What a position tracks
Each position aggregates your fills for one instrument and direction, and reports:
Positions are computed live from your trades and the market data at the session's current time — advance or rewind the clock (in practice) and they update.
Position delta and sign
In the option chain, delta is displayed as a magnitude (the underlying value keeps its sign). On a position, your direction supplies the sign: long calls have positive delta, short calls negative — and the reverse for puts, so long puts are negative and short puts positive. Summing delta across all your positions gives your net delta — a quick read on your directional exposure.
P&L
When you close a position, its result moves from unrealized into your realized total. P&L is also broken out by equities vs equity options.
The payoff chart
The positions screen plots a payoff diagram — your profit or loss as a function of the SPX price, for your current set of positions. It makes the shape of a strategy obvious at a glance: the flat profit zone and capped wings of an iron condor, the breakevens of a vertical, the unlimited slope of a naked option. As the clock advances, the curve reflects the decaying time value of your 0DTE options.
Sell a put spread and a call spread around the price: keep the credit if SPX stays in the middle, defined risk on both sides.
Breakeven
Max profit
Max loss
Defined risk
Reading it: anywhere between the short strikes (5920–5980) every option expires worthless and you keep the full $450 credit — the flat plateau. Past either short strike the position loses point-for-point until the long wing caps it: (20-point width − 4.50 credit) × 100 = $1,550 maximum loss on either side. The breakevens sit a credit's-width outside the short strikes (5920 − 4.50 and 5980 + 4.50). The app draws this same chart live from your actual positions — including partial closes and odd structures — and updates it as the clock moves.
Closing a position
To exit, submit the opposite actions to the ones that opened the position (sell to close a long, buy to close a short). You can close part of a position by using a smaller quantity. After the closing order fills, the position disappears from the list and its result lands in your realized P&L.
Liquidate: closing everything at once
When you want out of the whole book — not one leg, not one spread, everything — the positions view has a Liquidate button above the table. You pick how the closing orders should be placed and the platform builds and works them for you.
Captures the best available price
- Groups your positions into favorable limit orders — up to four positions per order
- Re-prices every working order every 5 seconds, one tick at a time toward the market
- Never walks a price back, so it keeps closing in without giving up the spread
- The default, and the right choice unless you need out this second
Only for emergencies
- One market order per position — shorts bought back first, then the longs those closes release
- Fills immediately, at whatever the market offers
- On a wide 0DTE spread that can be materially worse than the mid
- A leg with nothing quoted on the side it needs falls back to a one-tick limit, which may rest
Whichever method you choose, the closing orders are grouped so that no partial set of fills can leave you holding an uncovered short — that's why the aggressive method buys your shorts back before it sells the longs covering them. Your book is never more exposed mid-liquidation than it was when you started.
In practice the whole thing runs in one step: the closing orders are walked forward through the day's data from your current clock, so they can be dated after the moment you're parked at — advance the clock and watch them fill. On a live session it keeps working in the background until the book is flat, the day ends, or you press Cancel; the progress banner survives a page reload, because the work is happening on the server rather than in your browser tab. If a closing order never gets filled, the liquidation reports the positions it could not close and you can simply run it again.
Tips
A four-leg iron condor is four rows in the list but one number that matters: the net delta near zero that says you're balanced. When SPX drifts toward one short strike, net delta grows in that direction — a built-in early warning long before the P&L turns.
The chart already includes every open position, so sketching a "what if I add a put spread here" order from the chain and previewing it shows the combined shape — much harder to misjudge than mental arithmetic across legs.
Rewind to just after your entry and step forward through the day — watching unrealized P&L, delta, and the decaying time value move together is the fastest way to build intuition for how 0DTE positions actually breathe.