Following ten callers is only diversification if they call different things. The overlap matrix measures how much two callers' token lists coincide.
How it is computed
For each pair of callers we take the set of tokens each one called in the window and compute the Jaccard similarity: tokens in common divided by tokens called by either. 0% means no shared calls; 100% means identical lists.
Reading the matrix
- Bright blocks along the grid are clusters of callers that move together: the same group, the same alpha source or cross-promotion.
- Dark rows are independent callers. They are the ones that add new information to a copy list.
- Click any cell to see the exact tokens two callers shared.
Building a copy list
Pick callers with positive copy-PnL on the leaderboard, then remove one from every pair that overlaps above about 30%. Backtest the remaining list together in the backtester with "first call only" switched on, so a token called by several of them counts once.
Educational only. #DYOR #NFA