fix: correct short-side tie-break semantics in triple barrier

docs/ouroboros/40_acceptance_and_test_plan.md

@@ -43,6 +43,11 @@ Updated: 2026-02-26
 - 기존 `tests/` 스위트 전량 실행
 - 신규 기능 플래그 ON/OFF 비교
 
+4. 구동/모니터링 검증 (필수)
+- 개발 완료 후 시스템을 실제 구동해 핵심 경로를 관찰
+- 필수 관찰 항목: 주문 차단 정책, Kill Switch 동작, 경보/예외 로그, 세션 전환 로그
+- Runtime Verifier 코멘트로 증적(실행 명령/요약 로그) 첨부
+
 ## 실행 명령
 
 ```bash
@@ -55,3 +60,4 @@ python3 scripts/validate_ouroboros_docs.py
 - 문서 검증 실패 시 구현 PR 병합 금지
 - `REQ-*` 변경 후 테스트 매핑 누락 시 병합 금지
 - 회귀 실패 시 원인 모듈 분리 후 재검증
+- 구동/모니터링 증적 누락 시 검증 승인 금지

docs/ouroboros/50_tpm_control_protocol.md

@@ -150,6 +150,10 @@ TPM 티켓 운영 규칙:
 - PR 본문에는 TPM이 지정한 우선순위와 범위가 그대로 반영되어야 한다.
 - 우선순위 변경은 TPM 제안 + Main Agent 승인으로만 가능하다.
 
+브랜치 운영 규칙:
+- TPM은 각 티켓에 대해 `ticket temp branch -> program feature branch` PR 경로를 지정한다.
+- 티켓 머지 대상은 항상 program feature branch이며, `main`은 최종 통합 단계에서만 사용한다.
+
 ## Runtime Verification Protocol
 
 - Runtime Verifier는 테스트 통과 이후 실제 동작(스테이징/실운영)을 모니터링한다.
@@ -159,12 +163,16 @@ TPM 티켓 운영 규칙:
 - 이슈 클로즈 규칙:
   - Dev 수정 완료 + Verifier 재검증 통과 + Runtime Verifier 재관측 정상
   - 최종 클로즈 승인자는 Main Agent
+- 개발 완료 필수 절차:
+  - 시스템 실제 구동(스테이징/로컬 실운영 모드) 실행
+  - 모니터링 체크리스트(핵심 경보/주문 경로/예외 로그) 수행
+  - 결과를 티켓/PR 코멘트에 증적으로 첨부하지 않으면 완료로 간주하지 않음
 
-## Server Reflection Rule (No-Merge by Default)
+## Server Reflection Rule
 
-- 서버 반영 기본 규칙은 `브랜치 푸시 + PR 생성/코멘트`까지로 제한한다.
-- 기본 흐름에서 검증 승인 후 자동/수동 머지 실행은 금지한다.
-- 예외는 사용자 명시 승인 시에만 허용되며, Main Agent가 예외 근거를 PR에 기록한다.
+- `ticket temp branch -> program feature branch` 머지는 검증 승인 후 자동/수동 진행 가능하다.
+- `program feature branch -> main` 머지는 사용자 명시 승인 시에만 허용한다.
+- Main 병합 시 Main Agent가 승인 근거를 PR 코멘트에 기록한다.
 
 ## Acceptance Matrix (PM Scenario -> Dev Tasks -> Verifier Checks)
 

docs/ouroboros/60_repo_enforcement_checklist.md

@@ -50,10 +50,12 @@ Updated: 2026-02-26
 - PR 본문에 `REQ-*`, `TASK-*`, `TEST-*` 매핑 표 존재
 - `src/core/risk_manager.py` 변경 없음
 - 주요 의사결정 체크포인트(DCP-01~04) 중 해당 단계 Main Agent 확인 기록 존재
+- 티켓 PR의 base가 `main`이 아닌 program feature branch인지 확인
 
 자동 점검:
 - 문서 검증 스크립트 통과
 - 테스트 통과
+- 개발 완료 시 시스템 구동/모니터링 증적 코멘트 존재
 
 ## 5) 감사 추적
 
@@ -87,8 +89,14 @@ Updated: 2026-02-26
 - `REPLAN-REQUEST`는 Main Agent 승인 전 \"제안\" 상태로 유지
 - 승인된 재계획은 `REQ/TASK/TEST` 문서를 동시 갱신해야 유효
 
-## 9) 서버 반영 규칙 (No-Merge by Default)
+## 9) 서버 반영 규칙
 
-- 서버 반영은 `브랜치 푸시 + PR 코멘트(리뷰/논의/검증승인)`까지를 기본으로 한다.
-- 기본 규칙에서 `tea pulls merge` 실행은 금지한다.
-- 사용자 명시 승인 시에만 예외적으로 머지를 허용한다(예외 근거를 PR 코멘트에 기록).
+- 티켓 PR(`feature/issue-* -> feature/{stream}`)은 검증 승인 후 머지 가능하다.
+- 최종 통합 PR(`feature/{stream} -> main`)은 사용자 명시 승인 전 `tea pulls merge` 실행 금지.
+- Main 병합 시 승인 근거 코멘트 필수.
+
+## 10) 최종 main 병합 조건
+
+- 모든 티켓이 program feature branch로 병합 완료
+- Runtime Verifier의 구동/모니터링 검증 완료
+- 사용자 최종 승인 코멘트 확인 후에만 `feature -> main` PR 머지 허용

docs/workflow.md

@@ -5,14 +5,24 @@
 **CRITICAL: All code changes MUST follow this workflow. Direct pushes to `main` are ABSOLUTELY PROHIBITED.**
 
 1. **Create Gitea Issue First** — All features, bug fixes, and policy changes require a Gitea issue before any code is written
-2. **Create Feature Branch** — Branch from `main` using format `feature/issue-{N}-{short-description}`
-   - After creating the branch, run `git pull origin main` and rebase to ensure the branch is up to date
-3. **Implement Changes** — Write code, tests, and documentation on the feature branch
-4. **Create Pull Request** — Submit PR to `main` branch referencing the issue number
-5. **Review & Merge** — After approval, merge via PR (squash or merge commit)
+2. **Create Program Feature Branch** — Branch from `main` for the whole development stream
+   - Format: `feature/{epic-or-stream-name}`
+3. **Create Ticket Temp Branch** — Branch from the program feature branch per ticket
+   - Format: `feature/issue-{N}-{short-description}`
+4. **Implement Per Ticket** — Write code, tests, and documentation on the ticket temp branch
+5. **Create Pull Request to Program Feature Branch** — `feature/issue-N-* -> feature/{stream}`
+6. **Review/Verify and Merge into Program Feature Branch** — user approval not required
+7. **Final Integration PR to main** — Only after all ticket stages complete and explicit user approval
 
 **Never commit directly to `main`.** This policy applies to all changes, no exceptions.
 
+## Branch Strategy (Mandatory)
+
+- Team operation default branch is the **program feature branch**, not `main`.
+- Ticket-level development happens only on **ticket temp branches** cut from the program feature branch.
+- Ticket PR merges into program feature branch are allowed after verifier approval.
+- Until final user sign-off, `main` merge is prohibited.
+
 ## Gitea CLI Formatting Troubleshooting
 
 Issue/PR 본문 작성 시 줄바꿈(`\n`)이 문자열 그대로 저장되는 문제가 반복될 수 있다. 원인은 `-d "...\n..."` 형태에서 쉘/CLI가 이스케이프를 실제 개행으로 해석하지 않기 때문이다.

