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%	4.65%	4.31%	3.24%	30.64	33.40	29.35	34.87
Weekly	5.89%	6.62%	5.92%	11.20%	9.50%	7.13%	29.09	35.18	26.46	38.68
Monthly	11.63%	19.82%	13.40%	24.67%	19.77%	14.85%	26.25	38.98	21.54	47.50
Quarterly	21.16%	43.42%	24.79%	45.65%	34.24%	25.72%	22.71	45.05	16.13	63.45
Annual	—	—	—	—	68.49%	51.44%	16.13	63.45	8.13	125.86
Option Time Horizon	—	—	—	—	26.34%	19.79%	24.58	41.63	18.89	54.18

Calculation Notes: Computed at 2026-02-22T14:24 UTC | Reference Contract: Call option expiring 2026-04-17 (54 days) | Spot Price (S): $31.99 | Strike (K): $32.00 (first OTM call ≥ spot) | Observed Mid-Price: $2.5400 (Bid $2.4900 / Ask $2.5900) | Risk-Free Rate (r): 3.72% (1-Month CMT, US Treasury) | Dividend Yield (q): 47.00% | Binomial IV (Annual): 68.49% (CRR binomial tree, American, n=20 steps) | BS IV: 72.99% (European Black-Scholes) | Yahoo IV (Annual): 51.44% → 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 18.13 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -8.11%	60	0.62%	0.62%
-8.11% to -6.07%	88	0.91%	1.52%
-6.07% to -4.02%	258	2.66%	4.18%
-4.02% to -1.98%	982	10.11%	14.29%
-1.98% to 0.07%	3764	38.74%	53.03%
0.07% to 2.11%	3183	32.76%	85.79%
2.11% to 4.16%	920	9.47%	95.26%
4.16% to 6.20%	266	2.74%	97.99%
6.20% to 8.24%	101	1.04%	99.03%
Greater than 8.24%	94	0.97%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-2.66%	2.79%	81.10%	68.27%
±2σ	-5.39%	5.52%	95.19%	95.45%
±3σ	-8.11%	8.24%	98.41%	99.73%

Descriptive Statistics

Mean	0.066%
Standard Error	0.028%
Median	0.000%
Mode	0.000%
Standard Deviation	2.726%
Sample Variance	7.430%
Kurtosis	18.13
Skewness	-0.13
Range	72.472%
Minimum	-33.181%
Maximum	39.291%
Count	9716

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	1.899%	4658	47.94%	0.910%
Negative	-1.774%	4624	47.59%	-0.844%
Zero	0.000%	434	4.47%	0.000%

Average True Range Percentage (ATRP)

Trading Days	Horizon	Average Daily True Range %
5	1 Week	3.85%
20	1 Month	4.34%
60	1 Quarter	3.71%
250	1 Year	3.92%
750	3 Years	3.96%
1,250	5 Years	4.65%
2,500	10 Years	4.02%
5,000	20 Years	3.38%
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 4.93. Further, an Excess Kurtosis of 56.76 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%	1086	11.18%	11.18%
1.11% to 2.92%	5215	53.67%	64.85%
2.92% to 4.74%	2074	21.34%	86.19%
4.74% to 6.56%	754	7.76%	93.95%
6.56% to 8.38%	291	2.99%	96.94%
8.38% to 10.19%	151	1.55%	98.50%
Greater than 10.19%	146	1.50%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	0.50%	5.35%	89.52%	68.27%
±2σ	-1.92%	7.77%	96.10%	95.45%
±3σ	-4.34%	10.19%	98.50%	99.73%

Descriptive Statistics

Mean	2.925%
Standard Error	0.025%
Median	2.278%
Mode	2.632%
Standard Deviation	2.422%
Sample Variance	5.867%
Kurtosis	56.76
Skewness	4.93
Range	52.747%
Minimum	0.314%
Maximum	53.061%
Count	9717

