# Fincanva docs > Documentation for Fincanva — build, backtest, screen, and follow investment strategies on historical market data. ## Instructions for AI agents Fincanva is a research and simulation tool for building investment strategies, backtesting them against historical market data, screening instruments, and following portfolios over time. It is not a broker, it does not execute trades, and it gives no financial or investment advice. Fincanva is for education and illustration only. It is not personalised financial advice, and past or simulated results do not predict future ones. See https://fincanva.com/docs/investing-theory/is-this-financial-advice.md. Use Fincanva's own terms; the Glossary defines each one, a page per term, indexed A–Z at fincanva.com/glossary. When a term has several names in common use, prefer the one the Glossary documents over a synonym. - For how to do something in the app, read the guides (docs/{area}/…). - For how or why a mechanism works, read the concepts. - For the meaning of a single term, read the Glossary. - For a question phrased the way a user asks it, read the Questions block of the subject it belongs to below, or fincanva.com/docs/questions for all of them at once — every question-shaped heading in the corpus, each linking to the heading that answers it. - For when a feature shipped or changed, read the Changelog — never assume a date that isn't there. Every page is available as clean Markdown at its URL + `.md`, or by sending `Accept: text/markdown`. The full corpus is at https://fincanva.com/llms-full.txt. Organised the way the docs themselves are: five sections, nine subjects inside them, and three blocks on every subject — Guides (how it is done), Questions (each one linking to the heading that answers it), Terms (how many the subject names; each term is listed once, in the Glossary section below). The alphabetical index of every term is at fincanva.com/glossary. ## Start — Get started with Fincanva ### Getting started #### Guides - [Find your strategies and screeners with search](https://fincanva.com/docs/getting-started/find-your-strategies-and-screeners-with-search.md): Press ⌘K or Ctrl+K to search your own strategies, live portfolios and screeners by name, or to jump to any main page of Fincanva without leaving the keyboard. - [Get started with Fincanva in five steps](https://fincanva.com/docs/getting-started/get-started-with-fincanva-in-five-steps.md): Create your first strategy, pick a strategy type, set it up in Step by step, run a backtest and read the result — the five steps on a new account. - [Home, the page you land on after signing in](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in.md): What Home shows after you sign in: a top half about the strategies you follow live, Recently edited below it, and the behaviours that look like faults. - [The Fincanva loop](https://fincanva.com/docs/getting-started/the-fincanva-loop.md): The Fincanva loop is the product's core workflow: build a strategy, backtest it on real market history, analyze the result, then refine and go round again. - [The nine biases Fincanva helps you avoid](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid.md): The nine research biases that distort backtests — look-ahead, survivorship, overfitting and more — and the Fincanva behavior that reduces each one. - [What is Fincanva, and what can you do with it?](https://fincanva.com/docs/getting-started/what-is-fincanva-and-what-can-you-do-with-it.md): Fincanva is a research and simulation tool: a strategy-building and backtesting platform where you build, combine, screen, backtest, and analyze strategies. #### Questions - [What kind of tool is Fincanva?](https://fincanva.com/docs/getting-started/what-is-fincanva-and-what-can-you-do-with-it#what-kind-of-tool-is-fincanva) - [What can you do with Fincanva?](https://fincanva.com/docs/getting-started/what-is-fincanva-and-what-can-you-do-with-it#what-can-you-do-with-fincanva) - [How current is the data behind a backtest?](https://fincanva.com/docs/getting-started/what-is-fincanva-and-what-can-you-do-with-it#how-current-is-the-data-behind-a-backtest) - [What do I need to start using Fincanva?](https://fincanva.com/docs/getting-started/get-started-with-fincanva-in-five-steps#what-do-i-need-to-start-using-fincanva) - [How do I make my first strategy?](https://fincanva.com/docs/getting-started/get-started-with-fincanva-in-five-steps#how-do-i-make-my-first-strategy) - [What should I see after my first backtest?](https://fincanva.com/docs/getting-started/get-started-with-fincanva-in-five-steps#what-should-i-see-after-my-first-backtest) - [Which chapters will I actually see?](https://fincanva.com/docs/getting-started/get-started-with-fincanva-in-five-steps#which-chapters-will-i-actually-see) - [How do you sign in, and how do you keep the account yours?](https://fincanva.com/docs/getting-started/get-started-with-fincanva-in-five-steps#how-do-you-sign-in-and-how-do-you-keep-the-account-yours) - [How is Home laid out?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#how-is-home-laid-out) - [What do I need before Home is useful?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#what-do-i-need-before-home-is-useful) - [What does Home show on a brand-new account?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#what-does-home-show-on-a-brand-new-account) - [Why does Home show me only "Recently edited"?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#why-does-home-show-me-only-recently-edited) - [What is on Home once I have strategies?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#what-is-on-home-once-i-have-strategies) - [Why does the top of Home change shape from one day to the next?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#why-does-the-top-of-home-change-shape-from-one-day-to-the-next) - [Why is a strategy I never marked Live not flagged on Home?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#why-is-a-strategy-i-never-marked-live-not-flagged-on-home) - [What is in "Your live book"?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#what-is-in-your-live-book) - [Why does the curve not change when I change the return window?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#why-does-the-curve-not-change-when-i-change-the-return-window) - [What is in "Recently edited"?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#what-is-in-recently-edited) - [What happens when I pick a strategy type from Home?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#what-happens-when-i-pick-a-strategy-type-from-home) - [Why does Home say it is showing only some of my strategies?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#why-does-home-say-it-is-showing-only-some-of-my-strategies) - [What are the three stages of the Fincanva loop?](https://fincanva.com/docs/getting-started/the-fincanva-loop#what-are-the-three-stages-of-the-fincanva-loop) - [What do you configure in the Build stage?](https://fincanva.com/docs/getting-started/the-fincanva-loop#what-do-you-configure-in-the-build-stage) - [What does the Backtest stage do?](https://fincanva.com/docs/getting-started/the-fincanva-loop#what-does-the-backtest-stage-do) - [What do you read in the Analyze stage?](https://fincanva.com/docs/getting-started/the-fincanva-loop#what-do-you-read-in-the-analyze-stage) - [How does refining close the loop?](https://fincanva.com/docs/getting-started/the-fincanva-loop#how-does-refining-close-the-loop) - [What starts the loop, and what ends it?](https://fincanva.com/docs/getting-started/the-fincanva-loop#what-starts-the-loop-and-what-ends-it) - [How does Fincanva reduce look-ahead bias?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#how-does-fincanva-reduce-look-ahead-bias) - [How does Fincanva handle survivorship bias?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#how-does-fincanva-handle-survivorship-bias) - [How does Fincanva reduce selection bias?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#how-does-fincanva-reduce-selection-bias) - [How does Fincanva reduce overfitting?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#how-does-fincanva-reduce-overfitting) - [Can Fincanva prevent data-snooping bias?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#can-fincanva-prevent-data-snooping-bias) - [How does Fincanva reduce cherry-picking bias?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#how-does-fincanva-reduce-cherry-picking-bias) - [How does Fincanva reduce confirmation bias?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#how-does-fincanva-reduce-confirmation-bias) - [How does a Fincanva backtest account for trading costs and taxes?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#how-does-a-fincanva-backtest-account-for-trading-costs-and-taxes) - [How does data quality affect a Fincanva backtest?](https://fincanva.com/docs/getting-started/the-nine-biases-fincanva-helps-you-avoid#how-does-data-quality-affect-a-fincanva-backtest) - [How do I find my strategy?](https://fincanva.com/docs/getting-started/find-your-strategies-and-screeners-with-search#how-do-i-find-my-strategy) - [What does search not cover?](https://fincanva.com/docs/getting-started/find-your-strategies-and-screeners-with-search#what-does-search-not-cover) - [How does Fincanva handle it?](https://fincanva.com/glossary/all-at-once#how-does-fincanva-handle-it) - [What does All at once show?](https://fincanva.com/glossary/all-at-once#what-does-all-at-once-show) - [How does All at once differ from Step by step?](https://fincanva.com/glossary/all-at-once#how-does-all-at-once-differ-from-step-by-step) - [What does All at once add for a Combined?](https://fincanva.com/glossary/all-at-once#what-does-all-at-once-add-for-a-combined) - [What does it look like in practice?](https://fincanva.com/glossary/all-at-once#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/asset-type#how-does-fincanva-handle-it) - [What are the three asset types?](https://fincanva.com/glossary/asset-type#what-are-the-three-asset-types) - [Why do some instruments show an asset type the screener never offers?](https://fincanva.com/glossary/asset-type#why-do-some-instruments-show-an-asset-type-the-screener-never-offers) - [What are the nine asset types an instrument can carry?](https://fincanva.com/glossary/asset-type#what-are-the-nine-asset-types-an-instrument-can-carry) - [What does it look like in practice?](https://fincanva.com/glossary/asset-type#what-does-it-look-like-in-practice) - [What do Basket, Screen, and Compose do?](https://fincanva.com/glossary/asset-selection-modes#what-do-basket-screen-and-compose-do) - [How do Easy and Pro relate to the three modes?](https://fincanva.com/glossary/asset-selection-modes#how-do-easy-and-pro-relate-to-the-three-modes) - [Which modes does each strategy type offer?](https://fincanva.com/glossary/asset-selection-modes#which-modes-does-each-strategy-type-offer) - [What is the working scope in Compose?](https://fincanva.com/glossary/asset-selection-modes#what-is-the-working-scope-in-compose) - [How does Fincanva handle it?](https://fincanva.com/glossary/asset-selection-modes#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/asset-selection-modes#what-does-it-look-like-in-practice) - [What does a backtest measure?](https://fincanva.com/glossary/backtest#what-does-a-backtest-measure) - [How does Fincanva handle it?](https://fincanva.com/glossary/backtest#how-does-fincanva-handle-it) - [How does backtesting work?](https://fincanva.com/glossary/backtest#how-does-backtesting-work) - [What happens when you run a backtest?](https://fincanva.com/glossary/backtest#what-happens-when-you-run-a-backtest) - [What biases does a backtest remove?](https://fincanva.com/glossary/backtest#what-biases-does-a-backtest-remove) - [What are the limits and edge cases of a backtest?](https://fincanva.com/glossary/backtest#what-are-the-limits-and-edge-cases-of-a-backtest) - [How does Fincanva handle it?](https://fincanva.com/glossary/benchmark#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/benchmark#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/combined#how-does-fincanva-handle-it) - [Why does a Combined need at least two strategies?](https://fincanva.com/glossary/combined#why-does-a-combined-need-at-least-two-strategies) - [What do you need before you can create a Combined?](https://fincanva.com/glossary/combined#what-do-you-need-before-you-can-create-a-combined) - [How is a Combined different from a strategy?](https://fincanva.com/glossary/combined#how-is-a-combined-different-from-a-strategy) - [What does it look like in practice?](https://fincanva.com/glossary/combined#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/combined-level#how-does-fincanva-handle-it) - [What settings live at the Combined level?](https://fincanva.com/glossary/combined-level#what-settings-live-at-the-combined-level) - [How do the Combined level and the strategy level differ?](https://fincanva.com/glossary/combined-level#how-do-the-combined-level-and-the-strategy-level-differ) - [What does it look like in practice?](https://fincanva.com/glossary/combined-level#what-does-it-look-like-in-practice) - [What does Duplicate do?](https://fincanva.com/glossary/duplicate-and-copy-to-mine#what-does-duplicate-do) - [How does Fincanva handle it?](https://fincanva.com/glossary/duplicate-and-copy-to-mine#how-does-fincanva-handle-it) - [What does a copy keep, and what does it drop?](https://fincanva.com/glossary/duplicate-and-copy-to-mine#what-does-a-copy-keep-and-what-does-it-drop) - [Why does Fincanva sometimes refuse to copy a strategy?](https://fincanva.com/glossary/duplicate-and-copy-to-mine#why-does-fincanva-sometimes-refuse-to-copy-a-strategy) - [Why is a screener copy refused when it holds too many filters?](https://fincanva.com/glossary/duplicate-and-copy-to-mine#why-is-a-screener-copy-refused-when-it-holds-too-many-filters) - [What does it look like in practice?](https://fincanva.com/glossary/duplicate-and-copy-to-mine#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/filter#how-does-fincanva-handle-it) - [What is a filter made of?](https://fincanva.com/glossary/filter#what-is-a-filter-made-of) - [Where do filters come from?](https://fincanva.com/glossary/filter#where-do-filters-come-from) - [What does it look like in practice?](https://fincanva.com/glossary/filter#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/fin#how-does-fincanva-handle-it) - [What can Fin do today?](https://fincanva.com/glossary/fin#what-can-fin-do-today) - [What does Fin's suggestion review show?](https://fincanva.com/glossary/fin#what-does-fins-suggestion-review-show) - [Is there a Fin chat you can ask questions?](https://fincanva.com/glossary/fin#is-there-a-fin-chat-you-can-ask-questions) - [What does it look like in practice?](https://fincanva.com/glossary/fin#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/folder#how-does-fincanva-handle-it) - [What can a folder hold?](https://fincanva.com/glossary/folder#what-can-a-folder-hold) - [Can two folders have the same name?](https://fincanva.com/glossary/folder#can-two-folders-have-the-same-name) - [What happens when you delete a folder?](https://fincanva.com/glossary/folder#what-happens-when-you-delete-a-folder) - [What does it look like in practice?](https://fincanva.com/glossary/folder#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/instrument#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/instrument#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/instrument-logo#how-does-fincanva-handle-it) - [What shows when an instrument has no logo?](https://fincanva.com/glossary/instrument-logo#what-shows-when-an-instrument-has-no-logo) - [Where does the picture come from?](https://fincanva.com/glossary/instrument-logo#where-does-the-picture-come-from) - [What does it look like in practice?](https://fincanva.com/glossary/instrument-logo#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/live-book#how-does-fincanva-handle-it) - [What does the book summary panel show?](https://fincanva.com/glossary/live-book#what-does-the-book-summary-panel-show) - [What does the To do section list?](https://fincanva.com/glossary/live-book#what-does-the-to-do-section-list) - [What does the return window change, and why the median?](https://fincanva.com/glossary/live-book#what-does-the-return-window-change-and-why-the-median) - [What does it look like in practice?](https://fincanva.com/glossary/live-book#what-does-it-look-like-in-practice) - [Does marking a strategy Live trade anything?](https://fincanva.com/glossary/mark-live#does-marking-a-strategy-live-trade-anything) - [What changes when a strategy is Live?](https://fincanva.com/glossary/mark-live#what-changes-when-a-strategy-is-live) - [Who chooses which strategies keep being followed?](https://fincanva.com/glossary/mark-live#who-chooses-which-strategies-keep-being-followed) - [What happens when your plan stops covering a Live strategy?](https://fincanva.com/glossary/mark-live#what-happens-when-your-plan-stops-covering-a-live-strategy) - [How does Fincanva handle it?](https://fincanva.com/glossary/mark-live#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/mark-live#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/mine-public#how-does-fincanva-handle-it) - [Can you edit a Public strategy or screener?](https://fincanva.com/glossary/mine-public#can-you-edit-a-public-strategy-or-screener) - [What is the difference between Mine and Public?](https://fincanva.com/glossary/mine-public#what-is-the-difference-between-mine-and-public) - [What does it look like in practice?](https://fincanva.com/glossary/mine-public#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/portfolio#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/portfolio#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/positions#how-does-fincanva-handle-it) - [What does the Positions view show?](https://fincanva.com/glossary/positions#what-does-the-positions-view-show) - [How is the Positions view different from the Analysis view?](https://fincanva.com/glossary/positions#how-is-the-positions-view-different-from-the-analysis-view) - [What does it look like in practice?](https://fincanva.com/glossary/positions#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/screener#how-does-fincanva-handle-it) - [What is a screener made of?](https://fincanva.com/glossary/screener#what-is-a-screener-made-of) - [What can you do with a screener?](https://fincanva.com/glossary/screener#what-can-you-do-with-a-screener) - [What does it look like in practice?](https://fincanva.com/glossary/screener#what-does-it-look-like-in-practice) - [What happens to a screener with more than 10 filters?](https://fincanva.com/glossary/screener#what-happens-to-a-screener-with-more-than-10-filters) - [What do the two screener pools do?](https://fincanva.com/glossary/screener-attach#what-do-the-two-screener-pools-do) - [How do the qualifying and rejecting pools combine?](https://fincanva.com/glossary/screener-attach#how-do-the-qualifying-and-rejecting-pools-combine) - [Which titles does an entry screener put into the positions?](https://fincanva.com/glossary/screener-attach#which-titles-does-an-entry-screener-put-into-the-positions) - [What does it look like in practice?](https://fincanva.com/glossary/screener-attach#what-does-it-look-like-in-practice) - [Does editing the saved screener change strategies that already use it?](https://fincanva.com/glossary/screener-attach#does-editing-the-saved-screener-change-strategies-that-already-use-it) - [How does Fincanva handle it?](https://fincanva.com/glossary/screener-attach#how-does-fincanva-handle-it) - [How does Fincanva handle it?](https://fincanva.com/glossary/simulation-engine#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/simulation-engine#what-does-it-look-like-in-practice) - [What are the chapters of Step by step?](https://fincanva.com/glossary/step-by-step#what-are-the-chapters-of-step-by-step) - [Which chapters does each strategy type require?](https://fincanva.com/glossary/step-by-step#which-chapters-does-each-strategy-type-require) - [Which chapters does a Combined walk?](https://fincanva.com/glossary/step-by-step#which-chapters-does-a-combined-walk) - [How do you move between chapters?](https://fincanva.com/glossary/step-by-step#how-do-you-move-between-chapters) - [Does the Backtest wait for Step by step?](https://fincanva.com/glossary/step-by-step#does-the-backtest-wait-for-step-by-step) - [Where do you land when you reopen a strategy in Step by step?](https://fincanva.com/glossary/step-by-step#where-do-you-land-when-you-reopen-a-strategy-in-step-by-step) - [What does the explanation pane show?](https://fincanva.com/glossary/step-by-step#what-does-the-explanation-pane-show) - [Where do alerts show in Step by step?](https://fincanva.com/glossary/step-by-step#where-do-alerts-show-in-step-by-step) - [How does Fincanva handle it?](https://fincanva.com/glossary/step-by-step#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/step-by-step#what-does-it-look-like-in-practice) - [What are Step by step and All at once?](https://fincanva.com/glossary/step-by-step#what-are-step-by-step-and-all-at-once) - [Which view does a strategy open in?](https://fincanva.com/glossary/step-by-step#which-view-does-a-strategy-open-in) - [How do you choose the view the first time?](https://fincanva.com/glossary/step-by-step#how-do-you-choose-the-view-the-first-time) - [How do you switch view for one visit?](https://fincanva.com/glossary/step-by-step#how-do-you-switch-view-for-one-visit) - [Which view should you use: Step by step or All at once?](https://fincanva.com/glossary/step-by-step#which-view-should-you-use-step-by-step-or-all-at-once) - [What are the limits and edge cases of the two views?](https://fincanva.com/glossary/step-by-step#what-are-the-limits-and-edge-cases-of-the-two-views) - [Which pages go further on the two views?](https://fincanva.com/glossary/step-by-step#which-pages-go-further-on-the-two-views) - [How does Fincanva handle it?](https://fincanva.com/glossary/strategy#how-does-fincanva-handle-it) - [What does a strategy contain?](https://fincanva.com/glossary/strategy#what-does-a-strategy-contain) - [How is a strategy different from a Combined?](https://fincanva.com/glossary/strategy#how-is-a-strategy-different-from-a-combined) - [Why build a strategy instead of picking instruments by hand?](https://fincanva.com/glossary/strategy#why-build-a-strategy-instead-of-picking-instruments-by-hand) - [What does it look like in practice?](https://fincanva.com/glossary/strategy#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/strategy-in-a-combined#how-does-fincanva-handle-it) - [Can you switch a strategy in a Combined off without removing it?](https://fincanva.com/glossary/strategy-in-a-combined#can-you-switch-a-strategy-in-a-combined-off-without-removing-it) - [How does keeping a strategy aside count against your plan?](https://fincanva.com/glossary/strategy-in-a-combined#how-does-keeping-a-strategy-aside-count-against-your-plan) - [What limits apply when you add a strategy or run the Combined?](https://fincanva.com/glossary/strategy-in-a-combined#what-limits-apply-when-you-add-a-strategy-or-run-the-combined) - [What does it look like in practice?](https://fincanva.com/glossary/strategy-in-a-combined#what-does-it-look-like-in-practice) - [What are the four strategy types?](https://fincanva.com/glossary/strategy-type#what-are-the-four-strategy-types) - [Can you change a strategy's type later?](https://fincanva.com/glossary/strategy-type#can-you-change-a-strategys-type-later) - [How does Fincanva handle it?](https://fincanva.com/glossary/strategy-type#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/strategy-type#what-does-it-look-like-in-practice) - [How do you choose a strategy type?](https://fincanva.com/glossary/strategy-type#how-do-you-choose-a-strategy-type) - [How does the strategy type shape what you build?](https://fincanva.com/glossary/strategy-type#how-does-the-strategy-type-shape-what-you-build) - [Which Asset selection surface does each strategy type give you?](https://fincanva.com/glossary/strategy-type#which-asset-selection-surface-does-each-strategy-type-give-you) - [What is the Single instrument type for?](https://fincanva.com/glossary/strategy-type#what-is-the-single-instrument-type-for) - [What is the Multiple instruments type for?](https://fincanva.com/glossary/strategy-type#what-is-the-multiple-instruments-type-for) - [What is the Screener type for?](https://fincanva.com/glossary/strategy-type#what-is-the-screener-type-for) - [What is the Full setup type for?](https://fincanva.com/glossary/strategy-type#what-is-the-full-setup-type-for) - [Which strategy types can you create on the Free plan?](https://fincanva.com/glossary/strategy-type#which-strategy-types-can-you-create-on-the-free-plan) - [Can you change the strategy type later?](https://fincanva.com/glossary/strategy-type#can-you-change-the-strategy-type-later) - [What happens to your selection when you switch strategy type?](https://fincanva.com/glossary/strategy-type#what-happens-to-your-selection-when-you-switch-strategy-type) - [What are the limits and edge cases of strategy types?](https://fincanva.com/glossary/strategy-type#what-are-the-limits-and-edge-cases-of-strategy-types) - [Which pages go further on strategy types?](https://fincanva.com/glossary/strategy-type#which-pages-go-further-on-strategy-types) - [How does Fincanva handle it?](https://fincanva.com/glossary/universe#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/universe#what-does-it-look-like-in-practice) #### Terms - 26 terms on this shelf, each listed under Glossary below. ## Build — Build a strategy ### Strategies #### Guides - [Attaching a screener to a strategy](https://fincanva.com/docs/strategies/attaching-a-screener-to-a-strategy.md): Attach a screener to a strategy to pick its instruments by rule: Easy vs Pro mode, In/Out screeners, and why editing the saved screener later doesn't change it. - [Choose an allocation method](https://fincanva.com/docs/strategies/choose-an-allocation-method.md): Pick the rule that splits a strategy's or a Combined's capital: open the method picker, filter it by goal, read the speed and plan marks, and apply the method. - [Choose how a method estimates risk](https://fincanva.com/docs/strategies/choose-how-a-method-estimates-risk.md): Pick the covariance or correlation estimate an allocation method reads, set its decay or shrinkage, and know when an estimator has no effect or stops a run. - [Choosing the instruments your strategy