Breakeven Lecaps_Boncaps

Breakeven Lecaps & Boncaps
Overlay indicator that visualizes the breakeven USD exchange rate for Argentina's peso-denominated fixed-income instruments — Lecaps, Boncaps, and Dollar Futures — on a single chart.
What is the breakeven dollar?
For each instrument, the breakeven dollar is the implied USD/ARS rate at maturity that would make the peso instrument's return equivalent to simply holding dollars. If the actual exchange rate at maturity stays below the breakeven level, the peso instrument outperforms the dollar. This makes it straightforward to compare across instruments and maturities at a glance: the higher the breakeven, the more room the dollar has to appreciate before the instrument loses against it.
Features

Automatic Dólar MEP and Dólar Cable calculation from AL30/AL30D/AL30C, plus a custom rate option.
Labeled data points for each active Lecap (9 series), Boncap (6 series), and Dollar Future (12 contracts), positioned at their maturity/expiry dates.
Tooltips with instrument name, last price, direct return, TNA, and breakeven USD.
Term structure curves connecting breakeven levels across maturities for each instrument class, making it easy to spot inversions or steepening.
Historical curve overlay (configurable N days back) with shaded fill between current and past curves, so you can see how the term structure has shifted over time.
Summary table with selected dollar type, value, and active instrument counts.
Fully customizable colors for curves, historical overlays, and fill regions.

How to use
Apply the indicator to any BCBA chart. Select your dollar type (MEP, Cable, or Custom) in the settings. Toggle instrument classes and curves on/off. Enable the historical curve to compare today's term structure against N trading days ago. Hover over any label for detailed metrics.
Data sources

Lecaps & Boncaps: BCBA (Bolsas y Mercados Argentinos), via the EcoValores/Letras_Library which provides tickers, maturity dates, and redemption prices.
Dollar Futures: A3 Mercados (Matba-Rofex).
The indicator uses 30 of the 40 allowed request.security() calls.

Descripción en Español
Indicador overlay que visualiza el tipo de cambio de equilibrio (breakeven) en dólares para Lecaps, Boncaps y contratos de Dólar Futuro en un solo gráfico.
El dólar breakeven es el tipo de cambio implícito al vencimiento: la cotización USD/ARS a la cual el rendimiento del instrumento en pesos iguala al de mantener dólares. Cuanto más alto el breakeven, mayor es el margen que tiene el dólar para apreciarse antes de que el instrumento pierda contra él.
El indicador calcula automáticamente el Dólar MEP y Cable a partir de AL30/AL30D/AL30C (o acepta un valor custom), muestra etiquetas con retorno directo, TNA y breakeven en cada vencimiento, traza curvas de estructura temporal para cada clase de instrumento, y permite superponer una curva histórica de N días atrás con relleno sombreado para visualizar desplazamientos en la curva.
Fuentes de datos: Lecaps y Boncaps desde BCBA vía EcoValores/Letras_Library; Dólar Futuro desde A3 Mercados (Matba-Rofex).

Disclaimer / Aviso legal
This indicator is for informational and educational purposes only. It does not constitute investment advice. Calculations assume holding to maturity and do not account for transaction costs, taxes, or liquidity risk. Past performance and projected breakeven levels are not indicative of future results. Consult a licensed financial advisor before making investment decisions.
Este indicador es solo para fines informativos y educativos. No constituye asesoramiento de inversión. Los cálculos asumen tenencia hasta el vencimiento y no contemplan costos de transacción, impuestos ni riesgo de liquidez. El rendimiento pasado y los niveles de breakeven proyectados no son indicativos de resultados futuros. Consulte a un asesor financiero matriculado antes de invertir.

ملاحظات الأخبار

Breakeven Lecaps & Boncaps — por EcoValores
Indicador overlay para el mercado de renta fija argentina. Calcula el dólar breakeven implícito para cada Lecap y Boncap activo, junto con contratos de Dólar Futuro (Matba-Rofex).

Etiquetas por instrumento en su fecha de vencimiento · Curvas de rendimiento interpoladas · Curva histórica con relleno · Tipos de dólar: Oficial · MEP · Cable · Custom

⚠️ Solo para fines informativos. No constituye asesoramiento de inversión.

Tickers:
$BCBA:S17A6
$BCBA:S30A6
$BCBA:S29Y6

$BCBA:S15Y6

$BCBA:T30J6

Breakeven Lecaps & Boncaps — by EcoValores
Overlay indicator for the Argentine fixed-rate fixed-income market. Plots the implied breakeven USD/ARS exchange rate for each active Lecap and Boncap, alongside Dollar Futures (Matba-Rofex) contracts — all on a single chart across the full term structure.

What it shows
Per-instrument labels: placed at each maturity date, showing the implied breakeven dollar. Hover for direct return, TNA (annualized rate), and last price.
Yield curves: interpolated lines connecting Lecaps (below), Boncaps, and Futures (above) breakeven levels across maturities.
Historical overlay: optional curve N days back with shaded fill to visualize how the term structure has shifted.
Dollar reference line: marks the current level of the selected exchange rate.
Dollar rate options
Dólar Oficial (FX_IDC:USDARS, default) · Dólar MEP · Dólar Cable · Custom

Data sources
Lecaps & Boncaps: BCBA via EcoValores/Letras_Library
MEP/Cable: derived from AL30 / AL30D / AL30C
Futures: Matba-Rofex (A3 Mercados)
⚠️ For informational and educational purposes only. Not investment advice.

