Collective2 is an objective, third-party reviewer of trading strategies. Collective2 "went live" in 2003. Over the past seven years, they have analyzed over 13,249 trading strategies. They are subject to U.S. laws and regulations. They are registered with the Commodity Futures Trading Commission (CFTC) as a CTA and are members of the National Futures Association.
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Pearl generates usually between 2 and 20 limit orders once a day. Positions are held at least one night and a maximum of 12 days.
Positions are opened with limit orders and closed either by limit orders (profit target) or market orders (stop-loss, timeout).
All orders are sent some hours before markets open.
While trades will be filled during the day it is possible to trade it with a one time effort per day.

WARNING: Do not trade this system if did not fully read and understand all trading instructions. Ignoring some of these instructions may cause losses in your trading account.

To reproduce the trades at C2 it is essential to use correct position sizing, 1:2 Margin and a broker which allows more limit orders than buying power but does not fill limit orders when margin requirements are violated.

Background

Pearl uses effects of human psychology and mass psychology in the markets. It was developed using modern statistical methodology which finds significant deviations from random walks, persistent statistical anomalies and areas of predictability. Stock selection is based on quantitative indicators (not TA indicators).
Pearl runs fully automated on dedicated servers and is supervised by two IT professionals.

Details

Pearl generates "Trade Commentary" for all Signals. You should enable these commentarys by switching "Trade Commentary" to "on" on the C2 Pearl page. The trade commentary contains a unique position ID for each position which makes it easy to match opening and closing orders.

All orders are entered before markets open. All positions are held at least one night.

Pearl is an End-Of-Day system.
The system as it works on C2 is designed for the 2:1 margin available there. If you don't want to use margin, just cut position sizes in half.

Pearl is based on a Wealth-Lab script which runs automatically at about 22:00 ET. This script generates usually 2 to 20 limit orders for entries and exits. There are days with no new entries. Then only exit limit orders for all open positions are generated. Occasionally there no orders or up to 30 or 40 orders for a single day. This happens two or three times per year.

All limit orders are posted by 23:00 ET (unless there are major troubles with our servers or the Internet.) People usually send these orders to their brokers manually. Should take 10 to 20 Minutes every trading day.

Usually there are more entry-limit orders active than available buying power so it may happen that the broker rejects some of these orders in the moment these orders are about to be filled.

A similar situation occurs in rare circumstances when the broker sends a margin call. It is the best to close positions with best profit in this case. C2 does this automatically.

As long as you don't mind rejected orders and automatic handling of margin calls (both very rare) you don't need to put more effort into trading Ruby than entering all orders once a day. (while NASDAQ is closed)

Position sizing is an integral part of the Pearl System. With 2:1 margin (as it runs on C2) it uses a "fixed ratio" Position sizing of 15% which allows a maximum of 13 open positions. ( 13 * 15% = 195% of cash+open pos value)
It is critical to limit the system to these 13 positions however.

C2 is instructed to cancel all outstanding BTO orders when buying power falls below about 15% of available capital.

This means, if you use 1:1 / no margin (with an IRA account, for example), you should size each position to 7.5%. If (on a very heavy day) there are more than 13 "fills" IB will reject further fills which is quite ok.