Bot intent —

?

—

YES pos—

NO pos—

Mid—

To settle—

Lean—

Pause—

Live ladder —

?

BID ASK BBO filled

Inventory net 0

?

POSITION0

LIMIT100

UTIL0%

Window 5 min

?

FILLS0

WIN P&L$0.00

Math — logit-space quote engine

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RISK AVERSION γ	—	higher → quote tighter / cap inv sooner
VOL σ	—	logit-space stddev (per √window)
ARRIVAL k	—	trade arrival sensitivity to spread
POS CAP q_max	—	hard inventory limit (units)
t_remaining	—	to window close
p_mid	—	probability mid
reservation_p	—	inventory-skewed mid
half_spread	—	prob points each side of mid
time_term	—	1 / √(t+ε)
inv_term	—	γσ²·time_term
floor_term	—	2/k · ln(1+γ/k)

P&L attribution — this session

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• Spread capture$0.00
• Adverse selection$0.00
• Rounding loss$0.00
• Fees$0.00
• Settlement adj.$0.00
• Net$0.00

Per-leg P&L — YES vs NO, by side

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Leg / side	Fills	Closed	WR	Avg @	P&L
Waiting for fills…

Adverse breakdown —

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• No fills yet.

Fill heatmap — last hour, 5 rungs × 2 sides

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FILLS ADVERSE

Flow diagnostics — microstructure & selection

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Toxic flow

—

$/fill adverse

Maker / taker

—/—

fills per minute

Spread cap ratio

—

vs theoretical max

Fee split

−$0.00 / $0.00

taker / maker rebate

Effective / quoted

—

— / — bps

BBO churn

—

updates / sec

Depth imbalance

—

(bid−ask) / total

Last 6 sides

——————

consec loss 0 / 5

Tick freq · 5min

—

Drift & risk — statistical signal

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WR drift 1h / 6h / 24h

1h— 6h— 24h—

P&L per fill 95% CI

— ± —

Sharpe per window

—

Max DD · recovery

— · —

Time-to-flat

—

at current fill rate

Vol estimate

—

σ updated —

Phantom MM naive

—

vs us · diff —

Settlement P&L · last —

μ — · σ —

Settlement histogram

— zero-fill windows

Rung profitability — per-rung lifetime

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Recommended n_rungs: —

Window replays — click a row

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Awaiting fills.

Event tape — quote / fill / kill / tick

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No events yet.

Params debugger — read-only · append ?edit=1 to edit

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γ gamma σ sigma k n_rungs rung_spacing_bps Save proposal

Saved proposals are written to /mm/api/proposed_params.json for the bot to consume on next restart. Live values shown above are read from snapshot.json.