# Exposure Protector

Defensive rebalancer that trims skew and protects exposure.

## Best used when
- one side of the book dominates the account
- Hermes wants to reduce imbalance
- the market is still tradable, but caution is needed
- controlled rebalancing is more important than new alpha

## Avoid when
- the market is thin or chaotic
- the venue is unstable
- Hermes wants a pure entry strategy
- frequent churn would be too expensive

## Core parameters
- `trail_distance_pct`: distance from price for execution
- `rebalance_target_ratio`: desired base/value balance
- `rebalance_step_ratio`: how much to move per action
- `min_rebalance_seconds`: minimum time between actions
- `min_price_move_pct`: minimum move before a new action
- `min_order_notional_quote`: minimum quote notional for one action
- `max_order_notional_quote`: optional quote notional cap for one action

## Hermes policy mapping
- `risk_posture` controls caution vs aggression
- `priority` controls urgency and cadence

## Notes
- This strategy is passive until Hermes enables it.
- It should protect and rebalance, not decide regime.
- Trader derives concrete execution values from policy.
- `report().supervision` should be interpreted as a defensive attachment signal, not as a preferred replacement for a healthy grid during persistent trend continuation unless imbalance is genuinely severe.
- live fee rates are used directly, and quote notional is the canonical sizing unit.
- rebalance sizing now uses the shared strategy sizing helper so fee-aware quote bounds behave consistently with the other strategies.