# 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.

**Not investment advice.** No — Fincanva is a research and simulation tool and gives no financial or investment advice; backtests show what would have happened, not what will. 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/docs/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: four acts of the product loop, 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 (one page per term). The alphabetical index of every term is at fincanva.com/docs/glossary.

## 01 · Build — Make 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.
- [Choosing a strategy type](https://fincanva.com/docs/strategies/choosing-a-strategy-type.md): Fincanva's four strategy types — Single instrument, Multiple instruments, Screener and Full setup — shape the walk-through and what a strategy can hold.
- [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, then complete the stepper — assets, risk, allocation, exit rules — and save it to 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.
- [How often your strategy rebalances](https://fincanva.com/docs/strategies/how-often-your-strategy-rebalances.md): The rebalance frequency is your strategy's master clock: pick 1, 3, 6, 12, 18, or 24 months with Rebalance every, and it sets how often a backtest re-checks.
- [How Risk-Off affects rebalancing](https://fincanva.com/docs/strategies/how-risk-off-affects-rebalancing.md): A Risk-Off flip normally acts on your rebalance clock, but the condition's Auto-rebalance toggle can force an off-schedule rebalance the moment it flips.
- [Invested capital and cash reserve](https://fincanva.com/docs/strategies/invested-capital-and-cash-reserve.md): The invested portion sets how much of a combined strategy's capital is put to work versus held as a cash reserve, from fully invested down to lightly invested.
- [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.
- [Risk conditions](https://fincanva.com/docs/strategies/risk-conditions.md): A risk condition watches a market signal and switches your strategy to its Risk-Off allocation when it triggers — and back to Risk-On when the signal clears.
- [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: start from a template, choose the instrument and indicator, then set the Risk-Off and Risk-On 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.
- [Step by step and All at once](https://fincanva.com/docs/strategies/step-by-step-and-all-at-once.md): Step by step and All at once edit the same Fincanva strategy: one walks you through it a decision at a time, the other puts every settings card on one page.
- [What is a strategy in Fincanva?](https://fincanva.com/docs/strategies/what-is-a-strategy-in-fincanva.md): A strategy in Fincanva is a saved, reusable set of instruments plus allocation and exit rules that you backtest and follow over time on real market data.
- [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 defensive mode trades exposure for cash — how Confirmation delay and Auto-rebalance shift the balance.

