748 pairs: true peers, every name against its sector fund, every sector against the market · as of the Nov 13 close · the list flags as of Nov 10, Pro sees today's
Every pair the desk follows, with the four things a pairs trader filters on: how stretched the spread is inside its own last 120 sessions, whether it has tended to close its gaps or to drift, how much market is left after the legs cancel, and the Alpha gap between the legs. Pairs that close their gaps come first, the most stretched on top; a spread that only drifts is a trend, and sits last. Open any row for the pair's page. Pairs you watch sit on top.
Each row is set long the stronger leg. Alpha: each leg's score, 0 to 100, and the gap between them; the left chart draws both over 120 sessions. Stretch: where today's spread sits inside its own last 120 sessions (100th = never higher); the right chart draws that spread, at equal daily risk, with its ordinary middle half shaded, and the dot turns amber in the top or bottom quarter. Closes: whether the spread has come back when it moved away; the crossings are how many times it came back through its middle in the window, and "drifts" is a trend, not a pair. Net β: the market left over after the legs cancel, green within a quarter of the market's size. The star adds a pair to your watch list.
How to read a row
1The pair. Long the first (green), short the second (red), as the row says; it is set long the stronger leg. A click anywhere opens the pair's page.
2What kind.◆true peers move together day to day once the market is taken out; the other kinds are a name against its sector fund and a sector against the market.
3Alpha. Each leg's score today, long in green, short in red, and the gap. The chart under it draws both scores over 120 sessions: a gap that is opening, holding or closing.
4Stretch. Where today's spread sits in its own last 120 sessions. The lighter middle of the bar is the ordinary half. Amber means the top or bottom quarter: stretched.
5Closes. Has this spread come back when it moved away? closes yes, closes slowly in its own time, drifts no: a trend, not a pair. Crossings count how often it came back through its middle.
6Net β. The market left in the pair after the legs cancel. Green is within a quarter of the market's size: a clean relative bet. Amber is more than half.
720 sessions. What the spread has done over the last twenty sessions, in percent of the long leg.
8The spread. The pair's own path over 120 sessions with its ordinary middle half shaded. The dot is today; outside the band it is stretched.
What to look for. A pair is a bet that a gap closes. The rows worth opening are stretched (an amber dot), have closed their gaps before (green), and carry little market (green β). A row that is stretched and drifts has simply trended one way: read it as a trend. The board ranks nothing as a trade; the desk's own pairs are on its list.