feat: scoring cleanup — alpha-only composite, default-deny unknown events, new exit/risk features

Remove 5 non-alpha features (earnings surprise, risk penalty, parse confidence,
direction clarity, LM sentiment) from composite score to eliminate double-counting
with hard gates and noise sources. Redistribute weights to 5 alpha features.

Add default-deny for unknown event types, no-follow-through early exit (D+1),
kill switch log-only mode, macro regime size scaler. Remove SUE gate (Gate 8).

Co-Authored-By: Claude Opus 4.6 <noreply@anthropic.com>

apps/backtester/run.py

@@ -265,9 +265,13 @@ class BacktestRunner:
 
         if drawdown_pct >= _KILL_SWITCH_DRAWDOWN_PCT and not self._kill_switch_triggered:
             logger.warning("kill_switch_triggered", date=str(date), drawdown_pct=drawdown_pct)
-            self._kill_switch_triggered = True
+            if self.config.risk.kill_switch_log_only:
-            if self.config.risk.backtest_mode == "research":
+                logger.info("kill_switch_log_only_mode", date=str(date))
-                self._kill_switch_cooldown_remaining = self.config.risk.kill_switch_cooldown_days
+                # Don't trigger — just observe
+            else:
+                self._kill_switch_triggered = True
+                if self.config.risk.backtest_mode == "research":
+                    self._kill_switch_cooldown_remaining = self.config.risk.kill_switch_cooldown_days
 
         # Research mode: reset kill switch after cooldown expires
         # Reset peak_equity to current equity so drawdown restarts from 0

configs/backtest/defaults.json

@@ -27,6 +27,7 @@
     "stop_atr_multiplier": 3.0,
     "backtest_mode": "research",
     "kill_switch_cooldown_days": 20,
+    "kill_switch_log_only": false,
     "veto_oneoff_penalty": 0.7,
     "veto_parse_confidence_min": 0.4,
     "veto_unknown_direction": true,
@@ -44,7 +45,8 @@
     "target_1_fraction": 0.5,
     "trailing_model": "pct_3",
     "trailing_warmup_days": 2,
-    "max_holding_days": 10
+    "max_holding_days": 10,
+    "no_follow_through_exit": true
   },
   "reporting": {
     "write_trade_blotter": true,

configs/experiments/earnings_only_v1.json

@@ -0,0 +1,16 @@
+{
+  "experiment_name": "earnings_only_v1",
+  "dataset_snapshot_id": "a6687401-afdd-4bb7-9bb1-4cd32c5190bb",
+  "description": "Earnings-only baseline: tests PEAD alpha without dilution from other event types.",
+  "base_config": "configs/backtest/defaults.json",
+  "overrides": {
+    "event_type_profiles": {
+      "earnings_release": {
+        "enabled": true,
+        "direction_filter": "bullish_only"
+      }
+    },
+    "signal": { "score_threshold": 0.45 }
+  },
+  "tags": ["earnings-only", "baseline", "phase6"]
+}

libs/backtest/allocator.py

@@ -95,7 +95,7 @@ def run_entry_gates(
     """Run entry gates. Returns skip_reason string or None (pass).
 
     Gates (in order):
-    0. Macro regime (SPY below SMA — bearish market)
+    0. Macro regime (SPY below SMA — hard block only if size_scaler >= 1.0)
     1. Kill switch (drawdown >= threshold)
     2. Max total positions
     3. Duplicate symbol already open
@@ -103,19 +103,21 @@ def run_entry_gates(
     5. Daily new risk budget
     6. Cash available (estimated position cost)
     7. Loss-streak cooldown
-    8. SUE gate (earnings: positive surprise required)
+    8. (removed — SUE gate)
     9. Event-type direction filter (bullish_only)
     10. High one-off risk (veto: oneoff_penalty >= threshold)
     11. Low parse confidence (veto: parse_confidence < threshold)
     12. Unknown direction (veto: event_direction == "unknown")
     13. Bearish direction (veto: event_direction == "bearish")
     """
-    # Gate 0: Macro regime filter
+    # Gate 0: Macro regime filter (hard block only when size_scaler >= 1.0)
     if config.risk.macro_regime_enabled and macro_data:
         spy_close = macro_data.get("spy_close")
         spy_sma = macro_data.get("spy_sma_20")
         if spy_close is not None and spy_sma is not None and spy_close < spy_sma:
-            return "macro_regime_unfavorable"
+            if config.risk.macro_regime_size_scaler >= 1.0:
+                return "macro_regime_unfavorable"
+            # else: size scaler applied in build_planned_order
 
