test: add session-risk reload edge-case coverage (#327)

Reviewed-on: #343

.gitea/workflows/ci.yml

@@ -13,6 +13,8 @@ jobs:
     steps:
       - name: Checkout
         uses: actions/checkout@v4
+        with:
+          fetch-depth: 0
 
       - name: Set up Python
         uses: actions/setup-python@v5
@@ -26,7 +28,18 @@ jobs:
         run: python3 scripts/session_handover_check.py --strict
 
       - name: Validate governance assets
-        run: python3 scripts/validate_governance_assets.py
+        run: |
+          RANGE=""
+          if [ "${{ github.event_name }}" = "pull_request" ] && [ -n "${{ github.event.pull_request.base.sha }}" ]; then
+            RANGE="${{ github.event.pull_request.base.sha }}...${{ github.sha }}"
+          elif [ -n "${{ github.event.before }}" ] && [ "${{ github.event.before }}" != "0000000000000000000000000000000000000000" ]; then
+            RANGE="${{ github.event.before }}...${{ github.sha }}"
+          fi
+          if [ -n "$RANGE" ]; then
+            python3 scripts/validate_governance_assets.py "$RANGE"
+          else
+            python3 scripts/validate_governance_assets.py
+          fi
 
       - name: Validate Ouroboros docs
         run: python3 scripts/validate_ouroboros_docs.py

scripts/validate_governance_assets.py

@@ -3,9 +3,12 @@
 
 from __future__ import annotations
 
+import subprocess
 import sys
 from pathlib import Path
 
+REQUIREMENTS_REGISTRY = "docs/ouroboros/01_requirements_registry.md"
+
 
 def must_contain(path: Path, required: list[str], errors: list[str]) -> None:
     if not path.exists():
@@ -17,8 +20,64 @@ def must_contain(path: Path, required: list[str], errors: list[str]) -> None:
             errors.append(f"{path}: missing required token -> {token}")
 
 
+def normalize_changed_path(path: str) -> str:
+    normalized = path.strip().replace("\\", "/")
+    if normalized.startswith("./"):
+        normalized = normalized[2:]
+    return normalized
+
+
+def is_policy_file(path: str) -> bool:
+    normalized = normalize_changed_path(path)
+    if not normalized.endswith(".md"):
+        return False
+    if not normalized.startswith("docs/ouroboros/"):
+        return False
+    return normalized != REQUIREMENTS_REGISTRY
+
+
+def load_changed_files(args: list[str], errors: list[str]) -> list[str]:
+    if not args:
+        return []
+
+    # Single range input (e.g. BASE..HEAD or BASE...HEAD)
+    if len(args) == 1 and ".." in args[0]:
+        range_spec = args[0]
+        try:
+            completed = subprocess.run(
+                ["git", "diff", "--name-only", range_spec],
+                check=True,
+                capture_output=True,
+                text=True,
+            )
+        except (subprocess.CalledProcessError, FileNotFoundError) as exc:
+            errors.append(f"failed to load changed files from range '{range_spec}': {exc}")
+            return []
+        return [
+            normalize_changed_path(line)
+            for line in completed.stdout.splitlines()
+            if line.strip()
+        ]
+
+    return [normalize_changed_path(path) for path in args if path.strip()]
+
+
+def validate_registry_sync(changed_files: list[str], errors: list[str]) -> None:
+    if not changed_files:
+        return
+
+    changed_set = set(changed_files)
+    policy_changed = any(is_policy_file(path) for path in changed_set)
+    registry_changed = REQUIREMENTS_REGISTRY in changed_set
+    if policy_changed and not registry_changed:
+        errors.append(
+            "policy file changed without updating docs/ouroboros/01_requirements_registry.md"
+        )
+
+
 def main() -> int:
     errors: list[str] = []
+    changed_files = load_changed_files(sys.argv[1:], errors)
 
     pr_template = Path(".gitea/PULL_REQUEST_TEMPLATE.md")
     issue_template = Path(".gitea/ISSUE_TEMPLATE/runtime_verification.md")
@@ -81,6 +140,8 @@ def main() -> int:
     if not handover_script.exists():
         errors.append(f"missing file: {handover_script}")
 
+    validate_registry_sync(changed_files, errors)
+
     if errors:
         print("[FAIL] governance asset validation failed")
         for err in errors:

src/config.py

@@ -60,7 +60,16 @@ class Settings(BaseSettings):
     # This value is used as a fallback when the balance API returns 0 in paper mode.
     PAPER_OVERSEAS_CASH: float = Field(default=50000.0, ge=0.0)
     USD_BUFFER_MIN: float = Field(default=1000.0, ge=0.0)
+    US_MIN_PRICE: float = Field(default=5.0, ge=0.0)
+    STAGED_EXIT_BE_ARM_PCT: float = Field(default=1.2, gt=0.0, le=30.0)
+    STAGED_EXIT_ARM_PCT: float = Field(default=3.0, gt=0.0, le=100.0)
+    STOPLOSS_REENTRY_COOLDOWN_MINUTES: int = Field(default=120, ge=1, le=1440)
+    KR_ATR_STOP_MULTIPLIER_K: float = Field(default=2.0, ge=0.1, le=10.0)
+    KR_ATR_STOP_MIN_PCT: float = Field(default=-2.0, le=0.0)
+    KR_ATR_STOP_MAX_PCT: float = Field(default=-7.0, le=0.0)
     OVERNIGHT_EXCEPTION_ENABLED: bool = True
+    SESSION_RISK_RELOAD_ENABLED: bool = True
+    SESSION_RISK_PROFILES_JSON: str = "{}"
 
     # Trading frequency mode (daily = batch API calls, realtime = per-stock calls)
     TRADE_MODE: str = Field(default="daily", pattern="^(daily|realtime)$")

src/main.py

@@ -70,6 +70,12 @@ BLACKOUT_ORDER_MANAGER = BlackoutOrderManager(
 _SESSION_CLOSE_WINDOWS = {"NXT_AFTER", "US_AFTER"}
 _RUNTIME_EXIT_STATES: dict[str, PositionState] = {}
 _RUNTIME_EXIT_PEAKS: dict[str, float] = {}
+_STOPLOSS_REENTRY_COOLDOWN_UNTIL: dict[str, float] = {}
+_VOLATILITY_ANALYZER = VolatilityAnalyzer()
+_SESSION_RISK_PROFILES_RAW = "{}"
+_SESSION_RISK_PROFILES_MAP: dict[str, dict[str, Any]] = {}
+_SESSION_RISK_LAST_BY_MARKET: dict[str, str] = {}
+_SESSION_RISK_OVERRIDES_BY_MARKET: dict[str, dict[str, Any]] = {}
 
 
 def safe_float(value: str | float | None, default: float = 0.0) -> float:
@@ -110,6 +116,258 @@ DAILY_TRADE_SESSIONS = 4  # Number of trading sessions per day
 TRADE_SESSION_INTERVAL_HOURS = 6  # Hours between sessions
 
