Add local backtest snapshot runner

Stored TradeSetup rows are point-in-time snapshots from the RR scan, so
the ticker page could show stale confidence/reasoning/composite (e.g.
sentiment=neutral in the setup card while the sentiment panel showed
bullish). Overlay current score/sentiment context onto the API payload
for GET /trades and GET /trades/{symbol}, gate and format Telegram
qualified-setup alerts on the same live values, and apply the
min_confidence/recommended_action filters after the overlay so they
judge what the caller actually sees. Stored setups stay frozen for
outcome analysis and backtests.

Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>

.gitea/workflows/deploy.yml

@@ -22,6 +22,12 @@ on:
         type: boolean
         default: false
 
+# Serialize deploys so two quick pushes to main can't rsync/restart on top of
+# each other. Don't cancel an in-flight deploy mid-restart.
+concurrency:
+  group: deploy-main
+  cancel-in-progress: false
+
 jobs:
   lint:
     runs-on: ubuntu-latest
@@ -29,7 +35,8 @@ jobs:
       - uses: actions/checkout@v4
       - uses: actions/setup-python@v5
         with:
-          python-version: "3.11"
+          python-version: "3.12"
+          cache: "pip"
       - run: pip install ruff
       - run: ruff check app/
 
@@ -52,17 +59,21 @@ jobs:
       - uses: actions/checkout@v4
       - uses: actions/setup-python@v5
         with:
-          python-version: "3.11"
+          python-version: "3.12"
+          cache: "pip"
       - uses: actions/setup-node@v4
         with:
           node-version: "20"
+          cache: "npm"
+          cache-dependency-path: frontend/package-lock.json
       - run: pip install -e ".[dev]"
+      # The Postgres service exists only to validate the migrations against real
+      # Postgres (what prod runs). The test suite itself uses an in-memory SQLite
+      # engine (tests/conftest.py), so pytest doesn't touch this service.
       - run: alembic upgrade head
         env:
           DATABASE_URL: postgresql+asyncpg://test_user:test_pass@postgres:5432/test_db
       - run: pytest --tb=short
-        env:
-          DATABASE_URL: postgresql+asyncpg://test_user:test_pass@postgres:5432/test_db
       - run: |
           cd frontend
           npm ci
@@ -76,17 +87,6 @@ jobs:
   deploy:
     needs: test
     runs-on: ubuntu-latest
-    steps:
-      - uses: actions/checkout@v4
-      - uses: actions/setup-node@v4
-        with:
-          node-version: "20"
-      - name: Build frontend
-        run: |
-          cd frontend
-          npm ci
-          npm run build
-      - name: Deploy to server
     env:
       DEPLOY_HOST: ${{ vars.DEPLOY_HOST }}
       DEPLOY_USER: ${{ vars.DEPLOY_USER }}
@@ -94,19 +94,36 @@ jobs:
       SSH_PRIVATE_KEY: ${{ secrets.SSH_PRIVATE_KEY }}
       SSH_KNOWN_HOSTS: ${{ vars.SSH_KNOWN_HOSTS }}
       SSH_PORT: ${{ vars.SSH_PORT || '22' }}
-        run: |
-          # Install tools missing from runner image
-          sudo apt-get update -qq && sudo apt-get install -y -qq rsync openssh-client > /dev/null 2>&1 || true
+    steps:
+      - uses: actions/checkout@v4
+      - uses: actions/setup-node@v4
+        with:
+          node-version: "20"
+          cache: "npm"
+          cache-dependency-path: frontend/package-lock.json
 
-          # Write SSH credentials
+      - name: Build frontend
+        run: |
+          cd frontend
+          npm ci
+          npm run build
+
+      - name: Install deploy tools
+        run: sudo apt-get update -qq && sudo apt-get install -y -qq rsync openssh-client > /dev/null 2>&1 || true
+
+      - name: Set up SSH
+        run: |
           mkdir -p ~/.ssh
+          chmod 700 ~/.ssh
           echo "$SSH_PRIVATE_KEY" > ~/.ssh/deploy_key
           chmod 600 ~/.ssh/deploy_key
           echo "$SSH_KNOWN_HOSTS" >> ~/.ssh/known_hosts
+          # known_hosts is supplied, so verify the host key instead of blindly
+          # trusting it (StrictHostKeyChecking=no would defeat the fingerprint).
+          echo "SSH_OPTS=-i $HOME/.ssh/deploy_key -o StrictHostKeyChecking=yes -p ${SSH_PORT}" >> "$GITHUB_ENV"
 
-          SSH_OPTS="-i ~/.ssh/deploy_key -o StrictHostKeyChecking=no -p $SSH_PORT"
-
-          # Sync application files
+      - name: Sync files to server
+        run: |
           rsync -avz --delete \
             --exclude '.git/' \
             --exclude '.gitea/' \
@@ -118,10 +135,11 @@ jobs:
             --exclude '*.pyc' \
             --exclude 'frontend/node_modules/' \
             -e "ssh $SSH_OPTS" \
-            ./ ${DEPLOY_USER}@${DEPLOY_HOST}:${DEPLOY_PATH}/
+            ./ "${DEPLOY_USER}@${DEPLOY_HOST}:${DEPLOY_PATH}/"
 
-          # Install deps & restart on server
-          ssh $SSH_OPTS ${DEPLOY_USER}@${DEPLOY_HOST} << REMOTE_SCRIPT
+      - name: Install deps & run migrations
+        run: |
+          ssh $SSH_OPTS "${DEPLOY_USER}@${DEPLOY_HOST}" << REMOTE_SCRIPT
             set -e
             cd ${DEPLOY_PATH}
 
@@ -141,12 +159,19 @@ jobs:
             else
               alembic upgrade head
             fi
-
-            # Restart service
-            sudo systemctl restart signalplatform.service
-            echo "✓ signalplatform deployed"
-
           REMOTE_SCRIPT
 
-          # Cleanup
-          rm -f ~/.ssh/deploy_key
+      - name: Restart service & health check
+        run: |
+          ssh $SSH_OPTS "${DEPLOY_USER}@${DEPLOY_HOST}" << REMOTE_SCRIPT
+            set -e
+            sudo systemctl restart signalplatform.service
+            sleep 3
+            curl -fsS http://127.0.0.1:8998/api/v1/health > /dev/null \
+              || { echo "✗ health check failed after restart"; exit 1; }
+            echo "✓ signalplatform deployed"
+          REMOTE_SCRIPT
+
+      - name: Clean up SSH key
+        if: always()
+        run: rm -f ~/.ssh/deploy_key

.gitignore

@@ -33,3 +33,7 @@ alembic/versions/__pycache__/
 
 # Generated SSL bundle
 combined-ca-bundle.pem
+
+# Local research artifacts
+backtest_snapshots/
+reports/backtest-*.json

README.md

@@ -4,20 +4,110 @@ Investing-signal platform for NASDAQ stocks. Surfaces the best trading opportuni
 
 **Philosophy:** Don't predict price. Find the path of least resistance, key S/R zones, and asymmetric R:R setups.
 
+## How It Works
+
+Scheduled pipelines turn raw prices into a ranked, gated list of tradeable setups. Everything downstream of OHLCV is recomputed from stored data, so each refresh is cheap and idempotent. Job timing is cron-based and configurable in **Admin → Jobs** (default timezone Europe/Berlin).
+
+### Daily Load — the full refresh
+
+Once a day (default 07:00). Steps run **in dependency order**, each consuming the previous step's fresh output:
+
+1. **OHLCV** — fetch the latest daily bars for every tracked ticker (Alpaca); new tickers backfill ~5 years.
+2. **Sentiment** — fetch sentiment for the names that matter and are stale (> 5 days): top-pick feeders (residual-momentum leaders with a tradeable long setup), the watchlist, and open paper trades, plus a top-N-by-composite discovery net. Runs *before* the scan so the scan sees fresh sentiment.
+3. **R:R Scan** — recompute S/R zones, the 5-dimension scores and long/short setups (ATR stops, S/R targets) for every ticker, and attach each ticker's residual 12‑1 momentum activation percentile.
+4. **Outcome Eval** — resolve setups that hit target/stop or expired (default 30 trading days) and auto-close paper trades per the exit policy (default: hold 30 trading days with the initial stop — the backtest-validated exit).
+5. **Market Regime** — recompute the regime index (breadth/trend).
+6. **Regime Monitor** — observational early-warning snapshot (VIX, credit spreads via FRED); feeds nothing else.
+
+A failing step is logged; the pipeline continues with the next.
+
+### Intraday — light refresh
+
+Hourly across the US session (Mon–Fri): only **OHLCV → Outcome Eval**, to keep prices current and close paper trades intraday. No scan/sentiment — the dashboard recomputes live R:R from the latest price, so fresh prices are enough.
+
+### Other jobs
+
+Fundamentals (weekly, early Monday) · Alerts (hourly, Telegram) · Backtest (weekly) · Ticker-universe sync (daily). Deep history backfill and event study are manual-only (Admin → Jobs).
+
+### From score to "top pick"
+
+1. **Composite score** — technical, S/R-quality, sentiment, fundamental and momentum sub-scores (0–100) combine into a weighted composite (weights configurable; missing dimensions re-normalize).
+2. **Setups** — the scanner builds long/short setups with ATR stops and S/R targets, then adds a confidence score, conflict flags and a target reach-probability.
+3. **Activation gate** — a setup *qualifies* only if it clears the R:R floor **and** ranks in the top residual-momentum percentile of the universe (the validated edge is long-only; the confidence floor was ablated to zero effect and defaults off).
+4. **Top pick** — the highest residual-momentum qualified setup; highlighted on the Dashboard and labelled on the ticker page.
+
+## Strategy Status — What's Validated and What Isn't
+
+**Read this before touching scoring, gating, or setup logic.** The platform measures itself — a weekly-replay backtest plus a factor rank-IC harness (`app/services/backtest_service.py`) — and the verdicts below come from those reports (June 2026, ~5 years of OHLCV), not from opinion.
+
+| Component | Verdict | Evidence |
+|---|---|---|
+| **Residual 12-1 cross-sectional momentum** (the activation gate, long-only) | **Production ranking — in-sample edge** | Promoted July 2026 after the portfolio variant beat raw 80 on CAGR, Sharpe and drawdown. Raw 12-1 remains a fallback only when benchmark data is unavailable |
+| S/R setup engine (ATR stops, S/R targets, reach-probability) | **Filter/execution context, not the exit** | R:R/room-to-run still earns its keep as a filter, but S/R targets underperform the time exit. The probability model is display-only |
+| Composite score + 5 dimensions | **Display/ranking only** | Sub-scores are hand-built heuristics; none has a measured IC. Note: the "momentum" *dimension* is 5/20-day ROC — NOT the validated 12-1 factor (that lives in `momentum_service`) |
+| LLM sentiment | Display + a bounded composite adjustment (± weight × 100 pts around neutral 50) | Deliberately kept out of the setup engine; no point-in-time history to validate against yet |
+| Fundamentals | Feeds composite + confidence only | Latest values only, no history — same limitation |
+| Short setups | **Excluded while the momentum gate is active** | Backtest showed shorts fight the trend and drag expectancy |
+| Expected-value gate (removed June 2026) | Degenerate — do not resurrect | Structurally favored distant lottery targets; selected *worse*-than-random setups |
+
+Caveats on the momentum result: in-sample, roughly one market regime, costs/slippage approximated at 0.1% per side, and residual momentum still needs SPY benchmark history to compute. The **out-of-sample proof is the forward paper-trade record**: Signals → Track Record compares live qualified expectancy against the backtest.
+
+### Current production baseline
+
+Use this as a regression guardrail for future strategy changes, not as a return promise. Backtest run: 506 tickers, weekly cadence, 30-trading-day horizon, 2022-06-28 → 2026-07-01, 0.1% per-side costs, price-only SPY benchmark.
+
+| Item | Current baseline |
+|---|---|
+| Strategy version | `residual_momentum_12_1_rr_time_v2` |
+| Production gate | Long-only, residual 12-1 momentum percentile >= 80, R:R floor on, NEUTRAL excluded, confidence floor effectively off |
+| Exit | Hold 30 trading days with the initial ATR stop |
+| Qualified setups | 1,810 |
+| Qualified net expectancy | +0.16R per setup |
+| Profit factor | 1.27 |
+| Portfolio CAGR | +40.4% |
+| Portfolio total return | +289.4% vs SPY +95.9% |
+| Max drawdown | -26.1% |
+| Sharpe | 1.52 daily, annualized |
+| Robustness | 30d hold remains +0.16R net/trade after removing the top 5% winners |
+
+Nearest challengers from the same run: legacy raw 80 was weaker (+33.8% CAGR, -28.8% max drawdown, Sharpe 1.32); raw 90 was close but had lower Sharpe and worse drawdown (+40.4% CAGR, -27.6% max drawdown, Sharpe 1.49); residual 80 / max 15 removed book-full skips but did not improve CAGR, drawdown, Sharpe or closed trades.
+
+### The iron rule for strategy changes
+
+A signal earns its way into selection **only** through the factor harness:
+
+1. Add it as a point-in-time function of past bars in `_signal_values()` (`backtest_service.py`).
+2. Run the backtest (Admin → Jobs, or the weekly run) and read the **Signal edge** table (Signals → Track Record).
+3. Wire it into the gate or ranking **only if** |mean IC| ≳ 0.03 with a consistent sign and `reliable: true` (≥ 12 non-overlapping windows).
+
+Corollaries: never let an unvalidated score gate setups; the outcome evaluator must keep scoring **all** setups (unqualified ones are the control group); LLM output stays display-only in the quant path.
+
+### Highest-value next experiments (in order)
+
+1. **Raw 90 challenger** — keep comparing raw 12-1 momentum at cutoff 90 against production residual 80; promote only if it beats residual production on Sharpe and drawdown without a meaningful CAGR hit.
+2. **Capacity check** — keep only the residual 80 / max 15 portfolio row as a guardrail; max 20 and raw max 15 added no information in the July 2026 run.
+3. **Signal context snapshots** — accumulate point-in-time composite/sentiment/fundamental context for every new setup so the discretionary overlay can be tested forward-only.
+4. **More breadth, not more history** — widening the ranked universe (e.g. `nasdaq_all`) strengthens each week's cross-section and the IC t-stat, even if only the top slice is traded. (Deeper history was considered and declined.)
+
+## Key Use Cases
+
+- **Find today's best long setup.** On the **Dashboard**, the *Top Setups* table lists qualified setups ranked by residual momentum with the #1 flagged "Top pick". Each row opens the ticker page for the chart, scores, S/R targets and entry/stop.
+- **Track a trade you took.** Mark a setup as a **paper trade**: it's marked-to-market against the latest close, auto-closed by the active exit policy (default: 30 trading days with the initial stop), and its sentiment stays fresh while open. *Signals → Track Record* shows the realized edge.
+
 ## Stack
 
 | Layer | Tech |
 |---|---|
 | Backend | Python 3.12+, FastAPI, Uvicorn, async SQLAlchemy, Alembic |
 | Database | PostgreSQL (asyncpg) |
-| Scheduler | APScheduler — OHLCV, sentiment, fundamentals, R:R scan |
+| Scheduler | APScheduler — daily & intraday pipelines, fundamentals, alerts, regime, backtest |
 | Frontend | React 18, TypeScript, Vite 5 |
 | Styling | Tailwind CSS 3 with custom glassmorphism design system |
 | State | TanStack React Query v5 (server), Zustand (client/auth) |
 | Charts | Canvas 2D candlestick chart with S/R overlays |
 | Routing | React Router v6 (SPA) |
 | HTTP | Axios with JWT interceptor |
-| Data providers | Alpaca (OHLCV), OpenAI (sentiment, optional micro-batch), Fundamentals chain: FMP → Finnhub → Alpha Vantage |
+| Data providers | Alpaca (OHLCV); OpenAI / Gemini / DeepSeek / xAI (sentiment, pluggable); Fundamentals chain: FMP → Finnhub → Alpha Vantage; FRED (regime); Telegram (alerts) |
 
 ## Features
 
@@ -30,10 +120,15 @@ Investing-signal platform for NASDAQ stocks. Surfaces the best trading opportuni
 - Sentiment analysis with time-decay weighted scoring
 - Fundamental data tracking (P/E, revenue growth, earnings surprise, market cap)
 - 5-dimension scoring engine (technical, S/R quality, sentiment, fundamental, momentum) with configurable weights
-- Risk:Reward scanner — long and short setups, ATR-based stops, configurable R:R threshold (default 1.5:1)
-- Auto-populated watchlist (top-10 by composite score) + manual entries (cap: 20)
+- Risk:Reward scanner — long and short setups, ATR-based stops, S/R-based targets, configurable R:R threshold (default 1.5:1)
+- Activation gate — qualifies setups on a residual-momentum percentile floor plus an R:R floor (validated long-only edge)
+- Recommendation layer — directional confidence, conflict detection, per-target reach-probability
+- Paper trading — take a setup, mark-to-market vs. latest close, auto-close per the exit policy (default: hold 30 trading days with the initial stop; trailing / target-stop selectable), realized track record + outcome evaluation
+- Market-regime index + FRED early-warning monitor (VIX, credit spreads); weekly backtest + manual event study
+- Telegram alerts (e.g. regime-quadrant changes)
+- User-curated watchlist (cap: 20), enriched with composite score, R:R and S/R summary
 - JWT auth with admin role, configurable registration, user access control
-- Scheduled jobs with enable/disable control and status monitoring
+- Cron-scheduled pipelines (admin-configurable) with per-job enable/disable and live status monitoring
 - Admin panel: user management, data cleanup, job control, system settings
 
 ### Frontend
@@ -56,12 +151,15 @@ Investing-signal platform for NASDAQ stocks. Surfaces the best trading opportuni
 |---|---|---|
 | `/login` | Login | Public |
 | `/register` | Register | Public (when enabled) |
-| `/watchlist` | Watchlist (default) | Authenticated |
+| `/` | Dashboard — top setups, open trades, regime (default) | Authenticated |
+| `/market` | Market — watchlist + rankings tabs | Authenticated |
+| `/signals` | Signals — scanner + track record tabs | Authenticated |
+| `/regime` | Market Regime | Authenticated |
 | `/ticker/:symbol` | Ticker Detail | Authenticated |
-| `/scanner` | Trade Scanner | Authenticated |
-| `/rankings` | Rankings | Authenticated |
 | `/admin` | Admin Panel | Admin only |
 
+Legacy routes redirect: `/watchlist` → `/market`, `/rankings` → `/market?tab=rankings`, `/scanner` → `/signals`, `/performance` → `/signals?tab=track`.
+
 ## API Endpoints
 
 All under `/api/v1/`. Interactive docs at `/docs` (Swagger) and `/redoc`.
@@ -78,7 +176,10 @@ All under `/api/v1/`. Interactive docs at `/docs` (Swagger) and `/redoc`.
 | Sentiment | `GET /sentiment/{symbol}` |
 | Fundamentals | `GET /fundamentals/{symbol}` |
 | Scores | `GET /scores/{symbol}`, `GET /rankings`, `PUT /scores/weights` |
-| Trades | `GET /trades` |
+| Trades | `GET /trades`, `GET /trades/{symbol}`, `GET /trades/{symbol}/history`, `GET /trades/activation`, `GET /trades/performance` |
+| Paper Trades | `GET /paper-trades`, `POST /paper-trades`, `POST /paper-trades/{id}/close` |
+| Market / Regime | `GET /market/regime`, `GET /regime/monitor`, `GET/PUT /regime/config`, `GET /regime/history`, `GET /regime/event-study`, `GET/PUT /regime/fundamentals`, `GET /backtest/report` |
+| Jobs | `GET /jobs/running` |
 | Watchlist | `GET /watchlist`, `POST /watchlist/{symbol}`, `DELETE /watchlist/{symbol}` |
 | Admin | `GET /admin/users`, `POST /admin/users`, `PUT /admin/users/{id}/access`, `PUT /admin/users/{id}/password`, `PUT /admin/settings/registration`, `GET /admin/settings`, `PUT /admin/settings/{key}`, `GET/PUT /admin/settings/recommendations`, `GET/PUT /admin/settings/ticker-universe`, `POST /admin/tickers/bootstrap`, `POST /admin/data/cleanup`, `GET /admin/jobs`, `POST /admin/jobs/{name}/trigger`, `PUT /admin/jobs/{name}/toggle`, `GET /admin/pipeline/readiness` |
 
@@ -140,11 +241,56 @@ npm run preview   # Preview the production build locally
 # Backend tests (in-memory SQLite — no PostgreSQL needed)
 pytest tests/ -v
 
-# Frontend tests
+# Frontend: there is no test suite — `npm test` calls vitest, which is not
+# installed. The frontend check is the full TypeScript build:
 cd frontend
-npm test
+npm run build
 ```
 
+### Local Backtest Snapshots
+
+For research loops, run the production backtest locally from a SQLite snapshot
+instead of deploying and clicking the Admin job. The snapshot contains only the
+tables needed by `run_backtest`: tickers, OHLCV bars, SPY benchmark closes, and
+activation/recommendation settings. Secrets and cached reports are not copied.
+
+1. Open an SSH tunnel to the production Postgres instance:
+
+```bash
+ssh -N -L 15432:127.0.0.1:5432 deploy@your-server
+```
+
+2. In another terminal, create or refresh the snapshot:
+
+```bash
+# macOS/Linux
+python scripts/create_backtest_snapshot.py \
+  --database-url "postgresql+asyncpg://stock_backend:PASSWORD@127.0.0.1:15432/stock_data_backend" \
+  --output backtest_snapshots/prod.sqlite \
+  --force
+
+# Windows PowerShell
+.venv\Scripts\python.exe scripts\create_backtest_snapshot.py `
+  --database-url "postgresql+asyncpg://stock_backend:PASSWORD@127.0.0.1:15432/stock_data_backend" `
+  --output backtest_snapshots\prod.sqlite `
+  --force
+```
+
+3. Run the backtest fully offline from the snapshot:
+
+```bash
+# macOS/Linux
+python scripts/run_backtest_snapshot.py backtest_snapshots/prod.sqlite --workers 8
+
+# Windows PowerShell
+.venv\Scripts\python.exe scripts\run_backtest_snapshot.py backtest_snapshots\prod.sqlite --workers 12 --allow-spawn
+```
+
+The runner writes `reports/backtest-<timestamp>.json` and prints the headline
+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.
+
 ## Environment Variables
 
 Configure in `.env` (copy from `.env.example`):
@@ -164,83 +310,86 @@ Configure in `.env` (copy from `.env.example`):
 | `FMP_API_KEY` | Optional (fundamentals) | — | Financial Modeling Prep API key (first provider in chain) |
 | `FINNHUB_API_KEY` | Optional (fundamentals) | — | Finnhub API key (fallback provider) |
 | `ALPHA_VANTAGE_API_KEY` | Optional (fundamentals) | — | Alpha Vantage API key (fallback provider) |
-| `DATA_COLLECTOR_FREQUENCY` | No | `daily` | OHLCV collection schedule |
+| `FRED_API_KEY` | Optional (regime) | — | FRED key for the regime monitor (VIX, credit spreads) |
+| `TELEGRAM_BOT_TOKEN` | Optional (alerts) | — | Telegram bot token for alerts (can also be set in Admin) |
+| `TELEGRAM_CHAT_ID` | Optional (alerts) | — | Telegram chat id for alerts |
+| `DATA_COLLECTOR_FREQUENCY` | No | `daily` | OHLCV collection schedule (legacy — see note below) |
 | `SENTIMENT_POLL_INTERVAL_MINUTES` | No | `30` | Sentiment polling interval |
-| `FUNDAMENTAL_FETCH_FREQUENCY` | No | `daily` | Fundamentals fetch schedule |
+| `FUNDAMENTAL_FETCH_FREQUENCY` | No | `weekly` | Fundamentals fetch cadence |
 | `RR_SCAN_FREQUENCY` | No | `daily` | R:R scanner schedule |
 | `FUNDAMENTAL_RATE_LIMIT_RETRIES` | No | `3` | Retries per ticker on fundamentals rate-limit |
 | `FUNDAMENTAL_RATE_LIMIT_BACKOFF_SECONDS` | No | `15` | Base backoff seconds for fundamentals retry (exponential) |
 | `DEFAULT_WATCHLIST_AUTO_SIZE` | No | `10` | Auto-watchlist size |
-| `DEFAULT_RR_THRESHOLD` | No | `3.0` | Minimum R:R ratio for setups |
+| `DEFAULT_RR_THRESHOLD` | No | `1.5` | Minimum R:R ratio for setups |
 | `DB_POOL_SIZE` | No | `5` | Database connection pool size |
 | `LOG_LEVEL` | No | `INFO` | Logging level |
 
+> **Note:** Pipeline timing (daily / intraday / fundamentals cron, timezone) is configured at runtime in **Admin → Jobs** and stored in the DB — the `*_FREQUENCY` env vars are legacy fallbacks for the few jobs still on interval triggers (alerts, universe sync).
+
 ## Production Deployment (Debian 12)
 
+**Ongoing deploys are automated.** Every push to `main` triggers the Gitea Actions pipeline (`.gitea/workflows/deploy.yml`): lint → test → rsync to the server → `pip install` → `alembic upgrade head` → restart `signalplatform.service` → health check. There is no manual deploy step; the steps below are only for provisioning a new server.
+
 ### 1. Install dependencies
 
 ```bash
-sudo apt update && sudo apt install -y python3.12 python3.12-venv postgresql nginx nodejs npm
+sudo apt update && sudo apt install -y python3.12 python3.12-venv postgresql nginx rsync
 ```
 
-### 2. Create service user
+### 2. Create the deploy user
+
+The pipeline connects over SSH as this user; it owns the app directory and needs passwordless permission to restart the service:
 
 ```bash
-sudo useradd -r -s /usr/sbin/nologin stockdata
+sudo useradd -m deploy
+sudo mkdir -p /opt/signalplatform
+sudo chown deploy:deploy /opt/signalplatform
+echo 'deploy ALL=(root) NOPASSWD: /usr/bin/systemctl restart signalplatform.service' | sudo tee /etc/sudoers.d/deploy-restart
 ```
 
-### 3. Deploy application
+### 3. Configure the pipeline (Gitea repo settings)
+
+Variables: `DEPLOY_HOST`, `DEPLOY_USER` (`deploy`), `DEPLOY_PATH` (`/opt/signalplatform`), `SSH_KNOWN_HOSTS` (host fingerprint), `SSH_PORT`. Secret: `SSH_PRIVATE_KEY` (matching the deploy user's authorized key).
+
+### 4. Configure the app
 
 ```bash
-sudo mkdir -p /opt/stock-data-backend
-# Copy project files to /opt/stock-data-backend
-cd /opt/stock-data-backend
-python3.12 -m venv .venv
-source .venv/bin/activate
-pip install .
-```
-
-### 4. Configure
-
-```bash
-sudo cp .env.example /opt/stock-data-backend/.env
-sudo chown stockdata:stockdata /opt/stock-data-backend/.env
+# After the first pipeline run has synced the files:
+cp /opt/signalplatform/.env.example /opt/signalplatform/.env
 # Edit .env with production values (strong JWT_SECRET, real API keys, etc.)
 ```
 
+`.env` is excluded from the rsync, so it survives every deploy.
+
 ### 5. Database
 
+Either trigger the workflow manually (workflow_dispatch) with `run_setup_db: true` — the deploy then runs `deploy/setup_db.sh` instead of plain migrations — or run it once by hand:
+
 ```bash
 DB_NAME=stock_data_backend DB_USER=stock_backend DB_PASS=strong_password ./deploy/setup_db.sh
 ```
 
-### 6. Build frontend
+### 6. Systemd service
 
 ```bash
-cd frontend
-npm ci
-npm run build
-```
-
-### 7. Systemd service
-
-```bash
-sudo cp deploy/stock-data-backend.service /etc/systemd/system/
+sudo cp deploy/signalplatform.service /etc/systemd/system/
 sudo systemctl daemon-reload
-sudo systemctl enable --now stock-data-backend
+sudo systemctl enable --now signalplatform
 ```
 
-### 8. Nginx reverse proxy
+The unit runs uvicorn on `127.0.0.1:8998` as the `deploy` user, with `WorkingDirectory=/opt/signalplatform`.
+
+### 7. Nginx reverse proxy
 
 ```bash
-sudo cp deploy/nginx.conf /etc/nginx/sites-available/stock-data-backend
-sudo ln -s /etc/nginx/sites-available/stock-data-backend /etc/nginx/sites-enabled/
+sudo cp deploy/nginx.conf /etc/nginx/sites-available/signalplatform
+sudo ln -s /etc/nginx/sites-available/signalplatform /etc/nginx/sites-enabled/
 sudo nginx -t && sudo systemctl reload nginx
 ```
 
-Nginx serves the frontend static files from `frontend/dist/` and proxies `/api/v1/` to the backend.
+Nginx serves the frontend static files from `frontend/dist/` (built on the CI runner and rsynced) and proxies `/api/v1/` to the backend.
 
-### 9. SSL (recommended)
+### 8. SSL (recommended)
 
 ```bash
 sudo apt install certbot python3-certbot-nginx
@@ -292,7 +441,7 @@ frontend/
     │   └── watchlist/   # Watchlist table, add ticker form
     ├── hooks/           # React Query hooks (one per resource)
     ├── lib/             # Types, formatting utilities
-    ├── pages/           # Page components (7 pages)
+    ├── pages/           # Page components (Login, Register, Dashboard, Market, Signals, Regime, Ticker, Admin)
     ├── stores/          # Zustand auth store
     └── styles/          # Global CSS with glassmorphism classes
 
