Fix stale copy, dedupe Exit columns, document local report review

Follow-ups from review of the Track Record slim:

- BacktestPanel: drop the stale "tracking check" sentence from the "How this is
  measured" explainer — that check moved to the maintenance disclosure last
  commit, so it no longer describes anything in this block.
- MyTradesPanel: rename the two identically-labelled "Exit" columns to "Exit Px"
  (exit price) and "Reason" (close_reason) so they're not confusable.
- README: add "Reading a local backtest report" under Local Backtest Snapshots —
  a section->decision map for reports/backtest-*.json. The strategy-tuning tables
  removed from the deployed page (sweep, gate_ablation, time_exit_sweep,
  signal_eval, strategy_variants) now live only in the local report, so this
  keeps "research lives local" from meaning the decision knowledge evaporates.

tsc -b && vite build pass.

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

README.md

@@ -307,6 +307,28 @@ metrics. Keep the SSH tunnel open only while creating the snapshot; the backtest
 run itself is local/offline. `backtest_snapshots/` and generated backtest reports
 are git-ignored.
 
+### Reading a local backtest report
+
+The deployed **Signals → Track Record** page is deliberately trimmed to validation
+(portfolio monitor vs SPY, realized paper trades) and how-to-trade. The
+strategy-tuning tables that used to live there now live **only** in the local
+report — inspect these `reports/backtest-<timestamp>.json` sections and produce the
+matching decision. Every change still goes through the factor harness first (see
+**The iron rule for strategy changes** above).
+
+| Report section | What to read | Decision it drives |
+|---|---|---|
+| `overall_qualified` vs `overall_all` | Is qualified net expectancy above the all-setups baseline? | Sanity — is the gate adding anything at all |
+| `sweep` | Net avg R and trade count at each residual-momentum cutoff | Where to set the momentum percentile (Admin → Settings → Activation) |
+| `gate_ablation` | Net expectancy with each floor removed | Drop a floor only if removing it doesn't hurt net expectancy |
+| `time_exit_sweep` | Net avg R / net R-per-day by hold length | Whether a fixed time exit beats the promoted ATR trail |
+| `portfolio_monitor`, `portfolio_sim`, `strategy_variants` | CAGR, Sharpe, max drawdown, per-year returns | Promote a strategy only if it beats the current baseline on CAGR/Sharpe/DD |
+| `signal_eval` | Mean IC, t-stat, IC>0 %, `reliable` | Iron rule: wire a new factor in only if \|IC\| ≳ 0.03 with a consistent sign and `reliable: true` |
+| `recommendation`, `research_recommendation` | The report's own headline read | A starting point, not a substitute for the sections above |
+
+`recommendation` is the one section surfaced on the deployed page ("What this
+backtest recommends"); everything else in this table is intentionally local-only.
+
 ## Environment Variables
 
 Configure in `.env` (copy from `.env.example`):

app/services/paper_trade_service.py

@@ -12,7 +12,6 @@ from app.models.ohlcv import OHLCVRecord
 from app.models.paper_trade import PaperTrade
 from app.models.ticker import Ticker
 from app.services import benchmark_service, settings_store
-from app.services.indicator_service import compute_atr
 from app.services.outcome_service import (
     OUTCOME_AMBIGUOUS,
     OUTCOME_STOP_HIT,
@@ -181,17 +180,33 @@ def _trailing_close(
     return None
 
 
-def _atr_from_rows(rows: list[tuple], idx: int) -> float | None:
-    try:
-        result = compute_atr(
-            [float(r[2]) for r in rows[: idx + 1]],
-            [float(r[3]) for r in rows[: idx + 1]],
-            [float(r[4]) for r in rows[: idx + 1]],
-        )
-    except Exception:
-        return None
-    atr = result.get("atr")
-    return float(atr) if atr and atr > 0 else None
+def _atr_series_from_rows(rows: list[tuple], period: int = 14) -> list[float | None]:
+    """ATR at each index i, equal to ``compute_atr(rows[: i + 1])["atr"]`` but
+    computed in a single O(n) Wilder pass instead of re-smoothing the whole
+    prefix per bar. None where there are fewer than ``period + 1`` bars or the
+    rounded ATR is non-positive. ``period`` mirrors ``compute_atr``'s default;
+    keep them in sync.
+
+    Exactness: ``compute_atr`` keeps its running ATR unrounded through the
+    recurrence and rounds only at return, so storing ``round(running, 4)`` at
+    each index reproduces its per-prefix value bit-for-bit.
+    """
+    n = len(rows)
+    out: list[float | None] = [None] * n
+    if n < period + 1:
+        return out
+    tr = [0.0] * n
+    for i in range(1, n):
+        high, low, prev_close = float(rows[i][2]), float(rows[i][3]), float(rows[i - 1][4])
+        tr[i] = max(high - low, abs(high - prev_close), abs(low - prev_close))
+    running = sum(tr[1 : period + 1]) / period
+    rounded = round(running, 4)
+    out[period] = rounded if rounded > 0 else None
+    for j in range(period + 1, n):
+        running = (running * (period - 1) + tr[j]) / period
+        rounded = round(running, 4)
+        out[j] = rounded if rounded > 0 else None
+    return out
 
 
 def _atr_trailing_level(
@@ -206,11 +221,12 @@ def _atr_trailing_level(
     long = direction == "long"
     stop = float(init_stop)
     anchor = float(entry)
+    atr_by_idx = _atr_series_from_rows(rows)
     for idx, (d, _, _, _, close) in enumerate(rows):
         if d <= opened_on:
             continue
         close = float(close)
-        atr = _atr_from_rows(rows, idx)
+        atr = atr_by_idx[idx]
         if long:
             anchor = max(anchor, close)
             if atr is not None:
@@ -244,6 +260,7 @@ def _atr_trailing_close(
     stop = float(init_stop)
     anchor = float(entry)
     bars_held = 0
+    atr_by_idx = _atr_series_from_rows(rows)
     for idx, (d, open_, high, low, close) in enumerate(rows):
         if d <= opened_on:
             continue
@@ -265,7 +282,7 @@ def _atr_trailing_close(
         if bars_held >= hold_days:
             return close, d, "time"
 
-        atr = _atr_from_rows(rows, idx)
+        atr = atr_by_idx[idx]
         if long:
             anchor = max(anchor, close)
             if atr is not None:

frontend/src/components/signals/BacktestPanel.tsx

@@ -7,13 +7,7 @@ import { Callout } from '../ui/Callout';
 import { Disclosure } from '../ui/Disclosure';
 import { Section } from '../ui/Section';
 import { useToast } from '../ui/Toast';
-import type {
-  BacktestBucket,
-  BacktestCurvePoint,
-  BacktestPortfolioMonitorRun,
-  BacktestPortfolioPolicy,
-  BacktestStrategyVariant,
-} from '../../lib/types';
+import type { BacktestCurvePoint, BacktestPortfolioMonitorRun } from '../../lib/types';
 
 function fmtR(v: number | null | undefined): string {
   if (v === null || v === undefined) return '—';
@@ -36,10 +30,6 @@ function fmtDrawdown(v: number | null | undefined): string {
 function fmtDays(v: number | null | undefined): string {
   return v === null || v === undefined ? '—' : `${v.toFixed(1)}d`;
 }
-function fmtRPerDay(v: number | null | undefined): string {
-  if (v === null || v === undefined) return '—';
-  return `${v > 0 ? '+' : ''}${v.toFixed(3)}R`;
-}
 function rColor(v: number | null): string {
   if (v === null) return 'text-gray-400';
   if (v > 0) return 'text-emerald-400';
@@ -47,49 +37,6 @@ function rColor(v: number | null): string {
   return 'text-gray-300';
 }
 