 
+def _resolve_sell_qty_for_pnl(*, sell_qty: int | None, buy_qty: int | None) -> int:
+    """Choose quantity basis for SELL outcome PnL with safe fallback."""
+    resolved_sell = int(sell_qty or 0)
+    if resolved_sell > 0:
+        return resolved_sell
+    return max(0, int(buy_qty or 0))
+
+
+def _compute_kr_dynamic_stop_loss_pct(
+    *,
+    market: MarketInfo | None = None,
+    entry_price: float,
+    atr_value: float,
+    fallback_stop_loss_pct: float,
+    settings: Settings | None,
+) -> float:
+    """Compute KR dynamic hard-stop threshold in percent."""
+    if entry_price <= 0 or atr_value <= 0:
+        return fallback_stop_loss_pct
+
+    k = _resolve_market_setting(
+        market=market,
+        settings=settings,
+        key="KR_ATR_STOP_MULTIPLIER_K",
+        default=2.0,
+    )
+    min_pct = _resolve_market_setting(
+        market=market,
+        settings=settings,
+        key="KR_ATR_STOP_MIN_PCT",
+        default=-2.0,
+    )
+    max_pct = _resolve_market_setting(
+        market=market,
+        settings=settings,
+        key="KR_ATR_STOP_MAX_PCT",
+        default=-7.0,
+    )
+    if max_pct > min_pct:
+        min_pct, max_pct = max_pct, min_pct
+
+    dynamic_stop_pct = -((k * atr_value) / entry_price) * 100.0
+    return max(max_pct, min(min_pct, dynamic_stop_pct))
+
+
+def _stoploss_cooldown_key(*, market: MarketInfo, stock_code: str) -> str:
+    return f"{market.code}:{stock_code}"
+
+
+def _parse_session_risk_profiles(settings: Settings | None) -> dict[str, dict[str, Any]]:
+    if settings is None:
+        return {}
+    global _SESSION_RISK_PROFILES_RAW, _SESSION_RISK_PROFILES_MAP
+    raw = str(getattr(settings, "SESSION_RISK_PROFILES_JSON", "{}") or "{}")
+    if raw == _SESSION_RISK_PROFILES_RAW:
+        return _SESSION_RISK_PROFILES_MAP
+
+    parsed_map: dict[str, dict[str, Any]] = {}
+    try:
+        decoded = json.loads(raw)
+        if isinstance(decoded, dict):
+            for session_id, session_values in decoded.items():
+                if isinstance(session_id, str) and isinstance(session_values, dict):
+                    parsed_map[session_id] = session_values
+    except (ValueError, TypeError) as exc:
+        logger.warning("Invalid SESSION_RISK_PROFILES_JSON; using defaults: %s", exc)
+        parsed_map = {}
+
+    _SESSION_RISK_PROFILES_RAW = raw
+    _SESSION_RISK_PROFILES_MAP = parsed_map
+    return _SESSION_RISK_PROFILES_MAP
+
+
+def _coerce_setting_value(*, value: Any, default: Any) -> Any:
+    if isinstance(default, bool):
+        if isinstance(value, bool):
+            return value
+        if isinstance(value, str):
+            return value.strip().lower() in {"1", "true", "yes", "on"}
+        if isinstance(value, (int, float)):
+            return value != 0
+        return default
+    if isinstance(default, int) and not isinstance(default, bool):
+        try:
+            return int(value)
+        except (ValueError, TypeError):
+            return default
+    if isinstance(default, float):
+        return safe_float(value, float(default))
+    if isinstance(default, str):
+        return str(value)
+    return value
+
+
+def _session_risk_overrides(
+    *,
+    market: MarketInfo | None,
+    settings: Settings | None,
+) -> dict[str, Any]:
+    if market is None or settings is None:
+        return {}
+    if not bool(getattr(settings, "SESSION_RISK_RELOAD_ENABLED", True)):
+        return {}
+
+    session_id = get_session_info(market).session_id
+    previous_session = _SESSION_RISK_LAST_BY_MARKET.get(market.code)
+    if previous_session == session_id:
+        return _SESSION_RISK_OVERRIDES_BY_MARKET.get(market.code, {})
+
+    profile_map = _parse_session_risk_profiles(settings)
+    merged: dict[str, Any] = {}
+    default_profile = profile_map.get("default")
+    if isinstance(default_profile, dict):
+        merged.update(default_profile)
+    session_profile = profile_map.get(session_id)
+    if isinstance(session_profile, dict):
+        merged.update(session_profile)
+
+    _SESSION_RISK_LAST_BY_MARKET[market.code] = session_id
+    _SESSION_RISK_OVERRIDES_BY_MARKET[market.code] = merged
+    if previous_session is None:
+        logger.info(
+            "Session risk profile initialized for %s: %s (overrides=%s)",
+            market.code,
+            session_id,
+            ",".join(sorted(merged.keys())) if merged else "none",
+        )
+    else:
+        logger.info(
+            "Session risk profile reloaded for %s: %s -> %s (overrides=%s)",
+            market.code,
+            previous_session,
+            session_id,
+            ",".join(sorted(merged.keys())) if merged else "none",
+        )
+    return merged
+
+
+def _resolve_market_setting(
+    *,
+    market: MarketInfo | None,
+    settings: Settings | None,
+    key: str,
+    default: Any,
+) -> Any:
+    if settings is None:
+        return default
+
+    fallback = getattr(settings, key, default)
+    overrides = _session_risk_overrides(market=market, settings=settings)
+    if key not in overrides:
+        return fallback
+    return _coerce_setting_value(value=overrides[key], default=fallback)
+
+
+def _stoploss_cooldown_minutes(
+    settings: Settings | None,
+    market: MarketInfo | None = None,
+) -> int:
+    minutes = _resolve_market_setting(
+        market=market,
+        settings=settings,
+        key="STOPLOSS_REENTRY_COOLDOWN_MINUTES",
+        default=120,
+    )
+    return max(1, int(minutes))
+
+
+def _estimate_pred_down_prob_from_rsi(rsi: float | str | None) -> float:
+    """Estimate downside probability from RSI using a simple linear mapping."""
+    if rsi is None:
+        return 0.5
+    rsi_value = max(0.0, min(100.0, safe_float(rsi, 50.0)))
+    return rsi_value / 100.0
+
+
+async def _compute_kr_atr_value(
+    *,
+    broker: KISBroker,
+    stock_code: str,
+    period: int = 14,
+) -> float:
+    """Compute ATR(period) for KR stocks using daily OHLC."""
+    days = max(period + 1, 30)
+    try:
+        daily_prices = await _retry_connection(
+            broker.get_daily_prices,
+            stock_code,
+            days=days,
+            label=f"daily_prices:{stock_code}",
+        )
+    except ConnectionError as exc:
+        logger.warning("ATR source unavailable for %s: %s", stock_code, exc)
+        return 0.0
+    except Exception as exc:
+        logger.warning("Unexpected ATR fetch failure for %s: %s", stock_code, exc)
+        return 0.0
+
+    if not isinstance(daily_prices, list):
+        return 0.0
+
+    highs: list[float] = []
+    lows: list[float] = []
+    closes: list[float] = []
+    for row in daily_prices:
+        if not isinstance(row, dict):
+            continue
+        high = safe_float(row.get("high"), 0.0)
+        low = safe_float(row.get("low"), 0.0)
+        close = safe_float(row.get("close"), 0.0)
+        if high <= 0 or low <= 0 or close <= 0:
+            continue
+        highs.append(high)
+        lows.append(low)
+        closes.append(close)
+
+    if len(highs) < period + 1 or len(lows) < period + 1 or len(closes) < period + 1:
+        return 0.0
+    return max(0.0, _VOLATILITY_ANALYZER.calculate_atr(highs, lows, closes, period=period))
+
+
+async def _inject_staged_exit_features(
+    *,
+    market: MarketInfo,
+    stock_code: str,
+    open_position: dict[str, Any] | None,
+    market_data: dict[str, Any],
+    broker: KISBroker | None,
+) -> None:
+    """Inject ATR/pred_down_prob used by staged exit evaluation."""
+    if not open_position:
+        return
+
+    if "pred_down_prob" not in market_data:
+        market_data["pred_down_prob"] = _estimate_pred_down_prob_from_rsi(
+            market_data.get("rsi")
+        )
+
+    existing_atr = safe_float(market_data.get("atr_value"), 0.0)
+    if existing_atr > 0:
+        return
+
+    if market.is_domestic and broker is not None:
+        market_data["atr_value"] = await _compute_kr_atr_value(
+            broker=broker,
+            stock_code=stock_code,
+        )
+        return
+
+    market_data["atr_value"] = 0.0
+
+
 async def _retry_connection(coro_factory: Any, *args: Any, label: str = "", **kwargs: Any) -> Any:
     """Call an async function retrying on ConnectionError with exponential backoff.
 
