1Forecast structure
The Frame of Reference
What is the signal measured against?
Cross-SectionTime-SeriesRelative-ValueEvent-Driven
The Dimensions of Alpha
Every alpha is a point in a multi-dimensional space
A trading signal is never just “a strategy”. It sits at the intersection of six independent axes — what it's measured against, how long it holds, which market it trades, what it's made of, how it's built, and how its risk is shaped. Learn to read those six and you can tell any two alphas apart, name them precisely, and see at a glance how they differ. This is that field guide.
Six independent axes. A working alpha is a single point across all of them — cross-sectional and multi-day and machine-learned and market-neutral at once.
◆ Why a shared language matters
Read in order, the axes turn any signal into a short, comparable vector — so a book can be built from genuinely different parts, duplicates are caught on sight, and the same alpha is described the same way twice. The first two — the frame of reference and the clockspeed — set the priority; the rest make the description precise.
What this guide covers
The first 2 are open to everyone; the rest unlock free when you sign in.
The map
Six axes, six questions
The one-screen version. Each axis answers a single question, and the answers combine freely — the same signal can be cross-sectional and machine-learned and market-neutral at once. Hover any chip for its definition; the sections below show each distinction in motion.
2Trading frequency
The Clockspeed
How long does a position live?
IntradayMulti-Day
3Asset class
The Arena
Which market, with which rules?
CryptoEquityFXRates+1
4Data & signal source
The Raw Material
What is the signal built from?
Price & VolumeOrder Book & TickFundamentalAlternative+1
5Methodology
The Maker
How is the signal generated?
Rule-BasedStatisticalMachine LearningAutonomous
6Risk construction & style
The Shape of Risk
What is hedged, and what drives it?
DirectionalMarket-NeutralSector-NeutralMomentum+3
◆ A seventh, quieter modifier
Travelling with every alpha is capacity & decay — how much capital it absorbs before market impact erodes the edge, and how fast it crowds out. As a rule, faster signals have lower capacity and decay quicker; slow factor signals carry more and last longer.
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See the six axes come alive
You've seen the map — the six axes and the questions they answer. The demonstrations that show each distinction in motion unlock free the moment you sign in.
- All six axes demonstrated in motion, each with its own animated infographic
- How the six tags combine into one short, comparable descriptor
- How to describe any alpha in a single breath, the way a PM expects to hear it
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