Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and the implied vol as of the last close for any unsupplied volatility. Growth and vol come from different sources, so some symbols resolve only one, and a vol that is not current resolves as nothing. A field the ticker cannot resolve falls through to a \"required field\" error naming that field: pass it explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve growth."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it as of the last market close; if neither supplies it, ask the user rather than estimating one."

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and the implied vol as of the last close for any unsupplied volatility. Growth and vol come from different sources, so some symbols resolve only one, and a vol that is not current resolves as nothing. A field the ticker cannot resolve falls through to a \"required field\" error naming that field: pass it explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve growth."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, derived internally (the drag formula is horizon-dependent). This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one; only as a last fallback does hedge pricing use a sector-typical implied volatility."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, derived internally (the drag formula is horizon-dependent). This value must come from the user or from a `ticker` that resolves it as of the last market close; if neither supplies it, ask the user rather than estimating one; only as a last fallback does hedge pricing use a sector-typical implied volatility."

Removed value: -[
-  {
-    "required": [
-      "stacks"
-    ]
-  },
-  {
-    "required": [
-      "lots",
-      "currentPrice"
-    ]
-  }
-]

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and the implied vol as of the last close for any unsupplied volatility. Growth and vol come from different sources, so some symbols resolve only one, and a vol that is not current resolves as nothing. A field the ticker cannot resolve falls through to a \"required field\" error naming that field: pass it explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve growth."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it as of the last market close; if neither supplies it, ask the user rather than estimating one."

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\"). When set without an explicit `volatility`, the tool substitutes the ticker's cached implied vol. Unknown tickers fall through to the sector default. Echoed to `tickerLabel` in the response."New value: +"Optional public-stock symbol (e.g. \"NVDA\"). When set without an explicit `volatility`, each leg prices at its own strike's chain-implied vol, else at its at-the-money vol as of the last close, else the sector default. Echoed to `tickerLabel` in the response."

Previous value: -"Annualized implied volatility (sigma) of the stock. Resolution order: (1) explicit `volatility` if passed; (2) cached implied vol if `ticker` is covered; (3) sector-typical IV as last fallback. An explicit value must come from the user; otherwise set a covered `ticker`, or omit and let the sector default apply."New value: +"Annualized implied volatility (sigma) of the stock. Resolution order: (1) explicit `volatility` if passed; (2) the `ticker`'s implied vol as of the last close; (3) sector-typical IV as last fallback. An explicit value must come from the user; otherwise set a covered `ticker`, or omit and let the sector default apply."

Previous value: -"Echo of the resolved inputs actually priced: positionValue, sector, volatility (the sigma used after ticker/sector resolution), protectionLevel, tenorYears, plus expectedReturn, spreadRiskLevel, and tickerLabel when supplied."New value: +"Echo of the resolved inputs actually priced: positionValue, sector, volatility (the sigma priced), volatilitySource (where that sigma came from) and pricingMode (how the legs were priced), protectionLevel, tenorYears, plus expectedReturn, spreadRiskLevel, and tickerLabel when supplied."

Added value: +{
+  "description": "How the legs were priced. \"chain-skew\": each leg is priced at the implied volatility of its own strike, read off the live chain, so the floor put carries the market's downside skew and the put spread's short leg carries its own. \"flat\": every leg is priced at the single `volatility` above, which understates what out-of-the-money protection costs and overstates the rebate the spread's short leg earns - the quote is an estimate of this structure's cost, not a strike-aware one. Reached whenever no live chain applies: an explicit `volatility`, no `ticker`, or a chain that could not be fetched or was not current.",
+  "enum": [
+    "chain-skew",
+    "flat"
+  ],
+  "type": "string"
+}

Added value: +{
+  "description": "Which source produced the sigma actually priced: \"explicit\" (caller-supplied), \"chain\" (interpolated from the stock's live option chain at the strike being priced), \"ticker\" (the stock's published at-the-money implied vol as of the last close), or \"sector-default\" (feed unavailable or ticker uncovered; a sector-typical estimate - tell the user the price is not stock-specific).",
+  "enum": [
+    "explicit",
+    "ticker",
+    "sector-default",
+    "chain"
+  ],
+  "type": "string"
+}

Previous value: -[
-  "positionValue",
-  "sector",
-  "volatility",
-  "protectionLevel",
-  "tenorYears"
-]New value: +[
+  "positionValue",
+  "sector",
+  "volatility",
+  "volatilitySource",
+  "pricingMode",
+  "protectionLevel",
+  "tenorYears"
+]

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and the implied vol as of the last close for any unsupplied volatility. Growth and vol come from different sources, so some symbols resolve only one, and a vol that is not current resolves as nothing. A field the ticker cannot resolve falls through to a \"required field\" error naming that field: pass it explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve growth."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it as of the last market close; if neither supplies it, ask the user rather than estimating one."

Previous value: -"Existing federal AMT credit (Minimum Tax Credit, Form 8801) carryforward from prior tax years, USD. Recoverable in future years where regular federal tax exceeds tentative minimum tax. Optional; defaults to 0 (most first-time exercisers have none), so do not ask the user for it unless they mention a prior-year AMT credit."New value: +"Existing federal AMT credit (Minimum Tax Credit, Form 8801) carryforward from prior tax years, USD. Recoverable in future years where regular federal tax exceeds tentative minimum tax. Optional; defaults to 0, which is correct for most first-time exercisers. Only a prior-year AMT credit makes it non-zero."

Previous value: -"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Optional: defaults to 0.04 (4%, a short-Treasury-like after-tax yield) when omitted, so you need not ask the user for it; pass an explicit value if the user states one. At 0 the math collapses to a nominal sum."New value: +"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Optional: defaults to 0.04 (4%, a short-Treasury-like after-tax yield) when omitted, and an explicit value overrides that default. At 0 the math collapses to a nominal sum."

Previous value: -"Annual expected stock growth as a decimal (0.10 = 10%). Required unless `ticker` resolves it from trailing CAGR."New value: +"Annual expected stock growth as a decimal (0.10 = 10%), or the string \"market\" to use the S&P 500 trailing average when the user has no view. Required unless `ticker` resolves it from trailing CAGR. This tool has no default for it: a value not stated by the user, not resolved by a covered `ticker`, and not the \"market\" sentinel is outside the input contract."

Previous value: -"number"New value: +[
+  "number",
+  "string"
+]

Previous value: -"Current fair market value per share, USD. Anchors year-1 of the growth path; future years compound from here using expectedGrowth and volatilityDrag."New value: +"Current fair market value per share, USD. Anchors year-1 of the growth path; future years compound from here using expectedGrowth and volatilityDrag. Must come from the user."

Previous value: -"Planning horizon in years (1..10). The optimizer searches all feasible per-year share allocations across this many years."New value: +"Planning horizon in years (1..10). The optimizer searches all feasible per-year share allocations across this many years. The user's choice, not a modelling detail, and it changes the answer: use the value they gave, and if they gave none, ask for it rather than assuming one."

Previous value: -"Annual W-2 ordinary income before this exercise, USD. Baseline for the bracket walk and the AMT exemption phaseout."New value: +"Annual ordinary income before this exercise, USD. Baseline for the bracket walk and the AMT exemption phaseout. Must come from the user. This is taxable income after deductions, not gross wages: the engine applies no standard or itemized deduction to it."

Previous value: -"Total Incentive Stock Option (ISO) shares available to exercise across the planning horizon."New value: +"Total Incentive Stock Option (ISO) shares available to exercise across the planning horizon. Must come from the user."

Previous value: -"Strike price per share, USD."New value: +"Strike price per share, USD. Must come from the user."

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one."

Previous value: -"Alternative to `volatility`: the multiplicative price haircut already computed for the planning horizon. Supply this OR `volatility` (if both are given, volatilityDrag wins). Most callers should pass `volatility` and let the tool compute the drag; only pass this if you already have a horizon drag figure. The model MUST NOT compute it itself."New value: +"Alternative to `volatility`: the multiplicative price haircut already computed for the planning horizon. Supply this OR `volatility` (if both are given, volatilityDrag wins). This field is for a drag figure that already exists from a prior computation; the drag formula is horizon-dependent, so a figure derived for a different horizon does not carry over. Supplying `volatility` instead lets the tool derive it."

Previous value: -"Present only when hasLeftCompany=true and the 90-day post-termination window is still open: the partial-exercise quantity that maximizes expected after-tax value."New value: +"Present only when hasLeftCompany=true and the 90-day post-termination window is still open: the partial-exercise quantity with the highest expected after-tax value found by a scan over candidate share counts, which can land a few shares off the exact optimum."

Previous value: -"After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. The headline number to report."New value: +"After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. This is the summary figure each schedule is scored on."

Previous value: -"Optimal share count to exercise within the window."New value: +"Share count to exercise within the window, the best found by the scan."

Previous value: -"The three candidate exercise schedules, each evaluated at the effective horizon. Compare nfv across them; optimized is the recommended plan."New value: +"The three candidate exercise schedules, each evaluated at the effective horizon. Their nfv values are directly comparable; optimized is the highest-NFV schedule the optimizer found."

Previous value: -"After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. The headline number to report."New value: +"After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. This is the summary figure each schedule is scored on."

Previous value: -"After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. The headline number to report."New value: +"After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. This is the summary figure each schedule is scored on."

Previous value: -"After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. The headline number to report."New value: +"After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. This is the summary figure each schedule is scored on."

Previous value: -"Existing federal AMT credit (Minimum Tax Credit, Form 8801) carryforward from prior tax years, USD. Recoverable in future years where regular federal tax exceeds tentative minimum tax."New value: +"Existing federal AMT credit (Minimum Tax Credit, Form 8801) carryforward from prior tax years, USD. Recoverable in future years where regular federal tax exceeds tentative minimum tax. Optional; defaults to 0 (most first-time exercisers have none), so do not ask the user for it unless they mention a prior-year AMT credit."

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it. The covered-tickers resource (resources/list) lists which symbols resolve which field."

Added value: +5

Added value: +{
+  "description": "Alternative to `volatility`: the multiplicative price haircut already computed for the planning horizon. Supply this OR `volatility` (if both are given, volatilityDrag wins). Most callers should pass `volatility` and let the tool compute the drag; only pass this if you already have a horizon drag figure. The model MUST NOT compute it itself.",
+  "maximum": 0.99,
+  "minimum": 0,
+  "type": "number"
+}

Previous value: -[
-  "shares",
-  "strike",
-  "fmv",
-  "filingStatus",
-  "ordinaryIncome",
-  "stateCode",
-  "carryforwardCredit",
-  "horizon",
-  "grantDate",
-  "hasLeftCompany"
-]New value: +[
+  "shares",
+  "strike",
+  "fmv",
+  "filingStatus",
+  "ordinaryIncome",
+  "stateCode",
+  "horizon",
+  "grantDate",
+  "hasLeftCompany"
+]

Previous value: -"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Required. The model MUST NOT invent this value; ask the user (e.g. \"what after-tax yield should I use for idle cash, e.g. ~5% for short-term Treasury?\"). At 0 the math collapses to a nominal sum."New value: +"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Optional: defaults to 0.04 (4%, a short-Treasury-like after-tax yield) when omitted, so you need not ask the user for it; pass an explicit value if the user states one. At 0 the math collapses to a nominal sum."

Added value: +[
+  "AK",
+  "AL",
+  "AR",
+  "AZ",
+  "CA",
+  "CO",
+  "CT",
+  "DC",
+  "DE",
+  "FL",
+  "GA",
+  "HI",
+  "IA",
+  "ID",
+  "IL",
+  "IN",
+  "KS",
+  "KY",
+  "LA",
+  "MA",
+  "MD",
+  "ME",
+  "MI",
+  "MN",
+  "MO",
+  "MS",
+  "MT",
+  "NC",
+  "ND",
+  "NE",
+  "NH",
+  "NJ",
+  "NM",
+  "NV",
+  "NY",
+  "OH",
+  "OK",
+  "OR",
+  "PA",
+  "RI",
+  "SC",
+  "SD",
+  "TN",
+  "TX",
+  "UT",
+  "VA",
+  "VT",
+  "WA",
+  "WI",
+  "WV",
+  "WY"
+]

Removed value: -"^[A-Z]{2}$"

Previous value: -"Separation date (YYYY-MM-DD) when hasLeftCompany=true; null when still employed. Together with hasLeftCompany, drives the 90-day exercise window deadline."New value: +"Separation date (YYYY-MM-DD). Required only when hasLeftCompany=true (it drives the 90-day exercise-window deadline); omit it or pass null when still employed. No longer in `required` so the common employed case needs no placeholder."

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."

Previous value: -[
-  "shares",
-  "strike",
-  "fmv",
-  "filingStatus",
-  "ordinaryIncome",
-  "stateCode",
-  "carryforwardCredit",
-  "horizon",
-  "cashReturnRate",
-  "grantDate",
-  "hasLeftCompany",
-  "terminationDate"
-]New value: +[
+  "shares",
+  "strike",
+  "fmv",
+  "filingStatus",
+  "ordinaryIncome",
+  "stateCode",
+  "carryforwardCredit",
+  "horizon",
+  "grantDate",
+  "hasLeftCompany"
+]

Previous value: -"Optional hedge specification. When provided, adds a hedged scenario to the sell-down-vs-hold comparison and computes the post-tax NFV of the hedged hold. Omit to compare only sell-down vs. hold."New value: +"Optional hedge specification. When supplied, the `hedging` output block prices this exact structure (kind, protectionLevel, tenorYears, plus a short call for a collar) instead of the default 1-year 30%-OTM put; the sell-down-vs-hold schedule is unaffected. For full standalone hedge pricing (protective put / collar / put spread) use `protective_put_price`."

Previous value: -"Hedge instrument: 'put' (bare protective put — pay premium for downside protection) or 'collar' (put financed by a short call — caps upside in exchange for lower or zero net premium)."New value: +"Hedge instrument: 'put' (bare protective put, pay premium for downside protection) or 'collar' (put financed by a short call, caps upside in exchange for lower or zero net premium)."

Previous value: -"Sector tag. Drives the default volatility used in the hedge-cost computation when no explicit volatility is provided. See lib/markets/sector-stats.ts for the per-sector annualVol table; this tool applies IV_OVER_RV_MULTIPLIER (1.20) to the realized vol to approximate implied vol."New value: +"Sector tag. Drives the default volatility used in the hedge-cost computation when no explicit volatility is provided (a sector-typical implied volatility)."

Added value: +[
+  "AK",
+  "AL",
+  "AR",
+  "AZ",
+  "CA",
+  "CO",
+  "CT",
+  "DC",
+  "DE",
+  "FL",
+  "GA",
+  "HI",
+  "IA",
+  "ID",
+  "IL",
+  "IN",
+  "KS",
+  "KY",
+  "LA",
+  "MA",
+  "MD",
+  "ME",
+  "MI",
+  "MN",
+  "MO",
+  "MS",
+  "MT",
+  "NC",
+  "ND",
+  "NE",
+  "NH",
+  "NJ",
+  "NM",
+  "NV",
+  "NY",
+  "OH",
+  "OK",
+  "OR",
+  "PA",
+  "RI",
+  "SC",
+  "SD",
+  "TN",
+  "TX",
+  "UT",
+  "VA",
+  "VT",
+  "WA",
+  "WI",
+  "WV",
+  "WY"
+]

Removed value: -"^[A-Z]{2}$"

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them; only as a last fallback does hedge pricing use sector_stats.annualVol × 1.20."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them; only as a last fallback does hedge pricing fall back to a sector-typical implied volatility."

Added value: +{
+  "description": "Alternative to `volatility`: the multiplicative price haircut already computed for the horizon. Supply this OR `volatility` (if both are given, volatilityDrag wins). Most callers should pass `volatility` and let the tool compute the drag; only pass this if you already have a horizon drag figure. The model MUST NOT compute it itself.",
+  "maximum": 0.99,
+  "minimum": 0,
+  "type": "number"
+}

Previous value: -"Black-Scholes cost of a 1-year 30%-OTM protective put covering the full position."New value: +"Modeled cost of a protective hedge covering the full position. Defaults to a 1-year 30%-OTM put; if a `hedgeChoice` is supplied, this block prices that structure (kind / protectionLevel / tenorYears, plus a short call for a collar)."

Added value: +{
+  "description": "Collar short-call premium in dollars received. Omitted for a put.",
+  "type": "number"
+}

Added value: +{
+  "description": "Collar short-call strike in dollars ((1 + upsideCapPct) x position value). Omitted for a put.",
+  "type": "number"
+}

Added value: +{
+  "description": "Structure priced: \"put\" (default) or \"collar\" when a hedgeChoice with kind:\"collar\" and upsideCapPct was supplied.",
+  "enum": [
+    "put",
+    "collar"
+  ],
+  "type": "string"
+}

Added value: +{
+  "description": "Net premium paid in dollars: putPrice for a put, max(0, putPrice - callPrice) for a collar.",
+  "type": "number"
+}

Added value: +{
+  "description": "Floor as a fraction below spot (0.30 = a 30%-OTM put). Echoes hedgeChoice.protectionLevel, else 0.30.",
+  "type": "number"
+}

Previous value: -"Put premium in dollars for the 1-year tenor."New value: +"Gross long-put premium in dollars for the tenor."

Previous value: -"Annualized volatility used in pricing (explicit/ticker implied vol, else sector realized vol x 1.20)."New value: +"Annualized volatility used in pricing (explicit or ticker-implied vol, else a sector-typical implied volatility)."