@@ -453,7 +711,14 @@ def _should_block_overseas_buy_for_fx_buffer(
     ):
         return False, total_cash - order_amount, 0.0
     remaining = total_cash - order_amount
-    required = settings.USD_BUFFER_MIN
+    required = float(
+        _resolve_market_setting(
+            market=market,
+            settings=settings,
+            key="USD_BUFFER_MIN",
+            default=1000.0,
+        )
+    )
     return remaining < required, remaining, required
 
 
@@ -469,7 +734,13 @@ def _should_force_exit_for_overnight(
         return True
     if settings is None:
         return False
-    return not settings.OVERNIGHT_EXCEPTION_ENABLED
+    overnight_enabled = _resolve_market_setting(
+        market=market,
+        settings=settings,
+        key="OVERNIGHT_EXCEPTION_ENABLED",
+        default=True,
+    )
+    return not bool(overnight_enabled)
 
 
 def _build_runtime_position_key(
@@ -499,6 +770,7 @@ def _apply_staged_exit_override_for_hold(
     open_position: dict[str, Any] | None,
     market_data: dict[str, Any],
     stock_playbook: Any | None,
+    settings: Settings | None = None,
 ) -> TradeDecision:
     """Apply v2 staged exit semantics for HOLD positions using runtime state."""
     if decision.action != "HOLD" or not open_position:
@@ -514,6 +786,41 @@ def _apply_staged_exit_override_for_hold(
     if stock_playbook and stock_playbook.scenarios:
         stop_loss_threshold = stock_playbook.scenarios[0].stop_loss_pct
         take_profit_threshold = stock_playbook.scenarios[0].take_profit_pct
+    atr_value = safe_float(market_data.get("atr_value"), 0.0)
+    if market.code == "KR":
+        stop_loss_threshold = _compute_kr_dynamic_stop_loss_pct(
+            market=market,
+            entry_price=entry_price,
+            atr_value=atr_value,
+            fallback_stop_loss_pct=stop_loss_threshold,
+            settings=settings,
+        )
+    if settings is None:
+        be_arm_pct = max(0.5, take_profit_threshold * 0.4)
+        arm_pct = take_profit_threshold
+    else:
+        be_arm_pct = max(
+            0.1,
+            float(
+                _resolve_market_setting(
+                    market=market,
+                    settings=settings,
+                    key="STAGED_EXIT_BE_ARM_PCT",
+                    default=1.2,
+                )
+            ),
+        )
+        arm_pct = max(
+            be_arm_pct,
+            float(
+                _resolve_market_setting(
+                    market=market,
+                    settings=settings,
+                    key="STAGED_EXIT_ARM_PCT",
+                    default=3.0,
+                )
+            ),
+        )
 
     runtime_key = _build_runtime_position_key(
         market_code=market.code,
@@ -532,14 +839,14 @@ def _apply_staged_exit_override_for_hold(
         current_state=current_state,
         config=ExitRuleConfig(
             hard_stop_pct=stop_loss_threshold,
-            be_arm_pct=max(0.5, take_profit_threshold * 0.4),
-            arm_pct=take_profit_threshold,
+            be_arm_pct=be_arm_pct,
+            arm_pct=arm_pct,
         ),
         inp=ExitRuleInput(
             current_price=current_price,
             entry_price=entry_price,
             peak_price=peak_price,
-            atr_value=safe_float(market_data.get("atr_value"), 0.0),
+            atr_value=atr_value,
             pred_down_prob=safe_float(market_data.get("pred_down_prob"), 0.0),
             liquidity_weak=safe_float(market_data.get("volume_ratio"), 1.0) < 1.0,
         ),
@@ -559,7 +866,7 @@ def _apply_staged_exit_override_for_hold(
     elif exit_eval.reason == "arm_take_profit":
         rationale = (
             f"Take-profit triggered ({pnl_pct:.2f}% >= "
-            f"{take_profit_threshold:.2f}%)"
+            f"{arm_pct:.2f}%)"
         )
     elif exit_eval.reason == "atr_trailing_stop":
         rationale = "ATR trailing-stop triggered"
@@ -751,6 +1058,20 @@ async def process_blackout_recovery_orders(
 
             accepted = result.get("rt_cd", "0") == "0"
             if accepted:
+                runtime_session_id = get_session_info(market).session_id
+                log_trade(
+                    conn=db_conn,
+                    stock_code=intent.stock_code,
+                    action=intent.order_type,
+                    confidence=0,
+                    rationale=f"[blackout-recovery] {intent.source}",
+                    quantity=intent.quantity,
+                    price=float(intent.price),
+                    pnl=0.0,
+                    market=market.code,
+                    exchange_code=market.exchange_code,
+                    session_id=runtime_session_id,
+                )
                 logger.info(
                     "Recovered queued order executed: %s %s (%s) qty=%d price=%.4f source=%s",
                     intent.order_type,
@@ -991,6 +1312,7 @@ async def trading_cycle(
 ) -> None:
     """Execute one trading cycle for a single stock."""
     cycle_start_time = asyncio.get_event_loop().time()
+    _session_risk_overrides(market=market, settings=settings)
 
     # 1. Fetch market data
     price_output: dict[str, Any] = {}  # Populated for overseas markets; used for fallback metrics
@@ -1240,7 +1562,14 @@ async def trading_cycle(
 
