> ## Documentation Index
> Fetch the complete documentation index at: https://mamx-api.exuratech.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Who participates and how much gets copied?

Trades appear in investor accounts only when the master closes all or part of a position.

## Who participates?

An allocation links one investor to one master. By default, an investor with an active subscription at close can participate even if they joined after the trade opened. A broker can instead require the subscription to have been active **at or before the opening** and to remain active at close.

For example, if the master opens at **10:00** and closes at **11:00**, an investor who joins at **10:30** can participate under the default rule, but not under the stricter rule. An investor who joins at **10:00** qualifies under either rule if they stay subscribed. An investor who unsubscribes before the close does not receive it.

## Choose an allocation mode

An investor login can follow **one master at a time**. To switch from master A to master B, unsubscribe from A, let pending settlements, transfers and exit fees finish, then subscribe the same login to B using a new idempotency key. The old allocation stays cancelled and keeps its trades and fees. Returning to A reactivates the A allocation; its previous performance fee high-water mark is preserved.

Set `allocation_mode` on the subscription. Each investor's share is independent: adding another investor does not dilute it.

| Mode | How the investor's share is sized | Meaning of `mode_parameter` |
| - | - | - |
| `BALANCE` | Proportional to the investor's balance relative to the master's balance. | Multiplier; defaults to `1`. |
| `EQUITY` | Like balance sizing, but compares investor and master equity instead. | Multiplier; defaults to `1`. |
| `EQUITY_ROUND_DOWN` | Like equity sizing, but rounds volume down to an allowed lot step and respects the symbol maximum. Below the minimum, no trade is copied. | Multiplier; defaults to `1`. |
| `SCALED` | A fixed multiple of the master's volume, regardless of the balance ratio. | Required factor: `0.5` means half the master's volume. |
| `FIXED` | A fixed number of investor lots for the whole master position, not for each partial close. | Required lot size: `0.50` means half a lot in total. |

**Balance example:** With a master balance of **1,000 USD** before the trade result and an investor balance of **500 USD**, `BALANCE` with multiplier `1` gives the investor a 50% share. If the master earns **100 USD** before fees, the investor earns **50 USD** before fees.

## What happens on a partial close?

Suppose the master opens **1.00 lot** and the investor's allocation is **0.50 lots**. If the master closes half and later closes the rest, the investor sees a **0.50-lot opening** when the first partial closes, followed by two **0.25-lot exits**, one at each close. There is no second opening.

See [Accounts and subscriptions](https://mamx-api.exuratech.com/guides/crm-workflow.md) for the API requests.


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