Positions & P&L
Understanding how positions and profit-and-loss are tracked in TestMax is fundamental to effective practice. This page covers the positions panel, the account bar, P&L calculations with tick values, and how to close positions.
Positions panel
The positions panel is located below the order entry area on the right side of the trading dashboard. It displays all currently open positions in real time.
Position details
Each row in the positions panel shows:
| Column | Description |
|---|---|
| Instrument | The symbol of the contract (NQ, ES, GC, CL, EURUSD) |
| Side | Long (bought) or Short (sold) |
| Qty | The number of contracts in the position |
| Entry | Your average entry price, calculated across all fills |
| Current | The latest market price from the replay data |
| Unrealized P&L | The floating profit or loss if you closed the position at the current price |
| Close | A button to close the individual position at market |
Position colors
The unrealized P&L value is color-coded for quick identification:
- Green — The position is currently profitable
- Red — The position is currently at a loss
- White / neutral — The position is at breakeven (entry equals current price)
Empty state
When you have no open positions, the panel displays a clean empty state indicating no active positions. This makes it immediately obvious whether you are currently in a trade or flat.
Account bar
The account bar runs along the bottom of the trading dashboard and provides a snapshot of your overall session financials. All values update in real time as prices move and trades execute.
Account bar fields
| Field | Description |
|---|---|
| Balance | Starting balance plus all realized P&L from closed trades. Does not include unrealized P&L. |
| Equity | Balance plus unrealized P&L from open positions. This is your “true” account value at any moment. |
| Realized P&L | Total profit or loss from all trades that have been closed in this session. |
| Unrealized P&L | Total floating profit or loss from all currently open positions. |
| Margin Used | The amount of margin allocated to your open positions. Each instrument has a margin requirement per contract. |
How P&L is calculated
P&L calculation in futures and forex differs from stock trading because each instrument has its own tick size and tick value. A “tick” is the smallest price increment the instrument can move.
Tick values by instrument
| Instrument | Tick Size | Tick Value | Points per Tick |
|---|---|---|---|
| NQ | 0.25 | $5.00 | 4 ticks = 1 point ($20) |
| ES | 0.25 | $12.50 | 4 ticks = 1 point ($50) |
| GC | 0.10 | $10.00 | 10 ticks = 1 point ($100) |
| CL | 0.01 | $10.00 | 100 ticks = 1 point ($1,000) |
| EURUSD | 0.00005 | $5.00 | 200 ticks = 1 pip ($10) |
Calculating P&L
The formula for calculating P&L on a futures position:
P&L = (Price Change / Tick Size) x Tick Value x Quantity
Instrument: NQ | Entry: 15,250.00 | Current: 15,258.00 | Quantity: 1 contract
Price change = 15,258.00 - 15,250.00 = 8.00 points
Ticks moved = 8.00 / 0.25 = 32 ticks
P&L = 32 ticks x $5.00 x 1 contract = +$160.00
You bought at 15,250. Price moved up 8 points (32 ticks). At $5 per tick, you are up $160.
Instrument: ES | Entry: 4,520.00 | Current: 4,515.50 | Quantity: 2 contracts
Price change = 4,520.00 - 4,515.50 = 4.50 points (in your favor since you are short)
Ticks moved = 4.50 / 0.25 = 18 ticks
P&L = 18 ticks x $12.50 x 2 contracts = +$450.00
You sold short at 4,520. Price moved down 4.5 points (18 ticks). At $12.50 per tick with 2 contracts, you are up $450.
Instrument: CL | Entry: 72.50 | Current: 72.68 | Quantity: 1 contract (short)
Price change = 72.68 - 72.50 = 0.18 points (against you since you are short and price went up)
Ticks moved = 0.18 / 0.01 = 18 ticks
P&L = 18 ticks x $10.00 x 1 contract = -$180.00
You sold short at 72.50. Price moved up 18 ticks. At $10 per tick, you are down $180.
Average entry price
If you add to a position (buying more contracts at a different price while already long, or selling more while already short), TestMax calculates the weighted average entry price.
