Research Pillar
Environments, not forecasts. This pillar focuses on whether a market environment permits systematic execution—before any discussion of signals, entries, or optimisation. Auctions, volatility identities, liquidity regimes, and regime transitions define where the engine is allowed to operate—and when it should stand aside.
System Integrity
Program · Market Structure & Systems
Why engines are evaluated by behavioural consistency across regimes—not by headline returns. This program examines how volatility profiles, drawdown behaviour, and regime stability indicate whether outcomes were structurally earned.
Auction & Regime Analysis
Program · Auction & regime analysis
Understanding markets through auction behaviour, not point forecasts. Research focuses on volatility symmetry, regime coherence, and how auction dynamics shift execution risk even when price trends persist.
Risk Framing
Program · Environment-gated entries
Designing entry logic around loss containment and hostile environment detection. This program explores how environment gating prevents structurally invalid executions rather than managing losses after the fact.
Why Good Systems Don’t Depend on Good Days Markets rarely fail in obvious ways. Instead, structural fragility tends to surface when conditions appear normal, liquidity feels available, and price action looks cooperative. This is precisely why Why Good Systems Don’t Depend on Good Days has become a central principle in institutional system design. Robust frameworks are not...
Most trading advice is upside-shaped: find opportunity, refine entry, capture move. But scalable infrastructure begins with the opposite question: what is the downside the market can impose before any upside is even possible? That is the operational meaning of downside before upside—a market-structure rule that forces execution to be permitted by the environment, not justified by...
Most trading frameworks treat volatility as a single number—a magnitude to be measured and managed. This approach overlooks a fundamental truth: volatility personality determines whether execution conditions remain structurally sound or silently deteriorate. Understanding volatility personality is not a modeling preference. For systematic trading infrastructure, it represents an upstream necessity that shapes every downstream decision: whether execution...
The Foundation of Environment-Based Trading Environment-based trading reframes how systematic systems decide whether to operate before asking how to execute. Most trading frameworks begin with a familiar question: where is price going next? Environment-based trading begins somewhere else entirely. It asks whether the market environment itself is suitable for systematic execution—before any discussion of entries, targets, or signals. This perspective aligns with...
Why Dovest Rejects Retail Logic: Behaviour Over Charts Most retail trading begins with the same foundational assumption: price patterns contain predictive information. Charts display setups. Indicators signal entries. Patterns suggest continuation or reversal. Behaviour-first trading rejects this entirely. Instead of asking where price might move, behaviour-first trading systems examine how markets function under varying conditions....
Market structure analysis is one of the most effective ways to understand how markets truly behave. Instead of focusing on forecasting price direction, market structure analysis examines the underlying environment — volatility patterns, liquidity dynamics, regime stability, and shock responses — to determine whether conditions support reliable, institutional-grade execution. This behaviour-first perspective forms the foundation of...