Previous value: -"Put strike in dollars (70% of position value)."New value: +"Long put strike in dollars ((1 - protectionLevel) x position value)."

Added value: +{
+  "description": "Hedge tenor in years. Echoes hedgeChoice.tenorYears, else 1.",
+  "type": "number"
+}

Previous value: -[
-  "strike",
-  "putPrice",
-  "sigma",
-  "riskFreeRate"
-]New value: +[
+  "kind",
+  "protectionLevel",
+  "tenorYears",
+  "strike",
+  "putPrice",
+  "netPremium",
+  "sigma",
+  "riskFreeRate"
+]

Added value: +[
+  {
+    "required": [
+      "stacks"
+    ]
+  },
+  {
+    "required": [
+      "lots",
+      "currentPrice"
+    ]
+  }
+]

Previous value: -"Multi-stack input. Each stack is one equity position (one ticker) with its own current price, growth, optional volatility, and lot list. Use when the user holds multiple tickers (e.g. current-employer RSUs + ETF + prior-employer holdings); the optimizer searches sales across all stacks jointly so the schedule can prefer the lowest-tax inventory in each year."New value: +"Holdings, multi-stack form. Provide either `stacks` (this) OR the legacy `lots`+`currentPrice` pair, not both. Each stack is one equity position (one ticker) with its own current price, growth, optional volatility, and lot list. Use when the user holds multiple tickers (e.g. current-employer RSUs + ETF + prior-employer holdings); the optimizer searches sales across all stacks jointly so the schedule can prefer the lowest-tax inventory in each year."

Added value: +[
+  "AK",
+  "AL",
+  "AR",
+  "AZ",
+  "CA",
+  "CO",
+  "CT",
+  "DC",
+  "DE",
+  "FL",
+  "GA",
+  "HI",
+  "IA",
+  "ID",
+  "IL",
+  "IN",
+  "KS",
+  "KY",
+  "LA",
+  "MA",
+  "MD",
+  "ME",
+  "MI",
+  "MN",
+  "MO",
+  "MS",
+  "MT",
+  "NC",
+  "ND",
+  "NE",
+  "NH",
+  "NJ",
+  "NM",
+  "NV",
+  "NY",
+  "OH",
+  "OK",
+  "OR",
+  "PA",
+  "RI",
+  "SC",
+  "SD",
+  "TN",
+  "TX",
+  "UT",
+  "VA",
+  "VT",
+  "WA",
+  "WI",
+  "WV",
+  "WY"
+]

Removed value: -"^[A-Z]{2}$"

Removed value: -{
-  "description": "Reference \"now\" for year classification and projection compounding. Defaults to the server's current date; tests pass an explicit value for deterministic results.",
-  "format": "date",
-  "type": "string"
-}

Added value: +[
+  "AK",
+  "AL",
+  "AR",
+  "AZ",
+  "CA",
+  "CO",
+  "CT",
+  "DC",
+  "DE",
+  "FL",
+  "GA",
+  "HI",
+  "IA",
+  "ID",
+  "IL",
+  "IN",
+  "KS",
+  "KY",
+  "LA",
+  "MA",
+  "MD",
+  "ME",
+  "MI",
+  "MN",
+  "MO",
+  "MS",
+  "MT",
+  "NC",
+  "ND",
+  "NE",
+  "NH",
+  "NJ",
+  "NM",
+  "NV",
+  "NY",
+  "OH",
+  "OK",
+  "OR",
+  "PA",
+  "RI",
+  "SC",
+  "SD",
+  "TN",
+  "TX",
+  "UT",
+  "VA",
+  "VT",
+  "WA",
+  "WI",
+  "WV",
+  "WY"
+]

Removed value: -"^[A-Z]{2}$"

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."

Previous value: -"Annual expected stock return (decimal). Drives risk-neutral drift in the cap-hit / floor-hit probability metrics. Does not affect premium math. Default 0."New value: +"Annual expected stock return (decimal). Drives the real-world drift in the cap-hit / floor-hit probability metrics. Does not affect premium math. Default 0."

Previous value: -"Sector tag. Drives the default volatility when no explicit `volatility` is supplied. Lookup table is in lib/markets/sector-stats.ts."New value: +"Sector tag. Drives the default volatility when no explicit `volatility` is supplied (a sector-typical implied volatility)."

Added value: +{
+  "description": "Put-spread floor breach risk: target probability the stock ENDS below the spread's short (lower) strike at expiration. Presets 0.20 / 0.10 / 0.05 / 0.01 (\"1 in 5 / 10 / 20 / 100\"); off-preset values snap to the nearest. A lower value pushes the short strike deeper, widening the protected band and raising the net premium toward the bare put. Only affects the `putSpread` block. Default 0.10.",
+  "maximum": 0.2,
+  "minimum": 0.01,
+  "type": "number"
+}

Previous value: -"Protective put and zero-cost collar pricing. All dollar amounts are USD."New value: +"Protective put, zero-cost collar, and put-spread pricing on a single-stock position. All dollar amounts are USD."

Previous value: -"Echo of the resolved inputs actually priced: positionValue, sector, volatility (the sigma used after ticker/sector resolution), protectionLevel, tenorYears, plus expectedReturn and tickerLabel when supplied."New value: +"Echo of the resolved inputs actually priced: positionValue, sector, volatility (the sigma used after ticker/sector resolution), protectionLevel, tenorYears, plus expectedReturn, spreadRiskLevel, and tickerLabel when supplied."

Added value: +{
+  "description": "Put spread floor breach risk echoed from the request (snapped to a supported preset). Omitted when not supplied.",
+  "type": "number"
+}

Previous value: -"Terminal P&L in dollars at each 10%-step drawdown across payoffRange, for the bare put, the collar, and the unhedged position."New value: +"Terminal P&L in dollars at each 10%-step drawdown across payoffRange, for the bare put, the collar, the put spread, and the unhedged position."

Added value: +{
+  "description": "Position + put-spread P&L in dollars at this move. null (serialized from NaN) when putSpread.available is false.",
+  "type": [
+    "number",
+    "null"
+  ]
+}

Previous value: -[
-  "drawdownPct",
-  "barePutPnl",
-  "collarPnl",
-  "unhedgedPnl"
-]New value: +[
+  "drawdownPct",
+  "barePutPnl",
+  "collarPnl",
+  "spreadPnl",
+  "unhedgedPnl"
+]

Added value: +{
+  "description": "Put debit spread: long put at the protection floor financed by a short put at a lower strike. Cheaper than the bare put and needs no short call (so it works on unexercised employee options a collar cannot cover), but protection stops at the short strike and losses resume below it. The short strike is solved so the real-world probability the stock ENDS below it equals spreadRiskLevel.",
+  "properties": {
+    "annualCost": {
+      "description": "Net premium annualized, in dollars per year.",
+      "type": "number"
+    },
+    "annualCostPct": {
+      "description": "Annualized net premium as a fraction of position value.",
+      "type": "number"
+    },
+    "available": {
+      "description": "False when no useful spread exists at these inputs: the 1-in-N short strike lands at/above the floor (floor already deep for this risk level) or the short leg does not reduce cost. When false, render unavailableReason instead of the numbers.",
+      "type": "boolean"
+    },
+    "bandWidth": {
+      "description": "Width of the protected band in dollars: longStrike - shortStrike (the spread max payout).",
+      "type": "number"
+    },
+    "breachProbability": {
+      "description": "Achieved real-world probability (0..1) the stock ends below the short strike; approximately spreadRiskLevel after the solve.",
+      "type": "number"
+    },
+    "coveredLossAtBadYear": {
+      "description": "Dollars the spread pays at the bad-year price, capped at bandWidth; 0 when the bad-year drop never reaches the floor.",
+      "type": "number"
+    },
+    "longPremium": {
+      "description": "Long put premium in dollars for the full tenor (same as barePut.premium).",
+      "type": "number"
+    },
+    "longStrike": {
+      "description": "Long put strike in dollars (same floor as the bare put).",
+      "type": "number"
+    },
+    "maxLossInBand": {
+      "description": "Loss in dollars if the stock ends anywhere inside the protected band (floor holds): position - longStrike + netPremium. Below the short strike, losses resume dollar-for-dollar on top of this.",
+      "type": "number"
+    },
+    "netPremium": {
+      "description": "Net debit in dollars: long premium - short premium, floored at 0.",
+      "type": "number"
+    },
+    "riskLevel": {
+      "description": "The spreadRiskLevel preset the solve targeted (0.20 / 0.10 / 0.05 / 0.01), after snapping.",
+      "type": "number"
+    },
+    "savingsPct": {
+      "description": "Fraction of the bare put premium rebated by the short leg: shortPremium / longPremium.",
+      "type": "number"
+    },
+    "shortPremium": {
+      "description": "Short put premium in dollars received for the full tenor.",
+      "type": "number"
+    },
+    "shortSigma": {
+      "description": "Annualized sigma used to price the short leg, as a decimal (equals volatility in flat-sigma mode).",
+      "type": "number"
+    },
+    "shortStrike": {
+      "description": "Short put strike in dollars, solved so P(end below it) = spreadRiskLevel.",
+      "type": "number"
+    },
+    "shortStrikeDropPct": {
+      "description": "Short strike as a drawdown from spot, as a fraction of position value.",
+      "type": "number"
+    },
+    "unavailableReason": {
+      "description": "Why the spread is unavailable; null when available. 'floor' = the solved short strike sits at/above the protection floor (or within 1% of position of it). 'no-rebate' = the short leg does not strictly reduce cost.",
+      "enum": [
+        "floor",
+        "no-rebate",
+        null
+      ],
+      "type": [
+        "string",
+        "null"
+      ]
+    }
+  },
+  "required": [
+    "available",
+    "unavailableReason",
+    "longStrike",
+    "longPremium",
+    "shortStrike",
+    "shortPremium",
+    "shortSigma",
+    "netPremium",
+    "annualCost",
+    "annualCostPct",
+    "maxLossInBand",
+    "bandWidth",
+    "shortStrikeDropPct",
+    "breachProbability",
+    "riskLevel",
+    "savingsPct",
+    "coveredLossAtBadYear"
+  ],
+  "type": "object"
+}

Previous value: -"Suggested structure: collar unless its cap binds too often (>20% probability); protective-put when the put is reasonably priced; none when neither is clean."New value: +"Suggested structure, in triage order: collar unless its cap binds too often (>20% probability); then protective-put unless the put is expensive; then put-spread when one is available and cleanly priced (cheaper by construction); none when nothing is clean. The recommended structure is the one whose card carries no warning."

Previous value: -[
-  "collar",
-  "protective-put",
-  "none"
-]New value: +[
+  "collar",
+  "protective-put",
+  "put-spread",
+  "none"
+]

Previous value: -"Annualized risk-free rate used in Black-Scholes, looked up for the tenor, as a decimal."New value: +"Annualized risk-free rate used in option pricing, looked up for the tenor, as a decimal."

Previous value: -[
-  "inputs",
-  "riskFreeRate",
-  "realWorldDrift",
-  "barePut",
-  "collar",
-  "payoffTable",
-  "payoffRange",
-  "recommended"
-]New value: +[
+  "inputs",
+  "riskFreeRate",
+  "realWorldDrift",
+  "barePut",
+  "collar",
+  "putSpread",
+  "payoffTable",
+  "payoffRange",
+  "recommended"
+]

Previous value: -"Date the QSBS shares were acquired (YYYY-MM-DD). Drives the holding-period test and the era classification (50% pre-2009, 75% 2009-2010, 100% 2010-2025-07-04, OBBBA tiered after 2025-07-05)."New value: +"Date the QSBS shares were acquired (YYYY-MM-DD). Drives the holding-period test and the era classification (50% pre-2009 era, 75% pre-2010 era, 100% after a 5-year hold for acquisitions from 2010-09-28 through 2025-07-04, OBBBA tiered after 2025-07-05)."

Added value: +[
+  "AK",
+  "AL",
+  "AR",
+  "AZ",
+  "CA",
+  "CO",
+  "CT",
+  "DC",
+  "DE",
+  "FL",
+  "GA",
+  "HI",
+  "IA",
+  "ID",
+  "IL",
+  "IN",
+  "KS",
+  "KY",
+  "LA",
+  "MA",
+  "MD",
+  "ME",
+  "MI",
+  "MN",
+  "MO",
+  "MS",
+  "MT",
+  "NC",
+  "ND",
+  "NE",
+  "NH",
+  "NJ",
+  "NM",
+  "NV",
+  "NY",
+  "OH",
+  "OK",
+  "OR",
+  "PA",
+  "RI",
+  "SC",
+  "SD",
+  "TN",
+  "TX",
+  "UT",
+  "VA",
+  "VT",
+  "WA",
+  "WI",
+  "WV",
+  "WY"
+]

Removed value: -"^[A-Z]{2}$"

Previous value: -"Acquisition-era classification that sets the exclusion schedule (50% pre-2009, 75% 2009-2010, 100% at 5y pre-OBBBA, tiered 50/75/100% at 3/4/5y under OBBBA)."New value: +"Acquisition-era classification that sets the exclusion schedule (50% pre-2009 era, 75% pre-2010 era, 100% at 5y pre-OBBBA, tiered 50/75/100% at 3/4/5y under OBBBA)."

Previous value: -"The $10M statutory per-issuer cap in dollars."New value: +"Statutory per-issuer cap in dollars: $10M pre-OBBBA, $15M for stock acquired after July 4, 2025."

Previous value: -"The eight statutory tests with per-test status, so an agent can show exactly which gate failed."New value: +"The six statutory tests with per-test status, so an agent can show exactly which gate failed."

Previous value: -"Overall verdict. \"partial\"/\"caveats\" mean some tests came back unsure; \"too-soon\" means the holding period has not reached an exclusion tier yet."New value: +"Overall verdict. \"partial\" = qualifies but at a sub-100% exclusion tier (e.g. an OBBBA 3- or 4-year hold gives 50% or 75%). \"caveats\" = qualifies, but one or more tests returned \"unsure\" (pass conditional on facts the caller marked unknown). \"too-soon\" = the holding period has not reached any exclusion tier yet."

Added value: +[
+  "AK",
+  "AL",
+  "AR",
+  "AZ",
+  "CA",
+  "CO",
+  "CT",
+  "DC",
+  "DE",
+  "FL",
+  "GA",
+  "HI",
+  "IA",
+  "ID",
+  "IL",
+  "IN",
+  "KS",
+  "KY",
+  "LA",
+  "MA",
+  "MD",
+  "ME",
+  "MI",
+  "MN",
+  "MO",
+  "MS",
+  "MT",
+  "NC",
+  "ND",
+  "NE",
+  "NH",
+  "NJ",
+  "NM",
+  "NV",
+  "NY",
+  "OH",
+  "OK",
+  "OR",
+  "PA",
+  "RI",
+  "SC",
+  "SD",
+  "TN",
+  "TX",
+  "UT",
+  "VA",
+  "VT",
+  "WA",
+  "WI",
+  "WV",
+  "WY"
+]

Removed value: -"^[A-Z]{2}$"

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."

Added value: +{
+  "description": "Present only when expectedGain exceeds applicableCap and an exclusion is in play: explains that the overage is fully taxable regardless of holding period and that spreading shares across separate taxpayers (e.g. non-grantor trusts) can multiply the per-issuer exclusion. Omitted otherwise.",
+  "type": "string"
+}

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes the ticker's trailing CAGR for any unsupplied expected-return / sale-price field instead of requiring the caller to invent one. ~90 symbols covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."

