Trading Simulator

The Simulator is a paper-trading desk built to feel like the real one. The page is a four-zone terminal: a Scanner on the left, a resizable chart in the center, a Level 2 montage stacked over time & sales on the right, and a tabbed blotter (Positions, Orders, My Trades, Options, Review, AI Journal, Analytics) across the bottom. The order ticket lives inside the montage panel, right next to the book you are reading. Free gives you a $25,000 paper account, market orders, and the full charting toolset — all 83 indicators and every drawing tool, the exact same engine as the main Charts page. Every fill runs through an execution-realism model that is always on. Practice the days that actually mattered with Market Replay, trade them with scalper hotkeys, and let each closed trade auto-log into your Trading Journal with its R-multiple so the practice-then-review loop closes itself.

See also the public overview at /paper-trading-simulator and the fill-model write-up at /methodology/sim-fills.

What it is

A realistic paper-trading environment, not a frictionless backtest. You start with a paper balance, place orders against the live tape (or a replayed past session), and watch positions and P&L update tick-by-tick — but every order pays the costs a real one would. The realism layer is on by default at every tier and covers the spread you cross, slippage scaled off real traded volume, SEC and FINRA TAF fees plus any commissions you configure, gap-slippage on stops, short-borrow carry, the SSR uptick rule, trading-halt blocks, and buying power that obeys real margin math.

Two simulators share one cash balance: the equity sim (stocks, long and short) and the options sim (calls and puts, with assignment and expiration mechanics). Closing an equity position writes a row to your trade history, stamps its R-multiple, and — if you are signed in — bridges it straight into your journal.

When to use it

Before you size up a setup you have never traded live. To rehearse order-entry, stop placement, and bracketing until they are muscle memory. To replay a specific session — an earnings gap, a halt-and-resume, a trend day — and trade it forward bar by bar without waiting for it to happen again. And to run a real practice loop: take the trade, close it, let it land in your journal with its R-multiple, then review which setups actually make money in the Review tab.

Open it and set your balance

• Path: /simulator
• Shortcut: ⌘6 — or open it from the §TRADE group at the top of the sidebar (next to the Journal). You can also jump straight in from a free practice prompt on the Dashboard, Charts toolbar, and Scanner toolbar.
• On first visit a setup modal asks for a starting balance. Pick a preset ($5K / $10K / $25K / $50K / $100K) or type a custom amount (minimum $100). The default is $25,000. The choice persists to your browser; signed-in users also get a server-backed portfolio so positions survive a reload and re-login.
• The top bar shows live account stats: Cash, Equity, Day P&L (with %), BP Avail (buying power), and a Trades counter. A green Synced pill appears when your portfolio is backed by the server. The Reset button wipes positions, orders, and history and lets you choose a fresh balance (your realism settings are preserved across a reset).

How to place a trade — the order ticket

The order ticket sits in the right-hand montage panel under the Level 2 book. Select a symbol first (type a ticker in the top-bar search and press Enter, or click a scanner row); until you do, the panel reads "Select a ticker to trade."

1. Pick a side. The ticket has large BUY and SELL buttons; for a short or a cover it exposes SHORT / COVER. Buy and Short open or extend a position; Sell and Cover reduce or close one. The ticket guards the obvious mistakes — it won't let you SELL a short (you must COVER), BUY into an open short (cover first), or SHORT a name you're long.
2. Set quantity. Type shares, use the quick-qty preset chips, or step size with the + / - keys. Click a bid or ask row in the Level 2 montage to pre-fill the limit price.
3. Choose an order type from the dropdown: MKT (market), LMT (limit), STP (stop), STP LMT (stop-limit), or TRAIL (trailing stop). The Limit-price field is only active for LMT/STP-LMT; the Stop-price field for STP/STP-LMT; the trail-offset field for TRAIL.
4. Check the cost before you submit. The ticket shows a live spread and estimated fill for your side and size — so the gap between the price on the chart and the price you'll actually get is visible up front, not a surprise after the fill. For thin names with no quoted book it estimates the spread from the same slippage model the fill uses.
5. Submit. On Free a market order fills immediately against the realism model — you cross the spread, pay volume-aware slippage, and (on the sale side) SEC + TAF fees. The button flashes green for buys/covers and red for sells/shorts on accept. If the order is rejected (insufficient buying power, halted symbol, PDT block, SSR uptick), the ticket shows the reason.

