diff --git a/frontend/src/components/ticker/BaseRatesPanel.tsx b/frontend/src/components/ticker/BaseRatesPanel.tsx
new file mode 100644
index 0000000..d4e2e33
--- /dev/null
+++ b/frontend/src/components/ticker/BaseRatesPanel.tsx
@@ -0,0 +1,73 @@
+import type { BaseRates } from '../../lib/baseRates';
+
+/**
+ * What actually happens to trades like this one, measured under the real exit
+ * policy in the backtest. This is the honest replacement for the per-target
+ * "probability", which estimates the odds of touching a level the trade never
+ * exits at. Note `target` is absent from the exit mix — by construction.
+ */
+export function BaseRatesPanel({ rates }: { rates: BaseRates }) {
+  return (
+    <details className="rounded-xl border border-white/[0.07] bg-white/[0.02] px-3 py-2">
+      <summary className="cursor-pointer text-[11px] font-medium text-gray-500 transition-colors hover:text-gray-300">
+        What usually happens · {rates.trades} backtested trades ({rates.lookbackLabel})
+      </summary>
+
+      <div className="mt-2.5 flex flex-wrap gap-x-5 gap-y-1.5 text-[11.5px]">
+        <span className="text-gray-500">
+          Win rate <span className="num text-gray-200">{rates.winRate.toFixed(0)}%</span>
+        </span>
+        {rates.avgHoldDays != null && (
+          <span className="text-gray-500">
+            Avg hold <span className="num text-gray-200">{rates.avgHoldDays.toFixed(0)}d</span>
+          </span>
+        )}
+        {rates.bestR != null && (
+          <span className="text-gray-500">
+            Best <span className="num text-emerald-300">+{rates.bestR.toFixed(1)}R</span>
+          </span>
+        )}
+        {rates.worstR != null && (
+          <span className="text-gray-500">
+            Worst <span className="num text-red-300">{rates.worstR.toFixed(1)}R</span>
+          </span>
+        )}
+      </div>
+
+      <p className="mt-2 text-[11px] leading-relaxed text-gray-500">
+        Most trades lose a little; a few win big. That asymmetry <em>is</em> the edge — which is why
+        there is no take-profit.
+      </p>
+
+      {rates.exits.length > 0 && (
+        <div className="mt-2.5 border-t border-white/[0.05] pt-2">
+          <p className="num mb-1.5 text-[10px] uppercase tracking-[0.16em] text-gray-500">how they ended</p>
+          <div className="flex h-1.5 overflow-hidden rounded-full bg-white/[0.05]">
+            {rates.exits.map((e) => (
+              <div
+                key={e.reason}
+                style={{ width: `${e.share * 100}%` }}
+                className={
+                  e.reason === 'stop'
+                    ? 'bg-red-400/60'
+                    : e.reason === 'trailing_stop'
+                      ? 'bg-emerald-400/60'
+                      : 'bg-gray-500/60'
+                }
+                title={`${e.label}: ${e.count} trades`}
+              />
+            ))}
+          </div>
+          <div className="mt-1.5 flex flex-wrap gap-x-3 gap-y-1 text-[11px] text-gray-500">
+            {rates.exits.map((e) => (
+              <span key={e.reason}>
+                {e.label} <span className="num text-gray-300">{(e.share * 100).toFixed(0)}%</span>
+              </span>
+            ))}
+            <span className="text-gray-600">target 0%</span>
+          </div>
+        </div>
+      )}
+    </details>
+  );
+}
diff --git a/frontend/src/components/ticker/ExitPlanPanel.tsx b/frontend/src/components/ticker/ExitPlanPanel.tsx
new file mode 100644
index 0000000..1990d93
--- /dev/null
+++ b/frontend/src/components/ticker/ExitPlanPanel.tsx
@@ -0,0 +1,62 @@
+import type { ExitPlan } from '../../lib/exitPlan';
+import { formatPrice } from '../../lib/format';
+
+/**
+ * The exit rules that will actually close this trade.
+ *
+ * Deliberately sits *above* the levels ladder: the levels are context, this is
+ * the plan. Before this existed the card showed a "Target" with the same visual
+ * weight as the entry, implying a take-profit that the live exit never fires.
+ */
+export function ExitPlanPanel({ plan, direction }: { plan: ExitPlan; direction: string }) {
+  const isLong = direction === 'long';
+
+  return (
+    <div className="mt-3 rounded-xl border border-white/[0.07] bg-white/[0.02] p-3">
+      <div className="flex flex-wrap items-baseline gap-x-2 gap-y-1">
+        <span className="num text-[10px] uppercase tracking-[0.16em] text-gray-500">how this exits</span>
+        <span className="text-[11.5px] font-medium text-gray-300">{plan.headline}</span>
+      </div>
+
+      <dl className="mt-2.5 grid gap-x-4 gap-y-1.5 text-[11.5px] sm:grid-cols-2">
+        <div className="flex items-baseline justify-between gap-2">
+          <dt className="text-gray-500">Initial stop</dt>
+          <dd className="num text-gray-200">
+            {formatPrice(plan.initialStop)}{' '}
+            <span className="text-gray-600">(1R = {formatPrice(plan.riskPerShare)}/sh)</span>
+          </dd>
+        </div>
+
+        {plan.mode === 'atr_trailing' && plan.trailTakesOverAt != null && plan.trailWidthR != null && (
+          <>
+            <div className="flex items-baseline justify-between gap-2">
+              <dt className="text-gray-500">Trail takes over</dt>
+              <dd className="num text-gray-200">
+                {isLong ? 'above' : 'below'} {formatPrice(plan.trailTakesOverAt)}
+              </dd>
+            </div>
+            <div className="flex items-baseline justify-between gap-2 sm:col-span-2">
+              <dt className="text-gray-500">Then it trails</dt>
+              <dd className="num text-gray-200">
+                {formatPrice(plan.trailWidth ?? 0)} ({plan.trailWidthR.toFixed(1)}R) below the highest close
+              </dd>
+            </div>
+          </>
+        )}
+
+        <div className="flex items-baseline justify-between gap-2">
+          <dt className="text-gray-500">Max hold</dt>
+          <dd className="num text-gray-200">{plan.maxHoldDays} trading days</dd>
+        </div>
+      </dl>
+
+      {!plan.honorsTarget && (
+        <p className="mt-2.5 border-t border-white/[0.05] pt-2 text-[11px] leading-relaxed text-gray-500">
+          There is <span className="text-gray-400">no take-profit</span>. Winners are ridden until the
+          trailing stop is hit — that&rsquo;s where the strategy&rsquo;s edge comes from, so hitting a level
+          below is not a reason to sell. The levels shown below are screening context, not exits.
+        </p>
+      )}
+    </div>
+  );
+}
diff --git a/frontend/src/components/ticker/RecommendationPanel.tsx b/frontend/src/components/ticker/RecommendationPanel.tsx
index a6d1283..ac40e8d 100644
--- a/frontend/src/components/ticker/RecommendationPanel.tsx
+++ b/frontend/src/components/ticker/RecommendationPanel.tsx
@@ -10,7 +10,13 @@ import { useMarketRegime } from '../../hooks/useMarketRegime';
 import { isCounterTrend } from '../../lib/regime';
 import { primaryTargetProbability } from '../../lib/qualification';
 import { PriceRail } from '../charts/horizon';
-import type { MarketRegime } from '../../lib/types';
+import type { ExitPolicy, MarketRegime } from '../../lib/types';
+import { deriveExitPlan, driftInR } from '../../lib/exitPlan';
+import { productionBaseRates } from '../../lib/baseRates';
+import { useExitPolicy } from '../../hooks/usePaperTrades';
+import { useBacktestReport } from '../../hooks/useMarketRegime';
+import { ExitPlanPanel } from './ExitPlanPanel';
+import { BaseRatesPanel } from './BaseRatesPanel';
 
