# The two-part evaluation protocol (agent-day + armory counterfactual)

> The standing protocol for grading agent judgment on Kestrel. Extends ADR-0006
> ("everything authored is gradable") into the experiment that answers the platform's
> own hinge question. Strategy *content* produced under this protocol is application
> data: it lives in the registry (SQLite) and gitignored run directories, never in
> Kestrel source.

## Part 1 — the agent-day grade (supervised)

One session, lived end to end by an agent in sim:

1. **T-5m briefing.** Before the open the agent receives the OPEN keyframe: macro /
   long-horizon tape, overnight and futures context, the session's instruments and
   book state. Date-blind (relative time only).
2. **Authoring.** The agent writes the day's plan document *and its wake sequence* —
   when-to-look is part of the strategy and is graded with it.
3. **The day.** The session runs on the recorded bus. At each wake — authored
   triggers plus the structural cadence into the close (T-2h, T-1h, T-30m, T-15m,
   T-10m, T-5m: the phase where theta is spent and gamma peaks) — the agent gets a
   delta frame (tape since last vantage, positions, fills, budget) and may revise:
   supersede plans, re-arm, stand down.
4. **The grade.** Realized (floor) and expected (calibrated p_fill) P&L, plus the
   decision trace: wakes spent, revisions made, each revision's marginal effect.

## Part 2 — the armory counterfactual (`VS unsupervised`)

The same authored plans, **frozen at their first version** — no wakes delivered, no
revisions — replayed pure-algo across the corpus under the same fill model. Then, per
lineage and per tape:

    management_alpha = EV(supervised day) − EV(frozen armory, same day)

Three outcomes, all informative:
- **The armory alone carries edge** → the plans are a product; agents are authors.
- **The delta carries the edge** → supervision is the product: the value of Kestrel
  is that an agent manages the plan as the portfolio and market evolve.
- **Neither** → an honest null on this authoring cohort; iterate the authoring, the
  screen, or the wake taxonomy (each independently gradable).

Aggregate across days/lineages in the registry (`leaderboard`, `lineage`) — a single
day answers nothing; the protocol is designed to accumulate.

## The contamination fence (binding, per ADR-0006)

An LLM's grade is **honest-tier** only on sessions after its training cutoff,
date-blinded. Pre-cutoff sessions (however dramatic) are practice tier: mechanics,
harness debugging, SFT material — never headline grades. The honest tier replenishes
automatically: tomorrow is always unseen.

## Boundary rules

- Authored plan documents, wake sets, revision transcripts, reports: registry +
  gitignored `data/runs/` (or the private application repo). Kestrel commits the
  *protocol*, never the *strategies*.
- Committed results docs describe behavior qualitatively with illustrative numbers;
  no bulk market data, no strategy dumps, no calibration constants.