     # Gate 1: Kill switch
     if portfolio_state.current_drawdown_pct >= _KILL_SWITCH_DRAWDOWN_PCT:
@@ -156,12 +158,6 @@ def run_entry_gates(
     if cooldown_remaining > 0:
         return "cooldown"
 
-    # Gate 8: SUE gate — for earnings_release events, require positive surprise
-    if candidate.event_type == "earnings_release":
-        eps_growth = candidate.features.get("eps_growth_qoq")
-        if eps_growth is not None and float(eps_growth) <= 0:
-            return "negative_earnings_surprise"
-
     # Gate 9: Event-type direction filter
     profile = config.get_event_profile(candidate.event_type)
     if profile and profile.direction_filter == "bullish_only":
@@ -245,6 +241,21 @@ def build_planned_order(
         if shares == 0:
             skip_reason = "zero_shares"
         else:
+            # Apply macro size scaler when SPY < SMA and scaler < 1.0
+            if (
+                config.risk.macro_regime_enabled
+                and config.risk.macro_regime_size_scaler < 1.0
+                and macro_data
+            ):
+                spy_close = macro_data.get("spy_close")
+                spy_sma = macro_data.get("spy_sma_20")
+                if (
+                    spy_close is not None
+                    and spy_sma is not None
+                    and spy_close < spy_sma
+                ):
+                    shares = max(1, math.floor(shares * config.risk.macro_regime_size_scaler))
+
             risk_dollars = (candidate.entry_price_est - stop_price) * shares
 
     return PlannedOrder(

libs/backtest/domain.py

@@ -25,6 +25,7 @@ class ExitReason(str, Enum):
     TRAILING = "TRAILING"
     KILL_SWITCH = "KILL_SWITCH"
     MISSING_BAR = "MISSING_BAR"
+    NO_FOLLOW_THROUGH = "NO_FOLLOW_THROUGH"
 
 
 class BacktestMode(str, Enum):
@@ -157,6 +158,7 @@ class MetricsBundle(BaseModel):
     avg_holding_days: float | None = None
     stop_exit_rate: float | None = None
     target_exit_rate: float | None = None
+    no_follow_through_exit_rate: float | None = None
     score_bucket_hit_rate: dict[str, float] = Field(default_factory=dict)
 
     # Bootstrap confidence intervals (95%)
@@ -192,10 +194,12 @@ class RiskConfig(BaseModel):
     cooldown_after_loss_streak: int = 0          # consecutive losses to trigger cooldown
     cooldown_days: int = 0                       # days to sit out after streak
     macro_regime_enabled: bool = False           # block entries when SPY < SMA
+    macro_regime_size_scaler: float = 1.0        # size scaler when SPY < SMA (< 1.0 = scale down instead of block)
     macro_sma_period: int = 20                   # SMA lookback for macro regime
     stop_atr_multiplier: float = 1.5             # ATR multiplier for stop distance
     backtest_mode: str = "research"              # "research" or "live"
     kill_switch_cooldown_days: int = 20          # trading days before reset (research only)
+    kill_switch_log_only: bool = False            # log-only mode (don't trigger, just observe)
     veto_oneoff_penalty: float = 0.5             # block if oneoff_penalty >= this
     veto_parse_confidence_min: float = 0.4       # block if parse_confidence < this
     veto_unknown_direction: bool = True           # block if event_direction == "unknown"
@@ -216,6 +220,7 @@ class ExecutionConfig(BaseModel):
     trailing_model: str | None = None
     trailing_warmup_days: int = 0              # days after entry before trailing activates
     max_holding_days: int = 10
+    no_follow_through_exit: bool = False       # exit at D+1 close if close < entry price
 
 
 class EventTypeProfile(BaseModel):

libs/backtest/execution.py

@@ -158,6 +158,17 @@ def simulate_exit(
         else:
             exit_fill_price = position.entry_price  # fallback (shouldn't happen)
 
+    # No-follow-through early exit (D+1 close < entry)
+    if (
+        exit_reason is None
+        and config.no_follow_through_exit
+        and position.days_held == 1
+        and bar_close is not None
+        and float(bar_close) < position.entry_price
+    ):
+        exit_reason = ExitReason.NO_FOLLOW_THROUGH
+        exit_fill_price = _long_exit_fill(float(bar_close), slippage)
+
     if exit_reason is None or exit_fill_price is None:
         return None
 

libs/backtest/metrics.py

@@ -281,6 +281,15 @@ def compute_target_exit_rate(trades: list[FilledTrade]) -> float | None:
     return targets / len(trades)
 