 interface RecommendationPanelProps {
   symbol: string;
@@ -32,44 +38,42 @@ function daysUntil(iso: string): number | null {
   return Math.ceil((t - Date.now()) / 86_400_000);
 }
 
-/** Earnings within the ~30-day target horizon can gap price through stop/target. */
+/** Earnings within the ~30-day hold horizon can gap price through the stop. */
 const EARNINGS_HORIZON_DAYS = 30;
 
 /**
- * How far current price has drifted from the setup's entry. A setup whose
- * entry is far from the live price (price already ran toward target, or fell
- * through the stop) is stale — entering now changes the risk/reward.
+ * How far price has drifted from the scan entry, measured in R (the initial risk
+ * distance). R is the right unit: the stop sits 1R away and the trailing exit is
+ * denominated in R too.
+ *
+ * This used to judge staleness by progress toward the *target*, and declared a
+ * setup "played out" once price reached it. Under the live trailing exit that is
+ * backwards — reaching a level is the good case and the trade keeps running. The
+ * only thing that invalidates a setup is price through the stop; running past the
+ * entry just means you'd be chasing (a wider effective stop), which is a warning,
+ * not a death sentence.
  */
 function entryDrift(setup: TradeSetup, currentPrice?: number) {
   if (currentPrice == null || !setup.entry_price) return null;
   const pct = ((currentPrice - setup.entry_price) / setup.entry_price) * 100;
-  const towardTarget = setup.direction === 'long' ? currentPrice >= setup.entry_price : currentPrice <= setup.entry_price;
-  // Judge staleness by how much of the entry→target distance is already gone,
-  // not the raw % move — an 8%-wide setup is "used up" far faster than a 40% one.
-  const span = Math.abs(setup.target - setup.entry_price);
-  const moved = Math.abs(currentPrice - setup.entry_price);
-  const progressPct = span > 0 ? (moved / span) * 100 : 0;
-  const beyondStop = setup.direction === 'long' ? currentPrice <= setup.stop_loss : currentPrice >= setup.stop_loss;
-  let status: 'fresh' | 'stale' | 'invalidated' = 'fresh';
+  const r = driftInR(setup, currentPrice);
+  const beyondStop =
+    setup.direction === 'long' ? currentPrice <= setup.stop_loss : currentPrice >= setup.stop_loss;
+  let status: 'fresh' | 'extended' | 'invalidated' = 'fresh';
   if (beyondStop) status = 'invalidated';
-  else if (towardTarget && progressPct > 33) status = 'stale';
-  else if (!towardTarget && progressPct > 33) status = 'stale';
-  return { pct, progressPct, towardTarget, status };
+  else if (r != null && r >= 1) status = 'extended';
+  else if (r != null && r <= -0.5) status = 'extended';
+  return { pct, r, status };
 }
 
 /**
- * A stored setup is the latest for its direction. When price has run to/past the
- * target (played out) or through the stop (invalidated), there is no fresh setup
- * — the card and the ticker-level header should say so rather than present a
- * stale actionable recommendation. Returns null when there's no live price.
+ * The only state with no tradeable setup left: price has gone through the stop.
+ * Returns null when there's no live price.
  */
 function notActionableState(setup: TradeSetup, currentPrice?: number) {
   if (currentPrice == null) return null;
-  const drift = entryDrift(setup, currentPrice);
-  const playedOut = setup.direction === 'long' ? currentPrice >= setup.target : currentPrice <= setup.target;
-  const invalidated = drift?.status === 'invalidated';
-  if (!playedOut && !invalidated) return null;
-  return { playedOut, invalidated };
+  if (entryDrift(setup, currentPrice)?.status !== 'invalidated') return null;
+  return { invalidated: true };
 }
 
 function riskClass(risk: TradeSetup['risk_level']) {
@@ -106,25 +110,39 @@ function Chip({ children }: { children: React.ReactNode }) {
 
 type Target = NonNullable<TradeSetup['targets']>[number];
 
