{ "title": "Meridian: Show your work", "edition": "2026-10-31", "scope": "Public aggregate disclosure of completed retrospective development research. Simulated results, not live investment returns.", "study": { "market_periods": 20, "repeats": 2, "horizon_sessions": 63, "securities": 12, "regimes": { "bullish": 8, "range": 8, "bearish": 4 } }, "design": { "reports": 800, "commitments": 160, "scored_repeat_windows": 40, "initial_simulated_capital_per_arm_usd": 100000, "maximum_holdings": 5, "maximum_security_weight": 0.35, "information_arms": { "A": "Reconstructed ordinary indicators", "B": "MTAME calculations", "C": "MTAME plus regime selection", "D": "Full MTAME with dependency adjustment and timeframe conflicts" } }, "risk_cost": { "A": { "base": { "net_return": 0.009581661247918085, "max_drawdown": -0.015104264735715436, "turnover": 0.8417405833740952, "average_exposure": 0.16457056033970405 }, "stress": { "net_return": 0.00914025534024703, "max_drawdown": -0.015251664434426559, "turnover": 0.8417362716615537, "average_exposure": 0.16462300731431243 }, "severe": { "net_return": 0.008843414212110661, "max_drawdown": -0.014719342696454637, "turnover": 0.8328992617311818, "average_exposure": 0.15812079267603424 } }, "B": { "base": { "net_return": 0.006088629554862104, "max_drawdown": -0.014681661140248537, "turnover": 0.796425593991345, "average_exposure": 0.14442905738003006 }, "stress": { "net_return": 0.005669500316967083, "max_drawdown": -0.014810884805757346, "turnover": 0.7964226783962718, "average_exposure": 0.1444732513577578 }, "severe": { "net_return": 0.005520963681648522, "max_drawdown": -0.014235697882164436, "turnover": 0.7856329215617868, "average_exposure": 0.13822024383193018 } }, "C": { "base": { "net_return": 0.0073855020778201275, "max_drawdown": -0.014162742987763623, "turnover": 0.7669941626223578, "average_exposure": 0.1233215554550512 }, "stress": { "net_return": 0.006981880029221466, "max_drawdown": -0.014300987704558394, "turnover": 0.7669908939531932, "average_exposure": 0.12335990973853549 }, "severe": { "net_return": 0.007454371679932842, "max_drawdown": -0.013029703785605622, "turnover": 0.7547552852258643, "average_exposure": 0.11738408007892824 } }, "D": { "base": { "net_return": 0.008734707040660655, "max_drawdown": -0.010925005178806254, "turnover": 0.6181339937725274, "average_exposure": 0.11203158336243663 }, "stress": { "net_return": 0.008408245569632303, "max_drawdown": -0.011017744025528747, "turnover": 0.6181300543868392, "average_exposure": 0.11206120244905761 }, "severe": { "net_return": 0.008305907967906718, "max_drawdown": -0.010459355493759278, "turnover": 0.61933464806194, "average_exposure": 0.10722919697760232 } } }, "cost_assumptions": { "base": { "half_spread_bps": 2, "slippage_bps": 3, "commission_bps": 1, "impact_bps_at_limit": 5, "max_participation": 0.01, "entry_delay_sessions": 0 }, "stress": { "half_spread_bps": 4, "slippage_bps": 6, "commission_bps": 1, "impact_bps_at_limit": 10, "max_participation": 0.005, "entry_delay_sessions": 0 }, "severe": { "half_spread_bps": 8, "slippage_bps": 12, "commission_bps": 1, "impact_bps_at_limit": 20, "max_participation": 0.0025, "entry_delay_sessions": 1 } }, "paired": { "B": { "base": { "mean_return_delta": -0.0034930316930559813, "positive_repeat_windows": 19, "negative_repeat_windows": 21, "zero_repeat_windows": 0, "mean_bps_per_63_session_window": -34.93031693055981 }, "stress": { "mean_return_delta": -0.0034707550232799477, "positive_repeat_windows": 19, "negative_repeat_windows": 21, "zero_repeat_windows": 0, "mean_bps_per_63_session_window": -34.70755023279948 }, "severe": { "mean_return_delta": -0.0033224505304621397, "positive_repeat_windows": 19, "negative_repeat_windows": 21, "zero_repeat_windows": 0, "mean_bps_per_63_session_window": -33.224505304621395 } }, "C": { "base": { "mean_return_delta": -0.0021961591700979583, "positive_repeat_windows": 16, "negative_repeat_windows": 23, "zero_repeat_windows": 1, "mean_bps_per_63_session_window": -21.961591700979582 }, "stress": { "mean_return_delta": -0.002158375311025565, "positive_repeat_windows": 17, "negative_repeat_windows": 22, "zero_repeat_windows": 1, "mean_bps_per_63_session_window": -21.58375311025565 }, "severe": { "mean_return_delta": -0.0013890425321778199, "positive_repeat_windows": 17, "negative_repeat_windows": 22, "zero_repeat_windows": 1, "mean_bps_per_63_session_window": -13.8904253217782 } }, "D": { "base": { "mean_return_delta": -0.0008469542072574304, "positive_repeat_windows": 22, "negative_repeat_windows": 18, "zero_repeat_windows": 0, "mean_bps_per_63_session_window": -8.469542072574304 }, "stress": { "mean_return_delta": -0.0007320097706147277, "positive_repeat_windows": 22, "negative_repeat_windows": 18, "zero_repeat_windows": 0, "mean_bps_per_63_session_window": -7.320097706147277 }, "severe": { "mean_return_delta": -0.0005375062442039447, "positive_repeat_windows": 22, "negative_repeat_windows": 18, "zero_repeat_windows": 0, "mean_bps_per_63_session_window": -5.375062442039447 } } }, "regime_D_minus_A": { "bullish": { "periods": 8, "repeat_windows": 16, "mean_return_delta": -0.0038258264069885237, "positive_repeat_windows": 8 }, "range": { "periods": 8, "repeat_windows": 16, "mean_return_delta": 0.004309942737587211, "positive_repeat_windows": 11 }, "bearish": { "periods": 4, "repeat_windows": 8, "mean_return_delta": -0.005203003697484526, "positive_repeat_windows": 3 } }, "decision_changes": { "B": { "rows": 480, "stop_changed": 405, "rationale_changed": 480, "with_evidence_ids": 480, "weight_changed": 81, "target_changed": 366 }, "C": { "rows": 480, "stop_changed": 399, "rationale_changed": 480, "with_evidence_ids": 480, "target_changed": 366, "weight_changed": 89 }, "D": { "rows": 480, "weight_changed": 96, "stop_changed": 413, "target_changed": 385, "rationale_changed": 480, "with_evidence_ids": 480 }, "selection": { "A_to_D_selected_set_changed": 30, "repeat_windows": 40, "by_arm": { "A": { "mean_research_weight": 0.41875, "mean_selected_symbols": 2.325, "all_cash_repeat_windows": 0 }, "B": { "mean_research_weight": 0.3975, "mean_selected_symbols": 2.25, "all_cash_repeat_windows": 0 }, "C": { "mean_research_weight": 0.3825, "mean_selected_symbols": 2.25, "all_cash_repeat_windows": 0 }, "D": { "mean_research_weight": 0.30825, "mean_selected_symbols": 1.85, "all_cash_repeat_windows": 2 } } } }, "repeat_stability_D_minus_A": { "both_negative": 6, "both_positive": 8, "mixed_or_zero": 6 }, "inference": { "status": "INSUFFICIENT_CHRONOLOGICAL_BLOCKS", "episodes": 20, "groups": 4, "group_sizes": [ 5, 5, 5, 5 ], "minimum_episodes_per_group": 20, "p_value": null, "confidence_interval": null, "D_minus_A_bps_per_session": -0.1304898635665225, "eligible_for_market_certification": false }, "audit": { "original_scenarios": 480, "original_ledger_status": "PASS", "dividend_sensitivity_status": "PASS", "dividend_sensitivity_scenarios": 480, "retained_files": 9329, "retention_status": "PASS", "findings": 13, "manager_review_complete": true, "production_economic_adoptions": 0, "independent_third_party_audit": false }, "limitations": [ "Retrospective reconstruction and fixed current-symbol universe", "Model pretraining hindsight cannot be ruled out", "Historical corporate-action and point-in-time completeness remain limitations", "Model