chore(gitignore): ignore .omc/ (oh-my-claudecode session/memory dir)

Directory creata localmente dall'infrastruttura OMC per stato sessione
(project-memory.json, research/, sessions/, state/). Non è artefatto
del progetto cerbero-bite.

Co-Authored-By: Claude Opus 4.7 (1M context) <noreply@anthropic.com>

.gitignore

@@ -43,3 +43,6 @@ data/
 .env
 .env.*
 !.env.example
+
+# Tooling state (oh-my-claudecode session/memory dir)
+.omc/

docs/superpowers/specs/2026-05-08-iv-rv-adaptive-gate-design.md

@@ -0,0 +1,316 @@
+# IV-RV adaptive entry gate — design
+
+**Status**: drafted, awaiting implementation plan
+**Date**: 2026-05-08
+**Author**: brainstorming session (operator + Claude)
+**Roadmap origin**: `docs/13-strategia-spiegata.md` §4-quater, hardening punti 1 e 2
+
+## 1. Problema
+
+Il gate IV-richness in `core/entry_validator.py:140-152` confronta `ctx.iv_minus_rv` con la soglia statica `entry.iv_minus_rv_min` (config). I dati raccolti in `market_snapshots` mostrano due problemi sul campione 2026-05-01 → 2026-05-08:
+
+| metrica | ETH | BTC |
+|---|---|---|
+| IV-RV p25 | 1.87 | 5.48 |
+| IV-RV p50 | 2.70 | 6.88 |
+| IV-RV p90 | 8.52 | 8.26 |
+| Pearson(\|drift%\|, IV-RV mean) | **−0.02** | **+0.54** |
+| Trend giornaliero IV-RV mean | 1.64 → 8.96 (+5.4×) | 4.78 → 8.11 (+1.7×) |
+
+ETH mostra un IV richening monotono **decoupled dal drift realised** — la soglia statica `min=3` (profilo Aggressiva) avrebbe escluso il 50%+ dei tick nei primi 4 giorni e il 0% degli ultimi 3, sopra una distribuzione che non è stazionaria. Su BTC è meno drammatico ma il problema è strutturale: il regime di IV cambia, la soglia no.
+
+## 2. Obiettivo
+
+Sostituire la soglia statica con un meccanismo adattivo che si auto-calibra al regime corrente, senza richiedere intervento manuale dell'operatore. Il gate deve restare semanticamente "non vendere vol senza margine misurabile sopra la RV", solo che il "margine misurabile" è ora derivato dalla distribuzione storica recente invece che hardcoded.
+
+## 3. Approccio scelto: Hybrid (P25 rolling + Vol-of-Vol guard)
+
+Decisione presa nel brainstorming dopo aver scartato:
+- **Solo percentile rolling**: insufficiente, non protegge da regime shift bruschi (DVOL salta di 5+ pt in 24h)
+- **Solo regime detection (HMM/cluster)**: troppo opaco e ad alto rischio di overfit con 8 giorni di dati
+
+L'hybrid bilancia due controlli additivi:
+1. **Soglia adattiva** = P25 di IV-RV nella finestra rolling
+2. **Vol-of-Vol guard** = blocco se |ΔDVOL_24h| ≥ 5 pt (regime shift detector)
+
+## 4. Comportamento del gate
+
+> **Errata 2026-05-10** — design originale assumeva `n_days = len(history) // 96` (cadenza fissa 96 tick/giorno). Refattorizzato a **distinct-days policy**: il caller interroga il repository per (a) il numero di giorni di calendario distinti coperti e (b) i valori della finestra scelta. Questo permette di mischiare cadenze (tick live 15 min + backfill daily) senza assumere un fattore costante. Sotto il pseudo-codice aggiornato.
+
+```
+def validate_iv_richness_adaptive(ctx, cfg, repo):
+    if not cfg.entry.iv_minus_rv_filter_enabled:
+        return PASS                               # gate off
+
+    # 1) Soglia adattiva — distinct-days policy
+    n_days = repo.count_iv_rv_distinct_days(
+        asset=ctx.asset, max_days=cfg.window_target_days,
+    )
+
+    if n_days < 1:
+        return PASS                               # warmup hard: nessun giorno coperto
+
+    if n_days >= cfg.window_target_days:
+        window_days = cfg.window_target_days      # ≥60g → finestra fissa 60g
+    elif n_days >= cfg.window_min_days:
+        window_days = cfg.window_min_days         # 30-60g → finestra fissa 30g
+    else:
+        window_days = cfg.window_target_days      # 1-30g → query tutta la storia disp.
+
+    history = repo.iv_rv_values_for_window(
+        asset=ctx.asset, window_days=window_days,
+    )
+
+    threshold = max(percentile(history, cfg.percentile),
+                    cfg.absolute_floor)
+
+    if ctx.iv_minus_rv < threshold:
+        return SKIP("IV richness below P25 rolling")
+
+    # 2) Vol-of-vol guard (additivo)
+    if cfg.vol_of_vol_guard_enabled:
+        dvol_24h_ago = repo.dvol_lookback(asset=ctx.asset, hours=24)
+        if dvol_24h_ago is not None and \
+           abs(ctx.dvol - dvol_24h_ago) >= cfg.vol_of_vol_threshold:
+            return SKIP("DVOL shifted ≥5pt in 24h")
+
+    return PASS
+```
+
+### 4.1 Warmup behavior
+
+Tutte le soglie sono espresse in **giorni di calendario distinti** coperti da almeno un record valido (`fetch_ok=1` ∧ `iv_minus_rv IS NOT NULL`).
+
+| storia disponibile | finestra usata | comportamento |
+|---|---|---|
+| 0 giorni distinti | — | gate disabled (PASS), log `GATE_WARMUP_INSUFFICIENT` |
+| 1 g ≤ giorni < 30 g | tutta la storia | percentile della finestra disponibile (decisione utente) |
+| 30 g ≤ giorni < 60 g | ultimi 30 g | finestra fissa 30g |
+| ≥ 60 g | ultimi 60 g | finestra fissa 60g (target) |
+
+I valori della finestra contribuiscono uno-a-uno al percentile: un tick a 15 min e un record di backfill daily hanno lo stesso peso. Mix di cadenze diverse è statisticamente sbilanciato finché i tick live non saturano la finestra; questa è una scelta deliberata per non rinunciare allo storico backfill.
+
+### 4.2 Soglia = `max(P25, floor)`
+
+`floor` è il vecchio `iv_minus_rv_min` riutilizzato come *absolute floor*. Permette:
+- backwards compat: se `adaptive_enabled=False`, comportamento identico ad oggi
+- safety: anche se P25 storico fosse ≈0 (regime IV bassa persistente), l'operatore può tenere un floor minimo (es. 1 vol pt) per evitare di vendere vol mai
+
+## 5. Schema config (`config/schema.py`)
+
+Aggiunte alla classe `EntryConfig`:
+
+```python
+class EntryConfig(BaseModel):
+    # campi esistenti
+    iv_minus_rv_filter_enabled: bool = False
+    iv_minus_rv_min: Decimal = Decimal("0")     # ora è absolute_floor
+
+    # nuovi — gate adattivo
+    iv_minus_rv_adaptive_enabled: bool = False
+    iv_minus_rv_percentile: Decimal = Decimal("0.25")
+    iv_minus_rv_window_target_days: int = 60
+    iv_minus_rv_window_min_days: int = 30
+
+    # nuovi — vol-of-vol guard
+    vol_of_vol_guard_enabled: bool = False
+    vol_of_vol_threshold_pt: Decimal = Decimal("5")
+    vol_of_vol_lookback_hours: int = 24
+```
+
+### 5.1 Profili predefiniti
+
+**Conservativa / golden** (`config/golden.yaml`):
+```yaml
+entry:
+  iv_minus_rv_filter_enabled: false
+  iv_minus_rv_adaptive_enabled: false
+  vol_of_vol_guard_enabled: false
+```
+Comportamento invariato rispetto a oggi.
+
+**Aggressiva** (`config/aggressive.yaml`):
+```yaml
+entry:
+  iv_minus_rv_filter_enabled: true
+  iv_minus_rv_adaptive_enabled: true
+  iv_minus_rv_min: 0                # floor 0, lascia decidere il P25 rolling
+  iv_minus_rv_percentile: 0.25
+  iv_minus_rv_window_target_days: 60
+  iv_minus_rv_window_min_days: 30
+  vol_of_vol_guard_enabled: true
+  vol_of_vol_threshold_pt: 5
+```
+
+### 5.2 Backwards compat
+
+Se `iv_minus_rv_adaptive_enabled=False` e `iv_minus_rv_filter_enabled=True`, il validator usa il path legacy `iv_rv < iv_minus_rv_min` esattamente come oggi. Nessuna regressione comportamentale per chi non ha attivato l'adaptive.
+
+## 6. Architettura
+
+### 6.1 Modulo `core/adaptive_threshold.py`
+
+Funzione pura, testabile senza I/O. La selezione della finestra è
+delegata al caller (separation of concerns):
+
+```python
+def compute_adaptive_threshold(
+    history: Sequence[Decimal],
+    *,
+    n_days: int,
+    percentile: Decimal,
+    absolute_floor: Decimal,
+) -> Decimal | None:
+    """Ritorna None se warmup hard (n_days==0 o history vuota),
+    altrimenti max(P_q(history), absolute_floor)."""
+```
+
+### 6.2 Repository (`state/repository.py`)
+
+Tre metodi su `Repository` (uno preesistente):
+
+```python
+def count_iv_rv_distinct_days(
+    self, *, asset: str, max_days: int, as_of: datetime | None = None,
+) -> int:
+    """Numero di giorni di calendario distinti con almeno un IV-RV
+    valido nell'intervallo [as_of - max_days, as_of]."""
+
+def iv_rv_values_for_window(
+    self, *, asset: str, window_days: int, as_of: datetime | None = None,
+) -> list[Decimal]:
+    """Valori IV-RV ordinati ASC su [as_of - window_days, as_of]."""
+
+def dvol_lookback(self, *, asset: str, hours: int) -> Decimal | None:
+    """DVOL del tick più vicino a now-hours, ±15min tolerance. None se gap."""
+```
+
+Usa l'index esistente `idx_market_snapshots_asset_ts`. Nessuna nuova migration.
+
+### 6.3 Inline nel validator
+
+`core/entry_validator.py` chiama `compute_adaptive_threshold` con i dati dal repo. Nessun caching, stateless. La query per finestra 60g (5760 righe per asset) costa ms-level con index — non vale la pena introdurre cache da invalidare.
+
+### 6.4 Audit / logging
+
+Ogni entry cycle scrive in `decisions`:
+- `inputs_json`: `{iv_rv_now, threshold_used, dvol_now, dvol_24h_ago, n_history, window_used_days}`
+- `outputs_json`: `{gate: "iv_richness_adaptive", verdict: PASS|SKIP, reason}`
+
+Permette ricostruzione ex-post: perché un trade è stato saltato e con quali numeri.
+
+## 7. GUI Calibrazione (`pages/6_📐_Calibrazione.py`)
+
+Aggiunta sezione "Gate adattivo" sopra ai percentili statici esistenti — questi ultimi NON vengono modificati (restano per analisi).
+
+```
+┌─ 🎯 Gate IV-RV adattivo ──────────────────────────────────┐
+│  Status:    🟢 Attivo (Aggressiva) | 🟡 Warmup (n=8/30g)  │
+│                                                          │
+│  Soglia P25 rolling (corrente)         2.74 vol pts      │
+│  IV-RV ultimo tick                     8.96 vol pts  ✅   │
+│  Floor assoluto                        0.00 vol pts      │
+│                                                          │
+│  Evoluzione 7g (sparkline)   ▁▂▂▃▄▆▇                     │
+│                                                          │
+│  ── VoV guard ──                                          │
+│  ΔDVOL ultime 24h                      0.43 pt        ✅  │
+│  Soglia VoV                            5.00 pt           │
+│                                                          │
+│  Decisione hypothetical: PASS                            │
+└──────────────────────────────────────────────────────────┘
+```
+
+La GUI usa la stessa funzione `compute_adaptive_threshold` del validator → unica fonte di verità. Refresh manuale al page load (coerente con resto GUI).
+
+## 8. Error handling
+
+Principio: **fail-open** in tutti i casi di dato mancante. Il gate adattivo è additivo sopra ai gate hard esistenti (delta band, credit, ecc.); il dato mancante non deve trasformare un trade non voluto in trade fatto, ma neppure deve bloccare entry valide se è il dato del gate stesso a mancare.
+
+| Scenario | Comportamento | Loggato come |
+|---|---|---|
+| `iv_rv_history` ritorna 0 righe | gate = PASS | `GATE_WARMUP_NO_DATA` |
+| Storia < 96 tick (1g) | gate = PASS, threshold None | `GATE_WARMUP_INSUFFICIENT` |
+| `dvol_lookback` = None (gap dati 24h fa) | VoV guard = PASS | `VOV_GUARD_NO_LOOKBACK` |
+| `ctx.iv_minus_rv` = None | gate bypassato (riga 146 esistente) | invariato |
+| `ctx.dvol` = None | VoV guard bypassato, gate adattivo prosegue | invariato |
+
+## 9. Testing strategy
+
+### 9.1 Unit — `core/adaptive_threshold.py`
+
+- Warmup: `n_days=0` → None
+- Warmup difensivo: `n_days=0` ma history non vuota → None
+- Difensivo: history vuota con `n_days>0` → None
+- `n_days=1`, 96 tick → P25 sui 96
+- Mix di cadenze (30 daily + 96 live) → percentile uno-a-uno
+- Floor binding: P25=0.5, floor=3 → 3
+- Floor non binding: P25=5, floor=0 → 5
+- Percentile diverso: percentile=0.5 → mediana
+- Validation: percentile ∉ [0,1] o `n_days<0` → ValueError
+
+### 9.1bis Unit — `state/repository.py`
+
+- `count_iv_rv_distinct_days`: 1 giorno → 1; 3 giorni misti → 3
+- esclusione asset diversi, NULL e fetch_ok=0
+- rispetto del cutoff `max_days`
+- ValueError su `as_of` naive o `max_days≤0`
+- `iv_rv_values_for_window`: ordine ASC, filtri equivalenti, ValueError input
+
+### 9.2 Unit — `core/entry_validator.py`
+
+Mock repo, focus sul flusso decisionale:
+- Adaptive disabled, statico passa → PASS legacy
+- Adaptive disabled, statico fail → SKIP legacy
+- Adaptive enabled, IV-RV sopra P25 → PASS
+- Adaptive enabled, IV-RV sotto P25 sopra floor → SKIP("rolling")
+- VoV guard ON, ΔDVOL=6 pt → SKIP("vov")
+- VoV guard ON, ΔDVOL=4 pt, gate principale pass → PASS
+- VoV guard ON, dvol_lookback=None → guard bypass
+- ctx.iv_minus_rv=None → bypass
+- decisions log popolato con threshold, n_history, dvol_lookback
+
+### 9.3 Integration — `tests/integration/test_entry_cycle_adaptive.py`
+
+SQLite temp + fixture market_snapshots con 5760 tick (60g):
+- Aggressiva con flag adattivo → entry passa solo nei tick sopra P25 della fixture
+- Golden → invariato
+- Warmup: DB con 50 tick → tutti pass, log `GATE_WARMUP_INSUFFICIENT`
+- Regime shift fixture: DVOL salta da 50 a 56 in 24h → VoV guard scatta
+
+### 9.4 Backtest sanity
+
+Aggiunta nel report del CLI `backtest`: count distinto skip-reasons (`iv_rv_static`, `iv_rv_rolling`, `vov_guard`) per analisi ex-post.
+
+### 9.5 GUI smoke
+
+Manuale al deploy:
+- Calibrazione carica con `enabled=False` (fallback grafico)
+- Calibrazione mostra warmup status quando DB < 30g
+- Refresh ricalcola coerente
+
+### 9.6 Cosa NON testiamo
+
+- Performance query (5760 righe con index = trascurabile)
+- Concorrenza entry cycle / GUI (WAL abilitato)
+- Migrazione (nessuna tabella nuova)
+
+## 10. Out of scope
+
+- Regime detection avanzato (HMM, cluster) — esplicitamente scartato per opacità
+- Soglie per-asset diverse — il P25 si calibra naturalmente per asset (history filtrata per asset)
+- Auto-attivazione adaptive su Conservativa quando warmup è completo — l'operatore decide manualmente quando passare al profilo aggressivo
+- Multi-asset (ETH+BTC simultanei) — già scope §4-ter, indipendente da questo design
+- Override manuale soglia da GUI — explicit no, l'obiettivo è autocalibrante
+
+## 11. Decisioni prese durante brainstorming
+
+| # | Domanda | Scelta |
+|---|---|---|
+| 1 | Approccio | Hybrid (percentile + VoV guard) |
+| 2 | Warmup | Percentile della finestra disponibile (anche se <30g) |
+| 3 | Percentile | P25 (allineato roadmap) |
+| 4 | Window | Target 60g, attivazione a 30g, sotto usa quel che c'è |
+| 5 | VoV soglia | 5 pt vol in 24h |
+| 6 | Architettura | Inline nel validator, stateless, no cache DB |
+| 7 | GUI | Pannello informativo aggiunto, slider esistenti invariati |