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	2.925%	9717	100.00%	2.925%
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 20.27 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%	84	0.86%	0.86%
-6.72% to -5.04%	103	1.06%	1.92%
-5.04% to -3.35%	283	2.91%	4.84%
-3.35% to -1.66%	1034	10.64%	15.48%
-1.66% to 0.02%	3543	36.46%	51.94%
0.02% to 1.71%	3169	32.61%	84.55%
1.71% to 3.40%	1026	10.56%	95.11%
3.40% to 5.08%	282	2.90%	98.01%
5.08% to 6.77%	119	1.22%	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%	79.55%	68.27%
±2σ	-4.47%	4.52%	94.81%	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	2.248%
Sample Variance	5.053%
Kurtosis	20.27
Skewness	0.92
Range	60.038%
Minimum	-16.856%
Maximum	43.182%
Count	9717

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	1.578%	4689	48.26%	0.761%
Negative	-1.568%	4575	47.08%	-0.738%
Zero	0.000%	453	4.66%	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 7.08 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -17.35%	20	0.99%	0.99%
-17.35% to -12.93%	14	0.70%	1.69%
-12.93% to -8.52%	58	2.88%	4.57%
-8.52% to -4.10%	225	11.18%	15.75%
-4.10% to 0.31%	717	35.62%	51.37%
0.31% to 4.73%	663	32.94%	84.30%
4.73% to 9.14%	199	9.89%	94.19%
9.14% to 13.56%	78	3.87%	98.06%
13.56% to 17.98%	21	1.04%	99.11%
Greater than 17.98%	18	0.89%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-5.57%	6.20%	78.69%	68.27%
±2σ	-11.46%	12.09%	94.83%	95.45%
±3σ	-17.35%	17.97%	98.11%	99.73%

Descriptive Statistics

Mean	0.314%
Standard Error	0.131%
Median	0.122%
Mode	0.000%
Standard Deviation	5.887%
Sample Variance	34.657%
Kurtosis	7.08
Skewness	0.21
Range	82.515%
Minimum	-34.241%
Maximum	48.274%
Count	2013

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	4.235%	1023	50.82%	2.152%
Negative	-3.916%	945	46.95%	-1.838%
Zero	0.000%	45	2.23%	0.000%

Average True Range Percentage (ATRP)

Weeks	Horizon	Average Weekly True Range %
4	1 Month	9.28%
12	1 Quarter	8.31%
52	1 Year	9.19%
156	3 Years	9.56%
260	5 Years	11.20%
520	10 Years	9.64%
1,040	20 Years	8.08%
2,600	50 Years	7.64%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 4.20. Further, an Excess Kurtosis of 32.32 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 2.97%	198	9.83%	9.83%
2.97% to 7.94%	1135	56.36%	66.19%
7.94% to 12.90%	407	20.21%	86.40%
12.90% to 17.87%	152	7.55%	93.94%
17.87% to 22.84%	63	3.13%	97.07%
22.84% to 27.81%	30	1.49%	98.56%
Greater than 27.81%	29	1.44%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	1.31%	14.56%	88.98%	68.27%
±2σ	-5.31%	21.18%	96.18%	95.45%
±3σ	-11.94%	27.81%	98.56%	99.73%

Descriptive Statistics

Mean	7.936%
Standard Error	0.148%
Median	6.084%
Mode	5.882%
Standard Deviation	6.624%
Sample Variance	43.883%
Kurtosis	32.32
Skewness	4.20
Range	87.254%
Minimum	1.227%
Maximum	88.481%
Count	2014

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	7.936%	2014	100.00%	7.936%
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 13.69 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -17.63%	7	0.35%	0.35%
-17.63% to -13.19%	17	0.84%	1.19%
-13.19% to -8.75%	75	3.72%	4.92%
-8.75% to -4.32%	212	10.53%	15.44%
-4.32% to 0.12%	756	37.54%	52.98%
0.12% to 4.55%	663	32.92%	85.90%
4.55% to 8.99%	182	9.04%	94.94%
8.99% to 13.43%	58	2.88%	97.82%
13.43% to 17.86%	15	0.74%	98.56%
Greater than 17.86%	29	1.44%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-5.80%	6.03%	80.49%	68.27%
±2σ	-11.71%	11.95%	95.33%	95.45%
±3σ	-17.63%	17.86%	98.21%	99.73%

