What is included and excluded

What the numbers reflect

Every figure published on the Performance page is net of the items below.

• All trades
  Every executed trade in the study period — 1,785 total — is included. No trades are omitted, filtered, or cherry-picked from the record.
• Brokerage fees
  ₹3,42,355 in total fees paid to brokers and exchanges over 4+ years (15.1% of gross PnL). All published returns are net of these costs.
• Losing trades
  All losing trades, losing days, losing weeks, and drawdown episodes are included. The max drawdown of 12.23% and all recovery periods are part of the public record.
• Fixed capital
  Returns are calculated on a fixed ₹1L base capital. Position sizing does not compound with accumulated profits — this is a conservative reporting mode that understates what compounding would produce.
• Calendar periods
  Annual and monthly returns use calendar boundaries. A year ends on 31 December regardless of when the study started within that year.

What is not modelled

Standard backtesting limitations. These are disclosed so readers can interpret the record accurately.

• Slippage
  Market impact and slippage are not modelled. Fills are assumed at the prices recorded in the simulation. Live execution may differ, particularly during fast-moving sessions.
• Taxes
  No tax on gains is deducted. Actual after-tax returns depend on individual tax treatment and are not represented here.
• Compounding
  Position size does not increase with accumulated equity. Returns shown assume the same capital base throughout — a deliberate conservative choice.
• Survivorship
  The instrument universe is not survivorship-bias-free in the strict academic sense. The system trades liquid NSE equities available at each point in the study period.

Minimum capital floor

The historical minimum capital needed to have survived every losing stretch in the 4+ year record.