-function TargetTable({ setup, selectedPrice, onSelect }: {
+function TargetTable({ setup, selectedPrice, onSelect, honorsTarget }: {
   setup: TradeSetup;
   selectedPrice: number;
   onSelect: (target: Target) => void;
+  /** True only when the live exit policy actually takes profit at a level. */
+  honorsTarget: boolean;
 }) {
   if (!setup.targets || setup.targets.length === 0) {
-    return <p className="text-xs text-gray-500">No target probabilities available.</p>;
+    return <p className="text-xs text-gray-500">No overhead levels detected.</p>;
   }
 
   return (
     <div className="overflow-x-auto">
-      <table className="w-full text-xs" role="radiogroup" aria-label="Choose the target for the rail and paper trade">
+      <table
+        className="w-full text-xs"
+        role="radiogroup"
+        aria-label={
+          honorsTarget
+            ? 'Choose the take-profit level for the rail and paper trade'
+            : 'Choose a level to preview on the rail (does not affect the exit)'
+        }
+      >
         <thead>
           <tr className="text-left text-gray-500 border-b border-white/[0.06]">
-            <th className="py-2 pr-3">Classification</th>
-            <th className="py-2 pr-3">Price</th>
+            <th className="py-2 pr-3">Band</th>
+            <th className="py-2 pr-3">Level</th>
             <th className="py-2 pr-3">Distance</th>
-            <th className="py-2 pr-3">R:R</th>
-            <th className="py-2">Probability</th>
+            <th className="py-2 pr-3" title="Reward-to-risk if the trade were exited at this level. Used by the activation gate — not an exit.">
+              Gate R:R
+            </th>
+            <th className="py-2" title="Modelled odds of price TOUCHING this level within ~30 days. Not the odds of the trade winning — the trade does not exit here.">
+              Touch odds
+            </th>
           </tr>
         </thead>
         <tbody>
@@ -170,13 +188,14 @@ function TargetTable({ setup, selectedPrice, onSelect }: {
   );
 }
 
-function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, onSelectPrice }: {
+function SetupCard({ setup, action, currentPrice, risk, regime, exitPolicy, selectedPrice, onSelectPrice }: {
   setup?: TradeSetup;
   action?: TradeSetup['recommended_action'];
   currentPrice?: number;
   risk: RiskSettings;
   regime?: MarketRegime;
-  /** Controlled target selection (lifted so the candlestick chart can follow). */
+  exitPolicy?: ExitPolicy;
+  /** Controlled level selection (lifted so the candlestick chart can follow). */
   selectedPrice?: number | null;
   onSelectPrice?: (price: number) => void;
 }) {
@@ -194,12 +213,13 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
   const counterTrend = regime ? isCounterTrend(setup.direction, regime.label) : false;
   const prob = primaryTargetProbability(setup);
 
-  // When price has run to/past the target (played out) or through the stop
-  // (invalidated), there is no fresh setup — show a plain "no current setup"
-  // state instead of an actionable card with no reward left.
-  const inactive = notActionableState(setup, currentPrice);
-  const invalidated = inactive?.invalidated ?? false;
-  const notActionable = inactive != null;
+  // The real exit rules. `honorsTarget` is false under the production policy —
+  // the level ladder below is context, not a menu of exits.
+  const exitPlan = deriveExitPlan(setup, exitPolicy);
+  const honorsTarget = exitPlan?.honorsTarget ?? false;
+
+  // Only price through the stop leaves no tradeable setup.
+  const notActionable = notActionableState(setup, currentPrice) != null;
 