 
+def compute_no_follow_through_rate(trades: list[FilledTrade]) -> float | None:
+    from libs.backtest.domain import ExitReason
+
+    if not trades:
+        return None
+    nft = sum(1 for t in trades if t.exit_reason == ExitReason.NO_FOLLOW_THROUGH)
+    return nft / len(trades)
+
+
 def compute_score_bucket_hit_rate(trades: list[FilledTrade], candidate_map: dict[str, object]) -> dict[str, float]:
     """Win rate per score_bucket (uses trade_id -> candidate mapping)."""
     bucket_wins: dict[str, int] = defaultdict(int)
@@ -409,6 +418,7 @@ def build_metrics_bundle(
         avg_holding_days=compute_avg_holding_days(trades),
         stop_exit_rate=compute_stop_exit_rate(trades),
         target_exit_rate=compute_target_exit_rate(trades),
+        no_follow_through_exit_rate=compute_no_follow_through_rate(trades),
         score_bucket_hit_rate=compute_score_bucket_hit_rate(trades, candidate_map or {}),
         # Bootstrap CIs
         bootstrap_cis=cis,

libs/backtest/scoring.py

@@ -1,24 +1,25 @@
 """Rule-based entry score model for the backtester.
 
-Computes a composite score in [0, 1] from event, market, and text features
+Computes a composite score in [0, 1] from alpha-only features available at
-available at entry time (no forward-looking data).  Higher score = more
+entry time (no forward-looking data).  Higher score = more favorable entry
-favorable entry conditions for a long swing trade.
+conditions for a long swing trade.
-
+
-Event/Document Quality (55% weight — primary signal):
+Alpha features (5 components, 100% weight):
-  - Event quality (20%) — parser confidence + signal strength
+  Event Quality (35%):
-  - Earnings surprise (12%) — SUE/EPS growth (earnings events only)
+    - Event quality (35%) — parser confidence + signal strength + guidance
-  - Risk penalty (10%) — oneoff risk flags reduce score
+
-  - Parse confidence (8%) — parse_confidence_overall from parser
+  Market Confirmation (65%):
-  - Direction clarity (5%) — event_direction categorical field
+    - Reaction quality (25%) — moderate positive return is ideal
-
+    - Close strength (18%) — close near high = buyers won the day
-Market Confirmation (35% weight — secondary signal):
+    - Volume conviction (14%) — above-average but not exhaustion
-  - Reaction quality (12%) — moderate positive return is ideal
+    - Gap quality (8%) — small positive gap = orderly strength
-  - Close strength (10%) — close near high = buyers won the day
+
-  - Volume conviction (8%) — above-average but not exhaustion
+Non-alpha features (removed from composite, retained for analysis scripts):
-  - Gap quality (5%) — small positive gap = orderly strength
+    - Earnings surprise — eps_growth_qoq is sequential growth, not real surprise
-
+    - Risk penalty — already hard-gated at Gate 10
-Text (10% weight — filing sentiment):
+    - Parse confidence — already hard-gated at Gate 11
-  - LM sentiment (10%) — Loughran-McDonald filing tone
+    - Direction clarity — already hard-gated at Gates 12-13
+    - LM sentiment — 70-word dictionary is noise for SEC filings
 """
 from __future__ import annotations
 
@@ -30,49 +31,34 @@ logger = get_logger(__name__)
 
 
 def compute_entry_score(row: dict[str, Any]) -> float:
-    """Compute composite entry score from event + market + text features.
+    """Compute composite entry score from alpha-only features.
 
     Components and weights:
-      Event/Document Quality (55%):
+      Event Quality (35%):
-        1. Event quality       (20%) — parser confidence + signal strength
+        1. Event quality       (35%) — parser confidence + signal strength
-        2. Earnings surprise   (12%) — SUE/EPS growth (earnings events only)
+      Market Confirmation (65%):
-        3. Risk penalty        (10%) — oneoff risk flags reduce score
+        2. Reaction quality    (25%) — moderate positive return is ideal
-        4. Parse confidence    (8%)  — parse_confidence_overall from parser
+        3. Close strength      (18%) — close near high = buyers won the day
-        5. Direction clarity   (5%)  — event_direction categorical field
+        4. Volume conviction   (14%) — above-average but not exhaustion
-      Market Confirmation (35%):
+        5. Gap quality         (8%)  — small positive gap = orderly strength
-        6. Reaction quality    (12%) — moderate positive return is ideal
-        7. Close strength      (10%) — close near high = buyers won the day
-        8. Volume conviction   (8%)  — above-average but not exhaustion
-        9. Gap quality         (5%)  — small positive gap = orderly strength
-      Text (10%):
-        10. LM sentiment       (10%) — Loughran-McDonald filing tone
 