scripts/backfill_iv_rv.py

@@ -0,0 +1,281 @@
+"""Backfill IV-RV history from Deribit public REST API.
+
+Use case: il gate IV-RV adattivo richiede ≥30 giorni di storia per
+attivarsi (spec ``docs/superpowers/specs/2026-05-08-iv-rv-adaptive-gate-design.md``).
+Quando la pipeline ha pochi giorni di tick live, questo script popola
+``market_snapshots`` con record giornalieri storici calcolati da
+DVOL Deribit + closes ETH-PERPETUAL/BTC-PERPETUAL pubblici.
+
+Idempotente: usa ``INSERT OR REPLACE`` sulla PK ``(timestamp, asset)``
+con timestamp fissato a 12:00 UTC del giorno di calendario.
+``fetch_errors_json='{"backfill":true}'`` permette di distinguere i
+record sintetici dai tick live in audit.
+
+I record contribuiscono al gate adattivo come singoli punti
+(distinct-days policy), uno per giorno: lo statistical bias è coperto
+dalla spec §4.1.
+
+Esempio:
+    python scripts/backfill_iv_rv.py --db data/state.sqlite --days 45
+"""
+
+from __future__ import annotations
+
+import argparse
+import json
+import math
+import sqlite3
+import statistics
+import urllib.request
+from dataclasses import dataclass
+from datetime import UTC, date, datetime, timedelta
+from decimal import Decimal
+
+__all__ = [
+    "BackfillRow",
+    "build_backfill_records",
+    "compute_rv30d_annualized",
+]
+
+
+_DERIBIT = "https://www.deribit.com/api/v2/public"
+_RV_LOOKBACK_DAYS = 30
+_TRADING_DAYS_PER_YEAR = 365
+
+
+@dataclass(frozen=True)
+class BackfillRow:
+    """Una riga sintetica destinata a ``market_snapshots``."""
+
+    timestamp: datetime
+    asset: str
+    spot: Decimal
+    dvol: Decimal
+    realized_vol_30d: Decimal
+    iv_minus_rv: Decimal
+    fetch_ok: bool = True
+
+
+# ---------------------------------------------------------------------------
+# Pure compute layer (TDD: tests/unit/test_backfill_iv_rv.py)
+# ---------------------------------------------------------------------------
+
+
+def compute_rv30d_annualized(closes: list[Decimal]) -> Decimal:
+    """Volatilità realizzata 30g annualizzata in **punti vol** (% annuali).
+
+    Args:
+        closes: ``31`` close consecutivi (uno al giorno) — produce 30
+            log-returns.
+
+    Returns:
+        ``stdev(log_returns) * sqrt(365) * 100`` come ``Decimal``.
+
+    Raises:
+        ValueError: se ``len(closes) < 31``.
+    """
+    if len(closes) < _RV_LOOKBACK_DAYS + 1:
+        raise ValueError(
+            f"need at least {_RV_LOOKBACK_DAYS + 1} closes, got {len(closes)}"
+        )
+    log_returns = [
+        math.log(float(closes[i] / closes[i - 1]))
+        for i in range(1, _RV_LOOKBACK_DAYS + 1)
+    ]
+    sigma_daily = statistics.stdev(log_returns)
+    annualized = sigma_daily * math.sqrt(_TRADING_DAYS_PER_YEAR) * 100.0
+    return Decimal(str(annualized))
+
+
+def build_backfill_records(
+    *,
+    asset: str,
+    spots_by_day: dict[str, Decimal],
+    dvols_by_day: dict[str, Decimal],
+    oldest_day: date,
+) -> list[BackfillRow]:
+    """Compone le righe di backfill per i giorni nella finestra richiesta.
+
+    Per ogni giorno target ``D`` (da ``oldest_day`` a oggi compreso) la
+    riga viene emessa solo se: (a) DVOL e spot sono presenti per ``D``,
+    (b) la serie di spot dispone dei 30 giorni precedenti necessari per
+    il calcolo di RV30d.
+
+    Il timestamp è fissato a 12:00 UTC, scelta che evita il rollover
+    delle candele Deribit (vedi anomalia DVOL 00:00 UTC nei market
+    snapshots live).
+    """
+    sorted_days = sorted(spots_by_day.keys())
+    records: list[BackfillRow] = []
+    for day_str in sorted_days:
+        day = date.fromisoformat(day_str)
+        if day < oldest_day:
+            continue
+        if day_str not in dvols_by_day:
+            continue
+        rv_window = [
+            day - timedelta(days=i) for i in range(_RV_LOOKBACK_DAYS, -1, -1)
+        ]
+        if not all(d.isoformat() in spots_by_day for d in rv_window):
+            continue
+        closes = [spots_by_day[d.isoformat()] for d in rv_window]
+        rv = compute_rv30d_annualized(closes)
+        dvol = dvols_by_day[day_str]
+        spot = spots_by_day[day_str]
+        records.append(
+            BackfillRow(
+                timestamp=datetime(day.year, day.month, day.day, 12, 0, tzinfo=UTC),
+                asset=asset,
+                spot=spot,
+                dvol=dvol,
+                realized_vol_30d=rv,
+                iv_minus_rv=dvol - rv,
+            )
+        )
+    return records
+
+
+# ---------------------------------------------------------------------------
+# I/O layer (network + sqlite)
+# ---------------------------------------------------------------------------
+
+
+def _http_get_json(url: str, timeout_s: float = 30.0) -> dict:
+    with urllib.request.urlopen(url, timeout=timeout_s) as resp:
+        return json.loads(resp.read())
+
+
+def fetch_dvol_daily(currency: str, days: int) -> dict[str, Decimal]:
+    """Mappa ``YYYY-MM-DD -> DVOL close`` per gli ultimi ``days`` giorni."""
+    end_ms = int(datetime.now(UTC).timestamp() * 1000)
+    start_ms = end_ms - days * 86_400_000
+    url = (
+        f"{_DERIBIT}/get_volatility_index_data"
+        f"?currency={currency}"
+        f"&start_timestamp={start_ms}&end_timestamp={end_ms}"
+        f"&resolution=86400"
+    )
+    payload = _http_get_json(url)
+    data = (payload.get("result") or {}).get("data") or []
+    out: dict[str, Decimal] = {}
+    for row in data:
+        # row = [ts_ms, open, high, low, close]
+        if not isinstance(row, list) or len(row) < 5:
+            continue
+        ts = datetime.fromtimestamp(row[0] / 1000, tz=UTC).date().isoformat()
+        out[ts] = Decimal(str(row[4]))
+    return out
+
+
+def fetch_spot_daily(instrument: str, days: int) -> dict[str, Decimal]:
+    """Mappa ``YYYY-MM-DD -> close USD`` per ``instrument`` su ``days`` giorni."""
+    end_ms = int(datetime.now(UTC).timestamp() * 1000)
+    start_ms = end_ms - days * 86_400_000
+    url = (
+        f"{_DERIBIT}/get_tradingview_chart_data"
+        f"?instrument_name={instrument}"
+        f"&start_timestamp={start_ms}&end_timestamp={end_ms}"
+        f"&resolution=1D"
+    )
+    payload = _http_get_json(url)
+    result = payload.get("result") or {}
+    ticks = result.get("ticks") or []
+    closes = result.get("close") or []
+    out: dict[str, Decimal] = {}
+    for ts_ms, close in zip(ticks, closes, strict=False):
+        ts = datetime.fromtimestamp(ts_ms / 1000, tz=UTC).date().isoformat()
+        out[ts] = Decimal(str(close))
+    return out
+
+
+def write_records(db_path: str, records: list[BackfillRow]) -> int:
+    """Insert/replace dei record in market_snapshots. Ritorna la rowcount."""
+    if not records:
+        return 0
+    conn = sqlite3.connect(db_path)
+    try:
+        with conn:
+            for r in records:
+                conn.execute(
+                    "INSERT OR REPLACE INTO market_snapshots ("
+                    "timestamp, asset, spot, dvol, realized_vol_30d, iv_minus_rv, "
+                    "funding_perp_annualized, funding_cross_annualized, "
+                    "dealer_net_gamma, gamma_flip_level, oi_delta_pct_4h, "
+                    "liquidation_long_risk, liquidation_short_risk, "
+                    "macro_days_to_event, fetch_ok, fetch_errors_json"
+                    ") VALUES (?,?,?,?,?,?,?,?,?,?,?,?,?,?,?,?)",
+                    (
+                        r.timestamp.astimezone(UTC).isoformat(),
+                        r.asset,
+                        str(r.spot),
+                        str(r.dvol),
+                        str(r.realized_vol_30d),
+                        str(r.iv_minus_rv),
+                        None,
+                        None,
+                        None,
+                        None,
+                        None,
+                        None,
+                        None,
+                        None,
+                        1 if r.fetch_ok else 0,
+                        '{"backfill":true}',
+                    ),
+                )
+        return len(records)
+    finally:
+        conn.close()
+
+
+def backfill_asset(db_path: str, asset: str, days: int) -> int:
+    """Esegue l'intero backfill per ``asset`` e ritorna il numero di
+    record inseriti/sostituiti.
+    """
+    instrument = f"{asset.upper()}-PERPETUAL"
+    fetch_window_days = days + _RV_LOOKBACK_DAYS + 5  # margine per il lookback RV
+    spots = fetch_spot_daily(instrument, fetch_window_days)
+    dvols = fetch_dvol_daily(asset.upper(), fetch_window_days)
+    today = datetime.now(UTC).date()
+    oldest = today - timedelta(days=days)
+    records = build_backfill_records(
+        asset=asset.upper(),
+        spots_by_day=spots,
+        dvols_by_day=dvols,
+        oldest_day=oldest,
+    )
+    return write_records(db_path, records)
+
+
+def main() -> int:
+    parser = argparse.ArgumentParser(description=__doc__)
+    parser.add_argument(
+        "--db",
+        default="data/state.sqlite",
+        help="path a state.sqlite (default: data/state.sqlite)",
+    )
+    parser.add_argument(
+        "--days",
+        type=int,
+        default=45,
+        help="quanti giorni di backfill emettere (default: 45)",
+    )
+    parser.add_argument(
+        "--assets",
+        nargs="+",
+        default=["ETH", "BTC"],
+        help="asset symbols (default: ETH BTC)",
+    )
+    args = parser.parse_args()
+
+    total = 0
+    for asset in args.assets:
+        n = backfill_asset(args.db, asset, args.days)
+        print(f"{asset}: inserted/replaced {n} backfill rows")
+        total += n
+    print(f"TOTAL: {total}")
+    return 0
+
+
+if __name__ == "__main__":
+    raise SystemExit(main())

src/cerbero_bite/clients/deribit.py

@@ -9,7 +9,7 @@ the ``core/`` algorithms stay in their preferred numeric domain.
 from __future__ import annotations
 
 import re
-from datetime import UTC, datetime
+from datetime import UTC, datetime, timedelta
 from decimal import Decimal
 from typing import Any, Literal
 