#### Questions

- [What does a strategy contain?](https://fincanva.com/docs/strategies/what-is-a-strategy-in-fincanva#what-does-a-strategy-contain)
- [Why build a strategy instead of picking instruments by hand?](https://fincanva.com/docs/strategies/what-is-a-strategy-in-fincanva#why-build-a-strategy-instead-of-picking-instruments-by-hand)
- [How is a strategy different from a combined strategy?](https://fincanva.com/docs/strategies/what-is-a-strategy-in-fincanva#how-is-a-strategy-different-from-a-combined-strategy)
- [Which Asset selection surface does each strategy type give you?](https://fincanva.com/docs/strategies/choosing-a-strategy-type#which-asset-selection-surface-does-each-strategy-type-give-you)
- [What is the Single instrument type for?](https://fincanva.com/docs/strategies/choosing-a-strategy-type#what-is-the-single-instrument-type-for)
- [What is the Multiple instruments type for?](https://fincanva.com/docs/strategies/choosing-a-strategy-type#what-is-the-multiple-instruments-type-for)
- [What is the Screener type for?](https://fincanva.com/docs/strategies/choosing-a-strategy-type#what-is-the-screener-type-for)
- [What is the Full setup type for?](https://fincanva.com/docs/strategies/choosing-a-strategy-type#what-is-the-full-setup-type-for)
- [Can you change the strategy type later?](https://fincanva.com/docs/strategies/choosing-a-strategy-type#can-you-change-the-strategy-type-later)
- [What happens to your selection when you switch strategy type?](https://fincanva.com/docs/strategies/choosing-a-strategy-type#what-happens-to-your-selection-when-you-switch-strategy-type)
- [How do you switch between Step by step and All at once?](https://fincanva.com/docs/strategies/step-by-step-and-all-at-once#how-do-you-switch-between-step-by-step-and-all-at-once)
- [Which view should you use: Step by step or All at once?](https://fincanva.com/docs/strategies/step-by-step-and-all-at-once#which-view-should-you-use-step-by-step-or-all-at-once)
- [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 frequencies can I choose?](https://fincanva.com/docs/strategies/how-often-your-strategy-rebalances#what-frequencies-can-i-choose)
- [How does the frequency shape a backtest?](https://fincanva.com/docs/strategies/how-often-your-strategy-rebalances#how-does-the-frequency-shape-a-backtest)
- [How do risk conditions and exits interact with the frequency?](https://fincanva.com/docs/strategies/how-often-your-strategy-rebalances#how-do-risk-conditions-and-exits-interact-with-the-frequency)
- [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 do I turn an exit on or off?](https://fincanva.com/docs/strategies/position-exits#how-do-i-turn-an-exit-on-or-off)
- [How does the rebalance frequency pace exits?](https://fincanva.com/docs/strategies/position-exits#how-does-the-rebalance-frequency-pace-exits)
- [What are the limits and validation messages?](https://fincanva.com/docs/strategies/position-exits#what-are-the-limits-and-validation-messages)
- [Why does allocation happen at two levels?](https://fincanva.com/docs/strategies/allocation-and-allocation-method#why-does-allocation-happen-at-two-levels)
- [Which allocation methods can I choose?](https://fincanva.com/docs/strategies/allocation-and-allocation-method#which-allocation-methods-can-i-choose)
- [Does a method I am not using still affect my results?](https://fincanva.com/docs/strategies/allocation-and-allocation-method#does-a-method-i-am-not-using-still-affect-my-results)
- [What do all allocation methods have in common?](https://fincanva.com/docs/strategies/allocation-and-allocation-method#what-do-all-allocation-methods-have-in-common)
- [What does Auto-rebalance change about a flip?](https://fincanva.com/docs/strategies/auto-rebalance-on-flip#what-does-auto-rebalance-change-about-a-flip)
- [Where does average momentum appear in Fincanva?](https://fincanva.com/docs/strategies/average-momentum#where-does-average-momentum-appear-in-fincanva)
- [How is average momentum calculated?](https://fincanva.com/docs/strategies/average-momentum#how-is-average-momentum-calculated)
- [Why does an instrument have no momentum reading at first?](https://fincanva.com/docs/strategies/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/docs/strategies/average-momentum#how-do-you-read-a-high-or-low-average-momentum)
- [How does a target beta of zero work?](https://fincanva.com/docs/strategies/beta-neutral#how-does-a-target-beta-of-zero-work)
- [What is beta measured against?](https://fincanva.com/docs/strategies/beta-neutral#what-is-beta-measured-against)
- [Which settings does Beta Neutral have?](https://fincanva.com/docs/strategies/beta-neutral#which-settings-does-beta-neutral-have)
- [Where can you use Beta Neutral?](https://fincanva.com/docs/strategies/beta-neutral#where-can-you-use-beta-neutral)
- [What does a beta-neutral strategy still risk?](https://fincanva.com/docs/strategies/beta-neutral#what-does-a-beta-neutral-strategy-still-risk)
- [What does the calculation window change?](https://fincanva.com/docs/strategies/calculation-window#what-does-the-calculation-window-change)
- [Which allocation methods read the calculation window?](https://fincanva.com/docs/strategies/calculation-window#which-allocation-methods-read-the-calculation-window)
- [What are the two independent weighting layers?](https://fincanva.com/docs/strategies/combined-weighting#what-are-the-two-independent-weighting-layers)
- [Which weighting schemes can a Combined use?](https://fincanva.com/docs/strategies/combined-weighting#which-weighting-schemes-can-a-combined-use)
- [What are strategy roles, static weight and rank weight?](https://fincanva.com/docs/strategies/combined-weighting#what-are-strategy-roles-static-weight-and-rank-weight)
- [What are the two condition types?](https://fincanva.com/docs/strategies/condition-types#what-are-the-two-condition-types)
- [How does each condition type compare?](https://fincanva.com/docs/strategies/condition-types#how-does-each-condition-type-compare)
- [Why does a Single series condition have two thresholds instead of one?](https://fincanva.com/docs/strategies/condition-types#why-does-a-single-series-condition-have-two-thresholds-instead-of-one)
- [What do Indicator and Period set?](https://fincanva.com/docs/strategies/condition-types#what-do-indicator-and-period-set)
- [What does the confirmation delay change?](https://fincanva.com/docs/strategies/confirmation-delay#what-does-the-confirmation-delay-change)
- [What do Contracts and Max contracts measure?](https://fincanva.com/docs/strategies/contracts#what-do-contracts-and-max-contracts-measure)
- [What does going short mean?](https://fincanva.com/docs/strategies/direction-long-only-long-short-short-only#what-does-going-short-mean)
- [Which allocation methods offer a direction setting?](https://fincanva.com/docs/strategies/direction-long-only-long-short-short-only#which-allocation-methods-offer-a-direction-setting)
- [Does direction apply inside a Combined?](https://fincanva.com/docs/strategies/direction-long-only-long-short-short-only#does-direction-apply-inside-a-combined)
- [How is an Equal Weights allocation calculated?](https://fincanva.com/docs/strategies/equal-weights#how-is-an-equal-weights-allocation-calculated)
- [What counts as a good value?](https://fincanva.com/docs/strategies/equal-weights#what-counts-as-a-good-value)
- [When does a modelled trade fill within a bar?](https://fincanva.com/docs/strategies/execution-time#when-does-a-modelled-trade-fill-within-a-bar)
- [What are the exit reasons a backtest records?](https://fincanva.com/docs/strategies/exit-reason#what-are-the-exit-reasons-a-backtest-records)
- [What happens if my weights do not add up to 100?](https://fincanva.com/docs/strategies/fixed-weights#what-happens-if-my-weights-do-not-add-up-to-100)
- [Where do the weights apply?](https://fincanva.com/docs/strategies/fixed-weights#where-do-the-weights-apply)
- [Can a Fixed Weights weight be negative?](https://fincanva.com/docs/strategies/fixed-weights#can-a-fixed-weights-weight-be-negative)
- [What happens if every weight is zero?](https://fincanva.com/docs/strategies/fixed-weights#what-happens-if-every-weight-is-zero)
- [How does Floating differ from a normal rebalance?](https://fincanva.com/docs/strategies/floating#how-does-floating-differ-from-a-normal-rebalance)
- [How is the Floating frequency counted?](https://fincanva.com/docs/strategies/floating#how-is-the-floating-frequency-counted)
- [How does Inverse Volatility set weights?](https://fincanva.com/docs/strategies/inverse-volatility#how-does-inverse-volatility-set-weights)
