SOD and Risk Metrics 

SOD (Start of Day Position)

SOD refers to the positions carried overnight from the previous trading day. These positions are always represented in terms of outrights (individual contract positions) rather than spreads.

SOD Risk

SOD Risk quantifies the minimum exposure in a product by considering both long and short positions. It is calculated as the minimum of the absolute values of total long and short positions.

Example:

Consider a product with three contracts (A, B, and C) and the following SOD positions:

• Contract A: +10 (long)

• Contract B: 20 (short)

• Contract C: +40 (long)

Now, we calculate:

• Total Longs = 10 + 40 = 50

• Total Shorts = |-20| = 20

• SOD Risk = min(50, 20) = 20

This means that despite having a total long position of 50, the actual risk is limited to 20, as that is the amount of exposure that could be offset by the short position.

SOD% (SOD Exposure Percentage)

SOD% represents the proportion of SOD relative to the SOD Risk and is calculated as:

\text{SOD%} = \left(\frac{\text{SOD}}{\text{SOD Risk}}\right) \times 100

This percentage helps in understanding the relative size of the carried positions compared to the overall risk in the product.

The SOD (Start of Day) section provides various measures to help traders analyze their overnight positions and risk exposure. These measures include:

• SOD (Start of Day Position): The outright positions carried overnight.

• SOD% (SOD Exposure Percentage): The proportion of SOD relative to the SOD Risk, calculated as (SOD / SOD Risk) × 100.

• RT (Realized Trading): A measure of trading activity based on executed trades.

• SOD/RT (SOD to RT Ratio): A comparison of overnight positions to realized trading activity, helping assess the extent of overnight exposure.

• SOD_Spd (SOD in Spreads): Converts outright positions into spread equivalents, allowing for a clearer understanding of the overnight risk in terms of spreads rather than individual contracts.

• To enhance data analysis, the pivot table provides multiple filtering and grouping options at Product, ProductGroup ,ITM, Delivery, Week, Date levels.

The SOD and RT section provides additional key measures, such as PnL ExcR and SOD Risk, to help traders analyze their overnight positions, intraday participation, and PnL generation in a single view. 

The SOD Charts provide a clear and intuitive visualization of key trading metrics such as SOD (Start of Day Position), RT (Realized Trading), and PnL (Profit and Loss). 

The charts also come with various option of Zooming in, Zooming Out, Reverting to Original State, Downloading the Graph as image, Downloading the data for the graph in the form of csv which can be found in the icons on the top right corner of every graph. 

The set of graphs can be used to visualise the SODRisk with respect to Date, Product or ProductGroup 

Scatter plots between the PnL,RT and SOD to help gain insights into the position and intraday trading . 

The set of graphs provide the histogram analysis for the SODRisk, RT and SOD/RT. On the X axis we have the range of values as different bins and the Y axis has the count and values are the Dates where the count was achieved,

This set of graphs presents a histogram analysis for SODRisk, RT, and SOD/RT.

• The X-axis represents different value ranges grouped into bins.

• The Y-axis shows the count of occurrences, with each value corresponding to the specific dates when that count was observed.