Not quite.
In sample refers to the testing period(s) you use. Out of sample refers to periods not tested.
If you run a max test on p123, then you can’t do an out-of-sample test until some time lapses, a few monbths, a year or so, which may or may not involve use of real money. This is why it can be so incredibly important to not rely solely on the test and make usre you know your strategy should work, even without testing to confirm.
To do an out of sample test on p123, you would have to carbve out a subset of the available time periods, develop your model based on that, and then test it on other periods to see if it works. In other words, you might test frm 1-1/2004 - 1/1/2014 and do whatever you need to do in order to get the model into finished form. You could then try it out from 1/1/2014 to the present and treat that as an out-of-sample test.
In a purely statistical sense, you could reverse it. Build the model based on testing from 1/1/2014 - present, and then examine 1/1/2004-1/1/2014 as the out of sample period. Fundamentally speaking, though, I would not recommend this since you would increase the risk of structural changes in the market giving you a set of out of sample results that could differ very much from, say, 5/1/2018-5/1/2022.