     Returns float in [0.0, 1.0].
     """
-    # Event/Document Quality components
+    # Alpha features only
     event = _event_quality_score(row)
-    sue = _earnings_surprise_score(row)
-    risk = _risk_penalty_score(row)
-    parse_conf = _parse_confidence_score(row)
-    direction = _direction_clarity_score(row)
-
-    # Market Confirmation components
     reaction = _reaction_score(row)
     close = _close_strength_score(row)
     volume = _volume_score(row)
     gap = _gap_score(row)
 
-    # Text sentiment component
-    text = _text_sentiment_score(row)
-
     raw = (
-        # Event/Document Quality (55%)
+        # Event Quality (35%)
-        event * 0.20 + sue * 0.12 + risk * 0.10
+        event * 0.35
-        + parse_conf * 0.08 + direction * 0.05
+        # Market Confirmation (65%)
-        # Market Confirmation (35%)
+        + reaction * 0.25
-        + reaction * 0.12 + close * 0.10 + volume * 0.08 + gap * 0.05
+        + close * 0.18
-        # Text (10%)
+        + volume * 0.14
-        + text * 0.10
+        + gap * 0.08
     )
     return max(0.0, min(1.0, raw))
 

libs/backtest/selector.py

@@ -161,16 +161,23 @@ def filter_by_event_type(
     candidates: list[Candidate],
     profiles: dict[str, EventTypeProfile],
 ) -> list[Candidate]:
-    """Filter out candidates whose event_type is disabled or below per-type threshold."""
+    """Filter out candidates whose event_type is unknown, disabled, or below per-type threshold.
+
+    Default-deny: if profiles dict is non-empty and event_type is not in profiles,
+    the candidate is skipped (unknown event types are blocked).
+    """
     if not profiles:
         return candidates
     filtered = []
     for c in candidates:
         profile = profiles.get(c.event_type)
-        if profile is not None and not profile.enabled:
+        if profile is None:
+            logger.debug("skip_unknown_event_type", symbol=c.symbol, event_type=c.event_type)
+            continue
+        if not profile.enabled:
             logger.debug("skip_disabled_event_type", symbol=c.symbol, event_type=c.event_type)
             continue
-        if profile is not None and profile.score_threshold_override is not None:
+        if profile.score_threshold_override is not None:
             if c.score < profile.score_threshold_override:
                 logger.debug(
                     "skip_event_type_score",

tests/unit/backtest/test_allocator.py

@@ -231,17 +231,50 @@ class TestRunEntryGates:
 class TestMacroRegimeGate:
     """Macro regime filter gate tests."""
 
-    def test_blocks_when_spy_below_sma(self):
+    def test_blocks_when_spy_below_sma_and_scaler_gte_1(self):
         from libs.backtest.allocator import run_entry_gates
 
         c = _make_candidate()
         ps = _make_portfolio_state()
         cfg = _make_config()
         cfg.risk.macro_regime_enabled = True
+        cfg.risk.macro_regime_size_scaler = 1.0  # default — hard block
         macro = {"spy_close": 490.0, "spy_sma_20": 500.0}  # SPY below SMA
         result = run_entry_gates(c, ps, [], cfg, macro_data=macro)
         assert result == "macro_regime_unfavorable"
 