     # 2.1. Apply market_outlook-based BUY confidence threshold
     if decision.action == "BUY":
-        base_threshold = (settings.CONFIDENCE_THRESHOLD if settings else 80)
+        base_threshold = int(
+            _resolve_market_setting(
+                market=market,
+                settings=settings,
+                key="CONFIDENCE_THRESHOLD",
+                default=80,
+            )
+        )
         outlook = playbook.market_outlook
         if outlook == MarketOutlook.BEARISH:
             min_confidence = 90
@@ -1292,6 +1621,48 @@ async def trading_cycle(
                 stock_code,
                 market.name,
             )
+        elif market.code.startswith("US"):
+            min_price = float(
+                _resolve_market_setting(
+                    market=market,
+                    settings=settings,
+                    key="US_MIN_PRICE",
+                    default=5.0,
+                )
+            )
+            if current_price <= min_price:
+                decision = TradeDecision(
+                    action="HOLD",
+                    confidence=decision.confidence,
+                    rationale=(
+                        f"US minimum price filter blocked BUY "
+                        f"(price={current_price:.4f} <= {min_price:.4f})"
+                    ),
+                )
+                logger.info(
+                    "BUY suppressed for %s (%s): US min price filter %.4f <= %.4f",
+                    stock_code,
+                    market.name,
+                    current_price,
+                    min_price,
+                )
+        if decision.action == "BUY":
+            cooldown_key = _stoploss_cooldown_key(market=market, stock_code=stock_code)
+            now_epoch = datetime.now(UTC).timestamp()
+            cooldown_until = _STOPLOSS_REENTRY_COOLDOWN_UNTIL.get(cooldown_key, 0.0)
+            if now_epoch < cooldown_until:
+                remaining = int(cooldown_until - now_epoch)
+                decision = TradeDecision(
+                    action="HOLD",
+                    confidence=decision.confidence,
+                    rationale=f"Stop-loss reentry cooldown active ({remaining}s remaining)",
+                )
+                logger.info(
+                    "BUY suppressed for %s (%s): stop-loss cooldown active (%ds remaining)",
+                    stock_code,
+                    market.name,
+                    remaining,
+                )
 
     if decision.action == "HOLD":
         open_position = get_open_position(db_conn, stock_code, market.code)
@@ -1300,6 +1671,13 @@ async def trading_cycle(
                 market_code=market.code,
                 stock_code=stock_code,
             )
+        await _inject_staged_exit_features(
+            market=market,
+            stock_code=stock_code,
+            open_position=open_position,
+            market_data=market_data,
+            broker=broker,
+        )
         decision = _apply_staged_exit_override_for_hold(
             decision=decision,
             market=market,
@@ -1307,6 +1685,7 @@ async def trading_cycle(
             open_position=open_position,
             market_data=market_data,
             stock_playbook=stock_playbook,
+            settings=settings,
         )
         if open_position and decision.action == "HOLD" and _should_force_exit_for_overnight(
                 market=market,
@@ -1667,13 +2046,26 @@ async def trading_cycle(
             )
             if buy_trade and buy_trade.get("price") is not None:
                 buy_price = float(buy_trade["price"])
-                buy_qty = int(buy_trade.get("quantity") or 1)
-                trade_pnl = (trade_price - buy_price) * buy_qty
+                buy_qty = int(buy_trade.get("quantity") or 0)
+                sell_qty = _resolve_sell_qty_for_pnl(sell_qty=quantity, buy_qty=buy_qty)
+                trade_pnl = (trade_price - buy_price) * sell_qty
                 decision_logger.update_outcome(
                     decision_id=buy_trade["decision_id"],
                     pnl=trade_pnl,
                     accuracy=1 if trade_pnl > 0 else 0,
                 )
+                if trade_pnl < 0:
+                    cooldown_key = _stoploss_cooldown_key(market=market, stock_code=stock_code)
+                    cooldown_minutes = _stoploss_cooldown_minutes(settings, market=market)
+                    _STOPLOSS_REENTRY_COOLDOWN_UNTIL[cooldown_key] = (
+                        datetime.now(UTC).timestamp() + cooldown_minutes * 60
+                    )
+                    logger.info(
+                        "Stop-loss cooldown set for %s (%s): %d minutes",
+                        stock_code,
+                        market.name,
+                        cooldown_minutes,
+                    )
 
     # 6. Log trade with selection context (skip if order was rejected)
     if decision.action in ("BUY", "SELL") and not order_succeeded:
@@ -2116,6 +2508,7 @@ async def run_daily_session(
 
     # Process each open market
     for market in open_markets:
+        _session_risk_overrides(market=market, settings=settings)
         await process_blackout_recovery_orders(
             broker=broker,
             overseas_broker=overseas_broker,
@@ -2452,6 +2845,48 @@ async def run_daily_session(
                         stock_code,
                         market.name,
                     )
+                elif market.code.startswith("US"):
+                    min_price = float(
+                        _resolve_market_setting(
+                            market=market,
+                            settings=settings,
+                            key="US_MIN_PRICE",
+                            default=5.0,
+                        )
+                    )
+                    if stock_data["current_price"] <= min_price:
+                        decision = TradeDecision(
+                            action="HOLD",
+                            confidence=decision.confidence,
+                            rationale=(
+                                f"US minimum price filter blocked BUY "
+                                f"(price={stock_data['current_price']:.4f} <= {min_price:.4f})"
+                            ),
+                        )
+                        logger.info(
+                            "BUY suppressed for %s (%s): US min price filter %.4f <= %.4f",
+                            stock_code,
+                            market.name,
+                            stock_data["current_price"],
+                            min_price,
+                        )
+                if decision.action == "BUY":
+                    cooldown_key = _stoploss_cooldown_key(market=market, stock_code=stock_code)
+                    now_epoch = datetime.now(UTC).timestamp()
+                    cooldown_until = _STOPLOSS_REENTRY_COOLDOWN_UNTIL.get(cooldown_key, 0.0)
+                    if now_epoch < cooldown_until:
+                        remaining = int(cooldown_until - now_epoch)
+                        decision = TradeDecision(
+                            action="HOLD",
+                            confidence=decision.confidence,
+                            rationale=f"Stop-loss reentry cooldown active ({remaining}s remaining)",
+                        )
+                        logger.info(
+                            "BUY suppressed for %s (%s): stop-loss cooldown active (%ds remaining)",
+                            stock_code,
+                            market.name,
+                            remaining,
+                        )
             if decision.action == "HOLD":
                 daily_open = get_open_position(db_conn, stock_code, market.code)
                 if not daily_open:
@@ -2459,6 +2894,13 @@ async def run_daily_session(
                         market_code=market.code,
                         stock_code=stock_code,
                     )
+                await _inject_staged_exit_features(
+                    market=market,
+                    stock_code=stock_code,
+                    open_position=daily_open,
+                    market_data=stock_data,
+                    broker=broker,
+                )
                 decision = _apply_staged_exit_override_for_hold(
                     decision=decision,
                     market=market,
@@ -2466,6 +2908,7 @@ async def run_daily_session(
                     open_position=daily_open,
                     market_data=stock_data,
                     stock_playbook=stock_playbook,
+                    settings=settings,
                 )
                 if daily_open and decision.action == "HOLD" and _should_force_exit_for_overnight(
                     market=market,
@@ -2772,13 +3215,32 @@ async def run_daily_session(
                     )
                     if buy_trade and buy_trade.get("price") is not None:
                         buy_price = float(buy_trade["price"])
-                        buy_qty = int(buy_trade.get("quantity") or 1)
-                        trade_pnl = (trade_price - buy_price) * buy_qty
+                        buy_qty = int(buy_trade.get("quantity") or 0)
+                        sell_qty = _resolve_sell_qty_for_pnl(
+                            sell_qty=quantity,
+                            buy_qty=buy_qty,
+                        )
+                        trade_pnl = (trade_price - buy_price) * sell_qty
                         decision_logger.update_outcome(
                             decision_id=buy_trade["decision_id"],
                             pnl=trade_pnl,
                             accuracy=1 if trade_pnl > 0 else 0,
                         )
+                        if trade_pnl < 0:
+                            cooldown_key = _stoploss_cooldown_key(market=market, stock_code=stock_code)
+                            cooldown_minutes = _stoploss_cooldown_minutes(
+                                settings,
+                                market=market,
+                            )
+                            _STOPLOSS_REENTRY_COOLDOWN_UNTIL[cooldown_key] = (
+                                datetime.now(UTC).timestamp() + cooldown_minutes * 60
+                            )
+                            logger.info(
+                                "Stop-loss cooldown set for %s (%s): %d minutes",
+                                stock_code,
+                                market.name,
+                                cooldown_minutes,
+                            )
 
