# Strategy profiles. `newsom-mm` is tuned for the Gavin Newsom 2028 Dem-nomination
# market from a live microstructure sample (2026-07-06): price ~0.195, tick 0.001,
# 2-tick spread, thin touch (~$20-250), VERY quiet tape (~0.1 trades/min),
# rewards: min 100 shares/order, 5.5c band, ~$52/day rate, 25% maker-rebate pool.

[profiles.newsom-mm]
# --- fair value ---
micro_levels        = 3
flow_ewma_halflife_s = 120
# --- spread / skew ---
gamma               = 0.6     # inventory skew; sized so full cap leans ~1-2 ticks
delta_min_ticks     = 2       # half-spread floor = 2 ticks (market spread is 2)
c_vol               = 1.5
c_tox               = 3.0
# --- vol horizons ---
vol_short_halflife_s = 10
vol_long_halflife_s  = 900
# --- sizing / inventory ($50 orders, $200 net max position) ---
base_size_usdc      = 100.0   # per token side, split into `layers` orders
q_max_usdc          = 200.0   # NET directional cap (YES minus NO exposure)
q_soft_frac         = 0.6     # stop adding at net $120, exits get urgent
layers              = 2       # 2 x $50 YES orders; NO auto-sizes to reward floor
reward_size_mult    = 1.5     # bump reward-eligible orders to 1.5x the min (100 -> 150 sh)
layer_step_ticks    = 2
# --- placement / churn ---
reprice_ticks       = 2       # ignore 1-tick FV flicker (hold queue position)
resize_frac         = 0.2
min_edge_ticks      = 1       # never bid above FV - 1 tick
# --- regime (damped for a quiet tape: one 250-share print must not flap us) ---
event_cooloff_s     = 30      # shorter: this is a deep, slow market
event_jump_ticks    = 6       # 0.006 = ~3% jump -> pull quotes
event_sweep_mult    = 6.0     # print must be >=6 order-sizes
event_sweep_frac    = 1.0     # AND consume ~all near-touch depth to count as a sweep
trend_flow_z        = 1.8
# --- lifecycle (resolves 2028 — irrelevant here) ---
end_date_taper_days = 7
reduce_only_hours   = 24
halt_before_hours   = 2
# --- exits ---
exit_urgency_s      = 900
merge_min_size      = 20.0


# romania-pm: "Next PM of Romania" — Alexandru Nazare leg. Live sample 2026-07-06:
# price ~0.487/0.488 (near 50/50 -> max reward score, low extremity), tick 0.001,
# 1-tick spread, ~$4k/day tape, rewards: min 50 shares/order, 4.5c band, ~$257/day
# rate, 25% rebate. endDate is stale (past) but still accepting -> handled as no-end.
[profiles.romania-pm]
micro_levels        = 3
flow_ewma_halflife_s = 120
# --- spread / skew ---
gamma               = 0.6
delta_min_ticks     = 1       # tight market (1-tick spread); quote close to score
c_vol               = 1.5
c_tox               = 3.0
# --- vol horizons ---
vol_short_halflife_s = 10
vol_long_halflife_s  = 900
# --- sizing / inventory (MINIMUM reward size — thin/gap-prone book, so a fill
#     must be small & disposable, not a directional bag. Reward < max, on purpose) ---
base_size_usdc      = 22.0    # ~50 sh at these prices = the reward MIN, nothing more
q_max_usdc          = 100.0   # ceiling (min-size orders make accumulation slow anyway)
q_soft_frac         = 0.6
layers              = 1
reward_size_mult    = 1.0     # floor each order to exactly the 50-share reward min
layer_step_ticks    = 2
# --- placement / churn (STICKY: thin/noisy tape must not flap us out of the
#     reward queue; we reprice only on real moves, not microprice jitter) ---
reprice_ticks       = 3       # ignore <=3-tick FV jitter (hold queue position)
resize_frac         = 0.6     # don't cancel/replace on a regime size-flip (154<->77)
min_edge_ticks      = 1
# --- regime: rest through noise (high trend threshold) but pull HARD on a real
#     sweep/jump, since the gapped book makes a toxic fill costly ---
event_cooloff_s     = 30
event_jump_ticks    = 5       # 0.005 jump from a thin book -> pull (gap protection)
event_sweep_mult    = 3.0     # thinner book: a smaller print is a real sweep here
event_sweep_frac    = 0.8     # consuming ~80% of near-touch depth counts
trend_flow_z        = 2.6     # noisy flow z on a $4k/day tape -> raise the bar
trend_vol_ratio     = 5.0     # ~1 trade/hr: microprice jitter must NOT halve size
                              # (real gaps still caught by event_jump_ticks)
# --- lifecycle (end date stale/None -> these are inert; acceptingOrders governs) ---
end_date_taper_days = 7
reduce_only_hours   = 24
halt_before_hours   = 2
# --- exits ---
exit_urgency_s      = 900
merge_min_size      = 20.0