Runtime model
Target-position execution model
Structure’s current public execution path is target-position based. The strategy revision expresses desired exposure. The Target Position Executor manages order activity to move account positions toward that desired exposure.
This model keeps strategy logic focused on intent while keeping execution behavior visible as part of what users evaluate.
Execution loop
Section titled “Execution loop”At a high level, the current execution loop is:
- A source event causes the selected revision to evaluate.
- The strategy engine emits the latest target positions.
- The Target Position Executor compares target positions with account position state.
- The executor manages order activity for the selected execution destination.
- Fills and order state update the account state available for monitoring and later evaluation.
The exact order activity depends on the execution destination, venue context, account state, and configured assumptions. The user-facing boundary is stable: the revision emits target positions, and the Target Position Executor manages order activity toward those targets.
- Target Position Executor Target-position intent converted into order activity.
- Live exchange gateway Venue-facing live order message boundary.
- Venue Simulator Simulated execution destination and assumptions.
- Account state Live or simulated positions, fills, balances, and order state.
- Run settings Run-provided values, balances, ranges, or assumptions.
- Target positions Desired exposure emitted by strategy evaluation.
What target positions represent
Section titled “What target positions represent”A target position is the strategy’s desired exposure for a particular instrument.
Target positions can represent intent such as:
- Move toward flat exposure.
- Move toward a long quantity.
- Move toward a short quantity.
- Reduce current exposure.
- Maintain a target while conditions remain active.
Target positions are not direct venue order instructions. They describe desired account exposure. The Target Position Executor is the component that turns that intent into order activity for the selected execution destination.
What the executor evaluates
Section titled “What the executor evaluates”The Target Position Executor evaluates the relationship between desired exposure and current account state.
Conceptually, the executor uses:
- Latest target positions emitted by the strategy revision.
- Current or simulated account position state.
- Selected venue and instrument.
- Connected account or simulated account context.
- Order state and fills where available.
- Execution destination.
- Venue constraints or simulator assumptions.
This is why the current path evaluates both the strategy revision and the Target Position Executor. A backtest job, paper deployment, or live deployment is not only evaluating signal logic; it is also evaluating the current target-position execution path.
Path-specific destinations
Section titled “Path-specific destinations”The Target Position Executor sends order activity to different destinations depending on the path.
| Path | Data source | Execution destination | What happens to order activity |
|---|---|---|---|
| Live deployment | Live market data server | Live exchange gateway | Order messages are sent to a live venue through the connected account. |
| Paper deployment | Live market data server | Venue Simulator | Order activity is simulated using live market data and simulator assumptions. |
| Backtest job | Historical market data server | Venue Simulator | Order activity is simulated over a historical time range under recorded assumptions. |
Live deployments can affect real capital in the connected venue account. Paper deployments and backtest jobs use the Venue Simulator and do not send order messages to the live exchange gateway.
Order activity, fills, and order state
Section titled “Order activity, fills, and order state”Order activity is the executor’s activity to move account positions toward target positions.
Users may review related information such as:
- Target exposure.
- Current account position.
- Order activity.
- Fills where available.
- Order state where available.
- PnL and margin context where available.
- Logs, errors, and health signals.
Live exchange gateway order messages are distinct from account position state. The live exchange gateway sends order messages to live venues and receives live venue order messages. Position and balance state is surfaced for monitoring where supported by the venue.
Relationship to direct order actions
Section titled “Relationship to direct order actions”Direct order actions are roadmap functionality. When introduced, they will let strategies place, cancel, and modify orders directly for strategies that need order-level control.
Until direct order actions are exposed, model the current public execution path as:
Strategy revision -> target positions -> Target Position Executor -> execution destination
Practical takeaway
Section titled “Practical takeaway”Target-position execution separates strategy intent from venue-facing order activity. To understand a result, review the selected revision, Strategy Variable values, target positions, account state, execution destination, and either live venue constraints or simulator assumptions.