Hours: the session and automatic flattening
The “day” in the rules is the CME session: when it rolls over, when positions are closed and what that means in Brasília time.
In EXL's rules, the day is the CME session, not the calendar day. Every daily rule, such as the Daily Loss Limit, traded days and positive days, uses the session.
- Session rollover
- 5 p.m. Chicago time
- 7 p.m. or 8 p.m. in Brasília
- Automatic flattening
- 3:30 p.m. Chicago time
- 5:30 p.m. or 6:30 p.m. in Brasília
The session rollover
The session rolls over at 5 p.m. Chicago time. A trade closed after that time already counts in the next session. That's why Monday's session starts on Sunday, at 5 p.m. Chicago time.
Automatic flattening
At 3:30 p.m. Chicago time, open positions are closed automatically, and the result goes into the session. The account doesn't carry positions from one session to the next: plan your exit before that time.
In Brasília time
Chicago observes US daylight saving time, and Brasília doesn't. That's why the same Chicago time falls at different hours in Brasília throughout the year. When in doubt, go by Chicago time.
Holidays
A CME holiday is not a session. The rules only use the valid sessions of the CME calendar.
What counts in each session
- Daily result: the sum of the trades closed in the session, after commissions.
- Traded day: a session with at least one trade closed by you.
- Automatic settlement at a contract's expiry counts in the result, but not as a traded day.
Touching a limit counts right away
The Max Loss Limit floor is updated at the end of the session, but hitting a limit during the session already counts.
Frequently asked questions
Related articles
- Allowed instruments and point valueThe futures contracts you can trade, the tick, the tick value and the point value, and how to calculate a trade's result.
- Commission per orderThe commission is charged per executed order, not per contract. See how it works and simulate what a trade costs.
- Max Loss Limit (MLL) and EOD drawdownHow much the account can lose in total, how the floor rises with the end-of-day close and the funded account lock.
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