-const SIGNAL_LABELS: Record<string, string> = {
-  mom_12_1: '12–1 month momentum',
-  mom_12_1_resid: '12–1 residual momentum',
-  mom_6_1: '6–1 month momentum',
-  mom_3_1: '3–1 month momentum',
-  reversal_1m: '1-month reversal',
-  trend_200: 'Price vs 200-day SMA',
-  high_52w: 'Proximity to 52-week high',
-  vol_6m: '6-month realized volatility',
-};
-
-const ABLATION_LABELS: Record<string, string> = {
-  all_floors: 'All floors (current gate)',
-  no_confidence_floor: 'Without confidence floor',
-  no_rr_floor: 'Without R:R floor',
-  no_neutral_exclusion: 'Without NEUTRAL exclusion',
-  momentum_only: 'Momentum only (no floors)',
-};
-
-const POLICY_LABELS: Record<string, string> = {
-  target: 'S/R target exit',
-  hold: 'Hold to horizon',
-};
-
-// Prefer the net-of-costs number when the report carries it; older cached
-// reports (pre-cost model) fall back to gross.
-function netOrGross(r: { avg_r: number | null; net_avg_r?: number | null }): number | null {
-  return r.net_avg_r ?? r.avg_r;
-}
-
-// An |IC| this large, with a consistent sign, is a real (if small) edge worth
-// building on; below it, ranking on the signal sorts essentially nothing.
-const IC_EDGE_THRESHOLD = 0.03;
-
-function icColor(v: number): string {
-  if (Math.abs(v) < 0.02) return 'text-gray-400';
-  return v > 0 ? 'text-emerald-400' : 'text-red-400';
-}
-function fmtSpread(v: number | null): string {
-  if (v === null) return '—';
-  return `${v > 0 ? '+' : ''}${(v * 100).toFixed(2)}%`;
-}
-
 function timeAgo(iso: string): string {
   const mins = Math.floor((Date.now() - new Date(iso).getTime()) / 60_000);
   if (mins < 1) return 'just now';
@@ -111,25 +58,6 @@ function Stat({ label, value, valueClass = 'text-gray-100', sub }: {
   );
 }
 
-function BucketRow({ label, b }: { label: string; b: BacktestBucket }) {
-  return (
-    <tr className="border-b border-white/[0.04]">
-      <td className="px-4 py-2.5 font-medium text-gray-200">{label}</td>
-      <td className="num px-4 py-2.5 text-right text-gray-300">{b.total}</td>
-      <td className="num px-4 py-2.5 text-right text-emerald-400">{b.wins}</td>
-      <td className="num px-4 py-2.5 text-right text-red-400">{b.losses}</td>
-      <td className="num px-4 py-2.5 text-right text-gray-400">{b.expired}</td>
-      <td className="num px-4 py-2.5 text-right text-gray-200">{fmtPct(b.hit_rate)}</td>
-      <td className={`num px-4 py-2.5 text-right ${rColor(b.avg_r)}`}>{fmtR(b.avg_r)}</td>
-      <td className={`num px-4 py-2.5 text-right ${rColor(b.net_avg_r ?? null)}`}>{fmtR(b.net_avg_r ?? null)}</td>
-      <td className="num px-4 py-2.5 text-right text-emerald-400">{fmtR(b.best_r)}</td>
-      <td className="num px-4 py-2.5 text-right text-red-400">{fmtR(b.worst_r)}</td>
-      <td className="num px-4 py-2.5 text-right text-gray-400">{fmtDays(b.avg_hold_days)}</td>
-      <td className={`num px-4 py-2.5 text-right ${rColor(b.net_r_per_day ?? null)}`}>{fmtRPerDay(b.net_r_per_day)}</td>
-    </tr>
-  );
-}
-
 function curvePath(
   points: BacktestCurvePoint[],
   min: number,
@@ -215,11 +143,6 @@ export function BacktestPanel() {
   const [selectedStrategy, setSelectedStrategy] = useState('');
   const [selectedLookback, setSelectedLookback] = useState('');
 
-  const bestTimeAvgR =
-    report?.time_exit_sweep && report.time_exit_sweep.length > 0
-      ? Math.max(...report.time_exit_sweep.map((r) => netOrGross(r) ?? -Infinity))
-      : null;
-  const sim = report?.portfolio_sim ?? null;
   const monitor = report?.portfolio_monitor ?? null;
   const activeStrategy =
     selectedStrategy || monitor?.production_strategy || monitor?.strategies[0]?.strategy || '';
@@ -248,17 +171,16 @@ export function BacktestPanel() {
   });
 
   return (
-    <Section title="Backtest" hint="historical replay of the current config">
+    <Section title="Is the strategy working?" hint="portfolio simulation of the promoted strategy vs S&P 500">
       <div className="space-y-4">
         <div className="flex flex-wrap items-start justify-between gap-3">
-          <Disclosure summary="How the backtest works">
-            <p className="text-xs text-gray-400">
-              At each weekly point in history, the setup is rebuilt using only data up to that day
-              (no lookahead), then the actual following ~30 trading days decide its outcome. This
-              shows how the <em>current</em> settings would have performed. Sentiment and
-              fundamentals are held neutral (no point-in-time history), so this calibrates the
-              price / support-resistance / probability machinery. ~6 months of data is roughly one
-              market regime — read it as directional, not a guarantee.
+          <Disclosure summary="How this is measured">
+            <p className="max-w-2xl text-xs text-gray-400">
+              The backtest replays the current config weekly through history — at each point the setup is
+              rebuilt using only data up to that day (no lookahead) and the following ~30 trading days decide
+              its outcome — then simulates one capital-constrained book against the S&P 500. Sentiment and
+              fundamentals are held neutral (no point-in-time history). ~6 months is roughly one market regime,
+              so read it as directional.
             </p>
           </Disclosure>
           <Button onClick={() => run.mutate()} loading={run.isPending} className="shrink-0">
@@ -270,8 +192,8 @@ export function BacktestPanel() {
 
         {!isLoading && !report && (
           <Callout variant="empty">
-            No backtest yet. Click “Run backtest” (or trigger it in Admin → Jobs) — it replays every
-            ticker over history and takes a minute or two.
+            No backtest yet. Click “Run backtest” (or trigger it in Admin → Jobs) — it replays every ticker
+            over history and takes a minute or two.
           </Callout>
         )}
 
@@ -281,17 +203,17 @@ export function BacktestPanel() {
               Ran {timeAgo(report.generated_at)} · {report.tickers} tickers · {report.candidates} setups
               ({report.qualified} qualified) · weekly cadence, {report.params.horizon_days}-day horizon
               {report.params.cost_per_side_pct != null && (
-                <> · net assumes {report.params.cost_per_side_pct}%/side costs</>
+                <> · net of {report.params.cost_per_side_pct}%/side costs</>
               )}
             </p>
 
-            {monitor && monitorRun && (
+            {monitor && monitorRun ? (
               <div className="space-y-3">
                 <div className="flex flex-wrap items-end justify-between gap-3">
                   <div>
                     <p className="section-index">Portfolio monitor</p>
                     <p className="mt-1 text-xs text-gray-500">
-                      Cached portfolio simulation for supported strategies, compared with S&P 500.
+                      Simulated book for the selected strategy and lookback, compared with the S&P 500.
                     </p>
                   </div>
                   <div className="flex flex-wrap gap-2">
@@ -328,13 +250,44 @@ export function BacktestPanel() {
                   <Stat label="CAGR" value={fmtSignedPct(monitorRun.cagr_pct)} valueClass={rColor(monitorRun.cagr_pct)} />
                   <Stat label="Sharpe" value={monitorRun.sharpe == null ? '—' : monitorRun.sharpe.toFixed(2)} />
                   <Stat label="Max Drawdown" value={fmtDrawdown(monitorRun.max_drawdown_pct)} valueClass="text-amber-400" />
-                  <Stat label="Total Return" value={fmtSignedPct(monitorRun.total_return_pct)} valueClass={rColor(monitorRun.total_return_pct)} />
+                  <Stat
+                    label="Total Return"
+                    value={fmtSignedPct(monitorRun.total_return_pct)}
+                    valueClass={rColor(monitorRun.total_return_pct)}
+                    sub={`vs S&P 500 ${fmtSignedPct(monitorRun.spy_return_pct)}`}
+                  />
                   <Stat label="Trades" value={String(monitorRun.trades)} sub={`${fmtPct(monitorRun.win_rate)} win rate`} />
                 </div>
 
                 <EquityCurveChart run={monitorRun} />
+
+                <p className="text-[11px] text-gray-500">
+                  Avg hold {fmtDays(monitorRun.avg_hold_days)} · Best {fmtR(monitorRun.best_trade_r)} / Worst{' '}
+                  {fmtR(monitorRun.worst_trade_r)} · Avg P&amp;L per trade {fmtMoney(monitorRun.avg_trade_pnl)}
+                </p>
+
+                {monitorRun.yearly_returns && monitorRun.yearly_returns.length > 0 && (
+                  <div className="glass overflow-x-auto p-4">
+                    <p className="section-index mb-2">Per-year returns</p>
+                    <div className="flex flex-wrap gap-2">
+                      {monitorRun.yearly_returns.map((y) => (
+                        <div key={y.year} className="rounded border border-white/10 px-3 py-1.5">
+                          <span className="num text-xs text-gray-500">{y.year}</span>{' '}
+                          <span className={`num text-sm font-semibold ${rColor(y.return_pct)}`}>
+                            {fmtSignedPct(y.return_pct)}
+                          </span>
+                        </div>
+                      ))}
+                    </div>
+                  </div>
+                )}
+
                 {monitor.note && <p className="text-[11px] text-gray-600">{monitor.note}</p>}
               </div>
+            ) : (
+              <Callout variant="empty">
+                This report predates the portfolio monitor — re-run the backtest to populate it.
+              </Callout>
             )}
 
