Positions & Trades

What Positions & Trades is for

Positions & Trades explains how Strategy intent became orders, fills, positions, and completed trades in the selected Run Output. Use it to reconcile aggregate performance, inspect one execution, or understand how a coordinated Portfolio handled the position.

The page keeps the summary and exact records together without pretending that every execution fidelity observes the same market detail.

Start with positions

The position view shows the retained position lifecycle and applicable account context:

• instrument and Strategy or Portfolio member;
• side and quantity;
• open, increase, reduce, reverse, and close events;
• average or lot-aware price according to the recorded position model;
• realized and unrealized P&L where applicable;
• fees and other retained costs;
• opening and closing timestamps; and
• the order and fill identities that changed the position.

For a Portfolio, the same instrument can receive intent from several Strategy Configurations. Use Strategy Attribution and Admission & Conflicts to understand which members contributed and how the account-level position was coordinated.

Inspect closed trades

The trade table uses bounded pages so large runs stay usable. Review the page count and offset before assuming the visible rows represent the complete run.

Each retained trade can include:

• stable row identity;
• instrument, direction, and contributing Strategy Configuration;
• entry and exit timestamps and prices;
• quantity and position change;
• gross and net P&L;
• commissions, fees, and modeled slippage;
• duration or bars held;
• maximum adverse and favorable excursion;
• R-multiple when an exact risk reference exists; and
• exit, bracket, and contingent-order lineage.

Select a row to open its complete inspector. Use Show in Chart when Interactive Chart detail was retained.

Follow orders and fills

A closed-trade row is an analytical summary. When sequence matters, follow the retained order and fill records:

1. Identify the Strategy intent and account-level order.
2. Review activation, side, quantity, order type, and time in force.
3. Follow partial fills, cancellations, rejections, replacements, and contingent-order behavior.
4. Reconcile fill quantities and prices with the position changes.
5. Reconcile the completed position with the closed-trade summary and Performance totals.

Use Outputs for the complete bounded execution-event reader when the tab summary is not enough.

Understand fidelity differences

The selected execution model determines what the run can explain:

• Vector or close-fill discovery has limited intrabar execution detail.
• Bar execution can model bar-aware ordering only under its recorded assumptions.
• Tick replay uses ordered trades but does not automatically observe the order book.
• L1 replay adds top-of-book state where the source supports it.
• L2 replay models displayed price-level depth under the selected queue and liquidity assumptions.
• L3 order-level replay reconstructs eligible visible order state and retains queue evidence where the venue, source, actions, anchors, and continuity support it.

Higher fidelity does not turn a historical simulation into an exchange fill record. For L3, hypothetical Strategy orders remain separate from the recorded market, and the market does not react to them.

Investigate an unexpected trade

• Verify the Run Output, instrument, execution model, and time zone.
• Follow the intent, order, fills, and position changes in order.
• Check fees, slippage, latency, and queue assumptions in Validation.
• Check Portfolio admission or shared-risk decisions when applicable.
• Inspect gaps, resets, rejected events, or missing evidence before calling the execution inconsistent.

Missing records remain explicit. Do not infer a fill from a position change or invent a position from a trade total when the required retained reader is unavailable.