diff --git a/examples/backtest/README.md b/examples/backtest/README.md
new file mode 100644
index 0000000..8b2f823
--- /dev/null
+++ b/examples/backtest/README.md
@@ -0,0 +1,91 @@
+# Backtest Strategy Examples
+
+Historical trading simulations with forward PnL analysis. Each script simulates a multi-leg trade at a specific historical date and shows what the PnL would have been at +1, +2, +4, and +7 days.
+
+## Available Scenarios
+
+| Script | Date | Strategy | Assets | Outcome |
+|--------|------|----------|--------|---------|
+| `covid_crash_hedge.py` | 2020-02-21 | Flight-to-safety | Long GOLD + Short SP500 | SP500 fell 12% in 7 days; short leg dominated |
+| `ftx_crypto_contagion.py` | 2022-11-08 | Crypto contagion hedge | Short BTC + Short ETH + Long GOLD | BTC -15%, ETH -18%; crypto shorts drove profit |
+| `nvda_earnings_alpha.py` | 2023-05-25 | Sector alpha pair | Long NVDA + Short SP500 | NVDA +5% while SP500 flat; pure alpha |
+| `ukraine_oil_shock.py` | 2022-02-24 | Commodity supply shock | Long OIL + Long GOLD + Short SP500 | Oil surged 16% in 7 days on sanctions |
+
+## Setup
+
+No API keys or wallet configuration needed. Just build the backtest binary:
+
+```bash
+cargo build --release
+```
+
+## Usage
+
+```bash
+# Run any scenario
+python3 examples/backtest/covid_crash_hedge.py
+python3 examples/backtest/ftx_crypto_contagion.py
+python3 examples/backtest/nvda_earnings_alpha.py
+python3 examples/backtest/ukraine_oil_shock.py
+
+# Override binary path
+python3 examples/backtest/covid_crash_hedge.py --backtest /path/to/backtest
+```
+
+Each script:
+1. Resets the portfolio to a clean state
+2. Fetches historical prices at the scenario date
+3. Executes simulated trades (spot buy/sell)
+4. Displays a PnL table at +1, +2, +4, +7 days for each leg
+5. Shows the final portfolio summary (cash balance, positions)
+6. Cleans up (resets portfolio)
+
+## How It Works
+
+The `backtest` CLI fetches historical OHLCV data from Yahoo Finance (with CoinGecko fallback for crypto) and computes forward PnL by looking up actual prices at future dates.
+
+- **Auto-pricing**: If `--price` is omitted, the historical close price is used
+- **Portfolio state**: Trades are tracked in `~/.fintool/backtest_portfolio.json`
+- **Cash balance**: Buying subtracts cost, selling adds proceeds (spot trades only)
+- **Perp trades**: Use `perp_buy`/`perp_sell` with leverage for leveraged PnL
+
+## Dependencies
+
+- **Python 3.10+** (no third-party packages — uses only stdlib)
+- **backtest** CLI binary (compiled from this repo)
+
+## Writing Your Own
+
+Create a new Python script following this pattern:
+
+```python
+#!/usr/bin/env python3
+import json, os, subprocess
+from pathlib import Path
+
+REPO_DIR = Path(__file__).resolve().parent.parent.parent
+BT = os.environ.get("BACKTEST", str(REPO_DIR / "target" / "release" / "backtest"))
+DATE = "2024-01-15"
+
+def cli(cmd, date=DATE):
+    r = subprocess.run([BT, "--at", date, "--json", json.dumps(cmd)],
+                       capture_output=True, text=True, timeout=30)
+    return json.loads(r.stdout)
+
+# Reset
+cli({"command": "reset"})
+
+# Quote
+btc = cli({"command": "quote", "symbol": "BTC"})
+print(f"BTC on {DATE}: ${btc['price']}")
+
+# Trade
+result = cli({"command": "buy", "symbol": "BTC", "amount": 0.01})
+for p in result["pnl"]:
+    print(f"  {p['offset']}: ${p['price']} (PnL: {p['pnl']}, {p['pnlPct']}%)")
+
+# Cleanup
+cli({"command": "reset"})
+```
+
+Supported symbols include all major crypto (BTC, ETH, SOL, ...), stocks (AAPL, NVDA, TSLA, ...), commodities (GOLD, SILVER, OIL), and indices (SP500, NASDAQ, DOW).
diff --git a/examples/backtest/covid_crash_hedge.py b/examples/backtest/covid_crash_hedge.py
new file mode 100755
index 0000000..6c0cba4
--- /dev/null
+++ b/examples/backtest/covid_crash_hedge.py
@@ -0,0 +1,174 @@
+#!/usr/bin/env python3
+"""
+COVID-19 Crash — Flight-to-Safety Hedge
+========================================
+
+Date: February 21, 2020 (Friday before the crash accelerated)
+
+Thesis: By late February 2020, COVID-19 had spread to Italy and South
+Korea. The S&P 500 hit its all-time high on Feb 19. A pandemic-driven
+selloff was imminent. The classic hedge: go long gold (safe haven) and
+short equities. This is a dollar-neutral pair: ~$5,000 each side.
+
+Legs:
+  1. Long GOLD  — 3 oz at ~$1,645/oz  ($4,934 notional)
+  2. Short SP500 — 1.5 units at ~$3,337 ($5,006 notional)
+
+What happened: The S&P 500 fell ~12% over the next 7 trading days
+(the fastest correction from ATH in history). Gold initially held
+steady, then pulled back as margin calls hit.
+
+Result: The short equity leg dominates — this hedge captured the
+crash while the gold leg acts as a stabilizer.
+
+Usage: python3 examples/backtest/covid_crash_hedge.py
+"""
+
+import argparse
+import json
+import os
+import subprocess
+import sys
+from pathlib import Path
+
+SCRIPT_DIR = Path(__file__).resolve().parent
+REPO_DIR = SCRIPT_DIR.parent.parent
+
+DEFAULTS = {
+    "backtest": os.environ.get("BACKTEST", str(REPO_DIR / "target" / "release" / "backtest")),
+}
+
+DATE = "2020-02-21"
+
+
+def cli(cmd: dict, binary: str, date: str) -> dict:
+    """Call the backtest CLI in JSON mode. Returns parsed JSON output."""
+    try:
+        result = subprocess.run(
+            [binary, "--at", date, "--json", json.dumps(cmd)],
+            capture_output=True, text=True, timeout=30,
+        )
+        if result.returncode != 0:
+            return {"error": result.stderr.strip() or f"exit code {result.returncode}"}
+        return json.loads(result.stdout)
+    except (json.JSONDecodeError, subprocess.TimeoutExpired) as e:
+        return {"error": str(e)}
+
+
+def run(cfg: dict):
+    bt = cfg["backtest"]
+
+    print()
+    print("=" * 62)
+    print(" COVID-19 Crash Hedge — February 21, 2020")
+    print(" Long GOLD + Short S&P 500 (dollar-neutral pair)")
+    print("=" * 62)
+    print()
+
+    # Reset portfolio
+    cli({"command": "reset"}, bt, DATE)
+
+    # Scout prices
+    print("-- Scouting prices on", DATE, "--")
+    print()
+
+    gold = cli({"command": "quote", "symbol": "GOLD"}, bt, DATE)
+    sp = cli({"command": "quote", "symbol": "SP500"}, bt, DATE)
+    gold_price = float(gold.get("price", 0))
+    sp_price = float(sp.get("price", 0))
+
+    print(f"  GOLD:  ${gold_price:.2f} / oz")
+    print(f"  SP500: ${sp_price:.2f}")
+    print()
+
+    # Leg 1: Long GOLD
+    print("-- Leg 1: Long GOLD (flight to safety) --")
+    result = cli({"command": "buy", "symbol": "GOLD", "amount": 3, "price": gold_price}, bt, DATE)
+    print_trade(result)
+
+    # Leg 2: Short SP500
+    print("-- Leg 2: Short S&P 500 (equity crash) --")
+    result = cli({"command": "sell", "symbol": "SP500", "amount": 1.5, "price": sp_price}, bt, DATE)
+    print_trade(result)
+
+    # Portfolio summary
+    print("=" * 62)
+    print(" Portfolio Summary")
+    print("=" * 62)
+    balance = cli({"command": "balance"}, bt, DATE)
+    positions = cli({"command": "positions"}, bt, DATE)
+    print_portfolio(balance, positions)
+
+    # Cleanup
+    cli({"command": "reset"}, bt, DATE)
+
+
+def print_trade(result: dict):
+    if "error" in result:
+        print(f"  ERROR: {result['error']}")
+        return
+    trade = result.get("trade", {})
+    pnl = result.get("pnl", [])
+    symbol = trade.get("symbol", "?")
