feat: trailing-stop auto-exit for paper trades + close/digest alerts

Applies the backtest-validated trailing stop to live paper trading, and surfaces
it transparently.

Exit (A):
- New paper-trade exit policy (paper_exit_mode=trailing, paper_trailing_pct=12),
  tunable in Admin → Paper-Trade Exit. resolve_open_trades runs a trailing stop
  (initial stop as floor, ratchets up from the peak; target ignored — the
  validated rule) and records close_reason (trailing|stop|target|manual; +migration
  013).
- list_trades enriches open trades with the live trailing-stop level + distance %.
  Open Trades panel shows the active tactic and a Trail Stop column.

Alerts (B):
- Daily digest now lists open trades with unrealized gain, trailing stop, and how
  far away it is.
- New "trade closed" alert: one summary per auto-close (trailing/target/stop, not
  manual) — direction, reason, days held, P&L abs+%/R — covering wins AND
  stop-loss losses. Deduped by trade id; toggle in Admin alerts.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>

frontend/src/api/admin.ts

@@ -134,6 +134,8 @@ export function updateAlertSettings(payload: {
   sr_proximity_enabled?: boolean;
   score_drop_enabled?: boolean;
   digest_enabled?: boolean;
+  regime_quadrant_enabled?: boolean;
+  trade_closed_enabled?: boolean;
 }) {
   return apiClient
     .put<AlertConfig>('admin/settings/alerts', payload)

frontend/src/api/paperTrades.ts

@@ -1,5 +1,5 @@
 import apiClient from './client';
-import type { PaperTrade } from '../lib/types';
+import type { ExitPolicy, PaperTrade } from '../lib/types';
 
 export function listPaperTrades(status?: 'open' | 'closed') {
   return apiClient
@@ -7,6 +7,14 @@ export function listPaperTrades(status?: 'open' | 'closed') {
     .then((r) => r.data);
 }
 
+export function getExitPolicy() {
+  return apiClient.get<ExitPolicy>('paper-trades/exit-policy').then((r) => r.data);
+}
+
+export function updateExitPolicy(payload: Partial<ExitPolicy>) {
+  return apiClient.put<ExitPolicy>('paper-trades/exit-policy', payload).then((r) => r.data);
+}
+
 export interface CreatePaperTradeBody {
   symbol: string;
   direction: 'long' | 'short';

frontend/src/components/admin/AlertSettings.tsx

@@ -13,14 +13,16 @@ type TriggerKey =
   | 'sr_proximity_enabled'
   | 'score_drop_enabled'
   | 'digest_enabled'
-  | 'regime_quadrant_enabled';
+  | 'regime_quadrant_enabled'
+  | 'trade_closed_enabled';
 
 const TRIGGERS: { key: TriggerKey; label: string; hint: string }[] = [
   { key: 'qualified_enabled', label: 'Qualified setups', hint: 'a setup newly clears the activation gate' },
   { key: 'sr_proximity_enabled', label: 'Watchlist S/R proximity', hint: 'a watched ticker nears a strong support/resistance' },
   { key: 'score_drop_enabled', label: 'Score deterioration', hint: 'a watched ticker’s composite drops sharply' },
-  { key: 'digest_enabled', label: 'Daily digest', hint: 'one end-of-day summary of qualified setups' },
+  { key: 'digest_enabled', label: 'Daily digest', hint: 'end-of-day summary incl. open trades + trailing stops' },
   { key: 'regime_quadrant_enabled', label: 'Regime quadrant change', hint: 'the regime monitor shifts quadrant (hysteresis + cooldown)' },
+  { key: 'trade_closed_enabled', label: 'Trade closed', hint: 'a paper trade auto-closes (trailing/target/stop) — incl. losses' },
 ];
 
 function Toggle({ checked, onChange, label, hint }: {
@@ -59,6 +61,7 @@ export function AlertSettings() {
     score_drop_enabled: true,
     digest_enabled: true,
     regime_quadrant_enabled: true,
+    trade_closed_enabled: true,
   });
 
   useEffect(() => {
@@ -71,6 +74,7 @@ export function AlertSettings() {
         score_drop_enabled: data.score_drop_enabled,
         digest_enabled: data.digest_enabled,
         regime_quadrant_enabled: data.regime_quadrant_enabled,
+        trade_closed_enabled: data.trade_closed_enabled,
       });
     }
   }, [data]);