Previous value: -nullNew value: +{
+  "description": "ISO/AMT exercise optimization result. All dollar amounts are USD.",
+  "properties": {
+    "alreadyInAmt": {
+      "description": "True when the user owes AMT even with zero exercise (regular tax below tentative minimum tax at baseline income).",
+      "type": "boolean"
+    },
+    "bargainPerShare": {
+      "description": "Year-1 bargain element per share in dollars: max(0, fmv - strike).",
+      "type": "number"
+    },
+    "crossoverBargain": {
+      "description": "Bargain element in dollars at the crossover share count: crossoverShares x (fmv - strike).",
+      "type": "number"
+    },
+    "crossoverShares": {
+      "description": "Maximum whole shares exercisable in year 1 before federal AMT exceeds regular tax (the AMT crossover).",
+      "type": "integer"
+    },
+    "departedRecommendation": {
+      "description": "Present only when hasLeftCompany=true and the 90-day post-termination window is still open: the partial-exercise quantity that maximizes expected after-tax value.",
+      "properties": {
+        "curve": {
+          "description": "Share-count vs after-tax-value curve sampled uniformly across [0, total shares], for charting.",
+          "items": {
+            "properties": {
+              "exerciseTax": {
+                "description": "AMT cost in dollars at this share count.",
+                "type": "number"
+              },
+              "netValue": {
+                "description": "Expected after-tax value in dollars at this share count.",
+                "type": "number"
+              },
+              "shares": {
+                "description": "Exercised share count at this sample point.",
+                "type": "number"
+              }
+            },
+            "required": [
+              "shares",
+              "netValue",
+              "exerciseTax"
+            ],
+            "type": "object"
+          },
+          "type": "array"
+        },
+        "fullExerciseNetValue": {
+          "description": "Expected after-tax value in dollars at the hold horizon if all shares are exercised.",
+          "type": "number"
+        },
+        "fullExerciseShares": {
+          "description": "Total shares available (the exercise-everything alternative).",
+          "type": "integer"
+        },
+        "fullExerciseTax": {
+          "description": "AMT cost in dollars of exercising all shares.",
+          "type": "number"
+        },
+        "futureFmvPerShare": {
+          "description": "Projected FMV per share in dollars at the hold horizon.",
+          "type": "number"
+        },
+        "holdYears": {
+          "description": "Post-exercise hold horizon in years used for the comparison.",
+          "type": "number"
+        },
+        "recommendedExerciseTax": {
+          "description": "AMT cost in dollars at the recommended share count.",
+          "type": "number"
+        },
+        "recommendedNetValue": {
+          "description": "Expected after-tax value in dollars at the hold horizon for the recommended count.",
+          "type": "number"
+        },
+        "recommendedSchedule": {
+          "description": "Year-by-year tax schedule for the recommended share count.",
+          "properties": {
+            "amtPremiumFV": {
+              "description": "Future-valued AMT premium stream (exercise tax paid above the no-exercise baseline, compounded at cashReturnRate to the horizon) in dollars.",
+              "type": "number"
+            },
+            "baselineRegularTax": {
+              "description": "Tax owed with no exercise at all (regular federal + state on ordinary income, summed across the horizon) in dollars.",
+              "type": "number"
+            },
+            "creditEarned": {
+              "description": "Federal AMT credit generated across the horizon in dollars.",
+              "type": "number"
+            },
+            "creditRecovered": {
+              "description": "Federal AMT credit recovered across the horizon in dollars.",
+              "type": "number"
+            },
+            "creditRemaining": {
+              "description": "Federal AMT credit still unrecovered at the horizon in dollars.",
+              "type": "number"
+            },
+            "exerciseTax": {
+              "description": "totalTax minus baselineRegularTax: the marginal tax cost of exercising, in dollars.",
+              "type": "number"
+            },
+            "federalLTCG": {
+              "description": "Federal long-term capital gains tax (including NIIT) on grossGain in dollars.",
+              "type": "number"
+            },
+            "grossGain": {
+              "description": "shares x (projected FMV at horizon - strike): the LTCG-eligible gain in dollars.",
+              "type": "number"
+            },
+            "label": {
+              "description": "Which candidate plan this schedule represents.",
+              "enum": [
+                "lump_sum",
+                "even_split",
+                "optimized"
+              ],
+              "type": "string"
+            },
+            "nfv": {
+              "description": "After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. The headline number to report.",
+              "type": "number"
+            },
+            "stateLTCG": {
+              "description": "State long-term capital gains tax on grossGain in dollars.",
+              "type": "number"
+            },
+            "totalTax": {
+              "description": "Total cash tax paid across the horizon in dollars.",
+              "type": "number"
+            },
+            "years": {
+              "description": "Per-year detail, one entry per year of the effective horizon.",
+              "items": {
+                "description": "Exercise and tax detail for one calendar year of the schedule.",
+                "properties": {
+                  "amtOwedFederal": {
+                    "description": "Federal AMT owed above regular tax this year in dollars.",
+                    "type": "number"
+                  },
+                  "amtOwedState": {
+                    "description": "State AMT owed above regular state tax this year in dollars.",
+                    "type": "number"
+                  },
+                  "bargain": {
+                    "description": "Bargain element recognized this year in dollars: shares x (projected FMV - strike).",
+                    "type": "number"
+                  },
+                  "cashTax": {
+                    "description": "Total cash tax paid this year in dollars: federal + state, net of credit recovery.",
+                    "type": "number"
+                  },
+                  "creditRecovered": {
+                    "description": "Federal AMT credit applied (recovered) this year in dollars.",
+                    "type": "number"
+                  },
+                  "regularFederal": {
+                    "description": "Regular federal income tax for the year in dollars (ordinary income only, before AMT).",
+                    "type": "number"
+                  },
+                  "regularState": {
+                    "description": "Regular state income tax for the year in dollars.",
+                    "type": "number"
+                  },
+                  "shares": {
+                    "description": "ISO shares exercised this year.",
+                    "type": "number"
+                  },
+                  "tmtFederal": {
+                    "description": "Federal tentative minimum tax for the year in dollars.",
+                    "type": "number"
+                  },
+                  "tmtState": {
+                    "description": "State tentative minimum tax for the year in dollars (0 in states without AMT).",
+                    "type": "number"
+                  },
+                  "year": {
+                    "description": "Schedule year, 1-indexed (1 = current year).",
+                    "type": "integer"
+                  }
+                },
+                "required": [
+                  "year",
+                  "shares",
+                  "bargain",
+                  "regularFederal",
+                  "regularState",
+                  "tmtFederal",
+                  "tmtState",
+                  "amtOwedFederal",
+                  "amtOwedState",
+                  "creditRecovered",
+                  "cashTax"
+                ],
+                "type": "object"
+              },
+              "type": "array"
+            }
+          },
+          "required": [
+            "label",
+            "years",
+            "totalTax",
+            "baselineRegularTax",
+            "exerciseTax",
+            "creditEarned",
+            "creditRecovered",
+            "creditRemaining",
+            "grossGain",
+            "federalLTCG",
+            "stateLTCG",
+            "amtPremiumFV",
+            "nfv"
+          ],
+          "type": "object"
+        },
+        "recommendedShares": {
+          "description": "Optimal share count to exercise within the window.",
+          "type": "integer"
+        }
+      },
+      "required": [
+        "recommendedShares",
+        "recommendedExerciseTax",
+        "recommendedNetValue",
+        "fullExerciseShares",
+        "fullExerciseTax",
+        "fullExerciseNetValue",
+        "holdYears",
+        "futureFmvPerShare",
+        "recommendedSchedule",
+        "curve"
+      ],
+      "type": "object"
+    },
+    "effectiveHorizon": {
+      "description": "Horizon actually used by the schedules: min(requested horizon, timing.maxHorizon).",
+      "type": "integer"
+    },
+    "schedules": {
+      "description": "The three candidate exercise schedules, each evaluated at the effective horizon. Compare nfv across them; optimized is the recommended plan.",
+      "properties": {
+        "evenSplit": {
+          "description": "Exercise shares/horizon shares each year.",
+          "properties": {
+            "amtPremiumFV": {
+              "description": "Future-valued AMT premium stream (exercise tax paid above the no-exercise baseline, compounded at cashReturnRate to the horizon) in dollars.",
+              "type": "number"
+            },
+            "baselineRegularTax": {
+              "description": "Tax owed with no exercise at all (regular federal + state on ordinary income, summed across the horizon) in dollars.",
+              "type": "number"
+            },
+            "creditEarned": {
+              "description": "Federal AMT credit generated across the horizon in dollars.",
+              "type": "number"
+            },
+            "creditRecovered": {
+              "description": "Federal AMT credit recovered across the horizon in dollars.",
+              "type": "number"
+            },
+            "creditRemaining": {
+              "description": "Federal AMT credit still unrecovered at the horizon in dollars.",
+              "type": "number"
+            },
+            "exerciseTax": {
+              "description": "totalTax minus baselineRegularTax: the marginal tax cost of exercising, in dollars.",
+              "type": "number"
+            },
+            "federalLTCG": {
+              "description": "Federal long-term capital gains tax (including NIIT) on grossGain in dollars.",
+              "type": "number"
+            },
+            "grossGain": {
+              "description": "shares x (projected FMV at horizon - strike): the LTCG-eligible gain in dollars.",
+              "type": "number"
+            },
+            "label": {
+              "description": "Which candidate plan this schedule represents.",
+              "enum": [
+                "lump_sum",
+                "even_split",
+                "optimized"
+              ],
+              "type": "string"
+            },
+            "nfv": {
+              "description": "After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. The headline number to report.",
+              "type": "number"
+            },
+            "stateLTCG": {
+              "description": "State long-term capital gains tax on grossGain in dollars.",
+              "type": "number"
+            },
+            "totalTax": {
+              "description": "Total cash tax paid across the horizon in dollars.",
+              "type": "number"
+            },
+            "years": {
+              "description": "Per-year detail, one entry per year of the effective horizon.",
+              "items": {
+                "description": "Exercise and tax detail for one calendar year of the schedule.",
+                "properties": {
+                  "amtOwedFederal": {
+                    "description": "Federal AMT owed above regular tax this year in dollars.",
+                    "type": "number"
+                  },
+                  "amtOwedState": {
+                    "description": "State AMT owed above regular state tax this year in dollars.",
+                    "type": "number"
+                  },
+                  "bargain": {
+                    "description": "Bargain element recognized this year in dollars: shares x (projected FMV - strike).",
+                    "type": "number"
+                  },
+                  "cashTax": {
+                    "description": "Total cash tax paid this year in dollars: federal + state, net of credit recovery.",
+                    "type": "number"
+                  },
+                  "creditRecovered": {
+                    "description": "Federal AMT credit applied (recovered) this year in dollars.",
+                    "type": "number"
+                  },
+                  "regularFederal": {
+                    "description": "Regular federal income tax for the year in dollars (ordinary income only, before AMT).",
+                    "type": "number"
+                  },
+                  "regularState": {
+                    "description": "Regular state income tax for the year in dollars.",
+                    "type": "number"
+                  },
+                  "shares": {
+                    "description": "ISO shares exercised this year.",
+                    "type": "number"
+                  },
+                  "tmtFederal": {
+                    "description": "Federal tentative minimum tax for the year in dollars.",
+                    "type": "number"
+                  },
+                  "tmtState": {
+                    "description": "State tentative minimum tax for the year in dollars (0 in states without AMT).",
+                    "type": "number"
+                  },
+                  "year": {
+                    "description": "Schedule year, 1-indexed (1 = current year).",
+                    "type": "integer"
+                  }
+                },
+                "required": [
+                  "year",
+                  "shares",
+                  "bargain",
+                  "regularFederal",
+                  "regularState",
+                  "tmtFederal",
+                  "tmtState",
+                  "amtOwedFederal",
+                  "amtOwedState",
+                  "creditRecovered",
+                  "cashTax"
+                ],
+                "type": "object"
+              },
+              "type": "array"
+            }
+          },
+          "required": [
+            "label",
+            "years",
+            "totalTax",
+            "baselineRegularTax",
+            "exerciseTax",
+            "creditEarned",
+            "creditRecovered",
+            "creditRemaining",
+            "grossGain",
+            "federalLTCG",
+            "stateLTCG",
+            "amtPremiumFV",
+            "nfv"
+          ],
+          "type": "object"
+        },
+        "lumpSum": {
+          "description": "Exercise all shares in year 1.",
+          "properties": {
+            "amtPremiumFV": {
+              "description": "Future-valued AMT premium stream (exercise tax paid above the no-exercise baseline, compounded at cashReturnRate to the horizon) in dollars.",
+              "type": "number"
+            },
+            "baselineRegularTax": {
+              "description": "Tax owed with no exercise at all (regular federal + state on ordinary income, summed across the horizon) in dollars.",
+              "type": "number"
+            },
+            "creditEarned": {
+              "description": "Federal AMT credit generated across the horizon in dollars.",
+              "type": "number"
+            },
+            "creditRecovered": {
+              "description": "Federal AMT credit recovered across the horizon in dollars.",
+              "type": "number"
+            },
+            "creditRemaining": {
+              "description": "Federal AMT credit still unrecovered at the horizon in dollars.",
+              "type": "number"
+            },
+            "exerciseTax": {
+              "description": "totalTax minus baselineRegularTax: the marginal tax cost of exercising, in dollars.",
+              "type": "number"
+            },
+            "federalLTCG": {
+              "description": "Federal long-term capital gains tax (including NIIT) on grossGain in dollars.",
+              "type": "number"
+            },
+            "grossGain": {
+              "description": "shares x (projected FMV at horizon - strike): the LTCG-eligible gain in dollars.",
+              "type": "number"
+            },
+            "label": {
+              "description": "Which candidate plan this schedule represents.",
+              "enum": [
+                "lump_sum",
+                "even_split",
+                "optimized"
+              ],
+              "type": "string"
+            },
+            "nfv": {
+              "description": "After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. The headline number to report.",
+              "type": "number"
+            },
+            "stateLTCG": {
+              "description": "State long-term capital gains tax on grossGain in dollars.",
+              "type": "number"
+            },
+            "totalTax": {
+              "description": "Total cash tax paid across the horizon in dollars.",
+              "type": "number"
+            },
+            "years": {
+              "description": "Per-year detail, one entry per year of the effective horizon.",
+              "items": {
+                "description": "Exercise and tax detail for one calendar year of the schedule.",
+                "properties": {
+                  "amtOwedFederal": {
+                    "description": "Federal AMT owed above regular tax this year in dollars.",
+                    "type": "number"
+                  },
+                  "amtOwedState": {
+                    "description": "State AMT owed above regular state tax this year in dollars.",
+                    "type": "number"
+                  },
+                  "bargain": {
+                    "description": "Bargain element recognized this year in dollars: shares x (projected FMV - strike).",
+                    "type": "number"
+                  },
+                  "cashTax": {
+                    "description": "Total cash tax paid this year in dollars: federal + state, net of credit recovery.",
+                    "type": "number"
+                  },
+                  "creditRecovered": {
+                    "description": "Federal AMT credit applied (recovered) this year in dollars.",
+                    "type": "number"
+                  },
+                  "regularFederal": {
+                    "description": "Regular federal income tax for the year in dollars (ordinary income only, before AMT).",
+                    "type": "number"
+                  },
+                  "regularState": {
+                    "description": "Regular state income tax for the year in dollars.",
+                    "type": "number"
+                  },
+                  "shares": {
+                    "description": "ISO shares exercised this year.",
+                    "type": "number"
+                  },
+                  "tmtFederal": {
+                    "description": "Federal tentative minimum tax for the year in dollars.",
+                    "type": "number"
+                  },
+                  "tmtState": {
+                    "description": "State tentative minimum tax for the year in dollars (0 in states without AMT).",
+                    "type": "number"
+                  },
+                  "year": {
+                    "description": "Schedule year, 1-indexed (1 = current year).",
+                    "type": "integer"
+                  }
+                },
+                "required": [
+                  "year",
+                  "shares",
+                  "bargain",
+                  "regularFederal",
+                  "regularState",
+                  "tmtFederal",
+                  "tmtState",
+                  "amtOwedFederal",
+                  "amtOwedState",
+                  "creditRecovered",
+                  "cashTax"
+                ],
+                "type": "object"
+              },
+              "type": "array"
+            }
+          },
+          "required": [
+            "label",
+            "years",
+            "totalTax",
+            "baselineRegularTax",
+            "exerciseTax",
+            "creditEarned",
+            "creditRecovered",
+            "creditRemaining",
+            "grossGain",
+            "federalLTCG",
+            "stateLTCG",
+            "amtPremiumFV",
+            "nfv"
+          ],
+          "type": "object"
+        },
+        "optimized": {
+          "description": "The NFV-maximal per-year allocation found by the optimizer. The recommended plan.",
+          "properties": {
+            "amtPremiumFV": {
+              "description": "Future-valued AMT premium stream (exercise tax paid above the no-exercise baseline, compounded at cashReturnRate to the horizon) in dollars.",
+              "type": "number"
+            },
+            "baselineRegularTax": {
+              "description": "Tax owed with no exercise at all (regular federal + state on ordinary income, summed across the horizon) in dollars.",
+              "type": "number"
+            },
+            "creditEarned": {
+              "description": "Federal AMT credit generated across the horizon in dollars.",
+              "type": "number"
+            },
+            "creditRecovered": {
+              "description": "Federal AMT credit recovered across the horizon in dollars.",
+              "type": "number"
+            },
+            "creditRemaining": {
+              "description": "Federal AMT credit still unrecovered at the horizon in dollars.",
+              "type": "number"
+            },
+            "exerciseTax": {
+              "description": "totalTax minus baselineRegularTax: the marginal tax cost of exercising, in dollars.",
+              "type": "number"
+            },
+            "federalLTCG": {
+              "description": "Federal long-term capital gains tax (including NIIT) on grossGain in dollars.",
+              "type": "number"
+            },
+            "grossGain": {
+              "description": "shares x (projected FMV at horizon - strike): the LTCG-eligible gain in dollars.",
+              "type": "number"
+            },
+            "label": {
+              "description": "Which candidate plan this schedule represents.",
+              "enum": [
+                "lump_sum",
+                "even_split",
+                "optimized"
+              ],
+              "type": "string"
+            },
+            "nfv": {
+              "description": "After-tax Net Final Value at the horizon in dollars: grossGain - federalLTCG - stateLTCG - amtPremiumFV. The headline number to report.",
+              "type": "number"
+            },
+            "stateLTCG": {
+              "description": "State long-term capital gains tax on grossGain in dollars.",
+              "type": "number"
+            },
+            "totalTax": {
+              "description": "Total cash tax paid across the horizon in dollars.",
+              "type": "number"
+            },
+            "years": {
+              "description": "Per-year detail, one entry per year of the effective horizon.",
+              "items": {
+                "description": "Exercise and tax detail for one calendar year of the schedule.",
+                "properties": {
+                  "amtOwedFederal": {
+                    "description": "Federal AMT owed above regular tax this year in dollars.",
+                    "type": "number"
+                  },
+                  "amtOwedState": {
+                    "description": "State AMT owed above regular state tax this year in dollars.",
+                    "type": "number"
+                  },
+                  "bargain": {
+                    "description": "Bargain element recognized this year in dollars: shares x (projected FMV - strike).",
+                    "type": "number"
+                  },
+                  "cashTax": {
+                    "description": "Total cash tax paid this year in dollars: federal + state, net of credit recovery.",
+                    "type": "number"
+                  },
+                  "creditRecovered": {
+                    "description": "Federal AMT credit applied (recovered) this year in dollars.",
+                    "type": "number"
+                  },
+                  "regularFederal": {
+                    "description": "Regular federal income tax for the year in dollars (ordinary income only, before AMT).",
+                    "type": "number"
+                  },
+                  "regularState": {
+                    "description": "Regular state income tax for the year in dollars.",
+                    "type": "number"
+                  },
+                  "shares": {
+                    "description": "ISO shares exercised this year.",
+                    "type": "number"
+                  },
+                  "tmtFederal": {
+                    "description": "Federal tentative minimum tax for the year in dollars.",
+                    "type": "number"
+                  },
+                  "tmtState": {
+                    "description": "State tentative minimum tax for the year in dollars (0 in states without AMT).",
+                    "type": "number"
+                  },
+                  "year": {
+                    "description": "Schedule year, 1-indexed (1 = current year).",
+                    "type": "integer"
+                  }
+                },
+                "required": [
+                  "year",
+                  "shares",
+                  "bargain",
+                  "regularFederal",
+                  "regularState",
+                  "tmtFederal",
+                  "tmtState",
+                  "amtOwedFederal",
+                  "amtOwedState",
+                  "creditRecovered",
+                  "cashTax"
+                ],
+                "type": "object"
+              },
+              "type": "array"
+            }
+          },
+          "required": [
+            "label",
+            "years",
+            "totalTax",
+            "baselineRegularTax",
+            "exerciseTax",
+            "creditEarned",
+            "creditRecovered",
+            "creditRemaining",
+            "grossGain",
+            "federalLTCG",
+            "stateLTCG",
+            "amtPremiumFV",
+            "nfv"
+          ],
+          "type": "object"
+        }
+      },
+      "required": [
+        "lumpSum",
+        "evenSplit",
+        "optimized"
+      ],
+      "type": "object"
+    },
+    "stateHasAmt": {
+      "description": "True when the user state levies its own AMT (CA, CO, CT, MN).",
+      "type": "boolean"
+    },
+    "timing": {
+      "description": "Timing constraints derived from grantDate and (when departed) terminationDate.",
+      "properties": {
+        "daysUntilWindowClose": {
+          "description": "Days until the post-termination exercise window closes (can be negative when already past); null while still employed.",
+          "type": [
+            "number",
+            "null"
+          ]
+        },
+        "exerciseWindowClose": {
+          "description": "Post-termination exercise deadline (terminationDate + 90 days) as an ISO 8601 date-time string; null while still employed.",
+          "type": [
+            "string",
+            "null"
+          ]
+        },
+        "grantExpiration": {
+          "description": "Grant expiration date: grantDate + 10 years (IRC 422 maximum ISO term). ISO 8601 date-time string.",
+          "type": "string"
+        },
+        "maxHorizon": {
+          "description": "Maximum usable planning horizon in years (1..10), capped by grant expiration or the post-termination window.",
+          "type": "integer"
+        },
+        "qdEligibleDate": {
+          "description": "Earliest qualifying-disposition date measured from grant: grantDate + 2 years. ISO 8601 date-time string.",
+          "type": "string"
+        },
+        "qdNotYetEligible": {
+          "description": "True when grantDate + 2 years is still in the future (a sale today could not be a qualifying disposition).",
+          "type": "boolean"
+        },
+        "windowClosed": {
+          "description": "True when the user departed and the 90-day exercise deadline has already passed.",
+          "type": "boolean"
+        }
+      },
+      "required": [
+        "grantExpiration",
+        "qdEligibleDate",
+        "exerciseWindowClose",
+        "maxHorizon",
+        "daysUntilWindowClose",
+        "windowClosed",
+        "qdNotYetEligible"
+      ],
+      "type": "object"
+    }
+  },
+  "required": [
+    "crossoverShares",
+    "crossoverBargain",
+    "alreadyInAmt",
+    "schedules",
+    "stateHasAmt",
+    "bargainPerShare",
+    "timing",
+    "effectiveHorizon"
+  ],
+  "type": "object"
+}