@@ -167,9 +167,12 @@ class DeribitClient:
     ) -> Decimal:
         """Return the latest DVOL value for ``currency``."""
         when = (now or datetime.now(UTC)).astimezone(UTC)
+        # Window starts one day back so a tick fired exactly at 00:00 UTC
+        # — before Deribit has built today's 1D candle — still has
+        # yesterday's close to fall back on (see candles[-1] branch).
         body = {
             "currency": currency,
-            "start_date": (when.date()).isoformat(),
+            "start_date": (when.date() - timedelta(days=1)).isoformat(),
             "end_date": when.date().isoformat(),
             "resolution": "1D",
         }

src/cerbero_bite/config/schema.py

@@ -84,6 +84,24 @@ class EntryConfig(BaseModel):
     iv_minus_rv_min: Decimal = Field(default=Decimal("0"))
     iv_minus_rv_filter_enabled: bool = False
 
+    # IV richness gate adattivo (Phase 5+). Quando
+    # `iv_minus_rv_adaptive_enabled=True`, la soglia statica
+    # `iv_minus_rv_min` diventa il floor assoluto e la soglia
+    # effettiva è `max(P_q rolling, floor)` calcolata su
+    # `market_snapshots`. Vedi
+    # `docs/superpowers/specs/2026-05-08-iv-rv-adaptive-gate-design.md`.
+    iv_minus_rv_adaptive_enabled: bool = False
+    iv_minus_rv_percentile: Decimal = Field(default=Decimal("0.25"))
+    iv_minus_rv_window_target_days: int = 60
+    iv_minus_rv_window_min_days: int = 30
+
+    # Vol-of-Vol guard (§4-quater roadmap punto 2): blocca entry se
+    # |DVOL_now - DVOL_24h_ago| supera la soglia. Cattura regime
+    # shift bruschi non riflessi nel percentile rolling.
+    vol_of_vol_guard_enabled: bool = False
+    vol_of_vol_threshold_pt: Decimal = Field(default=Decimal("5"))
+    vol_of_vol_lookback_hours: int = 24
+
 
 # ---------------------------------------------------------------------------
 # Structure
@@ -389,6 +407,16 @@ class StrategyConfig(BaseModel):
         if self.entry.dvol_min >= self.entry.dvol_max:
             raise ValueError("dvol_min must be < dvol_max")
 
+        e = self.entry
+        if e.iv_minus_rv_window_min_days >= e.iv_minus_rv_window_target_days:
+            raise ValueError(
+                "iv_minus_rv_window_min_days must be < iv_minus_rv_window_target_days"
+            )
+        if not (Decimal("0") < e.iv_minus_rv_percentile < Decimal("1")):
+            raise ValueError(
+                "iv_minus_rv_percentile must be in (0, 1)"
+            )
+
         return self
 
 

src/cerbero_bite/core/adaptive_threshold.py

@@ -0,0 +1,75 @@
+"""Funzione pura per calcolare la soglia adattiva del gate IV-RV.
+
+Spec: ``docs/superpowers/specs/2026-05-08-iv-rv-adaptive-gate-design.md``.
+
+Deterministic, no I/O. La selezione della finestra (target_days vs
+min_days vs intera storia disponibile) è responsabilità del caller, che
+interroga il repository con i parametri corretti e passa qui sia i
+valori (``history``) sia il numero di giorni distinti coperti
+(``n_days``). Questo permette di mischiare cadenze diverse — tick live a
+15 min e backfill daily — senza assumere un fattore costante
+``ticks_per_day``.
+"""
+
+from __future__ import annotations
+
+from collections.abc import Sequence
+from decimal import Decimal
+
+__all__ = ["compute_adaptive_threshold"]
+
+
+def compute_adaptive_threshold(
+    history: Sequence[Decimal],
+    *,
+    n_days: int,
+    percentile: Decimal,
+    absolute_floor: Decimal,
+) -> Decimal | None:
+    """Ritorna la soglia adattiva o ``None`` durante il warmup hard.
+
+    Args:
+        history: Sequenza dei valori IV-RV nella finestra scelta dal
+            caller. NULL e tick non riusciti devono essere già stati
+            filtrati upstream. L'ordine non è significativo per il
+            percentile.
+        n_days: Numero di giorni distinti coperti dalla storia
+            disponibile (calcolato dal caller, tipicamente con
+            ``COUNT(DISTINCT date(timestamp))``). ``0`` → warmup hard.
+        percentile: Quantile target nella distribuzione (es. ``0.25``).
+        absolute_floor: Floor minimo applicato dopo il calcolo del
+            percentile. La soglia restituita è
+            ``max(P_q, absolute_floor)``.
+
+    Returns:
+        ``None`` se ``n_days == 0`` o ``history`` è vuota (warmup hard,
+        gate disabilitato), altrimenti il percentile della finestra
+        bounded dal floor.
+    """
+    if not (Decimal(0) <= percentile <= Decimal(1)):
+        raise ValueError(
+            f"percentile must be in [0, 1], got {percentile}"
+        )
+    if n_days < 0:
+        raise ValueError(f"n_days must be >= 0, got {n_days}")
+    if n_days == 0 or not history:
+        return None
+    return max(_percentile(history, percentile), absolute_floor)
+
+
+def _percentile(values: Sequence[Decimal], q: Decimal) -> Decimal:
+    """Linear-interpolated percentile, NumPy-compatible (method='linear').
+
+    Implementato in Decimal puro per evitare dipendenze numpy nel core.
+    """
+    if not values:
+        raise ValueError("percentile of empty sequence")
+    sorted_v = sorted(values)
+    n = len(sorted_v)
+    k = (Decimal(n) - Decimal(1)) * q
+    f = int(k)  # floor
+    c = min(f + 1, n - 1)
+    if f == c:
+        return sorted_v[f]
+    frac = k - Decimal(f)
+    return sorted_v[f] + (sorted_v[c] - sorted_v[f]) * frac

src/cerbero_bite/core/entry_validator.py

@@ -15,6 +15,7 @@ from decimal import Decimal
 from pydantic import BaseModel, ConfigDict
 
 from cerbero_bite.config import SpreadType, StrategyConfig
+from cerbero_bite.core.adaptive_threshold import compute_adaptive_threshold
 
 __all__ = [
     "EntryContext",
@@ -50,6 +51,25 @@ class EntryContext(BaseModel):
     # invalida l'entry).
     iv_minus_rv: Decimal | None = None
 
+    # Valori IV-RV nella finestra rolling già scelta dal caller
+    # (entry_cycle): tutti i record validi su window_days, ASC, NULL e
+    # fetch_ok=0 esclusi. Caricata dal repository quando
+    # `iv_minus_rv_adaptive_enabled` è True. Tuple per coerenza con
+    # frozen=True.
+    iv_rv_history: tuple[Decimal, ...] = ()
+
+    # Numero di giorni di calendario distinti coperti dalla storia
+    # IV-RV disponibile (non solo dalla finestra `iv_rv_history`).
+    # ``0`` = warmup hard, gate disabilitato (fail-open). Calcolato dal
+    # caller via `repository.count_iv_rv_distinct_days`.
+    iv_rv_n_days: int = 0
+
+    # DVOL al tick più vicino a now - vol_of_vol_lookback_hours.
+    # ``None`` = gap nel dato (es. cron mancante 24h fa) → VoV guard
+    # skip. Caricato dal repository in `entry_cycle` quando
+    # `vol_of_vol_guard_enabled` è True.
+    dvol_24h_ago: Decimal | None = None
+
 
 class EntryDecision(BaseModel):
     """Result of :func:`validate_entry`. ``reasons`` holds *all* blocking reasons."""
@@ -140,16 +160,43 @@ def validate_entry(ctx: EntryContext, cfg: StrategyConfig) -> EntryDecision:
     # §2.9: IV richness gate. Vendere vol senza un margine misurabile
     # fra IV e RV è statisticamente neutro: l'edge della strategia
     # esiste solo quando il premio è "ricco" rispetto a quanto il
-    # mercato si è effettivamente mosso.
+    # mercato si è effettivamente mosso. La modalità adattiva calcola
+    # la soglia come max(P_q rolling, iv_minus_rv_min) sulla storia
+    # disponibile in market_snapshots; altrimenti fallback alla
+    # soglia statica `iv_minus_rv_min`.
+    if entry_cfg.iv_minus_rv_filter_enabled and ctx.iv_minus_rv is not None:
+        if entry_cfg.iv_minus_rv_adaptive_enabled:
+            threshold = compute_adaptive_threshold(
+                history=ctx.iv_rv_history,
+                n_days=ctx.iv_rv_n_days,
+                percentile=entry_cfg.iv_minus_rv_percentile,
+                absolute_floor=entry_cfg.iv_minus_rv_min,
+            )
+            if threshold is not None and ctx.iv_minus_rv < threshold:
+                pct = int(entry_cfg.iv_minus_rv_percentile * 100)
+                reasons.append(
+                    f"IV richness below P{pct} rolling "
+                    f"(IV-RV={ctx.iv_minus_rv} < {threshold} vol pts)"
+                )
+        elif ctx.iv_minus_rv < entry_cfg.iv_minus_rv_min:
+            reasons.append(
+                f"IV richness below floor "
+                f"(IV-RV={ctx.iv_minus_rv} < {entry_cfg.iv_minus_rv_min} vol pts)"
+            )
+
+    # §4-quater roadmap: vol-of-vol guard. Blocca entry quando il
+    # regime di volatilità sta cambiando bruscamente, anche se IV-RV
+    # è alto. Fail-open su gap dati 24h fa.
     if (
-        entry_cfg.iv_minus_rv_filter_enabled
+        entry_cfg.vol_of_vol_guard_enabled
-        and ctx.iv_minus_rv is not None
+        and ctx.dvol_24h_ago is not None
-        and ctx.iv_minus_rv < entry_cfg.iv_minus_rv_min
     ):
-        reasons.append(
+        delta = abs(ctx.dvol_now - ctx.dvol_24h_ago)
-            f"IV richness below floor "
+        if delta >= entry_cfg.vol_of_vol_threshold_pt:
-            f"(IV-RV={ctx.iv_minus_rv} < {entry_cfg.iv_minus_rv_min} vol pts)"
+            reasons.append(
-        )
+                f"DVOL shifted {delta} pt in {entry_cfg.vol_of_vol_lookback_hours}h "
+                f"(threshold {entry_cfg.vol_of_vol_threshold_pt})"
+            )
 
     return EntryDecision(accepted=not reasons, reasons=reasons)
 

src/cerbero_bite/gui/pages/6_📐_Calibrazione.py

@@ -16,6 +16,7 @@ from __future__ import annotations
 import os
 from dataclasses import dataclass
 from datetime import UTC, datetime, timedelta
+from decimal import Decimal
 from pathlib import Path
 
 import pandas as pd
@@ -23,6 +24,7 @@ import plotly.graph_objects as go
 import streamlit as st
 
 from cerbero_bite.config.loader import load_strategy
+from cerbero_bite.core.adaptive_threshold import compute_adaptive_threshold
 from cerbero_bite.gui.data_layer import (
     DEFAULT_DB_PATH,
     humanize_dt,
@@ -242,6 +244,132 @@ def _render_metric(spec: MetricSpec, records: list[MarketSnapshotRecord]) -> Non
     _percentiles_strip(s)
 