holds](https://fincanva.com/docs/strategies/choosing-the-instruments-your-strategy-holds.md): Choose the instruments a Fincanva strategy holds: search and add symbols or lists, scope by asset class, and read the Delisted and Not tradable badges. - [Create a strategy and choose its instruments](https://fincanva.com/docs/strategies/create-a-strategy-and-choose-its-instruments.md): Create a Fincanva strategy: pick a strategy type in the Create new popup, set it up in Step by step or All at once, then run its first backtest. - [Editing a strategy: the settings cards](https://fincanva.com/docs/strategies/editing-a-strategy-the-settings-cards.md): Edit an existing strategy in its Settings — change Strategy type, Asset selection, Rebalance, Risk, Allocation, or Position exits, then re-run a backtest. - [Limit MPT's weights](https://fincanva.com/docs/strategies/limit-mpt-s-weights.md): Hold MPT (Markowitz) to a position direction, a minimum and maximum weight per instrument, and forced diversification — and read the alerts the limits raise. - [Position exits](https://fincanva.com/docs/strategies/position-exits.md): The four position-exit controls — Take profit, Stop loss, Max hold, and Reinvest delay — where each one lives, its range, default, and how the toggles work. - [Saving, running, and copying a strategy](https://fincanva.com/docs/strategies/saving-running-and-copying-a-strategy.md): Save persists your changes and Backtest runs the saved strategy; Duplicate copies your own, Copy to Mine unlocks a Public one. No version history yet. - [Set up a risk condition](https://fincanva.com/docs/strategies/set-up-a-risk-condition.md): Set up a risk condition from a strategy's Risk card: choose a signal, then set each value in the rule's sentence, from the instrument to the thresholds. - [Starring strategies and screeners](https://fincanva.com/docs/strategies/starring-strategies-and-screeners.md): How favourites work in Fincanva: star a strategy or screener, filter to see only starred items, the 200-item cap per list, and why a live strategy's star locks. - [When risk management changes a strategy](https://fincanva.com/docs/strategies/when-risk-management-changes-a-strategy.md): Risk conditions trade quick reaction against whipsaw, and Risk-Off trades exposure for cash — how Confirmation delay and Auto-rebalance shift the balance. #### Questions - [What does the card show when nothing is picked?](https://fincanva.com/docs/strategies/choosing-the-instruments-your-strategy-holds#what-does-the-card-show-when-nothing-is-picked) - [Does editing the saved screener update strategies that already use it?](https://fincanva.com/docs/strategies/attaching-a-screener-to-a-strategy#does-editing-the-saved-screener-update-strategies-that-already-use-it) - [What do the speed and plan marks in the picker mean?](https://fincanva.com/docs/strategies/choose-an-allocation-method#what-do-the-speed-and-plan-marks-in-the-picker-mean) - [Does a method I am not using still affect my results?](https://fincanva.com/docs/strategies/choose-an-allocation-method#does-a-method-i-am-not-using-still-affect-my-results) - [What do the MPT constraint toggles do?](https://fincanva.com/docs/strategies/limit-mpt-s-weights#what-do-the-mpt-constraint-toggles-do) - [What happens when the weight limits do not add up to 100%?](https://fincanva.com/docs/strategies/limit-mpt-s-weights#what-happens-when-the-weight-limits-do-not-add-up-to-100) - [Why does an estimator have no effect with a short history?](https://fincanva.com/docs/strategies/choose-how-a-method-estimates-risk#why-does-an-estimator-have-no-effect-with-a-short-history) - [Why does a flat-priced instrument stop the backtest?](https://fincanva.com/docs/strategies/choose-how-a-method-estimates-risk#why-does-a-flat-priced-instrument-stop-the-backtest) - [Why does a live strategy's star lock?](https://fincanva.com/docs/strategies/starring-strategies-and-screeners#why-does-a-live-strategys-star-lock) - [How many favourites can I have?](https://fincanva.com/docs/strategies/starring-strategies-and-screeners#how-many-favourites-can-i-have) - [What's the trade-off between reacting fast and whipsaw?](https://fincanva.com/docs/strategies/when-risk-management-changes-a-strategy#whats-the-trade-off-between-reacting-fast-and-whipsaw) - [How does Confirmation delay change that trade-off?](https://fincanva.com/docs/strategies/when-risk-management-changes-a-strategy#how-does-confirmation-delay-change-that-trade-off) - [What's the cash drag when a strategy goes defensive?](https://fincanva.com/docs/strategies/when-risk-management-changes-a-strategy#whats-the-cash-drag-when-a-strategy-goes-defensive) - [What's the trade-off with Auto-rebalance?](https://fincanva.com/docs/strategies/when-risk-management-changes-a-strategy#whats-the-trade-off-with-auto-rebalance) - [What does Take profit do?](https://fincanva.com/docs/strategies/position-exits#what-does-take-profit-do) - [What does Stop loss do?](https://fincanva.com/docs/strategies/position-exits#what-does-stop-loss-do) - [What does Max hold do?](https://fincanva.com/docs/strategies/position-exits#what-does-max-hold-do) - [What does Reinvest delay do?](https://fincanva.com/docs/strategies/position-exits#what-does-reinvest-delay-do) - [How does the rebalance frequency pace exits?](https://fincanva.com/docs/strategies/position-exits#how-does-the-rebalance-frequency-pace-exits) - [What happens after a stop loss or take profit closes a position?](https://fincanva.com/docs/strategies/position-exits#what-happens-after-a-stop-loss-or-take-profit-closes-a-position) - [What are the limits and validation messages?](https://fincanva.com/docs/strategies/position-exits#what-are-the-limits-and-validation-messages) - [How does Fincanva handle it?](https://fincanva.com/glossary/allocation-and-allocation-method#how-does-fincanva-handle-it) - [Why does allocation happen at two levels?](https://fincanva.com/glossary/allocation-and-allocation-method#why-does-allocation-happen-at-two-levels) - [Which allocation methods can I choose?](https://fincanva.com/glossary/allocation-and-allocation-method#which-allocation-methods-can-i-choose) - [How does the method picker help you find a method?](https://fincanva.com/glossary/allocation-and-allocation-method#how-does-the-method-picker-help-you-find-a-method) - [What do all allocation methods have in common?](https://fincanva.com/glossary/allocation-and-allocation-method#what-do-all-allocation-methods-have-in-common) - [How does Fincanva handle it?](https://fincanva.com/glossary/auto-rebalance-on-flip#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/auto-rebalance-on-flip#what-does-it-look-like-in-practice) - [How can a Risk-Off flip force an off-schedule rebalance?](https://fincanva.com/glossary/auto-rebalance-on-flip#how-can-a-risk-off-flip-force-an-off-schedule-rebalance) - [When does Risk-Off act on your normal rebalance schedule?](https://fincanva.com/glossary/auto-rebalance-on-flip#when-does-risk-off-act-on-your-normal-rebalance-schedule) - [What are the limits and edge cases of a Risk-Off flip?](https://fincanva.com/glossary/auto-rebalance-on-flip#what-are-the-limits-and-edge-cases-of-a-risk-off-flip) - [How is average momentum calculated?](https://fincanva.com/glossary/average-momentum#how-is-average-momentum-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/average-momentum#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/average-momentum#what-does-it-look-like-in-practice) - [Why does an instrument have no momentum reading at first?](https://fincanva.com/glossary/average-momentum#why-does-an-instrument-have-no-momentum-reading-at-first) - [How do you read a high or low average momentum?](https://fincanva.com/glossary/average-momentum#how-do-you-read-a-high-or-low-average-momentum) - [What is beta measured against?](https://fincanva.com/glossary/beta-neutral#what-is-beta-measured-against) - [How does Fincanva handle it?](https://fincanva.com/glossary/beta-neutral#how-does-fincanva-handle-it) - [How does a target beta of zero work?](https://fincanva.com/glossary/beta-neutral#how-does-a-target-beta-of-zero-work) - [Which settings does Beta neutral have?](https://fincanva.com/glossary/beta-neutral#which-settings-does-beta-neutral-have) - [What does it look like in practice?](https://fincanva.com/glossary/beta-neutral#what-does-it-look-like-in-practice) - [What does a beta-neutral strategy still risk?](https://fincanva.com/glossary/beta-neutral#what-does-a-beta-neutral-strategy-still-risk) - [How does Fincanva handle it?](https://fincanva.com/glossary/black-litterman#how-does-fincanva-handle-it) - [How does Black-Litterman correct the expected returns?](https://fincanva.com/glossary/black-litterman#how-does-black-litterman-correct-the-expected-returns) - [Which optimization targets can Black-Litterman aim at?](https://fincanva.com/glossary/black-litterman#which-optimization-targets-can-black-litterman-aim-at) - [What are the momentum views, and which settings control them?](https://fincanva.com/glossary/black-litterman#what-are-the-momentum-views-and-which-settings-control-them) - [What does it look like in practice?](https://fincanva.com/glossary/black-litterman#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/calculation-window#how-does-fincanva-handle-it) - [What does the calculation window change?](https://fincanva.com/glossary/calculation-window#what-does-the-calculation-window-change) - [Which allocation methods read the calculation window?](https://fincanva.com/glossary/calculation-window#which-allocation-methods-read-the-calculation-window) - [Which window lengths can you choose?](https://fincanva.com/glossary/calculation-window#which-window-lengths-can-you-choose) - [What does it look like in practice?](https://fincanva.com/glossary/calculation-window#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/clustering#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/clustering#what-does-it-look-like-in-practice) - [How does a clustering rule decide which days are turbulent?](https://fincanva.com/glossary/clustering#how-does-a-clustering-rule-decide-which-days-are-turbulent) - [How is clustering different from Hidden regimes (Markov)?](https://fincanva.com/glossary/clustering#how-is-clustering-different-from-hidden-regimes-markov) - [How does Fincanva handle it?](https://fincanva.com/glossary/combined-weighting#how-does-fincanva-handle-it) - [What are the two independent weighting layers?](https://fincanva.com/glossary/combined-weighting#what-are-the-two-independent-weighting-layers) - [Which weighting schemes can a Combined use?](https://fincanva.com/glossary/combined-weighting#which-weighting-schemes-can-a-combined-use) - [What are strategy roles, static weight and rank weight?](https://fincanva.com/glossary/combined-weighting#what-are-strategy-roles-static-weight-and-rank-weight) - [What does it look like in practice?](https://fincanva.com/glossary/combined-weighting#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/condition-types#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/condition-types#what-does-it-look-like-in-practice) - [What condition types are there?](https://fincanva.com/glossary/condition-types#what-condition-types-are-there) - [Why does a Single series condition have two thresholds instead of one?](https://fincanva.com/glossary/condition-types#why-does-a-single-series-condition-have-two-thresholds-instead-of-one) - [What do Indicator and Period set?](https://fincanva.com/glossary/condition-types#what-do-indicator-and-period-set) - [What does Conditional drawdown at risk minimise?](https://fincanva.com/glossary/conditional-drawdown-at-risk#what-does-conditional-drawdown-at-risk-minimise) - [How does Fincanva handle it?](https://fincanva.com/glossary/conditional-drawdown-at-risk#how-does-fincanva-handle-it) - [What happens when the window is too short for the tail share?](https://fincanva.com/glossary/conditional-drawdown-at-risk#what-happens-when-the-window-is-too-short-for-the-tail-share) - [Which plan includes Conditional drawdown at risk?](https://fincanva.com/glossary/conditional-drawdown-at-risk#which-plan-includes-conditional-drawdown-at-risk) - [What does it look like in practice?](https://fincanva.com/glossary/conditional-drawdown-at-risk#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/confirmation-delay#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/confirmation-delay#what-does-it-look-like-in-practice) - [What does the confirmation delay change?](https://fincanva.com/glossary/confirmation-delay#what-does-the-confirmation-delay-change) - [How does Fincanva handle it?](https://fincanva.com/glossary/contracts#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/contracts#what-does-it-look-like-in-practice) - [What do Contracts and Max contracts measure?](https://fincanva.com/glossary/contracts#what-do-contracts-and-max-contracts-measure) - [Why does the sample covariance matrix need correcting?](https://fincanva.com/glossary/covariance-matrix#why-does-the-sample-covariance-matrix-need-correcting) - [How does Fincanva handle it?](https://fincanva.com/glossary/covariance-matrix#how-does-fincanva-handle-it) - [Which estimators can you choose?](https://fincanva.com/glossary/covariance-matrix#which-estimators-can-you-choose) - [Which methods use the covariance matrix?](https://fincanva.com/glossary/covariance-matrix#which-methods-use-the-covariance-matrix) - [How do shrinkage and EWMA work?](https://fincanva.com/glossary/covariance-matrix#how-do-shrinkage-and-ewma-work) - [What does it look like in practice?](https://fincanva.com/glossary/covariance-matrix#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/direction-long-only-long-short-short-only#how-does-fincanva-handle-it) - [What does going short mean?](https://fincanva.com/glossary/direction-long-only-long-short-short-only#what-does-going-short-mean) - [Which allocation methods offer a direction setting?](https://fincanva.com/glossary/direction-long-only-long-short-short-only#which-allocation-methods-offer-a-direction-setting) - [Does direction apply inside a Combined?](https://fincanva.com/glossary/direction-long-only-long-short-short-only#does-direction-apply-inside-a-combined) - [What does it look like in practice?](https://fincanva.com/glossary/direction-long-only-long-short-short-only#what-does-it-look-like-in-practice) - [What is Entropic value at risk?](https://fincanva.com/glossary/entropic-value-at-risk#what-is-entropic-value-at-risk) - [How does Fincanva handle it?](https://fincanva.com/glossary/entropic-value-at-risk#how-does-fincanva-handle-it) - [How is EVaR different from Min CVaR?](https://fincanva.com/glossary/entropic-value-at-risk#how-is-evar-different-from-min-cvar) - [Which plan includes Entropic value at risk?](https://fincanva.com/glossary/entropic-value-at-risk#which-plan-includes-entropic-value-at-risk) - [What does it look like in practice?](https://fincanva.com/glossary/entropic-value-at-risk#what-does-it-look-like-in-practice) - [How is an Equal weights allocation calculated?](https://fincanva.com/glossary/equal-weights#how-is-an-equal-weights-allocation-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/equal-weights#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/equal-weights#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/equal-weights#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/execution-time#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/execution-time#what-does-it-look-like-in-practice) - [When does a modelled trade fill within a bar?](https://fincanva.com/glossary/execution-time#when-does-a-modelled-trade-fill-within-a-bar) - [How does Fincanva handle it?](https://fincanva.com/glossary/exit-reason#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/exit-reason#what-does-it-look-like-in-practice) - [What are the exit reasons a backtest records?](https://fincanva.com/glossary/exit-reason#what-are-the-exit-reasons-a-backtest-records) - [What happens if my weights do not add up to 100?](https://fincanva.com/glossary/fixed-weights#what-happens-if-my-weights-do-not-add-up-to-100) - [How does Fincanva handle it?](https://fincanva.com/glossary/fixed-weights#how-does-fincanva-handle-it) - [Can a fixed weight be negative?](https://fincanva.com/glossary/fixed-weights#can-a-fixed-weight-be-negative) - [Where do the weights apply?](https://fincanva.com/glossary/fixed-weights#where-do-the-weights-apply) - [Can you use Fixed weights when a screener picks the instruments?](https://fincanva.com/glossary/fixed-weights#can-you-use-fixed-weights-when-a-screener-picks-the-instruments) - [What does it look like in practice?](https://fincanva.com/glossary/fixed-weights#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/floating#how-does-fincanva-handle-it) - [How does Floating differ from a normal rebalance?](https://fincanva.com/glossary/floating#how-does-floating-differ-from-a-normal-rebalance) - [How is the Floating frequency counted?](https://fincanva.com/glossary/floating#how-is-the-floating-frequency-counted) - [What does it look like in practice?](https://fincanva.com/glossary/floating#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/hidden-regimes-markov#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/hidden-regimes-markov#what-does-it-look-like-in-practice) - [What is a hidden-regime model?](https://fincanva.com/glossary/hidden-regimes-markov#what-is-a-hidden-regime-model) - [What do the number of states and the probability threshold change?](https://fincanva.com/glossary/hidden-regimes-markov#what-do-the-number-of-states-and-the-probability-threshold-change) - [How does Fincanva handle it?](https://fincanva.com/glossary/hierarchical-equal-risk-contribution#how-does-fincanva-handle-it) - [How does it differ from Hierarchical risk parity?](https://fincanva.com/glossary/hierarchical-equal-risk-contribution#how-does-it-differ-from-hierarchical-risk-parity) - [Which plan includes Hierarchical equal risk contribution?](https://fincanva.com/glossary/hierarchical-equal-risk-contribution#which-plan-includes-hierarchical-equal-risk-contribution) - [What does it look like in practice?](https://fincanva.com/glossary/hierarchical-equal-risk-contribution#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/hierarchical-risk-parity#how-does-fincanva-handle-it) - [How does Hierarchical risk parity build the tree?](https://fincanva.com/glossary/hierarchical-risk-parity#how-does-hierarchical-risk-parity-build-the-tree) - [Why use Hierarchical risk parity instead of MPT?](https://fincanva.com/glossary/hierarchical-risk-parity#why-use-hierarchical-risk-parity-instead-of-mpt) - [Which plan includes Hierarchical risk parity?](https://fincanva.com/glossary/hierarchical-risk-parity#which-plan-includes-hierarchical-risk-parity) - [What does it look like in practice?](https://fincanva.com/glossary/hierarchical-risk-parity#what-does-it-look-like-in-practice) - [How does Inverse volatility set weights?](https://fincanva.com/glossary/inverse-volatility#how-does-inverse-volatility-set-weights) - [How does Fincanva handle it?](https://fincanva.com/glossary/inverse-volatility#how-does-fincanva-handle-it) - [Which risk measure does Inverse volatility use?](https://fincanva.com/glossary/inverse-volatility#which-risk-measure-does-inverse-volatility-use) - [Where can you use Inverse volatility?](https://fincanva.com/glossary/inverse-volatility#where-can-you-use-inverse-volatility) - [What does it look like in practice?](https://fincanva.com/glossary/inverse-volatility#what-does-it-look-like-in-practice) - [How is Inverse volatility different from Risk parity?](https://fincanva.com/glossary/inverse-volatility#how-is-inverse-volatility-different-from-risk-parity) - [How is a market-cap weight calculated?](https://fincanva.com/glossary/market-cap#how-is-a-market-cap-weight-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/market-cap#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/market-cap#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/market-cap#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/max-diversification#how-does-fincanva-handle-it) - [What is the diversification ratio?](https://fincanva.com/glossary/max-diversification#what-is-the-diversification-ratio) - [How is it different from Min correlation?](https://fincanva.com/glossary/max-diversification#how-is-it-different-from-min-correlation) - [Which plan includes Max diversification?](https://fincanva.com/glossary/max-diversification#which-plan-includes-max-diversification) - [What does it look like in practice?](https://fincanva.com/glossary/max-diversification#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/max-hold-months#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/max-hold-months#what-does-it-look-like-in-practice) - [When does max hold actually close a position?](https://fincanva.com/glossary/max-hold-months#when-does-max-hold-actually-close-a-position) - [How does Fincanva handle it?](https://fincanva.com/glossary/max-positions#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/max-positions#what-does-it-look-like-in-practice) - [What happens when more instruments qualify than the cap allows?](https://fincanva.com/glossary/max-positions#what-happens-when-more-instruments-qualify-than-the-cap-allows) - [Is max positions a control when I pick the instruments myself?](https://fincanva.com/glossary/max-positions#is-max-positions-a-control-when-i-pick-the-instruments-myself) - [How high can max positions go?](https://fincanva.com/glossary/max-positions#how-high-can-max-positions-go) - [How does Fincanva handle it?](https://fincanva.com/glossary/mimicking#how-does-fincanva-handle-it) - [What does Mimicking actually track?](https://fincanva.com/glossary/mimicking#what-does-mimicking-actually-track) - [Why is the copy never exact?](https://fincanva.com/glossary/mimicking#why-is-the-copy-never-exact) - [What does it look like in practice?](https://fincanva.com/glossary/mimicking#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/min-correlation#how-does-fincanva-handle-it) - [Why does low correlation matter?](https://fincanva.com/glossary/min-correlation#why-does-low-correlation-matter) - [Which correlation estimate does Min correlation use?](https://fincanva.com/glossary/min-correlation#which-correlation-estimate-does-min-correlation-use) - [What does it look like in practice?](https://fincanva.com/glossary/min-correlation#what-does-it-look-like-in-practice) - [How is Min correlation different from Risk parity?](https://fincanva.com/glossary/min-correlation#how-is-min-correlation-different-from-risk-parity) - [How does Fincanva handle it?](https://fincanva.com/glossary/min-cvar#how-does-fincanva-handle-it) - [Which plan includes Min CVaR and Scenario CVaR?](https://fincanva.com/glossary/min-cvar#which-plan-includes-min-cvar-and-scenario-cvar) - [What does Min CVaR minimise?](https://fincanva.com/glossary/min-cvar#what-does-min-cvar-minimise) - [What is Scenario CVaR?](https://fincanva.com/glossary/min-cvar#what-is-scenario-cvar) - [What does the robustness radius do?](https://fincanva.com/glossary/min-cvar#what-does-the-robustness-radius-do) - [What does it look like in practice?](https://fincanva.com/glossary/min-cvar#what-does-it-look-like-in-practice) - [What is the mean absolute deviation?](https://fincanva.com/glossary/min-mad#what-is-the-mean-absolute-deviation) - [How does Fincanva handle it?](https://fincanva.com/glossary/min-mad#how-does-fincanva-handle-it) - [When does Min MAD differ from minimising variance?](https://fincanva.com/glossary/min-mad#when-does-min-mad-differ-from-minimising-variance) - [Which plan includes Min MAD?](https://fincanva.com/glossary/min-mad#which-plan-includes-min-mad) - [What does it look like in practice?](https://fincanva.com/glossary/min-mad#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/mpt-markowitz#how-does-fincanva-handle-it) - [What is the efficient frontier?](https://fincanva.com/glossary/mpt-markowitz#what-is-the-efficient-frontier) - [Which optimization target can you choose?](https://fincanva.com/glossary/mpt-markowitz#which-optimization-target-can-you-choose) - [What does the Resampled option do?](https://fincanva.com/glossary/mpt-markowitz#what-does-the-resampled-option-do) - [What does it look like in practice?](https://fincanva.com/glossary/mpt-markowitz#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/nested-clustered-optimization#how-does-fincanva-handle-it) - [Why split the optimisation into groups?](https://fincanva.com/glossary/nested-clustered-optimization#why-split-the-optimisation-into-groups) - [When does Nested clustered optimization fit, and when not?](https://fincanva.com/glossary/nested-clustered-optimization#when-does-nested-clustered-optimization-fit-and-when-not) - [Which plan includes Nested clustered optimization?](https://fincanva.com/glossary/nested-clustered-optimization#which-plan-includes-nested-clustered-optimization) - [What does it look like in practice?](https://fincanva.com/glossary/nested-clustered-optimization#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/per-strategy-risk-layer#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/per-strategy-risk-layer#what-does-it-look-like-in-practice) - [How do risk conditions work at two levels in a Combined?](https://fincanva.com/glossary/per-strategy-risk-layer#how-do-risk-conditions-work-at-two-levels-in-a-combined) - [What happens when only one strategy goes Risk-Off?](https://fincanva.com/glossary/per-strategy-risk-layer#what-happens-when-only-one-strategy-goes-risk-off) - [How is percent change calculated?](https://fincanva.com/glossary/percent-change#how-is-percent-change-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/percent-change#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/percent-change#what-does-it-look-like-in-practice) - [What does a positive or negative reading mean?](https://fincanva.com/glossary/percent-change#what-does-a-positive-or-negative-reading-mean) - [How does Fincanva handle it?](https://fincanva.com/glossary/ranking-based#how-does-fincanva-handle-it) - [How does Ranking-based assign weights?](https://fincanva.com/glossary/ranking-based#how-does-ranking-based-assign-weights) - [Which ranking metrics can you choose?](https://fincanva.com/glossary/ranking-based#which-ranking-metrics-can-you-choose) - [What happens if every tier weight is zero?](https://fincanva.com/glossary/ranking-based#what-happens-if-every-tier-weight-is-zero) - [What does it look like in