**Time Analysis**

The information in the Time tab evaluates results strictly
from the standpoint of time. For end-of-day strategies based on daily data, the
TradeStation Strategy Performance Report uses days as
its base measure of time. For intraday strategies based on intraday data, the TradeStation Strategy Performance Report uses days and
hours. This worksheet also contains Equity Curve Analysis.

The Time tab contains the following fields:

**Test Period**

Returns the test period in years, months,
weeks, and days.

**Total time in the market (periods)**

The time that the strategy is in the
market. The greater the amount of time that the strategy is in the
market, the more the strategy equity will be exposed to market moves, and thus
the greater the risk.

**% time in the market**

Divides the test period by total time in
the market to produce the percentage of time spent in the market. If a
strategy trades more than 80% of the time, make sure its risk/reward ratios are
in line with other comparable strategies. Time in the market is yet another
measure of risk.

**Longest flat period**

The value notes the longest period in which the strategy did
not trade. Consider this to be a patience finder. Note that the longer the flat
period, the more patience a trader must posses to follow the strategy. This
number deserves a serious look.

**Avg. time in trades**

Calculates the average time spent in all trades.

**Avg. time between trades**

Calculates the average time spent between all trades.

**Avg. time in winning (losing) trades**

Calculates the average time spent in winning (losing)
trades.

**Avg. time between winning (losing) trades**

Calculates the average time spent between winning (losing) trades.

**Equity Curve Analysis**

**Average time between equity peaks**

Equity peaks relate to the time spent between new highs set
by the equity curve (e.g., cumulative profits and losses). Generally, you'll
want your strategy to have a relatively low average time during choppy periods
or a high average during trending periods.

Note The equity curve peaks can be
seen as large green dots on the Equity Curve Line chart.

**Maximum Equity Run-up (daily)**

This run-up figure calculates the greatest run experienced
by the strategy over time. This calculation measures the highest high during a
trade to the lowest low during the same or consecutive trades. This data also
includes the drawdown date and percent of net profit. This percentage is based
on the net profit value at the time of the drawdown.

**Maximum Equity Drawdown (daily)**

This drawdown figure calculates the greatest drawdown
experienced by the strategy over time. This calculation measures the highest
high during a trade to the lowest low during the same or consecutive trades.
This data also includes the drawdown date and percent of net profit. This
percentage is based on the net profit value at the time of the drawdown.

{ ** © 1987, 1999 Omega Research,
Inc. ** }