+    def test_passes_when_spy_below_sma_and_scaler_lt_1(self):
+        from libs.backtest.allocator import run_entry_gates
+
+        c = _make_candidate()
+        ps = _make_portfolio_state()
+        cfg = _make_config()
+        cfg.risk.macro_regime_enabled = True
+        cfg.risk.macro_regime_size_scaler = 0.5  # size scaler — don't hard block
+        macro = {"spy_close": 490.0, "spy_sma_20": 500.0}
+        result = run_entry_gates(c, ps, [], cfg, macro_data=macro)
+        assert result is None  # passes gate, size scaler applied in build_planned_order
+
+    def test_macro_size_scaler_reduces_shares(self):
+        from libs.backtest.allocator import build_planned_order
+
+        c = _make_candidate(entry_price_est=100.0, atr_14=2.0)
+        ps = _make_portfolio_state()
+        cfg = _make_config()
+        cfg.risk.macro_regime_enabled = True
+        cfg.risk.macro_regime_size_scaler = 0.5
+        macro = {"spy_close": 490.0, "spy_sma_20": 500.0}
+
+        # Without macro scaler
+        order_normal = build_planned_order(c, ps, [], cfg, macro_data=None)
+        # With macro scaler
+        order_scaled = build_planned_order(c, ps, [], cfg, macro_data=macro)
+
+        assert order_normal.skip_reason is None
+        assert order_scaled.skip_reason is None
+        assert order_scaled.shares < order_normal.shares
+        assert order_scaled.shares >= 1
+
     def test_passes_when_spy_above_sma(self):
         from libs.backtest.allocator import run_entry_gates
 
@@ -296,13 +329,14 @@ class TestMacroRegimeGate:
         result = run_entry_gates(c, ps, [], cfg, macro_data=macro)
         assert result is None  # Can't evaluate, don't block
 
-    def test_build_planned_order_with_macro(self):
+    def test_build_planned_order_with_macro_hard_block(self):
         from libs.backtest.allocator import build_planned_order
 
         c = _make_candidate()
         ps = _make_portfolio_state()
         cfg = _make_config()
         cfg.risk.macro_regime_enabled = True
+        cfg.risk.macro_regime_size_scaler = 1.0  # hard block mode
         macro = {"spy_close": 490.0, "spy_sma_20": 500.0}
         order = build_planned_order(c, ps, [], cfg, macro_data=macro)
         assert order.skip_reason == "macro_regime_unfavorable"
@@ -337,41 +371,6 @@ class TestComputeTargetPrice:
         assert target == pytest.approx(110.0)  # falls back to fixed_r
 
 
-class TestSUEEntryGate:
-    def test_negative_eps_growth_blocked(self):
-        from libs.backtest.allocator import run_entry_gates
-
-        c = _make_candidate(
-            event_type="earnings_release",
-            features={"eps_growth_qoq": -0.05},
-        )
-        ps = _make_portfolio_state()
-        result = run_entry_gates(c, ps, [], _make_config())
-        assert result == "negative_earnings_surprise"
-
-    def test_positive_eps_growth_passes(self):
-        from libs.backtest.allocator import run_entry_gates
-
-        c = _make_candidate(
-            event_type="earnings_release",
-            features={"eps_growth_qoq": 0.10},
-        )
-        ps = _make_portfolio_state()
-        result = run_entry_gates(c, ps, [], _make_config())
-        assert result is None
-
-    def test_non_earnings_not_checked(self):
-        from libs.backtest.allocator import run_entry_gates
-
-        c = _make_candidate(
-            event_type="guidance_update",
-            features={"eps_growth_qoq": -0.50},
-        )
-        ps = _make_portfolio_state()
-        result = run_entry_gates(c, ps, [], _make_config())
-        assert result is None
-
-
 class TestDirectionFilter:
     def test_bullish_only_blocks_bearish(self):
         from libs.backtest.allocator import run_entry_gates

tests/unit/backtest/test_scoring.py

@@ -12,6 +12,7 @@ from libs.backtest.scoring import (
     _parse_confidence_score,
     _reaction_score,
     _risk_penalty_score,
+    _text_sentiment_score,
     _volume_score,
     compute_entry_score,
 )
@@ -133,7 +134,10 @@ class TestComputeEntryScore:
         assert score == pytest.approx(0.5, abs=0.02)
 
     def test_ideal_setup_scores_high(self):
-        """Moderate positive return + close near high + healthy volume."""
+        """Moderate positive return + close near high + healthy volume.
+
+        event=0.5*0.35 + reaction=0.9*0.25 + close=0.82*0.18 + volume=0.8*0.14 + gap=0.8*0.08 ≈ 0.72
+        """
         row = {
             "reaction_day_return": 0.01,   # sweet spot → 0.9
             "close_location": 0.8,          # near high → 0.82
@@ -141,7 +145,7 @@ class TestComputeEntryScore:
             "gap_size": 0.01,               # orderly → 0.8
         }
         score = compute_entry_score(row)
-        assert score > 0.60
+        assert score > 0.65
 