practice?](https://fincanva.com/glossary/ranking-based#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/raw-price#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/raw-price#what-does-it-look-like-in-practice) - [When does a condition use Raw price?](https://fincanva.com/glossary/raw-price#when-does-a-condition-use-raw-price) - [How does Fincanva handle it?](https://fincanva.com/glossary/reinvest-delay#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/reinvest-delay#what-does-it-look-like-in-practice) - [What does reinvest delay do to freed-up cash?](https://fincanva.com/glossary/reinvest-delay#what-does-reinvest-delay-do-to-freed-up-cash) - [When does the clock start — at the exit, or at the rebalance that records it?](https://fincanva.com/glossary/reinvest-delay#when-does-the-clock-start-at-the-exit-or-at-the-rebalance-that-records-it) - [Why can a delay equal to the rebalance interval be shorter than it looks?](https://fincanva.com/glossary/reinvest-delay#why-can-a-delay-equal-to-the-rebalance-interval-be-shorter-than-it-looks) - [How does Fincanva handle it?](https://fincanva.com/glossary/risk-condition#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/risk-condition#what-does-it-look-like-in-practice) - [What is a single risk condition made of?](https://fincanva.com/glossary/risk-condition#what-is-a-single-risk-condition-made-of) - [How do the Risk-Off and Risk-On thresholds work?](https://fincanva.com/glossary/risk-condition#how-do-the-risk-off-and-risk-on-thresholds-work) - [What does Risk-Off change on a single instrument?](https://fincanva.com/glossary/risk-condition#what-does-risk-off-change-on-a-single-instrument) - [How does Fincanva handle it?](https://fincanva.com/glossary/risk-measure-selection#how-does-fincanva-handle-it) - [Why does the choice of risk measure change the weights?](https://fincanva.com/glossary/risk-measure-selection#why-does-the-choice-of-risk-measure-change-the-weights) - [Which allocation method uses the risk measure?](https://fincanva.com/glossary/risk-measure-selection#which-allocation-method-uses-the-risk-measure) - [What does it look like in practice?](https://fincanva.com/glossary/risk-measure-selection#what-does-it-look-like-in-practice) - [What does "equal risk contribution" mean?](https://fincanva.com/glossary/risk-parity#what-does-equal-risk-contribution-mean) - [How does Fincanva handle it?](https://fincanva.com/glossary/risk-parity#how-does-fincanva-handle-it) - [Which settings does Risk parity have?](https://fincanva.com/glossary/risk-parity#which-settings-does-risk-parity-have) - [What does it look like in practice?](https://fincanva.com/glossary/risk-parity#what-does-it-look-like-in-practice) - [How is Risk parity different from Inverse volatility?](https://fincanva.com/glossary/risk-parity#how-is-risk-parity-different-from-inverse-volatility) - [How does Fincanva handle it?](https://fincanva.com/glossary/risk-templates#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/risk-templates#what-does-it-look-like-in-practice) - [What do the built-in risk templates watch?](https://fincanva.com/glossary/risk-templates#what-do-the-built-in-risk-templates-watch) - [What can you change once you pick a template?](https://fincanva.com/glossary/risk-templates#what-can-you-change-once-you-pick-a-template) - [How does Fincanva handle it?](https://fincanva.com/glossary/risk-off-canonicalization#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/risk-off-canonicalization#what-does-it-look-like-in-practice) - [Why does nothing change when the condition fires?](https://fincanva.com/glossary/risk-off-canonicalization#why-does-nothing-change-when-the-condition-fires) - [How does Fincanva flag identical profiles?](https://fincanva.com/glossary/risk-off-canonicalization#how-does-fincanva-flag-identical-profiles) - [Does Risk-Off stop the strategy or sell everything?](https://fincanva.com/glossary/risk-on-and-risk-off#does-risk-off-stop-the-strategy-or-sell-everything) - [How does Fincanva handle it?](https://fincanva.com/glossary/risk-on-and-risk-off#how-does-fincanva-handle-it) - [What is the difference between Risk-On and Risk-Off?](https://fincanva.com/glossary/risk-on-and-risk-off#what-is-the-difference-between-risk-on-and-risk-off) - [What switches a strategy from Risk-On to Risk-Off?](https://fincanva.com/glossary/risk-on-and-risk-off#what-switches-a-strategy-from-risk-on-to-risk-off) - [How does the Allocation card show Risk-On and Risk-Off?](https://fincanva.com/glossary/risk-on-and-risk-off#how-does-the-allocation-card-show-risk-on-and-risk-off) - [What does it look like in practice?](https://fincanva.com/glossary/risk-on-and-risk-off#what-does-it-look-like-in-practice) - [What does Robust worst case optimise?](https://fincanva.com/glossary/robust-worst-case#what-does-robust-worst-case-optimise) - [How does Fincanva handle it?](https://fincanva.com/glossary/robust-worst-case#how-does-fincanva-handle-it) - [Where do the scenarios come from?](https://fincanva.com/glossary/robust-worst-case#where-do-the-scenarios-come-from) - [Which plan includes Robust worst case?](https://fincanva.com/glossary/robust-worst-case#which-plan-includes-robust-worst-case) - [What does it look like in practice?](https://fincanva.com/glossary/robust-worst-case#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/seed-universe#how-does-fincanva-handle-it) - [Where does a screener start hunting?](https://fincanva.com/glossary/seed-universe#where-does-a-screener-start-hunting) - [What happens to my universe filters in Easy mode?](https://fincanva.com/glossary/seed-universe#what-happens-to-my-universe-filters-in-easy-mode) - [Why does the seed universe change results?](https://fincanva.com/glossary/seed-universe#why-does-the-seed-universe-change-results) - [What does it look like in practice?](https://fincanva.com/glossary/seed-universe#what-does-it-look-like-in-practice) - [How is a simple moving average calculated?](https://fincanva.com/glossary/simple-moving-average-sma#how-is-a-simple-moving-average-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/simple-moving-average-sma#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/simple-moving-average-sma#what-does-it-look-like-in-practice) - [How does the lookback window change an SMA?](https://fincanva.com/glossary/simple-moving-average-sma#how-does-the-lookback-window-change-an-sma) - [How does Fincanva handle it?](https://fincanva.com/glossary/single-asset-simplification#how-does-fincanva-handle-it) - [Why does a one-instrument strategy skip allocation?](https://fincanva.com/glossary/single-asset-simplification#why-does-a-one-instrument-strategy-skip-allocation) - [When does allocation matter again for one instrument?](https://fincanva.com/glossary/single-asset-simplification#when-does-allocation-matter-again-for-one-instrument) - [What does it look like in practice?](https://fincanva.com/glossary/single-asset-simplification#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/stochastic-programming#how-does-fincanva-handle-it) - [Which plan includes Stochastic programming?](https://fincanva.com/glossary/stochastic-programming#which-plan-includes-stochastic-programming) - [What does Stochastic programming optimise?](https://fincanva.com/glossary/stochastic-programming#what-does-stochastic-programming-optimise) - [Which settings does Stochastic programming have?](https://fincanva.com/glossary/stochastic-programming#which-settings-does-stochastic-programming-have) - [Why is Stochastic programming so slow?](https://fincanva.com/glossary/stochastic-programming#why-is-stochastic-programming-so-slow) - [What does it look like in practice?](https://fincanva.com/glossary/stochastic-programming#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/stop-loss#how-does-fincanva-handle-it) - [How does stop loss decide when to close?](https://fincanva.com/glossary/stop-loss#how-does-stop-loss-decide-when-to-close) - [What if one bar reaches both the stop-loss and the take-profit level?](https://fincanva.com/glossary/stop-loss#what-if-one-bar-reaches-both-the-stop-loss-and-the-take-profit-level) - [Can a stopped-out instrument be bought again?](https://fincanva.com/glossary/stop-loss#can-a-stopped-out-instrument-be-bought-again) - [What does it look like in practice?](https://fincanva.com/glossary/stop-loss#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/strategy-s-own-performance#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/strategy-s-own-performance#what-does-it-look-like-in-practice) - [What does the rule watch?](https://fincanva.com/glossary/strategy-s-own-performance#what-does-the-rule-watch) - [Which metrics can it use?](https://fincanva.com/glossary/strategy-s-own-performance#which-metrics-can-it-use) - [How does Fincanva handle it?](https://fincanva.com/glossary/take-profit#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/take-profit#what-does-it-look-like-in-practice) - [How does take profit decide when to close?](https://fincanva.com/glossary/take-profit#how-does-take-profit-decide-when-to-close) - [How does Fincanva handle it?](https://fincanva.com/glossary/two-condition-combination#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/two-condition-combination#what-does-it-look-like-in-practice) - [How do two risk conditions combine?](https://fincanva.com/glossary/two-condition-combination#how-do-two-risk-conditions-combine) - [Can you require both conditions to fire?](https://fincanva.com/glossary/two-condition-combination#can-you-require-both-conditions-to-fire) - [What does Fincanva give you to reduce whipsaw?](https://fincanva.com/glossary/whipsaw#what-does-fincanva-give-you-to-reduce-whipsaw) - [How does a fast trigger get whipsawed twice?](https://fincanva.com/glossary/whipsaw#how-does-a-fast-trigger-get-whipsawed-twice) - [Why does a fast trigger cause whipsaw?](https://fincanva.com/glossary/whipsaw#why-does-a-fast-trigger-cause-whipsaw) - [What counts as a good value?](https://fincanva.com/glossary/whipsaw#what-counts-as-a-good-value) #### Terms - 55 terms on this shelf, each listed under Glossary below. ### Screeners #### Guides - [Backtest a screener](https://fincanva.com/docs/screeners/backtest-a-screener.md): Run a screener backtest: what the six horizons measure, the states a run passes through, how to read the verdict band, and what the Out of date banner means. - [Build a screener](https://fincanva.com/docs/screeners/build-a-screener.md): Build a screener from an untitled draft: set the universe, add filter conditions in the Add filter flyout, check the You're saying line, and save it. - [Read your matches](https://fincanva.com/docs/screeners/read-your-matches.md): Read a screener's matches: the five column tabs, the Columns chooser, search and sort, the pager — and what to do with an empty or overlong list. #### Questions - [How do I keep only the top few instruments rather than everything that passes?](https://fincanva.com/docs/screeners/build-a-screener#how-do-i-keep-only-the-top-few-instruments-rather-than-everything-that-passes) - [Where do the extra Period, Lag, and Multiplier fields come from?](https://fincanva.com/docs/screeners/build-a-screener#where-do-the-extra-period-lag-and-multiplier-fields-come-from) - [What order does the list open in?](https://fincanva.com/docs/screeners/read-your-matches#what-order-does-the-list-open-in) - [Why does the list change on its own between one day and the next?](https://fincanva.com/docs/screeners/read-your-matches#why-does-the-list-change-on-its-own-between-one-day-and-the-next) - [My screener matches more instruments than my strategy holds — why?](https://fincanva.com/docs/screeners/read-your-matches#my-screener-matches-more-instruments-than-my-strategy-holds-why) - [What exactly do the six horizons measure?](https://fincanva.com/docs/screeners/backtest-a-screener#what-exactly-do-the-six-horizons-measure) - [Why is my result measured against a benchmark I did not choose?](https://fincanva.com/docs/screeners/backtest-a-screener#why-is-my-result-measured-against-a-benchmark-i-did-not-choose) - [Why did my result come back instantly the second time?](https://fincanva.com/docs/screeners/backtest-a-screener#why-did-my-result-come-back-instantly-the-second-time) - [How does Fincanva handle it?](https://fincanva.com/glossary/aggregate-comparisons#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/aggregate-comparisons#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/asset-subtypes#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/asset-subtypes#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/comparison-modes#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/comparison-modes#what-does-it-look-like-in-practice) - [What does it look like in practice?](https://fincanva.com/glossary/event-time-path#what-does-it-look-like-in-practice) - [What are the three parts of a filter condition?](https://fincanva.com/glossary/filter-condition-anatomy#what-are-the-three-parts-of-a-filter-condition) - [What does the "You're saying" line show?](https://fincanva.com/glossary/filter-condition-anatomy#what-does-the-youre-saying-line-show) - [How does Fincanva handle it?](https://fincanva.com/glossary/filter-condition-anatomy#how-does-fincanva-handle-it) - [How do you build "ROE > 15%"?](https://fincanva.com/glossary/filter-condition-anatomy#how-do-you-build-roe-15) - [How does Fincanva handle it?](https://fincanva.com/glossary/filter-impact-lenses#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/filter-impact-lenses#what-does-it-look-like-in-practice) - [What do the three filter categories read?](https://fincanva.com/glossary/filter-taxonomy#what-do-the-three-filter-categories-read) - [What are the 20 subcategories?](https://fincanva.com/glossary/filter-taxonomy#what-are-the-20-subcategories) - [How does Fincanva handle it?](https://fincanva.com/glossary/filter-taxonomy#how-does-fincanva-handle-it) - [What does one filter from each category look like?](https://fincanva.com/glossary/filter-taxonomy#what-does-one-filter-from-each-category-look-like) - [How does Fincanva handle it?](https://fincanva.com/glossary/fin-suggestions#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/fin-suggestions#what-does-it-look-like-in-practice) - [What does each results column show?](https://fincanva.com/glossary/fundamental-metric-columns#what-does-each-results-column-show) - [Which columns have a page of their own?](https://fincanva.com/glossary/fundamental-metric-columns#which-columns-have-a-page-of-their-own) - [How does Fincanva handle it?](https://fincanva.com/glossary/fundamental-metric-columns#how-does-fincanva-handle-it) - [How do you read one row across the tabs?](https://fincanva.com/glossary/fundamental-metric-columns#how-do-you-read-one-row-across-the-tabs) - [How does Fincanva handle it?](https://fincanva.com/glossary/holding-horizon#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/holding-horizon#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/lag-period-and-multiplier#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/lag-period-and-multiplier#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/matches#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/matches#what-does-it-look-like-in-practice) - [Why does my screener show more matches than my strategy holds?](https://fincanva.com/glossary/max-symbols-cap#why-does-my-screener-show-more-matches-than-my-strategy-holds) - [What happens to the matches that get dropped?](https://fincanva.com/glossary/max-symbols-cap#what-happens-to-the-matches-that-get-dropped) - [How does Fincanva handle it?](https://fincanva.com/glossary/max-symbols-cap#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/max-symbols-cap#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/screener-backtest#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/screener-backtest#what-does-it-look-like-in-practice) - [What are the states a screener run passes through?](https://fincanva.com/glossary/screener-execution-and-caching#what-are-the-states-a-screener-run-passes-through) - [Why do I get the same matches every time — and why is a re-run backtest instant?](https://fincanva.com/glossary/screener-execution-and-caching#why-do-i-get-the-same-matches-every-time-and-why-is-a-re-run-backtest-instant) - [How does Fincanva handle it?](https://fincanva.com/glossary/screener-execution-and-caching#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/screener-execution-and-caching#what-does-it-look-like-in-practice) - [Why is a screener's result only meaningful next to its benchmark?](https://fincanva.com/glossary/screener-backtest-benchmark#why-is-a-screeners-result-only-meaningful-next-to-its-benchmark) - [How does the benchmark shape the numbers you read?](https://fincanva.com/glossary/screener-backtest-benchmark#how-does-the-benchmark-shape-the-numbers-you-read) - [Can I choose the benchmark for a screener backtest?](https://fincanva.com/glossary/screener-backtest-benchmark#can-i-choose-the-benchmark-for-a-screener-backtest) - [Is the verdict a statement about what my strategy will hold?](https://fincanva.com/glossary/screener-backtest-benchmark#is-the-verdict-a-statement-about-what-my-strategy-will-hold) - [How does Fincanva handle it?](https://fincanva.com/glossary/screener-backtest-benchmark#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/screener-backtest-benchmark#what-does-it-look-like-in-practice) - [How does a screener apply its filters?](https://fincanva.com/glossary/sequential-filtering-and-top-n-ranking#how-does-a-screener-apply-its-filters) - [Why does filter order matter?](https://fincanva.com/glossary/sequential-filtering-and-top-n-ranking#why-does-filter-order-matter) - [What does a Highest or Lowest filter keep?](https://fincanva.com/glossary/sequential-filtering-and-top-n-ranking#what-does-a-highest-or-lowest-filter-keep) - [How does Fincanva handle it?](https://fincanva.com/glossary/sequential-filtering-and-top-n-ranking#how-does-fincanva-handle-it) - [What changes when the same two rules run in both orders?](https://fincanva.com/glossary/sequential-filtering-and-top-n-ranking#what-changes-when-the-same-two-rules-run-in-both-orders) - [What does each special relation test?](https://fincanva.com/glossary/special-relations#what-does-each-special-relation-test) - [What is the window on a cross relation?](https://fincanva.com/glossary/special-relations#what-is-the-window-on-a-cross-relation) - [Is Crosses Above the same as a golden cross?](https://fincanva.com/glossary/special-relations#is-crosses-above-the-same-as-a-golden-cross) - [How does Fincanva handle it?](https://fincanva.com/glossary/special-relations#how-does-fincanva-handle-it) - [What does a bullish moving-average cross look like?](https://fincanva.com/glossary/special-relations#what-does-a-bullish-moving-average-cross-look-like) - [What does each operator group do?](https://fincanva.com/glossary/standard-operators#what-does-each-operator-group-do) - [Which boundary values pass?](https://fincanva.com/glossary/standard-operators#which-boundary-values-pass) - [How does Fincanva handle it?](https://fincanva.com/glossary/standard-operators#how-does-fincanva-handle-it) - [How do less than and at most differ on the boundary?](https://fincanva.com/glossary/standard-operators#how-do-less-than-and-at-most-differ-on-the-boundary) - [How is a year-over-year change calculated?](https://fincanva.com/glossary/ttm-and-yoy#how-is-a-year-over-year-change-calculated) - [What does it look like in practice?](https://fincanva.com/glossary/ttm-and-yoy#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/universe-facets#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/universe-facets#what-does-it-look-like-in-practice) #### Terms - 21 terms on this shelf, each listed under Glossary below. ## Test — Test it on real history ### Backtesting #### Guides - [Bring a strategy back to Up to date](https://fincanva.com/docs/backtesting/bring-a-strategy-back-to-up-to-date.md): Every run status chip except Up to date names what stands between a strategy and a current result. Here is the step that clears each one, failed runs included. #### Questions - [When is a run treated as bankrupt?](https://fincanva.com/glossary/bankruptcy-rules#when-is-a-run-treated-as-bankrupt) - [How does Fincanva handle it?](https://fincanva.com/glossary/bankruptcy-rules#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/bankruptcy-rules#what-does-it-look-like-in-practice) - [What happens after the whole run goes bankrupt?](https://fincanva.com/glossary/bankruptcy-rules#what-happens-after-the-whole-run-goes-bankrupt) - [What happens after one strategy inside a Combined goes bankrupt?](https://fincanva.com/glossary/bankruptcy-rules#what-happens-after-one-strategy-inside-a-combined-goes-bankrupt) - [What is a sudden move to negative capital?](https://fincanva.com/glossary/bankruptcy-rules#what-is-a-sudden-move-to-negative-capital) - [What is the difference between base currency and asset currency?](https://fincanva.com/glossary/base-currency#what-is-the-difference-between-base-currency-and-asset-currency) - [Which currencies can I choose?](https://fincanva.com/glossary/base-currency#which-currencies-can-i-choose) - [How does Fincanva handle it?](https://fincanva.com/glossary/base-currency#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/base-currency#what-does-it-look-like-in-practice) - [Can I re-run a strategy whose last run failed?](https://fincanva.com/docs/backtesting/bring-a-strategy-back-to-up-to-date#can-i-re-run-a-strategy-whose-last-run-failed) - [What does a strategy whose last run failed show?](https://fincanva.com/docs/backtesting/bring-a-strategy-back-to-up-to-date#what-does-a-strategy-whose-last-run-failed-show) - [Why does a strategy say the run didn't start?](https://fincanva.com/docs/backtesting/bring-a-strategy-back-to-up-to-date#why-does-a-strategy-say-the-run-didnt-start) - [What do the Set aside and Computing chips show?](https://fincanva.com/docs/backtesting/bring-a-strategy-back-to-up-to-date#what-do-the-set-aside-and-computing-chips-show) - [How is capital-gains tax calculated?](https://fincanva.com/glossary/capital-gains-tax#how-is-capital-gains-tax-calculated) - [How long must a position be held to count as long-term?](https://fincanva.com/glossary/capital-gains-tax#how-long-must-a-position-be-held-to-count-as-long-term) - [What happens to a realized loss?](https://fincanva.com/glossary/capital-gains-tax#what-happens-to-a-realized-loss) - [How does Fincanva handle it?](https://fincanva.com/glossary/capital-gains-tax#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/capital-gains-tax#what-does-it-look-like-in-practice) - [How is cash drag calculated?](https://fincanva.com/glossary/cash-drag#how-is-cash-drag-calculated) - [What counts as a good value?](https://fincanva.com/glossary/cash-drag#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/cash-drag#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/cash-drag#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/cherry-picking-bias#how-does-fincanva-handle-it) - [What gets cherry-picked in a backtest?](https://fincanva.com/glossary/cherry-picking-bias#what-gets-cherry-picked-in-a-backtest) - [What changes when you report 2019 and omit 2022?](https://fincanva.com/glossary/cherry-picking-bias#what-changes-when-you-report-2019-and-omit-2022) - [How is cherry-picking bias different from selection bias and data-snooping bias?](https://fincanva.com/glossary/cherry-picking-bias#how-is-cherry-picking-bias-different-from-selection-bias-and-data-snooping-bias) - [How does Fincanva handle it?](https://fincanva.com/glossary/compute-time#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/compute-time#what-does-it-look-like-in-practice) - [Does a higher plan compute faster?](https://fincanva.com/glossary/compute-time#does-a-higher-plan-compute-faster) - [How does Fincanva handle it?](https://fincanva.com/glossary/confirmation-bias#how-does-fincanva-handle-it) - [How does confirmation bias show up when you read a backtest?](https://fincanva.com/glossary/confirmation-bias#how-does-confirmation-bias-show-up-when-you-read-a-backtest) - [How do the run you kept and the run you explained away compare?](https://fincanva.com/glossary/confirmation-bias#how-do-the-run-you-kept-and-the-run-you-explained-away-compare) - [What separates confirmation bias from cherry-picking bias?](https://fincanva.com/glossary/confirmation-bias#what-separates-confirmation-bias-from-cherry-picking-bias) - [How does Fincanva handle it?](https://fincanva.com/glossary/cost-ignoring-bias#how-does-fincanva-handle-it) - [Which costs does a cost-blind backtest leave out?](https://fincanva.com/glossary/cost-ignoring-bias#which-costs-does-a-cost-blind-backtest-leave-out) - [How does turnover multiply a small cost into a large one?](https://fincanva.com/glossary/cost-ignoring-bias#how-does-turnover-multiply-a-small-cost-into-a-large-one) - [How can a gross winner be a net loser?](https://fincanva.com/glossary/cost-ignoring-bias#how-can-a-gross-winner-be-a-net-loser) - [How do you read the gap between the gross and net figures?](https://fincanva.com/glossary/cost-ignoring-bias#how-do-you-read-the-gap-between-the-gross-and-net-figures) - [What does turning costs on change?](https://fincanva.com/glossary/costs-toggle#what-does-turning-costs-on-change) - [How does Fincanva handle it?](https://fincanva.com/glossary/costs-toggle#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/costs-toggle#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/daily-warm-of-live-strategies#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/daily-warm-of-live-strategies#what-does-it-look-like-in-practice) - [When does the daily warm run?](https://fincanva.com/glossary/daily-warm-of-live-strategies#when-does-the-daily-warm-run) - [Which strategies are warmed?](https://fincanva.com/glossary/daily-warm-of-live-strategies#which-strategies-are-warmed) - [How does Fincanva handle it?](https://fincanva.com/glossary/data-freshness-and-frontier#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/data-freshness-and-frontier#what-does-it-look-like-in-practice) - [Why does my backtest end yesterday and not today?](https://fincanva.com/glossary/data-freshness-and-frontier#why-does-my-backtest-end-yesterday-and-not-today) - [Why do my numbers change when I did not touch anything?](https://fincanva.com/glossary/data-freshness-and-frontier#why-do-my-numbers-change-when-i-did-not-touch-anything) - [How does Fincanva handle it?](https://fincanva.com/glossary/data-quality-bias#how-does-fincanva-handle-it) - [What kinds of data