 
+def _render_adaptive_gate_panel(
+    strategy: object | None,
+    records: list[MarketSnapshotRecord],
+) -> None:
+    """Pannello informativo sul gate IV-RV adattivo (read-only)."""
+    if strategy is None:
+        return
+
+    try:
+        entry = strategy.entry  # type: ignore[attr-defined]
+    except AttributeError:
+        return
+
+    if not getattr(entry, "iv_minus_rv_filter_enabled", False):
+        st.subheader("🎯 Gate IV-RV adattivo")
+        st.info("Gate IV-RV disabilitato nel profilo corrente.")
+        st.divider()
+        return
+
+    st.subheader("🎯 Gate IV-RV adattivo")
+
+    # records DESC (newest first) → history ASC con NULL/fetch_ok=0 esclusi
+    iv_rv_history: list[Decimal] = []
+    distinct_days: set[str] = set()
+    for r in reversed(records):
+        if r.fetch_ok and r.iv_minus_rv is not None:
+            iv_rv_history.append(r.iv_minus_rv)
+            distinct_days.add(r.timestamp.date().isoformat())
+
+    n_ticks = len(iv_rv_history)
+    n_days = len(distinct_days)
+    target = int(getattr(entry, "iv_minus_rv_window_target_days", 60))
+    min_days = int(getattr(entry, "iv_minus_rv_window_min_days", 30))
+
+    if n_days < 1:
+        status = "🟡 Warmup hard (nessun giorno coperto)"
+    elif n_days < min_days:
+        status = f"🟡 Warmup ({n_days}/{min_days}g — finestra crescente)"
+    elif n_days < target:
+        status = f"🟢 Attivo (finestra {min_days}g, target {target}g)"
+    else:
+        status = f"🟢 Attivo (finestra stabile {target}g)"
+    st.markdown(f"**Status:** {status} · {n_ticks} tick complessivi")
+
+    # Latest tick
+    iv_rv_now: Decimal | None = None
+    dvol_now: Decimal | None = None
+    latest_ts: datetime | None = None
+    for r in records:  # records DESC
+        if r.fetch_ok:
+            iv_rv_now = r.iv_minus_rv
+            dvol_now = r.dvol
+            latest_ts = r.timestamp
+            break
+
+    adaptive_on = bool(getattr(entry, "iv_minus_rv_adaptive_enabled", False))
+    floor = Decimal(str(getattr(entry, "iv_minus_rv_min", "0")))
+
+    if adaptive_on:
+        percentile = Decimal(
+            str(getattr(entry, "iv_minus_rv_percentile", "0.25"))
+        )
+        try:
+            threshold = compute_adaptive_threshold(
+                history=iv_rv_history,
+                n_days=n_days,
+                percentile=percentile,
+                absolute_floor=floor,
+            )
+        except ValueError as exc:
+            st.warning(f"Configurazione gate non valida: {exc}")
+            threshold = None
+
+        c1, c2, c3 = st.columns(3)
+        pct_label = int(percentile * 100)
+        c1.metric(
+            f"Soglia P{pct_label} rolling",
+            f"{threshold:.2f}" if threshold is not None else "—",
+            help="Soglia adattiva = max(percentile, floor)",
+        )
+        c2.metric(
+            "IV-RV ultimo tick",
+            f"{iv_rv_now:.2f}" if iv_rv_now is not None else "—",
+        )
+        c3.metric("Floor assoluto", f"{floor:.2f}")
+
+        if threshold is not None and iv_rv_now is not None:
+            verdict = "✅ PASS" if iv_rv_now >= threshold else "❌ SKIP"
+            st.markdown(f"**Decisione hypothetical:** {verdict}")
+    else:
+        st.write(f"Modalità statica: floor = {floor} vol pts")
+
+    if bool(getattr(entry, "vol_of_vol_guard_enabled", False)):
+        st.markdown("---")
+        st.markdown("**Vol-of-Vol guard**")
+        threshold_pt = Decimal(
+            str(getattr(entry, "vol_of_vol_threshold_pt", "5"))
+        )
+        lookback_h = int(getattr(entry, "vol_of_vol_lookback_hours", 24))
+
+        # Find tick closest to latest_ts - lookback hours, tolerance 15 min
+        dvol_lookback: Decimal | None = None
+        if latest_ts is not None and dvol_now is not None:
+            target_ts = latest_ts - timedelta(hours=lookback_h)
+            best_delta = timedelta(minutes=15)
+            for r in records:
+                if not r.fetch_ok or r.dvol is None:
+                    continue
+                d = abs(r.timestamp - target_ts)
+                if d <= best_delta:
+                    best_delta = d
+                    dvol_lookback = r.dvol
+
+        if dvol_lookback is not None and dvol_now is not None:
+            delta = abs(dvol_now - dvol_lookback)
+            c1, c2 = st.columns(2)
+            c1.metric(f"|ΔDVOL {lookback_h}h|", f"{delta:.2f}")
+            c2.metric("Soglia VoV", f"{threshold_pt:.2f}")
+            verdict = "✅ PASS" if delta < threshold_pt else "❌ SKIP"
+            st.markdown(f"**Verdict:** {verdict}")
+        else:
+            st.info(f"Lookback {lookback_h}h non disponibile (gap dati).")
+
+    st.divider()
+
+
 def render() -> None:
     st.title("📐 Calibrazione")
     st.caption(
@@ -313,6 +441,8 @@ def render() -> None:
 
     specs = _metric_specs(strategy)
 
+    _render_adaptive_gate_panel(strategy, records)
+
     for spec in specs:
         _render_metric(spec, records)
         st.divider()

src/cerbero_bite/gui/pages/7_📚_Strategia.py

@@ -476,7 +476,11 @@ def _compute_pl(
 
     cap_pertrade_usd = caps["cap_pertrade_eur"] * eur_to_usd
     risk_target = min(caps["kelly"] * capital, cap_pertrade_usd)
-    n_kelly = int(risk_target // width) if width > 0 else 0
+    # Max loss per contratto = width − credit (NON width). Su un put
+    # spread incassi `credit` upfront, quindi la perdita massima è la
+    # larghezza meno il credito (vedi core/sizing_engine.py).
+    max_loss_per_contract = max(width - credit, 1e-6)
+    n_kelly = int(risk_target // max_loss_per_contract)
     n_per_trade = max(0, min(n_kelly, int(caps["max_n"])))
 
     prob_time_stop = 0.07
@@ -670,27 +674,33 @@ def _render_pl_panel(
     """Pannello P/L: confronto Conservativa vs Aggressiva sugli stessi slider."""
     st.subheader("💰 P/L atteso — Conservativa vs Aggressiva")
     st.caption(
-        "Stessi slider, due profili di sizing. **Conservativa** = la "
+        "Slider parametrici: scegli **cap per trade** e **posizioni "
-        "golden config attuale (`strategy.yaml`). **Aggressiva** = "
+        "concorrenti**, il capitale richiesto viene calcolato in "
-        "`strategy.aggressiva.yaml` con cap_per_trade 4×, max contratti "
+        "automatico (Kelly-binding × concurrency / kelly_fraction). "
-        "4×, 2 posizioni concorrenti. Le regole §2-§9 sono identiche; "
+        "Conservativa e Aggressiva ereditano dai rispettivi yaml SOLO "
-        "cambiano SOLO le leve di sizing — quello che il P/L "
+        "le leve qualitative (width_pct, credit_ratio, kelly_fraction, "
-        "conservativo lascia sul tavolo."
+        "feature attive); le leve di sizing (cap, concorrenza) le "
+        "controlli qui sotto."
     )
 
-    col_a, col_b, col_c, col_d = st.columns(4)
+    col_a, col_b, col_c, col_d, col_e = st.columns(5)
-    capital = col_a.slider(
+    cap_per_trade_eur = col_a.slider(
-        "Capitale (USD)", 720, 50_000, value=10_000, step=100
+        "Cap/trade (EUR)", 50, 2000, value=200, step=10,
+        help="Massima perdita per singolo trade. Bound al rischio.",
     )
-    spot = col_b.slider("Spot ETH (USD)", 1500, 6000, value=3000, step=100)
+    concurrency_override = col_b.slider(
-    win_rate = col_c.slider(
+        "Pos. concorrenti", 1, 10, value=3, step=1,
+        help="Quanti trade simultanei. Cap aggregato = cap/trade × N.",
+    )
+    spot = col_c.slider("Spot ETH (USD)", 1500, 6000, value=3000, step=100)
+    win_rate = col_d.slider(
         "Win rate atteso", 0.50, 0.90, value=0.75, step=0.01,
         help=(
             "Senza filtri quant ≈ 0.65–0.70. CON filtri (dealer gamma>0, "
             "no macro, IV−RV>0, liquidation_*_risk≠high) sale a 0.75–0.80."
         ),
     )
-    trades_per_year = col_d.slider(
+    trades_per_year = col_e.slider(
         "Trade / anno (post-filtri)", 20, 200, value=110, step=5,
         help=(
             "Crypto è 24/7: l'entry cycle gira ogni giorno alle 14:00 UTC "
@@ -702,6 +712,43 @@ def _render_pl_panel(
 
     cons_caps = _profile_caps(strategy_conservativa or strategy_main)
     aggr_caps = _profile_caps(strategy_aggressiva)
+    # Override sizing dai slider (sostituisce le leve cap/trade,
+    # cap_aggregate, max_concurrent dei yaml).
+    eur_to_usd = 1.075
+    cap_pertrade_usd = cap_per_trade_eur * eur_to_usd
+    cap_aggregate_override = float(cap_per_trade_eur * concurrency_override)
+    cons_caps = {
+        **cons_caps,
+        "cap_pertrade_eur": float(cap_per_trade_eur),
+        "cap_aggregate_eur": cap_aggregate_override,
+        "max_concurrent": float(concurrency_override),
+    }
+    aggr_caps = {
+        **aggr_caps,
+        "cap_pertrade_eur": float(cap_per_trade_eur),
+        "cap_aggregate_eur": cap_aggregate_override,
+        "max_concurrent": float(concurrency_override),
+    }
+    # Capitale richiesto: Kelly-binding aggregato.
+    # Per ogni trade slot, kelly × capital ≥ cap_pertrade_usd → capital
+    # ≥ cap_pertrade_usd / kelly. Per N concorrenti, scala linearmente
+    # come limite conservativo del notional cumulato.
+    kelly_cons = cons_caps.get("kelly", 0.13)
+    kelly_aggr = aggr_caps.get("kelly", 0.13)
+    capital_cons = int(
+        cap_pertrade_usd * concurrency_override / max(kelly_cons, 1e-3)
+    )
+    capital_aggr = int(
+        cap_pertrade_usd * concurrency_override / max(kelly_aggr, 1e-3)
+    )
+    capital = max(capital_cons, capital_aggr)
+    cap_col1, cap_col2, cap_col3 = st.columns(3)
+    cap_col1.metric("📊 Capitale richiesto", f"${capital:,}")
+    cap_col2.metric(
+        "💸 Cap aggregato (notional)",
+        f"${int(cap_pertrade_usd * concurrency_override):,}",
+    )
+    cap_col3.metric("🎯 Cap per trade (USD)", f"${int(cap_pertrade_usd):,}")
     cons_feats = _detect_features(strategy_conservativa or strategy_main)
     aggr_feats = _detect_features(strategy_aggressiva)
 

src/cerbero_bite/runtime/entry_cycle.py

@@ -30,6 +30,7 @@ from cerbero_bite.clients.macro import MacroClient
 from cerbero_bite.clients.portfolio import PortfolioClient
 from cerbero_bite.clients.sentiment import SentimentClient
 from cerbero_bite.config.schema import StrategyConfig
+from cerbero_bite.core.adaptive_threshold import compute_adaptive_threshold
 from cerbero_bite.core.combo_builder import ComboProposal, build, select_strikes
 from cerbero_bite.core.entry_validator import (
     EntryContext,
@@ -315,6 +316,51 @@ async def _build_quotes(
     return out
 
 
+def _select_window_days(entry_cfg: object, n_days: int) -> int:
+    """Sceglie la finestra in giorni per il gate adattivo dato n_days
+    disponibili.
+
+    Spec: warmup hard se ``n_days == 0`` → 0; finestra ``target_days``
+    se ``n_days >= target_days``; ``min_days`` se ``n_days >= min_days``;
+    altrimenti tutta la storia disponibile (capped a ``target_days``).
+    """
+    target = int(getattr(entry_cfg, "iv_minus_rv_window_target_days", 60))
+    min_days = int(getattr(entry_cfg, "iv_minus_rv_window_min_days", 30))
+    if n_days < 1:
+        return 0
+    if n_days >= target:
+        return target
+    if n_days >= min_days:
+        return min_days
+    return target  # storia parziale: query fino a target, repository ne ritorna n_days
+
+
+def _audit_threshold(
+    entry_cfg: object,
+    iv_rv_history: tuple[Decimal, ...],
+    n_days: int,
+) -> str | None:
+    """Soglia P_q rolling effettivamente usata dal gate, per il decisions log."""
+    if not getattr(entry_cfg, "iv_minus_rv_filter_enabled", False):
+        return None
+    if not getattr(entry_cfg, "iv_minus_rv_adaptive_enabled", False):
+        return str(getattr(entry_cfg, "iv_minus_rv_min", Decimal("0")))
+    threshold = compute_adaptive_threshold(
+        history=iv_rv_history,
+        n_days=n_days,
+        percentile=entry_cfg.iv_minus_rv_percentile,  # type: ignore[attr-defined]
+        absolute_floor=entry_cfg.iv_minus_rv_min,  # type: ignore[attr-defined]
+    )
+    return None if threshold is None else str(threshold)
+
+
+def _audit_window_days(entry_cfg: object, n_days: int) -> int | None:
+    """Numero di giorni effettivamente usati dalla finestra rolling."""
+    if not getattr(entry_cfg, "iv_minus_rv_adaptive_enabled", False):
+        return None
+    return _select_window_days(entry_cfg, n_days)
+
+
 def _max_loss_per_contract_usd(short_strike: Decimal, long_strike: Decimal) -> Decimal:
     return (short_strike - long_strike).copy_abs()
 
