Simulated trading

Prices are live; execution is ours

Quotes and candles come from a live market-data feed. Your orders are matched by Meridian’s execution simulator against those prices. Nothing is sent to an exchange, so your orders have no effect on the market and the market’s depth has no effect on your fills.

There is no order book on the terminal because there is no book: the simulator fills against the quote, not against resting orders.

How fills are decided

A market order fills at the current ask (buy) or bid (sell), plus a slippage allowance that is a pure function of order size per symbol — zero for crypto majors below a size threshold. A limit order fills when the quote touches its price. A stop order triggers into a market fill. A stop-loss or take-profit is evaluated on every tick and fills at its trigger price.

Margin is the sum of position notional divided by the account’s leverage. At the margin-call level a warning is issued; at the stop-out level the worst-losing positions are closed until the account is back above it. Both levels come from the account’s ruleset.

When the feed halts

If a symbol’s feed is halted, its price is frozen at the last tick before the halt. Stop-losses and take-profits stay live but are evaluated only against that frozen price; nothing fires on a print the platform has declared untrustworthy. A stop the market gapped through during a halt fills at its trigger price on the first tick after the feed resumes.

Determinism and the record

The simulator is deterministic: the same orders against the same ticks produce the same fills, and every fill, breach and account event is recorded on an append-only log. The figures on your dashboard are read from that record, never recomputed in the browser.