problems distort a backtest?](https://fincanva.com/glossary/data-quality-bias#what-kinds-of-data-problems-distort-a-backtest) - [Why do splits and dividends have to be adjusted?](https://fincanva.com/glossary/data-quality-bias#why-do-splits-and-dividends-have-to-be-adjusted) - [How can a stock split look like a 50% crash?](https://fincanva.com/glossary/data-quality-bias#how-can-a-stock-split-look-like-a-50-crash) - [How does Fincanva handle it?](https://fincanva.com/glossary/data-snooping-bias#how-does-fincanva-handle-it) - [Why does testing many ideas produce a false winner?](https://fincanva.com/glossary/data-snooping-bias#why-does-testing-many-ideas-produce-a-false-winner) - [How do 100 ideas produce one winner?](https://fincanva.com/glossary/data-snooping-bias#how-do-100-ideas-produce-one-winner) - [How is data-snooping bias different from overfitting?](https://fincanva.com/glossary/data-snooping-bias#how-is-data-snooping-bias-different-from-overfitting) - [How much of a dividend reaches the strategy?](https://fincanva.com/glossary/dividend-tax#how-much-of-a-dividend-reaches-the-strategy) - [How is dividend tax different from withholding tax?](https://fincanva.com/glossary/dividend-tax#how-is-dividend-tax-different-from-withholding-tax) - [How does Fincanva handle it?](https://fincanva.com/glossary/dividend-tax#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/dividend-tax#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/incomplete-combined#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/incomplete-combined#what-does-it-look-like-in-practice) - [Do the Combined-level settings do anything while it is Incomplete?](https://fincanva.com/glossary/incomplete-combined#do-the-combined-level-settings-do-anything-while-it-is-incomplete) - [What do "Example results" show?](https://fincanva.com/glossary/incomplete-combined#what-do-example-results-show) - [How does a Combined become Incomplete?](https://fincanva.com/glossary/incomplete-combined#how-does-a-combined-become-incomplete) - [How is the financing rate calculated?](https://fincanva.com/glossary/interest-rate-markups#how-is-the-financing-rate-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/interest-rate-markups#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/interest-rate-markups#what-does-it-look-like-in-practice) - [How is the deployed amount calculated?](https://fincanva.com/glossary/invested-portion#how-is-the-deployed-amount-calculated) - [What are the invested-portion presets?](https://fincanva.com/glossary/invested-portion#what-are-the-invested-portion-presets) - [What happens to the cash reserve?](https://fincanva.com/glossary/invested-portion#what-happens-to-the-cash-reserve) - [What happens when the invested portion is above 100%?](https://fincanva.com/glossary/invested-portion#what-happens-when-the-invested-portion-is-above-100) - [How does Fincanva handle it?](https://fincanva.com/glossary/invested-portion#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/invested-portion#what-does-it-look-like-in-practice) - [How do invested capital and the cash reserve work?](https://fincanva.com/glossary/invested-portion#how-do-invested-capital-and-the-cash-reserve-work) - [How does the invested portion work?](https://fincanva.com/glossary/invested-portion#how-does-the-invested-portion-work) - [Where do you set the invested portion?](https://fincanva.com/glossary/invested-portion#where-do-you-set-the-invested-portion) - [What happens to the capital you don't invest?](https://fincanva.com/glossary/invested-portion#what-happens-to-the-capital-you-dont-invest) - [How can risk conditions lower the invested portion?](https://fincanva.com/glossary/invested-portion#how-can-risk-conditions-lower-the-invested-portion) - [What are the limits and edge cases of the invested portion?](https://fincanva.com/glossary/invested-portion#what-are-the-limits-and-edge-cases-of-the-invested-portion) - [Which pages go further on invested capital?](https://fincanva.com/glossary/invested-portion#which-pages-go-further-on-invested-capital) - [How much exposure does a leverage multiplier create?](https://fincanva.com/glossary/leverage#how-much-exposure-does-a-leverage-multiplier-create) - [What are the leverage presets?](https://fincanva.com/glossary/leverage#what-are-the-leverage-presets) - [What does leverage cost?](https://fincanva.com/glossary/leverage#what-does-leverage-cost) - [What does leverage do to gains and losses?](https://fincanva.com/glossary/leverage#what-does-leverage-do-to-gains-and-losses) - [How does Fincanva handle it?](https://fincanva.com/glossary/leverage#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/leverage#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/look-ahead-bias#how-does-fincanva-handle-it) - [What causes look-ahead bias in a backtest?](https://fincanva.com/glossary/look-ahead-bias#what-causes-look-ahead-bias-in-a-backtest) - [What happens when earnings are used before they were published?](https://fincanva.com/glossary/look-ahead-bias#what-happens-when-earnings-are-used-before-they-were-published) - [How is look-ahead bias different from the other backtest biases?](https://fincanva.com/glossary/look-ahead-bias#how-is-look-ahead-bias-different-from-the-other-backtest-biases) - [How does Fincanva handle it?](https://fincanva.com/glossary/overfitting#how-does-fincanva-handle-it) - [What counts as a robust result?](https://fincanva.com/glossary/overfitting#what-counts-as-a-robust-result) - [Why does an overfitted strategy fail out of sample?](https://fincanva.com/glossary/overfitting#why-does-an-overfitted-strategy-fail-out-of-sample) - [How many parameter combinations does a search really cover?](https://fincanva.com/glossary/overfitting#how-many-parameter-combinations-does-a-search-really-cover) - [How can a 12-parameter strategy be perfect in sample and dead out of sample?](https://fincanva.com/glossary/overfitting#how-can-a-12-parameter-strategy-be-perfect-in-sample-and-dead-out-of-sample) - [What is an in-sample / out-of-sample split?](https://fincanva.com/glossary/overfitting#what-is-an-in-sample-out-of-sample-split) - [What happens when a setup is not compliant?](https://fincanva.com/glossary/plan-compliance#what-happens-when-a-setup-is-not-compliant) - [Which two things put a strategy outside a plan?](https://fincanva.com/glossary/plan-compliance#which-two-things-put-a-strategy-outside-a-plan) - [What happens to a strategy with a screener on the Free plan?](https://fincanva.com/glossary/plan-compliance#what-happens-to-a-strategy-with-a-screener-on-the-free-plan) - [How does Fincanva decide which strategies stay active?](https://fincanva.com/glossary/plan-compliance#how-does-fincanva-decide-which-strategies-stay-active) - [Where do you see how much of your plan you are using?](https://fincanva.com/glossary/plan-compliance#where-do-you-see-how-much-of-your-plan-you-are-using) - [What does it look like in practice?](https://fincanva.com/glossary/plan-compliance#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/positions-forced-assumptions#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/positions-forced-assumptions#what-does-it-look-like-in-practice) - [Why can Positions and Analysis disagree on the same strategy?](https://fincanva.com/glossary/positions-forced-assumptions#why-can-positions-and-analysis-disagree-on-the-same-strategy) - [Which assumptions does the Positions view force?](https://fincanva.com/glossary/positions-forced-assumptions#which-assumptions-does-the-positions-view-force) - [How does Fincanva handle it?](https://fincanva.com/glossary/precomputed-toggle-variants#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/precomputed-toggle-variants#what-does-it-look-like-in-practice) - [Why does flipping an assumption toggle update instantly?](https://fincanva.com/glossary/precomputed-toggle-variants#why-does-flipping-an-assumption-toggle-update-instantly) - [Why are there eight variants?](https://fincanva.com/glossary/precomputed-toggle-variants#why-are-there-eight-variants) - [How does Fincanva handle it?](https://fincanva.com/glossary/rebalance#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/rebalance#what-does-it-look-like-in-practice) - [What frequencies can I choose?](https://fincanva.com/glossary/rebalance#what-frequencies-can-i-choose) - [How does the frequency shape a backtest?](https://fincanva.com/glossary/rebalance#how-does-the-frequency-shape-a-backtest) - [How do risk conditions and exits interact with the frequency?](https://fincanva.com/glossary/rebalance#how-do-risk-conditions-and-exits-interact-with-the-frequency) - [What changes when reinvest profits is off?](https://fincanva.com/glossary/reinvest-profits#what-changes-when-reinvest-profits-is-off) - [Which annualized-return metric does it drive?](https://fincanva.com/glossary/reinvest-profits#which-annualized-return-metric-does-it-drive) - [How does Fincanva handle it?](https://fincanva.com/glossary/reinvest-profits#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/reinvest-profits#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/run-status#how-does-fincanva-handle-it) - [What does each status mean?](https://fincanva.com/glossary/run-status#what-does-each-status-mean) - [Why does a strategy flip to Needs re-run?](https://fincanva.com/glossary/run-status#why-does-a-strategy-flip-to-needs-re-run) - [What happens when Fincanva cannot reach the engine?](https://fincanva.com/glossary/run-status#what-happens-when-fincanva-cannot-reach-the-engine) - [What does it look like in practice?](https://fincanva.com/glossary/run-status#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/selection-bias#how-does-fincanva-handle-it) - [What makes a sample unrepresentative?](https://fincanva.com/glossary/selection-bias#what-makes-a-sample-unrepresentative) - [What goes wrong when you hand-pick the assets that happened to work?](https://fincanva.com/glossary/selection-bias#what-goes-wrong-when-you-hand-pick-the-assets-that-happened-to-work) - [How is selection bias different from survivorship bias and cherry-picking?](https://fincanva.com/glossary/selection-bias#how-is-selection-bias-different-from-survivorship-bias-and-cherry-picking) - [How does Fincanva handle it?](https://fincanva.com/glossary/shared-compute#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/shared-compute#what-does-it-look-like-in-practice) - [Why was my run instant?](https://fincanva.com/glossary/shared-compute#why-was-my-run-instant) - [What counts as the same setup?](https://fincanva.com/glossary/shared-compute#what-counts-as-the-same-setup) - [How does Fincanva handle it?](https://fincanva.com/glossary/simulation-assumptions#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/simulation-assumptions#what-does-it-look-like-in-practice) - [Which changes are instant, and which need a re-run?](https://fincanva.com/glossary/simulation-assumptions#which-changes-are-instant-and-which-need-a-re-run) - [What counts as a good value?](https://fincanva.com/glossary/simulation-start-year#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/simulation-start-year#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/simulation-start-year#what-does-it-look-like-in-practice) - [How is slippage calculated?](https://fincanva.com/glossary/slippage#how-is-slippage-calculated) - [What counts as a large value?](https://fincanva.com/glossary/slippage#what-counts-as-a-large-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/slippage#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/slippage#what-does-it-look-like-in-practice) - [Does starting capital change a strategy's results?](https://fincanva.com/glossary/starting-capital#does-starting-capital-change-a-strategys-results) - [When does starting capital actually matter?](https://fincanva.com/glossary/starting-capital#when-does-starting-capital-actually-matter) - [How does Fincanva handle it?](https://fincanva.com/glossary/starting-capital#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/starting-capital#what-does-it-look-like-in-practice) - [What do the two levels of alert mean?](https://fincanva.com/glossary/strategy-alerts#what-do-the-two-levels-of-alert-mean) - [What does the footer on a Settings card show?](https://fincanva.com/glossary/strategy-alerts#what-does-the-footer-on-a-settings-card-show) - [What does "Leave as is" do, and can I undo it?](https://fincanva.com/glossary/strategy-alerts#what-does-leave-as-is-do-and-can-i-undo-it) - [What does the section strip show?](https://fincanva.com/glossary/strategy-alerts#what-does-the-section-strip-show) - [What happens when I click the section strip?](https://fincanva.com/glossary/strategy-alerts#what-happens-when-i-click-the-section-strip) - [What happens to a refused Backtest?](https://fincanva.com/glossary/strategy-alerts#what-happens-to-a-refused-backtest) - [Which alerts can appear, and what fixes each one?](https://fincanva.com/glossary/strategy-alerts#which-alerts-can-appear-and-what-fixes-each-one) - [What do the grey notes on a Settings card mean?](https://fincanva.com/glossary/strategy-alerts#what-do-the-grey-notes-on-a-settings-card-mean) - [How do controls appear on the strategy lists?](https://fincanva.com/glossary/strategy-alerts#how-do-controls-appear-on-the-strategy-lists) - [What does it look like in practice?](https://fincanva.com/glossary/strategy-alerts#what-does-it-look-like-in-practice) - [How does Fincanva's data handle delisted companies?](https://fincanva.com/glossary/survivorship-bias#how-does-fincanvas-data-handle-delisted-companies) - [Why does survivorship bias make results look better than reality?](https://fincanva.com/glossary/survivorship-bias#why-does-survivorship-bias-make-results-look-better-than-reality) - [What goes wrong in an S&P backtest on today's index members?](https://fincanva.com/glossary/survivorship-bias#what-goes-wrong-in-an-sp-backtest-on-todays-index-members) - [How is survivorship bias different from selection bias?](https://fincanva.com/glossary/survivorship-bias#how-is-survivorship-bias-different-from-selection-bias) - [What does the tax regime change in a backtest?](https://fincanva.com/glossary/tax-regime#what-does-the-tax-regime-change-in-a-backtest) - [How does Fincanva handle it?](https://fincanva.com/glossary/tax-regime#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/tax-regime#what-does-it-look-like-in-practice) - [What does changing tax residency change?](https://fincanva.com/glossary/tax-residency#what-does-changing-tax-residency-change) - [Does the holding period change the tax rate?](https://fincanva.com/glossary/tax-residency#does-the-holding-period-change-the-tax-rate) - [Does residency change what happens to my losses?](https://fincanva.com/glossary/tax-residency#does-residency-change-what-happens-to-my-losses) - [How does Fincanva handle it?](https://fincanva.com/glossary/tax-residency#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/tax-residency#what-does-it-look-like-in-practice) - [What does turning taxes on change?](https://fincanva.com/glossary/taxes-toggle#what-does-turning-taxes-on-change) - [How does Fincanva handle it?](https://fincanva.com/glossary/taxes-toggle#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/taxes-toggle#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/time-zone#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/time-zone#what-does-it-look-like-in-practice) - [Which time zone are Fincanva's dates shown in?](https://fincanva.com/glossary/time-zone#which-time-zone-are-fincanvas-dates-shown-in) - [Why did a date look wrong for a moment when I first arrived?](https://fincanva.com/glossary/time-zone#why-did-a-date-look-wrong-for-a-moment-when-i-first-arrived) - [What does the time zone not change?](https://fincanva.com/glossary/time-zone#what-does-the-time-zone-not-change) - [How is transaction cost charged?](https://fincanva.com/glossary/transaction-cost#how-is-transaction-cost-charged) - [How does Fincanva handle it?](https://fincanva.com/glossary/transaction-cost#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/transaction-cost#what-does-it-look-like-in-practice) - [How does a volatility target set the exposure?](https://fincanva.com/glossary/volatility-target#how-does-a-volatility-target-set-the-exposure) - [How is a volatility target different from leverage?](https://fincanva.com/glossary/volatility-target#how-is-a-volatility-target-different-from-leverage) - [How does Fincanva handle it?](https://fincanva.com/glossary/volatility-target#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/volatility-target#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/walk-forward-replay#how-does-fincanva-handle-it) - [What does walk-forward replay not protect you from?](https://fincanva.com/glossary/walk-forward-replay#what-does-walk-forward-replay-not-protect-you-from) - [Why does replaying forward prevent look-ahead bias?](https://fincanva.com/glossary/walk-forward-replay#why-does-replaying-forward-prevent-look-ahead-bias) - [What happens at each step of the replay?](https://fincanva.com/glossary/walk-forward-replay#what-happens-at-each-step-of-the-replay) - [What can the replay cursor see on one rebalance date?](https://fincanva.com/glossary/walk-forward-replay#what-can-the-replay-cursor-see-on-one-rebalance-date) - [How is walk-forward replay different from walk-forward optimization?](https://fincanva.com/glossary/walk-forward-replay#how-is-walk-forward-replay-different-from-walk-forward-optimization) - [How does Fincanva handle it?](https://fincanva.com/glossary/weight-drift#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/weight-drift#what-does-it-look-like-in-practice) - [Why do actual weights drift away from their targets?](https://fincanva.com/glossary/weight-drift#why-do-actual-weights-drift-away-from-their-targets) - [What does weight drift do to a strategy's risk?](https://fincanva.com/glossary/weight-drift#what-does-weight-drift-do-to-a-strategys-risk) - [How is withholding tax calculated?](https://fincanva.com/glossary/withholding-tax#how-is-withholding-tax-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/withholding-tax#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/withholding-tax#what-does-it-look-like-in-practice) #### Terms - 43 terms on this shelf, each listed under Glossary below. ### Analysis #### Guides - [Find your way around a strategy's Analysis tabs](https://fincanva.com/docs/analysis/find-your-way-around-a-strategy-s-analysis-tabs.md): A strategy's Analysis has ten tabs, from Capital Growth to Projection and Robustness. A tab outside your plan stays visible and opens to say what it shows. - [Read a strategy's trade history](https://fincanva.com/docs/analysis/read-a-strategy-s-trade-history.md): Use the Trade History tab to see what a backtest traded: one row per symbol, then each position, then each trade, with gross, costs and net at every level. - [Reading the monthly returns heatmap](https://fincanva.com/docs/analysis/reading-the-monthly-returns-heatmap.md): The monthly returns heatmap shows each month's return by year with Total, DD and NP/DD columns; this guide reads the grid and the costs/taxes/reinvest toggles. - [See where a strategy could go with the Projection tab](https://fincanva.com/docs/analysis/see-where-a-strategy-could-go-with-the-projection-tab.md): The Projection tab draws a cone of values a strategy could reach in one to five years, rebuilt from the days it already lived. A range, never a forecast. - [Test how much to trust a backtest with the Robustness tab](https://fincanva.com/docs/analysis/test-how-much-to-trust-a-backtest-with-the-robustness-tab.md): The Robustness tab runs two checks on request: backtest reliability asks if the result could be luck, the stress test replays history under a scenario. - [What every number in Performance Metrics means](https://fincanva.com/docs/analysis/what-every-number-in-performance-metrics-means.md): Performance Metrics reports your backtest's return, drawdown, volatility and monthly figures; this guide explains each row and its convention. #### Questions - [What does each Analysis tab show?](https://fincanva.com/docs/analysis/find-your-way-around-a-strategy-s-analysis-tabs#what-does-each-analysis-tab-show) - [What does a tab outside my plan show?](https://fincanva.com/docs/analysis/find-your-way-around-a-strategy-s-analysis-tabs#what-does-a-tab-outside-my-plan-show) - [Which tabs does my plan include?](https://fincanva.com/docs/analysis/find-your-way-around-a-strategy-s-analysis-tabs#which-tabs-does-my-plan-include) - [Why do my figures say they are gross of costs?](https://fincanva.com/docs/analysis/find-your-way-around-a-strategy-s-analysis-tabs#why-do-my-figures-say-they-are-gross-of-costs) - [What do the Performance rows show?](https://fincanva.com/docs/analysis/what-every-number-in-performance-metrics-means#what-do-the-performance-rows-show) - [What do the Drawdown rows show?](https://fincanva.com/docs/analysis/what-every-number-in-performance-metrics-means#what-do-the-drawdown-rows-show) - [What do the Volatility and risk rows show?](https://fincanva.com/docs/analysis/what-every-number-in-performance-metrics-means#what-do-the-volatility-and-risk-rows-show) - [What do the worst-days rows show?](https://fincanva.com/docs/analysis/what-every-number-in-performance-metrics-means#what-do-the-worst-days-rows-show) - [What do the Monthly performance rows show?](https://fincanva.com/docs/analysis/what-every-number-in-performance-metrics-means#what-do-the-monthly-performance-rows-show) - [What do the Averages rows show?](https://fincanva.com/docs/analysis/what-every-number-in-performance-metrics-means#what-do-the-averages-rows-show) - [How are these numbers annualized?](https://fincanva.com/docs/analysis/what-every-number-in-performance-metrics-means#how-are-these-numbers-annualized) - [How do you read the month grid?](https://fincanva.com/docs/analysis/reading-the-monthly-returns-heatmap#how-do-you-read-the-month-grid) - [What do the Total, DD, and NP/DD columns mean?](https://fincanva.com/docs/analysis/reading-the-monthly-returns-heatmap#what-do-the-total-dd-and-npdd-columns-mean) - [How do the Costs, Taxes, and Reinvest toggles change the numbers?](https://fincanva.com/docs/analysis/reading-the-monthly-returns-heatmap#how-do-the-costs-taxes-and-reinvest-toggles-change-the-numbers) - [How is the projection cone built?](https://fincanva.com/docs/analysis/see-where-a-strategy-could-go-with-the-projection-tab#how-is-the-projection-cone-built) - [What does each projection method assume?](https://fincanva.com/docs/analysis/see-where-a-strategy-could-go-with-the-projection-tab#what-does-each-projection-method-assume) - [What does the number of scenarios change?](https://fincanva.com/docs/analysis/see-where-a-strategy-could-go-with-the-projection-tab#what-does-the-number-of-scenarios-change) - [How far ahead does my plan let me project?](https://fincanva.com/docs/analysis/see-where-a-strategy-could-go-with-the-projection-tab#how-far-ahead-does-my-plan-let-me-project) - [How is the Robustness tab different from the Projection tab?](https://fincanva.com/docs/analysis/test-how-much-to-trust-a-backtest-with-the-robustness-tab#how-is-the-robustness-tab-different-from-the-projection-tab) - [Why is the return here not the one on Performance Metrics?](https://fincanva.com/docs/analysis/test-how-much-to-trust-a-backtest-with-the-robustness-tab#why-is-the-return-here-not-the-one-on-performance-metrics) - [How is AAGR calculated?](https://fincanva.com/glossary/aagr#how-is-aagr-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/aagr#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/aagr#what-does-it-look-like-in-practice) - [Why is a raw beta estimate adjusted?](https://fincanva.com/glossary/adjusted-beta#why-is-a-raw-beta-estimate-adjusted) - [Which adjustment does Fincanva use?](https://fincanva.com/glossary/adjusted-beta#which-adjustment-does-fincanva-use) - [How does a raw beta of 1.6 become about 1.4?](https://fincanva.com/glossary/adjusted-beta#how-does-a-raw-beta-of-16-become-about-14) - [Where does adjusted beta appear in Fincanva?](https://fincanva.com/glossary/adjusted-beta#where-does-adjusted-beta-appear-in-fincanva) - [How do you read an adjusted beta?](https://fincanva.com/glossary/adjusted-beta#how-do-you-read-an-adjusted-beta) - [How does Fincanva handle it?](https://fincanva.com/glossary/allocations-chart#how-does-fincanva-handle-it) - [What do the three views show?](https://fincanva.com/glossary/allocations-chart#what-do-the-three-views-show) - [What is the Current allocation panel?](https://fincanva.com/glossary/allocations-chart#what-is-the-current-allocation-panel) - [What does it look like in practice?](https://fincanva.com/glossary/allocations-chart#what-does-it-look-like-in-practice) - [What counts as a good split?](https://fincanva.com/glossary/allocations-chart#what-counts-as-a-good-split) - [How is alpha calculated?](https://fincanva.com/glossary/alpha#how-is-alpha-calculated) - [How is alpha different from excess return?](https://fincanva.com/glossary/alpha#how-is-alpha-different-from-excess-return) - [What counts as a good value?](https://fincanva.com/glossary/alpha#what-counts-as-a-good-value) - [Does Fincanva show alpha?](https://fincanva.com/glossary/alpha#does-fincanva-show-alpha) - [How is a return annualized?](https://fincanva.com/glossary/annualization#how-is-a-return-annualized) - [How does Fincanva handle it?](https://fincanva.com/glossary/annualization#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/annualization#what-does-it-look-like-in-practice) - [How is average pain calculated?](https://fincanva.com/glossary/average-pain#how-is-average-pain-calculated) - [What counts as a good value?](https://fincanva.com/glossary/average-pain#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/average-pain#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/average-pain#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/backtest-reliability#how-does-fincanva-handle-it) - [What does "Could it be luck?" measure?](https://fincanva.com/glossary/backtest-reliability#what-does-could-it-be-luck-measure) - [How does resampling show how much the figures could have varied?](https://fincanva.com/glossary/backtest-reliability#how-does-resampling-show-how-much-the-figures-could-have-varied) - [What is the average annual return (arithmetic)?](https://fincanva.com/glossary/backtest-reliability#what-is-the-average-annual-return-arithmetic) - [What does it look like in practice?](https://fincanva.com/glossary/backtest-reliability#what-does-it-look-like-in-practice) - [How