- [Which risk measure does Inverse Volatility use?](https://fincanva.com/docs/strategies/inverse-volatility#which-risk-measure-does-inverse-volatility-use)
- [Where can you use Inverse Volatility?](https://fincanva.com/docs/strategies/inverse-volatility#where-can-you-use-inverse-volatility)
- [How is Inverse Volatility different from Risk Parity?](https://fincanva.com/docs/strategies/inverse-volatility#how-is-inverse-volatility-different-from-risk-parity)
- [How is a market-cap weight calculated?](https://fincanva.com/docs/strategies/market-cap-weighted#how-is-a-market-cap-weight-calculated)
- [What counts as a good value?](https://fincanva.com/docs/strategies/market-cap-weighted#what-counts-as-a-good-value)
- [When does max hold actually close a position?](https://fincanva.com/docs/strategies/max-hold-months#when-does-max-hold-actually-close-a-position)
- [What happens when more instruments qualify than the cap allows?](https://fincanva.com/docs/strategies/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/docs/strategies/max-positions#is-max-positions-a-control-when-i-pick-the-instruments-myself)
- [How high can max positions go?](https://fincanva.com/docs/strategies/max-positions#how-high-can-max-positions-go)
- [What does Mimicking actually track?](https://fincanva.com/docs/strategies/mimicking#what-does-mimicking-actually-track)
- [Why is the copy never exact?](https://fincanva.com/docs/strategies/mimicking#why-is-the-copy-never-exact)
- [Why does low correlation matter?](https://fincanva.com/docs/strategies/min-correlation#why-does-low-correlation-matter)
- [Which settings does Min Correlation have?](https://fincanva.com/docs/strategies/min-correlation#which-settings-does-min-correlation-have)
- [Where can you use Min Correlation?](https://fincanva.com/docs/strategies/min-correlation#where-can-you-use-min-correlation)
- [How is Min Correlation different from Risk Parity?](https://fincanva.com/docs/strategies/min-correlation#how-is-min-correlation-different-from-risk-parity)
- [What is the efficient frontier?](https://fincanva.com/docs/strategies/modern-portfolio-theory#what-is-the-efficient-frontier)
- [Which optimization target can you choose?](https://fincanva.com/docs/strategies/modern-portfolio-theory#which-optimization-target-can-you-choose)
- [What do the MPT constraint toggles do?](https://fincanva.com/docs/strategies/modern-portfolio-theory#what-do-the-mpt-constraint-toggles-do)
- [What is the expected return based on?](https://fincanva.com/docs/strategies/modern-portfolio-theory#what-is-the-expected-return-based-on)
- [How do risk conditions work at two levels in a Combined?](https://fincanva.com/docs/strategies/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/docs/strategies/per-strategy-risk-layer#what-happens-when-only-one-strategy-goes-risk-off)
- [How is percent change calculated?](https://fincanva.com/docs/strategies/percent-change#how-is-percent-change-calculated)
- [What does a positive or negative reading mean?](https://fincanva.com/docs/strategies/percent-change#what-does-a-positive-or-negative-reading-mean)
- [How does Ranking-Based assign weights?](https://fincanva.com/docs/strategies/ranking-based#how-does-ranking-based-assign-weights)
- [Which ranking metrics can you choose?](https://fincanva.com/docs/strategies/ranking-based#which-ranking-metrics-can-you-choose)
- [What does the shape of the rank weights change?](https://fincanva.com/docs/strategies/ranking-based#what-does-the-shape-of-the-rank-weights-change)
- [What happens if every tier weight is zero?](https://fincanva.com/docs/strategies/ranking-based#what-happens-if-every-tier-weight-is-zero)
- [When does a condition use Raw price?](https://fincanva.com/docs/strategies/raw-price#when-does-a-condition-use-raw-price)
- [What does reinvest delay do to freed-up cash?](https://fincanva.com/docs/strategies/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/docs/strategies/reinvest-delay#when-does-the-clock-start-at-the-exit-or-at-the-rebalance-that-records-it)
- [What does a risk condition do when it triggers?](https://fincanva.com/docs/strategies/risk-condition#what-does-a-risk-condition-do-when-it-triggers)
- [What is a risk condition made of?](https://fincanva.com/docs/strategies/risk-condition#what-is-a-risk-condition-made-of)
- [How does the trigger test read?](https://fincanva.com/docs/strategies/risk-condition#how-does-the-trigger-test-read)
- [Why does the choice of risk measure change the weights?](https://fincanva.com/docs/strategies/risk-measure-selection#why-does-the-choice-of-risk-measure-change-the-weights)
- [Which allocation method uses the risk measure?](https://fincanva.com/docs/strategies/risk-measure-selection#which-allocation-method-uses-the-risk-measure)
- [What does "equal risk contribution" mean?](https://fincanva.com/docs/strategies/risk-parity#what-does-equal-risk-contribution-mean)
- [Which settings does Risk Parity have?](https://fincanva.com/docs/strategies/risk-parity#which-settings-does-risk-parity-have)
- [Where can you use Risk Parity?](https://fincanva.com/docs/strategies/risk-parity#where-can-you-use-risk-parity)
- [How is Risk Parity different from Inverse Volatility?](https://fincanva.com/docs/strategies/risk-parity#how-is-risk-parity-different-from-inverse-volatility)
- [What do the built-in risk templates watch?](https://fincanva.com/docs/strategies/risk-templates#what-do-the-built-in-risk-templates-watch)
- [What can you change once you pick a template?](https://fincanva.com/docs/strategies/risk-templates#what-can-you-change-once-you-pick-a-template)
- [Does Fincanva recommend a risk template?](https://fincanva.com/docs/strategies/risk-templates#does-fincanva-recommend-a-risk-template)
- [Why does nothing change when the condition fires?](https://fincanva.com/docs/strategies/risk-off-canonicalization#why-does-nothing-change-when-the-condition-fires)
- [How does Fincanva flag identical profiles?](https://fincanva.com/docs/strategies/risk-off-canonicalization#how-does-fincanva-flag-identical-profiles)
- [What is the difference between Risk-On and Risk-Off?](https://fincanva.com/docs/strategies/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/docs/strategies/risk-on-and-risk-off#what-switches-a-strategy-from-risk-on-to-risk-off)
- [Does Risk-Off stop the strategy or sell everything?](https://fincanva.com/docs/strategies/risk-on-and-risk-off#does-risk-off-stop-the-strategy-or-sell-everything)
- [Where does a screener start hunting?](https://fincanva.com/docs/strategies/seed-universe#where-does-a-screener-start-hunting)
- [What happens to my universe filters in Easy mode?](https://fincanva.com/docs/strategies/seed-universe#what-happens-to-my-universe-filters-in-easy-mode)
- [Why does the seed universe change results?](https://fincanva.com/docs/strategies/seed-universe#why-does-the-seed-universe-change-results)
- [How is a simple moving average calculated?](https://fincanva.com/docs/strategies/simple-moving-average-sma#how-is-a-simple-moving-average-calculated)
- [How does the lookback window change an SMA?](https://fincanva.com/docs/strategies/simple-moving-average-sma#how-does-the-lookback-window-change-an-sma)
- [Why does a one-instrument strategy skip allocation?](https://fincanva.com/docs/strategies/single-asset-simplification#why-does-a-one-instrument-strategy-skip-allocation)
- [When does allocation matter again for one instrument?](https://fincanva.com/docs/strategies/single-asset-simplification#when-does-allocation-matter-again-for-one-instrument)
- [How does stop loss decide when to close?](https://fincanva.com/docs/strategies/stop-loss#how-does-stop-loss-decide-when-to-close)
- [How does take profit decide when to close?](https://fincanva.com/docs/strategies/take-profit#how-does-take-profit-decide-when-to-close)
- [How do two risk conditions combine?](https://fincanva.com/docs/strategies/two-condition-combination#how-do-two-risk-conditions-combine)
- [Can you require both conditions to fire?](https://fincanva.com/docs/strategies/two-condition-combination#can-you-require-both-conditions-to-fire)
- [Why does a fast trigger cause whipsaw?](https://fincanva.com/docs/strategies/whipsaw#why-does-a-fast-trigger-cause-whipsaw)
- [What does Fincanva give you to reduce whipsaw?](https://fincanva.com/docs/strategies/whipsaw#what-does-fincanva-give-you-to-reduce-whipsaw)
- [What counts as a good value?](https://fincanva.com/docs/strategies/whipsaw#what-counts-as-a-good-value)

