From recommendation to position

The four rungs from recommendation to holding.

Nothing in Quantreno trades itself. When you review a ranked move or ask in chat, the desk presents a recommendation — the exact basket or single order, priced at that moment and stated with its as-of time and a minutes-grade window. You confirm it, pass on it, or let the window lapse; every outcome lands on the record. Past the window, a confirm re-opens fresh figures instead of placing stale ones.

Your confirm fixes the order terms on an order ticket and sends one order per leg — each journaled verbatim along with the venue's response. An order isn't a holding yet: it can rest at the venue, fill in pieces, or be canceled.

A fill is the venue's report that some or all of an order executed at a specific price. Fills are the execution truth: one order can fill in several pieces, and the Activity journal records each one.

On the desk-run Kalshi paper book the fills are simulated — the desk's own engine prices each one from the live Kalshi order book, fees at the real schedule, and every row says so in place.

Fills build positions — each fill creates or changes the holding right then, attributed to the sleeve that opened it, carrying its own profit and loss; any unfilled remainder keeps working, cancels, or expires with the order.

The words on this page

Recommendation: The desk's presented, priced ask — a basket or a single order — for you to confirm.; The desk presents a recommendation when you review a ranked move or ask in chat: figures computed at that moment, stated with their as-of time and a minutes-grade window. Confirm inside the window, pass on it, or let it expire — every outcome lands on the record. Past the window a confirm re-opens fresh figures; nothing places without your confirm.
Order ticket: The memorandum your confirm mints — the fixed order terms the desk then places.; Confirm is the assent: it fixes the order terms and mints the order ticket in the same act that reserves capital and writes the orders. The ticket is the record of what you agreed to; what the venue then did — filled, partial, failed — renders beside it from the order record and never rewrites your decision.
Order: An instruction sent to a venue to buy or sell.; One instruction to buy or sell an instrument, with its quantity and price terms — journaled verbatim along with the venue's response. Cancellation requests and reviews are journaled too, as their own entries.
Fill: One completed piece of an order, at a specific price.; One completed piece of an order at a specific price. A single order can fill in several pieces.
Simulated fill: A fill the desk's own engine made against live Kalshi market data — real prices, simulated money.; A simulated fill is how the desk-run Kalshi paper book executes: the engine prices each fill from the live Kalshi order book at the decision instant — a marketable order crosses displayed depth at displayed prices, never more than the book showed, and a partial leaves the remainder resting. Fees charge Kalshi's real schedule at the venue's own arithmetic. Each fill row states its provenance and its as-of. Two things are deliberately NOT modeled: your order's market impact and its queue priority — the same limits any simulator carries, stated rather than hidden.
Position: Something you hold now (or a closed one), with its profit/loss.; One holding, open or closed, with its profit and loss — attributed to the sleeve that opened it.