> ## Documentation Index
> Fetch the complete documentation index at: https://docs.performax.ai/llms.txt
> Use this file to discover all available pages before exploring further.

# Metrics

> What each metric means and the data it depends on.

This reference explains what the main Performax metrics mean and what data they depend on.

Performax displays analytics from your own trading history. Metrics describe past data. They are not market predictions, trade instructions, or performance guarantees.

## Date basis

Closed-trade analytics should use the realized date: exit date when present, otherwise entry date. Open-position widgets can use current position data because the trade is not realized yet.

## Cashflows

Deposits and withdrawals affect account balance. They should not be treated as trading profit or loss.

* **Balance mode** includes deposits and withdrawals.
* **Performance mode** isolates trading performance from cashflows when the app has enough cashflow data.
* Missing cashflows can make drawdown and equity views look wrong. If a warning appears, add or sync the missing cashflow data before trusting the chart.

## Core metrics

| Metric        | Formula or basis                                 | Notes                                                                      |
| ------------- | ------------------------------------------------ | -------------------------------------------------------------------------- |
| P\&L          | Gross result minus fees when fee data exists     | Shown in your display currency where conversion data is available.         |
| Win rate      | Winning closed trades / total closed trades      | Empty if there are no closed trades in the selected scope.                 |
| Profit factor | Gross profit / absolute gross loss               | If there are no losses, the metric can be unavailable or capped by the UI. |
| Expectancy    | Average expected result per trade                | Depends on win rate, average win, and average loss.                        |
| Sharpe ratio  | Average return divided by return volatility      | Uses return series, so short samples can be noisy.                         |
| Sortino ratio | Average return divided by downside volatility    | Focuses on downside movement.                                              |
| Calmar ratio  | Return divided by maximum drawdown               | Sensitive to drawdown and cashflow completeness.                           |
| Max drawdown  | Largest peak-to-trough decline                   | Use cashflow-aware views when deposits or withdrawals exist.               |
| R-Multiple    | Trade result divided by planned or inferred risk | Requires valid risk input.                                                 |
| MAE           | Maximum adverse excursion                        | How far a trade moved against you before exit.                             |
| MFE           | Maximum favorable excursion                      | How far a trade moved in your favor before exit.                           |
| Edge ratio    | MFE / MAE                                        | Useful only when MAE and MFE samples are available.                        |

## Behavioral metrics

| Metric              | What it checks                      | Notes                                                     |
| ------------------- | ----------------------------------- | --------------------------------------------------------- |
| Streaks             | Consecutive wins or losses          | Requires chronological closed-trade order.                |
| Session analysis    | Performance by trading session      | Depends on timezone and timestamp quality.                |
| Temporal heatmap    | Performance by day and hour         | Requires enough trades to avoid over-reading the pattern. |
| Symbol distribution | Result by traded market             | Small samples can overstate a symbol edge.                |
| Correlation matrix  | Relationship between traded symbols | Correlation does not prove causation or future behavior.  |

## Empty and partial states

Some widgets show empty, partial, or warning states when data is missing. Common causes:

* No connected exchange account.
* First sync still running.
* No closed trades in the selected period.
* Missing balance or cashflow history.
* Exchange API limitation.
* Credentials expired or invalid.

When a metric looks unexpected, compare the selected account, period, and filters before assuming the calculation is wrong.