Long CHTR, short CL, across sectors: $1 of CHTR against $2.32 of CL, sized so that a typical day moves each leg by about the same amount. The spread is -26.5% over the last 120 sessions, +9.6% over the last 20, and today's level sits at the 20th percentile of its own path, compressed, widening over the last ten sessions. Alpha 82 against 75, a gap of +7 points (-25 ten sessions ago). Net market exposure at this sizing: −0.41, it leans short the market. The two are co-movers on the desk's own test.
Not on the desk's list as of Nov 10, three sessions behind. Pro sees today's list.
The last 5 times these two sat this far below their one-year average, 2 closed half the gap within ten sessions. No hand-off in view: neither leg is where a cycle pair starts.
One line of your account split $1 : $2.32 across the legs at the last close (CHTR $138.39, CL $99.67); fractions included. Arithmetic on a setting you choose, not a recommendation.
The house book has not closed a trade in this pair.
The house takes every listed cycle pair by the rules, after average trading costs; its full record is on the engine page. Pairs you assemble yourself are ideas, not posted trades: the Hedge pairs chapter says how the two differ.
Each leg against its sector fund, and each leg's true peers.
How to read it: the spread is what $1 long CHTR and $2.32 short CL would have made together, in percent of the long leg, close to close, before costs; the market's move cancels in it to the extent the two legs share it. Stretch is where today's level sits among the last 120 sessions of that path, a description of the spread's own history and not a forecast. Net β is the pair's remaining market exposure per $1 long at this sizing (each leg's beta over 250 sessions). The pages for CHTR and CL carry each leg on its own.