Market vs. resting orders: a market order fills on the tick it's placed (book-walked if a Level 2 snapshot is cached, otherwise via the slippage model). A marketable limit — one priced at or through the current market — fills right away too, even on thin, low-volume names. Non-marketable limit, stop, stop-limit, trailing-stop, take-profit, bracket, and OCO orders rest as pending and are evaluated by the engine on every price tick.

Order types (free vs. Pro)

Order type	Tier	What it does
market (MKT)	Free	Fills now against the realism model — spread, volume-aware slippage, SEC + TAF on the sale leg
limit (LMT)	Pro	Rests until price reaches your limit; marketable limits take immediately, non-marketable ones join the queue (queue-ahead is modeled and decremented by printed volume)
stop (STP)	Pro	Triggers a market-style exit when price hits the stop; models gap-slippage so a jumped stop fills at the worse of the stop and where the tape actually traded
stop-limit (STP LMT)	Pro	Stop arms, then converts to a limit so the fill respects both the trigger and a price cap
trailing stop (TRAIL)	Pro	An exit order whose stop rides the high-water (long) / low-water (short) mark by a dollar offset; gap-realistic fill on trigger
take-profit	Pro	Fills when price reaches your target (≥ target for a long, ≤ target for a short)
bracket	Pro	One entry with an attached stop and target, auto-linked OCO so the first to fire cancels the other
OCO	Pro	One-Cancels-Other pair — the first leg to fill cancels its sibling
L2 walk-book fill	Terminal	Order walks real Level 2 depth level-by-level for a true depth-aware fill

Bracket and risk-% sizing (Pro)

Toggle BRACKET on the ticket to attach a protective stop and a profit target to a new buy/short entry. Set the stop and target as percentages (defaults: 2% stop, 4% target — a 2R target). The two legs are placed as an OCO-linked stop_loss + take_profit pair, and the bracket's stop is recorded as the position's initial risk so the trade closes with a computed R-multiple.

Turn on Risk % (chip values) and the ticket derives share size for you: shares = (cash × risk%) ÷ per-share stop distance. Risk-% sizing only applies on opening entries with a bracket on, because that's where the stop distance is defined.

Positions tab

The Positions tab lists every open position with columns: Symbol, Side (a green LONG / red SHORT badge so direction reads at a glance), Shares, Avg Entry, Current, Mkt Value, Unreal P&L (dollar and %), Risk, SL, and TP. Short positions invert the P&L sign automatically — profit when price falls. The tab label carries a live count.

• SL and TP columns. Each position shows its live stop-loss and take-profit price (or — if none). Click an SL or TP cell to set or change one inline — these place real protective orders that execute on every tick, even with the tab closed.
• Risk column. When the position carries a protective stop (bracket, stop, or attached SL), this shows your risk to that stop as a percent. When it doesn't, the column shows a plan R button that records a *planned* stop for R-multiple math only — it does not place a working order (use the SL column for that). The label makes the distinction explicit so a planned stop is never mistaken for live protection.
• Row actions. STOP opens a stop-loss popover to place a protective stop. SELL ALL (longs) / COVER ALL (shorts) flattens the position on the current tick — this uses the "get me out" path that fills the full size against the slippage model rather than stopping at cached book depth.
• Clicking a symbol loads it across the chart, ticket, and book.

Orders blotter

The Orders tab is the working-orders blotter — every pending order with a sticky pinned header: Symbol, Type, Side, Shares, Details, Status, and a cancel control. The tab label shows the live pending count.

• Inline editing. Any order with zero filled shares can be edited in place — click the pencil-cell to change shares, limit price, stop price, target price, or trail amount/percent. Edits save to your account instantly. Once a partial fill lands, the fields lock down (cancel-and-recreate is the only safe path for a partially-filled order).
• Status chips. Pending (amber), Queued (purple, with a queue-ahead share count for non-marketable limits), and Partial N% (green, with the filled/total share split and a running average fill price).
• OCO/bracket legs are tinted so you can see which orders are linked; when one leg fills or the position goes flat, its siblings auto-cancel.

My Trades

The My Trades tab is a DAS/Warrior-style trade-activity ledger of your own fills (distinct from the market-wide time & sales on the right). It lists every order with its time, side, type, shares, price, and status, filterable by All / Filled / Cancelled / Pending. Triggered stop/target orders show as filled. Use it to audit exactly when and at what price each leg executed.

Trade history and the journal bridge

Closing a position (manually, via SELL ALL/COVER ALL, via a triggered stop/target/trailing order, or via the hotkeys) writes a ClosedTrade to history with entry, exit, shares, realized P&L (net of fees), P&L %, hold time, and — when a stop was recorded — an R-multiple. Short closes invert the P&L sign correctly.