#### Terms

- [Allocation and allocation method](https://fincanva.com/docs/strategies/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.
- [Auto-rebalance on flip](https://fincanva.com/docs/strategies/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/docs/strategies/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.
- [Beta Neutral](https://fincanva.com/docs/strategies/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.
- [Calculation window](https://fincanva.com/docs/strategies/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.
- [Combined weighting](https://fincanva.com/docs/strategies/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.
- [Condition types](https://fincanva.com/docs/strategies/condition-types.md): Condition types are the two shapes a risk condition can take: Single series, compared with two thresholds you type, or Double series, against each other.
- [Confirmation delay](https://fincanva.com/docs/strategies/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/docs/strategies/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.
- [Direction: Long-only, Long + Short, Short-only](https://fincanva.com/docs/strategies/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.
- [Equal Weights](https://fincanva.com/docs/strategies/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.
- [Execution time](https://fincanva.com/docs/strategies/execution-time.md): Execution time is when within a trading bar a modelled trade fills — at the Open, IntraBar, or Close — which sets the price the backtest uses.
- [Exit reason](https://fincanva.com/docs/strategies/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.
- [Fixed Weights](https://fincanva.com/docs/strategies/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/docs/strategies/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.
- [Inverse Volatility](https://fincanva.com/docs/strategies/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.
- [Market Cap Weighted](https://fincanva.com/docs/strategies/market-cap-weighted.md): Market Cap Weighted is the allocation method that sizes each instrument by its market capitalization, so a company worth ten times more gets ten times more.
- [Max hold months](https://fincanva.com/docs/strategies/max-hold-months.md): Max hold months is a time-based exit that closes a position at the first rebalance once it has been held for the number of whole months you set.
- [Max positions](https://fincanva.com/docs/strategies/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.
- [Mimicking](https://fincanva.com/docs/strategies/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/docs/strategies/min-correlation.md): Min Correlation is an allocation method that weights instruments to reduce how much they move together, favouring the least correlated combinations.
- [Modern Portfolio Theory](https://fincanva.com/docs/strategies/modern-portfolio-theory.md): Modern Portfolio Theory is Markowitz's mean-variance framework: for a given level of risk, hold the mix of instruments with the highest expected return.
- [Per-strategy risk layer](https://fincanva.com/docs/strategies/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/docs/strategies/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.
- [Ranking-Based](https://fincanva.com/docs/strategies/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/docs/strategies/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.
- [Reinvest delay](https://fincanva.com/docs/strategies/reinvest-delay.md): Reinvest delay keeps the cash freed by a closed position out of the market for a set number of months before the strategy puts that slot back to work.
- [Risk condition](https://fincanva.com/docs/strategies/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/docs/strategies/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/docs/strategies/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/docs/strategies/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-Off canonicalization](https://fincanva.com/docs/strategies/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/docs/strategies/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.
- [Seed universe](https://fincanva.com/docs/strategies/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.
- [Simple moving average (SMA)](https://fincanva.com/docs/strategies/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.
- [Single-asset simplification](https://fincanva.com/docs/strategies/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%.
- [Stop loss](https://fincanva.com/docs/strategies/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%.
- [Take profit](https://fincanva.com/docs/strategies/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%.
- [Two-condition combination](https://fincanva.com/docs/strategies/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.
- [Whipsaw](https://fincanva.com/docs/strategies/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.

