CCL - Detail Report

Quick Overview

Timeframe	C-C DoR σ (Historical)	H-L DoR σ (Historical)	O-C DoR σ (Historical)	5Y ATRP (Avg)	Binomial IV (Period)	Yahoo IV (Period)	1σ Lower (68.27%)	1σ Upper	2σ Lower (95.45%)	2σ Upper
Daily	2.73%	2.42%	2.25%	4.63%	4.85%	3.51%	24.33	26.81	23.18	28.14
Weekly	5.89%	6.63%	5.92%	11.19%	10.67%	7.73%	22.96	28.41	20.63	31.61
Monthly	11.68%	19.80%	13.42%	24.73%	22.20%	16.08%	20.45	31.89	16.38	39.82
Quarterly	21.24%	43.38%	24.85%	46.74%	38.46%	27.86%	17.39	37.52	11.84	55.11
Annual	—	—	—	—	76.91%	55.71%	11.84	55.11	5.48	118.93
Option Time Horizon	—	—	—	—	29.03%	21.03%	19.10	34.14	14.29	45.64

Calculation Notes: Computed at 2026-03-23T16:42 UTC | Reference Contract: Call option expiring 2026-05-15 (52 days) | Spot Price (S): $25.54 | Strike (K): $26.00 (first OTM call ≥ spot) | Observed Mid-Price: $1.9750 (Bid $1.9500 / Ask $2.0000) | Risk-Free Rate (r): 3.73% (1-Month CMT, US Treasury) | Dividend Yield (q): 62.00% | Binomial IV (Annual): 76.91% (CRR binomial tree, American, n=20 steps) | BS IV: 82.85% (European Black-Scholes) | Yahoo IV (Annual): 55.71% → period-scaled as σ_period = σ_annual·√h | Price bands: Upper = S·e^+σ√h, Lower = S·e^−σ√h

Historical Dividend Payouts

Ex-Dividend Date	Amount
2026-02-13	$0.1500
2020-02-20	$0.5000
2019-11-21	$0.5000
2019-08-22	$0.5000
2019-05-23	$0.5000
2019-02-21	$0.5000
2018-11-21	$0.5000
2018-08-23	$0.5000
2018-05-24	$0.5000
2018-02-22	$0.4500
2017-11-22	$0.4500
2017-08-23	$0.4000
2017-05-24	$0.4000
2017-02-22	$0.3500
2016-11-22	$0.3500
2016-08-24	$0.3500
2016-05-25	$0.3500
2016-02-17	$0.3000
2015-11-18	$0.3000
2015-08-19	$0.3000
2015-05-20	$0.2500
2015-02-18	$0.2500
2014-11-19	$0.2500
2014-08-20	$0.2500
2014-05-21	$0.2500
2014-02-19	$0.2500
2013-11-20	$0.2500
2013-08-21	$0.2500
2013-05-22	$0.2500
2013-02-20	$0.2500
2012-12-05	$0.5000
2012-11-20	$0.2500
2012-08-22	$0.2500
2012-05-23	$0.2500
2012-02-22	$0.2500
2011-11-22	$0.2500
2011-08-24	$0.2500
2011-05-18	$0.2500
2011-02-16	$0.2500
2010-11-17	$0.1000
2010-08-18	$0.1000
2010-05-19	$0.1000
2010-02-17	$0.1000
2008-11-19	$0.4000
2008-08-20	$0.4000
2008-05-21	$0.4000
2008-02-20	$0.4000
2007-11-20	$0.4000
2007-08-22	$0.3500
2007-05-16	$0.3500
2007-02-14	$0.2750
2006-11-15	$0.2750
2006-08-16	$0.2500
2006-05-17	$0.2500
2006-02-15	$0.2500
2005-11-16	$0.2500
2005-08-17	$0.2000
2005-05-18	$0.2000
2005-02-16	$0.1500
2004-11-17	$0.1500
2004-08-18	$0.1250
2004-05-19	$0.1250
2004-02-18	$0.1250
2003-11-19	$0.1250
2003-08-20	$0.1050
2003-05-21	$0.1050
2003-02-26	$0.1050
2002-11-26	$0.1050
2002-08-28	$0.1050
2002-05-29	$0.1050
2002-02-26	$0.1050
2001-11-28	$0.1050
2001-08-29	$0.1050
2001-05-29	$0.1050
2001-02-26	$0.1050
2000-11-28	$0.1050
2000-08-29	$0.1050
2000-05-26	$0.1050
2000-02-24	$0.1050
1999-11-26	$0.1050
1999-08-27	$0.0900
1999-05-26	$0.0900
1999-02-18	$0.0900
1998-11-25	$0.0900
1998-08-27	$0.0750
1998-05-27	$0.0750
1998-02-11	$0.0750
1997-11-25	$0.0750
1997-08-27	$0.0550
1997-05-28	$0.0550
1997-02-26	$0.0550
1996-11-25	$0.0550
1996-08-28	$0.0450
1996-05-29	$0.0450
1996-02-27	$0.0450
1995-11-28	$0.0450
1995-08-29	$0.0375
1995-05-24	$0.0375
1995-02-22	$0.0375
1994-11-23	$0.0375
1994-08-23	$0.0350
1994-05-24	$0.0350
1994-02-22	$0.0350
1993-11-23	$0.0350
1993-08-25	$0.0350
1993-05-24	$0.0350
1993-02-23	$0.0350
1992-11-23	$0.0350
1992-08-25	$0.0350
1992-05-26	$0.0350
1992-02-24	$0.0350
1991-11-22	$0.0325
1991-08-26	$0.0300
1991-05-24	$0.0300
1991-02-22	$0.0300
1990-11-26	$0.0300
1990-08-27	$0.0300
1990-05-24	$0.0300
1990-02-22	$0.0300
1989-11-24	$0.0250
1989-08-25	$0.0250
1989-05-24	$0.0250
1989-02-22	$0.0250
1988-12-09	$0.0550
1988-11-23	$0.0250
1988-08-25	$0.0250
1988-05-24	$0.0250
1988-02-23	$0.0250

