{
  "hypothesis": "H1b = H1 + hard stop. EXPLORATORY: proposed after seeing H1 (median +20%, mean killed by squeeze tails), so a pass here is a CANDIDATE for forward paper testing, never a live go.",
  "registered_utc": "2026-11-04T23:00:48Z",
  "rule": "identical to prereg_newlisting.json, plus: exit the short at the close of the first 4h bar whose close is >= entry * 1.50 (gap-through taken in full at that close); basket hedge exits at the same bar",
  "stop_level": "fixed at +50%, single value, not swept",
  "decision": "TEST t >= 2.0 and TRAIN same sign -> forward paper test candidate; otherwise new-listing shorting is shelved"
}