+    side = trade.get("side", "?")
+    amount = trade.get("amount", 0)
+    price = trade.get("price", 0)
+    total = amount * price
+    print(f"  {side.upper()} {amount} {symbol} @ ${price:,.2f} (${total:,.2f} notional)")
+    if pnl:
+        print()
+        print(f"  {'':>10} {'  +1 day':>14} {'  +2 days':>14} {'  +4 days':>14} {'  +7 days':>14}")
+        print(f"  {'':>10} {'':->14} {'':->14} {'':->14} {'':->14}")
+        prices = "".join(f"  ${float(p.get('price', 0)):>10,.2f}" for p in pnl)
+        pnl_dollars = "".join(
+            f"  {'+' if float(p.get('pnl', 0)) >= 0 else ''}{float(p.get('pnl', 0)):>10,.2f}"
+            for p in pnl
+        )
+        pnl_pcts = "".join(
+            f"  {'+' if float(p.get('pnlPct', 0)) >= 0 else ''}{float(p.get('pnlPct', 0)):>9,.2f}%"
+            for p in pnl
+        )
+        print(f"  {'Price':>10}{prices}")
+        print(f"  {'PnL $':>10}{pnl_dollars}")
+        print(f"  {'PnL %':>10}{pnl_pcts}")
+    print()
+
+    portfolio = result.get("portfolio", {})
+    cash = float(portfolio.get("cashBalance", 0))
+    print(f"  [PORTFOLIO] Cash balance: ${cash:,.2f}")
+    for pos in portfolio.get("positions", []):
+        print(
+            f"  [PORTFOLIO] {pos['type']} {pos['side']} {pos['symbol']}: "
+            f"{abs(pos['quantity']):.4f} @ avg ${pos['avgEntryPrice']}"
+        )
+    print()
+
+
+def print_portfolio(balance: dict, positions: dict):
+    cash = float(balance.get("cashBalance", 0))
+    total_trades = balance.get("totalTrades", 0)
+    pos_list = positions if isinstance(positions, list) else positions.get("positions", [])
+    print(f"  Cash balance: ${cash:,.2f}")
+    print(f"  Total trades: {total_trades}")
+    print(f"  Open positions: {len(pos_list)}")
+    if pos_list:
+        print()
+        print(f"  {'Symbol':<10} {'Type':<6} {'Side':<8} {'Quantity':>12} {'Avg Entry':>14}")
+        print(f"  {'-' * 54}")
+        for p in pos_list:
+            print(
+                f"  {p['symbol']:<10} {p['type']:<6} {p['side']:<8} "
+                f"{abs(p['quantity']):>12.4f} {float(p['avgEntryPrice']):>14.2f}"
+            )
+    print()
+
+
+def main():
+    parser = argparse.ArgumentParser(description="COVID-19 crash hedge backtest")
+    parser.add_argument("--backtest", default=DEFAULTS["backtest"], help="Path to backtest binary")
+    args = parser.parse_args()
+    run({"backtest": args.backtest})
+
+
+if __name__ == "__main__":
+    main()
diff --git a/examples/backtest/covid_crash_hedge.sh b/examples/backtest/covid_crash_hedge.sh
deleted file mode 100755
index 3414e2e..0000000
--- a/examples/backtest/covid_crash_hedge.sh
+++ /dev/null
@@ -1,67 +0,0 @@
-#!/usr/bin/env bash
-#
-# COVID-19 Crash — Flight-to-Safety Hedge
-# ========================================
-#
-# Date: February 21, 2020 (Friday before the crash accelerated)
-#
-# Thesis: By late February 2020, COVID-19 had spread to Italy and South
-# Korea. The S&P 500 hit its all-time high on Feb 19. A pandemic-driven
-# selloff was imminent. The classic hedge: go long gold (safe haven) and
-# short equities. This is a dollar-neutral pair: ~$5,000 each side.
-#
-# Legs:
-#   1. Long GOLD  — 3 oz at ~$1,645/oz  ($4,934 notional)
-#   2. Short SP500 — 1.5 units at ~$3,337 ($5,006 notional)
-#
-# What happened: The S&P 500 fell ~12% over the next 7 trading days
-# (the fastest correction from ATH in history). Gold initially held
-# steady, then pulled back as margin calls hit.
-#
-# Result: The short equity leg dominates — this hedge captured the
-# crash while the gold leg acts as a stabilizer.
-#
-# Usage: ./examples/backtest/covid_crash_hedge.sh
-#
-set -uo pipefail
-SCRIPT_DIR="$(cd "$(dirname "$0")" && pwd)"
-BT="${BACKTEST:-$SCRIPT_DIR/../../target/release/backtest}"
-
-echo ""
-echo "══════════════════════════════════════════════════════════════"
-echo " COVID-19 Crash Hedge — February 21, 2020"
-echo " Long GOLD + Short S&P 500 (dollar-neutral pair)"
-echo "══════════════════════════════════════════════════════════════"
-echo ""
-
-# ── Reset portfolio ────────────────────────────────────────────────
-$BT --at 2020-02-21 reset 2>/dev/null
-
-# ── Scout: get prices on Feb 21, 2020 ─────────────────────────────
-echo "── Scouting prices on 2020-02-21 ──"
-echo ""
-
-GOLD_PRICE=$($BT --at 2020-02-21 --json '{"command":"quote","symbol":"GOLD"}' 2>/dev/null | jq -r '.price')
-SP_PRICE=$($BT --at 2020-02-21 --json '{"command":"quote","symbol":"SP500"}' 2>/dev/null | jq -r '.price')
-
-echo "  GOLD:  \$$GOLD_PRICE / oz"
-echo "  SP500: \$$SP_PRICE"
-echo ""
-
-# ── Leg 1: Long gold — safe-haven bid ─────────────────────────────
-echo "── Leg 1: Long GOLD (flight to safety) ──"
-$BT --at 2020-02-21 buy GOLD --amount 3 --price "$GOLD_PRICE"
-
-# ── Leg 2: Short S&P 500 — pandemic selloff ───────────────────────
-echo "── Leg 2: Short S&P 500 (equity crash) ──"
-$BT --at 2020-02-21 sell SP500 --amount 1.5 --price "$SP_PRICE"
-
-# ── Portfolio snapshot ─────────────────────────────────────────────
-echo "══════════════════════════════════════════════════════════════"
-echo " Portfolio Summary"
-echo "══════════════════════════════════════════════════════════════"
-$BT --at 2020-02-21 balance
-$BT --at 2020-02-21 positions
-
-# ── Cleanup ────────────────────────────────────────────────────────
-$BT --at 2020-02-21 reset > /dev/null 2>&1
diff --git a/examples/backtest/ftx_crypto_contagion.py b/examples/backtest/ftx_crypto_contagion.py
new file mode 100755
index 0000000..9d3f251
--- /dev/null
+++ b/examples/backtest/ftx_crypto_contagion.py
@@ -0,0 +1,186 @@
+#!/usr/bin/env python3
+"""
+FTX Collapse — Crypto Contagion Hedge
+========================================
+
+Date: November 8, 2022 (Binance announced it would sell its FTT holdings)
+
+Thesis: On Nov 6, CoinDesk reported Alameda's balance sheet was full
+of FTT tokens. On Nov 8, Binance announced it would liquidate its
+~$530M in FTT, triggering a bank run on FTX. Crypto was about to
+enter a contagion spiral — but it wasn't clear how far traditional
+markets would follow. The trade: short crypto (BTC + ETH) and go
+long gold as a safe-haven hedge in case the contagion spread.