   const createTrade = useCreatePaperTrade();
   const [taking, setTaking] = useState(false);
@@ -239,7 +259,10 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
         entry_price: takeEntry,
         shares: takeShares,
         stop_loss: setup.stop_loss,
-        target: takeTarget,
+        // Only a real choice when the exit honors it. Otherwise record the
+        // setup's own primary level, so the stored value doesn't silently depend
+        // on which row the user happened to click while exploring the chart.
+        target: honorsTarget ? takeTarget : setup.target,
       },
       { onSuccess: () => setTaking(false) },
     );
@@ -254,13 +277,13 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
           <span className="num text-[10px] uppercase tracking-[0.16em] text-gray-500">no current setup</span>
           <span className="num ml-auto text-xs text-gray-500">
             now {currentPrice != null ? formatPrice(currentPrice) : '—'} · last entry {formatPrice(setup.entry_price)}
-            {drift ? ` (${drift.pct >= 0 ? '+' : ''}${drift.pct.toFixed(1)}%)` : ''} · last target {formatPrice(setup.target)}
+            {drift ? ` (${drift.pct >= 0 ? '+' : ''}${drift.pct.toFixed(1)}%)` : ''}
           </span>
         </div>
         <p className="mt-2 text-[11.5px] leading-relaxed text-gray-400">
-          {invalidated
-            ? `The last ${dir} setup is invalidated — price (${formatPrice(currentPrice!)}) has passed the stop (${formatPrice(setup.stop_loss)}). No fresh ${dir} setup right now; the scanner surfaces a new one when it forms.`
-            : `The last ${dir} setup has played out — price (${formatPrice(currentPrice!)}) is at or past the target (${formatPrice(setup.target)}). No fresh ${dir} setup right now; the scanner surfaces a new one when it forms.`}
+          The last {dir} setup is invalidated — price ({formatPrice(currentPrice!)}) has passed the stop
+          ({formatPrice(setup.stop_loss)}). No fresh {dir} setup right now; the scanner surfaces a new one
+          when it forms.
         </p>
       </div>
     );
@@ -279,10 +302,23 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
             preferred
           </span>
         )}
+        {setup.momentum_percentile != null && (
+          <span
+            className="num rounded-full border border-blue-400/25 bg-blue-400/10 px-2.5 py-0.5 text-[11px] text-blue-200"
+            title="Residual 12-1 month momentum percentile across the universe. This is the actual signal — the reason the ticker was selected at all."
+          >
+            momentum top {Math.max(1, Math.round(100 - setup.momentum_percentile))}%
+          </span>
+        )}
         <Chip>confidence {setup.confidence_score?.toFixed(0) ?? '—'}%</Chip>
-        <Chip>R:R {activeRR.toFixed(1)}:1</Chip>
-        {activeProb != null && <Chip>target prob {Math.round(activeProb)}%</Chip>}
-        {selected && !selected.is_primary && <Chip>custom target</Chip>}
+        <span
+          className="rounded-full border border-white/[0.09] px-2.5 py-0.5 text-[11px] text-gray-500"
+          title="Gate metrics: the R:R and touch-odds of the selected level are what admitted this setup through the activation gate. They are NOT forecasts of this trade — it does not exit at that level."
+        >
+          gate · R:R {activeRR.toFixed(1)}:1
+          {activeProb != null && ` · touch ${Math.round(activeProb)}%`}
+        </span>
+        {selected && !selected.is_primary && <Chip>custom level</Chip>}
         <span className="ml-auto flex flex-wrap items-center gap-3">
           {sizing ? (
             <span
@@ -323,28 +359,20 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
               ({regime.benchmark ?? 'SPY'}). Lower odds — size down or wait for confirmation.
             </p>
           )}
-          {drift && drift.status === 'invalidated' && (
-            <p className="text-[11px] text-red-300">
-              ⚠ Price ({formatPrice(currentPrice!)}) is past the stop — this setup is invalidated.
-            </p>
-          )}
-          {drift && drift.status === 'stale' && (
+          {/* No 'invalidated' branch here: that state returns the "no current
+              setup" card above, so it can never reach this block. */}
+          {drift && drift.status === 'extended' && drift.r != null && (
             <p className="text-[11px] text-amber-400">
-              {drift.towardTarget
-                ? `⚠ ${drift.progressPct.toFixed(0)}% of the entry→target move is already gone (${drift.pct >= 0 ? '+' : ''}${drift.pct.toFixed(1)}% from entry) — little reward left.`
-                : `⚠ Price has moved ${Math.abs(drift.pct).toFixed(1)}% against the setup (toward the stop) — entry may be stale.`}
+              {drift.r >= 1
+                ? `⚠ Price has run ${drift.r.toFixed(1)}R past the scan entry (${drift.pct >= 0 ? '+' : ''}${drift.pct.toFixed(1)}%). Entering now means chasing — your stop sits further away, so the same dollar risk buys fewer shares.`
+                : `⚠ Price has drifted ${Math.abs(drift.r).toFixed(1)}R toward the stop (${drift.pct.toFixed(1)}%) — the entry is stale.`}
             </p>
           )}
         </div>
       )}
-      {activeProb != null && activeProb < 15 && (
-        <p className="mt-2.5 text-[11px] text-amber-400">
-          ⚠ This target has only a {Math.round(activeProb)}% probability — pick a nearer one from the target list below.
-        </p>
-      )}
 
       {/* The setup, spatially — stop/entry/now hold still, the *selected*
-          target moves along a scale that always spans the whole ladder */}
+          level moves along a scale that always spans the whole ladder */}
       <PriceRail
         direction={setup.direction}
         entry={setup.entry_price}
@@ -354,6 +382,10 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
         scaleTo={(setup.targets ?? []).map((t) => t.price)}
       />
 
+      {/* The rules that actually close the trade. Above the ladder on purpose:
+          this is the plan, the levels below are only context. */}
+      {exitPlan && <ExitPlanPanel plan={exitPlan} direction={setup.direction} />}
+
       {/* Take dialog — portaled overlay so the panel structure stays put */}
       {taking && createPortal(
         <div
@@ -370,10 +402,22 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
               <span className="num ml-auto text-[10px] uppercase tracking-[0.16em] text-gray-500">paper trade</span>
             </div>
             <p className="num mt-1.5 text-[11px] text-gray-500">
-              stop {formatPrice(setup.stop_loss)} · target {formatPrice(takeTarget)}
+              stop {formatPrice(setup.stop_loss)}
+              {honorsTarget && <> · take profit {formatPrice(takeTarget)}</>}
               {sizing && <> · suggested {sizing.shares} sh, max loss {formatPrice(sizing.dollarRisk)}</>}
             </p>
 
