Win rate and P&L are the two metrics most traders track. They are also the two least useful for improving performance. This guide covers 50+ trading analytics metrics that reveal your actual edge — including formulas, benchmarks, and what each one tells you about your trading.

Performance Metrics

Metric	Formula	What It Tells You
Win Rate	Wins ÷ Total Trades	Directional accuracy. Means little without average win/loss sizes.
Profit Factor	Gross Profit ÷ Gross Loss	Overall edge. Above 1.5 = sustainable. Below 1.0 = losing.
Average R-Multiple	Sum of R ÷ Total Trades	Edge per trade attempt. Normalize for position size.
Expectancy (₹)	(Win% × Avg Win) − (Loss% × Avg Loss)	Expected P&L per trade in absolute rupees.
R-Expectancy	(Win% × Avg R-Win) − (Loss% × Avg R-Loss)	Expected R per trade, independent of position size.
Sharpe Ratio	Avg Return ÷ StdDev of Returns	Risk-adjusted return. Above 1.0 = good, above 2.0 = excellent.
Calmar Ratio	Annual Return ÷ Max Drawdown	How much you earn per unit of max drawdown risk.
Max Drawdown	Peak-to-Trough P&L decline	Worst losing streak. Determines position sizing limits.
Recovery Factor	Net Profit ÷ Max Drawdown	How many times over you recovered from your worst drawdown.
Avg Win / Avg Loss	Mean winning trade ÷ Mean losing trade	Reward:risk ratio on average. Above 1.5 = healthy.

Trade Quality Metrics

Metric	What It Tells You
MAE (Max Adverse Excursion)	Deepest drawdown within a trade. Reveals if stops are well-placed.
MFE (Max Favorable Excursion)	Maximum profit potential realized. Exit quality indicator.
MFE Capture Ratio	Actual exit ÷ MFE. Shows what % of potential profit you captured.
Entry Efficiency	How close to the optimal entry price you entered. Higher = better timing.
Exit Efficiency	How close to the optimal exit you exited. Higher = better timing.
Trade Duration	Average holding period. Reveals if you match your intended time horizon.
Volume-weighted entry	Relevant for multi-lot entries — average cost vs. initial fill.
Slippage per trade	Difference between intended and actual fill price. Execution quality.

Behavioral Metrics (Unique to CernoQuant)

Metric	What It Tells You
Emotion × Win Rate	Win rate segmented by pre-trade emotional state. Most traders find a 15–25% gap between confident and anxious states.
Energy × P&L	P&L and win rate segmented by pre-session energy score. Reveals if trading on low energy is statistically negative EV for you personally.
Tilt Rate	% of sessions with a detected tilt event. Track improvement over months.
Post-Loss Trade Win Rate	Win rate on trades taken within 30 minutes of a loss. Detects revenge trading pattern.
Overtrading Index	Actual trade count vs. your historical average on equivalent sessions. High = overtrading signal.
Playbook Adherence %	% of trades that match a defined playbook setup. Higher = more disciplined.
Sleep-Adjusted Performance	P&L and win rate segmented by previous night sleep quality score.
Focus-Adjusted Performance	P&L and win rate segmented by pre-session focus score.

Segmentation Metrics

These metrics require filtering your trade database by a variable to calculate performance for each segment:

Win rate by day of week
Win rate by time of day (hourly)
P&L by setup / strategy
P&L by instrument type
Performance by market regime
Win rate by session (morning / afternoon)
P&L by expiry day vs non-expiry
Win rate by position size tier
Performance by holding period
P&L by entry confirmation type
Win rate in trending vs ranging
P&L by broker / account
Performance in volatile vs quiet
Win rate after large wins
Win rate after large losses
P&L by day of month

Streak Metrics

Max Win Streak:Longest sequence of consecutive winning trades

Max Loss Streak:Longest sequence of consecutive losing trades — critical for sizing and risk rules

Current Streak:Real-time indicator for tilt risk (after consecutive losses)

Post-Streak Performance:Do you overperform or underperform after win/loss streaks?

Average Streak Length:Helps set realistic expectations and stop rules

CernoQuant Tracks 50+ of These Automatically

CernoQuant calculates all performance, trade quality, and behavioral metrics automatically from your connected Zerodha, Dhan, Angel One, Fyers, Upstox, or Groww data. The behavioral metrics — emotion × performance, energy × P&L, tilt detection — are unique to CernoQuant and unavailable in any other trading journal.

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50+ Trading Analytics Metrics Every Serious Trader Should Track