Open P/L vs P/L Day in Tradovate Explained
Open P/L is the live, unrealized gain or loss on the position you're holding right now. P/L Day is your total for the whole trading session, closed trades and open float combined. Here's the clean version.
Two P/L numbers sit on your Tradovate screen and they rarely match. Open P/L is the live, unrealized gain or loss on the position you're holding right this second. P/L Day is your total for the whole trading session, closed trades and open float combined. Mix them up and you'll misread your day. Here's the clean version.
The Short Answer
| Open P/L | P/L Day | |
|---|---|---|
| What it measures | Unrealized gain/loss on your current open position | Total session P/L: closed trades plus open float |
| Reference point | Your average entry price | Where you stood at the session start |
| Reads zero when | You're flat, nothing open | A fresh session with no trades yet |
| Updates | Every tick while the position is open | Every tick, and each time you close a trade |
| Resets | The moment you close the position | At the 5:00 PM Central session boundary |
Open P/L: the Money in the Trade You're In
Open P/L (you'll also see it written as P/L Open) is unrealized. Tradovate measures it from your volume-weighted average entry price to the current market price, then multiplies by your position size and the instrument's tick value. It re-prices on every tick, so it breathes up and down with the market. The instant you close the position, Open P/L is done: it drops to zero and whatever you made or lost rolls into your realized total for the day.
Think of it as "what would happen if I got out right now." It says nothing about the three trades you already closed this morning.
P/L Day: the Whole Session in One Number
P/L Day is the running total for the entire session: every trade you've already closed plus whatever's still floating on an open position. The catch is the session clock: it doesn't reset at midnight. Tradovate's trading session starts at 5:00 PM Central Time and runs to 3:45 PM CT the next day, Sunday through Friday. So if you trade at 4 PM CT, that fill already belongs to the next session's P/L Day.
Scalp three quick trades and go flat, and the two numbers split cleanly: Open P/L reads zero because you hold nothing, while P/L Day still shows the sum of those three closed trades.
Find Them Both: Step by Step
Open the Positions Module
Open the Positions tab, or drop the Positions module into your workspace if it isn't already there. It lists each open position with the instrument, net quantity, average price, and the two P/L figures sitting side by side. Don't see both columns? Right-click the column header (or open the module's view/column settings) and switch them on.
Read the Open P/L Column
Find the column with your live floating result, usually labeled Open P/L or P/L Open. Green means the open position is in profit, red means it's underwater, and it ticks up and down in real time. Close the position and this cell goes back to zero.
Read the P/L Day Column
Right beside it is P/L Day, your session total. This is the figure that folds in closed winners and losers alongside the open float. When Open P/L and P/L Day disagree, this is why: P/L Day remembers the trades you already booked, and Open P/L doesn't.
Cross-Check Net P/L in Account Reports
Both columns on the Positions grid are gross, commissions and fees aren't subtracted there. For the number that actually hits your balance, open the Performance report under Account Reports, which nets out your trading costs. If your on-screen P/L Day never quite squares with your account net, this gap is almost always the reason.
Why the Difference Matters
If you trade a funded or evaluation account, your daily loss limit is measured against the session net, realized plus open, from that same 5:00 PM CT reset. A big Open P/L on a runner still counts against the limit in real time, so a trade that looks fine on the float can quietly push your P/L Day toward a breach. Watch P/L Day, not just the float, when you're managing risk. Exact limits and trailing-drawdown rules vary by firm and account size, so check your firm's current rules.
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Start Your Free 5-Day TrialFrequently Asked Questions
No. Open P/L is only the unrealized float on the position you're holding right now. Once you close a trade, that amount leaves Open P/L and lands in P/L Day.
The session resets at 5:00 PM Central Time, not at midnight. Anything you traded after 5 PM the previous evening already belongs to the current session's P/L Day.
No. The Positions grid shows gross figures. For net P/L after commissions and fees, check the Performance report in Account Reports.
This guide is for educational and informational purposes only and is not financial, investment, or trading advice. Trading futures and other leveraged products carries a substantial risk of loss and is not suitable for every investor. PickMyTrade is an independent third-party automation platform and is not affiliated with, endorsed by, or sponsored by Tradovate, Inc. "Tradovate" and all related names, logos, and trademarks are the property of their respective owners. Platform features and steps change over time, so always confirm the current process in the official Tradovate platform and documentation before acting.