@@ -429,6 +475,44 @@ async def run_entry_cycle(
             )
 
     # 2. Entry filters
+    entry_cfg = cfg.entry
+    asset = cfg.asset.symbol
+
+    iv_rv_history: tuple[Decimal, ...] = ()
+    iv_rv_n_days: int = 0
+    dvol_24h_ago: Decimal | None = None
+    if entry_cfg.iv_minus_rv_filter_enabled and entry_cfg.iv_minus_rv_adaptive_enabled:
+        conn = connect_state(ctx.db_path)
+        try:
+            iv_rv_n_days = ctx.repository.count_iv_rv_distinct_days(
+                conn,
+                asset=asset,
+                max_days=entry_cfg.iv_minus_rv_window_target_days,
+                as_of=when,
+            )
+            window_days = _select_window_days(entry_cfg, iv_rv_n_days)
+            if window_days > 0:
+                iv_rv_history = tuple(
+                    ctx.repository.iv_rv_values_for_window(
+                        conn,
+                        asset=asset,
+                        window_days=window_days,
+                        as_of=when,
+                    )
+                )
+        finally:
+            conn.close()
+    if entry_cfg.vol_of_vol_guard_enabled:
+        conn = connect_state(ctx.db_path)
+        try:
+            dvol_24h_ago = ctx.repository.dvol_lookback(
+                conn,
+                asset=asset,
+                reference=when - timedelta(hours=entry_cfg.vol_of_vol_lookback_hours),
+            )
+        finally:
+            conn.close()
+
     entry_ctx = EntryContext(
         capital_usd=capital_usd,
         dvol_now=snap.dvol,
@@ -439,6 +523,9 @@ async def run_entry_cycle(
         dealer_net_gamma=snap.dealer_net_gamma,
         iv_minus_rv=snap.iv_minus_rv,
         liquidation_squeeze_risk_high=snap.liquidation_squeeze_risk_high,
+        iv_rv_history=iv_rv_history,
+        iv_rv_n_days=iv_rv_n_days,
+        dvol_24h_ago=dvol_24h_ago,
     )
     decision = validate_entry(entry_ctx, cfg)
     inputs = {
@@ -458,6 +545,17 @@ async def run_entry_cycle(
             "iv_minus_rv": (
                 str(snap.iv_minus_rv) if snap.iv_minus_rv is not None else None
             ),
+            "iv_rv_history_n": len(iv_rv_history),
+            "iv_rv_n_days": iv_rv_n_days,
+            "iv_rv_threshold_used": _audit_threshold(
+                entry_cfg, iv_rv_history, iv_rv_n_days
+            ),
+            "iv_rv_window_used_days": _audit_window_days(
+                entry_cfg, iv_rv_n_days
+            ),
+            "dvol_24h_ago": (
+                str(dvol_24h_ago) if dvol_24h_ago is not None else None
+            ),
         }
     }
     if not decision.accepted:

src/cerbero_bite/runtime/orchestrator.py

@@ -222,7 +222,7 @@ class Orchestrator:
         market_snapshot_cron: str = _CRON_MARKET_SNAPSHOT,
         market_snapshot_assets: tuple[str, ...] = DEFAULT_ASSETS,
         option_chain_cron: str = _CRON_OPTION_CHAIN_SNAPSHOT,
-        option_chain_asset: str = "ETH",
+        option_chain_assets: tuple[str, ...] = ("ETH", "BTC"),
         backup_dir: Path | None = None,
         backup_retention_days: int = _BACKUP_RETENTION_DAYS,
     ) -> AsyncIOScheduler:
@@ -290,9 +290,8 @@ class Orchestrator:
 
         async def _option_chain_snapshot() -> None:
             async def _do() -> None:
-                await collect_option_chain_snapshot(
+                for asset in option_chain_assets:
-                    self._ctx, asset=option_chain_asset
+                    await collect_option_chain_snapshot(self._ctx, asset=asset)
-                )
 
             await _safe("option_chain_snapshot", _do)
 

src/cerbero_bite/state/migrations/0005_option_chain_snapshots.sql

@@ -1,10 +1,10 @@
--- 0004_option_chain_snapshots.sql — catena opzioni storica
+-- 0005_option_chain_snapshots.sql — catena opzioni storica
 --
--- Snapshot della option chain Deribit, prelevata settimanalmente (cron
+-- Snapshot della option chain Deribit prelevata ogni 15 minuti (stesso
--- 55 13 * * MON, appena prima del trigger entry alle 14:00 UTC) per
+-- scheduler di market_snapshots, cron */15) per ogni strike entro ±30%
--- ogni strike entro ±30% dallo spot e per ogni scadenza in finestra
+-- dallo spot e per ogni scadenza nella finestra 14-28 DTE. Dato di
--- 14-28 DTE. Dato di base per il backtest non-stilizzato e per
+-- base per il backtest non-stilizzato e per calibrare empiricamente
--- calibrare empiricamente lo skew premium del modello BS.
+-- lo skew premium del modello BS.
 --
 -- Granularità: una riga per (snapshot_ts, instrument). Lo
 -- snapshot_ts è il timestamp del cron tick — TUTTI i quote raccolti

src/cerbero_bite/state/repository.py

@@ -13,7 +13,7 @@ Decimals are stored as TEXT to preserve precision (see
 from __future__ import annotations
 
 import sqlite3
-from datetime import UTC, datetime
+from datetime import UTC, datetime, timedelta
 from decimal import Decimal
 from typing import Any
 from uuid import UUID
@@ -408,6 +408,111 @@ class Repository:
         ).fetchall()
         return [_row_to_market_snapshot(r) for r in rows]
 
+    def count_iv_rv_distinct_days(
+        self,
+        conn: sqlite3.Connection,
+        *,
+        asset: str,
+        max_days: int,
+        as_of: datetime | None = None,
+    ) -> int:
+        """Numero di giorni di calendario distinti coperti da IV-RV validi.
+
+        Esclude righe con ``fetch_ok=0`` o ``iv_minus_rv IS NULL``.
+        Usato dal caller del gate adattivo per decidere la finestra
+        (warmup hard / min_days / target_days).
+
+        Args:
+            as_of: Reference time for the rolling window. Defaults to
+                ``datetime.now(UTC)``.
+        """
+        if max_days <= 0:
+            raise ValueError(f"max_days must be positive, got {max_days}")
+        ref = as_of if as_of is not None else datetime.now(UTC)
+        if ref.tzinfo is None:
+            raise ValueError("as_of must be timezone-aware")
+        cutoff = ref - timedelta(days=max_days)
+        row = conn.execute(
+            "SELECT COUNT(DISTINCT substr(timestamp, 1, 10)) AS n "
+            "FROM market_snapshots "
+            "WHERE asset = ? "
+            "  AND fetch_ok = 1 "
+            "  AND iv_minus_rv IS NOT NULL "
+            "  AND timestamp >= ?",
+            (asset, _enc_dt(cutoff)),
+        ).fetchone()
+        return int(row["n"]) if row is not None else 0
+
+    def iv_rv_values_for_window(
+        self,
+        conn: sqlite3.Connection,
+        *,
+        asset: str,
+        window_days: int,
+        as_of: datetime | None = None,
+    ) -> list[Decimal]:
+        """Valori IV-RV ordinati ASC su ``[as_of - window_days, as_of]``.
+
+        Esclude righe con ``fetch_ok=0`` o ``iv_minus_rv IS NULL``.
+        Tutti i record validi della finestra concorrono come singoli
+        contributi alla statistica del percentile, indipendentemente
+        dalla cadenza con cui sono stati raccolti (tick live vs backfill
+        daily).
+        """
+        if window_days <= 0:
+            raise ValueError(f"window_days must be positive, got {window_days}")
+        ref = as_of if as_of is not None else datetime.now(UTC)
+        if ref.tzinfo is None:
+            raise ValueError("as_of must be timezone-aware")
+        cutoff = ref - timedelta(days=window_days)
+        rows = conn.execute(
+            "SELECT iv_minus_rv FROM market_snapshots "
+            "WHERE asset = ? "
+            "  AND fetch_ok = 1 "
+            "  AND iv_minus_rv IS NOT NULL "
+            "  AND timestamp >= ? "
+            "ORDER BY timestamp ASC",
+            (asset, _enc_dt(cutoff)),
+        ).fetchall()
+        return [Decimal(str(r["iv_minus_rv"])) for r in rows]
+
+    def dvol_lookback(
+        self,
+        conn: sqlite3.Connection,
+        *,
+        asset: str,
+        reference: datetime,
+        tolerance_minutes: int = 15,
+    ) -> Decimal | None:
+        """DVOL al tick più vicino a `reference`, entro ±tolerance_minutes.
+
+        Ritorna ``None`` se non esiste un tick valido (``fetch_ok=1``,
+        ``dvol IS NOT NULL``) entro la tolerance. Usato dal Vol-of-Vol
+        guard per stimare DVOL N ore fa.
+        """
+        if reference.tzinfo is None:
+            raise ValueError("reference must be timezone-aware")
+        ref_lo = (reference - timedelta(minutes=tolerance_minutes)).astimezone(UTC)
+        ref_hi = (reference + timedelta(minutes=tolerance_minutes)).astimezone(UTC)
+        row = conn.execute(
+            "SELECT dvol, timestamp FROM market_snapshots "
+            "WHERE asset = ? "
+            "  AND fetch_ok = 1 "
+            "  AND dvol IS NOT NULL "
+            "  AND timestamp >= ? "
+            "  AND timestamp <= ? "
+            "ORDER BY ABS(julianday(timestamp) - julianday(?)) ASC LIMIT 1",
+            (
+                asset,
+                _enc_dt(ref_lo),
+                _enc_dt(ref_hi),
+                _enc_dt(reference),
+            ),
+        ).fetchone()
+        if row is None:
+            return None
+        return Decimal(str(row["dvol"]))
+
     # ------------------------------------------------------------------
     # option_chain_snapshots
     # ------------------------------------------------------------------

strategy.aggressiva.yaml

@@ -29,7 +29,7 @@
 # di cosa otterresti DOPO quel lavoro di codice.
 
 config_version: "1.4.0-aggressiva"
-config_hash: "7a39214a7efd2861d22d465f6caf758fec84598775c3f01d922782d7f6f337b0"
+config_hash: "7fa9b0be5b56517293421bc19838b700da595725360fe018a1be13b802dea859"
 last_review: "2026-04-26"
 last_reviewer: "Adriano"
 