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of -0.13. Further, an Excess Kurtosis of 18.03 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -8.12%	59	0.61%	0.61%
-8.12% to -6.07%	90	0.92%	1.53%
-6.07% to -4.03%	261	2.68%	4.21%
-4.03% to -1.98%	982	10.09%	14.30%
-1.98% to 0.06%	3766	38.68%	52.98%
0.06% to 2.11%	3192	32.79%	85.76%
2.11% to 4.16%	925	9.50%	95.26%
4.16% to 6.20%	266	2.73%	98.00%
6.20% to 8.25%	101	1.04%	99.03%
Greater than 8.25%	94	0.97%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-2.66%	2.79%	81.05%	68.27%
±2σ	-5.39%	5.52%	95.19%	95.45%
±3σ	-8.12%	8.25%	98.43%	99.73%

Descriptive Statistics

Mean	0.064%
Standard Error	0.028%
Median	0.000%
Mode	0.000%
Standard Deviation	2.728%
Sample Variance	7.443%
Kurtosis	18.03
Skewness	-0.13
Range	72.472%
Minimum	-33.181%
Maximum	39.291%
Count	9736

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	1.900%	4666	47.92%	0.911%
Negative	-1.779%	4636	47.62%	-0.847%
Zero	0.000%	434	4.46%	0.000%

Average True Range Percentage (ATRP)

Trading Days	Horizon	Average Daily True Range %
5	1 Week	3.94%
20	1 Month	5.76%
60	1 Quarter	4.34%
250	1 Year	3.96%
750	3 Years	3.98%
1,250	5 Years	4.63%
2,500	10 Years	4.05%
5,000	20 Years	3.39%
12,500	50 Years	3.15%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 4.91. Further, an Excess Kurtosis of 56.48 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -4.34%	0	0.00%	0.00%
-4.34% to -2.52%	0	0.00%	0.00%
-2.52% to -0.71%	0	0.00%	0.00%
-0.71% to 1.11%	1094	11.24%	11.24%
1.11% to 2.93%	5217	53.58%	64.81%
2.93% to 4.75%	2080	21.36%	86.18%
4.75% to 6.57%	757	7.77%	93.95%
6.57% to 8.38%	292	3.00%	96.95%
8.38% to 10.20%	150	1.54%	98.49%
Greater than 10.20%	147	1.51%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	0.50%	5.35%	89.47%	68.27%
±2σ	-1.92%	7.78%	96.09%	95.45%
±3σ	-4.34%	10.20%	98.49%	99.73%

Descriptive Statistics

Mean	2.929%
Standard Error	0.025%
Median	2.283%
Mode	2.632%
Standard Deviation	2.424%
Sample Variance	5.874%
Kurtosis	56.48
Skewness	4.91
Range	52.747%
Minimum	0.314%
Maximum	53.061%
Count	9737

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	2.929%	9737	100.00%	2.929%
Negative	0.000%	0	0.00%	0.000%
Zero	0.000%	0	0.00%	0.000%