### 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)
- [What are the three parts of a filter condition?](https://fincanva.com/docs/screeners/filter-condition-anatomy#what-are-the-three-parts-of-a-filter-condition)
- [What does the "You're saying" line show?](https://fincanva.com/docs/screeners/filter-condition-anatomy#what-does-the-youre-saying-line-show)
- [What do the three filter categories read?](https://fincanva.com/docs/screeners/filter-taxonomy#what-do-the-three-filter-categories-read)
- [What are the 20 subcategories?](https://fincanva.com/docs/screeners/filter-taxonomy#what-are-the-20-subcategories)
- [What does each results column show?](https://fincanva.com/docs/screeners/fundamental-metric-columns#what-does-each-results-column-show)
- [Which columns have a page of their own?](https://fincanva.com/docs/screeners/fundamental-metric-columns#which-columns-have-a-page-of-their-own)
- [Why does my screener show more matches than my strategy holds?](https://fincanva.com/docs/screeners/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/docs/screeners/max-symbols-cap#what-happens-to-the-matches-that-get-dropped)
- [What are the states a screener run passes through?](https://fincanva.com/docs/screeners/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/docs/screeners/screener-execution-and-caching#why-do-i-get-the-same-matches-every-time-and-why-is-a-re-run-backtest-instant)
- [Why is a screener's result only meaningful next to its benchmark?](https://fincanva.com/docs/screeners/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/docs/screeners/screener-backtest-benchmark#how-does-the-benchmark-shape-the-numbers-you-read)
- [Can I choose the benchmark for a screener backtest?](https://fincanva.com/docs/screeners/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/docs/screeners/screener-backtest-benchmark#is-the-verdict-a-statement-about-what-my-strategy-will-hold)
- [How does a screener apply its filters?](https://fincanva.com/docs/screeners/sequential-filtering-and-top-n-ranking#how-does-a-screener-apply-its-filters)
- [Why does filter order matter?](https://fincanva.com/docs/screeners/sequential-filtering-and-top-n-ranking#why-does-filter-order-matter)
- [What does a Highest or Lowest filter keep?](https://fincanva.com/docs/screeners/sequential-filtering-and-top-n-ranking#what-does-a-highest-or-lowest-filter-keep)
- [What does each special relation test?](https://fincanva.com/docs/screeners/special-relations#what-does-each-special-relation-test)
- [What is the window on a cross relation?](https://fincanva.com/docs/screeners/special-relations#what-is-the-window-on-a-cross-relation)
- [Is Crosses Above the same as a golden cross?](https://fincanva.com/docs/screeners/special-relations#is-crosses-above-the-same-as-a-golden-cross)
- [What does each operator group do?](https://fincanva.com/docs/screeners/standard-operators#what-does-each-operator-group-do)
- [Which boundary values pass?](https://fincanva.com/docs/screeners/standard-operators#which-boundary-values-pass)
- [How is a year-over-year change calculated?](https://fincanva.com/docs/screeners/ttm-and-yoy#how-is-a-year-over-year-change-calculated)

#### Terms

- [Aggregate comparisons](https://fincanva.com/docs/screeners/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.
- [Asset subtypes](https://fincanva.com/docs/screeners/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.
- [Comparison modes](https://fincanva.com/docs/screeners/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.
- [Event-time path](https://fincanva.com/docs/screeners/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.
- [Filter condition anatomy](https://fincanva.com/docs/screeners/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/docs/screeners/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/docs/screeners/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 suggestions](https://fincanva.com/docs/screeners/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.
- [Fundamental metric columns](https://fincanva.com/docs/screeners/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.
- [Holding horizon](https://fincanva.com/docs/screeners/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.
- [Lag, period, and multiplier](https://fincanva.com/docs/screeners/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.
- [Matches](https://fincanva.com/docs/screeners/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-symbols cap](https://fincanva.com/docs/screeners/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.
- [Screener backtest](https://fincanva.com/docs/screeners/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/docs/screeners/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 until data refreshes.
- [Screener-backtest benchmark](https://fincanva.com/docs/screeners/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.
- [Sequential filtering and Top-N ranking](https://fincanva.com/docs/screeners/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.
- [Special relations](https://fincanva.com/docs/screeners/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/docs/screeners/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.
- [TTM and YoY](https://fincanva.com/docs/screeners/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.
- [Universe facets](https://fincanva.com/docs/screeners/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.

## 02 · Prove — Test it on real history

### Backtesting

#### Guides

- [How backtesting works](https://fincanva.com/docs/backtesting/how-backtesting-works.md): A backtest replays your strategy's rules across real market history to produce an equity curve and the metrics that summarise it: evidence, not a forecast.