+            {/* The exit is the trailing stop, not a target. Say so here, where the
+                user is actually committing — this dialog used to offer a target
+                dropdown whose value the exit never reads. */}
+            {exitPlan && !honorsTarget && (
+              <p className="mt-2 rounded-lg border border-white/[0.07] bg-white/[0.02] px-2.5 py-2 text-[11px] leading-relaxed text-gray-400">
+                <span className="num text-[10px] uppercase tracking-[0.16em] text-gray-500">exits on</span>{' '}
+                {exitPlan.headline}. No take-profit — the {formatPrice(setup.target)} level is recorded for
+                reference only and will not close this trade.
+              </p>
+            )}
+
             <div className="mt-4 grid grid-cols-2 gap-3">
               <label className="block space-y-1">
                 <span className="num text-[10px] uppercase tracking-wider text-gray-500">Shares</span>
@@ -398,9 +442,12 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
                 />
               </label>
             </div>
-            {setup.targets && setup.targets.length > 1 ? (
+            {/* Only a real choice when the live exit policy takes profit at a
+                level. Under `atr_trailing` (production) the value is inert, so
+                offering it would imply control the user does not have. */}
+            {honorsTarget && setup.targets && setup.targets.length > 1 ? (
               <label className="mt-3 block space-y-1">
-                <span className="num text-[10px] uppercase tracking-wider text-gray-500">Target</span>
+                <span className="num text-[10px] uppercase tracking-wider text-gray-500">Take profit at</span>
                 <select
                   value={takeTarget}
                   onChange={(e) => setTakeTarget(Number(e.target.value))}
@@ -408,7 +455,7 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
                 >
                   {setup.targets.map((t) => (
                     <option key={`${t.sr_level_id}-${t.price}`} value={t.price} className="bg-[#14161f]">
-                      {formatPrice(t.price)} · {t.probability.toFixed(0)}% · {t.classification}{t.is_primary ? ' · primary' : ''}
+                      {formatPrice(t.price)} · {t.probability.toFixed(0)}% touch odds · {t.classification}{t.is_primary ? ' · primary' : ''}
                     </option>
                   ))}
                 </select>
@@ -435,16 +482,28 @@ function SetupCard({ setup, action, currentPrice, risk, regime, selectedPrice, o
         document.body,
       )}
 
-      {/* Target ladder — open by default; clicking a row previews it on the rail */}
+      {/* Levels ladder — still fully explorable (clicking a row drives the rail
+          and the candlestick overlay), but framed as what it is: overhead
+          structure used to screen the setup, not a menu of exits. */}
       {setup.targets && setup.targets.length > 0 && (
         <details className="mt-3" open>
           <summary className="cursor-pointer text-[11px] font-medium text-gray-500 transition-colors hover:text-gray-300">
-            Targets ({setup.targets.length}) · select a row to preview it on the rail and use it when taking
+            {honorsTarget
+              ? `Take-profit levels (${setup.targets.length}) · select one to preview it and use it when taking`
+              : `Overhead levels (${setup.targets.length}) · select one to preview it on the rail and chart`}
           </summary>
+          {!honorsTarget && (
+            <p className="mt-1.5 text-[11px] leading-relaxed text-gray-600">
+              Resistance levels the scanner found. Their R:R and touch odds are what got this setup
+              through the gate — but the trade exits on the trailing stop, so price reaching one of
+              these is not a sell signal. Clicking only moves the marker.
+            </p>
+          )}
           <div className="mt-2">
             <TargetTable
               setup={setup}
               selectedPrice={activePrice}
+              honorsTarget={honorsTarget}
               onSelect={(t) => {
                 selectTargetPrice(t.price);
                 setTakeTarget(t.price);
@@ -514,6 +573,8 @@ export function RecommendationPanel({ symbol, longSetup, shortSetup, currentPric
       : undefined;
   const { settings: risk, update: updateRisk } = useRiskSettings();
   const regime = useMarketRegime().data;
+  const exitPolicy = useExitPolicy().data;
+  const baseRates = productionBaseRates(useBacktestReport().data);
   const summary = longSetup?.recommendation_summary ?? shortSetup?.recommendation_summary;
   const earningsDays = nextEarningsDate ? daysUntil(nextEarningsDate) : null;
   const action = (summary?.action ?? 'NEUTRAL') as TradeSetup['recommended_action'];
@@ -537,9 +598,9 @@ export function RecommendationPanel({ symbol, longSetup, shortSetup, currentPric
     return null;
   }
 
-  // If the preferred setup has played out / been invalidated, the stored
-  // ticker-level bias and reasoning are stale — don't headline "Strong Long"
-  // above a "no current setup" card.
+  // If the preferred setup has been invalidated (price through the stop), the
+  // stored ticker-level bias and reasoning are stale — don't headline "Strong
+  // Long" above a "no current setup" card.
   const preferredInactive = preferredSetup ? notActionableState(preferredSetup, currentPrice) : null;
 
   const body = (
@@ -549,7 +610,7 @@ export function RecommendationPanel({ symbol, longSetup, shortSetup, currentPric
         <div className="min-w-0">
           {preferredInactive ? (
             <span className="text-sm font-semibold text-gray-400">
-              No current setup <span className="font-normal text-gray-500">(last {preferredDirection} bias {recommendationActionLabel(action).toLowerCase()} — {preferredInactive.invalidated ? 'invalidated' : 'played out'})</span>
+              No current setup <span className="font-normal text-gray-500">(last {preferredDirection} bias {recommendationActionLabel(action).toLowerCase()} — invalidated at the stop)</span>
             </span>
           ) : (() => {
             const reasoning = summary?.reasoning ?? '';
@@ -578,7 +639,7 @@ export function RecommendationPanel({ symbol, longSetup, shortSetup, currentPric
         earningsDays <= EARNINGS_HORIZON_DAYS ? (
           <p className="rounded-lg border border-amber-500/30 bg-amber-500/10 px-3 py-2 text-[11px] text-amber-300">
             ⚠ Earnings in {earningsDays} day{earningsDays === 1 ? '' : 's'} ({nextEarningsDate}) — inside the ~30-day
-            target horizon. A report can gap price through your stop or target; consider waiting or sizing down.
+            max hold. A report can gap price straight through your stop; consider waiting or sizing down.
           </p>
         ) : (
           <p className="text-[11px] text-gray-500">Next earnings: {nextEarningsDate} ({earningsDays} days).</p>
@@ -587,7 +648,7 @@ export function RecommendationPanel({ symbol, longSetup, shortSetup, currentPric
 
