From a rule to a position#
A strategy describes the rules. A session is one run of that strategy. A signal is an event produced by those rules. An order is a request to execute. A trade records an execution, and a position describes the resulting exposure.
A signal does not guarantee an order, and an order does not guarantee a fill. Contract availability, execution mode, risk checks, schedules, and broker responses affect what happens next.
Paper and Live#
| Mode | Meaning | What it cannot prove |
|---|---|---|
| Paper | Simulated execution inside the platform | Actual broker acceptance, liquidity, or live fills |
| Live | Execution requests routed through the configured live broker when eligible | Guaranteed execution price or guaranteed exit |
Check the mode on the strategy and session. Connecting a broker is not the same action as starting a live strategy.
Underlying and execution instrument#
An indicator can use an underlying's price to generate signals while an option or future is the instrument actually traded. These prices are not interchangeable.
For example, an index signal and an option premium can move differently. Use contracts and sizing to understand the selections.
Saved configuration and running session#
Saving creates or updates configuration. Starting begins a session. Some settings can change during a run while others are locked to preserve its identity and contract selection.
Read editing a running strategy before applying changes.
Learn the vocabulary#
Use the glossary for short definitions of margin, lots, drawdown, expiry, slippage, and other terms.