             {report.recommendation && report.recommendation.items.length > 0 && (
@@ -361,453 +314,11 @@ export function BacktestPanel() {
               </div>
             )}
 
-            {report.research_recommendation && report.research_recommendation.items.length > 0 && (
-              <div className="glass border border-emerald-400/15 p-4">
-                <p className="section-index">Research candidates</p>
-                <ul className="mt-2 space-y-1">
-                  {report.research_recommendation.items.map((item) => (
-                    <li
-                      key={item.topic + item.text}
-                      className={`text-xs ${item.candidate ? 'text-emerald-400' : 'text-gray-400'}`}
-                    >
-                      {item.text}
-                    </li>
-                  ))}
-                </ul>
-                {report.research_recommendation.note && (
-                  <p className="mt-2 text-[11px] text-gray-600">{report.research_recommendation.note}</p>
-                )}
-              </div>
-            )}
-
-            <div className="grid gap-3 sm:grid-cols-2 lg:grid-cols-4">
-              <Stat
-                label="Qualified Hit Rate"
-                value={fmtPct(report.overall_qualified.hit_rate)}
-                sub={`${report.overall_qualified.wins}W / ${report.overall_qualified.losses}L`}
-              />
-              <Stat
-                label="Qualified Expectancy"
-                value={fmtR(report.overall_qualified.avg_r)}
-                valueClass={rColor(report.overall_qualified.avg_r)}
-                sub="avg R per qualified setup"
-              />
-              <Stat
-                label="All Setups Expectancy"
-                value={fmtR(report.overall_all.avg_r)}
-                valueClass={rColor(report.overall_all.avg_r)}
-                sub={`${report.overall_all.total} setups · baseline`}
-              />
-              <Stat
-                label="Qualified Total R"
-                value={fmtR(report.overall_qualified.total_r)}
-                valueClass={rColor(report.overall_qualified.total_r)}
-                sub="cumulative, risk-adjusted"
-              />
-              {report.overall_qualified.median_net_r != null && (
-                <Stat
-                  label="Median Net R"
-                  value={fmtR(report.overall_qualified.median_net_r)}
-                  valueClass={rColor(report.overall_qualified.median_net_r)}
-                  sub="qualified · the typical trade"
-                />
-              )}
-              {report.overall_qualified.profit_factor != null && (
-                <Stat
-                  label="Profit Factor"
-                  value={report.overall_qualified.profit_factor.toFixed(2)}
-                  valueClass={report.overall_qualified.profit_factor > 1 ? 'text-emerald-400' : 'text-red-400'}
-                  sub="qualified · net wins / net losses"
-                />
-              )}
-              {report.overall_qualified.net_avg_r_ex_top5 != null && (
-                <Stat
-                  label="Ex-Top-5% Net R"
-                  value={fmtR(report.overall_qualified.net_avg_r_ex_top5)}
-                  valueClass={rColor(report.overall_qualified.net_avg_r_ex_top5)}
-                  sub="expectancy without the biggest winners"
-                />
-              )}
-            </div>
-
-            <div className="glass overflow-x-auto">
-              <table className="w-full text-sm">
-                <thead>
-                  <tr className="border-b border-white/[0.06] text-left text-xs uppercase tracking-wider text-gray-500">
-                    <th className="px-4 py-2.5">Set</th>
-                    <th className="px-4 py-2.5 text-right">Setups</th>
-                    <th className="px-4 py-2.5 text-right">Wins</th>
-                    <th className="px-4 py-2.5 text-right">Losses</th>
-                    <th className="px-4 py-2.5 text-right">Expired</th>
-                    <th className="px-4 py-2.5 text-right">Hit Rate</th>
-                    <th className="px-4 py-2.5 text-right">Avg R</th>
-                    <th className="px-4 py-2.5 text-right">Net Avg R</th>
-                    <th className="px-4 py-2.5 text-right">Best R</th>
-                    <th className="px-4 py-2.5 text-right">Worst R</th>
-                    <th className="px-4 py-2.5 text-right">Avg Hold</th>
-                    <th className="px-4 py-2.5 text-right">Net R/d</th>
-                  </tr>
-                </thead>
-                <tbody>
-                  <BucketRow label="Qualified" b={report.overall_qualified} />
-                  <BucketRow label="All" b={report.overall_all} />
-                  {report.by_direction.long && <BucketRow label="Long (qual.)" b={report.by_direction.long} />}
-                  {report.by_direction.short && <BucketRow label="Short (qual.)" b={report.by_direction.short} />}
-                </tbody>
-              </table>
-            </div>
-
-            {/* Guard on the new field so a stale cached report (pre-momentum,
-                with min_expected_value rows) hides the sweep instead of crashing
-                the whole page. Re-running the backtest repopulates it. */}
-            {report.sweep && report.sweep.length > 0 && report.sweep[0].min_momentum_percentile != null && (
-              <div>
-                <p className="mb-2 text-xs font-medium uppercase tracking-widest text-gray-500">
-                  Residual-momentum percentile sweep
-                </p>
-                <p className="mb-2 text-[11px] text-gray-500">
-                  How many setups qualify — and how they perform — at each production-rank cutoff (floors
-                  held fixed). 80 = only the top 20% of the universe by residual 12-1 momentum each week; 0 =
-                  floors only. Lower = more trades, watch that expectancy holds. Your current setting is
-                  highlighted; set it in Admin → Settings → Activation.
-                </p>
-                <div className="glass overflow-x-auto">
-                  <table className="w-full text-sm">
-                    <thead>
-                      <tr className="border-b border-white/[0.06] text-left text-xs uppercase tracking-wider text-gray-500">
-                        <th className="px-4 py-2.5">Min residual %ile</th>
-                        <th className="px-4 py-2.5 text-right">Qualified</th>
-                        <th className="px-4 py-2.5 text-right">Wins</th>
-                        <th className="px-4 py-2.5 text-right">Losses</th>
-                        <th className="px-4 py-2.5 text-right">Hit Rate</th>
-                        <th className="px-4 py-2.5 text-right">Avg R</th>
-                        <th className="px-4 py-2.5 text-right">Net Avg R</th>
-                        <th className="px-4 py-2.5 text-right">Total R</th>
-                      </tr>
-                    </thead>
-                    <tbody>
-                      {report.sweep.map((row) => {
-                        const current = Math.abs(row.min_momentum_percentile - report.min_momentum_percentile) < 0.001;
-                        return (
-                          <tr key={row.min_momentum_percentile} className={`border-b border-white/[0.04] ${current ? 'bg-blue-400/10' : ''}`}>
-                            <td className="num px-4 py-2.5 text-gray-200">
-                              {current && <span className="mr-1 text-blue-300">★</span>}
-                              {row.min_momentum_percentile.toFixed(0)}
-                            </td>
-                            <td className="num px-4 py-2.5 text-right text-gray-200">{row.total}</td>
-                            <td className="num px-4 py-2.5 text-right text-emerald-400">{row.wins}</td>
-                            <td className="num px-4 py-2.5 text-right text-red-400">{row.losses}</td>
-                            <td className="num px-4 py-2.5 text-right text-gray-200">{fmtPct(row.hit_rate)}</td>
-                            <td className={`num px-4 py-2.5 text-right font-semibold ${rColor(row.avg_r)}`}>{fmtR(row.avg_r)}</td>
-                            <td className={`num px-4 py-2.5 text-right ${rColor(row.net_avg_r ?? null)}`}>{fmtR(row.net_avg_r ?? null)}</td>
-                            <td className={`num px-4 py-2.5 text-right ${rColor(row.total_r)}`}>{fmtR(row.total_r)}</td>
-                          </tr>
-                        );
-                      })}
-                    </tbody>
-                  </table>
-                </div>
-              </div>
-            )}
-
-            {report.gate_ablation && report.gate_ablation.length > 0 && (
-              <div>
-                <p className="mb-2 text-xs font-medium uppercase tracking-widest text-gray-500">
-                  Gate ablation — which floors earn their keep
-                </p>
-                <p className="mb-2 text-[11px] text-gray-500">
-                  {report.gate_ablation_note ??
-                    'Each row re-qualifies the same candidates at the current momentum cutoff with one floor removed (long-only throughout).'}
-                </p>
-                <div className="glass overflow-x-auto">
-                  <table className="w-full text-sm">
-                    <thead>
-                      <tr className="border-b border-white/[0.06] text-left text-xs uppercase tracking-wider text-gray-500">
-                        <th className="px-4 py-2.5">Variant</th>
-                        <th className="px-4 py-2.5 text-right">Setups</th>
