There is an error in the hedging module.
This applies to a strategy with market timing rules that result in a situation with 0% stocks and 100% cash. When this is the case and a hedge kicks in then there is a problem.
Settings:
Hedge Ratio less than 100%.
Hedge option setting is Total Equity (includes cash)
Result:
The Hedge weight becomes always 100%, irrespective of Hedge Ratio % chosen.
Here is a sim with a Hedge Ratio setting of 5%.
It sold all stocks on 3/30/20 because of market timing rules.
The GLD hedge kicks in on 4/6/20, but has a weight of 100% instead of 5%.
https://www.portfolio123.com/port_summary.jsp?portid=1598313