+
+Legs:
+  1. Short BTC  — 0.15 BTC at ~$18,500  ($2,775 notional)
+  2. Short ETH  — 2.0 ETH at ~$1,340    ($2,680 notional)
+  3. Long GOLD  — 3 oz at ~$1,712/oz    ($5,136 notional)
+
+Gold is the anchor — roughly sized to match the combined crypto short.
+If crypto crashes and gold holds or rises, both sides win. If crypto
+recovers, the gold leg limits the damage.
+
+What happened: BTC dropped from $18.5k to $15.7k (-15%) in 7 days.
+ETH fell from $1,340 to $1,100 (-18%). Gold was roughly flat,
+providing stability. The crypto short was the main profit driver.
+
+Usage: python3 examples/backtest/ftx_crypto_contagion.py
+"""
+
+import argparse
+import json
+import os
+import subprocess
+import sys
+from pathlib import Path
+
+SCRIPT_DIR = Path(__file__).resolve().parent
+REPO_DIR = SCRIPT_DIR.parent.parent
+
+DEFAULTS = {
+    "backtest": os.environ.get("BACKTEST", str(REPO_DIR / "target" / "release" / "backtest")),
+}
+
+DATE = "2022-11-08"
+
+
+def cli(cmd: dict, binary: str, date: str) -> dict:
+    """Call the backtest CLI in JSON mode. Returns parsed JSON output."""
+    try:
+        result = subprocess.run(
+            [binary, "--at", date, "--json", json.dumps(cmd)],
+            capture_output=True, text=True, timeout=30,
+        )
+        if result.returncode != 0:
+            return {"error": result.stderr.strip() or f"exit code {result.returncode}"}
+        return json.loads(result.stdout)
+    except (json.JSONDecodeError, subprocess.TimeoutExpired) as e:
+        return {"error": str(e)}
+
+
+def print_trade(result: dict):
+    if "error" in result:
+        print(f"  ERROR: {result['error']}")
+        return
+    trade = result.get("trade", {})
+    pnl = result.get("pnl", [])
+    symbol = trade.get("symbol", "?")
+    side = trade.get("side", "?")
+    amount = trade.get("amount", 0)
+    price = trade.get("price", 0)
+    total = amount * price
+    print(f"  {side.upper()} {amount} {symbol} @ ${price:,.2f} (${total:,.2f} notional)")
+    if pnl:
+        print()
+        print(f"  {'':>10} {'  +1 day':>14} {'  +2 days':>14} {'  +4 days':>14} {'  +7 days':>14}")
+        print(f"  {'':>10} {'':->14} {'':->14} {'':->14} {'':->14}")
+        prices = "".join(f"  ${float(p.get('price', 0)):>10,.2f}" for p in pnl)
+        pnl_dollars = "".join(
+            f"  {'+' if float(p.get('pnl', 0)) >= 0 else ''}{float(p.get('pnl', 0)):>10,.2f}"
+            for p in pnl
+        )
+        pnl_pcts = "".join(
+            f"  {'+' if float(p.get('pnlPct', 0)) >= 0 else ''}{float(p.get('pnlPct', 0)):>9,.2f}%"
+            for p in pnl
+        )
+        print(f"  {'Price':>10}{prices}")
+        print(f"  {'PnL $':>10}{pnl_dollars}")
+        print(f"  {'PnL %':>10}{pnl_pcts}")
+    print()
+
+    portfolio = result.get("portfolio", {})
+    cash = float(portfolio.get("cashBalance", 0))
+    print(f"  [PORTFOLIO] Cash balance: ${cash:,.2f}")
+    for pos in portfolio.get("positions", []):
+        print(
+            f"  [PORTFOLIO] {pos['type']} {pos['side']} {pos['symbol']}: "
+            f"{abs(pos['quantity']):.4f} @ avg ${pos['avgEntryPrice']}"
+        )
+    print()
+
+
+def print_portfolio(balance: dict, positions: dict):
+    cash = float(balance.get("cashBalance", 0))
+    total_trades = balance.get("totalTrades", 0)
+    pos_list = positions if isinstance(positions, list) else positions.get("positions", [])
+    print(f"  Cash balance: ${cash:,.2f}")
+    print(f"  Total trades: {total_trades}")
+    print(f"  Open positions: {len(pos_list)}")
+    if pos_list:
+        print()
+        print(f"  {'Symbol':<10} {'Type':<6} {'Side':<8} {'Quantity':>12} {'Avg Entry':>14}")
+        print(f"  {'-' * 54}")
+        for p in pos_list:
+            print(
+                f"  {p['symbol']:<10} {p['type']:<6} {p['side']:<8} "
+                f"{abs(p['quantity']):>12.4f} {float(p['avgEntryPrice']):>14.2f}"
+            )
+    print()
+
+
+def run(cfg: dict):
+    bt = cfg["backtest"]
+
+    print()
+    print("=" * 62)
+    print(" FTX Collapse — November 8, 2022")
+    print(" Short BTC + Short ETH + Long GOLD (contagion hedge)")
+    print("=" * 62)
+    print()
+
+    # Reset portfolio
+    cli({"command": "reset"}, bt, DATE)
+
+    # Scout prices
+    print("-- Scouting prices on", DATE, "--")
+    print()
+
+    btc = cli({"command": "quote", "symbol": "BTC"}, bt, DATE)
+    eth = cli({"command": "quote", "symbol": "ETH"}, bt, DATE)
+    gold = cli({"command": "quote", "symbol": "GOLD"}, bt, DATE)
+    btc_price = float(btc.get("price", 0))
+    eth_price = float(eth.get("price", 0))
+    gold_price = float(gold.get("price", 0))
+
+    print(f"  BTC:   ${btc_price:,.2f}")
+    print(f"  ETH:   ${eth_price:,.2f}")
+    print(f"  GOLD:  ${gold_price:,.2f}")
+    print()
+
+    # Leg 1: Short BTC
+    print("-- Leg 1: Short BTC (FTX contagion, forced selling) --")
+    result = cli({"command": "sell", "symbol": "BTC", "amount": 0.15, "price": btc_price}, bt, DATE)
+    print_trade(result)
+
+    # Leg 2: Short ETH
+    print("-- Leg 2: Short ETH (correlated crypto drawdown) --")
+    result = cli({"command": "sell", "symbol": "ETH", "amount": 2.0, "price": eth_price}, bt, DATE)
+    print_trade(result)
+
+    # Leg 3: Long GOLD
+    print("-- Leg 3: Long GOLD (safe haven, hedge against reversal) --")
+    result = cli({"command": "buy", "symbol": "GOLD", "amount": 3, "price": gold_price}, bt, DATE)
+    print_trade(result)
+
+    # Portfolio summary
+    print("=" * 62)
+    print(" Portfolio Summary")
+    print("=" * 62)
+    balance = cli({"command": "balance"}, bt, DATE)
+    positions = cli({"command": "positions"}, bt, DATE)
+    print_portfolio(balance, positions)
+
+    # Cleanup
+    cli({"command": "reset"}, bt, DATE)
+
+
+def main():
+    parser = argparse.ArgumentParser(description="FTX crypto contagion hedge backtest")
+    parser.add_argument("--backtest", default=DEFAULTS["backtest"], help="Path to backtest binary")
+    args = parser.parse_args()
+    run({"backtest": args.backtest})
+
+
+if __name__ == "__main__":
+    main()
diff --git a/examples/backtest/ftx_crypto_contagion.sh b/examples/backtest/ftx_crypto_contagion.sh
deleted file mode 100755
index 97762cb..0000000
--- a/examples/backtest/ftx_crypto_contagion.sh
+++ /dev/null
@@ -1,77 +0,0 @@
-#!/usr/bin/env bash
-#
-# FTX Collapse — Crypto Contagion Hedge
-# ========================================
-#
-# Date: November 8, 2022 (Binance announced it would sell its FTT holdings)
-#
-# Thesis: On Nov 6, CoinDesk reported Alameda's balance sheet was full
-# of FTT tokens. On Nov 8, Binance announced it would liquidate its
-# ~$530M in FTT, triggering a bank run on FTX. Crypto was about to
-# enter a contagion spiral — but it wasn't clear how far traditional
-# markets would follow. The trade: short crypto (BTC + ETH) and go
-# long gold as a safe-haven hedge in case the contagion spread.
