diff --git a/src/commands/projections.zig b/src/commands/projections.zig
index 3f5eb5b..4ff06eb 100644
--- a/src/commands/projections.zig
+++ b/src/commands/projections.zig
@@ -23,6 +23,7 @@ const milestones = @import("../analytics/milestones.zig");
 const shiller = @import("../data/shiller.zig");
 const chart_export = @import("../chart_export.zig");
 const projection_chart = @import("../charts/projection_chart.zig");
+const projections = @import("../analytics/projections.zig");
 const braille = @import("../charts/braille.zig");
 const term_graphics = @import("../term_graphics.zig");
 const term_query = @import("../term_query.zig");
@@ -205,6 +206,15 @@ pub fn parseArgs(ctx: *framework.RunCtx, cmd_args: []const []const u8) !ParsedAr
         cli.stderrPrint(io, "Error: --real only applies to --return-backtest.\n");
         return error.MutuallyExclusive;
     }
+    // The actuals overlay plots the realized trajectory from `--as-of`
+    // through today; without an as-of anchor there's nothing to plot.
+    // Matches the TUI, which refuses the overlay without an as-of date.
+    // (Under `--vs` the overlay is ignored rather than required, so
+    // that combination is left alone.)
+    if (overlay_actuals and as_of == null and vs_date == null) {
+        cli.stderrPrint(io, "Error: --overlay-actuals requires --as-of.\n");
+        return error.MutuallyExclusive;
+    }
     // --vs is text-only (a then/now delta table) with no chart to
     // export. The bands, convergence, and return-backtest modes all
     // support --export-chart.
@@ -556,6 +566,37 @@ pub fn anyImportedOnly(
     return now_res.source == .imported;
 }
 
+/// The chart-ready overlay input + band slice for the bands-mode
+/// chart. Shared by the inline-kitty (`emitBandsKitty`) and PNG-export
+/// paths so both translate the actuals overlay and frame it (zoom to
+/// the overlay window) identically.
+const OverlayChart = struct {
+    overlay: ?projection_chart.ActualsOverlay,
+    bands: []const projections.YearPercentiles,
+};
+
+/// Translate the context's actuals overlay into the chart module's
+/// shape and pick the band slice to render: zoomed to the overlay
+/// window (`view.overlayZoomBands`) when an overlay is present, else
+/// the full `bands_ec`. Overlay points are allocated from the arena
+/// `va`, so no explicit free is needed.
+fn prepOverlayChart(
+    va: std.mem.Allocator,
+    ctx: *const view.ProjectionContext,
+    bands_ec: []const projections.YearPercentiles,
+) OverlayChart {
+    const overlay: ?projection_chart.ActualsOverlay = blk: {
+        const ov = ctx.overlay_actuals orelse break :blk null;
+        const buf = va.alloc(projection_chart.ActualsPoint, ov.points.len) catch break :blk null;
+        for (ov.points, 0..) |p, i| buf[i] = .{ .years_from_as_of = p.years_from_as_of, .liquid = p.liquid };
+        break :blk .{ .points = buf, .today_years = ov.today_years };
+    };
+    return .{
+        .overlay = overlay,
+        .bands = view.overlayZoomBands(bands_ec, if (overlay) |ov| ov.today_years else null),
+    };
+}
+
 /// Render the percentile-band chart (longest horizon, with the actuals
 /// overlay when present) as kitty graphics at `term_graphics.projection_cols`
 /// wide and emit it inline. Returns `error.InsufficientData` when bands
@@ -572,21 +613,15 @@ fn emitBandsKitty(
     if (horizons.len == 0) return error.InsufficientData;
     const bands_ec = ctx.data.bands[horizons.len - 1] orelse return error.InsufficientData;
 
-    // Translate the view-layer overlay (if any) into the chart module's
-    // ActualsPoint shape - same conversion as the PNG export path. The
-    // arena owns the buffer; it lives as long as `overlay_input`.
-    const overlay_input = blk: {
-        const ov = ctx.overlay_actuals orelse break :blk @as(?projection_chart.ActualsOverlay, null);
-        const buf = va.alloc(projection_chart.ActualsPoint, ov.points.len) catch break :blk @as(?projection_chart.ActualsOverlay, null);
-        for (ov.points, 0..) |p, i| buf[i] = .{ .years_from_as_of = p.years_from_as_of, .liquid = p.liquid };
-        break :blk projection_chart.ActualsOverlay{ .points = buf, .today_years = ov.today_years };
-    };
+    // Translate the overlay and frame the band slice (zoomed to the
+    // overlay window) the same way the PNG-export path does.
+    const oc = prepOverlayChart(va, ctx, bands_ec);
 
     const cols = term_graphics.projection_cols;
     const rows = term_graphics.rowsForWidth(cols, caps.cell_w, caps.cell_h);
     const dims = term_graphics.pixelDims(cols, rows, caps.cell_w, caps.cell_h);
 
