Substitution, not approximation.
- Deep in-the-money LEAPS promise stock-like exposure with built-in leverage; the backtest asks what that actually costs in tracking, friction, and tail behavior.
- The engine reprices every position daily: early exercise, put-parity reopens, expiry settlement, and ruin/write-off reconciliation are explicit events, not approximations.
- Dollar frictions are split-scaled, and momentum signals are audited for dollar-neutrality and look-ahead bias via signal-shift checks.