       {preferredDirection !== 'neutral' && preferredSetup ? (
         <div className="space-y-3">
-          <SetupCard setup={preferredSetup} action={action} currentPrice={currentPrice} risk={risk} regime={regime} selectedPrice={selFor(preferredSetup)} onSelectPrice={onSelFor(preferredSetup)} />
+          <SetupCard setup={preferredSetup} action={action} currentPrice={currentPrice} risk={risk} regime={regime} exitPolicy={exitPolicy} selectedPrice={selFor(preferredSetup)} onSelectPrice={onSelFor(preferredSetup)} />
 
           {alternativeSetup && (
             <details>
@@ -595,17 +656,21 @@ export function RecommendationPanel({ symbol, longSetup, shortSetup, currentPric
                 Alternative scenario ({alternativeSetup.direction.toUpperCase()})
               </summary>
               <div className="mt-3">
-                <SetupCard setup={alternativeSetup} action={action} currentPrice={currentPrice} risk={risk} regime={regime} selectedPrice={selFor(alternativeSetup)} onSelectPrice={onSelFor(alternativeSetup)} />
+                <SetupCard setup={alternativeSetup} action={action} currentPrice={currentPrice} risk={risk} regime={regime} exitPolicy={exitPolicy} selectedPrice={selFor(alternativeSetup)} onSelectPrice={onSelFor(alternativeSetup)} />
               </div>
             </details>
           )}
         </div>
       ) : (
         <div className="grid gap-4 lg:grid-cols-2">
-          <SetupCard setup={longSetup} action={action} currentPrice={currentPrice} risk={risk} regime={regime} selectedPrice={selFor(longSetup)} onSelectPrice={onSelFor(longSetup)} />
-          <SetupCard setup={shortSetup} action={action} currentPrice={currentPrice} risk={risk} regime={regime} selectedPrice={selFor(shortSetup)} onSelectPrice={onSelFor(shortSetup)} />
+          <SetupCard setup={longSetup} action={action} currentPrice={currentPrice} risk={risk} regime={regime} exitPolicy={exitPolicy} selectedPrice={selFor(longSetup)} onSelectPrice={onSelFor(longSetup)} />
+          <SetupCard setup={shortSetup} action={action} currentPrice={currentPrice} risk={risk} regime={regime} exitPolicy={exitPolicy} selectedPrice={selFor(shortSetup)} onSelectPrice={onSelFor(shortSetup)} />
         </div>
       )}
+
+      {/* System-level base rates: what actually happens to trades like these,
+          under the real exit. The honest counterpart to per-target "probability". */}
+      {baseRates && <BaseRatesPanel rates={baseRates} />}
     </div>
   );
 
