BRSE Across Weekly Candle Representations: A Comparative Evaluation of Japanese and Heikin-Ashi Implementations for Bitcoin Exposure Management

This study extends the author’s previously published BodyRange State Engine (BRSE) framework by evaluating whether an alternative weekly Heikin-Ashi representation alters the behavior and performance of the same deterministic, long-only, indicator-free state-engine architecture. The empirical evaluation covers the calendar period from 1 January 2020 to 1 January 2026 and compares three capital paths under a common initial capital of 10,000 USD: the original Japanese-candle BRSE implementation (BRSE-J), the Heikin-Ashi implementation (BRSE-HA), and calendar-aligned Bitcoin buy-and-hold. BRSE-HA uses completed weekly Heikin-Ashi information for state generation while trade execution and performance accounting use standard INDEX:BTCUSD market prices. Under signal-close execution, full-equity compounding while exposed, zero commission, zero slippage, no leverage, and no pyramiding, BRSE-HA generated a net PnL of 132,433.46 USD, corresponding to a return of 1,324.33%. BRSE-J generated 128,515.07 USD, corresponding to 1,285.15%, while Bitcoin buy-and-hold generated approximately 122,939.00 USD, corresponding to 1,229.39%. BRSE-HA produced the highest endpoint outcome, whereas BRSE-J retained a lower maximum drawdown, higher profit factor, higher expected payoff, and higher win rate. The findings indicate that changing the weekly candle representation can materially affect both endpoint performance and risk characteristics. The results are window-specific and do not establish universal superiority, perfect timing, independent verification, institutional scalability, or guaranteed future returns.