CREATE OR ALTER FUNCTION pricing.guidance_logic(
    @target       numeric(20,5),
    @last_norm    numeric(20,5),
    @list_eff     numeric(20,5),
    @last_date    date,
    @floor_pct    numeric(10,5) = 0.05,   -- e.g., 5%
    @cap_last_pct numeric(10,5) = 1.00,   -- e.g., 100%
    @cap_list_pct numeric(10,5) = 1.00
)
RETURNS TABLE
AS
RETURN
WITH base AS (
  SELECT
    CAST(CASE WHEN @target IS NULL THEN NULL ELSE @target END AS numeric(20,5)) AS price
), floored AS (
  SELECT
    CASE WHEN price IS NULL OR @last_norm IS NULL OR @floor_pct<=0
         THEN price
         ELSE CAST(ROUND(IIF(price>@last_norm*(1-@floor_pct),price,@last_norm*(1-@floor_pct)),5) AS numeric(20,5))
    END AS price
  FROM base
), cap_last AS (
  SELECT
    CASE WHEN price IS NULL OR @last_norm IS NULL
         THEN price
         ELSE CAST(ROUND(IIF(price<@last_norm*@cap_last_pct,price,@last_norm*@cap_last_pct),5) AS numeric(20,5))
    END AS price
  FROM floored
), cap_list AS (
  SELECT
    CASE WHEN price IS NULL OR @list_eff IS NULL
         THEN price
         ELSE CAST(ROUND(IIF(price<@list_eff*@cap_list_pct,price,@list_eff*@cap_list_pct),5) AS numeric(20,5))
    END AS price
  FROM cap_last
)
SELECT
  price AS guidance_price,
  CASE
    WHEN @target IS NULL THEN 'No target price available'
    WHEN @last_norm IS NULL AND @list_eff IS NULL THEN 'No recent sale or list; using target price'
    ELSE
      CONCAT(
        'Using target price',
        CASE WHEN @last_norm IS NOT NULL AND @floor_pct>0
             THEN CONCAT(', floored to ', FORMAT(@floor_pct*100,'0.##'), '% below last price') ELSE '' END,
        CASE WHEN @last_norm IS NOT NULL AND @cap_last_pct<1
             THEN CONCAT(', capped to ', FORMAT(@cap_last_pct*100,'0.##'), '% of last price')
             WHEN @last_norm IS NOT NULL AND @cap_last_pct=1
             THEN ', capped to not exceed last price'
             ELSE '' END,
        CASE WHEN @list_eff IS NOT NULL AND @cap_list_pct<1
             THEN CONCAT(', capped to ', FORMAT(@cap_list_pct*100,'0.##'), '% of list price')
             WHEN @list_eff IS NOT NULL AND @cap_list_pct=1
             THEN ', capped to not exceed list price'
             ELSE '' END
      )
  END AS guidance_reason;