Open-to-Close Returns

Gram-Charlier Analysis: Data reveals Right Skewed (Positive Asymmetry) with a Skewness factor of 0.92. Further, an Excess Kurtosis of 20.18 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -6.72%	85	0.87%	0.87%
-6.72% to -5.04%	102	1.05%	1.92%
-5.04% to -3.35%	286	2.94%	4.86%
-3.35% to -1.66%	1035	10.63%	15.49%
-1.66% to 0.02%	3548	36.44%	51.93%
0.02% to 1.71%	3177	32.63%	84.55%
1.71% to 3.40%	1027	10.55%	95.10%
3.40% to 5.08%	285	2.93%	98.03%
5.08% to 6.77%	118	1.21%	99.24%
Greater than 6.77%	74	0.76%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-2.23%	2.27%	79.52%	68.27%
±2σ	-4.48%	4.52%	94.79%	95.45%
±3σ	-6.72%	6.77%	98.37%	99.73%

Descriptive Statistics

Mean	0.023%
Standard Error	0.023%
Median	0.000%
Mode	0.000%
Standard Deviation	2.249%
Sample Variance	5.060%
Kurtosis	20.18
Skewness	0.92
Range	60.038%
Minimum	-16.856%
Maximum	43.182%
Count	9737

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	1.579%	4700	48.27%	0.762%
Negative	-1.570%	4584	47.08%	-0.739%
Zero	0.000%	453	4.65%	0.000%

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of 0.21. Further, an Excess Kurtosis of 7.05 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -17.37%	19	0.94%	0.94%
-17.37% to -12.95%	15	0.74%	1.69%
-12.95% to -8.53%	59	2.93%	4.61%
-8.53% to -4.12%	227	11.25%	15.87%
-4.12% to 0.30%	718	35.60%	51.46%
0.30% to 4.72%	662	32.82%	84.28%
4.72% to 9.13%	200	9.92%	94.20%
9.13% to 13.55%	78	3.87%	98.07%
13.55% to 17.97%	21	1.04%	99.11%
Greater than 17.97%	18	0.89%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-5.59%	6.19%	78.58%	68.27%
±2σ	-11.48%	12.08%	94.84%	95.45%
±3σ	-17.37%	17.97%	98.17%	99.73%

Descriptive Statistics

Mean	0.300%
Standard Error	0.131%
Median	0.094%
Mode	0.000%
Standard Deviation	5.889%
Sample Variance	34.681%
Kurtosis	7.05
Skewness	0.21
Range	82.515%
Minimum	-34.241%
Maximum	48.274%
Count	2017

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	4.239%	1022	50.67%	2.148%
Negative	-3.923%	950	47.10%	-1.848%
Zero	0.000%	45	2.23%	0.000%

Average True Range Percentage (ATRP)

Weeks	Horizon	Average Weekly True Range %
4	1 Month	13.87%
12	1 Quarter	9.96%
52	1 Year	9.35%
156	3 Years	9.59%
260	5 Years	11.19%
520	10 Years	9.71%
1,040	20 Years	8.12%
2,600	50 Years	7.65%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 4.18. Further, an Excess Kurtosis of 32.06 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -11.94%	0	0.00%	0.00%
-11.94% to -6.97%	0	0.00%	0.00%
-6.97% to -2.00%	0	0.00%	0.00%
-2.00% to 2.98%	201	9.96%	9.96%
2.98% to 7.95%	1134	56.19%	66.15%
7.95% to 12.93%	406	20.12%	86.27%
12.93% to 17.90%	153	7.58%	93.86%
17.90% to 22.88%	64	3.17%	97.03%
22.88% to 27.85%	31	1.54%	98.56%
Greater than 27.85%	29	1.44%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	1.32%	14.59%	89.00%	68.27%
±2σ	-5.31%	21.22%	96.18%	95.45%
±3σ	-11.94%	27.85%	98.56%	99.73%

Descriptive Statistics

Mean	7.953%
Standard Error	0.148%
Median	6.109%
Mode	5.882%
Standard Deviation	6.632%
Sample Variance	43.984%
Kurtosis	32.06
Skewness	4.18
Range	87.254%
Minimum	1.227%
Maximum	88.481%
Count	2018

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	7.953%	2018	100.00%	7.953%
Negative	0.000%	0	0.00%	0.000%
Zero	0.000%	0	0.00%	0.000%

Open-to-Close Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 1.60. Further, an Excess Kurtosis of 13.65 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -17.61%	7	0.35%	0.35%
-17.61% to -13.18%	17	0.84%	1.19%
-13.18% to -8.74%	75	3.72%	4.91%
-8.74% to -4.30%	212	10.51%	15.41%
-4.30% to 0.13%	757	37.51%	52.92%
0.13% to 4.57%	662	32.80%	85.73%
4.57% to 9.00%	187	9.27%	95.00%
9.00% to 13.44%	57	2.82%	97.82%
13.44% to 17.88%	15	0.74%	98.56%
Greater than 17.88%	29	1.44%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-5.78%	6.05%	80.48%	68.27%
±2σ	-11.70%	11.96%	95.34%	95.45%
±3σ	-17.61%	17.88%	98.22%	99.73%

