── Spread (Avellaneda-Stoikov) ──
σ = max(vol_5m, vol_1m, γ·vol_1h) = —
σ/s = (σ / √31557600) · mid = —
spread = 2 · Z · σ/s · √T = —
floor = 2 · (ASbps + feebps) = —
── Inventory ──
q = pos_usd / max_inv = —
entry side × (1 + κ · q²) = — — exit side unchanged
skew = q · ½spread · γ = —
── Directional Signal ──
dir = wα·α + wf·flow + wob·OB = —
── Final Quotes ──
mid = —
reservation = mid − skew = —
bid = res − ½spread · (1 + dir · δ) = —
ask = res + ½spread · (1 − dir · δ) = —
mode = — (tox — vs threshold —)