Institutional tier
The Fix Window
The Fix Window gives you client orders to fill at the 4pm London fix, a benchmark worked out from trading in a short window around 16:00. You net them, then choose when to work what is left. It teaches how benchmark flow leaves marks that a chart reader may later call a stop hunt.
Free, with a verified email address. An account saves your progress, and floors and tiers open as you level up.
What it teaches
How benchmark flow moves price at a known time, with no hunt involved.
- What a fixing order is and why a dealer who accepts one has to trade around the window.
- Working the order evenly through the whole window tracks the benchmark. Bunching it tracks worse and leaves a sharper push.
- Working ahead of the window is trading on what the desk knows about a client order, and desks have rules against that.
- Background in how FX dealers and the 4pm fix work.
How a round plays
- Client orders to trade at the fix arrive. Net them: buys against sells. Matched amounts cross at the fix and never reach the market.
- Enter the net amount and its side. That is what goes to the market.
- Choose a start and an end. The net is traded evenly between them. The calculation window is centred on 16:00, and at higher levels it is not shaded for you.
- Run the fix. You see the footprint on the chart and how close the desk came to the benchmark.
- A run is six fixes and takes about four minutes.
How it is graded
You are graded on process: netting correctly, in size and side, and working the net evenly across the whole calculation window, not before it, past it or bunched inside it. The gap to the fix and the push on the chart are shown as consequences of the schedule.
The honest note
The order flow and the prices are simulated. The point is the mechanism: orders that must trade in a known few minutes move price, and no stop needs to be involved.