-#
-# Legs:
-#   1. Short BTC  — 0.15 BTC at ~$18,500  ($2,775 notional)
-#   2. Short ETH  — 2.0 ETH at ~$1,340    ($2,680 notional)
-#   3. Long GOLD  — 3 oz at ~$1,712/oz    ($5,136 notional)
-#
-# Gold is the anchor — roughly sized to match the combined crypto short.
-# If crypto crashes and gold holds or rises, both sides win. If crypto
-# recovers, the gold leg limits the damage.
-#
-# What happened: BTC dropped from $18.5k to $15.7k (-15%) in 7 days.
-# ETH fell from $1,340 to $1,100 (-18%). Gold was roughly flat,
-# providing stability. The crypto short was the main profit driver.
-#
-# Usage: ./examples/backtest/ftx_crypto_contagion.sh
-#
-set -uo pipefail
-SCRIPT_DIR="$(cd "$(dirname "$0")" && pwd)"
-BT="${BACKTEST:-$SCRIPT_DIR/../../target/release/backtest}"
-
-echo ""
-echo "══════════════════════════════════════════════════════════════"
-echo " FTX Collapse — November 8, 2022"
-echo " Short BTC + Short ETH + Long GOLD (contagion hedge)"
-echo "══════════════════════════════════════════════════════════════"
-echo ""
-
-# ── Reset portfolio ────────────────────────────────────────────────
-$BT --at 2022-11-08 reset 2>/dev/null
-
-# ── Scout: get prices on Nov 8, 2022 ──────────────────────────────
-echo "── Scouting prices on 2022-11-08 ──"
-echo ""
-
-BTC_PRICE=$($BT --at 2022-11-08 --json '{"command":"quote","symbol":"BTC"}' 2>/dev/null | jq -r '.price')
-ETH_PRICE=$($BT --at 2022-11-08 --json '{"command":"quote","symbol":"ETH"}' 2>/dev/null | jq -r '.price')
-GOLD_PRICE=$($BT --at 2022-11-08 --json '{"command":"quote","symbol":"GOLD"}' 2>/dev/null | jq -r '.price')
-
-echo "  BTC:   \$$BTC_PRICE"
-echo "  ETH:   \$$ETH_PRICE"
-echo "  GOLD:  \$$GOLD_PRICE"
-echo ""
-
-# ── Leg 1: Short BTC — exchange contagion ─────────────────────────
-echo "── Leg 1: Short BTC (FTX contagion, forced selling) ──"
-$BT --at 2022-11-08 sell BTC --amount 0.15 --price "$BTC_PRICE"
-
-# ── Leg 2: Short ETH — crypto-wide selloff ────────────────────────
-echo "── Leg 2: Short ETH (correlated crypto drawdown) ──"
-$BT --at 2022-11-08 sell ETH --amount 2.0 --price "$ETH_PRICE"
-
-# ── Leg 3: Long gold — safe-haven anchor ──────────────────────────
-echo "── Leg 3: Long GOLD (safe haven, hedge against reversal) ──"
-$BT --at 2022-11-08 buy GOLD --amount 3 --price "$GOLD_PRICE"
-
-# ── Portfolio snapshot ─────────────────────────────────────────────
-echo "══════════════════════════════════════════════════════════════"
-echo " Portfolio Summary"
-echo "══════════════════════════════════════════════════════════════"
-$BT --at 2022-11-08 balance
-$BT --at 2022-11-08 positions
-
-# ── Cleanup ────────────────────────────────────────────────────────
-$BT --at 2022-11-08 reset > /dev/null 2>&1
diff --git a/examples/backtest/nvda_earnings_alpha.py b/examples/backtest/nvda_earnings_alpha.py
new file mode 100755
index 0000000..2498d06
--- /dev/null
+++ b/examples/backtest/nvda_earnings_alpha.py
@@ -0,0 +1,176 @@
+#!/usr/bin/env python3
+"""
+NVIDIA Earnings Blowout — AI Sector Alpha
+============================================
+
+Date: May 25, 2023 (day after NVDA's historic Q1 FY24 earnings)
+
+Thesis: On May 24, 2023, NVIDIA reported revenue of $7.19B (vs
+$6.52B expected) and guided Q2 to $11B — 50% above consensus.
+The stock surged 25% after hours. This was the moment the market
+realized AI infrastructure demand was real. The play: capture
+NVDA's alpha while hedging broad market risk.
+
+Legs:
+  1. Long NVDA  — 13 shares at ~$379/share ($4,930 notional)
+  2. Short SP500 — 1.2 units at ~$4,151     ($4,981 notional)
+
+This is a classic long/short equity pair: long the winner, short
+the index. If the market rallies, NVDA should rally more. If the
+market drops, NVDA's AI tailwind should cushion the loss.
+
+What happened: NVDA continued climbing from $379 to $400+ over
+the next week as analysts rushed to upgrade. The S&P 500 was
+roughly flat. Pure alpha.
+
+Usage: python3 examples/backtest/nvda_earnings_alpha.py
+"""
+
+import argparse
+import json
+import os
+import subprocess
+import sys
+from pathlib import Path
+
+SCRIPT_DIR = Path(__file__).resolve().parent
+REPO_DIR = SCRIPT_DIR.parent.parent
+
+DEFAULTS = {
+    "backtest": os.environ.get("BACKTEST", str(REPO_DIR / "target" / "release" / "backtest")),
+}
+
+DATE = "2023-05-25"
+
+
+def cli(cmd: dict, binary: str, date: str) -> dict:
+    """Call the backtest CLI in JSON mode. Returns parsed JSON output."""
+    try:
+        result = subprocess.run(
+            [binary, "--at", date, "--json", json.dumps(cmd)],
+            capture_output=True, text=True, timeout=30,
+        )
+        if result.returncode != 0:
+            return {"error": result.stderr.strip() or f"exit code {result.returncode}"}
+        return json.loads(result.stdout)
+    except (json.JSONDecodeError, subprocess.TimeoutExpired) as e:
+        return {"error": str(e)}
+
+
+def print_trade(result: dict):
+    if "error" in result:
+        print(f"  ERROR: {result['error']}")
+        return
+    trade = result.get("trade", {})
+    pnl = result.get("pnl", [])
+    symbol = trade.get("symbol", "?")
+    side = trade.get("side", "?")
