flutuante-e-indexados-a-inflacao/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "TreasuryDirect — Floating Rate Notes", "urls": [ "https://treasurydirect.gov/marketable-securities/floating-rate-notes/" ] }, { "text": "TreasuryDirect — Treasury Inflation-Protected Securities", "urls": [ "https://www.treasurydirect.gov/marketable-securities/tips/" ] }, { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] } ], "revision": "e8a2c141bff50019", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "fixed-income", "floating-rate", "inflation-linked", "tips", "basis-risk" ], "asset_classes": [ "fixed-income", "rates", "inflation" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "gold", "path_module": "fixed-income-credit", "lenses": [ "all" ], "pillar": "concept", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/concetti/tracking-error", "locale": "pt-br", "title": "Tracking error", "summary": "Desvio-padrão do retorno ativo em relação a um benchmark, estimado ex post ou modelado ex ante com definições e bases comparáveis.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/tracking-error/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute, Investment Risk and Performance — definição de active risk, comparação com índice de informação, alfa, beta e Sharpe.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/code/gips/case-study-risk-adjusted-performance-measures.pdf" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, risco relativo, atribuição e avaliação.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "Jeffery V. Bailey, Evaluating Benchmark Quality, Financial Analysts Journal (1992) — qualidade do benchmark e implicações para retorno ativo e risco.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/1992/faj-v48-n3-33" ] }, { "text": "GIPS Standards, Guidance Statement on Benchmarks, revisão de 2023 — escolha, apresentação e divulgação do benchmark.", "urls": [ "https://www.gipsstandards.org/wp-content/uploads/2023/08/gs_benchmarks_firms.pdf" ] }, { "text": "Andrew W. Lo, The Statistics of Sharpe Ratios — autocorrelação e limites das regras de anualização baseadas na raiz do tempo.", "urls": [ "https://rpc.cfainstitute.org/research/financial-analysts-journal/2002/the-statistics-of-sharpe-ratios" ] } ], "revision": "6948ac02f63043a7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "tracking-error", "active-risk", "benchmark-relative-risk", "performance-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/concetti/trading-quantitativo", "locale": "pt-br", "title": "Trading quantitativo e trading sistemático", "summary": "Diferenças entre decisões sistemáticas, pesquisa quantitativa, algoritmos e execução automática, com a cadeia completa entre modelo e controle.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/trading-quantitativo/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Staff Report on Algorithmic Trading in U.S. Capital Markets — descrição institucional das formas, dos usos e dos efeitos do trading algorítmico.", "urls": [ "https://www.sec.gov/files/marketstructure/research/algo_trading_report_2020.pdf" ] }, { "text": "Joseph Simonian, CFA Institute Research Foundation, Investment Model Validation: A Guide for Practitioners — ciclo de validação de modelos de investimento e principais técnicas.", "urls": [ "https://rpc.cfainstitute.org/research/foundation/2024/investment-model-validation" ] }, { "text": "Federal Reserve, SR 26-2 — Revised Guidance on Model Risk Management — orientação bancária atual sobre desenvolvimento, uso, validação e governança; os princípios são citados por analogia, não como obrigação universal.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] }, { "text": "National Futures Association, Interpretive Notice 9025 — Hypothetical Results — limites e divulgações de resultados hipotéticos em seu âmbito regulatório nos Estados Unidos.", "urls": [ "https://www.nfa.futures.org/rulebooksql/rules.aspx?RuleID=9025&Section=9" ] } ], "revision": "850a6ef5e25e7f12", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "quantitative-trading", "systematic-trading", "algorithmic-trading", "research-process" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/transmissao-da-politica-monetaria", "locale": "pt-br", "title": "Transmissão da política monetária", "summary": "Canais de juros e balanço do banco central para mercado monetário, crédito, câmbio, demanda, emprego e preços.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/transmissao-da-politica-monetaria/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "ECB, Transmission mechanism, documentação oficial — canais entre juros oficiais, mercado monetário, expectativas, crédito, demanda e preços.", "urls": [ "https://www.ecb.europa.eu/mopo/intro/transmission/html/index.en.html" ] }, { "text": "Federal Reserve, Monetary Policy Report, documentação oficial — relatório semestral ao Congresso sobre política monetária, conjuntura e perspectivas econômicas.", "urls": [ "https://www.federalreserve.gov/monetarypolicy/mpr_default.htm" ] }, { "text": "BIS, Monetary policy, documentação oficial — pesquisa institucional sobre arcabouços, instrumentos e transmissão monetária entre economias.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "4c7f271d93b59ada", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/transmissao-macro-entre-acoes-titulos-moedas-e-commodities", "locale": "pt-br", "title": "Transmissão macro entre ações, títulos, moedas e commodities", "summary": "Mapa condicional de como crescimento, inflação, juros e liquidez alcançam lucros, curvas, câmbio e mercados físicos.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/transmissao-macro-entre-acoes-titulos-moedas-e-commodities/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "BIS, Annual Economic Report, documentação oficial — análise das interações entre economia mundial, sistema financeiro e regimes de política.", "urls": [ "https://www.bis.org/publ/arpdf/ar2025e.htm" ] }, { "text": "IMF, Global Financial Stability Report, documentação oficial — avaliação de mercados globais, vulnerabilidades sistêmicas e financiamento emergente.", "urls": [ "https://www.imf.org/en/Publications/GFSR" ] }, { "text": "ECB, Financial Stability Review, documentação oficial — evidências semestrais sobre vulnerabilidades financeiras e riscos sistêmicos da área do euro.", "urls": [ "https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html" ] } ], "revision": "91b1d26b33ed60a0", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "concetto", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/concetti/twap", "locale": "pt-br", "title": "TWAP: benchmark temporal e algoritmo de execução", "summary": "TWAP pode ser uma média temporal usada como benchmark ou um algoritmo que divide uma ordem parent no tempo. O nome não garante fill, preço ou menor impacto.