URTLE TRADING ANALYSIS — CRUDE OIL WTI FUTURES 1. Volatility (N) Current N (20-day, exponentially smoothed): 1.20 2. Unit Size Dollar volatility = 1.20 × $1,000 = $1,200 1% risk budget = $1,000,000 × 1% = $10,000 Unit size = $10,000 ÷ $1,200 = 8.33 → 8 contracts (truncated) 3. Entry Signals System 1 (20-day): Price is above the 20-day high, but the last System 1 signal was a winner, so the signal is skipped. System 2 (55-day): Price of 28.30 breaks the 55-day high of 28.29 by one tick. System 2 signals are never skipped. Result: LONG entry signal today under System 2. 4. Pyramiding Levels (0.5N = 0.60) Unit 1: 28.30 (entry) Unit 2: 28.90 Unit 3: 29.50 Unit 4: 30.10 (maximum of 4 units reached) 5. Stop Loss Initial stop: 28.30 − (2 × 1.20) = 25.90 Risk: 8 contracts × 2.40 × $1,000 = $19,200 (1.92% of account) Stop after each added unit: 26.50 → 27.10 → 27.70 (always 2N below the latest entry, applied to all units) 6. Exit Signals System 2 long exit: 20-day low, currently 26.85. Not triggered. The exit level (26.85) sits above the initial stop (25.90), so the breakout exit would trigger first on a reversal. 7. Risk Limit Check Units in this market: 1 of 4 allowed Total units in one direction: 1 of 12 allowed Correlated positions: none Drawdown adjustment: not required 8. Final Summary Table Action System Used Number of Contracts Entry/Exit Price Stop Loss Risk in $ Risk in % of Account Buy (Long) System 2 (55-day) 8 28.30 25.90 $19,200 1.92%