+    amount = trade.get("amount", 0)
+    price = trade.get("price", 0)
+    total = amount * price
+    print(f"  {side.upper()} {amount} {symbol} @ ${price:,.2f} (${total:,.2f} notional)")
+    if pnl:
+        print()
+        print(f"  {'':>10} {'  +1 day':>14} {'  +2 days':>14} {'  +4 days':>14} {'  +7 days':>14}")
+        print(f"  {'':>10} {'':->14} {'':->14} {'':->14} {'':->14}")
+        prices = "".join(f"  ${float(p.get('price', 0)):>10,.2f}" for p in pnl)
+        pnl_dollars = "".join(
+            f"  {'+' if float(p.get('pnl', 0)) >= 0 else ''}{float(p.get('pnl', 0)):>10,.2f}"
+            for p in pnl
+        )
+        pnl_pcts = "".join(
+            f"  {'+' if float(p.get('pnlPct', 0)) >= 0 else ''}{float(p.get('pnlPct', 0)):>9,.2f}%"
+            for p in pnl
+        )
+        print(f"  {'Price':>10}{prices}")
+        print(f"  {'PnL $':>10}{pnl_dollars}")
+        print(f"  {'PnL %':>10}{pnl_pcts}")
+    print()
+
+    portfolio = result.get("portfolio", {})
+    cash = float(portfolio.get("cashBalance", 0))
+    print(f"  [PORTFOLIO] Cash balance: ${cash:,.2f}")
+    for pos in portfolio.get("positions", []):
+        print(
+            f"  [PORTFOLIO] {pos['type']} {pos['side']} {pos['symbol']}: "
+            f"{abs(pos['quantity']):.4f} @ avg ${pos['avgEntryPrice']}"
+        )
+    print()
+
+
+def print_portfolio(balance: dict, positions: dict):
+    cash = float(balance.get("cashBalance", 0))
+    total_trades = balance.get("totalTrades", 0)
+    pos_list = positions if isinstance(positions, list) else positions.get("positions", [])
+    print(f"  Cash balance: ${cash:,.2f}")
+    print(f"  Total trades: {total_trades}")
+    print(f"  Open positions: {len(pos_list)}")
+    if pos_list:
+        print()
+        print(f"  {'Symbol':<10} {'Type':<6} {'Side':<8} {'Quantity':>12} {'Avg Entry':>14}")
+        print(f"  {'-' * 54}")
+        for p in pos_list:
+            print(
+                f"  {p['symbol']:<10} {p['type']:<6} {p['side']:<8} "
+                f"{abs(p['quantity']):>12.4f} {float(p['avgEntryPrice']):>14.2f}"
+            )
+    print()
+
+
+def run(cfg: dict):
+    bt = cfg["backtest"]
+
+    print()
+    print("=" * 62)
+    print(" NVIDIA AI Earnings — May 25, 2023")
+    print(" Long NVDA + Short S&P 500 (sector alpha pair)")
+    print("=" * 62)
+    print()
+
+    # Reset portfolio
+    cli({"command": "reset"}, bt, DATE)
+
+    # Scout prices
+    print("-- Scouting prices on", DATE, "--")
+    print()
+
+    nvda = cli({"command": "quote", "symbol": "NVDA"}, bt, DATE)
+    sp = cli({"command": "quote", "symbol": "SP500"}, bt, DATE)
+    nvda_price = float(nvda.get("price", 0))
+    sp_price = float(sp.get("price", 0))
+
+    print(f"  NVDA:  ${nvda_price:.2f}")
+    print(f"  SP500: ${sp_price:.2f}")
+    print()
+
+    # Leg 1: Long NVDA
+    print("-- Leg 1: Long NVDA (AI infrastructure demand) --")
+    result = cli({"command": "buy", "symbol": "NVDA", "amount": 13, "price": nvda_price}, bt, DATE)
+    print_trade(result)
+
+    # Leg 2: Short SP500
+    print("-- Leg 2: Short S&P 500 (hedge broad market risk) --")
+    result = cli({"command": "sell", "symbol": "SP500", "amount": 1.2, "price": sp_price}, bt, DATE)
+    print_trade(result)
+
+    # Portfolio summary
+    print("=" * 62)
+    print(" Portfolio Summary")
+    print("=" * 62)
+    balance = cli({"command": "balance"}, bt, DATE)
+    positions = cli({"command": "positions"}, bt, DATE)
+    print_portfolio(balance, positions)
+
+    # Cleanup
+    cli({"command": "reset"}, bt, DATE)
+
+
+def main():
+    parser = argparse.ArgumentParser(description="NVDA earnings alpha backtest")
+    parser.add_argument("--backtest", default=DEFAULTS["backtest"], help="Path to backtest binary")
+    args = parser.parse_args()
+    run({"backtest": args.backtest})
+
+
+if __name__ == "__main__":
+    main()
diff --git a/examples/backtest/nvda_earnings_alpha.sh b/examples/backtest/nvda_earnings_alpha.sh
deleted file mode 100755
index 5f09291..0000000
--- a/examples/backtest/nvda_earnings_alpha.sh
+++ /dev/null
@@ -1,69 +0,0 @@
-#!/usr/bin/env bash
-#
-# NVIDIA Earnings Blowout — AI Sector Alpha
-# ============================================
-#
-# Date: May 25, 2023 (day after NVDA's historic Q1 FY24 earnings)
-#
-# Thesis: On May 24, 2023, NVIDIA reported revenue of $7.19B (vs
-# $6.52B expected) and guided Q2 to $11B — 50% above consensus.
-# The stock surged 25% after hours. This was the moment the market
-# realized AI infrastructure demand was real. The play: capture
-# NVDA's alpha while hedging broad market risk.
-#
-# Legs:
-#   1. Long NVDA  — 13 shares at ~$379/share ($4,930 notional)
-#   2. Short SP500 — 1.2 units at ~$4,151     ($4,981 notional)
-#
-# This is a classic long/short equity pair: long the winner, short
-# the index. If the market rallies, NVDA should rally more. If the
-# market drops, NVDA's AI tailwind should cushion the loss.
-#
-# What happened: NVDA continued climbing from $379 to $400+ over
-# the next week as analysts rushed to upgrade. The S&P 500 was
-# roughly flat. Pure alpha.
-#
-# Usage: ./examples/backtest/nvda_earnings_alpha.sh
-#
-set -uo pipefail
-SCRIPT_DIR="$(cd "$(dirname "$0")" && pwd)"
-BT="${BACKTEST:-$SCRIPT_DIR/../../target/release/backtest}"
-
-echo ""
-echo "══════════════════════════════════════════════════════════════"
-echo " NVIDIA AI Earnings — May 25, 2023"
-echo " Long NVDA + Short S&P 500 (sector alpha pair)"
-echo "══════════════════════════════════════════════════════════════"
-echo ""
-
-# ── Reset portfolio ────────────────────────────────────────────────
-$BT --at 2023-05-25 reset 2>/dev/null
-
-# ── Scout: get prices on May 25, 2023 ─────────────────────────────
-echo "── Scouting prices on 2023-05-25 ──"
-echo ""
-
-NVDA_PRICE=$($BT --at 2023-05-25 --json '{"command":"quote","symbol":"NVDA"}' 2>/dev/null | jq -r '.price')
-SP_PRICE=$($BT --at 2023-05-25 --json '{"command":"quote","symbol":"SP500"}' 2>/dev/null | jq -r '.price')
-
-echo "  NVDA:  \$$NVDA_PRICE"
-echo "  SP500: \$$SP_PRICE"
-echo ""
-
-# ── Leg 1: Long NVDA — AI momentum ───────────────────────────────
-echo "── Leg 1: Long NVDA (AI infrastructure demand) ──"
-$BT --at 2023-05-25 buy NVDA --amount 13 --price "$NVDA_PRICE"
-
-# ── Leg 2: Short S&P 500 — market-neutral hedge ──────────────────
-echo "── Leg 2: Short S&P 500 (hedge broad market risk) ──"
-$BT --at 2023-05-25 sell SP500 --amount 1.2 --price "$SP_PRICE"
-
-# ── Portfolio snapshot ─────────────────────────────────────────────
-echo "══════════════════════════════════════════════════════════════"
-echo " Portfolio Summary"
-echo "══════════════════════════════════════════════════════════════"
-$BT --at 2023-05-25 balance
-$BT --at 2023-05-25 positions
-
-# ── Cleanup ────────────────────────────────────────────────────────
-$BT --at 2023-05-25 reset > /dev/null 2>&1
diff --git a/examples/backtest/ukraine_oil_shock.py b/examples/backtest/ukraine_oil_shock.py
new file mode 100755
index 0000000..dac026a
--- /dev/null
+++ b/examples/backtest/ukraine_oil_shock.py
@@ -0,0 +1,186 @@
+#!/usr/bin/env python3
+"""
+Russia-Ukraine Invasion — Commodity Supply Shock
+==================================================
+
+Date: February 24, 2022 (the day Russia invaded Ukraine)
+
+Thesis: Russia is a top-3 global oil producer. A full-scale invasion
+means sanctions, supply disruption, and an energy price spike. At the
+same time, risk assets sell off on geopolitical uncertainty. This is
+a classic macro shock trade: long commodities, short equities.
+
+Legs:
+  1. Long OIL  — 35 bbl at ~$92/bbl  ($3,220 notional)
+  2. Long GOLD — 2 oz at ~$1,909/oz  ($3,818 notional) — war safe haven
+  3. Short SP500 — 1.5 units at ~$4,225 ($6,338 notional)
+
+The short leg is sized larger to roughly balance the two long legs.