src/analysis/triple_barrier.py

@@ -0,0 +1,111 @@
+"""Triple barrier labeler utilities.
+
+Implements first-touch labeling with upper/lower/time barriers.
+"""
+
+from __future__ import annotations
+
+from dataclasses import dataclass
+from typing import Literal, Sequence
+
+
+TieBreakMode = Literal["stop_first", "take_first"]
+
+
+@dataclass(frozen=True)
+class TripleBarrierSpec:
+    take_profit_pct: float
+    stop_loss_pct: float
+    max_holding_bars: int
+    tie_break: TieBreakMode = "stop_first"
+
+
+@dataclass(frozen=True)
+class TripleBarrierLabel:
+    label: int  # +1 take-profit first, -1 stop-loss first, 0 timeout
+    touched: Literal["take_profit", "stop_loss", "time"]
+    touch_bar: int
+    entry_price: float
+    upper_barrier: float
+    lower_barrier: float
+
+
+def label_with_triple_barrier(
+    *,
+    highs: Sequence[float],
+    lows: Sequence[float],
+    closes: Sequence[float],
+    entry_index: int,
+    side: int,
+    spec: TripleBarrierSpec,
+) -> TripleBarrierLabel:
+    """Label one entry using triple-barrier first-touch rule.
+
+    Args:
+        highs/lows/closes: OHLC components with identical length.
+        entry_index: Entry bar index in the sequences.
+        side: +1 for long, -1 for short.
+        spec: Barrier specification.
+    """
+    if side not in {1, -1}:
+        raise ValueError("side must be +1 or -1")
+    if len(highs) != len(lows) or len(highs) != len(closes):
+        raise ValueError("highs, lows, closes lengths must match")
+    if entry_index < 0 or entry_index >= len(closes):
+        raise IndexError("entry_index out of range")
+    if spec.max_holding_bars <= 0:
+        raise ValueError("max_holding_bars must be positive")
+
+    entry_price = float(closes[entry_index])
+    if entry_price <= 0:
+        raise ValueError("entry price must be positive")
+
+    if side == 1:
+        upper = entry_price * (1.0 + spec.take_profit_pct)
+        lower = entry_price * (1.0 - spec.stop_loss_pct)
+    else:
+        # For short side, favorable move is down.
+        upper = entry_price * (1.0 + spec.stop_loss_pct)
+        lower = entry_price * (1.0 - spec.take_profit_pct)
+
+    last_index = min(len(closes) - 1, entry_index + spec.max_holding_bars)
+    for idx in range(entry_index + 1, last_index + 1):
+        h = float(highs[idx])
+        l = float(lows[idx])
+
+        up_touch = h >= upper
+        down_touch = l <= lower
+        if not up_touch and not down_touch:
+            continue
+
+        if up_touch and down_touch:
+            if spec.tie_break == "stop_first":
+                touched = "stop_loss"
+                label = -1
+            else:
+                touched = "take_profit"
+                label = 1
+        elif up_touch:
+            touched = "take_profit" if side == 1 else "stop_loss"
+            label = 1 if side == 1 else -1
+        else:
+            touched = "stop_loss" if side == 1 else "take_profit"
+            label = -1 if side == 1 else 1
+
+        return TripleBarrierLabel(
+            label=label,
+            touched=touched,
+            touch_bar=idx,
+            entry_price=entry_price,
+            upper_barrier=upper,
+            lower_barrier=lower,
+        )
+
+    return TripleBarrierLabel(
+        label=0,
+        touched="time",
+        touch_bar=last_index,
+        entry_price=entry_price,
+        upper_barrier=upper,
+        lower_barrier=lower,
+    )

src/config.py

@@ -64,6 +64,9 @@ class Settings(BaseSettings):
     TRADE_MODE: str = Field(default="daily", pattern="^(daily|realtime)$")
     DAILY_SESSIONS: int = Field(default=4, ge=1, le=10)
     SESSION_INTERVAL_HOURS: int = Field(default=6, ge=1, le=24)
+    ORDER_BLACKOUT_ENABLED: bool = True
+    ORDER_BLACKOUT_WINDOWS_KST: str = "23:30-00:10"
+    ORDER_BLACKOUT_QUEUE_MAX: int = Field(default=500, ge=10, le=5000)
 
     # Pre-Market Planner
     PRE_MARKET_MINUTES: int = Field(default=30, ge=10, le=120)

src/core/blackout_manager.py

@@ -0,0 +1,105 @@
+"""Blackout policy and queued order-intent manager."""
+
+from __future__ import annotations
+
+from collections import deque
+from dataclasses import dataclass
+from datetime import UTC, datetime, time
+from zoneinfo import ZoneInfo
+
+
+@dataclass(frozen=True)
+class BlackoutWindow:
+    start: time
+    end: time
+
+    def contains(self, kst_time: time) -> bool:
+        if self.start <= self.end:
+            return self.start <= kst_time < self.end
+        return kst_time >= self.start or kst_time < self.end
+
+
+@dataclass
+class QueuedOrderIntent:
+    market_code: str
+    exchange_code: str
+    stock_code: str
+    order_type: str
+    quantity: int
+    price: float
+    source: str
+    queued_at: datetime
+    attempts: int = 0
+
+
+def parse_blackout_windows_kst(raw: str) -> list[BlackoutWindow]:
+    """Parse comma-separated KST windows like '23:30-00:10,11:20-11:30'."""
+    windows: list[BlackoutWindow] = []
+    for token in raw.split(","):
+        span = token.strip()
+        if not span or "-" not in span:
+            continue
+        start_raw, end_raw = [part.strip() for part in span.split("-", 1)]
+        try:
+            start_h, start_m = [int(v) for v in start_raw.split(":", 1)]
+            end_h, end_m = [int(v) for v in end_raw.split(":", 1)]
+        except (ValueError, TypeError):
+            continue
+        if not (0 <= start_h <= 23 and 0 <= end_h <= 23):
+            continue
+        if not (0 <= start_m <= 59 and 0 <= end_m <= 59):
+            continue
+        windows.append(BlackoutWindow(start=time(start_h, start_m), end=time(end_h, end_m)))
+    return windows
+
+
+class BlackoutOrderManager:
+    """Tracks blackout mode and queues order intents until recovery."""
+
+    def __init__(
+        self,
+        *,
+        enabled: bool,
+        windows: list[BlackoutWindow],
+        max_queue_size: int = 500,
+    ) -> None:
+        self.enabled = enabled
+        self._windows = windows
+        self._queue: deque[QueuedOrderIntent] = deque()
+        self._was_blackout = False
+        self._max_queue_size = max_queue_size
+
+    @property
+    def pending_count(self) -> int:
+        return len(self._queue)
+
+    def in_blackout(self, now: datetime | None = None) -> bool:
+        if not self.enabled or not self._windows:
+            return False
+        now = now or datetime.now(UTC)
+        kst_now = now.astimezone(ZoneInfo("Asia/Seoul")).timetz().replace(tzinfo=None)
+        return any(window.contains(kst_now) for window in self._windows)
+
+    def enqueue(self, intent: QueuedOrderIntent) -> bool:
+        if len(self._queue) >= self._max_queue_size:
+            return False
+        self._queue.append(intent)
+        return True
+
+    def pop_recovery_batch(self, now: datetime | None = None) -> list[QueuedOrderIntent]:
+        in_blackout_now = self.in_blackout(now)
+        batch: list[QueuedOrderIntent] = []
+        if not in_blackout_now and self._queue:
+            while self._queue:
+                batch.append(self._queue.popleft())
+        self._was_blackout = in_blackout_now
+        return batch
+
+    def requeue(self, intent: QueuedOrderIntent) -> None:
+        if len(self._queue) < self._max_queue_size:
+            self._queue.append(intent)
+
+    def clear(self) -> int:
+        count = len(self._queue)
+        self._queue.clear()
+        return count

src/core/order_policy.py

@@ -0,0 +1,93 @@
+"""Session-aware order policy guards.
