Watching & Tracking

The terminal separates three states with deliberately different semantics, all on the Book page — one table with live-count filter tabs:

• Watching — interested. The pair is in your book and visible; nothing is committed.
• Armed — committed, unfilled. A resting trade persists in your Book and the engine fires it when the band crosses. Nothing rests on the exchange until it fires.
• Positions — money at risk, judged against the recipe locked at entry.

Watching — floats daily

A watch follows a pair using whatever the current daily plan says. Every day the statistics refit, and your watch floats with them — you are always looking at today's recipe.

Watch settings are expressed in z-space (entry, exit, stop, timeout), either as absolute levels or relative to the suggested ones. Because they are in z-space, they remain meaningful across daily refits by construction. Tracked pairs (those the statistical pipeline has an open out-of-sample signal on) come with the model's terms locked at signal time; untracked pairs refit daily, and the arm ticket says so.

The screener — watching in bulk

On the Pairs page, the book rail on the right edge expands into a screener: one click widens the strip across the chart into a sortable table of the full eligible universe — score, half-life, Hurst, spread volatility, Sharpe, dollar balance, and live z per pair. Two numbers carry honesty chips: the Sharpe column is marked in-sample because it is measured on the fit window the model was trained on, not out-of-sample; the half-life cell's tooltip carries θ, the mean-reversion pull rate it implies. Sorting a live column snapshots the values at the moment you click — re-click to refresh.

Column heads do double duty: the funnel beside a sortable column sets a threshold — score or Sharpe at least x, half-life or Hurst at most x, live |z| at least x. Thresholds cut only the browse section, and a statistic the pipeline has not produced never passes a cut — "—" is not a value. The live-z threshold is checked against prices from the moment you apply it, and the active-thresholds chip shows that time; re-apply to refresh, or click the chip once to clear every threshold.

The half-life and Hurst columns carry an optional heat tint: a faint background from green (faster reversion, more mean-reverting) to red (slower, trendier). Hurst is graded on fixed anchors around the 0.5 random-walk pivot; half-life is graded against today's eligible universe, so the same four-day half-life reads differently on a fast day than a slow one. The tint is paint only — the numbers keep their own ink — and the heat toggle in the screener header turns it off.

A free legs chip sits beside the filters when you're signed in. Watching is free — you can watch any number of pairs, shared coins and all — but commitment is exclusive: the exchange nets each coin into one account position, so arming a pair whose coin is already used by an open position or an armed entry is refused until that coin frees up (one coin, one pair). The chip applies that same rule to browsing: on, the browse list hides pairs that share a leg with your book and says how many it hid; off, you see the full universe. It cuts browsing only — your own Positions, Armed and Watching groups always render — and it is a courtesy, not the check itself: the arm ticket still verifies everything at the moment you arm. The chip appears in the narrow strip too, and the two views share the one setting.

The Positions, Armed and Watching groups collapse — in the screener and the narrow strip alike, and the choice is shared between the two views. Collapsed rows stop updating live entirely; the count on the group head stays visible, so the book never hides what it holds. Picking any row closes the screener back to the side strip and opens that pair's page.

Check pairs in the browse section and add them as one action: a single request creates every watch with the suggested settings. A pair you already watch is skipped and keeps its custom settings — a bulk add never overwrites an existing watch — and every skipped pair reports why. If a batch would pass your watchlist ceiling, the whole request is refused with the numbers stated, never a silent partial add.

Watching — and stopping watching — are the only actions the screener offers. Arming stays on the pair's own ticket, where the full recipe and fee are in front of you.

Stopping a watch — everywhere it lives

Removing a watch is as easy as adding one, wherever you meet it:

• On the pair's page, the Track tab lists your variants with a per-variant remove; the hero button says watching · manage whenever the pair is in your book, so the page never pretends otherwise.
• On the Book page, every watching row — including dormant ones whose pair has left the daily plan — carries a worded remove button, and the rows are checkable: select as many as you like (the group head selects them all) and stop watching clears them as one action.
• In the screener, the WATCHING group is checkable the same way — pick rows, or the whole group from its head, and stop watching (n) removes them in one request. A removed pair simply migrates back to the browse section.

