Execution Pipeline

execution/order_manager.py is the single dispatch authority (INV-004). It is large by design (convention-locked hot path) and is being decomposed surgically, seam by seam, with golden tests.

Path of an order

TradeProposal (frozen domain contract, execution_id trace)
  → policy/confluence checks (SMC matrix, Regime Guardian, confidence gate)
  → RiskEngine.evaluate_proposal() → dynamic volume (fractional Kelly)
  → OrderManager router (60 scenarios: fills, rejections, partials, errors)
  → IMT5Port adapter (Win32 IPC / ZMQ / paper)
  → position lifecycle (11 states with hysteresis)
  → protective exits (SL/TP first-touch, breakeven lock, profit giveback,
      adaptive exit protection)
  → broker reconciliation (broker truth wins — INV-011)
  → accounting + autopsy (immutable ledger)

Hard clamps (never bypassed)

Extracted seams (zero-behavior-change decomposition)

• position_state_machine.py — 11-state machine with hysteresis + emergency

bypass (golden-tested).

• protection_ledger.py — per-ticket protection state (monotonic peak, NaN

guard).

• recovery_budget.py — per-ticket recovery envelopes (ATR fallback, horizon

clamp 30–600 s, exhaustion verdicts).

Forensic traceability

Every proposal carries an execution_id; [EXEC_TRACE] logging, dispatch reason embedding, and /api/debug/trace expose the full decision path. Exit classification (EXIT_CLASSIFICATION v3) never invents a reason: UNKNOWN stays UNKNOWN; MT5 DEAL_REASON 4 = SL (INV-012/013).

Safety properties

• No second concurrency path around OrderManager.
• Teardown of per-ticket state is an atomic bundle (state machine +

protection ledger + recovery budget + tombstones dropped together).

• Churn throttle + duplicate-execution guards (INV-005/006 idempotency).