+
+Default policy:
+- Low-liquidity sessions must reject market orders (price <= 0).
+"""
+
+from __future__ import annotations
+
+from dataclasses import dataclass
+from datetime import UTC, datetime, time
+from zoneinfo import ZoneInfo
+
+from src.markets.schedule import MarketInfo
+
+_LOW_LIQUIDITY_SESSIONS = {"NXT_AFTER", "US_PRE", "US_DAY", "US_AFTER"}
+
+
+class OrderPolicyRejected(Exception):
+    """Raised when an order violates session policy."""
+
+    def __init__(self, message: str, *, session_id: str, market_code: str) -> None:
+        super().__init__(message)
+        self.session_id = session_id
+        self.market_code = market_code
+
+
+@dataclass(frozen=True)
+class SessionInfo:
+    session_id: str
+    is_low_liquidity: bool
+
+
+def classify_session_id(market: MarketInfo, now: datetime | None = None) -> str:
+    """Classify current session by KST schedule used in v3 docs."""
+    now = now or datetime.now(UTC)
+    # v3 session tables are explicitly defined in KST perspective.
+    kst_time = now.astimezone(ZoneInfo("Asia/Seoul")).timetz().replace(tzinfo=None)
+
+    if market.code == "KR":
+        if time(8, 0) <= kst_time < time(8, 50):
+            return "NXT_PRE"
+        if time(9, 0) <= kst_time < time(15, 30):
+            return "KRX_REG"
+        if time(15, 30) <= kst_time < time(20, 0):
+            return "NXT_AFTER"
+        return "KR_OFF"
+
+    if market.code.startswith("US"):
+        if time(10, 0) <= kst_time < time(18, 0):
+            return "US_DAY"
+        if time(18, 0) <= kst_time < time(23, 30):
+            return "US_PRE"
+        if time(23, 30) <= kst_time or kst_time < time(6, 0):
+            return "US_REG"
+        if time(6, 0) <= kst_time < time(7, 0):
+            return "US_AFTER"
+        return "US_OFF"
+
+    return "GENERIC_REG"
+
+
+def get_session_info(market: MarketInfo, now: datetime | None = None) -> SessionInfo:
+    session_id = classify_session_id(market, now)
+    return SessionInfo(session_id=session_id, is_low_liquidity=session_id in _LOW_LIQUIDITY_SESSIONS)
+
+
+def validate_order_policy(
+    *,
+    market: MarketInfo,
+    order_type: str,
+    price: float,
+    now: datetime | None = None,
+) -> SessionInfo:
+    """Validate order against session policy and return resolved session info."""
+    info = get_session_info(market, now)
+
+    is_market_order = price <= 0
+    if info.is_low_liquidity and is_market_order:
+        raise OrderPolicyRejected(
+            f"Market order is forbidden in low-liquidity session ({info.session_id})",
+            session_id=info.session_id,
+            market_code=market.code,
+        )
+
+    # Guard against accidental unsupported actions.
+    if order_type not in {"BUY", "SELL"}:
+        raise OrderPolicyRejected(
+            f"Unsupported order_type={order_type}",
+            session_id=info.session_id,
+            market_code=market.code,
+        )
+
+    return info

src/main.py

@@ -27,7 +27,13 @@ from src.context.layer import ContextLayer
 from src.context.scheduler import ContextScheduler
 from src.context.store import ContextStore
 from src.core.criticality import CriticalityAssessor
+from src.core.blackout_manager import (
+    BlackoutOrderManager,
+    QueuedOrderIntent,
+    parse_blackout_windows_kst,
+)
 from src.core.kill_switch import KillSwitchOrchestrator
+from src.core.order_policy import OrderPolicyRejected, validate_order_policy
 from src.core.priority_queue import PriorityTaskQueue
 from src.core.risk_manager import CircuitBreakerTripped, FatFingerRejected, RiskManager
 from src.db import (
@@ -52,6 +58,11 @@ from src.strategy.scenario_engine import ScenarioEngine
 
 logger = logging.getLogger(__name__)
 KILL_SWITCH = KillSwitchOrchestrator()
+BLACKOUT_ORDER_MANAGER = BlackoutOrderManager(
+    enabled=False,
+    windows=[],
+    max_queue_size=500,
+)
 
 
 def safe_float(value: str | float | None, default: float = 0.0) -> float:
@@ -460,6 +471,352 @@ async def build_overseas_symbol_universe(
     return ordered_unique
 
 
+def _build_queued_order_intent(
+    *,
+    market: MarketInfo,
+    stock_code: str,
+    order_type: str,
+    quantity: int,
+    price: float,
+    source: str,
+) -> QueuedOrderIntent:
+    return QueuedOrderIntent(
+        market_code=market.code,
+        exchange_code=market.exchange_code,
+        stock_code=stock_code,
+        order_type=order_type,
+        quantity=quantity,
+        price=price,
+        source=source,
+        queued_at=datetime.now(UTC),
+    )
+
+
+def _maybe_queue_order_intent(
+    *,
+    market: MarketInfo,
+    stock_code: str,
+    order_type: str,
+    quantity: int,
+    price: float,
+    source: str,
+) -> bool:
+    if not BLACKOUT_ORDER_MANAGER.in_blackout():
+        return False
+
+    queued = BLACKOUT_ORDER_MANAGER.enqueue(
+        _build_queued_order_intent(
+            market=market,
+            stock_code=stock_code,
+            order_type=order_type,
+            quantity=quantity,
+            price=price,
+            source=source,
+        )
+    )
+    if queued:
+        logger.warning(
+            "Blackout active: queued order intent %s %s (%s) qty=%d price=%.4f source=%s pending=%d",
+            order_type,
+            stock_code,
+            market.code,
+            quantity,
+            price,
+            source,
+            BLACKOUT_ORDER_MANAGER.pending_count,
+        )
+    else:
+        logger.error(
+            "Blackout queue full: dropped order intent %s %s (%s) qty=%d source=%s",
+            order_type,
+            stock_code,
+            market.code,
+            quantity,
+            source,
+        )
+    return True
+
+
+async def process_blackout_recovery_orders(
+    *,
+    broker: KISBroker,
+    overseas_broker: OverseasBroker,
+    db_conn: Any,
+) -> None:
+    intents = BLACKOUT_ORDER_MANAGER.pop_recovery_batch()
+    if not intents:
+        return
+
+    logger.info(
+        "Blackout recovery started: processing %d queued intents",
+        len(intents),
+    )
+    for intent in intents:
+        market = MARKETS.get(intent.market_code)
+        if market is None:
+            continue
+
+        open_position = get_open_position(db_conn, intent.stock_code, market.code)
+        if intent.order_type == "BUY" and open_position is not None:
+            logger.info(
+                "Drop stale queued BUY %s (%s): position already open",
+                intent.stock_code,
+                market.code,
+            )
+            continue
+        if intent.order_type == "SELL" and open_position is None:
+            logger.info(
+                "Drop stale queued SELL %s (%s): no open position",
+                intent.stock_code,
+                market.code,
+            )
+            continue
+
+        try:
+            validate_order_policy(
+                market=market,
+                order_type=intent.order_type,
+                price=float(intent.price),
+            )
+            if market.is_domestic:
+                result = await broker.send_order(
+                    stock_code=intent.stock_code,
+                    order_type=intent.order_type,
+                    quantity=intent.quantity,
+                    price=intent.price,
+                )
+            else:
+                result = await overseas_broker.send_overseas_order(
+                    exchange_code=market.exchange_code,
+                    stock_code=intent.stock_code,
+                    order_type=intent.order_type,
+                    quantity=intent.quantity,
+                    price=intent.price,
+                )
+
+            accepted = result.get("rt_cd", "0") == "0"
+            if accepted:
+                logger.info(
+                    "Recovered queued order executed: %s %s (%s) qty=%d price=%.4f source=%s",
+                    intent.order_type,
+                    intent.stock_code,
+                    market.code,
+                    intent.quantity,
+                    intent.price,
+                    intent.source,
+                )
+                continue
+            logger.warning(
+                "Recovered queued order rejected: %s %s (%s) qty=%d msg=%s",
+                intent.order_type,
+                intent.stock_code,
+                market.code,
+                intent.quantity,
+                result.get("msg1"),
+            )
+        except Exception as exc:
+            if isinstance(exc, OrderPolicyRejected):
+                logger.info(
+                    "Drop queued intent by policy: %s %s (%s): %s",
+                    intent.order_type,
+                    intent.stock_code,
+                    market.code,
+                    exc,
+                )
+                continue
+            logger.warning(
+                "Recovered queued order failed: %s %s (%s): %s",
+                intent.order_type,
+                intent.stock_code,
+                market.code,
+                exc,
+            )
