ES NQ spreads are very difficult to trade based on my backtests unless you do special adjustments. How did you manage it?
Usually, we think of volatility in endogenous terms -- economic potentialities that affect market values. But for 2020, the Real World comes sliding in -- riding the U.S. election cycle with events that (for good or ill) are spun as directly relevant, if not exactly "economic" -- the exogenous events. So, "from within" is our usual view, and "from without" is then Black Swan stuff. Well, "exogenous," Black Swan, Real World -- whatevs -- Calendar 2020 will be full of all of it: • Endogenous *economy* stuff? Generally calm, cool, steadily growing. • Exogenous *non*economy* stuff? Whackadoodle: head-scratching eye-popping vol-popping. My opinion only. YMMV. That's what makes a market, after all.