@@ -306,3 +455,64 @@ tests/
 ├── unit/                # Unit tests
 └── property/            # Property-based tests (Hypothesis)
 ```
+
+## Maintainer Guide
+
+Context for whoever — human or AI — continues this work. The owner pushes straight to `main` on a self-hosted Gitea remote (no PRs); deployment is automated by the Gitea Actions workflow at `.gitea/workflows/deploy.yml`.
+
+### Invariants — do not break these
+
+- **`app/services/qualification.py` is mirrored in `frontend/src/lib/qualification.ts`.** Any gate change must land in both, or the UI's "qualified" flags silently disagree with the server.
+- **Live scan and backtest share the same pure functions.** The backtest replays production logic through DB-free functions (`compute_technical_from_arrays`, `compute_momentum_from_closes`, `detect_sr_levels`, the recommendation helpers). New strategy logic must stay in pure functions consumed by both paths, or the backtest stops measuring what production actually does.
+- **One S/R model app-wide:** `sr_service.detect_sr_levels` + `cluster_sr_zones` (2% tolerance) feed the chart, alerts, and target generation identically.
+- **The outcome evaluator evaluates ALL setups**, not just qualified ones — unqualified setups are the control group that makes the Track Record meaningful.
+- **`SystemSetting` access goes through `app/services/settings_store.py`** — don't query the model directly.
+- **Time-series data gets a real table** (see `benchmark_prices`, `regime_snapshots`); `SystemSetting` JSON is only for config and cached reports.
+- **Discretionary overlay data is forward-only.** `signal_context_snapshots` captures composite/dimension/sentiment/fundamental context for new setups. Do not approximate historical sentiment/fundamental snapshots from today's data.
+- Style: surgical changes, minimal new files; extend existing services rather than adding parallel ones.
+
+### Where the strategy lives
+
+| Concern | File |
+|---|---|
+| Composite + 5 dimension scores, weights | `app/services/scoring_service.py` |
+| Residual 12-1 momentum ranking (the validated activation factor) | `app/services/momentum_service.py` |
+| Setup construction (ATR stop, S/R targets) | `app/services/rr_scanner_service.py` |
+| Confidence, targets, reach-probability, action | `app/services/recommendation_service.py` |
+| Activation gate predicate (mirrored in TS) | `app/services/qualification.py` |
+| Gate defaults / admin config | `app/services/admin_service.py` (`ACTIVATION_DEFAULTS`) |
+| Backtest + factor rank-IC harness ("Signal edge") | `app/services/backtest_service.py` |
+| Outcome resolution (target/stop/expired/ambiguous) | `app/services/outcome_service.py` |
+| Paper trades + time/trailing/target auto-exit | `app/services/paper_trade_service.py` |
+| Point-in-time setup context snapshots | `app/models/signal_context_snapshot.py` + `app/services/rr_scanner_service.py` |
+| S/R detection & zone clustering | `app/services/sr_service.py` |
+| SPY benchmark for residual momentum + paper-trade alpha | `app/services/benchmark_service.py` |
+| Pipelines & job registration | `app/scheduler.py` |
+
+### Verifying changes
+
+```bash
+pytest tests/ -q                 # backend; in-memory SQLite, no Postgres needed
+cd frontend && npm run build     # full tsc check — this IS the frontend "test"
+```
+
+- `npm test` in `frontend/` is dead (vitest isn't installed; there are no frontend test files). Use `npm run build`.
+- Backend tests that exercise services which `commit()` need a plain session fixture, not the rolling-back `db_session` — copy the pattern in `tests/unit/test_rr_scanner_integration.py`.
+- `ruff` reports ~11 pre-existing errors in old test files; those are not regressions.
+
+### Deploying
+
+Automated by Gitea Actions (`.gitea/workflows/deploy.yml`) on every push to `main`: **lint** (`ruff check app/`) → **test** (pytest; `alembic upgrade head` validated against a real Postgres 16 service; frontend `npm ci && npm run build`) → **deploy** (frontend built on the runner, rsync to the server excluding `.env`, `pip install -e .`, `alembic upgrade head`, restart `signalplatform.service`, health check on `127.0.0.1:8998`). Deploys are serialized by a concurrency group so overlapping pushes can't race.
+
+Practical consequences:
+
+- **A `ruff` error in `app/` or any failing backend test blocks the deploy.** (CI lints only `app/`, so the pre-existing ruff noise in old test files doesn't.)
+- **Migrations run automatically on deploy** — no manual `alembic` step. A migration that only works on SQLite will fail CI against Postgres, by design.
+- Pushing to `main` **is** deploying to production — there is no separate release step.
+- After a gate or scanner change ships, trigger an R:R scan (Admin → Jobs) so live setups pick up new fields.
+
+### Roadmap (agreed June 2026)
+
+1. **Forward paper-test the momentum book** — the out-of-sample proof the backtest can't give. Watch Signals → Track Record (live vs backtest).
+2. **Full IBKR integration** — read real positions, overlay entries/stops on charts, alert on holdings' score deterioration. (Paper trading, the lighter alternative, is done.)
+3. Strategy experiments in the order listed under **Strategy Status** above — each one goes through the factor harness first.

alembic/versions/012_add_benchmark_prices.py

@@ -0,0 +1,41 @@
+"""add benchmark_prices
+
+Stores daily closes for a benchmark index (SPY) so paper-trade alpha — trade
+return minus the benchmark's return over the same holding period — can be
+computed. Kept separate from the tradeable universe: the benchmark is not a
+Ticker, so it never enters the scanner, momentum ranking, or rankings.
+
+Revision ID: 012
+Revises: 011
+Create Date: 2026-06-28 00:00:00.000000
+
+"""
+from typing import Sequence, Union
+
+from alembic import op
+import sqlalchemy as sa
+
+
+# revision identifiers, used by Alembic.
+revision: str = "012"
+down_revision: Union[str, None] = "011"
+branch_labels: Union[str, Sequence[str], None] = None
+depends_on: Union[str, Sequence[str], None] = None
+
+
+def upgrade() -> None:
+    op.create_table(
+        "benchmark_prices",
+        sa.Column("id", sa.Integer(), nullable=False),
+        sa.Column("symbol", sa.String(length=20), nullable=False),
+        sa.Column("date", sa.Date(), nullable=False),
+        sa.Column("close", sa.Float(), nullable=False),
+        sa.PrimaryKeyConstraint("id"),
+        sa.UniqueConstraint("symbol", "date", name="uq_benchmark_symbol_date"),
+    )
+    op.create_index("ix_benchmark_prices_symbol", "benchmark_prices", ["symbol"])
+
+
+def downgrade() -> None:
+    op.drop_index("ix_benchmark_prices_symbol", table_name="benchmark_prices")
+    op.drop_table("benchmark_prices")

alembic/versions/013_add_paper_trade_close_reason.py

@@ -0,0 +1,29 @@
+"""add close_reason to paper_trades
+
+Records how an open paper trade was closed (trailing | stop | target | manual) so
+the close alert can summarise it and the UI can show why a position exited.
+
+Revision ID: 013
+Revises: 012
+Create Date: 2026-06-30 00:00:00.000000
+
+"""
+from typing import Sequence, Union
+
+from alembic import op
+import sqlalchemy as sa
+
+
+# revision identifiers, used by Alembic.
+revision: str = "013"
+down_revision: Union[str, None] = "012"
+branch_labels: Union[str, Sequence[str], None] = None
+depends_on: Union[str, Sequence[str], None] = None
+
+
+def upgrade() -> None:
+    op.add_column("paper_trades", sa.Column("close_reason", sa.String(length=10), nullable=True))
+
+
+def downgrade() -> None:
+    op.drop_column("paper_trades", "close_reason")

alembic/versions/014_add_ticker_name.py

@@ -0,0 +1,29 @@
+"""add name to tickers
+
+Company name (e.g. "Biogen Inc."), backfilled from Alpaca so the UI can show which
+company is behind a symbol. Nullable — symbols Alpaca doesn't cover stay name-less.
+
+Revision ID: 014
+Revises: 013
+Create Date: 2026-07-01 00:00:00.000000
+
+"""
+from typing import Sequence, Union
+
+from alembic import op
+import sqlalchemy as sa
+
+
+# revision identifiers, used by Alembic.
+revision: str = "014"
+down_revision: Union[str, None] = "013"
+branch_labels: Union[str, Sequence[str], None] = None
+depends_on: Union[str, Sequence[str], None] = None
+
+
+def upgrade() -> None:
+    op.add_column("tickers", sa.Column("name", sa.String(length=120), nullable=True))
+
+
+def downgrade() -> None:
+    op.drop_column("tickers", "name")

alembic/versions/015_phase3_exit_and_gate.py

@@ -0,0 +1,50 @@
+"""Phase 3 strategy adoption: time-based exit + confidence floor removed.
+
+The July 2026 backtest (gate ablation graded under both exit models, plus the
+capital-constrained portfolio simulation) concluded:
+
+- The best exit is hold-to-horizon: keep the initial ATR stop and exit at the
+  30th trading day's close (+0.50R net/trade vs +0.13R for the S/R target
+  exit; simulated book +31.9% vs +23.7% CAGR at the same drawdown). The paper
+  trade exit-policy default is now ``time`` (30 trading days).
+- The confidence floor adds nothing (identical net/trade with it removed,
+  under both exit models) while cutting ~25% of qualified trades. Its default
+  is now 0 (off).
+
+Stored rows for these two settings were written under the old semantics, so
+they are cleared here and the new code defaults take effect. Re-tune in
+Admin -> Activation / Paper-Trade Exit if desired. Note: this changes which
+setups qualify and how paper trades close, so Track Record comparability
+resets from this deploy.
+
+Revision ID: 015
+Revises: 014
+Create Date: 2026-07-02 00:00:00.000000
+
+"""
+from typing import Sequence, Union
+
+from alembic import op
+import sqlalchemy as sa
+
+
+# revision identifiers, used by Alembic.
+revision: str = "015"
+down_revision: Union[str, None] = "014"
+branch_labels: Union[str, Sequence[str], None] = None
+depends_on: Union[str, Sequence[str], None] = None
+
+
+def upgrade() -> None:
+    op.execute(
+        sa.text(
+            "DELETE FROM system_settings "
+            "WHERE key IN ('activation_min_confidence', 'paper_exit_mode')"
+        )
+    )
+
+
+def downgrade() -> None:
+    # One-way data reset: the old per-key values aren't recoverable. Code
+    # defaults apply until re-tuned, so there is nothing to restore.
+    pass

alembic/versions/016_add_signal_context_snapshots.py

@@ -0,0 +1,55 @@
+"""add signal context snapshots
+
+Revision ID: 016
+Revises: 015
+Create Date: 2026-07-02 00:00:00.000000
+
+"""
+from typing import Sequence, Union
+
+from alembic import op
+import sqlalchemy as sa
+
+
+revision: str = "016"
+down_revision: Union[str, None] = "015"
+branch_labels: Union[str, Sequence[str], None] = None
+depends_on: Union[str, Sequence[str], None] = None
+
+
+def upgrade() -> None:
+    op.create_table(
+        "signal_context_snapshots",
+        sa.Column("id", sa.Integer(), nullable=False),
+        sa.Column("trade_setup_id", sa.Integer(), nullable=False),
+        sa.Column("ticker_id", sa.Integer(), nullable=False),
+        sa.Column("detected_at", sa.DateTime(timezone=True), nullable=False),
+        sa.Column("created_at", sa.DateTime(timezone=True), nullable=False),
+        sa.Column("strategy_version", sa.String(length=80), nullable=False),
+        sa.Column("direction", sa.String(length=10), nullable=False),
+        sa.Column("entry_price", sa.Float(), nullable=False),
+        sa.Column("stop_loss", sa.Float(), nullable=False),
+        sa.Column("target", sa.Float(), nullable=False),
+        sa.Column("rr_ratio", sa.Float(), nullable=False),
+        sa.Column("confidence_score", sa.Float(), nullable=True),
+        sa.Column("recommended_action", sa.String(length=20), nullable=True),
+        sa.Column("risk_level", sa.String(length=10), nullable=True),
+        sa.Column("momentum_percentile", sa.Float(), nullable=True),
+        sa.Column("score_context_json", sa.Text(), nullable=False),
+        sa.Column("sentiment_context_json", sa.Text(), nullable=False),
+        sa.Column("fundamental_context_json", sa.Text(), nullable=False),
+        sa.ForeignKeyConstraint(["ticker_id"], ["tickers.id"], ondelete="CASCADE"),
+        sa.ForeignKeyConstraint(["trade_setup_id"], ["trade_setups.id"], ondelete="CASCADE"),
+        sa.PrimaryKeyConstraint("id"),
+        sa.UniqueConstraint("trade_setup_id", name="uq_signal_context_trade_setup"),
+    )
+    op.create_index(
+        "ix_signal_context_ticker_detected",
+        "signal_context_snapshots",
+        ["ticker_id", "detected_at"],
+    )
+
+
+def downgrade() -> None:
+    op.drop_index("ix_signal_context_ticker_detected", table_name="signal_context_snapshots")
+    op.drop_table("signal_context_snapshots")

app/config.py

@@ -2,7 +2,7 @@ from pydantic_settings import BaseSettings, SettingsConfigDict
 
 
 class Settings(BaseSettings):
-    model_config = SettingsConfigDict(env_file=".env", env_file_encoding="utf-8")
+    model_config = SettingsConfigDict(env_file=".env", env_file_encoding="utf-8", extra="ignore")
 
     # Database
     database_url: str = "postgresql+asyncpg://stock_backend:changeme@localhost:5432/stock_data_backend"
@@ -49,10 +49,14 @@ class Settings(BaseSettings):
     data_collector_frequency: str = "daily"
     sentiment_poll_interval_minutes: int = 30
     # Sentiment search-budget controls (Gemini grounding free tier = 5000/month).
-    # Only fetch sentiment for relevant tickers (watchlist + open trades + top-N by
-    # composite), skip ones refreshed within fresh_hours, and cap per run.
-    sentiment_fresh_hours: int = 72
-    sentiment_max_per_run: int = 25
+    # Scope (see _get_sentiment_priority_tickers): everything that matters is always
+    # refreshed in full — open paper trades + the curated watchlist + top-pick
+    # feeders (residual-momentum leaders with a tradeable long setup) — plus a top-N composite
+    # discovery net. No per-run cap: the set is naturally bounded (watchlist <= 20,
+    # composite <= top_composite), so a full refresh stays well inside the free tier.
+    # Skip anything refreshed within fresh_hours (5 days: sentiment shifts slowly and
+    # the score window is 7 days).
+    sentiment_fresh_hours: int = 120
     sentiment_top_composite: int = 30
     fundamental_fetch_frequency: str = "weekly"  # quarterly-ish data; weekly conserves API quota
     rr_scan_frequency: str = "daily"

app/models/__init__.py

@@ -11,6 +11,8 @@ from app.models.settings import SystemSetting, IngestionProgress
 from app.models.alert import AlertLog
 from app.models.paper_trade import PaperTrade
 from app.models.regime_snapshot import RegimeSnapshot
+from app.models.benchmark_price import BenchmarkPrice
+from app.models.signal_context_snapshot import SignalContextSnapshot
 
 __all__ = [
     "Ticker",
@@ -28,4 +30,6 @@ __all__ = [
     "AlertLog",
     "PaperTrade",
     "RegimeSnapshot",
+    "BenchmarkPrice",
+    "SignalContextSnapshot",
 ]

app/models/benchmark_price.py

@@ -0,0 +1,25 @@
+from datetime import date as date_type
+
+from sqlalchemy import Date, Float, String, UniqueConstraint
+from sqlalchemy.orm import Mapped, mapped_column
+
+from app.database import Base
+
+
+class BenchmarkPrice(Base):
+    """Daily close for a benchmark index (e.g. SPY), used to compute trade alpha.
+
+    A standalone price series, deliberately NOT a tracked ``Ticker`` — so the
+    benchmark never becomes a trade candidate or rankings-table row. Its closes
+    are used for residual momentum and trade alpha. One row per (symbol, date).
+    """
+
+    __tablename__ = "benchmark_prices"
+    __table_args__ = (
+        UniqueConstraint("symbol", "date", name="uq_benchmark_symbol_date"),
+    )
+
+    id: Mapped[int] = mapped_column(primary_key=True)
+    symbol: Mapped[str] = mapped_column(String(20), nullable=False, index=True)
+    date: Mapped[date_type] = mapped_column(Date, nullable=False)
+    close: Mapped[float] = mapped_column(Float, nullable=False)

app/models/paper_trade.py

@@ -34,3 +34,5 @@ class PaperTrade(Base):
     )
     close_price: Mapped[float | None] = mapped_column(Float, nullable=True)
     closed_at: Mapped[datetime | None] = mapped_column(DateTime(timezone=True), nullable=True)
+    # How the trade was closed: "trailing" | "stop" | "target" | "manual".
+    close_reason: Mapped[str | None] = mapped_column(String(10), nullable=True)

app/models/signal_context_snapshot.py

@@ -0,0 +1,45 @@
+from datetime import datetime
+
+from sqlalchemy import DateTime, Float, ForeignKey, String, Text
+from sqlalchemy.orm import Mapped, mapped_column, relationship
+
+from app.database import Base
+
+
+class SignalContextSnapshot(Base):
+    """Point-in-time context captured when a trade setup is generated.
+
+    This stores the discretionary overlay inputs (scores, sentiment,
+    fundamentals) as they looked at detection time, so future analysis can test
+    whether human filtering improved or hurt the qualified-list strategy.
+    """
+
+    __tablename__ = "signal_context_snapshots"
+
+    id: Mapped[int] = mapped_column(primary_key=True)
+    trade_setup_id: Mapped[int] = mapped_column(
+        ForeignKey("trade_setups.id", ondelete="CASCADE"), nullable=False, unique=True
+    )
+    ticker_id: Mapped[int] = mapped_column(
+        ForeignKey("tickers.id", ondelete="CASCADE"), nullable=False
+    )
+    detected_at: Mapped[datetime] = mapped_column(DateTime(timezone=True), nullable=False)
+    created_at: Mapped[datetime] = mapped_column(DateTime(timezone=True), nullable=False)
+    strategy_version: Mapped[str] = mapped_column(String(80), nullable=False)
+
+    direction: Mapped[str] = mapped_column(String(10), nullable=False)
+    entry_price: Mapped[float] = mapped_column(Float, nullable=False)
+    stop_loss: Mapped[float] = mapped_column(Float, nullable=False)
+    target: Mapped[float] = mapped_column(Float, nullable=False)
+    rr_ratio: Mapped[float] = mapped_column(Float, nullable=False)
+    confidence_score: Mapped[float | None] = mapped_column(Float, nullable=True)
+    recommended_action: Mapped[str | None] = mapped_column(String(20), nullable=True)
+    risk_level: Mapped[str | None] = mapped_column(String(10), nullable=True)
+    momentum_percentile: Mapped[float | None] = mapped_column(Float, nullable=True)
+
+    score_context_json: Mapped[str] = mapped_column(Text, nullable=False, default="{}")
+    sentiment_context_json: Mapped[str] = mapped_column(Text, nullable=False, default="{}")
+    fundamental_context_json: Mapped[str] = mapped_column(Text, nullable=False, default="{}")
+
+    trade_setup = relationship("TradeSetup")
+    ticker = relationship("Ticker")

app/models/ticker.py

@@ -11,6 +11,9 @@ class Ticker(Base):
 
     id: Mapped[int] = mapped_column(primary_key=True)
     symbol: Mapped[str] = mapped_column(String(10), unique=True, nullable=False)
+    # Company name (e.g. "Biogen Inc."); backfilled from Alpaca, nullable for
+    # symbols Alpaca doesn't know.
+    name: Mapped[str | None] = mapped_column(String(120), nullable=True)
     created_at: Mapped[datetime] = mapped_column(
         DateTime(timezone=True), default=datetime.utcnow, nullable=False
     )

app/models/trade_setup.py

@@ -26,8 +26,9 @@ class TradeSetup(Base):
     )
 
     confidence_score: Mapped[float | None] = mapped_column(Float, nullable=True)
-    # Ticker's 12-1 momentum percentile across the universe at detection time
-    # (0–100, 100 = strongest). Drives the activation gate's core selection.
+    # Ticker's activation momentum percentile across the universe at detection
+    # time. Since July 2026 this is residual 12-1 momentum when benchmark data is
+    # available, with raw 12-1 as a fallback.
     momentum_percentile: Mapped[float | None] = mapped_column(Float, nullable=True)
     targets_json: Mapped[str | None] = mapped_column(Text, nullable=True)
     conflict_flags_json: Mapped[str | None] = mapped_column(Text, nullable=True)

app/routers/admin.py

@@ -315,6 +315,16 @@ async def bootstrap_tickers(
     return APIEnvelope(status="success", data=result)
 
 
+@router.post("/admin/tickers/backfill-names", response_model=APIEnvelope)
+async def backfill_ticker_names(
+    _admin: User = Depends(require_admin),
+    db: AsyncSession = Depends(get_db),
+):
+    """Fill in company names for tracked tickers (one Alpaca call)."""
+    result = await ticker_universe_service.backfill_ticker_names(db)
+    return APIEnvelope(status="success", data=result)
+
+
 # ---------------------------------------------------------------------------
 # Data cleanup
 # ---------------------------------------------------------------------------

app/routers/ingestion.py

@@ -114,8 +114,9 @@ async def fetch_symbol(
             result = await ingestion_service.fetch_and_ingest(
                 db, provider, symbol_upper, start_date, end_date
             )
+            status_map = {"complete": "ok", "partial": "ok", "no_data": "warning"}
             sources_out["ohlcv"] = {
-                "status": "ok" if result.status in ("complete", "partial") else "error",
+                "status": status_map.get(result.status, "error"),
                 "records": result.records_ingested,
                 "message": result.message,
             }

app/routers/market.py

@@ -1,6 +1,6 @@
 """Market-level endpoints (benchmark regime + AI/Tech regime-change monitor)."""
 
-from fastapi import APIRouter, Depends
+from fastapi import APIRouter, Depends, Query
 from pydantic import BaseModel
 from sqlalchemy.ext.asyncio import AsyncSession
 
@@ -129,3 +129,14 @@ async def regime_event_study(
     None until the manual "Event Study" job has run (Admin → Jobs)."""
     data = await event_study_service.get_event_study_report(db)
     return APIEnvelope(status="success", data=data)
+
+
+@router.get("/regime/history", response_model=APIEnvelope)
+async def regime_history(
+    days: int = Query(default=400, ge=7, le=2000),
+    _user: User = Depends(require_access),
+    db: AsyncSession = Depends(get_db),
+) -> APIEnvelope:
+    """Daily history of the index / early-warning / combined scores (for the chart)."""
+    data = await regime_monitor_service.get_regime_history(db, days=days)
+    return APIEnvelope(status="success", data=data)

app/routers/paper_trades.py

@@ -3,10 +3,15 @@
 from fastapi import APIRouter, Depends, Query
 from sqlalchemy.ext.asyncio import AsyncSession
 
-from app.dependencies import get_db, require_access
+from app.dependencies import get_db, require_access, require_admin
 from app.models.user import User
 from app.schemas.common import APIEnvelope
-from app.schemas.paper_trade import PaperTradeClose, PaperTradeCreate, PaperTradeResponse
+from app.schemas.paper_trade import (
+    ExitPolicyUpdate,
+    PaperTradeClose,
+    PaperTradeCreate,
+    PaperTradeResponse,
+)
 from app.services import paper_trade_service
 
 router = APIRouter(tags=["paper-trades"])
@@ -40,6 +45,28 @@ async def list_paper_trades(
     return APIEnvelope(status="success", data=data)
 
 
+@router.get("/paper-trades/exit-policy", response_model=APIEnvelope)
+async def read_exit_policy(
+    _user: User = Depends(require_access),
+    db: AsyncSession = Depends(get_db),
+) -> APIEnvelope:
+    """The active auto-exit policy for open paper trades (shown in the UI)."""
+    return APIEnvelope(status="success", data=await paper_trade_service.get_exit_policy(db))
+
+
+@router.put("/paper-trades/exit-policy", response_model=APIEnvelope)
+async def write_exit_policy(
+    body: ExitPolicyUpdate,
+    _user: User = Depends(require_admin),
+    db: AsyncSession = Depends(get_db),
+) -> APIEnvelope:
+    """Change the auto-exit policy (admin)."""
+    data = await paper_trade_service.set_exit_policy(
+        db, mode=body.mode, trailing_pct=body.trailing_pct, hold_days=body.hold_days
+    )
+    return APIEnvelope(status="success", data=data)
+
+
 @router.post("/paper-trades", response_model=APIEnvelope, status_code=201)
 async def create_paper_trade(
     body: PaperTradeCreate,

app/routers/scores.py

@@ -39,6 +39,10 @@ def _map_composite_breakdown(raw: dict | None) -> CompositeBreakdownResponse | N
         missing_dimensions=raw["missing_dimensions"],
         renormalized_weights=raw["renormalized_weights"],
         formula=raw["formula"],
+        base_score=raw.get("base_score"),
+        sentiment_score=raw.get("sentiment_score"),
+        sentiment_adjustment=raw.get("sentiment_adjustment"),
+        max_sentiment_adjustment=raw.get("max_sentiment_adjustment"),
     )
 
 router = APIRouter(tags=["scores"])
@@ -50,7 +54,7 @@ async def read_score(
     _user=Depends(require_access),
     db: AsyncSession = Depends(get_db),
 ) -> APIEnvelope:
-    """Get composite + dimension scores for a symbol. Recomputes stale scores."""
+    """Get the latest persisted composite + dimension scores for a symbol."""
     result = await get_score(db, symbol)
 
     data = ScoreResponse(
@@ -90,6 +94,7 @@ async def read_rankings(
             RankingEntry(
                 symbol=r["symbol"],
                 composite_score=r["composite_score"],
+                composite_stale=r.get("composite_stale", False),
                 dimensions=[
                     DimensionScoreResponse(**d) for d in r["dimensions"]
                 ],

app/routers/trades.py

@@ -34,6 +34,7 @@ async def list_trade_setups(
         direction=direction,
         min_confidence=min_confidence,
         recommended_action=recommended_action,
+        live_recommendation=True,
     )
 
     data = []
@@ -92,7 +93,11 @@ async def get_ticker_trade_setups(
     _user=Depends(require_access),
     db: AsyncSession = Depends(get_db),
 ) -> APIEnvelope:
-    rows = await get_trade_setups(db, symbol=symbol)
+    rows = await get_trade_setups(
+        db,
+        symbol=symbol,
+        live_recommendation=True,
+    )
     data = []
     for row in rows:
         summary = RecommendationSummaryResponse(

app/scheduler.py

@@ -20,7 +20,7 @@ from datetime import date, datetime, timedelta, timezone
 
 from apscheduler.schedulers.asyncio import AsyncIOScheduler
 from apscheduler.triggers.cron import CronTrigger
-from sqlalchemy import case, func, or_, select
+from sqlalchemy import and_, case, func, or_, select
 from sqlalchemy.ext.asyncio import AsyncSession
 
 from app.config import settings
@@ -36,6 +36,7 @@ from app.providers.protocol import SentimentData
 from app.services import fundamental_service, ingestion_service, sentiment_service, settings_store
 from app.services.alert_service import dispatch_alerts
 from app.services.backtest_service import run_and_store as run_backtest_and_store
+from app.services.benchmark_service import refresh_benchmark_prices
 from app.services.market_regime_service import update_market_regime
 from app.services.regime_monitor_service import update_regime_monitor
 from app.services.event_study_service import run_and_store as run_event_study_and_store
@@ -218,78 +219,141 @@ async def _get_ohlcv_priority_tickers(db: AsyncSession) -> list[str]:
     return list(result.scalars().all())
 
 
-async def _get_sentiment_priority_tickers(db: AsyncSession) -> list[str]:
-    """Symbols to fetch sentiment for, budgeted to stay in the free search tier.
+async def _get_top_pick_feeder_ids(db: AsyncSession) -> set[int]:
+    """Ticker ids whose latest LONG setup makes them a top-pick feeder.
 
-    Scope: only tickers that matter — watchlist + open paper trades + top-N by
-    composite score + the momentum leaders the activation gate qualifies on. Skip
-    any refreshed within ``sentiment_fresh_hours``. Cap the run at
-    ``sentiment_max_per_run``, oldest/missing first. Once the relevant set is
-    fresh, runs make zero grounded searches until it ages out.
+    A dashboard 'top pick' is the highest residual-momentum *qualified* setup.
+    Sentiment can never move a ticker's activation percentile (the gate's core
+    axis) — only its confidence and EV ranking. So the only tickers that are, or
+    could become with positive sentiment, a top pick are residual-momentum leaders
+    that already have a tradeable long setup clearing the R:R floor. That set is exactly:
+
+        latest long setup with momentum_percentile >= gate AND rr_ratio >= floor.
+
+    It contains both the currently-qualified setups and the near-miss ones held
+    back only by a neutral/missing sentiment — the cases the user saw surface as
+    top picks with no sentiment. Only meaningful with the momentum gate on
+    (min_momentum_percentile > 0); off, there is no leader axis to anchor on and we
+    defer to the filler set. Best-effort: a config failure must not stop collection.
+    """
+    from app.models.trade_setup import TradeSetup
+
+    try:
+        from app.services.admin_service import get_activation_config
+
+        activation = await get_activation_config(db)
+        min_pct = float(activation.get("min_momentum_percentile", 0.0))
+        min_rr = float(activation.get("min_rr", 0.0))
+    except Exception:
+        logger.exception("Sentiment top-pick scoping failed; using filler set only")
+        return set()
+
+    if min_pct <= 0:
+        return set()
+
+    # Latest long setup per ticker, then keep those clearing the gate's momentum
+    # percentile and R:R floor. (Sentiment runs before the day's scan, so this
+    # reads the previous scan's setups — momentum is a slow, cross-sectional signal,
+    # so yesterday's leaders are the right anchor.)
+    latest_long = (
+        select(TradeSetup.ticker_id, func.max(TradeSetup.detected_at).label("md"))
+        .where(TradeSetup.direction == "long")
+        .group_by(TradeSetup.ticker_id)
+        .subquery()
+    )
+    rows = await db.execute(
+        select(TradeSetup.ticker_id)
+        .join(
+            latest_long,
+            and_(
+                TradeSetup.ticker_id == latest_long.c.ticker_id,
+                TradeSetup.detected_at == latest_long.c.md,
+            ),
+        )
+        .where(
+            TradeSetup.direction == "long",
+            TradeSetup.rr_ratio >= min_rr,
+            TradeSetup.momentum_percentile.is_not(None),
+            TradeSetup.momentum_percentile >= min_pct,
+        )
+    )
+    return {r[0] for r in rows.all()}
+
+
+async def _stale_sentiment_symbols(
+    db: AsyncSession, ticker_ids: set[int], cutoff: datetime
+) -> list[str]:
+    """Symbols among ``ticker_ids`` whose newest sentiment is missing or older than
+    ``cutoff``, ordered missing-first → oldest → alphabetical."""
+    if not ticker_ids:
+        return []
+    latest_ts = func.max(SentimentScore.timestamp)
+    missing_first = case((latest_ts.is_(None), 0), else_=1)
+    stmt = (
+        select(Ticker.symbol)
+        .outerjoin(SentimentScore, SentimentScore.ticker_id == Ticker.id)
+        .where(Ticker.id.in_(ticker_ids))
+        .group_by(Ticker.id, Ticker.symbol)
+        .having(or_(latest_ts.is_(None), latest_ts < cutoff))
+        .order_by(missing_first.asc(), latest_ts.asc(), Ticker.symbol.asc())
+    )
+    result = await db.execute(stmt)
+    return list(result.scalars().all())
+
+
+async def _get_sentiment_priority_tickers(db: AsyncSession) -> list[str]:
+    """Symbols to fetch sentiment for, skipping anything refreshed within
+    ``sentiment_fresh_hours``.
+
+    No per-run cap: the relevant set is naturally bounded (curated watchlist <= 20,
+    a handful of open trades and top-pick feeders, top-N composite), so refreshing
+    all of it stays well inside the free search tier — and everything that matters
+    is always fully covered. The two tiers only affect ORDER, so a mid-run provider
+    rate limit still lands the names we care about first:
+
+      Priority: top-pick feeders (residual-momentum leaders with a tradeable long setup, see
+        ``_get_top_pick_feeder_ids``) + the curated watchlist + open paper trades —
+        the set we never want shown without sentiment.
+      Filler: top-N by composite — a cheap discovery net for names not yet covered.
+
+    Once the set is fresh, runs make zero grounded searches until it ages out.
     """
     from app.models.paper_trade import PaperTrade
     from app.models.score import CompositeScore
     from app.models.watchlist import WatchlistEntry
 
-    relevant: set[int] = set()
+    cutoff = datetime.now(timezone.utc) - timedelta(hours=settings.sentiment_fresh_hours)
+
+    # Priority: the set we always want fresh — top-pick feeders, the curated
+    # watchlist, and open positions.
+    priority_ids = await _get_top_pick_feeder_ids(db)
     wl = await db.execute(
         select(WatchlistEntry.ticker_id)
         .where(WatchlistEntry.entry_type != "dismissed")
         .distinct()
     )
-    relevant.update(r[0] for r in wl.all())
+    priority_ids.update(r[0] for r in wl.all())
     pt = await db.execute(
         select(PaperTrade.ticker_id).where(PaperTrade.status == "open").distinct()
     )
-    relevant.update(r[0] for r in pt.all())
+    priority_ids.update(r[0] for r in pt.all())
+
+    # Filler: top-N by composite, a discovery net for names not already covered.
     top = await db.execute(
         select(CompositeScore.ticker_id)
         .order_by(CompositeScore.score.desc())
         .limit(settings.sentiment_top_composite)
     )
-    relevant.update(r[0] for r in top.all())
+    filler_ids = {r[0] for r in top.all()} - priority_ids
 
-    # Momentum leaders: the tickers that can clear the activation gate, which
-    # selects the top ``min_momentum_percentile`` slice by 12-1 momentum — a
-    # different axis than composite score. The gate qualifies setups on this
-    # percentile, so without including them a freshly-qualifying ticker carries no
-    # sentiment and gets enhanced as neutral. Pre-fetching their sentiment here (in
-    # the daily pipeline, sentiment runs right after the OHLCV refresh) means the
-    # following R:R scan reads real sentiment for the setups it qualifies.
-    # Best-effort: a momentum/config failure must not stop sentiment collection.
-    try:
-        from app.services import momentum_service
-        from app.services.admin_service import get_activation_config
-
-        activation = await get_activation_config(db)
-        min_pct = float(activation.get("min_momentum_percentile", 0.0))
-        if min_pct > 0:
-            percentiles = await momentum_service.compute_momentum_percentiles(db)
-            leaders = [sym for sym, pct in percentiles.items() if pct >= min_pct]
-            if leaders:
-                rows = await db.execute(
-                    select(Ticker.id).where(Ticker.symbol.in_(leaders))
-                )
-                relevant.update(r[0] for r in rows.all())
-    except Exception:
-        logger.exception("Sentiment momentum-leader scoping failed; using base relevant set")
-
-    if not relevant:
+    if not priority_ids and not filler_ids:
         return []
 
-    cutoff = datetime.now(timezone.utc) - timedelta(hours=settings.sentiment_fresh_hours)
-    latest_ts = func.max(SentimentScore.timestamp)
-    missing_first = case((latest_ts.is_(None), 0), else_=1)
-    result = await db.execute(
-        select(Ticker.symbol)
-        .outerjoin(SentimentScore, SentimentScore.ticker_id == Ticker.id)
-        .where(Ticker.id.in_(relevant))
-        .group_by(Ticker.id, Ticker.symbol)
-        .having(or_(latest_ts.is_(None), latest_ts < cutoff))
-        .order_by(missing_first.asc(), latest_ts.asc(), Ticker.symbol.asc())
-        .limit(settings.sentiment_max_per_run)
-    )
-    return list(result.scalars().all())
+    # No cap — fetch every stale name. Priority first so a rate limit mid-run still
+    # covers the curated/at-risk set before the discovery net.
+    priority_syms = await _stale_sentiment_symbols(db, priority_ids, cutoff)
+    filler_syms = await _stale_sentiment_symbols(db, filler_ids, cutoff)
+    return priority_syms + filler_syms
 
 
 async def _get_fundamental_priority_tickers(db: AsyncSession) -> list[str]:
@@ -803,6 +867,34 @@ async def compute_market_regime() -> None:
         _log_event(logging.ERROR, "job_error", job=job_name, error_type=type(exc).__name__, message=str(exc))
 
 
+# ---------------------------------------------------------------------------
+# Job: Benchmark Collector (SPY closes for paper-trade alpha)
+# ---------------------------------------------------------------------------
+
+
+async def collect_benchmark() -> None:
+    """Refresh the stored benchmark (SPY) daily closes used for paper-trade alpha."""
+    job_name = "benchmark_collector"
+    _log_event(logging.INFO, "job_start", job=job_name)
+    _runtime_start(job_name, total=1)
+
+    try:
+        async with async_session_factory() as db:
+            if not await _is_job_enabled(db, job_name):
+                _log_event(logging.INFO, "job_skipped", job=job_name, reason="disabled")
+                _runtime_finish(job_name, "skipped", processed=0, total=1, message="Disabled")
+                return
+
+            written = await refresh_benchmark_prices(db)
+
+        _runtime_progress(job_name, processed=1, total=1)
+        _runtime_finish(job_name, "completed", processed=1, total=1, message=f"{written} rows")
+        _log_event(logging.INFO, "job_complete", job=job_name, rows=written)
+    except Exception as exc:
+        _runtime_finish(job_name, "error", processed=0, total=1, message=str(exc))
+        _log_event(logging.ERROR, "job_error", job=job_name, error_type=type(exc).__name__, message=str(exc))
+
+
 # ---------------------------------------------------------------------------
 # Job: Regime Monitor
 # ---------------------------------------------------------------------------
@@ -953,6 +1045,7 @@ async def sync_ticker_universe() -> None:
 # Daily (full): the complete data→signal refresh, once a day.
 _DAILY_PIPELINE_STEPS = [
     ("data_collector", "collect_ohlcv"),
+    ("benchmark_collector", "collect_benchmark"),
     ("sentiment_collector", "collect_sentiment"),
     ("rr_scanner", "scan_rr"),
     ("outcome_evaluator", "evaluate_outcomes"),
@@ -1005,8 +1098,8 @@ async def _run_pipeline(job_name: str, steps: list[tuple[str, str]]) -> None:
 
 
 async def run_daily_pipeline() -> None:
-    """Full daily flow: OHLCV → sentiment → R:R scan → outcome eval (+paper
-    close) → market regime."""
+    """Full daily flow: OHLCV → benchmark → sentiment → R:R scan → outcome eval
+    (+paper close) → market regime."""
     await _run_pipeline("daily_pipeline", _DAILY_PIPELINE_STEPS)
 
 
@@ -1113,6 +1206,7 @@ def configure_scheduler(schedule_config: dict[str, str] | None = None) -> None:
     # interval job). They stay manually triggerable from Admin → Jobs.
     _members = [
         (collect_ohlcv, "data_collector", "Data Collector (OHLCV)"),
+        (collect_benchmark, "benchmark_collector", "Benchmark Collector"),
         (collect_sentiment, "sentiment_collector", "Sentiment Collector"),
         (scan_rr, "rr_scanner", "R:R Scanner"),
         (evaluate_outcomes, "outcome_evaluator", "Outcome Evaluator"),

app/schemas/admin.py

@@ -64,6 +64,7 @@ class ActivationConfigUpdate(BaseModel):
     min_confidence: float | None = Field(default=None, ge=0, le=100)
     require_high_conviction: bool | None = None
     exclude_conflicts: bool | None = None
+    exclude_neutral: bool | None = None
 
 
 class ScheduleConfigUpdate(BaseModel):
@@ -98,3 +99,5 @@ class AlertConfigUpdate(BaseModel):
     sr_proximity_enabled: bool | None = None
     score_drop_enabled: bool | None = None
     digest_enabled: bool | None = None
+    regime_quadrant_enabled: bool | None = None
+    trade_closed_enabled: bool | None = None

app/schemas/paper_trade.py

@@ -20,6 +20,13 @@ class PaperTradeClose(BaseModel):
     close_price: float | None = Field(default=None, gt=0)
 
 
+class ExitPolicyUpdate(BaseModel):
+    """Auto-exit policy for open paper trades."""
+    mode: str | None = Field(default=None, pattern=r"^(time|trailing|target)$")
+    trailing_pct: float | None = Field(default=None, ge=0.5, le=90)
+    hold_days: int | None = Field(default=None, ge=2, le=250)
+
+
 class PaperTradeResponse(BaseModel):
     id: int
     symbol: str
@@ -33,3 +40,13 @@ class PaperTradeResponse(BaseModel):
     close_price: float | None = None
     closed_at: datetime | None = None
     current_price: float | None = None
+    # Alpha vs the S&P 500 (SPY) over the trade's holding period. None when the
+    # benchmark series doesn't cover the trade's open date yet.
+    benchmark_return_pct: float | None = None
+    alpha_pct: float | None = None
+    alpha_usd: float | None = None
+    close_reason: str | None = None
+    # Live trailing-stop level + how far price sits above it (% ), for open trades
+    # when the trailing exit policy is active.
+    trailing_stop: float | None = None
+    trailing_distance_pct: float | None = None

app/schemas/score.py

@@ -33,6 +33,12 @@ class CompositeBreakdownResponse(BaseModel):
     missing_dimensions: list[str]
     renormalized_weights: dict[str, float]
     formula: str
+    # Sentiment is applied as a signed adjustment on top of the non-sentiment base
+    # rather than averaged in.
+    base_score: float | None = None
+    sentiment_score: float | None = None
+    sentiment_adjustment: float | None = None
+    max_sentiment_adjustment: float | None = None
 
 
 class DimensionScoreResponse(BaseModel):
@@ -72,6 +78,7 @@ class RankingEntry(BaseModel):
 
     symbol: str
     composite_score: float
+    composite_stale: bool = False
     dimensions: list[DimensionScoreResponse] = []
 
 

app/schemas/ticker.py

@@ -12,6 +12,7 @@ class TickerCreate(BaseModel):
 class TickerResponse(BaseModel):
     id: int
     symbol: str
+    name: str | None = None
     created_at: datetime
 
     model_config = {"from_attributes": True}

app/schemas/trade_setup.py

@@ -26,6 +26,14 @@ class RecommendationSummaryResponse(BaseModel):
     composite_score: float
 
 
+class TradeSetupContextAsOfResponse(BaseModel):
+    setup_detected_at: datetime
+    score_computed_at: datetime | None = None
+    sentiment_at: datetime | None = None
+    price_date: date | None = None
+    price_updated_at: datetime | None = None
+
+
 class TradeSetupResponse(BaseModel):
     """A single trade setup detected by the R:R scanner."""
 
@@ -49,4 +57,5 @@ class TradeSetupResponse(BaseModel):
     evaluated_at: datetime | None = None
     current_price: float | None = None
     momentum_percentile: float | None = None
+    context_as_of: TradeSetupContextAsOfResponse | None = None
     recommendation_summary: RecommendationSummaryResponse | None = None

app/schemas/watchlist.py

@@ -32,6 +32,7 @@ class WatchlistEntryResponse(BaseModel):
     dimensions: list[DimensionScoreSummary] = []
     rr_ratio: float | None = None
     rr_direction: str | None = None
+    momentum_percentile: float | None = None
     sr_levels: list[SRLevelSummary] = []
     last_close: float | None = None
     change_pct: float | None = None

app/services/admin_service.py

@@ -39,10 +39,9 @@ SUPPORTED_TICKER_UNIVERSES = {"sp500", "nasdaq100", "nasdaq_all"}
 # Track Record's qualified stats. The outcome evaluator deliberately ignores
 # these — every setup is evaluated so the gate itself can be validated.
 #
-# The core test is expected value (in R): probability-weighted asymmetry, so a
-# fat-but-improbable target and a likely-but-thin one are both rejected. R:R and
-# confidence are floors; high-conviction / clean-read / target-probability are
-# optional tighteners (off by default — turn on to be more selective).
+# The core selection is residual cross-sectional 12-1 momentum (top percentile
+# of the universe, long-only). R:R and confidence are floors; high-conviction /
+# clean-read are optional tighteners (off by default).
 _ACTIVATION_FLOAT_KEYS: dict[str, str] = {
     "min_momentum_percentile": "activation_min_momentum_percentile",
     "min_rr": "activation_min_rr",
@@ -51,13 +50,20 @@ _ACTIVATION_FLOAT_KEYS: dict[str, str] = {
 _ACTIVATION_BOOL_KEYS: dict[str, str] = {
     "require_high_conviction": "activation_require_high_conviction",
     "exclude_conflicts": "activation_exclude_conflicts",
+    "exclude_neutral": "activation_exclude_neutral",
 }
 ACTIVATION_DEFAULTS: dict[str, float | bool] = {
     "min_momentum_percentile": 80.0,
     "min_rr": 1.2,
-    "min_confidence": 55.0,
+    # 0 = off. The July 2026 gate ablation showed the confidence floor added
+    # nothing (identical net/trade with it removed, under both exit models)
+    # while cutting ~25% of qualified trades.
+    "min_confidence": 0.0,
     "require_high_conviction": False,
     "exclude_conflicts": False,
+    # On by default: a NEUTRAL ("no clear setup") recommendation isn't an
+    # actionable signal, so it shouldn't qualify or be crowned a top pick.
+    "exclude_neutral": True,
 }
 
 
@@ -512,6 +518,7 @@ async def get_pipeline_readiness(db: AsyncSession) -> list[dict]:
 VALID_JOB_NAMES = {
     "data_collector",
     "data_backfill",
+    "benchmark_collector",
     "sentiment_collector",
     "fundamental_collector",
     "rr_scanner",
@@ -529,6 +536,7 @@ VALID_JOB_NAMES = {
 JOB_LABELS = {
     "data_collector": "Data Collector (OHLCV)",
     "data_backfill": "Data Backfill (deep history)",
+    "benchmark_collector": "Benchmark Collector",
     "sentiment_collector": "Sentiment Collector",
     "fundamental_collector": "Fundamental Collector",
     "rr_scanner": "R:R Scanner",
@@ -546,6 +554,7 @@ JOB_LABELS = {
 # Jobs driven by the daily_pipeline (in order) rather than their own timer.
 PIPELINE_MEMBERS = {
     "data_collector",
+    "benchmark_collector",
     "sentiment_collector",
     "rr_scanner",
     "outcome_evaluator",

app/services/alert_service.py

@@ -26,6 +26,7 @@ from sqlalchemy.ext.asyncio import AsyncSession
 from app.config import settings
 from app.models.alert import AlertLog
 from app.models.ohlcv import OHLCVRecord
+from app.models.paper_trade import PaperTrade
 from app.models.score import CompositeScore
 from app.models.sr_level import SRLevel
 from app.models.ticker import Ticker
@@ -46,6 +47,8 @@ KEY_QUALIFIED = "alerts_qualified_enabled"
 KEY_SR = "alerts_sr_proximity_enabled"
 KEY_SCORE_DROP = "alerts_score_drop_enabled"
 KEY_DIGEST = "alerts_digest_enabled"
+KEY_REGIME_QUADRANT = "alerts_regime_quadrant_enabled"
+KEY_TRADE_CLOSED = "alerts_trade_closed_enabled"
 
 _BOOL_DEFAULTS = {
     KEY_ENABLED: False,
@@ -53,8 +56,16 @@ _BOOL_DEFAULTS = {
     KEY_SR: True,
     KEY_SCORE_DROP: True,
     KEY_DIGEST: True,
+    KEY_REGIME_QUADRANT: True,
+    KEY_TRADE_CLOSED: True,
 }
 
+# Paper-trade auto-close alert: catch every close at least once (the job runs
+# hourly), then never re-send the same trade (a huge cooldown ≈ once-per-trade).
+CLOSED_LOOKBACK_HOURS = 26
+CLOSED_ALERT_COOLDOWN_HOURS = 24 * 365 * 5
+TRADE_CLOSED_TYPE = "trade_closed"
+
 # Tunables (kept as constants for now; promote to settings if needed)
 SR_PROXIMITY_PCT = 2.0      # within this % of a strong zone → alert
 SR_MIN_STRENGTH = 60        # only strong zones are alert-worthy
@@ -64,6 +75,31 @@ COOLDOWN_HOURS = 72         # don't re-send the same key within this window
 DIGEST_HOUR_UTC = 22        # send the daily digest on the first run at/after this hour
 
 WATERMARK_TYPE = "score_watermark"
+SIGNAL_BUNDLE_ALERT_TYPES = ("qualified", "sr_proximity", "score_drop")
+SIGNAL_BUNDLE_SECTIONS = (
+    ("qualified", "Qualified setups"),
+    ("sr_proximity", "Near support/resistance"),
+    ("score_drop", "Score drops"),
+)
+SIGNAL_BUNDLE_MAX_CHARS = 3900  # Telegram limit is 4096; keep room for HTML parsing
+
+# Regime quadrant-change alert: (regime index x early-warning) quadrant.
+# Hysteresis (a deadband around each divider) stops a point sitting on a boundary
+# from flip-flopping; the cooldown caps how often a genuine change can re-alert.
+QUAD_TYPE = "regime_quadrant"
+QUAD_X_DIV = 40.0           # regime index divider (matches the frontend quadrant)
+QUAD_Y_DIV = 60.0           # early-warning divider
+QUAD_MARGIN = 5.0           # half-width of the hysteresis deadband around each divider
+QUAD_COOLDOWN_DAYS = 3      # min days between quadrant-change alerts
+QUAD_LABELS = {
+    "1": "① Hot & brittle",
+    "2": "② Transition",
+    "3": "③ Healthy & broad",
+    "4": "④ Real downturn",
+}
+
+AlertItem = tuple[str, str, str]  # alert_type, dedup_key, text
+AlertLogRef = tuple[str, str]     # alert_type, dedup_key
 
 
 def _as_bool(value: str | None, default: bool) -> bool:
@@ -73,7 +109,7 @@ def _as_bool(value: str | None, default: bool) -> bool:
 
 
 async def _resolve(db: AsyncSession) -> dict:
-    keys = [KEY_ENABLED, KEY_TOKEN, KEY_CHAT_ID, KEY_QUALIFIED, KEY_SR, KEY_SCORE_DROP, KEY_DIGEST]
+    keys = [KEY_ENABLED, KEY_TOKEN, KEY_CHAT_ID, KEY_QUALIFIED, KEY_SR, KEY_SCORE_DROP, KEY_DIGEST, KEY_REGIME_QUADRANT, KEY_TRADE_CLOSED]
     stored = await settings_store.get_map(db, keys)
 
     db_token = (stored.get(KEY_TOKEN) or "").strip()
@@ -95,6 +131,8 @@ async def _resolve(db: AsyncSession) -> dict:
         "sr": _as_bool(stored.get(KEY_SR), _BOOL_DEFAULTS[KEY_SR]),
         "score_drop": _as_bool(stored.get(KEY_SCORE_DROP), _BOOL_DEFAULTS[KEY_SCORE_DROP]),
         "digest": _as_bool(stored.get(KEY_DIGEST), _BOOL_DEFAULTS[KEY_DIGEST]),
+        "regime_quadrant": _as_bool(stored.get(KEY_REGIME_QUADRANT), _BOOL_DEFAULTS[KEY_REGIME_QUADRANT]),
+        "trade_closed": _as_bool(stored.get(KEY_TRADE_CLOSED), _BOOL_DEFAULTS[KEY_TRADE_CLOSED]),
     }
 
 
@@ -110,6 +148,8 @@ async def get_alert_config(db: AsyncSession) -> dict:
         "sr_proximity_enabled": r["sr"],
         "score_drop_enabled": r["score_drop"],
         "digest_enabled": r["digest"],
+        "regime_quadrant_enabled": r["regime_quadrant"],
+        "trade_closed_enabled": r["trade_closed"],
     }
 
 
@@ -123,6 +163,8 @@ async def update_alert_config(
     sr_proximity_enabled: bool | None = None,
     score_drop_enabled: bool | None = None,
     digest_enabled: bool | None = None,
+    regime_quadrant_enabled: bool | None = None,
+    trade_closed_enabled: bool | None = None,
 ) -> dict:
     """Persist config. An empty/omitted bot_token leaves the stored token intact."""
     bool_updates = {
@@ -131,6 +173,8 @@ async def update_alert_config(
         KEY_SR: sr_proximity_enabled,
         KEY_SCORE_DROP: score_drop_enabled,
         KEY_DIGEST: digest_enabled,
+        KEY_REGIME_QUADRANT: regime_quadrant_enabled,
+        KEY_TRADE_CLOSED: trade_closed_enabled,
     }
     for key, val in bool_updates.items():
         if val is not None:
@@ -220,19 +264,37 @@ async def _watchlist_tickers(db: AsyncSession) -> list[tuple[int, str]]:
 
 
 async def _qualified_setups(db: AsyncSession) -> list[dict]:
-    setups = await get_trade_setups(db)
+    # live_recommendation: gate and format on current score/sentiment context,
+    # not the values frozen into the setup at scan time.
+    setups = await get_trade_setups(db, live_recommendation=True)
     config = await get_activation_config(db)
     return [s for s in setups if setup_qualifies(SimpleNamespace(**s), config)]
 
 
+def _fmt_price(value: float | int | None) -> str:
+    return "n/a" if value is None else f"{float(value):.2f}"
+
+
+def _fmt_signed_move(from_price: float | int | None, to_price: float | int | None) -> str:
+    if from_price is None or to_price is None:
+        return "n/a"
+    from_float = float(from_price)
+    if from_float == 0:
+        return "n/a"
+    pct = (float(to_price) - from_float) / from_float * 100.0
+    return f"{pct:+.1f}%"
+
+
 def _format_qualified(s: dict) -> str:
     prob = best_target_probability(SimpleNamespace(**s))
     arrow = "🟢" if s["direction"] == "long" else "🔴"
+    current = s.get("current_price") or s.get("entry_price")
     return (
-        f"{arrow} <b>{s['symbol']} {s['direction'].upper()}</b> — qualified setup\n"
-        f"entry {s['entry_price']:.2f} → target {s['target']:.2f} "
-        f"(R:R {s['rr_ratio']:.1f}:1)\n"
-        f"confidence {(s.get('confidence_score') or 0):.0f}% · P(target) {prob:.0f}%"
+        f"{arrow} <b>{s['symbol']} {s['direction'].upper()}</b> | "
+        f"now {_fmt_price(current)} | entry {_fmt_price(s['entry_price'])} | "
+        f"target {_fmt_price(s['target'])} ({_fmt_signed_move(current, s['target'])}) | "
+        f"stop {_fmt_price(s['stop_loss'])} | R:R {s['rr_ratio']:.1f} | "
+        f"conf {(s.get('confidence_score') or 0):.0f}% | P(target) {prob:.0f}%"
     )
 
 
@@ -255,6 +317,34 @@ async def _latest_close(db: AsyncSession, ticker_id: int) -> float | None:
     return float(row[0]) if row else None
 
 
+def _sr_zone_label(zone: dict) -> str:
+    return (
+        f"{zone['low']:.2f}–{zone['high']:.2f}"
+        if zone["level_count"] > 1
+        else f"{zone['midpoint']:.2f}"
+    )
+
+
+def _sr_touch_price(zone: dict, current_price: float) -> float:
+    low = float(zone["low"])
+    high = float(zone["high"])
+    if current_price < low:
+        return low
+    if current_price > high:
+        return high
+    return float(zone["midpoint"])
+
+
+def _format_sr_proximity(symbol: str, zone: dict, current_price: float) -> str:
+    touch_price = _sr_touch_price(zone, current_price)
+    return (
+        f"📍 <b>{symbol}</b> {zone['type']} | "
+        f"now {_fmt_price(current_price)} -> {_sr_zone_label(zone)} "
+        f"({_fmt_signed_move(current_price, touch_price)}) | "
+        f"strength {float(zone['strength']):.0f}"
+    )
+
+
 async def _collect_sr_proximity(db: AsyncSession) -> list[tuple[str, str]]:
     """One alert per watchlist ticker for the NEAREST strong S/R zone within range.
 
@@ -284,21 +374,12 @@ async def _collect_sr_proximity(db: AsyncSession) -> list[tuple[str, str]]:
 
         # Nearest strong zone only.
         nearest = min(strong, key=lambda z: abs(price - z["midpoint"]))
-        dist_pct = abs(price - nearest["midpoint"]) / price * 100
+        dist_pct = abs(price - _sr_touch_price(nearest, price)) / price * 100
         if dist_pct > SR_PROXIMITY_PCT:
             continue
 
-        label = (
-            f"{nearest['low']:.2f}–{nearest['high']:.2f}"
-            if nearest["level_count"] > 1
-            else f"{nearest['midpoint']:.2f}"
-        )
         key = f"sr:{symbol}:{nearest['type']}"  # one per side per ticker per cooldown
-        out.append((
-            key,
-            f"📍 <b>{symbol}</b> approaching {nearest['type']} {label} "
-            f"(now {price:.2f}, {dist_pct:.1f}% away)",
-        ))
+        out.append((key, _format_sr_proximity(symbol, nearest, price)))
     return out
 
 
@@ -355,13 +436,210 @@ async def _collect_digest(db: AsyncSession) -> tuple[str, str] | None:
             )
     else:
         lines.append("No qualified setups today.")
+
+    # Open paper trades: unrealized gain + the live trailing stop and how far away.
+    from app.services import paper_trade_service
+
+    open_trades = await paper_trade_service.list_trades(db, status="open")
+    if open_trades:
+        lines.append("")
+        lines.append(f"💼 <b>{len(open_trades)} open trade(s):</b>")
+        for t in open_trades:
+            entry = t["entry_price"]
+            cur = t.get("current_price")
+            sign = 1.0 if t["direction"] == "long" else -1.0
+            if cur and entry:
+                gain_pct = (cur - entry) / entry * 100.0 * sign
+                gain_usd = (cur - entry) * t["shares"] * sign
+                gain = f"{gain_pct:+.1f}% ({'+' if gain_usd >= 0 else '−'}${abs(gain_usd):.0f})"
+            else:
+                gain = "n/a"
+            ts = t.get("trailing_stop")
+            if ts is not None:
+                dist = t.get("trailing_distance_pct")
+                stop_txt = f"trail {ts:.2f}" + (f" ({dist:.1f}% away)" if dist is not None else "")
+            else:
+                stop_txt = f"stop {t['stop_loss']:.2f}"
+            lines.append(f"• {t['symbol']} {t['direction'].upper()} {gain} · {stop_txt}")
+
     return key, "\n".join(lines)
 
 
+# ---------------------------------------------------------------------------
+# Paper-trade close trigger (one summary per auto-closed trade)
+# ---------------------------------------------------------------------------
+
+def _format_closed_trade(trade: PaperTrade, symbol: str) -> str:
+    sign = 1.0 if trade.direction == "long" else -1.0
+    entry = trade.entry_price
+    exit_price = trade.close_price if trade.close_price is not None else entry
+    per_share = (exit_price - entry) * sign
+    pnl_pct = (per_share / entry * 100.0) if entry else 0.0
+    pnl_usd = per_share * trade.shares
+    risk = abs(entry - trade.stop_loss)
+    r_mult = (per_share / risk) if risk > 0 else None
+    win = per_share > 0
+    money = f"{'+' if pnl_usd >= 0 else '−'}${abs(pnl_usd):.2f}"
+    r_txt = f" · {r_mult:+.2f}R" if r_mult is not None else ""
+    days = (trade.closed_at - trade.opened_at).days if (trade.closed_at and trade.opened_at) else None
+    held = f" · held {days}d" if days is not None else ""
+    reason = {"trailing": "trailing stop", "stop": "stop-loss", "target": "target"}.get(
+        trade.close_reason or "", trade.close_reason or "closed"
+    )
+    return (
+        f"{'✅' if win else '🔴'} <b>{symbol} {trade.direction.upper()} closed</b> ({reason})\n"
+        f"{pnl_pct:+.1f}% · {money}{r_txt}{held}\n"
+        f"{entry:.2f} → {exit_price:.2f}"
+    )
+
+
+async def _collect_closed_trades(db: AsyncSession) -> list[tuple[str, str]]:
+    """One alert per auto-closed paper trade (trailing / stop / target). Manual
+    closes are skipped — you already know about those. Dedup is by trade id."""
+    cutoff = datetime.now(timezone.utc) - timedelta(hours=CLOSED_LOOKBACK_HOURS)
+    result = await db.execute(
+        select(PaperTrade, Ticker.symbol)
+        .join(Ticker, PaperTrade.ticker_id == Ticker.id)
+        .where(
+            PaperTrade.status == "closed",
+            PaperTrade.closed_at.is_not(None),
+            PaperTrade.closed_at > cutoff,
+            PaperTrade.close_reason.in_(("trailing", "stop", "target")),
+        )
+        .order_by(PaperTrade.closed_at.desc())
+    )
+    return [(str(trade.id), _format_closed_trade(trade, symbol)) for trade, symbol in result.all()]