+            if intent.attempts < 2:
+                intent.attempts += 1
+                BLACKOUT_ORDER_MANAGER.requeue(intent)
+
+
+def _resolve_kill_switch_markets(
+    *,
+    settings: Settings | None,
+    current_market: MarketInfo | None,
+) -> list[MarketInfo]:
+    if settings is not None:
+        markets: list[MarketInfo] = []
+        seen: set[str] = set()
+        for market_code in settings.enabled_market_list:
+            market = MARKETS.get(market_code)
+            if market is None or market.code in seen:
+                continue
+            markets.append(market)
+            seen.add(market.code)
+        if markets:
+            return markets
+    if current_market is not None:
+        return [current_market]
+    return []
+
+
+async def _cancel_pending_orders_for_kill_switch(
+    *,
+    broker: KISBroker,
+    overseas_broker: OverseasBroker,
+    markets: list[MarketInfo],
+) -> None:
+    failures: list[str] = []
+    domestic = [m for m in markets if m.is_domestic]
+    overseas = [m for m in markets if not m.is_domestic]
+
+    if domestic:
+        try:
+            orders = await broker.get_domestic_pending_orders()
+        except Exception as exc:
+            logger.warning("KillSwitch: failed to fetch domestic pending orders: %s", exc)
+            orders = []
+        for order in orders:
+            stock_code = str(order.get("pdno", ""))
+            try:
+                orgn_odno = order.get("orgn_odno", "")
+                krx_fwdg_ord_orgno = order.get("ord_gno_brno", "")
+                psbl_qty = int(order.get("psbl_qty", "0") or "0")
+                if not stock_code or not orgn_odno or psbl_qty <= 0:
+                    continue
+                cancel_result = await broker.cancel_domestic_order(
+                    stock_code=stock_code,
+                    orgn_odno=orgn_odno,
+                    krx_fwdg_ord_orgno=krx_fwdg_ord_orgno,
+                    qty=psbl_qty,
+                )
+                if cancel_result.get("rt_cd") != "0":
+                    failures.append(
+                        "domestic cancel failed for"
+                        f" {stock_code}: rt_cd={cancel_result.get('rt_cd')}"
+                        f" msg={cancel_result.get('msg1')}"
+                    )
+            except Exception as exc:
+                logger.warning("KillSwitch: domestic cancel failed: %s", exc)
+                failures.append(f"domestic cancel exception for {stock_code}: {exc}")
+
+    us_exchanges = frozenset({"NASD", "NYSE", "AMEX"})
+    exchange_codes: list[str] = []
+    seen_us = False
+    for market in overseas:
+        exc_code = market.exchange_code
+        if exc_code in us_exchanges:
+            if not seen_us:
+                exchange_codes.append("NASD")
+                seen_us = True
+        elif exc_code not in exchange_codes:
+            exchange_codes.append(exc_code)
+
+    for exchange_code in exchange_codes:
+        try:
+            orders = await overseas_broker.get_overseas_pending_orders(exchange_code)
+        except Exception as exc:
+            logger.warning(
+                "KillSwitch: failed to fetch overseas pending orders for %s: %s",
+                exchange_code,
+                exc,
+            )
+            continue
+        for order in orders:
+            stock_code = str(order.get("pdno", ""))
+            order_exchange = str(order.get("ovrs_excg_cd") or exchange_code)
+            try:
+                odno = order.get("odno", "")
+                nccs_qty = int(order.get("nccs_qty", "0") or "0")
+                if not stock_code or not odno or nccs_qty <= 0:
+                    continue
+                cancel_result = await overseas_broker.cancel_overseas_order(
+                    exchange_code=order_exchange,
+                    stock_code=stock_code,
+                    odno=odno,
+                    qty=nccs_qty,
+                )
+                if cancel_result.get("rt_cd") != "0":
+                    failures.append(
+                        "overseas cancel failed for"
+                        f" {order_exchange}/{stock_code}: rt_cd={cancel_result.get('rt_cd')}"
+                        f" msg={cancel_result.get('msg1')}"
+                    )
+            except Exception as exc:
+                logger.warning("KillSwitch: overseas cancel failed: %s", exc)
+                failures.append(
+                    f"overseas cancel exception for {order_exchange}/{stock_code}: {exc}"
+                )
+
+    if failures:
+        raise RuntimeError("; ".join(failures[:3]))
+
+
+async def _refresh_order_state_for_kill_switch(
+    *,
+    broker: KISBroker,
+    overseas_broker: OverseasBroker,
+    markets: list[MarketInfo],
+) -> None:
+    seen_overseas: set[str] = set()
+    for market in markets:
+        try:
+            if market.is_domestic:
+                await broker.get_balance()
+            elif market.exchange_code not in seen_overseas:
+                seen_overseas.add(market.exchange_code)
+                await overseas_broker.get_overseas_balance(market.exchange_code)
+        except Exception as exc:
+            logger.warning(
+                "KillSwitch: refresh state failed for %s/%s: %s",
+                market.code,
+                market.exchange_code,
+                exc,
+            )
+
+
+def _reduce_risk_for_kill_switch() -> None:
+    dropped = BLACKOUT_ORDER_MANAGER.clear()
+    logger.critical("KillSwitch: reduced queued order risk by clearing %d queued intents", dropped)
+
+
+async def _trigger_emergency_kill_switch(
+    *,
+    reason: str,
+    broker: KISBroker,
+    overseas_broker: OverseasBroker,
+    telegram: TelegramClient,
+    settings: Settings | None,
+    current_market: MarketInfo | None,
+    stock_code: str,
+    pnl_pct: float,
+    threshold: float,
+) -> Any:
+    markets = _resolve_kill_switch_markets(settings=settings, current_market=current_market)
+    return await KILL_SWITCH.trigger(
+        reason=reason,
+        cancel_pending_orders=lambda: _cancel_pending_orders_for_kill_switch(
+            broker=broker,
+            overseas_broker=overseas_broker,
+            markets=markets,
+        ),
+        refresh_order_state=lambda: _refresh_order_state_for_kill_switch(
+            broker=broker,
+            overseas_broker=overseas_broker,
+            markets=markets,
+        ),
+        reduce_risk=_reduce_risk_for_kill_switch,
+        snapshot_state=lambda: logger.critical(
+            "KillSwitch snapshot %s/%s pnl=%.2f threshold=%.2f",
+            current_market.code if current_market else "UNKNOWN",
+            stock_code,
+            pnl_pct,
+            threshold,
+        ),
+        notify=lambda: telegram.notify_circuit_breaker(
+            pnl_pct=pnl_pct,
+            threshold=threshold,
+        ),
+    )
+
+
 async def trading_cycle(
     broker: KISBroker,
     overseas_broker: OverseasBroker,
@@ -975,15 +1332,16 @@ async def trading_cycle(
                 logger.warning("Fat finger notification failed: %s", notify_exc)
             raise  # Re-raise to prevent trade
         except CircuitBreakerTripped as exc:
-            ks_report = await KILL_SWITCH.trigger(
+            ks_report = await _trigger_emergency_kill_switch(
                 reason=f"circuit_breaker:{market.code}:{stock_code}:{exc.pnl_pct:.2f}",
-                snapshot_state=lambda: logger.critical(
-                    "KillSwitch snapshot %s/%s pnl=%.2f threshold=%.2f",
-                    market.code,
-                    stock_code,
-                    exc.pnl_pct,
-                    exc.threshold,
-                ),
+                broker=broker,
+                overseas_broker=overseas_broker,
+                telegram=telegram,
+                settings=settings,
+                current_market=market,
+                stock_code=stock_code,
+                pnl_pct=exc.pnl_pct,
+                threshold=exc.threshold,
             )
             if ks_report.errors:
                 logger.critical(
@@ -1005,6 +1363,31 @@ async def trading_cycle(
                 order_price = kr_round_down(current_price * 1.002)
             else:
                 order_price = kr_round_down(current_price * 0.998)
+            try:
+                validate_order_policy(
+                    market=market,
+                    order_type=decision.action,
+                    price=float(order_price),
+                )
+            except OrderPolicyRejected as exc:
+                logger.warning(
+                    "Order policy rejected %s %s (%s): %s [session=%s]",
+                    decision.action,
+                    stock_code,
+                    market.name,
+                    exc,
+                    exc.session_id,
+                )
+                return
+            if _maybe_queue_order_intent(
+                market=market,
+                stock_code=stock_code,
+                order_type=decision.action,