-    var rendered = try projection_chart.renderToSurface(io, va, bands_ec, dims.width, dims.height, theme.default_theme, overlay_input, true, ctx.retirement.boundaryYear());
+    var rendered = try projection_chart.renderToSurface(io, va, oc.bands, dims.width, dims.height, theme.default_theme, oc.overlay, true, ctx.retirement.boundaryYear());
     defer rendered.deinit(va);
     const rgb = try rendered.extractRgb(va);
     try term_graphics.placeInline(out, va, rgb, dims.width, dims.height, cols, rows);
@@ -714,25 +749,11 @@ pub fn runBands(
             return;
         };
 
-        // Translate the view-layer overlay points (if any) into the
-        // chart-module's ActualsPoint shape. Same conversion the TUI
-        // does in `projections_tab.drawWithKittyChart`.
-        var overlay_buf: ?[]@import("../charts/projection_chart.zig").ActualsPoint = null;
-        defer if (overlay_buf) |ob| va.free(ob);
-        const overlay_input = blk: {
-            const ov = ctx.overlay_actuals orelse break :blk @as(?@import("../charts/projection_chart.zig").ActualsOverlay, null);
-            const buf = va.alloc(@import("../charts/projection_chart.zig").ActualsPoint, ov.points.len) catch break :blk @as(?@import("../charts/projection_chart.zig").ActualsOverlay, null);
-            for (ov.points, 0..) |p, i| {
-                buf[i] = .{ .years_from_as_of = p.years_from_as_of, .liquid = p.liquid };
-            }
-            overlay_buf = buf;
-            break :blk @import("../charts/projection_chart.zig").ActualsOverlay{
-                .points = buf,
-                .today_years = ov.today_years,
-            };
-        };
+        // Translate the overlay and frame the band slice (zoomed to the
+        // overlay window) the same way the inline-kitty path does.
+        const oc = prepOverlayChart(va, &ctx, bands_ec);
 
-        chart_export.exportProjectionChart(io, allocator, bands_ec, overlay_input, ctx.retirement.boundaryYear(), export_path) catch |err| switch (err) {
+        chart_export.exportProjectionChart(io, allocator, oc.bands, oc.overlay, ctx.retirement.boundaryYear(), export_path) catch |err| switch (err) {
             error.InsufficientData => {
                 cli.stderrPrint(io, "Error: not enough projection data to render a chart.\n");
                 return;
@@ -1877,6 +1898,12 @@ test "parseArgs: --overlay-actuals carries into bands" {
     }
 }
 
+test "parseArgs: --overlay-actuals without --as-of is rejected" {
+    const today = Date.fromYmd(2026, 5, 9);
+    const args = [_][]const u8{"--overlay-actuals"};
+    try testing.expectError(error.MutuallyExclusive, parseArgsForTest(today, &args));
+}
+
 const snapshot_model = @import("../models/snapshot.zig");
 const snapshot = @import("snapshot.zig");
 
diff --git a/src/tui/projections_tab.zig b/src/tui/projections_tab.zig
index ba47738..5da2887 100644
--- a/src/tui/projections_tab.zig
+++ b/src/tui/projections_tab.zig
@@ -863,16 +863,10 @@ fn drawWithKittyChart(state: *State, app: *App, arena: std.mem.Allocator, buf: [
         const ov = ctx_data.overlay_actuals orelse break :blk null;
         break :blk ov.today_years;
     };
-    const bands = if (state.zoom_overlay) bz: {
-        const ty = overlay_today_years orelse break :bz full_bands;
-        const window_years_f = ty * 2.0;
-        if (window_years_f <= 0 or !std.math.isFinite(window_years_f)) break :bz full_bands;
-        const window_years: usize = @intFromFloat(@ceil(window_years_f));
-        const want = window_years + 1; // inclusive of year 0 and year `window_years`
-        if (want >= full_bands.len) break :bz full_bands;
-        if (want < 2) break :bz full_bands;
-        break :bz full_bands[0..want];
-    } else full_bands;
+    const bands = if (state.zoom_overlay)
+        view.overlayZoomBands(full_bands, overlay_today_years)
+    else
+        full_bands;
 
