diff --git a/README.md b/README.md
index 9c74faf..8c6d9d7 100644
--- a/README.md
+++ b/README.md
@@ -235,6 +235,14 @@ Publishes each frame as an [ImageStreamIO](https://github.com/milk-org/ImageStre
 
 Frame geometry (width/height/pixel depth) isn't a config key: it's fixed for an ImageStreamIO stream's whole life, so the writer (re)creates the stream automatically whenever it sees the geometry change from what's currently allocated.
 
+Two readers ship with the repo. `camerad-shm-reader` prints geometry, keywords and pixel statistics once, for diagnostics. `python/examples/shm_read_frames.py` is a sample streaming consumer: it blocks on the stream's semaphore and reports every frame as it arrives, flagging any it missed.
+
+```bash
+$ python python/examples/shm_read_frames.py --segment hispec_tracking_camera --count 10
+```
+
+It needs numpy and `ImageStreamIOWrap`, the Python wrapper from the ImageStreamIO source tree, built with `-DPYTHON_WRAPPER=ON`; the wrapper is not on PyPI.
+
 ## Exposure Time
 
 `exptime [ <time> [ s | ms ] ]` sets or reports the exposure time. Without a unit on the argument, the value is in whatever `LONGEXPOSURE` selects, and the value reported back uses that same unit. A unit on the argument overrides it for that one command, so `exptime 500 ms` is unambiguous whichever way the instrument is configured.
diff --git a/python/examples/shm_read_frames.py b/python/examples/shm_read_frames.py
new file mode 100644
index 0000000..103e96a
--- /dev/null
+++ b/python/examples/shm_read_frames.py
@@ -0,0 +1,172 @@
+"""Read frames from the camerad ImageStreamIO shared-memory segment.
+
+camerad's SharedMemoryWriter publishes every frame into an ImageStreamIO stream
+named by SHM_SEGMENT_NAME, carrying FRAMENO, TIMESTMP and SEQNUM as stream
+keywords. This script attaches to that stream, blocks on its semaphore, and
+reports each frame as it arrives.
+
+Needs numpy, the ImageStreamIOWrap module built from milk-org/ImageStreamIO
+with -DPYTHON_WRAPPER=ON, and camerad running with SHM_ENABLED=yes.
+
+    python shm_read_frames.py --segment hispec_tracking_camera --count 10
+"""
+
+from __future__ import annotations
+
+import argparse
+import os
+import sys
+import time
+from collections.abc import Iterator
+from dataclasses import dataclass
+from pathlib import Path
+
+import numpy as np
+from ImageStreamIOWrap import Image
+
+DEFAULT_SEGMENT = "hispec_tracking_camera"
+DEFAULT_SEGMENT_TIMEOUT_S = 30.0
+IMAGESTREAMIO_SUCCESS = 0
+SEGMENT_POLL_INTERVAL_S = 0.2
+UNSET_KEYWORD_TYPE = "N"
+
+# TIMESTMP is the Archon counter, which ticks every 0.01 us
+ARCHON_TICK_SECONDS = 1e-8
+
+
+@dataclass(frozen=True)
+class Frame:
+    """One frame copied out of the stream, with the keywords that came with it."""
+
+    pixels: np.ndarray
+    counter: int
+    frameno: int
+    timestamp: int
+    seqnum: int
+
+
+class SegmentUnavailable(Exception):
+    """Raised when the named stream never appears."""
+
+
+def open_segment(name: str, timeout_s: float) -> Image:
+    """Attach to the named stream, waiting for camerad to create it."""
+    # The writer creates the stream on its first frame, so it does not exist
+    # until camerad has actually exposed once
+    deadline = time.monotonic() + timeout_s
+    image = Image()
+    while image.open(name) != IMAGESTREAMIO_SUCCESS:
+        if time.monotonic() >= deadline:
+            raise SegmentUnavailable(f"stream {name!r} did not appear within {timeout_s}s")
+        time.sleep(SEGMENT_POLL_INTERVAL_S)
+    return image
+
+
+def keyword_values(image: Image) -> dict[str, int | float | str]:
+    """Return the stream's populated keywords, keyed by name."""
+    return {keyword.name.strip(): keyword.value
+            for keyword in image.kw
+            if keyword.type != UNSET_KEYWORD_TYPE}
+
