# Named strategy parameter profiles (replaces the v1 Hyperparameters sheet).
# markets.toml maps each market to one of these profiles.
# See the README.

[profiles.political-longdated]
# --- fair value ---
micro_levels        = 3       # depth levels used for microprice
flow_ewma_halflife_s = 120    # signed-flow EWMA half-life
# --- spread / skew ---
gamma               = 0.5     # inventory risk aversion (skew strength)
delta_min_ticks     = 2       # minimum half-spread, in ticks
c_vol               = 1.2     # half-spread added per unit short-horizon vol
c_tox               = 2.0     # half-spread added per unit toxicity score
# --- vol horizons (seconds) ---
vol_short_halflife_s = 10
vol_long_halflife_s  = 900
# --- sizing / inventory ---
base_size_usdc      = 50.0    # notional per quote
q_max_usdc          = 500.0   # hard inventory cap (notional)
q_soft_frac         = 0.6     # soft cap as fraction of q_max
layers              = 2       # price levels per side
layer_step_ticks    = 2       # tick gap between layers
# --- placement / churn ---
reprice_ticks       = 2       # only reprice if target moves this many ticks
resize_frac         = 0.15    # or if size drifts this fraction
min_edge_ticks      = 1       # never quote inside (FV +/- this) * tick
# --- regime ---
event_cooloff_s     = 60
event_jump_ticks    = 8       # FV jump over debounce that flags EVENT
event_sweep_levels  = 3       # levels consumed in one print that flags EVENT
trend_flow_z        = 1.5     # flow z-score that flags TRENDING
# --- lifecycle ---
end_date_taper_days = 7
reduce_only_hours   = 24
halt_before_hours   = 2
# --- exits ---
exit_urgency_s      = 900     # time to walk exit from FV+delta to best-bid+tick
merge_min_size      = 20.0    # min(YES,NO) shares to trigger a merge

[profiles.political-hot]
# tighter, defensive profile for high-volatility / event-prone markets
micro_levels        = 3
flow_ewma_halflife_s = 60
gamma               = 0.9
delta_min_ticks     = 3
c_vol               = 1.8
c_tox               = 3.0
vol_short_halflife_s = 8
vol_long_halflife_s  = 600
base_size_usdc      = 30.0
q_max_usdc          = 250.0
q_soft_frac         = 0.5
layers              = 2
layer_step_ticks    = 3
reprice_ticks       = 2
resize_frac         = 0.15
min_edge_ticks      = 1
event_cooloff_s     = 120
event_jump_ticks    = 6
event_sweep_levels  = 2
trend_flow_z        = 1.2
end_date_taper_days = 7
reduce_only_hours   = 24
halt_before_hours   = 2
exit_urgency_s      = 600
merge_min_size      = 20.0