+Oil is the directional bet; gold is the defensive anchor.
+
+What happened: Oil surged to $115+ within 2 weeks (eventually $130
+in March). Gold rallied to $2,050. The S&P 500 dropped ~3% in the
+first week before stabilizing.
+
+Result: Both commodity legs profit on the supply shock, while the
+equity short captures the initial risk-off move.
+
+Usage: python3 examples/backtest/ukraine_oil_shock.py
+"""
+
+import argparse
+import json
+import os
+import subprocess
+import sys
+from pathlib import Path
+
+SCRIPT_DIR = Path(__file__).resolve().parent
+REPO_DIR = SCRIPT_DIR.parent.parent
+
+DEFAULTS = {
+    "backtest": os.environ.get("BACKTEST", str(REPO_DIR / "target" / "release" / "backtest")),
+}
+
+DATE = "2022-02-24"
+
+
+def cli(cmd: dict, binary: str, date: str) -> dict:
+    """Call the backtest CLI in JSON mode. Returns parsed JSON output."""
+    try:
+        result = subprocess.run(
+            [binary, "--at", date, "--json", json.dumps(cmd)],
+            capture_output=True, text=True, timeout=30,
+        )
+        if result.returncode != 0:
+            return {"error": result.stderr.strip() or f"exit code {result.returncode}"}
+        return json.loads(result.stdout)
+    except (json.JSONDecodeError, subprocess.TimeoutExpired) as e:
+        return {"error": str(e)}
+
+
+def print_trade(result: dict):
+    if "error" in result:
+        print(f"  ERROR: {result['error']}")
+        return
+    trade = result.get("trade", {})
+    pnl = result.get("pnl", [])
+    symbol = trade.get("symbol", "?")
+    side = trade.get("side", "?")
+    amount = trade.get("amount", 0)
+    price = trade.get("price", 0)
+    total = amount * price
+    print(f"  {side.upper()} {amount} {symbol} @ ${price:,.2f} (${total:,.2f} notional)")
+    if pnl:
+        print()
+        print(f"  {'':>10} {'  +1 day':>14} {'  +2 days':>14} {'  +4 days':>14} {'  +7 days':>14}")
+        print(f"  {'':>10} {'':->14} {'':->14} {'':->14} {'':->14}")
+        prices = "".join(f"  ${float(p.get('price', 0)):>10,.2f}" for p in pnl)
+        pnl_dollars = "".join(
+            f"  {'+' if float(p.get('pnl', 0)) >= 0 else ''}{float(p.get('pnl', 0)):>10,.2f}"
+            for p in pnl
+        )
+        pnl_pcts = "".join(
+            f"  {'+' if float(p.get('pnlPct', 0)) >= 0 else ''}{float(p.get('pnlPct', 0)):>9,.2f}%"
+            for p in pnl
+        )
+        print(f"  {'Price':>10}{prices}")
+        print(f"  {'PnL $':>10}{pnl_dollars}")
+        print(f"  {'PnL %':>10}{pnl_pcts}")
+    print()
+
+    portfolio = result.get("portfolio", {})
+    cash = float(portfolio.get("cashBalance", 0))
+    print(f"  [PORTFOLIO] Cash balance: ${cash:,.2f}")
+    for pos in portfolio.get("positions", []):
+        print(
+            f"  [PORTFOLIO] {pos['type']} {pos['side']} {pos['symbol']}: "
+            f"{abs(pos['quantity']):.4f} @ avg ${pos['avgEntryPrice']}"
+        )
+    print()
+
+
+def print_portfolio(balance: dict, positions: dict):
+    cash = float(balance.get("cashBalance", 0))
+    total_trades = balance.get("totalTrades", 0)
+    pos_list = positions if isinstance(positions, list) else positions.get("positions", [])
+    print(f"  Cash balance: ${cash:,.2f}")
+    print(f"  Total trades: {total_trades}")
+    print(f"  Open positions: {len(pos_list)}")
+    if pos_list:
+        print()
+        print(f"  {'Symbol':<10} {'Type':<6} {'Side':<8} {'Quantity':>12} {'Avg Entry':>14}")
+        print(f"  {'-' * 54}")
+        for p in pos_list:
+            print(
+                f"  {p['symbol']:<10} {p['type']:<6} {p['side']:<8} "
+                f"{abs(p['quantity']):>12.4f} {float(p['avgEntryPrice']):>14.2f}"
+            )
+    print()
+
+
+def run(cfg: dict):
+    bt = cfg["backtest"]
+
+    print()
+    print("=" * 62)
+    print(" Russia-Ukraine Invasion — February 24, 2022")
+    print(" Long OIL + Long GOLD + Short S&P 500")
+    print("=" * 62)
+    print()
+
+    # Reset portfolio
+    cli({"command": "reset"}, bt, DATE)
+
+    # Scout prices
+    print("-- Scouting prices on", DATE, "--")
+    print()
+
+    oil = cli({"command": "quote", "symbol": "OIL"}, bt, DATE)
+    gold = cli({"command": "quote", "symbol": "GOLD"}, bt, DATE)
+    sp = cli({"command": "quote", "symbol": "SP500"}, bt, DATE)
+    oil_price = float(oil.get("price", 0))
+    gold_price = float(gold.get("price", 0))
+    sp_price = float(sp.get("price", 0))
+
+    print(f"  OIL:   ${oil_price:.2f} / bbl")
+    print(f"  GOLD:  ${gold_price:.2f} / oz")
+    print(f"  SP500: ${sp_price:.2f}")
+    print()
+
+    # Leg 1: Long OIL
+    print("-- Leg 1: Long OIL (supply shock from sanctions) --")
+    result = cli({"command": "buy", "symbol": "OIL", "amount": 35, "price": oil_price}, bt, DATE)
+    print_trade(result)
+
+    # Leg 2: Long GOLD
+    print("-- Leg 2: Long GOLD (war premium + safe haven) --")
+    result = cli({"command": "buy", "symbol": "GOLD", "amount": 2, "price": gold_price}, bt, DATE)
+    print_trade(result)
+
+    # Leg 3: Short SP500
+    print("-- Leg 3: Short S&P 500 (risk-off) --")
+    result = cli({"command": "sell", "symbol": "SP500", "amount": 1.5, "price": sp_price}, bt, DATE)
+    print_trade(result)
+
+    # Portfolio summary
+    print("=" * 62)
+    print(" Portfolio Summary")
+    print("=" * 62)
+    balance = cli({"command": "balance"}, bt, DATE)
+    positions = cli({"command": "positions"}, bt, DATE)
+    print_portfolio(balance, positions)
+
+    # Cleanup
+    cli({"command": "reset"}, bt, DATE)
+
+
+def main():
+    parser = argparse.ArgumentParser(description="Ukraine oil shock backtest")
+    parser.add_argument("--backtest", default=DEFAULTS["backtest"], help="Path to backtest binary")
+    args = parser.parse_args()
+    run({"backtest": args.backtest})
+
+
+if __name__ == "__main__":
+    main()
diff --git a/examples/backtest/ukraine_oil_shock.sh b/examples/backtest/ukraine_oil_shock.sh
deleted file mode 100755
index e0f3770..0000000
--- a/examples/backtest/ukraine_oil_shock.sh
+++ /dev/null
@@ -1,77 +0,0 @@
-#!/usr/bin/env bash
-#
-# Russia-Ukraine Invasion — Commodity Supply Shock
-# ==================================================
-#
-# Date: February 24, 2022 (the day Russia invaded Ukraine)
-#
-# Thesis: Russia is a top-3 global oil producer. A full-scale invasion
-# means sanctions, supply disruption, and an energy price spike. At the
-# same time, risk assets sell off on geopolitical uncertainty. This is
-# a classic macro shock trade: long commodities, short equities.
-#
-# Legs:
-#   1. Long OIL  — 35 bbl at ~$92/bbl  ($3,220 notional)
-#   2. Long GOLD — 2 oz at ~$1,909/oz  ($3,818 notional) — war safe haven
-#   3. Short SP500 — 1.5 units at ~$4,225 ($6,338 notional)
-#
-# The short leg is sized larger to roughly balance the two long legs.
