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1) Research / Backtest (Offline: identify where the edge exists)
\- Define strategy: entry / exit / holding / costs / slippage
\- Run on long horizon (e.g. 2Y, 1D) across a broad universe
\- Output: conditions where the strategy works + metrics (Sharpe, drawdown, hit rate, trade frequency, stability)
2) Regime Detection (Online: identify current market condition)
\- Inputs: index / market features (trend, volatility, breadth) or per-asset features
\- Output: regime (MR / TREND / HIGH\_VOL / NO\_EDGE) + confidence
3) Strategy Selection / Gating (Online: decide whether and which strategy to use)
\- Mapping: regime → allowed strategies
\- Gate: low confidence or NO\_EDGE → reduce exposure or skip trading
4) Universe Filter (Online: tradable universe)
\- Liquidity / market cap / price / sector / halts / earnings window filters
5) Scanner / Signal Generation (Online: find candidates under selected strategy)
\- Generate signals over the universe
\- Score candidates (signal strength, expected return, risk, crowding)
6) Portfolio Construction (Online: capital allocation)
\- Select top N (or threshold-based entries)
\- Position sizing (equal weight / volatility scaling / risk parity)
\- Constraints (per-position cap, sector cap, total exposure)
7) Execution (Online: order placement and fills)
\- Order types (MKT / LMT), slippage control, batching
\- Risk controls (rejects, retries, price protection, trading window)
8) Monitoring & Post-trade (Online/Offline: monitoring and attribution)
\- Monitor: PnL, drawdown, anomalies, regime drift
\- Attribution: strategy vs execution vs cost
\- Feedback: adjust thresholds, disable strategies, iterate research