The Final Tape
Excursion Metrics Tracker
Per-trade logging template for MAE, MFE, MAPE, MFPE, and PEE sequence analysis in R
Metric definitions
| Metric | Definition |
|---|---|
| MAE | Maximum Adverse Excursion — worst move against you while trade was open |
| MFE | Maximum Favorable Excursion — best move in your favor while trade was open |
| MAPE | Maximum Adverse Post-Exit — worst move against you after exit |
| MFPE | Maximum Favorable Post-Exit — best move in your favor after exit (opportunity cost) |
| PEE sequence | Which post-exit extreme came first: MFPE first, MAPE first, or Unknown |
Per-trade tracker fields
- Setup name + symbol + direction
- Planned risk ($) or R distance for normalization
- Entry price, exit price, realized R
- MAE in R (e.g. –0.8R)
- MFE in R (e.g. +2.4R)
- MAPE in R (post-exit adverse, or N/A)
- MFPE in R (post-exit favorable, or N/A)
- PEE sequence: MFPE first / MAPE first / Unknown
- MFE capture % = realized R ÷ MFE in R
- Primary exit tag + notes
PEE sequence review checklist
- Log all four excursion metrics on every completed trade
- Express each metric in R using planned risk from entry
- Record PEE sequence after defining post-exit window (1–4 hrs or session close)
- Calculate MFE capture % for each trade
- Tag primary exit leak — one tag, not five
Example logged trade
| Setup | Realized R | MAE | MFE | MAPE | MFPE | PEE | Capture | Tag |
|---|---|---|---|---|---|---|---|---|
| ORB Long ES | +1.0R | –0.8R | +2.4R | N/A | +2.7R | MFPE first | 42% | Fear exit |
Weekly aggregation (20 trades)
- Filter last 20 completed trades with full excursion data
- Compute avg MFE capture % by setup
- Rank top MFPE leak by frequency × R damage
- Group by PEE sequence — count MFPE-first after red days
- Write one Kill List item from top excursion pattern
R-multiple discipline: From P&L Obsession to R-Multiple Discipline
Kill List workflow: How to Build a Kill List
Minimum journal schema: Why Your Trading Journal Is Lying to You
Full lesson: Lesson 8 — Excursion Metrics and PEE Sequence Analysis
Log excursions in the app: Try The Final Tape free