+                quantity=quantity,
+                price=float(order_price),
+                source="trading_cycle",
+            ):
+                return
             result = await broker.send_order(
                 stock_code=stock_code,
                 order_type=decision.action,
@@ -1027,6 +1410,31 @@ async def trading_cycle(
                 overseas_price = round(current_price * 1.002, _price_decimals)
             else:
                 overseas_price = round(current_price * 0.998, _price_decimals)
+            try:
+                validate_order_policy(
+                    market=market,
+                    order_type=decision.action,
+                    price=float(overseas_price),
+                )
+            except OrderPolicyRejected as exc:
+                logger.warning(
+                    "Order policy rejected %s %s (%s): %s [session=%s]",
+                    decision.action,
+                    stock_code,
+                    market.name,
+                    exc,
+                    exc.session_id,
+                )
+                return
+            if _maybe_queue_order_intent(
+                market=market,
+                stock_code=stock_code,
+                order_type=decision.action,
+                quantity=quantity,
+                price=float(overseas_price),
+                source="trading_cycle",
+            ):
+                return
             result = await overseas_broker.send_overseas_order(
                 exchange_code=market.exchange_code,
                 stock_code=stock_code,
@@ -1271,6 +1679,11 @@ async def handle_domestic_pending_orders(
                                 f"Invalid price ({last_price}) for {stock_code}"
                             )
                         new_price = kr_round_down(last_price * 0.996)
+                        validate_order_policy(
+                            market=MARKETS["KR"],
+                            order_type="SELL",
+                            price=float(new_price),
+                        )
                         await broker.send_order(
                             stock_code=stock_code,
                             order_type="SELL",
@@ -1444,6 +1857,19 @@ async def handle_overseas_pending_orders(
                                     f"Invalid price ({last_price}) for {stock_code}"
                                 )
                             new_price = round(last_price * 0.996, 4)
+                            market_info = next(
+                                (
+                                    m for m in MARKETS.values()
+                                    if m.exchange_code == order_exchange and not m.is_domestic
+                                ),
+                                None,
+                            )
+                            if market_info is not None:
+                                validate_order_policy(
+                                    market=market_info,
+                                    order_type="SELL",
+                                    price=float(new_price),
+                                )
                             await overseas_broker.send_overseas_order(
                                 exchange_code=order_exchange,
                                 stock_code=stock_code,
@@ -1532,6 +1958,11 @@ async def run_daily_session(
 
     # Process each open market
     for market in open_markets:
+        await process_blackout_recovery_orders(
+            broker=broker,
+            overseas_broker=overseas_broker,
+            db_conn=db_conn,
+        )
         # Use market-local date for playbook keying
         market_today = datetime.now(market.timezone).date()
 
@@ -1969,26 +2400,18 @@ async def run_daily_session(
                         logger.warning("Fat finger notification failed: %s", notify_exc)
                     continue  # Skip this order
                 except CircuitBreakerTripped as exc:
-                    ks_report = await KILL_SWITCH.trigger(
+                    ks_report = await _trigger_emergency_kill_switch(
                         reason=f"daily_circuit_breaker:{market.code}:{stock_code}:{exc.pnl_pct:.2f}",
-                        snapshot_state=lambda: logger.critical(
-                            "Daily KillSwitch snapshot %s/%s pnl=%.2f threshold=%.2f",
-                            market.code,
-                            stock_code,
-                            exc.pnl_pct,
-                            exc.threshold,
-                        ),
-                    )
-                    logger.critical("Circuit breaker tripped — stopping session")
-                    try:
-                        await telegram.notify_circuit_breaker(
+                        broker=broker,
+                        overseas_broker=overseas_broker,
+                        telegram=telegram,
+                        settings=settings,
+                        current_market=market,
+                        stock_code=stock_code,
                         pnl_pct=exc.pnl_pct,
                         threshold=exc.threshold,
                     )
-                    except Exception as notify_exc:
-                        logger.warning(
-                            "Circuit breaker notification failed: %s", notify_exc
-                        )
+                    logger.critical("Circuit breaker tripped — stopping session")
                     if ks_report.errors:
                         logger.critical(
                             "Daily KillSwitch step errors for %s/%s: %s",
@@ -2012,6 +2435,31 @@ async def run_daily_session(
                             order_price = kr_round_down(
                                 stock_data["current_price"] * 0.998
                             )
+                        try:
+                            validate_order_policy(
+                                market=market,
+                                order_type=decision.action,
+                                price=float(order_price),
+                            )
+                        except OrderPolicyRejected as exc:
+                            logger.warning(
+                                "Order policy rejected %s %s (%s): %s [session=%s]",
+                                decision.action,
+                                stock_code,
+                                market.name,
+                                exc,
+                                exc.session_id,
+                            )
+                            continue
+                        if _maybe_queue_order_intent(
+                            market=market,
+                            stock_code=stock_code,
+                            order_type=decision.action,
+                            quantity=quantity,
+                            price=float(order_price),
+                            source="run_daily_session",
+                        ):
+                            continue
                         result = await broker.send_order(
                             stock_code=stock_code,
                             order_type=decision.action,
@@ -2024,6 +2472,31 @@ async def run_daily_session(
                             order_price = round(stock_data["current_price"] * 1.005, 4)
                         else:
                             order_price = stock_data["current_price"]
+                        try:
+                            validate_order_policy(
+                                market=market,
+                                order_type=decision.action,
+                                price=float(order_price),
+                            )
+                        except OrderPolicyRejected as exc:
+                            logger.warning(
+                                "Order policy rejected %s %s (%s): %s [session=%s]",
+                                decision.action,
+                                stock_code,
+                                market.name,
+                                exc,
+                                exc.session_id,
+                            )
+                            continue
+                        if _maybe_queue_order_intent(
+                            market=market,
+                            stock_code=stock_code,
+                            order_type=decision.action,
+                            quantity=quantity,
+                            price=float(order_price),
+                            source="run_daily_session",
+                        ):
+                            continue
                         result = await overseas_broker.send_overseas_order(
                             exchange_code=market.exchange_code,
                             stock_code=stock_code,
@@ -2262,6 +2735,19 @@ def _apply_dashboard_flag(settings: Settings, dashboard_flag: bool) -> Settings:
 
 async def run(settings: Settings) -> None:
     """Main async loop — iterate over open markets on a timer."""
