The Manuals
Owner's guides to the market's core gauges, built into the pages that track them live. Each Manual covers the same ground: what the number actually measures, how it gets built, the famous episodes — computed from our own data, never retold from folklore — and the specific ways the gauge will mislead you. Because every figure is calculated from the same files that draw the charts, a Manual can't quietly go stale the way an encyclopedia article does.
The Margin Debt Manual
What FINRA actually counts, the three famous leverage peaks, and why the level alone is a headline rather than a finding.
The Hindenburg Omen Manual
The recipe behind the scary name, its honest hit rate, and the famous fires and fizzles from sixteen years of our data.
The VIX Term Structure Manual
Contango, backwardation, why the average inversion was buyable and the long ones were not — plus the settlement quirk that once burned us.
More Manuals are on the way — one gauge at a time, in the order people actually read them.