-                        <th className="px-4 py-2.5 text-right">Hit Rate</th>
-                        <th className="px-4 py-2.5 text-right">Avg R</th>
-                        <th className="px-4 py-2.5 text-right">Net Avg R</th>
-                        <th className="px-4 py-2.5 text-right">Total R</th>
-                        <th className="px-4 py-2.5 text-right">Hold Net Avg R</th>
-                        <th className="px-4 py-2.5 text-right">Hold Total R</th>
-                      </tr>
-                    </thead>
-                    <tbody>
-                      {report.gate_ablation.map((row) => (
-                        <tr
-                          key={row.variant}
-                          className={`border-b border-white/[0.04] ${row.variant === 'all_floors' ? 'bg-blue-400/10' : ''}`}
-                        >
-                          <td className="px-4 py-2.5 font-medium text-gray-200">
-                            {ABLATION_LABELS[row.variant] ?? row.variant}
-                          </td>
-                          <td className="num px-4 py-2.5 text-right text-gray-200">{row.total}</td>
-                          <td className="num px-4 py-2.5 text-right text-gray-200">{fmtPct(row.hit_rate)}</td>
-                          <td className={`num px-4 py-2.5 text-right ${rColor(row.avg_r)}`}>{fmtR(row.avg_r)}</td>
-                          <td className={`num px-4 py-2.5 text-right font-semibold ${rColor(row.net_avg_r ?? null)}`}>
-                            {fmtR(row.net_avg_r ?? null)}
-                          </td>
-                          <td className={`num px-4 py-2.5 text-right ${rColor(row.total_r)}`}>{fmtR(row.total_r)}</td>
-                          <td className={`num px-4 py-2.5 text-right font-semibold ${rColor(row.hold_net_avg_r ?? null)}`}>
-                            {fmtR(row.hold_net_avg_r ?? null)}
-                          </td>
-                          <td className={`num px-4 py-2.5 text-right ${rColor(row.hold_total_r ?? null)}`}>
-                            {fmtR(row.hold_total_r ?? null)}
-                          </td>
-                        </tr>
-                      ))}
-                    </tbody>
-                  </table>
-                </div>
-              </div>
-            )}
-
-            {report.time_exit_sweep && report.time_exit_sweep.length > 0 && (
-              <div>
-                <p className="mb-2 text-xs font-medium uppercase tracking-widest text-gray-500">
-                  Time-based exit
-                </p>
-                <p className="mb-2 text-[11px] text-gray-500">
-                  Buy at detection, keep the initial ATR stop, and exit at the{' '}
-                  <span className="text-gray-300">day-N close</span> — no target, no trailing. This is the
-                  classic cross-sectional momentum implementation (hold ~a month, re-rank).{' '}
-                  <span className="text-gray-300">Win Rate = share closed in profit.</span> ★ = best net avg R.
-                </p>
-                <div className="glass overflow-x-auto">
-                  <table className="w-full text-sm">
-                    <thead>
-                      <tr className="border-b border-white/[0.06] text-left text-xs uppercase tracking-wider text-gray-500">
-                        <th className="px-4 py-2.5">Hold</th>
-                        <th className="px-4 py-2.5 text-right">Setups</th>
-                        <th className="px-4 py-2.5 text-right">Profitable</th>
-                        <th className="px-4 py-2.5 text-right">Win Rate</th>
-                        <th className="px-4 py-2.5 text-right">Avg R</th>
-                        <th className="px-4 py-2.5 text-right">Net Avg R</th>
-                        <th className="px-4 py-2.5 text-right">Total R</th>
-                        <th className="px-4 py-2.5 text-right">Best R</th>
-                        <th className="px-4 py-2.5 text-right">Worst R</th>
-                        <th className="px-4 py-2.5 text-right">Avg Hold</th>
-                        <th className="px-4 py-2.5 text-right">Net R/d</th>
-                        <th className="px-4 py-2.5 text-right">Median Net R</th>
-                        <th className="px-4 py-2.5 text-right">Ex-Top-5%</th>
-                      </tr>
-                    </thead>
-                    <tbody>
-                      {report.time_exit_sweep.map((row) => {
-                        const best = netOrGross(row) != null && netOrGross(row) === bestTimeAvgR;
-                        return (
-                          <tr key={row.hold_days} className={`border-b border-white/[0.04] ${best ? 'bg-emerald-400/[0.06]' : ''}`}>
-                            <td className="num px-4 py-2.5 text-gray-200">
-                              {best && <span className="mr-1 text-emerald-300">★</span>}
-                              {row.hold_days}d
-                            </td>
-                            <td className="num px-4 py-2.5 text-right text-gray-200">{row.total}</td>
-                            <td className="num px-4 py-2.5 text-right text-emerald-400">{row.wins}</td>
-                            <td className="num px-4 py-2.5 text-right text-gray-200">{fmtPct(row.win_rate)}</td>
-                            <td className={`num px-4 py-2.5 text-right ${rColor(row.avg_r)}`}>{fmtR(row.avg_r)}</td>
-                            <td className={`num px-4 py-2.5 text-right font-semibold ${rColor(row.net_avg_r ?? null)}`}>{fmtR(row.net_avg_r ?? null)}</td>
-                            <td className={`num px-4 py-2.5 text-right ${rColor(row.total_r)}`}>{fmtR(row.total_r)}</td>
-                            <td className="num px-4 py-2.5 text-right text-emerald-400">{fmtR(row.best_r)}</td>
-                            <td className="num px-4 py-2.5 text-right text-red-400">{fmtR(row.worst_r)}</td>
-                            <td className="num px-4 py-2.5 text-right text-gray-400">{fmtDays(row.avg_hold_days)}</td>
-                            <td className={`num px-4 py-2.5 text-right ${rColor(row.net_r_per_day ?? null)}`}>{fmtRPerDay(row.net_r_per_day)}</td>
-                            <td className={`num px-4 py-2.5 text-right ${rColor(row.median_net_r ?? null)}`}>{fmtR(row.median_net_r)}</td>
-                            <td className={`num px-4 py-2.5 text-right ${rColor(row.net_avg_r_ex_top5 ?? null)}`}>{fmtR(row.net_avg_r_ex_top5)}</td>
-                          </tr>
-                        );
-                      })}
-                    </tbody>
-                  </table>
-                </div>
-              </div>
-            )}
-
-            {sim && sim.policies.length > 0 && (
-              <div>
-                <p className="mb-2 text-xs font-medium uppercase tracking-widest text-gray-500">
-                  Portfolio simulation
-                </p>
-                <p className="mb-2 text-[11px] text-gray-500">
-                  {sim.note ?? 'One capital-constrained book over the qualified setups.'}{' '}
-                  <span className="text-gray-300">
-                    Start {fmtMoney(sim.params.starting_capital)} · max {sim.params.max_positions} positions ·{' '}
-                    {sim.params.risk_per_trade_pct}% risk/trade · {sim.params.notional_cap_pct}% notional cap ·{' '}
-                    {sim.params.cost_per_side_pct}%/side costs · {sim.policies[0].start_date} → {sim.policies[0].end_date}
-                  </span>
-                </p>
-                <div className="glass overflow-x-auto">
-                  <table className="w-full text-sm">
-                    <thead>
-                      <tr className="border-b border-white/[0.06] text-left text-xs uppercase tracking-wider text-gray-500">
-                        <th className="px-4 py-2.5">Metric</th>
-                        {sim.policies.map((p) => (
-                          <th key={p.policy ?? 'policy'} className="px-4 py-2.5 text-right">
-                            {POLICY_LABELS[p.policy ?? ''] ?? p.policy ?? 'Policy'}
-                          </th>
-                        ))}
-                      </tr>
-                    </thead>
-                    <tbody>
-                      {(
-                        [
-                          ['Final equity', (p) => fmtMoney(p.final_equity), (p) => rColor(p.final_equity - p.starting_capital)],
-                          ['Total return', (p) => fmtSignedPct(p.total_return_pct), (p) => rColor(p.total_return_pct)],
-                          ['SPY return (same window)', (p) => fmtSignedPct(p.spy_return_pct), () => 'text-gray-300'],
-                          ['CAGR', (p) => fmtSignedPct(p.cagr_pct), (p) => rColor(p.cagr_pct)],
-                          ['Max drawdown', (p) => `−${p.max_drawdown_pct.toFixed(1)}%`, () => 'text-amber-400'],
-                          ['Sharpe (daily, annualized)', (p) => (p.sharpe === null ? '—' : p.sharpe.toFixed(2)), () => 'text-gray-200'],
-                          ['Trades', (p) => String(p.trades), () => 'text-gray-300'],
-                          ['Win rate', (p) => fmtPct(p.win_rate), () => 'text-gray-200'],
-                          ['Avg P&L / trade', (p) => fmtMoney(p.avg_trade_pnl), (p) => rColor(p.avg_trade_pnl)],
-                          ['Best / worst trade', (p) => `${fmtR(p.best_trade_r)} / ${fmtR(p.worst_trade_r)}`, () => 'text-gray-300'],
-                          ['Avg holding time', (p) => fmtDays(p.avg_hold_days), () => 'text-gray-300'],
-                          [
-                            'Per-year returns',