#### Questions

- [What happens when you run a backtest?](https://fincanva.com/docs/backtesting/how-backtesting-works#what-happens-when-you-run-a-backtest)
- [What does a backtest actually produce?](https://fincanva.com/docs/backtesting/how-backtesting-works#what-does-a-backtest-actually-produce)
- [What biases does a backtest remove?](https://fincanva.com/docs/backtesting/how-backtesting-works#what-biases-does-a-backtest-remove)
- [When is a run treated as bankrupt?](https://fincanva.com/docs/backtesting/bankruptcy-rules#when-is-a-run-treated-as-bankrupt)
- [What happens after the whole run goes bankrupt?](https://fincanva.com/docs/backtesting/bankruptcy-rules#what-happens-after-the-whole-run-goes-bankrupt)
- [What happens after one strategy inside a Combined goes bankrupt?](https://fincanva.com/docs/backtesting/bankruptcy-rules#what-happens-after-one-strategy-inside-a-combined-goes-bankrupt)
- [What is a sudden move to negative capital?](https://fincanva.com/docs/backtesting/bankruptcy-rules#what-is-a-sudden-move-to-negative-capital)
- [What is the difference between base currency and asset currency?](https://fincanva.com/docs/backtesting/base-currency#what-is-the-difference-between-base-currency-and-asset-currency)
- [Which currencies can I choose?](https://fincanva.com/docs/backtesting/base-currency#which-currencies-can-i-choose)
- [How is capital-gains tax calculated?](https://fincanva.com/docs/backtesting/capital-gains-tax#how-is-capital-gains-tax-calculated)
- [How long must a position be held to count as long-term?](https://fincanva.com/docs/backtesting/capital-gains-tax#how-long-must-a-position-be-held-to-count-as-long-term)
- [What happens to a realized loss?](https://fincanva.com/docs/backtesting/capital-gains-tax#what-happens-to-a-realized-loss)
- [How is cash drag calculated?](https://fincanva.com/docs/backtesting/cash-drag#how-is-cash-drag-calculated)
- [What counts as a good value?](https://fincanva.com/docs/backtesting/cash-drag#what-counts-as-a-good-value)
- [Does a higher plan compute faster?](https://fincanva.com/docs/backtesting/compute-time#does-a-higher-plan-compute-faster)
- [What does turning costs on change?](https://fincanva.com/docs/backtesting/costs-toggle#what-does-turning-costs-on-change)
- [When does the daily warm run?](https://fincanva.com/docs/backtesting/daily-warm-of-live-strategies#when-does-the-daily-warm-run)
- [Which strategies are warmed?](https://fincanva.com/docs/backtesting/daily-warm-of-live-strategies#which-strategies-are-warmed)
- [Why does my backtest end yesterday and not today?](https://fincanva.com/docs/backtesting/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/docs/backtesting/data-freshness-and-frontier#why-do-my-numbers-change-when-i-did-not-touch-anything)
- [How much of a dividend reaches the strategy?](https://fincanva.com/docs/backtesting/dividend-tax#how-much-of-a-dividend-reaches-the-strategy)
- [How is dividend tax different from withholding tax?](https://fincanva.com/docs/backtesting/dividend-tax#how-is-dividend-tax-different-from-withholding-tax)
- [Why can Holdings and Analysis disagree on the same strategy?](https://fincanva.com/docs/backtesting/holdings-forced-assumptions#why-can-holdings-and-analysis-disagree-on-the-same-strategy)
- [Which assumptions does Holdings force?](https://fincanva.com/docs/backtesting/holdings-forced-assumptions#which-assumptions-does-holdings-force)
- [Why can't an Incomplete Combined run?](https://fincanva.com/docs/backtesting/incomplete-combined#why-cant-an-incomplete-combined-run)
- [Do the Combined-level settings do anything while it is Incomplete?](https://fincanva.com/docs/backtesting/incomplete-combined#do-the-combined-level-settings-do-anything-while-it-is-incomplete)
- [What do "Example results" show?](https://fincanva.com/docs/backtesting/incomplete-combined#what-do-example-results-show)
- [How does a Combined become Incomplete?](https://fincanva.com/docs/backtesting/incomplete-combined#how-does-a-combined-become-incomplete)
- [How is the financing rate calculated?](https://fincanva.com/docs/backtesting/interest-rate-markups#how-is-the-financing-rate-calculated)
- [How is the deployed amount calculated?](https://fincanva.com/docs/backtesting/invested-portion#how-is-the-deployed-amount-calculated)
- [What are the invested-portion presets?](https://fincanva.com/docs/backtesting/invested-portion#what-are-the-invested-portion-presets)
- [What happens to the cash reserve?](https://fincanva.com/docs/backtesting/invested-portion#what-happens-to-the-cash-reserve)
- [How much exposure does a leverage multiplier create?](https://fincanva.com/docs/backtesting/leverage#how-much-exposure-does-a-leverage-multiplier-create)
- [What are the leverage presets?](https://fincanva.com/docs/backtesting/leverage#what-are-the-leverage-presets)
- [What does leverage cost?](https://fincanva.com/docs/backtesting/leverage#what-does-leverage-cost)
- [What does leverage do to gains and losses?](https://fincanva.com/docs/backtesting/leverage#what-does-leverage-do-to-gains-and-losses)
- [What happens when a setup is not compliant?](https://fincanva.com/docs/backtesting/plan-compliance#what-happens-when-a-setup-is-not-compliant)
- [Which two things put a strategy outside a plan?](https://fincanva.com/docs/backtesting/plan-compliance#which-two-things-put-a-strategy-outside-a-plan)
- [How does Fincanva decide which strategies stay active?](https://fincanva.com/docs/backtesting/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/docs/backtesting/plan-compliance#where-do-you-see-how-much-of-your-plan-you-are-using)
- [Why does flipping an assumption toggle update instantly?](https://fincanva.com/docs/backtesting/precomputed-toggle-variants#why-does-flipping-an-assumption-toggle-update-instantly)
- [Why are there eight variants?](https://fincanva.com/docs/backtesting/precomputed-toggle-variants#why-are-there-eight-variants)
- [What changes when reinvest profits is off?](https://fincanva.com/docs/backtesting/reinvest-profits#what-changes-when-reinvest-profits-is-off)
- [Which annualized-return metric does it drive?](https://fincanva.com/docs/backtesting/reinvest-profits#which-annualized-return-metric-does-it-drive)
- [Can I re-run a strategy whose last run failed?](https://fincanva.com/docs/backtesting/run-status#can-i-re-run-a-strategy-whose-last-run-failed)
- [What happens when Fincanva cannot reach the engine?](https://fincanva.com/docs/backtesting/run-status#what-happens-when-fincanva-cannot-reach-the-engine)
- [Why was my run instant?](https://fincanva.com/docs/backtesting/shared-compute#why-was-my-run-instant)
- [What counts as the same setup?](https://fincanva.com/docs/backtesting/shared-compute#what-counts-as-the-same-setup)
- [What counts as a good value?](https://fincanva.com/docs/backtesting/simulation-start-year#what-counts-as-a-good-value)
- [How is slippage calculated?](https://fincanva.com/docs/backtesting/slippage#how-is-slippage-calculated)
- [What counts as a large value?](https://fincanva.com/docs/backtesting/slippage#what-counts-as-a-large-value)
- [Does starting capital change a strategy's results?](https://fincanva.com/docs/backtesting/starting-capital#does-starting-capital-change-a-strategys-results)
- [When does starting capital actually matter?](https://fincanva.com/docs/backtesting/starting-capital#when-does-starting-capital-actually-matter)
- [What do the three severities mean?](https://fincanva.com/docs/backtesting/strategy-alerts#what-do-the-three-severities-mean)
- [What does Accept do, and can I undo it?](https://fincanva.com/docs/backtesting/strategy-alerts#what-does-accept-do-and-can-i-undo-it)
- [Which alerts can appear, and what fixes each one?](https://fincanva.com/docs/backtesting/strategy-alerts#which-alerts-can-appear-and-what-fixes-each-one)
- [What does changing tax residency change?](https://fincanva.com/docs/backtesting/tax-residency#what-does-changing-tax-residency-change)
- [Does the holding period change the tax rate?](https://fincanva.com/docs/backtesting/tax-residency#does-the-holding-period-change-the-tax-rate)
- [Does residency change what happens to my losses?](https://fincanva.com/docs/backtesting/tax-residency#does-residency-change-what-happens-to-my-losses)
- [What does turning taxes on change?](https://fincanva.com/docs/backtesting/taxes-toggle#what-does-turning-taxes-on-change)
- [Which time zone are Fincanva's dates shown in?](https://fincanva.com/docs/backtesting/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/docs/backtesting/time-zone#why-did-a-date-look-wrong-for-a-moment-when-i-first-arrived)
- [Can I change the time zone Fincanva shows dates in?](https://fincanva.com/docs/backtesting/time-zone#can-i-change-the-time-zone-fincanva-shows-dates-in)
- [What does the time zone not change?](https://fincanva.com/docs/backtesting/time-zone#what-does-the-time-zone-not-change)
- [How is transaction cost charged?](https://fincanva.com/docs/backtesting/transaction-cost#how-is-transaction-cost-charged)
- [Why do actual weights drift away from their targets?](https://fincanva.com/docs/backtesting/weight-drift#why-do-actual-weights-drift-away-from-their-targets)
- [What does weight drift do to a strategy's risk?](https://fincanva.com/docs/backtesting/weight-drift#what-does-weight-drift-do-to-a-strategys-risk)
- [How is withholding tax calculated?](https://fincanva.com/docs/backtesting/withholding-tax#how-is-withholding-tax-calculated)

#### Terms

- [Bankruptcy rules](https://fincanva.com/docs/backtesting/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/docs/backtesting/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.
- [Capital-gains tax](https://fincanva.com/docs/backtesting/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 drag](https://fincanva.com/docs/backtesting/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.
- [Compute time](https://fincanva.com/docs/backtesting/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.
- [Costs toggle](https://fincanva.com/docs/backtesting/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.
- [Daily warm of Live strategies](https://fincanva.com/docs/backtesting/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/docs/backtesting/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.
- [Dividend tax](https://fincanva.com/docs/backtesting/dividend-tax.md): Dividend tax is the rate applied to dividend income in a backtest, so a dividend a holding pays is credited to the strategy net of the tax on it.
- [Holdings forced assumptions](https://fincanva.com/docs/backtesting/holdings-forced-assumptions.md): Holdings forced assumptions are the fixed assumptions the Holdings view always uses — profits reinvested, costs and taxes off — whatever Analysis is set to.
- [Incomplete Combined](https://fincanva.com/docs/backtesting/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.
- [Interest-rate markups](https://fincanva.com/docs/backtesting/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.
- [Invested portion](https://fincanva.com/docs/backtesting/invested-portion.md): The invested portion is the share of a Combined's capital that an allocation profile deploys into strategies; the rest is held back as a cash reserve.
- [Leverage](https://fincanva.com/docs/backtesting/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.
- [Plan compliance](https://fincanva.com/docs/backtesting/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.
- [Precomputed toggle variants](https://fincanva.com/docs/backtesting/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.
- [Rebalance](https://fincanva.com/docs/backtesting/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.
- [Reinvest profits](https://fincanva.com/docs/backtesting/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.
- [Run status](https://fincanva.com/docs/backtesting/run-status.md): Run status is the lifecycle state of a strategy's backtest result: Set aside, Incomplete, To run, Computing, Up to date, Needs re-run or Failed.
- [Shared compute](https://fincanva.com/docs/backtesting/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.
- [Simulation assumptions](https://fincanva.com/docs/backtesting/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 start year](https://fincanva.com/docs/backtesting/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.
- [Slippage](https://fincanva.com/docs/backtesting/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.
- [Starting capital](https://fincanva.com/docs/backtesting/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.
- [Strategy alerts](https://fincanva.com/docs/backtesting/strategy-alerts.md): Strategy alerts are automatic checks on a strategy's setup, graded blocking, warning, or info — a blocking alert must be fixed before a backtest can run.
- [Tax regime](https://fincanva.com/docs/backtesting/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/docs/backtesting/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/docs/backtesting/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/docs/backtesting/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.
- [Transaction cost](https://fincanva.com/docs/backtesting/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.
- [Weight drift](https://fincanva.com/docs/backtesting/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.
- [Withholding tax](https://fincanva.com/docs/backtesting/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.

### Analysis

#### Guides

- [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.
- [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.
- [What the Fincanva score is and how to read it](https://fincanva.com/docs/analysis/what-the-fincanva-score-is-and-how-to-read-it.md): The Fincanva score is a normalized, Beta-badged 0–5 quality score for your backtest, shown on a gauge with a Strong, Fair or Weak tier; here is how to read it.

