01Size a position from invalidation, distinguish leverage from exposure and test whether a setup survives real trading costs.
- 1.Calculate position size from your invalidation level
- 2.Separate leverage, margin and liquidation risk
- 3.Calculate trading expectancy after fees and slippage
- 4.Choose between stop-market and stop-limit orders
- 5.Build a trading journal that can reject a setup
Start the course →02Reconstruct contract changes, normalise reporting conventions and test what open interest can really tell you about positioning.
- 1.Reconstruct open interest from opening and closing trades
- 2.Read the price–open interest matrix as competing hypotheses
- 3.Normalise open interest: contracts, coins and dollars
- 4.Build an open interest profile and state its limits
- 5.Test a trapped-trader hypothesis without inventing positions
Start the course →03Calculate delta from trades, compare spot and perpetual activity and distinguish a useful observation from a feed or classification artefact.
- 1.Calculate cumulative volume delta from a trade tape
- 2.Distinguish absorption from exhaustion in order flow
- 3.Compare spot CVD with perpetual flow correctly
- 4.Read diagonal footprint imbalances with a sample threshold
- 5.Audit order-flow data before trusting a signal
Start the course →04Identify what a heatmap measures, reconcile walls with trades, calculate slippage and evaluate sweeps without assuming a guaranteed reversal.
- 1.Distinguish order-book liquidity from liquidation heatmaps
- 2.Track whether an order-book wall traded or disappeared
- 3.Calculate execution VWAP by walking order-book depth
- 4.Evaluate a liquidation cascade without calling a bottom
- 5.Plan a liquidity sweep and reclaim as a testable setup
Start the course →05Define a range before the breakout, map uncertain cost zones and combine price acceptance with profiles, VWAP and session context.
- 1.Define a locked-in range as a hypothesis you can test
- 2.Map cost-adjusted break-even zones without inventing stops
- 3.Define breakout acceptance before the breakout happens
- 4.Calculate volume profile and VWAP from the same sample
- 5.Choose timeframes and session context without moving the goalposts
Start the course →06Calculate actual funding cash flows, compare intervals fairly and evaluate two-leg or settlement strategies after costs and margin risk.
- 1.Calculate funding payments over your actual holding window
- 2.Compare hourly and eight-hour funding on equal terms
- 3.Distinguish crowded positioning from a squeeze
- 4.Build the full ledger for a spot–perpetual basis trade
- 5.Test a funding-settlement trade after all costs
Start the course →07Work through quantity rounding, maker queues, partial IOC exits, trigger sources and implementation shortfall with original ledgers and reconciled calculations.
- 1.Round an executable quantity without increasing the risk budget
- 2.Reconstruct a maker queue before assuming a fill
- 3.Reconcile an IOC partial fill and the exposure it leaves behind
- 4.Align a stop trigger with the price series that actually activates it
- 5.Measure implementation shortfall against a declared decision benchmark
- 6.Reconcile unique executions when order updates repeat
Start the course →08Audit signal timing, ambiguous fills, confirmation filters, parameter searches and chronological holdouts with reproducible worked cases.
- 1.Find when a pivot signal actually became available
- 2.Handle a candle that touches both stop and target
- 3.Measure what an extra trading confirmation adds
- 4.Keep the losing trials in a parameter search
- 5.Out-of-sample testing: freeze a holdout without leaking outcomes
Start the course →09Audit pattern success rates, measured targets, re-entry losses, zero-event samples and unresolved outcomes with original calculations and diagrams.
- 1.Audit the denominator behind a chart-pattern success rate
- 2.Calculate a flag target from explicit reference points
- 3.Reconcile a stopped trade and re-entry as one complete episode
- 4.Zero observed failures do not mean zero risk
- 5.Keep unresolved chart-pattern outcomes in the evaluation
Start the course →10Work through inverse P&L, shared-equity stress, conditional collateral deposits, maintenance deductions and marginal collateral bands.
- 1.Inverse futures P&L: calculate profit and collateral value
- 2.Cross margin risk: stress several positions together
- 3.Margin top-up: calculate eligible collateral after haircuts
- 4.Maintenance margin tiers: apply the rate and deduction
- 5.Collateral haircuts: calculate tiered credit and liabilities
Start the course →11Reconstruct POC ties, value-area coverage, composite sessions, TPO counts and price-grid effects using original, checkable datasets.
