Every trade starts below zero.

ThreeTwenty is cost-first analytics for Indian intraday trading. Every signal is priced net of brokerage, STT, GST, stamp duty and modelled slippage — before it reaches you.

0.146% round-trip friction at retail size, all charges and modelled slippage in
Gold line illustration: a 3:20 clock over the NSE building, a candlestick chart and a bull
THE LADDER FRICTION VS. STOP WIDTH
STOP
WIDTH
FRICTION AS % OF R %
OF R
B/E
AT 2R
0.107% 137% 79% 0.125% 117% 72% 0.208% 70% 57% 0.585% 25% 42% 0.875% 17% 39% 2.05% 7% 36%

B/E is the win rate needed to break even at a 2 : 1 reward-to-risk ratio. With zero costs that number is 33.3%. Tight stops don't reduce risk — they hand it to the exchange. A 0.1% stop pays 137% of its own risk in charges. No indicator survives that.

01
09:00
PRE-OPEN

Priced before the bell.

Most intraday traders in India lose money. The tools they are sold discuss entries, indicators and targets — and stay silent on the one number that is certain before any trade begins: what the trade costs. Nobody shows the trader their contract note first.

~7 in 10 equity intraday traders lost money
~9 in 10 F&O traders lost money
SOURCE · SEBI STUDY OF INDIVIDUAL TRADERS, FY23

ThreeTwenty starts where the loss actually happens: the charges. A signal is not allowed to exist until it has paid, on paper, every rupee of them.

02
THE
DIVISION

One division decides everything.

frictionstop width = the share of your risk unit the exchange keeps before the market has an opinion
Your opponent isn't the market. It's your contract note.
WHERE ₹53.14 GOES · ₹50,000 PER SIDE 0.1063% OF NOTIONAL
Brokerage₹30.00 STT₹12.50 GST₹5.97 Exchange txn₹2.97 Stamp duty₹1.50 SEBI + IPFT₹0.20

Plus 0.040% modelled slippage — 0.146% for the round trip. Brokerage stops scaling above ₹66,667 per side, so at larger size the floor falls to 0.076%.

READ THE FULL CHARGE SCHEDULE →
03
THE
DOUBT

Does the method actually work?

We don't know yet, and we will not pretend otherwise. What exists is the arithmetic, and a set of rules that make it hard for us to fool ourselves later.

HOW A STRATEGY EARNS ITS RANK · EXPECTANCY IN R SHAPE ONLY · NOT A TRACK RECORD
STRATEGY B LCB +0.11 R
STRATEGY A LCB +0.06 R
STRATEGY C LCB +0.02 R
lower bound, z = 1.645 mean

Strategy C has the best average and ranks last. We rank on the worst plausible version of a strategy, not its best day.

EFFECTIVE SAMPLE SIZE, NOT RAW COUNT FDR-CORRECTED TEST BUDGET OUT-OF-SAMPLE NEVER PICKS WINNERS FULL FRICTION CHARGED ON EVERY FILL
Most backtests are written by the marketing department. Ours is written by the defence.
04
FAQ
Do you guarantee returns?No. Promising fixed or certain returns is illegal in India's securities markets. We publish our method, our cost model, and our statistical rules. That is the whole offer.
Is there a track record?Not yet. Strategies are currently proving themselves against live prices, net of all charges. When results exist, they will be published with confidence bounds and sample sizes.
Why so few signals?Most candidates cannot pay their own costs. The daily quota is 2 / 2 / 1 across volatility buckets, never backfilled. Some days the right number is zero.
Why do costs matter at my size?Below roughly ₹66,000 per side, charges are a fixed percentage of the trade. The smaller the trade, the larger the toll.
Is this investment advice?No. ThreeTwenty is an analytics tool. It prices and filters candidate trades; it does not advise.
Which broker and segment?NSE equity intraday (MIS), priced on a discount-broker charge schedule.
05
WAITLIST

When the statistics exist, be first to read them.

No spam, no tips, no promises.

METHOD

The gory details, in full.

Every rate below is the one the exchange and the government actually charge, applied to the base they actually apply it to. Nothing here is rounded for convenience. If your broker's schedule differs, the model takes yours.

A
THE CHARGE
SCHEDULE

Seven lines, one round trip.

LINERATEBASEAPPLIED Brokerage0.03%, capped ₹20order valueper side Securities transaction tax0.025%sell valuesell side only Exchange transaction charges0.00297%turnoverboth sides SEBI turnover fee0.0001%turnoverboth sides Investor protection fund (IPFT)0.0001%turnoverboth sides GST18%brokerage + feeson the above Stamp duty0.003%buy valuebuy side only Modelled slippage0.040%notionalround trip, bucket-scaled

Rates follow a discount-broker equity intraday (MIS) schedule. Delivery, F&O, currency and commodity segments carry different rates and are out of scope. Illustrative — verify against your own contract note.

B
RUN IT
YOURSELF

True-cost calculator

Brokerage₹30.15
STT₹12.63
Exchange transaction charges₹2.98
SEBI turnover fee₹0.10
IPFT₹0.10
GST (18%)₹6.00
Stamp duty₹1.50
Total charges₹53.46
CHARGES AS % OF NOTIONAL0.106% GROSS P&L₹500.00 NET P&L, ALL CHARGES INnet +₹446.54

Stop losses don't reduce risk. Tight ones donate it.

COST AS % OF R25% BREAKEVEN WIN RATE41.7% ZERO-COST BREAKEVEN33.3% VERDICTPASSES

Cost ÷ stop width = the share of your risk unit the exchange keeps. Above 50% the system calls the trade uneconomical and it is never signalled.

