fix: correct hedge equity math at downside scenarios

app/pages/common.py

@@ -114,7 +114,11 @@ def strategy_metrics(strategy_name: str, scenario_pct: int) -> dict[str, Any]:
         (item for item in strategy_catalog() if item["name"] == strategy_name),
         strategy_catalog()[0],
     )
-    spot = demo_spot_price()
+    portfolio = portfolio_snapshot()
+    spot = float(portfolio["spot_price"])
+    underlying_units = portfolio["gold_value"] / spot
+    loan_amount = float(portfolio["loan_amount"])
+    base_equity = float(portfolio["net_equity"])
     floor = float(strategy.get("max_drawdown_floor", spot * 0.95))
     cap = strategy.get("upside_cap")
     cost = float(strategy["estimated_cost"])
@@ -128,19 +132,23 @@ def strategy_metrics(strategy_name: str, scenario_pct: int) -> dict[str, Any]:
         benefits.append(round(payoff - cost, 2))
 
     scenario_price = round(spot * (1 + scenario_pct / 100), 2)
-    unhedged_equity = scenario_price * 1_000 - 145_000.0
+    unhedged_equity = scenario_price * underlying_units - loan_amount
-    scenario_payoff = max(floor - scenario_price, 0.0)
+    scenario_payoff_per_unit = max(floor - scenario_price, 0.0)
-    capped_upside = 0.0
+    capped_upside_per_unit = 0.0
     if isinstance(cap, (int, float)) and scenario_price > float(cap):
-        capped_upside = -(scenario_price - float(cap))
+        capped_upside_per_unit = -(scenario_price - float(cap))
-    hedged_equity = unhedged_equity + scenario_payoff + capped_upside - cost * 1_000
+
+    option_payoff_cash = scenario_payoff_per_unit * underlying_units
+    capped_upside_cash = capped_upside_per_unit * underlying_units
+    hedge_cost_cash = cost * underlying_units
+    hedged_equity = unhedged_equity + option_payoff_cash + capped_upside_cash - hedge_cost_cash
 
     waterfall_steps = [
-        ("Base equity", round(70_000.0, 2)),
+        ("Base equity", round(base_equity, 2)),
-        ("Spot move", round((scenario_price - spot) * 1_000, 2)),
+        ("Spot move", round((scenario_price - spot) * underlying_units, 2)),
-        ("Option payoff", round(scenario_payoff * 1_000, 2)),
+        ("Option payoff", round(option_payoff_cash, 2)),
-        ("Call cap", round(capped_upside * 1_000, 2)),
+        ("Call cap", round(capped_upside_cash, 2)),
-        ("Hedge cost", round(-cost * 1_000, 2)),
+        ("Hedge cost", round(-hedge_cost_cash, 2)),
         ("Net equity", round(hedged_equity, 2)),
     ]
 

app/pages/hedge.py

@@ -35,19 +35,20 @@ def _waterfall_options(metrics: dict) -> dict:
     steps = metrics["waterfall_steps"]
     running = 0.0
     base: list[float] = []
-    values: list[float] = []
+    values: list[dict[str, object]] = []
-    for index, (_, amount) in enumerate(steps):
+    for index, (label, amount) in enumerate(steps):
         if index == 0:
             base.append(0)
-            values.append(amount)
             running = amount
         elif index == len(steps) - 1:
             base.append(0)
-            values.append(amount)
         else:
             base.append(running)
-            values.append(amount)
             running += amount
+
+        color = "#0ea5e9" if label == "Net equity" else ("#22c55e" if amount >= 0 else "#ef4444")
+        values.append({"value": amount, "itemStyle": {"color": color}})
+
     return {
         "tooltip": {"trigger": "axis", "axisPointer": {"type": "shadow"}},
         "xAxis": {"type": "category", "data": [label for label, _ in steps]},
@@ -58,14 +59,12 @@ def _waterfall_options(metrics: dict) -> dict:
                 "stack": "total",
                 "data": base,
                 "itemStyle": {"color": "rgba(0,0,0,0)"},
+                "tooltip": {"show": False},
             },
             {
                 "type": "bar",
                 "stack": "total",
                 "data": values,
-                "itemStyle": {
-                    "color": "#22c55e",
-                },
             },
         ],
     }

tests/test_e2e_playwright.py

@@ -96,6 +96,17 @@ def test_homepage_and_options_page_render() -> None:
         assert "Scenario Summary" in hedge_text
         assert "RuntimeError" not in hedge_text
         assert "Server error" not in hedge_text
+
+        slider = page.locator(".q-slider").first
+        slider_box = slider.bounding_box()
+        assert slider_box is not None
+        page.mouse.click(slider_box["x"] + slider_box["width"] * 0.1, slider_box["y"] + slider_box["height"] / 2)
+        expect(page.locator("text=Scenario move: -20%").first).to_be_visible(timeout=15000)
+        hedge_text = page.locator("body").inner_text(timeout=15000)
+        assert "Unhedged equity" in hedge_text
+        assert "Hedged equity" in hedge_text
+        assert "$27,000" in hedge_text
+        assert "$58,750" in hedge_text
         page.screenshot(path=str(ARTIFACTS / "hedge.png"), full_page=True)
 
         browser.close()

tests/test_hedge_metrics.py

@@ -0,0 +1,20 @@
+from __future__ import annotations
+
+from app.pages.common import strategy_metrics
+
+
+def test_protective_put_atm_minus_20pct_improves_equity() -> None:
+    metrics = strategy_metrics("protective_put_atm", -20)
+
+    assert metrics["scenario_price"] == 172.0
+    assert metrics["unhedged_equity"] == 27_000.0
+    assert metrics["hedged_equity"] == 58_750.0
+    assert metrics["hedged_equity"] > metrics["unhedged_equity"]
+    assert metrics["waterfall_steps"] == [
+        ("Base equity", 70_000.0),
+        ("Spot move", -43_000.0),
+        ("Option payoff", 38_000.0),
+        ("Call cap", 0.0),
+        ("Hedge cost", -6_250.0),
+        ("Net equity", 58_750.0),
+    ]