+
+def read_frames(image: Image, count: int | None) -> Iterator[Frame]:
+    """Yield frames as the writer publishes them, blocking in between."""
+    semaphore = image.getsemwaitindex(0)
+    image.semflush(semaphore)
+
+    yielded = 0
+    while count is None or yielded < count:
+        image.semwait(semaphore)
+
+        # Nothing pins the live buffer, so a slow reader is overtaken mid-copy
+        pixels = image.copy()
+        keywords = keyword_values(image)
+
+        yield Frame(
+            pixels=pixels,
+            counter=int(image.md.cnt0),
+            frameno=int(keywords.get("FRAMENO", -1)),
+            timestamp=int(keywords.get("TIMESTMP", -1)),
+            seqnum=int(keywords.get("SEQNUM", -1)),
+        )
+        yielded += 1
+
+
+def report(frame: Frame, previous: Frame | None) -> None:
+    """Print one line per frame, with the cadence and any gap since the last one."""
+    pixels = frame.pixels
+    fields = [f"cnt0={frame.counter}",
+              f"FRAMENO={frame.frameno}",
+              f"SEQNUM={frame.seqnum}",
+              f"shape={pixels.shape}",
+              f"dtype={pixels.dtype}",
+              f"min={pixels.min()}",
+              f"max={pixels.max()}",
+              f"mean={pixels.mean():.1f}"]
+
+    if previous is not None:
+        period_s = (frame.timestamp - previous.timestamp) * ARCHON_TICK_SECONDS
+        if period_s > 0:
+            fields.append(f"period={period_s * 1e3:.3f}ms ({1.0 / period_s:.1f} Hz)")
+        missed = frame.counter - previous.counter - 1
+        if missed > 0:
+            fields.append(f"MISSED={missed}")
+
+    print(" ".join(fields), flush=True)
+
+
+def parse_arguments() -> argparse.Namespace:
+    """Parse the command line."""
+    parser = argparse.ArgumentParser(
+        description=__doc__, formatter_class=argparse.RawDescriptionHelpFormatter)
+    parser.add_argument("--segment", default=DEFAULT_SEGMENT,
+                        help="stream name, matching SHM_SEGMENT_NAME in the camerad .cfg")
+    parser.add_argument("--dir",
+                        help="ImageStreamIO base directory, matching SHM_DIR in the .cfg")
+    parser.add_argument("--count", type=int,
+                        help="stop after this many frames (default: until interrupted)")
+    parser.add_argument("--timeout", type=float, default=DEFAULT_SEGMENT_TIMEOUT_S,
+                        help="seconds to wait for the segment to appear")
+    parser.add_argument("--save-dir", type=Path,
+                        help="write each frame here as frame_<FRAMENO>.npy")
+    return parser.parse_args()
+
+
+def main() -> int:
+    """Attach to the segment and report frames until the count or an interrupt."""
+    args = parse_arguments()
+
+    if args.dir:
+        # ImageStreamIO resolves the segment path from this at open time
+        os.environ["MILK_SHM_DIR"] = args.dir
+
+    try:
+        image = open_segment(args.segment, args.timeout)
+    except SegmentUnavailable as failure:
+        print(f"ERROR {failure}", file=sys.stderr)
+        return 1
+
+    metadata = image.md
+    print(f"segment={args.segment} size={tuple(metadata.size[:metadata.naxis])} "
+          f"datatype={metadata.datatype} cnt0={metadata.cnt0}", flush=True)
+
+    if args.save_dir:
+        args.save_dir.mkdir(parents=True, exist_ok=True)
+
+    previous: Frame | None = None
+    try:
+        for frame in read_frames(image, args.count):
+            report(frame, previous)
+            if args.save_dir:
+                np.save(args.save_dir / f"frame_{frame.frameno:08d}.npy", frame.pixels)
+            previous = frame
+    except KeyboardInterrupt:
+        print("interrupted", file=sys.stderr)
+    finally:
+        image.close()
+
+    return 0
+
+
+if __name__ == "__main__":
+    sys.exit(main())