Theory is cheap.Run the code.

1 · Read the argument

Short prose that states a testable hypothesis before any data is touched, so the data can't seduce you later.

“For large-cap names, the earnings move implied by the options market is, on average, larger than the move that gets realized.”

2 · Write and run the code

An editor in the page, wired to live market data from the Alphanume API. You measure the claim yourself.

events["spread"] = (
    events["implied_move_pct"]
    - events["realized_abs_move_pct"]
)
print(f"Mean: {events['spread'].mean():.2f}pp")

3 · Check the result

Output is graded against the expected result, and quizzes attack the reasoning, not the vocabulary.

Mean: 1.34pp