> For the complete documentation index, see [llms.txt](https://docs.optionomega.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.optionomega.com/backtesting/backtest-results.md).
# Backtest Results
Congratulations — you’ve made it to the backtest results screen.
Unless you’ve triggered this screen below, you should have a bunch of data. [If you've triggered the screen below, here's a list of common reasons why that may have happened](https://docs.optionomega.com/backtesting/backtesting-faq#my-trade-didnt-work...why-not-another-version-is-this-my-test-worked-but-it-doesnt-have-a-trade-i-th).
### Displayed Metrics
Example backtest results screen
The Backtest Name (if saved) is displayed at the top, along with sharing link (if enabled), tags, and backtest description. Below, you will see key metrics from the backtest:
* **Strategy Setup**
* **Underlying**: This displays the tickers for the options being backtested.
* **Dates:** The range the test ran.
* **Legs:** Shows the leg(s) of the test.
* **Entry Conditions:** Details the entry conditions selected.
* **Exit Conditions:** Details the exit conditions selected.
* **Misc:** Details any Misc conditions.
* **Backtest Results**
* **P/L:** Shows the overall realized profit or loss of the strategy during the time range. Unrealized P/L from open trades will not be included. To include open trades in the trade log and in realized P/L use: ‘Close Open Trades on Test Completion’
* **CAGR:** The compound annual growth rate of the strategy during the test. CAGR is based upon net liquidity, which uses EOD values including any open trades. See: [CAGR](https://www.investopedia.com/terms/c/cagr.asp). To include any open trades in the trade log, use: ‘Close Open Trades on Test Completion’
* **Max Drawdown:** The max drawdown at EOD. If a trade is open, then the EOD value is used for MDD calculations. If the trade closes, then the loss is used for MDD calculations. (Please note: This is different from the max loss column on the trade log, which is intraday).
* **MAR Ratio:** CAGR / MDD. See: [MAR Ratio](https://www.investopedia.com/terms/m/mar-ratio.asp).
* **Sharpe:** The calculated Sharpe Ratio, or realized returns in excess of the risk-free rate, per unit of total volatility. The Sharpe Ratio only shows if excess returns are positive. See: [Sharpe Ratio](https://www.investopedia.com/terms/s/sharperatio.asp).
* **Sortino:** The calculated Sortino Ratio, or realized returns in excess of the risk-free rate, per unit of downside volatility. The Sortino Ratio only shows if excess returns are positive. See: [Sortino Ratio](https://www.investopedia.com/terms/s/sortinoratio.asp).
* **Win Percentage:** % of trades that are profitable
* **Total Premium**: The total amount of credit or debit.
* **Capture rate:** The % of the trade value that was realized. The capture rate only shows if net premium is positive.
* **Starting capital:** The amount of $ at the beginning of the backtest.
* **Ending capital:** Starting capital +/- profit loss from closed backtests.
* **Average per trade:** The average amount of $ either profited or lost during the backtest period.
* **Average winner per lot:** Average amount collected during a winning trade per lot.
* **Average loser per lot:** Average amount lost during a losing trade per lot.
* **Max winner:** Highest amount profited during any closed trade (or an ongoing trade if one is open at test completion).
* **Max loser:** Highest amount lost during any closed trade (or an ongoing trade if one is open at test completion).
* **Average days in trade:** The average amount of time spent with an open trade.
* **Trades:** Total number of trades, including an ongoing trade if one is open at test completion.
* **Open Trades:** This indicates the presence of open trades in the backtest. Open trades will not appear in the trade log, but their EOD values are used for NLV-based metrics including CAGR, MDD, and MAR. Use ‘Close Open Trades on Test Completion’ to report these trades in the trade log and include their final values in the total realized P/L.
* **Winners:** Total number of winning trades, including an ongoing trade if one is open at test completion.
* **Net Liquidity (Net Liq)**: The sum of the portfolio’s cash, added to the mid-value of any open options position
### Summary Screen
At the bottom of the backtest results screen is the summary screen. It has two main tabs, the Summary and the Trade Log. The summary section has two parts:
The first part is a graph visually representing the trading funds by date in the backtest. For a backtest, the graph will only update when trades close. Tip: In order to see intra-trade drawdowns of a multi-day trade, you can put the backtest into a portfolio.
Annual metrics bar chart. This is the return of the backtest as well as its maximum drawdown. If the test is multi year, the metric will display the yearly return and the maximum cumulative drawdown in that year (e.g. if the test ends the year 2023 with a 10% MDD, and the drawdown continues an additional 5% in 2024 before recovering, then the MDD shown in the annual metrics bar for 2024 would be 15%). Said another way, the MDD in the annual metrics bar will match the highest MDD reported in the daily log for that year.