-                            (p) =>
-                              p.yearly_returns && p.yearly_returns.length > 0
-                                ? p.yearly_returns
-                                    .map((y) => `${y.year} ${fmtSignedPct(y.return_pct)}`)
-                                    .join(' · ')
-                                : '—',
-                            () => 'text-gray-300',
-                          ],
-                          ['Entries skipped (book full)', (p) => String(p.skipped_book_full), () => 'text-gray-500'],
-                        ] as [string, (p: BacktestPortfolioPolicy) => string, (p: BacktestPortfolioPolicy) => string][]
-                      ).map(([label, fmt, color]) => (
-                        <tr key={label} className="border-b border-white/[0.04]">
-                          <td className="px-4 py-2.5 font-medium text-gray-200">{label}</td>
-                          {sim.policies.map((p) => (
-                            <td key={p.policy ?? label} className={`num px-4 py-2.5 text-right ${color(p)}`}>
-                              {fmt(p)}
-                            </td>
-                          ))}
-                        </tr>
-                      ))}
-                    </tbody>
-                  </table>
-                </div>
-              </div>
-            )}
-
-            {report.strategy_variants && report.strategy_variants.variants.length > 0 && (
-              <div>
-                <p className="mb-2 text-xs font-medium uppercase tracking-widest text-gray-500">
-                  Strategy variants
-                </p>
-                <p className="mb-2 text-[11px] text-gray-500">
-                  {report.strategy_variants.note ?? 'Research-only portfolio variants.'}
-                </p>
-                <div className="glass overflow-x-auto">
-                  <table className="w-full text-sm">
-                    <thead>
-                      <tr className="border-b border-white/[0.06] text-left text-xs uppercase tracking-wider text-gray-500">
-                        <th className="px-4 py-2.5">Variant</th>
-                        <th className="px-4 py-2.5 text-right">Rank</th>
-                        <th className="px-4 py-2.5 text-right">Cutoff</th>
-                        <th className="px-4 py-2.5 text-right">Max Pos</th>
-                        <th className="px-4 py-2.5 text-right">Risk</th>
-                        <th className="px-4 py-2.5 text-right">CAGR</th>
-                        <th className="px-4 py-2.5 text-right">Max DD</th>
-                        <th className="px-4 py-2.5 text-right">Sharpe</th>
-                        <th className="px-4 py-2.5 text-right">Total Ret</th>
-                        <th className="px-4 py-2.5 text-right">Trades</th>
-                        <th className="px-4 py-2.5 text-right">Skipped</th>
-                      </tr>
-                    </thead>
-                    <tbody>
-                      {report.strategy_variants.variants.map((row: BacktestStrategyVariant) => (
-                        <tr key={row.variant} className="border-b border-white/[0.04]">
-                          <td className="px-4 py-2.5 font-medium text-gray-200">{row.label}</td>
-                          <td className="num px-4 py-2.5 text-right text-gray-300">{row.ranking}</td>
-                          <td className="num px-4 py-2.5 text-right text-gray-300">{row.cutoff.toFixed(0)}</td>
-                          <td className="num px-4 py-2.5 text-right text-gray-300">{row.max_positions}</td>
-                          <td className="num px-4 py-2.5 text-right text-gray-300">
-                            {`${row.risk_per_trade_pct.toFixed(1)}%`}
-                          </td>
-                          <td className={`num px-4 py-2.5 text-right ${rColor(row.cagr_pct)}`}>{fmtSignedPct(row.cagr_pct)}</td>
-                          <td className="num px-4 py-2.5 text-right text-amber-400">−{row.max_drawdown_pct.toFixed(1)}%</td>
-                          <td className="num px-4 py-2.5 text-right text-gray-200">
-                            {row.sharpe === null ? '—' : row.sharpe.toFixed(2)}
-                          </td>
-                          <td className={`num px-4 py-2.5 text-right ${rColor(row.total_return_pct)}`}>{fmtSignedPct(row.total_return_pct)}</td>
-                          <td className="num px-4 py-2.5 text-right text-gray-300">{row.trades}</td>
-                          <td className="num px-4 py-2.5 text-right text-gray-500">{row.skipped_book_full}</td>
-                        </tr>
-                      ))}
-                    </tbody>
-                  </table>
-                </div>
-              </div>
-            )}
-
-            {report.signal_eval && report.signal_eval.length > 0 && (
-              <div>
-                <p className="mb-2 text-xs font-medium uppercase tracking-widest text-gray-500">
-                  Signal edge (cross-sectional)
-                </p>
-                <p className="mb-2 text-[11px] text-gray-500">
-                  Does ranking the universe by a signal predict the forward {report.params.horizon_days}-day
-                  return? Mean IC is the rank correlation between signal and return, averaged over
-                  non-overlapping windows. <span className="text-emerald-400">|IC| ≳ {IC_EDGE_THRESHOLD}</span> with a
-                  consistent sign (high IC&gt;0 %) is a real, if small, edge; near 0 means it sorts nothing.
-                  Momentum skips the last month; <em>reversal_1m is expected negative</em> if the universe
-                  mean-reverts. Q5−Q1 is the top-minus-bottom-quintile forward return. <span className="text-gray-600">Greyed
-                  rows have too few independent windows to trust — deepen history via the Data Backfill job.</span>
-                </p>
-                <div className="glass overflow-x-auto">
-                  <table className="w-full text-sm">
-                    <thead>
-                      <tr className="border-b border-white/[0.06] text-left text-xs uppercase tracking-wider text-gray-500">
-                        <th className="px-4 py-2.5">Signal</th>
-                        <th className="px-4 py-2.5 text-right">Weeks</th>
-                        <th className="px-4 py-2.5 text-right">Avg N</th>
-                        <th className="px-4 py-2.5 text-right">Mean IC</th>
-                        <th className="px-4 py-2.5 text-right">t-stat</th>
-                        <th className="px-4 py-2.5 text-right">IC&gt;0 %</th>
-                        <th className="px-4 py-2.5 text-right">Q5−Q1 fwd</th>
-                      </tr>
-                    </thead>
-                    <tbody>
-                      {report.signal_eval.map((row) => {
-                        // Only trust the edge highlight when the IC rests on enough
-                        // independent windows; thin signals are dimmed, not starred.
-                        const edge = row.reliable && Math.abs(row.mean_ic) >= IC_EDGE_THRESHOLD;
-                        return (
-                          <tr
-                            key={row.signal}
-                            className={`border-b border-white/[0.04] ${edge ? 'bg-emerald-400/[0.06]' : ''} ${row.reliable ? '' : 'opacity-40'}`}
-                            title={row.reliable ? undefined : `Only ${row.weeks} independent window(s) — not enough to trust`}
-                          >
-                            <td className="px-4 py-2.5 font-medium text-gray-200">
-                              {edge && <span className="mr-1 text-emerald-300">★</span>}
-                              {SIGNAL_LABELS[row.signal] ?? row.signal}
-                            </td>
-                            <td className="num px-4 py-2.5 text-right text-gray-400">{row.weeks}</td>
-                            <td className="num px-4 py-2.5 text-right text-gray-400">{row.avg_cross_section ?? '—'}</td>
-                            <td className={`num px-4 py-2.5 text-right font-semibold ${icColor(row.mean_ic)}`}>
-                              {row.mean_ic.toFixed(3)}
-                            </td>
-                            <td className="num px-4 py-2.5 text-right text-gray-300">
-                              {row.ic_t_stat === null ? '—' : row.ic_t_stat.toFixed(2)}
-                            </td>
-                            <td className="num px-4 py-2.5 text-right text-gray-300">{fmtPct(row.ic_positive_pct)}</td>
-                            <td className={`num px-4 py-2.5 text-right ${rColor(row.mean_quintile_spread)}`}>
-                              {fmtSpread(row.mean_quintile_spread)}
-                            </td>
-                          </tr>
-                        );
-                      })}
-                    </tbody>
-                  </table>
-                </div>
-                {report.signal_eval_note && (
-                  <p className="mt-2 text-[11px] text-gray-600">{report.signal_eval_note}</p>
-                )}
-              </div>
-            )}
-
-            <p className="text-[11px] text-gray-600">{report.note}</p>
+            <p className="text-[11px] text-gray-600">
+              Strategy research — gate tuning, exit sweeps, factor rank-IC — now runs locally against a
+              database snapshot (see README). This page keeps only what says whether the promoted strategy
+              is worth trading; your realized results up top show what it is actually delivering.
+            </p>
           </>
         )}
       </div>

