diff --git a/README.md b/README.md
index d698280..4504227 100644
--- a/README.md
+++ b/README.md
@@ -33,12 +33,12 @@ Fundamentals (weekly, early Monday) · Alerts (hourly, Telegram) · Backtest (we
 
 1. **Composite score** — technical, S/R-quality, sentiment, fundamental and momentum sub-scores (0–100) combine into a weighted composite (weights configurable; missing dimensions re-normalize).
 2. **Setups** — the scanner builds long/short setups with ATR stops and S/R targets, then adds a confidence score, conflict flags and a target reach-probability.
-3. **Activation gate** — a setup *qualifies* only if it clears the R:R floor **and** ranks in the top residual-momentum percentile of the universe (the validated edge is long-only; the confidence floor was ablated to zero effect and defaults off).
+3. **Activation gate** — a setup *qualifies* only if it clears the R:R floor, ranks in the top residual-momentum percentile of the universe, **and** its primary target carries at least a 20% reach-probability (the validated edge is long-only; the confidence floor was ablated to zero effect and defaults off).
 4. **Top pick** — qualified setups are ordered by the production rank: 80% residual momentum percentile + 20% 6-month realized-volatility percentile. The #1 is highlighted on the Dashboard and labelled on the ticker page.
 
 ## Strategy Status — What's Validated and What Isn't
 
-**Read this before touching scoring, gating, or setup logic.** The platform measures itself — a weekly-replay backtest plus a factor rank-IC harness (`app/services/backtest_service.py`) — and the verdicts below come from those reports (June 2026, ~5 years of OHLCV), not from opinion.
+**Read this before touching scoring, gating, or setup logic.** The platform measures itself — a weekly-replay backtest plus a factor rank-IC harness (`app/services/backtest_service.py`) — and the verdicts below come from those reports (latest run July 2026, ~5 years of OHLCV), not from opinion.
 
 | Component | Verdict | Evidence |
 |---|---|---|
@@ -54,30 +54,32 @@ Caveats on the momentum result: in-sample, roughly one market regime, costs/slip
 
 ### Current production baseline
 
-Use this as a regression guardrail for future strategy changes, not as a return promise. Backtest run: local production SQLite snapshot, 506 tickers, weekly cadence, 30-trading-day horizon, 2022-06-28 → 2026-07-01, 0.1% per-side costs, price-only SPY benchmark.
+Use this as a regression guardrail for future strategy changes, not as a return promise. Backtest run: local production SQLite snapshot, 506 tickers, weekly cadence, 30-trading-day horizon, 2022-06-28 → 2026-07-02, 0.1% per-side costs, price-only SPY benchmark. Numbers below are the 2026-07-11 run (`reports/backtest-20260711-prod-baseline.json`) — measured *after* the primary-target probability floor shipped, which pruned lottery-target setups (1,428 → 1,089 qualified) and lifted Sharpe on all three promotion contenders.
 
 | Item | Current baseline |
 |---|---|
 | Strategy version | `residual_highvol_80_20_atr_trail3_v1` |
-| Production gate | Long-only, residual 12-1 momentum percentile >= 80, R:R floor on, NEUTRAL excluded, confidence floor effectively off |
+| Production gate | Long-only, residual 12-1 momentum percentile >= 80, R:R floor on, primary-target reach-probability >= 20%, NEUTRAL excluded, confidence floor effectively off |
 | Production rank | 80% residual momentum percentile + 20% 6-month realized-volatility percentile |
 | Exit | Initial ATR stop plus 3x ATR trailing stop, max 30 trading days |
-| Portfolio CAGR | +44.4% |
-| Portfolio total return | +336.6% vs SPY +95.7% |
-| Max drawdown | -23.8% |
-| Sharpe | 1.72 daily, annualized |
-| Trades | 376 |
-| Average hold | 14.7 trading days |
+| Portfolio CAGR | +50.4% |
+| Portfolio total return | +413.8% vs SPY +95.7% |
+| Max drawdown | -21.4% |
+| Sharpe | 2.04 daily, annualized |
+| Trades | 320 |
+| Average hold | 15.3 trading days |
 
 Promotion evidence from the same snapshot:
 
 | Candidate | CAGR | Max DD | Sharpe | Trades | Read |
 |---|---:|---:|---:|---:|---|
-| Legacy residual 80 + 30d hold | +34.8% | -24.4% | 1.51 | 339 | Previous production baseline |
-| Residual/high-vol 80/20 + 30d hold | +39.2% | -23.9% | 1.55 | 345 | Better entry rank, slightly lower drawdown |
-| Residual/high-vol 80/20 + 3x ATR trail | +44.4% | -23.8% | 1.72 | 376 | Promoted: better CAGR, Sharpe, and drawdown |
-| Pure high-vol 80 + 30d hold | +37.7% | -37.6% | 1.22 | 491 | Rejected: standalone volatility was too volatile |
-| Low-vol 80 + 30d hold | +0.4% | -23.1% | 0.09 | 257 | Rejected: no useful edge |
+| Legacy residual 80 + 30d hold | +49.6% | -15.8% | 2.02 | 300 | Previous production baseline. Still the shallowest drawdown of the three |
+| Residual/high-vol 80/20 + 30d hold | +51.9% | -22.2% | 2.00 | 303 | The vol tilt buys CAGR and pays for it in drawdown |
+| Residual/high-vol 80/20 + 3x ATR trail | +50.4% | -21.4% | 2.04 | 320 | Promoted: best Sharpe. The ATR trail recovers part of the drawdown the vol tilt costs |
+| Pure high-vol 80 + 30d hold | +31.6% | -34.8% | 1.12 | 476 | Rejected: standalone volatility was too volatile |
+| Low-vol 80 + 30d hold | +2.7% | -19.5% | 0.29 | 240 | Rejected: no useful edge |
+
+Read the top three honestly: the production book wins on Sharpe, not on every axis. The 80/20 vol tilt buys ~2pp of CAGR over the legacy residual-only book but costs ~6pp of drawdown, and the ATR trail hands part of that drawdown back. If drawdown ever matters more than risk-adjusted return here, legacy residual 80 + hold is the row to revisit.
 
 The conclusion is not "trade high volatility alone." Keep residual momentum as the entry gate, use realized volatility only as a small ranking tilt, and add the ATR trail as defensive exit discipline.
 
@@ -151,7 +153,7 @@ Corollaries: never let an unvalidated score gate setups; the outcome evaluator m
 - Fundamental data tracking (P/E, revenue growth, earnings surprise, market cap)
 - 5-dimension scoring engine (technical, S/R quality, sentiment, fundamental, momentum) with configurable weights
 - Risk:Reward scanner — long and short setups, ATR-based stops, S/R-based targets, configurable R:R threshold (default 1.5:1)
-- Activation gate — qualifies setups on a residual-momentum percentile floor plus an R:R floor (validated long-only edge)
+- Activation gate — qualifies setups on a residual-momentum percentile floor, an R:R floor and a 20% primary-target reach-probability floor (validated long-only edge)
 - Recommendation layer — directional confidence, conflict detection, per-target reach-probability
 - Paper trading — take a setup, mark-to-market vs. latest close, auto-close per the exit policy (default: 3x ATR trail with a 30-trading-day max hold; time / percent-trailing / target-stop selectable), realized track record + outcome evaluation
 - Market-regime index + FRED early-warning monitor (VIX, credit spreads); weekly backtest + manual event study