Example: You buy 1 NQ at 15,250, then buy 1 more NQ at 15,240. Your average entry is:
(15,250 + 15,240) / 2 = 15,245
Your position now shows 2 contracts long with an entry price of 15,245. P&L is calculated against this average.
Closing positions
There are several ways to close an open position.
Flatten all (F key)
Press F to flatten all open positions at market. This sends market orders to close every position you have open, across all instruments. This is the fastest way to get completely flat.
Close button in positions panel
Each position in the positions panel has a Close button. Clicking it sends a market order to close that specific position. This is useful when you have multiple positions and only want to close one.
Opposite market order
You can close a position by placing an opposite market order for the same quantity. If you are long 1 NQ, selling 1 NQ at market closes the position. You can also partially close by selling less than your full position.
Bracket order exits
If you entered with a bracket order, your stop loss and take profit levels manage the exit automatically. You do not need to manually close — the position closes when either level is hit.
Realized vs. unrealized P&L
Understanding the distinction between realized and unrealized P&L is critical:
Unrealized P&L
- Also called “floating” P&L
- Represents the profit or loss you would have if you closed the position right now
- Changes continuously as the market price moves
- Displayed in the positions panel next to each open position and in the account bar
- Counts toward equity but not balance
Realized P&L
- Represents the actual profit or loss from trades you have already closed
- Does not change once a trade is closed
- Added to your balance when the trade closes
- Accumulated across all closed trades in the session
How they interact
| Event | Balance | Equity | Unrealized | Realized |
|---|---|---|---|---|
| Session starts | $100,000 | $100,000 | $0 | $0 |
| Buy 1 NQ at 15,250 | $100,000 | $100,000 | $0 | $0 |
| Price moves to 15,260 | $100,000 | $100,200 | +$200 | $0 |
| Close position at 15,260 | $100,200 | $100,200 | $0 | +$200 |
| Sell 1 NQ at 15,260 | $100,200 | $100,200 | $0 | +$200 |
| Price drops to 15,250 | $100,200 | $100,400 | +$200 | +$200 |
| Close short at 15,250 | $100,400 | $100,400 | $0 | +$400 |
Margin
Each instrument requires a certain amount of margin per contract. Margin is the “deposit” required to hold a position. In TestMax, margin is tracked to simulate realistic account constraints.
| Instrument | Approximate Margin per Contract |
|---|---|
| NQ | $1,000 - $2,000 |
| ES | $500 - $1,500 |
| GC | $1,000 - $2,000 |
| CL | $500 - $1,500 |
| EURUSD | $200 - $500 |
When your margin used approaches your available equity, you will not be able to open additional positions. This prevents over-leveraging and encourages proper position sizing.
Tips for P&L management
Know your risk in dollars before every trade
Before pressing Buy or Sell, calculate the dollar risk. If you are buying 1 NQ and your stop loss is 10 ticks away, your risk is $50 (10 ticks x $5). Make sure this amount is acceptable relative to your account size and daily loss limit.
Watch equity, not just P&L
Individual trade P&L matters, but your overall equity curve tells the real story. A series of small losses followed by one big win can still produce a great equity curve. Focus on protecting equity rather than being right on every trade.
Track your daily realized P&L
Set a daily profit target and a daily loss limit. When you hit your profit target, consider stopping for the day. When you hit your loss limit, stop immediately. This discipline is essential for prop firm practice and carries over to live trading.
Understand position sizing
The relationship between contract quantity, tick value, and stop distance determines your dollar risk per trade. Before increasing your quantity, make sure you understand the P&L impact:
| NQ Contracts | Risk per Tick | 10-Tick Stop Loss |
|---|---|---|
| 1 | $5.00 | $50 |
| 2 | $10.00 | $100 |
| 3 | $15.00 | $150 |
| 5 | $25.00 | $250 |
Scale position size to keep your risk per trade at a consistent percentage of your account. A common guideline is risking no more than 1-2% of your account on any single trade.