diff --git a/frontend/src/lib/baseRates.ts b/frontend/src/lib/baseRates.ts
new file mode 100644
index 0000000..d93391f
--- /dev/null
+++ b/frontend/src/lib/baseRates.ts
@@ -0,0 +1,81 @@
+/**
+ * Base rates for the strategy as it actually runs.
+ *
+ * The per-target `probability` on a setup answers "will price touch this S/R
+ * level?" — a question about a level we never exit at. These numbers answer the
+ * question the user is really asking ("what tends to happen when I take one of
+ * these?") and they are measured under the *real* exit policy, from the same
+ * backtest report the Track Record page already consumes.
+ */
+
+interface MonitorRun {
+  strategy?: string;
+  lookback?: string;
+  is_production?: boolean;
+  sharpe?: number | null;
+  cagr_pct?: number | null;
+  max_drawdown_pct?: number | null;
+  trades?: number | null;
+  win_rate?: number | null;
+  avg_hold_days?: number | null;
+  best_trade_r?: number | null;
+  worst_trade_r?: number | null;
+  exit_reasons?: Record<string, number> | null;
+}
+
+export interface BaseRates {
+  lookbackLabel: string;
+  trades: number;
+  winRate: number;
+  avgHoldDays: number | null;
+  bestR: number | null;
+  worstR: number | null;
+  sharpe: number | null;
+  /** How trades actually ended, as shares of the total (0-1). */
+  exits: { reason: string; label: string; count: number; share: number }[];
+}
+
+const EXIT_LABELS: Record<string, string> = {
+  stop: 'initial stop',
+  trailing_stop: 'trailing stop',
+  time: 'max hold',
+  target: 'target',
+};
+
+/**
+ * Pull the production strategy's full-history row out of a backtest report.
+ * Returns null when the report hasn't run or has no production row.
+ */
+export function productionBaseRates(report: unknown): BaseRates | null {
+  const monitor = (report as { portfolio_monitor?: { production_strategy?: string; runs?: MonitorRun[] } })
+    ?.portfolio_monitor;
+  if (!monitor?.runs?.length) return null;
+
+  const strategy = monitor.production_strategy;
+  const row =
+    monitor.runs.find((r) => r.strategy === strategy && r.lookback === 'all') ??
+    monitor.runs.find((r) => r.is_production && r.lookback === 'all');
+  if (!row || !row.trades) return null;
+
+  const reasons = row.exit_reasons ?? {};
+  const total = Object.values(reasons).reduce((a, b) => a + b, 0);
+  const exits = Object.entries(reasons)
+    .map(([reason, count]) => ({
+      reason,
+      label: EXIT_LABELS[reason] ?? reason,
+      count,
+      share: total > 0 ? count / total : 0,
+    }))
+    .sort((a, b) => b.count - a.count);
+
+  return {
+    lookbackLabel: 'all history',
+    trades: row.trades,
+    winRate: row.win_rate ?? 0,
+    avgHoldDays: row.avg_hold_days ?? null,
+    bestR: row.best_trade_r ?? null,
+    worstR: row.worst_trade_r ?? null,
+    sharpe: row.sharpe ?? null,
+    exits,
+  };
+}
diff --git a/frontend/src/lib/exitPlan.ts b/frontend/src/lib/exitPlan.ts
new file mode 100644
index 0000000..f78f6d8
--- /dev/null
+++ b/frontend/src/lib/exitPlan.ts
@@ -0,0 +1,134 @@
+/**
+ * What actually closes a trade.
+ *
+ * The setup's `target` is NOT an exit under the production policy: it is a
+ * screening artifact — the nearest S/R level, used to compute the R:R and
+ * probability that admit the setup through the activation gate. The live exit
+ * (`paper_trade_service.resolve_open_trades`) never reads it; `atr_trailing`
+ * closes on the initial stop, a trailing stop, or the max hold.
+ *
+ * This module derives the real plan so the UI can show it instead of implying
+ * a take-profit that will never fire. See docs/research/sr-levels-and-exits.md.
+ */
+import type { ExitPolicy, TradeSetup } from './types';
+
+/**
+ * Stop width used when the scanner builds a setup: stop = entry ∓ 1.5 × ATR
+ * (`rr_scanner_service.scan_symbol`, and `backtest_service.ATR_MULTIPLIER`).
+ * Lets us recover ATR from a setup without another round trip:
+ *     ATR = |entry − stop| / 1.5
+ * Guarded by test_prod_strategy_parity.py so a backend change can't silently
+ * desync this.
+ */
+export const SETUP_STOP_ATR_MULTIPLIER = 1.5;
+
+export interface ExitPlan {
+  mode: ExitPolicy['mode'];
+  /** Does the setup's target actually close the trade? Only when mode === 'target'. */
+  honorsTarget: boolean;
+  /** Distance from entry to the initial stop, i.e. 1R per share. */
+  riskPerShare: number;
+  initialStop: number;
+  /** Trailing-stop width in price, once the trail is active (atr_trailing only). */
+  trailWidth: number | null;
+  /**
+   * Price the trade must reach before the trailing stop rises above the initial
+   * stop and takes over. Below this, the initial stop is what's protecting you.
+   */
+  trailTakesOverAt: number | null;
+  /** Trail width expressed in R — the intuitive "how much give-back". */
+  trailWidthR: number | null;
+  maxHoldDays: number;
+  headline: string;
+}
+
+/**
+ * Derive the real exit plan for a setup under the live policy.
+ * Returns null when the setup has no usable risk distance.
+ */
+export function deriveExitPlan(setup: TradeSetup, policy?: ExitPolicy): ExitPlan | null {
+  const isLong = setup.direction === 'long';
+  const riskPerShare = Math.abs(setup.entry_price - setup.stop_loss);
+  if (!(riskPerShare > 0)) return null;
+
+  // Fall back to the shipped defaults when the policy hasn't loaded yet, so the
+  // card never renders a blank or (worse) a target-based plan.
+  const mode = policy?.mode ?? 'atr_trailing';
+  const maxHoldDays = policy?.hold_days ?? 30;
+  const atrMultiplier = policy?.atr_multiplier ?? 3;
+
+  const atr = riskPerShare / SETUP_STOP_ATR_MULTIPLIER;
+
+  if (mode === 'atr_trailing') {
+    const trailWidth = atrMultiplier * atr;
+    // The trail only bites once it clears the initial stop:
+    //   highestClose − trailWidth > stop  ⇔  highestClose > entry ± (trailWidth − R)
+    const takeoverOffset = trailWidth - riskPerShare;
+    const trailTakesOverAt = isLong
+      ? setup.entry_price + takeoverOffset
+      : setup.entry_price - takeoverOffset;
+    return {
+      mode,
+      honorsTarget: false,
+      riskPerShare,
+      initialStop: setup.stop_loss,
+      trailWidth,
+      trailTakesOverAt,
+      trailWidthR: trailWidth / riskPerShare,
+      maxHoldDays,
+      headline: `${atrMultiplier}× ATR trailing stop · max ${maxHoldDays} trading days`,
+    };
+  }
+
+  if (mode === 'trailing') {
+    const trailWidth = (setup.entry_price * (policy?.trailing_pct ?? 12)) / 100;
+    return {
+      mode,
+      honorsTarget: false,
+      riskPerShare,
+      initialStop: setup.stop_loss,
+      trailWidth,
+      trailTakesOverAt: null,
+      trailWidthR: trailWidth / riskPerShare,
+      maxHoldDays,
+      headline: `${policy?.trailing_pct ?? 12}% trailing stop · max ${maxHoldDays} trading days`,
+    };
+  }
+
+  if (mode === 'target') {
+    return {
+      mode,
+      honorsTarget: true,
+      riskPerShare,
+      initialStop: setup.stop_loss,
+      trailWidth: null,
+      trailTakesOverAt: null,
+      trailWidthR: null,
+      maxHoldDays,
+      headline: 'Take profit at the selected level, or exit at the stop',
+    };
+  }
+
+  // 'time'
+  return {
+    mode,
+    honorsTarget: false,
+    riskPerShare,
+    initialStop: setup.stop_loss,
+    trailWidth: null,
+    trailTakesOverAt: null,
+    trailWidthR: null,
+    maxHoldDays,
+    headline: `Hold to the stop or ${maxHoldDays} trading days — no target, no trail`,
+  };
+}
+
+/** How far price has run from the scan entry, in R. Sign is direction-aware. */
+export function driftInR(setup: TradeSetup, currentPrice: number): number | null {
+  const risk = Math.abs(setup.entry_price - setup.stop_loss);
+  if (!(risk > 0)) return null;
+  const moved = setup.direction === 'long'
+    ? currentPrice - setup.entry_price
+    : setup.entry_price - currentPrice;
+  return moved / risk;
+}
diff --git a/frontend/src/pages/DashboardPage.tsx b/frontend/src/pages/DashboardPage.tsx
index b0665cb..b8aaef1 100644
--- a/frontend/src/pages/DashboardPage.tsx
+++ b/frontend/src/pages/DashboardPage.tsx
@@ -92,7 +92,7 @@ function RadarSetupRow({ setup, rank, reason, name, selected, onSelect }: RadarR
       className={`grid cursor-pointer grid-cols-[20px_minmax(92px,116px)_44px_1fr_auto] items-center gap-2.5 rounded-lg px-2 py-2.5 transition-colors ${
         selected ? 'bg-blue-400/[0.08]' : 'hover:bg-white/[0.03]'
       } ${qualified ? '' : 'opacity-60'}`}
-      title={`R:R ${setup.rr_ratio.toFixed(1)}:1${prob != null ? ` · target prob ${Math.round(prob)}%` : ''} · click to focus`}
+      title={`gate: R:R ${setup.rr_ratio.toFixed(1)}:1${prob != null ? ` · touch odds ${Math.round(prob)}%` : ''} (screening, not an exit) · click to focus`}
     >
       <span className="num text-[11px] text-gray-500">{rank}</span>
       <span className="min-w-0">
@@ -164,34 +164,41 @@ function FocusCard({ setup, name, badge, badgeTone, footNote, onReset }: {
               <span className="rounded-full border border-white/[0.09] px-2.5 py-0.5 text-[11.5px] text-gray-400">
                 conviction {convictionLabel(setup.recommended_action)}
               </span>
-              {setup.momentum_percentile != null && (
-                <span className="rounded-full border border-white/[0.09] px-2.5 py-0.5 text-[11.5px] text-gray-400">
-                  residual momentum {Math.round(setup.momentum_percentile)}th %ile
-                </span>
-              )}
             </div>
           </div>
         </div>
-        <div className="flex gap-10 text-right">
-          <div>
-            <p className="section-index">reward / risk</p>
-            <p className="font-display mt-1 text-3xl font-semibold text-gray-100">
-              {setup.rr_ratio.toFixed(1)}
-              <span className="text-lg text-gray-400"> : 1</span>
-            </p>
-          </div>
-          {prob != null && (
-            <div>
-              <p className="section-index">target probability</p>
+        {/* The headline stat is the signal that actually selected this ticker.
+            R:R and touch odds are gate inputs computed from an S/R level the
+            trade never exits at — they get quiet, labelled treatment. */}
+        <div className="flex items-start gap-10 text-right">
+          {setup.momentum_percentile != null && (
+            <div title="Residual 12-1 month momentum percentile across the universe. This is why the ticker was selected.">
+              <p className="section-index">residual momentum</p>
               <p className="font-display mt-1 text-3xl font-semibold text-gray-100">
-                {Math.round(prob)}
+                top {Math.max(1, Math.round(100 - setup.momentum_percentile))}
                 <span className="text-lg text-gray-400">%</span>
               </p>
               <div className="ml-auto mt-2 h-1 w-28 rounded-full bg-blue-500/20">
-                <span className="block h-full rounded-full bg-blue-500" style={{ width: `${Math.round(prob)}%` }} />
+                <span
+                  className="block h-full rounded-full bg-blue-500"
+                  style={{ width: `${Math.min(100, Math.round(setup.momentum_percentile))}%` }}
+                />
               </div>
             </div>
           )}
+          <div
+            className="max-w-[13rem]"
+            title="Gate metrics. The reward/risk and touch odds of the nearest S/R level are what admitted this setup through the activation gate. The trade does NOT exit at that level — it exits on the trailing stop."
+          >
+            <p className="section-index">gate metrics</p>
+            <p className="num mt-1.5 text-sm text-gray-300">
+              R:R {setup.rr_ratio.toFixed(1)}:1
+              {prob != null && <> · touch {Math.round(prob)}%</>}
+            </p>
+            <p className="mt-1 text-[10.5px] leading-relaxed text-gray-500">
+              screening only — exits on the trailing stop, not at the level
+            </p>
+          </div>
         </div>
       </div>
 