     def test_bearish_setup_scores_low(self):
         """Negative return + close near low + below avg volume."""
@@ -152,7 +156,7 @@ class TestComputeEntryScore:
             "gap_size": -0.03,              # bearish gap → 0.2
         }
         score = compute_entry_score(row)
-        assert score < 0.45
+        assert score < 0.38
 
     def test_extreme_positive_penalized(self):
         """Very large positive reaction should be penalized."""
@@ -215,8 +219,8 @@ class TestComputeEntryScore:
             "volume_ratio_20d": 1.45,
             "gap_size": 0.006,
         })
-        assert aapl > 0.55, f"AAPL should be above 0.55, got {aapl:.3f}"
+        assert aapl > 0.65, f"AAPL should be above 0.65, got {aapl:.3f}"
-        assert tsla < 0.48, f"TSLA should be below 0.48, got {tsla:.3f}"
+        assert tsla < 0.46, f"TSLA should be below 0.46, got {tsla:.3f}"
         assert aapl > tsla
 
     def test_event_features_boost_score(self):
@@ -239,19 +243,32 @@ class TestComputeEntryScore:
         })
         assert with_events > market_only
 
-    def test_high_risk_penalty_lowers_score(self):
+    def test_removed_features_dont_affect_composite(self):
-        """High oneoff_penalty should lower overall score."""
+        """Changing non-alpha features should not change composite score.
-        low_risk = compute_entry_score({
+
-            "reaction_day_return": 0.01,
+        eps_growth_qoq, oneoff_penalty, parse_confidence_overall,
-            "close_location": 0.6,
+        event_direction, and lm_net_sentiment are excluded from composite.
-            "oneoff_penalty": 0.0,
+        """
-        })
+        base_row = {
-        high_risk = compute_entry_score({
             "reaction_day_return": 0.01,
             "close_location": 0.6,
-            "oneoff_penalty": 1.0,
+            "volume_ratio_20d": 1.5,
-        })
+            "gap_size": 0.01,
-        assert low_risk > high_risk
+        }
+        base_score = compute_entry_score(base_row)
+
+        # Varying removed features should not change score
+        for extra in [
+            {"eps_growth_qoq": 0.50},
+            {"oneoff_penalty": 1.0},
+            {"parse_confidence_overall": 0.9},
+            {"event_direction": "bullish"},
+            {"lm_net_sentiment": 0.01},
+        ]:
+            row = {**base_row, **extra}
+            assert compute_entry_score(row) == pytest.approx(base_score), (
+                f"Feature {list(extra.keys())[0]} should not affect composite"
+            )
 
 
 class TestEarningsSurpriseScore:

tests/unit/backtest/test_selector.py

@@ -206,6 +206,7 @@ class TestFilterByEventType:
         ]
         candidates = [build_candidate(r) for r in rows if build_candidate(r)]
         profiles = {
+            "earnings_release": EventTypeProfile(enabled=True),
             "management_change": EventTypeProfile(enabled=False),
         }
         filtered = filter_by_event_type(candidates, profiles)
@@ -227,6 +228,22 @@ class TestFilterByEventType:
         assert len(filtered) == 1
         assert filtered[0].symbol == "B"
 
+    def test_unknown_event_type_blocked(self):
+        """Event types not in profiles dict are blocked (default deny)."""
+        from libs.backtest.selector import build_candidate, filter_by_event_type
+
+        rows = [
+            _make_raw_row(symbol="A", event_type="earnings_release"),
+            _make_raw_row(symbol="B", event_type="unknown_type"),
+        ]
+        candidates = [build_candidate(r) for r in rows if build_candidate(r)]
+        profiles = {
+            "earnings_release": EventTypeProfile(enabled=True),
+        }
+        filtered = filter_by_event_type(candidates, profiles)
+        assert len(filtered) == 1
+        assert filtered[0].symbol == "A"
+
     def test_no_profiles_passthrough(self):
         from libs.backtest.selector import build_candidate, filter_by_event_type
 
@@ -263,7 +280,10 @@ class TestSelectCandidates:
         ]
         u = UniverseConfig(min_price=5.0, min_avg_dollar_volume=1_000_000)
         s = SignalConfig(score_threshold=0.5, max_candidates_per_day=10)
-        profiles = {"management_change": EventTypeProfile(enabled=False)}
+        profiles = {
+            "earnings_release": EventTypeProfile(enabled=True),
+            "management_change": EventTypeProfile(enabled=False),
+        }
         result = select_candidates(rows, u, s, event_type_profiles=profiles)
         assert len(result) == 1
         assert result[0].symbol == "A"