- 1.Volume profile POC: resolve equal-volume price levels
- 2.Volume profile value area: calculate VAH, VAL and coverage
- 3.Composite volume profile: merge sessions without duplicates
- 4.TPO vs volume profile: compare time counts and traded size
- 5.Volume profile row size: test how price bins change the chart
Start the course →12Five original data audits covering account counts, venue coverage, record availability, volume consistency and weighted holder ratios.
- 1.Long/short ratio: compare account counts with position size
- 2.Open interest data gaps: compare a consistent venue panel
- 3.Open interest backtests: handle delayed data and revisions
- 4.Open interest vs volume: check each interval for consistency
- 5.Aggregate long/short ratios: weight account counts correctly
Start the course →13Calculate RSI, ZLEMA, candle-gap geometry, Parabolic SAR and EMA warm-up with reproducible examples before assigning trading meaning to their labels.
- 1.RSI is momentum, not volatility: calculate the difference
- 2.Test ZLEMA response and overshoot on a known price path
- 3.Fair value gaps: separate candle geometry from resting orders
- 4.Calculate Parabolic SAR before treating it as an active stop
- 5.Why two EMAs disagree: reconcile warm-up history and seeds
Start the course →14Reconcile liquidation sides, price bases, quantities, replayed observations and coverage limits using original event ledgers and explained exercises.
- 1.Normalize liquidation side labels before comparing venues
- 2.Reconcile liquidation prices and sizes before calculating notional
- 3.Separate liquidation messages, event rows, quantity and accounts
- 4.Remove a proven liquidation replay without deleting genuine observations
- 5.Bound liquidation-feed coverage without inventing a market total
Start the course →15Calculate partial-exit R, cost-adjusted break-even, observed MFE and MAE, add-on risk and time stops using complete hypothetical trading ledgers.
- 1.Calculate realized R after partial profit taking
- 2.Calculate break-even after a partial exit
- 3.Measure MFE and MAE without inventing realized profit
- 4.Recalculate average entry and risk before adding to a position
- 5.Define a time stop and signal expiry before entering
Start the course →16Explain funding forecast errors, reconstruct changed settlement schedules, attribute OI-weighted rates and calculate borrowing and hedge-exit scenarios.
- 1.Funding forecast vs payment: explain the rate and exposure gap
- 2.Funding interval changes: rebuild the actual settlement ledger
- 3.OI-weighted funding: separate rate changes from changing weights
- 4.Funding minus borrow costs: account for rate resets and repayment
- 5.Funding turns negative: compare holding a hedge with closing it
Start the course →17Reconcile drawdown recovery, losing streaks, correlated exposure, lagged volatility sizing and daily risk budgets with original worked examples.
- 1.Drawdown recovery: calculate the return needed to break even
- 2.Fixed fractional risk: model a losing streak before trading
- 3.Portfolio heat: add correlated positions before sizing a new trade
- 4.Volatility position sizing: stress the lag in an ATR-based rule
- 5.Daily loss limit: reserve open risk before taking another trade
Start the course →18Reconcile CVD resets, estimated delta, base and quote units, delayed trades and unknown classifications using original tapes and timelines.
- 1.CVD resets: distinguish a new session from aggressive selling
- 2.Volume delta: compare candle estimates with taker-side trades
- 3.Base versus quote volume delta: why the signs can disagree
- 4.Orderflow lead and lag: align event time with arrival time
- 5.Unknown trade sides: calculate honest bounds for volume delta
Start the course →19Interpret compounding, profit factor, overlapping trades, net benchmarks and bootstrap assumptions with independently calculated examples.
- 1.Average return versus compound growth: reconcile the equity curve
- 2.Profit factor: check whether one winner carries the result
- 3.Overlapping trades: why twenty results may contain four market episodes
- 4.Trading benchmark: compare net results on the same capital and dates
- 5.Trading bootstrap: preserve dependent blocks when resampling results
Start the course →20Allocate partial-exit costs, review rule adherence, preserve thesis revisions and separate external cash flows from trading returns.
- 1.Partial exits: allocate fees and funding without double counting
- 2.Trading journal review: separate rule adherence from profit
- 3.Trade thesis changes: preserve the original plan and its revisions
- 4.Trading account returns: remove deposits and withdrawals from performance
Start the course →Editorial approach
We separate observations, calculations and hypotheses. Examples are hypothetical unless a figure is explicitly identified as an Athenum product screenshot. Screenshots illustrate the interface, not current market conditions. Exchange rules and data conventions can change; primary documentation is linked in each lesson.
Educational material. Examples do not establish a profitable strategy. Trading costs, gaps and liquidation can produce losses beyond a planned stop.
