| Price basis | gross OOS SR | full SR | turn/bar | b/e bps |
|---|---|---|---|---|
| close | +2.12 | +2.34 | 2.82 | 0.76 |
| lw | +1.78 | +1.83 | 2.82 | 0.60 |
| hlmid | +1.75 | +1.76 | 2.81 | 0.58 |
VWAP folds each hour's trade prices (bounce-robust). If the reversal collapses vs close, the edge was the spread — not harvestable, passively or otherwise.