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/twap/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Coinbase Help, Advanced Trade order types — TWAP orders.", "urls": [ "https://help.coinbase.com/en-in/coinbase/trading-and-funding/advanced-trade/order-types" ] }, { "text": "Coinbase Developer Documentation, Prime — Order Types.", "urls": [ "https://docs.cdp.coinbase.com/prime/concepts/trading/order-types" ] }, { "text": "EUR-Lex, Diretiva 2014/65/UE, artigo 4(1)(39).", "urls": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20240109" ] }, { "text": "ESMA, Supervisory Briefing on Algorithmic Trading in the EU.", "urls": [ "https://www.esma.europa.eu/document/supervisory-briefing-algorithmic-trading-eu" ] } ], "revision": "99d3d04c309828d8", "translation_state": "not-assessed", "kind": "concept", "entity_type": "strategy", "topics": [ "execution", "microstructure", "systematic", "performance", "risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/validacao-de-series-temporais-e-walk-forward", "locale": "pt-br", "title": "Validação de séries temporais e walk-forward", "summary": "Desenhos cronológicos rolling e expanding para separar desenvolvimento e avaliação, respeitando dependência, horizonte informativo e sequência real das decisões.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/validacao-de-series-temporais-e-walk-forward/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Leonard J. Tashman, Out-of-sample tests of forecasting accuracy: an analysis and review — taxonomia e motivação das avaliações rolling-origin fora da amostra.", "urls": [ "https://doi.org/10.1016/S0169-2070(00)00065-0" ] }, { "text": "Christoph Bergmeir, Rob J. Hyndman e Bonsoo Koo, A note on the validity of cross-validation for evaluating autoregressive time series prediction — condições precisas para validade do k-fold em modelos autorregressivos.", "urls": [ "https://doi.org/10.1016/j.csda.2017.11.003" ] }, { "text": "Jeffrey S. Racine, Consistent cross-validatory model-selection for dependent data: hv-block cross-validation — separação em blocos para dados dependentes, sujeita às hipóteses e discussões metodológicas posteriores.", "urls": [ "https://doi.org/10.1016/S0304-4076(00)00030-0" ] }, { "text": "Marcos López de Prado, Advances in Financial Machine Learning — índice oficial Wiley — referência autorial para purging e embargo; não é apresentada como consenso universal ou paper original peer-reviewed.", "urls": [ "https://catalogimages.wiley.com/images/db/pdf/9781119482086.toc.pdf" ] } ], "revision": "e3d1c10832131a4c", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "time-series-validation", "walk-forward", "cross-validation", "out-of-sample" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/validade-da-ordem", "locale": "pt-br", "title": "Validade da ordem: DAY, GTC, IOC, FOK e AON", "summary": "O time in force define por quanto tempo uma ordem permanece válida e como tratar a quantidade não executada. DAY, GTC, IOC, FOK e AON têm funções diferentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/validade-da-ordem/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "FINRA — Trading Terms: Time Parameters and Qualifiers on Stock Orders.", "urls": [ "https://www.finra.org/investors/insights/time-parameters-qualifiers-stock-orders" ] }, { "text": "CME Group — Time In Force Definitions.", "urls": [ "https://www.cmegroup.com/tools-information/webhelp/cmeone-firmsoft/Content/TimeInForceDefinitions.html" ] }, { "text": "CME Group — Glossary: AON, FAK e FOK.", "urls": [ "https://www.cmegroup.com/education/glossary" ] }, { "text": "Coinbase Exchange — Create a New Order.", "urls": [ "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order" ] }, { "text": "Coinbase International Exchange — FIX Order Entry Messages.", "urls": [ "https://docs.cdp.coinbase.com/international-exchange/fix-api/order-entry-messages" ] } ], "revision": "dda618dd2bc82ec2", "translation_state": "not-assessed", "kind": "concept", "entity_type": "order", "topics": [ "execution", "microstructure" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/valor-nocional", "locale": "pt-br", "title": "Valor nocional", "summary": "Valor de referência de uma posição ou contrato. Mede a escala da exposição, mas não equivale a margem, prêmio, P&L, capital em risco ou perda máxima.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/valor-nocional/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, About Contract Notional Value.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group, Performance Bonds/Margins FAQ.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "CFTC, Futures Glossary — Notional Principal.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "CFTC, Over-the-Counter Derivatives Concept Release.", "urls": [ "https://www.cftc.gov/foia/fedreg98/foi980512a.htm" ] }, { "text": "SEC, Use of Derivatives by Registered Investment Companies and Business Development Companies.", "urls": [ "https://www.sec.gov/dera/staff-papers/white-papers/derivatives12-2015.pdf" ] }, { "text": "CME Group, Options Delta — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks" ] }, { "text": "Bybit, FAQ: Profit and Loss Calculation.", "urls": [ "https://www.bybit.com/en/help-center/article/FAQ-Profit-Loss-Calculation" ] }, { "text": "Bybit, Funding Fee Calculation.", "urls": [ "https://www.bybit.com/en/help-center/article/Funding-fee-calculation" ] }, { "text": "CME Group, Fee Schedule, 29 June 2026.", "urls": [ "https://www.cmegroup.com/company/files/cme-fee-schedule-2026-06-29.pdf" ] }, { "text": "Bybit, Inverse Contract Position Value.", "urls": [ "https://www.bybit.com/en/help-center/article?id=000001584" ] } ], "revision": "75f8fde6fc56a98a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "market-exposure", "derivatives", "leverage", "risk-management" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "bronze", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/concetti/value-at-risk-var", "locale": "pt-br", "title": "VaR (Value at Risk)", "summary": "Quantil da distribuição estimada de perdas, definido por perímetro, horizonte e confiança. Não é perda máxima e não mostra a gravidade dos resultados além do limite.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/value-at-risk-var/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee, Minimum capital requirements for market risk — MAR10.