QQQ daily range is 0.97% at VIX<13 and 2.73% at VIX>28 — nearly 3x. NVDA and TSLA scale similarly. Same share size across both regimes is the cleanest way to underperform your own setup. A dynamic-sizing framework.

VIX-implied exhaustion walls: SPY closes inside its VIX/√252 implied range on 76-95% of normal-VIX days. The wall acts as soft resistance to extension — but it breaks down at VIX >24 where realized range exceeds implied. Different regimes, different sizing.