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes the ticker's trailing CAGR for any unsupplied expected-return / sale-price field instead of requiring the caller to invent one. ~90 symbols covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them; only when neither is supplied does hedge pricing fall back to sector_stats.annualVol × 1.20."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them; only as a last fallback does hedge pricing use sector_stats.annualVol × 1.20."

Previous value: -nullNew value: +{
+  "description": "Single-stock concentration analysis. All dollar amounts are USD.",
+  "properties": {
+    "advisorBenchmarkLine": {
+      "description": "One-line comparison of the user weight vs the common advisor 10% single-name guideline.",
+      "type": "string"
+    },
+    "concentration": {
+      "description": "Position value / total assets, 0..1.",
+      "type": "number"
+    },
+    "daysUntilLongTerm": {
+      "description": "Days until long-term treatment; 0 when already long-term.",
+      "type": "number"
+    },
+    "hedging": {
+      "description": "Black-Scholes cost of a 1-year 30%-OTM protective put covering the full position.",
+      "properties": {
+        "putPrice": {
+          "description": "Put premium in dollars for the 1-year tenor.",
+          "type": "number"
+        },
+        "riskFreeRate": {
+          "description": "Annualized risk-free rate used in pricing, as a decimal.",
+          "type": "number"
+        },
+        "sigma": {
+          "description": "Annualized volatility used in pricing (explicit/ticker implied vol, else sector realized vol x 1.20).",
+          "type": "number"
+        },
+        "strike": {
+          "description": "Put strike in dollars (70% of position value).",
+          "type": "number"
+        }
+      },
+      "required": [
+        "strike",
+        "putPrice",
+        "sigma",
+        "riskFreeRate"
+      ],
+      "type": "object"
+    },
+    "isLongTermToday": {
+      "description": "True when the position already qualifies for long-term capital gains treatment.",
+      "type": "boolean"
+    },
+    "longTermDate": {
+      "description": "Date the position turns long-term (acquisitionDate + 1 year). ISO 8601 date-time string.",
+      "type": "string"
+    },
+    "lossExposure": {
+      "description": "Dollar damage at 30/50/70% single-stock drawdowns.",
+      "items": {
+        "properties": {
+          "dollarLoss": {
+            "description": "Dollars lost at this drawdown.",
+            "type": "number"
+          },
+          "drop": {
+            "description": "Modeled drawdown as a fraction of position value (0.30, 0.50, 0.70).",
+            "type": "number"
+          },
+          "newConcentration": {
+            "description": "Portfolio concentration (0..1) after the drawdown.",
+            "type": "number"
+          }
+        },
+        "required": [
+          "drop",
+          "dollarLoss",
+          "newConcentration"
+        ],
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "riskBand": {
+      "description": "Qualitative concentration band for the position weight.",
+      "enum": [
+        "Low",
+        "Moderate",
+        "Concentrated",
+        "Highly concentrated",
+        "Extreme"
+      ],
+      "type": "string"
+    },
+    "schedule": {
+      "description": "Sell-down plans over 1, 2, and 3 years; empty when the position is already at or below the target weight.",
+      "items": {
+        "properties": {
+          "endOfHorizonWealth": {
+            "description": "Total after-tax wealth in dollars at the end of the 3-year comparison horizon.",
+            "type": "number"
+          },
+          "planKey": {
+            "description": "Plan identifier.",
+            "enum": [
+              "lump_sum",
+              "two_year",
+              "three_year"
+            ],
+            "type": "string"
+          },
+          "planLabel": {
+            "description": "Human-readable plan name, e.g. \"Sell over 2 years\".",
+            "type": "string"
+          },
+          "savingsVsLumpSum": {
+            "description": "Raw tax saved in dollars vs selling everything today; positive means this plan pays less tax.",
+            "type": "number"
+          },
+          "taxBreakdown": {
+            "description": "Plan-total tax slices, same-rate rows merged.",
+            "items": {
+              "description": "One tax slice: a dollar amount taxed at one rate.",
+              "properties": {
+                "amount": {
+                  "description": "Dollars of gain in this slice.",
+                  "type": "number"
+                },
+                "label": {
+                  "description": "Tax line label, e.g. \"Federal LTCG\", \"NIIT\", \"California\".",
+                  "type": "string"
+                },
+                "rate": {
+                  "description": "Rate applied to this slice as a decimal (0.15 = 15%).",
+                  "type": "number"
+                },
+                "tax": {
+                  "description": "Tax in dollars: amount x rate.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "label",
+                "rate",
+                "amount",
+                "tax"
+              ],
+              "type": "object"
+            },
+            "type": "array"
+          },
+          "totalSale": {
+            "description": "Total nominal sale dollars across the plan years.",
+            "type": "number"
+          },
+          "totalTax": {
+            "description": "Total tax in dollars across the plan years.",
+            "type": "number"
+          },
+          "wealthByYear": {
+            "description": "Total wealth in dollars at the end of each year, t = 0..3 (4 points). For charting.",
+            "items": {
+              "type": "number"
+            },
+            "type": "array"
+          },
+          "wealthVsLumpSum": {
+            "description": "End-of-horizon wealth delta in dollars vs the sell-everything-today baseline; positive means this plan ends wealthier.",
+            "type": "number"
+          },
+          "year1IsShortTerm": {
+            "description": "True when the first sale year would be taxed at short-term rates.",
+            "type": "boolean"
+          },
+          "yearlySales": {
+            "description": "One entry per sale year: year (1-indexed), saleAmount, gainAmount, isLongTerm, federalTax, stateTax, totalTax in dollars, plus a per-slice breakdown.",
+            "items": {
+              "properties": {
+                "breakdown": {
+                  "description": "Per-rate tax slices for this sale.",
+                  "items": {
+                    "description": "One tax slice: a dollar amount taxed at one rate.",
+                    "properties": {
+                      "amount": {
+                        "description": "Dollars of gain in this slice.",
+                        "type": "number"
+                      },
+                      "label": {
+                        "description": "Tax line label, e.g. \"Federal LTCG\", \"NIIT\", \"California\".",
+                        "type": "string"
+                      },
+                      "rate": {
+                        "description": "Rate applied to this slice as a decimal (0.15 = 15%).",
+                        "type": "number"
+                      },
+                      "tax": {
+                        "description": "Tax in dollars: amount x rate.",
+                        "type": "number"
+                      }
+                    },
+                    "required": [
+                      "label",
+                      "rate",
+                      "amount",
+                      "tax"
+                    ],
+                    "type": "object"
+                  },
+                  "type": "array"
+                },
+                "federalTax": {
+                  "description": "Federal tax in dollars on this sale (including NIIT).",
+                  "type": "number"
+                },
+                "gainAmount": {
+                  "description": "Taxable gain in dollars within the sale.",
+                  "type": "number"
+                },
+                "isLongTerm": {
+                  "description": "True when this sale gets long-term capital gains treatment.",
+                  "type": "boolean"
+                },
+                "saleAmount": {
+                  "description": "Dollars sold this year.",
+                  "type": "number"
+                },
+                "stateTax": {
+                  "description": "State tax in dollars on this sale.",
+                  "type": "number"
+                },
+                "totalTax": {
+                  "description": "Total tax in dollars on this sale.",
+                  "type": "number"
+                },
+                "year": {
+                  "description": "Sale year, 1-indexed.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "year",
+                "saleAmount",
+                "gainAmount",
+                "isLongTerm",
+                "federalTax",
+                "stateTax",
+                "totalTax",
+                "breakdown"
+              ],
+              "type": "object"
+            },
+            "type": "array"
+          }
+        },
+        "required": [
+          "planKey",
+          "planLabel",
+          "yearlySales",
+          "totalSale",
+          "totalTax",
+          "endOfHorizonWealth",
+          "savingsVsLumpSum",
+          "wealthVsLumpSum",
+          "year1IsShortTerm",
+          "taxBreakdown",
+          "wealthByYear"
+        ],
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "sectorContextLine": {
+      "description": "One-line volatility/drawdown context for the chosen sector.",
+      "type": "string"
+    },
+    "waitForLtInsight": {
+      "description": "Tax saved by waiting for long-term treatment before selling; null when already long-term or no sale is needed.",
+      "properties": {
+        "daysAway": {
+          "description": "Days until that date.",
+          "type": "number"
+        },
+        "delayedLumpSumTax": {
+          "description": "Tax in dollars on the same sale executed after the long-term date.",
+          "type": "number"
+        },
+        "immediateLumpSumTax": {
+          "description": "Tax in dollars on the full sell-down executed today (short-term rates).",
+          "type": "number"
+        },
+        "longTermDate": {
+          "description": "Date the position turns long-term. ISO 8601 date-time string.",
+          "type": "string"
+        },
+        "savings": {
+          "description": "immediateLumpSumTax - delayedLumpSumTax in dollars (floored at 0).",
+          "type": "number"
+        }
+      },
+      "required": [
+        "longTermDate",
+        "daysAway",
+        "immediateLumpSumTax",
+        "delayedLumpSumTax",
+        "savings"
+      ],
+      "type": [
+        "object",
+        "null"
+      ]
+    }
+  },
+  "required": [
+    "concentration",
+    "riskBand",
+    "isLongTermToday",
+    "longTermDate",
+    "daysUntilLongTerm",
+    "lossExposure",
+    "waitForLtInsight",
+    "schedule",
+    "hedging",
+    "sectorContextLine",
+    "advisorBenchmarkLine"
+  ],
+  "type": "object"
+}

Added value: +{
+  "description": "Annualized PRE-tax yield on cash held between each sale and the target date (money-market / short-term Treasury). The tool internally discounts this by the user's marginal federal + state ordinary rate before compounding, so the after-tax cash growth stays apples-to-apples with stock appreciation. Default 0 (interest ignored).",
+  "type": "number"
+}

Added value: +{
+  "description": "Annualized σ assumed for any stack that omits its own `volatility`. Drives the per-sale σ × √Δt shortfall calculation. Override per-stack on the stack object when one position is materially more or less volatile than the rest. Default 0.30.",
+  "minimum": 0,
+  "type": "number"
+}

Added value: +{
+  "description": "Optional future vest date for an unvested RSU tranche. The lot is excluded from sales whose date precedes `vestDate`. For unvested RSUs, set `vestDate` to the future vest date and pass `costBasisPerShare: 0`; the calc overrides basis with the projected FMV at vest. Same semantics as `stacks[].lots[].vestDate`.",
+  "format": "date",
+  "type": "string"
+}

Added value: +{
+  "description": "Max acceptable P(realized cash < target) under the lognormal price model, as a fraction (0.10 = 10%). The `recommended` plan is the wealth-maximal plan whose shortfall ≤ this value. Tighter values push the recommendation toward Lock-in-now; looser values let `recommended` accept more price exposure for higher expected wealth. Default 0.10.",
+  "maximum": 1,
+  "minimum": 0,
+  "type": "number"
+}

Previous value: -"v1.7+ multi-stack input. Each stack is one equity position (one ticker) with its own currentPrice, growth assumption, and lot list. Use this when the user holds multiple tickers (e.g. current-employer RSUs + index fund + prior-employer holdings). For a single position, provide an array with one entry — OR omit `stacks` and use the legacy top-level `lots` + `currentPrice` fields."New value: +"Multi-stack input. Each stack is one equity position (one ticker) with its own current price, growth, optional volatility, and lot list. Use when the user holds multiple tickers (e.g. current-employer RSUs + ETF + prior-employer holdings); the optimizer searches sales across all stacks jointly so the schedule can prefer the lowest-tax inventory in each year."

Previous value: -"Current price for this stack's shares, USD."New value: +"$/share today for this stack. Anchors the projected-price compounding for every future candidate sale date in this stack."

Previous value: -"Optional per-stack growth decimal (e.g. 0.08 = 8%/yr). Defaults to 0."New value: +"Per-stack growth decimal (0.08 = 8%/yr). Projected sale price = currentPrice × (1 + expectedAnnualGrowth)^Δyears. Negative values model decline. Defaults to 0 (flat) unless `ticker` resolves it."

Added value: +"Cost-basis cohorts within this stack (one per vest tranche / ESPP purchase / open-market buy)."

Added value: +"Acquisition date. Sales 366+ days later are long-term capital gains; earlier sales are short-term ordinary. Drives the LT-vs-ST classification at every candidate sale date."

Added value: +"$/share basis. RSU = FMV at vest; ISO/NSO = exercise price; ESPP/open-market = purchase price."

Added value: +"Whole shares in this lot."

Added value: +{
+  "description": "Optional future vest date for an unvested RSU tranche. The lot is excluded from sales whose date precedes `vestDate`. For unvested RSUs, set `vestDate` to the future vest date and pass `costBasisPerShare: 0`; the calc overrides basis with the projected FMV at vest.",
+  "format": "date",
+  "type": "string"
+}

Previous value: -"Optional display label echoed in the schedule output."New value: +"Optional ticker label (e.g. \"NVDA\"). When set without `expectedAnnualGrowth`, growth is resolved from the trailing-CAGR table (~90 public-stock symbols covered). Echoed back in each SaleEntry for display."