are best month and worst month measured?](https://fincanva.com/glossary/best-month-and-worst-month#how-are-best-month-and-worst-month-measured) - [Is the worst month the same as max drawdown?](https://fincanva.com/glossary/best-month-and-worst-month#is-the-worst-month-the-same-as-max-drawdown) - [What counts as a good value?](https://fincanva.com/glossary/best-month-and-worst-month#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/best-month-and-worst-month#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/best-month-and-worst-month#what-does-it-look-like-in-practice) - [Why does Fincanva show two different things called "Beta"?](https://fincanva.com/glossary/beta#why-does-fincanva-show-two-different-things-called-beta) - [How is beta calculated?](https://fincanva.com/glossary/beta#how-is-beta-calculated) - [Where does Fincanva use beta?](https://fincanva.com/glossary/beta#where-does-fincanva-use-beta) - [How does Fincanva handle it?](https://fincanva.com/glossary/beta#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/beta#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/beta#what-counts-as-a-good-value) - [How is CAGR calculated?](https://fincanva.com/glossary/cagr#how-is-cagr-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/cagr#how-does-fincanva-handle-it) - [What does CAGR mean on my result?](https://fincanva.com/glossary/cagr#what-does-cagr-mean-on-my-result) - [What does it look like in practice?](https://fincanva.com/glossary/cagr#what-does-it-look-like-in-practice) - [What else is on the Capital Growth page?](https://fincanva.com/glossary/capital-chart#what-else-is-on-the-capital-growth-page) - [How does Fincanva handle it?](https://fincanva.com/glossary/capital-chart#how-does-fincanva-handle-it) - [What are the series on the capital chart?](https://fincanva.com/glossary/capital-chart#what-are-the-series-on-the-capital-chart) - [Why does the cash band matter?](https://fincanva.com/glossary/capital-chart#why-does-the-cash-band-matter) - [What does it look like in practice?](https://fincanva.com/glossary/capital-chart#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/chart-toggles#how-does-fincanva-handle-it) - [What does Inflation-adj. do?](https://fincanva.com/glossary/chart-toggles#what-does-inflation-adj-do) - [What does Log scale do, and why is it sometimes greyed out?](https://fincanva.com/glossary/chart-toggles#what-does-log-scale-do-and-why-is-it-sometimes-greyed-out) - [What does it look like in practice?](https://fincanva.com/glossary/chart-toggles#what-does-it-look-like-in-practice) - [What should you read on which setting?](https://fincanva.com/glossary/chart-toggles#what-should-you-read-on-which-setting) - [How is Conditional Value at Risk calculated?](https://fincanva.com/glossary/conditional-value-at-risk#how-is-conditional-value-at-risk-calculated) - [How is CVaR different from VaR?](https://fincanva.com/glossary/conditional-value-at-risk#how-is-cvar-different-from-var) - [How does Fincanva handle it?](https://fincanva.com/glossary/conditional-value-at-risk#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/conditional-value-at-risk#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/conditional-value-at-risk#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/contribution-analytics#how-does-fincanva-handle-it) - [What does each column of contribution analytics show?](https://fincanva.com/glossary/contribution-analytics#what-does-each-column-of-contribution-analytics-show) - [How can the parts add up exactly to the whole?](https://fincanva.com/glossary/contribution-analytics#how-can-the-parts-add-up-exactly-to-the-whole) - [What does it look like in practice?](https://fincanva.com/glossary/contribution-analytics#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/correlation-matrix#how-does-fincanva-handle-it) - [How is correlation calculated?](https://fincanva.com/glossary/correlation-matrix#how-is-correlation-calculated) - [How do you read a correlation matrix?](https://fincanva.com/glossary/correlation-matrix#how-do-you-read-a-correlation-matrix) - [What counts as a good value?](https://fincanva.com/glossary/correlation-matrix#what-counts-as-a-good-value) - [What does it look like in practice?](https://fincanva.com/glossary/correlation-matrix#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/dividends-and-splits#how-does-fincanva-handle-it) - [What does a dividend event record?](https://fincanva.com/glossary/dividends-and-splits#what-does-a-dividend-event-record) - [What does a split do to a position?](https://fincanva.com/glossary/dividends-and-splits#what-does-a-split-do-to-a-position) - [What does it look like in practice?](https://fincanva.com/glossary/dividends-and-splits#what-does-it-look-like-in-practice) - [What does the Growth chart actually show?](https://fincanva.com/glossary/equity-curve#what-does-the-growth-chart-actually-show) - [How do you read one equity curve?](https://fincanva.com/glossary/equity-curve#how-do-you-read-one-equity-curve) - [How does Fincanva handle it?](https://fincanva.com/glossary/equity-curve#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/equity-curve#what-does-it-look-like-in-practice) - [What does the shape of a curve tell you?](https://fincanva.com/glossary/equity-curve#what-does-the-shape-of-a-curve-tell-you) - [How is excess return calculated?](https://fincanva.com/glossary/excess-return#how-is-excess-return-calculated) - [What counts as a good value?](https://fincanva.com/glossary/excess-return#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/excess-return#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/excess-return#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/factor-roster#how-does-fincanva-handle-it) - [Which factors are in the roster?](https://fincanva.com/glossary/factor-roster#which-factors-are-in-the-roster) - [What does a factor correlation tell me?](https://fincanva.com/glossary/factor-roster#what-does-a-factor-correlation-tell-me) - [Why do the volatility factors read differently?](https://fincanva.com/glossary/factor-roster#why-do-the-volatility-factors-read-differently) - [How does Fincanva handle it?](https://fincanva.com/glossary/final-value#how-does-fincanva-handle-it) - [How is final value related to profit and total return?](https://fincanva.com/glossary/final-value#how-is-final-value-related-to-profit-and-total-return) - [What does "Vs benchmark" compare?](https://fincanva.com/glossary/final-value#what-does-vs-benchmark-compare) - [What does it look like in practice?](https://fincanva.com/glossary/final-value#what-does-it-look-like-in-practice) - [What counts as a good final value?](https://fincanva.com/glossary/final-value#what-counts-as-a-good-final-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/fincanva-score#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/fincanva-score#what-does-it-look-like-in-practice) - [What is the Fincanva score and how do you read it?](https://fincanva.com/glossary/fincanva-score#what-is-the-fincanva-score-and-how-do-you-read-it) - [How does the Fincanva score work?](https://fincanva.com/glossary/fincanva-score#how-does-the-fincanva-score-work) - [How do you read the Fincanva score?](https://fincanva.com/glossary/fincanva-score#how-do-you-read-the-fincanva-score) - [Which dimensions does the Fincanva score weigh?](https://fincanva.com/glossary/fincanva-score#which-dimensions-does-the-fincanva-score-weigh) - [Why isn't the formula published?](https://fincanva.com/glossary/fincanva-score#why-isnt-the-formula-published) - [What are the limits and edge cases of the Fincanva score?](https://fincanva.com/glossary/fincanva-score#what-are-the-limits-and-edge-cases-of-the-fincanva-score) - [What is the difference between gross and net?](https://fincanva.com/glossary/gross-vs-net#what-is-the-difference-between-gross-and-net) - [How does Fincanva handle it?](https://fincanva.com/glossary/gross-vs-net#how-does-fincanva-handle-it) - [What sits inside the Costs figure?](https://fincanva.com/glossary/gross-vs-net#what-sits-inside-the-costs-figure) - [How do you read the sign of the Costs column?](https://fincanva.com/glossary/gross-vs-net#how-do-you-read-the-sign-of-the-costs-column) - [What does it look like in practice?](https://fincanva.com/glossary/gross-vs-net#what-does-it-look-like-in-practice) - [How is the information ratio calculated?](https://fincanva.com/glossary/information-ratio#how-is-the-information-ratio-calculated) - [What counts as a good information ratio?](https://fincanva.com/glossary/information-ratio#what-counts-as-a-good-information-ratio) - [How does Fincanva handle it?](https://fincanva.com/glossary/information-ratio#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/information-ratio#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/interest-received-and-paid#how-does-fincanva-handle-it) - [What does Fincanva charge interest on?](https://fincanva.com/glossary/interest-received-and-paid#what-does-fincanva-charge-interest-on) - [What does it look like in practice?](https://fincanva.com/glossary/interest-received-and-paid#what-does-it-look-like-in-practice) - [How is longest drawdown different from longest recovery?](https://fincanva.com/glossary/longest-drawdown#how-is-longest-drawdown-different-from-longest-recovery) - [How are these durations displayed?](https://fincanva.com/glossary/longest-drawdown#how-are-these-durations-displayed) - [What if the strategy never recovers before the backtest ends?](https://fincanva.com/glossary/longest-drawdown#what-if-the-strategy-never-recovers-before-the-backtest-ends) - [How does Fincanva handle it?](https://fincanva.com/glossary/longest-drawdown#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/longest-drawdown#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/longest-drawdown#what-counts-as-a-good-value) - [How is longest recovery different from longest drawdown?](https://fincanva.com/glossary/longest-recovery#how-is-longest-recovery-different-from-longest-drawdown) - [What if the strategy never climbs back before the backtest ends?](https://fincanva.com/glossary/longest-recovery#what-if-the-strategy-never-climbs-back-before-the-backtest-ends) - [How does Fincanva handle it?](https://fincanva.com/glossary/longest-recovery#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/longest-recovery#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/longest-recovery#what-counts-as-a-good-value) - [How is max drawdown calculated?](https://fincanva.com/glossary/max-drawdown#how-is-max-drawdown-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/max-drawdown#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/max-drawdown#what-does-it-look-like-in-practice) - [Where else does Fincanva use max drawdown?](https://fincanva.com/glossary/max-drawdown#where-else-does-fincanva-use-max-drawdown) - [What counts as a good value?](https://fincanva.com/glossary/max-drawdown#what-counts-as-a-good-value) - [What does the Summary table show?](https://fincanva.com/glossary/metrics-table#what-does-the-summary-table-show) - [How does the By year table work?](https://fincanva.com/glossary/metrics-table#how-does-the-by-year-table-work) - [Why does the CAGR row sometimes read AAGR?](https://fincanva.com/glossary/metrics-table#why-does-the-cagr-row-sometimes-read-aagr) - [Where else do these metrics appear?](https://fincanva.com/glossary/metrics-table#where-else-do-these-metrics-appear) - [How does Fincanva handle it?](https://fincanva.com/glossary/metrics-table#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/metrics-table#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/metrics-table#what-counts-as-a-good-value) - [How are the monthly and yearly averages calculated?](https://fincanva.com/glossary/monthly-and-yearly-average#how-are-the-monthly-and-yearly-averages-calculated) - [Why is the yearly average not twelve times the monthly average?](https://fincanva.com/glossary/monthly-and-yearly-average#why-is-the-yearly-average-not-twelve-times-the-monthly-average) - [What counts as a good value?](https://fincanva.com/glossary/monthly-and-yearly-average#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/monthly-and-yearly-average#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/monthly-and-yearly-average#what-does-it-look-like-in-practice) - [What does the year detail above the grid show?](https://fincanva.com/glossary/months-matrix#what-does-the-year-detail-above-the-grid-show) - [How does Fincanva handle it?](https://fincanva.com/glossary/months-matrix#how-does-fincanva-handle-it) - [What is in the matrix?](https://fincanva.com/glossary/months-matrix#what-is-in-the-matrix) - [What do the colours mean?](https://fincanva.com/glossary/months-matrix#what-do-the-colours-mean) - [What does the vs. Benchmark switch do?](https://fincanva.com/glossary/months-matrix#what-does-the-vs-benchmark-switch-do) - [What does it look like in practice?](https://fincanva.com/glossary/months-matrix#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/negative-dividends#how-does-fincanva-handle-it) - [Why can a dividend show as negative?](https://fincanva.com/glossary/negative-dividends#why-can-a-dividend-show-as-negative) - [What does it look like in practice?](https://fincanva.com/glossary/negative-dividends#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/p-l-breakdown#how-does-fincanva-handle-it) - [What does the P&L breakdown split your result into?](https://fincanva.com/glossary/p-l-breakdown#what-does-the-pl-breakdown-split-your-result-into) - [What does it look like in practice?](https://fincanva.com/glossary/p-l-breakdown#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/positions-detail-drill-down#how-does-fincanva-handle-it) - [How do you follow one position from entry to exit?](https://fincanva.com/glossary/positions-detail-drill-down#how-do-you-follow-one-position-from-entry-to-exit) - [What does each trade row record?](https://fincanva.com/glossary/positions-detail-drill-down#what-does-each-trade-row-record) - [What does it look like in practice?](https://fincanva.com/glossary/positions-detail-drill-down#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/positions-summary-table#how-does-fincanva-handle-it) - [What does each row of the positions summary tell you?](https://fincanva.com/glossary/positions-summary-table#what-does-each-row-of-the-positions-summary-tell-you) - [What does it look like in practice?](https://fincanva.com/glossary/positions-summary-table#what-does-it-look-like-in-practice) - [How is positive months calculated?](https://fincanva.com/glossary/positive-months#how-is-positive-months-calculated) - [What counts as a good value?](https://fincanva.com/glossary/positive-months#what-counts-as-a-good-value) - [How does Fincanva handle it?](https://fincanva.com/glossary/positive-months#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/positive-months#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/projection-cone#how-does-fincanva-handle-it) - [What do the bands of a projection cone show?](https://fincanva.com/glossary/projection-cone#what-do-the-bands-of-a-projection-cone-show) - [Which ways of drawing days can a projection use?](https://fincanva.com/glossary/projection-cone#which-ways-of-drawing-days-can-a-projection-use) - [What does the Change row under a projection show?](https://fincanva.com/glossary/projection-cone#what-does-the-change-row-under-a-projection-show) - [What does it look like in practice?](https://fincanva.com/glossary/projection-cone#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/realized-vs-open-p-l#how-does-fincanva-handle-it) - [What separates realized P&L from open P&L?](https://fincanva.com/glossary/realized-vs-open-p-l#what-separates-realized-pl-from-open-pl) - [What does it look like in practice?](https://fincanva.com/glossary/realized-vs-open-p-l#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/regime-timeline#how-does-fincanva-handle-it) - [How do I read the regime timeline?](https://fincanva.com/glossary/regime-timeline#how-do-i-read-the-regime-timeline) - [Why does a Combined show more than one row?](https://fincanva.com/glossary/regime-timeline#why-does-a-combined-show-more-than-one-row) - [What does it look like in practice?](https://fincanva.com/glossary/regime-timeline#what-does-it-look-like-in-practice) - [What does each return window cover?](https://fincanva.com/glossary/return-windows#what-does-each-return-window-cover) - [Are the windows trailing or calendar-anchored?](https://fincanva.com/glossary/return-windows#are-the-windows-trailing-or-calendar-anchored) - [Do the screener's columns work the same way?](https://fincanva.com/glossary/return-windows#do-the-screeners-columns-work-the-same-way) - [Why can a window end before today?](https://fincanva.com/glossary/return-windows#why-can-a-window-end-before-today) - [How does Fincanva handle it?](https://fincanva.com/glossary/return-windows#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/return-windows#what-does-it-look-like-in-practice) - [How is the return-to-drawdown ratio calculated?](https://fincanva.com/glossary/return-to-drawdown-ratio#how-is-the-return-to-drawdown-ratio-calculated) - [Why is it a ratio and not a percentage?](https://fincanva.com/glossary/return-to-drawdown-ratio#why-is-it-a-ratio-and-not-a-percentage) - [How does Fincanva handle it?](https://fincanva.com/glossary/return-to-drawdown-ratio#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/return-to-drawdown-ratio#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/return-to-drawdown-ratio#what-counts-as-a-good-value) - [What risk-free rate is used where the series has no data?](https://fincanva.com/glossary/risk-free-rate#what-risk-free-rate-is-used-where-the-series-has-no-data) - [How does Fincanva handle it?](https://fincanva.com/glossary/risk-free-rate#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/risk-free-rate#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/rolling-correlation#how-does-fincanva-handle-it) - [How is a rolling correlation calculated?](https://fincanva.com/glossary/rolling-correlation#how-is-a-rolling-correlation-calculated) - [Why does correlation spike in a crash?](https://fincanva.com/glossary/rolling-correlation#why-does-correlation-spike-in-a-crash) - [How can two sleeves decouple, then move together?](https://fincanva.com/glossary/rolling-correlation#how-can-two-sleeves-decouple-then-move-together) - [What counts as a good value?](https://fincanva.com/glossary/rolling-correlation#what-counts-as-a-good-value) - [How is semideviation calculated?](https://fincanva.com/glossary/semideviation#how-is-semideviation-calculated) - [Why is semideviation about 0.6 times volatility even for symmetric returns?](https://fincanva.com/glossary/semideviation#why-is-semideviation-about-06-times-volatility-even-for-symmetric-returns) - [How does Fincanva handle it?](https://fincanva.com/glossary/semideviation#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/semideviation#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/semideviation#what-counts-as-a-good-value) - [How is the Sharpe ratio calculated?](https://fincanva.com/glossary/sharpe-ratio#how-is-the-sharpe-ratio-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/sharpe-ratio#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/sharpe-ratio#what-does-it-look-like-in-practice) - [Which return feeds the Sharpe ratio, CAGR or AAGR?](https://fincanva.com/glossary/sharpe-ratio#which-return-feeds-the-sharpe-ratio-cagr-or-aagr) - [Does the screener's Sharpe subtract the risk-free rate?](https://fincanva.com/glossary/sharpe-ratio#does-the-screeners-sharpe-subtract-the-risk-free-rate) - [What counts as a good value?](https://fincanva.com/glossary/sharpe-ratio#what-counts-as-a-good-value) - [How is the Sortino ratio calculated?](https://fincanva.com/glossary/sortino-ratio#how-is-the-sortino-ratio-calculated) - [What counts as a strong Sortino ratio?](https://fincanva.com/glossary/sortino-ratio#what-counts-as-a-strong-sortino-ratio) - [How does Fincanva handle it?](https://fincanva.com/glossary/sortino-ratio#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/sortino-ratio#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/start-date-sensitivity#how-does-fincanva-handle-it) - [How is start-date sensitivity measured?](https://fincanva.com/glossary/start-date-sensitivity#how-is-start-date-sensitivity-measured) - [What does it look like in practice?](https://fincanva.com/glossary/start-date-sensitivity#what-does-it-look-like-in-practice) - [What counts as a good result?](https://fincanva.com/glossary/start-date-sensitivity#what-counts-as-a-good-result) - [How does Fincanva handle it?](https://fincanva.com/glossary/strategy-analytics#how-does-fincanva-handle-it) - [What does strategy analytics report for each strategy?](https://fincanva.com/glossary/strategy-analytics#what-does-strategy-analytics-report-for-each-strategy) - [How do the four cards draw the strategies?](https://fincanva.com/glossary/strategy-analytics#how-do-the-four-cards-draw-the-strategies) - [Why are tracking error and information ratio measured against the Combined?](https://fincanva.com/glossary/strategy-analytics#why-are-tracking-error-and-information-ratio-measured-against-the-combined) - [What does it look like in practice?](https://fincanva.com/glossary/strategy-analytics#what-does-it-look-like-in-practice) - [How does Fincanva handle it?](https://fincanva.com/glossary/stress-test#how-does-fincanva-handle-it) - [How can a stress test work without inventing data?](https://fincanva.com/glossary/stress-test#how-can-a-stress-test-work-without-inventing-data) - [How do I read the two gauges?](https://fincanva.com/glossary/stress-test#how-do-i-read-the-two-gauges) - [What does it look like in practice?](https://fincanva.com/glossary/stress-test#what-does-it-look-like-in-practice) - [How does Total P&L differ from total return?](https://fincanva.com/glossary/total-p-l#how-does-total-pl-differ-from-total-return) - [How does Fincanva handle it?](https://fincanva.com/glossary/total-p-l#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/total-p-l#what-does-it-look-like-in-practice) - [How does total return differ from Total P&L?](https://fincanva.com/glossary/total-return#how-does-total-return-differ-from-total-pl) - [How is total return calculated?](https://fincanva.com/glossary/total-return#how-is-total-return-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/total-return#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/total-return#what-does-it-look-like-in-practice) - [How is tracking error calculated?](https://fincanva.com/glossary/tracking-error#how-is-tracking-error-calculated) - [What counts as a high tracking error?](https://fincanva.com/glossary/tracking-error#what-counts-as-a-high-tracking-error) - [How does Fincanva handle it?](https://fincanva.com/glossary/tracking-error#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/tracking-error#what-does-it-look-like-in-practice) - [How is Value at Risk read off a backtest?](https://fincanva.com/glossary/value-at-risk#how-is-value-at-risk-read-off-a-backtest) - [How is the Gaussian VaR calculated?](https://fincanva.com/glossary/value-at-risk#how-is-the-gaussian-var-calculated) - [Why do the historical and the Gaussian VaR differ?](https://fincanva.com/glossary/value-at-risk#why-do-the-historical-and-the-gaussian-var-differ) - [How does Fincanva handle it?](https://fincanva.com/glossary/value-at-risk#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/value-at-risk#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/value-at-risk#what-counts-as-a-good-value) - [How is volatility calculated?](https://fincanva.com/glossary/volatility#how-is-volatility-calculated) - [Why is volatility annualized with the square root of 252?](https://fincanva.com/glossary/volatility#why-is-volatility-annualized-with-the-square-root-of-252) - [How does Fincanva handle it?](https://fincanva.com/glossary/volatility#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/volatility#what-does-it-look-like-in-practice) - [What counts as a good value?](https://fincanva.com/glossary/volatility#what-counts-as-a-good-value) #### Terms - 53 terms on this shelf, each listed under Glossary below. ### Data & methodology #### Guides - [What data your backtests run on](https://fincanva.com/docs/data-methodology/what-data-your-backtests-run-on.md): What a backtest reads: one daily-refreshed catalogue of tradable instruments and reference-only series, keeping delisted names and dated index membership. - [What Fincanva's data coverage figures count](https://fincanva.com/docs/data-methodology/what-fincanva-s-data-coverage-figures-count.md): What Fincanva's coverage figures count and leave out: which instruments, what counts as an exchange or a country, and why history depth differs by asset type. #### Questions - [Why does the catalogue keep companies that no longer trade?](https://fincanva.com/docs/data-methodology/what-data-your-backtests-run-on#why-does-the-catalogue-keep-companies-that-no-longer-trade) - [What does the catalogue know about index membership?](https://fincanva.com/docs/data-methodology/what-data-your-backtests-run-on#what-does-the-catalogue-know-about-index-membership) - [Which instruments do the coverage figures count?](https://fincanva.com/docs/data-methodology/what-fincanva-s-data-coverage-figures-count#which-instruments-do-the-coverage-figures-count) - [What counts as an exchange?](https://fincanva.com/docs/data-methodology/what-fincanva-s-data-coverage-figures-count#what-counts-as-an-exchange) - [What counts as a country?](https://fincanva.com/docs/data-methodology/what-fincanva-s-data-coverage-figures-count#what-counts-as-a-country) - [How far back does the data reach?](https://fincanva.com/docs/data-methodology/what-fincanva-s-data-coverage-figures-count#how-far-back-does-the-data-reach) - [Which coverage figures does the documentation print?](https://fincanva.com/docs/data-methodology/what-fincanva-s-data-coverage-figures-count#which-coverage-figures-does-the-documentation-print) - [Why can one recent instrument shorten a whole backtest?](https://fincanva.com/glossary/coverage-window#why-can-one-recent-instrument-shorten-a-whole-backtest) - [How does Fincanva handle it?](https://fincanva.com/glossary/coverage-window#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/coverage-window#what-does-it-look-like-in-practice) - [Why is market data gated by level at