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The Talon, Kestrel's exit rule
Arms past costs. Locks as it climbs.
The Talon is the exit every Kestrel trade uses on paper: it arms only once costs are covered, locks as the price climbs, and its rule is published.
In detail
The Talon, Kestrel's exit rule, step by step.
When it arms
Only once the price has covered the whole round trip: both fees, slippage and funding. Before that the call's own stop protects the trade, because locking in a "gain" that does not cover costs locks in a loss.
How it locks
Once armed, a rung at each step of the published rule, plus money locks as the position's gain grows. Each lock leaves room for that coin's normal noise, and it never loosens.
How it closes
When the price falls back through the last lock by more than that room, or hits the stop. The record then shows what was left after every cost, a win or a loss, in the same ink. Try it in the simulator.
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