Convexa Daily uses brokerage, exchange, governmental, corporate and other publicly available sources to document strategy performance and prepare market research.
This policy explains the principles used in selecting, validating and presenting such data.
1. General Principle
Convexa Daily seeks to use the most reliable and appropriate source for each specific data point.
Preference is generally given to:
- official brokerage reporting;
- exchange data;
- government sources;
- primary corporate disclosures;
- established financial news organizations;
- other sources that allow independent verification.
Use of a source does not imply partnership with or endorsement of Convexa Daily by that source.
2. Strategy Performance Data
The primary source for actual portfolio value, profit and loss, deposits, withdrawals and related account information is Interactive Brokers reporting.
If a terminal screenshot, interim account display and final brokerage record differ, the confirmed official source receives priority for historical reporting.
3. Market Prices
Market prices may be obtained from:
- official exchange data;
- brokerage systems;
- public financial-information services;
- data provided by the owner or administrator of the relevant instrument or index.
A quoted price relates to the stated time and may differ from:
- an intraday price;
- official close;
- adjusted price;
- a price from another provider;
- subsequently corrected market data.
4. SPY Benchmark
SPY is used as the principal comparative market benchmark.
Convexa Daily seeks to use the same measurement interval for SPY that is used for the corresponding Convexa result.
If the strategy measurement period is:
`Sep 11 – Sep 18`
the benchmark must cover the same interval.
Returns calculated over different dates should not be presented as directly comparable.
5. Price Return and Total Return
Market-price change and the economic return of an investor may differ because of:
- dividends;
- distributions;
- corporate actions;
- other adjustments.
Where necessary for a fair comparison, Convexa Daily may use adjusted market data or an equivalent total-return methodology.
The selected approach should be applied consistently to the relevant comparison.
6. Adjusted Historical Data
Historical prices may later be adjusted by data providers because of:
- dividends;
- stock splits;
- reverse splits;
- corporate actions;
- corrections to source data.
Accordingly, a historical value retrieved at a later date may differ from the value displayed when the original publication was prepared.
Convexa Daily should not silently rewrite historical publications solely because an external provider later changed its historical database.
A material difference may be addressed through the corrections process.
7. Economic Data
Macroeconomic data may come from official sources including:
- Federal Reserve;
- U.S. Treasury;
- Bureau of Labor Statistics;
- Bureau of Economic Analysis;
- U.S. Census Bureau;
- other government agencies.
Many economic series are revised after initial publication.
Convexa Daily reflects the data available when a publication was prepared unless otherwise stated.
8. Corporate Data
Corporate information may come from:
- issuer filings;
- earnings releases;
- investor-relations materials;
- official guidance;
- established financial information providers.
Where a secondary source conflicts with a primary corporate publication covering the same metric and period, the primary source generally receives priority.
9. Options Data
Volatility and options analysis may use data from:
- Cboe;
- Nasdaq;
- brokerage systems;
- exchange options chains;
- specialized options databases;
- other established market-data sources.
Options data is particularly sensitive to:
- observation time;
- liquidity;
- bid/ask spreads;
- infrequent trades;
- differences between last price and mark;
- expiration selection;
- strike selection;
- implied-volatility methodology.
Values from different systems may therefore differ without either source necessarily being incorrect.
10. Volatility and Derived Metrics
Certain Convexa Daily measures may be calculated from underlying market data.
Examples may include:
- realized volatility;
- implied-volatility comparisons;
- volatility risk premium;
- skew;
- term-structure slopes;
- moving averages;
- breadth measures;
- compounded returns;
- other derived statistics.
Such measures may not exist as a single published value from an external provider.
Where appropriate, Convexa Daily calculates them using stated methodology and available source data.
11. Observed, Calculated and Interpreted Information
Convexa Daily seeks to distinguish:
Observed Fact — a value directly obtained from an external source.
Calculated Estimate — a value calculated by Convexa Daily from underlying data.
Analytical Interpretation — an analytical conclusion or interpretation.
These categories should not be presented as interchangeable.
12. Time Zones
Convexa Daily may use data published in different time zones.
Where event timing matters, times may be converted into the reference time zone used by the publication.
Event calendars should identify the relevant time-zone convention.
Differences in time zones should not result in mixing data from different trading sessions.
13. Most Recently Completed Trading Session
Daily analysis generally refers to the most recently completed U.S. trading session unless otherwise stated.
Current incomplete-session data should not be mixed with prior-session closing data in a way that creates the false impression of a single consistent snapshot.
14. Market Holidays
Weekends and official market holidays do not create artificial observations with zero return.
Performance statistics are based on actual trading sessions.
Where one instrument trades on a day when the principal benchmark does not, the circumstance should be treated separately rather than automatically incorporated as a normal comparable session.
15. Data Delay
Information may be:
- real-time;
- delayed;
- end-of-day;
- preliminary;
- revised.
Convexa Daily does not guarantee that every figure displayed on the website represents real-time market data.
Where timing precision is important, readers should consult the relevant primary source.
16. Source Discrepancies
Different providers may report different values for the same metric because of:
- different observation times;
- different adjustment methodologies;
- rounding;
- revised data;
- differing definitions;
- bid/ask methodologies;
- distinctions between close, official close, settlement and adjusted close.
Convexa Daily may cross-check important figures across multiple sources.
A small discrepancy between providers does not necessarily indicate an error.
17. Source Priority
Where the same information is available from several sources, Convexa Daily generally considers the following hierarchy:
- primary official source;
- exchange or broker;
- official corporate source;
- government source;
- established financial news organization;
- other public sources.
A specific metric may reasonably require a different ordering.
18. Analytical Source Material
Convexa Daily may use publicly available third-party materials in the preparation of research.
These may include:
- official statements;
- economic calendars;
- corporate filings;
- market statistics;
- news reports;
- published analytical materials.
Convexa Daily is solely responsible for its own interpretation of such information.
Third-party sources are not responsible for Convexa Daily conclusions.
19. Source Corrections
If a source later corrects a published value, Convexa Daily may:
- preserve the original issue as a historical record;
- publish a correction;
- update current reference data;
- explain a material difference.
Historical versions should not be silently changed.
20. No Guarantee
Convexa Daily takes reasonable measures to verify published information but does not guarantee:
- absolute accuracy;
- completeness;
- continuity;
- availability;
- timeliness;
- absence of later revisions.
Published information should not be used as the sole source for a trading decision.
21. Third-Party Names and Trademarks
Names of companies, indexes, exchanges, ETFs, brokers, news organizations and other entities are used solely to identify relevant instruments, sources or subjects of analysis.
All relevant trademarks and rights remain with their respective owners.
Reference does not imply affiliation, sponsorship or endorsement unless expressly stated.
22. Transparency Principle
Where the accuracy or interpretation of a figure depends on source selection or methodology, Convexa Daily favors:
- disclosure of the measurement interval;
- disclosure of the source;
- identification of calculated values;
- preservation of correction history;
rather than creating a false appearance of absolute precision.
The objective is to provide a clear and reproducible information base for the public strategy record and the market research surrounding it.