Hi, Martin. Thanks for your response. Let me answer to your remarks:

1. My article is just an example. Real-world investors should actually use Adjusted Closing Price as you suggest

2. I think that, practically, somebody should reoptimize only if the SMA he has found doesn't work anymore. In that way, you avoid the volatility you are talking about.

3. Nothing will ever give us confidence about future success. p-value only gives a measure of past stability

4. Thanks for your suggestion. I've just added it to my reading list

Thanks for replying.