all?](https://fincanva.com/glossary/data-tier-gating#why-is-market-data-gated-by-level-at-all) - [What does data-tier gating control today?](https://fincanva.com/glossary/data-tier-gating#what-does-data-tier-gating-control-today) - [How does Fincanva handle it?](https://fincanva.com/glossary/data-tier-gating#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/data-tier-gating#what-does-it-look-like-in-practice) - [Why does Fincanva keep delisted instruments?](https://fincanva.com/glossary/delisted#why-does-fincanva-keep-delisted-instruments) - [What does point-in-time index membership mean?](https://fincanva.com/glossary/delisted#what-does-point-in-time-index-membership-mean) - [What happens to a position when its instrument delists mid-backtest?](https://fincanva.com/glossary/delisted#what-happens-to-a-position-when-its-instrument-delists-mid-backtest) - [How does Fincanva handle it?](https://fincanva.com/glossary/delisted#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/delisted#what-does-it-look-like-in-practice) - [What makes index membership point-in-time?](https://fincanva.com/glossary/index-lists-and-point-in-time-constituents#what-makes-index-membership-point-in-time) - [Why does point-in-time membership matter for a backtest?](https://fincanva.com/glossary/index-lists-and-point-in-time-constituents#why-does-point-in-time-membership-matter-for-a-backtest) - [How does Fincanva handle it?](https://fincanva.com/glossary/index-lists-and-point-in-time-constituents#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/index-lists-and-point-in-time-constituents#what-does-it-look-like-in-practice) - [Why don't two exchanges share the same trading days?](https://fincanva.com/glossary/market-day-and-trading-calendar-alignment#why-dont-two-exchanges-share-the-same-trading-days) - [How does Fincanva handle it?](https://fincanva.com/glossary/market-day-and-trading-calendar-alignment#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/market-day-and-trading-calendar-alignment#what-does-it-look-like-in-practice) - [Why does an instrument need an identifier other than its ticker?](https://fincanva.com/glossary/permanent-instrument-identifier#why-does-an-instrument-need-an-identifier-other-than-its-ticker) - [How does Fincanva handle it?](https://fincanva.com/glossary/permanent-instrument-identifier#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/permanent-instrument-identifier#what-does-it-look-like-in-practice) - [Which special data series does Fincanva keep?](https://fincanva.com/glossary/special-data-series#which-special-data-series-does-fincanva-keep) - [What happens when a date falls outside a series?](https://fincanva.com/glossary/special-data-series#what-happens-when-a-date-falls-outside-a-series) - [How does Fincanva handle it?](https://fincanva.com/glossary/special-data-series#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/special-data-series#what-does-it-look-like-in-practice) - [What is inside a SymbolsList?](https://fincanva.com/glossary/symbolslist#what-is-inside-a-symbolslist) - [How is a SymbolsList different from a universe or an index list?](https://fincanva.com/glossary/symbolslist#how-is-a-symbolslist-different-from-a-universe-or-an-index-list) - [How does Fincanva handle it?](https://fincanva.com/glossary/symbolslist#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/symbolslist#what-does-it-look-like-in-practice) - [Where does the Not tradable badge appear?](https://fincanva.com/glossary/tradable-and-not-tradable#where-does-the-not-tradable-badge-appear) - [Why can't you buy an index?](https://fincanva.com/glossary/tradable-and-not-tradable#why-cant-you-buy-an-index) - [How does Fincanva handle it?](https://fincanva.com/glossary/tradable-and-not-tradable#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/tradable-and-not-tradable#what-does-it-look-like-in-practice) #### Terms - 9 terms on this shelf, each listed under Glossary below. ## Follow — Follow it live ### Portfolio & holdings #### Guides - [Follow a strategy live](https://fincanva.com/docs/portfolio-holdings/follow-a-strategy-live.md): Mark a strategy Live to follow it forward as a portfolio: the Live key, the confirm dialog, what changes afterwards, and how to stop following it. - [Keep your live book in order](https://fincanva.com/docs/portfolio-holdings/keep-your-live-book-in-order.md): Work the To do list on Portfolios: which live portfolios need attention and why, and which row action clears each one — Run, Re-run, or Retry. - [Read your order plan](https://fincanva.com/docs/portfolio-holdings/read-your-order-plan.md): Read a portfolio's Positions view: pick the rebalance date, set Capital, and read the order plan, the target allocation, and the target positions sheet. #### Questions - [What changes once a strategy is Live?](https://fincanva.com/docs/portfolio-holdings/follow-a-strategy-live#what-changes-once-a-strategy-is-live) - [How do I stop following a strategy?](https://fincanva.com/docs/portfolio-holdings/follow-a-strategy-live#how-do-i-stop-following-a-strategy) - [Does changing Capital change my strategy?](https://fincanva.com/docs/portfolio-holdings/read-your-order-plan#does-changing-capital-change-my-strategy) - [Why is the Deployed amount lower than the Target value?](https://fincanva.com/docs/portfolio-holdings/read-your-order-plan#why-is-the-deployed-amount-lower-than-the-target-value) - [Why does the allocation show "Others (N)"?](https://fincanva.com/docs/portfolio-holdings/read-your-order-plan#why-does-the-allocation-show-others-n) - [Which portfolios appear under Needs attention?](https://fincanva.com/docs/portfolio-holdings/keep-your-live-book-in-order#which-portfolios-appear-under-needs-attention) - [Which portfolios appear under Controls?](https://fincanva.com/docs/portfolio-holdings/keep-your-live-book-in-order#which-portfolios-appear-under-controls) - [Which statuses count as in order?](https://fincanva.com/docs/portfolio-holdings/keep-your-live-book-in-order#which-statuses-count-as-in-order) - [How is accuracy calculated?](https://fincanva.com/glossary/accuracy#how-is-accuracy-calculated) - [What counts as good accuracy?](https://fincanva.com/glossary/accuracy#what-counts-as-good-accuracy) - [How does Fincanva handle it?](https://fincanva.com/glossary/accuracy#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/accuracy#what-does-it-look-like-in-practice) - [What does changing Capital do?](https://fincanva.com/glossary/capital#what-does-changing-capital-do) - [How is Capital different from starting capital?](https://fincanva.com/glossary/capital#how-is-capital-different-from-starting-capital) - [How does Fincanva handle it?](https://fincanva.com/glossary/capital#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/capital#what-does-it-look-like-in-practice) - [How are Cash % and capital invested calculated?](https://fincanva.com/glossary/cash-and-capital-invested#how-are-cash-and-capital-invested-calculated) - [What is effective exposure?](https://fincanva.com/glossary/cash-and-capital-invested#what-is-effective-exposure) - [Why do the allocation weights and the Cash % seem to disagree?](https://fincanva.com/glossary/cash-and-capital-invested#why-do-the-allocation-weights-and-the-cash-seem-to-disagree) - [What leaves capital in cash?](https://fincanva.com/glossary/cash-and-capital-invested#what-leaves-capital-in-cash) - [Why is my cash negative?](https://fincanva.com/glossary/cash-and-capital-invested#why-is-my-cash-negative) - [How does Fincanva handle it?](https://fincanva.com/glossary/cash-and-capital-invested#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/cash-and-capital-invested#what-does-it-look-like-in-practice) - [What is in the order plan?](https://fincanva.com/glossary/order-plan#what-is-in-the-order-plan) - [How does Fincanva handle it?](https://fincanva.com/glossary/order-plan#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/order-plan#what-does-it-look-like-in-practice) - [What do Side, Last, and Quantity mean?](https://fincanva.com/glossary/positions-table-columns#what-do-side-last-and-quantity-mean) - [Why is Last in a different currency from the rest of the row?](https://fincanva.com/glossary/positions-table-columns#why-is-last-in-a-different-currency-from-the-rest-of-the-row) - [How does Fincanva handle it?](https://fincanva.com/glossary/positions-table-columns#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/positions-table-columns#what-does-it-look-like-in-practice) - [What does "Others (N)" mean?](https://fincanva.com/glossary/target-allocation-treemap#what-does-others-n-mean) - [How does the drill-down work?](https://fincanva.com/glossary/target-allocation-treemap#how-does-the-drill-down-work) - [How does Fincanva handle it?](https://fincanva.com/glossary/target-allocation-treemap#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/target-allocation-treemap#what-does-it-look-like-in-practice) - [How is target notional calculated?](https://fincanva.com/glossary/target-notional#how-is-target-notional-calculated) - [How does Fincanva handle it?](https://fincanva.com/glossary/target-notional#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/target-notional#what-does-it-look-like-in-practice) - [How is the deployed amount calculated?](https://fincanva.com/glossary/target-vs-deployed#how-is-the-deployed-amount-calculated) - [What counts as a large gap?](https://fincanva.com/glossary/target-vs-deployed#what-counts-as-a-large-gap) - [How does Fincanva handle it?](https://fincanva.com/glossary/target-vs-deployed#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/target-vs-deployed#what-does-it-look-like-in-practice) #### Terms - 8 terms on this shelf, each listed under Glossary below. ## Account — Your account, your plan, the ground rules ### Account & security #### Guides - [How cookie consent works on Fincanva](https://fincanva.com/docs/account-security/how-cookie-consent-works-on-fincanva.md): What the cookie banner asks, the five purposes it lists, why optional cookies start switched off, and how to change or withdraw your choice at any time. - [How to get an invoice with your tax details](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details.md): Where to enter your VAT number, codice fiscale and SDI code in Fincanva, how the invoice reaches you in Italy and elsewhere, and how to correct it. - [How to manage your account security settings](https://fincanva.com/docs/account-security/how-to-manage-your-account-security-settings.md): Change your password, turn on 2FA and sign out other browsers in Settings → Access and security, read Account protection, and find cookies and deletion. - [How to manage your notification settings](https://fincanva.com/docs/account-security/how-to-manage-your-notification-settings.md): Settings → Notifications shows the email notifications arrive at, the two you can switch on or off, and the two that stay on for your account and your trial. - [How to read your plan](https://fincanva.com/docs/account-security/how-to-read-your-plan.md): Where your plan is shown, what each subscription sentence means, and how to cancel, restore or change it, all from Settings → Plan and usage in the app. - [The 30-day trial](https://fincanva.com/docs/account-security/the-30-day-trial.md): The 30-day trial starts by itself on Advanced or the plan picked on the website, with no card; switch plans freely, and with no card day 31 puts you on Free. - [What each plan includes](https://fincanva.com/docs/account-security/what-each-plan-includes.md): Free, Starter, Advanced and Ultimate: the price of each, and the limits, allocation methods, risk rules, analysis pages and support each includes. - [What happens if a payment fails](https://fincanva.com/docs/account-security/what-happens-if-a-payment-fails.md): A payment failed: what the notice means, what stays available while Stripe retries, how to update your payment method, and what happens if it never clears. - [What Settings → Usage tells you](https://fincanva.com/docs/account-security/what-settings-usage-tells-you.md): Settings → Plan and usage is where your plan lives: the plan you hold, the ladder of plans, what you use against its limits, and your subscription. - [Why Fincanva asks you to accept the Terms](https://fincanva.com/docs/account-security/why-fincanva-asks-you-to-accept-the-terms.md): Why sign-up needs one ticked box, what the One more step screen means, why Fincanva asks you to accept the Terms again, and the Terms' adults-only rule. #### Questions - [What does the notice on every page mean?](https://fincanva.com/docs/account-security/what-happens-if-a-payment-fails#what-does-the-notice-on-every-page-mean) - [What can I still use while this is happening?](https://fincanva.com/docs/account-security/what-happens-if-a-payment-fails#what-can-i-still-use-while-this-is-happening) - [How long do I have before this becomes a problem?](https://fincanva.com/docs/account-security/what-happens-if-a-payment-fails#how-long-do-i-have-before-this-becomes-a-problem) - [What happens if the payment never goes through?](https://fincanva.com/docs/account-security/what-happens-if-a-payment-fails#what-happens-if-the-payment-never-goes-through) - [What does Settings → Plan and usage show once the subscription has ended?](https://fincanva.com/docs/account-security/what-happens-if-a-payment-fails#what-does-settings-plan-and-usage-show-once-the-subscription-has-ended) - [How do Fincanva's plans work?](https://fincanva.com/docs/account-security/what-each-plan-includes#how-do-fincanvas-plans-work) - [What does the Free plan include?](https://fincanva.com/docs/account-security/what-each-plan-includes#what-does-the-free-plan-include) - [What do the paid plans cost?](https://fincanva.com/docs/account-security/what-each-plan-includes#what-do-the-paid-plans-cost) - [Do backtests differ by plan?](https://fincanva.com/docs/account-security/what-each-plan-includes#do-backtests-differ-by-plan) - [Which risk rules and analysis tools does each plan include?](https://fincanva.com/docs/account-security/what-each-plan-includes#which-risk-rules-and-analysis-tools-does-each-plan-include) - [How much compute power does each plan include?](https://fincanva.com/docs/account-security/what-each-plan-includes#how-much-compute-power-does-each-plan-include) - [What about Live strategies, leverage, and benchmarks?](https://fincanva.com/docs/account-security/what-each-plan-includes#what-about-live-strategies-leverage-and-benchmarks) - [How does the trial work?](https://fincanva.com/docs/account-security/the-30-day-trial#how-does-the-trial-work) - [Which plan does the trial start on?](https://fincanva.com/docs/account-security/the-30-day-trial#which-plan-does-the-trial-start-on) - [What does the trial include?](https://fincanva.com/docs/account-security/the-30-day-trial#what-does-the-trial-include) - [How do I change the plan of my trial?](https://fincanva.com/docs/account-security/the-30-day-trial#how-do-i-change-the-plan-of-my-trial) - [What do I see when the trial starts?](https://fincanva.com/docs/account-security/the-30-day-trial#what-do-i-see-when-the-trial-starts) - [Where do I see how many days of the trial are left?](https://fincanva.com/docs/account-security/the-30-day-trial#where-do-i-see-how-many-days-of-the-trial-are-left) - [Will I be reminded before the trial ends?](https://fincanva.com/docs/account-security/the-30-day-trial#will-i-be-reminded-before-the-trial-ends) - [When am I charged?](https://fincanva.com/docs/account-security/the-30-day-trial#when-am-i-charged) - [What happens when the trial ends?](https://fincanva.com/docs/account-security/the-30-day-trial#what-happens-when-the-trial-ends) - [What happens after a trial that ended without a card?](https://fincanva.com/docs/account-security/the-30-day-trial#what-happens-after-a-trial-that-ended-without-a-card) - [Can I cancel during the trial?](https://fincanva.com/docs/account-security/the-30-day-trial#can-i-cancel-during-the-trial) - [How does Settings → Plan and usage work?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#how-does-settings-plan-and-usage-work) - [What do the plan pass and the ladder show?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#what-do-the-plan-pass-and-the-ladder-show) - [What does "What you're using" show?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#what-does-what-youre-using-show) - [What does "Your subscription" show?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#what-does-your-subscription-show) - [What does "What each plan includes" show?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#what-does-what-each-plan-includes-show) - [Does this page show my trial's limits?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#does-this-page-show-my-trials-limits) - [Why do the pass and "What you're using" ever disagree?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#why-do-the-pass-and-what-youre-using-ever-disagree) - [What does Settings → Plan and usage say about my subscription?](https://fincanva.com/docs/account-security/how-to-read-your-plan#what-does-settings-plan-and-usage-say-about-my-subscription) - [What's the difference between "Upgrade now" and "Switch at renewal"?](https://fincanva.com/docs/account-security/how-to-read-your-plan#whats-the-difference-between-upgrade-now-and-switch-at-renewal) - [Does the account menu point me at a specific plan?](https://fincanva.com/docs/account-security/how-to-read-your-plan#does-the-account-menu-point-me-at-a-specific-plan) - [Where are my billing details and active sessions?](https://fincanva.com/docs/account-security/how-to-read-your-plan#where-are-my-billing-details-and-active-sessions) - [Can I cancel anytime?](https://fincanva.com/docs/account-security/how-to-read-your-plan#can-i-cancel-anytime) - [Where do I enter my VAT number for the invoice?](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details#where-do-i-enter-my-vat-number-for-the-invoice) - [What does the line under the checkbox mean?](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details#what-does-the-line-under-the-checkbox-mean) - [What does an Italian address need for the electronic invoice?](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details#what-does-an-italian-address-need-for-the-electronic-invoice) - [What happens if I choose PEC instead of an SDI code?](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details#what-happens-if-i-choose-pec-instead-of-an-sdi-code) - [Can I get an electronic invoice without an Italian VAT number?](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details#can-i-get-an-electronic-invoice-without-an-italian-vat-number) - [How do I receive my invoices?](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details#how-do-i-receive-my-invoices) - [How does Fincanva tell me something is missing for the electronic invoice?](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details#how-does-fincanva-tell-me-something-is-missing-for-the-electronic-invoice) - [How do I correct my billing details or an invoice?](https://fincanva.com/docs/account-security/how-to-get-an-invoice-with-your-tax-details#how-do-i-correct-my-billing-details-or-an-invoice) - [What happens the moment I request deletion?](https://fincanva.com/glossary/account-deletion#what-happens-the-moment-i-request-deletion) - [How do I cancel a scheduled deletion?](https://fincanva.com/glossary/account-deletion#how-do-i-cancel-a-scheduled-deletion) - [What is deleted, and what is anonymized?](https://fincanva.com/glossary/account-deletion#what-is-deleted-and-what-is-anonymized) - [Does deletion sign my other devices out?](https://fincanva.com/glossary/account-deletion#does-deletion-sign-my-other-devices-out) - [How does Fincanva handle it?](https://fincanva.com/glossary/account-deletion#how-does-fincanva-handle-it) - [What is the difference between day 1 and day 15?](https://fincanva.com/glossary/account-deletion#what-is-the-difference-between-day-1-and-day-15) - [What does the Active sessions list show?](https://fincanva.com/glossary/active-sessions#what-does-the-active-sessions-list-show) - [How do I sign out a device I'm not using?](https://fincanva.com/glossary/active-sessions#how-do-i-sign-out-a-device-im-not-using) - [How long does a session last if I do nothing?](https://fincanva.com/glossary/active-sessions#how-long-does-a-session-last-if-i-do-nothing) - [Why did an old device disappear from the list on its own?](https://fincanva.com/glossary/active-sessions#why-did-an-old-device-disappear-from-the-list-on-its-own) - [Does changing my password sign my other devices out?](https://fincanva.com/glossary/active-sessions#does-changing-my-password-sign-my-other-devices-out) - [How does Fincanva handle it?](https://fincanva.com/glossary/active-sessions#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/active-sessions#what-does-it-look-like-in-practice) - [What does the cookie banner ask?](https://fincanva.com/docs/account-security/how-cookie-consent-works-on-fincanva#what-does-the-cookie-banner-ask) - [What are the five cookie purposes?](https://fincanva.com/docs/account-security/how-cookie-consent-works-on-fincanva#what-are-the-five-cookie-purposes) - [Are optional cookies on before I choose?](https://fincanva.com/docs/account-security/how-cookie-consent-works-on-fincanva#are-optional-cookies-on-before-i-choose) - [How do I change or withdraw my cookie consent?](https://fincanva.com/docs/account-security/how-cookie-consent-works-on-fincanva#how-do-i-change-or-withdraw-my-cookie-consent) - [Will Fincanva ask me again?](https://fincanva.com/docs/account-security/how-cookie-consent-works-on-fincanva#will-fincanva-ask-me-again) - [Where do I read which cookies Fincanva uses?](https://fincanva.com/docs/account-security/how-cookie-consent-works-on-fincanva#where-do-i-read-which-cookies-fincanva-uses) - [What does "Account protection" count?](https://fincanva.com/docs/account-security/how-to-manage-your-account-security-settings#what-does-account-protection-count) - [Where do I change my password?](https://fincanva.com/docs/account-security/how-to-manage-your-account-security-settings#where-do-i-change-my-password) - [Where do I turn on two-factor authentication?](https://fincanva.com/docs/account-security/how-to-manage-your-account-security-settings#where-do-i-turn-on-two-factor-authentication) - [How do I disconnect my Google account?](https://fincanva.com/docs/account-security/how-to-manage-your-account-security-settings#how-do-i-disconnect-my-google-account) - [How are my devices named in Active sessions?](https://fincanva.com/docs/account-security/how-to-manage-your-account-security-settings#how-are-my-devices-named-in-active-sessions) - [Where do I change my cookie consent?](https://fincanva.com/docs/account-security/how-to-manage-your-account-security-settings#where-do-i-change-my-cookie-consent) - [How do I delete my account?](https://fincanva.com/docs/account-security/how-to-manage-your-account-security-settings#how-do-i-delete-my-account) - [Where do my notifications arrive?](https://fincanva.com/docs/account-security/how-to-manage-your-notification-settings#where-do-my-notifications-arrive) - [What can I switch on or off?](https://fincanva.com/docs/account-security/how-to-manage-your-notification-settings#what-can-i-switch-on-or-off) - [Why can't I turn some notifications off?](https://fincanva.com/docs/account-security/how-to-manage-your-notification-settings#why-cant-i-turn-some-notifications-off) - [Can I use a passkey with Fincanva today?](https://fincanva.com/glossary/passkeys#can-i-use-a-passkey-with-fincanva-today) - [What is a passkey?](https://fincanva.com/glossary/passkeys#what-is-a-passkey) - [How is a passkey different from a password?](https://fincanva.com/glossary/passkeys#how-is-a-passkey-different-from-a-password) - [How does passwordless sign-in work?](https://fincanva.com/glossary/passwordless-sign-in#how-does-passwordless-sign-in-work) - [How is signing in without a password different from signing in with one?](https://fincanva.com/glossary/passwordless-sign-in#how-is-signing-in-without-a-password-different-from-signing-in-with-one) - [Why does Fincanva ask me to verify my email address?](https://fincanva.com/glossary/passwordless-sign-in#why-does-fincanva-ask-me-to-verify-my-email-address) - [What if I forget my password, or never set one?](https://fincanva.com/glossary/passwordless-sign-in#what-if-i-forget-my-password-or-never-set-one) - [How strong does my password have to be?](https://fincanva.com/glossary/passwordless-sign-in#how-strong-does-my-password-have-to-be) - [How does Fincanva handle it?](https://fincanva.com/glossary/passwordless-sign-in#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/passwordless-sign-in#what-does-it-look-like-in-practice) - [Which plans are on the scale, and which are not?](https://fincanva.com/glossary/plan-level#which-plans-are-on-the-scale-and-which-are-not) - [Is this the same as the five plans listed on "what each plan includes"?](https://fincanva.com/glossary/plan-level#is-this-the-same-as-the-five-plans-listed-on-what-each-plan-includes) - [Is the plan level the same as what "What you're using" counts?](https://fincanva.com/glossary/plan-level#is-the-plan-level-the-same-as-what-what-youre-using-counts) - [How does Fincanva handle it?](https://fincanva.com/glossary/plan-level#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/plan-level#what-does-it-look-like-in-practice) - [What does two-factor authentication protect against?](https://fincanva.com/glossary/two-factor-authentication#what-does-two-factor-authentication-protect-against) - [How do I turn two-factor authentication on?](https://fincanva.com/glossary/two-factor-authentication#how-do-i-turn-two-factor-authentication-on) - [What are backup codes and when do I use them?](https://fincanva.com/glossary/two-factor-authentication#what-are-backup-codes-and-when-do-i-use-them) - [What does "Trust this browser for 30 days" do?](https://fincanva.com/glossary/two-factor-authentication#what-does-trust-this-browser-for-30-days-do) - [What if I lose my phone?](https://fincanva.com/glossary/two-factor-authentication#what-if-i-lose-my-phone) - [How does Fincanva handle it?](https://fincanva.com/glossary/two-factor-authentication#how-does-fincanva-handle-it) - [What does it look like in practice?](https://fincanva.com/glossary/two-factor-authentication#what-does-it-look-like-in-practice) - [Why do I have to accept the Terms to sign up?](https://fincanva.com/docs/account-security/why-fincanva-asks-you-to-accept-the-terms#why-do-i-have-to-accept-the-terms-to-sign-up) - [Is there a minimum