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Committee, Market risk — Internal models approach, MAR32.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/32.htm" ] }, { "text": "Basel Committee, Explanatory note on the revised market risk framework.", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "U.S. Securities and Exchange Commission, Use of Derivatives by Registered Investment Companies.", "urls": [ "https://www.sec.gov/files/rules/final/2020/ic-34084.pdf" ] }, { "text": "Philippe Artzner et al., Coherent Measures of Risk.", "urls": [ "https://doi.org/10.1111/1467-9965.00068" ] } ], "revision": "ea8538354b5f54eb", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "market-risk", "risk-measurement", "value-at-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/concetti/vega-de-opcoes", "locale": "pt-br", "title": "Vega de opções", "summary": "O vega mede a variação local do valor de uma opção diante da volatilidade implícita usada pelo modelo. Escala, superfície, vencimento e sinal fazem parte da medida.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/vega-de-opcoes/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, Options Vega — The Greeks.", "urls": [ "https://www.cmegroup.com/education/courses/option-greeks/options-vega-the-greeks" ] }, { "text": "Cboe, SR-CBOE-2019-126 — convenção para um ponto percentual de volatilidade.", "urls": [ "https://cdn.cboe.com/resources/regulation/rule_filings/approved/2019/SR-CBOE-2019-126.pdf" ] }, { "text": "Basel Committee on Banking Supervision, MAR21 — Standardised approach: sensitivities-based method — fatores e agregação do vega.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "Cboe Options Institute, Learning the Greeks: An Expert's Perspective.", "urls": [ "https://www.cboe.com/insights/posts/learning-the-greeks-an-experts-perspective" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "c413b16c65455f90", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "risk-management", "options", "volatility", "nonlinear-risk" ], "asset_classes": [ "multi-asset", "options" ], "audience": [ "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "gold", "path_module": "risk", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/vencimento-e-liquidacao-de-futuros", "locale": "pt-br", "title": "Vencimento e liquidação de futuros", "summary": "O vencimento de um futuro é um calendário de eventos contratuais, não uma data universal. Offset, rolagem, cash settlement e entrega física geram obrigações diferentes.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/vencimento-e-liquidacao-de-futuros/", "published": "2026-08-07", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, Basics of Futures Trading — liquidação antes da entrega, obrigações e cash settlement.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, Futures Glossary — cash settlement, physical delivery, first notice day, offset e roll-over.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "U.S. Commodity Futures Trading Commission, The Economic Purpose of Futures Contracts — offset por clearing, termos padronizados e função da entrega.", "urls": [ "https://www.cftc.gov/LearnAndProtect/EducationCenter/economicpurpose" ] }, { "text": "CME Group, Mark-to-Market — preço diário e fluxos de variação.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/mark-to-market" ] }, { "text": "CME Group, Understanding Futures Expiration & Contract Roll — offset, rolagem e settlement.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/understanding-futures-expiration-contract-roll" ] }, { "text": "CME Group, Cash Settlement vs. Physical Delivery — liquidação diária, final, entrega e formação do preço final.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/agriculture-cash-settlement-vs-physical-delivery" ] }, { "text": "CME Group, What is Equity Index Basis? — preço futuro, spot, carry e convergência.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-equity-index-products/what-is-equity-index-basis" ] }, { "text": "U.S. Commodity Futures Trading Commission, Policy Statement on Price Differentials — pontos, qualidades e diferenciais de entrega.", "urls": [ "https://www.cftc.gov/IndustryOversight/ContractsProducts/EconomicRequirements/differential.html" ] } ], "revision": "db1e8cb2a279f46a", "translation_state": "not-assessed", "kind": "concept", "entity_type": "mechanism", "topics": [ "markets-instruments", "derivatives", "post-trade", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/mercados-e-instrumentos" }, { "key": "pt-br/concetti/venda-a-descoberto", "locale": "pt-br", "title": "Venda a descoberto", "summary": "Na venda a descoberto de ações, títulos emprestados são vendidos e depois recomprados para devolução. Há risco de alta, margem, aluguel, recall e regras locais.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/venda-a-descoberto/", "published": "2026-08-03", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission, Key Points About Regulation SHO.", "urls": [ "https://www.sec.gov/investor/pubs/regsho.htm" ] }, { "text": "U.S. Securities and Exchange Commission, Short Sales — Regulation SHO, Final Rule.", "urls": [ "https://www.sec.gov/rules-regulations/2004/07/short-sales" ] }, { "text": "European Securities and Markets Authority, Short Selling.", "urls": [ "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/short-selling" ] } ], "revision": "cdb124fa35f9259e", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "markets-instruments", "execution", "risk", "safety" ], "asset_classes": [ "equity" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/concetti/vies-de-sobrevivencia", "locale": "pt-br", "title": "Viés de sobrevivência", "summary": "Viés produzido ao analisar somente instrumentos, fundos, empresas ou estratégias sobreviventes e excluir encerramentos e mudanças do universo conhecidas a posteriori.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/vies-de-sobrevivencia/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Stephen J. Brown, William N. Goetzmann, Roger G. Ibbotson e Stephen A. Ross, Survivorship Bias in Performance Studies, The Review of Financial Studies, 1992 — efeitos da truncagem por sobrevivência sobre retorno, volatilidade e previsibilidade aparente.", "urls": [ "https://doi.org/10.1093/rfs/5.4.553" ] }, { "text": "Edwin J. Elton, Martin J. Gruber e Christopher R. Blake, Survivorship Bias and Mutual Fund Performance, The Review of Financial Studies, 1996 — estimação do viés acompanhando fundos existentes, fundidos e encerrados.", "urls": [ "https://doi.org/10.1093/rfs/9.4.1097" ] }, { "text": "Tyler Shumway, The Delisting Bias in CRSP Data, The Journal of Finance, 1997 — retornos ausentes e distorção associada a delistings negativos.