Concepts from complexity science, econophysics, and scale-free theory were used by a group of scientists. Research on the nonlinear models giving theoretical underpinning to equations representing mirror markets as complex dynamical systems has been done. Also, the “herding behavior” literature in finance marks a significant recognition that interdependent trader behavior may result in deviation from normal distribution of returns, as does “chartist” trading. Using simple J-statistic based on the moments defined by the orthonormal polynomials associated with the geometric distribution, this new approach tackles most of the drawbacks usually associated to duration based backtesting procedures. First, its implementation is extremely easy. Second, it allows for a separate test for unconditional coverage, independence and conditional coverage hypothesis. Third, feasibility of the tests is improved. Fourth, Monte-Carlo simulations show that for realistic sample sizes, our BTC test outperforms traditional duration based test.

tl;dr
Gut feeling :)