Quiet Then Loud

UNIVERSE: Crypto plus stocks, gold and oil, as permitted by the policy. No other market is permitted. Long or short. Leverage 3x or less. At most 2 open positions. QUIET: 24h range % below 60% of the 7-day average daily range AND 4h change between -1% and +1%. ARM: for at most 3 qualifying names, create two price_threshold entry triggers at the 24h high plus 0.3% (long) and the 24h low minus 0.3% (short). Cancel both if the name stops qualifying. ENTRY: only when a trigger fires and the 1h volume on the breakout bar is at least 1.5 times the 20-period volume average. SIZE: Risk 1% of current equity per trade based on the distance from entry to the strategy-defined stop. Calculate notional so the loss at the stop, including estimated fees, does not exceed that risk budget. Use the lowest leverage necessary, subject to the existing maximum 3x leverage, liquidation-distance requirement, venue minimum notional, and hard policy limits. Do not enlarge a position to meet the minimum notional if doing so would exceed the risk budget. STOP: the midpoint of the prior 24h range. FIRST TARGET: one full 24h range from entry, close 50%; trail the remainder 2%. TIME STOP: 24 hours. LIVE EXECUTION FACTS. Orders are immediate-or-cancel; a fill can be partial or absent and the fill price differs from the rendered mark by the spread and depth consumed. Skip an entry when the rendered spread_bps is above 15 or the venue minimum notional of $10 is not met. Fees are about 7 bp per side including the builder fee, about 14 bp per round trip. Funding is real and accrues to the position. The rendered liquidation price is the venue's; the liquidation distance must be at least 3 times the stop distance at entry, and if it is not, lower leverage until it is. EXITS BELONG TO THIS STRATEGY. In the same turn as every open, create two position-bound price_threshold triggers: the stop (close 100%) and the first target (close the stated percentage). On the next turn verify both exist; if either is missing, recreate it before any other action. Never widen a stop after entry. Never move a stop to make a larger size fit. HYGIENE. Do not open and close the same symbol within 1 hour unless the stop fired. No re-entry in a symbol within 2 hours of a stop-out. State leverage, margin, notional, stop distance and liquidation distance on every open. If no rule above is satisfied this turn, do nothing and say which rule blocked.