#### Questions

- [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 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 does the Fincanva score work?](https://fincanva.com/docs/analysis/what-the-fincanva-score-is-and-how-to-read-it#how-does-the-fincanva-score-work)
- [How do you read the Fincanva score?](https://fincanva.com/docs/analysis/what-the-fincanva-score-is-and-how-to-read-it#how-do-you-read-the-fincanva-score)
- [Which dimensions does the Fincanva score weigh?](https://fincanva.com/docs/analysis/what-the-fincanva-score-is-and-how-to-read-it#which-dimensions-does-the-fincanva-score-weigh)
- [Why isn't the formula published?](https://fincanva.com/docs/analysis/what-the-fincanva-score-is-and-how-to-read-it#why-isnt-the-formula-published)
- [How is AAGR calculated?](https://fincanva.com/docs/analysis/aagr#how-is-aagr-calculated)
- [Why is a raw beta estimate adjusted?](https://fincanva.com/docs/analysis/adjusted-beta#why-is-a-raw-beta-estimate-adjusted)
- [Which adjustment does Fincanva use?](https://fincanva.com/docs/analysis/adjusted-beta#which-adjustment-does-fincanva-use)
- [Where does adjusted beta appear in Fincanva?](https://fincanva.com/docs/analysis/adjusted-beta#where-does-adjusted-beta-appear-in-fincanva)
- [How do you read an adjusted beta?](https://fincanva.com/docs/analysis/adjusted-beta#how-do-you-read-an-adjusted-beta)
- [What do the three views show?](https://fincanva.com/docs/analysis/allocations-chart#what-do-the-three-views-show)
- [What is the Current allocation panel?](https://fincanva.com/docs/analysis/allocations-chart#what-is-the-current-allocation-panel)
- [What counts as a good split?](https://fincanva.com/docs/analysis/allocations-chart#what-counts-as-a-good-split)
- [How is alpha calculated?](https://fincanva.com/docs/analysis/alpha#how-is-alpha-calculated)
- [How is alpha different from excess return?](https://fincanva.com/docs/analysis/alpha#how-is-alpha-different-from-excess-return)
- [What counts as a good value?](https://fincanva.com/docs/analysis/alpha#what-counts-as-a-good-value)
- [Does Fincanva show alpha?](https://fincanva.com/docs/analysis/alpha#does-fincanva-show-alpha)
- [How is a return annualized?](https://fincanva.com/docs/analysis/annualization#how-is-a-return-annualized)
- [How is average pain calculated?](https://fincanva.com/docs/analysis/average-pain#how-is-average-pain-calculated)
- [What counts as a good value?](https://fincanva.com/docs/analysis/average-pain#what-counts-as-a-good-value)
- [How are best month and worst month measured?](https://fincanva.com/docs/analysis/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/docs/analysis/best-month-and-worst-month#is-the-worst-month-the-same-as-max-drawdown)
- [What counts as a good value?](https://fincanva.com/docs/analysis/best-month-and-worst-month#what-counts-as-a-good-value)
- [Why does Fincanva show two different things called "Beta"?](https://fincanva.com/docs/analysis/beta#why-does-fincanva-show-two-different-things-called-beta)
- [How is beta calculated?](https://fincanva.com/docs/analysis/beta#how-is-beta-calculated)
- [Where does Fincanva use beta?](https://fincanva.com/docs/analysis/beta#where-does-fincanva-use-beta)
- [What counts as a good value?](https://fincanva.com/docs/analysis/beta#what-counts-as-a-good-value)
- [How is CAGR calculated?](https://fincanva.com/docs/analysis/cagr#how-is-cagr-calculated)
- [What does CAGR mean on my result?](https://fincanva.com/docs/analysis/cagr#what-does-cagr-mean-on-my-result)
- [What are the series on the capital chart?](https://fincanva.com/docs/analysis/capital-chart#what-are-the-series-on-the-capital-chart)
- [Why does the cash band matter?](https://fincanva.com/docs/analysis/capital-chart#why-does-the-cash-band-matter)
- [What else is on the Capital Growth page?](https://fincanva.com/docs/analysis/capital-chart#what-else-is-on-the-capital-growth-page)
- [What should the cash band look like?](https://fincanva.com/docs/analysis/capital-chart#what-should-the-cash-band-look-like)
- [What does Inflation-adj. do?](https://fincanva.com/docs/analysis/chart-toggles#what-does-inflation-adj-do)
- [What does the Benchmark toggle do?](https://fincanva.com/docs/analysis/chart-toggles#what-does-the-benchmark-toggle-do)
- [What does Log scale do, and why is it sometimes greyed out?](https://fincanva.com/docs/analysis/chart-toggles#what-does-log-scale-do-and-why-is-it-sometimes-greyed-out)
- [What should you read on which setting?](https://fincanva.com/docs/analysis/chart-toggles#what-should-you-read-on-which-setting)
- [How is correlation calculated?](https://fincanva.com/docs/analysis/correlation-matrix#how-is-correlation-calculated)
- [What does r² add to a correlation?](https://fincanva.com/docs/analysis/correlation-matrix#what-does-r²-add-to-a-correlation)
- [How do you read a correlation matrix?](https://fincanva.com/docs/analysis/correlation-matrix#how-do-you-read-a-correlation-matrix)
- [What counts as a good value?](https://fincanva.com/docs/analysis/correlation-matrix#what-counts-as-a-good-value)
- [Does Fincanva show a correlation matrix?](https://fincanva.com/docs/analysis/correlation-matrix#does-fincanva-show-a-correlation-matrix)
- [What does a dividend event record?](https://fincanva.com/docs/analysis/dividends-and-splits#what-does-a-dividend-event-record)
- [What does a split do to a position?](https://fincanva.com/docs/analysis/dividends-and-splits#what-does-a-split-do-to-a-position)
- [What does the Growth chart actually show?](https://fincanva.com/docs/analysis/equity-curve#what-does-the-growth-chart-actually-show)
- [How do you read one equity curve?](https://fincanva.com/docs/analysis/equity-curve#how-do-you-read-one-equity-curve)
- [What does the shape of a curve tell you?](https://fincanva.com/docs/analysis/equity-curve#what-does-the-shape-of-a-curve-tell-you)
- [How is excess return calculated?](https://fincanva.com/docs/analysis/excess-return#how-is-excess-return-calculated)
- [What counts as a good value?](https://fincanva.com/docs/analysis/excess-return#what-counts-as-a-good-value)
- [Which factors are in the roster?](https://fincanva.com/docs/analysis/factor-roster#which-factors-are-in-the-roster)
- [What does a factor correlation tell me?](https://fincanva.com/docs/analysis/factor-roster#what-does-a-factor-correlation-tell-me)
- [Why do the volatility factors read differently?](https://fincanva.com/docs/analysis/factor-roster#why-do-the-volatility-factors-read-differently)
- [Does Fincanva show factor correlations?](https://fincanva.com/docs/analysis/factor-roster#does-fincanva-show-factor-correlations)
- [What is the difference between gross and net?](https://fincanva.com/docs/analysis/gross-vs-net#what-is-the-difference-between-gross-and-net)
- [What sits inside the Costs figure?](https://fincanva.com/docs/analysis/gross-vs-net#what-sits-inside-the-costs-figure)
- [How do you read the sign of the Costs column?](https://fincanva.com/docs/analysis/gross-vs-net#how-do-you-read-the-sign-of-the-costs-column)
- [How is the information ratio calculated?](https://fincanva.com/docs/analysis/information-ratio#how-is-the-information-ratio-calculated)
- [What counts as a good information ratio?](https://fincanva.com/docs/analysis/information-ratio#what-counts-as-a-good-information-ratio)
- [How is longest drawdown different from longest recovery?](https://fincanva.com/docs/analysis/longest-drawdown#how-is-longest-drawdown-different-from-longest-recovery)
- [How are these durations displayed?](https://fincanva.com/docs/analysis/longest-drawdown#how-are-these-durations-displayed)
- [What if the strategy never recovers before the backtest ends?](https://fincanva.com/docs/analysis/longest-drawdown#what-if-the-strategy-never-recovers-before-the-backtest-ends)
- [What counts as a good value?](https://fincanva.com/docs/analysis/longest-drawdown#what-counts-as-a-good-value)
- [How is longest recovery different from longest drawdown?](https://fincanva.com/docs/analysis/longest-recovery#how-is-longest-recovery-different-from-longest-drawdown)
- [What if the strategy never climbs back before the backtest ends?](https://fincanva.com/docs/analysis/longest-recovery#what-if-the-strategy-never-climbs-back-before-the-backtest-ends)
- [What counts as a good value?](https://fincanva.com/docs/analysis/longest-recovery#what-counts-as-a-good-value)
- [How is max drawdown calculated?](https://fincanva.com/docs/analysis/max-drawdown#how-is-max-drawdown-calculated)
- [What counts as a good value?](https://fincanva.com/docs/analysis/max-drawdown#what-counts-as-a-good-value)
- [What does the Summary table show?](https://fincanva.com/docs/analysis/metrics-table#what-does-the-summary-table-show)
- [How does the By year table work?](https://fincanva.com/docs/analysis/metrics-table#how-does-the-by-year-table-work)
- [Why does the CAGR row sometimes read AAGR?](https://fincanva.com/docs/analysis/metrics-table#why-does-the-cagr-row-sometimes-read-aagr)
- [Where else do these metrics appear?](https://fincanva.com/docs/analysis/metrics-table#where-else-do-these-metrics-appear)
- [What counts as a good value?](https://fincanva.com/docs/analysis/metrics-table#what-counts-as-a-good-value)
- [How are the monthly and yearly averages calculated?](https://fincanva.com/docs/analysis/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/docs/analysis/monthly-and-yearly-average#why-is-the-yearly-average-not-twelve-times-the-monthly-average)
- [What counts as a good value?](https://fincanva.com/docs/analysis/monthly-and-yearly-average#what-counts-as-a-good-value)
- [What is in the matrix?](https://fincanva.com/docs/analysis/months-matrix#what-is-in-the-matrix)
- [What do the colours mean?](https://fincanva.com/docs/analysis/months-matrix#what-do-the-colours-mean)
- [What does the vs. Benchmark switch do?](https://fincanva.com/docs/analysis/months-matrix#what-does-the-vs-benchmark-switch-do)
- [What does the year detail above the grid show?](https://fincanva.com/docs/analysis/months-matrix#what-does-the-year-detail-above-the-grid-show)
- [What counts as a good pattern?](https://fincanva.com/docs/analysis/months-matrix#what-counts-as-a-good-pattern)
- [How do you follow one position from entry to exit?](https://fincanva.com/docs/analysis/positions-detail-drill-down#how-do-you-follow-one-position-from-entry-to-exit)
- [What does each trade row record?](https://fincanva.com/docs/analysis/positions-detail-drill-down#what-does-each-trade-row-record)
- [What does each row of the positions summary tell you?](https://fincanva.com/docs/analysis/positions-summary-table#what-does-each-row-of-the-positions-summary-tell-you)
- [How is positive months calculated?](https://fincanva.com/docs/analysis/positive-months#how-is-positive-months-calculated)
- [What counts as a good value?](https://fincanva.com/docs/analysis/positive-months#what-counts-as-a-good-value)
- [What does each return window cover?](https://fincanva.com/docs/analysis/return-windows#what-does-each-return-window-cover)
- [Are the windows trailing or calendar-anchored?](https://fincanva.com/docs/analysis/return-windows#are-the-windows-trailing-or-calendar-anchored)
- [Do the screener's columns work the same way?](https://fincanva.com/docs/analysis/return-windows#do-the-screeners-columns-work-the-same-way)
- [Why can a window end before today?](https://fincanva.com/docs/analysis/return-windows#why-can-a-window-end-before-today)
- [How is the return-to-drawdown ratio calculated?](https://fincanva.com/docs/analysis/return-to-drawdown-ratio#how-is-the-return-to-drawdown-ratio-calculated)
- [Why is it a ratio and not a percentage?](https://fincanva.com/docs/analysis/return-to-drawdown-ratio#why-is-it-a-ratio-and-not-a-percentage)
- [What counts as a good value?](https://fincanva.com/docs/analysis/return-to-drawdown-ratio#what-counts-as-a-good-value)
- [How is a rolling correlation calculated?](https://fincanva.com/docs/analysis/rolling-correlation#how-is-a-rolling-correlation-calculated)
- [Why does correlation spike in a crash?](https://fincanva.com/docs/analysis/rolling-correlation#why-does-correlation-spike-in-a-crash)
- [What counts as a good value?](https://fincanva.com/docs/analysis/rolling-correlation#what-counts-as-a-good-value)
- [Does Fincanva show a rolling correlation?](https://fincanva.com/docs/analysis/rolling-correlation#does-fincanva-show-a-rolling-correlation)
- [How is the Sharpe ratio calculated?](https://fincanva.com/docs/analysis/sharpe-ratio#how-is-the-sharpe-ratio-calculated)
- [Which risk-free rate does Fincanva use?](https://fincanva.com/docs/analysis/sharpe-ratio#which-risk-free-rate-does-fincanva-use)
- [Which return feeds the Sharpe ratio, CAGR or AAGR?](https://fincanva.com/docs/analysis/sharpe-ratio#which-return-feeds-the-sharpe-ratio-cagr-or-aagr)
- [What counts as a good value?](https://fincanva.com/docs/analysis/sharpe-ratio#what-counts-as-a-good-value)
- [How is the Sortino ratio calculated?](https://fincanva.com/docs/analysis/sortino-ratio#how-is-the-sortino-ratio-calculated)
- [What counts as a strong Sortino ratio?](https://fincanva.com/docs/analysis/sortino-ratio#what-counts-as-a-strong-sortino-ratio)
- [How is start-date sensitivity measured?](https://fincanva.com/docs/analysis/start-date-sensitivity#how-is-start-date-sensitivity-measured)
- [What counts as a good result?](https://fincanva.com/docs/analysis/start-date-sensitivity#what-counts-as-a-good-result)
- [What does strategy analytics report for each strategy?](https://fincanva.com/docs/analysis/strategy-analytics#what-does-strategy-analytics-report-for-each-strategy)
- [Why are tracking error and information ratio measured against the Combined?](https://fincanva.com/docs/analysis/strategy-analytics#why-are-tracking-error-and-information-ratio-measured-against-the-combined)
- [How does Total P&L differ from total return?](https://fincanva.com/docs/analysis/total-p-l#how-does-total-pl-differ-from-total-return)
- [How does total return differ from Total P&L?](https://fincanva.com/docs/analysis/total-return#how-does-total-return-differ-from-total-pl)
- [How is total return calculated?](https://fincanva.com/docs/analysis/total-return#how-is-total-return-calculated)
- [How is tracking error calculated?](https://fincanva.com/docs/analysis/tracking-error#how-is-tracking-error-calculated)
- [What counts as a high tracking error?](https://fincanva.com/docs/analysis/tracking-error#what-counts-as-a-high-tracking-error)
- [How is volatility calculated?](https://fincanva.com/docs/analysis/volatility#how-is-volatility-calculated)
- [Why is volatility annualized with the square root of 252?](https://fincanva.com/docs/analysis/volatility#why-is-volatility-annualized-with-the-square-root-of-252)
- [What counts as a good value?](https://fincanva.com/docs/analysis/volatility#what-counts-as-a-good-value)