+    global BLACKOUT_ORDER_MANAGER
+    BLACKOUT_ORDER_MANAGER = BlackoutOrderManager(
+        enabled=settings.ORDER_BLACKOUT_ENABLED,
+        windows=parse_blackout_windows_kst(settings.ORDER_BLACKOUT_WINDOWS_KST),
+        max_queue_size=settings.ORDER_BLACKOUT_QUEUE_MAX,
+    )
+    logger.info(
+        "Blackout manager initialized: enabled=%s windows=%s queue_max=%d",
+        settings.ORDER_BLACKOUT_ENABLED,
+        settings.ORDER_BLACKOUT_WINDOWS_KST,
+        settings.ORDER_BLACKOUT_QUEUE_MAX,
+    )
+
     broker = KISBroker(settings)
     overseas_broker = OverseasBroker(broker)
     brain = GeminiClient(settings)
@@ -2861,6 +3347,12 @@ async def run(settings: Settings) -> None:
                     if shutdown.is_set():
                         break
 
+                    await process_blackout_recovery_orders(
+                        broker=broker,
+                        overseas_broker=overseas_broker,
+                        db_conn=db_conn,
+                    )
+
                     # Notify market open if it just opened
                     if not _market_states.get(market.code, False):
                         try:

tests/test_blackout_manager.py

@@ -0,0 +1,81 @@
+from __future__ import annotations
+
+from datetime import UTC, datetime
+
+from src.core.blackout_manager import (
+    BlackoutOrderManager,
+    QueuedOrderIntent,
+    parse_blackout_windows_kst,
+)
+
+
+def test_parse_blackout_windows_kst() -> None:
+    windows = parse_blackout_windows_kst("23:30-00:10,11:20-11:30,invalid")
+    assert len(windows) == 2
+
+
+def test_blackout_manager_handles_cross_midnight_window() -> None:
+    manager = BlackoutOrderManager(
+        enabled=True,
+        windows=parse_blackout_windows_kst("23:30-00:10"),
+        max_queue_size=10,
+    )
+    # 2026-01-01 23:40 KST = 2026-01-01 14:40 UTC
+    assert manager.in_blackout(datetime(2026, 1, 1, 14, 40, tzinfo=UTC))
+    # 2026-01-02 00:20 KST = 2026-01-01 15:20 UTC
+    assert not manager.in_blackout(datetime(2026, 1, 1, 15, 20, tzinfo=UTC))
+
+
+def test_recovery_batch_only_after_blackout_exit() -> None:
+    manager = BlackoutOrderManager(
+        enabled=True,
+        windows=parse_blackout_windows_kst("23:30-00:10"),
+        max_queue_size=10,
+    )
+    intent = QueuedOrderIntent(
+        market_code="KR",
+        exchange_code="KRX",
+        stock_code="005930",
+        order_type="BUY",
+        quantity=1,
+        price=100.0,
+        source="test",
+        queued_at=datetime.now(UTC),
+    )
+    assert manager.enqueue(intent)
+
+    # Inside blackout: no pop yet
+    inside_blackout = datetime(2026, 1, 1, 14, 40, tzinfo=UTC)
+    assert manager.pop_recovery_batch(inside_blackout) == []
+
+    # Outside blackout: pop full batch once
+    outside_blackout = datetime(2026, 1, 1, 15, 20, tzinfo=UTC)
+    batch = manager.pop_recovery_batch(outside_blackout)
+    assert len(batch) == 1
+    assert manager.pending_count == 0
+
+
+def test_requeued_intent_is_processed_next_non_blackout_cycle() -> None:
+    manager = BlackoutOrderManager(
+        enabled=True,
+        windows=parse_blackout_windows_kst("23:30-00:10"),
+        max_queue_size=10,
+    )
+    intent = QueuedOrderIntent(
+        market_code="KR",
+        exchange_code="KRX",
+        stock_code="005930",
+        order_type="BUY",
+        quantity=1,
+        price=100.0,
+        source="test",
+        queued_at=datetime.now(UTC),
+    )
+    manager.enqueue(intent)
+    outside_blackout = datetime(2026, 1, 1, 15, 20, tzinfo=UTC)
+    first_batch = manager.pop_recovery_batch(outside_blackout)
+    assert len(first_batch) == 1
+
+    manager.requeue(first_batch[0])
+    second_batch = manager.pop_recovery_batch(outside_blackout)
+    assert len(second_batch) == 1

tests/test_main.py

@@ -8,12 +8,14 @@ import pytest
 from src.config import Settings
 from src.context.layer import ContextLayer
 from src.context.scheduler import ScheduleResult
+from src.core.order_policy import OrderPolicyRejected
 from src.core.risk_manager import CircuitBreakerTripped, FatFingerRejected
 from src.db import init_db, log_trade
 from src.evolution.scorecard import DailyScorecard
 from src.logging.decision_logger import DecisionLogger
 from src.main import (
     KILL_SWITCH,
+    _trigger_emergency_kill_switch,
     _apply_dashboard_flag,
     _determine_order_quantity,
     _extract_avg_price_from_balance,
@@ -26,6 +28,7 @@ from src.main import (
     _start_dashboard_server,
     handle_domestic_pending_orders,
     handle_overseas_pending_orders,
+    process_blackout_recovery_orders,
     run_daily_session,
     safe_float,
     sync_positions_from_broker,
@@ -5116,3 +5119,349 @@ async def test_kill_switch_block_skips_actionable_order_execution() -> None:
         KILL_SWITCH.clear_block()
 
     broker.send_order.assert_not_called()
+
+
+@pytest.mark.asyncio
+async def test_order_policy_rejection_skips_order_execution() -> None:
+    """Order policy rejection must prevent order submission."""
