The Final Tape
Eight Canonical Metrics Dashboard Template
Definitions, formulas, interpretation guide, weekly tracking sheet, and review checklist
The eight canonical metrics
| Metric | Formula / definition | Interpretation |
|---|---|---|
| Win Rate | Winners ÷ completed trades × 100 | >50% alone means nothing — read with Avg R and Profit Factor |
| Profit Factor | Gross profit ÷ gross loss | >2.0 strong · 1.0–1.5 marginal · <1.0 losing |
| Avg R-Multiple (Expectancy) | Average net PnL ÷ planned risk $ per trade | >1.0R positive edge · normalize all stats against this |
| Total PnL | Net profit/loss after fees | Bottom line — never judge edge from P&L alone |
| Avg Holding Time | Average hours in market per completed trade | Reveals style alignment vs intended timeframe |
| Daily Return | Avg net PnL per calendar day with ≥1 trade | Sustainable only if drawdown stays controlled |
| Max Drawdown | Largest peak-to-trough equity decline | 5–10% manageable · 25%+ reset territory |
| Total Fees | Cumulative exchange and execution fees | If fees >20–30% of gross profit, edge is illusory |
How to interpret metric combinations
| Pattern | What it means |
|---|---|
| High win rate + negative expectancy | Winning small, losing big — fix R on losers |
| Low win rate + positive expectancy | Valid edge — do not chase win rate |
| Good expectancy + low compliance | Luck not skill — filter ≥80% compliance trades |
| Strong P&L + rising drawdown | Unsustainable — reduce size before reversal |
Weekly dashboard review checklist
- Record all eight metrics for the last 20 completed trades
- Compare Profit Factor and Avg R-Multiple to prior week
- Check Max Drawdown vs account risk tolerance
- Review Compliance Score trend (daily glance, weekly deep dive)
- Identify weakest metric and write one Kill List action item
- Schedule next weekly review on the same day
Weekly tracking sheet
| Metric | Week 1 | Week 2 | Week 3 | Week 4 |
|---|---|---|---|---|
| Win Rate (%) | ||||
| Profit Factor | ||||
| Avg R-Multiple | ||||
| Total PnL ($) | ||||
| Max Drawdown ($ / %) | ||||
| Total Fees ($) | ||||
| Avg Compliance Score (%) | ||||
| Weakest metric + action |
Post-trade review: Post-Trade Review Template
Compliance checklist: Trading Compliance Checklist Template
R-multiple discipline: From P&L Obsession to R-Multiple Discipline
Full lesson: Lesson 14 — Eight Canonical Metrics Dashboard
Automated dashboard in the app: Try The Final Tape free