+
+
+# ---------------------------------------------------------------------------
+# Regime quadrant-change trigger (hysteresis + cooldown)
+# ---------------------------------------------------------------------------
+
+def _bools_to_quadrant(x_high: bool, y_high: bool) -> str:
+    if y_high:
+        return "2" if x_high else "1"   # ② Transition / ① Hot & brittle
+    return "4" if x_high else "3"       # ④ Real downturn / ③ Healthy & broad
+
+
+def _quadrant_to_bools(q: str) -> tuple[bool, bool]:
+    return {"1": (False, True), "2": (True, True), "3": (False, False), "4": (True, False)}[q]
+
+
+def _classify_quadrant(x: float, y: float, prev: str | None, margin: float = QUAD_MARGIN) -> str:
+    """Quadrant of (regime index x, early warning y), with per-axis hysteresis.
+
+    Each axis only flips once the value crosses its divider by ``margin`` in the
+    new direction, so a point parked on a divider keeps its current quadrant
+    instead of flip-flopping. ``prev`` None means a fresh (no-hysteresis) classify.
+    """
+    if prev is None:
+        return _bools_to_quadrant(x >= QUAD_X_DIV, y >= QUAD_Y_DIV)
+    px, py = _quadrant_to_bools(prev)
+    x_high = (x >= QUAD_X_DIV - margin) if px else (x >= QUAD_X_DIV + margin)
+    y_high = (y >= QUAD_Y_DIV - margin) if py else (y >= QUAD_Y_DIV + margin)
+    return _bools_to_quadrant(x_high, y_high)
+
+
+async def _last_quadrant(db: AsyncSession) -> tuple[str | None, datetime | None]:
+    """Most recently logged quadrant (and when), our baseline for change + cooldown."""
+    result = await db.execute(
+        select(AlertLog.dedup_key, AlertLog.created_at)
+        .where(AlertLog.alert_type == QUAD_TYPE)
+        .order_by(AlertLog.created_at.desc())
+        .limit(1)
+    )
+    row = result.first()
+    return (row[0], row[1]) if row else (None, None)
+
+
+async def _collect_regime_quadrant(db: AsyncSession) -> list[tuple[str, str]]:
+    """Alert once when the regime quadrant changes (hysteresis + cooldown).
+
+    Seeds silently on first run. Thereafter alerts only when the
+    hysteresis-confirmed quadrant differs from the last logged one AND the
+    cooldown has elapsed. The dispatch loop logs the new quadrant on send, which
+    becomes the next baseline and resets the cooldown clock.
+    """
+    from app.services.regime_monitor_service import get_regime_monitor
+
+    data = await get_regime_monitor(db)
+    if not data.get("available"):
+        return []
+    x = data.get("total_score")
+    y = (data.get("early_warning") or {}).get("score")
+    if x is None or y is None:
+        return []
+
+    prev, prev_time = await _last_quadrant(db)
+    if prev is None:
+        _log_alert(db, QUAD_TYPE, _classify_quadrant(x, y, None))  # seed, no alert
+        return []
+
+    new_q = _classify_quadrant(x, y, prev)
+    if new_q == prev:
+        return []
+
+    if prev_time is not None:
+        if prev_time.tzinfo is None:
+            prev_time = prev_time.replace(tzinfo=timezone.utc)
+        if datetime.now(timezone.utc) - prev_time < timedelta(days=QUAD_COOLDOWN_DAYS):
+            return []  # genuine change, but inside the cooldown — stay quiet
+
+    text = (
+        f"🧭 <b>Regime quadrant change</b>\n"
+        f"{QUAD_LABELS.get(prev, prev)} → {QUAD_LABELS.get(new_q, new_q)}\n"
+        f"regime {x:.0f} · early-warning {y:.0f}"
+    )
+    return [(new_q, text)]
+
+
 # ---------------------------------------------------------------------------
 # Dispatch
 # ---------------------------------------------------------------------------
 
+def _signal_bundle_messages(items: list[AlertItem]) -> list[tuple[list[AlertLogRef], str]]:
+    if not items:
+        return []
+
+    by_type: dict[str, list[AlertItem]] = {key: [] for key in SIGNAL_BUNDLE_ALERT_TYPES}
+    for item in items:
+        by_type.setdefault(item[0], []).append(item)
+
+    total = sum(len(group) for group in by_type.values())
+    header = f"📣 <b>Signal run</b> — {total} new alert(s)"
+    bundles: list[tuple[list[AlertLogRef], str]] = []
+    lines = [header]
+    logs: list[AlertLogRef] = []
+    current_section: str | None = None
+
+    def flush() -> None:
+        nonlocal lines, logs, current_section
+        if logs:
+            bundles.append((logs.copy(), "\n".join(lines)))
+        lines = [f"{header} (continued)"]
+        logs = []
+        current_section = None
+
+    for alert_type, section_title in SIGNAL_BUNDLE_SECTIONS:
+        for item_type, key, text in by_type.get(alert_type, []):
+            block: list[str] = []
+            if current_section != alert_type:
+                block.extend(["", f"<b>{section_title}</b>"])
+            block.append(text)
+
+            if logs and len("\n".join(lines + block)) > SIGNAL_BUNDLE_MAX_CHARS:
+                flush()
+                block = ["", f"<b>{section_title}</b>", text]
+
+            lines.extend(block)
+            logs.append((item_type, key))
+            current_section = alert_type
+
+    if logs:
+        bundles.append((logs.copy(), "\n".join(lines)))
+    return bundles
+
+
 async def dispatch_alerts(db: AsyncSession) -> dict:
     """Gather all enabled triggers, dedup, and push to Telegram. Job entrypoint."""
     cfg = await _resolve(db)
@@ -370,31 +648,52 @@ async def dispatch_alerts(db: AsyncSession) -> dict:
     if not cfg["token"] or not cfg["chat_id"]:
         return {"status": "no_credentials", "sent": 0}
 
-    outgoing: list[tuple[str, str, str]] = []  # (alert_type, key, text)
+    signal_outgoing: list[AlertItem] = []
+    outgoing: list[AlertItem] = []
 
     if cfg["qualified"]:
         for key, text in await _collect_qualified(db):
             if not await _recently_alerted(db, "qualified", key):
-                outgoing.append(("qualified", key, text))
+                signal_outgoing.append(("qualified", key, text))
 
     if cfg["sr"]:
         for key, text in await _collect_sr_proximity(db):
             if not await _recently_alerted(db, "sr_proximity", key):
-                outgoing.append(("sr_proximity", key, text))
+                signal_outgoing.append(("sr_proximity", key, text))
 
     if cfg["score_drop"]:
         # also seeds/advances watermarks as a side effect
         for key, text in await _collect_score_drops(db):
-            outgoing.append(("score_drop", key, text))
+            signal_outgoing.append(("score_drop", key, text))
 
     if cfg["digest"]:
         digest = await _collect_digest(db)
         if digest is not None:
             outgoing.append(("digest", digest[0], digest[1]))
 
+    if cfg["regime_quadrant"]:
+        # cooldown/hysteresis handled in the collector (like score drops)
+        for key, text in await _collect_regime_quadrant(db):
+            outgoing.append((QUAD_TYPE, key, text))
+
+    if cfg["trade_closed"]:
+        for key, text in await _collect_closed_trades(db):
+            if not await _recently_alerted(db, TRADE_CLOSED_TYPE, key, cooldown_hours=CLOSED_ALERT_COOLDOWN_HOURS):
+                outgoing.append((TRADE_CLOSED_TYPE, key, text))
+
     sent = 0
-    if outgoing:
+    candidates = len(signal_outgoing) + len(outgoing)
+    if signal_outgoing or outgoing:
         async with httpx.AsyncClient(timeout=15) as client:
+            for log_refs, text in _signal_bundle_messages(signal_outgoing):
+                try:
+                    await _send(client, cfg["token"], cfg["chat_id"], text)
+                    for alert_type, key in log_refs:
+                        _log_alert(db, alert_type, key)
+                    sent += 1
+                except Exception:
+                    logger.exception("Failed to send signal alert bundle")
+
             for alert_type, key, text in outgoing:
                 try:
                     await _send(client, cfg["token"], cfg["chat_id"], text)
@@ -404,7 +703,7 @@ async def dispatch_alerts(db: AsyncSession) -> dict:
                     logger.exception("Failed to send alert %s", key)
 
     await db.commit()  # persist watermark seeds/advances and sent-logs
-    return {"status": "ok", "sent": sent, "candidates": len(outgoing)}
+    return {"status": "ok", "sent": sent, "candidates": candidates}
 
 
 async def send_test_alert(db: AsyncSession) -> dict:

app/services/benchmark_service.py

@@ -0,0 +1,101 @@
+"""Benchmark price store + alpha helpers.
+
+Fetches the S&P 500 proxy (SPY) daily closes via Alpaca and persists them, so
+paper-trade alpha — a trade's return minus the benchmark's return over the same
+holding period — can be computed. The benchmark is a standalone series, NOT a
+tracked ``Ticker``; its closes feed residual momentum and alpha, but it never
+becomes a trade candidate or rankings-table row.
+"""
+
+from __future__ import annotations
+
+import bisect
+import logging
+from datetime import date, timedelta
+
+from sqlalchemy import select
+from sqlalchemy.ext.asyncio import AsyncSession
+
+from app.config import settings
+from app.models.benchmark_price import BenchmarkPrice
+from app.providers.alpaca import AlpacaOHLCVProvider
+
+logger = logging.getLogger(__name__)
+
+BENCHMARK_SYMBOL = "SPY"
+# ~800 calendar days ≈ 550 trading days — comfortably covers any realistic paper
+# holding period plus a margin for the nearest-prior-trading-day lookup.
+_HISTORY_DAYS = 800
+
+
+async def refresh_benchmark_prices(
+    db: AsyncSession, symbol: str = BENCHMARK_SYMBOL, days: int = _HISTORY_DAYS
+) -> int:
+    """Fetch the benchmark's daily closes and upsert them. Returns rows written.
+
+    Idempotent: inserts new dates, updates a close only if it changed (e.g. after
+    a split adjustment). Best-effort — returns 0 when Alpaca keys are unset.
+    """
+    if not settings.alpaca_api_key or not settings.alpaca_api_secret:
+        logger.warning("Benchmark refresh skipped: Alpaca keys not configured")
+        return 0
+
+    provider = AlpacaOHLCVProvider(settings.alpaca_api_key, settings.alpaca_api_secret)
+    end = date.today()
+    start = end - timedelta(days=days)
+    bars = await provider.fetch_ohlcv(symbol, start, end)
+
+    existing = {
+        row.date: row
+        for row in (
+            await db.execute(select(BenchmarkPrice).where(BenchmarkPrice.symbol == symbol))
+        ).scalars()
+    }
+
+    written = 0
+    for bar in bars:
+        current = existing.get(bar.date)
+        if current is None:
+            db.add(BenchmarkPrice(symbol=symbol, date=bar.date, close=float(bar.close)))
+            written += 1
+        elif abs(current.close - float(bar.close)) > 1e-9:
+            current.close = float(bar.close)
+            written += 1
+
+    if written:
+        await db.commit()
+    logger.info("Benchmark %s refreshed: %d rows written", symbol, written)
+    return written
+
+
+async def load_benchmark_closes(
+    db: AsyncSession, symbol: str = BENCHMARK_SYMBOL
+) -> dict[date, float]:
+    """Return ``{date: close}`` for the benchmark (empty if none stored yet)."""
+    rows = await db.execute(
+        select(BenchmarkPrice.date, BenchmarkPrice.close).where(BenchmarkPrice.symbol == symbol)
+    )
+    return {d: float(c) for d, c in rows.all()}
+
+
+def benchmark_return_pct(
+    closes: dict[date, float], open_date: date, as_of_date: date
+) -> float | None:
+    """Benchmark % return between two dates, using the nearest close on/before each.
+
+    Returns ``None`` when there's no benchmark data at or before either endpoint
+    (e.g. a trade opened before the stored history, or the table is empty).
+    """
+    if not closes:
+        return None
+    dates = sorted(closes)
+
+    def _close_on_or_before(target: date) -> float | None:
+        idx = bisect.bisect_right(dates, target) - 1
+        return closes[dates[idx]] if idx >= 0 else None
+
+    start = _close_on_or_before(open_date)
+    end = _close_on_or_before(as_of_date)
+    if start is None or end is None or start == 0:
+        return None
+    return (end - start) / start * 100.0

app/services/event_study_service.py

@@ -34,12 +34,15 @@ logger = logging.getLogger(__name__)
 
 KEY_REPORT = "regime_event_study"
 
-# Defaults — admin-tunable later if needed.
-EVENT_THRESHOLD_PCT = 15.0   # drawdown from the 52w high that counts as a "break"
-RECOVER_PCT = 5.0            # must recover to within this of the high before a new event
+# Defaults. The 15% threshold gave only 2 events in 5y (statistically useless),
+# so the default is lower with a cooldown-based dedup to surface more, cleaner
+# events. Each indicator "warns" at its OWN 80th percentile rather than a shared
+# absolute level, so the leading vs. coincident comparison is fair across scales.
+EVENT_THRESHOLD_PCT = 10.0   # drawdown from the 52w high that counts as a "break"
+COOLDOWN_DAYS = 40          # min trading days between event onsets (dedup)
 DRAWDOWN_LOOKBACK = 252      # 52-week trailing high
 HORIZON_DAYS = 20           # signal-centered prediction horizon
-WARN_THRESHOLD = 60.0       # indicator level treated as "warning on"
+WARN_PERCENTILE = 80.0      # each indicator warns at its own Nth percentile
 PRE, POST = 60, 20          # event-centered window (trading days)
 
 
@@ -52,6 +55,17 @@ def _median(values: list[float]) -> float | None:
     return float(s[mid]) if n % 2 else (s[mid - 1] + s[mid]) / 2.0
 
 
+def _percentile(values: list[float], pct: float) -> float | None:
+    """Linear-interpolated percentile of the non-None values."""
+    vals = sorted(v for v in values if v is not None)
+    if not vals:
+        return None
+    k = (len(vals) - 1) * (pct / 100.0)
+    lo = int(k)
+    hi = min(lo + 1, len(vals) - 1)
+    return vals[lo] + (vals[hi] - vals[lo]) * (k - lo)
+
+
 # ---------------------------------------------------------------------------
 # Event detection
 # ---------------------------------------------------------------------------
@@ -61,22 +75,23 @@ def detect_events(
     dates: list[date],
     threshold_pct: float = EVENT_THRESHOLD_PCT,
     lookback: int = DRAWDOWN_LOOKBACK,
-    recover_pct: float = RECOVER_PCT,
+    cooldown: int = COOLDOWN_DAYS,
 ) -> list[dict]:
-    """Drawdown events: ``t0`` = first day the drawdown from the trailing 52w high
-    crosses ``threshold_pct``. De-duplicated — a new event needs a recovery back to
-    within ``recover_pct`` of the high first (so one decline = one event)."""
+    """Drawdown events: ``t0`` = a day the drawdown from the trailing 52w high
+    crosses up through ``threshold_pct`` (rising edge). De-duplicated by a
+    ``cooldown`` of trading days, so a continuous decline counts once but distinct
+    drawdowns separated by a recovery each register."""
     events: list[dict] = []
-    in_event = False
+    prev_dd = 0.0
+    last_event = -10**9
     for i in range(len(closes)):
         window = closes[max(0, i - lookback + 1): i + 1]
         hi = max(window)
         dd = (hi - closes[i]) / hi * 100.0 if hi > 0 else 0.0
-        if not in_event and dd >= threshold_pct:
+        if dd >= threshold_pct and prev_dd < threshold_pct and (i - last_event) >= cooldown:
             events.append({"date": dates[i].isoformat(), "index": i, "depth_pct": round(dd, 1)})
-            in_event = True
-        elif in_event and dd <= recover_pct:
-            in_event = False
+            last_event = i
+        prev_dd = dd
     return events
 
 
@@ -84,23 +99,9 @@ def detect_events(
 # Event-centered: lead time + mean path
 # ---------------------------------------------------------------------------
 
-def event_centered(
-    indicator: dict[date, float],
-    events_idx: list[int],
-    dates: list[date],
-    pre: int = PRE,
-    post: int = POST,
-    threshold: float = WARN_THRESHOLD,
-) -> dict:
-    """Align the indicator at each event's ``t0`` and measure how early it warned.
-
-    Lead = the earliest day within ``[t0-pre, t0]`` at which the indicator first
-    crosses ``threshold``. Also returns the cross-event mean path.
-    """
-    leads: list[float] = []
-    sums: dict[int, float] = {}
-    counts: dict[int, int] = {}
-    for t0 in events_idx:
+def _lead(indicator: dict[date, float], t0: int, dates: list[date], pre: int, threshold: float) -> int | None:
+    """Earliest day within ``[t0-pre, t0]`` at which the indicator crosses
+    ``threshold`` — i.e. how many days of warning before the event, or None."""
     lead: int | None = None
     for k in range(0, pre + 1):
         idx = t0 - k
@@ -109,6 +110,27 @@ def event_centered(
         v = indicator.get(dates[idx])
         if v is not None and v >= threshold:
             lead = k  # keep going: the largest k = earliest warning in the window
+    return lead
+
+
+def event_centered(
+    indicator: dict[date, float],
+    events_idx: list[int],
+    dates: list[date],
+    pre: int = PRE,
+    post: int = POST,
+    threshold: float = 60.0,
+) -> dict:
+    """Align the indicator at each event's ``t0`` and measure how early it warned.
+
+    Lead time is measured against ``threshold`` (each indicator gets its own,
+    derived from its distribution). Also returns the cross-event mean path.
+    """
+    leads: list[float] = []
+    sums: dict[int, float] = {}
+    counts: dict[int, int] = {}
+    for t0 in events_idx:
+        lead = _lead(indicator, t0, dates, pre, threshold)
         if lead is not None:
             leads.append(lead)
         for rel in range(-pre, post + 1):
@@ -125,6 +147,7 @@ def event_centered(
         "median_lead_days": _median(leads),
         "events_with_signal": len(leads),
         "events_total": len(events_idx),
+        "warn_threshold": round(threshold, 1),
         "mean_path": mean_path,
     }
 
@@ -211,7 +234,8 @@ async def run_event_study(
     db: AsyncSession,
     threshold_pct: float = EVENT_THRESHOLD_PCT,
     horizon: int = HORIZON_DAYS,
-    warn_threshold: float = WARN_THRESHOLD,
+    cooldown: int = COOLDOWN_DAYS,
+    warn_percentile: float = WARN_PERCENTILE,
 ) -> dict:
     """Run the study: detect events on the benchmark, then measure breadth-divergence
     vs. the coincident price composite. Best-effort; returns available=False on no data."""
@@ -227,23 +251,40 @@ async def run_event_study(
 
     dates = [d for d, _ in bench]
     closes = [c for _, c in bench]
-    events = detect_events(closes, dates, threshold_pct)
+    events = detect_events(closes, dates, threshold_pct, cooldown=cooldown)
     events_idx = [e["index"] for e in events]
 
     breadth = await breadth_service.compute_breadth_series(db)
     divergence = breadth_service.compute_divergence_series(breadth, bench)
     coincident = _coincident_series(prices, dates, config)
 
-    def _evaluate(series: dict[date, float]) -> dict:
+    # Each indicator warns at its OWN distribution's percentile, so a leading
+    # indicator isn't penalised for living on a different scale than the baseline.
+    warn = {
+        "breadth_divergence": _percentile(list(divergence.values()), warn_percentile) or 60.0,
+        "coincident_price": _percentile(list(coincident.values()), warn_percentile) or 60.0,
+    }
+    series_by_key = {"breadth_divergence": divergence, "coincident_price": coincident}
+
+    def _evaluate(series: dict[date, float], threshold: float) -> dict:
         return {
-            **event_centered(series, events_idx, dates, threshold=warn_threshold),
+            **event_centered(series, events_idx, dates, threshold=threshold),
             "signal": signal_centered(series, events_idx, dates, horizon),
         }
 
-    indicators = {
-        "breadth_divergence": _evaluate(divergence),
-        "coincident_price": _evaluate(coincident),
+    indicators = {key: _evaluate(series_by_key[key], warn[key]) for key in series_by_key}
+
+    # Per-event comparison: which event, and each indicator's lead on THAT event —
+    # so a median over a tiny sample can't hide an apples-to-oranges comparison.
+    per_event = [
+        {
+            "date": e["date"],
+            "depth_pct": e["depth_pct"],
+            "breadth_lead": _lead(divergence, e["index"], dates, PRE, warn["breadth_divergence"]),
+            "coincident_lead": _lead(coincident, e["index"], dates, PRE, warn["coincident_price"]),
         }
+        for e in events
+    ]
 
     bd = indicators["breadth_divergence"]["median_lead_days"]
     cd = indicators["coincident_price"]["median_lead_days"]
@@ -261,11 +302,13 @@ async def run_event_study(
         "params": {
             "benchmark": leader,
             "event_threshold_pct": threshold_pct,
+            "cooldown_days": cooldown,
             "horizon_days": horizon,
-            "warn_threshold": warn_threshold,
+            "warn_percentile": warn_percentile,
         },
         "events": events,
         "indicators": indicators,
+        "per_event": per_event,
         "lead_delta_days": lead_delta,
         "recent_breadth": recent_breadth,
     }

app/services/ingestion_service.py

@@ -30,7 +30,7 @@ class IngestionResult:
     symbol: str
     records_ingested: int
     last_date: date | None
-    status: str  # "complete" | "partial" | "error"
+    status: str  # "complete" | "partial" | "error" | "no_data"
     message: str | None = None
 
 
@@ -143,6 +143,31 @@ async def fetch_and_ingest(
             message=str(exc),
         )
 
+    # Provider returned nothing. With no history at all this almost always means
+    # the provider doesn't cover this symbol (Alpaca = US listings only) — surface
+    # that instead of a misleading "success". With existing bars it just means
+    # there were no new bars in the requested window.
+    if not records:
+        existing = await _get_ohlcv_bar_count(db, ticker.id)
+        if existing == 0:
+            return IngestionResult(
+                symbol=ticker.symbol,
+                records_ingested=0,
+                last_date=None,
+                status="no_data",
+                message=(
+                    "No data returned by the provider — it may not cover this symbol "
+                    "(Alpaca serves US-listed securities only)."
+                ),
+            )
+        return IngestionResult(
+            symbol=ticker.symbol,
+            records_ingested=0,
+            last_date=None,
+            status="complete",
+            message="Already up to date — no new bars.",
+        )
+
     # Sort records by date to ensure ordered ingestion
     records.sort(key=lambda r: r.date)
 

app/services/momentum_service.py

@@ -1,17 +1,18 @@
-"""Cross-sectional 12-1 momentum ranking for the universe.
+"""Cross-sectional residual 12-1 momentum ranking for the universe.
 
 The activation gate selects the top ``min_momentum_percentile`` of the universe
-by 12-1 month momentum (return from ~12 months ago to ~1 month ago — the one
-price signal the backtest showed sorts forward returns). The daily scan ranks
-every ticker and stores each setup's percentile (see ``rr_scanner_service``), so
-the live list, the Track Record's qualified stats, and outcome evaluation all gate
-on the same value.
+by residual 12-1 month momentum: the stock's 12-1 return after subtracting its
+estimated benchmark beta contribution over the same formation window. The daily
+scan ranks every ticker and stores each setup's percentile (see
+``rr_scanner_service``), so the live list, the Track Record's qualified stats,
+and outcome evaluation all gate on the same value.
 """
 
 from __future__ import annotations
 
 import json
 import logging
+from datetime import date
 
 from sqlalchemy import select
 from sqlalchemy.ext.asyncio import AsyncSession
@@ -35,29 +36,101 @@ def compute_12_1_momentum(closes: list[float]) -> float | None:
     return None
 
 
+def compute_residual_12_1_momentum(
+    dates: list[date],
+    closes: list[float],
+    benchmark_closes: dict[date, float],
+) -> float | None:
+    """12-1 momentum after removing linear benchmark exposure.
+
+    Estimate beta from daily stock/benchmark returns over the standard 12-1
+    formation window, then sum stock return minus beta * benchmark return. No
+    intercept is subtracted: fitting an intercept over the same window would make
+    residuals sum to roughly zero and destroy the ranking signal.
+    """
+    i = len(closes) - 1
+    if not benchmark_closes or len(dates) != len(closes) or i - _MOM_LOOKBACK < 0:
+        return None
+
+    stock_rets: list[float] = []
+    market_rets: list[float] = []
+    for k in range(i - _MOM_LOOKBACK + 1, i - _MOM_SKIP + 1):
+        prev_close = closes[k - 1]
+        bench_prev = benchmark_closes.get(dates[k - 1])
+        bench_cur = benchmark_closes.get(dates[k])
+        if prev_close <= 0 or bench_prev is None or bench_cur is None or bench_prev <= 0:
+            continue
+        stock_rets.append(closes[k] / prev_close - 1.0)
+        market_rets.append(bench_cur / bench_prev - 1.0)
+
+    if len(stock_rets) < 100:
+        return None
+    mean_market = sum(market_rets) / len(market_rets)
+    mean_stock = sum(stock_rets) / len(stock_rets)
+    var_market = sum((x - mean_market) ** 2 for x in market_rets)
+    if var_market <= 0:
+        return None
+    cov = sum(
+        (stock_rets[k] - mean_stock) * (market_rets[k] - mean_market)
+        for k in range(len(stock_rets))
+    )
+    beta = cov / var_market
+    return sum(stock_rets[k] - beta * market_rets[k] for k in range(len(stock_rets)))
+
+
+async def _load_activation_benchmark(db: AsyncSession) -> dict[date, float]:
+    """Load SPY closes for residual momentum; refresh once if the table is empty."""
+    try:
+        from app.services.benchmark_service import load_benchmark_closes, refresh_benchmark_prices
+
+        closes = await load_benchmark_closes(db)
+        if closes:
+            return closes
+        await refresh_benchmark_prices(db)
+        return await load_benchmark_closes(db)
+    except Exception:
+        logger.exception("Residual momentum benchmark load failed; falling back to raw momentum")
+        return {}
+
+
 async def compute_momentum_percentiles(db: AsyncSession) -> dict[str, float]:
-    """Compute each ticker's 12-1 momentum and rank the universe into a
-    ``{symbol: percentile}`` map (0–100, 100 = strongest momentum). Tickers
-    without a full year of history are absent (can't be ranked)."""
+    """Compute each ticker's activation momentum rank.
+
+    Production uses residual 12-1 momentum when benchmark data is available. If
+    SPY data is absent, fall back to raw 12-1 momentum rather than disabling the
+    scanner. Tickers without enough stock/benchmark history are absent.
+    """
     result = await db.execute(select(Ticker).order_by(Ticker.symbol))
     tickers = list(result.scalars().all())
 
-    momentum: dict[str, float] = {}
+    benchmark_closes = await _load_activation_benchmark(db)
+    using_residual = len(benchmark_closes) >= _MOM_LOOKBACK
+
+    values: dict[str, float] = {}
     for ticker in tickers:
         try:
             records = await query_ohlcv(db, ticker.symbol)
         except Exception:
             logger.exception("Momentum fetch failed for %s", ticker.symbol)
             continue
-        m = compute_12_1_momentum([float(r.close) for r in records])
-        if m is not None:
-            momentum[ticker.symbol] = m
+        closes = [float(r.close) for r in records]
+        value = (
+            compute_residual_12_1_momentum([r.date for r in records], closes, benchmark_closes)
+            if using_residual
+            else compute_12_1_momentum(closes)
+        )
+        if value is not None:
+            values[ticker.symbol] = value
 
-    ranked = sorted(momentum, key=lambda s: momentum[s])
+    ranked = sorted(values, key=lambda s: values[s])
     n = len(ranked)
     percentiles = {
         sym: round((rank / (n - 1) * 100.0) if n > 1 else 100.0, 2)
         for rank, sym in enumerate(ranked)
     }
-    logger.info(json.dumps({"event": "momentum_ranked", "tickers": n}))
+    logger.info(json.dumps({
+        "event": "momentum_ranked",
+        "signal": "residual_12_1" if using_residual else "raw_12_1_fallback",
+        "tickers": n,
+    }))
     return percentiles

app/services/outcome_service.py

@@ -16,7 +16,7 @@ from __future__ import annotations
 
 import logging
 from dataclasses import dataclass
-from datetime import date, datetime, timezone
+from datetime import date, datetime, timedelta, timezone
 
 from sqlalchemy import select
 from sqlalchemy.ext.asyncio import AsyncSession
@@ -34,6 +34,13 @@ OUTCOME_EXPIRED = "expired"
 
 DEFAULT_MAX_BARS = 30
 
+# A setup's outcome is only unbiased once its full evaluation window has elapsed:
+# until then, near stops resolve as losses within days while far targets are still
+# pending, so a young sample skews sharply negative. Only count setups detected at
+# least this many CALENDAR days ago (~max_bars trading days, ×1.5 to cover
+# weekends/holidays). Younger setups are reported separately as "maturing".
+_MATURITY_DAYS = int(DEFAULT_MAX_BARS * 1.5)
+
 # Confidence buckets for the performance breakdown
 _CONFIDENCE_BUCKETS = [
     ("<50%", 0.0, 50.0),
@@ -183,7 +190,12 @@ async def get_performance_stats(
     db: AsyncSession,
     config: dict | None = None,
 ) -> dict:
-    """Aggregate outcome statistics over all evaluated trade setups.
+    """Aggregate outcome statistics over the *matured* evaluated trade setups.
+
+    Only setups whose full evaluation window has elapsed (see ``_MATURITY_DAYS``)
+    are counted, so the headline isn't dominated by quick stop-outs while slower
+    winners are still in flight. ``maturing`` reports how many are excluded for
+    being too young.
 
     avg_r is the expectancy per trade in R-multiples (win = +rr_ratio,
     loss = -1R, expired = 0R). A positive avg_r means the signals have
@@ -197,13 +209,23 @@ async def get_performance_stats(
     result = await db.execute(
         select(TradeSetup).where(TradeSetup.actual_outcome.is_not(None))
     )
-    evaluated = list(result.scalars().all())
+    evaluated_all = list(result.scalars().all())
+
+    # Matured cohort only — see _MATURITY_DAYS. Setups whose window hasn't fully
+    # elapsed are excluded so quick stop-outs can't drag the headline negative
+    # while their slower-to-resolve winners are still in flight.
+    cutoff_date = (datetime.now(timezone.utc) - timedelta(days=_MATURITY_DAYS)).date()
+    evaluated = [s for s in evaluated_all if s.detected_at.date() <= cutoff_date]
 
     pending_result = await db.execute(
         select(TradeSetup.id).where(TradeSetup.actual_outcome.is_(None))
     )
     pending_count = len(pending_result.scalars().all())
 
+    # Still inside their measurement window (excluded above so they can't bias the
+    # stats): young setups that already resolved + everything still pending.
+    maturing_count = (len(evaluated_all) - len(evaluated)) + pending_count
+
     if config is not None:
         qualified = [s for s in evaluated if setup_qualifies(s, config)]
     else:
@@ -229,6 +251,7 @@ async def get_performance_stats(
     return {
         "overall": _bucket_stats(qualified),
         "pending": pending_count,
+        "maturing": maturing_count,
         "by_direction": {k: _bucket_stats(v) for k, v in sorted(by_direction.items())},
         "by_action": {k: _bucket_stats(v) for k, v in sorted(by_action.items())},
         "by_confidence": {

app/services/paper_trade_service.py

@@ -2,7 +2,7 @@
 
 from __future__ import annotations
 
-from datetime import datetime, timezone
+from datetime import date, datetime, timezone
 
 from sqlalchemy import and_, func, select
 from sqlalchemy.ext.asyncio import AsyncSession
@@ -11,6 +11,7 @@ from app.exceptions import NotFoundError, ValidationError
 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.outcome_service import (
     OUTCOME_AMBIGUOUS,
     OUTCOME_STOP_HIT,
@@ -19,6 +20,66 @@ from app.services.outcome_service import (
     evaluate_setup_against_bars,
 )
 
+# Exit policy for OPEN paper trades (auto-close). "time" holds a fixed number of
+# trading days with the initial stop and exits at that day's close — the exit the
+# July 2026 backtest validated (the classic momentum hold-and-re-rank); "trailing"
+# rides a trailing stop; "target" closes at the setup's stop/target. Stored in
+# SystemSetting so it's tunable + transparent in the UI.
+KEY_EXIT_MODE = "paper_exit_mode"
+KEY_TRAILING_PCT = "paper_trailing_pct"
+KEY_HOLD_DAYS = "paper_hold_days"
+DEFAULT_EXIT_MODE = "time"
+DEFAULT_TRAILING_PCT = 12.0
+DEFAULT_HOLD_DAYS = 30
+
+_VALID_EXIT_MODES = ("time", "trailing", "target")
+
+
+async def get_exit_policy(db: AsyncSession) -> dict:
+    """Active auto-exit policy:
+    {'mode': 'time'|'trailing'|'target', 'trailing_pct': float, 'hold_days': int}."""
+    mode = (await settings_store.get_value(db, KEY_EXIT_MODE, DEFAULT_EXIT_MODE)).strip().lower()
+    if mode not in _VALID_EXIT_MODES:
+        mode = DEFAULT_EXIT_MODE
+    raw = await settings_store.get_value(db, KEY_TRAILING_PCT, str(DEFAULT_TRAILING_PCT))
+    try:
+        pct = float(raw)
+    except (TypeError, ValueError):
+        pct = DEFAULT_TRAILING_PCT
+    pct = max(0.5, min(90.0, pct))
+    raw_days = await settings_store.get_value(db, KEY_HOLD_DAYS, str(DEFAULT_HOLD_DAYS))
+    try:
+        hold_days = int(float(raw_days))
+    except (TypeError, ValueError):
+        hold_days = DEFAULT_HOLD_DAYS
+    hold_days = max(2, min(250, hold_days))
+    return {"mode": mode, "trailing_pct": pct, "hold_days": hold_days}
+
+
+async def set_exit_policy(
+    db: AsyncSession,
+    *,
+    mode: str | None = None,
+    trailing_pct: float | None = None,
+    hold_days: int | None = None,
+) -> dict:
+    """Persist the auto-exit policy (admin). Validates inputs."""
+    if mode is not None:
+        mode = mode.strip().lower()
+        if mode not in _VALID_EXIT_MODES:
+            raise ValidationError("mode must be 'time', 'trailing' or 'target'")
+        await settings_store.upsert_setting(db, KEY_EXIT_MODE, mode)
+    if trailing_pct is not None:
+        if not 0.5 <= float(trailing_pct) <= 90.0:
+            raise ValidationError("trailing_pct must be between 0.5 and 90")
+        await settings_store.upsert_setting(db, KEY_TRAILING_PCT, str(float(trailing_pct)))
+    if hold_days is not None:
+        if not 2 <= int(hold_days) <= 250:
+            raise ValidationError("hold_days must be between 2 and 250")
+        await settings_store.upsert_setting(db, KEY_HOLD_DAYS, str(int(hold_days)))
+    await db.commit()
+    return await get_exit_policy(db)
+
 
 async def _get_ticker(db: AsyncSession, symbol: str) -> Ticker:
     normalised = symbol.strip().upper()
@@ -50,6 +111,58 @@ async def _latest_closes(db: AsyncSession, ticker_ids: set[int]) -> dict[int, fl
     return {tid: float(close) for tid, close in result.all()}
 
 
+async def _max_high_after(db: AsyncSession, ticker_id: int, since: date) -> float | None:
+    """Highest high strictly after ``since`` — the running peak for a trailing stop."""
+    result = await db.execute(
+        select(func.max(OHLCVRecord.high)).where(
+            OHLCVRecord.ticker_id == ticker_id, OHLCVRecord.date > since
+        )
+    )
+    v = result.scalar()
+    return float(v) if v is not None else None
+
+
+def _time_close(
+    direction: str, init_stop: float, hold_days: int, rows: list[tuple]
+) -> tuple[float, date, str] | None:
+    """Walk post-entry ``rows`` of (date, open, high, low, close); close at the
+    initial stop if hit (a gap through it fills at the open, matching the
+    backtest's fill model), else at the ``hold_days``-th bar's close ('time').
+    None while neither has happened."""
+    long = direction == "long"
+    for i, (d, open_, high, low, close) in enumerate(rows):
+        if (low <= init_stop) if long else (high >= init_stop):
+            fill = min(init_stop, open_) if long else max(init_stop, open_)
+            return float(fill), d, "stop"
+        if i + 1 >= hold_days:
+            return float(close), d, "time"
+    return None
+
+
+def _trailing_close(
+    direction: str, entry: float, init_stop: float, trail_frac: float, bars: list[Bar]
+) -> tuple[float, date, str] | None:
+    """Walk post-entry bars; return (price, date, reason) when the trailing or initial
+    stop is hit, else None. The stop only ratchets up: max(init_stop, peak*(1-trail))
+    for a long. reason = 'trailing' once it's above the initial stop, else 'stop'."""
+    long = direction == "long"
+    peak = entry
+    for b in bars:
+        if long:
+            level = max(init_stop, peak * (1 - trail_frac))
+            if b.low <= level:
+                return level, b.date, ("trailing" if level > init_stop else "stop")
+            if b.high > peak:
+                peak = b.high
+        else:
+            level = min(init_stop, peak * (1 + trail_frac))
+            if b.high >= level:
+                return level, b.date, ("trailing" if level < init_stop else "stop")
+            if b.low < peak:
+                peak = b.low
+    return None
+
+
 async def create_trade(
     db: AsyncSession,
     user_id: int,
@@ -85,7 +198,35 @@ async def create_trade(
     return trade
 
 
-def _to_dict(trade: PaperTrade, symbol: str, current_price: float | None) -> dict:
+def _to_dict(
+    trade: PaperTrade,
+    symbol: str,
+    current_price: float | None,
+    benchmark_closes: dict[date, float] | None = None,
+    trailing: tuple[float, float | None] | None = None,
+) -> dict:
+    # For open trades, mark to market; for closed, the realized exit price.
+    ref = current_price if trade.status == "open" else trade.close_price
+
+    # Alpha = trade return − benchmark (SPY) return over the same holding period.
+    benchmark_return = None
+    alpha_pct = None
+    alpha_usd = None
+    if ref is not None and trade.entry_price and benchmark_closes:
+        sign = 1.0 if trade.direction == "long" else -1.0
+        trade_return = (ref - trade.entry_price) / trade.entry_price * 100.0 * sign
+        as_of = (
+            trade.closed_at.date()
+            if trade.status == "closed" and trade.closed_at is not None
+            else date.today()
+        )
+        benchmark_return = benchmark_service.benchmark_return_pct(
+            benchmark_closes, trade.opened_at.date(), as_of
+        )
+        if benchmark_return is not None:
+            alpha_pct = trade_return - benchmark_return
+            alpha_usd = alpha_pct / 100.0 * trade.entry_price * trade.shares
+
     return {
         "id": trade.id,
         "symbol": symbol,
@@ -98,21 +239,27 @@ def _to_dict(trade: PaperTrade, symbol: str, current_price: float | None) -> dic
         "opened_at": trade.opened_at,
         "close_price": trade.close_price,
         "closed_at": trade.closed_at,
-        # For open trades, mark to market; for closed, the realized exit price.
-        "current_price": current_price if trade.status == "open" else trade.close_price,
+        "current_price": ref,
+        "benchmark_return_pct": benchmark_return,
+        "alpha_pct": alpha_pct,
+        "alpha_usd": alpha_usd,
+        "close_reason": trade.close_reason,
+        "trailing_stop": trailing[0] if trailing else None,
+        "trailing_distance_pct": trailing[1] if trailing else None,
     }
 
 
 async def list_trades(
     db: AsyncSession,
-    user_id: int,
+    user_id: int | None = None,
     status: str | None = None,
 ) -> list[dict]:
     stmt = (
         select(PaperTrade, Ticker.symbol)
         .join(Ticker, PaperTrade.ticker_id == Ticker.id)
-        .where(PaperTrade.user_id == user_id)
     )
+    if user_id is not None:  # None → all users (single-user app; used by the digest)
+        stmt = stmt.where(PaperTrade.user_id == user_id)
     if status is not None:
         stmt = stmt.where(PaperTrade.status == status)
     stmt = stmt.order_by(PaperTrade.opened_at.desc())
@@ -120,7 +267,38 @@ async def list_trades(
     rows = (await db.execute(stmt)).all()
     open_ids = {t.ticker_id for t, _ in rows if t.status == "open"}
     prices = await _latest_closes(db, open_ids)
-    return [_to_dict(t, sym, prices.get(t.ticker_id)) for t, sym in rows]
+
+    # Benchmark closes for alpha — populated by the daily/benchmark job. Empty until
+    # that runs once, in which case alpha is simply left unset (a read path never
+    # makes a provider call).
+    benchmark_closes = await benchmark_service.load_benchmark_closes(db)
+
+    # Current trailing-stop level + distance for open trades (when trailing is active).
+    policy = await get_exit_policy(db)
+    trailing_info: dict[int, tuple[float, float | None]] = {}
+    if policy["mode"] == "trailing":
+        trail_frac = policy["trailing_pct"] / 100.0
+        for t, _ in rows:
+            if t.status != "open":
+                continue
+            max_high = await _max_high_after(db, t.ticker_id, t.opened_at.date())
+            peak = max(t.entry_price, max_high) if max_high is not None else t.entry_price
+            long = t.direction == "long"
+            level = (
+                max(t.stop_loss, peak * (1 - trail_frac))
+                if long
+                else min(t.stop_loss, peak * (1 + trail_frac))
+            )
+            cur = prices.get(t.ticker_id)
+            dist = None
+            if cur:
+                dist = ((cur - level) / cur * 100.0) if long else ((level - cur) / cur * 100.0)
+            trailing_info[t.id] = (level, dist)
+
+    return [
+        _to_dict(t, sym, prices.get(t.ticker_id), benchmark_closes, trailing_info.get(t.id))
+        for t, sym in rows
+    ]
 
 
 async def close_trade(
@@ -149,6 +327,7 @@ async def close_trade(
 
     trade.status = "closed"
     trade.close_price = float(close_price)
+    trade.close_reason = "manual"
     trade.closed_at = datetime.now(timezone.utc)
     await db.commit()
     await db.refresh(trade)
@@ -156,47 +335,67 @@ async def close_trade(
 
 
 async def resolve_open_trades(db: AsyncSession) -> int:
-    """Auto-close open trades whose stop or target was hit in the daily bars.
+    """Auto-close open trades per the active exit policy, from the daily bars.
 
-    Walks the bars after each trade's open (same logic as the outcome evaluator).
-    Target hit → close at the target; stop (or an ambiguous same-bar touch) →
-    close at the stop. Trades that have hit neither stay open. Returns the count
-    closed.
+    Walks the bars after each trade's open. 'time' closes at the initial stop or
+    the hold_days-th close; 'trailing' at the trailing/initial stop; 'target' at
+    the setup's target or stop (same logic as the outcome evaluator). Trades that
+    have hit nothing stay open. Returns the count closed.
     """
     result = await db.execute(select(PaperTrade).where(PaperTrade.status == "open"))
     open_trades = list(result.scalars().all())
     if not open_trades:
         return 0
 
+    policy = await get_exit_policy(db)
+    mode = policy["mode"]
+    trail_frac = policy["trailing_pct"] / 100.0
+    hold_days = policy["hold_days"]
+
     closed = 0
     for trade in open_trades:
         bars_result = await db.execute(
-            select(OHLCVRecord.date, OHLCVRecord.high, OHLCVRecord.low)
+            select(
+                OHLCVRecord.date, OHLCVRecord.open, OHLCVRecord.high,
+                OHLCVRecord.low, OHLCVRecord.close,
+            )
             .where(
                 OHLCVRecord.ticker_id == trade.ticker_id,
                 OHLCVRecord.date > trade.opened_at.date(),
             )
             .order_by(OHLCVRecord.date.asc())
         )
-        bars = [Bar(date=d, high=h, low=lo) for d, h, lo in bars_result.all()]
+        rows = bars_result.all()
+        bars = [Bar(date=d, high=h, low=lo) for d, _, h, lo, _ in rows]
         if not bars:
             continue
 
+        if mode == "time":
+            hit = _time_close(trade.direction, trade.stop_loss, hold_days, rows)
+            if hit is None:
+                continue  # neither the stop nor the hold horizon reached yet
+            close_price, close_date, reason = hit
+        elif mode == "trailing":
+            hit = _trailing_close(trade.direction, trade.entry_price, trade.stop_loss, trail_frac, bars)
+            if hit is None:
+                continue  # neither the trailing nor the initial stop reached yet
+            close_price, close_date, reason = hit
+        else:
             # max_bars beyond the data so a still-open trade returns undecided (not "expired").
             outcome, outcome_date = evaluate_setup_against_bars(
                 trade.direction, trade.stop_loss, trade.target, bars, max_bars=len(bars) + 1
             )
             if outcome == OUTCOME_TARGET_HIT:
-            trade.close_price = trade.target
+                close_price, close_date, reason = trade.target, outcome_date, "target"
             elif outcome in (OUTCOME_STOP_HIT, OUTCOME_AMBIGUOUS):
-            trade.close_price = trade.stop_loss
+                close_price, close_date, reason = trade.stop_loss, outcome_date, "stop"
             else:
                 continue
 
         trade.status = "closed"
-        trade.closed_at = datetime.combine(
-            outcome_date, datetime.min.time(), tzinfo=timezone.utc
-        )
+        trade.close_price = float(close_price)
+        trade.close_reason = reason
+        trade.closed_at = datetime.combine(close_date, datetime.min.time(), tzinfo=timezone.utc)
         closed += 1
 
     if closed:

app/services/qualification.py

@@ -2,12 +2,12 @@
 
 A single predicate, driven by the admin activation config, used by the
 performance stats (server) and mirrored on the frontend. The core selection is
-cross-sectional momentum: a setup's ticker must rank in the top
-``min_momentum_percentile`` of the universe by 12-1 month momentum — the one
-signal the backtest showed actually sorts forward returns. R:R and confidence
-remain as floors, and conviction/conflict survive as optional tighteners (off by
-default). The momentum percentile is computed across the universe and attached to
-each setup upstream; when it's absent the gate falls back to the floors.
+residual cross-sectional momentum: a setup's ticker must rank in the top
+``min_momentum_percentile`` of the universe by beta-adjusted 12-1 month momentum.
+R:R and confidence remain as floors, and conviction/conflict survive as optional
+tighteners (off by default). The activation percentile is computed across the
+universe and attached to each setup upstream; when it's absent the gate falls
+back to the floors.
 """
 
 from __future__ import annotations
@@ -17,6 +17,16 @@ from typing import Any
 HIGH_CONVICTION_ACTIONS = {"LONG_HIGH", "SHORT_HIGH"}
 
 
+def _action_direction(action: str | None) -> str:
+    if not action or action == "NEUTRAL":
+        return "neutral"
+    if action.startswith("LONG"):
+        return "long"
+    if action.startswith("SHORT"):
+        return "short"
+    return "neutral"
+
+
 def best_target_probability(setup: Any) -> float:
     """Highest probability among a setup's targets, 0 if none."""
     targets = getattr(setup, "targets", None) or []
@@ -65,12 +75,12 @@ def setup_qualifies(setup: Any, config: dict) -> bool:
             return False
     if (setup.confidence_score or 0.0) < config["min_confidence"]:
         return False
-    # Cross-sectional momentum: the core selection. A setup's ticker must rank in
-    # the top ``min_momentum_percentile`` of the universe by 12-1 momentum. The
-    # validated edge is long-only, so while the gate is active shorts (which fight
-    # the trend) never qualify. The percentile floor is only enforced when a
-    # percentile is attached (live setups / backtest); callers that don't attach
-    # it defer to the floors above.
+    # Residual cross-sectional momentum: the core selection. A setup's ticker
+    # must rank in the top ``min_momentum_percentile`` of the universe by
+    # beta-adjusted 12-1 momentum. The validated edge is long-only, so while the
+    # gate is active shorts (which fight the trend) never qualify. The percentile
+    # floor is only enforced when a percentile is attached (live setups /
+    # backtest); callers that don't attach it defer to the floors above.
     min_pct = float(config.get("min_momentum_percentile", 0.0))
     if min_pct > 0:
         if (getattr(setup, "direction", "long") or "long") == "short":
@@ -78,6 +88,15 @@ def setup_qualifies(setup: Any, config: dict) -> bool:
         momentum_percentile = getattr(setup, "momentum_percentile", None)
         if momentum_percentile is not None and momentum_percentile < min_pct:
             return False
+    # A setup is actionable only when the live ticker action points in the same
+    # direction. NEUTRAL means no clear signal; an opposite action means the
+    # setup is counter-bias. ``exclude_neutral`` defaults on; callers that omit
+    # it keep legacy floor-only behavior.
+    if config.get("exclude_neutral"):
+        action_direction = _action_direction(getattr(setup, "recommended_action", None))
+        setup_direction = (getattr(setup, "direction", "long") or "long").lower()
+        if action_direction == "neutral" or action_direction != setup_direction:
+            return False
     if config.get("require_high_conviction"):
         if (setup.recommended_action or "") not in HIGH_CONVICTION_ACTIONS:
             return False

app/services/recommendation_service.py

@@ -524,6 +524,56 @@ def _build_reasoning(
     )
 
 
+def build_recommendation_snapshot(
+    dimension_scores: dict[str, float],
+    sentiment_classification: str | None,
+    config: dict[str, float],
+    available_directions: set[str] | None = None,
+) -> dict[str, Any]:
+    """Build the ticker-level recommendation from the supplied live context."""
+    conflicts = signal_conflict_detector.detect_conflicts(
+        dimension_scores=dimension_scores,
+        sentiment_classification=sentiment_classification,
+        config=config,
+    )
+
+    long_confidence = direction_analyzer.calculate_confidence(
+        direction="long",
+        dimension_scores=dimension_scores,
+        sentiment_classification=sentiment_classification,
+        conflicts=conflicts,
+    )
+    short_confidence = direction_analyzer.calculate_confidence(
+        direction="short",
+        dimension_scores=dimension_scores,
+        sentiment_classification=sentiment_classification,
+        conflicts=conflicts,
+    )
+
+    action = _choose_recommended_action(
+        long_confidence, short_confidence, config, available_directions
+    )
+    reasoning = _build_reasoning(
+        action=action,
+        long_confidence=long_confidence,
+        short_confidence=short_confidence,
+        conflicts=conflicts,
+        dimension_scores=dimension_scores,
+        sentiment_classification=sentiment_classification,
+        config=config,
+        available_directions=available_directions,
+    )
+
+    return {
+        "action": action,
+        "reasoning": reasoning,
+        "risk_level": _risk_level_from_conflicts(conflicts),
+        "long_confidence": long_confidence,
+        "short_confidence": short_confidence,
+        "conflicts": conflicts,
+    }
+
+
 PRIMARY_TARGET_MIN_RR = 1.5
 
 
@@ -559,24 +609,15 @@ async def enhance_trade_setup(
 ) -> TradeSetup:
     config = await get_recommendation_config(db)
 
-    conflicts = signal_conflict_detector.detect_conflicts(
+    snapshot = build_recommendation_snapshot(
         dimension_scores=dimension_scores,
         sentiment_classification=sentiment_classification,
         config=config,
+        available_directions=available_directions,
     )
-
-    long_confidence = direction_analyzer.calculate_confidence(
-        direction="long",
-        dimension_scores=dimension_scores,
-        sentiment_classification=sentiment_classification,
-        conflicts=conflicts,
-    )
-    short_confidence = direction_analyzer.calculate_confidence(
-        direction="short",
-        dimension_scores=dimension_scores,
-        sentiment_classification=sentiment_classification,
-        conflicts=conflicts,
-    )
+    conflicts = list(snapshot["conflicts"])
+    long_confidence = float(snapshot["long_confidence"])
+    short_confidence = float(snapshot["short_confidence"])
 
     direction = setup.direction.lower()
     confidence = long_confidence if direction == "long" else short_confidence
@@ -622,19 +663,8 @@ async def enhance_trade_setup(
 
     # Action and reasoning are ticker-level: they consider both directions and
     # which directions are actually tradeable, and are identical on every setup.
-    action = _choose_recommended_action(
-        long_confidence, short_confidence, config, available_directions
-    )
-    reasoning = _build_reasoning(
-        action=action,
-        long_confidence=long_confidence,
-        short_confidence=short_confidence,
-        conflicts=conflicts,
-        dimension_scores=dimension_scores,
-        sentiment_classification=sentiment_classification,
-        config=config,
-        available_directions=available_directions,
-    )
+    action = str(snapshot["action"])
+    reasoning = str(snapshot["reasoning"])
 
     setup.confidence_score = round(confidence, 2)
     setup.targets_json = json.dumps(targets)

app/services/regime_monitor_service.py

@@ -38,7 +38,7 @@ from app.config import settings
 from app.exceptions import ProviderError
 from app.models.regime_snapshot import RegimeSnapshot
 from app.providers.alpaca import AlpacaOHLCVProvider
-from app.services import settings_store
+from app.services import breadth_service, settings_store
 from app.services.admin_service import update_setting
 from app.services.sentiment_provider_service import _resolve as resolve_llm_config
 
@@ -65,6 +65,11 @@ DEFAULT_CONFIG: dict = {
         "F1": 25, "F2": 15, "F3": 8, "F4": 7,
     },
     "alert_threshold": 65,
+    # Observational early-warning blend: a small Combined score = weighted mean of
+    # the coincident index and the breadth-divergence early-warning score. Kept
+    # separate from the index weights above so the early-warning side stays
+    # decoupled until proven. Tunable; need not sum to 1 (normalised).
+    "combined_weights": {"coincident": 0.6, "early_warning": 0.4},
     "leader_weight": 2.0,            # SMH counts 2x vs QQQ where both feed a signal
     "rs_lookback": 60,              # trading days for relative-strength / breadth trend
     "fundamental_staleness_days": 80,
@@ -530,6 +535,21 @@ async def update_regime_monitor(db: AsyncSession, backfill_days: int = 90) -> di
     leader_series = prices.get(leader or "", [])
     latest_date = leader_series[-1][0] if leader_series else end
 
+    # Early-warning signal: breadth-divergence over the stored universe (leads but
+    # noisy). Computed once here so the daily job carries it live, as a SEPARATE
+    # score next to the coincident index — not folded into the index weights.
+    # Best-effort: a breadth failure must not stop the index update.
+    try:
+        breadth = await breadth_service.compute_breadth_series(db)
+        divergence = breadth_service.compute_divergence_series(breadth, sorted(leader_series))
+    except Exception as exc:
+        logger.warning("Regime monitor: breadth/divergence skipped: %s", exc)
+        divergence = {}
+    # As-of lookup: the stored universe (breadth) can lag the live benchmark date
+    # by a day or two, so an exact-date match would blank the newest snapshot.
+    div_items = sorted(divergence.items())
+    cw = config.get("combined_weights") or {"coincident": 0.6, "early_warning": 0.4}
+
     dates = {latest_date}
     if await _snapshot_count(db) < 5 and leader_series:
         cutoff = end - timedelta(days=backfill_days)
@@ -538,8 +558,26 @@ async def update_regime_monitor(db: AsyncSession, backfill_days: int = 90) -> di
     latest_result: dict | None = None
     for d in sorted(dates):
         result = _compute_index(prices, vix_series, oas_series, overrides, config, d)
+        _attach_early_warning(result, _divergence_asof(div_items, d), cw)
         await _upsert_snapshot(db, result)
         latest_result = result
+
+    # Backfill early-warning + combined onto recent existing snapshots (e.g. the
+    # index history written before this signal existed) so their 7/30-day trends
+    # populate immediately rather than only filling in over the coming weeks.
+    if div_items:
+        recent = await db.execute(
+            select(RegimeSnapshot).where(RegimeSnapshot.date >= end - timedelta(days=120))
+        )
+        for row in recent.scalars().all():
+            try:
+                res = json.loads(row.breakdown_json)
+            except (TypeError, ValueError):
+                continue
+            if (res.get("early_warning") or {}).get("score") is not None:
+                continue
+            _attach_early_warning(res, _divergence_asof(div_items, row.date), cw)
+            row.breakdown_json = json.dumps(res)
     await db.commit()
 
     logger.info(json.dumps({
@@ -551,19 +589,65 @@ async def update_regime_monitor(db: AsyncSession, backfill_days: int = 90) -> di
     return latest_result or {"available": False, "reason": "no data"}
 
 
-async def _score_at_or_before(db: AsyncSession, target: date) -> float | None:
+def _divergence_asof(div_items: list[tuple[date, float]], as_of: date, max_lag_days: int = 7) -> float | None:
+    """Latest divergence value on/before ``as_of``, tolerating a small data lag
+    between the live benchmark and the stored universe. None if too stale/absent."""
+    chosen: tuple[date, float] | None = None
+    for d, v in div_items:
+        if d <= as_of:
+            chosen = (d, v)
+        else:
+            break
+    if chosen is None or (as_of - chosen[0]).days > max_lag_days:
+        return None
+    return chosen[1]
+
+
+def _attach_early_warning(result: dict, ew: float | None, weights: dict) -> None:
+    """Attach the separate early-warning score and a combined blend to a snapshot.
+
+    ``ew`` is the breadth-divergence value as-of this date (or None). The combined
+    score is a normalised weighted mean of the coincident index and the early