-# Oil is the directional bet; gold is the defensive anchor.
-#
-# What happened: Oil surged to $115+ within 2 weeks (eventually $130
-# in March). Gold rallied to $2,050. The S&P 500 dropped ~3% in the
-# first week before stabilizing.
-#
-# Result: Both commodity legs profit on the supply shock, while the
-# equity short captures the initial risk-off move.
-#
-# Usage: ./examples/backtest/ukraine_oil_shock.sh
-#
-set -uo pipefail
-SCRIPT_DIR="$(cd "$(dirname "$0")" && pwd)"
-BT="${BACKTEST:-$SCRIPT_DIR/../../target/release/backtest}"
-
-echo ""
-echo "══════════════════════════════════════════════════════════════"
-echo " Russia-Ukraine Invasion — February 24, 2022"
-echo " Long OIL + Long GOLD + Short S&P 500"
-echo "══════════════════════════════════════════════════════════════"
-echo ""
-
-# ── Reset portfolio ────────────────────────────────────────────────
-$BT --at 2022-02-24 reset 2>/dev/null
-
-# ── Scout: get prices on Feb 24, 2022 ─────────────────────────────
-echo "── Scouting prices on 2022-02-24 ──"
-echo ""
-
-OIL_PRICE=$($BT --at 2022-02-24 --json '{"command":"quote","symbol":"OIL"}' 2>/dev/null | jq -r '.price')
-GOLD_PRICE=$($BT --at 2022-02-24 --json '{"command":"quote","symbol":"GOLD"}' 2>/dev/null | jq -r '.price')
-SP_PRICE=$($BT --at 2022-02-24 --json '{"command":"quote","symbol":"SP500"}' 2>/dev/null | jq -r '.price')
-
-echo "  OIL:   \$$OIL_PRICE / bbl"
-echo "  GOLD:  \$$GOLD_PRICE / oz"
-echo "  SP500: \$$SP_PRICE"
-echo ""
-
-# ── Leg 1: Long crude oil — supply disruption ─────────────────────
-echo "── Leg 1: Long OIL (supply shock from sanctions) ──"
-$BT --at 2022-02-24 buy OIL --amount 35 --price "$OIL_PRICE"
-
-# ── Leg 2: Long gold — geopolitical safe haven ────────────────────
-echo "── Leg 2: Long GOLD (war premium + safe haven) ──"
-$BT --at 2022-02-24 buy GOLD --amount 2 --price "$GOLD_PRICE"
-
-# ── Leg 3: Short S&P 500 — risk-off selloff ──────────────────────
-echo "── Leg 3: Short S&P 500 (risk-off) ──"
-$BT --at 2022-02-24 sell SP500 --amount 1.5 --price "$SP_PRICE"
-
-# ── Portfolio snapshot ─────────────────────────────────────────────
-echo "══════════════════════════════════════════════════════════════"
-echo " Portfolio Summary"
-echo "══════════════════════════════════════════════════════════════"
-$BT --at 2022-02-24 balance
-$BT --at 2022-02-24 positions
-
-# ── Cleanup ────────────────────────────────────────────────────────
-$BT --at 2022-02-24 reset > /dev/null 2>&1
diff --git a/skills/SKILL.md b/skills/SKILL.md
index 9095c5a..8ffe4bc 100644
--- a/skills/SKILL.md
+++ b/skills/SKILL.md
@@ -1,6 +1,6 @@
 ---
 name: fintool
-description: "Financial trading CLIs — spot and perp trading on Hyperliquid, Binance, Coinbase, OKX. Prediction markets on Polymarket. Deposit and withdraw across chains. LLM-enriched price quotes with trend analysis. News and SEC filings. Use when: user asks about stock/crypto prices, wants to trade, deposit, withdraw, or check portfolio."
+description: "Financial trading CLIs — spot and perp trading on Hyperliquid, Binance, Coinbase, OKX. Prediction markets on Polymarket. Deposit and withdraw across chains. LLM-enriched price quotes with trend analysis. News and SEC filings. Historical backtesting with forward PnL analysis. Use when: user asks about stock/crypto prices, wants to trade, deposit, withdraw, check portfolio, or backtest a strategy."
 homepage: https://github.com/second-state/fintool
 metadata: { "openclaw": { "emoji": "📈", "requires": { "bins": ["curl"] } } }
 ---
@@ -19,6 +19,7 @@ A suite of CLI tools for market intelligence and trading across multiple exchang
 | `coinbase` | Coinbase trading (spot, deposits) | `{baseDir}/scripts/coinbase` |
 | `okx` | OKX trading (spot, perp, deposits, withdrawals) | `{baseDir}/scripts/okx` |
 | `polymarket` | Polymarket prediction markets | `{baseDir}/scripts/polymarket` |
+| `backtest` | Historical simulation + forward PnL (no keys needed) | `{baseDir}/scripts/backtest` |
 
 - **Config**: `~/.fintool/config.toml`
 - **Mode**: Always use JSON mode — `<binary> --json '<JSON>'`. All input and output is structured JSON.
@@ -51,24 +52,29 @@ cat ~/.fintool/config.toml 2>/dev/null
    - **Polymarket**: Uses `wallet.private_key` (same as Hyperliquid) for prediction market trading
    - If none configured: Ask the user which exchange they want to use and request the credentials.
 
+**Exception — `backtest`**: The backtest binary requires **no configuration** — no API keys, no wallet. It uses public Yahoo Finance and CoinGecko data. You can use it immediately.
+
 **If the user provides credentials**, edit `~/.fintool/config.toml` directly to add them.
 
 ## Exchange Capabilities
 
-| Feature | `hyperliquid` | `binance` | `coinbase` | `okx` | `polymarket` |
-|---------|---------------|-----------|------------|-------|--------------|
-| Spot orders | buy, sell | buy, sell | buy, sell | buy, sell | — |
-| Perp orders | perp buy/sell | perp buy/sell | — | perp buy/sell | — |
-| Prediction markets | — | — | — | — | buy, sell, list, quote |
-| Orderbook | spot + perp | spot + perp | spot | spot + perp | — |
-| Deposit | Unit + Across | API | API | API | bridge |
-| Withdraw | Bridge2 + Unit + Across | API | API | API | bridge |
-| Transfer | spot ↔ perp ↔ dex | spot ↔ futures | — | funding ↔ trading | — |
-| Balance | balance | balance | balance | balance | balance |
-| Open orders | orders | orders | orders | orders | — |
-| Cancel | cancel | cancel | cancel | cancel | — |
-| Positions | positions | positions | — | positions | positions |
-| Funding rate | — | — | — | perp funding_rate | — |
+| Feature | `hyperliquid` | `binance` | `coinbase` | `okx` | `polymarket` | `backtest` |
+|---------|---------------|-----------|------------|-------|--------------|------------|
+| Spot orders | buy, sell | buy, sell | buy, sell | buy, sell | — | simulated buy/sell |
+| Perp orders | perp buy/sell | perp buy/sell | — | perp buy/sell | — | simulated perp buy/sell |
+| Prediction markets | — | — | — | — | buy, sell, list, quote | — |
+| Orderbook | spot + perp | spot + perp | spot | spot + perp | — | — |
+| Deposit | Unit + Across | API | API | API | bridge | — |
+| Withdraw | Bridge2 + Unit + Across | API | API | API | bridge | — |
+| Transfer | spot ↔ perp ↔ dex | spot ↔ futures | — | funding ↔ trading | — | — |
+| Balance | balance | balance | balance | balance | balance | simulated |
+| Open orders | orders | orders | orders | orders | — | — |
+| Cancel | cancel | cancel | cancel | cancel | — | — |
+| Positions | positions | positions | — | positions | positions | simulated |
+| Funding rate | — | — | — | perp funding_rate | — | — |
+| Historical quote | — | — | — | — | — | quote |
+| Forward PnL | — | — | — | — | — | +1d/+2d/+4d/+7d |
+| SEC filings (dated) | — | — | — | — | — | report list/annual/quarterly |
 
 ## Error Handling
 
@@ -212,6 +218,51 @@ cat ~/.fintool/config.toml 2>/dev/null
 - Trading commands (`buy`, `sell`, `deposit`, `withdraw`) require `wallet.private_key` in config.