The other tab at the bottom of the backtests results screen is the Trade Log.
At the top right of the screen there are several options for customizing the trade log.
Sort:
Tests can be sorted by opened, closed and P/L.
The next box can sort ascending and descending.
Filter:
The log can be filtered to view only winners or only losers.
### Trade Replay
If you click the three vertical lines on the left, you will be able to see the Trade Replay — how the trade behaved over time. The graph also shows VIX and the underlying.
A few notes about the Trade Replay chart:
1. The trade replay is based on 1 minute data, so if you’re using IMSL, that will not be reflected.
2. You can click on the Trade, Underlying, and VIX blocks on the upper legend to show or hide each of these plots.
3. You can also mouseover nodes on the line chart to see the exact trade value, underlying price, or VIX level at each point:
4. For longer duration trades, the chart defaults to an Overview of the entire trade, scaled appropriately based on the duration. You can switch a Weekly View using the selector on the bottom left to zoom in for a minute-by-minute analysis:
### Export to CSV
This will export the trade log to a `.csv` file, so it can be opened and used in Microsoft Excel, Google Sheets, iOS, etc.
When a backtest is exported to CSV, the context given in the visual trade log on the backtest results screen is lost. Specifically, if you’re wondering about a certain value, for example why your max profit is that number, it is helpful to refer to the trade log to see which values are percentages vs. raw numbers.
### Trade Log Settings
The gear icon will open up a screen with additional customization choices.
Clicking the red and green eye option on the right side of the screen will allow the selection to be turned on or off in the trade log. The selections are described below:
* **Opened On:** The day, date and time the trade opened.
* **Opening Price:** Price of the underlying at the time the trade opened.
* **Strategy**: The name of the strategy, for use when analyzing multiple strategies on a spreadsheet.
* **Legs:** The quantity, date, strike and type (put/call) of the leg.
* **Premium:** The amount of debit or credit at the time of trade open (impacted by slippage if used).
* **Closing Price:** Price of the underlying at the time the trade closed.
* **Closed On:** The day, date, and time the trade was closed.
* **Days In Trade:** The number of whole days the trade was open. 0 DTE trades will show 0 DIT.
* **Closing Cost:** The amount of debit or credit at the time of trade close (impacted by slippage if used).
* **Reason for close:** The trigger that exited the trade. Reasons may include specified exit conditions (e.g. Above Delta, VIX9D Move Down), profit targets, stop losses, closure due to exercise/assignment risk, or expiration.
* **P/L:** The amount the trade profited or lost (measured in $)
* **P/L %:** P/L expressed as a percentage of initial premium (for credit trades, max profit = 100%; for debit trades, max loss = –100%).
* **Max Loss:** The maximum loss the trade was “down” (measured in %)
* **Max Profit:** The maximum gain the trade was “up” (measured in %)
* **Margin Req’d:** While we have made every effort to have accurate and realistic margin modeling, margin requirements DO vary between brokerages.
* **Funds at close:** Current funds after the trade closed.
* **Opening S/L ratio**: Total short premium divided by total long premium at time of trade open.
* **Closing S/L ratio:** Total short premium divided by total long premium at time of trade close.
* **Opening VIX:** VIX at time of trade open (will not display unless VIX is an entry condition).
* **Closing VIX:** VIX at time of trade closed (will not display unless VIX is an exit condition).
* **Gap:** Underlying price gap from close of previous day to opening of current day
* **Movement:** Underlying price movement from open of day to opening the trade
### Sorting the trade log
It is possible to sort the trade log using several filters, including Max Profit/Loss, P/L, and Opening /Closing.
You can also sort ascending or descending, and filter winners or losers.
### Save, Tag & Share a backtest
If you have a backtest that you want to save, click the down arrow at the backtest results screen.
This will bring up the Save Backtest screen, which lets you either save a new backtest, or save over, or replace, an existing backtest.
If you select the “Create New Backtest” button, you can now name the backtest, along with a description, tags, and sharing settings.
### Adding Tags
Tags are an easy way of organizing your backtests. You can add a new tag by typing and then hitting the plus button
The tag will then show up in your backtest name (we have two tags here “Add new tags here!” and “CL” in this example).
[Here’s a video on tagging.](https://youtu.be/KU7wDKYtrV4?si=MFEX7-ekMA3rkwN6)
### Sharing a test
To share a test, select share test with others when you’re saving the backtest
To get the link to the test, just click the chain link button near the test name
[Here’s a video on saving & sharing a backtest](https://youtu.be/hEQskRrPGZw)
---
# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.
## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.
Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:
```
GET https://docs.optionomega.com/backtesting/backtest-results.md?ask=&goal=
```
`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.
Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.