The first four papers established a physics: milestones in price are appointments in time (I); a graduation ladder is a likelihood-ratio test that prices out luck (II); a wide stop is a time grant that lets the test finish (III); and give-back is the premium that keeps the option alive (IV). This closing paper converts the physics into law — the constraints under which all exit research must henceforth operate.

Article One — Denominate in volatility-time

Exit rules are stated, tested, and compared in bars-at-efficiency, never in clock time or currency. A calendar time-stop is a category error: it forecloses boundaries structurally, not probabilistically, because no instrument on any timeframe can outrun the speed limit of Paper I.

Article Two — No rule may foreclose the intended boundary

Every position class has a highest boundary the strategy intends it to be capable of reaching. No exit rule may reduce the position’s available bars below the minimum lead time of that boundary. An optimisation that improves average outcomes by amputating the right tail has optimised the wrong objective and will be rejected regardless of its backtest.

Article Three — Price every foreclosure

Proposals that tighten trails or shrink premiums must state, quantitatively, which boundary lead-times they foreclose, and price that foreclosure against realised tail capture at statistical sample — stratified by regime, class, and timeframe, from the live ledger, never from intuition or from any single memorable close.

Article Four — Calibrate from evidence, then recalibrate

The theoretical efficiency bounds are placeholders awaiting the fleet’s own measured distribution: every recorded close carries the time-to-maximum-favourable-excursion that, at sample, replaces assumed constants with institutional ones. The constraint tightens as knowledge accumulates; it never loosens by argument alone.

Article Five — The patience is structural

This is the series’ closing claim, and the institution’s oldest one restated with a formula behind it: waiting for the push beyond boundaries is not a temperament. It is the only policy consistent with the mathematics of how truth moves through a market — and every exit we will ever design answers to it.