If you are signed in, each new close is logged straight into your Trading Journal, tagged as a simulator trade and de-duplicated so the same trade is never written twice. If you are signed out there is no journal to write to, so nothing is logged. Logging a trade never changes the simulator, so there is no feedback loop. Open the journal at the close of the session and study what the tape taught you.

Review tab — R-multiple journaling by setup

The Review tab is your manual trade journal, with two modes toggled in the header:

• LOG — every closing trade as an expandable row showing symbol, side (SLD/CVR), P&L, and R-multiple. Expand a row to add setup tags (one-click chips: breakout, VWAP reclaim, gap-n-go, ABCD, reversal, momo, dip buy, short squeeze, news, scalp — plus free-text) and free-text notes (what worked, exit reason, how you felt). It also surfaces the trade facts: entry, exit, qty, P&L %, R, and an explicit "R = N/A (no stop)" note when no risk was recorded. Edits persist (keyed by a stable trade id so server-derived rows work too).
• BY TAG — performance grouped by setup: per-tag win rate, avg R, and net P&L, plus an R-summary (Avg R, Expectancy R, Total R) and the R-distribution histogram (bins ≤-2R, -2..-1R, -1..0R, 0R, 0..1R, 1..2R, 2..3R, ≥3R). This is where you see which setups actually make money.

Analytics tab — Sharpe, Sortino, alpha, drawdown

The Analytics tab is a full performance dashboard over your closed trades. Press Shift+A anywhere (outside an input) to jump to it and toggle a fullscreen overlay; Esc collapses it.

• Primary metrics: Total P&L ($ and %), Win Rate (W/L/BE), Profit Factor, Expectancy (per trade), Sharpe (risk-adjusted return), Sortino (downside-adjusted), Max Drawdown (peak-to-trough %), and Avg Hold time.
• Trader stats: Avg Win, Avg Loss, W/L Ratio, Largest Win, Largest Loss, Alpha (annualized excess over a 10% benchmark), Avg R, and Expectancy R.
• Equity curve — cumulative-P&L sparkline, green above the zero line and red below.
• By Symbol — trades, win %, and net P&L per ticker, sorted by impact.
• Closed Trades table — the last 30 closes with date, side, entry/exit, shares, P&L $, P&L %, R, running cumulative P&L, and hold time.

Win-rate, profit-factor, expectancy, and avg R are computed by the same unified stats engine the journal uses, so a bridged sim trade can never show a different number on the two surfaces. A CFTC hypothetical-performance disclaimer sits at the top of the panel (so it travels in any screenshot), and Export CSV (Pro and above) writes the history with the same disclaimer prepended.

Options simulator

The Options tab runs a paper options desk that shares the same cash balance as the equity sim. You can trade calls and puts with buy-to-open / sell-to-close / sell-to-open / buy-to-close legs and market or limit pricing. Positions carry strike, expiration, contract count, per-contract entry premium and live mark, and greeks (delta, gamma, theta, vega, implied vol) from the chain snapshot. It models strategy structures including cash-secured puts (strike × 100 cash held aside) and covered calls (100 shares of underlying per contract), and runs assignment / expiration mechanics at expiry — long ITM options exercise into the underlying, short ITM options get assigned. The options sim is client-side; a Reset clears it alongside the equity reset.

Execution realism

The realism layer is on at every tier and cannot be fully disabled — but you can tune how aggressive it is from the settings modal (gear icon, top bar). What it models:

• Spread and slippage. Market orders cross the real bid/ask. If a Level 2 snapshot is cached for the symbol, the order walks the book level by level; otherwise it pays a size-scaled slippage cost off recent volume. Stale books (>30s old) are ignored so you never fill against fantasy data.
• Commissions and fees. A configurable per-share and per-trade commission (default $0, like retail equities), plus regulatory fees on the sale side: SEC Section 31 (≈ $0.0000278 per dollar of principal, rounded up to the cent) and FINRA TAF ($0.000166/share, capped at $8.30). Short opens are sales, so they pay SEC + TAF too; buys and covers don't.
• Stop gap-slippage. A triggered stop fills at the worse of the current price and the stop level — a long stop at $10 that gaps to $9.50 fills at $9.50, not $10. Trailing stops and the stop leg of an OCO behave the same way.
• Short-borrow carry. A short position accrues a daily borrow fee against its mark-to-market value, debited from cash each simulated day, based on the borrow rate stamped at open.
• SSR + halts. While a Short-Sale Restriction is active, a short must uptick (fill strictly above the last print) or it's rejected. Orders on a halted symbol are blocked until the halt lifts.
• Buying power. Coherent with real margin math: a cash account is 1× (and cannot short); a margin account is 2× (Reg-T overnight) and up to 4× intraday when equity ≥ $25,000. Available BP = equity × leverage − gross deployed exposure, floored at zero. Opening orders are rejected when their notional exceeds available buying power, so overtrading runs you out exactly as it would for real.