Added value: +{
+  "description": "Per-stack annualized σ used in the shortfall calculation (σ × √Δt per sale). Overrides `defaultVolatility` for THIS stack only. Useful when one stack is a single tech name (σ ≈ 0.40-0.60) and another is an ETF (σ ≈ 0.15-0.20). Omit to inherit `defaultVolatility`.",
+  "minimum": 0,
+  "type": "number"
+}

Added value: +{
+  "description": "Reference \"now\" for year classification and projection compounding. Defaults to the server's current date; tests pass an explicit value for deterministic results.",
+  "format": "date",
+  "type": "string"
+}

Previous value: -nullNew value: +{
+  "description": "Equity-funding plan comparison: four named plans plus the full risk/wealth frontier. All dollar amounts are USD.",
+  "properties": {
+    "appliedRiskTolerance": {
+      "description": "Shortfall-probability tolerance actually applied (default 0.10 when not supplied).",
+      "type": "number"
+    },
+    "balanced": {
+      "description": "Bracket-aware spread across all candidate years: minimum tax.",
+      "properties": {
+        "lockInFraction": {
+          "description": "Fraction (0..1) of the target locked in by an immediate sale, for hybrid candidates. Omitted on pure named plans.",
+          "type": "number"
+        },
+        "plan": {
+          "description": "The full sale schedule for this plan. Nested year/sale entries follow the shapes described here and may carry additional fields.",
+          "properties": {
+            "comparison": {
+              "description": "This schedule vs the naive sell-everything-in-the-target-year alternative.",
+              "properties": {
+                "optimizedSavingsPct": {
+                  "description": "Tax saved as a fraction of the naive plan tax.",
+                  "type": "number"
+                },
+                "optimizedSavingsVsTargetYearSale": {
+                  "description": "Tax saved in dollars by this schedule vs the naive plan.",
+                  "type": "number"
+                },
+                "sellAllInTargetYearAfterTax": {
+                  "description": "After-tax cash in dollars under that naive plan.",
+                  "type": "number"
+                },
+                "sellAllInTargetYearTotalTax": {
+                  "description": "Tax in dollars if all needed shares were sold in the target year.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "sellAllInTargetYearTotalTax",
+                "sellAllInTargetYearAfterTax",
+                "optimizedSavingsVsTargetYearSale",
+                "optimizedSavingsPct"
+              ],
+              "type": "object"
+            },
+            "feasible": {
+              "description": "True when the schedule reaches the after-tax target by the target date.",
+              "type": "boolean"
+            },
+            "remainingNetByStack": {
+              "description": "Per-stack after-tax retained value in dollars, parallel to the input stacks array.",
+              "items": {
+                "type": "number"
+              },
+              "type": "array"
+            },
+            "remainingPositionAfterTax": {
+              "description": "After-tax value in dollars of liquidating all retained shares at the target date (the cash backstop if scheduled sales come in light).",
+              "type": "number"
+            },
+            "remainingPositionValue": {
+              "description": "Market value in dollars of retained shares at the projected target-date price.",
+              "type": "number"
+            },
+            "remainingShares": {
+              "description": "Shares retained after all scheduled sales.",
+              "type": "number"
+            },
+            "schedule": {
+              "description": "Per-year sale schedule. Each entry: year, saleDateISO, sales (array of per-lot entries: stackIndex, ticker, lotIndex, shares, grossProceeds, gainAmount, isLongTerm, federalTax, stateTax, niit, netCash), yearGrossProceeds, yearTotalTax, yearNetCash, runningCumulativeNet.",
+              "items": {
+                "additionalProperties": true,
+                "type": "object"
+              },
+              "type": "array"
+            },
+            "shortfall": {
+              "description": "Present only when the target is not reachable from the available inventory.",
+              "properties": {
+                "gap": {
+                  "description": "Dollars short of the target.",
+                  "type": "number"
+                },
+                "maxAchievableAfterTax": {
+                  "description": "Maximum after-tax cash in dollars achievable by the target date.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "maxAchievableAfterTax",
+                "gap"
+              ],
+              "type": "object"
+            },
+            "targetAfterTax": {
+              "description": "Echo of the requested net cash target in dollars.",
+              "type": "number"
+            },
+            "targetDateISO": {
+              "description": "Echo of the target date as an ISO date string.",
+              "type": "string"
+            },
+            "totalAfterTaxAchieved": {
+              "description": "Net after-tax cash in dollars the schedule produces by the target date (including after-tax cash interest when cashInterestRate is set).",
+              "type": "number"
+            },
+            "totalGrossProceeds": {
+              "description": "Total gross sale proceeds in dollars.",
+              "type": "number"
+            },
+            "totalSharesSold": {
+              "description": "Total shares sold across the schedule.",
+              "type": "number"
+            },
+            "totalTaxes": {
+              "description": "Tax totals across all scheduled sales, in dollars.",
+              "properties": {
+                "federal": {
+                  "description": "Federal capital gains / ordinary tax in dollars.",
+                  "type": "number"
+                },
+                "niit": {
+                  "description": "Net Investment Income Tax (3.8%) in dollars.",
+                  "type": "number"
+                },
+                "state": {
+                  "description": "State tax in dollars.",
+                  "type": "number"
+                },
+                "total": {
+                  "description": "Total tax in dollars.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "federal",
+                "state",
+                "niit",
+                "total"
+              ],
+              "type": "object"
+            }
+          },
+          "required": [
+            "feasible",
+            "targetAfterTax",
+            "targetDateISO",
+            "totalAfterTaxAchieved",
+            "totalSharesSold",
+            "totalGrossProceeds",
+            "totalTaxes",
+            "schedule",
+            "comparison",
+            "remainingShares",
+            "remainingPositionValue",
+            "remainingPositionAfterTax",
+            "remainingNetByStack"
+          ],
+          "type": "object"
+        },
+        "planKey": {
+          "description": "Plan identifier. \"candidate\" entries appear only inside frontier.",
+          "enum": [
+            "recommended",
+            "lock_in_now",
+            "balanced",
+            "hold_for_growth",
+            "candidate"
+          ],
+          "type": "string"
+        },
+        "planLabel": {
+          "description": "Human-readable plan name.",
+          "type": "string"
+        },
+        "shortfallProbability": {
+          "description": "Lognormal probability (0..1) that realized cash lands below the target. 0 means a deterministic hit (sell everything today).",
+          "type": "number"
+        },
+        "totalTax": {
+          "description": "Total tax paid across the plan in dollars.",
+          "type": "number"
+        },
+        "wealthAtTarget": {
+          "description": "Total wealth in dollars at the target date: net cash plus retained shares at the projected price. The metric the recommendation maximizes.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "planKey",
+        "planLabel",
+        "plan",
+        "wealthAtTarget",
+        "totalTax",
+        "shortfallProbability"
+      ],
+      "type": "object"
+    },
+    "frontier": {
+      "description": "All candidate plans from the hybrid lock-in sweep plus the named plans, sorted by shortfall probability.",
+      "items": {
+        "description": "One sale plan on the risk/wealth frontier.",
+        "properties": {
+          "lockInFraction": {
+            "description": "Fraction (0..1) of the target locked in by an immediate sale, for hybrid candidates. Omitted on pure named plans.",
+            "type": "number"
+          },
+          "plan": {
+            "description": "The full sale schedule for this plan. Nested year/sale entries follow the shapes described here and may carry additional fields.",
+            "properties": {
+              "comparison": {
+                "description": "This schedule vs the naive sell-everything-in-the-target-year alternative.",
+                "properties": {
+                  "optimizedSavingsPct": {
+                    "description": "Tax saved as a fraction of the naive plan tax.",
+                    "type": "number"
+                  },
+                  "optimizedSavingsVsTargetYearSale": {
+                    "description": "Tax saved in dollars by this schedule vs the naive plan.",
+                    "type": "number"
+                  },
+                  "sellAllInTargetYearAfterTax": {
+                    "description": "After-tax cash in dollars under that naive plan.",
+                    "type": "number"
+                  },
+                  "sellAllInTargetYearTotalTax": {
+                    "description": "Tax in dollars if all needed shares were sold in the target year.",
+                    "type": "number"
+                  }
+                },
+                "required": [
+                  "sellAllInTargetYearTotalTax",
+                  "sellAllInTargetYearAfterTax",
+                  "optimizedSavingsVsTargetYearSale",
+                  "optimizedSavingsPct"
+                ],
+                "type": "object"
+              },
+              "feasible": {
+                "description": "True when the schedule reaches the after-tax target by the target date.",
+                "type": "boolean"
+              },
+              "remainingNetByStack": {
+                "description": "Per-stack after-tax retained value in dollars, parallel to the input stacks array.",
+                "items": {
+                  "type": "number"
+                },
+                "type": "array"
+              },
+              "remainingPositionAfterTax": {
+                "description": "After-tax value in dollars of liquidating all retained shares at the target date (the cash backstop if scheduled sales come in light).",
+                "type": "number"
+              },
+              "remainingPositionValue": {
+                "description": "Market value in dollars of retained shares at the projected target-date price.",
+                "type": "number"
+              },
+              "remainingShares": {
+                "description": "Shares retained after all scheduled sales.",
+                "type": "number"
+              },
+              "schedule": {
+                "description": "Per-year sale schedule. Each entry: year, saleDateISO, sales (array of per-lot entries: stackIndex, ticker, lotIndex, shares, grossProceeds, gainAmount, isLongTerm, federalTax, stateTax, niit, netCash), yearGrossProceeds, yearTotalTax, yearNetCash, runningCumulativeNet.",
+                "items": {
+                  "additionalProperties": true,
+                  "type": "object"
+                },
+                "type": "array"
+              },
+              "shortfall": {
+                "description": "Present only when the target is not reachable from the available inventory.",
+                "properties": {
+                  "gap": {
+                    "description": "Dollars short of the target.",
+                    "type": "number"
+                  },
+                  "maxAchievableAfterTax": {
+                    "description": "Maximum after-tax cash in dollars achievable by the target date.",
+                    "type": "number"
+                  }
+                },
+                "required": [
+                  "maxAchievableAfterTax",
+                  "gap"
+                ],
+                "type": "object"
+              },
+              "targetAfterTax": {
+                "description": "Echo of the requested net cash target in dollars.",
+                "type": "number"
+              },
+              "targetDateISO": {
+                "description": "Echo of the target date as an ISO date string.",
+                "type": "string"
+              },
+              "totalAfterTaxAchieved": {
+                "description": "Net after-tax cash in dollars the schedule produces by the target date (including after-tax cash interest when cashInterestRate is set).",
+                "type": "number"
+              },
+              "totalGrossProceeds": {
+                "description": "Total gross sale proceeds in dollars.",
+                "type": "number"
+              },
+              "totalSharesSold": {
+                "description": "Total shares sold across the schedule.",
+                "type": "number"
+              },
+              "totalTaxes": {
+                "description": "Tax totals across all scheduled sales, in dollars.",
+                "properties": {
+                  "federal": {
+                    "description": "Federal capital gains / ordinary tax in dollars.",
+                    "type": "number"
+                  },
+                  "niit": {
+                    "description": "Net Investment Income Tax (3.8%) in dollars.",
+                    "type": "number"
+                  },
+                  "state": {
+                    "description": "State tax in dollars.",
+                    "type": "number"
+                  },
+                  "total": {
+                    "description": "Total tax in dollars.",
+                    "type": "number"
+                  }
+                },
+                "required": [
+                  "federal",
+                  "state",
+                  "niit",
+                  "total"
+                ],
+                "type": "object"
+              }
+            },
+            "required": [
+              "feasible",
+              "targetAfterTax",
+              "targetDateISO",
+              "totalAfterTaxAchieved",
+              "totalSharesSold",
+              "totalGrossProceeds",
+              "totalTaxes",
+              "schedule",
+              "comparison",
+              "remainingShares",
+              "remainingPositionValue",
+              "remainingPositionAfterTax",
+              "remainingNetByStack"
+            ],
+            "type": "object"
+          },
+          "planKey": {
+            "description": "Plan identifier. \"candidate\" entries appear only inside frontier.",
+            "enum": [
+              "recommended",
+              "lock_in_now",
+              "balanced",
+              "hold_for_growth",
+              "candidate"
+            ],
+            "type": "string"
+          },
+          "planLabel": {
+            "description": "Human-readable plan name.",
+            "type": "string"
+          },
+          "shortfallProbability": {
+            "description": "Lognormal probability (0..1) that realized cash lands below the target. 0 means a deterministic hit (sell everything today).",
+            "type": "number"
+          },
+          "totalTax": {
+            "description": "Total tax paid across the plan in dollars.",
+            "type": "number"
+          },
+          "wealthAtTarget": {
+            "description": "Total wealth in dollars at the target date: net cash plus retained shares at the projected price. The metric the recommendation maximizes.",
+            "type": "number"
+          }
+        },
+        "required": [
+          "planKey",
+          "planLabel",
+          "plan",
+          "wealthAtTarget",
+          "totalTax",
+          "shortfallProbability"
+        ],
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "holdForGrowth": {
+      "description": "Sell only in the target year: maximum expected wealth, maximum price risk.",
+      "properties": {
+        "lockInFraction": {
+          "description": "Fraction (0..1) of the target locked in by an immediate sale, for hybrid candidates. Omitted on pure named plans.",
+          "type": "number"
+        },
+        "plan": {
+          "description": "The full sale schedule for this plan. Nested year/sale entries follow the shapes described here and may carry additional fields.",
+          "properties": {
+            "comparison": {
+              "description": "This schedule vs the naive sell-everything-in-the-target-year alternative.",
+              "properties": {
+                "optimizedSavingsPct": {
+                  "description": "Tax saved as a fraction of the naive plan tax.",
+                  "type": "number"
+                },
+                "optimizedSavingsVsTargetYearSale": {
+                  "description": "Tax saved in dollars by this schedule vs the naive plan.",
+                  "type": "number"
+                },
+                "sellAllInTargetYearAfterTax": {
+                  "description": "After-tax cash in dollars under that naive plan.",
+                  "type": "number"
+                },
+                "sellAllInTargetYearTotalTax": {
+                  "description": "Tax in dollars if all needed shares were sold in the target year.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "sellAllInTargetYearTotalTax",
+                "sellAllInTargetYearAfterTax",
+                "optimizedSavingsVsTargetYearSale",
+                "optimizedSavingsPct"
+              ],
+              "type": "object"
+            },
+            "feasible": {
+              "description": "True when the schedule reaches the after-tax target by the target date.",
+              "type": "boolean"
+            },
+            "remainingNetByStack": {
+              "description": "Per-stack after-tax retained value in dollars, parallel to the input stacks array.",
+              "items": {
+                "type": "number"
+              },
+              "type": "array"
+            },
+            "remainingPositionAfterTax": {
+              "description": "After-tax value in dollars of liquidating all retained shares at the target date (the cash backstop if scheduled sales come in light).",
+              "type": "number"
+            },
+            "remainingPositionValue": {
+              "description": "Market value in dollars of retained shares at the projected target-date price.",
+              "type": "number"
+            },
+            "remainingShares": {
+              "description": "Shares retained after all scheduled sales.",
+              "type": "number"
+            },
+            "schedule": {
+              "description": "Per-year sale schedule. Each entry: year, saleDateISO, sales (array of per-lot entries: stackIndex, ticker, lotIndex, shares, grossProceeds, gainAmount, isLongTerm, federalTax, stateTax, niit, netCash), yearGrossProceeds, yearTotalTax, yearNetCash, runningCumulativeNet.",
+              "items": {
+                "additionalProperties": true,
+                "type": "object"
+              },
+              "type": "array"
+            },
+            "shortfall": {
+              "description": "Present only when the target is not reachable from the available inventory.",
+              "properties": {
+                "gap": {
+                  "description": "Dollars short of the target.",
+                  "type": "number"
+                },
+                "maxAchievableAfterTax": {
+                  "description": "Maximum after-tax cash in dollars achievable by the target date.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "maxAchievableAfterTax",
+                "gap"
+              ],
+              "type": "object"
+            },
+            "targetAfterTax": {
+              "description": "Echo of the requested net cash target in dollars.",
+              "type": "number"
+            },
+            "targetDateISO": {
+              "description": "Echo of the target date as an ISO date string.",
+              "type": "string"
+            },
+            "totalAfterTaxAchieved": {
+              "description": "Net after-tax cash in dollars the schedule produces by the target date (including after-tax cash interest when cashInterestRate is set).",
+              "type": "number"
+            },
+            "totalGrossProceeds": {
+              "description": "Total gross sale proceeds in dollars.",
+              "type": "number"
+            },
+            "totalSharesSold": {
+              "description": "Total shares sold across the schedule.",
+              "type": "number"
+            },
+            "totalTaxes": {
+              "description": "Tax totals across all scheduled sales, in dollars.",
+              "properties": {
+                "federal": {
+                  "description": "Federal capital gains / ordinary tax in dollars.",
+                  "type": "number"
+                },
+                "niit": {
+                  "description": "Net Investment Income Tax (3.8%) in dollars.",
+                  "type": "number"
+                },
+                "state": {
+                  "description": "State tax in dollars.",
+                  "type": "number"
+                },
+                "total": {
+                  "description": "Total tax in dollars.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "federal",
+                "state",
+                "niit",
+                "total"
+              ],
+              "type": "object"
+            }
+          },
+          "required": [
+            "feasible",
+            "targetAfterTax",
+            "targetDateISO",
+            "totalAfterTaxAchieved",
+            "totalSharesSold",
+            "totalGrossProceeds",
+            "totalTaxes",
+            "schedule",
+            "comparison",
+            "remainingShares",
+            "remainingPositionValue",
+            "remainingPositionAfterTax",
+            "remainingNetByStack"
+          ],
+          "type": "object"
+        },
+        "planKey": {
+          "description": "Plan identifier. \"candidate\" entries appear only inside frontier.",
+          "enum": [
+            "recommended",
+            "lock_in_now",
+            "balanced",
+            "hold_for_growth",
+            "candidate"
+          ],
+          "type": "string"
+        },
+        "planLabel": {
+          "description": "Human-readable plan name.",
+          "type": "string"
+        },
+        "shortfallProbability": {
+          "description": "Lognormal probability (0..1) that realized cash lands below the target. 0 means a deterministic hit (sell everything today).",
+          "type": "number"
+        },
+        "totalTax": {
+          "description": "Total tax paid across the plan in dollars.",
+          "type": "number"
+        },
+        "wealthAtTarget": {
+          "description": "Total wealth in dollars at the target date: net cash plus retained shares at the projected price. The metric the recommendation maximizes.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "planKey",
+        "planLabel",
+        "plan",
+        "wealthAtTarget",
+        "totalTax",
+        "shortfallProbability"
+      ],
+      "type": "object"
+    },
+    "lockInNow": {
+      "description": "Sell everything needed in the current calendar year: minimum price risk, usually highest tax.",
+      "properties": {
+        "lockInFraction": {
+          "description": "Fraction (0..1) of the target locked in by an immediate sale, for hybrid candidates. Omitted on pure named plans.",
+          "type": "number"
+        },
+        "plan": {
+          "description": "The full sale schedule for this plan. Nested year/sale entries follow the shapes described here and may carry additional fields.",
+          "properties": {
+            "comparison": {
+              "description": "This schedule vs the naive sell-everything-in-the-target-year alternative.",
+              "properties": {
+                "optimizedSavingsPct": {
+                  "description": "Tax saved as a fraction of the naive plan tax.",
+                  "type": "number"
+                },
+                "optimizedSavingsVsTargetYearSale": {
+                  "description": "Tax saved in dollars by this schedule vs the naive plan.",
+                  "type": "number"
+                },
+                "sellAllInTargetYearAfterTax": {
+                  "description": "After-tax cash in dollars under that naive plan.",
+                  "type": "number"
+                },
+                "sellAllInTargetYearTotalTax": {
+                  "description": "Tax in dollars if all needed shares were sold in the target year.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "sellAllInTargetYearTotalTax",
+                "sellAllInTargetYearAfterTax",
+                "optimizedSavingsVsTargetYearSale",
+                "optimizedSavingsPct"
+              ],
+              "type": "object"
+            },
+            "feasible": {
+              "description": "True when the schedule reaches the after-tax target by the target date.",
+              "type": "boolean"
+            },
+            "remainingNetByStack": {
+              "description": "Per-stack after-tax retained value in dollars, parallel to the input stacks array.",
+              "items": {
+                "type": "number"
+              },
+              "type": "array"
+            },
+            "remainingPositionAfterTax": {
+              "description": "After-tax value in dollars of liquidating all retained shares at the target date (the cash backstop if scheduled sales come in light).",
+              "type": "number"
+            },
+            "remainingPositionValue": {
+              "description": "Market value in dollars of retained shares at the projected target-date price.",
+              "type": "number"
+            },
+            "remainingShares": {
+              "description": "Shares retained after all scheduled sales.",
+              "type": "number"
+            },
+            "schedule": {
+              "description": "Per-year sale schedule. Each entry: year, saleDateISO, sales (array of per-lot entries: stackIndex, ticker, lotIndex, shares, grossProceeds, gainAmount, isLongTerm, federalTax, stateTax, niit, netCash), yearGrossProceeds, yearTotalTax, yearNetCash, runningCumulativeNet.",
+              "items": {
+                "additionalProperties": true,
+                "type": "object"
+              },
+              "type": "array"
+            },
+            "shortfall": {
+              "description": "Present only when the target is not reachable from the available inventory.",
+              "properties": {
+                "gap": {
+                  "description": "Dollars short of the target.",
+                  "type": "number"
+                },
+                "maxAchievableAfterTax": {
+                  "description": "Maximum after-tax cash in dollars achievable by the target date.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "maxAchievableAfterTax",
+                "gap"
+              ],
+              "type": "object"
+            },
+            "targetAfterTax": {
+              "description": "Echo of the requested net cash target in dollars.",
+              "type": "number"
+            },
+            "targetDateISO": {
+              "description": "Echo of the target date as an ISO date string.",
+              "type": "string"
+            },
+            "totalAfterTaxAchieved": {
+              "description": "Net after-tax cash in dollars the schedule produces by the target date (including after-tax cash interest when cashInterestRate is set).",
+              "type": "number"
+            },
+            "totalGrossProceeds": {
+              "description": "Total gross sale proceeds in dollars.",
+              "type": "number"
+            },
+            "totalSharesSold": {
+              "description": "Total shares sold across the schedule.",
+              "type": "number"
+            },
+            "totalTaxes": {
+              "description": "Tax totals across all scheduled sales, in dollars.",
+              "properties": {
+                "federal": {
+                  "description": "Federal capital gains / ordinary tax in dollars.",
+                  "type": "number"
+                },
+                "niit": {
+                  "description": "Net Investment Income Tax (3.8%) in dollars.",
+                  "type": "number"
+                },
+                "state": {
+                  "description": "State tax in dollars.",
+                  "type": "number"
+                },
+                "total": {
+                  "description": "Total tax in dollars.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "federal",
+                "state",
+                "niit",
+                "total"
+              ],
+              "type": "object"
+            }
+          },
+          "required": [
+            "feasible",
+            "targetAfterTax",
+            "targetDateISO",
+            "totalAfterTaxAchieved",
+            "totalSharesSold",
+            "totalGrossProceeds",
+            "totalTaxes",
+            "schedule",
+            "comparison",
+            "remainingShares",
+            "remainingPositionValue",
+            "remainingPositionAfterTax",
+            "remainingNetByStack"
+          ],
+          "type": "object"
+        },
+        "planKey": {
+          "description": "Plan identifier. \"candidate\" entries appear only inside frontier.",
+          "enum": [
+            "recommended",
+            "lock_in_now",
+            "balanced",
+            "hold_for_growth",
+            "candidate"
+          ],
+          "type": "string"
+        },
+        "planLabel": {
+          "description": "Human-readable plan name.",
+          "type": "string"
+        },
+        "shortfallProbability": {
+          "description": "Lognormal probability (0..1) that realized cash lands below the target. 0 means a deterministic hit (sell everything today).",
+          "type": "number"
+        },
+        "totalTax": {
+          "description": "Total tax paid across the plan in dollars.",
+          "type": "number"
+        },
+        "wealthAtTarget": {
+          "description": "Total wealth in dollars at the target date: net cash plus retained shares at the projected price. The metric the recommendation maximizes.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "planKey",
+        "planLabel",
+        "plan",
+        "wealthAtTarget",
+        "totalTax",
+        "shortfallProbability"
+      ],
+      "type": "object"
+    },
+    "recommended": {
+      "description": "The wealth-maximal plan whose shortfall probability is at or below the applied risk tolerance. Present this plan first.",
+      "properties": {
+        "lockInFraction": {
+          "description": "Fraction (0..1) of the target locked in by an immediate sale, for hybrid candidates. Omitted on pure named plans.",
+          "type": "number"
+        },
+        "plan": {
+          "description": "The full sale schedule for this plan. Nested year/sale entries follow the shapes described here and may carry additional fields.",
+          "properties": {
+            "comparison": {
+              "description": "This schedule vs the naive sell-everything-in-the-target-year alternative.",
+              "properties": {
+                "optimizedSavingsPct": {
+                  "description": "Tax saved as a fraction of the naive plan tax.",
+                  "type": "number"
+                },
+                "optimizedSavingsVsTargetYearSale": {
+                  "description": "Tax saved in dollars by this schedule vs the naive plan.",
+                  "type": "number"
+                },
+                "sellAllInTargetYearAfterTax": {
+                  "description": "After-tax cash in dollars under that naive plan.",
+                  "type": "number"
+                },
+                "sellAllInTargetYearTotalTax": {
+                  "description": "Tax in dollars if all needed shares were sold in the target year.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "sellAllInTargetYearTotalTax",
+                "sellAllInTargetYearAfterTax",
+                "optimizedSavingsVsTargetYearSale",
+                "optimizedSavingsPct"
+              ],
+              "type": "object"
+            },
+            "feasible": {
+              "description": "True when the schedule reaches the after-tax target by the target date.",
+              "type": "boolean"
+            },
+            "remainingNetByStack": {
+              "description": "Per-stack after-tax retained value in dollars, parallel to the input stacks array.",
+              "items": {
+                "type": "number"
+              },
+              "type": "array"
+            },
+            "remainingPositionAfterTax": {
+              "description": "After-tax value in dollars of liquidating all retained shares at the target date (the cash backstop if scheduled sales come in light).",
+              "type": "number"
+            },
+            "remainingPositionValue": {
+              "description": "Market value in dollars of retained shares at the projected target-date price.",
+              "type": "number"
+            },
+            "remainingShares": {
+              "description": "Shares retained after all scheduled sales.",
+              "type": "number"
+            },
+            "schedule": {
+              "description": "Per-year sale schedule. Each entry: year, saleDateISO, sales (array of per-lot entries: stackIndex, ticker, lotIndex, shares, grossProceeds, gainAmount, isLongTerm, federalTax, stateTax, niit, netCash), yearGrossProceeds, yearTotalTax, yearNetCash, runningCumulativeNet.",
+              "items": {
+                "additionalProperties": true,
+                "type": "object"
+              },
+              "type": "array"
+            },
+            "shortfall": {
+              "description": "Present only when the target is not reachable from the available inventory.",
+              "properties": {
+                "gap": {
+                  "description": "Dollars short of the target.",
+                  "type": "number"
+                },
+                "maxAchievableAfterTax": {
+                  "description": "Maximum after-tax cash in dollars achievable by the target date.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "maxAchievableAfterTax",
+                "gap"
+              ],
+              "type": "object"
+            },
+            "targetAfterTax": {
+              "description": "Echo of the requested net cash target in dollars.",
+              "type": "number"
+            },
+            "targetDateISO": {
+              "description": "Echo of the target date as an ISO date string.",
+              "type": "string"
+            },
+            "totalAfterTaxAchieved": {
+              "description": "Net after-tax cash in dollars the schedule produces by the target date (including after-tax cash interest when cashInterestRate is set).",
+              "type": "number"
+            },
+            "totalGrossProceeds": {
+              "description": "Total gross sale proceeds in dollars.",
+              "type": "number"
+            },
+            "totalSharesSold": {
+              "description": "Total shares sold across the schedule.",
+              "type": "number"
+            },
+            "totalTaxes": {
+              "description": "Tax totals across all scheduled sales, in dollars.",
+              "properties": {
+                "federal": {
+                  "description": "Federal capital gains / ordinary tax in dollars.",
+                  "type": "number"
+                },
+                "niit": {
+                  "description": "Net Investment Income Tax (3.8%) in dollars.",
+                  "type": "number"
+                },
+                "state": {
+                  "description": "State tax in dollars.",
+                  "type": "number"
+                },
+                "total": {
+                  "description": "Total tax in dollars.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "federal",
+                "state",
+                "niit",
+                "total"
+              ],
+              "type": "object"
+            }
+          },
+          "required": [
+            "feasible",
+            "targetAfterTax",
+            "targetDateISO",
+            "totalAfterTaxAchieved",
+            "totalSharesSold",
+            "totalGrossProceeds",
+            "totalTaxes",
+            "schedule",
+            "comparison",
+            "remainingShares",
+            "remainingPositionValue",
+            "remainingPositionAfterTax",
+            "remainingNetByStack"
+          ],
+          "type": "object"
+        },
+        "planKey": {
+          "description": "Plan identifier. \"candidate\" entries appear only inside frontier.",
+          "enum": [
+            "recommended",
+            "lock_in_now",
+            "balanced",
+            "hold_for_growth",
+            "candidate"
+          ],
+          "type": "string"
+        },
+        "planLabel": {
+          "description": "Human-readable plan name.",
+          "type": "string"
+        },
+        "shortfallProbability": {
+          "description": "Lognormal probability (0..1) that realized cash lands below the target. 0 means a deterministic hit (sell everything today).",
+          "type": "number"
+        },
+        "totalTax": {
+          "description": "Total tax paid across the plan in dollars.",
+          "type": "number"
+        },
+        "wealthAtTarget": {
+          "description": "Total wealth in dollars at the target date: net cash plus retained shares at the projected price. The metric the recommendation maximizes.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "planKey",
+        "planLabel",
+        "plan",
+        "wealthAtTarget",
+        "totalTax",
+        "shortfallProbability"
+      ],
+      "type": "object"
+    },
+    "targetAfterTax": {
+      "description": "Echo of the requested net cash target in dollars.",
+      "type": "number"
+    },
+    "targetDateISO": {
+      "description": "Echo of the target date as an ISO date string.",
+      "type": "string"
+    }
+  },
+  "required": [
+    "recommended",
+    "lockInNow",
+    "balanced",
+    "holdForGrowth",
+    "frontier",
+    "targetAfterTax",
+    "targetDateISO",
+    "appliedRiskTolerance"
+  ],
+  "type": "object"
+}

