Long V, short CHTR, across sectors: $1 of V against $0.38 of CHTR, sized so that a typical day moves each leg by about the same amount. The spread is +29.3% over the last 120 sessions, -2.4% over the last 20, and today's level sits at the 82nd percentile of its own path, stretched, narrowing over the last ten sessions. Alpha 74 against 79, a gap of -5 points (+37 ten sessions ago). Net market exposure at this sizing: +0.47, 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 spread is above its one-year average by more than at almost any point in the last year (1 earlier time), too few to count. No hand-off in view: neither leg is where a cycle pair starts.
One line of your account split $1 : $0.38 across the legs at the last close (V $422.00, CHTR $132.66); 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 V and $0.38 short CHTR 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 V and CHTR carry each leg on its own.