age to use Fincanva?](https://fincanva.com/docs/account-security/why-fincanva-asks-you-to-accept-the-terms#is-there-a-minimum-age-to-use-fincanva) - [What does the "One more step" screen mean?](https://fincanva.com/docs/account-security/why-fincanva-asks-you-to-accept-the-terms#what-does-the-one-more-step-screen-mean) - [Why am I being asked to accept the Terms again?](https://fincanva.com/docs/account-security/why-fincanva-asks-you-to-accept-the-terms#why-am-i-being-asked-to-accept-the-terms-again) - [Where do I read the Terms and the Privacy Policy?](https://fincanva.com/docs/account-security/why-fincanva-asks-you-to-accept-the-terms#where-do-i-read-the-terms-and-the-privacy-policy) - [Why do Your Privacy Choices and Notice at Collection stay in English?](https://fincanva.com/glossary/your-privacy-choices-and-notice-at-collection#why-do-your-privacy-choices-and-notice-at-collection-stay-in-english) - [Who sees these two controls?](https://fincanva.com/glossary/your-privacy-choices-and-notice-at-collection#who-sees-these-two-controls) - [Does this mean Fincanva applies different privacy rules by location?](https://fincanva.com/glossary/your-privacy-choices-and-notice-at-collection#does-this-mean-fincanva-applies-different-privacy-rules-by-location) - [Where do I find Your Privacy Choices?](https://fincanva.com/glossary/your-privacy-choices-and-notice-at-collection#where-do-i-find-your-privacy-choices) - [Where do I find Notice at Collection?](https://fincanva.com/glossary/your-privacy-choices-and-notice-at-collection#where-do-i-find-notice-at-collection) - [How does Fincanva handle it?](https://fincanva.com/glossary/your-privacy-choices-and-notice-at-collection#how-does-fincanva-handle-it) - [What happens to two visitors who sign up on the same day?](https://fincanva.com/glossary/your-privacy-choices-and-notice-at-collection#what-happens-to-two-visitors-who-sign-up-on-the-same-day) #### Terms - 7 terms on this shelf, each listed under Glossary below. ### Investing theory #### Guides - [Is this financial advice?](https://fincanva.com/docs/investing-theory/is-this-financial-advice.md): No — Fincanva is for education and illustration only. It is not personalised financial advice, and past or simulated results do not predict future ones. #### Questions - [Does a good backtest mean the strategy will make money?](https://fincanva.com/docs/investing-theory/is-this-financial-advice#does-a-good-backtest-mean-the-strategy-will-make-money) #### Terms _No defined terms on this shelf yet._ ## Glossary Every term, A–Z: one page per term in the Glossary, each listed with its one-line definition. - [AAGR](https://fincanva.com/glossary/aagr.md): AAGR is the arithmetic annual growth rate: total return divided by years, without compounding — the reinvest-off counterpart to CAGR in Performance Metrics. - [Account deletion](https://fincanva.com/glossary/account-deletion.md): Account deletion schedules your Fincanva account for removal 14 days ahead. Cancel any time in that window; after it your account identity is anonymized. - [Accuracy](https://fincanva.com/glossary/accuracy.md): Accuracy averages, across your holdings, how much of each one's target value its whole-share position covers — every holding counts equally. - [Active sessions](https://fincanva.com/glossary/active-sessions.md): Active sessions is the list of browsers currently signed in to your Fincanva account, each of which you can end remotely with Sign out, one row at a time. - [Adjusted beta](https://fincanva.com/glossary/adjusted-beta.md): Adjusted beta is a beta estimate pulled part of the way toward 1.0, because a beta fitted on past returns is measured with error and tends to revert. - [Aggregate comparisons](https://fincanva.com/glossary/aggregate-comparisons.md): An aggregate comparison tests an instrument's metric against a Market or Sector figure — its Index, Average, Median, 75th, or 25th percentile. - [All at once](https://fincanva.com/glossary/all-at-once.md): All at once is Fincanva's single-page strategy editing view: every settings card on one page, changeable in any order, with no chapter sequence to follow. - [Allocation and allocation method](https://fincanva.com/glossary/allocation-and-allocation-method.md): Allocation is how capital is divided among what is held; the allocation method is the rule that sets each share, and Fincanva applies it at two levels. - [Allocations chart](https://fincanva.com/glossary/allocations-chart.md): The allocations chart is the Strategy Weights view showing each strategy inside a Combined over time, in three readings: Capital, Weights and Net profit. - [Alpha](https://fincanva.com/glossary/alpha.md): Alpha is the return a strategy earns beyond what its market exposure explains; Fincanva does not currently display an alpha metric anywhere. - [Annualization](https://fincanva.com/glossary/annualization.md): Annualization converts a return earned over a whole period into an equivalent per-year rate, so results over different lengths of time compare on one scale. - [Asset subtypes](https://fincanva.com/glossary/asset-subtypes.md): Asset subtypes are the abbreviations Fincanva uses for the specific kind of instrument within an asset type — ETF, ETN, ETC, CEF, ETD, ETMF, and more. - [Asset type](https://fincanva.com/glossary/asset-type.md): The market family an instrument belongs to. A screener offers three — Stocks, ETPs, Crypto; beside a single instrument Fincanva recognises nine. - [Asset-selection modes](https://fincanva.com/glossary/asset-selection-modes.md): Asset-selection modes are the three ways a strategy decides what it may hold — Basket names instruments, Screen picks them by rule, and Compose combines both. - [Auto-rebalance on flip](https://fincanva.com/glossary/auto-rebalance-on-flip.md): Auto-rebalance on flip is the per-condition toggle that rebalances a strategy the moment a risk condition flips, instead of waiting for the next scheduled date. - [Average momentum](https://fincanva.com/glossary/average-momentum.md): Average momentum is the average of an instrument's 1-, 3-, 6- and 12-month percent price change, offered as a risk-condition indicator and as a ranking metric. - [Average pain](https://fincanva.com/glossary/average-pain.md): Average pain is the average, across the start months a strategy is tested from, of the deepest it fell below the value it had on each start date. - [Backtest](https://fincanva.com/glossary/backtest.md): A backtest is a historical simulation that replays a strategy's rules over past market data to show what it would have done across that period. - [Backtest reliability](https://fincanva.com/glossary/backtest-reliability.md): Backtest reliability resamples a strategy's own days to ask whether its result could be luck, and how widely its return, Sharpe and drawdown could have varied. - [Bankruptcy rules](https://fincanva.com/glossary/bankruptcy-rules.md): Bankruptcy rules are the thresholds that stop a simulated run: when value falls to 10% of the capital it started from, all positions are closed. - [Base currency](https://fincanva.com/glossary/base-currency.md): Base currency is the currency your simulation results are reported in, kept separate from the asset currency an instrument itself trades and is quoted in. - [Benchmark](https://fincanva.com/glossary/benchmark.md): A benchmark is a reference series a strategy is compared against — itself a full simulation Fincanva runs so the comparison uses the same capital and period. - [Best month and worst month](https://fincanva.com/glossary/best-month-and-worst-month.md): Best month and worst month are the highest and lowest single-month returns a strategy recorded over its backtest, shown as two rows in the metrics table. - [Beta](https://fincanva.com/glossary/beta.md): Beta measures how strongly an instrument or strategy moves with the overall market — 1 moves in line, above 1 amplifies swings, below 1 dampens them. - [Beta neutral](https://fincanva.com/glossary/beta-neutral.md): Beta neutral is an allocation method that holds a long book and a short book sized so the strategy's overall beta lands on a target you set, such as zero. - [Black-Litterman](https://fincanva.com/glossary/black-litterman.md): Black-Litterman is an allocation method built on MPT: it replaces the noisy expected returns with a stable equilibrium tilted toward momentum views. - [CAGR](https://fincanva.com/glossary/cagr.md): CAGR is the compound annual growth rate — the constant yearly rate taking a strategy from its starting value to its final value over the backtest period. - [Calculation window](https://fincanva.com/glossary/calculation-window.md): The calculation window is how many months of past data an allocation method reads when it computes weights — the lookback behind volatility and ranking. - [Capital](https://fincanva.com/glossary/capital.md): Capital is the amount you enter on a strategy's Positions view so Fincanva can size its target orders; it rescales every money figure but no weight. - [Capital chart](https://fincanva.com/glossary/capital-chart.md): The capital chart is the Capital Growth page's money view of a backtest: total value with the cash part inside it, the benchmark, and a drawdown panel. - [Capital-gains tax](https://fincanva.com/glossary/capital-gains-tax.md): Capital-gains tax is the tax charged on a realized gain when you sell a position at a profit. Which rate applies follows your tax residency. - [Cash % and capital invested](https://fincanva.com/glossary/cash-and-capital-invested.md): Cash % is the capital a target portfolio does not aim to hold; capital invested is the rest. Leverage above 1 can push Cash % negative — margin debt. - [Cash drag](https://fincanva.com/glossary/cash-drag.md): Cash drag is the market return a strategy gives up because part of its capital sits in cash instead of being invested — an opportunity cost, not a loss. - [Chart toggles](https://fincanva.com/glossary/chart-toggles.md): Chart toggles are the Capital Growth switches — Inflation-adj., Benchmark and Log scale — that change how a backtest's curve is drawn, never what it computed. - [Cherry-picking bias](https://fincanva.com/glossary/cherry-picking-bias.md): Cherry-picking bias is quoting only the periods, instruments, or runs that flattered a strategy and omitting the rest — every figure true, the picture not. - [Clustering](https://fincanva.com/glossary/clustering.md): Clustering is a risk rule that groups days by how a series moved recently and switches to Risk-Off whenever a day falls in the most volatile group. - [Combined](https://fincanva.com/glossary/combined.md): A Combined is a strategy built from other strategies: it holds two or more of your strategies and splits capital across them instead of holding instruments. - [Combined level](https://fincanva.com/glossary/combined-level.md): The Combined level is the tier of settings belonging to a Combined itself — how capital is split across its member strategies, refreshed, and de-risked. - [Combined weighting](https://fincanva.com/glossary/combined-weighting.md): Combined weighting is how a Combined splits capital across the strategies inside it — a layer above each strategy's own instrument weighting. - [Comparison modes](https://fincanva.com/glossary/comparison-modes.md): Comparison modes are the ways a screener filter tests a metric: vs Value, Between, vs Lagged Self, Highest / Lowest, or vs Aggregate against peers. - [Compute time](https://fincanva.com/glossary/compute-time.md): Compute time is how long a strategy's last backtest took, shown in the Compute column — a dash when it has never run, dimmed when the status reads Needs re-run. - [Condition types](https://fincanva.com/glossary/condition-types.md): Condition types are the shapes a risk condition takes: Single series against thresholds, Double series against a series, or one of three quantitative rules. - [Conditional drawdown at risk](https://fincanva.com/glossary/conditional-drawdown-at-risk.md): Conditional drawdown at risk is an allocation method that picks the weights whose worst stretches below a previous peak are, on average, the shallowest. - [Conditional Value at Risk](https://fincanva.com/glossary/conditional-value-at-risk.md): Conditional Value at Risk (CVaR), or expected shortfall, is the average daily loss over a strategy's worst 5% of days: how bad the bad days are. - [Confirmation bias](https://fincanva.com/glossary/confirmation-bias.md): Confirmation bias is reading evidence in favor of a conclusion you already hold — accepting the runs that agree and explaining away the ones that don't. - [Confirmation delay](https://fincanva.com/glossary/confirmation-delay.md): Confirmation delay is the number of weeks a risk condition waits after it flips before the strategy acts on it, so a brief move that reverses changes nothing. - [Contracts](https://fincanva.com/glossary/contracts.md): Contracts is the quantity of an instrument a position holds — its units, shares, or contracts — and Max contracts is the peak quantity it held. - [Contribution analytics](https://fincanva.com/glossary/contribution-analytics.md): Contribution analytics splits a Combined's return, risk, Sharpe and VaR into one share per strategy plus a Residual row, so the parts add up to the whole. - [Correlation matrix](https://fincanva.com/glossary/correlation-matrix.md): A correlation matrix is a pair-by-pair table of how closely two return series moved together over a period, from −1 to +1, with an adjusted beta alongside. - [Cost-ignoring bias](https://fincanva.com/glossary/cost-ignoring-bias.md): Cost-ignoring bias is judging a strategy on returns that leave out what trading costs — fees, spreads, slippage, and tax — so a net loser looks like a winner. - [Costs toggle](https://fincanva.com/glossary/costs-toggle.md): The costs toggle decides whether a backtest's results include trading costs, slippage and financing, or are shown gross of them — no re-run needed. - [Covariance matrix](https://fincanva.com/glossary/covariance-matrix.md): The covariance matrix holds the volatilities and correlations a method estimates from history: by the plain sample estimate or one of seven corrected ones. - [Coverage window](https://fincanva.com/glossary/coverage-window.md): A coverage window is the span between an instrument's first and last available price dates — the only history a backtest holding it can actually use. - [Daily warm of Live strategies](https://fincanva.com/glossary/daily-warm-of-live-strategies.md): The daily warm is the once-a-day sweep that asks the engine to recompute every strategy in your live book, so its results are ready when you open it. - [Data freshness and frontier](https://fincanva.com/glossary/data-freshness-and-frontier.md): The data frontier is the most recent market date Fincanva has data for; every backtest ends there, so the newest usable price is the last loaded close. - [Data-quality bias](https://fincanva.com/glossary/data-quality-bias.md): Data-quality bias is a backtest conclusion driven by errors, gaps, or unadjusted corporate actions in the underlying data rather than by the strategy's rules. - [Data-snooping bias](https://fincanva.com/glossary/data-snooping-bias.md): Data-snooping bias is testing many strategy variants until one looks good by chance, then reporting that winner as though it were a genuine finding. - [Data-tier gating](https://fincanva.com/glossary/data-tier-gating.md): Data-tier gating ties the market data a strategy can reach to your plan level: each instrument records the data level required in order to use it. - [Delisted](https://fincanva.com/glossary/delisted.md): Delisted marks an instrument that no longer trades — failed, acquired, or taken private — whose price history Fincanva keeps so a backtest can still hold it. - [Direction: Long-only, Long/short, Short-only](https://fincanva.com/glossary/direction-long-only-long-short-short-only.md): Direction is whether an allocation method may hold only long positions, both long and short positions, or only short positions inside a strategy's backtest. - [Dividend tax](https://fincanva.com/glossary/dividend-tax.md): Dividend tax is the rate applied to dividend income in a backtest. The dividend is credited as received; the tax is charged with the strategy's other taxes. - [Dividends and splits](https://fincanva.com/glossary/dividends-and-splits.md): Dividends and splits are the two corporate events a backtest records on a held position: a cash payment per share, and a change of share count and price. - [Duplicate and Copy to Mine](https://fincanva.com/glossary/duplicate-and-copy-to-mine.md): Duplicate copies an item you already own; Copy to Mine copies a Public item into your library. Both keep the original's settings and none of its results. - [Entropic value at risk](https://fincanva.com/glossary/entropic-value-at-risk.md): Entropic value at risk is an allocation method minimising a tail-loss bound drawn from every day in the window: more prudent than CVaR, stable on little data. - [Equal weights](https://fincanva.com/glossary/equal-weights.md): Equal weights is the allocation method that gives every item the same share of capital: with N items each one receives 1/N, and nothing else is configured. - [Equity curve](https://fincanva.com/glossary/equity-curve.md): An equity curve is the line plotting a strategy's value across every date of its backtest, so the shape of the result is visible, not only its final number. - [Event-time path](https://fincanva.com/glossary/event-time-path.md): An event-time path re-centres every matched instrument on its selection date (day 0) and plots the average path afterwards, overlaying picks from any year. - [Excess return](https://fincanva.com/glossary/excess-return.md): Excess return is how much a strategy's return beats or trails its benchmark's return over the same period, measured in percentage points (pp). - [Execution time](https://fincanva.com/glossary/execution-time.md): Execution time is when within a trading bar a modelled trade fills — at the Open, Intraday or Close — which sets the price the backtest uses. - [Exit reason](https://fincanva.com/glossary/exit-reason.md): Exit reason is the recorded cause of a position closing — take profit, stop loss, max hold, a rebalance, an Exclude screener, bankruptcy or a delisting. - [Factor roster](https://fincanva.com/glossary/factor-roster.md): The factor roster is Fincanva's fixed set of 14 reference market series — equity styles, bonds, real assets and volatility — a strategy can be compared to. - [Filter](https://fincanva.com/glossary/filter.md): A filter is one screening rule inside a screener — a metric, a comparison mode, and the values it is tested against. An instrument must pass every filter. - [Filter condition anatomy](https://fincanva.com/glossary/filter-condition-anatomy.md): A filter condition is one screening rule built from three parts: the metric it reads, the operator that tests it, and the value it is compared against. - [Filter impact lenses](https://fincanva.com/glossary/filter-impact-lenses.md): Filter impact lenses are the three views of one filter's contribution in a screener backtest — On its own, Added in sequence, If removed — measured differently. - [Filter taxonomy](https://fincanva.com/glossary/filter-taxonomy.md): Filter taxonomy is how a screener's 118 filters are organised: three categories — Fundamental 84, Technical 20, Market & Sector 14 — across 20 subcategories. - [Fin](https://fincanva.com/glossary/fin.md): Fin is Fincanva's AI assistant. Today Fin proposes screener filters — improving a screener you built, or building one from your universe — for you to review. - [Fin suggestions](https://fincanva.com/glossary/fin-suggestions.md): A Fin suggestion is an alternative filter set Fin proposes for a screener, shown beside your own with each filter tagged Kept, Added, Modified, or Removed. - [Final value](https://fincanva.com/glossary/final-value.md): Final value is what a backtest's capital is worth on the run's last date: positions plus cash, in the currency the analysis shows. The capital curve ends there. - [Fincanva score](https://fincanva.com/glossary/fincanva-score.md): The Fincanva score is a single 0–5 quality score summarising a strategy across several dimensions, shown as Strong, Fair or Weak; its formula is proprietary. - [Fixed weights](https://fincanva.com/glossary/fixed-weights.md): Fixed weights is the allocation method where you set each share by hand; the numbers you enter are relative and are normalized to 100% before they are used. - [Floating](https://fincanva.com/glossary/floating.md): Floating is an allocation method that lets holdings drift with the market between rebalances and realigns them to a base method every so many months. - [Folder](https://fincanva.com/glossary/folder.md): A folder groups your own strategies or screeners in the Mine library. Folders nest, a strategy sits in at most one, and deleting a folder deletes what it holds. - [Fundamental metric columns](https://fincanva.com/glossary/fundamental-metric-columns.md): Fundamental metric columns are the measured values a screener's results table shows per match — 35 columns in all, spread across its five tabs of results. - [Gross vs net](https://fincanva.com/glossary/gross-vs-net.md): Gross is a position's trading result before costs are deducted; net is the same result after costs, and the gap between them is what the trading cost. - [Hidden regimes (Markov)](https://fincanva.com/glossary/hidden-regimes-markov.md): Hidden regimes (Markov) is a risk rule that learns calm and turbulent market states from a series and switches to Risk-Off once turbulence is likely enough. - [Hierarchical equal risk contribution](https://fincanva.com/glossary/hierarchical-equal-risk-contribution.md): Hierarchical equal risk contribution groups instruments that move alike and splits capital along the real groups, so each side of a split carries equal risk. - [Hierarchical risk parity](https://fincanva.com/glossary/hierarchical-risk-parity.md): Hierarchical risk parity groups instruments that move alike, lines relatives up side by side, then halves the list again and again, giving the calmer half more. - [Holding horizon](https://fincanva.com/glossary/holding-horizon.md): A holding horizon is how long a screener backtest assumes you keep each match after it is selected — measured at 1, 2, 3, 6, 12, and 24 months. - [Incomplete Combined](https://fincanva.com/glossary/incomplete-combined.md): An Incomplete Combined is a Combined holding fewer than two strategies. It cannot be backtested, so its results pages show example results instead of its own. - [Index lists and point-in-time constituents](https://fincanva.com/glossary/index-lists-and-point-in-time-constituents.md): An index list records which instruments belonged to a market index on each historical date, so a run can use membership as it stood then, not as it stands now. - [Information ratio](https://fincanva.com/glossary/information-ratio.md): The information ratio is a strategy's excess return over its parent Combined divided by its tracking error, measuring how consistently it beats the whole. - [Instrument](https://fincanva.com/glossary/instrument.md): An instrument is a single tradable or reference security identified by a ticker — a stock, an ETP, or a crypto asset — the smallest thing a strategy can hold. - [Instrument logo](https://fincanva.com/glossary/instrument-logo.md): The instrument logo is the small picture next to an instrument: its own logo when Fincanva holds one, otherwise a flag standing for its recorded origin. - [Interest received and paid](https://fincanva.com/glossary/interest-received-and-paid.md): Interest received is credited to a strategy while interest paid is the cost of borrowing for leverage or short financing, shown as two separate P&L lines. - [Interest-rate markups](https://fincanva.com/glossary/interest-rate-markups.md): Interest-rate markups are the spreads Fincanva adds above a reference rate to model borrowing costs for leverage and for shorting inside a backtest. - [Inverse volatility](https://fincanva.com/glossary/inverse-volatility.md): Inverse volatility is an allocation method that weights each instrument in inverse proportion to its own risk, so calmer instruments get more weight. - [Invested portion](https://fincanva.com/glossary/invested-portion.md): The invested portion is the share of a Combined's capital a profile deploys: below 100% the rest is a cash reserve, above 100% the excess is borrowed. - [Lag, period, and multiplier](https://fincanva.com/glossary/lag-period-and-multiplier.md): Lag, period, and multiplier are a filter's Advanced inputs that shift or scale a metric in units like Months Ago, Reports Ago, Quarters, or Bars. - [Leverage](https://fincanva.com/glossary/leverage.md): Leverage is the multiplier applied to a strategy's position sizes: above 1.00× it holds more exposure than its capital and pays to finance the difference. - [Live book](https://fincanva.com/glossary/live-book.md): The live book is the Portfolios page listing every strategy you follow live, with a summary panel: median return, best, weakest, positives and what needs you. - [Longest drawdown](https://fincanva.com/glossary/longest-drawdown.md): Longest drawdown is the longest span a strategy's value stayed below a prior peak, shown in the metrics table as the row "Longest drawdown (months)". - [Longest recovery](https://fincanva.com/glossary/longest-recovery.md): Longest recovery is the longest span a strategy took to climb from a trough back to its prior peak — duration measured from the bottom, not from the peak. - [Look-ahead bias](https://fincanva.com/glossary/look-ahead-bias.md): Look-ahead bias is using information in a historical test that was not yet available when the simulated decision was made, which flatters the results. - [Mark Live](https://fincanva.com/glossary/mark-live.md): Mark Live starts following a strategy going forward. Live is monitoring only — nothing is traded, no order ever reaches a broker, and no real money moves. - [Market cap](https://fincanva.com/glossary/market-cap.md): Market cap is the allocation method that sizes each instrument by its market capitalization, so a company worth ten times more gets ten times more. - [Market-day and trading-calendar alignment](https://fincanva.com/glossary/market-day-and-trading-calendar-alignment.md): Market-day alignment is how Fincanva places instruments from exchanges with different holidays and session days onto