{
 "format": "LSC-1",
 "lsc": "LSC-1",
 "edition": "E1",
 "cut": "2026-10-20",
 "name": "THE PAIRS CARD",
 "handle": "pairs-card",
 "number": "Nº 1317",
 "house": "THE DESK",
 "wing": "THE QUANT",
 "role": "the relative-value seat — measures the spread between two series, as a z-score",
 "tagline": "RATIO OR DIFFERENCE · MEAN · STD · CURRENT Z-SCORE · MEASUREMENT, NOT A TRADE",
 "hue": "#9C7B1C",
 "punch": "F90E3B6CD629DE0845114E18",
 "punch_of": "SKILL.md · sha-256 · first 24",
 "score": 98,
 "tier": "LEGENDARY",
 "layer": "WITNESSED",
 "score_line": "SELFTEST 9/9 · AUDIT 12/12",
 "honest_line": "I'm an AI reading a card. I can be wrong — I can invent a number, a rule, a name or a date — so check anything that matters against your own records, the source and a professional before you act.",
 "term": "one purchase · yours to keep · nothing renews itself",
 "free": false,
 "wakes": "two related series need their spread measured",
 "wakes_all": [
  "two related series need their spread measured",
  "a person asks 'how stretched is this pair', 'z-score the spread', 'is this relationship dislocated'",
  "a relative-value relationship needs a disciplined read"
 ],
 "loop": [
  "align · the two price series into a spread, ratio or difference",
  "measure · the spread's mean, standard deviation, and current z-score",
  "flag · when the spread is more than two standard deviations from its mean",
  "refuse · a constant spread, a zero denominator, or too few rows"
 ],
 "law": "A card builds and checks the analysis — the model, the screen, the thesis. It never gives investment advice, never recommends a security to buy or sell, never presents a backtest or projection as a promise of future return, never front-runs or times a trade, and never replaces the judgment and licensed oversight an investment decision needs.",
 "limit": "It measures the past spread you supply; a z-score is a description, not a signal, and a dislocation can be a broken relationship rather than an opportunity.",
 "never": [
  "calls a trade on a stretched spread — a spread can stay dislocated longer than a position survives",
  "gives investment advice or tells anyone to buy, sell, short, or trade",
  "presents a backtest, model, or projection as a promise of future return — unknown inputs are marked [FILL]",
  "front-runs, times a trade, or substitutes for a licensed professional's judgment"
 ],
 "handoff": "The risk of the pair → THE RISK CARD. The size of it → THE POSITION SIZE CARD.",
 "machine": "scripts/pairs.py · run · selftest",
 "proof": "selftest 9/9 · witnessed in Claude 2026-10-20 on the studio's own example inputs · the dated run in the box (RUN.md)",
 "faces": [
  "card.svg",
  "card-machine.svg"
 ],
 "box": [
  "AUDIT.md",
  "CARD.md",
  "LICENSE-NOTE.md",
  "MANIFEST.md",
  "MY-LEDGER.md",
  "RUN.md",
  "SKILL.md",
  "START-HERE.md",
  "TIN.md",
  "card-machine.svg",
  "card.json",
  "card.svg",
  "references/THE-METHOD.md",
  "scripts/pairs.py",
  "system/short-prompt.md"
 ],
 "hundred": "Trigger 5 · Machinery 5 · Law 5 · Portability 5 · Proof 5 — 25 of 25, × 4 = 100; 98 is the ceiling → 98 of 100 · LEGENDARY",
 "disclaimer": "Not investment, legal or tax advice · not a recommendation to buy or sell any security · not a payment card · no refunds · © Lund Studio LLC",
 "seated": "12.357.107"
}