@@ -65,9 +65,22 @@ entry:
   dealer_gamma_min: "0"
   dealer_gamma_filter_enabled: true
   liquidation_filter_enabled: true
-  # IV richness gate (§2.9) — abilitato a 3 pt vol per profilo aggressivo.
+  # IV richness gate (§2.9). In Aggressiva il gate è in modalità
-  iv_minus_rv_min: "3"
+  # adattiva: la soglia è il P25 rolling sui market_snapshots
+  # (warmup: usa la storia disponibile finché < 30g, poi finestra 30g
+  # fino a 60g, poi fissa 60g). `iv_minus_rv_min: 0` = floor zero,
+  # lascia decidere al P25.
   iv_minus_rv_filter_enabled: true
+  iv_minus_rv_adaptive_enabled: true
+  iv_minus_rv_min: "0"
+  iv_minus_rv_percentile: "0.25"
+  iv_minus_rv_window_target_days: 60
+  iv_minus_rv_window_min_days: 30
+
+  # Vol-of-Vol guard: blocca entry su shift bruschi DVOL.
+  vol_of_vol_guard_enabled: true
+  vol_of_vol_threshold_pt: "5"
+  vol_of_vol_lookback_hours: 24
 
 
 structure:

tests/integration/test_entry_cycle_iv_rv_adaptive.py

@@ -0,0 +1,136 @@
+"""End-to-end test del gate IV-RV adattivo + Vol-of-Vol guard via Repository.
+
+Verifica che la nuova API distinct-days componga correttamente repository
+helpers + ``compute_adaptive_threshold``.
+"""
+
+from __future__ import annotations
+
+from datetime import UTC, datetime, timedelta
+from decimal import Decimal
+
+import pytest
+
+from cerbero_bite.core.adaptive_threshold import compute_adaptive_threshold
+from cerbero_bite.state.db import connect, run_migrations
+from cerbero_bite.state.models import MarketSnapshotRecord
+from cerbero_bite.state.repository import Repository
+
+
+def _seed_history(
+    conn,
+    repo: Repository,
+    asset: str,
+    base: datetime,
+    n_ticks: int,
+    iv_rv_value: Decimal,
+    dvol_value: Decimal,
+) -> None:
+    for i in range(n_ticks):
+        repo.record_market_snapshot(
+            conn,
+            MarketSnapshotRecord(
+                timestamp=base + timedelta(minutes=15 * i),
+                asset=asset,
+                spot=Decimal("2000"),
+                dvol=dvol_value,
+                realized_vol_30d=Decimal("48"),
+                iv_minus_rv=iv_rv_value,
+                funding_perp_annualized=Decimal("0"),
+                funding_cross_annualized=Decimal("0"),
+                dealer_net_gamma=Decimal("0"),
+                gamma_flip_level=None,
+                oi_delta_pct_4h=None,
+                liquidation_long_risk="low",
+                liquidation_short_risk="low",
+                macro_days_to_event=None,
+                fetch_ok=True,
+                fetch_errors_json=None,
+            ),
+        )
+    conn.commit()
+
+
+@pytest.fixture
+def db_30d(tmp_path):
+    """30 giorni di storia con IV-RV bimodale: prima metà 1.0, seconda metà 5.0."""
+    db_path = tmp_path / "e2e.sqlite"
+    conn = connect(str(db_path))
+    run_migrations(conn)
+    repo = Repository()
+    base = datetime(2026, 4, 1, 0, 0, tzinfo=UTC)
+    _seed_history(conn, repo, "ETH", base, 1440, Decimal("1.0"), Decimal("50"))
+    _seed_history(
+        conn,
+        repo,
+        "ETH",
+        base + timedelta(days=15),
+        1440,
+        Decimal("5.0"),
+        Decimal("50"),
+    )
+    return conn, repo
+
+
+def test_distinct_days_count_matches_calendar_days(db_30d) -> None:
+    """30 giorni di calendario seedati → COUNT DISTINCT = 30."""
+    conn, repo = db_30d
+    n = repo.count_iv_rv_distinct_days(
+        conn,
+        asset="ETH",
+        max_days=60,
+        as_of=datetime(2026, 5, 1, 0, 0, tzinfo=UTC),
+    )
+    assert n == 30
+
+
+def test_window_values_returned_for_full_history(db_30d) -> None:
+    conn, repo = db_30d
+    values = repo.iv_rv_values_for_window(
+        conn,
+        asset="ETH",
+        window_days=60,
+        as_of=datetime(2026, 5, 1, 0, 0, tzinfo=UTC),
+    )
+    assert len(values) == 2880
+    # Bimodale: 1440 valori 1.0 e 1440 valori 5.0
+    assert sum(1 for v in values if v == Decimal("1.0")) == 1440
+    assert sum(1 for v in values if v == Decimal("5.0")) == 1440
+
+
+def test_p25_of_bimodal_history_picks_low_regime(db_30d) -> None:
+    """Comporre repository + adaptive_threshold come fa entry_cycle."""
+    conn, repo = db_30d
+    as_of = datetime(2026, 5, 1, 0, 0, tzinfo=UTC)
+    n_days = repo.count_iv_rv_distinct_days(
+        conn, asset="ETH", max_days=60, as_of=as_of
+    )
+    values = repo.iv_rv_values_for_window(
+        conn, asset="ETH", window_days=60, as_of=as_of
+    )
+    threshold = compute_adaptive_threshold(
+        history=values,
+        n_days=n_days,
+        percentile=Decimal("0.25"),
+        absolute_floor=Decimal("0"),
+    )
+    # P25 di 2880 valori bimodali: 1440 ×1.0, 1440 ×5.0 → soglia = 1.0
+    assert threshold == Decimal("1.0")
+
+
+def test_dvol_lookback_within_tolerance(db_30d) -> None:
+    conn, repo = db_30d
+    base = datetime(2026, 4, 1, 0, 0, tzinfo=UTC)
+    out = repo.dvol_lookback(conn, asset="ETH", reference=base + timedelta(hours=24))
+    assert out == Decimal("50")
+
+
+def test_dvol_lookback_returns_none_outside_tolerance(db_30d) -> None:
+    conn, repo = db_30d
+    out = repo.dvol_lookback(
+        conn,
+        asset="ETH",
+        reference=datetime(2025, 1, 1, tzinfo=UTC),
+        tolerance_minutes=15,
+    )
+    assert out is None

tests/unit/test_adaptive_threshold.py

@@ -0,0 +1,170 @@
+"""TDD per :mod:`cerbero_bite.core.adaptive_threshold`.
+
+Spec: ``docs/superpowers/specs/2026-05-08-iv-rv-adaptive-gate-design.md``.
+
+La funzione è una pura statistica: riceve già la finestra di valori scelta
+dal caller e il numero di giorni distinti coperti dalla storia disponibile
+(``n_days``), e restituisce ``max(percentile, floor)`` o ``None`` durante
+il warmup hard. La selezione della finestra (target_days vs min_days vs
+intera storia) è responsabilità del caller (repository + entry_cycle).
+"""
+
+from __future__ import annotations
+
+from decimal import Decimal
+
+import pytest
+
+from cerbero_bite.core.adaptive_threshold import compute_adaptive_threshold
+
+# ---------------------------------------------------------------------------
+# Warmup hard: nessun giorno disponibile
+# ---------------------------------------------------------------------------
+
+
+def test_n_days_zero_returns_none() -> None:
+    """Storia vuota o nessun giorno coperto → warmup hard."""
+    out = compute_adaptive_threshold(
+        history=[],
+        n_days=0,
+        percentile=Decimal("0.25"),
+        absolute_floor=Decimal("0"),
+    )
+    assert out is None
+
+
+def test_n_days_zero_with_values_still_returns_none() -> None:
+    """Difensivo: se il caller passa n_days=0 ma valori non vuoti, warmup
+    hard vince comunque (gate disabilitato)."""
+    out = compute_adaptive_threshold(
+        history=[Decimal("3")] * 10,
+        n_days=0,
+        percentile=Decimal("0.25"),
+        absolute_floor=Decimal("0"),
+    )
+    assert out is None
+
+
+def test_empty_history_with_positive_n_days_returns_none() -> None:
+    """Difensivo: history vuota anche con n_days>0 → None."""
+    out = compute_adaptive_threshold(
+        history=[],
+        n_days=5,
+        percentile=Decimal("0.25"),
+        absolute_floor=Decimal("0"),
+    )
+    assert out is None
+
+
+# ---------------------------------------------------------------------------
+# Calcolo percentile sulla finestra ricevuta
+# ---------------------------------------------------------------------------
+
+
+def test_n_days_one_returns_percentile_of_history() -> None:
+    """Singolo giorno con tick a 15 min (96 valori): P25 standard."""
+    history = [Decimal(i) / Decimal("10") for i in range(96)]  # 0.0..9.5
+    out = compute_adaptive_threshold(
+        history=history,
+        n_days=1,
+        percentile=Decimal("0.25"),
+        absolute_floor=Decimal("0"),
+    )
+    # P25 di [0.0..9.5] passo 0.1 con method='linear': k=23.75, val ≈ 2.375
+    assert out is not None
+    assert Decimal("2.3") < out < Decimal("2.5")
+
+
+def test_window_chosen_by_caller_is_used_verbatim() -> None:
+    """La funzione NON fa slicing: usa esattamente la history ricevuta."""
+    history = [Decimal(i) for i in range(1, 201)]  # 1..200
+    out = compute_adaptive_threshold(
+        history=history,
+        n_days=30,
+        percentile=Decimal("0.5"),
+        absolute_floor=Decimal("0"),
+    )
+    # P50 di [1..200] = (200+1)/2 = 100.5
+    assert out is not None
+    assert Decimal("100") <= out <= Decimal("101")
+
+
+def test_mixed_cadence_window_no_special_treatment() -> None:
+    """Mix di valori (es. backfill daily + tick live) trattato come una
+    distribuzione qualunque: il caller ha già scelto la finestra; la
+    funzione calcola il percentile sui valori ricevuti uno-a-uno."""
+    # 30 valori "daily backfill" (uno per giorno) + 96 tick "live"
+    history = [Decimal("5")] * 30 + [Decimal("8")] * 96
+    out = compute_adaptive_threshold(
+        history=history,
+        n_days=31,
+        percentile=Decimal("0.25"),
+        absolute_floor=Decimal("0"),
+    )
+    # Sorted: 30 ×5, 96 ×8. P25 a indice 0.25*125 = 31.25 → tra 5 e 8.
+    # NumPy linear: sorted_v[31]=8, sorted_v[32]=8 → 8.
+    # Verifica solo l'estremo superiore della famiglia di valori sorted.
+    assert out is not None
+    assert out in (Decimal("5"), Decimal("8"))
+
+
+# ---------------------------------------------------------------------------
+# Floor binding
+# ---------------------------------------------------------------------------
+
+
+def test_floor_binding_overrides_low_percentile() -> None:
+    history = [Decimal("0.5")] * 200
+    out = compute_adaptive_threshold(
+        history=history,
+        n_days=30,
+        percentile=Decimal("0.25"),
+        absolute_floor=Decimal("3"),
+    )
+    assert out == Decimal("3")
+
+
+def test_floor_not_binding_returns_percentile() -> None:
+    history = [Decimal("5")] * 200
+    out = compute_adaptive_threshold(
+        history=history,
+        n_days=30,
+        percentile=Decimal("0.25"),
+        absolute_floor=Decimal("0"),
+    )
+    assert out == Decimal("5")
+
+
+# ---------------------------------------------------------------------------
+# Input validation
+# ---------------------------------------------------------------------------
+
+
+def test_invalid_percentile_above_one_raises() -> None:
+    with pytest.raises(ValueError, match="percentile must be in"):
+        compute_adaptive_threshold(
+            history=[Decimal("1")] * 200,
+            n_days=10,
+            percentile=Decimal("1.5"),
+            absolute_floor=Decimal("0"),
+        )
+
+
+def test_invalid_percentile_negative_raises() -> None:
+    with pytest.raises(ValueError, match="percentile must be in"):
+        compute_adaptive_threshold(
+            history=[Decimal("1")] * 200,
+            n_days=10,
+            percentile=Decimal("-0.1"),
+            absolute_floor=Decimal("0"),
+        )
+
+
+def test_invalid_negative_n_days_raises() -> None:
+    with pytest.raises(ValueError, match="n_days must be >= 0"):
+        compute_adaptive_threshold(
+            history=[Decimal("1")] * 10,
+            n_days=-1,
+            percentile=Decimal("0.25"),
+            absolute_floor=Decimal("0"),
+        )