Realism settings modal

The gear (top bar) opens Realism settings, all saved instantly (no Save button):

• Account type — cash (1×, no shorting, no PDT) or margin (2× / up to 4× intraday + PDT).
• Commission / share ($) and Commission / trade ($) — default 0.
• SEC + TAF fees — toggle the regulatory fees on sells (on by default).
• Enforce PDT rule — toggle the legacy Pattern Day Trader guardrail (margin only).

Trade defaults (2026-07-03)

Below realism settings, a Trade defaults section pre-fills the order ticket the way you actually trade — an open ticket keeps whatever you've already set; the *next* ticket you open picks up these defaults:

• Default quantity — the ticket's starting share count.
• Quantity step (+ / −) — how much the ticket's stepper buttons move the quantity.
• Quick quantity buttons — up to 5 comma-separated sizes (e.g. 100, 200, 500, 1000) rendered as one-click chips on the ticket.
• Default order type — AUTO (keeps the platform default), MARKET, or LIMIT.
• Default time-in-force — DAY, DAY+ (includes extended hours), GTC, IOC, or FOK.
• Limit price pre-fill — where the ticket's price seeds from when a symbol loads: LAST, BID, ASK, or MID (bid/ask/mid apply once from the first top-of-book read, and never overwrite a price you've already typed).

These are a personal preference, not a tier gate — free and paid accounts alike can set them.

PDT — legacy guardrail being phased out

The simulator historically modeled the Pattern Day Trader rule: on a margin account under $25,000 equity, the 4th day-trade (a same-session round trip) in a rolling ~5-business-day window was blocked, with a PDT N/3 chip in the top bar. PDT was eliminated on 2026-06-04, so this is a legacy guardrail on its way out — it only fires when Enforce PDT rule is on for a margin account, and you can switch it off in the realism settings (or use a cash account) to trade the new no-PDT reality. Cash accounts never had a PDT concept.

Market Replay

Market Replay (the top-bar transport) re-runs a past trading session bar by bar so you can trade the exact day that mattered:

1. Select a symbol, pick a date (defaults to yesterday) and an optional start time (HH:MM ET), then click REPLAY to load that session's 1-minute tape. A "N replayable" hint shows how many sessions have data depth.
2. Once loaded, the strip becomes a transport: Play / Pause, Step (one bar forward), a speed selector (1× up to MAX), a scrub slider, and a bar X/Y readout with the current ET clock. An amber ⏱ REPLAY pill marks replay mode; the ✕ exits back to live.
3. Replay feeds prices into the sim through the same path live data uses, so your orders, stops, and P&L all behave exactly as they would live — you're trading the gap, halt, or trend day forward, not scrubbing a static chart.

Scalper hotkeys

The simulator registers global scalper hotkeys (ignored while you're typing in a field or a modal owns the keyboard; plain or Shift only — Ctrl/Cmd/Alt combos pass through to the browser):

• B — Buy market (open/extend a long).
• S — Sell or Short, smartly: if you're long it sells (clamped to your held size); otherwise it opens/extends a short.
• C — Cover market (never more than the open short).
• F — Flatten the selected symbol's position.
• Shift+F — Flatten all open positions (every long and short).
• Esc (or Shift+C) — Cancel all pending orders.
• + / = — Increase order size by the step (default 100). - — Decrease (floored at one step).
• [ — Scale out: close half the selected position. ] — Scale in: add half of your order size (buy if long/flat, add to the short if short).

The hotkey order size persists separately from the ticket and resolves a mark from the Level 2 mid when entering a fresh symbol.

Charting in the simulator

The center chart is the same engine as the main Charts page — all 83 indicators and the full drawing-tool set, bound to the same cross-surface indicator preferences, so an indicator you add here shows up on Charts and vice-versa. During Market Replay the chart reveals bars in step with the transport so your indicators recompute exactly as the day unfolds. See the charts manual for the indicator picker, drawing tools, and chart-type switcher.

