AlphaLogics: A Market Logic-Driven Multi-Agent System for Scalable and Interpretable Alpha Factor Generation

Formulaic alpha mining seeks to discover executable expressions that capture predictive market signals in a vast, noisy search space. Recent LLM-based approaches use prompting, iterative search, or seed-factor evolution, leaving direct factor construction through policy learning less explored. To address this, we introduce AlphaRLM, a reinforcement-learning framework that trains LLMs to construct executable symbolic factors from financial literature without input factor expressions. AlphaRLM incorporates Literature-Guided Operator Assembly (LEGO), which conditions factor construction on literature-derived ideas and executable operators, providing semantic priors for exploration. It further aligns the generation policy with market feedback through executable-validity and grouped-return-separation rewards that capture non-monotonic structures across factor quantiles. Extensive experiments on CSI 300, CSI 1000, and S&P 500 show that AlphaRLM outperforms strong factor-mining and LLM-based baselines in annualized excess return. Notably, the 8B model achieves strong cross-market performance, highlighting the promise of literature-conditioned, market-aligned factor generation.

We study alpha factor mining, the automated discovery of predictive signals from noisy, non-stationary market data-under a practical requirement that mined factors be directly executable and auditable, and that the discovery process remain computationally tractable at scale. Existing symbolic approaches are limited by bounded expressiveness, while neural forecasters often trade interpretability for performance and remain vulnerable to regime shifts and overfitting. We introduce FactorEngine (FE), a program-level factor discovery framework that casts factors as Turing-complete code and improves both effectiveness and efficiency via three separations: (i) logic revision vs. parameter optimization, (ii) LLM-guided directional search vs. Bayesian hyperparameter search, and (iii) LLM usage vs. local computation. FE further incorporates a knowledge-infused bootstrapping module that transforms unstructured financial reports into executable factor programs through a closed-loop multi-agent extraction-verification-code-generation pipeline, and an experience knowledge base that supports trajectory-aware refinement (including learning from failures). Across extensive backtests on real-world OHLCV data, FE produces factors with substantially stronger predictive stability and portfolio impact-for example, higher IC/ICIR (and Rank IC/ICIR) and improved AR/Sharpe, than baseline methods, achieving state-of-the-art predictive and portfolio performance.

Formulaic alpha factor mining is a critical yet challenging task in quantitative investment, characterized by a vast search space and the need for domain-informed, interpretable signals. However, finding novel signals becomes increasingly difficult as the library grows due to high redundancy. We propose FactorMiner, a lightweight and flexible self-evolving agent framework designed to navigate this complex landscape through continuous knowledge accumulation. FactorMiner combines a Modular Skill Architecture that encapsulates systematic financial evaluation into executable tools with a structured Experience Memory that distills historical mining trials into actionable insights (successful patterns and failure constraints). By instantiating the Ralph Loop paradigm -- retrieve, generate, evaluate, and distill -- FactorMiner iteratively uses memory priors to guide exploration, reducing redundant search while focusing on promising directions. Experiments on multiple datasets across different assets and Markets show that FactorMiner constructs a diverse library of high-quality factors with competitive performance, while maintaining low redundancy among factors as the library scales. Overall, FactorMiner provides a practical approach to scalable discovery of interpretable formulaic alpha factors under the "Correlation Red Sea" constraint.