+    warning — observational, kept apart from the index itself.
+    """
+    result["early_warning"] = {
+        "score": round(ew, 1) if ew is not None else None,
+        "band": band_for(ew) if ew is not None else None,
+    }
+    if ew is None:
+        combined = result["total_score"]
+    else:
+        wc = float(weights.get("coincident", 0.6))
+        we = float(weights.get("early_warning", 0.4))
+        wsum = (wc + we) or 1.0
+        combined = (result["total_score"] * wc + ew * we) / wsum
+    result["combined"] = {"score": round(combined, 1), "band": band_for(combined)}
+
+
+async def _result_at_or_before(db: AsyncSession, target: date) -> dict | None:
+    """Parsed snapshot result for the latest date on/before ``target``."""
     res = await db.execute(
-        select(RegimeSnapshot.total_score)
+        select(RegimeSnapshot.breakdown_json)
         .where(RegimeSnapshot.date <= target)
         .order_by(RegimeSnapshot.date.desc())
         .limit(1)
     )
-    val = res.scalar_one_or_none()
-    return float(val) if val is not None else None
+    raw = res.scalar_one_or_none()
+    if raw is None:
+        return None
+    try:
+        return json.loads(raw)
+    except (TypeError, ValueError):
+        return None
+
+
+def _delta(curr: float | None, prev: float | None) -> float | None:
+    return round(curr - prev, 1) if (curr is not None and prev is not None) else None
 
 
 async def get_regime_monitor(db: AsyncSession) -> dict:
-    """Latest snapshot result + 7/30-day trend deltas. Cheap (one+ row reads)."""
+    """Latest snapshot + 7/30-day trend deltas for the index, early-warning, and
+    combined scores. Cheap (a few row reads)."""
     res = await db.execute(
         select(RegimeSnapshot).order_by(RegimeSnapshot.date.desc()).limit(1)
     )
@@ -577,16 +661,50 @@ async def get_regime_monitor(db: AsyncSession) -> dict:
         result = {"date": latest.date.isoformat(), "total_score": latest.total_score,
                   "band": latest.band, "breakdown": []}
 
-    score_7 = await _score_at_or_before(db, latest.date - timedelta(days=7))
-    score_30 = await _score_at_or_before(db, latest.date - timedelta(days=30))
+    r7 = await _result_at_or_before(db, latest.date - timedelta(days=7))
+    r30 = await _result_at_or_before(db, latest.date - timedelta(days=30))
+
+    def _nested(r: dict | None, key: str) -> float | None:
+        return (r.get(key) or {}).get("score") if r else None
+
     result["available"] = True
+    cur_total = result.get("total_score")
     result["trend"] = {
-        "delta_7": round(latest.total_score - score_7, 1) if score_7 is not None else None,
-        "delta_30": round(latest.total_score - score_30, 1) if score_30 is not None else None,
+        "delta_7": _delta(cur_total, (r7 or {}).get("total_score")),
+        "delta_30": _delta(cur_total, (r30 or {}).get("total_score")),
     }
+    for key in ("early_warning", "combined"):
+        block = result.get(key) or {"score": None, "band": None}
+        block["delta_7"] = _delta(block.get("score"), _nested(r7, key))
+        block["delta_30"] = _delta(block.get("score"), _nested(r30, key))
+        result[key] = block
     return result
 
 
+async def get_regime_history(db: AsyncSession, days: int = 400) -> list[dict]:
+    """Daily history of the index, early-warning, and combined scores for the
+    score-over-time chart. One point per snapshot date, ascending."""
+    cutoff = date.today() - timedelta(days=days)
+    res = await db.execute(
+        select(RegimeSnapshot)
+        .where(RegimeSnapshot.date >= cutoff)
+        .order_by(RegimeSnapshot.date.asc())
+    )
+    out: list[dict] = []
+    for row in res.scalars().all():
+        try:
+            data = json.loads(row.breakdown_json)
+        except (TypeError, ValueError):
+            data = {}
+        out.append({
+            "date": row.date.isoformat(),
+            "index": row.total_score,
+            "early_warning": (data.get("early_warning") or {}).get("score"),
+            "combined": (data.get("combined") or {}).get("score"),
+        })
+    return out
+
+
 # ---------------------------------------------------------------------------
 # F1/F3 via grounded LLM (reuses the configured sentiment provider)
 # ---------------------------------------------------------------------------

app/services/rr_scanner_service.py

@@ -11,24 +11,33 @@ from __future__ import annotations
 import json
 import logging
 from collections.abc import Callable
-from datetime import datetime, timezone
+from datetime import date, datetime, timezone
 
 from sqlalchemy import and_, func, select
 from sqlalchemy.ext.asyncio import AsyncSession
 
 from app.exceptions import NotFoundError
+from app.models.fundamental import FundamentalData
 from app.models.ohlcv import OHLCVRecord
 from app.models.score import CompositeScore, DimensionScore
 from app.models.sentiment import SentimentScore
+from app.models.signal_context_snapshot import SignalContextSnapshot
 from app.models.sr_level import SRLevel
 from app.models.ticker import Ticker
 from app.models.trade_setup import TradeSetup
 from app.services.indicator_service import _extract_ohlcv, compute_atr
 from app.services.price_service import query_ohlcv
-from app.services.recommendation_service import enhance_trade_setup
+from app.services.recommendation_service import (
+    _risk_level_from_conflicts,
+    build_recommendation_snapshot,
+    enhance_trade_setup,
+    get_recommendation_config,
+)
 
 logger = logging.getLogger(__name__)
 
+STRATEGY_VERSION = "residual_momentum_12_1_rr_time_v2"
+
 
 async def _get_ticker(db: AsyncSession, symbol: str) -> Ticker:
     normalised = symbol.strip().upper()
@@ -76,6 +85,263 @@ async def _get_latest_sentiment(db: AsyncSession, ticker_id: int) -> str | None:
     return row.classification if row else None
 
 
+async def _apply_live_recommendation_context(
+    db: AsyncSession,
+    setup_rows: list[tuple[TradeSetup, str]],
+    rows: list[dict],
+) -> list[dict]:
+    """Decorate latest setup rows with current score/sentiment recommendation data.
+
+    This intentionally updates only the API payload. Stored trade setups and
+    history remain point-in-time records for outcome analysis.
+    """
+    if not rows or not setup_rows:
+        return rows
+
+    ticker_ids = {setup.ticker_id for setup, _ in setup_rows}
+    setups_by_id = {setup.id: setup for setup, _ in setup_rows}
+    directions_by_ticker = await _latest_available_directions_by_ticker(db, ticker_ids)
+
+    dim_result = await db.execute(
+        select(DimensionScore).where(DimensionScore.ticker_id.in_(ticker_ids))
+    )
+    dims_by_ticker: dict[int, dict[str, float]] = {}
+    for ds in dim_result.scalars().all():
+        dims_by_ticker.setdefault(ds.ticker_id, {})[ds.dimension] = float(ds.score)
+
+    comp_result = await db.execute(
+        select(CompositeScore)
+        .where(CompositeScore.ticker_id.in_(ticker_ids))
+        .order_by(CompositeScore.ticker_id, CompositeScore.computed_at.desc())
+    )
+    composites: dict[int, CompositeScore] = {}
+    for comp in comp_result.scalars().all():
+        composites.setdefault(comp.ticker_id, comp)
+
+    sent_result = await db.execute(
+        select(SentimentScore)
+        .where(SentimentScore.ticker_id.in_(ticker_ids))
+        .order_by(SentimentScore.ticker_id, SentimentScore.timestamp.desc())
+    )
+    sentiments: dict[int, SentimentScore] = {}
+    for sent in sent_result.scalars().all():
+        sentiments.setdefault(sent.ticker_id, sent)
+
+    config = await get_recommendation_config(db)
+    live_rows: list[dict] = []
+    for row in rows:
+        setup = setups_by_id.get(row["id"])
+        if setup is None:
+            live_rows.append(row)
+            continue
+
+        ticker_id = setup.ticker_id
+        live_row = dict(row)
+
+        comp = composites.get(ticker_id)
+        if comp is not None:
+            live_row["composite_score"] = float(comp.score)
+            live_row["context_as_of"]["score_computed_at"] = comp.computed_at
+
+        dimension_scores = dims_by_ticker.get(ticker_id)
+        sentiment = sentiments.get(ticker_id)
+        if sentiment is not None:
+            live_row["context_as_of"]["sentiment_at"] = sentiment.timestamp
+        if dimension_scores:
+            snapshot = build_recommendation_snapshot(
+                dimension_scores=dimension_scores,
+                sentiment_classification=sentiment.classification if sentiment else None,
+                config=config,
+                available_directions=directions_by_ticker.get(ticker_id),
+            )
+            direction = setup.direction.lower()
+            confidence_key = "long_confidence" if direction == "long" else "short_confidence"
+            live_row["confidence_score"] = round(float(snapshot[confidence_key]), 2)
+            live_row["recommended_action"] = snapshot["action"]
+            live_row["reasoning"] = snapshot["reasoning"]
+            setup_conflicts = _setup_specific_conflicts(live_row.get("conflict_flags", []))
+            live_conflicts = [str(item) for item in snapshot["conflicts"]]
+            live_row["conflict_flags"] = live_conflicts + setup_conflicts
+            live_row["risk_level"] = _risk_level_from_conflicts(live_row["conflict_flags"])
+
+        live_rows.append(live_row)
+
+    return live_rows
+
+
+def _setup_specific_conflicts(conflicts: list[str]) -> list[str]:
+    signal_prefixes = (
+        "sentiment-technical:",
+        "sentiment-momentum:",
+        "momentum-technical:",
+        "fundamental-technical:",
+    )
+    return [
+        str(conflict)
+        for conflict in conflicts
+        if not str(conflict).startswith(signal_prefixes)
+    ]
+
+
+async def _latest_available_directions_by_ticker(
+    db: AsyncSession,
+    ticker_ids: set[int],
+) -> dict[int, set[str]]:
+    if not ticker_ids:
+        return {}
+
+    result = await db.execute(
+        select(TradeSetup)
+        .where(TradeSetup.ticker_id.in_(ticker_ids))
+        .order_by(
+            TradeSetup.ticker_id,
+            TradeSetup.direction,
+            TradeSetup.detected_at.desc(),
+            TradeSetup.id.desc(),
+        )
+    )
+    latest_by_key: set[tuple[int, str]] = set()
+    directions: dict[int, set[str]] = {}
+    for setup in result.scalars().all():
+        direction = setup.direction.lower()
+        key = (setup.ticker_id, direction)
+        if key in latest_by_key:
+            continue
+        latest_by_key.add(key)
+        directions.setdefault(setup.ticker_id, set()).add(direction)
+    return directions
+
+
+def _json_default(value):
+    if isinstance(value, (datetime, date)):
+        return value.isoformat()
+    return str(value)
+
+
+async def _create_signal_context_snapshots(
+    db: AsyncSession,
+    setups: list[TradeSetup],
+    *,
+    strategy_version: str = STRATEGY_VERSION,
+) -> None:
+    """Capture point-in-time discretionary context for freshly generated setups.
+
+    The scanner stores the setup itself first so each snapshot can be keyed by
+    ``trade_setup_id``. This is intentionally forward-only: old sentiment,
+    fundamentals and composite scores are not reconstructed from today's data.
+    """
+    if not setups:
+        return
+
+    ticker_ids = {s.ticker_id for s in setups}
+
+    dims: dict[int, dict[str, dict]] = {}
+    dim_rows = (
+        await db.execute(select(DimensionScore).where(DimensionScore.ticker_id.in_(ticker_ids)))
+    ).scalars().all()
+    for row in dim_rows:
+        dims.setdefault(row.ticker_id, {})[row.dimension] = {
+            "score": float(row.score),
+            "is_stale": bool(row.is_stale),
+            "computed_at": row.computed_at,
+        }
+
+    composites: dict[int, CompositeScore] = {}
+    comp_rows = (
+        await db.execute(
+            select(CompositeScore)
+            .where(CompositeScore.ticker_id.in_(ticker_ids))
+            .order_by(CompositeScore.ticker_id, CompositeScore.computed_at.desc())
+        )
+    ).scalars().all()
+    for row in comp_rows:
+        composites.setdefault(row.ticker_id, row)
+
+    sentiments: dict[int, SentimentScore] = {}
+    sent_rows = (
+        await db.execute(
+            select(SentimentScore)
+            .where(SentimentScore.ticker_id.in_(ticker_ids))
+            .order_by(SentimentScore.ticker_id, SentimentScore.timestamp.desc())
+        )
+    ).scalars().all()
+    for row in sent_rows:
+        sentiments.setdefault(row.ticker_id, row)
+
+    fundamentals: dict[int, FundamentalData] = {}
+    fund_rows = (
+        await db.execute(
+            select(FundamentalData)
+            .where(FundamentalData.ticker_id.in_(ticker_ids))
+            .order_by(FundamentalData.ticker_id, FundamentalData.fetched_at.desc())
+        )
+    ).scalars().all()
+    for row in fund_rows:
+        fundamentals.setdefault(row.ticker_id, row)
+
+    now = datetime.now(timezone.utc)
+    for setup in setups:
+        comp = composites.get(setup.ticker_id)
+        sent = sentiments.get(setup.ticker_id)
+        fund = fundamentals.get(setup.ticker_id)
+        score_context = {
+            "composite_score": float(comp.score) if comp else float(setup.composite_score),
+            "composite_is_stale": bool(comp.is_stale) if comp else None,
+            "composite_computed_at": comp.computed_at if comp else None,
+            "dimensions": dims.get(setup.ticker_id, {}),
+        }
+        sentiment_context = (
+            {
+                "classification": sent.classification,
+                "confidence": int(sent.confidence),
+                "recommendation": sent.recommendation,
+                "timestamp": sent.timestamp,
+                "source": sent.source,
+            }
+            if sent
+            else {}
+        )
+        fundamental_context = (
+            {
+                "pe_ratio": fund.pe_ratio,
+                "revenue_growth": fund.revenue_growth,
+                "earnings_surprise": fund.earnings_surprise,
+                "market_cap": fund.market_cap,
+                "next_earnings_date": fund.next_earnings_date,
+                "fetched_at": fund.fetched_at,
+            }
+            if fund
+            else {}
+        )
+        db.add(
+            SignalContextSnapshot(
+                trade_setup_id=setup.id,
+                ticker_id=setup.ticker_id,
+                detected_at=setup.detected_at,
+                created_at=now,
+                strategy_version=strategy_version,
+                direction=setup.direction,
+                entry_price=float(setup.entry_price),
+                stop_loss=float(setup.stop_loss),
+                target=float(setup.target),
+                rr_ratio=float(setup.rr_ratio),
+                confidence_score=(
+                    float(setup.confidence_score) if setup.confidence_score is not None else None
+                ),
+                recommended_action=setup.recommended_action,
+                risk_level=setup.risk_level,
+                momentum_percentile=(
+                    float(setup.momentum_percentile)
+                    if setup.momentum_percentile is not None
+                    else None
+                ),
+                score_context_json=json.dumps(score_context, default=_json_default),
+                sentiment_context_json=json.dumps(sentiment_context, default=_json_default),
+                fundamental_context_json=json.dumps(fundamental_context, default=_json_default),
+            )
+        )
+
+
 async def scan_ticker(
     db: AsyncSession,
     symbol: str,
@@ -85,9 +351,9 @@ async def scan_ticker(
 ) -> list[TradeSetup]:
     """Scan a single ticker for trade setups meeting the R:R threshold.
 
-    ``momentum_percentile`` is the ticker's 12-1 momentum rank across the universe
-    (computed by the caller), stored on each setup so the activation gate can
-    select the top slice."""
+    ``momentum_percentile`` is the ticker's residual 12-1 momentum activation
+    rank across the universe (computed by the caller), stored on each setup so
+    the activation gate can select the top slice."""
     ticker = await _get_ticker(db, symbol)
 
     records = await query_ohlcv(db, symbol)
@@ -238,6 +504,9 @@ async def scan_ticker(
     for s in enhanced_setups:
         await db.refresh(s)
 
+    await _create_signal_context_snapshots(db, enhanced_setups)
+    await db.commit()
+
     return enhanced_setups
 
 
@@ -256,8 +525,9 @@ async def scan_all_tickers(
     tickers = list(result.scalars().all())
     total = len(tickers)
 
-    # Rank the universe by 12-1 momentum up front so each new setup carries its
-    # ticker's percentile (used by the activation gate). Best-effort.
+    # Rank the universe by residual 12-1 momentum up front so each new setup
+    # carries its activation percentile. Best-effort; the ranker falls back to
+    # raw 12-1 momentum only if benchmark data is unavailable.
     try:
         from app.services import momentum_service
 
@@ -303,6 +573,7 @@ async def get_trade_setups(
     min_confidence: float | None = None,
     recommended_action: str | None = None,
     symbol: str | None = None,
+    live_recommendation: bool = False,
 ) -> list[dict]:
     """Get latest stored trade setups, optionally filtered."""
     stmt = (
@@ -313,9 +584,11 @@ async def get_trade_setups(
         stmt = stmt.where(TradeSetup.direction == direction.lower())
     if symbol is not None:
         stmt = stmt.where(Ticker.symbol == symbol.strip().upper())
-    if min_confidence is not None:
+    # With live_recommendation these fields are overlaid with current values
+    # below, so filtering happens there instead of against the stored columns.
+    if min_confidence is not None and not live_recommendation:
         stmt = stmt.where(TradeSetup.confidence_score >= min_confidence)
-    if recommended_action is not None:
+    if recommended_action is not None and not live_recommendation:
         stmt = stmt.where(TradeSetup.recommended_action == recommended_action)
 
     stmt = stmt.order_by(TradeSetup.detected_at.desc(), TradeSetup.id.desc())
@@ -339,15 +612,37 @@ async def get_trade_setups(
         reverse=True,
     )
 
-    prices = await _latest_closes(db, {s.ticker_id for s, _ in latest_rows})
-    return [
+    prices = await _latest_price_context(db, {s.ticker_id for s, _ in latest_rows})
+    rows_out = [
         _trade_setup_to_dict(setup, ticker_symbol, prices.get(setup.ticker_id))
         for setup, ticker_symbol in latest_rows
     ]
+    if live_recommendation:
+        rows_out = await _apply_live_recommendation_context(db, latest_rows, rows_out)
+        if min_confidence is not None:
+            rows_out = [
+                row for row in rows_out
+                if row["confidence_score"] is not None
+                and row["confidence_score"] >= min_confidence
+            ]
+        if recommended_action is not None:
+            rows_out = [
+                row for row in rows_out
+                if row["recommended_action"] == recommended_action
+            ]
+        rows_out.sort(
+            key=lambda row: (
+                row["confidence_score"] if row["confidence_score"] is not None else -1.0,
+                row["rr_ratio"],
+                row["composite_score"],
+            ),
+            reverse=True,
+        )
+    return rows_out
 
 
-async def _latest_closes(db: AsyncSession, ticker_ids: set[int]) -> dict[int, float]:
-    """Most recent close per ticker — used to judge a setup's current relevance."""
+async def _latest_price_context(db: AsyncSession, ticker_ids: set[int]) -> dict[int, dict]:
+    """Most recent daily OHLCV row per ticker for live price context."""
     if not ticker_ids:
         return {}
     latest = (
@@ -356,7 +651,12 @@ async def _latest_closes(db: AsyncSession, ticker_ids: set[int]) -> dict[int, fl
         .group_by(OHLCVRecord.ticker_id)
         .subquery()
     )
-    stmt = select(OHLCVRecord.ticker_id, OHLCVRecord.close).join(
+    stmt = select(
+        OHLCVRecord.ticker_id,
+        OHLCVRecord.close,
+        OHLCVRecord.date,
+        OHLCVRecord.created_at,
+    ).join(
         latest,
         and_(
             OHLCVRecord.ticker_id == latest.c.ticker_id,
@@ -364,7 +664,23 @@ async def _latest_closes(db: AsyncSession, ticker_ids: set[int]) -> dict[int, fl
         ),
     )
     result = await db.execute(stmt)
-    return {tid: float(close) for tid, close in result.all()}
+    return {
+        tid: {
+            "current_price": float(close),
+            "price_date": price_date,
+            "price_updated_at": created_at,
+        }
+        for tid, close, price_date, created_at in result.all()
+    }
+
+
+async def _latest_closes(db: AsyncSession, ticker_ids: set[int]) -> dict[int, float]:
+    """Most recent close per ticker, kept for callers that only need price."""
+    price_context = await _latest_price_context(db, ticker_ids)
+    return {
+        ticker_id: context["current_price"]
+        for ticker_id, context in price_context.items()
+    }
 
 
 async def get_trade_setup_history(
@@ -381,16 +697,28 @@ async def get_trade_setup_history(
     result = await db.execute(stmt)
     rows = result.all()
 
-    prices = await _latest_closes(db, {s.ticker_id for s, _ in rows})
+    prices = await _latest_price_context(db, {s.ticker_id for s, _ in rows})
     return [
         _trade_setup_to_dict(setup, ticker_symbol, prices.get(setup.ticker_id))
         for setup, ticker_symbol in rows
     ]
 
 
-def _trade_setup_to_dict(setup: TradeSetup, symbol: str, current_price: float | None = None) -> dict:
+def _trade_setup_to_dict(setup: TradeSetup, symbol: str, price_context: dict | None = None) -> dict:
     targets: list[dict] = []
     conflicts: list[str] = []
+    current_price = (
+        float(price_context["current_price"])
+        if price_context and price_context.get("current_price") is not None
+        else None
+    )
+    context_as_of = {
+        "setup_detected_at": setup.detected_at,
+        "score_computed_at": None,
+        "sentiment_at": None,
+        "price_date": price_context.get("price_date") if price_context else None,
+        "price_updated_at": price_context.get("price_updated_at") if price_context else None,
+    }
 
     if setup.targets_json:
         try:
@@ -429,4 +757,5 @@ def _trade_setup_to_dict(setup: TradeSetup, symbol: str, current_price: float |
         "evaluated_at": setup.evaluated_at,
         "current_price": current_price,
         "momentum_percentile": setup.momentum_percentile,
+        "context_as_of": context_as_of,
     }

app/services/scoring_service.py

@@ -2,8 +2,8 @@
 
 Computes dimension scores (technical, sr_quality, sentiment, fundamental,
 momentum) each 0-100, composite score as weighted average of available
-dimensions with re-normalized weights, staleness marking/recomputation
-on demand, and weight update triggers full recomputation.
+dimensions with re-normalized weights, staleness marking, explicit refresh
+paths, and weight update triggers full recomputation.
 """
 
 from __future__ import annotations
@@ -28,13 +28,31 @@ DIMENSIONS = ["technical", "sr_quality", "sentiment", "fundamental", "momentum"]
 DEFAULT_WEIGHTS: dict[str, float] = {
     "technical": 0.25,
     "sr_quality": 0.20,
-    "sentiment": 0.15,
+    "sentiment": 0.10,
     "fundamental": 0.20,
     "momentum": 0.20,
 }
 
 SCORING_WEIGHTS_KEY = "scoring_weights"
 
+# Sentiment enters the composite as a signed adjustment around this neutral point,
+# not as an averaged-in level (see _sentiment_adjustment / compute_composite_score).
+NEUTRAL_SENTIMENT = 50.0
+
+
+def _sentiment_adjustment(sentiment_score: float | None, sentiment_weight: float) -> float:
+    """Signed points sentiment contributes to the base composite.
+
+    +MAX_ADJ at max-confidence bullish (score 100), 0 at neutral (50), -MAX_ADJ at
+    max-confidence bearish (score 0), where MAX_ADJ = sentiment weight * 100. A
+    50%-confidence call maps to score 50 → no effect (a coin flip carries no info),
+    so going from no sentiment to bullish can only ever help.
+    """
+    if sentiment_score is None:
+        return 0.0
+    max_adj = sentiment_weight * 100.0
+    return max_adj * (sentiment_score - NEUTRAL_SENTIMENT) / 50.0
+
 
 # ---------------------------------------------------------------------------
 # Helpers
@@ -670,10 +688,15 @@ async def compute_composite_score(
     symbol: str,
     weights: dict[str, float] | None = None,
 ) -> tuple[float | None, list[str]]:
-    """Compute composite score from available dimension scores.
+    """Compute the composite score.
+
+    The non-sentiment dimensions form a re-normalized weighted-average *base*.
+    Sentiment is then applied as a signed adjustment around neutral (50), not
+    averaged in: neutral leaves the base unchanged, bullish adds and bearish
+    subtracts (scaled by confidence), so going from no sentiment to bullish can
+    only help. See _sentiment_adjustment.
 
     Returns (composite_score, missing_dimensions).
-    Missing dimensions are excluded and weights re-normalized.
     """
     ticker = await _get_ticker(db, symbol)
 
@@ -686,29 +709,32 @@ async def compute_composite_score(
     )
     dim_scores = {ds.dimension: ds for ds in result.scalars().all()}
 
-    available: list[tuple[str, float, float]] = []  # (dim, weight, score)
-    missing: list[str] = []
-
-    for dim in DIMENSIONS:
-        w = weights.get(dim, 0.0)
-        if w <= 0:
-            continue
+    def _live(dim: str) -> float | None:
         ds = dim_scores.get(dim)
         if ds is not None and not ds.is_stale and ds.score is not None:
-            available.append((dim, w, ds.score))
+            return ds.score
+        return None
+
+    missing = [dim for dim in DIMENSIONS if _live(dim) is None]
+
+    # Base: re-normalized weighted average of the non-sentiment dimensions.
+    base_available = [
+        (dim, weights.get(dim, 0.0), _live(dim))
+        for dim in DIMENSIONS
+        if dim != "sentiment" and weights.get(dim, 0.0) > 0 and _live(dim) is not None
+    ]
+    sentiment_score = _live("sentiment")
+
+    if base_available:
+        total_weight = sum(w for _, w, _ in base_available)
+        base = sum(w * s for _, w, s in base_available) / total_weight
+    elif sentiment_score is not None:
+        base = NEUTRAL_SENTIMENT  # only sentiment present → neutral baseline
     else:
-            missing.append(dim)
+        return None, missing  # nothing to score
 
-    if not available:
-        return None, missing
-
-    # Re-normalize weights
-    total_weight = sum(w for _, w, _ in available)
-    if total_weight == 0:
-        return None, missing
-
-    composite = sum(w * s for _, w, s in available) / total_weight
-    composite = max(0.0, min(100.0, composite))
+    delta = _sentiment_adjustment(sentiment_score, weights.get("sentiment", 0.0))
+    composite = max(0.0, min(100.0, base + delta))
 
     # Persist composite score
     now = datetime.now(timezone.utc)
@@ -739,73 +765,37 @@ async def compute_composite_score(
 async def get_score(
     db: AsyncSession, symbol: str
 ) -> dict:
-    """Get composite + all dimension scores for a ticker.
+    """Read composite + dimension scores for a ticker without recomputing.
 
-    Recomputes stale dimensions on demand, then recomputes composite.
-    Returns a dict suitable for ScoreResponse, including dimension breakdowns
-    and composite breakdown with re-normalization info.
+    GET endpoints use this path, so it must not mutate persisted score context.
+    Scheduled/manual write paths are responsible for refreshing scores.
     """
     ticker = await _get_ticker(db, symbol)
     weights = await _get_weights(db)
 
-    # Check for stale dimension scores and recompute them
-    result = await db.execute(
-        select(DimensionScore).where(DimensionScore.ticker_id == ticker.id)
-    )
-    dim_scores = {ds.dimension: ds for ds in result.scalars().all()}
-
-    for dim in DIMENSIONS:
-        ds = dim_scores.get(dim)
-        if ds is None or ds.is_stale:
-            await compute_dimension_score(db, symbol, dim)
-
-    # Check composite staleness
-    comp_result = await db.execute(
-        select(CompositeScore).where(CompositeScore.ticker_id == ticker.id)
-    )
-    comp = comp_result.scalar_one_or_none()
-
-    if comp is None or comp.is_stale:
-        await compute_composite_score(db, symbol, weights)
-
-    await db.commit()
-
-    # Re-fetch everything fresh
     result = await db.execute(
         select(DimensionScore).where(DimensionScore.ticker_id == ticker.id)
     )
     dim_scores_list = list(result.scalars().all())
+    dim_scores = {ds.dimension: ds for ds in dim_scores_list}
 
     comp_result = await db.execute(
         select(CompositeScore).where(CompositeScore.ticker_id == ticker.id)
     )
     comp = comp_result.scalar_one_or_none()
 
-    # Compute breakdowns for each dimension by calling the dimension computers
-    breakdowns: dict[str, dict | None] = {}
-    for dim in DIMENSIONS:
-        try:
-            raw_result = await _DIMENSION_COMPUTERS[dim](db, symbol)
-            if isinstance(raw_result, tuple) and len(raw_result) == 2:
-                breakdowns[dim] = raw_result[1]
-            else:
-                breakdowns[dim] = None
-        except Exception:
-            breakdowns[dim] = None
-
-    # Build dimension entries with breakdowns
     dimensions = []
     missing = []
     available_dims: list[str] = []
     for dim in DIMENSIONS:
-        found = next((ds for ds in dim_scores_list if ds.dimension == dim), None)
+        found = dim_scores.get(dim)
         if found is not None and not found.is_stale and found.score is not None:
             dimensions.append({
                 "dimension": found.dimension,
                 "score": found.score,
                 "is_stale": found.is_stale,
                 "computed_at": found.computed_at,
-                "breakdown": breakdowns.get(dim),
+                "breakdown": None,
             })
             w = weights.get(dim, 0.0)
             if w > 0:
@@ -819,25 +809,50 @@ async def get_score(
                     "score": found.score,
                     "is_stale": found.is_stale,
                     "computed_at": found.computed_at,
-                    "breakdown": breakdowns.get(dim),
+                    "breakdown": None,
                 })
 
-    # Build composite breakdown with re-normalization info
-    composite_breakdown = None
-    available_weight_sum = sum(weights.get(d, 0.0) for d in available_dims)
+    # Build composite breakdown: the non-sentiment base (re-normalized weighted
+    # average) plus sentiment as a signed adjustment around neutral.
+    base_dims = [d for d in available_dims if d != "sentiment"]
+    available_weight_sum = sum(weights.get(d, 0.0) for d in base_dims)
     if available_weight_sum > 0:
         renormalized_weights = {
-            d: weights.get(d, 0.0) / available_weight_sum for d in available_dims
+            d: weights.get(d, 0.0) / available_weight_sum for d in base_dims
         }
     else:
         renormalized_weights = {}
 
+    fresh = {
+        ds.dimension: ds.score
+        for ds in dim_scores_list
+        if not ds.is_stale and ds.score is not None
+    }
+    if renormalized_weights:
+        base_score = sum(renormalized_weights[d] * fresh[d] for d in base_dims)
+    elif "sentiment" in fresh:
+        base_score = NEUTRAL_SENTIMENT
+    else:
+        base_score = None
+
+    sentiment_val = fresh.get("sentiment")
+    sentiment_weight = weights.get("sentiment", 0.0)
+    sentiment_adjustment = _sentiment_adjustment(sentiment_val, sentiment_weight)
+
     composite_breakdown = {
         "weights": weights,
-        "available_dimensions": available_dims,
+        "available_dimensions": base_dims,
         "missing_dimensions": missing,
         "renormalized_weights": renormalized_weights,
-        "formula": "Weighted average of available dimensions with re-normalized weights: sum(weight_i * score_i) / sum(weight_i)",
+        "base_score": base_score,
+        "sentiment_score": sentiment_val,
+        "sentiment_adjustment": sentiment_adjustment,
+        "max_sentiment_adjustment": sentiment_weight * 100.0,
+        "formula": (
+            "Base = re-normalized weighted average of the non-sentiment dimensions. "
+            "Composite = base + sentiment adjustment, where adjustment = "
+            "MAX_ADJ * (sentiment - 50) / 50 and MAX_ADJ = sentiment weight * 100."
+        ),
     }
 
     return {
@@ -874,31 +889,13 @@ async def get_rankings(db: AsyncSession) -> dict:
             dims[ds.ticker_id][ds.dimension] = ds
         return comps, dims
 
-    # Two bulk reads instead of ~4 queries per ticker.
-    comps, dims_by_ticker = await _load_scores()
-
-    # Lazily recompute any stale/missing scores (kept fresh by the daily scan;
-    # this self-heals tickers that aged out between scans), committing once.
-    recomputed = False
-    for ticker in tickers:
-        comp = comps.get(ticker.id)
-        if comp is None or comp.is_stale:
-            dim_scores = dims_by_ticker.get(ticker.id, {})
-            for dim in DIMENSIONS:
-                ds = dim_scores.get(dim)
-                if ds is None or ds.is_stale:
-                    await compute_dimension_score(db, ticker.symbol, dim)
-            await compute_composite_score(db, ticker.symbol, weights)
-            recomputed = True
-
-    if recomputed:
-        await db.commit()
     comps, dims_by_ticker = await _load_scores()
 
     rankings = [
         {
             "symbol": ticker.symbol,
             "composite_score": comp.score,
+            "composite_stale": comp.is_stale,
             "dimensions": [
                 {
                     "dimension": ds.dimension,

app/services/ticker_universe_service.py

@@ -6,6 +6,7 @@ well-known universes (S&P 500, NASDAQ-100, NASDAQ All).
 
 from __future__ import annotations
 
+import asyncio
 import json
 import logging
 import os
@@ -357,6 +358,55 @@ async def fetch_universe_symbols(db: AsyncSession, universe: str) -> list[str]:
     raise ProviderError(f"Universe '{normalised_universe}' returned no valid symbols. Attempts: {reason}")
 
 
+async def _fetch_alpaca_asset_names() -> dict[str, str]:
+    """One Alpaca Trading-API call → {internal_symbol: company_name} for all US
+    equities. Tries paper and live endpoints so it works with either key type."""
+    if not settings.alpaca_api_key or not settings.alpaca_api_secret:
+        raise ValidationError("Alpaca API credentials are required to backfill names")
+
+    from alpaca.trading.client import TradingClient
+    from alpaca.trading.enums import AssetClass, AssetStatus
+    from alpaca.trading.requests import GetAssetsRequest
+
+    req = GetAssetsRequest(status=AssetStatus.ACTIVE, asset_class=AssetClass.US_EQUITY)
+    last_err: Exception | None = None
+    for paper in (True, False):
+        try:
+            client = TradingClient(settings.alpaca_api_key, settings.alpaca_api_secret, paper=paper)
+            assets = await asyncio.to_thread(client.get_all_assets, req)
+            names: dict[str, str] = {}
+            for asset in assets:
+                sym = getattr(asset, "symbol", None)
+                nm = getattr(asset, "name", None)
+                if sym and nm:
+                    names[sym.replace(".", "-").upper()] = nm  # BRK.B → BRK-B
+            if names:
+                return names
+        except Exception as exc:  # noqa: BLE001 — try the other endpoint
+            last_err = exc
+
+    raise ProviderError(f"Failed to fetch asset names from Alpaca: {last_err}")
+
+
+async def backfill_ticker_names(db: AsyncSession, *, only_missing: bool = True) -> dict[str, int]:
+    """Fill Ticker.name from Alpaca in a single request for the whole universe."""
+    result = await db.execute(select(Ticker))
+    tickers = list(result.scalars().all())
+    targets = [t for t in tickers if not t.name] if only_missing else tickers
+    if not targets:
+        return {"updated": 0, "checked": 0, "unmatched": 0}
+
+    names = await _fetch_alpaca_asset_names()
+    updated = 0
+    for ticker in targets:
+        nm = names.get(ticker.symbol.upper())
+        if nm and nm != ticker.name:
+            ticker.name = nm[:120]
+            updated += 1
+    await db.commit()
+    return {"updated": updated, "checked": len(targets), "unmatched": len(targets) - updated}
+
+
 async def bootstrap_universe(
     db: AsyncSession,
     universe: str,
@@ -387,6 +437,13 @@ async def bootstrap_universe(
 
     await db.commit()
 
+    # Best-effort: fill company names for any tickers still missing one. Never let
+    # a name-fetch hiccup fail the bootstrap itself.
+    try:
+        await backfill_ticker_names(db, only_missing=True)
+    except Exception:  # noqa: BLE001
+        logger.warning("Ticker name backfill failed during bootstrap", exc_info=True)
+
     return {
         "universe": normalised_universe,
         "total_universe_symbols": len(symbols),

app/services/watchlist_service.py

@@ -173,6 +173,9 @@ async def _enrich_entry(
         "dimensions": dims,
         "rr_ratio": setup.rr_ratio if setup else None,
         "rr_direction": setup.direction if setup else None,
+        # Residual 12-1 activation percentile (the top-pick selector); ticker-level,
+        # so any of the ticker's setups carries the same value.
+        "momentum_percentile": setup.momentum_percentile if setup else None,
         "sr_levels": sr_levels,
         "last_close": last_close,
         "change_pct": change_pct,

frontend/src/api/admin.ts

@@ -134,6 +134,8 @@ export function updateAlertSettings(payload: {
   sr_proximity_enabled?: boolean;
   score_drop_enabled?: boolean;
   digest_enabled?: boolean;
+  regime_quadrant_enabled?: boolean;
+  trade_closed_enabled?: boolean;
 }) {
   return apiClient
     .put<AlertConfig>('admin/settings/alerts', payload)
@@ -169,6 +171,12 @@ export function bootstrapTickers(universe: TickerUniverse, pruneMissing: boolean
     .then((r) => r.data);
 }
 
+export function backfillTickerNames() {
+  return apiClient
+    .post<{ updated: number; checked: number; unmatched: number }>('admin/tickers/backfill-names')
+    .then((r) => r.data);
+}
+
 // Jobs
 export interface JobStatus {
   name: string;

frontend/src/api/ingestion.ts

@@ -1,7 +1,7 @@
 import apiClient from './client';
 
 export interface IngestionSourceResult {
-  status: 'ok' | 'error' | 'skipped';
+  status: 'ok' | 'error' | 'skipped' | 'warning';
   message?: string | null;
   records?: number;
   classification?: string;

frontend/src/api/paperTrades.ts

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

frontend/src/api/regime.ts

@@ -4,12 +4,19 @@ import type {
   RegimeConfig,
   RegimeFundamentals,
   EventStudyReport,
+  RegimeHistoryPoint,
 } from '../lib/types';
 
 export function getRegimeMonitor() {
   return apiClient.get<RegimeMonitor>('regime/monitor').then((r) => r.data);
 }
 
+export function getRegimeHistory(days = 400) {
+  return apiClient
+    .get<RegimeHistoryPoint[]>('regime/history', { params: { days } })
+    .then((r) => r.data);
+}
+
 export function getEventStudy() {
   return apiClient.get<EventStudyReport | null>('regime/event-study').then((r) => r.data);
 }

frontend/src/components/admin/ActivationSettings.tsx

@@ -9,6 +9,7 @@ const DEFAULTS: ActivationConfig = {
   min_confidence: 55,
   require_high_conviction: false,
   exclude_conflicts: false,
+  exclude_neutral: true,
 };
 
 export function ActivationSettings() {
@@ -40,16 +41,16 @@ export function ActivationSettings() {
         <p className="mt-1 text-xs text-gray-500">
           What counts as a signal worth acting on. Drives the Dashboard's "Qualified" metric, the
           Signals "Qualified only" view, and the Track Record's qualified stats. The core selection is
-          <span className="text-gray-300"> cross-sectional momentum</span> — the ticker must rank in the
-          top slice of the universe by 12-1 month momentum, the one signal the backtest showed predicts
-          forward returns. R:R and confidence stay as floors. Tune the cutoff against the Track Record's
+          <span className="text-gray-300"> residual cross-sectional momentum</span> — the ticker must rank in the
+          top slice of the universe by beta-adjusted 12-1 month momentum, the production signal promoted
+          from the backtest. R:R and confidence stay as floors. Tune the cutoff against the Track Record's
           momentum sweep to see what actually wins.
         </p>
       </div>
 
       <div className="grid gap-4 md:grid-cols-3">
         <label className="block space-y-1">
-          <span className="text-xs text-gray-400">Min Momentum Percentile</span>
+          <span className="text-xs text-gray-400">Min Residual Momentum Percentile</span>
           <input
             type="number"
             min={0}
@@ -59,7 +60,7 @@ export function ActivationSettings() {
             onChange={(e) => setForm((prev) => ({ ...prev, min_momentum_percentile: Number(e.target.value) }))}
             className="w-full input-glass px-3 py-2 text-sm"
           />
-          <span className="text-[11px] text-gray-600">Ticker's 12-1 momentum rank. 80 = top 20% of the universe. 0 disables. The core gate.</span>
+          <span className="text-[11px] text-gray-600">Ticker's residual 12-1 momentum rank. 80 = top 20% of the universe. 0 disables. The core gate.</span>
         </label>
         <label className="block space-y-1">
           <span className="text-xs text-gray-400">Min Risk:Reward (1 : x)</span>
@@ -87,6 +88,24 @@ export function ActivationSettings() {
         </label>
       </div>
 
+      <div className="border-t border-white/[0.06] pt-4">
+        <label className="flex cursor-pointer items-start gap-2.5 text-sm text-gray-300">
+          <input
+            type="checkbox"
+            checked={form.exclude_neutral}
+            onChange={(e) => setForm((prev) => ({ ...prev, exclude_neutral: e.target.checked }))}
+            className="mt-0.5 h-4 w-4 cursor-pointer accent-blue-400"
+          />
+          <span>
+            Require a directional call (exclude NEUTRAL)
+            <span className="mt-0.5 block text-[11px] text-gray-500">
+              On by default. A NEUTRAL ("No Clear Setup") recommendation isn't a tradeable signal, so it
+              never qualifies or becomes a top pick. Turn off to also count no-clear-direction residual momentum leaders.
+            </span>
+          </span>
+        </label>
+      </div>
+
       <div className="border-t border-white/[0.06] pt-4">
         <p className="text-xs font-medium uppercase tracking-widest text-gray-500">Optional tighteners</p>
         <p className="mt-1 text-[11px] text-gray-600">Off by default — turn on to be more selective on top of the momentum gate.</p>

frontend/src/components/admin/AlertSettings.tsx

@@ -12,13 +12,17 @@ type TriggerKey =
   | 'qualified_enabled'
   | 'sr_proximity_enabled'
   | 'score_drop_enabled'
-  | 'digest_enabled';
+  | 'digest_enabled'
+  | 'regime_quadrant_enabled'
+  | 'trade_closed_enabled';
 
 const TRIGGERS: { key: TriggerKey; label: string; hint: string }[] = [
   { key: 'qualified_enabled', label: 'Qualified setups', hint: 'a setup newly clears the activation gate' },
   { key: 'sr_proximity_enabled', label: 'Watchlist S/R proximity', hint: 'a watched ticker nears a strong support/resistance' },
   { key: 'score_drop_enabled', label: 'Score deterioration', hint: 'a watched ticker’s composite drops sharply' },
-  { key: 'digest_enabled', label: 'Daily digest', hint: 'one end-of-day summary of qualified setups' },
+  { key: 'digest_enabled', label: 'Daily digest', hint: 'end-of-day summary incl. open trades + trailing stops' },
+  { key: 'regime_quadrant_enabled', label: 'Regime quadrant change', hint: 'the regime monitor shifts quadrant (hysteresis + cooldown)' },
+  { key: 'trade_closed_enabled', label: 'Trade closed', hint: 'a paper trade auto-closes (trailing/target/stop) — incl. losses' },
 ];
 
 function Toggle({ checked, onChange, label, hint }: {
@@ -56,6 +60,8 @@ export function AlertSettings() {
     sr_proximity_enabled: true,
     score_drop_enabled: true,
     digest_enabled: true,
+    regime_quadrant_enabled: true,
+    trade_closed_enabled: true,
   });
 
   useEffect(() => {
@@ -67,6 +73,8 @@ export function AlertSettings() {
         sr_proximity_enabled: data.sr_proximity_enabled,
         score_drop_enabled: data.score_drop_enabled,
         digest_enabled: data.digest_enabled,
+        regime_quadrant_enabled: data.regime_quadrant_enabled,
+        trade_closed_enabled: data.trade_closed_enabled,
       });
     }
   }, [data]);

frontend/src/components/admin/ExitPolicySettings.tsx

@@ -0,0 +1,87 @@
+import { useEffect, useState } from 'react';
+import type { ExitPolicy } from '../../lib/types';
+import { useExitPolicy, useUpdateExitPolicy } from '../../hooks/usePaperTrades';
+import { SkeletonCard } from '../ui/Skeleton';
+
+export function ExitPolicySettings() {
+  const { data, isLoading } = useExitPolicy();
+  const update = useUpdateExitPolicy();
+  const [mode, setMode] = useState<ExitPolicy['mode']>('time');
+  const [pct, setPct] = useState(12);
+  const [holdDays, setHoldDays] = useState(30);
+
+  useEffect(() => {
+    if (data) {
+      setMode(data.mode);
+      setPct(data.trailing_pct);
+      setHoldDays(data.hold_days ?? 30);
+    }
+  }, [data]);
+
+  if (isLoading) return <SkeletonCard />;
+
+  return (
+    <div className="glass p-5 space-y-4">
+      <div>
+        <h3 className="text-sm font-semibold text-gray-200">Paper-Trade Exit</h3>
+        <p className="mt-1 text-xs text-gray-500">
+          How open paper trades auto-close (in the nightly/intraday outcome job).{' '}
+          <span className="text-gray-300">Hold</span> keeps the initial stop and exits at the Nth trading
+          day's close — the backtest-validated exit (classic momentum: hold ~a month, re-rank);{' '}
+          <span className="text-gray-300">Trailing</span> rides a trailing stop;{' '}
+          <span className="text-gray-300">Target / stop</span> closes at the setup's target or stop.
+          The setup's initial stop is always the floor.
+        </p>
+      </div>
+      <div className="grid gap-4 md:grid-cols-3">
+        <label className="block space-y-1">
+          <span className="text-xs text-gray-400">Exit mode</span>
+          <select
+            value={mode}
+            onChange={(e) => setMode(e.target.value as ExitPolicy['mode'])}
+            className="w-full input-glass px-3 py-2 text-sm"
+          >
+            <option value="time">Hold N days + stop</option>
+            <option value="trailing">Trailing stop</option>
+            <option value="target">Target / stop</option>
+          </select>
+        </label>
+        <label className="block space-y-1">
+          <span className="text-xs text-gray-400">Hold (trading days)</span>
+          <input
+            type="number"
+            min={2}
+            max={250}
+            step={1}
+            value={holdDays}
+            onChange={(e) => setHoldDays(Number(e.target.value))}
+            disabled={mode !== 'time'}
+            className="w-full input-glass px-3 py-2 text-sm disabled:opacity-50"
+          />
+          <span className="text-[11px] text-gray-600">Backtest optimum: 30 (its evaluation horizon).</span>
+        </label>
+        <label className="block space-y-1">
+          <span className="text-xs text-gray-400">Trailing width (%)</span>
+          <input
+            type="number"
+            min={0.5}
+            max={90}
+            step={0.5}
+            value={pct}
+            onChange={(e) => setPct(Number(e.target.value))}
+            disabled={mode !== 'trailing'}
+            className="w-full input-glass px-3 py-2 text-sm disabled:opacity-50"
+          />
+          <span className="text-[11px] text-gray-600">Give-back from the peak. ≥15% ≈ the hold exit.</span>
+        </label>
+      </div>
+      <button
+        className="btn-primary px-4 py-2 text-sm disabled:opacity-50"
+        disabled={update.isPending}
+        onClick={() => update.mutate({ mode, trailing_pct: pct, hold_days: holdDays })}
+      >
+        {update.isPending ? 'Saving…' : 'Save Exit Policy'}
+      </button>
+    </div>
+  );
+}

frontend/src/components/admin/TickerUniverseBootstrap.tsx

@@ -1,5 +1,6 @@
 import { useEffect, useState } from 'react';
 import {
+  useBackfillTickerNames,
   useBootstrapTickers,
   useTickerUniverseSetting,
   useUpdateTickerUniverseSetting,
@@ -17,6 +18,7 @@ export function TickerUniverseBootstrap() {
   const { data, isLoading, isError, error } = useTickerUniverseSetting();
   const updateDefault = useUpdateTickerUniverseSetting();
   const bootstrap = useBootstrapTickers();
+  const backfillNames = useBackfillTickerNames();
 
   const [universe, setUniverse] = useState<TickerUniverse>('sp500');
   const [pruneMissing, setPruneMissing] = useState(false);
@@ -85,6 +87,14 @@ export function TickerUniverseBootstrap() {
         >
           {bootstrap.isPending ? 'Bootstrapping…' : 'Bootstrap Now'}
         </button>
+        <button
+          className="px-4 py-2 text-sm rounded border border-white/[0.1] text-gray-300 hover:text-white disabled:opacity-50"
+          onClick={() => backfillNames.mutate()}
+          disabled={backfillNames.isPending}
+          title="Fill in company names from Alpaca (one request for all tickers)"
+        >
+          {backfillNames.isPending ? 'Backfilling…' : 'Backfill Names'}
+        </button>
       </div>
     </div>
   );

frontend/src/components/charts/CandlestickChart.tsx

@@ -1,6 +1,6 @@
 import { useRef, useEffect, useCallback, useState } from 'react';
 import type { OHLCVBar, SRLevel, SRZone, TradeSetup } from '../../lib/types';
-import { formatPrice, formatDate } from '../../lib/format';
+import { formatPrice, formatDate, formatLargeNumber } from '../../lib/format';
 
 interface CandlestickChartProps {
   data: OHLCVBar[];
@@ -50,6 +50,9 @@ interface TooltipState {
 }
 
 const MIN_VISIBLE_BARS = 10;
+const CHART_HEIGHT = 440;
+const VOLUME_PANE_HEIGHT = 72;
+const PANE_GAP = 18;
 
 type RangePreset = '1M' | '3M' | '6M' | 'YTD' | '1Y' | '3Y' | '5Y' | 'All';
 const RANGE_PRESETS: RangePreset[] = ['1M', '3M', '6M', 'YTD', '1Y', '3Y', '5Y', 'All'];
@@ -109,7 +112,7 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
     const dpr = window.devicePixelRatio || 1;
     const rect = container.getBoundingClientRect();
     const W = rect.width;
-    const H = 400;
+    const H = CHART_HEIGHT;
 
     canvas.width = W * dpr;
     canvas.height = H * dpr;
@@ -124,7 +127,11 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
     // Margins
     const ml = 12, mr = 70, mt = 12, mb = 32;
     const cw = W - ml - mr;
-    const ch = H - mt - mb;
+    const volumeH = VOLUME_PANE_HEIGHT;
+    const ch = H - mt - mb - volumeH - PANE_GAP;
+    const priceBottom = mt + ch;
+    const volumeTop = priceBottom + PANE_GAP;
+    const volumeBottom = volumeTop + volumeH;
 
     // Current price = explicit prop, else latest close
     const livePrice = currentPrice ?? visibleData[visibleData.length - 1].close;
@@ -145,6 +152,9 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
     const yScale = (v: number) => mt + ch - ((v - lo) / (hi - lo)) * ch;
     const barW = cw / visibleData.length;
     const candleW = Math.max(barW * 0.65, 1);
+    const volumeW = Math.max(barW * 0.65, 1);
+    const maxVolume = Math.max(...visibleData.map((b) => Math.max(0, b.volume)), 1);
+    const volumeScale = (v: number) => volumeTop + volumeH - (Math.max(0, v) / maxVolume) * volumeH;
 
     // Grid lines (horizontal)
     const nTicks = 6;
@@ -172,6 +182,34 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
       ctx.fillText(formatDate(visibleData[i].date), x, H - 6);
     }
 
+    // Volume pane
+    ctx.strokeStyle = 'rgba(255,255,255,0.06)';
+    ctx.lineWidth = 1;
+    ctx.beginPath();
+    ctx.moveTo(ml, volumeTop - 9);
+    ctx.lineTo(ml + cw, volumeTop - 9);
+    ctx.stroke();
+    ctx.beginPath();
+    ctx.moveTo(ml, volumeBottom);
+    ctx.lineTo(ml + cw, volumeBottom);
+    ctx.stroke();
+
+    ctx.font = '10px "IBM Plex Mono", ui-monospace, monospace';
+    ctx.fillStyle = '#6b7280';
+    ctx.textAlign = 'left';
+    ctx.fillText('Volume', ml, volumeTop - 13);
+    ctx.textAlign = 'right';
+    ctx.fillText(formatLargeNumber(maxVolume), W - 8, volumeTop + 4);
+
+    visibleData.forEach((bar, i) => {
+      const x = ml + i * barW + barW / 2;
+      const bullish = bar.close >= bar.open;
+      const yVolume = volumeScale(bar.volume);
+      const hVolume = Math.max(volumeBottom - yVolume, bar.volume > 0 ? 1 : 0);
+      ctx.fillStyle = bullish ? 'rgba(16, 185, 129, 0.32)' : 'rgba(239, 68, 68, 0.28)';
+      ctx.fillRect(x - volumeW / 2, yVolume, volumeW, hVolume);
+    });
+
     // Nearest support/resistance only (band if it came from a zone)
     markers.forEach((m) => {
       const isSupport = m.role === 'support';
@@ -312,7 +350,22 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
     });
 
     // Store geometry for hit testing (includes visibleRange offset)
-    (canvas as any).__chartMeta = { ml, mr, mt, mb, cw, ch, barW, lo, hi, yScale, visibleStart: start };
+    (canvas as any).__chartMeta = {
+      ml,
+      mr,
+      mt,
+      mb,
+      cw,
+      ch,
+      barW,
+      lo,
+      hi,
+      yScale,
+      visibleStart: start,
+      volumeTop,
+      volumeH,
+      volumeBottom,
+    };
 
     // Size the overlay canvas to match
     const overlay = overlayCanvasRef.current;
@@ -342,12 +395,14 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
     const meta = (canvas as any).__chartMeta;
     if (!meta) return;
 
-    const { ml, mt, mb, cw, ch, barW, lo, hi, visibleStart } = meta;
+    const { ml, mt, mb, cw, ch, barW, lo, hi, visibleStart, volumeBottom } = meta;
     const H = overlay.height / dpr;
+    const priceBottom = mt + ch;
+    const chartBottom = volumeBottom ?? priceBottom;
 
     // Clamp crosshair to chart area
     const cx = Math.max(ml, Math.min(ml + cw, pos.x));
-    const cy = Math.max(mt, Math.min(mt + ch, pos.y));
+    const cy = Math.max(mt, Math.min(chartBottom, pos.y));
 
     // Dashed crosshair lines
     ctx.strokeStyle = 'rgba(255, 255, 255, 0.4)';
@@ -357,24 +412,30 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
     // Vertical line
     ctx.beginPath();
     ctx.moveTo(cx, mt);
-    ctx.lineTo(cx, mt + ch);
+    ctx.lineTo(cx, chartBottom);
     ctx.stroke();
 
-    // Horizontal line
+    ctx.setLineDash([]);
+
+    ctx.font = '11px "IBM Plex Mono", ui-monospace, monospace';
+    const labelPadX = 5;
+    const labelPadY = 3;
+
+    if (cy <= priceBottom) {
+      // Horizontal price crosshair only belongs in the price pane.
+      ctx.strokeStyle = 'rgba(255, 255, 255, 0.4)';
+      ctx.lineWidth = 0.75;
+      ctx.setLineDash([4, 3]);
       ctx.beginPath();
       ctx.moveTo(ml, cy);
       ctx.lineTo(ml + cw, cy);
       ctx.stroke();
-
       ctx.setLineDash([]);
 
       // Price label on y-axis (right side)
       const price = hi - ((cy - mt) / ch) * (hi - lo);
       const priceText = formatPrice(price);
-    ctx.font = '11px "IBM Plex Mono", ui-monospace, monospace';
       const priceMetrics = ctx.measureText(priceText);
-    const labelPadX = 5;
-    const labelPadY = 3;
       const labelW = priceMetrics.width + labelPadX * 2;
       const labelH = 16 + labelPadY * 2;
       const labelX = ml + cw + 2;
@@ -388,6 +449,7 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
       ctx.textAlign = 'left';
       ctx.textBaseline = 'middle';
       ctx.fillText(priceText, labelX + labelPadX, cy);
+    }
 
     // Date label on x-axis (bottom)
     const localIdx = Math.floor((cx - ml) / barW);
@@ -619,7 +681,7 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
             <span>High</span><span class="text-right text-gray-200">${formatPrice(bar.high)}</span>
             <span>Low</span><span class="text-right text-gray-200">${formatPrice(bar.low)}</span>
             <span>Close</span><span class="text-right text-gray-200">${formatPrice(bar.close)}</span>
-            <span>Vol</span><span class="text-right text-gray-200">${bar.volume.toLocaleString()}</span>
+            <span>Vol</span><span class="text-right text-gray-200" title="${bar.volume.toLocaleString()}">${formatLargeNumber(bar.volume)}</span>
           </div>${tradeTooltipHtml}`;
       } else {
         tip.style.display = 'none';
@@ -670,16 +732,16 @@ export function CandlestickChart({ data, srLevels = [], zones = [], tradeSetup,
         ))}
         <span className="ml-1 text-[10px] text-gray-600">scroll to zoom · drag to pan</span>
       </div>
-      <div ref={containerRef} className="relative w-full" style={{ height: 400 }}>
+      <div ref={containerRef} className="relative w-full" style={{ height: CHART_HEIGHT }}>
         <canvas
           ref={canvasRef}
           className="w-full"
-          style={{ height: 400 }}
+          style={{ height: CHART_HEIGHT }}
         />
       <canvas
         ref={overlayCanvasRef}
         className="absolute top-0 left-0 w-full cursor-crosshair"
-        style={{ height: 400 }}
+        style={{ height: CHART_HEIGHT }}
         onMouseDown={handleMouseDown}
         onMouseMove={handleMouseMove}
         onMouseUp={handleMouseUp}

frontend/src/components/dashboard/OpenTradesPanel.tsx

@@ -1,6 +1,7 @@
 import { useMemo } from 'react';
 import { Link } from 'react-router-dom';
-import { usePaperTrades, useClosePaperTrade } from '../../hooks/usePaperTrades';
+import { usePaperTrades, useClosePaperTrade, useExitPolicy } from '../../hooks/usePaperTrades';
+import { useTickerNames } from '../../hooks/useTickers';
 import { tradePnl } from '../../lib/paperTrade';
 import { formatPrice } from '../../lib/format';