Tiering

• Free ($25,000 default account): market orders, the full 83-indicator charting toolset with drawing tools, the equity and options sims, Positions/Orders/My Trades/Review/Analytics, Market Replay, scalper hotkeys, and the always-on realism model.
• Pro ($39): all order types (limit, stop, stop-limit, trailing, take-profit, bracket, OCO), full buying-power and custom-balance control, Level 2 montage + time & sales viewing, CSV export, and an unlimited journal.
• Terminal ($79): true Level 2 walk-book fills (orders fill by walking real depth, not the modeled spread). Viewing the L2 book and time & sales is Pro; *trading against the walk-book* is Terminal.

See pricing for the full tier breakdown.

How to use it

1. Open /simulator. On first visit, pick a starting balance (default $25,000; Pro sets any custom amount) and start trading. Load a symbol by typing it in the top-bar search and pressing Enter, or by clicking a scanner row — it loads across the chart, order ticket, and Level 2 book.
2. Place a trade from the order ticket in the right-hand montage panel: choose side (BUY, SELL, SHORT, COVER), set quantity, and pick an order type. On Free a market order fills immediately against the realism model — you pay the spread, volume-aware slippage, and SEC plus TAF fees, so the fill is what a real one would be, not the mid.
3. Protect the position with a stop. From the Positions tab click STOP, or on Pro place a stop, stop-limit, or trailing stop from the ticket. Stops model gap-slippage, so a stop that gets jumped fills where the tape actually traded.
4. On Pro, bracket your entry: toggle BRACKET on the ticket to attach an OCO-linked stop and target (default 2% stop, 4% target), and optionally turn on Risk-% sizing so the ticket derives share size from the cash you're willing to risk.
5. Watch buying power stay honest in the BP Avail stat. A cash account spends 1x, a margin account 2x, and a $25,000-plus margin account gets 4x intraday — overtrade and the next opening order is rejected for insufficient buying power.
6. Manage the working-orders blotter in the Orders tab: edit a resting order's price or size in place before it fills, or cancel it. Watch Queued and Partial status chips show where a non-marketable limit sits in the queue.
7. Use Market Replay to practice a day that mattered: pick a past session and an optional start time, load it, and play it forward bar by bar — play, pause, step, change speed, and scrub the timeline.
8. Trade fast with scalper hotkeys: B to buy, S to sell-or-short, C to cover, F to flatten the symbol, Shift+F to flatten everything, Esc to cancel all orders, plus and minus to step size, and the bracket keys to scale out and in by half.
9. Flatten the position when you're done (SELL ALL / COVER ALL, F, or a triggered stop or target). Closing it writes the trade to history with its R-multiple.
10. Open the Review tab to journal the trade — tag the setup, write notes, and switch to BY TAG to see win rate, avg R, and net P&L per setup, with the R-distribution histogram.
11. Open the Analytics tab (or press Shift+A) for Sharpe, Sortino, alpha, max drawdown, the equity curve, and per-symbol breakdowns; export to CSV on Pro and above.
12. If you're signed in, every closed trade auto-logs into your Trading Journal — so the practice-then-review loop closes itself. Open the journal at the close of the session and study what worked.

Limits

• Free: a $25,000 default paper account, market orders only, the full 83-indicator charting toolset, both the equity and options sims, Market Replay, hotkeys, and the realism model.
• Pro ($39): all order types (limit, stop, stop-limit, trailing, take-profit, bracket, OCO), full buying-power and custom-balance control, Level 2 + time & sales viewing, CSV export, and an unlimited journal.
• Terminal ($79): true Level 2 walk-book fills (trading against real depth).
• Execution realism — spread, slippage, commissions, SEC + TAF fees, stop gap-slippage, short-borrow carry, SSR, halts, coherent buying power — is on at every tier and cannot be turned fully off, but how aggressive it is can be tuned in the settings modal.
• The PDT guardrail is legacy: PDT was eliminated 2026-06-04 and the in-sim rule is being phased out. It only applies to margin accounts with the toggle on; switch it off (or use a cash account) to trade without it.
• Market Replay covers past regular-session trading days with 1-minute data depth; pick a session and play it forward.

Troubleshooting

Is the simulator free? Yes. Every account gets a $25,000 paper account with market orders, both the equity and options sims, Market Replay, scalper hotkeys, and the full charting toolset — all 83 indicators and every drawing tool, the same engine as the main Charts page — at no cost. Pro and Terminal add order types, balance control, Level 2, and CSV export, but the core paper desk is free.