repeats do not add independent market episodes", "Dependence supplement withholds inferential intervals and p-values at this sample size", "No validated investment edge or independent global competitor ranking", "No public uptime, latency, scalability, or penetration-test certification is claimed" ], "capability_inventory": [ { "id": 1, "name": "Technical Alpha Mastery Engine \u2014 MTAME" }, { "id": 2, "name": "Alpha Discovery & Hidden Value Discovery" }, { "id": 3, "name": "Technical Alpha Discovery Engine \u2014 MTADE" }, { "id": 4, "name": "Multi-Timeframe Confluence" }, { "id": 5, "name": "Precision Entry Engine \u2014 MPEE" }, { "id": 6, "name": "Explosive Momentum Radar \u2014 MEMR" }, { "id": 7, "name": "Fundamental Alpha Research Engine \u2014 MFARE" }, { "id": 8, "name": "Financial Forensics & Earnings Quality \u2014 MFFEQ" }, { "id": 9, "name": "Catalyst & Event Intelligence Network \u2014 MCEIN" }, { "id": 10, "name": "Fundamental Catalyst Calendar \u2014 MFCC" }, { "id": 11, "name": "Intrinsic Value & Earnings Forecast Engine \u2014 MIVEF" }, { "id": 12, "name": "Fundamental Inflection Radar" }, { "id": 13, "name": "Supreme Alpha Generation Engine \u2014 MSAGE" }, { "id": 14, "name": "Asymmetric Alpha Intelligence Engine \u2014 MAAIE" }, { "id": 15, "name": "Market Mispricing & Overreaction Engine \u2014 MMOE" }, { "id": 16, "name": "Alpha Investment Committee \u2014 MAIC" }, { "id": 17, "name": "Alpha Portfolio Optimization Engine \u2014 MAPOE" }, { "id": 18, "name": "Capital Deployment & Risk Budgeting Engine \u2014 MCDRBE" }, { "id": 19, "name": "Dynamic Alpha Rebalancing Engine \u2014 MDARE" }, { "id": 20, "name": "Global Market Regime Intelligence Engine \u2014 MGRIE" }, { "id": 21, "name": "Alpha Performance & Attribution Engine \u2014 MAPAE" }, { "id": 22, "name": "Portfolio Forge" }, { "id": 23, "name": "Portfolio Analysis & Intelligent Assessment" }, { "id": 24, "name": "Options Alpha Generation Engine \u2014 MOAGE" }, { "id": 25, "name": "Elite Options Chain Intelligence Engine \u2014 MEOCIE" }, { "id": 26, "name": "Structured Options Strategy Engine \u2014 MSOSE" }, { "id": 27, "name": "Multi-Leg Alpha Architect \u2014 MMLAA" }, { "id": 28, "name": "Intraday Options Dominance Engine \u2014 MIODE" }, { "id": 29, "name": "Volatility Intelligence & Relative Value Engine \u2014 MVIRVE" }, { "id": 30, "name": "Financial Intelligence Data Lake \u2014 MFIDL" }, { "id": 31, "name": "Local-First Market Data Gateway \u2014 MLFMDG" }, { "id": 32, "name": "Technical Intelligence Feature Store \u2014 MTIFS" }, { "id": 33, "name": "Derivatives Analytics Feature Store \u2014 MDAFS" }, { "id": 34, "name": "Daily Financial Data Integrity & Optimization \u2014 MDFDIO" }, { "id": 35, "name": "Historical Acquisition & Coverage Recovery" }, { "id": 36, "name": "Global Financial News Intelligence Network \u2014 MGFNIN" }, { "id": 37, "name": "Source Discovery & Capability Registry" }, { "id": 38, "name": "Multi-Agent Investment Committee \u2014 MDIC" }, { "id": 39, "name": "Capability Evolution & Validation" }, { "id": 40, "name": "Persistent Research Memory" }, { "id": 41, "name": "Agent Learning & Outcome Feedback" }, { "id": 42, "name": "Research Budgeting, Recovery & Diagnostics" }, { "id": 43, "name": "Codex Account / Direct API Routing" }, { "id": 44, "name": "Live Paper Trading Controller" }, { "id": 45, "name": "Historical Replay & Backtesting" }, { "id": 46, "name": "Portfolio Accounting & Broker Synchronization" }, { "id": 47, "name": "Exit-Plan & Forecast Publication" }, { "id": 48, "name": "Universal Theme Orchestration Engine \u2014 MUTOE" } ], "indicator_families": { "trend": 11, "location": 