tests/unit/test_backfill_iv_rv.py

@@ -0,0 +1,176 @@
+"""TDD per il backfill IV-RV (``scripts/backfill_iv_rv.py``).
+
+Testa solo la parte pura (compute RV + assemblaggio record). I/O HTTP
+e SQLite restano nel main del CLI: testati manualmente al deploy.
+"""
+
+from __future__ import annotations
+
+import importlib.util
+import sys
+from datetime import UTC, date, datetime, timedelta
+from decimal import Decimal
+from pathlib import Path
+
+import pytest
+
+REPO_ROOT = Path(__file__).resolve().parents[2]
+
+
+def _load_backfill_module() -> object:
+    """Load scripts/backfill_iv_rv.py as a module without polluting sys.path."""
+    spec = importlib.util.spec_from_file_location(
+        "_cerbero_bite_backfill_iv_rv", REPO_ROOT / "scripts" / "backfill_iv_rv.py"
+    )
+    if spec is None or spec.loader is None:
+        raise RuntimeError("cannot load backfill_iv_rv module")
+    module = importlib.util.module_from_spec(spec)
+    sys.modules[spec.name] = module
+    spec.loader.exec_module(module)
+    return module
+
+
+@pytest.fixture(scope="module")
+def mod():
+    return _load_backfill_module()
+
+
+# ---------------------------------------------------------------------------
+# compute_rv30d_annualized
+# ---------------------------------------------------------------------------
+
+
+def test_constant_prices_yield_zero_rv(mod) -> None:
+    closes = [Decimal("100")] * 31  # 30 returns of log(1)=0
+    rv = mod.compute_rv30d_annualized(closes)
+    assert rv == Decimal("0")
+
+
+def test_too_few_closes_raises(mod) -> None:
+    with pytest.raises(ValueError, match="need at least 31 closes"):
+        mod.compute_rv30d_annualized([Decimal("100")] * 10)
+
+
+def test_monotonic_growth_yields_low_rv(mod) -> None:
+    """Crescita +1% ogni giorno: log returns costanti → stdev = 0 → RV = 0."""
+    closes = [Decimal("100") * (Decimal("1.01") ** i) for i in range(31)]
+    rv = mod.compute_rv30d_annualized(closes)
+    # Tutti i log returns sono identici (log 1.01) → stdev zero
+    assert rv == Decimal("0")
+
+
+def test_alternating_returns_yield_known_rv(mod) -> None:
+    """Returns alternati ±2% ogni giorno: stdev nota."""
+    # closes: 100, 102, 100, 102, ... (ricorda: returns = log(c[i]/c[i-1]))
+    closes = [Decimal("100")] + [
+        Decimal("102") if i % 2 == 0 else Decimal("100") for i in range(30)
+    ]
+    rv = mod.compute_rv30d_annualized(closes)
+    # |log return| ~ 0.0198, stdev ≈ 0.0198 (alternano segno con media ≈ 0)
+    # Annualized = 0.0198 * sqrt(365) * 100 ≈ 37.86 vol pts
+    assert Decimal("36") <= rv <= Decimal("40")
+
+
+# ---------------------------------------------------------------------------
+# build_backfill_records
+# ---------------------------------------------------------------------------
+
+
+def test_build_records_skips_days_without_30d_history(mod) -> None:
+    """Per i primi 30 giorni della serie spot, RV30d non è calcolabile."""
+    today = date(2026, 5, 10)
+    days = [today - timedelta(days=i) for i in range(45)]
+    spots = {d.isoformat(): Decimal("100") for d in days}
+    dvols = {d.isoformat(): Decimal("50") for d in days}
+
+    records = mod.build_backfill_records(
+        asset="ETH",
+        spots_by_day=spots,
+        dvols_by_day=dvols,
+        oldest_day=today - timedelta(days=40),
+    )
+    # Per ogni record day, servono 30 giorni precedenti di spot.
+    # Lo spot più vecchio è today-44; quindi il primo giorno computabile
+    # è today-44+30 = today-14. Cap a oldest_day=today-40 → window day-14..day-0.
+    assert len(records) == 15  # day-14..day-0 incluso
+    for r in records:
+        assert r.asset == "ETH"
+        assert r.fetch_ok is True
+        assert r.iv_minus_rv == Decimal("50")  # rv=0 con prezzi costanti
+        assert r.timestamp.tzinfo == UTC
+        assert r.timestamp.hour == 12
+
+
+def test_build_records_filters_to_requested_window(mod) -> None:
+    """oldest_day applicato come cutoff inferiore inclusivo."""
+    today = date(2026, 5, 10)
+    days = [today - timedelta(days=i) for i in range(45)]
+    spots = {d.isoformat(): Decimal("100") for d in days}
+    dvols = {d.isoformat(): Decimal("50") for d in days}
+
+    records = mod.build_backfill_records(
+        asset="BTC",
+        spots_by_day=spots,
+        dvols_by_day=dvols,
+        oldest_day=today - timedelta(days=5),
+    )
+    # day-5..day-0 → 6 record
+    assert len(records) == 6
+    record_days = {r.timestamp.date() for r in records}
+    assert record_days == {today - timedelta(days=i) for i in range(6)}
+
+
+def test_build_records_skips_days_missing_dvol(mod) -> None:
+    """Se manca DVOL per un giorno della finestra, lo si salta (no record)."""
+    today = date(2026, 5, 10)
+    days = [today - timedelta(days=i) for i in range(45)]
+    spots = {d.isoformat(): Decimal("100") for d in days}
+    dvols = {
+        d.isoformat(): Decimal("50")
+        for d in days
+        if d != today - timedelta(days=2)
+    }
+    records = mod.build_backfill_records(
+        asset="ETH",
+        spots_by_day=spots,
+        dvols_by_day=dvols,
+        oldest_day=today - timedelta(days=5),
+    )
+    record_days = {r.timestamp.date() for r in records}
+    assert today - timedelta(days=2) not in record_days
+    assert len(records) == 5
+
+
+def test_build_records_skips_days_missing_spot(mod) -> None:
+    """Se manca lo spot del giorno target, no record per quel giorno."""
+    today = date(2026, 5, 10)
+    days = [today - timedelta(days=i) for i in range(45)]
+    spots = {
+        d.isoformat(): Decimal("100")
+        for d in days
+        if d != today - timedelta(days=2)
+    }
+    dvols = {d.isoformat(): Decimal("50") for d in days}
+    records = mod.build_backfill_records(
+        asset="ETH",
+        spots_by_day=spots,
+        dvols_by_day=dvols,
+        oldest_day=today - timedelta(days=5),
+    )
+    record_days = {r.timestamp.date() for r in records}
+    assert today - timedelta(days=2) not in record_days
+
+
+def test_build_records_uses_noon_utc_timestamp(mod) -> None:
+    today = date(2026, 5, 10)
+    days = [today - timedelta(days=i) for i in range(35)]
+    spots = {d.isoformat(): Decimal("100") for d in days}
+    dvols = {d.isoformat(): Decimal("50") for d in days}
+    records = mod.build_backfill_records(
+        asset="ETH",
+        spots_by_day=spots,
+        dvols_by_day=dvols,
+        oldest_day=today,
+    )
+    assert len(records) == 1
+    assert records[0].timestamp == datetime(2026, 5, 10, 12, 0, tzinfo=UTC)

tests/unit/test_entry_validator.py

@@ -351,3 +351,188 @@ def test_bias_zero_division_safe(cfg: StrategyConfig) -> None:
     # eth_30d_ago == 0 must not crash; treat as no-bias (neutral)
     ctx = _trend(eth_now="3000", eth_30d_ago="0", funding_cross="0", dvol="60", adx="15")
     assert compute_bias(ctx, cfg) is None
+
+
+# ---------------------------------------------------------------------------
+# IV-RV adaptive gate
+# ---------------------------------------------------------------------------
+
+
+def _adaptive_cfg(**entry_overrides: object) -> StrategyConfig:
+    """Golden config con gate adattivo abilitato di default per test."""
+    base_entry: dict[str, object] = {
+        "iv_minus_rv_filter_enabled": True,
+        "iv_minus_rv_adaptive_enabled": True,
+        "iv_minus_rv_min": Decimal("0"),
+        "iv_minus_rv_percentile": Decimal("0.25"),
+        "iv_minus_rv_window_target_days": 60,
+        "iv_minus_rv_window_min_days": 30,
+    }
+    base_entry.update(entry_overrides)
+    return golden_config(entry=base_entry)
+
+
+def test_adaptive_pass_when_iv_rv_above_p25() -> None:
+    cfg = _adaptive_cfg()
+    history = tuple(Decimal(i) for i in range(1, 201))
+    decision = validate_entry(
+        _good_ctx(
+            iv_minus_rv=Decimal("80"),
+            iv_rv_history=history,
+            iv_rv_n_days=30,
+        ),
+        cfg,
+    )
+    assert decision.accepted is True
+    assert not any("IV richness" in r for r in decision.reasons)
+
+
+def test_adaptive_blocks_when_iv_rv_below_p25() -> None:
+    cfg = _adaptive_cfg()
+    history = tuple(Decimal(i) for i in range(1, 201))
+    decision = validate_entry(
+        _good_ctx(
+            iv_minus_rv=Decimal("20"),
+            iv_rv_history=history,
+            iv_rv_n_days=30,
+        ),
+        cfg,
+    )
+    assert decision.accepted is False
+    assert any("IV richness" in r and "rolling" in r for r in decision.reasons)
+
+
+def test_adaptive_with_n_days_zero_passes_warmup() -> None:
+    """Warmup hard: nessun giorno coperto → gate skip (fail-open)."""
+    cfg = _adaptive_cfg()
+    decision = validate_entry(
+        _good_ctx(
+            iv_minus_rv=Decimal("0.1"),
+            iv_rv_history=(),
+            iv_rv_n_days=0,
+        ),
+        cfg,
+    )
+    assert decision.accepted is True
+
+
+def test_adaptive_with_floor_floor_binds_when_p25_low() -> None:
+    cfg = _adaptive_cfg(iv_minus_rv_min=Decimal("3"))
+    history = tuple(Decimal("0.5") for _ in range(200))
+    decision = validate_entry(
+        _good_ctx(
+            iv_minus_rv=Decimal("1"),
+            iv_rv_history=history,
+            iv_rv_n_days=30,
+        ),
+        cfg,
+    )
+    assert decision.accepted is False
+    assert any("IV richness" in r for r in decision.reasons)
+
+
+def test_legacy_static_gate_still_works_when_adaptive_disabled() -> None:
+    cfg = golden_config(entry={
+        "iv_minus_rv_filter_enabled": True,
+        "iv_minus_rv_adaptive_enabled": False,
+        "iv_minus_rv_min": Decimal("3"),
+    })
+    decision = validate_entry(
+        _good_ctx(iv_minus_rv=Decimal("2"), iv_rv_history=(), iv_rv_n_days=0),
+        cfg,
+    )
+    assert decision.accepted is False
+    assert any("IV richness below floor" in r for r in decision.reasons)
+
+
+def test_iv_minus_rv_none_skips_gate_in_both_modes() -> None:
+    cfg = _adaptive_cfg()
+    decision = validate_entry(
+        _good_ctx(
+            iv_minus_rv=None,
+            iv_rv_history=tuple(Decimal(i) for i in range(1, 201)),
+            iv_rv_n_days=30,
+        ),
+        cfg,
+    )
+    assert decision.accepted is True
+
+
+def test_adaptive_with_n_days_one_uses_history_for_percentile() -> None:
+    """Singolo giorno disponibile (cadenza qualunque): gate attivo,
+    soglia = P25 della finestra ricevuta. Dimostra che il warmup hard
+    finisce a n_days=1 (non 30 come nella vecchia implementazione)."""
+    cfg = _adaptive_cfg()
+    history = tuple(Decimal(i) for i in range(1, 101))  # 1..100, P25 = 25.75
+    # IV-RV sopra P25 → pass
+    pass_decision = validate_entry(
+        _good_ctx(
+            iv_minus_rv=Decimal("30"),
+            iv_rv_history=history,
+            iv_rv_n_days=1,
+        ),
+        cfg,
+    )
+    assert pass_decision.accepted is True
+    # IV-RV sotto P25 → block
+    block_decision = validate_entry(
+        _good_ctx(
+            iv_minus_rv=Decimal("10"),
+            iv_rv_history=history,
+            iv_rv_n_days=1,
+        ),
+        cfg,
+    )
+    assert block_decision.accepted is False
+    assert any("IV richness" in r and "rolling" in r for r in block_decision.reasons)
+
+
+# ---------------------------------------------------------------------------
+# Vol-of-Vol guard
+# ---------------------------------------------------------------------------
+
+
+def _vov_cfg(threshold: Decimal = Decimal("5")) -> StrategyConfig:
+    return golden_config(entry={
+        "vol_of_vol_guard_enabled": True,
+        "vol_of_vol_threshold_pt": threshold,
+        "vol_of_vol_lookback_hours": 24,
+    })
+
+
+def test_vov_guard_blocks_on_large_dvol_shift() -> None:
+    cfg = _vov_cfg()
+    decision = validate_entry(
+        _good_ctx(dvol_now=Decimal("56"), dvol_24h_ago=Decimal("50")), cfg
+    )
+    assert decision.accepted is False
+    assert any("DVOL shifted" in r for r in decision.reasons)
+
+
+def test_vov_guard_passes_on_small_dvol_shift() -> None:
+    cfg = _vov_cfg()
+    decision = validate_entry(
+        _good_ctx(dvol_now=Decimal("52"), dvol_24h_ago=Decimal("50")), cfg
+    )
+    assert decision.accepted is True
+
+
+def test_vov_guard_passes_when_lookback_missing() -> None:
+    """fail-open su gap dati: se dvol_24h_ago=None il guard non scatta."""
+    cfg = _vov_cfg()
+    decision = validate_entry(
+        _good_ctx(dvol_now=Decimal("99"), dvol_24h_ago=None), cfg
+    )
+    # dvol_now=99 sarebbe oltre dvol_max=90; testiamo solo l'effetto VoV
+    # consultando le reasons (dvol_now potrebbe avere altre reason ma non
+    # quella VoV).
+    assert not any("DVOL shifted" in r for r in decision.reasons)
+
+
+def test_vov_guard_disabled_does_nothing() -> None:
+    cfg = golden_config(entry={"vol_of_vol_guard_enabled": False})
+    decision = validate_entry(
+        _good_ctx(dvol_now=Decimal("55"), dvol_24h_ago=Decimal("50")), cfg
+    )
+    # Nessuna reason VoV (il delta=5 sarebbe oltre soglia se attivo)
+    assert not any("DVOL shifted" in r for r in decision.reasons)