             # Log trade (skip if order was rejected by API)
             if decision.action in ("BUY", "SELL") and not order_succeeded:
@@ -3577,6 +4039,7 @@ async def run(settings: Settings) -> None:
                         break
 
                     session_info = get_session_info(market)
+                    _session_risk_overrides(market=market, settings=settings)
                     logger.info(
                         "Market session active: %s (%s) session=%s",
                         market.code,

tests/test_main.py

@@ -4,6 +4,7 @@ from datetime import UTC, date, datetime
 from unittest.mock import ANY, AsyncMock, MagicMock, patch
 
 import pytest
+import src.main as main_module
 
 from src.config import Settings
 from src.context.layer import ContextLayer
@@ -15,6 +16,14 @@ from src.evolution.scorecard import DailyScorecard
 from src.logging.decision_logger import DecisionLogger
 from src.main import (
     KILL_SWITCH,
+    _SESSION_RISK_LAST_BY_MARKET,
+    _SESSION_RISK_OVERRIDES_BY_MARKET,
+    _SESSION_RISK_PROFILES_MAP,
+    _STOPLOSS_REENTRY_COOLDOWN_UNTIL,
+    _apply_staged_exit_override_for_hold,
+    _compute_kr_atr_value,
+    _estimate_pred_down_prob_from_rsi,
+    _inject_staged_exit_features,
     _RUNTIME_EXIT_PEAKS,
     _RUNTIME_EXIT_STATES,
     _should_force_exit_for_overnight,
@@ -27,9 +36,13 @@ from src.main import (
     _extract_held_qty_from_balance,
     _handle_market_close,
     _retry_connection,
+    _resolve_market_setting,
+    _resolve_sell_qty_for_pnl,
     _run_context_scheduler,
     _run_evolution_loop,
     _start_dashboard_server,
+    _stoploss_cooldown_minutes,
+    _compute_kr_dynamic_stop_loss_pct,
     handle_domestic_pending_orders,
     handle_overseas_pending_orders,
     process_blackout_recovery_orders,
@@ -92,10 +105,20 @@ def _reset_kill_switch_state() -> None:
     KILL_SWITCH.clear_block()
     _RUNTIME_EXIT_STATES.clear()
     _RUNTIME_EXIT_PEAKS.clear()
+    _SESSION_RISK_LAST_BY_MARKET.clear()
+    _SESSION_RISK_OVERRIDES_BY_MARKET.clear()
+    _SESSION_RISK_PROFILES_MAP.clear()
+    main_module._SESSION_RISK_PROFILES_RAW = "__reset__"
+    _STOPLOSS_REENTRY_COOLDOWN_UNTIL.clear()
     yield
     KILL_SWITCH.clear_block()
     _RUNTIME_EXIT_STATES.clear()
     _RUNTIME_EXIT_PEAKS.clear()
+    _SESSION_RISK_LAST_BY_MARKET.clear()
+    _SESSION_RISK_OVERRIDES_BY_MARKET.clear()
+    _SESSION_RISK_PROFILES_MAP.clear()
+    main_module._SESSION_RISK_PROFILES_RAW = "__reset__"
+    _STOPLOSS_REENTRY_COOLDOWN_UNTIL.clear()
 
 
 class TestExtractAvgPriceFromBalance:
@@ -119,6 +142,266 @@ class TestExtractAvgPriceFromBalance:
         result = _extract_avg_price_from_balance(balance, "005930", is_domestic=True)
         assert result == 0.0
 