diff --git a/tests/unit/test_prod_strategy_parity.py b/tests/unit/test_prod_strategy_parity.py
index 7d2e028..c715f50 100644
--- a/tests/unit/test_prod_strategy_parity.py
+++ b/tests/unit/test_prod_strategy_parity.py
@@ -12,6 +12,7 @@ import pytest
 from app.services import paper_trade_service
 from app.services.admin_service import ACTIVATION_DEFAULTS
 from app.services.backtest_service import (
+    ATR_MULTIPLIER,
     ATR_TRAIL_MULTIPLIER,
     LIVE_EXIT_MODE_TO_SIM,
     PORTFOLIO_MONITOR_STRATEGIES,
@@ -43,6 +44,22 @@ def test_every_live_exit_mode_has_a_sim_mapping() -> None:
     assert set(paper_trade_service._VALID_EXIT_MODES) == set(LIVE_EXIT_MODE_TO_SIM)
 
 
+def test_setup_stop_width_matches_the_frontend_constant() -> None:
+    """The UI recovers ATR from a setup as |entry - stop| / 1.5 to render the real
+    exit plan (frontend/src/lib/exitPlan.ts: SETUP_STOP_ATR_MULTIPLIER). Nothing
+    else transmits ATR, so if the scanner's stop width changes here the UI would
+    silently draw the trailing stop in the wrong place."""
+    import inspect
+
+    from app.services import rr_scanner_service
+
+    frontend_constant = 1.5
+    assert ATR_MULTIPLIER == frontend_constant
+    for fn in (rr_scanner_service.scan_ticker, rr_scanner_service.scan_all_tickers):
+        signature = inspect.signature(fn)
+        assert signature.parameters["atr_multiplier"].default == frontend_constant
+
+
 def test_gate_default_matches_the_promoted_cutoff() -> None:
     prod = _production_monitor_row()
     entry_cfg = _entry_variant_config(str(prod["entry_variant"]))