Previous value: -"How the strike cost and exercise tax are funded. 'sell-to-cover' sells enough shares to cover strike + tax (reduces sharesRetained). 'cash' pays from outside the position (full sharesRetained but requires the cashNeededAtExercise field)."New value: +"How the strike cost and exercise tax are funded. 'sell-to-cover' sells enough shares to cover strike + tax (reduces sharesRetained). 'cash' pays strike + tax from outside funds (full sharesRetained); no extra input is needed - the result reports the outside cash required as the output field cashNeededAtExercise."

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes the ticker's trailing CAGR for any unsupplied expected-return / sale-price field instead of requiring the caller to invent one. ~90 symbols covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."

Previous value: -nullNew value: +{
+  "description": "NSO exercise sell-vs-hold result. All dollar amounts are USD.",
+  "properties": {
+    "bracketJump": {
+      "description": "Marginal federal bracket change caused by the new ordinary income; null when the income stays within one bracket.",
+      "properties": {
+        "fromRate": {
+          "description": "Marginal federal rate before the event, as a decimal (0.24 = 24%).",
+          "type": "number"
+        },
+        "thresholdAtJump": {
+          "description": "Taxable-income threshold in dollars where the bracket changes.",
+          "type": "number"
+        },
+        "toRate": {
+          "description": "Marginal federal rate after the event, as a decimal.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "fromRate",
+        "toRate",
+        "thresholdAtJump"
+      ],
+      "type": [
+        "object",
+        "null"
+      ]
+    },
+    "exercise": {
+      "description": "Tax bill at exercise on the bargain element (taxed as ordinary W-2 income).",
+      "properties": {
+        "additionalMedicare": {
+          "description": "Additional Medicare (0.9%) tax in dollars.",
+          "type": "number"
+        },
+        "bargainElement": {
+          "description": "shares x (currentPrice - strike) in dollars, taxed as ordinary income at exercise.",
+          "type": "number"
+        },
+        "federal": {
+          "description": "Federal ordinary income tax on the bargain element in dollars.",
+          "type": "number"
+        },
+        "medicare": {
+          "description": "Medicare tax in dollars.",
+          "type": "number"
+        },
+        "netCashSellAll": {
+          "description": "bargainElement - total: net cash in dollars if every share is sold at exercise.",
+          "type": "number"
+        },
+        "socialSecurity": {
+          "description": "Social Security tax in dollars (0 when not employed or already past the wage base).",
+          "type": "number"
+        },
+        "state": {
+          "description": "State income tax on the bargain element in dollars.",
+          "type": "number"
+        },
+        "total": {
+          "description": "Total tax at exercise in dollars.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "bargainElement",
+        "federal",
+        "state",
+        "socialSecurity",
+        "medicare",
+        "additionalMedicare",
+        "total",
+        "netCashSellAll"
+      ],
+      "type": "object"
+    },
+    "hold": {
+      "description": "Exercise now and hold the shares holdYears for long-term capital gains treatment.",
+      "properties": {
+        "afterTaxProceedsAtSale": {
+          "description": "After-tax sale proceeds in dollars at end of holdYears.",
+          "type": "number"
+        },
+        "cashNeededAtExercise": {
+          "description": "Outside cash required at exercise in dollars (strike + tax under cash funding; 0 under sell-to-cover).",
+          "type": "number"
+        },
+        "costBasis": {
+          "description": "Cost basis per share in dollars (the FMV at exercise).",
+          "type": "number"
+        },
+        "effectiveSalePrice": {
+          "description": "Projected sale price per share in dollars at end of holdYears, after the volatility haircut.",
+          "type": "number"
+        },
+        "expectedGain": {
+          "description": "Expected capital gain in dollars on the retained shares at sale.",
+          "type": "number"
+        },
+        "funding": {
+          "description": "How strike cost and exercise tax are funded (echo of holdFunding).",
+          "enum": [
+            "sell-to-cover",
+            "cash"
+          ],
+          "type": "string"
+        },
+        "ltcgFederal": {
+          "description": "Federal long-term capital gains tax (including NIIT) on the gain in dollars.",
+          "type": "number"
+        },
+        "ltcgState": {
+          "description": "State capital gains tax on the gain in dollars.",
+          "type": "number"
+        },
+        "ltcgTotal": {
+          "description": "Total capital gains tax at sale in dollars.",
+          "type": "number"
+        },
+        "netAtYearN": {
+          "description": "Net after-tax value of the hold strategy in dollars at end of holdYears (after subtracting forgone market growth).",
+          "type": "number"
+        },
+        "sharesRetained": {
+          "description": "Shares still held after funding the exercise.",
+          "type": "number"
+        },
+        "sharesSoldToCover": {
+          "description": "Shares sold at exercise to cover strike + tax (sell-to-cover only; 0 in cash mode).",
+          "type": "number"
+        },
+        "strikeCost": {
+          "description": "Total strike cost in dollars: shares x strike.",
+          "type": "number"
+        },
+        "y0OutflowForgoneNet": {
+          "description": "After-tax market growth forgone in dollars by spending cash at exercise: y0OutflowGain - y0OutflowLtcgTotal.",
+          "type": "number"
+        },
+        "y0OutflowGain": {
+          "description": "Opportunity-cost gain in dollars the year-0 cash outflow would have earned at the market rate (cash funding only; 0 for sell-to-cover).",
+          "type": "number"
+        },
+        "y0OutflowLtcgFederal": {
+          "description": "Federal capital gains tax in dollars on the forgone market gain (cash funding only).",
+          "type": "number"
+        },
+        "y0OutflowLtcgState": {
+          "description": "State capital gains tax in dollars on the forgone market gain (cash funding only).",
+          "type": "number"
+        },
+        "y0OutflowLtcgTotal": {
+          "description": "Total capital gains tax in dollars on the forgone market gain (cash funding only).",
+          "type": "number"
+        }
+      },
+      "required": [
+        "funding",
+        "costBasis",
+        "strikeCost",
+        "cashNeededAtExercise",
+        "sharesSoldToCover",
+        "sharesRetained",
+        "effectiveSalePrice",
+        "expectedGain",
+        "ltcgFederal",
+        "ltcgState",
+        "ltcgTotal",
+        "afterTaxProceedsAtSale",
+        "y0OutflowGain",
+        "y0OutflowLtcgFederal",
+        "y0OutflowLtcgState",
+        "y0OutflowLtcgTotal",
+        "y0OutflowForgoneNet",
+        "netAtYearN"
+      ],
+      "type": "object"
+    },
+    "holdMinusCashless": {
+      "description": "hold.netAtYearN - sellNowInvest.netAtYearN in dollars. Positive favors holding the shares; negative favors selling at exercise and reinvesting.",
+      "type": "number"
+    },
+    "sellNowInvest": {
+      "description": "Counterfactual: sell every share at exercise and reinvest the net cash at expectedMarketReturn for holdYears.",
+      "properties": {
+        "ltcgFederal": {
+          "description": "Federal capital gains tax (including NIIT) in dollars on the market gain at the horizon.",
+          "type": "number"
+        },
+        "ltcgState": {
+          "description": "State capital gains tax in dollars on the market gain.",
+          "type": "number"
+        },
+        "ltcgTotal": {
+          "description": "Total capital gains tax in dollars on the market gain.",
+          "type": "number"
+        },
+        "marketGain": {
+          "description": "Market growth in dollars on the reinvested cash over holdYears.",
+          "type": "number"
+        },
+        "netAtYearN": {
+          "description": "Net after-tax value of sell-now-and-invest in dollars at end of holdYears.",
+          "type": "number"
+        },
+        "netCashAtY0": {
+          "description": "Net cash in dollars after exercise tax, available to reinvest.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "netCashAtY0",
+        "marketGain",
+        "ltcgFederal",
+        "ltcgState",
+        "ltcgTotal",
+        "netAtYearN"
+      ],
+      "type": "object"
+    }
+  },
+  "required": [
+    "exercise",
+    "bracketJump",
+    "hold",
+    "sellNowInvest",
+    "holdMinusCashless"
+  ],
+  "type": "object"
+}