Descriptive Statistics

Mean	0.131%
Standard Error	0.132%
Median	0.000%
Mode	0.000%
Standard Deviation	5.915%
Sample Variance	34.986%
Kurtosis	13.65
Skewness	1.60
Range	91.789%
Minimum	-30.430%
Maximum	61.359%
Count	2018

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	4.189%	968	47.97%	2.009%
Negative	-3.769%	1006	49.85%	-1.879%
Zero	0.000%	44	2.18%	0.000%

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of 0.19. Further, an Excess Kurtosis of 4.93 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -33.77%	4	0.86%	0.86%
-33.77% to -25.01%	6	1.29%	2.16%
-25.01% to -16.25%	14	3.02%	5.17%
-16.25% to -7.50%	52	11.21%	16.38%
-7.50% to 1.26%	158	34.05%	50.43%
1.26% to 10.02%	156	33.62%	84.05%
10.02% to 18.78%	49	10.56%	94.61%
18.78% to 27.54%	16	3.45%	98.06%
27.54% to 36.30%	5	1.08%	99.14%
Greater than 36.30%	4	0.86%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-10.42%	12.94%	77.59%	68.27%
±2σ	-22.09%	24.62%	95.26%	95.45%
±3σ	-33.77%	36.30%	98.28%	99.73%

Descriptive Statistics

Mean	1.264%
Standard Error	0.542%
Median	1.172%
Mode	1.172%
Standard Deviation	11.679%
Sample Variance	136.388%
Kurtosis	4.93
Skewness	0.19
Range	128.316%
Minimum	-60.640%
Maximum	67.676%
Count	464

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	8.616%	256	55.17%	4.754%
Negative	-7.824%	207	44.61%	-3.490%
Zero	0.000%	1	0.22%	0.000%

Average True Range Percentage (ATRP)

Months	Horizon	Average Monthly True Range %
3	1 Quarter	19.30%
12	1 Year	19.45%
36	3 Years	21.65%
60	5 Years	24.73%
120	10 Years	21.36%
240	20 Years	17.63%
600	50 Years	16.49%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 8.66. Further, an Excess Kurtosis of 119.72 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -40.29%	0	0.00%	0.00%
-40.29% to -25.44%	0	0.00%	0.00%
-25.44% to -10.59%	0	0.00%	0.00%
-10.59% to 4.27%	4	0.86%	0.86%
4.27% to 19.12%	311	66.88%	67.74%
19.12% to 33.97%	102	21.94%	89.68%
33.97% to 48.83%	29	6.24%	95.91%
48.83% to 63.68%	6	1.29%	97.20%
63.68% to 78.53%	9	1.94%	99.14%
Greater than 78.53%	4	0.86%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-0.68%	38.92%	92.90%	68.27%
±2σ	-20.49%	58.73%	96.99%	95.45%
±3σ	-40.29%	78.53%	99.14%	99.73%

Descriptive Statistics

Mean	19.121%
Standard Error	0.918%
Median	14.173%
Mode	13.223%
Standard Deviation	19.804%
Sample Variance	392.186%
Kurtosis	119.72
Skewness	8.66
Range	318.312%
Minimum	3.713%
Maximum	322.025%
Count	465

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	19.121%	465	100.00%	19.121%
Negative	0.000%	0	0.00%	0.000%
Zero	0.000%	0	0.00%	0.000%

Open-to-Close Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 3.57. Further, an Excess Kurtosis of 33.52 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -39.89%	0	0.00%	0.00%
-39.89% to -29.82%	2	0.43%	0.43%
-29.82% to -19.76%	9	1.94%	2.37%
-19.76% to -9.70%	54	11.61%	13.98%
-9.70% to 0.36%	199	42.80%	56.77%
0.36% to 10.43%	140	30.11%	86.88%
10.43% to 20.49%	40	8.60%	95.48%
20.49% to 30.55%	10	2.15%	97.63%
30.55% to 40.62%	6	1.29%	98.92%
Greater than 40.62%	5	1.08%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-13.05%	13.78%	81.94%	68.27%
±2σ	-26.47%	27.20%	96.34%	95.45%
±3σ	-39.89%	40.62%	98.92%	99.73%