frontend/src/components/signals/MyTradesPanel.tsx

@@ -19,6 +19,18 @@ function color(v: number | null): string {
   return 'text-gray-300';
 }
 
+// How the trade was closed — useful context on real trades at almost no cost.
+function reasonMeta(reason: string | null): { label: string; cls: string } {
+  switch (reason) {
+    case 'stop': return { label: 'Stop', cls: 'text-red-400' };
+    case 'trailing': return { label: 'Trail', cls: 'text-amber-400' };
+    case 'target': return { label: 'Target', cls: 'text-emerald-400' };
+    case 'time': return { label: 'Time', cls: 'text-gray-400' };
+    case 'manual': return { label: 'Manual', cls: 'text-blue-300' };
+    default: return { label: '—', cls: 'text-gray-500' };
+  }
+}
+
 function Stat({ label, value, valueClass = 'text-gray-100', sub }: {
   label: string; value: string; valueClass?: string; sub?: string;
 }) {
@@ -81,10 +93,11 @@ export function MyTradesPanel() {
                   <th className="px-4 py-2.5">Ticker</th>
                   <th className="px-4 py-2.5">Dir</th>
                   <th className="px-4 py-2.5 text-right">Entry</th>
-                  <th className="px-4 py-2.5 text-right">Exit</th>
+                  <th className="px-4 py-2.5 text-right">Exit Px</th>
                   <th className="px-4 py-2.5 text-right">P&L</th>
                   <th className="px-4 py-2.5 text-right">R</th>
                   <th className="px-4 py-2.5 text-right">Alpha</th>
+                  <th className="px-4 py-2.5">Reason</th>
                   <th className="px-4 py-2.5 text-right">Closed</th>
                 </tr>
               </thead>
@@ -102,6 +115,11 @@ export function MyTradesPanel() {
                     <td className={`num px-4 py-2.5 text-right font-semibold ${p ? color(p.pnl) : 'text-gray-500'}`}>{p ? money(p.pnl) : '—'}</td>
                     <td className={`num px-4 py-2.5 text-right ${p?.r != null ? color(p.r) : 'text-gray-500'}`}>{p?.r != null ? fmtR(p.r) : '—'}</td>
                     <td className={`num px-4 py-2.5 text-right ${t.alpha_pct != null ? color(t.alpha_pct) : 'text-gray-500'}`} title="Return vs. S&P 500 over the holding period">{t.alpha_pct != null ? `${t.alpha_pct >= 0 ? '+' : ''}${t.alpha_pct.toFixed(1)}%` : '—'}</td>
+                    <td className="px-4 py-2.5">
+                      <span className={`num text-[10px] font-semibold uppercase tracking-wider ${reasonMeta(t.close_reason).cls}`} title="How the trade was closed">
+                        {reasonMeta(t.close_reason).label}
+                      </span>
+                    </td>
                     <td className="num px-4 py-2.5 text-right text-gray-500">{t.closed_at ? new Date(t.closed_at).toLocaleDateString() : '—'}</td>
                   </tr>
                 ))}

frontend/src/components/signals/TrackRecordPanel.tsx

@@ -1,38 +1,26 @@
-import { useState } from 'react';
 import { useMutation, useQueryClient } from '@tanstack/react-query';
-import { useActivation } from '../../hooks/useActivation';
-import { activationSummary } from '../../lib/qualification';
 import { usePerformance } from '../../hooks/usePerformance';
 import { useBacktestReport } from '../../hooks/useMarketRegime';
 import { triggerJob, resetTrackRecord } from '../../api/admin';
 import { Button } from '../ui/Button';
-import { Callout } from '../ui/Callout';
 import { Disclosure } from '../ui/Disclosure';
-import { Section } from '../ui/Section';
-import { SkeletonCard } from '../ui/Skeleton';
 import { useToast } from '../ui/Toast';
-import { RECOMMENDATION_ACTION_LABELS } from '../../lib/recommendation';
 import { BacktestPanel } from './BacktestPanel';
 import { MyTradesPanel } from './MyTradesPanel';
-import type { OutcomeBucketStats } from '../../lib/types';
 
-// Need at least this many matured setups before a live-vs-backtest verdict means
-// anything; below it the live sample is too noisy to compare.
+// Need at least this many matured setups before the pipeline check means anything;
+// below it the live sample is too noisy to compare.
 const MIN_MATURED = 20;
 // Live expectancy this far (in R) below the backtest counts as drift, not noise.
 const DRIFT_TOLERANCE_R = 0.2;
 
-type TrackingStatus = 'building' | 'tracking' | 'drift' | 'no-backtest';
+type PipelineStatus = 'building' | 'tracking' | 'drift' | 'no-backtest';
 
 function fmtR(value: number | null): string {
   if (value === null) return '—';
   return `${value > 0 ? '+' : ''}${value.toFixed(2)}R`;
 }
 
-function fmtPct(value: number | null): string {
-  return value === null ? '—' : `${value.toFixed(1)}%`;
-}
-
 function rColor(value: number | null): string {
   if (value === null) return 'text-gray-400';
   if (value > 0) return 'text-emerald-400';
@@ -40,9 +28,9 @@ function rColor(value: number | null): string {
   return 'text-gray-300';
 }
 
-function VerdictChip({ status }: { status: TrackingStatus }) {
-  const styles: Record<TrackingStatus, { cls: string; label: string }> = {
-    tracking: { cls: 'border-emerald-500/30 bg-emerald-500/15 text-emerald-300', label: '✓ tracking' },
+function StatusChip({ status }: { status: PipelineStatus }) {
+  const styles: Record<PipelineStatus, { cls: string; label: string }> = {
+    tracking: { cls: 'border-emerald-500/30 bg-emerald-500/15 text-emerald-300', label: '✓ in sync' },
     drift: { cls: 'border-amber-500/30 bg-amber-500/15 text-amber-300', label: '⚠ drift' },
     building: { cls: 'border-white/10 bg-white/[0.05] text-gray-400', label: 'building' },
     'no-backtest': { cls: 'border-white/10 bg-white/[0.05] text-gray-400', label: 'no backtest' },
@@ -51,79 +39,32 @@ function VerdictChip({ status }: { status: TrackingStatus }) {
   return <span className={`shrink-0 rounded-full border px-2.5 py-1 text-xs font-medium ${s.cls}`}>{s.label}</span>;
 }
 