 import { Section } from '../ui/Section';
@@ -18,19 +19,32 @@ function pnlColor(v: number): string {
 
 export function OpenTradesPanel() {
   const { data: trades, isLoading } = usePaperTrades('open');
+  const { data: policy } = useExitPolicy();
+  const tickerNames = useTickerNames();
   const close = useClosePaperTrade();
 
+  const exitLabel = policy
+    ? policy.mode === 'trailing'
+      ? `auto-exit: trailing ${Math.round(policy.trailing_pct)}%`
+      : 'auto-exit: target/stop'
+    : null;
+
   const totals = useMemo(() => {
-    let pnl = 0, winners = 0, losers = 0, priced = 0;
+    let pnl = 0, winners = 0, losers = 0, priced = 0, alphaUsd = 0, alphaPriced = 0;
     for (const t of trades ?? []) {
       const p = tradePnl(t);
-      if (!p) continue;
+      if (p) {
         priced += 1;
         pnl += p.pnl;
         if (p.pnl > 0) winners += 1;
         else if (p.pnl < 0) losers += 1;
       }
-    return { pnl, winners, losers, priced };
+      if (t.alpha_usd != null) {
+        alphaUsd += t.alpha_usd;
+        alphaPriced += 1;
+      }
+    }
+    return { pnl, winners, losers, priced, alphaUsd, alphaPriced };
   }, [trades]);
 
   if (isLoading) return null;
@@ -39,7 +53,7 @@ export function OpenTradesPanel() {
   return (
     <Section
       title="Open Trades"
-      hint={rows.length > 0 ? `${rows.length} open · ${totals.winners}▲ ${totals.losers}▼` : 'paper trading'}
+      hint={rows.length > 0 ? `${rows.length} open · ${totals.winners}▲ ${totals.losers}▼${exitLabel ? ` · ${exitLabel}` : ''}` : 'paper trading'}
     >
       {rows.length === 0 ? (
         <Callout variant="empty">
@@ -58,6 +72,8 @@ export function OpenTradesPanel() {
                 <th className="px-4 py-3 text-right">P&L</th>
                 <th className="px-4 py-3 text-right">%</th>
                 <th className="px-4 py-3 text-right">R</th>
+                <th className="px-4 py-3 text-right">Alpha</th>
+                <th className="px-4 py-3 text-right">Trail Stop</th>
                 <th className="px-4 py-3"></th>
               </tr>
             </thead>
@@ -70,6 +86,11 @@ export function OpenTradesPanel() {
                       <Link to={`/ticker/${t.symbol}`} className="font-medium text-blue-300 hover:text-blue-200">
                         {t.symbol}
                       </Link>
+                      {tickerNames.get(t.symbol.toUpperCase()) && (
+                        <div className="max-w-[150px] truncate text-[11px] text-gray-500">
+                          {tickerNames.get(t.symbol.toUpperCase())}
+                        </div>
+                      )}
                     </td>
                     <td className="px-4 py-3">
                       <span className={`num text-[10px] font-semibold uppercase ${t.direction === 'long' ? 'text-emerald-400' : 'text-red-400'}`}>
@@ -90,6 +111,23 @@ export function OpenTradesPanel() {
                     <td className={`num px-4 py-3 text-right ${p?.r != null ? pnlColor(p.r) : 'text-gray-500'}`}>
                       {p?.r != null ? `${p.r >= 0 ? '+' : ''}${p.r.toFixed(2)}R` : '—'}
                     </td>
+                    <td className={`num px-4 py-3 text-right ${t.alpha_pct != null ? pnlColor(t.alpha_pct) : 'text-gray-500'}`} title="Return vs. S&P 500 over the holding period">
+                      {t.alpha_pct != null ? `${t.alpha_pct >= 0 ? '+' : ''}${t.alpha_pct.toFixed(1)}%` : '—'}
+                    </td>
+                    <td className="num px-4 py-3 text-right text-gray-300" title="Current trailing-stop level · how far below the price">
+                      {t.trailing_stop != null ? (
+                        <>
+                          {formatPrice(t.trailing_stop)}
+                          {t.trailing_distance_pct != null && (
+                            <span className="ml-1 text-[10px] text-gray-500">
+                              {Math.abs(t.trailing_distance_pct).toFixed(1)}%
+                            </span>
+                          )}
+                        </>
+                      ) : (
+                        <span className="text-gray-500">—</span>
+                      )}
+                    </td>
                     <td className="px-4 py-3 text-right">
                       <button
                         onClick={() => {
@@ -110,12 +148,16 @@ export function OpenTradesPanel() {
             <tfoot>
               <tr className="border-t border-white/[0.08]">
                 <td className="px-4 py-2.5 text-xs text-gray-500" colSpan={5}>
-                  Total unrealized P&L
+                  Total unrealized P&L · alpha vs S&P 500
                 </td>
                 <td className={`num px-4 py-2.5 text-right font-semibold ${pnlColor(totals.pnl)}`}>
                   {money(totals.pnl)}
                 </td>
-                <td colSpan={3} />
+                <td colSpan={2} />
+                <td className={`num px-4 py-2.5 text-right font-semibold ${totals.alphaPriced > 0 ? pnlColor(totals.alphaUsd) : 'text-gray-500'}`}>
+                  {totals.alphaPriced > 0 ? money(totals.alphaUsd) : '—'}
+                </td>
+                <td colSpan={2} />
               </tr>
             </tfoot>
           </table>

frontend/src/components/layout/MobileNav.tsx

@@ -1,6 +1,7 @@
 import { useState } from 'react';
 import { NavLink } from 'react-router-dom';
 import { useAuthStore } from '../../stores/authStore';
+import TickerSearch from './TickerSearch';
 
 const navItems = [
   { to: '/', label: 'Overview', end: true },
@@ -46,6 +47,9 @@ export default function MobileNav() {
         }`}
       >
         <nav className="px-3 py-2 space-y-1">
+          <div className="pb-2">
+            <TickerSearch onNavigate={() => setOpen(false)} />
+          </div>
           {navItems.map(({ to, label, end }) => (
             <NavLink
               key={to}

frontend/src/components/layout/Sidebar.tsx

@@ -3,6 +3,7 @@ import { useQuery } from '@tanstack/react-query';
 import { useAuthStore } from '../../stores/authStore';
 import { check as healthCheck } from '../../api/health';
 import { getRunningJobs } from '../../api/jobs';
+import TickerSearch from './TickerSearch';
 
 const navItems = [
   { to: '/', label: 'Overview', index: '01', end: true },
@@ -54,6 +55,10 @@ export default function Sidebar() {
         <p className="text-[10px] text-gray-500 mt-1.5 font-mono uppercase tracking-[0.22em]">Trading Intelligence</p>
       </div>
 
+      <div className="px-3 pt-4">
+        <TickerSearch />
+      </div>
+
       <nav className="flex-1 px-3 py-5 space-y-1">
         {navItems.map(({ to, label, index, end }) => (
           <NavLink key={to} to={to} end={end} className={({ isActive }) => linkClasses(isActive)}>

frontend/src/components/layout/TickerSearch.tsx

@@ -0,0 +1,97 @@
+import { useMemo, useRef, useState } from 'react';
+import { useNavigate } from 'react-router-dom';
+import { useTickers } from '../../hooks/useTickers';
+import { Input } from '../ui/Field';
+
+const MAX_RESULTS = 8;
+
+/** Jump-to-ticker search over the tracked universe. Selecting a match opens its
+ *  detail page — it does NOT add the ticker to the watchlist. */
+export default function TickerSearch({ onNavigate }: { onNavigate?: () => void }) {
+  const tickers = useTickers();
+  const navigate = useNavigate();
+  const [q, setQ] = useState('');
+  const [open, setOpen] = useState(false);
+  const [active, setActive] = useState(0);
+  const blurTimer = useRef<number | null>(null);
+
+  const matches = useMemo(() => {
+    const query = q.trim().toUpperCase();
+    if (!query) return [];
+    const all = tickers.data ?? [];
+    const starts = all.filter((t) => t.symbol.toUpperCase().startsWith(query));
+    const contains = all.filter(
+      (t) => !t.symbol.toUpperCase().startsWith(query) && t.symbol.toUpperCase().includes(query),
+    );
+    return [...starts, ...contains].slice(0, MAX_RESULTS);
+  }, [q, tickers.data]);
+
+  const go = (symbol: string) => {
+    navigate(`/ticker/${symbol}`);
+    setQ('');
+    setOpen(false);
+    setActive(0);
+    onNavigate?.();
+  };
+
+  const onKeyDown = (e: React.KeyboardEvent<HTMLInputElement>) => {
+    if (e.key === 'ArrowDown') {
+      e.preventDefault();
+      setActive((a) => Math.min(a + 1, matches.length - 1));
+    } else if (e.key === 'ArrowUp') {
+      e.preventDefault();
+      setActive((a) => Math.max(a - 1, 0));
+    } else if (e.key === 'Enter') {
+      e.preventDefault();
+      const m = matches[active];
+      if (m) go(m.symbol);
+    } else if (e.key === 'Escape') {
+      setQ('');
+      setOpen(false);
+    }
+  };
+
+  const showList = open && q.trim().length > 0 && matches.length > 0;
+
+  return (
+    <div className="relative">
+      <Input
+        type="text"
+        value={q}
+        onChange={(e) => {
+          setQ(e.target.value);
+          setOpen(true);
+          setActive(0);
+        }}
+        onFocus={() => setOpen(true)}
+        onBlur={() => {
+          blurTimer.current = window.setTimeout(() => setOpen(false), 120);
+        }}
+        onKeyDown={onKeyDown}
+        placeholder="Search ticker…"
+        aria-label="Search ticker"
+        autoComplete="off"
+        className="w-full"
+      />
+      {showList && (
+        <ul className="absolute z-20 mt-1 max-h-72 w-full overflow-y-auto rounded-lg glass py-1 shadow-xl">
+          {matches.map((t, i) => (
+            <li key={t.symbol}>
+              <button
+                type="button"
+                onMouseEnter={() => setActive(i)}
+                onClick={() => go(t.symbol)}
+                className={`flex w-full items-baseline gap-2 px-3 py-1.5 text-left text-sm transition-colors ${
+                  i === active ? 'bg-blue-400/[0.12] text-blue-200' : 'text-gray-300 hover:bg-white/[0.04]'
+                }`}
+              >
+                <span className="font-medium">{t.symbol}</span>
+                {t.name && <span className="truncate text-xs text-gray-500">{t.name}</span>}
+              </button>
+            </li>
+          ))}
+        </ul>
+      )}
+    </div>
+  );
+}

frontend/src/components/rankings/WeightsForm.tsx

@@ -1,12 +1,16 @@
-import { useState, useMemo, type FormEvent } from 'react';
+import { useState, type FormEvent } from 'react';
 import { useUpdateWeights } from '../../hooks/useScores';
 
 interface WeightsFormProps {
   weights: Record<string, number>;
 }
 
+const SENTIMENT = 'sentiment';
+
 export function WeightsForm({ weights }: WeightsFormProps) {
-  // Convert API decimal weights (0-1) to 0-100 integer scale on mount
+  // API decimal weights (0-1) → 0-100 integer sliders. For the base dimensions
+  // that's their share of the weighted average; for sentiment it's the ± points
+  // it can move the composite (MAX_ADJ), decoupled from the base mix.
   const [sliderValues, setSliderValues] = useState<Record<string, number>>(() =>
     Object.fromEntries(
       Object.entries(weights).map(([key, w]) => [key, Math.round(w * 100)])
@@ -14,10 +18,10 @@ export function WeightsForm({ weights }: WeightsFormProps) {
   );
   const updateWeights = useUpdateWeights();
 
-  const allZero = useMemo(
-    () => Object.values(sliderValues).every((v) => v === 0),
-    [sliderValues]
-  );
+  const baseKeys = Object.keys(weights).filter((k) => k !== SENTIMENT);
+  const hasSentiment = SENTIMENT in weights;
+  const baseTotal = baseKeys.reduce((sum, k) => sum + (sliderValues[k] ?? 0), 0);
+  const sentimentPts = sliderValues[SENTIMENT] ?? 0;
 
   const handleChange = (key: string, value: string) => {
     const num = parseInt(value, 10);
@@ -26,24 +30,35 @@ export function WeightsForm({ weights }: WeightsFormProps) {
 
   const handleSubmit = (e: FormEvent) => {
     e.preventDefault();
-    if (allZero) return;
+    if (baseTotal === 0) return;
 
-    const total = Object.values(sliderValues).reduce((sum, v) => sum + v, 0);
-    const normalized = Object.fromEntries(
-      Object.entries(sliderValues).map(([key, v]) => [key, v / total])
+    // Base dimensions normalize among themselves; sentiment passes through raw
+    // (slider value / 100) so it stays independent of the base.
+    const payload: Record<string, number> = Object.fromEntries(
+      baseKeys.map((key) => [key, (sliderValues[key] ?? 0) / baseTotal])
     );
-    updateWeights.mutate(normalized);
+    if (hasSentiment) payload[SENTIMENT] = sentimentPts / 100;
+    updateWeights.mutate(payload);
   };
 
   return (
     <form onSubmit={handleSubmit} className="glass p-5">
-      <h3 className="mb-4 text-xs font-semibold uppercase tracking-widest text-gray-500">
+      <h3 className="mb-1 text-xs font-semibold uppercase tracking-widest text-gray-500">
         Scoring Weights
       </h3>
+      <p className="mb-4 text-[11px] text-gray-500">
+        The base dimensions are a weighted average (shares normalize to 100%). Sentiment is applied
+        separately as a signed adjustment on top.
+      </p>
       <div className="grid grid-cols-1 gap-3 sm:grid-cols-2 lg:grid-cols-3">
-        {Object.keys(weights).map((key) => (
+        {baseKeys.map((key) => (
           <label key={key} className="flex flex-col gap-1.5">
-            <span className="text-xs text-gray-400 capitalize">{key.replace(/_/g, ' ')}</span>
+            <span className="text-xs text-gray-400 capitalize">
+              {key.replace(/_/g, ' ')}
+              <span className="ml-1 text-gray-600">
+                · {baseTotal > 0 ? Math.round(((sliderValues[key] ?? 0) / baseTotal) * 100) : 0}%
+              </span>
+            </span>
             <div className="flex items-center gap-2">
               <input
                 type="range"
@@ -61,14 +76,39 @@ export function WeightsForm({ weights }: WeightsFormProps) {
           </label>
         ))}
       </div>
-      {allZero && (
-        <p className="mt-3 text-xs text-red-400">
-          At least one weight must be greater than zero
-        </p>
+
+      {hasSentiment && (
+        <div className="mt-4 border-t border-white/[0.06] pt-4">
+          <label className="flex flex-col gap-1.5">
+            <span className="text-xs text-gray-400">Sentiment influence (± points)</span>
+            <div className="flex items-center gap-2 sm:max-w-sm">
+              <input
+                type="range"
+                min={0}
+                max={30}
+                step={1}
+                value={sentimentPts}
+                onChange={(e) => handleChange(SENTIMENT, e.target.value)}
+                className="h-2 w-full cursor-pointer appearance-none rounded-lg bg-gray-700 accent-blue-500"
+              />
+              <span className="min-w-[3ch] text-right text-sm font-medium text-gray-300">
+                ±{sentimentPts}
+              </span>
+            </div>
+            <span className="text-[11px] text-gray-600">
+              Max points a bullish (or bearish) read moves the composite, scaled by confidence.
+              Doesn&rsquo;t change the base mix. 0 = ignore sentiment.
+            </span>
+          </label>
+        </div>
+      )}
+
+      {baseTotal === 0 && (
+        <p className="mt-3 text-xs text-red-400">At least one base weight must be greater than zero</p>
       )}
       <button
         type="submit"
-        disabled={updateWeights.isPending || allZero}
+        disabled={updateWeights.isPending || baseTotal === 0}
         className="mt-4 btn-primary px-4 py-2 text-sm disabled:opacity-50"
       >
         <span>{updateWeights.isPending ? 'Updating…' : 'Update Weights'}</span>

frontend/src/components/regime/RegimeQuadrant.tsx

@@ -0,0 +1,183 @@
+import { useMemo } from 'react';
+import { useQuery } from '@tanstack/react-query';
+import {
+  ScatterChart,
+  Scatter,
+  Cell,
+  XAxis,
+  YAxis,
+  ZAxis,
+  CartesianGrid,
+  Tooltip,
+  ResponsiveContainer,
+  ReferenceLine,
+  ReferenceArea,
+} from 'recharts';
+import { getRegimeHistory } from '../../api/regime';
+import { Callout } from '../ui/Callout';
+import { SkeletonCard } from '../ui/Skeleton';
+
+// Lazy-loaded (see RegimePage) so recharts stays in the regime-tab chunk.
+
+// Quadrant dividers. Regime < 40 ≈ intact; early-warning > 60 ≈ elevated.
+const X_DIV = 40; // regime index
+const Y_DIV = 60; // early warning
+const TRAIL = 60; // sessions shown
+
+interface QPoint {
+  x: number;
+  y: number;
+  date: string;
+}
+
+/** Centered moving average to de-noise the path; today (last) kept exact. */
+function smoothTrail(points: QPoint[], half = 2): QPoint[] {
+  const n = points.length;
+  return points.map((p, i) => {
+    if (i === n - 1) return { ...p };
+    let sx = 0;
+    let sy = 0;
+    let c = 0;
+    for (let j = Math.max(0, i - half); j <= Math.min(n - 1, i + half); j++) {
+      sx += points[j].x;
+      sy += points[j].y;
+      c += 1;
+    }
+    return { x: sx / c, y: sy / c, date: p.date };
+  });
+}
+
+/** Recency gradient: 0 = oldest (muted slate), 1 = newest (bright blue). */
+function recencyColor(t: number): string {
+  const lerp = (a: number, b: number) => Math.round(a + (b - a) * t);
+  const r = lerp(71, 96);
+  const g = lerp(85, 165);
+  const b = lerp(105, 250);
+  const alpha = (0.3 + 0.7 * t).toFixed(2);
+  return `rgba(${r}, ${g}, ${b}, ${alpha})`;
+}
+
+function QuadrantTip({ active, payload }: { active?: boolean; payload?: { payload: QPoint }[] }) {
+  if (!active || !payload?.length) return null;
+  const p = payload[0].payload;
+  return (
+    <div className="glass px-2.5 py-1.5 text-[11px]">
+      <div className="text-gray-300">{p.date}</div>
+      <div className="text-gray-400">
+        Regime <span className="text-blue-300">{Math.round(p.x)}</span> · Early warning{' '}
+        <span className="text-orange-300">{Math.round(p.y)}</span>
+      </div>
+    </div>
+  );
+}
+
+export default function RegimeQuadrant() {
+  const history = useQuery({ queryKey: ['regime', 'history'], queryFn: () => getRegimeHistory(400) });
+
+  const points = useMemo<QPoint[]>(() => {
+    const data = history.data ?? [];
+    return data
+      .filter((p) => p.early_warning != null)
+      .slice(-TRAIL)
+      .map((p) => ({ x: p.index, y: p.early_warning as number, date: p.date }));
+  }, [history.data]);
+
+  const trail = useMemo(() => smoothTrail(points), [points]);
+  const latest = points.length ? points[points.length - 1] : null;
+
+  return (
+    <div className="glass p-5">
+      <div className="flex flex-wrap items-center justify-between gap-2">
+        <div className="text-[11px] uppercase tracking-wider text-gray-500">
+          Regime quadrant — last {TRAIL} sessions
+        </div>
+        {latest && (
+          <div className="text-[11px] text-gray-500">
+            now: regime <span className="text-blue-300">{Math.round(latest.x)}</span> · warning{' '}
+            <span className="text-orange-300">{Math.round(latest.y)}</span>
+          </div>
+        )}
+      </div>
+
+      {history.isLoading ? (
+        <SkeletonCard className="mt-3 h-72" />
+      ) : !points.length ? (
+        <Callout variant="empty">
+          Not enough history yet — the early-warning fills in as the daily job runs.
+        </Callout>
+      ) : (
+        <>
+          <div className="mt-3 h-80">
+            <ResponsiveContainer width="100%" height="100%">
+              <ScatterChart margin={{ top: 10, right: 16, bottom: 22, left: 0 }}>
+                {/* Quadrant shading (drawn first, behind everything) */}
+                <ReferenceArea x1={0} x2={X_DIV} y1={Y_DIV} y2={100} fill="#f59e0b" fillOpacity={0.07} stroke="none" />
+                <ReferenceArea x1={X_DIV} x2={100} y1={Y_DIV} y2={100} fill="#f97316" fillOpacity={0.07} stroke="none" />
+                <ReferenceArea x1={0} x2={X_DIV} y1={0} y2={Y_DIV} fill="#10b981" fillOpacity={0.07} stroke="none" />
+                <ReferenceArea x1={X_DIV} x2={100} y1={0} y2={Y_DIV} fill="#ef4444" fillOpacity={0.08} stroke="none" />
+                <CartesianGrid stroke="rgba(255,255,255,0.04)" />
+                <ReferenceLine x={X_DIV} stroke="rgba(255,255,255,0.12)" />
+                <ReferenceLine y={Y_DIV} stroke="rgba(255,255,255,0.12)" />
+                <XAxis
+                  type="number"
+                  dataKey="x"
+                  domain={[0, 100]}
+                  ticks={[0, 20, 40, 60, 80, 100]}
+                  tick={{ fill: '#6b7280', fontSize: 10 }}
+                  tickLine={false}
+                  axisLine={{ stroke: 'rgba(255,255,255,0.08)' }}
+                  label={{ value: 'Regime index →', position: 'insideBottom', offset: -12, fill: '#6b7280', fontSize: 10 }}
+                />
+                <YAxis
+                  type="number"
+                  dataKey="y"
+                  domain={[0, 100]}
+                  ticks={[0, 20, 40, 60, 80, 100]}
+                  tick={{ fill: '#6b7280', fontSize: 10 }}
+                  width={30}
+                  tickLine={false}
+                  axisLine={false}
+                  label={{ value: 'Early warning', angle: -90, position: 'insideLeft', fill: '#6b7280', fontSize: 10 }}
+                />
+                <ZAxis range={[13, 13]} />
+                <Tooltip cursor={{ strokeDasharray: '3 3', stroke: 'rgba(255,255,255,0.2)' }} content={<QuadrantTip />} />
+                {/* Smoothed trail with a recency gradient (old → new) */}
+                <Scatter
+                  data={trail}
+                  line={{ stroke: 'rgba(96,165,250,0.18)', strokeWidth: 1.5 }}
+                  isAnimationActive={false}
+                >
+                  {trail.map((_, i) => (
+                    <Cell key={i} fill={recencyColor(trail.length <= 1 ? 1 : i / (trail.length - 1))} />
+                  ))}
+                </Scatter>
+                {/* Today */}
+                {latest && (
+                  <Scatter
+                    data={[latest]}
+                    isAnimationActive={false}
+                    shape={(props: { cx?: number; cy?: number }) => (
+                      <circle cx={props.cx} cy={props.cy} r={6} fill="#ffffff" stroke="#60a5fa" strokeWidth={2} />
+                    )}
+                  />
+                )}
+              </ScatterChart>
+            </ResponsiveContainer>
+          </div>
+
+          <div className="mt-2 grid grid-cols-1 gap-x-4 gap-y-1 text-[11px] text-gray-500 sm:grid-cols-2">
+            <span><span className="text-amber-400">① Hot &amp; brittle</span> — narrow melt-up, shakeout risk</span>
+            <span><span className="text-orange-400">② Transition</span> — break may be starting</span>
+            <span><span className="text-emerald-400">③ Healthy &amp; broad</span> — calm uptrend</span>
+            <span><span className="text-red-400">④ Real downturn</span> — regime breaking, broad</span>
+          </div>
+          <p className="mt-2 text-[11px] leading-relaxed text-gray-600">
+            White dot = today; the trail fades from muted (older) to bright blue (newer) over the last {TRAIL}{' '}
+            sessions, smoothed. The tell isn&apos;t a single spot but the move ①→④ (early warning rolling over while
+            the regime index climbs = divergence resolving downward). Observational — not wired into trades.
+          </p>
+        </>
+      )}
+    </div>
+  );
+}

frontend/src/components/regime/ScoreHistoryChart.tsx

@@ -0,0 +1,135 @@
+import { useState, useMemo } from 'react';
+import { useQuery } from '@tanstack/react-query';
+import {
+  LineChart,
+  Line,
+  XAxis,
+  YAxis,
+  CartesianGrid,
+  Tooltip,
+  ResponsiveContainer,
+  ReferenceLine,
+} from 'recharts';
+import { getRegimeHistory } from '../../api/regime';
+import { Callout } from '../ui/Callout';
+import { SkeletonCard } from '../ui/Skeleton';
+import { formatDate } from '../../lib/format';
+
+// Lazy-loaded (see RegimePage) so recharts only ships in the regime-tab chunk.
+
+const HISTORY_RANGES = [
+  { key: '1M', days: 30 },
+  { key: '3M', days: 90 },
+  { key: '6M', days: 182 },
+  { key: 'All', days: 100000 },
+] as const;
+type HistoryRange = (typeof HISTORY_RANGES)[number]['key'];
+
+const HISTORY_SERIES = [
+  { key: 'index', label: 'Index', color: '#60a5fa' },
+  { key: 'early_warning', label: 'Early warning', color: '#fb923c' },
+  { key: 'combined', label: 'Combined', color: '#a78bfa' },
+] as const;
+
+export default function ScoreHistoryChart() {
+  const [range, setRange] = useState<HistoryRange>('3M');
+  const history = useQuery({ queryKey: ['regime', 'history'], queryFn: () => getRegimeHistory(400) });
+
+  const filtered = useMemo(() => {
+    const data = history.data ?? [];
+    const days = HISTORY_RANGES.find((r) => r.key === range)!.days;
+    if (range === 'All') return data;
+    const cutoff = new Date();
+    cutoff.setDate(cutoff.getDate() - days);
+    return data.filter((p) => new Date(p.date) >= cutoff);
+  }, [history.data, range]);
+
+  return (
+    <div className="glass p-5">
+      <div className="flex flex-wrap items-center justify-between gap-2">
+        <div className="text-[11px] uppercase tracking-wider text-gray-500">Score history</div>
+        <div className="flex gap-1">
+          {HISTORY_RANGES.map((r) => (
+            <button
+              key={r.key}
+              type="button"
+              onClick={() => setRange(r.key)}
+              className={`rounded px-2 py-1 text-[11px] font-medium tabular-nums transition-colors ${
+                range === r.key ? 'bg-white/10 text-blue-300' : 'text-gray-500 hover:text-gray-300'
+              }`}
+            >
+              {r.key}
+            </button>
+          ))}
+        </div>
+      </div>
+
+      {history.isLoading ? (
+        <SkeletonCard className="mt-3 h-56" />
+      ) : filtered.length < 2 ? (
+        <Callout variant="empty">Not enough history yet — it accumulates as the daily job runs.</Callout>
+      ) : (
+        <>
+          <div className="mt-3 h-60">
+            <ResponsiveContainer width="100%" height="100%">
+              <LineChart data={filtered} margin={{ top: 6, right: 8, left: -18, bottom: 0 }}>
+                <CartesianGrid stroke="rgba(255,255,255,0.05)" vertical={false} />
+                <XAxis
+                  dataKey="date"
+                  tick={{ fill: '#6b7280', fontSize: 10 }}
+                  tickFormatter={(d) => formatDate(String(d))}
+                  minTickGap={28}
+                  tickLine={false}
+                  axisLine={{ stroke: 'rgba(255,255,255,0.08)' }}
+                />
+                <YAxis
+                  domain={[0, 100]}
+                  ticks={[0, 30, 60, 80, 100]}
+                  tick={{ fill: '#6b7280', fontSize: 10 }}
+                  width={28}
+                  tickLine={false}
+                  axisLine={false}
+                />
+                <ReferenceLine y={30} stroke="rgba(255,255,255,0.06)" />
+                <ReferenceLine y={60} stroke="rgba(255,255,255,0.06)" />
+                <ReferenceLine y={80} stroke="rgba(255,255,255,0.06)" />
+                <Tooltip
+                  contentStyle={{
+                    background: 'rgba(17,24,39,0.95)',
+                    border: '1px solid rgba(255,255,255,0.1)',
+                    borderRadius: 8,
+                    fontSize: 12,
+                  }}
+                  labelStyle={{ color: '#9ca3af' }}
+                  labelFormatter={(l) => formatDate(String(l))}
+                  formatter={(value) => (value == null ? '—' : Math.round(Number(value)))}
+                />
+                {HISTORY_SERIES.map((s) => (
+                  <Line
+                    key={s.key}
+                    type="monotone"
+                    dataKey={s.key}
+                    name={s.label}
+                    stroke={s.color}
+                    dot={false}
+                    strokeWidth={1.5}
+                    connectNulls
+                    isAnimationActive={false}
+                  />
+                ))}
+              </LineChart>
+            </ResponsiveContainer>
+          </div>
+          <div className="mt-2 flex flex-wrap gap-4">
+            {HISTORY_SERIES.map((s) => (
+              <span key={s.key} className="flex items-center gap-1.5 text-[11px] text-gray-400">
+                <span className="inline-block h-2 w-3 rounded-sm" style={{ background: s.color }} />
+                {s.label}
+              </span>
+            ))}
+          </div>
+        </>
+      )}
+    </div>
+  );
+}

frontend/src/components/signals/BacktestPanel.tsx

@@ -6,15 +6,30 @@ import { Callout } from '../ui/Callout';
 import { Disclosure } from '../ui/Disclosure';
 import { Section } from '../ui/Section';
 import { useToast } from '../ui/Toast';
-import type { BacktestBucket } from '../../lib/types';
+import type { BacktestBucket, BacktestPortfolioPolicy, BacktestStrategyVariant } from '../../lib/types';
 
-function fmtR(v: number | null): string {
-  if (v === null) return '—';
+function fmtR(v: number | null | undefined): string {
+  if (v === null || v === undefined) return '—';
   return `${v > 0 ? '+' : ''}${v.toFixed(2)}R`;
 }
 function fmtPct(v: number | null): string {
   return v === null ? '—' : `${v.toFixed(1)}%`;
 }
+function fmtMoney(v: number | null | undefined): string {
+  if (v === null || v === undefined) return '—';
+  return v.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 });
+}
+function fmtSignedPct(v: number | null | undefined): string {
+  if (v === null || v === undefined) return '—';
+  return `${v > 0 ? '+' : ''}${v.toFixed(1)}%`;
+}
+function fmtDays(v: number | null | undefined): string {
+  return v === null || v === undefined ? '—' : `${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';
@@ -24,6 +39,7 @@ function rColor(v: number | null): string {
 
 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',
@@ -32,6 +48,25 @@ const SIGNAL_LABELS: Record<string, string> = {
   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;
@@ -76,6 +111,11 @@ function BucketRow({ label, b }: { label: string; b: BacktestBucket }) {
       <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>
   );
 }
@@ -85,6 +125,12 @@ export function BacktestPanel() {
   const queryClient = useQueryClient();
   const toast = useToast();
 
+  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 run = useMutation({
     mutationFn: () => triggerJob('backtest'),
     onSuccess: (res) => {
@@ -131,8 +177,54 @@ export function BacktestPanel() {
             <p className="text-[11px] text-gray-500">
               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</>
+              )}
             </p>
 
+            {report.recommendation && report.recommendation.items.length > 0 && (
+              <div className="glass border border-blue-400/20 p-4">
+                <p className="section-index">What this backtest recommends</p>
+                {report.recommendation.headline && (
+                  <p className="mt-1.5 text-sm font-semibold text-gray-100">
+                    {report.recommendation.headline}
+                  </p>
+                )}
+                <ul className="mt-2 space-y-1">
+                  {report.recommendation.items.map((item) => (
+                    <li
+                      key={item.topic + item.text}
+                      className={`text-xs ${item.text.includes('WARNING') || item.text.includes('LAGS') ? 'text-amber-400' : 'text-gray-400'}`}
+                    >
+                      {item.text}
+                    </li>
+                  ))}
+                </ul>
+                {report.recommendation.note && (
+                  <p className="mt-2 text-[11px] text-gray-600">{report.recommendation.note}</p>
+                )}
+              </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"
@@ -157,6 +249,30 @@ export function BacktestPanel() {
                 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">
@@ -170,6 +286,11 @@ export function BacktestPanel() {
                     <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>
@@ -187,11 +308,11 @@ export function BacktestPanel() {
             {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">
-                  Momentum-percentile sweep
+                  Residual-momentum percentile sweep
                 </p>
                 <p className="mb-2 text-[11px] text-gray-500">
-                  How many setups qualify — and how they perform — at each momentum-rank cutoff (floors
-                  held fixed). 80 = only the top 20% of the universe by 12-1 momentum each week; 0 =
+                  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>
@@ -199,12 +320,13 @@ export function BacktestPanel() {
                   <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 momentum %ile</th>
+                        <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>
@@ -222,6 +344,7 @@ export function BacktestPanel() {
                             <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>
                         );
@@ -232,46 +355,236 @@ export function BacktestPanel() {
               </div>
             )}
 
+            {report.gate_ablation && report.gate_ablation.length > 0 && (
               <div>
                 <p className="mb-2 text-xs font-medium uppercase tracking-widest text-gray-500">
-                Probability calibration
+                  Gate ablation — which floors earn their keep
                 </p>
                 <p className="mb-2 text-[11px] text-gray-500">
-                Do targets we call “X% likely” actually hit that often? Realized below predicted =
-                the model is over-confident.
+                  {report.gate_ablation_note ??
+                    'Each row re-qualifies the same candidates at the current momentum cutoff with one floor removed (long-only throughout).'}
                 </p>
-              {report.calibration.length === 0 ? (
-                <Callout variant="empty">Not enough resolved setups to calibrate.</Callout>
-              ) : (
                 <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">Predicted Bucket</th>
+                        <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">Avg Predicted</th>
-                        <th className="px-4 py-2.5 text-right">Realized Hit Rate</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.calibration.map((row) => {
-                        const over = row.realized_hit_rate < row.predicted_avg;
-                        return (
-                          <tr key={row.bucket} className="border-b border-white/[0.04]">
-                            <td className="px-4 py-2.5 text-gray-200">{row.bucket}</td>
-                            <td className="num px-4 py-2.5 text-right text-gray-300">{row.n}</td>
-                            <td className="num px-4 py-2.5 text-right text-gray-400">{row.predicted_avg.toFixed(0)}%</td>
-                            <td className={`num px-4 py-2.5 text-right font-semibold ${over ? 'text-amber-400' : 'text-emerald-400'}`}>
-                              {row.realized_hit_rate.toFixed(0)}%
+                      {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} className="px-4 py-2.5 text-right">
+                            {POLICY_LABELS[p.policy] ?? p.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} 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>

frontend/src/components/signals/MyTradesPanel.tsx

@@ -38,6 +38,7 @@ export function MyTradesPanel() {
     const rows = (closed ?? []).map((t) => ({ t, p: tradePnl(t) }));
     const rs = rows.map((r) => r.p?.r).filter((r): r is number => r != null);
     const pnls = rows.map((r) => r.p?.pnl ?? 0);
+    const alphas = rows.map((r) => r.t.alpha_usd).filter((a): a is number => a != null);
     const wins = pnls.filter((p) => p > 0).length;
     const losses = pnls.filter((p) => p < 0).length;
     const decided = wins + losses;
@@ -49,6 +50,7 @@ export function MyTradesPanel() {
       avgR: rs.length ? rs.reduce((a, b) => a + b, 0) / rs.length : null,
       totalR: rs.length ? rs.reduce((a, b) => a + b, 0) : null,
       totalPnl: pnls.reduce((a, b) => a + b, 0),
+      totalAlpha: alphas.length ? alphas.reduce((a, b) => a + b, 0) : null,
       rows,
     };
   }, [closed]);
@@ -64,11 +66,12 @@ export function MyTradesPanel() {
         </Callout>
       ) : (
         <div className="space-y-4">
-          <div className="grid gap-3 sm:grid-cols-2 lg:grid-cols-4">
+          <div className="grid gap-3 sm:grid-cols-2 lg:grid-cols-5">
             <Stat label="Hit Rate" value={stats.hitRate != null ? `${stats.hitRate.toFixed(1)}%` : '—'} sub={`${stats.wins}W / ${stats.losses}L`} />
             <Stat label="Expectancy" value={fmtR(stats.avgR)} valueClass={color(stats.avgR)} sub="avg R per closed trade" />
             <Stat label="Total R" value={fmtR(stats.totalR)} valueClass={color(stats.totalR)} sub={`${stats.total} closed`} />
             <Stat label="Total P&L" value={money(stats.totalPnl)} valueClass={color(stats.totalPnl)} sub="realized, all closed" />
+            <Stat label="Alpha vs S&P 500" value={stats.totalAlpha != null ? money(stats.totalAlpha) : '—'} valueClass={color(stats.totalAlpha)} sub="realized vs buy-and-hold SPY" />
           </div>
 
           <div className="glass overflow-x-auto">
@@ -81,6 +84,7 @@ export function MyTradesPanel() {
                   <th className="px-4 py-2.5 text-right">Exit</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 text-right">Closed</th>
                 </tr>
               </thead>
@@ -97,6 +101,7 @@ export function MyTradesPanel() {
                     <td className="num px-4 py-2.5 text-right text-gray-300">{t.close_price != null ? formatPrice(t.close_price) : '—'}</td>
                     <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="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

@@ -3,6 +3,7 @@ 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';
@@ -15,6 +16,14 @@ 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.
+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';
+
 function fmtR(value: number | null): string {
   if (value === null) return '—';
   return `${value > 0 ? '+' : ''}${value.toFixed(2)}R`;
@@ -31,6 +40,17 @@ 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' },
+    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' },
+  };
+  const s = styles[status];
+  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;
@@ -57,7 +77,7 @@ function BreakdownTable({ rows, labelHeader, mapLabel }: {
 }) {
   const entries = Object.entries(rows);
   if (entries.length === 0) {
-    return <Callout variant="empty">No evaluated setups in this breakdown yet.</Callout>;
+    return <Callout variant="empty">No matured setups in this breakdown yet.</Callout>;
   }
   return (
     <div className="glass overflow-x-auto">
@@ -100,6 +120,7 @@ export function TrackRecordPanel() {
   const { data, isLoading, isError, error } = usePerformance(
     qualifiedOnly ? { qualified_only: true } : undefined,
   );
+  const backtest = useBacktestReport();
   const queryClient = useQueryClient();
   const toast = useToast();
 
@@ -137,14 +158,60 @@ 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 signal/theoretical record follows. */}
+      {/* Your real, realized results come first; the live-vs-backtest check follows. */}
       <MyTradesPanel />
       <div className="border-t border-white/[0.06]" />
 
-      <div className="glass-sm flex flex-wrap items-center justify-between gap-3 px-4 py-3">
-        <label className="flex cursor-pointer items-center gap-2.5 text-sm text-gray-300">
+      <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">
+            <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-400">
+                  Live <span className={`num font-semibold ${rColor(liveAvgR)}`}>{fmtR(liveAvgR)}</span>
+                </span>
+                <span className="text-sm text-gray-400">
+                  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'}
+                </span>
+              </div>
+              <VerdictChip status={status} />
+            </div>
+            <p className="text-[11px] leading-relaxed text-gray-500">{verdictNote[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}
@@ -158,31 +225,6 @@ export function TrackRecordPanel() {
               )}
             </span>
           </label>
-        <p className="text-xs text-gray-500">Confidence breakdown always covers all setups.</p>
-      </div>
-
-      <div className="flex items-start justify-between gap-4">
-        <Disclosure summary="How outcomes are measured">
-          <p className="text-xs text-gray-400">
-            Each setup is replayed against the daily bars after its detection: a{' '}
-            <span className="text-emerald-400">win</span> means the target was reached before the
-            stop, a <span className="text-red-400">loss</span> means the stop was hit first (bars
-            where both levels fall inside the same day count conservatively as losses). Setups with
-            neither level hit within 30 trading days <span className="text-gray-300">expire</span> at
-            0R. Avg R is the expectancy per trade: wins earn their R:R ratio, losses cost −1R — a
-            positive value means the signals have been profitable on a risk-adjusted basis. The
-            evaluator runs nightly after OHLCV collection.
-          </p>
-        </Disclosure>
-        <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>
 
           {isLoading && (
             <div className="grid gap-4 sm:grid-cols-2 lg:grid-cols-4">
@@ -190,18 +232,12 @@ export function TrackRecordPanel() {
             </div>
           )}
 
-      {isError && (
-        <Callout variant="error">
-          {error instanceof Error ? error.message : 'Failed to load performance stats'}
-        </Callout>
-      )}
-
           {data && data.overall.total === 0 && (
             <Callout variant="empty">
-          {qualifiedOnly
-            ? 'No evaluated setups meet the activation thresholds yet. Untick "Qualified signals only" to see all evaluated setups, or wait for more outcomes.'
-            : 'No evaluated setups yet. Outcomes appear once setups are old enough for their stop or target to be hit — the evaluator runs nightly, or click Evaluate Now.'}
-          {data.pending > 0 && ` ${data.pending} setup${data.pending === 1 ? '' : 's'} pending evaluation.`}
+              {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>
           )}
 
@@ -226,26 +262,42 @@ export function TrackRecordPanel() {
                   sub="cumulative risk-adjusted result"
                 />
                 <StatCard
-              label="Evaluated"
+                  label="Matured"
                   value={String(data.overall.total)}
-              sub={`${data.pending} pending · ${data.overall.expired} expired`}
+                  sub={`${data.maturing} maturing · ${data.overall.expired} expired`}
                 />
               </div>
 
-          <Section title="By Direction">
-            <BreakdownTable rows={data.by_direction} labelHeader="Direction" />
-          </Section>
-
               <Section title="By Recommended Action">
                 <BreakdownTable rows={data.by_action} labelHeader="Action" mapLabel={actionLabel} />
               </Section>
 
-          <Section title="By Confidence" hint="at detection time">
+              <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>
+        </div>
+      </Disclosure>
+
       <div className="border-t border-white/[0.06] pt-2" />
       <BacktestPanel />
     </div>

frontend/src/components/ticker/StandingMatrix.tsx

@@ -0,0 +1,213 @@
+import { useMemo } from 'react';
+import { useNavigate } from 'react-router-dom';
+import {
+  ScatterChart,
+  Scatter,
+  XAxis,
+  YAxis,
+  ZAxis,
+  CartesianGrid,
+  Tooltip,
+  ResponsiveContainer,
+  ReferenceLine,
+  ReferenceArea,
+} from 'recharts';
+
+// Lazy-loaded by TickerDetailPage so recharts stays out of the main ticker chunk.
+
+export interface FieldPoint {
+  symbol: string;
+  composite: number;
+  momentum: number;
+}
+
+interface StandingMatrixProps {
+  symbol: string;
+  composite: number | null; // X for the highlighted dot (authoritative, from the scores endpoint)
+  momentum: number | null; // Y for the highlighted dot (residual 12-1 momentum percentile)
+  field: FieldPoint[]; // every tracked ticker, for the background cloud
+  gateMomentum: number; // Y divider = the activation gate's momentum percentile
+  status: 'top-pick' | 'qualified' | 'none';
+  confidence?: number | null; // long confidence, for the verdict sidebar
+}
+
+// X divider: composite midpoint between "amber" (40–70) and clearly good (>70).
+const QUALITY_DIV = 60;
+
+type Tone = 'emerald' | 'amber' | 'sky' | 'slate';
+
+const TONE: Record<Tone, { text: string; dot: string }> = {
+  emerald: { text: 'text-emerald-300', dot: '#10b981' },
+  amber: { text: 'text-amber-300', dot: '#f59e0b' },
+  sky: { text: 'text-sky-300', dot: '#38bdf8' },
+  slate: { text: 'text-gray-300', dot: '#94a3b8' },
+};
+
+function verdict(composite: number, momentum: number, gate: number): { label: string; tone: Tone; note: string } {
+  const q = composite >= QUALITY_DIV;
+  const m = momentum >= gate;
+  if (m && q) return { label: 'Strong Buy', tone: 'emerald', note: 'Solid quality and top-tier momentum — clears the gate.' };
+  if (m && !q) return { label: 'Momentum', tone: 'amber', note: 'Trending hard, but quality is thin — speculative.' };
+  if (!m && q) return { label: 'Accumulate', tone: 'sky', note: 'Good quality; momentum not yet in the top tier.' };
+  return { label: 'Pass', tone: 'slate', note: 'Neither quality nor momentum stands out yet.' };
+}
+
+function MatrixTip({ active, payload }: { active?: boolean; payload?: { payload: FieldPoint }[] }) {
+  if (!active || !payload?.length) return null;
+  const p = payload[0].payload;
+  return (
+    <div className="glass px-2.5 py-1.5 text-[11px]">
+      <div className="text-gray-200">{p.symbol}</div>
+      <div className="text-gray-400">
+        quality <span className="text-gray-200">{Math.round(p.composite)}</span> · momentum{' '}
+        <span className="text-gray-200">{Math.round(p.momentum)}</span>
+      </div>
+    </div>
+  );
+}
+
+function StatRow({ label, value }: { label: string; value: string }) {
+  return (
+    <div className="flex items-baseline justify-between">
+      <span>{label}</span>
+      <span className="num text-gray-300">{value}</span>
+    </div>
+  );
+}
+
+export default function StandingMatrix({
+  symbol,
+  composite,
+  momentum,
+  field,
+  gateMomentum,
+  status,
+  confidence,
+}: StandingMatrixProps) {
+  const navigate = useNavigate();
+  const gate = gateMomentum > 0 ? gateMomentum : 80;
+  const sym = symbol.toUpperCase();
+
+  const here = useMemo<FieldPoint | null>(
+    () => (composite != null && momentum != null ? { symbol: sym, composite, momentum } : null),
+    [sym, composite, momentum],
+  );
+  // Background cloud excludes this ticker — it's drawn separately, highlighted.
+  const others = useMemo(() => field.filter((p) => p.symbol.toUpperCase() !== sym), [field, sym]);
+
+  const v = here ? verdict(here.composite, here.momentum, gate) : null;
+
+  return (
+    <div className="glass p-5">
+      <div className="flex flex-wrap items-center justify-between gap-2">
+        <div className="text-[11px] uppercase tracking-wider text-gray-500">
+          Standing — quality × momentum vs. the field
+        </div>
+        {status === 'top-pick' && (
+          <span className="rounded-full border border-blue-500/30 bg-blue-500/15 px-2.5 py-0.5 text-[11px] font-medium text-blue-300">
+            ★ Top Pick
+          </span>
+        )}
+        {status === 'qualified' && (
+          <span className="rounded-full border border-emerald-500/30 bg-emerald-500/15 px-2.5 py-0.5 text-[11px] font-medium text-emerald-300">
+            ✓ Qualified
+          </span>
+        )}
+      </div>
+
+      <div className="mt-3 grid gap-4 lg:grid-cols-5">
+        <div className="h-72 lg:col-span-3">
+          <ResponsiveContainer width="100%" height="100%">
+            <ScatterChart margin={{ top: 10, right: 16, bottom: 22, left: 0 }}>
+              {/* Quadrant shading (behind everything) */}
+              <ReferenceArea x1={QUALITY_DIV} x2={100} y1={gate} y2={100} fill="#10b981" fillOpacity={0.07} stroke="none" />
+              <ReferenceArea x1={0} x2={QUALITY_DIV} y1={gate} y2={100} fill="#f59e0b" fillOpacity={0.06} stroke="none" />
+              <ReferenceArea x1={QUALITY_DIV} x2={100} y1={0} y2={gate} fill="#38bdf8" fillOpacity={0.06} stroke="none" />
+              <ReferenceArea x1={0} x2={QUALITY_DIV} y1={0} y2={gate} fill="#94a3b8" fillOpacity={0.05} stroke="none" />
+              <CartesianGrid stroke="rgba(255,255,255,0.04)" />
+              <ReferenceLine x={QUALITY_DIV} stroke="rgba(255,255,255,0.12)" />
+              <ReferenceLine y={gate} stroke="rgba(255,255,255,0.12)" strokeDasharray="4 4" />
+              <XAxis
+                type="number"
+                dataKey="composite"
+                domain={[0, 100]}
+                ticks={[0, 20, 40, 60, 80, 100]}
+                tick={{ fill: '#6b7280', fontSize: 10 }}
+                tickLine={false}
+                axisLine={{ stroke: 'rgba(255,255,255,0.08)' }}
+                label={{ value: 'Quality (composite) →', position: 'insideBottom', offset: -12, fill: '#6b7280', fontSize: 10 }}
+              />
+              <YAxis
+                type="number"
+                dataKey="momentum"
+                domain={[0, 100]}
+                ticks={[0, 20, 40, 60, 80, 100]}
+                tick={{ fill: '#6b7280', fontSize: 10 }}
+                width={30}
+                tickLine={false}
+                axisLine={false}
+                label={{ value: 'Momentum pct', angle: -90, position: 'insideLeft', fill: '#6b7280', fontSize: 10 }}
+              />
+              <ZAxis range={[20, 20]} />
+              <Tooltip cursor={{ strokeDasharray: '3 3', stroke: 'rgba(255,255,255,0.2)' }} content={<MatrixTip />} />
+              <Scatter
+                data={others}
+                isAnimationActive={false}
+                onClick={(p: any) => p?.symbol && navigate(`/ticker/${p.symbol}`)}
+                shape={(props: { cx?: number; cy?: number }) => (
+                  <circle cx={props.cx} cy={props.cy} r={3} fill="rgba(148,163,184,0.35)" className="cursor-pointer" />
+                )}
+              />
+              {here && v && (
+                <Scatter
+                  data={[here]}
+                  isAnimationActive={false}
+                  shape={(props: { cx?: number; cy?: number }) => (
+                    <circle
+                      cx={props.cx}
+                      cy={props.cy}
+                      r={7}
+                      fill="#ffffff"
+                      stroke={TONE[v.tone].dot}
+                      strokeWidth={3}
+                      style={{ filter: `drop-shadow(0 0 6px ${TONE[v.tone].dot}66)` }}
+                    />
+                  )}
+                />
+              )}
+            </ScatterChart>
+          </ResponsiveContainer>
+        </div>
+
+        <div className="flex flex-col justify-center lg:col-span-2">
+          {v && here ? (
+            <>
+              <div className={`text-2xl font-semibold ${TONE[v.tone].text}`}>{v.label}</div>
+              <p className="mt-1 text-sm leading-snug text-gray-400">{v.note}</p>
+              <div className="mt-3 space-y-1 text-xs text-gray-500">
+                <StatRow label="Quality (composite)" value={`${Math.round(here.composite)}`} />
+                <StatRow label="Residual momentum percentile" value={`${Math.round(here.momentum)}`} />
+                {confidence != null && <StatRow label="Long confidence" value={`${Math.round(confidence)}%`} />}
+              </div>
+            </>
+          ) : (
+            <p className="text-sm leading-relaxed text-gray-500">
+              No active setup, so this ticker isn’t ranked on the momentum axis yet. Run the scanner to place it.
+            </p>
+          )}
+        </div>
+      </div>
+
+      <div className="mt-2 grid grid-cols-1 gap-x-4 gap-y-1 text-[11px] text-gray-500 sm:grid-cols-2">
+        <span><span className="text-emerald-400">Strong Buy</span> — quality + momentum (top-right)</span>
+        <span><span className="text-amber-400">Momentum</span> — trend without the quality</span>
+        <span><span className="text-sky-400">Accumulate</span> — quality, awaiting momentum</span>
+        <span><span className="text-gray-400">Pass</span> — neither stands out</span>
+      </div>
+      <p className="mt-2 text-[11px] leading-relaxed text-gray-600">
+        Each dot is a tracked ticker; <span className="text-gray-300">this one is highlighted</span>. The dashed line is the
+        activation gate ({Math.round(gate)}th-pct residual momentum) — above it qualifies for a top pick. Click any peer to open it.
+      </p>
+    </div>
+  );
+}

frontend/src/components/ui/ScoreCard.tsx

@@ -5,7 +5,10 @@ import type { DimensionScoreDetail, CompositeBreakdown } from '../../lib/types';
 interface ScoreCardProps {
   compositeScore: number | null;
   dimensions: DimensionScoreDetail[];
-  compositeBreakdown?: CompositeBreakdown;
+  compositeBreakdown?: CompositeBreakdown | null;
+  /** Hide the composite ring/header when the composite is shown elsewhere
+   *  (e.g. the Standing matrix) and this card only carries the dimension detail. */
+  showComposite?: boolean;
 }
 
 function scoreColor(score: number): string {
@@ -51,7 +54,7 @@ function ScoreRing({ score }: { score: number }) {
   );
 }
 
-export function ScoreCard({ compositeScore, dimensions, compositeBreakdown }: ScoreCardProps) {
+export function ScoreCard({ compositeScore, dimensions, compositeBreakdown, showComposite = true }: ScoreCardProps) {
   const [expanded, setExpanded] = useState<Record<string, boolean>>({});
 
   const toggleExpand = (dimension: string) => {
@@ -60,6 +63,7 @@ export function ScoreCard({ compositeScore, dimensions, compositeBreakdown }: Sc
 
   return (
     <div className="glass p-5">
+      {showComposite && (
         <div className="flex items-center gap-4">
           {compositeScore !== null ? (
             <ScoreRing score={compositeScore} />
@@ -72,15 +76,22 @@ export function ScoreCard({ compositeScore, dimensions, compositeBreakdown }: Sc
               {compositeScore !== null ? Math.round(compositeScore) : '—'}
             </p>
             {compositeBreakdown && (
-            <p className="mt-1 text-[10px] text-gray-500 leading-snug max-w-[200px]" data-testid="renorm-explanation">
-              Weighted average of available dimensions with re-normalized weights.
+              <p className="mt-1 text-[10px] text-gray-500 leading-snug max-w-[220px]" data-testid="renorm-explanation">
+                {compositeBreakdown.sentiment_adjustment != null &&
+                compositeBreakdown.base_score != null &&
+                Math.abs(compositeBreakdown.sentiment_adjustment) >= 0.05
+                  ? `Base ${Math.round(compositeBreakdown.base_score)} · sentiment ${
+                      compositeBreakdown.sentiment_adjustment >= 0 ? '+' : '−'
+                    }${Math.abs(compositeBreakdown.sentiment_adjustment).toFixed(1)}`
+                  : 'Weighted base of the other dimensions; sentiment adjusts it up or down.'}
               </p>
             )}
           </div>
         </div>
+      )}
 
       {dimensions.length > 0 && (
-        <div className="mt-5 space-y-1">
+        <div className={`${showComposite ? 'mt-5' : ''} space-y-1`}>
           <p className="text-[10px] font-medium uppercase tracking-widest text-gray-500">Dimensions</p>
           {dimensions.map((d) => {
             const isExpanded = expanded[d.dimension] ?? false;
@@ -102,11 +113,26 @@ export function ScoreCard({ compositeScore, dimensions, compositeBreakdown }: Sc
                     {d.dimension}
                   </span>
                   <div className="flex items-center gap-2">
-                    {weight != null && (
+                    {d.dimension === 'sentiment' && compositeBreakdown?.sentiment_adjustment != null ? (
+                      <span
+                        className={`text-[10px] tabular-nums ${
+                          compositeBreakdown.sentiment_adjustment > 0.05
+                            ? 'text-emerald-400/80'
+                            : compositeBreakdown.sentiment_adjustment < -0.05
+                            ? 'text-red-400/80'
+                            : 'text-gray-500'
+                        }`}
+                        data-testid="weight-sentiment"
+                        title="Points sentiment adds to or subtracts from the base composite"
+                      >
+                        {compositeBreakdown.sentiment_adjustment >= 0 ? '+' : '−'}
+                        {Math.abs(compositeBreakdown.sentiment_adjustment).toFixed(1)}
+                      </span>
+                    ) : weight != null ? (
                       <span className="text-[10px] text-gray-500 tabular-nums" data-testid={`weight-${d.dimension}`}>
                         {Math.round(weight * 100)}%
                       </span>
-                    )}
+                    ) : null}
                     <div className="h-1.5 w-20 rounded-full bg-white/[0.06] overflow-hidden">
                       <div
                         className={`h-1.5 rounded-full bg-gradient-to-r ${barGradient(d.score)} transition-all duration-500`}

frontend/src/components/watchlist/WatchlistTable.tsx

@@ -42,7 +42,7 @@ export function WatchlistTable({ entries }: WatchlistTableProps) {
             <th className="px-4 py-3">Dimensions</th>
             <th className="px-4 py-3">R:R</th>
             <th className="px-4 py-3">Direction</th>