+    db_conn = init_db(":memory:")
+    decision_logger = DecisionLogger(db_conn)
+
+    broker = MagicMock()
+    broker.get_current_price = AsyncMock(return_value=(100.0, 0.5, 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
+
+    with patch(
+        "src.main.validate_order_policy",
+        side_effect=OrderPolicyRejected(
+            "rejected",
+            session_id="NXT_AFTER",
+            market_code="KR",
+        ),
+    ):
+        await trading_cycle(
+            broker=broker,
+            overseas_broker=MagicMock(),
+            scenario_engine=MagicMock(evaluate=MagicMock(return_value=_make_buy_match())),
+            playbook=_make_playbook(),
+            risk=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_not_called()
+
+
+@pytest.mark.asyncio
+async def test_blackout_queues_order_and_skips_submission() -> None:
+    """When blackout is active, order submission is replaced by queueing."""
+    db_conn = init_db(":memory:")
+    decision_logger = DecisionLogger(db_conn)
+
+    broker = MagicMock()
+    broker.get_current_price = AsyncMock(return_value=(100.0, 0.5, 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
+
+    settings = MagicMock()
+    settings.POSITION_SIZING_ENABLED = False
+    settings.CONFIDENCE_THRESHOLD = 80
+
+    telegram = MagicMock()
+    telegram.notify_trade_execution = AsyncMock()
+    telegram.notify_fat_finger = AsyncMock()
+    telegram.notify_circuit_breaker = AsyncMock()
+    telegram.notify_scenario_matched = AsyncMock()
+
+    blackout_manager = MagicMock()
+    blackout_manager.in_blackout.return_value = True
+    blackout_manager.enqueue.return_value = True
+    blackout_manager.pending_count = 1
+
+    with patch("src.main.BLACKOUT_ORDER_MANAGER", blackout_manager):
+        await trading_cycle(
+            broker=broker,
+            overseas_broker=MagicMock(),
+            scenario_engine=MagicMock(evaluate=MagicMock(return_value=_make_buy_match())),
+            playbook=_make_playbook(),
+            risk=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_not_called()
+    blackout_manager.enqueue.assert_called_once()
+
+
+@pytest.mark.asyncio
+async def test_process_blackout_recovery_executes_valid_intents() -> None:
+    """Recovery must execute queued intents that pass revalidation."""
+    db_conn = init_db(":memory:")
+    broker = MagicMock()
+    broker.send_order = AsyncMock(return_value={"rt_cd": "0", "msg1": "OK"})
+    overseas_broker = MagicMock()
+
+    market = MagicMock()
+    market.code = "KR"
+    market.exchange_code = "KRX"
+    market.is_domestic = True
+
+    intent = MagicMock()
+    intent.market_code = "KR"
+    intent.stock_code = "005930"
+    intent.order_type = "BUY"
+    intent.quantity = 1
+    intent.price = 100.0
+    intent.source = "test"
+    intent.attempts = 0
+
+    blackout_manager = MagicMock()
+    blackout_manager.pop_recovery_batch.return_value = [intent]
+
+    with (
+        patch("src.main.BLACKOUT_ORDER_MANAGER", blackout_manager),
+        patch("src.main.MARKETS", {"KR": market}),
+        patch("src.main.get_open_position", return_value=None),
+        patch("src.main.validate_order_policy"),
+    ):
+        await process_blackout_recovery_orders(
+            broker=broker,
+            overseas_broker=overseas_broker,
+            db_conn=db_conn,
+        )
+
+    broker.send_order.assert_called_once()
+
+
+@pytest.mark.asyncio
+async def test_process_blackout_recovery_drops_policy_rejected_intent() -> None:
+    """Policy-rejected queued intents must not be requeued."""
+    db_conn = init_db(":memory:")
+    broker = MagicMock()
+    broker.send_order = AsyncMock(return_value={"rt_cd": "0", "msg1": "OK"})
+    overseas_broker = MagicMock()
+
+    market = MagicMock()
+    market.code = "KR"
+    market.exchange_code = "KRX"
+    market.is_domestic = True
+
+    intent = MagicMock()
+    intent.market_code = "KR"
+    intent.stock_code = "005930"
+    intent.order_type = "BUY"
+    intent.quantity = 1
+    intent.price = 100.0
+    intent.source = "test"
+    intent.attempts = 0
+
+    blackout_manager = MagicMock()
+    blackout_manager.pop_recovery_batch.return_value = [intent]
+
+    with (
+        patch("src.main.BLACKOUT_ORDER_MANAGER", blackout_manager),
+        patch("src.main.MARKETS", {"KR": market}),
+        patch("src.main.get_open_position", return_value=None),
+        patch(
+            "src.main.validate_order_policy",
+            side_effect=OrderPolicyRejected(
+                "blocked",
+                session_id="NXT_AFTER",
+                market_code="KR",
+            ),
+        ),
+    ):
+        await process_blackout_recovery_orders(
+            broker=broker,
+            overseas_broker=overseas_broker,
+            db_conn=db_conn,
+        )
+
+    broker.send_order.assert_not_called()
+    blackout_manager.requeue.assert_not_called()
+
+
+@pytest.mark.asyncio
+async def test_trigger_emergency_kill_switch_executes_operational_steps() -> None:
+    """Emergency kill switch should execute cancel/refresh/reduce/notify callbacks."""
+    broker = MagicMock()
+    broker.get_domestic_pending_orders = AsyncMock(
+        return_value=[
+            {
+                "pdno": "005930",
+                "orgn_odno": "1",
+                "ord_gno_brno": "01",
+                "psbl_qty": "3",
+            }
+        ]
+    )
+    broker.cancel_domestic_order = AsyncMock(return_value={"rt_cd": "0"})
+    broker.get_balance = AsyncMock(return_value={"output1": [], "output2": []})
+
+    overseas_broker = MagicMock()
+    overseas_broker.get_overseas_pending_orders = AsyncMock(return_value=[])
+    overseas_broker.get_overseas_balance = AsyncMock(return_value={"output1": [], "output2": []})
+
+    telegram = MagicMock()
+    telegram.notify_circuit_breaker = AsyncMock()
+
+    settings = MagicMock()
+    settings.enabled_market_list = ["KR"]
+
+    market = MagicMock()
+    market.code = "KR"
+    market.exchange_code = "KRX"
+    market.is_domestic = True
+
+    with (
+        patch("src.main.MARKETS", {"KR": market}),
+        patch("src.main.BLACKOUT_ORDER_MANAGER.clear", return_value=2),
+    ):
+        report = await _trigger_emergency_kill_switch(
+            reason="test",
+            broker=broker,
+            overseas_broker=overseas_broker,
+            telegram=telegram,
+            settings=settings,
+            current_market=market,
+            stock_code="005930",
+            pnl_pct=-3.2,
+            threshold=-3.0,
+        )
+
+    assert report.steps == [
+        "block_new_orders",
+        "cancel_pending_orders",
+        "refresh_order_state",
+        "reduce_risk",
+        "snapshot_state",
+        "notify",
+    ]
+    broker.cancel_domestic_order.assert_called_once()
+    broker.get_balance.assert_called_once()
+    telegram.notify_circuit_breaker.assert_called_once_with(
+        pnl_pct=-3.2,
+        threshold=-3.0,
+    )
+
+
+@pytest.mark.asyncio
+async def test_trigger_emergency_kill_switch_records_cancel_failure() -> None:
+    """Cancel API rejection should be captured in kill switch errors."""
