The Positions view is where you find out whether your trading is actually working. It lists every position you own — paper and live, across every venue — and, above the table, computes the statistics a fund reads to judge itself: win rate, profit factor, Sharpe, max drawdown and more.
Open it from the sidebar. The strategy of a position links straight to its builder, the venue chip to the venue, and — where a Squad opened the trade — a badge to the Squad that proposed it, so a number is always one click from its cause.
The numbers describe what you filter to#
The header does not describe the page you happen to be looking at — it describes the whole filtered set. Filter to one ticker and every figure re-computes for that ticker; filter to live-only and they describe your live trading. This is the point: the statistics answer a question you posed with the filters, not "the last thirty rows that loaded".
Filter by ticker, strategy, venue, direction, timeframe, and paper/live, and narrow to open or closed — the analytics follow.
The three bands#
The header groups the metrics into what they are for.
Performance — is it making money?#
| Metric | What it tells you | When it misleads |
|---|---|---|
| Net PNL | Realized and marked profit, after fees | A healthy total can hide a brutal drawdown along the way |
| Win rate | Share of closed trades that won | Meaningless alone — read it with profit factor |
| Profit factor | Gross wins ÷ gross losses; above 1 is profitable | Shows — with no losses yet (nothing to divide) |
| Expectancy | Average PnL per closed trade — the next trade's expected value | Only as stable as your sample is large |
| Avg win / loss | The sizes behind the win rate | — |
Win rate and profit factor are a pair, never read alone. A strategy that wins 35% of the time with big winners and small losers is excellent; one that wins 70% with the opposite is a slow bleed. The win rate tells you how often; the profit factor tells you how much.
Risk — what did it cost to earn?#
| Metric | What it tells you | When it misleads |
|---|---|---|
| Sharpe | Return per unit of total volatility | Shows — under five closed trades — too small a sample to mean anything |
| Sortino | Like Sharpe, but only downside volatility is penalised | Same small-sample caveat |
| Max drawdown | Deepest peak-to-trough fall of your cumulative PnL | A small number over few trades is not yet reassurance |
| Avg hold | Mean time in a closed position | — |
| Largest loss | Worst single closed trade | One outlier — check it isn't a missing stop |
Exposure — what is at risk right now?#
| Metric | What it tells you |
|---|---|
| Positions | Total, and the open / closed split |
| Open notional | Leveraged size currently live in the market |
| Long / short | Directional balance, and the PnL earned on each side |
| Fees | Total paid; the gross PnL before fees is shown alongside |
Reading max drawdown#
Max drawdown is the number that tells you whether you could actually have held a strategy. It is the deepest the cumulative PnL curve ever fell from a high point before recovering.
The per-trade columns#
Each row carries more than price and PnL. The two most useful:
- R-multiple — the trade's PnL expressed in units of the risk you took: a 2R win made twice what the stop put at risk. It is the fairest way to compare trades of different sizes. It shows — when the position had no stop, so there is no defined risk to measure against.
- Held — how long a closed position was open, so you can see whether your winners run and your losers get cut, or the reverse.
Notional, entry, exit, fees and leverage are all there too; a column control lets you hide the ones you don't want.
Why a metric shows a dash#
Across the whole view, an undefined metric shows —, never 0. This is
deliberate and worth internalising: 0 is a measured result — "we looked and
it was zero" — while — means "we cannot say yet". A Sharpe of 0.00 would
claim a strategy has no edge; a Sharpe of — correctly says it hasn't traded
enough to judge. Read the dash as "not enough evidence", not as "bad".