frontend/src/components/admin/ExitPolicySettings.tsx

@@ -0,0 +1,68 @@
+import { useEffect, useState } from 'react';
+import type { ExitPolicy } from '../../lib/types';
+import { useExitPolicy, useUpdateExitPolicy } from '../../hooks/usePaperTrades';
+import { SkeletonCard } from '../ui/Skeleton';
+
+export function ExitPolicySettings() {
+  const { data, isLoading } = useExitPolicy();
+  const update = useUpdateExitPolicy();
+  const [mode, setMode] = useState<ExitPolicy['mode']>('trailing');
+  const [pct, setPct] = useState(12);
+
+  useEffect(() => {
+    if (data) {
+      setMode(data.mode);
+      setPct(data.trailing_pct);
+    }
+  }, [data]);
+
+  if (isLoading) return <SkeletonCard />;
+
+  return (
+    <div className="glass p-5 space-y-4">
+      <div>
+        <h3 className="text-sm font-semibold text-gray-200">Paper-Trade Exit</h3>
+        <p className="mt-1 text-xs text-gray-500">
+          How open paper trades auto-close (in the nightly/intraday outcome job).{' '}
+          <span className="text-gray-300">Trailing</span> rides a trailing stop — the backtest's best exit,
+          it lets winners run; <span className="text-gray-300">Target / stop</span> closes at the setup's
+          target or stop. The setup's initial stop is always the floor.
+        </p>
+      </div>
+      <div className="grid gap-4 md:grid-cols-2">
+        <label className="block space-y-1">
+          <span className="text-xs text-gray-400">Exit mode</span>
+          <select
+            value={mode}
+            onChange={(e) => setMode(e.target.value as ExitPolicy['mode'])}
+            className="w-full input-glass px-3 py-2 text-sm"
+          >
+            <option value="trailing">Trailing stop</option>
+            <option value="target">Target / stop</option>
+          </select>
+        </label>
+        <label className="block space-y-1">
+          <span className="text-xs text-gray-400">Trailing width (%)</span>
+          <input
+            type="number"
+            min={0.5}
+            max={90}
+            step={0.5}
+            value={pct}
+            onChange={(e) => setPct(Number(e.target.value))}
+            disabled={mode !== 'trailing'}
+            className="w-full input-glass px-3 py-2 text-sm disabled:opacity-50"
+          />
+          <span className="text-[11px] text-gray-600">Give-back from the peak. Backtest sweet spot ~12–15%.</span>
+        </label>
+      </div>
+      <button
+        className="btn-primary px-4 py-2 text-sm disabled:opacity-50"
+        disabled={update.isPending}
+        onClick={() => update.mutate({ mode, trailing_pct: pct })}
+      >
+        {update.isPending ? 'Saving…' : 'Save Exit Policy'}
+      </button>
+    </div>
+  );
+}

frontend/src/components/dashboard/OpenTradesPanel.tsx

@@ -1,6 +1,6 @@
 import { useMemo } from 'react';
 import { Link } from 'react-router-dom';
-import { usePaperTrades, useClosePaperTrade } from '../../hooks/usePaperTrades';
+import { usePaperTrades, useClosePaperTrade, useExitPolicy } from '../../hooks/usePaperTrades';
 import { tradePnl } from '../../lib/paperTrade';
 import { formatPrice } from '../../lib/format';
 import { Section } from '../ui/Section';
@@ -18,8 +18,15 @@ function pnlColor(v: number): string {
 
 export function OpenTradesPanel() {
   const { data: trades, isLoading } = usePaperTrades('open');
+  const { data: policy } = useExitPolicy();
   const close = useClosePaperTrade();
 