Bulk removal follows the bulk-add grammar: one request, one refresh, per-item skips with the reason named. Two kinds of watch are excluded by design: an armed watch is a commitment, and commitments stand down on their own surfaces — disarm it from its pair page; a watch whose entry is filling settles first — the request is refused for that item until the fill completes. Removing a pair removes all its plain watch variants, and the result counts watches, not pairs, when the two differ.

Arming a watch — the entry fires itself

Arm a watch with a leg-A dollar size and the engine takes over: it monitors the live z server-side and, when the entry band crosses, fires a β-weighted two-leg entry through the order-only agent your wallet approved — while your browser is closed, if that's when it happens. At the moment of fire the full recipe is frozen, so a refit between fire and fill can never bend your terms. The entry side is set by whichever band fires.

• Arming requires a connected wallet that has signed in and enabled trading — see Getting Started.
• One armed variant per pair, and a pair committed by an open position or another armed watch cannot be double-armed — watching is free, commitment is exclusive.
• Armed fires pay a 0.04% per-leg builder fee, disclosed on the arm ticket before you confirm.

Positions — locked at entry

When a position opens, the full recipe — β, μ, σ, and every band level — is locked as a snapshot. The position is judged against the numbers that justified it at entry, not against whatever today's refit says. It stays locked until closed.

This mirrors how the underlying strategy is evaluated: a trade's thesis is the recipe it entered on.

Open positions can arm an exit plan — one order, three ways out: the profit target (held at least the strategy's minimum hold), the stop, or the timeout, whichever comes first. The plan persists in your Book — nothing rests on the exchange until it fires — and closes are sized from what you actually hold, reduce-only by construction.

The plan's terms are yours to amend. The exit ticket pre-fills the model's entry-frozen terms, but the target, stop, and give-up time are editable — typed as a distance from your entry in % of the first leg (or in σ), always with the dollar equivalent at your actual size beside it. A custom stop fires at exactly the level you typed. An amended plan carries an amber custom exit chip and keeps the model's numbers on display next to yours; blanking a field, or typing the suggested value back, reverts to the model's terms. Two honest footnotes sit on the ticket itself: a custom profit target still respects the strategy's minimum hold, and changes reach the engine within about five minutes.

Scaling a position — add and reduce

An open position can be scaled from its pair page: +ADD buys more of both legs on the recipe locked at entry — one position, one recipe; an add never picks up today's refit — and −REDUCE sheds a chosen fraction (or leg-A dollar amount), reduce-only by construction, so it can shrink the position but never flip it. Both open a ticket with the same two-click confirm as arming.

Every scale fill is journaled into the position, so the Book stays honest by construction: the entry shown becomes the journal-weighted average, sizes and P&L fold the new fills in, and the row's expanded view carries the full fill history — time, intent (entry / add / reduce), side, size and price — as the audit trail. A neutral SCALED chip marks a position that was scaled after entry; while a scale is working, the row shows SCALING and exits hold until it settles — one working order per position at a time.

What scaling never changes: the exit terms and the clocks. Target, stop and timeout still run from the original open — the ticket says so — and the amend path above is how terms change. Adds climb the same permission ladder as entries and count toward your caps; reduces, like closes, are cap-exempt. Reducing all the way to flat closes the position.

Because the recipe is locked, a position survives the pair leaving the daily plan entirely: if a pair drops out at a refit — it failed the pipeline's statistical gates or lost its threshold solution — your position keeps being priced and monitored on the locked recipe, armed exits still fire, and its pair page keeps working in a reduced state marked not in today's plan.

Venue truth

The Book never pretends. Position rows are verified against the venue's own state: a position the engine cannot fully verify shows amber and unsized rather than a green side chip, and a leg that was hand-closed or resized on the exchange directly is flagged (sized down on venue, grew on venue, closed on venue) instead of silently absorbed.

Variants

You can keep any number of watch variants per pair for observation, but only one can be armed per pair — the legs net at the exchange per coin, so multiple armed variants on the same pair would interfere with each other.

From book to desk

Every row in the Book carries a TRADE → button that opens the Pair Desk. A position loads its locked recipe; a watch loads today's plan — the header chip always says which one the page is running on.

What "watching" means

An unarmed watch is observation only: the pair is in your book and visible when you look. Only armed watches and exits are monitored server-side — the terminal never claims to be acting on your behalf unless something is actually armed. There are no push notifications yet; armed orders fire while the engine is running and land in your Book and blotter.