Descriptive Statistics

Mean	0.365%
Standard Error	0.622%
Median	-1.215%
Mode	-8.937%
Standard Deviation	13.417%
Sample Variance	180.007%
Kurtosis	33.52
Skewness	3.57
Range	188.250%
Minimum	-39.883%
Maximum	148.367%
Count	465

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	9.614%	211	45.38%	4.362%
Negative	-7.347%	253	54.41%	-3.997%
Zero	0.000%	1	0.21%	0.000%

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Right Skewed (Positive Asymmetry) with a Skewness factor of 0.60. Further, an Excess Kurtosis of 3.37 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -59.80%	1	0.65%	0.65%
-59.80% to -43.87%	2	1.29%	1.94%
-43.87% to -27.94%	6	3.87%	5.81%
-27.94% to -12.02%	17	10.97%	16.77%
-12.02% to 3.91%	56	36.13%	52.90%
3.91% to 19.84%	44	28.39%	81.29%
19.84% to 35.77%	21	13.55%	94.84%
35.77% to 51.69%	5	3.23%	98.06%
51.69% to 67.62%	2	1.29%	99.35%
Greater than 67.62%	1	0.65%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-17.32%	25.15%	77.42%	68.27%
±2σ	-38.56%	46.38%	93.55%	95.45%
±3σ	-59.80%	67.62%	98.71%	99.73%

Descriptive Statistics

Mean	3.911%
Standard Error	1.706%
Median	2.668%
Mode	-63.047%
Standard Deviation	21.236%
Sample Variance	450.982%
Kurtosis	3.37
Skewness	0.60
Range	167.607%
Minimum	-63.047%
Maximum	104.560%
Count	155

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	16.736%	90	58.06%	9.718%
Negative	-14.062%	64	41.29%	-5.806%
Zero	0.000%	1	0.65%	0.000%

Average True Range Percentage (ATRP)

Quarters	Horizon	Average Quarterly True Range %
4	1 Year	37.49%
12	3 Years	48.12%
20	5 Years	46.74%
40	10 Years	39.51%
80	20 Years	31.78%
200	50 Years	29.73%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 7.06. Further, an Excess Kurtosis of 67.90 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -91.65%	0	0.00%	0.00%
-91.65% to -59.12%	0	0.00%	0.00%
-59.12% to -26.59%	0	0.00%	0.00%
-26.59% to 5.94%	0	0.00%	0.00%
5.94% to 38.47%	113	72.44%	72.44%
38.47% to 71.00%	27	17.31%	89.74%
71.00% to 103.54%	10	6.41%	96.15%
103.54% to 136.07%	5	3.21%	99.36%
136.07% to 168.60%	0	0.00%	99.36%
Greater than 168.60%	1	0.64%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-4.90%	81.85%	91.67%	68.27%
±2σ	-48.28%	125.22%	98.08%	95.45%
±3σ	-91.65%	168.60%	99.36%	99.73%

Descriptive Statistics

Mean	38.473%
Standard Error	3.473%
Median	27.286%
Mode	18.694%
Standard Deviation	43.375%
Sample Variance	1881.416%
Kurtosis	67.90
Skewness	7.06
Range	466.910%
Minimum	10.526%
Maximum	477.436%
Count	156

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	38.473%	156	100.00%	38.473%
Negative	0.000%	0	0.00%	0.000%
Zero	0.000%	0	0.00%	0.000%

Open-to-Close Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 2.89. Further, an Excess Kurtosis of 16.11 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -73.27%	0	0.00%	0.00%
-73.27% to -54.62%	0	0.00%	0.00%
-54.62% to -35.98%	2	1.28%	1.28%
-35.98% to -17.34%	26	16.67%	17.95%
-17.34% to 1.30%	65	41.67%	59.62%
1.30% to 19.94%	46	29.49%	89.10%
19.94% to 38.58%	8	5.13%	94.23%
38.58% to 57.22%	4	2.56%	96.79%
57.22% to 75.86%	2	1.28%	98.08%
Greater than 75.86%	3	1.92%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-23.56%	26.15%	83.33%	68.27%
±2σ	-48.41%	51.00%	95.51%	95.45%
±3σ	-73.27%	75.86%	98.08%	99.73%

Descriptive Statistics

Mean	1.296%
Standard Error	1.990%
Median	-1.720%
Mode	0.000%
Standard Deviation	24.854%
Sample Variance	617.698%
Kurtosis	16.11
Skewness	2.89
Range	225.953%
Minimum	-50.796%
Maximum	175.157%
Count	156

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	19.961%	66	42.31%	8.445%
Negative	-12.673%	88	56.41%	-7.149%
Zero	0.000%	2	1.28%	0.000%

CCL Deep Analytical Report