the one shared backtest date axis. - [Matches](https://fincanva.com/glossary/matches.md): Matches are the instruments that pass every filter in a screener, shown as a live count that updates as you edit filters and turns red at zero. - [Max diversification](https://fincanva.com/glossary/max-diversification.md): Max diversification picks the weights with the highest diversification ratio, so the portfolio sheds as much of its instruments' own volatility as it can. - [Max drawdown](https://fincanva.com/glossary/max-drawdown.md): Max drawdown is the largest peak-to-trough fall in a strategy's value over the backtest, as a percentage of that peak — the worst decline, not the final loss. - [Max hold months](https://fincanva.com/glossary/max-hold-months.md): Max hold months is a time-based exit that closes a position at the first scheduled rebalance once the calendar months you set have passed since it opened. - [Max positions](https://fincanva.com/glossary/max-positions.md): Max positions caps how many instruments a strategy holds at once; when more instruments qualify than the cap allows, the ranking decides which ones are kept. - [Max-symbols cap](https://fincanva.com/glossary/max-symbols-cap.md): The max-symbols cap trims a screener's matches to the most liquid names before a simulation acts on them, so a strategy holds fewer than the screen found. - [Metrics table](https://fincanva.com/glossary/metrics-table.md): The metrics table is the Performance Metrics page's grouped read-out of 14 backtest metrics for your strategy beside the same metrics for its benchmark. - [Mimicking](https://fincanva.com/glossary/mimicking.md): Mimicking is an allocation method that weights a strategy's own instruments so its returns follow one chosen reference instrument as closely as possible. - [Min correlation](https://fincanva.com/glossary/min-correlation.md): Min correlation is an allocation method that weights instruments to reduce how much they move together, favouring the least correlated combinations. - [Min CVaR](https://fincanva.com/glossary/min-cvar.md): Min CVaR picks the weights whose average loss on the worst days is smallest; Scenario CVaR does the same across generated possible futures instead. - [Min MAD](https://fincanva.com/glossary/min-mad.md): Min MAD picks the weights whose daily returns stray least from their own average, counting every deviation once, so one extreme day cannot dominate. - [Mine / Public](https://fincanva.com/glossary/mine-public.md): Mine and Public are the two halves of your library: Mine holds the items you own and can edit, Public holds the read-only catalogue Fincanva curates. - [Monthly and yearly average](https://fincanva.com/glossary/monthly-and-yearly-average.md): Monthly and yearly average are the plain arithmetic means of a strategy's monthly and annual return series, shown as two rows in the metrics table. - [Months matrix](https://fincanva.com/glossary/months-matrix.md): The months matrix is the grid on the Monthly Returns page with a row per year and a column per month, shading each month's return and summarising each year. - [MPT (Markowitz)](https://fincanva.com/glossary/mpt-markowitz.md): MPT (Markowitz) applies Markowitz's mean-variance framework: for a given level of risk, hold the mix of instruments with the highest expected return. - [Negative dividends](https://fincanva.com/glossary/negative-dividends.md): A dividend shows as negative when a strategy holds a short position: the short seller must pay the dividend it would otherwise have received, as a cost. - [Nested clustered optimization](https://fincanva.com/glossary/nested-clustered-optimization.md): Nested clustered optimization groups instruments that move alike, finds the lowest-risk mix inside each group, then the lowest-risk mix across the groups. - [Order plan](https://fincanva.com/glossary/order-plan.md): The order plan is the buy, sell, and adjust list a strategy's rules imply for its next rebalance — grouped as Entering, Exiting, and Adjusted. - [Overfitting](https://fincanva.com/glossary/overfitting.md): Overfitting is tuning a strategy so tightly to past data that it captures noise instead of a durable effect, so it looks excellent on history and fails after. - [P&L breakdown](https://fincanva.com/glossary/p-l-breakdown.md): The P&L breakdown splits a strategy's total profit and loss into its separate gain and cost components, stacked, so you see where the money came from. - [Passkeys](https://fincanva.com/glossary/passkeys.md): A passkey is a sign-in credential bound to one device and unlocked by its screen lock. Fincanva does not support passkeys, and its settings show no passkey row. - [Passwordless sign-in](https://fincanva.com/glossary/passwordless-sign-in.md): Passwordless sign-in is signing in to Fincanva with a single-use link or 6-digit code emailed to you instead of a password. Both expire in 10 minutes. - [Per-strategy risk layer](https://fincanva.com/glossary/per-strategy-risk-layer.md): The per-strategy risk layer is the risk conditions on one strategy inside a Combined, so that strategy can go defensive while the others stay invested. - [Percent change](https://fincanva.com/glossary/percent-change.md): Percent change is how much a series has moved from an earlier point to now, as a percentage of that earlier value — positive for a rise, negative for a fall. - [Permanent instrument identifier](https://fincanva.com/glossary/permanent-instrument-identifier.md): A permanent instrument identifier is the unchanging identity Fincanva gives each instrument, so its price history stays joined even when its ticker changes. - [Plan compliance](https://fincanva.com/glossary/plan-compliance.md): Plan compliance asks whether a strategy's setup is allowed by your plan; a strategy the plan does not cover reads Set aside, cannot run, and is never deleted. - [Plan level](https://fincanva.com/glossary/plan-level.md): The plan level is your position on Fincanva's paid-plan scale, read as Level {rank} of {total} on the plan pass. Free sits at level 0, unheld, not missing. - [Portfolio](https://fincanva.com/glossary/portfolio.md): A portfolio is a strategy you follow live on the Portfolios page; marking it Live starts paper monitoring — nothing is traded and no orders are placed. - [Positions](https://fincanva.com/glossary/positions.md): Positions is the view showing what a strategy would hold now — the target positions its rules imply at a chosen rebalance date, not how it performed. - [Positions detail drill-down](https://fincanva.com/glossary/positions-detail-drill-down.md): The positions detail drill-down opens one symbol into its positions, and each position into its trade-by-trade history and its dividend and split events. - [Positions forced assumptions](https://fincanva.com/glossary/positions-forced-assumptions.md): Positions forced assumptions are the fixed assumptions the Positions view always uses — profits reinvested, costs and taxes off — whatever Analysis is set to. - [Positions summary table](https://fincanva.com/glossary/positions-summary-table.md): The positions summary table gives one row per instrument a backtest ever traded, holding that symbol's whole-life gross, costs, net, dividends and total P&L. - [Positions table columns](https://fincanva.com/glossary/positions-table-columns.md): Positions table columns are the fields of the target positions table: Side is Long or Short, Quantity is a count, Last is in the asset's currency. - [Positive months](https://fincanva.com/glossary/positive-months.md): Positive months is the share of months in a backtest period that closed with a positive return, shown in the metrics table as "Positive months (%)". - [Precomputed toggle variants](https://fincanva.com/glossary/precomputed-toggle-variants.md): Precomputed toggle variants are the finished result sets Fincanva computes for every combination of the three simulation assumptions in a single run. - [Projection cone](https://fincanva.com/glossary/projection-cone.md): A projection cone is the fan of values a strategy could reach over a horizon, from Monte Carlo paths built out of its own past days. A range, not a forecast. - [Ranking-based](https://fincanva.com/glossary/ranking-based.md): Ranking-based is an allocation method that sorts holdings by a chosen metric at each rebalance and pays every rank tier the relative weight you set. - [Raw price](https://fincanva.com/glossary/raw-price.md): Raw price is the Indicator option that leaves a series untransformed, so a risk condition compares the series' own level against your threshold directly. - [Realized vs open P&L](https://fincanva.com/glossary/realized-vs-open-p-l.md): Realized P&L is the profit or loss from positions already closed; open P&L is from positions still held, marked to their current price and still moving. - [Rebalance](https://fincanva.com/glossary/rebalance.md): How rebalancing resets a strategy's holdings to their target weights: pick a cadence of 1, 3, 6, 12, 18 or 24 months and drift is corrected at each date. - [Regime timeline](https://fincanva.com/glossary/regime-timeline.md): The regime timeline is the band under a strategy's growth chart showing, day by day, when it ran Risk-On and when Risk-Off, one row per strategy of a Combined. - [Reinvest delay](https://fincanva.com/glossary/reinvest-delay.md): Reinvest delay keeps an instrument out of a strategy for a set number of months after a position in it closes, so the strategy cannot buy it straight back. - [Reinvest profits](https://fincanva.com/glossary/reinvest-profits.md): Reinvest profits is the simulation assumption that decides whether realized profits are put back to work in the strategy and compound, or are set aside as cash. - [Return windows](https://fincanva.com/glossary/return-windows.md): Return windows are the four fixed periods Fincanva reports a return over — 1M, 1Y, YTD and MTD — two trailing from the last bar, two anchored to the calendar. - [Return-to-drawdown ratio](https://fincanva.com/glossary/return-to-drawdown-ratio.md): The return-to-drawdown ratio is a strategy's return divided by its max drawdown — a plain ratio, not a percentage: return earned per unit of worst loss. - [Risk condition](https://fincanva.com/glossary/risk-condition.md): A risk condition is a rule that watches a market series and, when it triggers, switches a strategy from its Risk-On allocation to its Risk-Off allocation. - [Risk measure selection](https://fincanva.com/glossary/risk-measure-selection.md): Risk measure selection decides what counts as risk when an allocation method weights by it — annualized volatility or max drawdown, which rank differently. - [Risk parity](https://fincanva.com/glossary/risk-parity.md): Risk parity is an allocation method that sizes every instrument so each one contributes the same share of the portfolio's total risk, not the same weight. - [Risk templates](https://fincanva.com/glossary/risk-templates.md): Risk templates are the ready-made risk conditions in the builder's Template list, each arriving with its series, indicator, operator, and thresholds filled in. - [Risk-free rate](https://fincanva.com/glossary/risk-free-rate.md): The risk-free rate is the short-term reference interest rate that risk-adjusted metrics subtract from a strategy's return to isolate its reward for risk. - [Risk-Off canonicalization](https://fincanva.com/glossary/risk-off-canonicalization.md): Risk-Off canonicalization: when the Risk-Off allocation profile matches the Risk-On one, the switch has nothing to change, so a triggered condition is a no-op. - [Risk-On and Risk-Off](https://fincanva.com/glossary/risk-on-and-risk-off.md): Risk-On and Risk-Off are the two allocation profiles a strategy runs: the normal one, and the defensive one it switches to while a risk condition is triggered. - [Robust worst case](https://fincanva.com/glossary/robust-worst-case.md): Robust worst case is an allocation method that picks the weights whose single worst generated scenario is least severe: it protects the floor, not the average. - [Rolling correlation](https://fincanva.com/glossary/rolling-correlation.md): Rolling correlation is the correlation of two return series over a moving window, so it shows how their relationship changed instead of one average. - [Run status](https://fincanva.com/glossary/run-status.md): Run status is the lifecycle state of a strategy's backtest result: Set aside, Incomplete, To run, Computing, Stalled, Up to date, Needs re-run or Failed. - [Screener](https://fincanva.com/glossary/screener.md): A screener is a saved set of filters over a universe of instruments that returns every instrument passing all of them — it picks instruments by rule. - [Screener attach](https://fincanva.com/glossary/screener-attach.md): A screener attach embeds a screener inside a strategy so a rule picks its instruments. Qualifying pools add candidates; rejecting pools remove them. - [Screener backtest](https://fincanva.com/glossary/screener-backtest.md): A screener backtest measures what a screener's matches returned over six fixed holding horizons, from 2000 to the latest market data, against a benchmark. - [Screener execution and caching](https://fincanva.com/glossary/screener-execution-and-caching.md): Screener execution is the run producing a screener's matches against the latest loaded market data; a backtest already run reopens at once for a limited time. - [Screener-backtest benchmark](https://fincanva.com/glossary/screener-backtest-benchmark.md): The screener-backtest benchmark is the reference a screener backtest measures against, so every above-or-below figure it reports is a gap, not a raw return. - [Seed universe](https://fincanva.com/glossary/seed-universe.md): A seed universe is the starting pool of instruments a screener filters within — the set it searches before any filter runs, and the ceiling on what it returns. - [Selection bias](https://fincanva.com/glossary/selection-bias.md): Selection bias is drawing conclusions from a sample of instruments or periods that is not representative — usually a favorable subset picked with hindsight. - [Semideviation](https://fincanva.com/glossary/semideviation.md): Semideviation is volatility measured on the losing days alone: how much a strategy's losing days differed from one another, annualized with √252. - [Sequential filtering and Top-N ranking](https://fincanva.com/glossary/sequential-filtering-and-top-n-ranking.md): Sequential filtering runs a screener's filters in strip order, each narrowing what the last one left, so a Highest or Lowest rank only ever ranks the survivors. - [Shared compute](https://fincanva.com/glossary/shared-compute.md): Shared compute is Fincanva computing one result per distinct strategy setup and reusing it, so a strategy whose exact setup was already run returns at once. - [Sharpe ratio](https://fincanva.com/glossary/sharpe-ratio.md): The Sharpe ratio is a strategy's annualized return minus the risk-free rate, divided by its annualized volatility — return earned per unit of total risk. - [Simple moving average (SMA)](https://fincanva.com/glossary/simple-moving-average-sma.md): A simple moving average (SMA) is the unweighted mean of a series' last N values, recalculated at each new point, so it smooths noise and shows the trend. - [Simulation assumptions](https://fincanva.com/glossary/simulation-assumptions.md): Simulation assumptions are three choices applied to every backtest — Costs & interests, Taxes, Reinvest profits — setting what costs, tax and compounding apply. - [Simulation engine](https://fincanva.com/glossary/simulation-engine.md): The simulation engine is the service that runs your backtests; a status indicator — healthy, updating data, or unavailable — signals how fresh results are. - [Simulation start year](https://fincanva.com/glossary/simulation-start-year.md): The simulation start year is the first calendar year your backtest runs from; it defaults to 2000, and picking a later year leaves out earlier market history. - [Single-asset simplification](https://fincanva.com/glossary/single-asset-simplification.md): Single-asset simplification is how a strategy holding exactly one instrument skips allocation: with one holding there is nothing to weight, so it takes 100%. - [Slippage](https://fincanva.com/glossary/slippage.md): Slippage is the gap between the price an order is quoted at and the price it actually fills at — a small trading cost the backtest models on every fill. - [Sortino ratio](https://fincanva.com/glossary/sortino-ratio.md): The Sortino ratio divides a strategy's excess return by its downside deviation only, so harmful downside volatility is penalised but harmless upside is not. - [Special data series](https://fincanva.com/glossary/special-data-series.md): Special data series are the market-wide reference series Fincanva keeps beside instrument prices — interest rates, inflation, and valuation indicators. - [Special relations](https://fincanva.com/glossary/special-relations.md): Special relations are the pattern tests a few screener filters offer instead of numeric operators: crossings, price above or below a line, and valuation bands. - [Standard operators](https://fincanva.com/glossary/standard-operators.md): Standard operators are the comparisons a screener filter can apply to a metric, offered in three groups in the operator dropdown: Compare, Range, and Rank. - [Start-date sensitivity](https://fincanva.com/glossary/start-date-sensitivity.md): Start-date sensitivity measures how much a strategy's outcome depends on when you started it — how different results would be had it begun on other dates. - [Starting capital](https://fincanva.com/glossary/starting-capital.md): Starting capital is the amount of money a backtest begins with. Changing it rescales every money figure proportionally and leaves every percentage unchanged. - [Step by step](https://fincanva.com/glossary/step-by-step.md): Step by step is Fincanva's strategy walk-through: one chapter at a time, with explanations beside the choices, ending in the Summary and the backtest. - [Stochastic programming](https://fincanva.com/glossary/stochastic-programming.md): Stochastic programming chooses today's weights by planning over a tree of possible futures in which the portfolio may still rebalance, at a real trading cost. - [Stop loss](https://fincanva.com/glossary/stop-loss.md): Stop loss closes a position automatically once its loss reaches the threshold you set. Entered as a negative percentage in Fincanva, from −5% down to −100%. - [Strategy](https://fincanva.com/glossary/strategy.md): A strategy is a saved set of instruments plus the rules for weighting them and changing positions — the unit you backtest, keep, and follow over time. - [Strategy alerts](https://fincanva.com/glossary/strategy-alerts.md): Strategy alerts are automatic checks on a strategy's setup at two levels: a blocking alert stops the backtest, an alert to review can be fixed or left as is. - [Strategy analytics](https://fincanva.com/glossary/strategy-analytics.md): Strategy analytics reads every strategy inside a Combined across four cards; two of its eight figures are measured against the parent Combined, not a benchmark. - [Strategy in a Combined](https://fincanva.com/glossary/strategy-in-a-combined.md): A strategy in a Combined is one of the strategies a Combined holds and splits capital across; it enters as a snapshot copy, independent of the original. - [Strategy type](https://fincanva.com/glossary/strategy-type.md): Strategy type is the shape you pick when creating a strategy — Single instrument, Multiple instruments, Screener or Full setup — and sets its required chapters. - [Strategy's own performance](https://fincanva.com/glossary/strategy-s-own-performance.md): Strategy's own performance is a Combined-only risk rule: it watches the Combined itself and goes Risk-Off on high volatility, a deep drawdown or a broken trend. - [Stress test](https://fincanva.com/glossary/stress-test.md): The stress test replays a strategy's history under a scenario, such as a −20% year or doubled volatility, by reweighting its days, and shows how risk moves. - [Survivorship bias](https://fincanva.com/glossary/survivorship-bias.md): Survivorship bias is testing only on the instruments that lasted until today, so the failures and delistings are missing and the results look better. - [SymbolsList](https://fincanva.com/glossary/symbolslist.md): A SymbolsList is a named group of instruments that Fincanva's market data maintains as one unit — sectors, countries, currencies and similar groupings. - [Take profit](https://fincanva.com/glossary/take-profit.md): Take profit closes a position automatically once its gain reaches the percentage you set. Off by default in Fincanva, it starts at 150% and ranges 5%–1000%. - [Target allocation treemap](https://fincanva.com/glossary/target-allocation-treemap.md): The target allocation treemap is the mosaic on Positions where each tile's area is that piece's share of your capital — biggest tile, biggest position. - [Target notional](https://fincanva.com/glossary/target-notional.md): Target notional is a holding's target money amount in your portfolio — its target weight times your capital, before rounding to whole shares. - [Target vs deployed](https://fincanva.com/glossary/target-vs-deployed.md): Target vs deployed is the gap between a holding's target value and what is actually put to work in it, because you can only buy whole shares. - [Tax regime](https://fincanva.com/glossary/tax-regime.md): The tax regime — Declarative or Administered — sets how gains from your simulated trades are reported and taxed: whether you file them or an intermediary does. - [Tax residency](https://fincanva.com/glossary/tax-residency.md): Tax residency is the country whose tax rules Fincanva applies to your simulated trades, and it decides which tax rates and which rate structure a backtest uses. - [Taxes toggle](https://fincanva.com/glossary/taxes-toggle.md): The taxes toggle decides whether a backtest deducts tax on dividends and realized gains, or shows results gross of tax — it switches the view of one run. - [Time zone](https://fincanva.com/glossary/time-zone.md): Fincanva shows every date and time in the time zone your browser reports. The zone follows the browser, not the account, and a first visit starts on UTC. - [Total P&L](https://fincanva.com/glossary/total-p-l.md): Total P&L is the money a symbol or position made or lost over a backtest — its trading result after costs, plus the dividends it received, in currency. - [Total return](https://fincanva.com/glossary/total-return.md): Total return is the percentage a strategy gained or lost across its whole backtest — the change from its starting value to its final value, not annualized. - [Tracking error](https://fincanva.com/glossary/tracking-error.md): Tracking error is the volatility of the return differences between a strategy and its parent Combined — how far a member strategy strays from the whole. - [Tradable and Not tradable](https://fincanva.com/glossary/tradable-and-not-tradable.md): Tradable and Not tradable say whether a strategy can hold an instrument: a Not tradable one, such as an index, is reference-only and can never be bought. - [Transaction cost](https://fincanva.com/glossary/transaction-cost.md): Transaction cost is the flat fee Fincanva charges once per trade execution in a backtest — a fixed amount per fill, not a percentage and not a per-share charge. - [TTM and YoY](https://fincanva.com/glossary/ttm-and-yoy.md): TTM (trailing twelve months) sums the last four quarters into a rolling year; YoY (year over year) compares a figure to the same figure a year earlier. - [Two-condition combination](https://fincanva.com/glossary/two-condition-combination.md): Two-condition combination is how a strategy's two risk conditions work together: they combine with Or, so either one triggering switches it to Risk-Off. - [Two-factor authentication](https://fincanva.com/glossary/two-factor-authentication.md): Two-factor authentication asks for a second proof after your email or password — a 6-digit authenticator-app code, a backup code, or an emailed code. - [Universe](https://fincanva.com/glossary/universe.md): A universe is the set of instruments a screener or strategy can draw from; 'All' is the whole market, narrowed by filters until only what you want remains. - [Universe facets](https://fincanva.com/glossary/universe-facets.md): Universe facets are the fields that narrow a screener's universe before any metric filter runs: Country, Exchange, Asset subtype, Index, Sector, Currency. - [Value at Risk](https://fincanva.com/glossary/value-at-risk.md): Value at Risk (VaR) is the daily loss that a strategy's worst 5% of days reach: on 95% of days it lost less. Fincanva shows it historical and Gaussian. - [Volatility](https://fincanva.com/glossary/volatility.md): Volatility is the annualized standard deviation of a strategy's returns — how widely they swing around their average, annualized with the square root of 252. - [Volatility target](https://fincanva.com/glossary/volatility-target.md): A volatility target raises or lowers a Combined's invested portion at each rebalance to keep its volatility near a level you set, up to a maximum leverage. - [Walk-forward replay](https://fincanva.com/glossary/walk-forward-replay.md): Walk-forward replay is how a backtest moves through history — one step forward at a time, each decision using only the information that existed on that date. - [Weight drift](https://fincanva.com/glossary/weight-drift.md): Weight drift is the gap that opens between a strategy's target weights and its actual weights between rebalances, as winners grow and losers shrink. - [Whipsaw](https://fincanva.com/glossary/whipsaw.md): Whipsaw is a rule flipping a strategy one way, the market reversing, and the rule flipping it back — selling near a low and buying near a high. - [Withholding tax](https://fincanva.com/glossary/withholding-tax.md): Withholding tax is tax deducted at source from a dividend — often on foreign holdings — before the cash reaches you, so you receive the dividend net of it. - [Your Privacy Choices and Notice at Collection](https://fincanva.com/glossary/your-privacy-choices-and-notice-at-collection.md): The two US state privacy controls Fincanva shows: legal names that stay in English everywhere, visible only where a US state privacy law applies to the visitor. ## What's new - [What's new](https://fincanva.com/whats-new.md): dated record of what changed in Fincanva.