-            <th className="px-4 py-3">S/R Levels</th>
+            <th className="px-4 py-3">Momentum</th>
             <th className="px-4 py-3"></th>
           </tr>
         </thead>
@@ -114,15 +114,9 @@ export function WatchlistTable({ entries }: WatchlistTableProps) {
                   <span className="text-gray-500">—</span>
                 )}
               </td>
-              <td className="px-4 py-3.5">
-                {entry.sr_levels.length > 0 ? (
-                  <div className="flex flex-wrap gap-1">
-                    {entry.sr_levels.map((level, i) => (
-                      <span key={i} className={`text-xs ${level.type === 'support' ? 'text-emerald-400' : 'text-red-400'}`}>
-                        {formatPrice(level.price_level)}
-                      </span>
-                    ))}
-                  </div>
+              <td className="px-4 py-3.5 num text-gray-200">
+                {entry.momentum_percentile !== null ? (
+                  `${Math.round(entry.momentum_percentile)}%ile`
                 ) : (
                   <span className="text-gray-500">—</span>
                 )}

frontend/src/hooks/useAdmin.ts

@@ -283,6 +283,22 @@ export function useBootstrapTickers() {
   });
 }
 
+export function useBackfillTickerNames() {
+  const qc = useQueryClient();
+  const { addToast } = useToast();
+
+  return useMutation({
+    mutationFn: () => adminApi.backfillTickerNames(),
+    onSuccess: (result) => {
+      qc.invalidateQueries({ queryKey: ['tickers'] });
+      addToast('success', `Company names: +${result.updated} filled (${result.unmatched} unmatched)`);
+    },
+    onError: (error: Error) => {
+      addToast('error', error.message || 'Failed to backfill company names');
+    },
+  });
+}
+
 // ── Jobs ──
 
 export function useJobs() {

frontend/src/hooks/usePaperTrades.ts

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

frontend/src/hooks/useTickers.ts

@@ -1,3 +1,4 @@
+import { useMemo } from 'react';
 import { useMutation, useQuery, useQueryClient } from '@tanstack/react-query';
 import * as tickersApi from '../api/tickers';
 import { useToast } from '../components/ui/Toast';
@@ -9,6 +10,19 @@ export function useTickers() {
   });
 }
 
+/** symbol (upper) → company name, from the tracked-ticker list. Shared lookup so
+ *  any view can show the company behind a symbol without its own request. */
+export function useTickerNames(): Map<string, string> {
+  const { data } = useTickers();
+  return useMemo(() => {
+    const map = new Map<string, string>();
+    for (const t of data ?? []) {
+      if (t.name) map.set(t.symbol.toUpperCase(), t.name);
+    }
+    return map;
+  }, [data]);
+}
+
 export function useAddTicker() {
   const qc = useQueryClient();
   const { addToast } = useToast();

frontend/src/lib/ingestionStatus.ts

@@ -25,6 +25,9 @@ export function summarizeIngestionResult(
     if (info.status === 'ok') {
       return `${label} ✓`;
     }
+    if (info.status === 'warning') {
+      return `${label} ⚠${info.message ? `: ${info.message}` : ': no data'}`;
+    }
     if (info.status === 'skipped') {
       return `${label}: skipped${info.message ? ` (${info.message})` : ''}`;
     }
@@ -32,8 +35,10 @@ export function summarizeIngestionResult(
   });
 
   const hasError = entries.some(([, source]) => source.status === 'error');
+  const hasWarning = entries.some(([, source]) => source.status === 'warning');
   const hasSkip = entries.some(([, source]) => source.status === 'skipped');
-  const toastType: IngestionToastType = hasError ? 'error' : hasSkip ? 'info' : 'success';
+  // A warning (e.g. 0 bars returned) must not read as success.
+  const toastType: IngestionToastType = hasError ? 'error' : hasWarning || hasSkip ? 'info' : 'success';
 
   return {
     toastType,

frontend/src/lib/qualification.ts

@@ -2,6 +2,13 @@ import type { ActivationConfig, TradeSetup } from './types';
 
 const HIGH_CONVICTION_ACTIONS = new Set(['LONG_HIGH', 'SHORT_HIGH']);
 
+function actionDirection(action: TradeSetup['recommended_action']): 'long' | 'short' | 'neutral' {
+  if (!action || action === 'NEUTRAL') return 'neutral';
+  if (action.startsWith('LONG')) return 'long';
+  if (action.startsWith('SHORT')) return 'short';
+  return 'neutral';
+}
+
 export function bestTargetProbability(setup: TradeSetup): number {
   return setup.targets?.length ? Math.max(...setup.targets.map((t) => t.probability)) : 0;
 }
@@ -33,15 +40,20 @@ export function qualifiesSetup(setup: TradeSetup, config: ActivationConfig): boo
     return false;
   }
   if ((setup.confidence_score ?? 0) < config.min_confidence) return false;
-  // Cross-sectional momentum is the core selection (long-only). While the gate is
-  // active, shorts never qualify; the percentile floor is enforced only when a
-  // percentile is attached, otherwise defer to the floors.
+  // Residual cross-sectional momentum is the core selection (long-only). While
+  // the gate is active, shorts never qualify; the percentile floor is enforced
+  // only when a percentile is attached, otherwise defer to the floors.
   if (config.min_momentum_percentile > 0) {
     if (setup.direction === 'short') return false;
     if (setup.momentum_percentile != null && setup.momentum_percentile < config.min_momentum_percentile) {
       return false;
     }
   }
+  // NEUTRAL = "no clear setup"; an opposite action means this setup is counter-bias.
+  if (config.exclude_neutral) {
+    const actionDir = actionDirection(setup.recommended_action);
+    if (actionDir === 'neutral' || actionDir !== setup.direction) return false;
+  }
   if (config.require_high_conviction && !HIGH_CONVICTION_ACTIONS.has(setup.recommended_action ?? '')) {
     return false;
   }
@@ -49,11 +61,31 @@ export function qualifiesSetup(setup: TradeSetup, config: ActivationConfig): boo
   return true;
 }
 
+/**
+ * Symbol of the current single 'top pick' — the #1 row the dashboard highlights:
+ * the highest residual 12-1 momentum percentile among qualified setups. Returns
+ * null when there are no actionable setups. Keep in step with the Top Setups
+ * ranking in DashboardPage.
+ */
+export function topPickSymbol(
+  trades: TradeSetup[] | undefined,
+  activation: ActivationConfig | undefined,
+): string | null {
+  const all = trades ?? [];
+  if (all.length === 0) return null;
+  const qualified = activation ? all.filter((t) => qualifiesSetup(t, activation)) : [];
+  const top = [...qualified].sort(
+    (a, b) => (b.momentum_percentile ?? -Infinity) - (a.momentum_percentile ?? -Infinity),
+  )[0];
+  return top?.symbol ?? null;
+}
+
 /** Short human summary of the active gate, e.g. for tooltips/labels. */
 export function activationSummary(config: ActivationConfig): string {
   const parts = [];
-  if (config.min_momentum_percentile > 0) parts.push(`top ${(100 - config.min_momentum_percentile).toFixed(0)}% momentum`);
+  if (config.min_momentum_percentile > 0) parts.push(`top ${(100 - config.min_momentum_percentile).toFixed(0)}% residual momentum`);
   parts.push(`R:R ≥ ${config.min_rr.toFixed(1)}`, `conf ≥ ${config.min_confidence.toFixed(0)}%`);
+  if (config.exclude_neutral) parts.push('directional');
   if (config.require_high_conviction) parts.push('high-conviction');
   if (config.exclude_conflicts) parts.push('clean');
   return parts.join(' · ');

frontend/src/lib/types.ts

@@ -19,6 +19,7 @@ export interface WatchlistEntry {
   dimensions: DimensionScore[];
   rr_ratio: number | null;
   rr_direction: string | null;
+  momentum_percentile: number | null;
   sr_levels: SRLevelSummary[];
   last_close: number | null;
   change_pct: number | null;
@@ -81,6 +82,10 @@ export interface CompositeBreakdown {
   missing_dimensions: string[];
   renormalized_weights: Record<string, number>;
   formula: string;
+  base_score?: number | null;
+  sentiment_score?: number | null;
+  sentiment_adjustment?: number | null;
+  max_sentiment_adjustment?: number | null;
 }
 
 export interface ScoreResponse {
@@ -91,7 +96,7 @@ export interface ScoreResponse {
   dimensions: DimensionScoreDetail[];
   missing_dimensions: string[];
   computed_at: string | null;
-  composite_breakdown?: CompositeBreakdown;
+  composite_breakdown?: CompositeBreakdown | null;
 }
 
 export interface DimensionScoreDetail {
@@ -99,12 +104,13 @@ export interface DimensionScoreDetail {
   score: number;
   is_stale: boolean;
   computed_at: string | null;
-  breakdown?: ScoreBreakdown;
+  breakdown?: ScoreBreakdown | null;
 }
 
 export interface RankingEntry {
   symbol: string;
   composite_score: number;
+  composite_stale: boolean;
   dimensions: DimensionScoreDetail[];
 }
 
@@ -135,9 +141,18 @@ export interface TradeSetup {
   evaluated_at: string | null;
   current_price: number | null;
   momentum_percentile?: number | null;
+  context_as_of?: TradeSetupContextAsOf | null;
   recommendation_summary?: RecommendationSummary;
 }
 
+export interface TradeSetupContextAsOf {
+  setup_detected_at: string;
+  score_computed_at: string | null;
+  sentiment_at: string | null;
+  price_date: string | null;
+  price_updated_at: string | null;
+}
+
 // Performance / outcome statistics
 export interface OutcomeBucketStats {
   total: number;
@@ -152,6 +167,7 @@ export interface OutcomeBucketStats {
 export interface PerformanceStats {
   overall: OutcomeBucketStats;
   pending: number;
+  maturing: number;
   by_direction: Record<string, OutcomeBucketStats>;
   by_action: Record<string, OutcomeBucketStats>;
   by_confidence: Record<string, OutcomeBucketStats>;
@@ -164,6 +180,7 @@ export interface ActivationConfig {
   min_confidence: number;
   require_high_conviction: boolean;
   exclude_conflicts: boolean;
+  exclude_neutral: boolean;
 }
 
 // Cron schedule for the daily/intraday pipelines + fundamentals
@@ -201,6 +218,18 @@ export interface PaperTrade {
   close_price: number | null;
   closed_at: string | null;
   current_price: number | null;
+  benchmark_return_pct: number | null;
+  alpha_pct: number | null;
+  alpha_usd: number | null;
+  close_reason: 'time' | 'trailing' | 'stop' | 'target' | 'manual' | null;
+  trailing_stop: number | null;
+  trailing_distance_pct: number | null;
+}
+
+export interface ExitPolicy {
+  mode: 'time' | 'trailing' | 'target';
+  trailing_pct: number;
+  hold_days: number;
 }
 
 export interface BacktestBucket {
@@ -211,19 +240,112 @@ export interface BacktestBucket {
   hit_rate: number | null;
   avg_r: number | null;
   total_r: number | null;
-}
-
-export interface BacktestCalibrationRow {
-  bucket: string;
-  n: number;
-  predicted_avg: number;
-  realized_hit_rate: number;
+  // Net of transaction costs — optional so a stale cached report still renders.
+  net_avg_r?: number | null;
+  net_total_r?: number | null;
+  best_r?: number | null;
+  worst_r?: number | null;
+  avg_hold_days?: number | null;
+  net_r_per_day?: number | null;
+  // Robustness: distribution shape, and expectancy without the top winners.
+  median_net_r?: number | null;
+  profit_factor?: number | null;
+  net_avg_r_ex_top5?: number | null;
 }
 
 export interface BacktestSweepRow extends BacktestBucket {
   min_momentum_percentile: number;
 }
 
+export interface BacktestTimeExitRow {
+  hold_days: number;
+  total: number;
+  wins: number;
+  win_rate: number | null;
+  avg_r: number | null;
+  total_r: number | null;
+  net_avg_r?: number | null;
+  net_total_r?: number | null;
+  best_r?: number | null;
+  worst_r?: number | null;
+  avg_hold_days?: number | null;
+  net_r_per_day?: number | null;
+  median_net_r?: number | null;
+  profit_factor?: number | null;
+  net_avg_r_ex_top5?: number | null;
+}
+
+export interface BacktestPortfolioPolicy {
+  policy: string;
+  starting_capital: number;
+  final_equity: number;
+  total_return_pct: number;
+  cagr_pct: number | null;
+  max_drawdown_pct: number;
+  sharpe: number | null;
+  trades: number;
+  win_rate: number | null;
+  avg_trade_pnl: number | null;
+  best_trade_r: number | null;
+  worst_trade_r: number | null;
+  best_trade_pnl: number | null;
+  worst_trade_pnl: number | null;
+  avg_hold_days: number | null;
+  skipped_book_full: number;
+  spy_return_pct: number | null;
+  yearly_returns?: { year: number; return_pct: number | null }[];
+  start_date: string;
+  end_date: string;
+}
+
+export interface BacktestRecommendation {
+  headline: string | null;
+  items: { topic: string; text: string }[];
+  note?: string;
+}
+
+export interface BacktestResearchRecommendation {
+  items: { topic: string; text: string; candidate?: boolean }[];
+  note?: string;
+}
+
+export interface BacktestPortfolioSim {
+  params: {
+    starting_capital: number;
+    max_positions: number;
+    risk_per_trade_pct: number;
+    notional_cap_pct: number;
+    cost_per_side_pct: number;
+    hold_days: number;
+  };
+  policies: BacktestPortfolioPolicy[];
+  note?: string;
+}
+
+export interface BacktestStrategyVariant extends BacktestPortfolioPolicy {
+  variant: string;
+  label: string;
+  ranking: 'raw' | 'residual' | string;
+  cutoff: number;
+  max_positions: number;
+  risk_per_trade_pct: number;
+  risk_scale: string | null;
+}
+
+export interface BacktestStrategyVariants {
+  variants: BacktestStrategyVariant[];
+  note?: string;
+}
+
+export interface BacktestGateAblationRow extends BacktestBucket {
+  variant: string;
+  // The same variant graded under the hold-to-horizon time exit.
+  hold_days?: number;
+  hold_avg_r?: number | null;
+  hold_net_avg_r?: number | null;
+  hold_total_r?: number | null;
+}
+
 export interface BacktestSignalEvalRow {
   signal: string;
   weeks: number;
@@ -240,13 +362,24 @@ export interface BacktestReport {
   tickers: number;
   candidates: number;
   qualified: number;
-  params: { step_days: number; horizon_days: number; min_lookback: number };
+  params: {
+    step_days: number;
+    horizon_days: number;
+    min_lookback: number;
+    cost_per_side_pct?: number;
+  };
   overall_qualified: BacktestBucket;
   overall_all: BacktestBucket;
   by_direction: Record<string, BacktestBucket>;
   min_momentum_percentile: number;
   sweep: BacktestSweepRow[];
-  calibration: BacktestCalibrationRow[];
+  gate_ablation?: BacktestGateAblationRow[];
+  gate_ablation_note?: string;
+  time_exit_sweep?: BacktestTimeExitRow[];
+  portfolio_sim?: BacktestPortfolioSim;
+  strategy_variants?: BacktestStrategyVariants;
+  recommendation?: BacktestRecommendation;
+  research_recommendation?: BacktestResearchRecommendation;
   signal_eval?: BacktestSignalEvalRow[];
   signal_eval_note?: string;
   note: string;
@@ -275,6 +408,20 @@ export interface RegimeSignal {
   contribution: number;
 }
 
+export interface RegimeSubScore {
+  score: number | null;
+  band: RegimeBand | null;
+  delta_7?: number | null;
+  delta_30?: number | null;
+}
+
+export interface RegimeHistoryPoint {
+  date: string;
+  index: number;
+  early_warning: number | null;
+  combined: number | null;
+}
+
 export interface RegimeMonitor {
   available: boolean;
   reason?: string;
@@ -289,6 +436,10 @@ export interface RegimeMonitor {
     fundamentals_fetched_at: string | null;
   };
   trend?: { delta_7: number | null; delta_30: number | null };
+  // Separate, observational early-warning score (breadth divergence) + a small
+  // combined blend. Decoupled from the index above.
+  early_warning?: RegimeSubScore;
+  combined?: RegimeSubScore;
 }
 
 export interface RegimeFundamentals {
@@ -316,6 +467,7 @@ export interface EventStudyLeadStats {
   median_lead_days: number | null;
   events_with_signal: number;
   events_total: number;
+  warn_threshold: number;
   mean_path: { rel_day: number; value: number }[];
   signal: {
     base_rate: number;
@@ -324,6 +476,13 @@ export interface EventStudyLeadStats {
   };
 }
 
+export interface EventStudyPerEvent {
+  date: string;
+  depth_pct: number;
+  breadth_lead: number | null;
+  coincident_lead: number | null;
+}
+
 export interface EventStudyReport {
   available: boolean;
   reason?: string;
@@ -331,14 +490,16 @@ export interface EventStudyReport {
   params?: {
     benchmark: string;
     event_threshold_pct: number;
+    cooldown_days: number;
     horizon_days: number;
-    warn_threshold: number;
+    warn_percentile: number;
   };
   events?: { date: string; index: number; depth_pct: number }[];
   indicators?: {
     breadth_divergence: EventStudyLeadStats;
     coincident_price: EventStudyLeadStats;
   };
+  per_event?: EventStudyPerEvent[];
   lead_delta_days?: number | null;
   recent_breadth?: { date: string; breadth: number; divergence: number | null }[];
 }
@@ -352,6 +513,8 @@ export interface AlertConfig {
   sr_proximity_enabled: boolean;
   score_drop_enabled: boolean;
   digest_enabled: boolean;
+  regime_quadrant_enabled: boolean;
+  trade_closed_enabled: boolean;
 }
 
 export interface AlertTestResult {
@@ -464,6 +627,7 @@ export interface EMACrossResult {
 export interface Ticker {
   id: number;
   symbol: string;
+  name: string | null;
   created_at: string;
 }
 

frontend/src/pages/AdminPage.tsx

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

frontend/src/pages/DashboardPage.tsx

@@ -4,6 +4,7 @@ import { useActivation } from '../hooks/useActivation';
 import { useTrades } from '../hooks/useTrades';
 import { useWatchlist } from '../hooks/useWatchlist';
 import { usePaperTrades } from '../hooks/usePaperTrades';
+import { useTickerNames } from '../hooks/useTickers';
 import { useMarketRegime } from '../hooks/useMarketRegime';
 import { regimeColor, regimeDot, regimeHeadline } from '../lib/regime';
 import { Callout } from '../components/ui/Callout';
@@ -62,6 +63,7 @@ function DirectionTag({ direction }: { direction: string }) {
 export default function DashboardPage() {
   const trades = useTrades();
   const watchlist = useWatchlist();
+  const tickerNames = useTickerNames();
   const activation = useActivation();
   const openTrades = usePaperTrades('open');
   const regime = useMarketRegime();
@@ -74,15 +76,12 @@ export default function DashboardPage() {
     [trades.data, activation.data],
   );
 
-  // Show qualified setups first; fall back to the full list when none qualify.
-  // Rank by 12-1 momentum percentile so the strongest names sit at the top.
-  const showingQualified = qualifiedSetups.length > 0;
+  // Rank only actionable/qualified setups by residual 12-1 momentum percentile.
   const topSetups: TradeSetup[] = useMemo(() => {
-    const pool = showingQualified ? qualifiedSetups : trades.data ?? [];
-    return [...pool]
+    return [...qualifiedSetups]
       .sort((a, b) => (b.momentum_percentile ?? -Infinity) - (a.momentum_percentile ?? -Infinity))
       .slice(0, 5);
-  }, [showingQualified, qualifiedSetups, trades.data]);
+  }, [qualifiedSetups]);
 
   const topWatchlist = useMemo(
     () =>
@@ -100,8 +99,10 @@ export default function DashboardPage() {
   const exposure = useMemo(() => {
     const rows = openTrades.data ?? [];
     let riskUsd = 0, unrealUsd = 0, unrealR = 0, rPriced = 0, winners = 0, losers = 0;
+    let alphaUsd = 0, alphaPriced = 0;
     for (const t of rows) {
       riskUsd += Math.abs(t.entry_price - t.stop_loss) * t.shares;
+      if (t.alpha_usd != null) { alphaUsd += t.alpha_usd; alphaPriced += 1; }
       const p = tradePnl(t);
       if (!p) continue;
       unrealUsd += p.pnl;
@@ -109,7 +110,7 @@ export default function DashboardPage() {
       if (p.pnl > 0) winners += 1;
       else if (p.pnl < 0) losers += 1;
     }
-    return { count: rows.length, riskUsd, unrealUsd, unrealR, rPriced, winners, losers };
+    return { count: rows.length, riskUsd, unrealUsd, unrealR, rPriced, winners, losers, alphaUsd, alphaPriced };
   }, [openTrades.data]);
 
   return (
@@ -141,11 +142,11 @@ export default function DashboardPage() {
 
       {/* Metric strip */}
       {(trades.isLoading || openTrades.isLoading) ? (
-        <div className="grid gap-4 sm:grid-cols-2 lg:grid-cols-4">
-          <SkeletonCard /><SkeletonCard /><SkeletonCard /><SkeletonCard />
+        <div className="grid gap-4 sm:grid-cols-2 lg:grid-cols-5">
+          <SkeletonCard /><SkeletonCard /><SkeletonCard /><SkeletonCard /><SkeletonCard />
         </div>
       ) : (
-        <div className="grid gap-4 sm:grid-cols-2 lg:grid-cols-4">
+        <div className="grid gap-4 sm:grid-cols-2 lg:grid-cols-5">
           <Metric
             label="Live Setups"
             value={String(trades.data?.length ?? 0)}
@@ -172,6 +173,16 @@ export default function DashboardPage() {
                 : 'mark-to-market'
             }
           />
+          <Metric
+            label="Alpha vs S&P 500"
+            value={exposure.alphaPriced > 0 ? money(exposure.alphaUsd) : '—'}
+            valueClass={
+              exposure.alphaPriced > 0
+                ? exposure.alphaUsd >= 0 ? 'text-emerald-400' : 'text-red-400'
+                : 'text-gray-100'
+            }
+            sub={exposure.alphaPriced > 0 ? `${exposure.alphaPriced} open · vs buy-and-hold SPY` : 'vs buy-and-hold SPY'}
+          />
         </div>
       )}
 
@@ -183,12 +194,12 @@ export default function DashboardPage() {
         <div className="xl:col-span-3">
           <Section
             title="Top Setups"
-            hint={showingQualified ? 'ranked by expected value' : 'none qualified — showing all'}
+            hint="qualified and ranked by residual momentum"
           >
             {trades.isLoading && <SkeletonTable rows={5} cols={5} />}
             {trades.isError && <Callout variant="error">Failed to load setups</Callout>}
             {trades.data && topSetups.length === 0 && (
-              <Callout variant="empty">No active setups. Run the scanner from the Signals page.</Callout>
+              <Callout variant="empty">No qualified actionable setups right now.</Callout>
             )}
             {topSetups.length > 0 && (
               <div className="glass overflow-x-auto">
@@ -200,7 +211,7 @@ export default function DashboardPage() {
                       <th className="px-4 py-3 text-right">Entry</th>
                       <th className="px-4 py-3 text-right">R:R</th>
                       <th className="px-4 py-3 text-right">Target&nbsp;Prob</th>
-                      <th className="px-4 py-3 text-right">Momentum</th>
+                      <th className="px-4 py-3 text-right">Residual Mom.</th>
                       <th className="hidden px-4 py-3 md:table-cell">Action</th>
                     </tr>
                   </thead>
@@ -225,6 +236,11 @@ export default function DashboardPage() {
                                 </span>
                               )}
                             </div>
+                            {tickerNames.get(setup.symbol.toUpperCase()) && (
+                              <div className="max-w-[160px] truncate text-[11px] text-gray-500">
+                                {tickerNames.get(setup.symbol.toUpperCase())}
+                              </div>
+                            )}
                           </td>
                           <td className="px-4 py-3"><DirectionTag direction={setup.direction} /></td>
                           <td className="num px-4 py-3 text-right text-gray-200">{formatPrice(setup.entry_price)}</td>

frontend/src/pages/RegimePage.tsx

@@ -1,4 +1,4 @@
-import { useState } from 'react';
+import { useState, lazy, Suspense, type ReactNode } from 'react';
 import { useQuery, useMutation, useQueryClient } from '@tanstack/react-query';
 import { PageHeader } from '../components/ui/PageHeader';
 import { Callout } from '../components/ui/Callout';
@@ -15,14 +15,18 @@ import {
   refreshRegimeFundamentals,
   getEventStudy,
 } from '../api/regime';
+
+// Lazy so recharts (heavy) ships in its own chunk, loaded only on this tab.
+const ScoreHistoryChart = lazy(() => import('../components/regime/ScoreHistoryChart'));
+const RegimeQuadrant = lazy(() => import('../components/regime/RegimeQuadrant'));
 import type {
   RegimeBand,
-  RegimeMonitor,
   RegimeSignal,
   RegimeConfig,
   RegimeFundamentals,
   EventStudyReport,
   EventStudyLeadStats,
+  EventStudyPerEvent,
 } from '../lib/types';
 
 const BAND_STYLES: Record<RegimeBand, { text: string; bar: string; ring: string; label: string }> = {
@@ -48,54 +52,71 @@ function TrendChip({ label, delta }: { label: string; delta: number | null | und
   );
 }
 
-function Gauge({ data }: { data: RegimeMonitor }) {
-  const band = (data.band ?? 'stable') as RegimeBand;
-  const style = BAND_STYLES[band];
-  const score = data.total_score ?? 0;
-  const threshold = data.alert_threshold ?? 65;
+function ScoreGauge({
+  label,
+  score,
+  band,
+  trend,
+  threshold,
+  footnote,
+  size = 'lg',
+}: {
+  label: string;
+  score: number | null | undefined;
+  band: RegimeBand | null | undefined;
+  trend?: { delta_7?: number | null; delta_30?: number | null };
+  threshold?: number;
+  footnote?: ReactNode;
+  size?: 'lg' | 'md';
+}) {
+  const naa = score == null;
+  const style = BAND_STYLES[(band ?? 'stable') as RegimeBand];
+  const s = score ?? 0;
   const clamp = (v: number) => Math.min(100, Math.max(0, v));
+  const numCls = size === 'lg' ? 'text-6xl' : 'text-4xl';
   return (
-    <div className={`glass border ${style.ring} p-6`}>
-      <div className="flex flex-wrap items-end justify-between gap-4">
+    <div className={`glass border ${naa ? 'border-white/[0.06]' : style.ring} p-6`}>
+      <div className="flex flex-wrap items-end justify-between gap-3">
         <div>
-          <div className="flex items-baseline gap-3">
-            <span className={`font-display text-6xl font-bold ${style.text}`}>{Math.round(score)}</span>
-            <span className="text-sm text-gray-500">/ 100</span>
+          <div className="text-[11px] uppercase tracking-wider text-gray-500">{label}</div>
+          <div className="mt-1 flex items-baseline gap-2">
+            <span className={`font-display font-bold ${numCls} ${naa ? 'text-gray-600' : style.text}`}>
+              {naa ? '—' : Math.round(s)}
+            </span>
+            {!naa && <span className="text-sm text-gray-500">/ 100</span>}
           </div>
-          <p className={`mt-1 text-sm font-medium ${style.text}`}>{style.label}</p>
+          {!naa && <p className={`mt-0.5 text-sm font-medium ${style.text}`}>{style.label}</p>}
         </div>
+        {trend && (
           <div className="flex flex-wrap gap-2">
-          <TrendChip label="7d" delta={data.trend?.delta_7} />
-          <TrendChip label="30d" delta={data.trend?.delta_30} />
+            <TrendChip label="7d" delta={trend.delta_7} />
+            <TrendChip label="30d" delta={trend.delta_30} />
           </div>
+        )}
       </div>
 
-      {/* Band track with score + threshold markers */}
-      <div className="relative mt-6 h-2 w-full rounded-full bg-gradient-to-r from-emerald-500/30 via-amber-500/30 to-red-500/40">
+      {!naa && (
+        <>
+          {/* Band track with score (+ optional threshold) markers */}
+          <div className="relative mt-5 h-2 w-full rounded-full bg-gradient-to-r from-emerald-500/30 via-amber-500/30 to-red-500/40">
+            {threshold != null && (
               <div
                 className="absolute -top-1 h-4 w-0.5 -translate-x-1/2 rounded bg-gray-300/80"
                 style={{ left: `${clamp(threshold)}%` }}
                 title={`Alert threshold ${threshold}`}
               />
+            )}
             <div
               className={`absolute -top-1.5 h-5 w-5 -translate-x-1/2 rounded-full border-2 border-white/70 ${style.bar}`}
-          style={{ left: `${clamp(score)}%` }}
+              style={{ left: `${clamp(s)}%` }}
             />
           </div>
           <div className="mt-1.5 flex justify-between text-[10px] uppercase tracking-wider text-gray-600">
             <span>0</span><span>30</span><span>60</span><span>80</span><span>100</span>
           </div>
-
-      <p className="mt-4 text-xs leading-relaxed text-gray-500">
-        An <span className="text-gray-400">index</span> (not a calibrated probability) of how far the AI/Tech bull regime
-        has deteriorated. Mostly coincident signals — it shortens reaction time, it doesn't predict the exact turn.
-        {data.date && <> As of {data.date}.</>}
-        {data.inputs && (data.inputs.vix != null || data.inputs.hy_oas != null) && (
-          <span className="ml-1 text-gray-600">
-            VIX {data.inputs.vix ?? '—'} · HY OAS {data.inputs.hy_oas ?? '—'}
-          </span>
+        </>
       )}
-      </p>
+      {footnote && <p className="mt-4 text-xs leading-relaxed text-gray-500">{footnote}</p>}
     </div>
   );
 }
@@ -285,7 +306,22 @@ function Sparkline({ values, color = '#60a5fa', height = 28 }: { values: number[
   );
 }
 
+function pctLabel(v: number | null): string {
+  return v == null ? '—' : `${Math.round(v * 100)}%`;
+}
+
+function leadLabel(v: number | null): string {
+  return v == null ? 'missed' : `${v}d`;
+}
+
+function bestPr(stats: EventStudyLeadStats) {
+  const rows = stats.signal.rows.filter((r) => r.precision != null && r.recall != null && r.recall > 0);
+  if (!rows.length) return null;
+  return rows.reduce((a, b) => ((b.precision ?? 0) > (a.precision ?? 0) ? b : a));
+}
+
 function LeadStat({ label, stats, highlight }: { label: string; stats: EventStudyLeadStats; highlight?: boolean }) {
+  const pr = bestPr(stats);
   return (
     <div className={`rounded-lg border px-3 py-2 ${highlight ? 'border-blue-400/30 bg-blue-400/[0.06]' : 'border-white/[0.06] bg-white/[0.02]'}`}>
       <div className="text-xs text-gray-500">{label}</div>
@@ -293,8 +329,46 @@ function LeadStat({ label, stats, highlight }: { label: string; stats: EventStud
         {stats.median_lead_days != null ? `${stats.median_lead_days}d lead` : 'no signal'}
       </div>
       <div className="text-[11px] text-gray-600">
-        {stats.events_with_signal}/{stats.events_total} events warned
+        {stats.events_with_signal}/{stats.events_total} warned
+        {stats.warn_threshold != null ? ` · warn ≥ ${Math.round(stats.warn_threshold)}` : ''}
       </div>
+      {pr && (
+        <div className="text-[11px] text-gray-600">
+          best P {pctLabel(pr.precision)} · R {pctLabel(pr.recall)} @ {pr.threshold}
+        </div>
+      )}
+    </div>
+  );
+}
+
+function PerEventTable({ rows }: { rows: EventStudyPerEvent[] }) {
+  return (
+    <div className="overflow-x-auto rounded-lg border border-white/[0.06]">
+      <table className="w-full text-xs">
+        <thead>
+          <tr className="border-b border-white/[0.06] text-left uppercase tracking-wider text-gray-500">
+            <th className="px-3 py-2 font-medium">Drawdown</th>
+            <th className="px-3 py-2 text-right font-medium">Depth</th>
+            <th className="px-3 py-2 text-right font-medium">Breadth lead</th>
+            <th className="px-3 py-2 text-right font-medium">Coincident lead</th>
+          </tr>
+        </thead>
+        <tbody>
+          {rows.map((e) => {
+            const earlier = e.breadth_lead != null && (e.coincident_lead == null || e.breadth_lead > e.coincident_lead);
+            return (
+              <tr key={e.date} className="border-b border-white/[0.03] last:border-0">
+                <td className="px-3 py-2 num text-gray-300">{e.date}</td>
+                <td className="px-3 py-2 text-right num text-gray-400">{e.depth_pct}%</td>
+                <td className={`px-3 py-2 text-right num ${earlier ? 'text-emerald-400' : 'text-gray-300'}`}>
+                  {leadLabel(e.breadth_lead)}
+                </td>
+                <td className="px-3 py-2 text-right num text-gray-300">{leadLabel(e.coincident_lead)}</td>
+              </tr>
+            );
+          })}
+        </tbody>
+      </table>
     </div>
   );
 }
@@ -305,25 +379,30 @@ function EventStudyBody({ report }: { report: EventStudyReport }) {
   const recent = report.recent_breadth ?? [];
   const breadthVals = recent.map((r) => r.breadth);
   const divVals = recent.map((r) => r.divergence ?? 0);
-  const lead = report.lead_delta_days;
+  const moreCoverage = bd.events_with_signal > cd.events_with_signal;
   return (
     <div className="space-y-4">
       <p className="text-xs text-gray-500">
         {report.events?.length ?? 0} drawdown events (≥{report.params?.event_threshold_pct}%) on{' '}
-        {report.params?.benchmark} over ~5y. Higher median lead = earlier warning.
+        {report.params?.benchmark} over ~5y. With so few events, coverage (how many it warned before) matters
+        more than the median lead.
       </p>
       <div className="grid grid-cols-1 gap-2 sm:grid-cols-2">
-        <LeadStat label="Breadth divergence (leading candidate)" stats={bd} highlight={lead != null && lead > 0} />
+        <LeadStat label="Breadth divergence (leading candidate)" stats={bd} highlight={moreCoverage} />
         <LeadStat label="Coincident price composite (baseline)" stats={cd} />
       </div>
-      {lead != null && (
       <p className="text-xs text-gray-400">
-          Breadth divergence warned a median{' '}
-          <span className={`font-medium ${lead > 0 ? 'text-emerald-400' : 'text-amber-400'}`}>
-            {lead > 0 ? '+' : ''}{lead} days
-          </span>{' '}
-          {lead >= 0 ? 'earlier' : 'later'} than the coincident baseline.
+        Breadth divergence warned before{' '}
+        <span className="font-medium text-emerald-400">{bd.events_with_signal}/{bd.events_total}</span> drawdowns
+        {bd.median_lead_days != null ? ` (median ${bd.median_lead_days}d lead)` : ''}; the coincident baseline only{' '}
+        <span className="font-medium text-gray-300">{cd.events_with_signal}/{cd.events_total}</span>. The median-lead
+        comparison is unreliable when coverage differs this much — see per-drawdown below.
       </p>
+      {report.per_event && report.per_event.length > 0 && (
+        <div className="space-y-1.5">
+          <div className="text-[11px] uppercase tracking-wider text-gray-500">Per drawdown (same events, both indicators)</div>
+          <PerEventTable rows={report.per_event} />
+        </div>
       )}
       {recent.length > 1 && (
         <div className="flex flex-wrap items-end gap-6">
@@ -441,7 +520,47 @@ export default function RegimePage() {
 
       {monitor.data && monitor.data.available && (
         <>
-          <Gauge data={monitor.data} />
+          <div className="grid gap-4 lg:grid-cols-2">
+            <ScoreGauge
+              label="Regime index · coincident"
+              score={monitor.data.total_score}
+              band={monitor.data.band}
+              trend={monitor.data.trend}
+              threshold={monitor.data.alert_threshold}
+              footnote={
+                <>
+                  An <span className="text-gray-400">index</span> (not a calibrated probability) of how far the AI/Tech
+                  bull regime has deteriorated. Mostly coincident — it shortens reaction time, it doesn&apos;t predict
+                  the turn.
+                  {monitor.data.date && <> As of {monitor.data.date}.</>}
+                  {monitor.data.inputs && (monitor.data.inputs.vix != null || monitor.data.inputs.hy_oas != null) && (
+                    <span className="ml-1 text-gray-600">
+                      VIX {monitor.data.inputs.vix ?? '—'} · HY OAS {monitor.data.inputs.hy_oas ?? '—'}
+                    </span>
+                  )}
+                </>
+              }
+            />
+            <ScoreGauge
+              label="Early warning · breadth divergence"
+              score={monitor.data.early_warning?.score}
+              band={monitor.data.early_warning?.band}
+              trend={monitor.data.early_warning}
+              footnote={
+                <>
+                  Breadth narrowing while price holds. In the event study it led ~6 weeks on 7/11 past drawdowns, but
+                  it&apos;s noisy (≈2× base rate) and blind to shocks. Observational — separate from the index, not
+                  wired into trades.
+                </>
+              }
+            />
+          </div>
+          <Suspense fallback={<SkeletonCard className="h-80" />}>
+            <RegimeQuadrant />
+          </Suspense>
+          <Suspense fallback={<SkeletonCard className="h-72" />}>
+            <ScoreHistoryChart />
+          </Suspense>
           {monitor.data.breakdown && <Breakdown breakdown={monitor.data.breakdown} />}
         </>
       )}

frontend/src/pages/TickerDetailPage.tsx

@@ -1,11 +1,16 @@
-import { useMemo, useEffect, useState } from 'react';
+import { useMemo, useEffect, useState, lazy, Suspense } from 'react';
 import { useParams } from 'react-router-dom';
 import { useTickerDetail } from '../hooks/useTickerDetail';
 import { useFetchSymbolData } from '../hooks/useFetchSymbolData';
 import { useWatchlist, useAddToWatchlist, useRemoveFromWatchlist } from '../hooks/useWatchlist';
+import { useTrades } from '../hooks/useTrades';
+import { usePaperTrades } from '../hooks/usePaperTrades';
+import { useActivation } from '../hooks/useActivation';
+import { topPickSymbol, qualifiesSetup } from '../lib/qualification';
 import type { FetchSelector } from '../api/ingestion';
 import { CandlestickChart } from '../components/charts/CandlestickChart';
 import { ScoreCard } from '../components/ui/ScoreCard';
+import { useTickerNames } from '../hooks/useTickers';
 import { SkeletonCard } from '../components/ui/Skeleton';
 import { SentimentPanel } from '../components/ticker/SentimentPanel';
 import { FundamentalsPanel } from '../components/ticker/FundamentalsPanel';
@@ -17,6 +22,10 @@ import { Section } from '../components/ui/Section';
 import { Tabs } from '../components/ui/Tabs';
 import { formatPrice } from '../lib/format';
 import type { TradeSetup } from '../lib/types';
+import type { FieldPoint } from '../components/ticker/StandingMatrix';
+
+// Lazy so recharts (heavy) ships in its own chunk, not the main ticker bundle.
+const StandingMatrix = lazy(() => import('../components/ticker/StandingMatrix'));
 
 const detailTabs = ['Analysis', 'Indicators', 'S/R Levels'] as const;
 type DetailTab = (typeof detailTabs)[number];
@@ -29,6 +38,21 @@ function SectionError({ message, onRetry }: { message: string; onRetry?: () => v
   );
 }
 
+function StatusPill({ tone, label, title }: { tone: 'blue' | 'emerald'; label: string; title?: string }) {
+  const tones = {
+    blue: 'bg-blue-500/15 text-blue-300 border-blue-500/30',
+    emerald: 'bg-emerald-500/15 text-emerald-300 border-emerald-500/30',
+  } as const;
+  return (
+    <span
+      title={title}
+      className={`inline-flex items-center rounded-full border px-2.5 py-1 text-xs font-medium ${tones[tone]}`}
+    >
+      {label}
+    </span>
+  );
+}
+
 function timeAgo(iso: string): string {
   const diff = Date.now() - new Date(iso).getTime();
   const mins = Math.floor(diff / 60_000);
@@ -97,6 +121,7 @@ function DataFreshnessBar({
 
 export default function TickerDetailPage() {
   const { symbol = '' } = useParams<{ symbol: string }>();
+  const companyName = useTickerNames().get(symbol.toUpperCase());
   const { ohlcv, scores, srLevels, sentiment, fundamentals, trades } = useTickerDetail(symbol);
   const ingestion = useFetchSymbolData();
   const watchlist = useWatchlist();
@@ -107,6 +132,21 @@ export default function TickerDetailPage() {
     [watchlist.data, symbol],
   );
   const watchlistBusy = addToWatchlist.isPending || removeFromWatchlist.isPending;
+
+  // Status labels: is there an open paper trade on this ticker, and is it the
+  // current top pick (same ranking the dashboard highlights)?
+  const openTrades = usePaperTrades('open');
+  const allTrades = useTrades();
+  const activation = useActivation();
+  const hasOpenTrade = useMemo(
+    () => (openTrades.data ?? []).some((t) => t.symbol.toUpperCase() === symbol.toUpperCase()),
+    [openTrades.data, symbol],
+  );
+  const isTopPick = useMemo(
+    () => topPickSymbol(allTrades.data, activation.data)?.toUpperCase() === symbol.toUpperCase(),
+    [allTrades.data, activation.data, symbol],
+  );
+
   const [activeTab, setActiveTab] = useState<DetailTab>('Analysis');
   const [refreshingLabel, setRefreshingLabel] = useState<string | null>(null);
 
@@ -176,6 +216,29 @@ export default function TickerDetailPage() {
     [setupsForSymbol],
   );
 
+  // Standing matrix: this ticker's residual momentum percentile + long confidence (from its
+  // setup), the field (every ticker's composite × momentum) for the cloud, and
+  // whether it qualifies / is the top pick.
+  const myMomentum = longSetup?.momentum_percentile ?? shortSetup?.momentum_percentile ?? null;
+  const myConfidence = longSetup?.confidence_score ?? null;
+  const standingField = useMemo<FieldPoint[]>(() => {
+    const seen = new Set<string>();
+    const out: FieldPoint[] = [];
+    for (const t of allTrades.data ?? []) {
+      const s = t.symbol.toUpperCase();
+      if (seen.has(s) || t.momentum_percentile == null) continue;
+      seen.add(s);
+      out.push({ symbol: s, composite: t.composite_score, momentum: t.momentum_percentile });
+    }
+    return out;
+  }, [allTrades.data]);
+  const standingStatus: 'top-pick' | 'qualified' | 'none' = useMemo(() => {
+    if (isTopPick) return 'top-pick';
+    if (longSetup && activation.data && qualifiesSetup(longSetup, activation.data)) return 'qualified';
+    return 'none';
+  }, [isTopPick, longSetup, activation.data]);
+  const gateMomentum = activation.data?.min_momentum_percentile ?? 80;
+
   // Current price = latest close, with day-over-day change
   const priceInfo = useMemo(() => {
     const bars = ohlcv.data;
@@ -213,6 +276,9 @@ export default function TickerDetailPage() {
       <div className="flex flex-wrap items-center justify-between gap-4">
         <div className="flex items-baseline gap-4">
           <h1 className="text-3xl font-semibold text-gray-100">{symbol.toUpperCase()}</h1>
+          {companyName && (
+            <span className="max-w-[240px] truncate text-sm text-gray-500">{companyName}</span>
+          )}
           {priceInfo && (
             <div className="flex items-baseline gap-2">
               <span className="num text-2xl font-semibold text-gray-100">{formatPrice(priceInfo.price)}</span>
@@ -226,6 +292,20 @@ export default function TickerDetailPage() {
           )}
         </div>
         <div className="flex items-center gap-2">
+          {isTopPick && (
+            <StatusPill
+              tone="blue"
+              label="★ Top Pick"
+              title="Current top pick — highest residual-momentum qualified setup right now"
+            />
+          )}
+          {hasOpenTrade && (
+            <StatusPill
+              tone="emerald"
+              label="● Open Trade"
+              title="You have an open paper trade on this ticker"
+            />
+          )}
           <Button
             variant="ghost"
             onClick={() =>
@@ -266,8 +346,8 @@ export default function TickerDetailPage() {
       />
 
       {/* Chart — always visible */}
-      <Section title="Price Chart">
-        {ohlcv.isLoading && <SkeletonCard className="h-[400px]" />}
+      <Section title="Price & Volume">
+        {ohlcv.isLoading && <SkeletonCard className="h-[440px]" />}
         {ohlcv.isError && (
           <SectionError
             message={ohlcv.error instanceof Error ? ohlcv.error.message : 'Failed to load OHLCV data'}
@@ -323,14 +403,55 @@ export default function TickerDetailPage() {
       <Tabs tabs={detailTabs} active={activeTab} onChange={setActiveTab} />
 
       {activeTab === 'Analysis' && (
-        <div className="grid gap-6 lg:grid-cols-3 animate-fade-in">
-          <Section title="Scores">
+        <div className="space-y-6 animate-fade-in">
+          <Section title="Standing" hint="how this ticker ranks vs. the field">
+            {scores.isLoading && <SkeletonCard className="h-80" />}
+            {scores.isError && (
+              <SectionError message={scores.error instanceof Error ? scores.error.message : 'Failed to load scores'} onRetry={() => scores.refetch()} />
+            )}
+            {scores.data && (
+              <>
+                <Suspense fallback={<SkeletonCard className="h-80" />}>
+                  <StandingMatrix
+                    symbol={symbol}
+                    composite={scores.data.composite_score}
+                    momentum={myMomentum}
+                    field={standingField}
+                    gateMomentum={gateMomentum}
+                    status={standingStatus}
+                    confidence={myConfidence}
+                  />
+                </Suspense>
+                {(() => {
+                  const cb = scores.data?.composite_breakdown;
+                  const adj = cb?.sentiment_adjustment;
+                  const base = cb?.base_score;
+                  if (adj == null || base == null || Math.abs(adj) < 0.05) return null;
+                  const composite = scores.data?.composite_score ?? base + adj;
+                  return (
+                    <p className="mt-3 text-center text-[11px] text-gray-500">
+                      Composite{' '}
+                      <span className="font-semibold text-gray-300">{Math.round(composite)}</span>
+                      {' '}= Base {Math.round(base)}{' '}
+                      {adj >= 0 ? '+' : '−'} Sentiment{' '}
+                      <span className={adj >= 0 ? 'text-emerald-400/80' : 'text-red-400/80'}>
+                        {Math.abs(adj).toFixed(1)}
+                      </span>
+                    </p>
+                  );
+                })()}
+              </>
+            )}
+          </Section>
+
+          <div className="grid gap-6 lg:grid-cols-3">
+          <Section title="Dimensions">
             {scores.isLoading && <SkeletonCard />}
             {scores.isError && (
               <SectionError message={scores.error instanceof Error ? scores.error.message : 'Failed to load scores'} onRetry={() => scores.refetch()} />
             )}
             {scores.data && (
-              <ScoreCard compositeScore={scores.data.composite_score} dimensions={scores.data.dimensions} compositeBreakdown={scores.data.composite_breakdown} />
+              <ScoreCard showComposite={false} compositeScore={scores.data.composite_score} dimensions={scores.data.dimensions} compositeBreakdown={scores.data.composite_breakdown} />
             )}
           </Section>
 
@@ -350,6 +471,7 @@ export default function TickerDetailPage() {
             {fundamentals.data && <FundamentalsPanel data={fundamentals.data} />}
           </Section>
           </div>
+        </div>
       )}
 
       {activeTab === 'Indicators' && (

frontend/tsconfig.tsbuildinfo

@@ -1 +1 @@
-{"root":["./src/app.tsx","./src/main.tsx","./src/vite-env.d.ts","./src/api/activation.ts","./src/api/admin.ts","./src/api/auth.ts","./src/api/client.ts","./src/api/fundamentals.ts","./src/api/health.ts","./src/api/indicators.ts","./src/api/ingestion.ts","./src/api/jobs.ts","./src/api/market.ts","./src/api/ohlcv.ts","./src/api/papertrades.ts","./src/api/performance.ts","./src/api/scores.ts","./src/api/sentiment.ts","./src/api/sr-levels.ts","./src/api/tickers.ts","./src/api/trades.ts","./src/api/watchlist.ts","./src/components/admin/activationsettings.tsx","./src/components/admin/alertsettings.tsx","./src/components/admin/datacleanup.tsx","./src/components/admin/jobcontrols.tsx","./src/components/admin/pipelinereadinesspanel.tsx","./src/components/admin/recommendationsettings.tsx","./src/components/admin/schedulesettings.tsx","./src/components/admin/sentimentprovidersettings.tsx","./src/components/admin/settingsform.tsx","./src/components/admin/tickermanagement.tsx","./src/components/admin/tickeruniversebootstrap.tsx","./src/components/admin/usertable.tsx","./src/components/auth/protectedroute.tsx","./src/components/charts/candlestickchart.tsx","./src/components/dashboard/opentradespanel.tsx","./src/components/layout/appshell.tsx","./src/components/layout/mobilenav.tsx","./src/components/layout/sidebar.tsx","./src/components/rankings/rankingstable.tsx","./src/components/rankings/weightsform.tsx","./src/components/scanner/tradetable.tsx","./src/components/signals/backtestpanel.tsx","./src/components/signals/mytradespanel.tsx","./src/components/signals/setupspanel.tsx","./src/components/signals/trackrecordpanel.tsx","./src/components/ticker/dimensionbreakdownpanel.tsx","./src/components/ticker/fundamentalspanel.tsx","./src/components/ticker/indicatorselector.tsx","./src/components/ticker/recommendationpanel.tsx","./src/components/ticker/sroverlay.tsx","./src/components/ticker/sentimentpanel.tsx","./src/components/ui/badge.tsx","./src/components/ui/button.tsx","./src/components/ui/callout.tsx","./src/components/ui/confirmdialog.tsx","./src/components/ui/disclosure.tsx","./src/components/ui/dropdown.tsx","./src/components/ui/field.tsx","./src/components/ui/pageheader.tsx","./src/components/ui/scorecard.tsx","./src/components/ui/section.tsx","./src/components/ui/skeleton.tsx","./src/components/ui/tabs.tsx","./src/components/ui/toast.tsx","./src/components/watchlist/addtickerform.tsx","./src/components/watchlist/watchlisttable.tsx","./src/hooks/useactivation.ts","./src/hooks/useadmin.ts","./src/hooks/useauth.ts","./src/hooks/usefetchsymboldata.ts","./src/hooks/usemarketregime.ts","./src/hooks/usepapertrades.ts","./src/hooks/useperformance.ts","./src/hooks/userisksettings.ts","./src/hooks/usescores.ts","./src/hooks/usetickerdetail.ts","./src/hooks/usetickers.ts","./src/hooks/usetrades.ts","./src/hooks/usewatchlist.ts","./src/lib/format.ts","./src/lib/ingestionstatus.ts","./src/lib/papertrade.ts","./src/lib/position.ts","./src/lib/qualification.ts","./src/lib/recommendation.ts","./src/lib/regime.ts","./src/lib/types.ts","./src/pages/adminpage.tsx","./src/pages/dashboardpage.tsx","./src/pages/loginpage.tsx","./src/pages/marketpage.tsx","./src/pages/registerpage.tsx","./src/pages/signalspage.tsx","./src/pages/tickerdetailpage.tsx","./src/stores/authstore.ts"],"version":"5.6.3"}
+{"root":["./src/app.tsx","./src/main.tsx","./src/vite-env.d.ts","./src/api/activation.ts","./src/api/admin.ts","./src/api/auth.ts","./src/api/client.ts","./src/api/fundamentals.ts","./src/api/health.ts","./src/api/indicators.ts","./src/api/ingestion.ts","./src/api/jobs.ts","./src/api/market.ts","./src/api/ohlcv.ts","./src/api/papertrades.ts","./src/api/performance.ts","./src/api/regime.ts","./src/api/scores.ts","./src/api/sentiment.ts","./src/api/sr-levels.ts","./src/api/tickers.ts","./src/api/trades.ts","./src/api/watchlist.ts","./src/components/admin/activationsettings.tsx","./src/components/admin/alertsettings.tsx","./src/components/admin/datacleanup.tsx","./src/components/admin/exitpolicysettings.tsx","./src/components/admin/jobcontrols.tsx","./src/components/admin/pipelinereadinesspanel.tsx","./src/components/admin/recommendationsettings.tsx","./src/components/admin/schedulesettings.tsx","./src/components/admin/sentimentprovidersettings.tsx","./src/components/admin/settingsform.tsx","./src/components/admin/tickermanagement.tsx","./src/components/admin/tickeruniversebootstrap.tsx","./src/components/admin/usertable.tsx","./src/components/auth/protectedroute.tsx","./src/components/charts/candlestickchart.tsx","./src/components/dashboard/opentradespanel.tsx","./src/components/layout/appshell.tsx","./src/components/layout/mobilenav.tsx","./src/components/layout/sidebar.tsx","./src/components/layout/tickersearch.tsx","./src/components/rankings/rankingstable.tsx","./src/components/rankings/weightsform.tsx","./src/components/regime/regimequadrant.tsx","./src/components/regime/scorehistorychart.tsx","./src/components/scanner/tradetable.tsx","./src/components/signals/backtestpanel.tsx","./src/components/signals/mytradespanel.tsx","./src/components/signals/setupspanel.tsx","./src/components/signals/trackrecordpanel.tsx","./src/components/ticker/dimensionbreakdownpanel.tsx","./src/components/ticker/fundamentalspanel.tsx","./src/components/ticker/indicatorselector.tsx","./src/components/ticker/recommendationpanel.tsx","./src/components/ticker/sroverlay.tsx","./src/components/ticker/sentimentpanel.tsx","./src/components/ticker/standingmatrix.tsx","./src/components/ui/badge.tsx","./src/components/ui/button.tsx","./src/components/ui/callout.tsx","./src/components/ui/confirmdialog.tsx","./src/components/ui/disclosure.tsx","./src/components/ui/dropdown.tsx","./src/components/ui/field.tsx","./src/components/ui/pageheader.tsx","./src/components/ui/scorecard.tsx","./src/components/ui/section.tsx","./src/components/ui/skeleton.tsx","./src/components/ui/tabs.tsx","./src/components/ui/toast.tsx","./src/components/watchlist/addtickerform.tsx","./src/components/watchlist/watchlisttable.tsx","./src/hooks/useactivation.ts","./src/hooks/useadmin.ts","./src/hooks/useauth.ts","./src/hooks/usefetchsymboldata.ts","./src/hooks/usemarketregime.ts","./src/hooks/usepapertrades.ts","./src/hooks/useperformance.ts","./src/hooks/userisksettings.ts","./src/hooks/usescores.ts","./src/hooks/usetickerdetail.ts","./src/hooks/usetickers.ts","./src/hooks/usetrades.ts","./src/hooks/usewatchlist.ts","./src/lib/format.ts","./src/lib/ingestionstatus.ts","./src/lib/papertrade.ts","./src/lib/position.ts","./src/lib/qualification.ts","./src/lib/recommendation.ts","./src/lib/regime.ts","./src/lib/types.ts","./src/pages/adminpage.tsx","./src/pages/dashboardpage.tsx","./src/pages/loginpage.tsx","./src/pages/marketpage.tsx","./src/pages/regimepage.tsx","./src/pages/registerpage.tsx","./src/pages/signalspage.tsx","./src/pages/tickerdetailpage.tsx","./src/stores/authstore.ts"],"version":"5.6.3"}

regime-monitor-anforderungen.md

@@ -1,73 +0,0 @@
-# Anforderungsdokument — "AI/Tech Regime Change Monitor"
-
-**Ziel:** Ein persönliches Hobby-Tool, das fundamentale *und* kursbasierte Signale überwacht und einen einzigen Wert von **0–100** ausgibt: die geschätzte Wahrscheinlichkeit, dass das KI/Tech-Bullenregime in eine Neubewertung kippt.
-**Zweck:** Disziplinierte Ausstiegs-Entscheidung für spekulative Einzelpositionen (NVDA, MSFT). **Kein** Auto-Trading, **keine** Anlageberatung, **keine** Timing-Garantie.
-
----
-
-## 1. Scope
-
-- **Beobachtete Instrumente:** SMH (Halbleiter, *schnelles* Frühsignal) + QQQ (breiter, *Bestätigung*) als Regime-Sensoren; SPY, RSP (Marktbreite-Kontext); VIX (Volatilität); Hyperscaler GOOGL, AMZN, META, MSFT (Capex-Signal). Bewusst **keine** Einzelaktien-Trades — das Tool misst das *Regime*, nicht einzelne Titel.
-- **Optionaler "Kanarienvogel":** NVDA als reiner Frühindikator-Input (Lead-Aktie des Sektors, dreht oft vor SMH) — abschaltbar, **keine** Entscheidungsposition.
-- **Read-only.** Tool gibt nur einen Score + Aufschlüsselung aus, führt keine Orders aus.
-- **Lauf-Kadenz:** Kurssignale täglich, Fundamentalsignale quartalsweise (bzw. bei Earnings).
-
-## 2. Output
-
-- **Gesamtscore 0–100** (0 = Regime stabil, 100 = Bruch im Gange) mit Label-Band:
-  - 0–30 stabil · 30–60 beobachten · 60–80 erhöht · 80–100 Bruch sichtbar
-- **Aufschlüsselung pro Signal** (Sub-Score 0–100 + Gewicht + Beitrag).
-- **Trend:** Veränderung des Gesamtscores über 7 und 30 Tage (steigend/fallend).
-- Optional: einfacher Alert, wenn Gesamtscore eine konfigurierbare Schwelle (Default 65) überschreitet.
-
-## 3. Signale
-
-Jedes Signal liefert einen Sub-Score 0–100 (0 = gesund, 100 = Regime bricht). Gewichte in `config` editierbar.
-
-### Kursbasiert (automatisierbar, täglich)
-Grundprinzip: **SMH ist das führende Signal, QQQ die Bestätigung.** Wo beide eingehen, zählt SMH stärker (Default 2:1), damit du Frühwarnung *und* Filter gegen Fehlalarme hast.
-
-| ID | Signal | Logik (Sub-Score 0→100) | Default-Gewicht |
-|----|--------|--------------------------|-----------------|
-| P1 | Trendbruch 200-Tage-MA | Gewichteter Anteil unter der 200-Tage-MA: SMH zählt doppelt, QQQ einfach | 12 |
-| P2 | Death Cross + Slope | 50-Tage-MA unter 200-Tage-MA und 200er-Slope negativ (graduell nach Abstand), SMH führend | 8 |
-| P3 | Drawdown vom 52W-Hoch | max(SMH, QQQ)-Drawdown: 0 % → 0, ≥ 20 % → 100 (linear) | 10 |
-| P4 | Relative Stärke Tech | Trend des Verhältnisses SMH/SPY (Tech underperformt → höher) | 8 |
-| P5 | Volatilität | VIX: ≤ 15 → 0, ≥ 30 → 100 (linear) | 7 |
-| P6 | *Optional:* Kanarienvogel NVDA | NVDA unter 50-Tage-MA bei gleichzeitig noch intaktem SMH (Lead-Divergenz) → Frühwarnung; abschaltbar | 0 (opt. 5) |
-
-### Fundamental (teils manuell, quartalsweise)
-| ID | Signal | Logik (Sub-Score 0→100) | Default-Gewicht |
-|----|--------|--------------------------|-----------------|
-| F1 | Hyperscaler-Capex-Guidance | Manuelle Eingabe je Name: anhebend = 0, haltend = 50, kürzend = 100; Mittel über die 4 | 25 |
-| F2 | Kreditspreads | US High-Yield OAS (FRED `BAMLH0A0HYM2`): Perzentil der letzten 3 J → Score; Ausweitung = höher | 15 |
-| F3 | Earnings-Reaktion | "Good news, stock down": fielen Hyperscaler/SMH im Schnitt trotz Gewinn-Beats nach den letzten Earnings? (Reaktion ±2 Tage, auto oder manuell) | 8 |
-| F4 | Marktbreite | Trend RSP/SPY (gleichgewichtet schlägt kapgewichtet bei Tech-Schwäche → Verschlechterung der Breite → höher) | 7 |
-
-**Gesamtscore = Σ(Sub-Score × Gewicht) / Σ(Gewichte).** Summe Defaults = 100.
-
-## 4. Datenquellen (Vorschlag, alle frei)
-
-- **Kurse/MA/Drawdown/VIX:** `yfinance` (Yahoo Finance). Alternativ deine IBKR-API.
-- **Kreditspreads:** FRED-API (`BAMLH0A0HYM2`), kostenloser API-Key.
-- **Capex-Guidance (F1):** manuell pflegbar in `signals.yaml` (4 Werte/Quartal). Keine zuverlässige Gratis-API; bewusst manuell.
-- **Earnings-Termine/-Reaktion (F3):** `yfinance` earnings dates + Kursreaktion, optional manuell.
-
-## 5. Konfiguration
-
-- `config.yaml`: Gewichte je Signal, Alert-Schwelle, Tickerlisten, Lookback-Fenster.
-- `signals.yaml`: manuelle Eingaben (F1, optional F3).
-- Alle Schwellen/Gewichte ohne Code-Änderung anpassbar.
-
-## 6. Tech-Vorschlag (optional)
-
-- **Python** + `pandas` + `yfinance` + `requests` (FRED) + `pyyaml`.
-- Ausgabe als **CLI-Report** (Tabelle + Gesamtscore) und/oder kleines **Streamlit**-Dashboard mit Gauge + Verlaufschart.