ملاحظات الأخبار

Mejoras en curva histórica

• Los instrumentos vencidos entre la fecha histórica y hoy ahora se incluyen correctamente en la curva histórica
• TNA histórica calculada con los días al vencimiento correspondientes a la fecha de referencia (no a hoy)
• Etiquetas diminutas en cada punto de la curva histórica muestran el breakeven redondeado para verificación
• La etiqueta de la curva histórica ahora muestra el tipo de cambio utilizado en esa fecha

Historical curve improvements

• Instruments that matured between the historical reference date and today are now correctly included in the historical curve — previously they were excluded because the expiry check used today's date instead of the historical one
• Historical TNA is now computed using the actual days-to-maturity remaining as of the historical reference date, rather than today's remaining days, producing a more accurate annualized rate for that point in time
• Tiny breakeven labels now appear at each data point on the historical curve, showing the rounded value directly on the chart so you can verify the curve without hovering
• The historical curve header label now includes the dollar rate that was in effect on the reference date, making it clear which exchange rate was used to build that curve

ملاحظات الأخبار

Descripción (ES)
Indicador overlay para el mercado de renta fija argentino que calcula el dólar breakeven de cada Lecap, Boncap y contrato de Dólar Futuro: el tipo de cambio implícito al vencimiento al cual mantener el instrumento en pesos rinde lo mismo que mantener dólares. Importa los datos desde la librería EcoValores/Letras_Library (10 LECAP + 5 BONCAP + 10 futuros Matba-Rofex) para mantener una única fuente de verdad con el resto de la suite. Soporta Dólar Oficial, MEP, Cable y Custom; curvas interpoladas por familia; curva histórica superpuesta con relleno sombreado; y liquidación T+1 ajustada por días hábiles BYMA.

Description (EN)
Breakeven Lecaps & Boncaps is an overlay indicator built for the Argentine fixed-income market. For every active Lecap (short-term zero-coupon Treasury bill), Boncap (longer-term capitalization bond), and Matba-Rofex Dollar Future, it computes and plots the breakeven USD exchange rate — the implied USD/ARS rate at maturity at which holding the peso instrument yields the same return as holding dollars. Points above the spot rate flag instruments that "beat" the dollar if the exchange rate stays flat or below that level; points below flag the opposite.

Core features:

Four dollar conventions — Dólar Oficial (FX_IDC:USDARS), Dólar MEP and Dólar Cable computed live from AL30 / AL30D / AL30C market prices, or a user-defined Custom rate. Default is Dólar Oficial.
Per-instrument data labels anchored at each maturity date showing direct return, TNA (annualized nominal rate), and breakeven USD. Lecap labels render below the curve, Boncap and Futures labels above, to minimize overlap on the chart.
Interpolated yield curves connecting Lecap, Boncap, and Futures breakeven levels across the term structure, drawn as colored lines that visually trace the implied USD path.
Historical overlay (N days back) — replots the same curves using the prices and dollar rate from N daily bars ago, with shaded fill between current and past curves so you can see how the breakeven structure has shifted. Tooltips include both the historical price and the historical days-to-maturity. Instruments that expired between the historical reference and today are included in the historical curve only.
T+1 settlement (Plazo 24hs) with BYMA business-day adjustment — days-to-maturity used in the TNA calculation skips weekends and 39 hardcoded national holidays (2025 + 2026), so the displayed annualized rates don't drift artificially on Fridays or before long weekends. This brings Breakeven into alignment with the rest of the EcoValores Treasury suite (Curva de Rendimiento AR, Evolución Tasas LECAPs y BONCAPs).
Single source of truth via the published EcoValores/Letras_Library — ticker symbols, maturity dates, and redemption prices flow from one shared data backbone, so when a new Treasury auction issues fresh tickers or expired ones get retired, all four indicators update together as soon as the library is republished.
Compact info table in the top-right corner with the active dollar type, its current value, and the count of currently visible Lecaps and Boncaps.
Customizable colors for each instrument family, the historical curves, and the fill between current and historical curves.

نص برمجي محمي

تم نشر هذا النص البرمجي كمصدر مغلق. ومع ذلك، يمكنك استخدامه بحرية ودون أي قيود - تعرف على المزيد هنا.

Eco Valores

Eco Valores S.A.
Agente de Liquidación y Compensación (ALyC) n° 109/CNV
Agente de Colocación y Distribución Integral de Fondos Comunes de Inversión (ACyDI FCI) n°45/CNV.
Miembro de A3 Mercados S.A., MAV S.A. y Bolsas y Mercados Argentinos S.A. (ByMA).

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نص برمجي محمي

تم نشر هذا النص البرمجي كمصدر مغلق. ومع ذلك، يمكنك استخدامه بحرية ودون أي قيود - تعرف على المزيد هنا.

Eco Valores

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