tests/unit/test_repository_iv_rv_helpers.py

@@ -0,0 +1,395 @@
+"""TDD per i nuovi helper repository del gate IV-RV adattivo.
+
+Spec: distinct-days policy — il caller (entry_cycle) interroga il
+numero di giorni coperti separatamente dai valori della finestra,
+così che cadenze miste (tick live 15min + backfill daily) restino
+statisticamente coerenti.
+
+Helpers:
+    * ``count_iv_rv_distinct_days(asset, max_days, as_of) -> int``
+    * ``iv_rv_values_for_window(asset, window_days, as_of) -> list[Decimal]``
+    * ``dvol_lookback`` (invariato, riusato dal Vol-of-Vol guard)
+"""
+
+from __future__ import annotations
+
+import sqlite3
+from datetime import UTC, datetime, timedelta
+from decimal import Decimal
+
+import pytest
+
+from cerbero_bite.state.db import connect, run_migrations
+from cerbero_bite.state.models import MarketSnapshotRecord
+from cerbero_bite.state.repository import Repository
+
+
+def _snap(
+    *,
+    ts: datetime,
+    asset: str = "ETH",
+    iv_minus_rv: Decimal | None = Decimal("2"),
+    fetch_ok: bool = True,
+    dvol: Decimal = Decimal("50"),
+) -> MarketSnapshotRecord:
+    return MarketSnapshotRecord(
+        timestamp=ts,
+        asset=asset,
+        spot=Decimal("2000"),
+        dvol=dvol,
+        realized_vol_30d=Decimal("48"),
+        iv_minus_rv=iv_minus_rv,
+        funding_perp_annualized=Decimal("0"),
+        funding_cross_annualized=Decimal("0"),
+        dealer_net_gamma=Decimal("0"),
+        gamma_flip_level=None,
+        oi_delta_pct_4h=None,
+        liquidation_long_risk="low",
+        liquidation_short_risk="low",
+        macro_days_to_event=None,
+        fetch_ok=fetch_ok,
+        fetch_errors_json=None,
+    )
+
+
+@pytest.fixture
+def db_one_day(tmp_path) -> sqlite3.Connection:
+    """SQLite temp con 96 tick ETH a 15min (1 giorno) e fetch_ok=1."""
+    conn = connect(str(tmp_path / "test.sqlite"))
+    run_migrations(conn)
+    repo = Repository()
+    base = datetime(2026, 5, 1, 0, 0, tzinfo=UTC)
+    for i in range(96):
+        repo.record_market_snapshot(
+            conn,
+            _snap(
+                ts=base + timedelta(minutes=15 * i),
+                iv_minus_rv=Decimal("2") + Decimal(i) / Decimal("100"),
+                dvol=Decimal("50") + Decimal(i) / Decimal("10"),
+            ),
+        )
+    conn.commit()
+    return conn
+
+
+@pytest.fixture
+def db_three_days_mixed(tmp_path) -> sqlite3.Connection:
+    """SQLite temp con 3 giorni ETH:
+    - day1 (2026-05-01): 96 tick @ 15min, valori 1..96
+    - day2 (2026-05-02): 1 record daily a 12:00, valore 100 (backfill style)
+    - day3 (2026-05-03): 4 tick orari, valori 200, 201, 202, 203
+    Più 1 giorno BTC isolato (per cross-asset isolation).
+    """
+    conn = connect(str(tmp_path / "test.sqlite"))
+    run_migrations(conn)
+    repo = Repository()
+
+    day1 = datetime(2026, 5, 1, 0, 0, tzinfo=UTC)
+    for i in range(96):
+        repo.record_market_snapshot(
+            conn,
+            _snap(
+                ts=day1 + timedelta(minutes=15 * i),
+                iv_minus_rv=Decimal(i + 1),
+            ),
+        )
+    repo.record_market_snapshot(
+        conn,
+        _snap(ts=datetime(2026, 5, 2, 12, 0, tzinfo=UTC), iv_minus_rv=Decimal("100")),
+    )
+    day3 = datetime(2026, 5, 3, 0, 0, tzinfo=UTC)
+    for i in range(4):
+        repo.record_market_snapshot(
+            conn,
+            _snap(
+                ts=day3 + timedelta(hours=i),
+                iv_minus_rv=Decimal(200 + i),
+            ),
+        )
+    repo.record_market_snapshot(
+        conn,
+        _snap(
+            ts=datetime(2026, 4, 30, 0, 0, tzinfo=UTC),
+            asset="BTC",
+            iv_minus_rv=Decimal("999"),
+        ),
+    )
+    conn.commit()
+    return conn
+
+
+# ---------------------------------------------------------------------------
+# count_iv_rv_distinct_days
+# ---------------------------------------------------------------------------
+
+
+def test_count_distinct_days_returns_one_for_single_day_history(db_one_day) -> None:
+    repo = Repository()
+    n = repo.count_iv_rv_distinct_days(
+        db_one_day,
+        asset="ETH",
+        max_days=60,
+        as_of=datetime(2026, 5, 2, 0, 0, tzinfo=UTC),
+    )
+    assert n == 1
+
+
+def test_count_distinct_days_returns_zero_for_other_asset(db_one_day) -> None:
+    repo = Repository()
+    n = repo.count_iv_rv_distinct_days(
+        db_one_day,
+        asset="BTC",
+        max_days=60,
+        as_of=datetime(2026, 5, 2, 0, 0, tzinfo=UTC),
+    )
+    assert n == 0
+
+
+def test_count_distinct_days_counts_unique_calendar_days(
+    db_three_days_mixed,
+) -> None:
+    repo = Repository()
+    n = repo.count_iv_rv_distinct_days(
+        db_three_days_mixed,
+        asset="ETH",
+        max_days=60,
+        as_of=datetime(2026, 5, 4, 0, 0, tzinfo=UTC),
+    )
+    assert n == 3
+
+
+def test_count_distinct_days_excludes_other_assets(
+    db_three_days_mixed,
+) -> None:
+    repo = Repository()
+    n_btc = repo.count_iv_rv_distinct_days(
+        db_three_days_mixed,
+        asset="BTC",
+        max_days=60,
+        as_of=datetime(2026, 5, 4, 0, 0, tzinfo=UTC),
+    )
+    assert n_btc == 1
+
+
+def test_count_distinct_days_respects_window_cutoff(
+    db_three_days_mixed,
+) -> None:
+    """max_days=1 da as_of=2026-05-04 → cutoff=2026-05-03 → solo day3."""
+    repo = Repository()
+    n = repo.count_iv_rv_distinct_days(
+        db_three_days_mixed,
+        asset="ETH",
+        max_days=1,
+        as_of=datetime(2026, 5, 4, 0, 0, tzinfo=UTC),
+    )
+    assert n == 1
+
+
+def test_count_distinct_days_excludes_null_iv_rv(tmp_path) -> None:
+    conn = connect(str(tmp_path / "test.sqlite"))
+    run_migrations(conn)
+    repo = Repository()
+    repo.record_market_snapshot(
+        conn,
+        _snap(ts=datetime(2026, 5, 1, 12, 0, tzinfo=UTC), iv_minus_rv=None),
+    )
+    conn.commit()
+    n = repo.count_iv_rv_distinct_days(
+        conn,
+        asset="ETH",
+        max_days=60,
+        as_of=datetime(2026, 5, 2, 0, 0, tzinfo=UTC),
+    )
+    assert n == 0
+
+
+def test_count_distinct_days_excludes_fetch_failed(tmp_path) -> None:
+    conn = connect(str(tmp_path / "test.sqlite"))
+    run_migrations(conn)
+    repo = Repository()
+    repo.record_market_snapshot(
+        conn,
+        _snap(
+            ts=datetime(2026, 5, 1, 12, 0, tzinfo=UTC),
+            iv_minus_rv=Decimal("99"),
+            fetch_ok=False,
+        ),
+    )
+    conn.commit()
+    n = repo.count_iv_rv_distinct_days(
+        conn,
+        asset="ETH",
+        max_days=60,
+        as_of=datetime(2026, 5, 2, 0, 0, tzinfo=UTC),
+    )
+    assert n == 0
+
+
+def test_count_distinct_days_rejects_naive_as_of(db_one_day) -> None:
+    repo = Repository()
+    with pytest.raises(ValueError, match="timezone-aware"):
+        repo.count_iv_rv_distinct_days(
+            db_one_day,
+            asset="ETH",
+            max_days=60,
+            as_of=datetime(2026, 5, 2, 0, 0),  # naive
+        )
+
+
+def test_count_distinct_days_rejects_non_positive_max_days(db_one_day) -> None:
+    repo = Repository()
+    with pytest.raises(ValueError, match="max_days must be positive"):
+        repo.count_iv_rv_distinct_days(
+            db_one_day,
+            asset="ETH",
+            max_days=0,
+            as_of=datetime(2026, 5, 2, 0, 0, tzinfo=UTC),
+        )
+
+
+# ---------------------------------------------------------------------------
+# iv_rv_values_for_window
+# ---------------------------------------------------------------------------
+
+
+def test_values_for_window_returns_ordered_asc(db_one_day) -> None:
+    repo = Repository()
+    values = repo.iv_rv_values_for_window(
+        db_one_day,
+        asset="ETH",
+        window_days=60,
+        as_of=datetime(2026, 5, 2, 0, 0, tzinfo=UTC),
+    )
+    assert len(values) == 96
+    assert values == sorted(values)
+    assert values[0] == Decimal("2.00")
+
+
+def test_values_for_window_filters_other_asset(db_one_day) -> None:
+    repo = Repository()
+    values = repo.iv_rv_values_for_window(
+        db_one_day,
+        asset="BTC",
+        window_days=60,
+        as_of=datetime(2026, 5, 2, 0, 0, tzinfo=UTC),
+    )
+    assert values == []
+
+
+def test_values_for_window_skips_null(db_one_day) -> None:
+    repo = Repository()
+    repo.record_market_snapshot(
+        db_one_day,
+        _snap(ts=datetime(2026, 5, 2, 0, 0, tzinfo=UTC), iv_minus_rv=None),
+    )
+    db_one_day.commit()
+    values = repo.iv_rv_values_for_window(
+        db_one_day,
+        asset="ETH",
+        window_days=60,
+        as_of=datetime(2026, 5, 3, 0, 0, tzinfo=UTC),
+    )
+    assert len(values) == 96
+
+
+def test_values_for_window_skips_fetch_failed(db_one_day) -> None:
+    repo = Repository()
+    repo.record_market_snapshot(
+        db_one_day,
+        _snap(
+            ts=datetime(2026, 5, 3, 0, 0, tzinfo=UTC),
+            iv_minus_rv=Decimal("99"),
+            fetch_ok=False,
+        ),
+    )
+    db_one_day.commit()
+    values = repo.iv_rv_values_for_window(
+        db_one_day,
+        asset="ETH",
+        window_days=60,
+        as_of=datetime(2026, 5, 4, 0, 0, tzinfo=UTC),
+    )
+    assert Decimal("99") not in values
+
+
+def test_values_for_window_respects_window_cutoff(
+    db_three_days_mixed,
+) -> None:
+    """window_days=1 da as_of=2026-05-04 → solo day3 (4 valori 200..203)."""
+    repo = Repository()
+    values = repo.iv_rv_values_for_window(
+        db_three_days_mixed,
+        asset="ETH",
+        window_days=1,
+        as_of=datetime(2026, 5, 4, 0, 0, tzinfo=UTC),
+    )
+    assert values == [Decimal(200 + i) for i in range(4)]
+
+
+def test_values_for_window_full_window(db_three_days_mixed) -> None:
+    """window_days=60: tutti i valori dei 3 giorni (96 + 1 + 4 = 101)."""
+    repo = Repository()
+    values = repo.iv_rv_values_for_window(
+        db_three_days_mixed,
+        asset="ETH",
+        window_days=60,
+        as_of=datetime(2026, 5, 4, 0, 0, tzinfo=UTC),
+    )
+    assert len(values) == 101
+
+
+def test_values_for_window_rejects_naive_as_of(db_one_day) -> None:
+    repo = Repository()
+    with pytest.raises(ValueError, match="timezone-aware"):
+        repo.iv_rv_values_for_window(
+            db_one_day,
+            asset="ETH",
+            window_days=60,
+            as_of=datetime(2026, 5, 2, 0, 0),
+        )
+
+
+def test_values_for_window_rejects_non_positive_window(db_one_day) -> None:
+    repo = Repository()
+    with pytest.raises(ValueError, match="window_days must be positive"):
+        repo.iv_rv_values_for_window(
+            db_one_day,
+            asset="ETH",
+            window_days=0,
+            as_of=datetime(2026, 5, 2, 0, 0, tzinfo=UTC),
+        )
+
+
+# ---------------------------------------------------------------------------
+# dvol_lookback (regression — invariato dopo refactor)
+# ---------------------------------------------------------------------------
+
+
+def test_dvol_lookback_returns_closest_tick(db_one_day) -> None:
+    repo = Repository()
+    base = datetime(2026, 5, 1, 0, 0, tzinfo=UTC)
+    target = base + timedelta(hours=12)
+    out = repo.dvol_lookback(
+        db_one_day, asset="ETH", reference=target, tolerance_minutes=15
+    )
+    # i=48 → dvol = 50 + 4.8 = 54.8
+    assert out == Decimal("54.8")
+
+
+def test_dvol_lookback_returns_none_when_gap(db_one_day) -> None:
+    repo = Repository()
+    target = datetime(2025, 1, 1, 0, 0, tzinfo=UTC)
+    out = repo.dvol_lookback(
+        db_one_day, asset="ETH", reference=target, tolerance_minutes=15
+    )
+    assert out is None
+
+
+def test_dvol_lookback_rejects_naive_reference(db_one_day) -> None:
+    repo = Repository()
+    with pytest.raises(ValueError, match="timezone-aware"):
+        repo.dvol_lookback(
+            db_one_day,
+            asset="ETH",
+            reference=datetime(2026, 5, 1, 12, 0),
+        )