Added value: +{
+  "description": "Optional public-stock symbol (e.g. \"NVDA\"). When set without an explicit `volatility`, the tool substitutes the ticker's cached implied vol. Unknown tickers fall through to the sector default. Echoed to `tickerLabel` in the response.",
+  "type": "string"
+}

Previous value: -"Annualized implied volatility (sigma) of the stock. Defaults to a sector-typical IV when omitted. The model SHOULD NOT invent this. Either pass an explicit value the user gave you, or omit it and let the sector default apply."New value: +"Annualized implied volatility (sigma) of the stock. Resolution order: (1) explicit `volatility` if passed; (2) cached implied vol if `ticker` is covered; (3) sector-typical IV as last fallback. The model SHOULD NOT invent this. Either pass an explicit value the user gave you, set a covered `ticker`, or omit and let the sector default apply."

Previous value: -nullNew value: +{
+  "description": "Protective put and zero-cost collar pricing. All dollar amounts are USD.",
+  "properties": {
+    "barePut": {
+      "description": "Bare protective put: pay premium for a hard floor.",
+      "properties": {
+        "annualCost": {
+          "description": "Premium annualized, in dollars per year.",
+          "type": "number"
+        },
+        "annualCostPct": {
+          "description": "Annualized premium as a fraction of position value.",
+          "type": "number"
+        },
+        "badYearDropPct": {
+          "description": "Bad-year drawdown as a fraction of position value (always >= 0).",
+          "type": "number"
+        },
+        "badYearPrice": {
+          "description": "Position value in dollars at the 10th-percentile (1-in-10 bad year) outcome under real-world drift.",
+          "type": "number"
+        },
+        "coveredLossAtBadYear": {
+          "description": "Dollars the put pays at the bad-year price; 0 when the bad-year drop never reaches the protection floor.",
+          "type": "number"
+        },
+        "expectedProfit": {
+          "description": "Expected position profit in dollars over the tenor under real-world drift.",
+          "type": "number"
+        },
+        "maxLoss": {
+          "description": "Worst-case loss in dollars with the put in place: position - strike + premium.",
+          "type": "number"
+        },
+        "premium": {
+          "description": "Put premium in dollars for the full tenor.",
+          "type": "number"
+        },
+        "premiumToCoveredRatio": {
+          "description": "Premium per dollar of bad-year coverage. null (serialized from Infinity) when the put covers nothing at the bad-year price; above ~0.40 the floor is set too deep.",
+          "type": [
+            "number",
+            "null"
+          ]
+        },
+        "premiumToExpectedProfitRatio": {
+          "description": "Fraction of typical-period expected profit consumed by the premium. null (serialized from Infinity) when expected profit is zero or negative; above ~0.50 the hedge eats most of the upside.",
+          "type": [
+            "number",
+            "null"
+          ]
+        },
+        "strike": {
+          "description": "Put strike in dollars: (1 - protectionLevel) x position value.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "strike",
+        "premium",
+        "annualCost",
+        "annualCostPct",
+        "maxLoss",
+        "badYearPrice",
+        "badYearDropPct",
+        "coveredLossAtBadYear",
+        "premiumToCoveredRatio",
+        "expectedProfit",
+        "premiumToExpectedProfitRatio"
+      ],
+      "type": "object"
+    },
+    "collar": {
+      "description": "Put financed by a short call: lower or zero net premium in exchange for capped upside.",
+      "properties": {
+        "annualCost": {
+          "description": "Net premium annualized, in dollars per year.",
+          "type": "number"
+        },
+        "annualCostPct": {
+          "description": "Annualized net premium as a fraction of position value.",
+          "type": "number"
+        },
+        "callStrike": {
+          "description": "Short call strike in dollars (the upside cap level).",
+          "type": "number"
+        },
+        "capProbability": {
+          "description": "Real-world probability (0..1) the stock finishes above the call strike at expiration, i.e. the upside cap binds.",
+          "type": "number"
+        },
+        "isZeroCost": {
+          "description": "True when the solved call strike makes the collar effectively zero net premium.",
+          "type": "boolean"
+        },
+        "maxLoss": {
+          "description": "Worst-case loss in dollars with the collar in place.",
+          "type": "number"
+        },
+        "netPremium": {
+          "description": "Net premium in dollars: put premium - call premium, floored at 0.",
+          "type": "number"
+        },
+        "putStrike": {
+          "description": "Long put strike in dollars (same floor as the bare put).",
+          "type": "number"
+        },
+        "upsideCap": {
+          "description": "Maximum upside in dollars before the short call caps gains: callStrike - position value.",
+          "type": "number"
+        },
+        "upsideCapPct": {
+          "description": "Maximum upside as a fraction of position value.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "putStrike",
+        "callStrike",
+        "netPremium",
+        "annualCost",
+        "annualCostPct",
+        "maxLoss",
+        "upsideCap",
+        "upsideCapPct",
+        "isZeroCost",
+        "capProbability"
+      ],
+      "type": "object"
+    },
+    "inputs": {
+      "description": "Echo of the resolved inputs actually priced: positionValue, sector, volatility (the sigma used after ticker/sector resolution), protectionLevel, tenorYears, plus expectedReturn and tickerLabel when supplied.",
+      "properties": {
+        "expectedReturn": {
+          "description": "Caller-supplied annual expected return used for probability metrics. Omitted when not supplied.",
+          "type": "number"
+        },
+        "positionValue": {
+          "description": "Position value priced, in dollars.",
+          "type": "number"
+        },
+        "protectionLevel": {
+          "description": "Protection level as a fraction below spot (0.10 = 10% OTM put).",
+          "type": "number"
+        },
+        "sector": {
+          "description": "Sector tag used for defaults.",
+          "type": "string"
+        },
+        "tenorYears": {
+          "description": "Option tenor in years.",
+          "type": "number"
+        },
+        "tickerLabel": {
+          "description": "Display label echoed from the request (ticker or tickerLabel). Omitted when not supplied.",
+          "type": "string"
+        },
+        "volatility": {
+          "description": "Annualized sigma actually used in pricing, as a decimal.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "positionValue",
+        "sector",
+        "volatility",
+        "protectionLevel",
+        "tenorYears"
+      ],
+      "type": "object"
+    },
+    "payoffRange": {
+      "description": "Price-move range covered by payoffTable, extended at least 15% beyond each collar arm and at least +/-50%.",
+      "properties": {
+        "lowerPct": {
+          "description": "Lower bound of the modeled price move, as a fraction of spot (negative).",
+          "type": "number"
+        },
+        "upperPct": {
+          "description": "Upper bound of the modeled price move, as a fraction of spot.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "lowerPct",
+        "upperPct"
+      ],
+      "type": "object"
+    },
+    "payoffTable": {
+      "description": "Terminal P&L in dollars at each 10%-step drawdown across payoffRange, for the bare put, the collar, and the unhedged position.",
+      "items": {
+        "properties": {
+          "barePutPnl": {
+            "description": "Position + put P&L in dollars at this move.",
+            "type": "number"
+          },
+          "collarPnl": {
+            "description": "Position + collar P&L in dollars at this move.",
+            "type": "number"
+          },
+          "drawdownPct": {
+            "description": "Price move as a fraction of spot (-0.30 = down 30%, 0.2 = up 20%).",
+            "type": "number"
+          },
+          "unhedgedPnl": {
+            "description": "Unhedged position P&L in dollars at this move.",
+            "type": "number"
+          }
+        },
+        "required": [
+          "drawdownPct",
+          "barePutPnl",
+          "collarPnl",
+          "unhedgedPnl"
+        ],
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "realWorldDrift": {
+      "description": "Annual real-world drift used for the probability metrics: expectedReturn when supplied, else the sector long-run return. Does not affect premium math.",
+      "type": "number"
+    },
+    "recommended": {
+      "description": "Suggested structure: collar unless its cap binds too often (>20% probability); protective-put when the put is reasonably priced; none when neither is clean.",
+      "enum": [
+        "collar",
+        "protective-put",
+        "none"
+      ],
+      "type": "string"
+    },
+    "riskFreeRate": {
+      "description": "Annualized risk-free rate used in Black-Scholes, looked up for the tenor, as a decimal.",
+      "type": "number"
+    }
+  },
+  "required": [
+    "inputs",
+    "riskFreeRate",
+    "realWorldDrift",
+    "barePut",
+    "collar",
+    "payoffTable",
+    "payoffRange",
+    "recommended"
+  ],
+  "type": "object"
+}

Previous value: -nullNew value: +{
+  "description": "Section 1202 QSBS qualification result. All dollar amounts are USD.",
+  "properties": {
+    "applicableCap": {
+      "description": "max(perIssuerCap, tenXBasisCap): the exclusion cap actually applied, in dollars.",
+      "type": "number"
+    },
+    "era": {
+      "description": "Acquisition-era classification that sets the exclusion schedule (50% pre-2009, 75% 2009-2010, 100% at 5y pre-OBBBA, tiered 50/75/100% at 3/4/5y under OBBBA).",
+      "enum": [
+        "pre-2009",
+        "pre-2010",
+        "pre-obbba",
+        "obbba"
+      ],
+      "type": "string"
+    },
+    "excludableGain": {
+      "description": "Portion of expectedGain excludable from federal tax in dollars.",
+      "type": "number"
+    },
+    "exclusionPercent": {
+      "description": "Fraction of the capped gain excludable from federal tax, per the era and holding-period tier.",
+      "enum": [
+        0,
+        0.5,
+        0.75,
+        1
+      ],
+      "type": "number"
+    },
+    "federalTaxSaved": {
+      "description": "Federal LTCG tax (including NIIT) avoided on the excluded gain, in dollars.",
+      "type": "number"
+    },
+    "holdingYears": {
+      "description": "Calendar-aware years between acquisitionDate and saleDate.",
+      "type": "number"
+    },
+    "perIssuerCap": {
+      "description": "The $10M statutory per-issuer cap in dollars.",
+      "type": "number"
+    },
+    "stateConforms": {
+      "description": "Whether the user state conforms to the federal 1202 exclusion.",
+      "enum": [
+        "full",
+        "partial",
+        "none"
+      ],
+      "type": "string"
+    },
+    "stateNote": {
+      "description": "Per-state conformity explanation. May be omitted.",
+      "type": "string"
+    },
+    "taxableGain": {
+      "description": "Portion of expectedGain still federally taxable in dollars (overage above the cap plus any non-excluded fraction).",
+      "type": "number"
+    },
+    "tenXBasisCap": {
+      "description": "10 x adjustedBasis cap in dollars.",
+      "type": "number"
+    },
+    "tests": {
+      "description": "The eight statutory tests with per-test status, so an agent can show exactly which gate failed.",
+      "items": {
+        "properties": {
+          "detail": {
+            "description": "One-line explanation of the test outcome.",
+            "type": "string"
+          },
+          "id": {
+            "description": "Stable test identifier.",
+            "type": "string"
+          },
+          "label": {
+            "description": "Human-readable test name.",
+            "type": "string"
+          },
+          "status": {
+            "description": "\"wait\" means the test will pass with more holding time.",
+            "enum": [
+              "pass",
+              "fail",
+              "unsure",
+              "wait"
+            ],
+            "type": "string"
+          }
+        },
+        "required": [
+          "id",
+          "label",
+          "status",
+          "detail"
+        ],
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "verdict": {
+      "description": "Overall verdict. \"partial\"/\"caveats\" mean some tests came back unsure; \"too-soon\" means the holding period has not reached an exclusion tier yet.",
+      "enum": [
+        "qualifies",
+        "partial",
+        "too-soon",
+        "caveats",
+        "disqualified"
+      ],
+      "type": "string"
+    },
+    "yearsUntilFullExclusion": {
+      "description": "Additional years to hold before reaching the 100% exclusion tier; 0 when already reached.",
+      "type": "number"
+    }
+  },
+  "required": [
+    "verdict",
+    "exclusionPercent",
+    "perIssuerCap",
+    "tenXBasisCap",
+    "applicableCap",
+    "excludableGain",
+    "taxableGain",
+    "federalTaxSaved",
+    "stateConforms",
+    "holdingYears",
+    "yearsUntilFullExclusion",
+    "era",
+    "tests"
+  ],
+  "type": "object"
+}

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes the ticker's trailing CAGR for any unsupplied expected-return / sale-price field instead of requiring the caller to invent one. ~90 symbols covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."