Where is the order ticket? It lives in the right-hand montage panel, directly under the Level 2 book, so you trade next to the depth you're reading. Select a symbol first — type a ticker in the top-bar search and press Enter, or click a scanner row — and the BUY / SELL (and SHORT / COVER) buttons, quantity, and order-type dropdown appear. Until a symbol is loaded the panel just says "Select a ticker to trade."

Why was my order rejected? The ticket surfaces the reason. The common ones are insufficient buying power (the order's notional exceeds your available BP for the account type), trying to short on a cash account, an active Short-Sale Restriction requiring an uptick, a trading halt on the symbol, or the legacy PDT block on a sub-$25k margin account. Fix the cause — switch to a margin account, free up buying power, wait for the halt or SSR, or disable PDT in settings — and resubmit.

How realistic are the fills? More realistic than a backtest. Execution realism is always on: market orders walk the real Level 2 book when a snapshot is cached (or pay volume-scaled slippage when it isn't), you're charged commissions plus SEC and FINRA TAF fees on the sale side, stops fill at the worse of the stop and the live price (gap-slippage), shorts accrue daily borrow carry, and buying power follows real margin math. You can tune how aggressive the model is in the settings modal, but you can't turn it fully off.

What's the difference between the Orders tab and My Trades? The Orders tab is the working-orders blotter — only pending orders, which you can edit in place (price or size) before they fill or cancel. My Trades is the fill ledger — your own executions (filled, triggered, cancelled, pending) with times and prices, filterable by status. Orders is "what's resting," My Trades is "what executed."

How do I record an R-multiple? R needs an initial risk. Open the position with a bracket or a stop, or set a planned stop from the Positions tab's plan R button, and the sim records risk-per-share = |entry − stop|. When the trade closes it stamps R = realized P&L per share ÷ that risk. Trades closed with no stop recorded show "R = N/A (no stop)" in the Review tab and are excluded from the avg-R and R-distribution stats.

Do my sim trades show up in my journal? Yes, if you're signed in. Closing a trade auto-logs it straight into your Trading Journal — including its R-multiple — deduped so it's idempotent, so the practice-then-review loop closes itself. Anonymous users have no server journal, so nothing is written; sign in to keep your history. Take the trade, flatten it, and it lands in the journal ready to review.

What is Market Replay? Market Replay lets you pick a past trading session — a date and an optional start time — and play its 1-minute tape forward bar by bar, with play, pause, step, a speed selector, and a scrub slider. Replay feeds the sim through the same price path live data uses, so your orders, stops, and P&L behave exactly as they would live. It means you can practice the exact days that mattered, like an earnings gap or a trend day, on demand instead of waiting for a similar setup to show up.

What are the scalper hotkeys? They keep your hands on the keyboard for fast scalps: B buys, S sells-or-shorts (sells if you're long, otherwise opens a short), C covers, F flattens the selected symbol, Shift+F flattens every position, Esc or Shift+C cancels all orders, plus and minus step your size, and the bracket keys scale out (close half) and scale in (add half). They're ignored while you type in a field or a modal is open.

Did PDT change? Yes — the Pattern Day Trader rule was eliminated on 2026-06-04, so the sim's PDT guardrail is legacy and being phased out. It only fires when "Enforce PDT rule" is on for a margin account under $25k equity, blocking the 4th day-trade in a rolling window. Turn it off in the realism settings (or use a cash account) to trade the new no-PDT reality.

How does buying power work? Buying power is coherent with real margin rules. A cash account gets 1x (and can't short), a margin account gets 2x, and a margin account at or above $25,000 equity gets 4x intraday, with available BP = equity × leverage minus deployed exposure rather than an unlimited multiplier — so overtrading runs you out of buying power the way it would for real, and the next opening order is rejected.

What's the difference between Free, Pro, and Terminal? Free gives you the $25,000 paper account, market orders, both the equity and options sims, the full charting toolset, Market Replay, and hotkeys. Pro ($39) adds all order types — limit, stop, stop-limit, trailing, take-profit, bracket, and OCO — full buying-power and balance control, Level 2 and time & sales viewing, CSV export, and an unlimited journal. Terminal ($79) adds true Level 2 walk-book fills, where orders fill by walking real depth instead of the modeled spread.

Related

• Charts
• Trading Journal
• Scanner
• Pricing
• Sim fill methodology
• Tape Score methodology
• Paper trading simulator (overview)