     // Build text header (benchmark comparison + allocation note)
     var header_lines: std.ArrayListUnmanaged(StyledLine) = .empty;
@@ -1094,9 +1088,11 @@ fn drawWithKittyChart(state: *State, app: *App, arena: std.mem.Allocator, buf: [
                         };
                     }
                 }
-                // "{horizon}yr" at right edge of chart area
+                // "{years}yr" at right edge of chart area - the last
+                // rendered band's year, so a zoomed overlay window
+                // labels its true span (not the full horizon).
                 var yr_buf: [8]u8 = undefined;
-                const yr_label = std.fmt.bufPrint(&yr_buf, "{d}yr", .{horizons[last_idx]}) catch "??yr";
+                const yr_label = std.fmt.bufPrint(&yr_buf, "{d}yr", .{bands[bands.len - 1].year}) catch "??yr";
                 const yr_start = chart_col_start + @as(usize, chart_cols) -| yr_label.len;
                 for (yr_label, 0..) |ch, ci| {
                     const idx = axis_base + yr_start + ci;
diff --git a/src/views/projections.zig b/src/views/projections.zig
index 19d70e8..8cd943c 100644
--- a/src/views/projections.zig
+++ b/src/views/projections.zig
@@ -279,6 +279,28 @@ pub fn buildOverlayActuals(
     };
 }
 
+/// Clamp projection `full_bands` to the overlay-relevant window so a
+/// short realized history isn't squashed into the start of a long
+/// horizon. Returns the leading slice covering roughly
+/// `[year 0, 2*today_years]` (both endpoints inclusive). Falls back to
+/// `full_bands` unchanged when there's no overlay (`today_years` null),
+/// the window is degenerate, or it would span the whole horizon.
+/// Shared by the TUI zoom toggle and the CLI export/inline paths so an
+/// overlay is framed identically in both.
+pub fn overlayZoomBands(
+    full_bands: []const projections.YearPercentiles,
+    today_years: ?f64,
+) []const projections.YearPercentiles {
+    const ty = today_years orelse return full_bands;
+    const window_years_f = ty * 2.0;
+    if (window_years_f <= 0 or !std.math.isFinite(window_years_f)) return full_bands;
+    const window_years: usize = @intFromFloat(@ceil(window_years_f));
+    const want = window_years + 1; // inclusive of year 0 and year `window_years`
+    if (want >= full_bands.len) return full_bands;
+    if (want < 2) return full_bands;
+    return full_bands[0..want];
+}
+
 /// Which retirement-planning inputs the user has configured.
 ///
 /// The simulation always runs the same two-phase model
@@ -2132,6 +2154,26 @@ test "buildOverlayActuals: empty input produces empty section" {
     try std.testing.expectApproxEqAbs(@as(f64, 1.0), section.today_years, 0.01);
 }
 
+test "overlayZoomBands: clamps to ~2x today_years, falls back when appropriate" {
+    // 51 bands: year 0..50.
+    var full: [51]projections.YearPercentiles = undefined;
+    for (0..51) |i| full[i] = .{ .year = @intCast(i), .p10 = 1, .p25 = 2, .p50 = 3, .p75 = 4, .p90 = 5 };
+
+    // No overlay -> full slice unchanged.
+    try std.testing.expectEqual(@as(usize, 51), overlayZoomBands(&full, null).len);
+
+    // today_years = 2.5 -> window = ceil(5.0) = 5 -> 6 bands (years 0..5).
+    const z = overlayZoomBands(&full, 2.5);
+    try std.testing.expectEqual(@as(usize, 6), z.len);
+    try std.testing.expectEqual(@as(u16, 5), z[z.len - 1].year);
+
+    // Degenerate today_years (<= 0) -> full slice.
+    try std.testing.expectEqual(@as(usize, 51), overlayZoomBands(&full, 0).len);
+
+    // Window wider than the horizon -> full slice (no OOB).
+    try std.testing.expectEqual(@as(usize, 51), overlayZoomBands(&full, 100.0).len);
+}
+
 test "buildOverlayActuals: single point at as_of has years=0" {
     const points = [_]timeline.TimelinePoint{
         makeTp(Date.fromYmd(2024, 1, 1), 1_000_000),