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1997.tb03818.x" ] }, { "text": "Center for Research in Security Prices, CRSP Survivor-Bias-Free US Mutual Fund Database Guide — modelo de dados com fundos ativos e delistados.", "urls": [ "https://www.crsp.org/wp-content/uploads/2023/10/CRSP_US_Mutual_Funds_Guide_SAS_ASCII_R.pdf" ] }, { "text": "S&P Dow Jones Indices, Legal Disclaimers — Back-tested Performance — advertências do provedor sobre hindsight, seleção de componentes e vieses de sobrevivência e antecipação.", "urls": [ "https://www.spglobal.com/spdji/en/disclaimers/" ] } ], "revision": "008ca32c1927d73b", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "systematic-trading", "backtesting", "universe-selection", "data-quality", "validation" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "silver", "path_module": "validation", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/trading-sistematico-e-validacao" }, { "key": "pt-br/concetti/volatilidade", "locale": "pt-br", "title": "Volatilidade: significado, medidas e limites", "summary": "A volatilidade descreve a dispersão dos retornos, não a direção do mercado. Frequência, janela, estimador e anualização fazem parte de qualquer medida reproduzível.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/volatilidade/", "published": "2026-07-11", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Commodity Futures Trading Commission, CFTC Glossary — Volatility — definição institucional e distinção entre volatilidade histórica e implícita.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm" ] }, { "text": "The Options Industry Council, Volatility & the Greeks — volatilidade histórica, implícita e sensibilidades das opções.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "National Institute of Standards and Technology, Measures of Scale — desvio-padrão e medidas robustas de dispersão.", "urls": [ "https://www.itl.nist.gov/div898/handbook/eda/section3/eda356.htm" ] }, { "text": "Michael Parkinson, The Extreme Value Method for Estimating the Variance of the Rate of Return, The Journal of Business, 1980 — estimador baseado no range.", "urls": [ "https://doi.org/10.1086/296071" ] }, { "text": "Torben G. Andersen, Tim Bollerslev, Francis X. Diebold e Heiko Ebens, The Distribution of Realized Stock Return Volatility, Journal of Financial Economics, 2001 — construção e distribuição da volatilidade realizada de alta frequência.", "urls": [ "https://doi.org/10.1016/S0304-405X(01)00055-1" ] }, { "text": "Cboe Global Indices, VIX White Paper — exemplo de medida prospectiva extraída de opções segundo metodologia publicada; não é uma medida universal de volatilidade.", "urls": [ "https://cdn.cboe.com/resources/vix/vixwhite.pdf" ] } ], "revision": "d542be7b7cc0d3e6", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "markets-instruments", "risk-management", "volatility", "statistics" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "bronze", "path_module": "market", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/volatilidade-implicita-e-realizada", "locale": "pt-br", "title": "Volatilidade implícita e realizada", "summary": "A volatilidade realizada estima a dispersão de retornos observados sob uma metodologia; a implícita é o parâmetro que concilia um preço de opção com um modelo especificado.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/volatilidade-implicita-e-realizada/", "published": "2026-08-07", "updated": "2026-08-13", "reviewed": "2026-08-13", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Options Industry Council, Technical Information — definições operacionais de volatilidade histórica e implícita.", "urls": [ "https://www.optionseducation.org/referencelibrary/faq/technical-information" ] }, { "text": "Options Industry Council, Volatility & the Greeks — relação entre volatilidade, avaliação e gregas.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Options Industry Council, Options Quotes & Calculators — medidas históricas, implícitas e natureza modelada dos outputs.", "urls": [ "https://www.optionseducation.org/options-quotes-calculators" ] }, { "text": "CME Group, Understanding Options: a real-world example on the impact that skew can have on an options position — IV, preços e diferenças entre strikes.", "urls": [ "https://www.cmegroup.com/education/articles-and-reports/implied-volatility" ] }, { "text": "CME Group, Understanding Options Analytics: Greeks and Implied Volatility — coordenadas analíticas e sensibilidades.", "urls": [ "https://www.cmegroup.com/education/lessons/understanding-options-analytics-greek-and-implied-volatility" ] }, { "text": "Fischer Black e Myron Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 1973 — fonte primária do modelo clássico.", "urls": [ "https://www.journals.uchicago.edu/doi/10.1086/260062" ] }, { "text": "The Options Clearing Corporation, Characteristics and Risks of Standardized Options — características contratuais e riscos de opções padronizadas.", "urls": [ "https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document" ] } ], "revision": "cf7baed40069dce7", "translation_state": "not-assessed", "kind": "concept", "entity_type": "concept", "topics": [ "options", "volatility", "derivatives", "risk-measurement" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comparison", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "concetto", "hub": "pt-br/hub/opcoes-e-volatilidade" }, { "key": "pt-br/concetti/volume-negociado", "locale": "pt-br", "title": "Volume negociado", "summary": "Quantidade de ações, contratos ou unidades transferidas em um intervalo. Cada transação conta uma vez pela quantidade; volume não revela sozinho direção ou intenção.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/concetti/volume-negociado/", "published": "2026-06-23", "updated": "2026-08-18", "reviewed": "2026-08-18", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group, What Is Volume?.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/what-is-volume" ] }, { "text": "Nasdaq, Volume e Nasdaq-Opedia.", "urls": [ "https://www.nasdaq.com/glossary/v/volume", "https://www.nasdaq.com/docs/2021/10/11/opedia%20booket28.pdf" ] }, { "text": "Richard D. Wyckoff, Studies in Tape Reading, The Ticker Publishing Company, 1910, cap. V, “The Significance of Volumes”.", "urls": [] } ], "revision": "3a6d77fbe84cb05f", "translation_state": "not-assessed", "kind": "concept", "entity_type": "metric", "topics": [ "market-integrity", "markets-instruments", "microstructure", "volumetric" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "volumetric", "all" ], "pillar": "concetto", "hub": "pt-br/hub/ordens-execucao-e-microestrutura" }, { "key": "pt-br/glossario/curva-de-juros", "locale": "pt-br", "title": "Curva de juros", "summary": "A curva organiza taxas ou yields por prazo: diferencie curvas par, spot e forward e leia formas, movimentos e limites.