-- Lokal lauffähig, ein `python monitor.py` reicht; Verlauf in lokaler CSV/SQLite für 7/30-Tage-Trend.
-
-## 7. Explizite Nicht-Ziele / Grenzen
-
-- Sagt **keinen** exakten Zeitpunkt voraus; ein hoher Score ≠ garantierter Crash.
-- Die Gewichte sind subjektiv (Garbage-in → Garbage-out): Default ist ein Startpunkt, kein Optimum.
-- Das eindeutige Signal kommt oft erst mit dem Einbruch — das Tool *senkt* die Reaktionszeit, eliminiert sie nicht.
-- Reines Informations-/Disziplin-Werkzeug, keine Finanzberatung.

scripts/create_backtest_snapshot.py

@@ -0,0 +1,162 @@
+"""Create a minimal local SQLite snapshot for offline backtest research.
+
+Copies only the data required by app.services.backtest_service.run_backtest:
+tickers, OHLCV bars, SPY benchmark closes, and activation/recommendation
+settings. Other system settings are intentionally skipped to avoid copying
+secrets into local snapshot files.
+"""
+
+from __future__ import annotations
+
+import argparse
+import asyncio
+import os
+import sys
+from pathlib import Path
+
+from sqlalchemy import func, insert, or_, select
+from sqlalchemy.engine import make_url
+from sqlalchemy.ext.asyncio import AsyncSession, async_sessionmaker, create_async_engine
+
+ROOT = Path(__file__).resolve().parents[1]
+if str(ROOT) not in sys.path:
+    sys.path.insert(0, str(ROOT))
+
+
+def _normalize_postgres_url(url: str) -> str:
+    if url.startswith("postgresql+asyncpg://"):
+        return url
+    if url.startswith("postgresql://"):
+        return "postgresql+asyncpg://" + url[len("postgresql://") :]
+    if url.startswith("postgres://"):
+        return "postgresql+asyncpg://" + url[len("postgres://") :]
+    return url
+
+
+def _sqlite_url(path: Path) -> str:
+    return f"sqlite+aiosqlite:///{path.resolve().as_posix()}"
+
+
+def _hide_password(url: str) -> str:
+    return make_url(url).render_as_string(hide_password=True)
+
+
+def _parse_args() -> argparse.Namespace:
+    parser = argparse.ArgumentParser(description=__doc__)
+    parser.add_argument(
+        "--database-url",
+        default=os.getenv("DATABASE_URL"),
+        help="Source Postgres URL. Defaults to DATABASE_URL, then app .env database_url.",
+    )
+    parser.add_argument(
+        "--output",
+        default="backtest_snapshots/prod-backtest.sqlite",
+        help="SQLite snapshot path to create.",
+    )
+    parser.add_argument("--batch-size", type=int, default=5000)
+    parser.add_argument("--force", action="store_true", help="Overwrite an existing snapshot file.")
+    return parser.parse_args()
+
+
+async def _copy_table(
+    source: AsyncSession,
+    dest: AsyncSession,
+    model: type,
+    *,
+    batch_size: int,
+    where=None,
+) -> int:
+    table = model.__table__
+    columns = list(table.columns)
+
+    count_stmt = select(func.count()).select_from(table)
+    stmt = select(*columns)
+    if where is not None:
+        count_stmt = count_stmt.where(where)
+        stmt = stmt.where(where)
+    primary_key_columns = list(table.primary_key.columns)
+    if primary_key_columns:
+        stmt = stmt.order_by(*primary_key_columns)
+
+    expected = int((await source.execute(count_stmt)).scalar_one())
+    if expected == 0:
+        print(f"{table.name}: 0 rows")
+        return 0
+
+    copied = 0
+    stream = await source.stream(stmt.execution_options(yield_per=batch_size))
+    async for partition in stream.partitions(batch_size):
+        rows = [dict(row._mapping) for row in partition]
+        if not rows:
+            continue
+        await dest.execute(insert(table), rows)
+        await dest.commit()
+        copied += len(rows)
+        print(f"{table.name}: {copied}/{expected}", end="\r")
+
+    print(f"{table.name}: {copied} rows")
+    return copied
+
+
+async def _main() -> None:
+    args = _parse_args()
+
+    from app.config import settings
+    from app.database import Base
+    import app.models  # noqa: F401 - registers all metadata tables
+    from app.models.benchmark_price import BenchmarkPrice
+    from app.models.ohlcv import OHLCVRecord
+    from app.models.settings import SystemSetting
+    from app.models.ticker import Ticker
+
+    source_url = _normalize_postgres_url(args.database_url or settings.database_url)
+    output = Path(args.output)
+    if output.exists():
+        if not args.force:
+            raise SystemExit(f"{output} already exists. Pass --force to overwrite it.")
+        output.unlink()
+    output.parent.mkdir(parents=True, exist_ok=True)
+
+    source_engine = create_async_engine(
+        source_url,
+        pool_pre_ping=True,
+        connect_args={"server_settings": {"default_transaction_read_only": "on"}},
+    )
+    dest_engine = create_async_engine(_sqlite_url(output))
+    SourceSession = async_sessionmaker(source_engine, class_=AsyncSession, expire_on_commit=False)
+    DestSession = async_sessionmaker(dest_engine, class_=AsyncSession, expire_on_commit=False)
+
+    print(f"Source: {_hide_password(source_url)}")
+    print(f"Snapshot: {output}")
+
+    try:
+        async with dest_engine.begin() as conn:
+            await conn.run_sync(Base.metadata.create_all)
+
+        async with SourceSession() as source, DestSession() as dest:
+            counts = {
+                "tickers": await _copy_table(source, dest, Ticker, batch_size=args.batch_size),
+                "system_settings": await _copy_table(
+                    source,
+                    dest,
+                    SystemSetting,
+                    batch_size=args.batch_size,
+                    where=or_(
+                        SystemSetting.key.like("activation_%"),
+                        SystemSetting.key.like("recommendation_%"),
+                    ),
+                ),
+                "benchmark_prices": await _copy_table(source, dest, BenchmarkPrice, batch_size=args.batch_size),
+                "ohlcv_records": await _copy_table(source, dest, OHLCVRecord, batch_size=args.batch_size),
+            }
+    finally:
+        await source_engine.dispose()
+        await dest_engine.dispose()
+
+    print("Done:")
+    for name, count in counts.items():
+        print(f"  {name}: {count}")
+
+
+if __name__ == "__main__":
+    asyncio.run(_main())

scripts/run_backtest_snapshot.py

@@ -0,0 +1,139 @@
+"""Run the existing backtest service against a local SQLite snapshot.
+
+The runner is offline/read-only: it does not refresh benchmark prices and does
+not cache the report back to any database. It writes a local JSON report.
+"""
+
+from __future__ import annotations
+
+import argparse
+import asyncio
+import json
+import os
+import sys
+from datetime import datetime
+from pathlib import Path
+from typing import Any
+
+from sqlalchemy.ext.asyncio import AsyncSession, async_sessionmaker, create_async_engine
+
+ROOT = Path(__file__).resolve().parents[1]
+if str(ROOT) not in sys.path:
+    sys.path.insert(0, str(ROOT))
+
+
+def _sqlite_url(path: Path) -> str:
+    return f"sqlite+aiosqlite:///{path.resolve().as_posix()}"
+
+
+def _parse_args() -> argparse.Namespace:
+    parser = argparse.ArgumentParser(description=__doc__)
+    parser.add_argument("snapshot", help="SQLite snapshot created by create_backtest_snapshot.py.")
+    parser.add_argument(
+        "--out",
+        default=None,
+        help="JSON report path. Defaults to reports/backtest-<timestamp>.json.",
+    )
+    parser.add_argument("--workers", type=int, default=None, help="Override backtest worker count.")
+    parser.add_argument(
+        "--allow-spawn",
+        action="store_true",
+        help="Allow spawn multiprocessing for offline CLI runs, useful on Windows.",
+    )
+    parser.add_argument("--quiet", action="store_true", help="Hide progress output.")
+    return parser.parse_args()
+
+
+def _default_output_path() -> Path:
+    stamp = datetime.now().strftime("%Y%m%d-%H%M%S")
+    return Path("reports") / f"backtest-{stamp}.json"
+
+
+def _pct(value: Any) -> str:
+    return "-" if value is None else f"{float(value):+.1f}%"
+
+
+def _r(value: Any) -> str:
+    return "-" if value is None else f"{float(value):+.2f}R"
+
+
+def _print_summary(report: dict) -> None:
+    qualified = report.get("overall_qualified") or {}
+    all_setups = report.get("overall_all") or {}
+    time_exit = {row.get("hold_days"): row for row in report.get("time_exit_sweep") or []}
+    hold_30 = time_exit.get(30) or {}
+    policies = {
+        row.get("policy"): row
+        for row in ((report.get("portfolio_sim") or {}).get("policies") or [])
+    }
+    hold_policy = policies.get("hold") or {}
+
+    print("")
+    print("Backtest summary")
+    print(f"  candidates: {report.get('candidates')}")
+    print(f"  qualified: {report.get('qualified')}")
+    print(f"  all setups net avg R: {_r(all_setups.get('net_avg_r'))}")
+    print(f"  qualified net avg R: {_r(qualified.get('net_avg_r'))}")
+    print(f"  qualified total R: {_r(qualified.get('total_r'))}")
+    print(f"  30d hold net avg R: {_r(hold_30.get('net_avg_r'))}")
+    print(f"  30d hold total R: {_r(hold_30.get('total_r'))}")
+    if hold_policy:
+        print(f"  hold CAGR: {_pct(hold_policy.get('cagr_pct'))}")
+        print(f"  hold max drawdown: {_pct(hold_policy.get('max_drawdown_pct'))}")
+        print(f"  hold Sharpe: {hold_policy.get('sharpe')}")
+        print(f"  hold trades: {hold_policy.get('trades')}")
+
+
+async def _main() -> None:
+    args = _parse_args()
+    snapshot = Path(args.snapshot)
+    if not snapshot.exists():
+        raise SystemExit(f"Snapshot not found: {snapshot}")
+
+    os.environ["BACKTEST_SNAPSHOT_OFFLINE"] = "1"
+    if args.allow_spawn:
+        os.environ["BACKTEST_ALLOW_SPAWN"] = "1"
+
+    from app.config import settings
+    from app.services.backtest_service import run_backtest
+
+    if args.workers is not None:
+        settings.backtest_workers = args.workers
+
+    output = Path(args.out) if args.out else _default_output_path()
+    output.parent.mkdir(parents=True, exist_ok=True)
+
+    engine = create_async_engine(_sqlite_url(snapshot), pool_pre_ping=True)
+    Session = async_sessionmaker(engine, class_=AsyncSession, expire_on_commit=False)
+
+    last_progress: tuple[int, int] | None = None
+
+    def progress(done: int, total: int, symbol: str) -> None:
+        nonlocal last_progress
+        if args.quiet:
+            return
+        marker = (done, total)
+        if marker == last_progress:
+            return
+        last_progress = marker
+        label = f" {symbol}" if symbol else ""
+        print(f"progress: {done}/{total}{label}", end="\r")
+
+    try:
+        async with Session() as db:
+            report = await run_backtest(db, progress_cb=progress)
+    finally:
+        await engine.dispose()
+
+    if not args.quiet:
+        print("")
+    with output.open("w", encoding="utf-8") as fh:
+        json.dump(report, fh, indent=2)
+        fh.write("\n")
+
+    print(f"Report written: {output}")
+    _print_summary(report)
+
+
+if __name__ == "__main__":
+    asyncio.run(_main())

tests/unit/test_activation_settings.py

@@ -27,9 +27,10 @@ class TestActivationConfig:
         assert config == {
             "min_momentum_percentile": 80.0,
             "min_rr": 1.2,
-            "min_confidence": 55.0,
+            "min_confidence": 0.0,  # off — the July 2026 ablation showed it adds nothing
             "require_high_conviction": False,
             "exclude_conflicts": False,
+            "exclude_neutral": True,
         }
 
     async def test_update_and_read_back(self, session: AsyncSession):
@@ -62,6 +63,12 @@ class TestActivationConfig:
         assert config["require_high_conviction"] is True
         assert config["exclude_conflicts"] is True
 
+    async def test_exclude_neutral_round_trip(self, session: AsyncSession):
+        # On by default; can be turned off.
+        assert (await get_activation_config(session))["exclude_neutral"] is True
+        await update_activation_config(session, {"exclude_neutral": False})
+        assert (await get_activation_config(session))["exclude_neutral"] is False
+
     async def test_rejects_negative_rr(self, session: AsyncSession):
         with pytest.raises(ValidationError):
             await update_activation_config(session, {"min_rr": -1.0})

tests/unit/test_alert_service.py

@@ -3,11 +3,14 @@
 from __future__ import annotations
 
 from datetime import date, datetime, timedelta, timezone
+from types import SimpleNamespace
 
 import pytest
+from sqlalchemy import select
 
 from app.models.alert import AlertLog
 from app.models.ohlcv import OHLCVRecord
+from app.models.paper_trade import PaperTrade
 from app.models.score import CompositeScore
 from app.models.sr_level import SRLevel
 from app.models.ticker import Ticker
@@ -111,6 +114,26 @@ async def test_score_drop_seeds_then_alerts(session):
     assert await svc._watermark(session, "AAA") == 60.0
 
 
+def test_format_qualified_includes_current_price_and_target_move():
+    text = svc._format_qualified({
+        "symbol": "AAPL",
+        "direction": "long",
+        "current_price": 196.42,
+        "entry_price": 195.80,
+        "target": 207.50,
+        "stop_loss": 190.20,
+        "rr_ratio": 2.1,
+        "confidence_score": 76.0,
+        "targets": [{"probability": 63.0}],
+    })
+
+    assert "now 196.42" in text
+    assert "entry 195.80" in text
+    assert "target 207.50 (+5.6%)" in text
+    assert "stop 190.20" in text
+    assert "P(target) 63%" in text
+
+
 async def _add_ticker(session, symbol: str, *, watchlisted: bool, close: float,
                       levels: list[tuple[float, str, int]]) -> int:
     user = await session.get(User, 1)
@@ -140,6 +163,8 @@ async def test_sr_proximity_merges_close_levels_to_one_alert(session):
     cvx = [m for m in msgs if "CVX" in m[1]]
     assert len(cvx) == 1
     assert "183.00–185.00" in cvx[0][1]
+    assert "now 182.00 -> 183.00–185.00 (+0.5%)" in cvx[0][1]
+    assert "strength 100" in cvx[0][1]
 
 
 async def test_sr_proximity_skips_non_watchlist_unqualified(session):
@@ -168,3 +193,108 @@ async def test_dispatch_no_credentials(session):
     await svc.update_alert_config(session, enabled=True)  # enabled but no token/chat
     res = await svc.dispatch_alerts(session)
     assert res["status"] == "no_credentials"
+
+
+async def test_dispatch_bundles_discovery_alerts_and_logs_each_item(session, monkeypatch):
+    async def fake_collect_qualified(_db):
+        return [
+            ("qualified:AAPL:long", "🟢 <b>AAPL LONG</b> | now 196.42 | target 207.50 (+5.6%)"),
+            ("qualified:TSLA:short", "🔴 <b>TSLA SHORT</b> | now 292.10 | target 276.50 (-5.3%)"),
+        ]
+
+    async def fake_collect_sr(_db):
+        return [
+            ("sr:MSFT:resistance", "📍 <b>MSFT</b> resistance | now 508.20 -> 512.00 (+0.7%)"),
+        ]
+
+    sent: list[str] = []
+
+    async def fake_send(_client, _token, _chat_id, text):
+        sent.append(text)
+
+    monkeypatch.setattr(svc, "_collect_qualified", fake_collect_qualified)
+    monkeypatch.setattr(svc, "_collect_sr_proximity", fake_collect_sr)
+    monkeypatch.setattr(svc, "_send", fake_send)
+
+    await svc.update_alert_config(
+        session,
+        enabled=True,
+        bot_token="token",
+        telegram_chat_id="chat",
+        score_drop_enabled=False,
+        digest_enabled=False,
+        regime_quadrant_enabled=False,
+        trade_closed_enabled=False,
+    )
+
+    res = await svc.dispatch_alerts(session)
+
+    assert res == {"status": "ok", "sent": 1, "candidates": 3}
+    assert len(sent) == 1
+    assert "<b>Signal run</b> — 3 new alert(s)" in sent[0]
+    assert "<b>Qualified setups</b>" in sent[0]
+    assert "<b>Near support/resistance</b>" in sent[0]
+    assert "AAPL LONG" in sent[0]
+    assert "MSFT" in sent[0]
+
+    rows = (
+        await session.execute(
+            select(AlertLog.alert_type, AlertLog.dedup_key)
+            .order_by(AlertLog.alert_type, AlertLog.dedup_key)
+        )
+    ).all()
+    assert rows == [
+        ("qualified", "qualified:AAPL:long"),
+        ("qualified", "qualified:TSLA:short"),
+        ("sr_proximity", "sr:MSFT:resistance"),
+    ]
+
+
+async def _add_closed_trade(session, symbol: str, reason: str, *,
+                            close: float = 110.0, closed_hours_ago: float = 1.0) -> None:
+    if await session.get(User, 1) is None:
+        session.add(User(id=1, username="u", password_hash="x", role="user", has_access=True))
+        await session.flush()
+    t = Ticker(symbol=symbol)
+    session.add(t)
+    await session.flush()
+    now = datetime.now(timezone.utc)
+    session.add(PaperTrade(
+        user_id=1, ticker_id=t.id, direction="long",
+        entry_price=100.0, shares=10.0, stop_loss=95.0, target=120.0,
+        status="closed", opened_at=now - timedelta(days=5),
+        close_price=close, closed_at=now - timedelta(hours=closed_hours_ago),
+        close_reason=reason,
+    ))
+    await session.commit()
+
+
+async def test_config_includes_trade_closed_toggle(session):
+    assert (await svc.get_alert_config(session))["trade_closed_enabled"] is True
+    cfg = await svc.update_alert_config(session, trade_closed_enabled=False)
+    assert cfg["trade_closed_enabled"] is False
+
+
+async def test_collect_closed_trades_filters_manual_and_old(session):
+    await _add_closed_trade(session, "WIN", "trailing", close=110.0, closed_hours_ago=1)
+    await _add_closed_trade(session, "MAN", "manual", close=110.0, closed_hours_ago=1)   # manual → skip
+    await _add_closed_trade(session, "OLD", "stop", close=95.0, closed_hours_ago=100)    # too old → skip
+
+    out = await svc._collect_closed_trades(session)
+    assert len(out) == 1
+    _, text = out[0]
+    assert "WIN" in text and "trailing stop" in text
+
+
+def test_format_closed_trade_win():
+    now = datetime.now(timezone.utc)
+    trade = SimpleNamespace(
+        direction="long", entry_price=100.0, close_price=110.0, shares=10.0,
+        stop_loss=95.0, opened_at=now - timedelta(days=12), closed_at=now,
+        close_reason="trailing",
+    )
+    txt = svc._format_closed_trade(trade, "AAA")
+    assert "✅" in txt           # win
+    assert "+10.0%" in txt
+    assert "+2.00R" in txt       # +10% over a 5% stop
+    assert "held 12d" in txt

tests/unit/test_backtest_service.py

@@ -4,6 +4,7 @@ from __future__ import annotations
 
 import math
 from datetime import date, timedelta
+from types import SimpleNamespace
 
 import pytest
 
@@ -24,7 +25,15 @@ async def session():
         yield s
 
 
-def _cand(prob: float, outcome: str, rr: float, qualified: bool = True, direction: str = "long") -> dict:
+def _cand(
+    prob: float,
+    outcome: str,
+    rr: float,
+    qualified: bool = True,
+    direction: str = "long",
+    risk_pct: float = 0.05,
+    hold_days: int = 10,
+) -> dict:
     target_hit = outcome == OUTCOME_TARGET_HIT
     realized = rr if target_hit else (0.0 if outcome == OUTCOME_EXPIRED else -1.0)
     return {
@@ -35,9 +44,408 @@ def _cand(prob: float, outcome: str, rr: float, qualified: bool = True, directio
         "realized_r": realized,
         "qualified": qualified,
         "direction": direction,
+        "risk_pct": risk_pct,
+        "hold_days": hold_days,
     }
 
 
+# Round-trip cost in R for the default _cand risk_pct: 2 * 0.001 / 0.05 = 0.04R.
+_COST_R_005 = 2 * bt.COST_PER_SIDE / 0.05
+
+
+def _bar(high: float, low: float, close: float, open_: float | None = None) -> SimpleNamespace:
+    """Synthetic daily bar. ``open`` defaults to the high so a stop is pierced
+    intraday (fill at the stop level); pass an explicit open beyond the stop to
+    model a gap through it."""
+    return SimpleNamespace(
+        high=high, low=low, close=close, open=open_ if open_ is not None else high
+    )
+
+
+def _signal_test_series(extra_return: float = 0.0) -> tuple[list[date], list[float], list[float], dict[date, float]]:
+    base = date(2024, 1, 1)
+    dates = [base + timedelta(days=i) for i in range(280)]
+    benchmark = [100.0]
+    closes = [100.0]
+    for i in range(1, len(dates)):
+        market_ret = 0.0004 + 0.002 * math.sin(i / 9.0)
+        benchmark.append(benchmark[-1] * (1.0 + market_ret))
+        # Same market beta for both test stocks; only ``extra_return`` is
+        # idiosyncratic drift, which residual momentum should keep.
+        stock_ret = 1.4 * market_ret + extra_return
+        closes.append(closes[-1] * (1.0 + stock_ret))
+    highs = [c * 1.01 for c in closes]
+    benchmark_closes = dict(zip(dates, benchmark))
+    return dates, closes, highs, benchmark_closes
+
+
+def test_signal_values_emit_residual_momentum_only_with_benchmark():
+    dates, closes, highs, benchmark = _signal_test_series(extra_return=0.0008)
+    no_benchmark = bt._signal_values(dates, closes, highs, 260)
+    with_benchmark = bt._signal_values(dates, closes, highs, 260, benchmark)
+
+    assert "mom_12_1" in no_benchmark
+    assert "mom_12_1_resid" not in no_benchmark
+    assert "mom_12_1_resid" in with_benchmark
+
+
+def test_residual_momentum_removes_market_beta_but_keeps_specific_drift():
+    dates, pure_beta, highs, benchmark = _signal_test_series(extra_return=0.0)
+    _, drift_stock, drift_highs, _ = _signal_test_series(extra_return=0.0008)
+
+    pure = bt._signal_values(dates, pure_beta, highs, 260, benchmark)
+    drift = bt._signal_values(dates, drift_stock, drift_highs, 260, benchmark)
+
+    assert pure["mom_12_1_resid"] == pytest.approx(0.0, abs=0.03)
+    assert drift["mom_12_1_resid"] > pure["mom_12_1_resid"] + 0.12
+
+
+def test_assigns_raw_and_residual_percentiles_independently():
+    cands = [
+        {"iso_week": (2026, 1), "momentum": 0.10, "residual_momentum": 0.30},
+        {"iso_week": (2026, 1), "momentum": 0.30, "residual_momentum": 0.10},
+        {"iso_week": (2026, 1), "momentum": 0.20, "residual_momentum": 0.20},
+    ]
+
+    bt._assign_momentum_percentiles(cands)
+    bt._assign_residual_momentum_percentiles(cands)
+
+    by_raw = {c["momentum"]: c["momentum_percentile"] for c in cands}
+    by_resid = {c["residual_momentum"]: c["residual_momentum_percentile"] for c in cands}
+    assert by_raw[0.30] == 100.0
+    assert by_raw[0.10] == 0.0
+    assert by_resid[0.30] == 100.0
+    assert by_resid[0.10] == 0.0
+
+
+def test_activation_percentile_prefers_residual_with_raw_fallback():
+    cands = [
+        {"momentum_percentile": 80.0, "residual_momentum_percentile": 95.0},
+        {"momentum_percentile": 70.0, "residual_momentum_percentile": None},
+    ]
+
+    bt._assign_activation_momentum_percentiles(cands)
+
+    assert cands[0][bt.PRODUCTION_PERCENTILE_KEY] == 95.0
+    assert cands[1][bt.PRODUCTION_PERCENTILE_KEY] == 70.0
+
+
+def test_strategy_variants_keep_only_current_research_candidates():
+    variants = {cfg["variant"]: cfg for cfg in bt.STRATEGY_VARIANTS}
+
+    assert "production_raw_80_fixed10" not in variants
+    assert "raw_80_regime_scaled" not in variants
+    assert "residual_80_regime_scaled" not in variants
+    assert "residual_90_fixed10" not in variants
+    assert "raw_90_fixed15" not in variants
+    assert "residual_80_fixed20" not in variants
+    assert variants["production_residual_80_fixed10"]["percentile_key"] == bt.PRODUCTION_PERCENTILE_KEY
+    assert variants["legacy_raw_80_fixed10"]["percentile_key"] == bt.RAW_PERCENTILE_KEY
+    assert variants["residual_80_fixed15"]["max_positions"] == 15
+    assert all(cfg["risk_scale"] is None for cfg in bt.STRATEGY_VARIANTS)
+
+
+def test_strategy_variant_sims_emit_fixed_variants_without_mutating_qualified(monkeypatch):
+    cands = [{
+        "qualified": False,
+        "meets_core": True,
+        "direction": "long",
+        "momentum_percentile": 90.0,
+        "residual_momentum_percentile": 91.0,
+        "activation_momentum_percentile": 91.0,
+    }]
+    calls = []
+
+    def fake_sim(candidates, prices, spy_closes, exit_policy, hold_days, **kwargs):
+        calls.append({"exit_policy": exit_policy, "hold_days": hold_days, **kwargs})
+        return {
+            "starting_capital": bt.SIM_STARTING_CAPITAL,
+            "final_equity": 11_000.0,
+            "total_return_pct": 10.0,
+            "cagr_pct": 9.0,
+            "max_drawdown_pct": 5.0,
+            "sharpe": 1.1,
+            "trades": 1,
+            "win_rate": 100.0,
+            "avg_trade_pnl": 100.0,
+            "best_trade_r": 1.0,
+            "worst_trade_r": 1.0,
+            "best_trade_pnl": 100.0,
+            "worst_trade_pnl": 100.0,
+            "avg_hold_days": 30.0,
+            "skipped_book_full": 0,
+            "spy_return_pct": 1.0,
+            "yearly_returns": [],
+            "start_date": "2026-01-01",
+            "end_date": "2026-02-01",
+        }
+
+    monkeypatch.setattr(bt, "_simulate_portfolio", fake_sim)
+    rows = bt._strategy_variant_sims(cands, {}, {}, 30)
+
+    assert [r["variant"] for r in rows] == [cfg["variant"] for cfg in bt.STRATEGY_VARIANTS]
+    assert all(call["exit_policy"] == "hold" for call in calls)
+    assert any(call["ranking_key"] == bt.PRODUCTION_PERCENTILE_KEY for call in calls)
+    assert any(call["ranking_key"] == bt.RAW_PERCENTILE_KEY for call in calls)
+    assert any(call["max_positions"] == 15 for call in calls)
+    assert cands[0]["qualified"] is False
+
+
+def test_build_research_recommendation_applies_promotion_rules():
+    report = {
+        "strategy_variants": {"variants": [
+            {"variant": "production_residual_80_fixed10", "label": "Base", "sharpe": 1.40,
+             "max_drawdown_pct": 20.0, "cagr_pct": 32.0, "skipped_book_full": 7},
+            {"variant": "residual_80_fixed15", "label": "Capacity", "sharpe": 1.39,
+             "max_drawdown_pct": 20.0, "cagr_pct": 32.0, "skipped_book_full": 0},
+            {"variant": "raw_90_fixed10", "label": "Cutoff 90", "sharpe": 1.25,
+             "max_drawdown_pct": 19.0, "cagr_pct": 28.0},
+        ]},
+    }
+
+    rec = bt._build_research_recommendation(report)
+    by_topic = {item["topic"]: item for item in rec["items"]}
+
+    assert by_topic["capacity_15"]["candidate"] is False
+    assert "not needed yet" in by_topic["capacity_15"]["text"]
+    assert by_topic["cutoff_90"]["candidate"] is False
+    assert "Cutoff 90" in by_topic["cutoff_90"]["text"]
+
+
+class TestStopFillR:
+    def test_intraday_fill_at_stop(self):
+        assert bt._stop_fill_r("long", 100.0, 95.0, _bar(101, 94, 96)) == pytest.approx(-1.0)
+
+    def test_gap_fill_at_open(self):
+        # Opens at 92, below the 95 stop → filled at the open, worse than −1R.
+        assert bt._stop_fill_r("long", 100.0, 95.0, _bar(93, 90, 91, open_=92)) == pytest.approx(-1.6)
+
+    def test_short_gap_fill_at_open(self):
+        # Short stop 105; opens at 107 above it → fill 107.
+        assert bt._stop_fill_r("short", 100.0, 105.0, _bar(110, 104, 108, open_=107)) == pytest.approx(-1.4)
+
+
+class TestRiskAndStopDay:
+    def test_no_stop(self):
+        risk, stop_day = bt._risk_and_stop_day("long", 100.0, 95.0, [_bar(109, 101, 108)], 30)
+        assert risk == pytest.approx(0.05)
+        assert stop_day is None
+
+    def test_stop_day_is_one_based(self):
+        bars = [_bar(102, 99, 101), _bar(101, 94, 96)]
+        risk, stop_day = bt._risk_and_stop_day("long", 100.0, 95.0, bars, 30)
+        assert risk == pytest.approx(0.05)
+        assert stop_day == 2
+
+    def test_short_direction(self):
+        _, stop_day = bt._risk_and_stop_day("short", 100.0, 105.0, [_bar(106, 101, 104)], 30)
+        assert stop_day == 1
+
+
+class TestTimeExits:
+    def test_long_exits_at_horizon_close(self):
+        bars = [_bar(103, 99, 102), _bar(105, 101, 104), _bar(107, 103, 106)]
+        res = bt._time_exits("long", 100.0, 95.0, bars, (2, 5))
+        assert res[2] == pytest.approx(0.8)   # close 104 → +4% / 5% risk
+        assert res[5] == pytest.approx(1.2)   # only 3 bars → last close 106
+
+    def test_stop_on_first_bar_loses_everywhere(self):
+        res = bt._time_exits("long", 100.0, 95.0, [_bar(101, 94, 96), _bar(105, 101, 104)], (1, 5))
+        assert res[1] == pytest.approx(-1.0)
+        assert res[5] == pytest.approx(-1.0)
+
+    def test_stop_after_short_horizon_only_hits_long_hold(self):
+        # Day-2 close banked by the 2-day hold; the stop on day 3 only hits n=5.
+        bars = [_bar(103, 99, 102), _bar(104, 100, 103), _bar(101, 94, 95)]
+        res = bt._time_exits("long", 100.0, 95.0, bars, (2, 5))
+        assert res[2] == pytest.approx(0.6)   # close 103 → +3% / 5% risk
+        assert res[5] == pytest.approx(-1.0)
+
+    def test_short_direction(self):
+        res = bt._time_exits("short", 100.0, 105.0, [_bar(101, 95, 96)], (1,))
+        assert res[1] == pytest.approx(0.8)   # close 96 → +4% / 5% risk
+
+    def test_zero_risk_returns_zero(self):
+        res = bt._time_exits("long", 100.0, 100.0, [_bar(103, 99, 102)], (5,))
+        assert res[5] == 0.0
+
+    def test_gap_through_stop_fills_at_open(self):
+        res = bt._time_exits("long", 100.0, 95.0, [_bar(93, 90, 91, open_=92)], (5,))
+        assert res[5] == pytest.approx(-1.6)
+
+
+class TestTimeExitBucket:
+    def test_bucket(self):
+        cands = [
+            {"time_r": {5: 1.4, 21: 0.8}, "risk_pct": 0.10},
+            {"time_r": {5: -1.0, 21: -1.0}, "risk_pct": 0.10},
+            {"time_r": {5: 0.5, 21: 0.5}, "risk_pct": 0.10},
+        ]
+        b = bt._time_exit_bucket(cands, 5)
+        assert b["hold_days"] == 5
+        assert b["total"] == 3
+        assert b["wins"] == 2
+        assert b["win_rate"] == pytest.approx(66.7, abs=0.1)
+        assert b["avg_r"] == pytest.approx(0.3, abs=0.01)
+        assert b["net_avg_r"] == pytest.approx(0.28, abs=0.01)
+        assert b["best_r"] == pytest.approx(1.4)
+        assert b["worst_r"] == pytest.approx(-1.0)
+        # No stop_day on any candidate → every hold runs the full 5 days.
+        assert b["avg_hold_days"] == 5.0
+        assert b["net_r_per_day"] == pytest.approx(0.28 / 5.0, abs=0.001)
+        # robustness on net rs [1.38, -1.02, 0.48]
+        assert b["median_net_r"] == pytest.approx(0.48, abs=0.001)
+        assert b["profit_factor"] == pytest.approx(1.86 / 1.02, abs=0.01)
+        assert b["net_avg_r_ex_top5"] == pytest.approx((0.48 - 1.02) / 2, abs=0.001)
+
+    def test_missing_hold_skipped(self):
+        b = bt._time_exit_bucket([{"time_r": {5: 1.0}}], 21)
+        assert b["total"] == 0
+        assert b["avg_r"] is None
+
+
+def _acand(
+    rr: float = 2.0,
+    conf: float = 60.0,
+    action: str = "LONG_MODERATE",
+    mp: float | None = 90.0,
+    direction: str = "long",
+) -> dict:
+    """Ablation candidate: meets_core mirrors the default floors (min_rr 1.2,
+    min_confidence 55, exclude_neutral on)."""
+    action_dir = "long" if action.startswith("LONG") else "short" if action.startswith("SHORT") else "neutral"
+    meets = rr >= 1.2 and conf >= 55.0 and action_dir != "neutral" and action_dir == direction
+    return {
+        "rr": rr,
+        "confidence": conf,
+        "action": action,
+        "momentum_percentile": mp,
+        "activation_momentum_percentile": mp,
+        "direction": direction,
+        "meets_core": meets,
+        "risk_level": "Low",
+        "target_hit": True,
+        "outcome": OUTCOME_TARGET_HIT,
+        "realized_r": rr,
+        "risk_pct": 0.05,
+        "time_r": {d: 0.5 for d in bt.TIME_EXIT_DAYS},
+    }
+
+
+class TestGateAblation:
+    ACTIVATION = {
+        "min_rr": 1.2,
+        "min_confidence": 55.0,
+        "exclude_neutral": True,
+        "require_high_conviction": False,
+        "exclude_conflicts": False,
+    }
+
+    def test_variant_counts(self):
+        cands = [
+            _acand(),                          # clears everything
+            _acand(conf=40.0),                 # fails confidence floor
+            _acand(rr=1.0),                    # fails R:R floor
+            _acand(action="NEUTRAL"),          # fails NEUTRAL exclusion
+            _acand(mp=50.0),                   # fails the momentum cutoff
+            _acand(direction="short", action="SHORT_MODERATE", mp=95.0),  # short — gated out
+        ]
+        rows = {r["variant"]: r for r in bt._gate_ablation(cands, self.ACTIVATION, 80.0)}
+        assert rows["all_floors"]["total"] == 1
+        assert rows["no_confidence_floor"]["total"] == 2
+        assert rows["no_rr_floor"]["total"] == 2
+        assert rows["no_neutral_exclusion"]["total"] == 2
+        assert rows["momentum_only"]["total"] == 4
+        assert rows["all_floors"]["net_avg_r"] is not None
+        # Every variant is also graded under the hold-to-horizon exit.
+        assert rows["all_floors"]["hold_days"] == max(bt.TIME_EXIT_DAYS)
+        assert rows["all_floors"]["hold_avg_r"] == pytest.approx(0.5)
+        assert rows["all_floors"]["hold_net_avg_r"] is not None
+        assert rows["momentum_only"]["hold_total_r"] == pytest.approx(4 * 0.5, abs=0.01)
+
+    def test_threshold_zero_disables_momentum_gate(self):
+        # Floors only: the short and the low-momentum long both pass all_floors.
+        cands = [_acand(mp=50.0), _acand(direction="short", action="SHORT_MODERATE", mp=None)]
+        rows = {r["variant"]: r for r in bt._gate_ablation(cands, self.ACTIVATION, 0.0)}
+        assert rows["all_floors"]["total"] == 2
+
+
+def _sim_prices(start_ord: int, closes: list[float]) -> tuple:
+    """Column arrays for consecutive daily bars: open = close (no gaps),
+    high/low = close ± 1."""
+    ords = list(range(start_ord, start_ord + len(closes)))
+    return (
+        ords,
+        list(closes),
+        [c + 1.0 for c in closes],
+        [c - 1.0 for c in closes],
+        list(closes),
+        [1_000_000] * len(closes),
+    )
+
+
+def _sim_cand(
+    sym: str, day_ord: int, entry: float, stop: float, target: float, mp: float = 90.0
+) -> dict:
+    return {
+        "qualified": True,
+        "direction": "long",
+        "symbol": sym,
+        "date": date.fromordinal(day_ord).isoformat(),
+        "entry": entry,
+        "stop": stop,
+        "target": target,
+        "momentum_percentile": mp,
+        "activation_momentum_percentile": mp,
+    }
+
+
+class TestSimulatePortfolio:
+    ORD = date(2025, 1, 6).toordinal()
+
+    def test_hold_policy_accounting(self):
+        closes = [100.0, 102.0, 104.0, 106.0, 108.0, 110.0]
+        prices = {"AAA": _sim_prices(self.ORD, closes)}
+        cand = _sim_cand("AAA", self.ORD, entry=100.0, stop=95.0, target=130.0)
+        sim = bt._simulate_portfolio([cand], prices, None, "hold", 3)
+        assert sim is not None
+        assert sim["trades"] == 1
+        # 20 shares (1% risk / $5 stop distance), exit at the day-3 close 106:
+        # pnl = 2120 − 2000 − 2.00 entry cost − 2.12 exit cost = 115.88
+        assert sim["final_equity"] == pytest.approx(10_115.88, abs=0.01)
+        assert sim["win_rate"] == 100.0
+        assert sim["best_trade_r"] == pytest.approx(1.2)
+        assert sim["avg_hold_days"] == 3.0
+        assert sim["max_drawdown_pct"] == 0.0
+        assert sim["cagr_pct"] is None  # window far too short to annualize
+        assert sim["spy_return_pct"] is None
+        assert sim["yearly_returns"] == [
+            {"year": 2025, "return_pct": pytest.approx(1.2, abs=0.05)}
+        ]
+
+    def test_target_policy_exits_at_target(self):
+        closes = [100.0, 102.0, 104.0, 106.0, 108.0, 110.0]
+        prices = {"AAA": _sim_prices(self.ORD, closes)}
+        cand = _sim_cand("AAA", self.ORD, entry=100.0, stop=95.0, target=105.0)
+        sim = bt._simulate_portfolio([cand], prices, None, "target", 30)
+        assert sim is not None
+        assert sim["trades"] == 1
+        assert sim["best_trade_r"] == pytest.approx(1.0)  # filled exactly at 105
+
+    def test_stop_gap_fills_at_open(self):
+        # Day-1 bar gaps to a 90 open, below the 95 stop → fill at the open.
+        ords = list(range(self.ORD, self.ORD + 2))
+        prices = {"AAA": (ords, [100.0, 90.0], [101.0, 92.0], [99.0, 88.0], [100.0, 91.0], [1, 1])}
+        cand = _sim_cand("AAA", self.ORD, entry=100.0, stop=95.0, target=120.0)
+        sim = bt._simulate_portfolio([cand], prices, None, "hold", 30)
+        assert sim is not None
+        assert sim["trades"] == 1
+        assert sim["worst_trade_r"] == pytest.approx(-2.0)  # (90 − 100) / 5
+
+    def test_nothing_qualified_returns_none(self):
+        assert bt._simulate_portfolio([], {}, None, "hold", 30) is None
+
+
 def test_bucket_stats_counts_and_expectancy():
     cands = [
         _cand(70, OUTCOME_TARGET_HIT, 3.0),   # +3R win
@@ -55,6 +463,18 @@ def test_bucket_stats_counts_and_expectancy():
     # avg R = (3 + 2 - 1 + 0) / 4 = 1.0
     assert s["avg_r"] == 1.0
     assert s["total_r"] == 4.0
+    # net = gross minus a 0.04R round trip per candidate (risk_pct 0.05)
+    assert s["net_avg_r"] == pytest.approx(1.0 - _COST_R_005, abs=0.001)
+    assert s["net_total_r"] == pytest.approx(4.0 - 4 * _COST_R_005, abs=0.01)
+    assert s["best_r"] == 3.0
+    assert s["worst_r"] == -1.0
+    assert s["avg_hold_days"] == 10.0
+    assert s["net_r_per_day"] == pytest.approx((1.0 - _COST_R_005) / 10.0, abs=0.001)
+    # robustness: net rs are [2.96, 1.96, -1.04, -0.04]
+    assert s["median_net_r"] == pytest.approx(0.96, abs=0.001)
+    assert s["profit_factor"] == pytest.approx(4.92 / 1.08, abs=0.01)
+    # ex-top-5%: ceil(4 * 0.05) = 1 winner trimmed → mean of the remaining three
+    assert s["net_avg_r_ex_top5"] == pytest.approx((1.96 - 1.04 - 0.04) / 3, abs=0.001)
 
 
 def test_bucket_stats_empty():
@@ -62,26 +482,102 @@ def test_bucket_stats_empty():
     assert s["total"] == 0
     assert s["hit_rate"] is None
     assert s["avg_r"] is None
+    assert s["net_avg_r"] is None
 
 
-def test_calibration_buckets():
-    cands = [
-        _cand(65, OUTCOME_TARGET_HIT, 2.0),
-        _cand(62, OUTCOME_STOP_HIT, 2.0),
-        _cand(15, OUTCOME_STOP_HIT, 2.0),
-    ]
-    rows = bt._calibration(cands)
-    by_bucket = {r["bucket"]: r for r in rows}
-    assert by_bucket["60-80%"]["n"] == 2
-    assert by_bucket["60-80%"]["realized_hit_rate"] == 50.0  # 1 of 2 hit
-    assert by_bucket["0-20%"]["n"] == 1
-    assert by_bucket["0-20%"]["realized_hit_rate"] == 0.0
+def test_bucket_stats_no_risk_pct_means_no_cost():
+    c = _cand(50, OUTCOME_TARGET_HIT, 2.0)
+    del c["risk_pct"]
+    s = bt._bucket_stats([c])
+    assert s["net_avg_r"] == s["avg_r"]
+    assert s["net_total_r"] == s["total_r"]
+
+
+def test_build_recommendation_reads_the_report():
+    report = {
+        "overall_qualified": {"net_avg_r": 0.13, "net_avg_r_ex_top5": 0.05},
+        "time_exit_sweep": [
+            {"hold_days": 21, "net_avg_r": 0.38},
+            {"hold_days": 30, "net_avg_r": 0.50, "net_avg_r_ex_top5": 0.21},
+        ],
+        "gate_ablation": [
+            {"variant": "all_floors", "total": 100, "hold_net_avg_r": 0.50},
+            {"variant": "no_confidence_floor", "total": 130, "hold_net_avg_r": 0.49},
+            {"variant": "no_rr_floor", "total": 400, "hold_net_avg_r": 0.34},
+            {"variant": "no_neutral_exclusion", "total": 120, "hold_net_avg_r": 0.46},
+        ],
+        "sweep": [
+            {"min_momentum_percentile": 80.0, "net_avg_r": 0.13, "total": 100},
+            {"min_momentum_percentile": 60.0, "net_avg_r": 0.05, "total": 300},
+            {"min_momentum_percentile": 0.0, "net_avg_r": -0.12, "total": 1000},
+        ],
+        "portfolio_sim": {"policies": [
+            {"policy": "target", "cagr_pct": 23.7, "total_return_pct": 134.8,
+             "spy_return_pct": 95.9, "max_drawdown_pct": 20.7},
+            {"policy": "hold", "cagr_pct": 31.9, "total_return_pct": 203.6,
+             "spy_return_pct": 95.9, "max_drawdown_pct": 21.2},
+        ]},
+    }
+    rec = bt._build_recommendation(report)
+    by_topic: dict[str, list[str]] = {}
+    for item in rec["items"]:
+        by_topic.setdefault(item["topic"], []).append(item["text"])
+
+    assert rec["headline"] is not None and "hold 30" in rec["headline"]
+    assert any("hold 30 trading days" in t for t in by_topic["exit"])
+    gate_texts = " | ".join(by_topic["gate"])
+    assert "confidence floor adds nothing" in gate_texts
+    assert "keep the R:R floor" in gate_texts
+    assert "keep the NEUTRAL exclusion" in gate_texts
+    assert "80" in by_topic["cutoff"][0]
+    assert "beats" in by_topic["benchmark"][0]
+    # robustness is judged under the RECOMMENDED exit (the 30d hold), not the
+    # target model the recommendation advises abandoning
+    assert any(
+        "not a handful of outliers" in t and "under the recommended 30d hold" in t
+        for t in by_topic["robustness"]
+    )
+
+
+def test_build_recommendation_flags_outlier_dependence():
+    rec = bt._build_recommendation({
+        "overall_qualified": {"net_avg_r": 0.13, "net_avg_r_ex_top5": -0.02},
+    })
+    robustness = [i["text"] for i in rec["items"] if i["topic"] == "robustness"]
+    assert robustness and "WARNING" in robustness[0]
 
 
 def test_window_setups_too_short_returns_empty():
     assert bt._window_setups([], {}, {}) == []
 
 
+def test_replay_ticker_candidates_carry_gate_fields():
+    """The ablation recomputes floors from candidate fields — a candidate missing
+    action/risk_level silently zeroes the ablation rows (July 2026 regression)."""
+    from app.services.admin_service import ACTIVATION_DEFAULTS
+    from app.services.recommendation_service import DEFAULT_RECOMMENDATION_CONFIG
+
+    base = date(2025, 1, 1)
+    bars = []
+    for i in range(160):
+        close = 100.0 + 8.0 * math.sin(i / 6.0)
+        bars.append(SimpleNamespace(
+            date=base + timedelta(days=i),
+            open=close,
+            high=close + 1.5,
+            low=close - 1.5,
+            close=close,
+            volume=1_000_000 + (i % 5) * 1000,
+        ))
+    cands = bt._replay_ticker(
+        "OSC", bars, dict(DEFAULT_RECOMMENDATION_CONFIG), dict(ACTIVATION_DEFAULTS)
+    )
+    assert cands, "expected the oscillating series to produce candidates"
+    for c in cands:
+        assert c.get("action") is not None
+        assert "risk_level" in c
+
+
 async def _seed_oscillating_ticker(session, symbol: str, n: int = 160) -> None:
     t = Ticker(symbol=symbol)
     session.add(t)
@@ -108,16 +604,37 @@ async def test_run_backtest_smoke(session):
     # well-formed report
     assert report["tickers"] == 1
     assert isinstance(report["candidates"], int)
-    for key in ("overall_qualified", "overall_all", "by_direction", "calibration", "sweep"):
+    for key in (
+        "overall_qualified", "overall_all", "by_direction", "sweep",
+        "gate_ablation", "time_exit_sweep", "portfolio_sim", "strategy_variants",
+        "recommendation", "research_recommendation",
+    ):
         assert key in report
     # the oscillating series should yield at least some resolved setups
     assert report["candidates"] >= 1
 
+    # cost assumption is reported, and every bucket carries net numbers
+    assert report["params"]["cost_per_side_pct"] == pytest.approx(bt.COST_PER_SIDE * 100)
+    assert "net_avg_r" in report["overall_all"]
+
+    # ablation baseline reproduces the qualified set exactly, and every row
+    # carries the hold-to-horizon grading alongside the target model
+    ablation = {r["variant"]: r for r in report["gate_ablation"]}
+    assert ablation["all_floors"]["total"] == report["overall_qualified"]["total"]
+    for row in report["gate_ablation"]:
+        assert "hold_net_avg_r" in row
+
+    # time-exit sweep covers the configured hold lengths
+    assert [r["hold_days"] for r in report["time_exit_sweep"]] == list(bt.TIME_EXIT_DAYS)
+
+    # portfolio simulation section is always present (policies may be empty
+    # when nothing qualifies)
+    assert "portfolio_sim" in report
+    assert isinstance(report["portfolio_sim"]["policies"], list)
+    assert report["portfolio_sim"]["params"]["max_positions"] == bt.SIM_MAX_POSITIONS
+    assert isinstance(report["strategy_variants"]["variants"], list)
+
     # sweep: lowering the momentum-percentile cutoff can only add qualifiers
     sweep = sorted(report["sweep"], key=lambda r: r["min_momentum_percentile"], reverse=True)
     counts = [r["total"] for r in sweep]
     assert counts == sorted(counts)  # ascending as threshold descends
-    # every calibration row is internally consistent
-    for row in report["calibration"]:
-        assert 0 <= row["realized_hit_rate"] <= 100
-        assert row["n"] >= 1

tests/unit/test_benchmark_service.py

@@ -0,0 +1,29 @@
+"""Tests for benchmark return / alpha helper (pure, no DB)."""
+
+from __future__ import annotations
+
+from datetime import date
+
+import pytest
+
+from app.services.benchmark_service import benchmark_return_pct
+
+
+def test_benchmark_return_basic():
+    closes = {date(2026, 1, 2): 100.0, date(2026, 1, 5): 110.0}
+    assert benchmark_return_pct(closes, date(2026, 1, 2), date(2026, 1, 5)) == pytest.approx(10.0)
+
+
+def test_benchmark_return_uses_nearest_prior_trading_day():
+    # No bar on the 4th (weekend) → falls back to the 2nd; as-of the 12th → the 9th.
+    closes = {date(2026, 1, 2): 100.0, date(2026, 1, 9): 120.0}
+    assert benchmark_return_pct(closes, date(2026, 1, 4), date(2026, 1, 12)) == pytest.approx(20.0)
+
+
+def test_benchmark_return_none_when_empty():
+    assert benchmark_return_pct({}, date(2026, 1, 2), date(2026, 1, 5)) is None
+
+
+def test_benchmark_return_none_when_open_before_history():
+    closes = {date(2026, 1, 10): 100.0}
+    assert benchmark_return_pct(closes, date(2026, 1, 2), date(2026, 1, 12)) is None

tests/unit/test_event_study.py

@@ -6,6 +6,8 @@ from datetime import date, timedelta
 
 from app.services.breadth_service import _breadth_from_closes, compute_divergence_series
 from app.services.event_study_service import (
+    _lead,
+    _percentile,
     detect_events,
     event_centered,
     signal_centered,
@@ -40,6 +42,29 @@ def test_detect_events_two_after_recovery():
     assert len(events) == 2
 
 
+def test_detect_events_cooldown_suppresses_close_recross():
+    # Dips below threshold then re-crosses only a few bars later.
+    closes = [100.0] * 300 + [85.0] * 3 + [100.0] * 3 + [85.0] * 3
+    dates = _days(len(closes))
+    assert len(detect_events(closes, dates, threshold_pct=15.0, cooldown=40)) == 1
+    assert len(detect_events(closes, dates, threshold_pct=15.0, cooldown=3)) == 2
+
+
+def test_percentile_interpolation():
+    vals = [float(v) for v in range(0, 101, 10)]  # 0,10,...,100
+    assert _percentile(vals, 50) == 50.0
+    assert _percentile(vals, 80) == 80.0
+    assert _percentile([], 50) is None
+
+
+def test_lead_earliest_crossing():
+    dates = _days(200)
+    t0 = 120
+    indicator = {dates[i]: (70.0 if t0 - 30 <= i <= t0 else 10.0) for i in range(len(dates))}
+    assert _lead(indicator, t0, dates, pre=60, threshold=60.0) == 30
+    assert _lead(indicator, t0, dates, pre=60, threshold=80.0) is None
+
+
 # ---------------------------------------------------------------------------
 # Event-centered lead time
 # ---------------------------------------------------------------------------

tests/unit/test_ingestion_service.py

@@ -0,0 +1,62 @@
+"""Tests for the ingestion service — honest reporting of empty provider fetches."""
+
+from __future__ import annotations
+
+from datetime import date, timedelta
+
+import pytest
+
+from app.models.ticker import Ticker
+from app.providers.protocol import OHLCVData
+from app.services import ingestion_service as svc
+from tests.conftest import MockMarketDataProvider, _test_session_factory  # type: ignore
+
+
+@pytest.fixture
+async def session():
+    async with _test_session_factory() as s:
+        yield s
+
+
+async def _add_ticker(session, symbol: str) -> None:
+    session.add(Ticker(symbol=symbol))
+    await session.commit()
+
+
+def _bars(symbol: str, n: int) -> list[OHLCVData]:
+    today = date.today()
+    return [
+        OHLCVData(ticker=symbol, date=today - timedelta(days=i),
+                  open=100.0, high=101.0, low=99.0, close=100.0, volume=1000)
+        for i in range(n)
+    ]
+
+
+async def test_empty_fetch_on_new_ticker_reports_no_data(session):
+    # A non-US symbol (e.g. RHM/Rheinmetall) Alpaca doesn't cover → empty bars.
+    # This must NOT report success; it surfaces as no_data.
+    await _add_ticker(session, "RHM")
+    result = await svc.fetch_and_ingest(session, MockMarketDataProvider(ohlcv_data=[]), "RHM")
+
+    assert result.status == "no_data"
+    assert result.records_ingested == 0
+    assert "provider" in (result.message or "").lower()
+
+
+async def test_happy_path_ingests_bars(session):
+    await _add_ticker(session, "AAA")
+    result = await svc.fetch_and_ingest(session, MockMarketDataProvider(ohlcv_data=_bars("AAA", 3)), "AAA")
+
+    assert result.status == "complete"
+    assert result.records_ingested == 3
+
+
+async def test_empty_fetch_with_existing_history_is_up_to_date(session):
+    # Covered ticker, just no new bars in the window → complete, not no_data.
+    await _add_ticker(session, "BBB")
+    await svc.fetch_and_ingest(session, MockMarketDataProvider(ohlcv_data=_bars("BBB", 2)), "BBB")
+
+    result = await svc.fetch_and_ingest(session, MockMarketDataProvider(ohlcv_data=[]), "BBB")
+
+    assert result.status == "complete"
+    assert result.records_ingested == 0

tests/unit/test_momentum_service.py

@@ -1,4 +1,4 @@
-"""Unit tests for the cross-sectional 12-1 momentum ranking."""
+"""Unit tests for the cross-sectional activation momentum ranking."""
 
 from __future__ import annotations
 
@@ -35,6 +35,21 @@ async def _seed(session, symbol: str, rate: float, n: int = 280) -> None:
     await session.commit()
 
 
+async def _seed_closes(session, symbol: str, closes: list[float]) -> None:
+    t = Ticker(symbol=symbol)
+    session.add(t)
+    await session.flush()
+    base = date(2024, 1, 1)
+    for i, close in enumerate(closes):
+        session.add(OHLCVRecord(
+            ticker_id=t.id,
+            date=base + timedelta(days=i),
+            open=close, high=close, low=close, close=close,
+            volume=1_000_000,
+        ))
+    await session.commit()
+
+
 def test_compute_momentum_insufficient_history():
     assert ms.compute_12_1_momentum([100.0] * 100) is None
 
@@ -47,7 +62,11 @@ def test_compute_momentum_value():
     assert m > 0
 
 
-async def test_ranks_universe_into_percentiles(session):
+async def test_ranks_universe_into_raw_percentiles_when_benchmark_missing(session, monkeypatch):
+    async def no_benchmark(_db):
+        return {}
+
+    monkeypatch.setattr(ms, "_load_activation_benchmark", no_benchmark)
     await _seed(session, "HIGH", rate=1.010)   # strong uptrend → top momentum
     await _seed(session, "MID", rate=1.002)
     await _seed(session, "LOW", rate=0.999)     # declining → bottom momentum
@@ -58,7 +77,31 @@ async def test_ranks_universe_into_percentiles(session):
     assert pct["LOW"] == 0.0
 
 
-async def test_short_history_ticker_is_unranked(session):
+async def test_ranks_universe_into_residual_percentiles_when_benchmark_available(session, monkeypatch):
+    base = date(2024, 1, 1)
+    n = 280
+    benchmark = {base + timedelta(days=i): 100.0 * (1.001 ** i) for i in range(n)}
+
+    async def with_benchmark(_db):
+        return benchmark
+
+    monkeypatch.setattr(ms, "_load_activation_benchmark", with_benchmark)
+    market = [benchmark[base + timedelta(days=i)] for i in range(n)]
+    await _seed_closes(session, "DRIFT", [market[i] * (1.0008 ** i) for i in range(n)])
+    await _seed_closes(session, "BETA", market)
+    await _seed_closes(session, "LAG", [market[i] * (0.9992 ** i) for i in range(n)])
+
+    pct = await ms.compute_momentum_percentiles(session)
+    assert pct["DRIFT"] == 100.0
+    assert pct["BETA"] == 50.0
+    assert pct["LAG"] == 0.0
+
+
+async def test_short_history_ticker_is_unranked(session, monkeypatch):
+    async def no_benchmark(_db):
+        return {}
+
+    monkeypatch.setattr(ms, "_load_activation_benchmark", no_benchmark)
     await _seed(session, "LONG", rate=1.005)
     await _seed(session, "SHORTHX", rate=1.005, n=100)  # < 1y → no momentum
 
@@ -67,5 +110,9 @@ async def test_short_history_ticker_is_unranked(session):
     assert "SHORTHX" not in pct
 
 
-async def test_empty_universe_returns_empty(session):
+async def test_empty_universe_returns_empty(session, monkeypatch):
+    async def no_benchmark(_db):
+        return {}
+
+    monkeypatch.setattr(ms, "_load_activation_benchmark", no_benchmark)
     assert await ms.compute_momentum_percentiles(session) == {}

tests/unit/test_outcome_service.py

@@ -317,3 +317,26 @@ class TestGetPerformanceStats:
 
         stats = await get_performance_stats(db_session)
         assert stats["overall"]["total"] == 1
+
+    async def test_immature_setups_excluded_and_counted_as_maturing(self, db_session: AsyncSession):
+        ticker = await _make_ticker(db_session)
+        now = datetime.now(timezone.utc)
+        # Matured (detected well beyond the window) → counted in the stats.
+        db_session.add(_make_setup(
+            ticker, rr=2.0, actual_outcome=OUTCOME_TARGET_HIT, detected=now - timedelta(days=90),
+        ))
+        # Young but already resolved → excluded from stats, reported as maturing.
+        db_session.add(_make_setup(
+            ticker, rr=2.0, actual_outcome=OUTCOME_STOP_HIT, detected=now,
+        ))
+        # Young and still pending → also maturing.
+        db_session.add(_make_setup(ticker, detected=now))
+        await db_session.flush()
+
+        stats = await get_performance_stats(db_session)
+
+        assert stats["overall"]["total"] == 1   # only the matured win
+        assert stats["overall"]["wins"] == 1
+        assert stats["overall"]["hit_rate"] == 100.0
+        assert stats["pending"] == 1
+        assert stats["maturing"] == 2           # young resolved + pending

tests/unit/test_paper_trade_service.py

@@ -7,7 +7,9 @@ from datetime import date, datetime, timedelta, timezone
 import pytest
 
 from app.exceptions import ValidationError
+from app.models.benchmark_price import BenchmarkPrice
 from app.models.ohlcv import OHLCVRecord
+from app.models.paper_trade import PaperTrade
 from app.models.ticker import Ticker
 from app.models.user import User
 from app.services import paper_trade_service as svc
@@ -92,6 +94,7 @@ async def _add_bars(session, ticker_id: int, highs_lows: list[tuple[float, float
 
 
 async def test_resolve_closes_on_target(session):
+    await svc.set_exit_policy(session, mode="target")
     tid = await _seed(session, "AAA", close=100.0)
     trade = await svc.create_trade(session, 1, symbol="AAA", direction="long",
                                    entry_price=100.0, shares=10, stop_loss=95.0, target=110.0)
@@ -105,6 +108,7 @@ async def test_resolve_closes_on_target(session):
 
 
 async def test_resolve_closes_on_stop(session):
+    await svc.set_exit_policy(session, mode="target")
     tid = await _seed(session, "AAA", close=100.0)
     trade = await svc.create_trade(session, 1, symbol="AAA", direction="long",
                                    entry_price=100.0, shares=10, stop_loss=95.0, target=110.0)
@@ -116,6 +120,7 @@ async def test_resolve_closes_on_stop(session):
 
 
 async def test_resolve_leaves_open_when_neither_hit(session):
+    await svc.set_exit_policy(session, mode="target")
     tid = await _seed(session, "AAA", close=100.0)
     await svc.create_trade(session, 1, symbol="AAA", direction="long",
                            entry_price=100.0, shares=10, stop_loss=95.0, target=110.0)
@@ -124,3 +129,174 @@ async def test_resolve_leaves_open_when_neither_hit(session):
     assert closed == 0
     rows = await svc.list_trades(session, 1, status="open")
     assert len(rows) == 1
+
+
+async def _seed_benchmark(session, points: dict) -> None:
+    for d, close in points.items():
+        session.add(BenchmarkPrice(symbol="SPY", date=d, close=close))
+    await session.commit()
+
+
+async def _add_open_trade(session, ticker_id: int, direction: str, *, entry: float,
+                          shares: float, days_ago: int) -> None:
+    session.add(PaperTrade(
+        user_id=1, ticker_id=ticker_id, direction=direction, entry_price=entry,
+        shares=shares, stop_loss=entry * 0.95, target=entry * 1.2, status="open",
+        opened_at=datetime.now(timezone.utc) - timedelta(days=days_ago),
+    ))
+    await session.commit()
+
+
+async def test_alpha_long_open(session):
+    tid = await _seed(session, "AAA", close=110.0)  # current price 110 → +10% on a 100 entry
+    today = date.today()
+    await _seed_benchmark(session, {today - timedelta(days=10): 400.0, today: 420.0})  # SPY +5%
+    await _add_open_trade(session, tid, "long", entry=100.0, shares=10, days_ago=10)
+
+    row = (await svc.list_trades(session, 1, status="open"))[0]
+    assert row["benchmark_return_pct"] == pytest.approx(5.0)
+    assert row["alpha_pct"] == pytest.approx(5.0)            # +10% trade − 5% bench
+    assert row["alpha_usd"] == pytest.approx(50.0)           # 5% of 100*10
+
+
+async def test_alpha_short_and_missing_benchmark(session):
+    tid = await _seed(session, "BBB", close=90.0)  # price fell to 90 → short +10%
+    today = date.today()
+    await _add_open_trade(session, tid, "short", entry=100.0, shares=4, days_ago=10)
+
+    # No benchmark data yet → alpha unset, not an error.
+    row = (await svc.list_trades(session, 1, status="open"))[0]
+    assert row["alpha_pct"] is None
+    assert row["benchmark_return_pct"] is None
+
+    # Flat benchmark → alpha equals the (direction-signed) trade return.
+    await _seed_benchmark(session, {today - timedelta(days=10): 400.0, today: 400.0})
+    row = (await svc.list_trades(session, 1, status="open"))[0]
+    assert row["benchmark_return_pct"] == pytest.approx(0.0)
+    assert row["alpha_pct"] == pytest.approx(10.0)
+
+
+def _b(d: date, hi: float, lo: float):
+    return svc.Bar(date=d, high=hi, low=lo)
+
+
+class TestTrailingClose:
+    def test_long_locks_gain(self):