Descriptive Statistics

Mean	0.119%
Standard Error	0.132%
Median	0.000%
Mode	0.000%
Standard Deviation	5.915%
Sample Variance	34.992%
Kurtosis	13.69
Skewness	1.60
Range	91.789%
Minimum	-30.430%
Maximum	61.359%
Count	2014

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	4.182%	964	47.87%	2.002%
Negative	-3.769%	1006	49.95%	-1.883%
Zero	0.000%	44	2.19%	0.000%

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of 0.20. Further, an Excess Kurtosis of 5.02 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -33.59%	4	0.86%	0.86%
-33.59% to -24.86%	6	1.30%	2.16%
-24.86% to -16.13%	13	2.81%	4.97%
-16.13% to -7.41%	54	11.66%	16.63%
-7.41% to 1.32%	161	34.77%	51.40%
1.32% to 10.05%	152	32.83%	84.23%
10.05% to 18.77%	48	10.37%	94.60%
18.77% to 27.50%	16	3.46%	98.06%
27.50% to 36.23%	5	1.08%	99.14%
Greater than 36.23%	4	0.86%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-10.31%	12.96%	77.75%	68.27%
±2σ	-21.95%	24.59%	95.46%	95.45%
±3σ	-33.59%	36.23%	98.27%	99.73%

Descriptive Statistics

Mean	1.320%
Standard Error	0.541%
Median	1.172%
Mode	1.172%
Standard Deviation	11.635%
Sample Variance	135.379%
Kurtosis	5.02
Skewness	0.20
Range	128.316%
Minimum	-60.640%
Maximum	67.676%
Count	463

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	8.622%	256	55.29%	4.767%
Negative	-7.747%	206	44.49%	-3.447%
Zero	0.000%	1	0.22%	0.000%

Average True Range Percentage (ATRP)

Months	Horizon	Average Monthly True Range %
3	1 Quarter	19.81%
12	1 Year	19.31%
36	3 Years	21.69%
60	5 Years	24.67%
120	10 Years	21.25%
240	20 Years	17.56%
600	50 Years	16.46%

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 119.56 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -40.36%	0	0.00%	0.00%
-40.36% to -25.50%	0	0.00%	0.00%
-25.50% to -10.63%	0	0.00%	0.00%
-10.63% to 4.24%	3	0.65%	0.65%
4.24% to 19.10%	312	67.24%	67.89%
19.10% to 33.97%	101	21.77%	89.66%
33.97% to 48.84%	29	6.25%	95.91%
48.84% to 63.70%	6	1.29%	97.20%
63.70% to 78.57%	9	1.94%	99.14%
Greater than 78.57%	4	0.86%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-0.72%	38.93%	92.89%	68.27%
±2σ	-20.54%	58.75%	96.98%	95.45%
±3σ	-40.36%	78.57%	99.14%	99.73%

Descriptive Statistics

Mean	19.104%
Standard Error	0.920%
Median	14.164%
Mode	13.223%
Standard Deviation	19.822%
Sample Variance	392.922%
Kurtosis	119.56
Skewness	8.66
Range	318.312%
Minimum	3.713%
Maximum	322.025%
Count	464

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	19.104%	464	100.00%	19.104%
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 3.60. Further, an Excess Kurtosis of 33.79 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -39.88%	0	0.00%	0.00%
-39.88% to -29.83%	2	0.43%	0.43%
-29.83% to -19.78%	9	1.94%	2.37%
-19.78% to -9.73%	54	11.64%	14.01%
-9.73% to 0.32%	198	42.67%	56.68%
0.32% to 10.37%	141	30.39%	87.07%
10.37% to 20.42%	39	8.41%	95.47%
20.42% to 30.48%	10	2.16%	97.63%
30.48% to 40.53%	6	1.29%	98.92%
Greater than 40.53%	5	1.08%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-13.08%	13.72%	81.90%	68.27%
±2σ	-26.48%	27.12%	96.34%	95.45%
±3σ	-39.88%	40.53%	98.92%	99.73%