5, "momentum": 15, "risk": 3, "participation": 8, "volatility": 7, "relative": 1 }, "technical_engine": { "acronym": "MTAME", "name": "Technical Alpha Mastery Engine", "definition": "Meridian\u2019s shared calculation and interpretation framework for technical research.", "inputs": "Timestamped market observations with declared price/volume units and adjustment basis.", "calculations": "50 registered indicators with defined formulas and parameters.", "quality_controls": "Completed observations, sufficient history, missingness and causal availability.", "interpretation": "Regime selection, dependency adjustment and timeframe conflicts.", "outputs": "Source-linked technical evidence for research agents; not orders or guaranteed returns.", "alpha_proof_relationship": "Alpha Proof compares increasingly complete MTAME information against a reconstructed ordinary-indicator baseline." }, "sources": [ { "id": "S1", "title": "Meridian Engine and Systems Atlas", "date": "2026-10-30", "sha256": "f0b0e04b16173e9ce1d174614271733a28bdaefca06e047cc3ef7497b2922ac8" }, { "id": "S2", "title": "Meridian Architecture and Operating Reference", "date": "2026-10-30 / 31", "sha256": "86c646c6f1fd8b3701a784bc1d01fc1e8b9ff6e3316197656330b70fdafa8cc5" }, { "id": "S3", "title": "MTAME Indicator Registry", "date": "2026-10-31 source inspection", "sha256": "676acc25c74e548a7ec7334850b20e0aff64e5bee7d3bdb1694c6e086ce4f4df" }, { "id": "S4", "title": "Completed Alpha Proof Historical Study Export", "date": "2026-10-31", "sha256": "bb5eba142c415861a4d2072e8b15ee51bc6f114b88e09741618da739cbf892d7" }, { "id": "S5", "title": "Alpha Proof Aggregate Analysis", "date": "2026-10-31", "sha256": "9a749e7e22d55923aba4d4e53e31953ec72100625d126b8bf7065b12a3c2d512" }, { "id": "S6", "title": "Independent Decimal Ledger Reconciliation", "date": "2026-10-31", "sha256": "a3182eae45e92539be93481c20186dcf603485add0fd597749c110337573534d" }, { "id": "S7", "title": "Independent Dividend Sensitivity Audit", "date": "2026-10-31", "sha256": "a96aa8a0aa488fb8069ed3bfdd0c96e30f88aa877b6cc0aa9136d76cafc4c4c5" }, { "id": "S8", "title": "Registered Dependence Supplement v2", "date": "2026-10-31", "sha256": "34f8ff5fd11086aa8a985738eeb891e404bb5460e991ddd548001ade80aa771b" }, { "id": "S9", "title": "Retention Verification and Findings Completion Receipt", "date": "2026-10-31", "sha256": "d0fad3947ebf915a25273e7e2490c07d64cdbc8beebdf2c46979043f41f25e4e" }, { "id": "S10", "title": "Remediation and Certification Review", "date": "2026-10-30 / 31", "sha256": "57952d26820c307618dff8ea9c8f86082fa3aeefab80fbba0b626478a31625e0" } ], "methodology": { "return": "Arithmetic mean of 40 simulated 63-session repeat-window net returns per arm. Two model repeats in each of 20 market periods. Not annualized, not a continuous portfolio curve.", "drawdown": "Mean of the maximum drawdown in each simulated repeat window, not worst drawdown of a continuous strategy.", "turnover": "Mean of the study-reported turnover ratio per repeat window.", "exposure": "Mean of the study-reported average market exposure per repeat window.", "regimes": "Predecision regime labels. Descriptive subgroups, not validated regime-selection rules.", "inference": "Daily primary statistic comes from the separately registered supplement; it is not reconstructed by dividing the aggregate window return by 63.", "audit": "Independent implementation of accounting checks inside the Meridian project, not external auditor assurance.", "source_access": "Source hashes identify retained internal evidence. This public aggregate contains no raw licensed provider payloads, private accounts, or internal credentials." } }