+
+def test_resolve_sell_qty_for_pnl_prefers_sell_qty() -> None:
+    assert _resolve_sell_qty_for_pnl(sell_qty=30, buy_qty=100) == 30
+
+
+def test_resolve_sell_qty_for_pnl_uses_buy_qty_fallback_when_sell_qty_missing() -> None:
+    assert _resolve_sell_qty_for_pnl(sell_qty=None, buy_qty=12) == 12
+
+
+def test_resolve_sell_qty_for_pnl_returns_zero_when_both_missing() -> None:
+    assert _resolve_sell_qty_for_pnl(sell_qty=None, buy_qty=None) == 0
+
+
+def test_compute_kr_dynamic_stop_loss_pct_falls_back_without_atr() -> None:
+    out = _compute_kr_dynamic_stop_loss_pct(
+        entry_price=100.0,
+        atr_value=0.0,
+        fallback_stop_loss_pct=-2.0,
+        settings=None,
+    )
+    assert out == -2.0
+
+
+def test_compute_kr_dynamic_stop_loss_pct_clamps_to_min_and_max() -> None:
+    # Small ATR -> clamp to min (-2%)
+    out_small = _compute_kr_dynamic_stop_loss_pct(
+        entry_price=100.0,
+        atr_value=0.2,
+        fallback_stop_loss_pct=-2.0,
+        settings=None,
+    )
+    assert out_small == -2.0
+
+    # Large ATR -> clamp to max (-7%)
+    out_large = _compute_kr_dynamic_stop_loss_pct(
+        entry_price=100.0,
+        atr_value=10.0,
+        fallback_stop_loss_pct=-2.0,
+        settings=None,
+    )
+    assert out_large == -7.0
+
+
+def test_compute_kr_dynamic_stop_loss_pct_uses_settings_values() -> None:
+    settings = MagicMock(
+        KR_ATR_STOP_MULTIPLIER_K=3.0,
+        KR_ATR_STOP_MIN_PCT=-1.5,
+        KR_ATR_STOP_MAX_PCT=-6.0,
+    )
+    out = _compute_kr_dynamic_stop_loss_pct(
+        entry_price=100.0,
+        atr_value=1.0,
+        fallback_stop_loss_pct=-2.0,
+        settings=settings,
+    )
+    assert out == -3.0
+
+
+def test_resolve_market_setting_uses_session_profile_override() -> None:
+    settings = Settings(
+        KIS_APP_KEY="k",
+        KIS_APP_SECRET="s",
+        KIS_ACCOUNT_NO="12345678-01",
+        GEMINI_API_KEY="g",
+        SESSION_RISK_PROFILES_JSON='{"US_PRE": {"US_MIN_PRICE": 7.5}}',
+    )
+    market = MagicMock()
+    market.code = "US_NASDAQ"
+
+    with patch("src.main.get_session_info", return_value=MagicMock(session_id="US_PRE")):
+        value = _resolve_market_setting(
+            market=market,
+            settings=settings,
+            key="US_MIN_PRICE",
+            default=5.0,
+        )
+
+    assert value == pytest.approx(7.5)
+
+
+def test_stoploss_cooldown_minutes_uses_session_override() -> None:
+    settings = Settings(
+        KIS_APP_KEY="k",
+        KIS_APP_SECRET="s",
+        KIS_ACCOUNT_NO="12345678-01",
+        GEMINI_API_KEY="g",
+        STOPLOSS_REENTRY_COOLDOWN_MINUTES=120,
+        SESSION_RISK_PROFILES_JSON='{"NXT_AFTER": {"STOPLOSS_REENTRY_COOLDOWN_MINUTES": 45}}',
+    )
+    market = MagicMock()
+    market.code = "KR"
+
+    with patch("src.main.get_session_info", return_value=MagicMock(session_id="NXT_AFTER")):
+        value = _stoploss_cooldown_minutes(settings, market=market)
+
+    assert value == 45
+
+
+def test_resolve_market_setting_ignores_profile_when_reload_disabled() -> None:
+    settings = Settings(
+        KIS_APP_KEY="k",
+        KIS_APP_SECRET="s",
+        KIS_ACCOUNT_NO="12345678-01",
+        GEMINI_API_KEY="g",
+        US_MIN_PRICE=5.0,
+        SESSION_RISK_RELOAD_ENABLED=False,
+        SESSION_RISK_PROFILES_JSON='{"US_PRE": {"US_MIN_PRICE": 9.5}}',
+    )
+    market = MagicMock()
+    market.code = "US_NASDAQ"
+
+    with patch("src.main.get_session_info", return_value=MagicMock(session_id="US_PRE")):
+        value = _resolve_market_setting(
+            market=market,
+            settings=settings,
+            key="US_MIN_PRICE",
+            default=5.0,
+        )
+
+    assert value == pytest.approx(5.0)
+
+
+def test_resolve_market_setting_falls_back_on_invalid_profile_json() -> None:
+    settings = Settings(
+        KIS_APP_KEY="k",
+        KIS_APP_SECRET="s",
+        KIS_ACCOUNT_NO="12345678-01",
+        GEMINI_API_KEY="g",
+        US_MIN_PRICE=5.0,
+        SESSION_RISK_PROFILES_JSON="{invalid-json",
+    )
+    market = MagicMock()
+    market.code = "US_NASDAQ"
+
+    with patch("src.main.get_session_info", return_value=MagicMock(session_id="US_PRE")):
+        value = _resolve_market_setting(
+            market=market,
+            settings=settings,
+            key="US_MIN_PRICE",
+            default=5.0,
+        )
+
+    assert value == pytest.approx(5.0)
+
+
+def test_resolve_market_setting_coerces_bool_string_override() -> None:
+    settings = Settings(
+        KIS_APP_KEY="k",
+        KIS_APP_SECRET="s",
+        KIS_ACCOUNT_NO="12345678-01",
+        GEMINI_API_KEY="g",
+        OVERNIGHT_EXCEPTION_ENABLED=True,
+        SESSION_RISK_PROFILES_JSON='{"US_AFTER": {"OVERNIGHT_EXCEPTION_ENABLED": "false"}}',
+    )
+    market = MagicMock()
+    market.code = "US_NASDAQ"
+
+    with patch("src.main.get_session_info", return_value=MagicMock(session_id="US_AFTER")):
+        value = _resolve_market_setting(
+            market=market,
+            settings=settings,
+            key="OVERNIGHT_EXCEPTION_ENABLED",
+            default=True,
+        )
+
+    assert value is False
+
+
+def test_estimate_pred_down_prob_from_rsi_uses_linear_mapping() -> None:
+    assert _estimate_pred_down_prob_from_rsi(None) == 0.5
+    assert _estimate_pred_down_prob_from_rsi(0.0) == 0.0
+    assert _estimate_pred_down_prob_from_rsi(50.0) == 0.5
+    assert _estimate_pred_down_prob_from_rsi(100.0) == 1.0
+
+
+@pytest.mark.asyncio
+async def test_compute_kr_atr_value_returns_zero_on_short_series() -> None:
+    broker = MagicMock()
+    broker.get_daily_prices = AsyncMock(
+        return_value=[{"high": 101.0, "low": 99.0, "close": 100.0}] * 10
+    )
+
+    atr = await _compute_kr_atr_value(broker=broker, stock_code="005930")
+    assert atr == 0.0
+
+
+@pytest.mark.asyncio
+async def test_inject_staged_exit_features_sets_pred_down_prob_and_atr_for_kr() -> None:
+    market = MagicMock()
+    market.is_domestic = True
+    stock_data: dict[str, float] = {"rsi": 65.0}
+
+    broker = MagicMock()
+    broker.get_daily_prices = AsyncMock(
+        return_value=[
+            {"high": 102.0 + i, "low": 98.0 + i, "close": 100.0 + i}