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/curva-de-juros/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Editor-chefe da Cyclepedia — agente de IA não humano, por encargo do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Federal Reserve Board — H.15 Selected Interest Rates", "urls": [ "https://www.federalreserve.gov/releases/h15/" ] }, { "text": "U.S. Treasury — Daily Treasury Par Yield Curve Rates", "urls": [ "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve" ] }, { "text": "TreasuryDirect — Auction FAQs", "urls": [ "https://www.treasurydirect.gov/help-center/auction-faqs/" ] } ], "revision": "a6a49d5a7c93b809", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "concept", "topics": [ "fixed-income", "yield-curve", "interest-rates", "term-structure" ], "asset_classes": [ "fixed-income", "rates" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "glossario", "hub": "pt-br/hub/renda-fixa-e-credito" }, { "key": "pt-br/glossario/demonstracoes-financeiras", "locale": "pt-br", "title": "Demonstrações financeiras", "summary": "As demonstrações financeiras conectam posição patrimonial, resultado, fluxos de caixa e mudanças no patrimônio para descrever uma empresa.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/demonstracoes-financeiras/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Visão geral dos principais relatórios e de suas conexões.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — IAS 1, Presentation of Financial Statements — Requisitos de apresentação e componentes de um conjunto completo IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-1-presentation-of-financial-statements.html/" ] } ], "revision": "486096628795b4d4", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-report", "topics": [ "fundamental-analysis", "financial-reporting", "balance-sheet", "income-statement", "cash-flow" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/ebitda", "locale": "pt-br", "title": "EBITDA: significado, cálculo e limites", "summary": "O EBITDA isola um resultado antes de juros, impostos, depreciação e amortização, mas não mede caixa e depende da conciliação apresentada.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/ebitda/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Orientação sobre apresentação e conciliação de medidas não GAAP.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "ESMA — Guidelines on Alternative Performance Measures — Princípios europeus para definição, explicação e consistência de medidas alternativas.", "urls": [ "https://www.esma.europa.eu/document/guidelines-alternative-performance-measures" ] } ], "revision": "cf14b49f4c786a0f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "profitability", "non-gaap-measures", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/fluxo-de-caixa-descontado-dcf", "locale": "pt-br", "title": "Fluxo de caixa descontado (DCF)", "summary": "O DCF estima valor presente descontando fluxos futuros e valor terminal com uma taxa coerente com risco, moeda e estrutura de capital.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/fluxo-de-caixa-descontado-dcf/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CFA Institute — Free Cash Flow Valuation — Estrutura profissional para FCFF, FCFE e avaliação por fluxos descontados.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Referência primária sobre apresentação dos fluxos sob IFRS.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/" ] } ], "revision": "7c3bd7929dc3fc5b", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "valuation-method", "topics": [ "fundamental-analysis", "valuation", "cash-flow", "discount-rate" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/fluxo-de-caixa-livre", "locale": "pt-br", "title": "Fluxo de caixa livre (FCF)", "summary": "O fluxo de caixa livre estima o dinheiro produzido pela operação após investimentos selecionados; fórmula, uso e limites precisam ser declarados.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/fluxo-de-caixa-livre/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Critérios para medidas não GAAP e suas conciliações.", "urls": [ "https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations/non-gaap-financial-measures" ] }, { "text": "IFRS Foundation — IAS 7 Statement of Cash Flows — Referência para apresentação e classificação dos fluxos de caixa.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows.html/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Estrutura profissional para FCFF, FCFE e avaliação.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "238f2e2f57a9cce6", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "metric", "topics": [ "fundamental-analysis", "cash-flow", "equity-valuation" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/guidance-de-resultados", "locale": "pt-br", "title": "Guidance de resultados", "summary": "A guidance comunica expectativas da administração sobre receita, margens, lucro ou caixa; hipóteses, faixa, revisões e resultados dão contexto.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/guidance-de-resultados/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Regulation Fair Disclosure — Marco sobre divulgação seletiva de informação relevante.", "urls": [ "https://www.sec.gov/rules-regulations/2000/08/final-rule-selective-disclosure-insider-trading" ] }, { "text": "U.S. Securities and Exchange Commission — Form 8-K — Formulário oficial para eventos e comunicações correntes.", "urls": [ "https://www.sec.gov/files/form8-k.pdf" ] }, { "text": "U.S. Securities and Exchange Commission — Periodic Reporting — Visão geral das obrigações periódicas de reporte.", "urls": [ "https://www.sec.gov/resources-small-businesses/going-public/periodic-reporting" ] } ], "revision": "f9c8d134664106db", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "corporate-disclosure", "topics": [ "fundamental-analysis", "earnings", "disclosure", "forecasts" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/indice-preco-lucro", "locale": "pt-br", "title": "Índice preço/lucro (P/L)", "summary": "Preço por ação dividido pelo lucro por ação: um múltiplo que exige lucro, período e comparáveis coerentes e não deve ser lido isoladamente.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/indice-preco-lucro/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Investor.gov — Price/Earnings (P/E) Ratio — Definição oficial introdutória do múltiplo.