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A test return of 10% was not enough to be considered significant since it resulted in an 0.1914 p-value. 19.91% was the minimum amount of return needed to be considered significant at the level of 5%. This means that even buy and hold didn’t be considered significant at 5. We also exit short positions and go long when heads appear. If heads appear and we decide to buy the SPY ETF on the same day, market-on close. If tails show up and tails do not, we will be short. For the last year, we toss an eagle at the beginning of the trading day. Below you can see how the results may change if trading is limited to long positions only. Tails can result in the exit of a long position, but there is no reverse.