 - Use the market slug (from `list`) or condition ID as the `market` value.
 
+### Backtesting (`backtest`)
+
+**Important**: The `backtest` binary requires `--at YYYY-MM-DD` as a CLI flag (not in the JSON body). No API keys or wallet needed.
+
+```bash
+# backtest --at <DATE> --json '<JSON>'
+```
+
+```json
+// Historical price
+{"command": "quote", "symbol": "BTC"}
+{"command": "quote", "symbol": "AAPL"}
+{"command": "quote", "symbol": "GOLD"}
+
+// Simulated spot trades — returns forward PnL at +1/+2/+4/+7 days
+{"command": "buy", "symbol": "ETH", "amount": 0.5}
+{"command": "buy", "symbol": "AAPL", "amount": 10, "price": 237}
+{"command": "sell", "symbol": "BTC", "amount": 0.01, "price": 105000}
+
+// Simulated perp trades — returns leveraged forward PnL
+{"command": "perp_leverage", "symbol": "ETH", "leverage": 5}
+{"command": "perp_buy", "symbol": "ETH", "amount": 0.5, "price": 3300}
+{"command": "perp_sell", "symbol": "BTC", "amount": 0.01, "price": 100000}
+
+// SEC filings filtered by date
+{"command": "report_list", "symbol": "AAPL", "limit": 5}
+{"command": "report_annual", "symbol": "TSLA"}
+{"command": "report_quarterly", "symbol": "AAPL"}
+
+// Portfolio management
+{"command": "balance"}
+{"command": "positions"}
+{"command": "reset"}
+
+// News stub (historical news not available)
+{"command": "news", "symbol": "BTC"}
+```
+
+**Notes:**
+- If `price` is omitted on buy/sell, the historical close price at the `--at` date is used automatically.
+- Portfolio state persists to `~/.fintool/backtest_portfolio.json`. Use `reset` to clear.
+- `balance` returns `cashBalance` (spot trades only), `positions`, `totalTrades`, `leverageSettings`.
+- Trade output includes a `pnl` array with forward price, dollar PnL, and percentage PnL at each offset.
+- Data sources: Yahoo Finance (stocks, crypto, commodities, indices) with CoinGecko fallback for crypto.
+
 ## Workflows
 
 ### Workflow 1: Spot Trading
@@ -422,9 +473,64 @@ Returns: matching markets with question, outcomes, prices, volume, liquidity. By
 {baseDir}/scripts/polymarket --json '{"command":"balance"}'
 ```
 
+### Workflow 7: Backtesting a Trading Strategy
+
+**Goal**: Develop a thesis, simulate trades at historical dates, and evaluate forward PnL before live trading.
+
+**Use backtest when** the agent is developing a strategy, validating a thesis with historical data, or the user asks "what if I had bought X on date Y?"
+
+**Step 1 — Develop a thesis using current data:**
+```bash
+{baseDir}/scripts/fintool --json '{"command":"news","symbol":"BTC"}'
+{baseDir}/scripts/fintool --json '{"command":"report_list","symbol":"AAPL","limit":5}'
+```
+Use news and SEC filings to identify a catalyst or thesis (e.g., "NVDA earnings blowout", "oil supply shock").
+
+**Step 2 — Reset the backtest portfolio:**
+```bash
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"reset"}'
+```
+
+**Step 3 — Scout historical prices:**
+```bash
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"quote","symbol":"BTC"}'
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"quote","symbol":"GOLD"}'
+```
+
+**Step 4 — Execute simulated trades:**
+```bash
+# Spot buy (auto-price from historical close)
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"buy","symbol":"BTC","amount":0.01}'
+
+# Spot short
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"sell","symbol":"SP500","amount":1.5,"price":5900}'
+
+# Leveraged perp
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"perp_leverage","symbol":"ETH","leverage":5}'
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"perp_buy","symbol":"ETH","amount":0.5,"price":3300}'
+```
+Each trade returns forward PnL at +1, +2, +4, +7 days — review these to evaluate the thesis.
+
+**Step 5 — Review portfolio state:**
+```bash
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"balance"}'
+{baseDir}/scripts/backtest --at 2025-01-15 --json '{"command":"positions"}'
+```
+
+**Step 6 — Iterate:**
+- Try different entry dates to test timing sensitivity
+- Adjust position sizes for risk management
+- Test multi-leg strategies (e.g., long one asset + short another)
+- Check SEC filings before the trade date for fundamental context:
+  ```bash
+  {baseDir}/scripts/backtest --at 2024-06-01 --json '{"command":"report_list","symbol":"AAPL","limit":3}'
+  ```
+
+**Step 7 — If the backtest validates the thesis, proceed to live trading** using the appropriate exchange binary (hyperliquid, binance, etc.).
+
 ## Symbol Aliases
 
-Common indices and commodities have convenient aliases (used with `fintool quote`):
+Common indices and commodities have convenient aliases (used with `fintool quote` and `backtest quote`):
 
 | Alias | Description |
 |-------|-------------|
@@ -446,3 +552,5 @@ Common indices and commodities have convenient aliases (used with `fintool quote
 - **All output is JSON** — Parse the response and present relevant fields to the user in a readable format.
 - **Amount is in symbol units** — `"amount": 0.1` on ETH means 0.1 ETH, not $0.10. Calculate the size from the price quote.
 - **Check for errors** — Every response may contain `{"error": "..."}`. Always check before presenting results.
+- **Backtest before trading** — When developing a thesis or strategy, use `backtest` to simulate at historical dates and validate with forward PnL before committing real capital.
+- **No config for backtest** — The `backtest` binary needs no API keys or wallet. Use it freely for research and strategy development.
diff --git a/skills/bootstrap.sh b/skills/bootstrap.sh
index ec1845b..edc1bf6 100755
--- a/skills/bootstrap.sh
+++ b/skills/bootstrap.sh
@@ -42,7 +42,7 @@ esac
 echo "Downloading ${ARTIFACT}..."
 curl -L -o /tmp/fintool.zip "${RELEASE_BASE}/${ARTIFACT}.zip"
 unzip -o /tmp/fintool.zip -d /tmp/fintool-extract
-BINARIES="fintool hyperliquid binance coinbase polymarket okx"
+BINARIES="fintool hyperliquid binance coinbase polymarket okx backtest"
 for bin in $BINARIES; do
   src="/tmp/fintool-extract/${ARTIFACT}/${bin}"
   if [ -f "$src" ]; then
diff --git a/skills/install.md b/skills/install.md
index f29bf3f..b7e0620 100644
--- a/skills/install.md
+++ b/skills/install.md
@@ -23,7 +23,7 @@ rm -rf /tmp/fintool-repo
 The bootstrap script will:
 1. Clone skill files to `~/.openclaw/skills/fintool/`
 2. Detect your platform (Linux x86_64/aarch64, macOS Apple Silicon)
-3. Download all binaries (fintool, hyperliquid, binance, coinbase, polymarket, okx) from the latest GitHub release
+3. Download all binaries (fintool, hyperliquid, binance, coinbase, polymarket, okx, backtest) from the latest GitHub release
 4. Run `fintool init` to create `~/.fintool/config.toml` (never overwrites existing)
 5. Check config for required keys and tell you what's missing
 
@@ -58,7 +58,7 @@ If the bootstrap script fails:
    ```bash
    mkdir -p ~/.openclaw/skills/fintool/scripts
    unzip fintool-<platform>.zip
-   cp fintool-<platform>/{fintool,hyperliquid,binance,coinbase,polymarket,okx} ~/.openclaw/skills/fintool/scripts/
+   cp fintool-<platform>/{fintool,hyperliquid,binance,coinbase,polymarket,okx,backtest} ~/.openclaw/skills/fintool/scripts/
    chmod +x ~/.openclaw/skills/fintool/scripts/*
    ```
 4. Copy the skill definition: