“Open”, “closed” and “hedged” describe different trading states. They also answer different campaign questions. A promotion may require completed activity, exclude offsetting trades or apply a holding test. To estimate eligibility, first reconcile the platform records and then apply the current campaign definition.
Open volume is current exposure
An open position is still exposed to price movement. Its result remains floating, margin can remain in use and financing may continue. An opening deal proves that execution occurred, but it does not necessarily meet a campaign rule that requires the position to be closed or held for a minimum period.
Orders, deals and positions
An order requests an action; a deal records execution; a position records current exposure. One order can create multiple deals, and one position can be changed by several deals. Promotion calculations should identify the required record rather than treating every platform row as the same event.
Closed volume comes from execution
A position is closed when an opposite transaction removes all of its remaining exposure. A partial close removes only part. If 1 lot is open and 0.4 lot is validly closed, 0.4 lot is closed while 0.6 lot remains open. The campaign may count the completed portion, require the entire position to close, or apply another method.
How Promotional Trading Volume Is Calculated explains one-way and round-turn conventions.
Realised does not automatically mean eligible
A realised transaction can still fall outside the campaign period, involve an excluded instrument, fail a holding requirement or be reversed. “Closed” is therefore one test, not the complete eligibility decision.
What a hedged position means
In a hedging account, buy and sell positions in the same instrument can remain open at the same time. Their directional exposures may offset partly or fully, but both gross positions still exist. Spreads, commissions, financing, margin rules and execution risk can continue to apply.
Gross volume versus net exposure
A 1-lot buy and 1-lot sell may create near-zero net direction while representing 2 lots of gross open positions. A campaign can exclude such activity, measure only eligible closed legs or use another anti-abuse rule. Do not infer qualifying volume from net exposure alone.
Netting and hedging accounts differ
Under netting, an opposite deal normally reduces, closes or reverses the single position for that instrument. Under hedging, distinct opposite positions can coexist and may support a “close by” operation. The account system affects how records appear, but the campaign formula still decides what is eligible.
For the margin implications of offsetting positions, read Hedged and Locked Positions and Margin.
Reconciliation checklist
- Confirm whether the account uses netting or hedging.
- Match each order to its executed deals and position identifier.
- Separate fully open, partially closed and fully closed amounts.
- Identify simultaneous opposite positions and close-by transactions.
- Apply the campaign period, product, holding and exclusion rules.
- Compare the result with the authenticated campaign record.
Keep risk separate from qualification
Opening an opposite position is not a risk-free way to create volume. Prices, costs, margin treatment and execution can still produce loss. Never restructure a sound trading plan only to influence an incentive calculation.
The campaign team can resolve a calculation difference using deal history and the applicable terms. Retain both rather than relying on a screenshot of the open-positions screen.