{
  "schema_version": 1,
  "snapshot_id": "fm300-nq-orb-of-combined-risk-2026-08-18-r1",
  "status": "verified_historical_stress_test",
  "generated_at_utc": "2026-08-24T18:14:59.000Z",
  "basis": "retrospective_historical_simulation",
  "source_label": "FM300 ORB R4 plus OF R5 available-data NQ ledgers",
  "instrument": {
    "parent_symbol": "NQ",
    "parent_tick_size": 0.25,
    "parent_tick_value_usd": 5,
    "micro_symbol": "MNQ",
    "micro_tick_size": 0.25,
    "micro_tick_value_usd": 0.5
  },
  "scope": {
    "strategies": [
      "ORB",
      "OF"
    ],
    "sizing": "one_contract_reused_sequentially",
    "concurrent_trade_overlap_count": 0,
    "cost_assumption_ticks_per_trade": 6,
    "window_start": "2025-08-27",
    "window_end": "2026-08-18",
    "unavailable_interval_start": "2026-04-01",
    "unavailable_interval_end": "2026-04-24",
    "unavailable_interval_reason": "source_coverage_gap",
    "orb_trades": 181,
    "of_trades": 200,
    "combined_trades": 381
  },
  "combined": {
    "net_ticks": 17483,
    "net_one_nq_usd": 87415,
    "average_monthly_net_one_nq_usd_12_month_divisor": 7284.58,
    "maximum_closed_drawdown_ticks": 4395,
    "maximum_closed_drawdown_one_nq_usd": 21975,
    "maximum_drawdown_peak_observed_on": "2025-11-25",
    "maximum_drawdown_trough_observed_on": "2026-02-02",
    "lowest_closed_equity_from_start_ticks": -1435,
    "lowest_closed_equity_from_start_one_nq_usd": -7175,
    "lowest_closed_equity_observed_on": "2025-09-18"
  },
  "first_loss_limit_breach": {
    "public_summary_event": true,
    "event_type": "fixed_loss_limit_first_breach",
    "date": "2025-09-12",
    "loss_limit_usd": 5000,
    "outcome_ticks": -1079,
    "outcome_usd": -5395,
    "basis": "merged_closed_trade_sequence"
  },
  "sizing_comparison": {
    "loss_limit_usd": 5000,
    "one_nq": {
      "status": "breached_on_closed_trade_sequence",
      "maximum_closed_drawdown_usd": 21975,
      "limit_multiple": 4.4
    },
    "one_mnq": {
      "status": "not_breached_on_closed_trade_sequence_only",
      "maximum_closed_drawdown_usd": 2197.5,
      "limit_utilization_pct": 44
    }
  },
  "provenance": {
    "builder_version": "fm300-nq-combined-prop-risk-r1",
    "verifier_status": "pass",
    "sources": [
      {
        "label": "ORB R4 trade ledger",
        "sha256": "b430f86c67c83b7770bf5b24f35891f87986ed008de2867ea81d73c7a47d8fc2",
        "selected_rows": 181
      },
      {
        "label": "OF available-data R5 session ledger",
        "sha256": "170a63bbdc67306836e77fc03d163db07a1da0a7374a58b9932c5e2ee01a68c1",
        "selected_rows": 200
      }
    ]
  },
  "metric_definitions": {
    "maximum_closed_drawdown": "Largest peak-to-trough decline in the merged, chronologically ordered closed-trade result series.",
    "first_5000_loss_limit_breach": "First closed trade where equity from the starting level or drawdown from the running peak reached at least $5,000 for one NQ.",
    "one_mnq_comparison": "The identical tick sequence valued at one MNQ, one tenth of the NQ dollar exposure."
  },
  "disclosures": [
    "Retrospective historical simulation; not customer performance or a guarantee.",
    "Closed-trade results only. Intratrade mark-to-market drawdown, firm-specific trailing and daily loss rules, and additional live slippage are not included.",
    "The available-data window contains a source-coverage gap from 2026-04-01 through 2026-04-24.",
    "The one-MNQ comparison remaining below $5,000 on this closed-trade sequence is not a prop-firm survival guarantee.",
    "Only the first fixed-limit breach date is published; no day-level outcome series is included."
  ]
}