+    broker = MagicMock()
+    broker.get_domestic_pending_orders = AsyncMock(
+        return_value=[
+            {
+                "pdno": "005930",
+                "orgn_odno": "1",
+                "ord_gno_brno": "01",
+                "psbl_qty": "3",
+            }
+        ]
+    )
+    broker.cancel_domestic_order = AsyncMock(return_value={"rt_cd": "1", "msg1": "fail"})
+    broker.get_balance = AsyncMock(return_value={"output1": [], "output2": []})
+
+    overseas_broker = MagicMock()
+    overseas_broker.get_overseas_pending_orders = AsyncMock(return_value=[])
+    overseas_broker.get_overseas_balance = AsyncMock(return_value={"output1": [], "output2": []})
+
+    telegram = MagicMock()
+    telegram.notify_circuit_breaker = AsyncMock()
+
+    settings = MagicMock()
+    settings.enabled_market_list = ["KR"]
+
+    market = MagicMock()
+    market.code = "KR"
+    market.exchange_code = "KRX"
+    market.is_domestic = True
+
+    with (
+        patch("src.main.MARKETS", {"KR": market}),
+        patch("src.main.BLACKOUT_ORDER_MANAGER.clear", return_value=0),
+    ):
+        report = await _trigger_emergency_kill_switch(
+            reason="test-fail",
+            broker=broker,
+            overseas_broker=overseas_broker,
+            telegram=telegram,
+            settings=settings,
+            current_market=market,
+            stock_code="005930",
+            pnl_pct=-3.2,
+            threshold=-3.0,
+        )
+
+    assert any(err.startswith("cancel_pending_orders:") for err in report.errors)

tests/test_order_policy.py

@@ -0,0 +1,40 @@
+from datetime import UTC, datetime
+
+import pytest
+
+from src.core.order_policy import OrderPolicyRejected, classify_session_id, validate_order_policy
+from src.markets.schedule import MARKETS
+
+
+def test_classify_kr_nxt_after() -> None:
+    # 2026-02-26 16:00 KST == 07:00 UTC
+    now = datetime(2026, 2, 26, 7, 0, tzinfo=UTC)
+    assert classify_session_id(MARKETS["KR"], now) == "NXT_AFTER"
+
+
+def test_classify_us_pre() -> None:
+    # 2026-02-26 19:00 KST == 10:00 UTC
+    now = datetime(2026, 2, 26, 10, 0, tzinfo=UTC)
+    assert classify_session_id(MARKETS["US_NASDAQ"], now) == "US_PRE"
+
+
+def test_reject_market_order_in_low_liquidity_session() -> None:
+    now = datetime(2026, 2, 26, 10, 0, tzinfo=UTC)  # 19:00 KST -> US_PRE
+    with pytest.raises(OrderPolicyRejected):
+        validate_order_policy(
+            market=MARKETS["US_NASDAQ"],
+            order_type="BUY",
+            price=0.0,
+            now=now,
+        )
+
+
+def test_allow_limit_order_in_low_liquidity_session() -> None:
+    now = datetime(2026, 2, 26, 10, 0, tzinfo=UTC)  # 19:00 KST -> US_PRE
+    info = validate_order_policy(
+        market=MARKETS["US_NASDAQ"],
+        order_type="BUY",
+        price=100.0,
+        now=now,
+    )
+    assert info.session_id == "US_PRE"

tests/test_triple_barrier.py

@@ -0,0 +1,131 @@
+from __future__ import annotations
+
+from src.analysis.triple_barrier import TripleBarrierSpec, label_with_triple_barrier
+
+
+def test_long_take_profit_first() -> None:
+    highs = [100, 101, 103]
+    lows = [100, 99.6, 100]
+    closes = [100, 100, 102]
+    spec = TripleBarrierSpec(take_profit_pct=0.02, stop_loss_pct=0.01, max_holding_bars=3)
+    out = label_with_triple_barrier(
+        highs=highs,
+        lows=lows,
+        closes=closes,
+        entry_index=0,
+        side=1,
+        spec=spec,
+    )
+    assert out.label == 1
+    assert out.touched == "take_profit"
+    assert out.touch_bar == 2
+
+
+def test_long_stop_loss_first() -> None:
+    highs = [100, 100.5, 101]
+    lows = [100, 98.8, 99]
+    closes = [100, 99.5, 100]
+    spec = TripleBarrierSpec(take_profit_pct=0.02, stop_loss_pct=0.01, max_holding_bars=3)
+    out = label_with_triple_barrier(
+        highs=highs,
+        lows=lows,
+        closes=closes,
+        entry_index=0,
+        side=1,
+        spec=spec,
+    )
+    assert out.label == -1
+    assert out.touched == "stop_loss"
+    assert out.touch_bar == 1
+
+
+def test_time_barrier_timeout() -> None:
+    highs = [100, 100.8, 100.7]
+    lows = [100, 99.3, 99.4]
+    closes = [100, 100, 100]
+    spec = TripleBarrierSpec(take_profit_pct=0.02, stop_loss_pct=0.02, max_holding_bars=2)
+    out = label_with_triple_barrier(
+        highs=highs,
+        lows=lows,
+        closes=closes,
+        entry_index=0,
+        side=1,
+        spec=spec,
+    )
+    assert out.label == 0
+    assert out.touched == "time"
+    assert out.touch_bar == 2
+
+
+def test_tie_break_stop_first_default() -> None:
+    highs = [100, 102.1]
+    lows = [100, 98.9]
+    closes = [100, 100]
+    spec = TripleBarrierSpec(take_profit_pct=0.02, stop_loss_pct=0.01, max_holding_bars=1)
+    out = label_with_triple_barrier(
+        highs=highs,
+        lows=lows,
+        closes=closes,
+        entry_index=0,
+        side=1,
+        spec=spec,
+    )
+    assert out.label == -1
+    assert out.touched == "stop_loss"
+
+
+def test_short_side_inverts_barrier_semantics() -> None:
+    highs = [100, 100.5, 101.2]
+    lows = [100, 97.8, 98.0]
+    closes = [100, 99, 99]
+    spec = TripleBarrierSpec(take_profit_pct=0.02, stop_loss_pct=0.01, max_holding_bars=3)
+    out = label_with_triple_barrier(
+        highs=highs,
+        lows=lows,
+        closes=closes,
+        entry_index=0,
+        side=-1,
+        spec=spec,
+    )
+    assert out.label == 1
+    assert out.touched == "take_profit"
+
+
+def test_short_tie_break_modes() -> None:
+    highs = [100, 101.1]
+    lows = [100, 97.9]
+    closes = [100, 100]
+
+    stop_first = TripleBarrierSpec(
+        take_profit_pct=0.02,
+        stop_loss_pct=0.01,
+        max_holding_bars=1,
+        tie_break="stop_first",
+    )
+    out_stop = label_with_triple_barrier(
+        highs=highs,
+        lows=lows,
+        closes=closes,
+        entry_index=0,
+        side=-1,
+        spec=stop_first,
+    )
+    assert out_stop.label == -1
+    assert out_stop.touched == "stop_loss"
+
+    take_first = TripleBarrierSpec(
+        take_profit_pct=0.02,
+        stop_loss_pct=0.01,
+        max_holding_bars=1,
+        tie_break="take_first",
+    )
+    out_take = label_with_triple_barrier(
+        highs=highs,
+        lows=lows,
+        closes=closes,
+        entry_index=0,
+        side=-1,
+        spec=take_first,
+    )
+    assert out_take.label == 1
+    assert out_take.touched == "take_profit"