diff --git a/services/trade-monitor/monitor.py b/services/trade-monitor/monitor.py
new file mode 100644
index 0000000..d34e9db
--- /dev/null
+++ b/services/trade-monitor/monitor.py
@@ -0,0 +1,113 @@
+"""오케스트레이션 — monitor-set 조회 → 조건 평가 → report + heartbeat state."""
+from __future__ import annotations
+
+import asyncio
+import logging
+from datetime import datetime
+from zoneinfo import ZoneInfo
+
+from conditions import evaluate_buy, evaluate_sell
+
+logger = logging.getLogger(__name__)
+KST = ZoneInfo("Asia/Seoul")
+
+
+class MonitorState:
+    """monitor_loop가 갱신, heartbeat state_fn이 읽는 공유 상태."""
+    def __init__(self):
+        self.session_state = "idle"          # market_open | market_closed | idle
+        self.last_alert_at: str | None = None
+
+
+def filter_krx(targets: list[dict]) -> list[dict]:
+    """6자리 숫자 티커(KRX)만. 알파벳 티커 skip."""
+    out = []
+    for t in targets:
+        tk = str(t.get("ticker", ""))
+        if tk.isdigit() and len(tk) == 6:
+            out.append(t)
+    return out
+
+
+async def _build_ctx(kis, target: dict, settings) -> dict:
+    ticker = target["ticker"]
+    quote = await kis.get_quote(ticker)
+    daily = await kis.get_daily_ohlcv(ticker, 250)
+    return {
+        "ticker": ticker, "name": target.get("name", ""),
+        "price": quote["price"], "day_open": quote["day_open"],
+        "today_volume": quote["today_volume"],
+        "closes": [b["close"] for b in daily],
+        "highs": [b["high"] for b in daily],
+        "lows": [b["low"] for b in daily],
+        "volumes": [b["volume"] for b in daily],
+        "avg_price": target.get("avg_price"),
+        "qty": target.get("qty"),
+        "holding_high": target.get("holding_high"),
+        "climax_vol_mult": settings.climax_vol_mult,
+    }
+
+
+async def run_cycle(nas, kis, state, stats, settings) -> None:
+    try:
+        ms = await nas.get_monitor_set()
+    except Exception:
+        logger.exception("monitor-set 조회 실패")
+        state.session_state = "idle"
+        stats.jobs_failed += 1
+        return
+
+    session = ms.get("session", "closed")
+    if session == "closed":
+        state.session_state = "market_closed"
+        return
+
+    buy_targets = filter_krx(ms.get("buy_targets", []))
+    sell_targets = filter_krx(ms.get("sell_targets", []))
+    buy_params = ms.get("buy_params", {})
+    exit_params = ms.get("exit_params", {})
+
+    firing: list[dict] = []
+    for t in buy_targets:
+        try:
+            firing += evaluate_buy(await _build_ctx(kis, t, settings), buy_params)
+        except Exception:
+            logger.exception("buy 평가 실패 %s", t.get("ticker"))
+    for t in sell_targets:
+        try:
+            firing += evaluate_sell(await _build_ctx(kis, t, settings), exit_params)
+        except Exception:
+            logger.exception("sell 평가 실패 %s", t.get("ticker"))
+
+    as_of = datetime.now(KST).isoformat(timespec="seconds")
+    if firing:
+        state.last_alert_at = as_of
+        logger.info("firing %d개: %s", len(firing),
+                    [f"{f['ticker']}:{f['condition']}" for f in firing])
+    try:
+        await nas.post_report(as_of, firing)   # 빈 배열도 전송(edge clear)
+    except Exception:
+        logger.exception("report 전송 실패")
+
+    state.session_state = "market_open"
+    stats.jobs_done += 1
+    stats.last_job_at = as_of
+
+
+async def monitor_loop(nas, kis, state, stats, settings) -> None:
+    logger.info("trade-monitor loop 시작 interval=%ds", settings.loop_interval)
+    while True:
+        try:
+            await run_cycle(nas, kis, state, stats, settings)
+        except asyncio.CancelledError:
+            logger.info("monitor_loop cancelled")
+            raise
+        except Exception:
+            logger.exception("monitor_loop iteration 실패")
+        await asyncio.sleep(settings.loop_interval)
+
+
+def make_state_fn(state):
+    async def state_fn(redis, stats):
+        return state.session_state, {"last_alert_at": state.last_alert_at}
+    return state_fn
diff --git a/services/trade-monitor/tests/test_monitor.py b/services/trade-monitor/tests/test_monitor.py
new file mode 100644
index 0000000..f4843dd
--- /dev/null
+++ b/services/trade-monitor/tests/test_monitor.py
@@ -0,0 +1,95 @@
+"""monitor.run_cycle — 게이트/필터/조립/격리."""