-function StatCard({ label, value, valueClass = 'text-gray-100', sub }: {
-  label: string;
-  value: string;
-  valueClass?: string;
-  sub?: string;
-}) {
-  return (
-    <div className="glass p-5">
-      <p className="section-index">{label}</p>
-      <p className={`num mt-2 text-2xl font-semibold ${valueClass}`}>{value}</p>
-      {sub && <p className="mt-1 text-xs text-gray-500">{sub}</p>}
-    </div>
-  );
-}
-
-function actionLabel(key: string): string {
-  return RECOMMENDATION_ACTION_LABELS[key as keyof typeof RECOMMENDATION_ACTION_LABELS] ?? key;
-}
-
-function BreakdownTable({ rows, labelHeader, mapLabel }: {
-  rows: Record<string, OutcomeBucketStats>;
-  labelHeader: string;
-  mapLabel?: (key: string) => string;
-}) {
-  const entries = Object.entries(rows);
-  if (entries.length === 0) {
-    return <Callout variant="empty">No matured setups in this breakdown yet.</Callout>;
-  }
-  return (
-    <div className="glass overflow-x-auto">
-      <table className="w-full text-sm">
-        <thead>
-          <tr className="border-b border-white/[0.06] text-left text-xs uppercase tracking-wider text-gray-500">
-            <th className="px-4 py-3">{labelHeader}</th>
-            <th className="px-4 py-3 text-right">Setups</th>
-            <th className="px-4 py-3 text-right">Wins</th>
-            <th className="px-4 py-3 text-right">Losses</th>
-            <th className="px-4 py-3 text-right">Expired</th>
-            <th className="px-4 py-3 text-right">Hit Rate</th>
-            <th className="px-4 py-3 text-right">Avg R</th>
-            <th className="px-4 py-3 text-right">Total R</th>
-          </tr>
-        </thead>
-        <tbody>
-          {entries.map(([key, stats]) => (
-            <tr key={key} className="border-b border-white/[0.04] transition-colors duration-150 hover:bg-white/[0.03]">
-              <td className="px-4 py-3 font-medium text-gray-200">{mapLabel ? mapLabel(key) : key}</td>
-              <td className="num px-4 py-3 text-right text-gray-300">{stats.total}</td>
-              <td className="num px-4 py-3 text-right text-emerald-400">{stats.wins}</td>
-              <td className="num px-4 py-3 text-right text-red-400">{stats.losses}</td>
-              <td className="num px-4 py-3 text-right text-gray-400">{stats.expired}</td>
-              <td className="num px-4 py-3 text-right text-gray-200">{fmtPct(stats.hit_rate)}</td>
-              <td className={`num px-4 py-3 text-right ${rColor(stats.avg_r)}`}>{fmtR(stats.avg_r)}</td>
-              <td className={`num px-4 py-3 text-right ${rColor(stats.total_r)}`}>{fmtR(stats.total_r)}</td>
-            </tr>
-          ))}
-        </tbody>
-      </table>
-    </div>
-  );
-}
-
 export function TrackRecordPanel() {
-  const [qualifiedOnly, setQualifiedOnly] = useState(true);
-  const activation = useActivation();
-
-  const { data, isLoading, isError, error } = usePerformance(
-    qualifiedOnly ? { qualified_only: true } : undefined,
-  );
-  const backtest = useBacktestReport();
   const queryClient = useQueryClient();
   const toast = useToast();
 
+  // Setup-outcome pipeline check: does the live outcome evaluator reproduce the
+  // backtest's target/stop grading? Both sides use the SAME target/stop/expired
+  // model — this is a plumbing/QA signal (no look-ahead, config or data drift),
+  // NOT validation of the ATR-trail production strategy shown in the monitor.
+  const { data: perf } = usePerformance({ qualified_only: true });
+  const { data: report } = useBacktestReport();
+  const liveAvgR = perf?.overall.avg_r ?? null;
+  const liveN = perf?.overall.total ?? 0;
+  const btAvgR = report?.overall_qualified.avg_r ?? null;
+  let status: PipelineStatus = 'building';
+  if (liveAvgR != null && liveN >= MIN_MATURED) {
+    status = btAvgR == null ? 'no-backtest' : liveAvgR >= btAvgR - DRIFT_TOLERANCE_R ? 'tracking' : 'drift';
+  }
+  const statusNote: Record<PipelineStatus, string> = {
+    building: `Fewer than ~${MIN_MATURED} matured setups so far — too few to compare.`,
+    'no-backtest': 'Run the backtest to get a target/stop baseline to check against.',
+    tracking:
+      "Live setup outcomes are resolving in line with the backtest's target/stop model — the outcome-evaluation pipeline shows no look-ahead, config or data drift. (Checks the setup-grading pipeline, not the ATR-trail production book above.)",
+    drift:
+      "Live setup outcomes are running materially below the backtest's target/stop model — small-sample noise, a regime shift, or a live/backtest pipeline gap. Worth a look.",
+  };
+
   const evaluateMutation = useMutation({
     mutationFn: () => triggerJob('outcome_evaluator'),
     onSuccess: () => {
@@ -158,40 +99,29 @@ export function TrackRecordPanel() {
     }
   };
 
-  // Live (matured cohort) vs the backtest, like-for-like with the qualified toggle.
-  const live = data?.overall ?? null;
-  const btBucket = qualifiedOnly ? backtest.data?.overall_qualified : backtest.data?.overall_all;
-  const liveAvgR = live?.avg_r ?? null;
-  const liveN = live?.total ?? 0;
-  const btAvgR = btBucket?.avg_r ?? null;
-
-  let status: TrackingStatus = 'building';
-  if (liveAvgR != null && liveN >= MIN_MATURED) {
-    status = btAvgR == null ? 'no-backtest' : liveAvgR >= btAvgR - DRIFT_TOLERANCE_R ? 'tracking' : 'drift';
-  }
-
-  const verdictNote: Record<TrackingStatus, string> = {
-    building: `Not enough matured setups yet (need ~${MIN_MATURED}). Only setups whose full ~30-day window has elapsed are counted — the rest are still maturing. Until then, the backtest is your edge estimate; this becomes a live check as setups age past ~6 weeks.`,
-    'no-backtest': 'Run the backtest below to get a baseline to compare the live record against.',
-    tracking: 'Live setups are resolving in line with the backtest — the running system is faithfully implementing it (no look-ahead, config or data drift).',
-    drift: 'Live expectancy is running materially below the backtest. Could be small-sample noise, a regime shift, or a config/data/look-ahead gap between live and the backtest — worth a look.',
-  };
-
   return (
     <div className="space-y-6">
-      {/* Your real, realized results come first; the live-vs-backtest check follows. */}
+      {/* Your real, realized results come first; the strategy simulation follows. */}
       <MyTradesPanel />
       <div className="border-t border-white/[0.06]" />
+      <BacktestPanel />
 
-      <Section title="Live vs Backtest" hint="is the live system tracking the backtest?">
-        {isError ? (
-          <Callout variant="error">
-            {error instanceof Error ? error.message : 'Failed to load performance stats'}
-          </Callout>
-        ) : (
-          <div className="glass-sm space-y-2.5 p-4">
+      <Disclosure summary="Track-record maintenance">
+        <div className="space-y-4 pt-1">
+          <p className="max-w-2xl text-xs text-gray-500">
+            The live check replays every setup against the daily bars after detection: target before stop =
+            win, stop first = loss (both in one bar counts conservatively as a loss), neither within 30
+            trading days = expired at 0R. Only setups whose full window has elapsed count; younger ones are
+            still maturing (near stops resolve fast, far targets need time, so early numbers skew negative).
+            The evaluator scores <span className="text-gray-300">all</span> setups — qualified or not, so
+            unqualified ones stay a control group — and runs nightly.
+          </p>
+
+          {/* Diagnostic, not strategy validation: live target/stop outcomes vs the backtest's target/stop model. */}
+          <div className="glass-sm space-y-2 p-4">
             <div className="flex flex-wrap items-center justify-between gap-x-6 gap-y-2">
               <div className="flex flex-wrap items-baseline gap-x-5 gap-y-1">
+                <span className="text-sm text-gray-300">Setup-outcome pipeline check</span>
                 <span className="text-sm text-gray-400">
                   Live <span className={`num font-semibold ${rColor(liveAvgR)}`}>{fmtR(liveAvgR)}</span>
                 </span>
@@ -199,107 +129,24 @@ export function TrackRecordPanel() {
                   Backtest <span className={`num font-semibold ${rColor(btAvgR)}`}>{fmtR(btAvgR)}</span>
                 </span>
                 <span className="text-xs text-gray-500">
-                  {liveN} matured{data ? ` · ${data.maturing} maturing` : ''} · {qualifiedOnly ? 'qualified' : 'all setups'}
+                  {liveN} matured{perf ? ` · ${perf.maturing} maturing` : ''} · qualified target/stop
                 </span>
               </div>
-              <VerdictChip status={status} />
+              <StatusChip status={status} />
             </div>
-            <p className="text-[11px] leading-relaxed text-gray-500">{verdictNote[status]}</p>
+            <p className="text-[11px] leading-relaxed text-gray-500">{statusNote[status]}</p>
           </div>
-        )}
-      </Section>
 
