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),
    ]