+from monitor import MonitorState, filter_krx, run_cycle
+from config import load_settings
+from _shared.heartbeat import WorkerStats
+
+
+def test_filter_krx_keeps_only_numeric6():
+    targets = [{"ticker": "005930"}, {"ticker": "AAPL"}, {"ticker": "00660"},
+               {"ticker": "000660"}, {"ticker": "0059301"}]
+    kept = {t["ticker"] for t in filter_krx(targets)}
+    assert kept == {"005930", "000660"}
+
+
+class _FakeNAS:
+    def __init__(self, ms):
+        self._ms = ms
+        self.reported = None
+
+    async def get_monitor_set(self):
+        return self._ms
+
+    async def post_report(self, as_of, firing):
+        self.reported = {"as_of": as_of, "firing": firing}
+        return {"new_alerts": len(firing), "cleared": 0}
+
+
+class _FakeKIS:
+    def __init__(self, price=100, fail_on=None):
+        self._price = price
+        self._fail_on = fail_on or set()
+
+    async def get_quote(self, ticker):
+        if ticker in self._fail_on:
+            raise RuntimeError("KIS down")
+        return {"price": self._price, "day_open": 99, "today_volume": 1000,
+                "as_of": "x"}
+
+    async def get_daily_ohlcv(self, ticker, days=250):
+        # 정배열 + 저가 근접 → ma20_pullback 발화 유도
+        return [{"open": 90, "high": 90, "low": 90, "close": 90, "volume": 1}] * 200 \
+            + [{"open": 100, "high": 100, "low": 100, "close": 100, "volume": 1}] * 20
+
+
+async def test_closed_session_skips_kis():
+    nas = _FakeNAS({"session": "closed"})
+    state, stats = MonitorState(), WorkerStats()
+    await run_cycle(nas, _FakeKIS(), state, stats, load_settings())
+    assert state.session_state == "market_closed"
+    assert nas.reported is None   # report도 안 함
+
+
+async def test_non_krx_skipped_and_report_sent():
+    nas = _FakeNAS({"session": "regular",
+                    "buy_targets": [{"ticker": "AAPL", "name": "Apple"}],
+                    "sell_targets": [], "buy_params": {}, "exit_params": {}})
+    state, stats = MonitorState(), WorkerStats()
+    await run_cycle(nas, _FakeKIS(), state, stats, load_settings())
+    assert state.session_state == "market_open"
+    assert nas.reported is not None
+    assert nas.reported["firing"] == []   # 알파벳 티커 skip → 빈 발화
+
+
+async def test_firing_assembled_and_last_alert_set():
+    nas = _FakeNAS({"session": "regular",
+                    "buy_targets": [{"ticker": "005930", "name": "삼성전자"}],
+                    "sell_targets": [], "buy_params": {"pullback_pct": 0.02},
+                    "exit_params": {}})
+    state, stats = MonitorState(), WorkerStats()
+    await run_cycle(nas, _FakeKIS(price=101), state, stats, load_settings())
+    conds = {f["condition"] for f in nas.reported["firing"]}
+    assert "buy_ma20_pullback" in conds
+    assert state.last_alert_at is not None
+
+
+async def test_per_ticker_failure_isolated():
+    nas = _FakeNAS({"session": "regular",
+                    "buy_targets": [{"ticker": "005930"}, {"ticker": "000660"}],
+                    "sell_targets": [], "buy_params": {}, "exit_params": {}})
+    state, stats = MonitorState(), WorkerStats()
+    # 005930은 실패, 000660은 성공 → 루프가 죽지 않고 report 전송
+    await run_cycle(nas, _FakeKIS(fail_on={"005930"}), state, stats, load_settings())
+    assert nas.reported is not None
+    assert state.session_state == "market_open"
+
+
+async def test_monitor_set_failure_sets_idle():
+    class _BadNAS(_FakeNAS):
+        async def get_monitor_set(self):
+            raise RuntimeError("NAS down")
+
+    nas = _BadNAS({})
+    state, stats = MonitorState(), WorkerStats()
+    await run_cycle(nas, _FakeKIS(), state, stats, load_settings())
+    assert state.session_state == "idle"
+    assert nas.reported is None