-      <Disclosure summary="Outcome details (matured cohort)">
-        <div className="space-y-4 pt-1">
-          <label className="flex w-fit cursor-pointer items-center gap-2.5 text-sm text-gray-300">
-            <input
-              type="checkbox"
-              checked={qualifiedOnly}
-              onChange={(e) => setQualifiedOnly(e.target.checked)}
-              className="h-4 w-4 cursor-pointer accent-blue-400"
-            />
-            <span>
-              Qualified signals only
-              {activation.data && (
-                <span className="num ml-2 text-xs text-gray-500">{activationSummary(activation.data)}</span>
-              )}
-            </span>
-          </label>
-
-          {isLoading && (
-            <div className="grid gap-4 sm:grid-cols-2 lg:grid-cols-4">
-              <SkeletonCard /><SkeletonCard /><SkeletonCard /><SkeletonCard />
-            </div>
-          )}
-
-          {data && data.overall.total === 0 && (
-            <Callout variant="empty">
-              {data.maturing > 0
-                ? `No setups have completed their ~30-day window yet — ${data.maturing} still maturing. ` +
-                  'Counting them earlier would skew toward quick stop-outs.'
-                : 'No matured setups yet. Outcomes appear once setups complete their evaluation window — the evaluator runs nightly, or click Evaluate Now.'}
-            </Callout>
-          )}
-
-          {data && data.overall.total > 0 && (
-            <>
-              <div className="grid gap-4 sm:grid-cols-2 lg:grid-cols-4">
-                <StatCard
-                  label="Hit Rate"
-                  value={fmtPct(data.overall.hit_rate)}
-                  sub={`${data.overall.wins} wins / ${data.overall.losses} losses`}
-                />
-                <StatCard
-                  label="Expectancy"
-                  value={fmtR(data.overall.avg_r)}
-                  valueClass={rColor(data.overall.avg_r)}
-                  sub="average R per trade"
-                />
-                <StatCard
-                  label="Total R"
-                  value={fmtR(data.overall.total_r)}
-                  valueClass={rColor(data.overall.total_r)}
-                  sub="cumulative risk-adjusted result"
-                />
-                <StatCard
-                  label="Matured"
-                  value={String(data.overall.total)}
-                  sub={`${data.maturing} maturing · ${data.overall.expired} expired`}
-                />
-              </div>
-
-              <Section title="By Recommended Action">
-                <BreakdownTable rows={data.by_action} labelHeader="Action" mapLabel={actionLabel} />
-              </Section>
-
-              <Section title="By Confidence" hint="at detection time · all setups">
-                <BreakdownTable rows={data.by_confidence} labelHeader="Confidence" />
-              </Section>
-            </>
-          )}
-
-          <div className="flex flex-wrap items-center justify-between gap-3 border-t border-white/[0.06] pt-3">
-            <p className="max-w-2xl text-xs text-gray-500">
-              Each setup is replayed against the daily bars after detection: target before stop = win,
-              stop first = loss (both in one bar counts conservatively as a loss), neither within 30
-              trading days = expired at 0R. Only setups whose full window has elapsed are counted; younger
-              ones are still <span className="text-gray-300">maturing</span> (near stops resolve fast, far
-              targets need time, so early numbers would skew negative). The evaluator runs nightly.
-            </p>
-            <div className="flex shrink-0 items-center gap-2">
-              <Button onClick={() => evaluateMutation.mutate()} loading={evaluateMutation.isPending}>
-                {evaluateMutation.isPending ? 'Evaluating…' : 'Evaluate Now'}
-              </Button>
-              <Button variant="danger" onClick={onReset} loading={resetMutation.isPending}>
-                {resetMutation.isPending ? 'Resetting…' : 'Reset'}
-              </Button>
-            </div>
+          <div className="flex flex-wrap items-center gap-2">
+            <Button onClick={() => evaluateMutation.mutate()} loading={evaluateMutation.isPending}>
+              {evaluateMutation.isPending ? 'Evaluating…' : 'Evaluate Now'}
+            </Button>
+            <Button variant="danger" onClick={onReset} loading={resetMutation.isPending}>
+              {resetMutation.isPending ? 'Resetting…' : 'Reset'}
+            </Button>
           </div>
         </div>
       </Disclosure>
-
-      <div className="border-t border-white/[0.06] pt-2" />
-      <BacktestPanel />
     </div>
   );
 }

tests/unit/test_paper_trade_service.py

@@ -206,7 +206,7 @@ class TestTrailingClose:
 
 class TestAtrTrailingClose:
     def test_long_uses_ratchet_on_next_bar(self, monkeypatch):
-        monkeypatch.setattr(svc, "compute_atr", lambda *_args, **_kwargs: {"atr": 5.0})
+        monkeypatch.setattr(svc, "_atr_series_from_rows", lambda rows, period=14: [5.0] * len(rows))
         rows = [
             _r(date(2026, 1, 1), 100, 100, 100, 100),
             _r(date(2026, 1, 2), 115, 121, 114, 120),
@@ -222,7 +222,7 @@ class TestAtrTrailingClose:
         assert reason == "trailing"
 
     def test_max_hold_still_closes(self, monkeypatch):
-        monkeypatch.setattr(svc, "compute_atr", lambda *_args, **_kwargs: {"atr": 50.0})
+        monkeypatch.setattr(svc, "_atr_series_from_rows", lambda rows, period=14: [50.0] * len(rows))
         rows = [
             _r(date(2026, 1, 1), 100, 100, 100, 100),
             _r(date(2026, 1, 2), 101, 102, 100, 101),
@@ -264,6 +264,36 @@ def _r(d: date, open_: float, hi: float, lo: float, close: float) -> tuple:
     return (d, open_, hi, lo, close)
 
 
+def test_atr_series_matches_compute_atr_per_prefix():
+    """_atr_series_from_rows[i] must equal compute_atr(rows[: i + 1])['atr'] (with
+    the same >0 / insufficient-history guards) at every index. The O(n) rewrite is
+    only valid because it reproduces the per-prefix value exactly."""
+    from app.services.indicator_service import compute_atr
+
+    price = 100.0
+    closes = []
+    for i in range(200):
+        price = max(1.0, price + (3.0 if i % 3 else -2.0) + (i % 7) * 0.25)
+        closes.append(price)
+    rows = [
+        _r(date(2024, 1, 1) + timedelta(days=i), c, c + 1.5, c - 1.2, c)
+        for i, c in enumerate(closes)
+    ]
+
+    series = svc._atr_series_from_rows(rows)
+    highs = [r[2] for r in rows]
+    lows = [r[3] for r in rows]
+    closes_col = [r[4] for r in rows]
+    assert len(series) == len(rows)
+    for i in range(len(rows)):
+        if i < 14:
+            assert series[i] is None
+        else:
+            raw = compute_atr(highs[: i + 1], lows[: i + 1], closes_col[: i + 1])["atr"]
+            expected = float(raw) if raw and raw > 0 else None
+            assert series[i] == expected, f"index {i}: {series[i]} != {expected}"
+
+
 class TestTimeClose:
     def test_closes_at_hold_days_close(self):
         rows = [
@@ -322,7 +352,7 @@ async def test_resolve_trailing_closes_with_reason(session):
 
 
 async def test_resolve_atr_trailing_closes_with_reason(session, monkeypatch):
-    monkeypatch.setattr(svc, "compute_atr", lambda *_args, **_kwargs: {"atr": 5.0})
+    monkeypatch.setattr(svc, "_atr_series_from_rows", lambda rows, period=14: [5.0] * len(rows))
     await svc.set_exit_policy(session, mode="atr_trailing", atr_multiplier=3.0)
     tid = await _seed(session, "AAA", close=100.0)
     await _add_open_trade(session, tid, "long", entry=100.0, shares=10, days_ago=10)
@@ -352,7 +382,7 @@ async def test_list_open_exposes_trailing_stop(session):
 
 
 async def test_list_open_exposes_atr_trailing_stop(session, monkeypatch):
-    monkeypatch.setattr(svc, "compute_atr", lambda *_args, **_kwargs: {"atr": 5.0})
+    monkeypatch.setattr(svc, "_atr_series_from_rows", lambda rows, period=14: [5.0] * len(rows))
     await svc.set_exit_policy(session, mode="atr_trailing", atr_multiplier=3.0)
     tid = await _seed(session, "AAA", close=120.0)
     await _add_open_trade(session, tid, "long", entry=100.0, shares=10, days_ago=10)