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Dear Rob,

No, this should be alright. Adding a parametric modulator means you obtain an additional regressor (if you chose 1st order) predicting linear changes in amplitude relative to the average response for that condition. And the derivatives are incorporated for any of the regressors convolved with the HRF. Based on the description this will indeed result in 8 + 4 regressors reflecting the canonical HRF (8 for the average response cond1-8, 4 for the parametric modulators), 8 + 4 regressors for the time derivative, 8 + 4 regressors for the dispersion derivative, 6 movement parameters plus a constant.

The "conditions per session" is misleading, it just refers to "conditions" specified in the GUI, not to the no. of predictors. "regressors" from the GUI (= predictors which are not convolved) are never considered as "conditions", nor are PMs or derivatives.

The order should be

Sess1 Cond1 x HRF
Sess1 Cond1 x Time
Sess1 Cond1 x Dispersion
Sess1 Cond1 x PM x HRF
Sess1 Cond1 x PM x Time
Sess1 Cond1 x PM x Dispersion
Sess1 Cond2 x HRF
Sess1 Cond2 x Time
Sess1 Cond2 x Dispersion
Sess1 Cond2 x PM x HRF
Sess1 Cond2 x PM x Time
Sess1 Cond2 x PM x Dispersion,
[repeat for Cond3, 4]
Sess1 Cond5 x HRF
Sess1 Cond5 x Time
Sess1 Cond5 x Dispersion
Sess1 Cond6 x HRF
Sess1 Cond6 x Time
Sess1 Cond6 x Dispersion
Sess1 Cond7 x HRF
Sess1 Cond7 x Time
Sess1 Cond7 x Dispersion
Sess1 Cond8 x HRF
Sess1 Cond8 x Time
Sess1 Cond8 x Dispersion
Sess1 R1
Sess1 R2
Sess1 R3
Sess1 R4
Sess1 R5
Sess1 R6
[repeat for session 2-5]
Sess1 Constant
Sess2 Constant
Sess3 Constant
Sess4 Constant
Sess5 Constant

Or in short, first the regressor for session 1 condition 1, followed by its derivatives, followed by the PM regressor and its derivatives, then session 1 condition 2 and so on, followed by session 2 and so on. Constant terms indicating different sessions are always the last few columns of the design matrix.  

Best

Helmut