+            for i in range(40)
+        ]
+    )
+
+    await _inject_staged_exit_features(
+        market=market,
+        stock_code="005930",
+        open_position={"price": 100.0, "quantity": 1},
+        market_data=stock_data,
+        broker=broker,
+    )
+
+    assert stock_data["pred_down_prob"] == pytest.approx(0.65)
+    assert stock_data["atr_value"] > 0.0
+
+
+def test_apply_staged_exit_uses_independent_arm_threshold_settings() -> None:
+    market = MagicMock()
+    market.code = "KR"
+    market.name = "Korea"
+
+    decision = MagicMock()
+    decision.action = "HOLD"
+    decision.confidence = 70
+    decision.rationale = "hold"
+
+    settings = Settings(
+        KIS_APP_KEY="k",
+        KIS_APP_SECRET="s",
+        KIS_ACCOUNT_NO="12345678-01",
+        GEMINI_API_KEY="g",
+        STAGED_EXIT_BE_ARM_PCT=2.2,
+        STAGED_EXIT_ARM_PCT=5.4,
+    )
+
+    captured: dict[str, float] = {}
+
+    def _fake_eval(**kwargs):  # type: ignore[no-untyped-def]
+        cfg = kwargs["config"]
+        captured["be_arm_pct"] = cfg.be_arm_pct
+        captured["arm_pct"] = cfg.arm_pct
+
+        class _Out:
+            should_exit = False
+            reason = "none"
+            state = PositionState.HOLDING
+
+        return _Out()
+
+    with patch("src.main.evaluate_exit", side_effect=_fake_eval):
+        out = _apply_staged_exit_override_for_hold(
+            decision=decision,
+            market=market,
+            stock_code="005930",
+            open_position={"price": 100.0, "quantity": 1, "decision_id": "d1", "timestamp": "t1"},
+            market_data={"current_price": 101.0, "rsi": 60.0, "pred_down_prob": 0.6},
+            stock_playbook=None,
+            settings=settings,
+        )
+
+    assert out is decision
+    assert captured["be_arm_pct"] == pytest.approx(2.2)
+    assert captured["arm_pct"] == pytest.approx(5.4)
+
     def test_returns_zero_when_field_empty_string(self) -> None:
         """Returns 0.0 when pchs_avg_pric is an empty string."""
         balance = {"output1": [{"pdno": "005930", "pchs_avg_pric": ""}]}
@@ -2040,6 +2323,105 @@ async def test_sell_updates_original_buy_decision_outcome() -> None:
     assert updated_buy is not None
     assert updated_buy.outcome_pnl == 20.0
     assert updated_buy.outcome_accuracy == 1
+    assert "KR:005930" not in _STOPLOSS_REENTRY_COOLDOWN_UNTIL
+
+
+@pytest.mark.asyncio
+async def test_stoploss_reentry_cooldown_blocks_buy_when_active() -> None:
+    _STOPLOSS_REENTRY_COOLDOWN_UNTIL["KR:005930"] = datetime.now(UTC).timestamp() + 300
+    db_conn = init_db(":memory:")
+
+    broker = MagicMock()
+    broker.get_current_price = AsyncMock(return_value=(100.0, 0.0, 0.0))
+    broker.get_balance = AsyncMock(
+        return_value={
+            "output1": [],
+            "output2": [{"tot_evlu_amt": "100000", "dnca_tot_amt": "50000", "pchs_amt_smtl_amt": "50000"}],
+        }
+    )
+    broker.send_order = AsyncMock(return_value={"msg1": "OK"})
+
+    market = MagicMock()
+    market.name = "Korea"
+    market.code = "KR"
+    market.exchange_code = "KRX"
+    market.is_domestic = True
+
+    await trading_cycle(
+        broker=broker,
+        overseas_broker=MagicMock(),
+        scenario_engine=MagicMock(evaluate=MagicMock(return_value=_make_buy_match("005930"))),
+        playbook=_make_playbook(),
+        risk=MagicMock(validate_order=MagicMock(), check_circuit_breaker=MagicMock()),
+        db_conn=db_conn,
+        decision_logger=DecisionLogger(db_conn),
+        context_store=MagicMock(get_latest_timeframe=MagicMock(return_value=None), set_context=MagicMock()),
+        criticality_assessor=MagicMock(
+            assess_market_conditions=MagicMock(return_value=MagicMock(value="NORMAL")),
+            get_timeout=MagicMock(return_value=5.0),
+        ),
+        telegram=MagicMock(
+            notify_trade_execution=AsyncMock(),
+            notify_fat_finger=AsyncMock(),
+            notify_circuit_breaker=AsyncMock(),
+            notify_scenario_matched=AsyncMock(),
+        ),
+        market=market,
+        stock_code="005930",
+        scan_candidates={},
+        settings=MagicMock(POSITION_SIZING_ENABLED=False, CONFIDENCE_THRESHOLD=80, MODE="paper"),
+    )
+
+    broker.send_order.assert_not_called()
+
+
+@pytest.mark.asyncio
+async def test_stoploss_reentry_cooldown_allows_buy_after_expiry() -> None:
+    _STOPLOSS_REENTRY_COOLDOWN_UNTIL["KR:005930"] = datetime.now(UTC).timestamp() - 10
+    db_conn = init_db(":memory:")
+
+    broker = MagicMock()
+    broker.get_current_price = AsyncMock(return_value=(100.0, 0.0, 0.0))
+    broker.get_balance = AsyncMock(
+        return_value={
+            "output1": [],
+            "output2": [{"tot_evlu_amt": "100000", "dnca_tot_amt": "50000", "pchs_amt_smtl_amt": "50000"}],
+        }
+    )
+    broker.send_order = AsyncMock(return_value={"msg1": "OK"})
+
+    market = MagicMock()
+    market.name = "Korea"
+    market.code = "KR"
+    market.exchange_code = "KRX"
+    market.is_domestic = True
+
+    await trading_cycle(
+        broker=broker,
+        overseas_broker=MagicMock(),
+        scenario_engine=MagicMock(evaluate=MagicMock(return_value=_make_buy_match("005930"))),
+        playbook=_make_playbook(),
+        risk=MagicMock(validate_order=MagicMock(), check_circuit_breaker=MagicMock()),
+        db_conn=db_conn,
+        decision_logger=DecisionLogger(db_conn),
+        context_store=MagicMock(get_latest_timeframe=MagicMock(return_value=None), set_context=MagicMock()),
+        criticality_assessor=MagicMock(
+            assess_market_conditions=MagicMock(return_value=MagicMock(value="NORMAL")),
+            get_timeout=MagicMock(return_value=5.0),
+        ),
+        telegram=MagicMock(
+            notify_trade_execution=AsyncMock(),
+            notify_fat_finger=AsyncMock(),
+            notify_circuit_breaker=AsyncMock(),
+            notify_scenario_matched=AsyncMock(),
+        ),
+        market=market,
+        stock_code="005930",
+        scan_candidates={},
+        settings=MagicMock(POSITION_SIZING_ENABLED=False, CONFIDENCE_THRESHOLD=80, MODE="paper"),
+    )
+
+    broker.send_order.assert_called_once()
 
