Long RDDT, short APP, across sectors: $1 of RDDT against $1.06 of APP, sized so that a typical day moves each leg by about the same amount. The spread is -3.8% over the last 120 sessions, -85.4% over the last 20, and today's level sits at the 4th percentile of its own path, deeply compressed, narrowing over the last ten sessions. Alpha 23 against 89, a gap of -66 points (+15 ten sessions ago). Net market exposure at this sizing: +1.64, it leans long 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 3 times these two sat this far below their one-year average, 0 closed half the gap within ten sessions: a spread that has tended to keep going. APP leads (Alpha 89); RDDT is not a fresh riser (Alpha 23).
One line of your account split $1 : $1.06 across the legs at the last close (RDDT $100.85, APP $394.39); 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 RDDT and $1.06 short APP 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 RDDT and APP carry each leg on its own.