# ETH nextgen micro leverage-unit interpretation

This report treats simultaneous same-price same-direction virtual legs as one netted trade with a larger position unit.

## Summary

- Raw virtual trade events: `474`
- Netted trades: `277`
- Position unit counts: `{"0.5": 36, "1.0": 241}`
- Source counts: `{"micro": 44, "nextgen": 233}`
- Side counts: `{"long": 265, "short": 12}`
- Grouped total return: `1.63276`
- Published total return: `1.67172`
- Max absolute equity difference vs published: `1249.08`

## Repeated-leg examples

| source | side | entry_time | exit_time | leg_count | position_unit | entry_price | exit_price | net_return |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| nextgen | long | 2019-12-30 00:15:00+0000 | 2019-12-30 00:45:00+0000 | 2 | 1 | 133.19 | 133.89 | 0.013667 |
| nextgen | long | 2020-01-03 19:15:00+0000 | 2020-01-03 19:30:00+0000 | 2 | 1 | 132.65 | 133.27 | 0.011922 |
| nextgen | long | 2020-01-14 16:30:00+0000 | 2020-01-14 16:45:00+0000 | 2 | 1 | 153.79 | 154.89 | 0.019358 |
| nextgen | long | 2020-02-18 21:45:00+0000 | 2020-02-18 23:00:00+0000 | 2 | 1 | 278.85 | 281.25 | 0.02372 |
| nextgen | long | 2020-02-23 12:00:00+0000 | 2020-02-23 12:30:00+0000 | 2 | 1 | 268.41 | 270.04 | 0.016118 |
| nextgen | long | 2020-03-19 02:45:00+0000 | 2020-03-19 03:45:00+0000 | 2 | 1 | 115.92 | 116.48 | 0.012393 |
| nextgen | long | 2020-03-24 04:15:00+0000 | 2020-03-24 05:15:00+0000 | 2 | 1 | 132.99 | 133.83 | 0.016849 |
| nextgen | long | 2020-04-18 07:30:00+0000 | 2020-04-18 07:45:00+0000 | 2 | 1 | 172.78 | 173.41 | 0.008839 |
| nextgen | long | 2020-05-03 05:15:00+0000 | 2020-05-03 05:30:00+0000 | 2 | 1 | 216.49 | 217.24 | 0.008293 |
| nextgen | long | 2020-05-16 08:15:00+0000 | 2020-05-16 08:30:00+0000 | 2 | 1 | 198.98 | 199.92 | 0.012072 |
| nextgen | long | 2020-05-17 18:45:00+0000 | 2020-05-17 19:00:00+0000 | 2 | 1 | 206.8 | 207.61 | 0.00965 |
| nextgen | long | 2020-05-29 05:15:00+0000 | 2020-05-29 05:30:00+0000 | 2 | 1 | 219.85 | 221.27 | 0.017277 |

## Interpretation

A nextgen trade with `leg_count=2` is not two unrelated discretionary orders. It is one ETH direction with `position_unit=1.0`, because each nextgen leg contributes 0.5 unit. A nextgen trade with `leg_count=1` is `position_unit=0.5`. Micro trades are `position_unit=1.0`.