Previous value: -nullNew value: +{
+  "description": "RSU sell-at-vest vs hold result. All dollar amounts are USD.",
+  "properties": {
+    "bracketJump": {
+      "description": "Marginal federal bracket change caused by the new ordinary income; null when the income stays within one bracket.",
+      "properties": {
+        "fromRate": {
+          "description": "Marginal federal rate before the event, as a decimal (0.24 = 24%).",
+          "type": "number"
+        },
+        "thresholdAtJump": {
+          "description": "Taxable-income threshold in dollars where the bracket changes.",
+          "type": "number"
+        },
+        "toRate": {
+          "description": "Marginal federal rate after the event, as a decimal.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "fromRate",
+        "toRate",
+        "thresholdAtJump"
+      ],
+      "type": [
+        "object",
+        "null"
+      ]
+    },
+    "hold": {
+      "description": "Keep the after-tax shares for holdYears, then sell.",
+      "properties": {
+        "capGainFederal": {
+          "description": "Federal capital gains tax in dollars on the gain: LTCG (including NIIT) when isLongTerm, else the marginal ordinary rate.",
+          "type": "number"
+        },
+        "capGainState": {
+          "description": "State capital gains tax in dollars on the gain.",
+          "type": "number"
+        },
+        "capGainTotal": {
+          "description": "Total capital gains tax in dollars at sale.",
+          "type": "number"
+        },
+        "costBasis": {
+          "description": "Cost basis per share in dollars (FMV at vest).",
+          "type": "number"
+        },
+        "effectiveSalePrice": {
+          "description": "Projected sale price per share in dollars at end of holdYears, after the volatility haircut.",
+          "type": "number"
+        },
+        "expectedGain": {
+          "description": "Expected capital gain in dollars on the retained shares: (effectiveSalePrice - costBasis) x sharesRetained.",
+          "type": "number"
+        },
+        "isLongTerm": {
+          "description": "True when holdYears >= 1, so appreciation gets long-term capital gains treatment.",
+          "type": "boolean"
+        },
+        "netAtYearN": {
+          "description": "Net after-tax value of holding in dollars at end of holdYears: sale proceeds - capGainTotal.",
+          "type": "number"
+        },
+        "sharesRetained": {
+          "description": "Shares kept after the sell-to-cover dollar-equivalent of the vest tax.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "costBasis",
+        "effectiveSalePrice",
+        "sharesRetained",
+        "expectedGain",
+        "capGainFederal",
+        "capGainState",
+        "capGainTotal",
+        "isLongTerm",
+        "netAtYearN"
+      ],
+      "type": "object"
+    },
+    "holdMinusSell": {
+      "description": "hold.netAtYearN - sellNowInvest.netAtYearN in dollars. Positive favors holding the vested shares; negative favors selling at vest and reinvesting.",
+      "type": "number"
+    },
+    "sellNowInvest": {
+      "description": "Counterfactual: sell every share at vest and reinvest the net cash at expectedMarketReturn for holdYears.",
+      "properties": {
+        "capGainFederal": {
+          "description": "Federal capital gains tax in dollars on the market gain: LTCG (including NIIT) when isLongTerm, else the marginal ordinary rate.",
+          "type": "number"
+        },
+        "capGainState": {
+          "description": "State capital gains tax in dollars on the market gain.",
+          "type": "number"
+        },
+        "capGainTotal": {
+          "description": "Total capital gains tax in dollars on the market gain.",
+          "type": "number"
+        },
+        "isLongTerm": {
+          "description": "True when holdYears >= 1.",
+          "type": "boolean"
+        },
+        "marketGain": {
+          "description": "Market growth in dollars on the reinvested cash over holdYears.",
+          "type": "number"
+        },
+        "netAtYearN": {
+          "description": "Net after-tax value of sell-at-vest-and-invest in dollars at end of holdYears.",
+          "type": "number"
+        },
+        "netCashAtY0": {
+          "description": "Net cash in dollars at vest available to reinvest (equals vest.netCashAtVest).",
+          "type": "number"
+        }
+      },
+      "required": [
+        "netCashAtY0",
+        "marketGain",
+        "capGainFederal",
+        "capGainState",
+        "capGainTotal",
+        "isLongTerm",
+        "netAtYearN"
+      ],
+      "type": "object"
+    },
+    "vest": {
+      "description": "Tax bill at vest on the full vest value (taxed as ordinary W-2 income).",
+      "properties": {
+        "additionalMedicare": {
+          "description": "Additional Medicare (0.9%) tax in dollars.",
+          "type": "number"
+        },
+        "federal": {
+          "description": "True federal ordinary income tax on the vest value in dollars (marginal bracket, not the withholding).",
+          "type": "number"
+        },
+        "federalWithheldAtVest": {
+          "description": "Mandatory federal supplemental withholding in dollars (22% on the first $1M of supplemental wages, 37% above). When less than vest.federal, the difference is owed at tax time.",
+          "type": "number"
+        },
+        "medicare": {
+          "description": "Medicare tax in dollars.",
+          "type": "number"
+        },
+        "netCashAtVest": {
+          "description": "vestValue - total: net cash in dollars if every share is sold at vest.",
+          "type": "number"
+        },
+        "socialSecurity": {
+          "description": "Social Security tax in dollars (0 when not employed or already past the wage base).",
+          "type": "number"
+        },
+        "state": {
+          "description": "State income tax on the vest value in dollars.",
+          "type": "number"
+        },
+        "total": {
+          "description": "Total tax at vest in dollars.",
+          "type": "number"
+        },
+        "vestValue": {
+          "description": "shares x currentPrice in dollars, taxed as ordinary income at vest.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "vestValue",
+        "federal",
+        "state",
+        "socialSecurity",
+        "medicare",
+        "additionalMedicare",
+        "total",
+        "netCashAtVest",
+        "federalWithheldAtVest"
+      ],
+      "type": "object"
+    }
+  },
+  "required": [
+    "vest",
+    "bracketJump",
+    "hold",
+    "sellNowInvest",
+    "holdMinusSell"
+  ],
+  "type": "object"
+}

Previous value: -"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Ask the user (e.g. \"what after-tax yield should I use for idle cash, e.g. ~5% for short-term Treasury?\"). At 0 the math collapses to a nominal sum."New value: +"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Required. The model MUST NOT invent this value; ask the user (e.g. \"what after-tax yield should I use for idle cash, e.g. ~5% for short-term Treasury?\"). At 0 the math collapses to a nominal sum."

Previous value: -"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Required. The model MUST NOT invent this value; ask the user (e.g. \"what after-tax yield should I use for idle cash, e.g. ~5% for short-term Treasury?\"). At 0 the math collapses to a nominal sum."New value: +"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Ask the user (e.g. \"what after-tax yield should I use for idle cash, e.g. ~5% for short-term Treasury?\"). At 0 the math collapses to a nominal sum."

Previous value: -"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). At 0 the math collapses to a nominal sum."New value: +"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). Required. The model MUST NOT invent this value; ask the user (e.g. \"what after-tax yield should I use for idle cash, e.g. ~5% for short-term Treasury?\"). At 0 the math collapses to a nominal sum."

Added value: +{
+  "description": "Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them.",
+  "minimum": 0,
+  "type": "number"
+}

Removed value: -{
-  "description": "Multiplicative haircut on the terminal-FMV growth path (0..0.99), capturing the half-variance correction in compounded returns. 0 = no drag, 0.20 = 20% haircut at horizon.",
-  "maximum": 0.99,
-  "minimum": 0,
-  "type": "number"
-}

Previous value: -[
-  "shares",
-  "strike",
-  "fmv",
-  "volatilityDrag",
-  "filingStatus",
-  "ordinaryIncome",
-  "stateCode",
-  "carryforwardCredit",
-  "horizon",
-  "cashReturnRate",
-  "grantDate",
-  "hasLeftCompany",
-  "terminationDate"
-]New value: +[
+  "shares",
+  "strike",
+  "fmv",
+  "filingStatus",
+  "ordinaryIncome",
+  "stateCode",
+  "carryforwardCredit",
+  "horizon",
+  "cashReturnRate",
+  "grantDate",
+  "hasLeftCompany",
+  "terminationDate"
+]

Previous value: -"Annualized implied volatility (sigma) of the stock. Optional. When omitted, falls back to sector_stats.annualVol × 1.20 (the IV-over-RV multiplier)."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them; only when neither is supplied does hedge pricing fall back to sector_stats.annualVol × 1.20."

Removed value: -{
-  "description": "Multiplicative haircut on the expected stock-price path at the 3-year analysis horizon (0..0.99), capturing the half-variance correction in compounded returns.",
-  "maximum": 0.99,
-  "minimum": 0,
-  "type": "number"
-}

Previous value: -[
-  "positionValue",
-  "costBasis",
-  "acquisitionDate",
-  "sector",
-  "stateCode",
-  "filingStatus",
-  "ordinaryIncome",
-  "totalAssets",
-  "volatilityDrag"
-]New value: +[
+  "positionValue",
+  "costBasis",
+  "acquisitionDate",
+  "sector",
+  "stateCode",
+  "filingStatus",
+  "ordinaryIncome",
+  "totalAssets"
+]

Removed value: -{
-  "description": "Multiplicative haircut on expectedSalePrice (0..1) capturing volatility drag at the hold horizon. 0.20 = 20% haircut.",
-  "maximum": 1,
-  "minimum": 0,
-  "type": "number"
-}

Added value: +{
+  "description": "Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them.",
+  "minimum": 0,
+  "type": "number"
+}

Previous value: -[
-  "shares",
-  "strike",
-  "currentPrice",
-  "ordinaryIncome",
-  "filingStatus",
-  "stateCode",
-  "stillEmployed",
-  "holdYears",
-  "haircut",
-  "holdFunding"
-]New value: +[
+  "shares",
+  "strike",
+  "currentPrice",
+  "ordinaryIncome",
+  "filingStatus",
+  "stateCode",
+  "stillEmployed",
+  "holdYears",
+  "holdFunding"
+]

Removed value: -{
-  "description": "Multiplicative haircut on expectedSalePrice (0..1) capturing volatility drag at the hold horizon.",
-  "maximum": 1,
-  "minimum": 0,
-  "type": "number"
-}

Added value: +{
+  "description": "Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them.",
+  "minimum": 0,
+  "type": "number"
+}

Previous value: -[
-  "shares",
-  "currentPrice",
-  "ordinaryIncome",
-  "filingStatus",
-  "stateCode",
-  "stillEmployed",
-  "holdYears",
-  "haircut"
-]New value: +[
+  "shares",
+  "currentPrice",
+  "ordinaryIncome",
+  "filingStatus",
+  "stateCode",
+  "stillEmployed",
+  "holdYears"
+]

Added value: +"Existing federal AMT credit (Minimum Tax Credit, Form 8801) carryforward from prior tax years, USD. Recoverable in future years where regular federal tax exceeds tentative minimum tax."

Added value: +"Annual after-tax return on idle cash (decimal), used to time-value the cash-tax stream. 0.05 = 5% (~short-Treasury yield). At 0 the math collapses to a nominal sum."

Added value: +"Federal filing status. Drives the ordinary-bracket walk, the AMT exemption tier ($90,100 single / $140,200 MFJ for 2026), and the AMT exemption phaseout start ($500,000 single / $1,000,000 MFJ)."

Added value: +"Current fair market value per share, USD. Anchors year-1 of the growth path; future years compound from here using expectedGrowth and volatilityDrag."

Added value: +"ISO grant date (YYYY-MM-DD). Drives the 10-year statutory grant expiration (IRC §422) and the 2-year qualifying-disposition threshold from grant."

Added value: +"True if the user has separated from the company. Activates the 90-day post-termination ISO exercise window measured from terminationDate."

Added value: +"Planning horizon in years (1..10). The optimizer searches all feasible per-year share allocations across this many years."

Added value: +"Annual W-2 ordinary income before this exercise, USD. Baseline for the bracket walk and the AMT exemption phaseout."

Added value: +"Total Incentive Stock Option (ISO) shares available to exercise across the planning horizon."

Added value: +"Two-letter US state code (e.g. CA, NY, TX). Drives state ordinary brackets, state long-term capital gains (LTCG) treatment, and state AMT (CA, CO, CT, MN)."

Added value: +"Strike price per share, USD."

Added value: +"Separation date (YYYY-MM-DD) when hasLeftCompany=true; null when still employed. Together with hasLeftCompany, drives the 90-day exercise window deadline."

Added value: +"Multiplicative haircut on the terminal-FMV growth path (0..0.99), capturing the half-variance correction in compounded returns. 0 = no drag, 0.20 = 20% haircut at horizon."

Added value: +"Earliest acquisition date in the lot (YYYY-MM-DD). Drives the 1-year LTCG threshold and the long-term-vs-short-term tax routing."

Added value: +"Total cost basis of the position, USD (sum of strikes paid + ordinary-income inclusions on RSU vest / NSO exercise / disqualified ISO)."

Added value: +"Federal filing status. Drives LTCG brackets and the NIIT MAGI threshold."

Added value: +"Optional hedge specification. When provided, adds a hedged scenario to the sell-down-vs-hold comparison and computes the post-tax NFV of the hedged hold. Omit to compare only sell-down vs. hold."

Added value: +"Hedge instrument: 'put' (bare protective put — pay premium for downside protection) or 'collar' (put financed by a short call — caps upside in exchange for lower or zero net premium)."

Added value: +"Put strike chosen as (1 − this fraction) × spot. 0.10 = 10% OTM put. Range 0.05..0.50."

Added value: +"Option tenor in years. 1 = 12-month; 0.25 = ~90-day."

Added value: +"For collars only: optional explicit upside cap as fraction above spot (e.g. 0.20 = 20% cap). Omit to let the tool solve for the cap that makes the collar zero-net-premium."

Added value: +"Annual W-2 ordinary income before any sales, USD. Baseline for LTCG bracket determination."

Added value: +"Current market value of the concentrated single-stock position, USD."

Added value: +"Sector tag. Drives the default volatility used in the hedge-cost computation when no explicit volatility is provided. See lib/markets/sector-stats.ts for the per-sector annualVol table; this tool applies IV_OVER_RV_MULTIPLIER (1.20) to the realized vol to approximate implied vol."

Added value: +"Two-letter US state code. Drives state LTCG and ordinary brackets."

Added value: +"Annualized implied volatility (sigma) of the stock. Optional. When omitted, falls back to sector_stats.annualVol × 1.20 (the IV-over-RV multiplier)."

Added value: +"Multiplicative haircut on the expected stock-price path at the 3-year analysis horizon (0..0.99), capturing the half-variance correction in compounded returns."

Added value: +"Current fair market value per share, USD. The bargain element at exercise is shares × (currentPrice − strike)."

Added value: +"Federal filing status. Drives ordinary brackets and LTCG brackets used at the hold horizon."

Added value: +"Multiplicative haircut on expectedSalePrice (0..1) capturing volatility drag at the hold horizon. 0.20 = 20% haircut."

Added value: +"How the strike cost and exercise tax are funded. 'sell-to-cover' sells enough shares to cover strike + tax (reduces sharesRetained). 'cash' pays from outside the position (full sharesRetained but requires the cashNeededAtExercise field)."

Added value: +"Years to hold after exercise (minimum 1). At ≥1 year, the appreciation since exercise is LTCG; sub-1-year holds are out of scope."

Added value: +"Annual W-2 ordinary income before this exercise, USD. Baseline for the bracket walk on the bargain element."

Added value: +"Non-qualified Stock Option (NSO) shares to exercise."

Added value: +"Two-letter US state code. Drives state ordinary and LTCG treatment."

Added value: +"True if still employed at exercise. FICA (Social Security + Medicare + Additional Medicare) applies only when true."

Added value: +"Strike price per share, USD."

Added value: +"Annual expected stock return (decimal). Drives risk-neutral drift in the cap-hit / floor-hit probability metrics. Does not affect premium math. Default 0."

Added value: +"Market value of the underlying single-stock position, USD. Premium and max-loss scale linearly with this."

Added value: +"Put strike as (1 − this fraction) × spot. 0.10 = 10% OTM put. Range 0.05..0.50."

Added value: +"Sector tag. Drives the default volatility when no explicit `volatility` is supplied. Lookup table is in lib/markets/sector-stats.ts."

Added value: +"Option tenor in years. 1 = 12-month; 0.25 = ~90-day."

Added value: +"Optional display string echoed back in the result. Not used in pricing."

Added value: +"Date the QSBS shares were acquired (YYYY-MM-DD). Drives the holding-period test and the era classification (50% pre-2009, 75% 2009-2010, 100% 2010-2025-07-04, OBBBA tiered after 2025-07-05)."

Added value: +"§1202 Test 2: How the user obtained the shares. 'original-issuance' (direct from the company) qualifies. 'gift-or-inheritance' tacks the original holder's basis and clock. 'secondary' (bought on a secondary market) does NOT qualify. 'unsure' triggers a partial verdict."

Added value: +"§1202 Test 5: Did the corporation use ≥80% of its assets in the active conduct of a qualified trade throughout the holding period? 'yes' qualifies. 'no' fails. 'unsure' returns a partial verdict (user should confirm with their CFO)."

Added value: +"Adjusted basis of the QSBS shares, USD. Used in the 10× basis cap: the per-issuer exclusion cap is max($10M, 10 × adjustedBasis)."

Added value: +"§1202 Test 3: Aggregate gross assets of the issuing corporation at the time of issuance. 'under-50m' qualifies pre-OBBBA. '50m-to-75m' qualifies ONLY under OBBBA 2026+ (post-2025-07-05). 'over-75m' never qualifies. 'unsure' returns a partial verdict."

Added value: +"§1202 Test 1: Type of issuer at the time of acquisition. Only 'us-c-corp' qualifies. S-corps, LLCs, partnerships, and foreign entities fail."

Added value: +"Expected total gain on sale, USD. Compared against the per-issuer exclusion cap to compute excludableGain and taxableGain."

Added value: +"Federal filing status. Drives the LTCG bracket on any non-excluded gain and the NIIT MAGI threshold."

Added value: +"§1202 Test 4: Industry classification of the corporation. Qualified-trade-or-business industries qualify (tech-software, manufacturing, biotech-research, retail-wholesale, hospitality, etc.). Specified service trades or businesses (law, engineering, architecture, accounting-actuarial, consulting, finance, farming, extraction, health-services, performing-arts) generally do NOT qualify."

Added value: +"Annual W-2 ordinary income, USD. Baseline for the federal LTCG bracket on any taxable gain."

Added value: +"Planned or actual sale date (YYYY-MM-DD). Together with acquisitionDate determines holdingYears."

Added value: +"Two-letter US state code. Drives the state-conformity verdict: CA/AL/PA/MS do not conform (full state tax owed); HI/MA partial; NJ 2026-01-01 conformity switch; most others fully conform."

Added value: +"Fair market value per share at vest, USD. Also the cost basis on retained shares."

Added value: +"Federal filing status."

Added value: +"Multiplicative haircut on expectedSalePrice (0..1) capturing volatility drag at the hold horizon."

Added value: +"Years to hold after vest (0.25..5). Below 1 year triggers the short-term capital gains cliff (ordinary rates on appreciation)."

Added value: +"Annual W-2 ordinary income before this vest, USD. Baseline for the bracket walk on the vest amount."

Added value: +"Restricted Stock Unit (RSU) shares vesting in this tranche."

Added value: +"Two-letter US state code."

Added value: +"True if still employed at vest. Drives FICA applicability and whether the 22% supplemental withholding rule applies."