 
 @pytest.mark.asyncio
@@ -2750,6 +3132,9 @@ async def test_sell_order_uses_broker_balance_qty_not_db() -> None:
     assert call_kwargs["order_type"] == "SELL"
     # Must use broker-confirmed qty (5), NOT DB-recorded ordered qty (10)
     assert call_kwargs["quantity"] == 5
+    updated_buy = decision_logger.get_decision_by_id(buy_decision_id)
+    assert updated_buy is not None
+    assert updated_buy.outcome_pnl == -25.0
 
 
 @pytest.mark.asyncio
@@ -5654,6 +6039,149 @@ async def test_order_policy_rejection_skips_order_execution() -> None:
     broker.send_order.assert_not_called()
 
 
+@pytest.mark.asyncio
+@pytest.mark.parametrize(
+    ("price", "should_block"),
+    [
+        (4.99, True),
+        (5.00, True),
+        (5.01, False),
+    ],
+)
+async def test_us_min_price_filter_boundary(price: float, should_block: bool) -> None:
+    db_conn = init_db(":memory:")
+    decision_logger = DecisionLogger(db_conn)
+
+    broker = MagicMock()
+    broker.get_balance = AsyncMock(return_value={"output1": [], "output2": [{}]})
+
+    overseas_broker = MagicMock()
+    overseas_broker.get_overseas_price = AsyncMock(
+        return_value={"output": {"last": str(price), "rate": "0.0"}}
+    )
+    overseas_broker.get_overseas_balance = AsyncMock(
+        return_value={"output1": [], "output2": [{"frcr_evlu_tota": "10000", "frcr_buy_amt_smtl": "0"}]}
+    )
+    overseas_broker.get_overseas_buying_power = AsyncMock(
+        return_value={"output": {"ovrs_ord_psbl_amt": "10000"}}
+    )
+    overseas_broker.send_overseas_order = AsyncMock(return_value={"rt_cd": "0", "msg1": "OK"})
+
+    market = MagicMock()
+    market.name = "NASDAQ"
+    market.code = "US_NASDAQ"
+    market.exchange_code = "NASD"
+    market.is_domestic = False
+
+    telegram = MagicMock()
+    telegram.notify_trade_execution = AsyncMock()
+    telegram.notify_fat_finger = AsyncMock()
+    telegram.notify_circuit_breaker = AsyncMock()
+    telegram.notify_scenario_matched = AsyncMock()
+
+    settings = MagicMock()
+    settings.POSITION_SIZING_ENABLED = False
+    settings.CONFIDENCE_THRESHOLD = 80
+    settings.MODE = "paper"
+    settings.PAPER_OVERSEAS_CASH = 50000
+    settings.US_MIN_PRICE = 5.0
+    settings.USD_BUFFER_MIN = 1000.0
+
+    await trading_cycle(
+        broker=broker,
+        overseas_broker=overseas_broker,
+        scenario_engine=MagicMock(evaluate=MagicMock(return_value=_make_buy_match("AAPL"))),
+        playbook=_make_playbook("US_NASDAQ"),
+        risk=MagicMock(validate_order=MagicMock(), check_circuit_breaker=MagicMock()),
+        db_conn=db_conn,
+        decision_logger=decision_logger,
+        context_store=MagicMock(
+            get_latest_timeframe=MagicMock(return_value=None),
+            set_context=MagicMock(),
+        ),
+        criticality_assessor=MagicMock(
+            assess_market_conditions=MagicMock(return_value=MagicMock(value="NORMAL")),
+            get_timeout=MagicMock(return_value=5.0),
+        ),
+        telegram=telegram,
+        market=market,
+        stock_code="AAPL",
+        scan_candidates={},
+        settings=settings,
+    )
+
+    if should_block:
+        overseas_broker.send_overseas_order.assert_not_called()
+    else:
+        overseas_broker.send_overseas_order.assert_called_once()
+
+
+@pytest.mark.asyncio
+async def test_us_min_price_filter_not_applied_to_kr_market() -> None:
+    db_conn = init_db(":memory:")
+    decision_logger = DecisionLogger(db_conn)
+
+    broker = MagicMock()
+    broker.get_current_price = AsyncMock(return_value=(4.0, 0.0, 0.0))
+    broker.get_balance = AsyncMock(
+        return_value={
+            "output1": [],
+            "output2": [
+                {
+                    "tot_evlu_amt": "100000",
+                    "dnca_tot_amt": "50000",
+                    "pchs_amt_smtl_amt": "50000",
+                }
+            ],
+        }
+    )
+    broker.send_order = AsyncMock(return_value={"msg1": "OK"})
+
+    market = MagicMock()
+    market.name = "Korea"
+    market.code = "KR"
+    market.exchange_code = "KRX"
+    market.is_domestic = True
+
+    telegram = MagicMock()
+    telegram.notify_trade_execution = AsyncMock()
+    telegram.notify_fat_finger = AsyncMock()
+    telegram.notify_circuit_breaker = AsyncMock()
+    telegram.notify_scenario_matched = AsyncMock()
+
+    settings = MagicMock()
+    settings.POSITION_SIZING_ENABLED = False
+    settings.CONFIDENCE_THRESHOLD = 80
+    settings.MODE = "paper"
+    settings.US_MIN_PRICE = 5.0
+    settings.USD_BUFFER_MIN = 1000.0
+
+    await trading_cycle(
+        broker=broker,
+        overseas_broker=MagicMock(),
+        scenario_engine=MagicMock(evaluate=MagicMock(return_value=_make_buy_match("005930"))),
+        playbook=_make_playbook(),
+        risk=MagicMock(validate_order=MagicMock(), check_circuit_breaker=MagicMock()),
+        db_conn=db_conn,
+        decision_logger=decision_logger,
+        context_store=MagicMock(
+            get_latest_timeframe=MagicMock(return_value=None),
+            set_context=MagicMock(),
+        ),
+        criticality_assessor=MagicMock(
+            assess_market_conditions=MagicMock(return_value=MagicMock(value="NORMAL")),
+            get_timeout=MagicMock(return_value=5.0),
+        ),
+        telegram=telegram,
+        market=market,
+        stock_code="005930",
+        scan_candidates={},
+        settings=settings,
+    )
+
+    broker.send_order.assert_called_once()
+
+
 def test_overnight_policy_prioritizes_killswitch_over_exception() -> None:
     market = MagicMock()
     with patch("src.main.get_session_info", return_value=MagicMock(session_id="US_AFTER")):
@@ -5837,6 +6365,7 @@ async def test_process_blackout_recovery_executes_valid_intents() -> None:
         patch("src.main.MARKETS", {"KR": market}),
         patch("src.main.get_open_position", return_value=None),
         patch("src.main.validate_order_policy"),
+        patch("src.main.get_session_info", return_value=MagicMock(session_id="KRX_REG")),
     ):
         await process_blackout_recovery_orders(
             broker=broker,
@@ -5845,6 +6374,19 @@ async def test_process_blackout_recovery_executes_valid_intents() -> None:
         )
 
     broker.send_order.assert_called_once()
+    row = db_conn.execute(
+        """
+        SELECT action, quantity, session_id, rationale
+        FROM trades
+        WHERE stock_code = '005930'
+        ORDER BY id DESC LIMIT 1
+        """
+    ).fetchone()
+    assert row is not None
+    assert row[0] == "BUY"
+    assert row[1] == 1
+    assert row[2] == "KRX_REG"
+    assert row[3].startswith("[blackout-recovery]")
 
 
 @pytest.mark.asyncio

tests/test_validate_governance_assets.py

@@ -0,0 +1,81 @@
+from __future__ import annotations
+
+import importlib.util
+from pathlib import Path
+from types import SimpleNamespace
+
+
+def _load_module():
+    script_path = Path(__file__).resolve().parents[1] / "scripts" / "validate_governance_assets.py"
+    spec = importlib.util.spec_from_file_location("validate_governance_assets", script_path)
+    assert spec is not None
+    assert spec.loader is not None
+    module = importlib.util.module_from_spec(spec)
+    spec.loader.exec_module(module)
+    return module
+
+
+def test_is_policy_file_detects_ouroboros_policy_docs() -> None:
+    module = _load_module()
+    assert module.is_policy_file("docs/ouroboros/85_loss_recovery_action_plan.md")
+    assert not module.is_policy_file("docs/ouroboros/01_requirements_registry.md")
+    assert not module.is_policy_file("docs/workflow.md")
+    assert not module.is_policy_file("docs/ouroboros/notes.txt")
+
+
+def test_validate_registry_sync_requires_registry_update_when_policy_changes() -> None:
+    module = _load_module()
+    errors: list[str] = []
+    module.validate_registry_sync(
+        ["docs/ouroboros/85_loss_recovery_action_plan.md"],
+        errors,
+    )
+    assert errors
+    assert "policy file changed without updating" in errors[0]
+
+
+def test_validate_registry_sync_passes_when_registry_included() -> None:
+    module = _load_module()
+    errors: list[str] = []
+    module.validate_registry_sync(
+        [
+            "docs/ouroboros/85_loss_recovery_action_plan.md",
+            "docs/ouroboros/01_requirements_registry.md",
+        ],
+        errors,
+    )
+    assert errors == []
+
+
+def test_load_changed_files_supports_explicit_paths() -> None:
+    module = _load_module()
+    errors: list[str] = []
+    changed = module.load_changed_files(
+        ["./docs/ouroboros/85_loss_recovery_action_plan.md", " src/main.py "],
+        errors,
+    )
+    assert errors == []
+    assert changed == [
+        "docs/ouroboros/85_loss_recovery_action_plan.md",
+        "src/main.py",
+    ]
+
+
+def test_load_changed_files_with_range_uses_git_diff(monkeypatch) -> None:
+    module = _load_module()
+    errors: list[str] = []
+
+    def fake_run(cmd, check, capture_output, text):  # noqa: ANN001
+        assert cmd[:3] == ["git", "diff", "--name-only"]
+        assert check is True
+        assert capture_output is True
+        assert text is True
+        return SimpleNamespace(stdout="docs/ouroboros/85_loss_recovery_action_plan.md\nsrc/main.py\n")
+
+    monkeypatch.setattr(module.subprocess, "run", fake_run)
+    changed = module.load_changed_files(["abc...def"], errors)
+    assert errors == []
+    assert changed == [
+        "docs/ouroboros/85_loss_recovery_action_plan.md",
+        "src/main.py",
+    ]