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/price-earnings-pe-ratio" ] }, { "text": "FINRA — Evaluating Stocks — Contexto para métricas, comparações e riscos na avaliação de ações.", "urls": [ "https://www.finra.org/investors/investing/investment-products/stocks/evaluating-stocks" ] } ], "revision": "cab13e2c6e9f737f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "metric", "topics": [ "fundamental-analysis", "equity-valuation", "earnings" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/lucro-por-acao", "locale": "pt-br", "title": "Lucro por ação (LPA)", "summary": "O lucro por ação relaciona o resultado atribuível a uma média ponderada de ações e pode ser básico ou diluído; não representa caixa distribuída.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/lucro-por-acao/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov — Earnings per Share — Definição introdutória oficial do EPS.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/earnings-share" ] }, { "text": "IFRS Foundation — IAS 33 Earnings per Share — Regras IFRS para EPS básico e diluído.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/ias-33-earnings-per-share/" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Contexto dos resultados e das demonstrações.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "8c56371c6992f488", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "financial-metric", "topics": [ "fundamental-analysis", "earnings", "equity-valuation", "dilution" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/macroeconomia", "locale": "pt-br", "title": "Macroeconomia, juros e inflação", "summary": "Guia para ler crescimento, inflação, trabalho e política econômica separando dados observados, expectativas e preços de mercado.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/macroeconomia/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook, documentação oficial — análises e projeções de crescimento mundial, inflação e riscos macroeconômicos.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy, documentação oficial — objetivos oficiais, instrumentos, decisões e comunicações do FOMC.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy, documentação oficial — estratégia, decisões, instrumentos e operações de mercado da área do euro.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] } ], "revision": "b22aeaf570c487ef", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "glossary_term", "topics": [ "macroeconomics", "monetary-policy", "economic-data", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], 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Métodos profissionais para transformar fluxos esperados em valor.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "e7bf042ba12d311f", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "valuation-concept", "topics": [ "fundamental-analysis", "valuation", "accounting", "market-price" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/value-e-growth", "locale": "pt-br", "title": "Value e growth: estilos de investimento", "summary": "Value e growth classificam ações por características de avaliação e expectativas de crescimento; são estilos definidos por regras, não promessas de retorno.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/value-e-growth/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Kenneth R. French — Data Library — Séries e documentação de carteiras fatoriais.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html" ] }, { "text": "Kenneth R. French — Book-to-Market Portfolio Details — Regras de formação das carteiras por book-to-market.", "urls": [ "https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html" ] }, { "text": "Fama e French — The Cross-Section of Expected Stock Returns — Artigo acadêmico de referência sobre características e retornos.", "urls": [ "https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1992.tb04398.x" ] }, { "text": "CFA Institute Research Foundation — Stocks, Bonds, Bills, and Inflation Summary — Contexto histórico sobre retornos e risco.", "urls": [ "https://rpc.cfainstitute.org/-/media/documents/book/rf-publication/2020/rf-sbbi-summary-edition.pdf" ] } ], "revision": "4f6ef238e14021cc", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "concept", "topics": [ "fundamental-analysis", "equity-styles", "factor-investing" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "definition", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/glossario/vantagem-competitiva-duravel", "locale": "pt-br", "title": "Vantagem competitiva durável", "summary": "Uma vantagem competitiva durável é um mecanismo que pode proteger retornos e relações com clientes; deve ser testada com evidências.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/glossario/vantagem-competitiva-duravel/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "referenced", "source_signal": true, "citations": [ { "text": "Berkshire Hathaway — 1995 Shareholder Letter — Fonte primária da metáfora do fosso na defesa de um negócio.", "urls": [ "https://www.berkshirehathaway.com/letters/1995.html" ] }, { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Guia dos documentos usados para testar resultados, riscos e notas.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] } ], "revision": "dbb0fafc86860737", "translation_state": "not-assessed", "kind": "glossary", "entity_type": "business-quality-concept", "topics": [ "fundamental-analysis", "competitive-advantage", "business-model", "strategy" ], "asset_classes": [ "equities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": "", "pillar": "glossario", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/hub/alocacao-de-risco-e-sensibilidades", "locale": "pt-br", "title": "Alocação de risco e sensibilidades", "summary": "Percurso visual do emprego do capital à leitura das exposições: concentração, contribuições, orçamento, paridade de risco, alvo de volatilidade, beta, gregas, duration, convexidade e DV01.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/hub/alocacao-de-risco-e-sensibilidades/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Investor.gov, Asset Allocation.", "urls": [ "https://www.investor.gov/introduction-investing/getting-started/asset-allocation" ] }, { "text": "Harry Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "Basel Committee, Supervisory framework for measuring and controlling large exposures.", "urls": [ "https://www.bis.org/publ/bcbs283.htm" ] }, { "text": "Basel Committee, Principles for effective risk data aggregation and risk reporting.