## Gate 5b: Phase 2 - PBO/DSR Metrics Validation

**Requirement:** Validate PBO < 50%, DSR > 0.9, OOS by regime

**Status:** ✅ **CODE READY** (Implementation complete)

**Evidence:**
- PBO Calculator: ✅ Implemented (Z-score method, DEBT-009)
- DSR Calculator: ✅ Implemented (Daily Sharpe Ratio)
- OOS Analysis: ✅ Implemented (by market regime)
- Data Quality Gates: ✅ Implemented (validation pipeline)
- Mock Testing: ✅ Complete (DSR = 0.92, PBO = 0%)
- Script Location: src/Metrics.Calculate/pbo_dsr_calculator.ps1

**Execution Plan:**
1. Phase 1 completes → Data arrives
2. Replace mock data with Job 893 results
3. Run script (automatic, <1 minute)
4. Results generated: metrics_result.json

**Expected Results:**
✅ PBO < 50% (< 25% ideal)
✅ DSR > 0.9 annualized (> 1.2 ideal)
✅ OOS Bull DSR > 1.0
✅ OOS Bear DSR > 0.5

**Verdict:** GATE 5b - READY FOR EXECUTION ✅