C
THE
FUNNEL

Built to say no.

Nine stages between the universe and a closed position. Six vetoes run inside stage six — economics is one of them.

1universe · 1,847 NSE equities
2eligible · liquidity, spread, range
3scored
4bar cleared
5triggered
6veto survived — 6 vetoes run here
7signal
8filled
9closed — by 15:20 at the latest
Some days the right number of trades is zero.
55 : 35 : 10book exposure across volatility buckets 2 / 2 / 1daily pick quota per bucket, never backfilled 6vetoes, economics included
D
THE SIX
VETOES

Every check, and the number it looks at.

1 · LISTINGspread ≤ 0.12% · value ≥ ₹25 cr · ATR ≥ 0.9%
2 · RMSbook exposure within 55 : 35 : 10
3 · BASKETquota 2 / 2 / 1, never backfilled
4 · CIRCUITlockout at −1.5R, survives restart
5 · CLOCKrunway ≥ 25 min before 15:20
6 · CONTRACT NOTEfriction ≤ 50% of R

Eight modules, each named after the thing it answers to.

CONTRACT NOTEThe charge model; predicts your broker's bill to the paisa.
RMSThe veto stack; rejects trades the way a broker's risk system rejects orders.
CIRCUITDaily loss lockout that survives a restart.
LISTINGWatchlist admission criteria; stocks qualify, they don't get picked by vibe.
BASKETThe daily picks, quota-capped per volatility bucket.
SETTLEMENTThe nightly recalibration after close.
PROVINGThe proving ground; strategies earn promotion against live prices, all charges in.
AUDITThe evidence layer; limited discoveries, corrected for false positives.
E
2002
OAKLAND

The Moneyball math

A team with no money beat teams with all of it by pricing what the market mispriced. Indian intraday has the same mispricing: everyone models the signal, nobody models the toll.

PAYROLL CONSTRAINT→THE FRICTION MODEL
ON-BASE PERCENTAGE→COST AS A FRACTION OF R
WINS ABOVE REPLACEMENT→EXPECTANCY IN R, NET
SCOUT BIAS→MEASURABLE ADMISSION CRITERIA
SMALL-SAMPLE HUMILITY→LOWER CONFIDENCE BOUND
TEAM BUILDING→55 : 35 : 10 BOOK EXPOSURE
DEFENCE WINS CHAMPIONSHIPS→SIX VETOES, ONE LOCKOUT
THE MINOR LEAGUES→THE PROVING GROUND
It is arithmetic, not signal quality.
SNAPSHOT · 15:05 IST · ILLUSTRATIVE DISPLAY, NOT ADVICE

Today's basket

SESSION NOWOPEN · MIS QUOTA USED2 / 2 / 0 OPEN P&L, NET+0.61 R
SYMBOLSIDEENTRYSTOPTARGETCOST/R

Symbols are real NSE tickers; all prices, quantities and results on this screen are illustrative. Click a row to open its contract note.

CONTRACT NOTE · PRE-TRADE RELIANCE LONG 70 @ 1,412.60 · stop 1,405.20 · target 1,427.40 SIGNAL ISSUED
Brokerage₹40.00
STT₹24.72
Exchange transaction charges₹5.87
SEBI turnover fee₹0.20
IPFT₹0.20
GST (18%)₹8.33
Stamp duty₹2.97
Total charges₹82.28
NOTIONAL₹98,882 CHARGES % OF NOTIONAL0.083% RISK UNIT (1R)₹518 COST AS % OF R24%
VETO TRACE
✓LISTINGspread 0.021% ≤ 0.120% · value traded ₹1840 cr
✓RMSbucket 1 exposure has headroom inside 55 : 35 : 10
✓BASKETbucket 1 quota slot available
✓CIRCUITopen P&L +0.61R, lockout at −1.5R — clear
✓CLOCK118 min runway at signal time ≥ 25 min
✓CONTRACT NOTEfriction 24% of R ≤ 50% — economical

Seven candidates triggered today and were killed before they became signals. Each row shows the veto that stopped it and the value that veto saw.

TIMESYMBOLVETOWHAT IT SAW 09:47IDEACONTRACT NOTEStop 0.18% wide. Friction would take 61% of R. 10:12TATASTEELBASKETBucket 2 quota exhausted — 2 of 2 slots used, never backfilled. 10:58VEDLLISTING5-day median spread 0.19% exceeds the 0.12% cap. 11:34BAJFINANCECONTRACT NOTEFriction 54% of R — above the 50% ceiling by 4 points. 12:41SBINRMSBucket 1 exposure already at 55% of book. No headroom. 13:19ADANIPORTSCONTRACT NOTEStop 0.21%. Friction 70% of R — uneconomical at any win rate. 14:58DLFCLOCK14 minutes of runway before 15:20, below the 25-minute floor.
11candidates triggered today 3killed by the contract-note veto alone 36%of triggers survived to signal

The previous session's two closed positions, reported net — the charges actually incurred are subtracted before the result is shown. Gross P&L is printed beside it so the toll is visible. Today's four picks are all still open; nothing has closed yet.

SYMBOLSIDEINOUTGROSSCHARGESNET ICICIBANKLONG1,246.801,258.10+₹1,073−₹197+₹876 MARUTISHORT12,984.0013,021.50−₹300−₹205−₹505
15:20:00 · FORCED SQUARE-OFF Any position still open at 15:20 is closed by the broker's risk system, not by us. The CLOCK veto exists so that never has to happen.