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Thierry Roncalli, Risk Contributions and Performance Measurement.", "urls": [ "https://arxiv.org/abs/0708.2542" ] }, { "text": "Maillard, Roncalli e Teïletche, The Properties of Equally Weighted Risk Contribution Portfolios.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1271972" ] }, { "text": "Moreira e Muir, Volatility-Managed Portfolios.", "urls": [ "https://doi.org/10.1111/jofi.12513" ] }, { "text": "William Sharpe, Capital Asset Prices.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1964.tb02865.x" ] }, { "text": "Investor.gov, Beta.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/beta" ] }, { "text": "Options Industry Council, Understanding Options Greeks.", "urls": [ "https://www.optionseducation.org/advancedconcepts/understanding-options-greeks" ] }, { "text": "Options Industry Council, Volatility and the Greeks.", "urls": [ "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" ] }, { "text": "Basel Committee, Market risk — MAR21.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/21.htm" ] }, { "text": "FINRA, Duration — What an Interest Rate Hike Could Do to Your Bond Portfolio.", "urls": [ "https://www.finra.org/investors/alerts/duration-what-interest-rate-hike-could-do-your-bond-portfolio" ] }, { "text": "CME Group, How Can You Measure Risk in Treasuries?.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-treasuries/how-can-you-measure-risk-in-treasuries" ] }, { "text": "Basel Committee, Interest rate risk in the banking book.", "urls": [ "https://www.bis.org/bcbs/publ/d368.htm" ] } ], "revision": "6582ed347494cf84", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "portfolio-risk", "risk-allocation", "risk-budgeting", "derivatives", "fixed-income" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "pt-br/hub/alocacao-de-risco-e-sensibilidades" }, { "key": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas", "locale": "pt-br", "title": "Análise fundamental e avaliação de empresas", "summary": "Percurso do modelo de negócio às demonstrações, qualidade dos lucros, financiamento e avaliação, com controles progressivos para analisar empresas.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/hub/analise-fundamental-e-avaliacao-de-empresas/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Redação Cyclepedia — revisão por agente de IA não humano", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "U.S. Securities and Exchange Commission — Beginners' Guide to Financial Statements — Entrada para os documentos essenciais da empresa.", "urls": [ "https://www.sec.gov/about/reports-publications/beginners-guide-financial-statements" ] }, { "text": "IFRS Foundation — Standards Navigator — Índice oficial dos padrões IFRS citados.", "urls": [ "https://www.ifrs.org/issued-standards/list-of-standards/" ] }, { "text": "CFA Institute — Free Cash Flow Valuation — Estrutura profissional de avaliação por fluxos.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/free-cash-flow-valuation" ] } ], "revision": "4a7a1d2908867351", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning-path", "topics": [ "fundamental-analysis", "financial-statements", "business-analysis", "valuation" ], "asset_classes": [ "equities", "corporate-bonds" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "pt-br/hub/analise-fundamental-e-avaliacao-de-empresas" }, { "key": "pt-br/hub/construcao-de-carteira-e-performance", "locale": "pt-br", "title": "Construção de carteira e performance", "summary": "Guia verificado para projetar, implementar e avaliar uma carteira: alocação de ativos, diversificação, rebalanceamento, retornos, benchmark, risco e atribuição.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/hub/construcao-de-carteira-e-performance/", "published": "2026-08-08", "updated": "2026-08-08", "reviewed": "2026-08-08", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Harry Markowitz, Portfolio Selection, The Journal of Finance (1952) — fundamento da escolha de carteiras por retornos esperados, variâncias e covariâncias.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "CFA Institute, Principles of Asset Allocation — 2026 refresher reading — objetivos, abordagens asset-only, liability-relative e goals-based, orçamento de risco e limites da média-variância.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/principles-asset-allocation" ] }, { "text": "CFA Institute, Rates and Returns — 2026 refresher reading — retornos de período de manutenção, capitalização, TWR, MWR e anualização.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/rates-and-returns" ] }, { "text": "CFA Institute, Portfolio Performance Evaluation — 2026 refresher reading — benchmark, atribuição e avaliação de desempenho.", "urls": [ "https://www.cfainstitute.org/insights/professional-learning/refresher-readings/2026/portfolio-performance-evaluation" ] }, { "text": "GIPS Standards, GIPS Standards Handbook for Firms — referência oficial sobre parâmetros, avaliações, fluxos, retornos e apresentação em seu escopo.", "urls": [ "https://www.gipsstandards.org/standards/gips-standards-for-firms/gips-standards-handbook-for-firms/" ] }, { "text": "William F. Sharpe, The Sharpe Ratio, The Journal of Portfolio Management (1994) — formulação ex ante e ex post do retorno diferencial por unidade de variabilidade.", "urls": [ "https://web.stanford.edu/~wfsharpe/art/sr/sr.htm" ] }, { "text": "CFA Institute Research Foundation, Performance Attribution: History and Progress — história, modelos e limites da atribuição.", "urls": [ "https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-lit-review/2019/rflr-performance-attribution.pdf" ] } ], "revision": "22b47414a670a307", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "portfolio-construction", "asset-allocation", "portfolio-performance", "performance-measurement", "risk-adjusted-return" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "pt-br/hub/construcao-de-carteira-e-performance" }, { "key": "pt-br/hub/gestao-de-risco", "locale": "pt-br", "title": "Gestão de risco no trading", "summary": "Capítulo visual da perda planejada à sobrevivência do capital: risco por operação, dimensionamento de posição, valor nocional, alavancagem, margem, liquidação, drawdown e risco de ruína.