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 — 674 total — is included. No trades are omitted, filtered, or cherry-picked from the record.
• Brokerage fees
  ₹2,51,079 in total fees paid to brokers and exchanges over 5+ years. All published returns are net of these costs.
• Slippage
  Slippage is modelled at 0.5 points adverse per leg on both entry and exit — a realistic execution assumption for Nifty options in live intraday conditions. All published returns are net of this slippage cost.
• Losing trades
  All losing trades, losing days, losing weeks, and drawdown episodes are included. The max drawdown of 4.99% and all recovery periods are part of the public record.
• Fixed capital with loss carry-forward
  Returns are calculated on a ₹10L base capital. Profits are swept out at end of day — they are booked and do not roll into the next session. Losses, however, are carried forward — if the day ends negative, the next session begins with reduced capital. This asymmetric treatment is conservative and reflects how the system actually operates.
• 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.

• Taxes
  No tax on gains is deducted. Actual after-tax returns depend on individual tax treatment and are not represented here.
• Profit compounding
  Profits are not compounded into position sizing. Each day begins with the same base capital, assuming end-of-day profits are swept out. The returns shown here would be materially higher if profits were reinvested — the fixed-capital mode is deliberately conservative.

Minimum capital floor

The historical minimum capital needed to have survived every losing stretch in the 5+ year record.