Descriptive Statistics

Mean	0.321%
Standard Error	0.622%
Median	-1.226%
Mode	-8.937%
Standard Deviation	13.402%
Sample Variance	179.625%
Kurtosis	33.79
Skewness	3.60
Range	188.250%
Minimum	-39.883%
Maximum	148.367%
Count	464

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	9.566%	210	45.26%	4.329%
Negative	-7.352%	253	54.53%	-4.009%
Zero	0.000%	1	0.22%	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 3.44 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -59.38%	1	0.65%	0.65%
-59.38% to -43.52%	2	1.29%	1.94%
-43.52% to -27.65%	6	3.87%	5.81%
-27.65% to -11.79%	17	10.97%	16.77%
-11.79% to 4.08%	56	36.13%	52.90%
4.08% to 19.95%	44	28.39%	81.29%
19.95% to 35.81%	21	13.55%	94.84%
35.81% to 51.68%	5	3.23%	98.06%
51.68% to 67.55%	2	1.29%	99.35%
Greater than 67.55%	1	0.65%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-17.07%	25.24%	78.06%	68.27%
±2σ	-38.23%	46.39%	93.55%	95.45%
±3σ	-59.38%	67.55%	98.71%	99.73%

Descriptive Statistics

Mean	4.081%
Standard Error	1.699%
Median	3.116%
Mode	-63.047%
Standard Deviation	21.155%
Sample Variance	447.524%
Kurtosis	3.44
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	16.629%	91	58.71%	9.763%
Negative	-13.979%	63	40.65%	-5.682%
Zero	0.000%	1	0.65%	0.000%

Average True Range Percentage (ATRP)

Quarters	Horizon	Average Quarterly True Range %
4	1 Year	32.06%
12	3 Years	46.31%
20	5 Years	45.65%
40	10 Years	38.97%
80	20 Years	31.51%
200	50 Years	29.59%

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 67.75 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -91.99%	0	0.00%	0.00%
-91.99% to -59.43%	0	0.00%	0.00%
-59.43% to -26.86%	0	0.00%	0.00%
-26.86% to 5.70%	0	0.00%	0.00%
5.70% to 38.27%	113	72.44%	72.44%
38.27% to 70.83%	27	17.31%	89.74%
70.83% to 103.40%	10	6.41%	96.15%
103.40% to 135.96%	5	3.21%	99.36%
135.96% to 168.53%	0	0.00%	99.36%
Greater than 168.53%	1	0.64%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-5.15%	81.69%	91.67%	68.27%
±2σ	-48.57%	125.11%	98.08%	95.45%
±3σ	-91.99%	168.53%	99.36%	99.73%

Descriptive Statistics

Mean	38.268%
Standard Error	3.476%
Median	27.154%
Mode	18.694%
Standard Deviation	43.420%
Sample Variance	1885.292%
Kurtosis	67.75
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	38.268%	156	100.00%	38.268%
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 2.94. Further, an Excess Kurtosis of 16.41 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -73.26%	0	0.00%	0.00%
-73.26% to -54.67%	0	0.00%	0.00%
-54.67% to -36.08%	2	1.28%	1.28%
-36.08% to -17.49%	25	16.03%	17.31%
-17.49% to 1.10%	67	42.95%	60.26%
1.10% to 19.69%	46	29.49%	89.74%
19.69% to 38.28%	7	4.49%	94.23%
38.28% to 56.87%	4	2.56%	96.79%
56.87% to 75.45%	2	1.28%	98.08%
Greater than 75.45%	3	1.92%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-23.69%	25.88%	83.97%	68.27%
±2σ	-48.47%	50.67%	95.51%	95.45%
±3σ	-73.26%	75.45%	98.08%	99.73%

Descriptive Statistics

Mean	1.099%
Standard Error	1.984%
Median	-1.743%
Mode	0.000%
Standard Deviation	24.785%
Sample Variance	614.308%
Kurtosis	16.41
Skewness	2.94
Range	225.953%
Minimum	-50.796%
Maximum	175.157%
Count	156

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	19.881%	65	41.67%	8.284%
Negative	-12.594%	89	57.05%	-7.185%
Zero	0.000%	2	1.28%	0.000%

CCL Deep Analytical Report