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/hub/gestao-de-risco/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "CME Group — Proper Position Size.", "urls": [ "https://www.cmegroup.com/education/courses/trade-and-risk-management/proper-position-size" ] }, { "text": "CME Group — About Contract Notional Value.", "urls": [ "https://www.cmegroup.com/education/courses/introduction-to-futures/about-contract-notional-value" ] }, { "text": "CME Group — Performance Bonds/Margins FAQ.", "urls": [ "https://www.cmegroup.com/solutions/risk-management/performance-bonds-margins/faq-performance-bonds-margins.html" ] }, { "text": "CFTC — Understand the Risks of Virtual Currency Trading.", "urls": [ "https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/understand_risks_of_virtual_currency.html" ] }, { "text": "Investor.gov — Margin Call.", "urls": [ "https://www.investor.gov/introduction-investing/investing-basics/glossary/margin-call" ] }, { "text": "FINRA — Brokerage Accounts.", "urls": [ "https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts" ] } ], "revision": "9242f2a8b1137d3a", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "position-sizing", "leverage", "portfolio-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "how-it-works", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "pt-br/hub/gestao-de-risco" }, { "key": "pt-br/hub/macroeconomia-e-politica-monetaria", "locale": "pt-br", "title": "Macroeconomia e política monetária", "summary": "Percurso da mensuração da economia à transmissão monetária e fiscal entre ações, títulos, moedas e commodities.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/hub/macroeconomia-e-politica-monetaria/", "published": "2026-08-15", "updated": "2026-08-15", "reviewed": "2026-08-15", "reviewed_by": "Chief Editor Cyclepedia — agente de IA não humano, por mandato do Diretor do Emiciclo", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "IMF, World Economic Outlook — cenário global, séries comparáveis e metodologia das projeções macroeconômicas.", "urls": [ "https://www.imf.org/en/Publications/WEO" ] }, { "text": "Federal Reserve, Monetary Policy — mandato, decisões e documentos primários da política monetária dos Estados Unidos.", "urls": [ "https://www.federalreserve.gov/monetarypolicy.htm" ] }, { "text": "ECB, Monetary policy — estratégia, instrumentos e transmissão da política monetária do Eurosistema.", "urls": [ "https://www.ecb.europa.eu/mopo/html/index.en.html" ] }, { "text": "BIS, Monetary policy — pesquisa comparada sobre bancos centrais, crédito, mercados e estabilidade financeira.", "urls": [ "https://www.bis.org/topics/monpol.htm" ] } ], "revision": "8b6c767584307358", "translation_state": "not-assessed", "kind": "hub", "entity_type": "educational_path", "topics": [ "macroeconomics", "monetary-policy", "fiscal-policy", "cross-asset" ], "asset_classes": [ "equities", "fixed-income", "currencies", "commodities" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "pt-br/hub/macroeconomia-e-politica-monetaria" }, { "key": "pt-br/hub/mensuracao-e-controle-de-risco", "locale": "pt-br", "title": "Mensuração e controle de risco no trading", "summary": "Segundo anel da gestão de risco: VaR, Expected Shortfall, testes de estresse, cenários, risco de modelo, dependências, contraparte, liquidez, operação e corretora.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/hub/mensuracao-e-controle-de-risco/", "published": "2026-08-14", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; não se trata de revisão humana.", "evidence_level": "source-checked", "source_signal": true, "citations": [ { "text": "Basel Committee — Minimum capital requirements for market risk, MAR10.", "urls": [ "https://www.bis.org/basel_framework/chapter/MAR/10.htm" ] }, { "text": "Basel Committee — Explanatory note on the revised market risk framework.", "urls": [ "https://www.bis.org/bcbs/publ/d457_note.pdf" ] }, { "text": "Basel Committee — Stress testing principles.", "urls": [ "https://www.bis.org/bcbs/publ/d450.htm" ] }, { "text": "Basel Committee — BCBS 239.", "urls": [ "https://www.bis.org/publ/bcbs239.htm" ] }, { "text": "Harry Markowitz, Portfolio Selection.", "urls": [ "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x" ] }, { "text": "BIS — Market liquidity: research findings and selected policy implications.", "urls": [ "https://www.bis.org/publ/cgfs_note01.htm" ] }, { "text": "Basel Committee — Principles for operational resilience.", "urls": [ "https://www.bis.org/bcbs/publ/d515.htm" ] }, { "text": "Basel Committee — Revisions to the principles for sound management of operational risk.", "urls": [ "https://www.bis.org/bcbs/publ/d516.htm" ] }, { "text": "FINRA — About BrokerCheck.", "urls": [ "https://www.finra.org/investors/investing/working-with-investment-professional/about-brokercheck" ] }, { "text": "SIPC — What SIPC Protects.", "urls": [ "https://www.sipc.org/for-investors/what-sipc-protects" ] } ], "revision": "8ec1371942b1c8c7", "translation_state": "not-assessed", "kind": "hub", "entity_type": "concept", "topics": [ "risk-management", "value-at-risk", "expected-shortfall", "stress-testing", "portfolio-risk", "operational-risk" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "learning-path", "path_tier": "", "path_module": "", "lenses": [ "all" ], "pillar": "hub", "hub": "pt-br/hub/mensuracao-e-controle-de-risco" }, { "key": "pt-br/hub/mercados-e-instrumentos", "locale": "pt-br", "title": "Mercados e instrumentos financeiros", "summary": "Mapa de ações, ETFs, títulos de dívida, moedas, commodities e derivativos: o que representam, como são negociados e quais riscos mudam de um instrumento para outro.", "url": "https://www.emiciclo.com/cyclepedia/pt-br/hub/mercados-e-instrumentos/", "published": "2026-07-31", "updated": "2026-08-14", "reviewed": "2026-08-14", "reviewed_by": "Revisão editorial realizada por um agente de IA Codex, sob mandato do Diretor do Emiciclo; 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Bailey et al., The Probability of Backtest Overfitting — estrutura para estimar o risco de selecionar uma configuração historicamente vencedora, porém frágil.", "urls": [ "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2326253" ] }, { "text": "Federal Reserve, SR 26-2 — Supervisory Guidance on Model Risk Management — fonte setorial atual para governança, validação, monitoramento e documentação de modelos.", "urls": [ "https://www.federalreserve.gov/supervisionreg/srletters/SR2602.htm" ] } ], "revision": "2ee248e2d9119fd4", "translation_state": "not-assessed", "kind": "hub", "entity_type": "learning_hub", "topics": [ "systematic-trading", "quantitative-trading", "backtesting", "time-series-validation", "model-governance" ], "asset_classes": [ "multi-asset" ], "audience": [ "beginner", "intermediate", "professional" ], "search_intent": "comprehensive-guide", "path_tier": "", "path_module": "", "lenses": "", "pillar": "hub", "hub": "pt-br/hub/trading-sistematico-e-validacao" } ] }