BO · Metals / Cross-Asset Coherence Regime
Z5170 – BO Wavelet Coherence HY OAS Static
The BO Wavelet Coherence HY OAS Static signal captures a distinct soybean-oil market regime driven by its underlying mechanism; the engine produces a -bounded composite between minus one and plus one.
At a glance
IN-SEASON · ACTIVE
Current reading
-0.873
BO Wavelet Coherence HY OAS Static composite, tanh-bounded
Signal state
Coupling Below Baseline
159 trading days in current state
Phase
STRESS
Positive equals hy oas coherence strong; negative equals hy oas coherence weak
Sample
35 years
Live since 1991-03
As of Nov 06, 2026. Updated nightly.
SIGNAL OVERVIEW
The BO Wavelet Coherence HY OAS Static signal captures a distinct soybean-oil market regime driven by its underlying mechanism; the engine produces a -bounded composite between minus one and plus one. The composite is bounded between minus one and plus one through. Across 35 years Phase +1 hy oas coherence strong state has returned on average plus 3.68 percent forward 60-day soybean-oil return. Phase -1 hy oas coherence weak state has returned on average minus 0.74 percent. Today the composite reads -0.873, in Coupling Below Baseline territory.
LIVE CHART
BO Wavelet Coherence HY OAS Static: composite bounded minus one to plus one.
The dark line in the top panel is the composite bounded between minus one and plus one. The pale red band marks hy oas coherence weak regime. The pale green band marks hy oas coherence strong regime. The bronze line in the middle panel is the trailing 252-day rolling Spearman information coefficient. The lower panel is CBOT soybean-oil continuous back-adjusted price on the right axis in cents per pound.
COMPOSITE
-0.873 / tanh
STATE
(nightly)
PHASE
(nightly)
FWD 60d
(nightly, baseline +1.56 percent)
SAMPLE N
8,981 days
TODAY’S PLAYBOOK READING
STATE
Coupling Below Baseline
STATE AND HISTORY
Coupling Below Baseline. Sample N=8,981 days since 1991-03.
WHY THE SIGNAL IS HERE
The BO Wavelet Coherence HY OAS Static signal captures a distinct soybean-oil market regime driven by its underlying mechanism; the engine produces a tanh-bounded composite between minus one and plus one.
POSTURE FOR THE WEEKS AHEAD
The signal is a regime detector on a 60-day forward horizon. Pair with price momentum signals for conviction.
WHAT THE CHART SHOWS
Today the composite reads -0.873 placing the dot inside the Coupling Below Baseline band.
TOP INPUTS FIRING
- Silver returns Primary silver price momentum.
- 10-year TIPS-implied inflation breakeven Market-implied inflation expectation.
- Rolling coherence trend 5-year first-difference of coherence at 170-day cycles.
THE REGIME MAP
The three regime phases, forward 60-day soybean-oil returns and sample share
Baseline soybean-oil forward 60 day return (unconditional): mean plus 1.56 percent, median plus 0.26 percent, across 8,921 trading days.
| State | Phase | Share | Fwd 60d | HAC t | Edge vs baseline | Last firings |
|---|---|---|---|---|---|---|
| HY OAS coherence strong | +1 | 25.7% (2310 d) | +4.05% | +2.49pp | Sep 2024, Jul 2024, Dec 2023 | |
| Normal | 0 | 20.3% (1827 d) | +1.57% | +0.02pp | Feb 2026, Dec 2025, Aug 2024 | |
| HY OAS coherence weak TODAY | -1 | 53.9% (4844 d) | +0.35% | -1.21pp | Mar 2026, Jan 2026, Jul 2025 |
The historical pattern
How to use the signal today
THE TRACK RECORD
Every state change in the last 2 years
5 state transitions from 11/21/2024 to 11/06/2026. Full history (64 total transitions since 03/14/1996) is downloadable.
| State | Start | End | Duration | Fwd 60d SPY |
|---|---|---|---|---|
| Neutral | 11/21/2024 | 12/20/2024 | 21d | +2.81% |
| Defensive | 12/23/2024 | 03/25/2025 | 63d | -5.16% |
| Neutral | 03/26/2025 | 04/24/2025 | 21d | +5.55% |
| Expansion | 04/25/2025 | 05/23/2025 | 21d | +15.18% |
| Defensive LIVE | 05/27/2025 | current | 366d | +7.51% |
Scroll inside the table for the full history. Forward 60-day SPY is measured from each run’s start date; a reader cannot trade off a start-date they only identify in hindsight, so this is a transparency log, not an alpha claim. Asterisked (*) returns are partial. The run is less than 60 trading days old. The full 60-day comparable fills in as more data arrives.
What this measures
The BO Wavelet Coherence HY OAS Static signal captures a distinct soybean-oil market regime driven by its underlying mechanism; the engine produces a -bounded composite between minus one and plus one. The composite is z-scored against a and bounded through.
Why it matters
The BO Wavelet Coherence HY OAS Static signal captures a distinct soybean-oil market regime driven by its underlying mechanism; the engine produces a tanh-bounded composite between minus one and plus one.
The signal flags the current soybean-oil regime for the next 60 trading days on average. Pair with price-based signals for precise entry.
State-conditional spreads are empirical averages across 35 years. Individual regime windows can run longer or shorter than mean sample.
Signal consumers and siblings
Not investment advice · The analysis on this page is informational and educational. Signal readings, historical case figures, and empirical statistics are derived from publicly available data and are provided without warranty. Hypothetical performance results have inherent limitations, including the benefit of hindsight. Readers who intend to trade should consult a licensed investment professional and see the research brief for the full disclaimer.
Last refreshed Nov 07, 2026 05:46 PM ET