+  const exitLabel = policy
+    ? policy.mode === 'trailing'
+      ? `auto-exit: trailing ${Math.round(policy.trailing_pct)}%`
+      : 'auto-exit: target/stop'
+    : null;
+
   const totals = useMemo(() => {
     let pnl = 0, winners = 0, losers = 0, priced = 0, alphaUsd = 0, alphaPriced = 0;
     for (const t of trades ?? []) {
@@ -44,7 +51,7 @@ export function OpenTradesPanel() {
   return (
     <Section
       title="Open Trades"
-      hint={rows.length > 0 ? `${rows.length} open · ${totals.winners}▲ ${totals.losers}▼` : 'paper trading'}
+      hint={rows.length > 0 ? `${rows.length} open · ${totals.winners}▲ ${totals.losers}▼${exitLabel ? ` · ${exitLabel}` : ''}` : 'paper trading'}
     >
       {rows.length === 0 ? (
         <Callout variant="empty">
@@ -64,6 +71,7 @@ export function OpenTradesPanel() {
                 <th className="px-4 py-3 text-right">%</th>
                 <th className="px-4 py-3 text-right">R</th>
                 <th className="px-4 py-3 text-right">Alpha</th>
+                <th className="px-4 py-3 text-right">Trail Stop</th>
                 <th className="px-4 py-3"></th>
               </tr>
             </thead>
@@ -99,6 +107,20 @@ export function OpenTradesPanel() {
                     <td className={`num px-4 py-3 text-right ${t.alpha_pct != null ? pnlColor(t.alpha_pct) : 'text-gray-500'}`} title="Return vs. S&P 500 over the holding period">
                       {t.alpha_pct != null ? `${t.alpha_pct >= 0 ? '+' : ''}${t.alpha_pct.toFixed(1)}%` : '—'}
                     </td>
+                    <td className="num px-4 py-3 text-right text-gray-300" title="Current trailing-stop level · how far below the price">
+                      {t.trailing_stop != null ? (
+                        <>
+                          {formatPrice(t.trailing_stop)}
+                          {t.trailing_distance_pct != null && (
+                            <span className="ml-1 text-[10px] text-gray-500">
+                              {Math.abs(t.trailing_distance_pct).toFixed(1)}%
+                            </span>
+                          )}
+                        </>
+                      ) : (
+                        <span className="text-gray-500">—</span>
+                      )}
+                    </td>
                     <td className="px-4 py-3 text-right">
                       <button
                         onClick={() => {
@@ -128,7 +150,7 @@ export function OpenTradesPanel() {
                 <td className={`num px-4 py-2.5 text-right font-semibold ${totals.alphaPriced > 0 ? pnlColor(totals.alphaUsd) : 'text-gray-500'}`}>
                   {totals.alphaPriced > 0 ? money(totals.alphaUsd) : '—'}
                 </td>
-                <td />
+                <td colSpan={2} />
               </tr>
             </tfoot>
           </table>

frontend/src/hooks/usePaperTrades.ts

@@ -1,5 +1,6 @@
 import { useMutation, useQuery, useQueryClient } from '@tanstack/react-query';
 import * as api from '../api/paperTrades';
+import type { ExitPolicy } from '../lib/types';
 import { useToast } from '../components/ui/Toast';
 
 export function usePaperTrades(status?: 'open' | 'closed') {
@@ -10,6 +11,27 @@ export function usePaperTrades(status?: 'open' | 'closed') {
   });
 }
 
+export function useExitPolicy() {
+  return useQuery({
+    queryKey: ['paper-trades', 'exit-policy'],
+    queryFn: () => api.getExitPolicy(),
+    staleTime: 5 * 60 * 1000,
+  });
+}
+
+export function useUpdateExitPolicy() {
+  const qc = useQueryClient();
+  const { addToast } = useToast();
+  return useMutation({
+    mutationFn: (body: Partial<ExitPolicy>) => api.updateExitPolicy(body),
+    onSuccess: () => {
+      qc.invalidateQueries({ queryKey: ['paper-trades'] });
+      addToast('success', 'Exit policy updated.');
+    },
+    onError: (e: Error) => addToast('error', e.message || 'Failed to update exit policy'),
+  });
+}
+
 export function useCreatePaperTrade() {
   const qc = useQueryClient();
   const { addToast } = useToast();

frontend/src/lib/types.ts

@@ -207,6 +207,14 @@ export interface PaperTrade {
   benchmark_return_pct: number | null;
   alpha_pct: number | null;
   alpha_usd: number | null;
+  close_reason: 'trailing' | 'stop' | 'target' | 'manual' | null;
+  trailing_stop: number | null;
+  trailing_distance_pct: number | null;
+}
+
+export interface ExitPolicy {
+  mode: 'trailing' | 'target';
+  trailing_pct: number;
 }
 
 export interface BacktestBucket {
@@ -407,6 +415,7 @@ export interface AlertConfig {
   score_drop_enabled: boolean;
   digest_enabled: boolean;
   regime_quadrant_enabled: boolean;
+  trade_closed_enabled: boolean;
 }
 
 export interface AlertTestResult {

frontend/src/pages/AdminPage.tsx

@@ -1,5 +1,6 @@
 import { useState } from 'react';
 import { ActivationSettings } from '../components/admin/ActivationSettings';
+import { ExitPolicySettings } from '../components/admin/ExitPolicySettings';
 import { AlertSettings } from '../components/admin/AlertSettings';
 import { SentimentProviderSettings } from '../components/admin/SentimentProviderSettings';
 import { DataCleanup } from '../components/admin/DataCleanup';
@@ -33,6 +34,7 @@ export default function AdminPage() {
         {activeTab === 'Settings' && (
           <div className="space-y-4">
             <ActivationSettings />
+            <ExitPolicySettings />
             <AlertSettings />
             <SentimentProviderSettings />
             <TickerUniverseBootstrap />