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TAPEBOARD

// SIMULATOR

Paper Trading Simulator — live Schwab data, real fills, real rules

// live schwab data · l2 walk-book fills · shorting with borrow carry · ssr / luld enforcement · brackets · oco · positions persist

Paper trade on real Schwab market data. Orders fill against the actual Level 2 book when cached, slippage model when it’s not, and every regulation you’ll hit live — SSR, LULD, Reg T — is enforced server-side. The point is muscle memory that transfers, not a leaderboard you’ll never reproduce with real money.

§01 // WHAT_IT_DOES

What it does

Most paper trading lies to you. Fills at mid-price, no SSR, no LULD, infinite liquidity, no borrow cost. Tapeboard runs your paper orders through the actual Schwab Level 2 book when cached, walks the book for size, applies a slippage model when it can’t, and enforces every regulation you’ll hit live. The point is muscle memory that transfers — not a leaderboard you’ll never reproduce with real money.

§02 // REAL_FILLS

Real-data fills, not mid-price fantasy

Tapeboard’s paper trading fills walk the cached Level 2 order book when available — not a static spread model. When no L2 snapshot is cached for the symbol, the simulator falls back to a slippage model parameterized by spread, size, and recent volume. The result: a fill price that approximates what your order would have done live, including the cost of crossing the spread on size and the slippage you take when liquidity is thin.

§03 // ORDER_TYPES

Order types

Market

Crosses the spread immediately, walks the book for size. Fills at the volume-weighted average of consumed liquidity, not the inside ask.

Limit

Resting bid or offer. Fills when the inside market reaches the limit price, partial fills allowed against available size.

Stop

Triggers a market order once the stop price prints. Triggered fills then walk the book, same slippage model as a standalone market order.

Bracket

Entry order plus attached stop-loss and profit-target legs. R-multiple is computed automatically from the bracket distance.

OCO

One-cancels-other: two resting orders, fill on one cancels the other. Used for breakout / breakdown setups.

// Order types supported: market, limit, stop, bracket, OCO. Reg T margin is modeled at 25% maintenance for equities.

§04 // SHORTING

Shorting that actually costs money

Short positions accrue borrow-rate carry computed from the IBKR iborrowdesk feed, refreshed nightly. SSR (Reg SHO Rule 201) triggers when a stock falls more than 10% intraday and locks shorts to the uptick rule the next session. LULD bands halt trading server-side, and orders that would violate either SSR or LULD are rejected with the same error code a live broker returns. Net: short P&L on the simulator approximates short P&L on a real account, including the days you wish you’d covered overnight.

§05 // MARGIN_AND_PERSISTENCE

Reg T margin + persistence

Reg T margin modeled: 4:1 day-trade buying power, 2:1 overnight. Positions, open orders, and resting brackets persist across browser refresh, logout, and device. Walk away, come back tomorrow, your swing is still on. Multiple parallel paper accounts on Pro to test setups in isolation without polluting your headline P&L.

§06 // COMPARISON

Tapeboard vs TradingView vs Webull vs Thinkorswim

// TradingView’s charting is better than ours and probably always will be — it’s their core product. Thinkorswim’s options modeling is deeper. Tapeboard wins on fill realism: nobody else walks an actual L2 book or enforces SSR/LULD on paper trades.

§07 // PRICING

Pricing & access

Free tier — full simulator, $100K virtual account, real-time Schwab data. No credit card.

Pro ($29/mo) — multiple simulator accounts, full journal auto-link, longer tick history.

§08 // FAQ

Paper trading simulator FAQ