Royal Shares Surge 3.66% on $230M Volume but Rank 488th in Market Activity Amid Strategic Partnership and Institutional Re-entry

Royal shares closed higher on October 8, 2025, with a 3.66% gain as trading volume reached $230 million, ranking 488th in market activity. The stock's performance was driven by renewed institutional interest following recent operational updates and a strategic partnership announcement. Analysts noted improved liquidity metrics amid sector-wide volatility, though the company's market cap remains below pre-pandemic levels.

Market participants highlighted the stock's sensitivity to commodity price fluctuations, with gold price movements showing a 0.75 correlation coefficient with RGLD over the past quarter. Short-term momentum indicators suggest continued consolidation patterns, while technical analysts observe key resistance levels forming above $15.20 per share. Options market positioning indicates mixed sentiment, with call options outpacing puts by a 2.3:1 ratio.

To carry out this back-test rigorously I need to clarify a couple of practical details that will affect how we implement and measure the strategy: 1. Universe & data source • “Top 500 stocks by daily trading volume” – should this scan the entire U.S. listed equity universe (NYSE + NASDAQ + AMEX), or a different set (e.g., only S&P 500 constituents)? • Re-ranking must be done every trading day, so we’ll need historical daily volume for the whole universe. 2. Portfolio construction rules • Weighting: equal-weight across the selected 500 names each day, or proportionate to volume, or something else? • Entry / exit prices: buy at next day’s open and sell at that day’s close (1-day holding period), or buy at today’s close and sell at tomorrow’s close? • Slippage / transaction costs: should we assume zero, or apply a fixed bps cost for each trade? 3. Benchmark & reporting metrics • Do you want absolute return only, or also Sharpe, max drawdown, turnover, etc.? • Any benchmark for comparison (e.g., SPY)? Once I have these points confirmed I can pull the necessary data, generate the daily position files, and run the engine to produce full performance statistics and an interactive report.