> ## Documentation Index
> Fetch the complete documentation index at: https://docs.activeviam.com/llms.txt
> Use this file to discover all available pages before exploring further.

# ES (liquidity adj.)

<Badge color="gray" size="lg">[ima](../tags/ima)</Badge>

|                                      |                                                                                                                                           |
| ------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------- |
| **Description**                      | Generic regulatory liquidity-adjusted ES measure for each Sliding Window                                                                  |
| **Hierarchies required in the view** | [Risk Classes](./risk-classes), [Data Sets](./data-sets)                                                                                  |
| **Reference**                        | [\[MAR33.4\]](https://www.bis.org/basel_framework/chapter/MAR/33.htm?inforce=20230101\&published=20200327#paragraph_MAR_33_20230101_33_4) |
| **Formula**                          | $\displaystyle ES = \sqrt{\left(ES_T(P)\right)^2 + \sum_{j\geq 2}\left(ES_T(P,j)\sqrt{\frac{LH_j - LH_{j-1}}{T}}\right)^2}$               |

This measure applies liquidity horizons adjustment to the [ES (Basic)](./es-basic-stress) measure. This measure needs to be combined with \[Risk].\[Risk Classes]
and \[Risk].\[Data Sets] to produce a business interpretable result.

When the **Sliding Window** hierarchy is not present, a vector is returned, which you can expand by
bringing [Sliding Window](./sliding-window) into your query.