+        # Runs to 120; the 12%-from-peak stop (120 → 105.6) is pierced on the drop.
+        bars = [_b(date(2026, 1, 2), 120, 110), _b(date(2026, 1, 3), 130, 100)]
+        hit = svc._trailing_close("long", 100.0, 95.0, 0.12, bars)
+        assert hit is not None
+        price, when, reason = hit
+        assert price == pytest.approx(105.6)
+        assert reason == "trailing"
+        assert when == date(2026, 1, 3)
+
+    def test_initial_stop_caps_loss(self):
+        bars = [_b(date(2026, 1, 2), 101, 94)]  # through the initial stop before running
+        hit = svc._trailing_close("long", 100.0, 95.0, 0.12, bars)
+        assert hit is not None
+        price, _, reason = hit
+        assert price == pytest.approx(95.0)
+        assert reason == "stop"
+
+    def test_none_when_neither_hit(self):
+        bars = [_b(date(2026, 1, 2), 105, 99), _b(date(2026, 1, 3), 106, 100)]
+        assert svc._trailing_close("long", 100.0, 95.0, 0.12, bars) is None
+
+
+async def test_exit_policy_defaults_and_round_trip(session):
+    # Default: the backtest-validated hold-to-horizon exit.
+    assert await svc.get_exit_policy(session) == {
+        "mode": "time", "trailing_pct": 12.0, "hold_days": 30,
+    }
+    updated = await svc.set_exit_policy(session, mode="target", trailing_pct=15.0, hold_days=21)
+    assert updated == {"mode": "target", "trailing_pct": 15.0, "hold_days": 21}
+    assert (await svc.get_exit_policy(session))["mode"] == "target"
+
+
+async def test_exit_policy_rejects_bad_input(session):
+    with pytest.raises(ValidationError):
+        await svc.set_exit_policy(session, mode="bogus")
+    with pytest.raises(ValidationError):
+        await svc.set_exit_policy(session, trailing_pct=200.0)
+    with pytest.raises(ValidationError):
+        await svc.set_exit_policy(session, hold_days=1)
+
+
+def _r(d: date, open_: float, hi: float, lo: float, close: float) -> tuple:
+    return (d, open_, hi, lo, close)
+
+
+class TestTimeClose:
+    def test_closes_at_hold_days_close(self):
+        rows = [
+            _r(date(2026, 1, 2), 101, 103, 100, 102),
+            _r(date(2026, 1, 3), 102, 104, 101, 103),
+            _r(date(2026, 1, 4), 103, 106, 102, 105),
+        ]
+        assert svc._time_close("long", 95.0, 3, rows) == (105.0, date(2026, 1, 4), "time")
+
+    def test_stop_before_horizon(self):
+        rows = [_r(date(2026, 1, 2), 100, 101, 94, 96)]
+        assert svc._time_close("long", 95.0, 30, rows) == (95.0, date(2026, 1, 2), "stop")
+
+    def test_gap_through_stop_fills_at_open(self):
+        rows = [_r(date(2026, 1, 2), 92, 93, 90, 91)]
+        assert svc._time_close("long", 95.0, 30, rows) == (92.0, date(2026, 1, 2), "stop")
+
+    def test_none_before_horizon(self):
+        rows = [_r(date(2026, 1, 2), 101, 103, 100, 102)]
+        assert svc._time_close("long", 95.0, 5, rows) is None
+
+
+async def test_resolve_time_mode_closes_at_horizon(session):
+    await svc.set_exit_policy(session, mode="time", hold_days=2)
+    tid = await _seed(session, "AAA", close=100.0)
+    trade = await svc.create_trade(session, 1, symbol="AAA", direction="long",
+                                   entry_price=100.0, shares=10, stop_loss=95.0, target=200.0)
+    await _add_bars(session, tid, [(103, 101), (105, 102)], start=date.today())
+    assert await svc.resolve_open_trades(session) == 1
+    await session.refresh(trade)
+    assert trade.status == "closed"
+    assert trade.close_reason == "time"
+    assert trade.close_price == pytest.approx((105 + 102) / 2)  # day-2 close (= bar mid)
+
+
+async def test_resolve_time_mode_stop_still_governs(session):
+    await svc.set_exit_policy(session, mode="time", hold_days=30)
+    tid = await _seed(session, "AAA", close=100.0)
+    trade = await svc.create_trade(session, 1, symbol="AAA", direction="long",
+                                   entry_price=100.0, shares=10, stop_loss=95.0, target=200.0)
+    await _add_bars(session, tid, [(101, 94)], start=date.today())  # low pierces the stop
+    assert await svc.resolve_open_trades(session) == 1
+    await session.refresh(trade)
+    assert trade.close_reason == "stop"
+    assert trade.close_price == pytest.approx(95.0)
+
+
+async def test_resolve_trailing_closes_with_reason(session):
+    await svc.set_exit_policy(session, mode="trailing", trailing_pct=12.0)
+    tid = await _seed(session, "AAA", close=100.0)
+    await _add_open_trade(session, tid, "long", entry=100.0, shares=10, days_ago=10)
+    await _add_bars(session, tid, [(120, 110), (130, 100)], start=date.today())  # run up, pull back
+    assert await svc.resolve_open_trades(session) == 1
+    closed = await svc.list_trades(session, 1, status="closed")
+    assert closed[0]["close_reason"] == "trailing"
+
+
+async def test_manual_close_sets_reason(session):
+    await _seed(session, "AAA", close=112.0)
+    trade = await svc.create_trade(session, 1, symbol="AAA", direction="long",
+                                   entry_price=100.0, shares=5, stop_loss=95.0, target=120.0)
+    await svc.close_trade(session, 1, trade.id)
+    assert (await svc.list_trades(session, 1, status="closed"))[0]["close_reason"] == "manual"
+
+
+async def test_list_open_exposes_trailing_stop(session):
+    await svc.set_exit_policy(session, mode="trailing", trailing_pct=12.0)
+    tid = await _seed(session, "AAA", close=120.0)
+    await _add_open_trade(session, tid, "long", entry=100.0, shares=10, days_ago=10)
+    await _add_bars(session, tid, [(125, 118)], start=date.today())  # peak 125
+    row = (await svc.list_trades(session, 1, status="open"))[0]
+    assert row["trailing_stop"] == pytest.approx(110.0)  # 125 * (1 - 0.12)
+    assert row["trailing_distance_pct"] is not None

tests/unit/test_qualification.py

@@ -31,6 +31,7 @@ STRICT_GATE = {
 
 def _setup(**kwargs):
     base = dict(
+        direction="long",
         rr_ratio=3.0,
         confidence_score=80.0,
         recommended_action="LONG_HIGH",
@@ -111,6 +112,33 @@ class TestStrictTighteners:
         assert setup_qualifies(s, STRICT_GATE) is False
 
 
+NEUTRAL_GATE = {**DEFAULT_GATE, "exclude_neutral": True}
+
+
+class TestExcludeNeutral:
+    def test_neutral_excluded_when_on(self):
+        assert setup_qualifies(_setup(recommended_action="NEUTRAL"), NEUTRAL_GATE) is False
+
+    def test_missing_action_treated_as_neutral(self):
+        assert setup_qualifies(_setup(recommended_action=None), NEUTRAL_GATE) is False
+
+    def test_directional_passes_when_on(self):
+        assert setup_qualifies(_setup(recommended_action="LONG_MODERATE"), NEUTRAL_GATE) is True
+
+    def test_opposing_short_action_fails_for_long_setup(self):
+        assert setup_qualifies(_setup(direction="long", recommended_action="SHORT_MODERATE"), NEUTRAL_GATE) is False
+
+    def test_matching_short_action_still_fails_long_only_momentum_gate(self):
+        assert setup_qualifies(
+            _setup(direction="short", recommended_action="SHORT_MODERATE", momentum_percentile=95.0),
+            {**NEUTRAL_GATE, "min_momentum_percentile": 80.0},
+        ) is False
+
+    def test_neutral_allowed_when_off(self):
+        # Flag absent from the config → NEUTRAL still qualifies (backward compatible).
+        assert setup_qualifies(_setup(recommended_action="NEUTRAL"), DEFAULT_GATE) is True
+
+
 class TestBestTargetProbability:
     def test_returns_max(self):
         s = _setup(targets=[{"probability": 40.0}, {"probability": 72.0}, {"probability": 55.0}])

tests/unit/test_regime_monitor.py

@@ -6,6 +6,7 @@ from datetime import date, timedelta
 
 from app.services.regime_monitor_service import (
     DEFAULT_CONFIG,
+    _attach_early_warning,
     band_for,
     compute_regime_score,
     f2_credit_spreads,
@@ -35,6 +36,32 @@ def test_band_for():
     assert band_for(90) == "breaking"
 
 
+def test_attach_early_warning_blends():
+    result = {"total_score": 80.0}
+    _attach_early_warning(result, 40.0, {"coincident": 0.6, "early_warning": 0.4})
+    assert result["early_warning"]["score"] == 40.0
+    assert result["early_warning"]["band"] == "watch"
+    # combined = (80*0.6 + 40*0.4) / 1.0 = 64
+    assert result["combined"]["score"] == 64.0
+    assert result["combined"]["band"] == "elevated"
+
+
+def test_attach_early_warning_none_falls_back_to_index():
+    result = {"total_score": 80.0}
+    _attach_early_warning(result, None, {"coincident": 0.6, "early_warning": 0.4})
+    assert result["early_warning"]["score"] is None
+    assert result["combined"]["score"] == 80.0  # no early warning -> just the index
+
+
+def test_divergence_asof_tolerates_small_lag():
+    from app.services.regime_monitor_service import _divergence_asof
+    items = [(date(2026, 6, 1), 55.0), (date(2026, 6, 3), 60.0)]
+    assert _divergence_asof(items, date(2026, 6, 3)) == 60.0   # exact date
+    assert _divergence_asof(items, date(2026, 6, 4)) == 60.0   # 1-day lag -> newest
+    assert _divergence_asof(items, date(2026, 6, 20)) is None  # too stale
+    assert _divergence_asof([], date(2026, 6, 3)) is None
+
+
 # ---------------------------------------------------------------------------
 # Price sub-scores
 # ---------------------------------------------------------------------------

tests/unit/test_regime_quadrant_alert.py

@@ -0,0 +1,45 @@
+"""Tests for the regime quadrant classification + hysteresis (anti-flicker)."""
+
+from __future__ import annotations
+
+from app.services.alert_service import _classify_quadrant
+
+
+# Quadrant ids: 1=① hot&brittle (regime low, warning high), 2=② transition
+# (both high), 3=③ healthy (both low), 4=④ real downturn (regime high, warning low).
+# Dividers: regime 40, early-warning 60; margin 5.
+
+
+def test_fresh_classification():
+    assert _classify_quadrant(20, 90, None) == "1"   # low regime, high warning
+    assert _classify_quadrant(70, 90, None) == "2"   # both high
+    assert _classify_quadrant(20, 30, None) == "3"   # both low
+    assert _classify_quadrant(70, 30, None) == "4"   # high regime, low warning
+
+
+def test_hysteresis_holds_inside_deadband():
+    # From ③ (both low): early-warning nudging just past 60 stays ③ until it
+    # clears 60 + margin (65).
+    assert _classify_quadrant(20, 62, prev="3") == "3"   # within deadband → no flip
+    assert _classify_quadrant(20, 66, prev="3") == "1"   # clears 65 → flips to ①
+
+
+def test_hysteresis_sticky_when_already_high():
+    # From ① (warning high): a dip below 60 keeps ① until it drops past 60 - margin (55).
+    assert _classify_quadrant(20, 58, prev="1") == "1"   # still high (deadband)
+    assert _classify_quadrant(20, 54, prev="1") == "3"   # drops past 55 → back to ③
+
+
+def test_hysteresis_on_regime_axis():
+    # From ③: regime rising past 40 stays ③ until it clears 45.
+    assert _classify_quadrant(43, 30, prev="3") == "3"
+    assert _classify_quadrant(46, 30, prev="3") == "4"
+    # From ④: regime easing keeps ④ until below 35.
+    assert _classify_quadrant(37, 30, prev="4") == "4"
+    assert _classify_quadrant(34, 30, prev="4") == "3"
+
+
+def test_boundary_sitting_does_not_flip():
+    # A point parked exactly on both dividers keeps whatever quadrant it had.
+    for q in ("1", "2", "3", "4"):
+        assert _classify_quadrant(40, 60, prev=q) == q

tests/unit/test_rr_scanner_preservation.py

@@ -11,20 +11,29 @@ Zero-candidate and single-candidate scenarios must produce identical results.
 
 from __future__ import annotations
 
+import json
 from datetime import date, datetime, timedelta, timezone
+from unittest.mock import AsyncMock, patch
 
 import pytest
 from hypothesis import given, settings, HealthCheck, strategies as st
+from sqlalchemy import func, select
 from sqlalchemy.ext.asyncio import AsyncSession
 
 from app.models.ohlcv import OHLCVRecord
+from app.models.signal_context_snapshot import SignalContextSnapshot
 from app.models.sr_level import SRLevel
 from app.models.ticker import Ticker
 from app.models.trade_setup import TradeSetup
-from app.models.score import CompositeScore
+from app.models.score import CompositeScore, DimensionScore
+from app.models.sentiment import SentimentScore
 from app.services.rr_scanner_service import scan_ticker, get_trade_setups
 
 
+def _as_utc(value: datetime) -> datetime:
+    return value if value.tzinfo is not None else value.replace(tzinfo=timezone.utc)
+
+
 # ---------------------------------------------------------------------------
 # Session fixtures
 # ---------------------------------------------------------------------------
@@ -431,3 +440,389 @@ async def test_get_trade_setups_sorting_rr_desc_composite_desc(db_session: Async
         f"Expected symbol order ['SORTD', 'SORTC', 'SORTB', 'SORTA'], "
         f"got {symbols}"
     )
+
+
+async def _seed_stale_setup_with_current_scores(db_session: AsyncSession) -> TradeSetup:
+    """Stored setup frozen at scan time (conf 82, neutral) vs. current context
+    (bullish sentiment, composite 96) that yields live confidence 97."""
+    old_scan = datetime(2026, 7, 1, tzinfo=timezone.utc)
+    current = datetime(2026, 7, 3, tzinfo=timezone.utc)
+    old_reasoning = (
+        "LONG (high confidence): 82% with aligned signals "
+        "(technical=88, momentum=60, sentiment=neutral)."
+    )
+
+    ticker = Ticker(symbol="TTWO")
+    db_session.add(ticker)
+    await db_session.flush()
+
+    stale_setup = TradeSetup(
+        ticker_id=ticker.id,
+        direction="long",
+        entry_price=235.0,
+        stop_loss=220.0,
+        target=265.0,
+        rr_ratio=2.0,
+        composite_score=71.8,
+        detected_at=old_scan,
+        confidence_score=82.0,
+        recommended_action="LONG_HIGH",
+        reasoning=old_reasoning,
+        risk_level="High",
+    )
+    db_session.add(stale_setup)
+
+    db_session.add_all([
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="technical",
+            score=88.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="momentum",
+            score=60.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="fundamental",
+            score=95.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="sentiment",
+            score=85.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        CompositeScore(
+            ticker_id=ticker.id,
+            score=96.0,
+            is_stale=False,
+            weights_json="{}",
+            computed_at=current,
+        ),
+        SentimentScore(
+            ticker_id=ticker.id,
+            classification="bullish",
+            confidence=85,
+            source="test",
+            timestamp=current,
+            reasoning="",
+            citations_json="[]",
+        ),
+    ])
+    await db_session.flush()
+    return stale_setup
+
+
+@pytest.mark.asyncio
+async def test_live_recommendation_payload_uses_current_score_and_sentiment(
+    db_session: AsyncSession,
+):
+    """Latest setup payload should not show stale scan text when score context moved."""
+    stale_setup = await _seed_stale_setup_with_current_scores(db_session)
+    old_reasoning = stale_setup.reasoning
+
+    rows = await get_trade_setups(
+        db_session,
+        symbol="TTWO",
+        live_recommendation=True,
+    )
+
+    assert len(rows) == 1
+    row = rows[0]
+    assert row["composite_score"] == pytest.approx(96.0)
+    assert row["confidence_score"] == pytest.approx(97.0)
+    assert row["recommended_action"] == "LONG_HIGH"
+    assert "sentiment=bullish" in row["reasoning"]
+    assert "sentiment=neutral" not in row["reasoning"]
+
+    persisted = await db_session.get(TradeSetup, stale_setup.id)
+    assert persisted is not None
+    assert persisted.composite_score == pytest.approx(71.8)
+    assert persisted.reasoning == old_reasoning
+
+
+@pytest.mark.asyncio
+async def test_live_recommendation_filters_apply_to_live_values(
+    db_session: AsyncSession,
+):
+    """min_confidence must judge the overlaid live confidence, not the stored one."""
+    await _seed_stale_setup_with_current_scores(db_session)
+
+    # Stored confidence is 82 — a stored-column filter would drop this row.
+    # Live confidence is 97, so it must pass.
+    rows = await get_trade_setups(
+        db_session,
+        symbol="TTWO",
+        min_confidence=90.0,
+        live_recommendation=True,
+    )
+    assert len(rows) == 1
+    assert rows[0]["confidence_score"] == pytest.approx(97.0)
+
+    # And a floor above the live value must drop it.
+    rows = await get_trade_setups(
+        db_session,
+        symbol="TTWO",
+        min_confidence=98.0,
+        live_recommendation=True,
+    )
+    assert rows == []
+
+
+async def _seed_two_direction_setup(db_session: AsyncSession) -> None:
+    current = datetime(2026, 7, 3, tzinfo=timezone.utc)
+    ticker = Ticker(symbol="BOTH")
+    db_session.add(ticker)
+    await db_session.flush()
+
+    db_session.add_all([
+        TradeSetup(
+            ticker_id=ticker.id,
+            direction="long",
+            entry_price=100.0,
+            stop_loss=95.0,
+            target=112.0,
+            rr_ratio=2.4,
+            composite_score=30.0,
+            detected_at=current,
+            confidence_score=25.0,
+            recommended_action="NEUTRAL",
+            risk_level="Low",
+        ),
+        TradeSetup(
+            ticker_id=ticker.id,
+            direction="short",
+            entry_price=100.0,
+            stop_loss=105.0,
+            target=88.0,
+            rr_ratio=2.4,
+            composite_score=30.0,
+            detected_at=current,
+            confidence_score=90.0,
+            recommended_action="SHORT_HIGH",
+            risk_level="Low",
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="technical",
+            score=10.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="momentum",
+            score=10.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="fundamental",
+            score=10.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        CompositeScore(
+            ticker_id=ticker.id,
+            score=30.0,
+            is_stale=False,
+            weights_json="{}",
+            computed_at=current,
+        ),
+        SentimentScore(
+            ticker_id=ticker.id,
+            classification="bearish",
+            confidence=90,
+            source="test",
+            timestamp=current,
+            reasoning="",
+            citations_json="[]",
+        ),
+    ])
+    await db_session.flush()
+
+
+@pytest.mark.asyncio
+async def test_live_recommendation_action_independent_of_direction_filter(
+    db_session: AsyncSession,
+):
+    await _seed_two_direction_setup(db_session)
+
+    all_rows = await get_trade_setups(
+        db_session,
+        symbol="BOTH",
+        live_recommendation=True,
+    )
+    filtered_rows = await get_trade_setups(
+        db_session,
+        symbol="BOTH",
+        direction="long",
+        live_recommendation=True,
+    )
+
+    long_from_all = next(row for row in all_rows if row["direction"] == "long")
+    assert len(filtered_rows) == 1
+    assert long_from_all["recommended_action"] == "SHORT_HIGH"
+    assert filtered_rows[0]["recommended_action"] == "SHORT_HIGH"
+
+
+@pytest.mark.asyncio
+async def test_live_overlay_preserves_setup_specific_risk_and_context(
+    db_session: AsyncSession,
+):
+    current = datetime(2026, 7, 3, tzinfo=timezone.utc)
+    ticker = Ticker(symbol="RISK")
+    db_session.add(ticker)
+    await db_session.flush()
+    db_session.add_all([
+        TradeSetup(
+            ticker_id=ticker.id,
+            direction="long",
+            entry_price=100.0,
+            stop_loss=95.0,
+            target=112.0,
+            rr_ratio=2.4,
+            composite_score=50.0,
+            detected_at=current,
+            confidence_score=50.0,
+            recommended_action="NEUTRAL",
+            risk_level="Medium",
+            conflict_flags_json=json.dumps([
+                "target-availability: Fewer than 3 valid S/R targets available"
+            ]),
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="technical",
+            score=50.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="momentum",
+            score=50.0,
+            is_stale=False,
+            computed_at=current,
+        ),
+        CompositeScore(
+            ticker_id=ticker.id,
+            score=50.0,
+            is_stale=False,
+            weights_json="{}",
+            computed_at=current,
+        ),
+        SentimentScore(
+            ticker_id=ticker.id,
+            classification="neutral",
+            confidence=50,
+            source="test",
+            timestamp=current,
+            reasoning="",
+            citations_json="[]",
+        ),
+        OHLCVRecord(
+            ticker_id=ticker.id,
+            date=date(2026, 7, 3),
+            open=101.0,
+            high=102.0,
+            low=100.0,
+            close=101.0,
+            volume=1000,
+            created_at=current,
+        ),
+    ])
+    await db_session.flush()
+
+    rows = await get_trade_setups(
+        db_session,
+        symbol="RISK",
+        live_recommendation=True,
+    )
+
+    assert len(rows) == 1
+    row = rows[0]
+    assert row["risk_level"] == "Medium"
+    assert row["conflict_flags"] == [
+        "target-availability: Fewer than 3 valid S/R targets available"
+    ]
+    assert row["current_price"] == pytest.approx(101.0)
+    assert _as_utc(row["context_as_of"]["score_computed_at"]) == current
+    assert _as_utc(row["context_as_of"]["sentiment_at"]) == current
+    assert row["context_as_of"]["price_date"] == date(2026, 7, 3)
+    assert _as_utc(row["context_as_of"]["price_updated_at"]) == current
+
+
+@pytest.mark.asyncio
+async def test_live_trade_setup_read_does_not_recompute_scores(db_session: AsyncSession):
+    await _seed_stale_setup_with_current_scores(db_session)
+
+    with patch(
+        "app.services.scoring_service.compute_all_dimensions",
+        new=AsyncMock(side_effect=AssertionError("GET must not recompute dimensions")),
+    ), patch(
+        "app.services.scoring_service.compute_composite_score",
+        new=AsyncMock(side_effect=AssertionError("GET must not recompute composite")),
+    ):
+        rows = await get_trade_setups(
+            db_session,
+            symbol="TTWO",
+            live_recommendation=True,
+        )
+
+    assert len(rows) == 1
+
+
+@pytest.mark.asyncio
+async def test_intraday_price_update_changes_live_price_without_new_signal_rows(
+    db_session: AsyncSession,
+):
+    current = datetime(2026, 7, 3, tzinfo=timezone.utc)
+    ticker = Ticker(symbol="LIVEP")
+    db_session.add(ticker)
+    await db_session.flush()
+    setup = TradeSetup(
+        ticker_id=ticker.id,
+        direction="long",
+        entry_price=100.0,
+        stop_loss=95.0,
+        target=112.0,
+        rr_ratio=2.4,
+        composite_score=50.0,
+        detected_at=current,
+    )
+    price = OHLCVRecord(
+        ticker_id=ticker.id,
+        date=date(2026, 7, 3),
+        open=100.0,
+        high=101.0,
+        low=99.0,
+        close=100.0,
+        volume=1000,
+        created_at=current,
+    )
+    db_session.add_all([setup, price])
+    await db_session.flush()
+
+    rows = await get_trade_setups(db_session, symbol="LIVEP", live_recommendation=True)
+    assert rows[0]["current_price"] == pytest.approx(100.0)
+
+    price.close = 102.0
+    await db_session.flush()
+
+    rows = await get_trade_setups(db_session, symbol="LIVEP", live_recommendation=True)
+    assert rows[0]["current_price"] == pytest.approx(102.0)
+    setup_count = await db_session.scalar(select(func.count()).select_from(TradeSetup))
+    snapshot_count = await db_session.scalar(select(func.count()).select_from(SignalContextSnapshot))
+    assert setup_count == 1
+    assert snapshot_count == 0

tests/unit/test_scheduler.py

@@ -80,6 +80,7 @@ class TestConfigureScheduler:
         assert job_ids == {
             "data_collector",
             "data_backfill",
+            "benchmark_collector",
             "sentiment_collector",
             "fundamental_collector",
             "rr_scanner",
@@ -103,6 +104,7 @@ class TestConfigureScheduler:
         assert sorted(job_ids) == sorted([
             "alerts",
             "backtest",
+            "benchmark_collector",
             "daily_pipeline",
             "intraday_pipeline",
             "data_collector",

tests/unit/test_scores_router_breakdown.py

@@ -0,0 +1,45 @@
+"""Guard: the scores router must forward the sentiment-adjustment breakdown fields.
+
+get_score computes base_score / sentiment_adjustment, but the router builds the
+response model by hand — so it has to explicitly pass those through, or the ticker
+page loses the "Composite = Base + Sentiment" caption and the ± dimension marker.
+"""
+
+from app.routers.scores import _map_composite_breakdown
+
+
+def test_forwards_sentiment_fields():
+    raw = {
+        "weights": {"technical": 0.25},
+        "available_dimensions": ["technical"],
+        "missing_dimensions": ["sentiment"],
+        "renormalized_weights": {"technical": 1.0},
+        "formula": "x",
+        "base_score": 78.0,
+        "sentiment_score": 75.0,
+        "sentiment_adjustment": 5.0,
+        "max_sentiment_adjustment": 10.0,
+    }
+    model = _map_composite_breakdown(raw)
+    assert model is not None
+    assert model.base_score == 78.0
+    assert model.sentiment_score == 75.0
+    assert model.sentiment_adjustment == 5.0
+    assert model.max_sentiment_adjustment == 10.0
+
+
+def test_none_stays_none():
+    assert _map_composite_breakdown(None) is None
+
+
+def test_old_shaped_dict_defaults_new_fields_to_none():
+    raw = {
+        "weights": {},
+        "available_dimensions": [],
+        "missing_dimensions": [],
+        "renormalized_weights": {},
+        "formula": "x",
+    }
+    model = _map_composite_breakdown(raw)
+    assert model.sentiment_adjustment is None
+    assert model.base_score is None

tests/unit/test_scoring_sentiment_adjustment.py

@@ -0,0 +1,91 @@
+"""Composite scoring: sentiment applied as a signed adjustment around neutral,
+not averaged in. Going from no sentiment to bullish must never lower the score."""
+
+from __future__ import annotations
+
+from datetime import datetime, timezone
+
+import pytest
+from sqlalchemy.ext.asyncio import AsyncSession, async_sessionmaker, create_async_engine
+
+from app.database import Base
+from app.models.score import DimensionScore
+from app.models.ticker import Ticker
+from app.services import scoring_service as svc
+
+
+@pytest.fixture
+async def db():
+    engine = create_async_engine("sqlite+aiosqlite://", echo=False)
+    async with engine.begin() as conn:
+        await conn.run_sync(Base.metadata.create_all)
+    factory = async_sessionmaker(engine, class_=AsyncSession, expire_on_commit=False)
+    async with factory() as session:
+        yield session
+    await engine.dispose()
+
+
+# Non-sentiment dims all at 78 → base = 78 at any positive weights.
+BASE_DIMS = {"technical": 78.0, "sr_quality": 78.0, "fundamental": 78.0, "momentum": 78.0}
+
+
+async def _seed(session, dims: dict[str, float]) -> None:
+    ticker = Ticker(symbol="AAA")
+    session.add(ticker)
+    await session.flush()
+    now = datetime.now(timezone.utc)
+    for dim, score in dims.items():
+        session.add(DimensionScore(
+            ticker_id=ticker.id, dimension=dim, score=score, is_stale=False, computed_at=now
+        ))
+    await session.flush()
+
+
+def test_sentiment_adjustment_formula():
+    # weight 0.10 → MAX_ADJ = 10 points
+    assert svc._sentiment_adjustment(None, 0.10) == 0.0
+    assert svc._sentiment_adjustment(50.0, 0.10) == 0.0          # neutral / coin-flip
+    assert svc._sentiment_adjustment(75.0, 0.10) == pytest.approx(5.0)   # bullish 75%
+    assert svc._sentiment_adjustment(100.0, 0.10) == pytest.approx(10.0)
+    assert svc._sentiment_adjustment(25.0, 0.10) == pytest.approx(-5.0)  # bearish 75%
+    assert svc._sentiment_adjustment(0.0, 0.10) == pytest.approx(-10.0)
+
+
+async def test_no_sentiment_equals_base(db):
+    await _seed(db, BASE_DIMS)
+    composite, missing = await svc.compute_composite_score(db, "AAA")
+    assert composite == pytest.approx(78.0)
+    assert "sentiment" in missing
+
+
+async def test_bullish_raises_above_base(db):
+    await _seed(db, {**BASE_DIMS, "sentiment": 75.0})  # bullish, 75% confidence
+    composite, _ = await svc.compute_composite_score(db, "AAA")
+    assert composite == pytest.approx(83.0)  # 78 + 5 — the whole point
+
+
+async def test_neutral_leaves_base_unchanged(db):
+    await _seed(db, {**BASE_DIMS, "sentiment": 50.0})
+    composite, _ = await svc.compute_composite_score(db, "AAA")
+    assert composite == pytest.approx(78.0)
+
+
+async def test_bearish_lowers_base(db):
+    await _seed(db, {**BASE_DIMS, "sentiment": 25.0})  # bearish, 75% confidence
+    composite, _ = await svc.compute_composite_score(db, "AAA")
+    assert composite == pytest.approx(73.0)  # 78 - 5
+
+
+async def test_only_sentiment_uses_neutral_base(db):
+    await _seed(db, {"sentiment": 75.0})
+    composite, _ = await svc.compute_composite_score(db, "AAA")
+    assert composite == pytest.approx(55.0)  # base 50 + 5
+
+
+async def test_no_dimensions_returns_none(db):
+    ticker = Ticker(symbol="AAA")
+    db.add(ticker)
+    await db.flush()
+    composite, missing = await svc.compute_composite_score(db, "AAA")
+    assert composite is None
+    assert len(missing) == 5

tests/unit/test_scoring_service_get_score.py

@@ -1,24 +1,24 @@
-"""Unit tests for get_score composite breakdown and dimension breakdown wiring."""
+"""Unit tests for read-only get_score composite breakdown wiring."""
 
 from __future__ import annotations
 
-from datetime import date
-from types import SimpleNamespace
+from datetime import datetime, timezone
 from unittest.mock import AsyncMock, patch
 
 import pytest
 from sqlalchemy.ext.asyncio import AsyncSession, async_sessionmaker, create_async_engine
 
 from app.database import Base
+from app.models.score import CompositeScore, DimensionScore
 from app.models.ticker import Ticker
-from app.services.scoring_service import get_score, _DIMENSION_COMPUTERS
+from app.services.scoring_service import get_score
 
 TEST_DATABASE_URL = "sqlite+aiosqlite://"
 
 
 @pytest.fixture
 async def fresh_db():
-    """Provide a non-transactional session so get_score can commit."""
+    """Provide a non-transactional session for persisted score reads."""
     engine = create_async_engine(TEST_DATABASE_URL, echo=False)
     async with engine.begin() as conn:
         await conn.run_sync(Base.metadata.create_all)
@@ -30,176 +30,101 @@ async def fresh_db():
     await engine.dispose()
 
 
-def _make_ohlcv_records(n: int, base_close: float = 100.0) -> list:
-    """Create n mock OHLCV records with realistic price data."""
-    records = []
-    for i in range(n):
-        price = base_close + (i * 0.5)
-        records.append(
-            SimpleNamespace(
-                date=date(2024, 1, 1),
-                open=price - 0.5,
-                high=price + 1.0,
-                low=price - 1.0,
-                close=price,
-                volume=1000000,
-            )
-        )
-    return records
-
-
-def _mock_none_computer():
-    """Return an AsyncMock that returns (None, None) — simulates missing dimension data."""
-    return AsyncMock(return_value=(None, None))
-
-
-def _mock_score_computer(score: float, breakdown: dict | None = None):
-    """Return an AsyncMock that returns a fixed (score, breakdown) tuple."""
-    bd = breakdown or {
-        "sub_scores": [{"name": "mock", "score": score, "weight": 1.0, "raw_value": score, "description": "mock"}],
-        "formula": "mock formula",
-        "unavailable": [],
-    }
-    return AsyncMock(return_value=(score, bd))
-
-
 async def _seed_ticker(session: AsyncSession, symbol: str = "AAPL") -> Ticker:
-    """Insert a ticker row and return it."""
     ticker = Ticker(symbol=symbol)
     session.add(ticker)
     await session.commit()
     return ticker
 
 
+async def _seed_scores(session: AsyncSession, ticker: Ticker, *, stale: bool = False) -> None:
+    now = datetime(2026, 7, 3, tzinfo=timezone.utc)
+    session.add_all([
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="technical",
+            score=70.0,
+            is_stale=stale,
+            computed_at=now,
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="momentum",
+            score=60.0,
+            is_stale=False,
+            computed_at=now,
+        ),
+        CompositeScore(
+            ticker_id=ticker.id,
+            score=66.0,
+            is_stale=stale,
+            weights_json="{}",
+            computed_at=now,
+        ),
+    ])
+    await session.commit()
+
+
 @pytest.mark.asyncio
-async def test_get_score_returns_composite_breakdown(fresh_db):
-    """get_score should include a composite_breakdown dict with weights and re-normalization info."""
-    await _seed_ticker(fresh_db, "AAPL")
-
-    original = dict(_DIMENSION_COMPUTERS)
-    try:
-        _DIMENSION_COMPUTERS["technical"] = _mock_score_computer(70.0)
-        _DIMENSION_COMPUTERS["momentum"] = _mock_score_computer(60.0)
-        _DIMENSION_COMPUTERS["sentiment"] = _mock_none_computer()
-        _DIMENSION_COMPUTERS["fundamental"] = _mock_none_computer()
-        _DIMENSION_COMPUTERS["sr_quality"] = _mock_none_computer()
+async def test_get_score_returns_composite_breakdown_without_recomputing(fresh_db):
+    ticker = await _seed_ticker(fresh_db, "AAPL")
+    await _seed_scores(fresh_db, ticker)
 
+    with patch(
+        "app.services.scoring_service.compute_dimension_score",
+        new=AsyncMock(side_effect=AssertionError("GET must not recompute dimensions")),
+    ), patch(
+        "app.services.scoring_service.compute_composite_score",
+        new=AsyncMock(side_effect=AssertionError("GET must not recompute composite")),
+    ):
         result = await get_score(fresh_db, "AAPL")
-    finally:
-        _DIMENSION_COMPUTERS.update(original)
 
-    assert "composite_breakdown" in result
+    assert result["composite_score"] == 66.0
     cb = result["composite_breakdown"]
     assert cb is not None
-    assert "weights" in cb
-    assert "available_dimensions" in cb
-    assert "missing_dimensions" in cb
-    assert "renormalized_weights" in cb
-    assert "formula" in cb
-
-
-@pytest.mark.asyncio
-async def test_get_score_composite_breakdown_has_correct_available_missing(fresh_db):
-    """Composite breakdown should correctly list available and missing dimensions."""
-    await _seed_ticker(fresh_db, "AAPL")
-
-    original = dict(_DIMENSION_COMPUTERS)
-    try:
-        _DIMENSION_COMPUTERS["technical"] = _mock_score_computer(70.0)
-        _DIMENSION_COMPUTERS["momentum"] = _mock_score_computer(60.0)
-        _DIMENSION_COMPUTERS["sentiment"] = _mock_none_computer()
-        _DIMENSION_COMPUTERS["fundamental"] = _mock_none_computer()
-        _DIMENSION_COMPUTERS["sr_quality"] = _mock_none_computer()
-
-        result = await get_score(fresh_db, "AAPL")
-    finally:
-        _DIMENSION_COMPUTERS.update(original)
-
-    cb = result["composite_breakdown"]
     assert "technical" in cb["available_dimensions"]
     assert "momentum" in cb["available_dimensions"]
     assert "sentiment" in cb["missing_dimensions"]
     assert "fundamental" in cb["missing_dimensions"]
     assert "sr_quality" in cb["missing_dimensions"]
-
-
-@pytest.mark.asyncio
-async def test_get_score_renormalized_weights_sum_to_one(fresh_db):
-    """Re-normalized weights should sum to 1.0 when at least one dimension is available."""
-    await _seed_ticker(fresh_db, "AAPL")
-
-    original = dict(_DIMENSION_COMPUTERS)
-    try:
-        _DIMENSION_COMPUTERS["technical"] = _mock_score_computer(70.0)
-        _DIMENSION_COMPUTERS["momentum"] = _mock_score_computer(60.0)
-        _DIMENSION_COMPUTERS["sentiment"] = _mock_none_computer()
-        _DIMENSION_COMPUTERS["fundamental"] = _mock_none_computer()
-        _DIMENSION_COMPUTERS["sr_quality"] = _mock_none_computer()
-
-        result = await get_score(fresh_db, "AAPL")
-    finally:
-        _DIMENSION_COMPUTERS.update(original)
-
-    cb = result["composite_breakdown"]
     assert cb["renormalized_weights"]
-    total = sum(cb["renormalized_weights"].values())
-    assert abs(total - 1.0) < 1e-9
+    assert abs(sum(cb["renormalized_weights"].values()) - 1.0) < 1e-9
 
 
 @pytest.mark.asyncio
-async def test_get_score_dimensions_include_breakdowns(fresh_db):
-    """Each available dimension entry should include a breakdown dict."""
-    await _seed_ticker(fresh_db, "AAPL")
-
-    tech_breakdown = {
-        "sub_scores": [
-            {"name": "ADX", "score": 72.0, "weight": 0.4, "raw_value": 72.0, "description": "ADX value"},
-            {"name": "EMA", "score": 65.0, "weight": 0.3, "raw_value": 1.5, "description": "EMA diff"},
-            {"name": "RSI", "score": 62.0, "weight": 0.3, "raw_value": 62.0, "description": "RSI value"},
-        ],
-        "formula": "Weighted average: 0.4*ADX + 0.3*EMA + 0.3*RSI",
-        "unavailable": [],
-    }
-
-    original = dict(_DIMENSION_COMPUTERS)
-    try:
-        _DIMENSION_COMPUTERS["technical"] = _mock_score_computer(68.2, tech_breakdown)
-        _DIMENSION_COMPUTERS["momentum"] = _mock_score_computer(55.0)
-        _DIMENSION_COMPUTERS["sentiment"] = _mock_none_computer()
-        _DIMENSION_COMPUTERS["fundamental"] = _mock_none_computer()
-        _DIMENSION_COMPUTERS["sr_quality"] = _mock_none_computer()
+async def test_get_score_dimensions_do_not_recompute_breakdowns(fresh_db):
+    ticker = await _seed_ticker(fresh_db, "AAPL")
+    await _seed_scores(fresh_db, ticker)
 
     result = await get_score(fresh_db, "AAPL")
-    finally:
-        _DIMENSION_COMPUTERS.update(original)
 
     tech_dim = next((d for d in result["dimensions"] if d["dimension"] == "technical"), None)
     assert tech_dim is not None
-    assert "breakdown" in tech_dim
-    assert tech_dim["breakdown"] is not None
-    assert len(tech_dim["breakdown"]["sub_scores"]) == 3
-    names = [s["name"] for s in tech_dim["breakdown"]["sub_scores"]]
-    assert "ADX" in names
-    assert "EMA" in names
-    assert "RSI" in names
+    assert tech_dim["breakdown"] is None
 
 
 @pytest.mark.asyncio
 async def test_get_score_all_dimensions_missing(fresh_db):
-    """When all dimensions return None, composite_breakdown should list all as missing."""
     await _seed_ticker(fresh_db, "AAPL")
 
-    original = dict(_DIMENSION_COMPUTERS)
-    try:
-        for dim in _DIMENSION_COMPUTERS:
-            _DIMENSION_COMPUTERS[dim] = _mock_none_computer()
-
     result = await get_score(fresh_db, "AAPL")
-    finally:
-        _DIMENSION_COMPUTERS.update(original)
 
     cb = result["composite_breakdown"]
     assert cb["available_dimensions"] == []
     assert len(cb["missing_dimensions"]) == 5
     assert cb["renormalized_weights"] == {}
     assert result["composite_score"] is None
+
+
+@pytest.mark.asyncio
+async def test_get_score_reports_stale_without_refreshing(fresh_db):
+    ticker = await _seed_ticker(fresh_db, "AAPL")
+    await _seed_scores(fresh_db, ticker, stale=True)
+
+    result = await get_score(fresh_db, "AAPL")
+
+    assert result["composite_stale"] is True
+    assert "technical" in result["missing_dimensions"]
+    tech_dim = next((d for d in result["dimensions"] if d["dimension"] == "technical"), None)
+    assert tech_dim is not None
+    assert tech_dim["is_stale"] is True

tests/unit/test_scoring_service_rankings.py

@@ -1,5 +1,4 @@
-"""Unit tests for get_rankings: bulk-load fast path, sorting, exclusion, and
-lazy recompute of stale scores."""
+"""Unit tests for read-only get_rankings: bulk-load, sorting, and staleness."""
 
 from __future__ import annotations
 
@@ -7,7 +6,6 @@ from datetime import datetime, timezone
 from unittest.mock import AsyncMock, patch
 
 import pytest
-from sqlalchemy import select
 from sqlalchemy.ext.asyncio import AsyncSession, async_sessionmaker, create_async_engine
 
 from app.database import Base
@@ -20,7 +18,7 @@ TEST_DATABASE_URL = "sqlite+aiosqlite://"
 
 @pytest.fixture
 async def fresh_db():
-    """Non-transactional session so get_rankings can commit recomputes."""
+    """Non-transactional session for persisted ranking reads."""
     engine = create_async_engine(TEST_DATABASE_URL, echo=False)
     async with engine.begin() as conn:
         await conn.run_sync(Base.metadata.create_all)
@@ -84,46 +82,34 @@ async def test_fast_path_sorts_and_does_not_recompute(fresh_db: AsyncSession):
 
 @pytest.mark.asyncio
 async def test_ticker_without_computable_composite_is_excluded(fresh_db: AsyncSession):
-    """A ticker whose composite can't be computed (recompute yields no row) is
-    omitted from the rankings rather than appearing with a null score."""
+    """A ticker without a persisted composite is omitted from rankings."""
     fresh = await _seed_ticker(fresh_db, "OK")
-    await _seed_ticker(fresh_db, "NONE")  # no composite; recompute can't make one
+    await _seed_ticker(fresh_db, "NONE")
     fresh_db.add_all([_composite(fresh.id, 50.0), _dimension(fresh.id, "technical", 50.0)])
     await fresh_db.commit()
 
-    # Recompute is a no-op that produces no composite row for NONE.
     with patch("app.services.scoring_service.compute_dimension_score",
-               new=AsyncMock(return_value=None)), \
+               new=AsyncMock(side_effect=AssertionError("should not recompute"))), \
          patch("app.services.scoring_service.compute_composite_score",
-               new=AsyncMock(return_value=(None, ["technical"]))):
+               new=AsyncMock(side_effect=AssertionError("should not recompute"))):
         result = await get_rankings(fresh_db)
 
     assert [r["symbol"] for r in result["rankings"]] == ["OK"]
 
 
 @pytest.mark.asyncio
-async def test_stale_composite_is_recomputed(fresh_db: AsyncSession):
-    """A stale composite triggers a recompute and then appears in the rankings."""
+async def test_stale_composite_is_reported_without_recompute(fresh_db: AsyncSession):
+    """A stale composite appears with its stale flag and is not recomputed."""
     ticker = await _seed_ticker(fresh_db, "STALE")
     fresh_db.add(_composite(ticker.id, 10.0, stale=True))
     await fresh_db.commit()
 
-    async def _fake_recompute(db, symbol, weights=None):
-        # Mirror the real upsert: refresh the existing row in place.
-        existing = (await db.execute(
-            select(CompositeScore).where(CompositeScore.ticker_id == ticker.id)
-        )).scalar_one()
-        existing.score = 77.0
-        existing.is_stale = False
-        return 77.0, []
-
-    # Dimension recompute is a no-op; composite recompute refreshes the score.
     with patch("app.services.scoring_service.compute_dimension_score",
-               new=AsyncMock(return_value=55.0)), \
+               new=AsyncMock(side_effect=AssertionError("should not recompute"))), \
          patch("app.services.scoring_service.compute_composite_score",
-               new=AsyncMock(side_effect=_fake_recompute)) as comp_mock:
+               new=AsyncMock(side_effect=AssertionError("should not recompute"))):
         result = await get_rankings(fresh_db)
 
-    comp_mock.assert_awaited()  # recompute path was taken
     assert [r["symbol"] for r in result["rankings"]] == ["STALE"]
-    assert result["rankings"][0]["composite_score"] == 77.0  # reflects the recompute
+    assert result["rankings"][0]["composite_score"] == 10.0
+    assert result["rankings"][0]["composite_stale"] is True

tests/unit/test_sentiment_priority.py

@@ -1,21 +1,27 @@
 """Tests for sentiment-collection scoping (``_get_sentiment_priority_tickers``).
 
-The activation gate qualifies setups on 12-1 momentum percentile, a different
-axis than composite score. These tests pin the fix that adds the gate's momentum
-leaders to the sentiment relevant-set so a freshly-qualifying ticker isn't left
-without sentiment.
+A dashboard 'top pick' is the highest residual-momentum *qualified* long setup. Sentiment
+can never move a ticker's activation percentile (the gate's core axis) — only its
+confidence and EV ranking. So the tickers that are, or could become with positive
+sentiment, a top pick are exactly the residual-momentum leaders that already carry a
+tradeable long setup over the R:R floor. These tests pin that priority tier
+(always refreshed, cap-exempt) and the capped filler tier behind it.
 """
 
 from __future__ import annotations
 
-from datetime import date, datetime, timedelta, timezone
+from datetime import datetime, timedelta, timezone
 
 import pytest
 
 from app import scheduler
-from app.models.ohlcv import OHLCVRecord
+from app.models.paper_trade import PaperTrade
+from app.models.score import CompositeScore
+from app.models.sentiment import SentimentScore
 from app.models.settings import SystemSetting
 from app.models.ticker import Ticker
+from app.models.trade_setup import TradeSetup
+from app.models.watchlist import WatchlistEntry
 
 
 @pytest.fixture
@@ -26,56 +32,216 @@ async def session():
         yield s
 
 
-async def _seed_history(session, symbol: str, rate: float, n: int = 280) -> Ticker:
-    """Seed a ticker with a full year+ of daily closes growing at ``rate``."""
+async def _add_ticker(session, symbol: str) -> Ticker:
     t = Ticker(symbol=symbol)
     session.add(t)
     await session.flush()
-    base = date(2024, 1, 1)
-    for i in range(n):
-        close = 100.0 * (rate ** i)
-        session.add(OHLCVRecord(
-            ticker_id=t.id,
-            date=base + timedelta(days=i),
-            open=close, high=close, low=close, close=close,
-            volume=1_000_000,
-        ))
-    await session.commit()
     return t
 
 
-async def _set_min_momentum(session, value: str) -> None:
-    session.add(SystemSetting(
-        key="activation_min_momentum_percentile",
-        value=value,
-        updated_at=datetime.now(timezone.utc),
+async def _add_setup(
+    session,
+    ticker: Ticker,
+    *,
+    direction: str = "long",
+    momentum_percentile: float | None = 95.0,
+    rr_ratio: float = 2.0,
+    detected_at: datetime | None = None,
+) -> TradeSetup:
+    session.add(TradeSetup(
+        ticker_id=ticker.id,
+        direction=direction,
+        entry_price=100.0,
+        stop_loss=95.0,
+        target=110.0,
+        rr_ratio=rr_ratio,
+        composite_score=60.0,
+        momentum_percentile=momentum_percentile,
+        detected_at=detected_at or datetime.now(timezone.utc),
     ))
     await session.commit()
 
 
-async def test_momentum_leader_is_included_without_composite_or_watchlist(session):
-    """A top-percentile momentum ticker is fetched even when it has no composite
-    score, no watchlist entry, and no open trade — the case that previously left
-    qualifying setups with no sentiment."""
-    await _seed_history(session, "LEADER", rate=1.010)   # strong uptrend → pct 100
-    await _seed_history(session, "LAGGARD", rate=0.999)   # declining → pct 0
-    await _set_min_momentum(session, "80")
+async def _add_composite(session, ticker: Ticker, score: float) -> None:
+    session.add(CompositeScore(
+        ticker_id=ticker.id,
+        score=score,
+        is_stale=False,
+        weights_json="{}",
+        computed_at=datetime.now(timezone.utc),
+    ))
+    await session.commit()
+
+
+async def _add_watchlist(session, ticker: Ticker) -> None:
+    session.add(WatchlistEntry(
+        user_id=1,
+        ticker_id=ticker.id,
+        entry_type="manual",
+        added_at=datetime.now(timezone.utc),
+    ))
+    await session.commit()
+
+
+async def _add_open_trade(session, ticker: Ticker) -> None:
+    session.add(PaperTrade(
+        user_id=1,
+        ticker_id=ticker.id,
+        direction="long",
+        entry_price=100.0,
+        shares=10.0,
+        stop_loss=95.0,
+        target=110.0,
+        status="open",
+        opened_at=datetime.now(timezone.utc),
+    ))
+    await session.commit()
+
+
+async def _add_sentiment(session, ticker: Ticker, hours_ago: float) -> None:
+    session.add(SentimentScore(
+        ticker_id=ticker.id,
+        classification="bullish",
+        confidence=80,
+        source="test",
+        timestamp=datetime.now(timezone.utc) - timedelta(hours=hours_ago),
+    ))
+    await session.commit()
+
+
+async def _set_setting(session, key: str, value: str) -> None:
+    session.add(SystemSetting(key=key, value=value, updated_at=datetime.now(timezone.utc)))
+    await session.commit()
+
+
+async def test_top_pick_feeder_included_below_cutoff_excluded(session):
+    """A momentum leader with a tradeable long setup over the R:R floor is fetched;
+    one whose setup is below the gate's percentile is not."""
+    feeder = await _add_ticker(session, "FEEDER")
+    await _add_setup(session, feeder, momentum_percentile=95.0)
+    laggard = await _add_ticker(session, "LAGGARD")
+    await _add_setup(session, laggard, momentum_percentile=50.0)  # below the gate
+    await _set_setting(session, "activation_min_momentum_percentile", "80")
 
     symbols = await scheduler._get_sentiment_priority_tickers(session)
 
-    assert "LEADER" in symbols
-    # Below the gate's percentile and not otherwise relevant → not fetched.
+    assert "FEEDER" in symbols
     assert "LAGGARD" not in symbols
 
 
-async def test_momentum_leaders_skipped_when_gate_disabled(session):
-    """With the momentum gate off (min percentile 0), the leader is no longer
-    pulled in solely on momentum — scoping falls back to the base relevant set."""
-    await _seed_history(session, "LEADER", rate=1.010)
-    await _seed_history(session, "LAGGARD", rate=0.999)
-    await _set_min_momentum(session, "0")
+async def test_leader_without_a_setup_excluded(session):
+    """A ticker with no long setup can't be a top pick, so it's no longer pulled in
+    on momentum alone — the budget goes to actual top-pick feeders."""
+    await _add_ticker(session, "NOSETUP")
+    await _set_setting(session, "activation_min_momentum_percentile", "80")
 
     symbols = await scheduler._get_sentiment_priority_tickers(session)
 
-    assert "LEADER" not in symbols
-    assert "LAGGARD" not in symbols
+    assert "NOSETUP" not in symbols
+
+
+async def test_short_only_setup_excluded(session):
+    """The gate is long-only while active; a short setup can never be a top pick,
+    so positive sentiment can't promote it and it stays out of scope."""
+    t = await _add_ticker(session, "SHORTY")
+    await _add_setup(session, t, direction="short", momentum_percentile=95.0)
+    await _set_setting(session, "activation_min_momentum_percentile", "80")
+
+    symbols = await scheduler._get_sentiment_priority_tickers(session)
+
+    assert "SHORTY" not in symbols
+
+
+async def test_long_setup_below_rr_floor_excluded(session):
+    """A long leader whose setup doesn't clear the R:R floor isn't tradeable as a
+    top pick regardless of sentiment."""
+    t = await _add_ticker(session, "THINRR")
+    await _add_setup(session, t, momentum_percentile=95.0, rr_ratio=0.5)
+    await _set_setting(session, "activation_min_momentum_percentile", "80")
+    await _set_setting(session, "activation_min_rr", "1.2")
+
+    symbols = await scheduler._get_sentiment_priority_tickers(session)
+
+    assert "THINRR" not in symbols
+
+
+async def test_gate_disabled_no_priority_tier(session):
+    """With the momentum gate off there is no leader axis to anchor on, so a strong
+    long setup is not pulled in on its own — scope falls back to the filler set."""
+    t = await _add_ticker(session, "FEEDER")
+    await _add_setup(session, t, momentum_percentile=95.0)
+    await _set_setting(session, "activation_min_momentum_percentile", "0")
+
+    symbols = await scheduler._get_sentiment_priority_tickers(session)
+
+    assert "FEEDER" not in symbols
+
+
+async def test_fresh_feeder_skipped_stale_refetched(session):
+    """A feeder refreshed within the fresh window is skipped; one past it is
+    re-fetched."""
+    fresh = await _add_ticker(session, "FRESH")
+    await _add_setup(session, fresh, momentum_percentile=95.0)
+    await _add_sentiment(session, fresh, hours_ago=1.0)
+    stale = await _add_ticker(session, "STALE")
+    await _add_setup(session, stale, momentum_percentile=95.0)
+    await _add_sentiment(session, stale, hours_ago=settings_fresh_hours() + 50)
+    await _set_setting(session, "activation_min_momentum_percentile", "80")
+
+    symbols = await scheduler._get_sentiment_priority_tickers(session)
+
+    assert "FRESH" not in symbols
+    assert "STALE" in symbols
+
+
+async def test_watchlist_and_open_trades_always_included(session):
+    """The curated watchlist and open paper trades are always in scope — they're
+    the set we never want shown without sentiment, independent of any top pick."""
+    await _set_setting(session, "activation_min_momentum_percentile", "80")
+    wl = await _add_ticker(session, "WATCHED")
+    await _add_watchlist(session, wl)
+    held = await _add_ticker(session, "HELD")
+    await _add_open_trade(session, held)
+
+    symbols = await scheduler._get_sentiment_priority_tickers(session)
+
+    assert "WATCHED" in symbols
+    assert "HELD" in symbols
+
+
+async def test_dismissed_watchlist_entry_excluded(session):
+    """A dismissed watchlist entry is not refreshed."""
+    await _set_setting(session, "activation_min_momentum_percentile", "80")
+    t = await _add_ticker(session, "DISMISSED")
+    session.add(WatchlistEntry(
+        user_id=1,
+        ticker_id=t.id,
+        entry_type="dismissed",
+        added_at=datetime.now(timezone.utc),
+    ))
+    await session.commit()
+
+    symbols = await scheduler._get_sentiment_priority_tickers(session)
+
+    assert "DISMISSED" not in symbols
+
+
+async def test_no_per_run_cap_everything_stale_is_fetched(session, monkeypatch):
+    """No truncation: every stale name in the relevant set is returned, however
+    many there are (the cap was removed)."""
+    await _set_setting(session, "activation_min_momentum_percentile", "80")
+    feeders = [f"F{i:02d}" for i in range(30)]  # well past the old cap of 25
+    for sym in feeders:
+        t = await _add_ticker(session, sym)
+        await _add_setup(session, t, momentum_percentile=95.0)
+    filler = await _add_ticker(session, "FILL")
+    await _add_composite(session, filler, score=99.0)
+
+    symbols = await scheduler._get_sentiment_priority_tickers(session)
+
+    assert set(feeders).issubset(set(symbols))  # all feeders, no truncation
+    assert "FILL" in symbols  # filler fetched too — nothing crowded out
+
+
+def settings_fresh_hours() -> float:
+    return float(scheduler.settings.sentiment_fresh_hours)

tests/unit/test_signal_context_snapshot.py

@@ -0,0 +1,110 @@
+"""Tests for point-in-time signal context snapshots."""
+
+from __future__ import annotations
+
+import json
+from datetime import date, datetime, timezone
+
+import pytest
+
+from app.models.fundamental import FundamentalData
+from app.models.score import CompositeScore, DimensionScore
+from app.models.sentiment import SentimentScore
+from app.models.signal_context_snapshot import SignalContextSnapshot
+from app.models.ticker import Ticker
+from app.models.trade_setup import TradeSetup
+from app.services import rr_scanner_service as rr
+from tests.conftest import _test_session_factory  # type: ignore
+
+
+@pytest.fixture
+async def session():
+    async with _test_session_factory() as s:
+        yield s
+
+
+async def test_create_signal_context_snapshot_captures_latest_context(session):
+    now = datetime(2026, 7, 2, 12, tzinfo=timezone.utc)
+    ticker = Ticker(symbol="CTX")
+    session.add(ticker)
+    await session.flush()
+
+    session.add_all([
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="technical",
+            score=71.0,
+            is_stale=False,
+            computed_at=now,
+        ),
+        DimensionScore(
+            ticker_id=ticker.id,
+            dimension="momentum",
+            score=82.0,
+            is_stale=False,
+            computed_at=now,
+        ),
+        CompositeScore(
+            ticker_id=ticker.id,
+            score=76.5,
+            is_stale=False,
+            weights_json='{"technical": 0.25}',
+            computed_at=now,
+        ),
+        SentimentScore(
+            ticker_id=ticker.id,
+            classification="BULLISH",
+            confidence=78,
+            source="test",
+            timestamp=now,
+            reasoning="",
+            citations_json="[]",
+            recommendation="BUY",
+        ),
+        FundamentalData(
+            ticker_id=ticker.id,
+            pe_ratio=25.0,
+            revenue_growth=0.18,
+            earnings_surprise=0.05,
+            market_cap=1_000_000_000.0,
+            next_earnings_date=date(2026, 8, 1),
+            fetched_at=now,
+            unavailable_fields_json="{}",
+        ),
+    ])
+    setup = TradeSetup(
+        ticker_id=ticker.id,
+        direction="long",
+        entry_price=100.0,
+        stop_loss=95.0,
+        target=120.0,
+        rr_ratio=4.0,
+        composite_score=76.5,
+        detected_at=now,
+        confidence_score=64.0,
+        momentum_percentile=88.0,
+        recommended_action="LONG_HIGH",
+        risk_level="Low",
+    )
+    session.add(setup)
+    await session.flush()
+
+    await rr._create_signal_context_snapshots(session, [setup])
+    await session.commit()
+
+    row = (await session.get(SignalContextSnapshot, 1))
+    assert row is not None
+    assert row.trade_setup_id == setup.id
+    assert row.strategy_version == rr.STRATEGY_VERSION
+    assert row.momentum_percentile == 88.0
+
+    score = json.loads(row.score_context_json)
+    sentiment = json.loads(row.sentiment_context_json)
+    fundamental = json.loads(row.fundamental_context_json)
+
+    assert score["composite_score"] == 76.5
+    assert score["dimensions"]["technical"]["score"] == 71.0
+    assert sentiment["classification"] == "BULLISH"
+    assert sentiment["confidence"] == 78
+    assert fundamental["pe_ratio"] == 25.0
+    assert fundamental["next_earnings_date"] == "2026-08-01"