{
  "request_id": "c28fbea8-910d-470d-a6b5-971fca46ade6",
  "timestamp": "2026-01-05T14:48:47.310492+00:00",
  "status": "REJECTED",
  "strategy_id": "equity-scout-v1",
  "asset_class": "equity",
  "symbol": "AAPL",
  "side": "long",
  "notional": 10,
  "quantity": 0,
  "price": 0,
  "fees": 0,
  "reason": "REJECTED: max_open_positions exceeded for 'equity-scout-v1' open=1 cap=1 (symbols=['MSFT'])",
  "thesis": {
    "intent_id": "c28fbea8-910d-470d-a6b5-971fca46ade6",
    "thesis_id": "939835b2-f493-4687-8b3e-54cb55325f57",
    "created_at": "2026-01-05T14:48:47.158527+00:00",
    "strategy_id": "equity-scout-v1",
    "agent_name": "equity-scout-v1",
    "run_id": null,
    "asset_class": "equity",
    "symbol": "AAPL",
    "side": "long",
    "notional": 10,
    "confidence": 0.55,
    "expected_horizon": "1h",
    "summary": "Equity Scout AAPL vs SPY: rel5=0.57% rel15=0.20% rel1h=NA (thr5=0.10%) -> BUY",
    "reasoning_ref": "equity_scout rel5=0.005727 rel15=0.001995 rel1h=NA thr5=0.001000 baseline=SPY",
    "features": {
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        "baseline_15m_bps": 2.474058766171744,
        "rel_15m_bps": 19.945433860948995,
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        "baseline_1h_bps": null,
        "rel_1h_bps": null,
        "sym_vol": 0.0005311929518010767,
        "sym_vol_bps": 5.311929518010768,
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        "fee_bps": 10,
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        "tick_age_s": 0.027891,
        "hour_utc": 14,
        "dow_utc": 0,
        "is_weekend": 0
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      "alpha_model": {
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        "model_version": "heuristic_v0",
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      "position_sizing": {
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        "k": 8,
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        "raw_notional_usd": 310.06051738574524,
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        "approx_realized_risk_usd": 0.806294210265333,
        "used_fallback": false,
        "paper_capital_usd": 2000,
        "risk_bps_per_trade": 125,
        "risk_profile": {
          "profile_id": "equities_paper_v1",
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          "risk_per_trade_bps": 125,
          "max_daily_loss_bps": 50,
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        "vol_sample_interval_seconds": 10
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      "edge_components": {
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        "safety_margin_bps": 2,
        "total_cost_bps": 16,
        "net_edge_bps": 35.80044893319054,
        "gate_pass": true,
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        "cost_assumptions": {
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          "fee_bps_assumed": 10,
          "fee_included_in_expected_edge": false,
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          "spread_is_assumed_one_way": true
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        "expected_edge_inputs": {
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          "rel15_bps": 19.945433860948995,
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      },
      "tick": {
        "symbol": "AAPL",
        "price": 269.8336,
        "timestamp": "2026-01-05T14:48:47.128409Z",
        "source": "finnhub-quote"
      },
      "guardrails": {
        "require_market_hours": true,
        "cooldown_seconds": 900,
        "max_tick_age_seconds": 60,
        "market_tz": "America/New_York"
      }
    }
  },
  "fills": [],
  "desk_id": "equities_momentum",
  "desk_name": "Equities Momentum Desk",
  "risk_context": {
    "cap_key": "AAPL",
    "max_notional_usd": 50,
    "notional_utilization": 0.2,
    "fees_usd": 0,
    "fees_bps": 0,
    "paper_avg_slippage_bps_vs_mid": null,
    "paper_mid_price": null
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}