#### Terms

- [AAGR](https://fincanva.com/docs/analysis/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.
- [Adjusted beta](https://fincanva.com/docs/analysis/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.
- [Allocations chart](https://fincanva.com/docs/analysis/allocations-chart.md): The allocations chart is the Allocation History view showing each strategy inside a Combined over time, in three readings: Capital, Weights and Net profit.
- [Alpha](https://fincanva.com/docs/analysis/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/docs/analysis/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.
- [Average pain](https://fincanva.com/docs/analysis/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.
- [Best month and worst month](https://fincanva.com/docs/analysis/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/docs/analysis/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.
- [CAGR](https://fincanva.com/docs/analysis/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.
- [Capital chart](https://fincanva.com/docs/analysis/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.
- [Chart toggles](https://fincanva.com/docs/analysis/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.
- [Correlation matrix](https://fincanva.com/docs/analysis/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.
- [Dividends and splits](https://fincanva.com/docs/analysis/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.
- [Equity curve](https://fincanva.com/docs/analysis/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.
- [Excess return](https://fincanva.com/docs/analysis/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).
- [Factor roster](https://fincanva.com/docs/analysis/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.
- [Fincanva score](https://fincanva.com/docs/analysis/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.
- [Gross vs net](https://fincanva.com/docs/analysis/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.
- [Information ratio](https://fincanva.com/docs/analysis/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.
- [Interest received and paid](https://fincanva.com/docs/analysis/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.
- [Longest drawdown](https://fincanva.com/docs/analysis/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/docs/analysis/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.
- [Max drawdown](https://fincanva.com/docs/analysis/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.
- [Metrics table](https://fincanva.com/docs/analysis/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.
- [Monthly and yearly average](https://fincanva.com/docs/analysis/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/docs/analysis/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.
- [Negative dividends](https://fincanva.com/docs/analysis/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.
- [P&L breakdown](https://fincanva.com/docs/analysis/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.
- [Positions detail drill-down](https://fincanva.com/docs/analysis/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 summary table](https://fincanva.com/docs/analysis/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.
- [Positive months](https://fincanva.com/docs/analysis/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 (%)".
- [Realized vs open P&L](https://fincanva.com/docs/analysis/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.
- [Return windows](https://fincanva.com/docs/analysis/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/docs/analysis/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-free rate](https://fincanva.com/docs/analysis/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.
- [Rolling correlation](https://fincanva.com/docs/analysis/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.
- [Sharpe ratio](https://fincanva.com/docs/analysis/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.
- [Sortino ratio](https://fincanva.com/docs/analysis/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.
- [Start-date sensitivity](https://fincanva.com/docs/analysis/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.
- [Strategy analytics](https://fincanva.com/docs/analysis/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.
- [Total P&L](https://fincanva.com/docs/analysis/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/docs/analysis/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/docs/analysis/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.
- [Volatility](https://fincanva.com/docs/analysis/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.

## 03 · Hold — Follow it with real money

### 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 switch, 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 card on Portfolios: what To fix and To update ask of you, what each run status means, and which verb clears it — Run, Re-run, or Retry.
- [Read your order plan](https://fincanva.com/docs/portfolio-holdings/read-your-order-plan.md): Read a portfolio's Holdings 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)
- [What is the difference between To fix and To update?](https://fincanva.com/docs/portfolio-holdings/keep-your-live-book-in-order#what-is-the-difference-between-to-fix-and-to-update)
- [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/docs/portfolio-holdings/accuracy#how-is-accuracy-calculated)
- [What counts as good accuracy?](https://fincanva.com/docs/portfolio-holdings/accuracy#what-counts-as-good-accuracy)
- [What does changing Capital do?](https://fincanva.com/docs/portfolio-holdings/capital#what-does-changing-capital-do)
- [How is Capital different from starting capital?](https://fincanva.com/docs/portfolio-holdings/capital#how-is-capital-different-from-starting-capital)
- [How are Cash % and capital invested calculated?](https://fincanva.com/docs/portfolio-holdings/cash-and-capital-invested#how-are-cash-and-capital-invested-calculated)
- [Why do the allocation weights and the Cash % seem to disagree?](https://fincanva.com/docs/portfolio-holdings/cash-and-capital-invested#why-do-the-allocation-weights-and-the-cash-seem-to-disagree)
- [What leaves capital in cash?](https://fincanva.com/docs/portfolio-holdings/cash-and-capital-invested#what-leaves-capital-in-cash)
- [What do Side, Last, and Qty mean?](https://fincanva.com/docs/portfolio-holdings/holdings-columns#what-do-side-last-and-qty-mean)
- [Why is Last in a different currency from the rest of the row?](https://fincanva.com/docs/portfolio-holdings/holdings-columns#why-is-last-in-a-different-currency-from-the-rest-of-the-row)
- [What is in the order plan?](https://fincanva.com/docs/portfolio-holdings/order-plan#what-is-in-the-order-plan)
- [What does "Others (N)" mean?](https://fincanva.com/docs/portfolio-holdings/target-allocation-treemap#what-does-others-n-mean)
- [How does the drill-down work?](https://fincanva.com/docs/portfolio-holdings/target-allocation-treemap#how-does-the-drill-down-work)
- [How is target notional calculated?](https://fincanva.com/docs/portfolio-holdings/target-notional#how-is-target-notional-calculated)
- [How is the deployed amount calculated?](https://fincanva.com/docs/portfolio-holdings/target-vs-deployed#how-is-the-deployed-amount-calculated)
- [What counts as a large gap?](https://fincanva.com/docs/portfolio-holdings/target-vs-deployed#what-counts-as-a-large-gap)
- [What does the To do card show?](https://fincanva.com/docs/portfolio-holdings/to-do-to-fix-to-finish-to-update#what-does-the-to-do-card-show)
- [What puts a portfolio in To fix?](https://fincanva.com/docs/portfolio-holdings/to-do-to-fix-to-finish-to-update#what-puts-a-portfolio-in-to-fix)
- [What puts a portfolio in To finish?](https://fincanva.com/docs/portfolio-holdings/to-do-to-fix-to-finish-to-update#what-puts-a-portfolio-in-to-finish)
- [What puts a portfolio in To update?](https://fincanva.com/docs/portfolio-holdings/to-do-to-fix-to-finish-to-update#what-puts-a-portfolio-in-to-update)

#### Terms

- [Accuracy](https://fincanva.com/docs/portfolio-holdings/accuracy.md): Accuracy averages, across your holdings, how much of each one's target value its whole-share position covers — every holding counts equally.
- [Capital](https://fincanva.com/docs/portfolio-holdings/capital.md): Capital is the amount you enter on a strategy's Holdings view so Fincanva can size its target orders; it rescales every money figure but no weight.
- [Cash % and capital invested](https://fincanva.com/docs/portfolio-holdings/cash-and-capital-invested.md): Cash % is the share of your capital a target portfolio does not aim to hold; capital invested is the rest. Leverage below 1 is what usually creates cash.
- [Holdings columns](https://fincanva.com/docs/portfolio-holdings/holdings-columns.md): Holdings columns are the fields of the target positions table: Side is Long or Short, Qty is a count, and Last is priced in the asset's own currency.
- [Order plan](https://fincanva.com/docs/portfolio-holdings/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.
- [Target allocation treemap](https://fincanva.com/docs/portfolio-holdings/target-allocation-treemap.md): The target allocation treemap is the mosaic on Holdings where each tile's area is that piece's share of your capital — biggest tile, biggest position.
- [Target notional](https://fincanva.com/docs/portfolio-holdings/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/docs/portfolio-holdings/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.
- [To do, To fix, To finish, To update](https://fincanva.com/docs/portfolio-holdings/to-do-to-fix-to-finish-to-update.md): To do counts what needs your attention on Portfolios: To fix for a failed run, To finish for a Combined missing a strategy, To update for anything else.

## Foundations — Outside the loop

### Getting started

#### Guides

- [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, complete the stepper, 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 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 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)
- [Why is the backtest button disabled?](https://fincanva.com/docs/getting-started/get-started-with-fincanva-in-five-steps#why-is-the-backtest-button-disabled)
- [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 did a failed strategy disappear from my live book?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#why-did-a-failed-strategy-disappear-from-my-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 does Home show when it cannot reach the engine?](https://fincanva.com/docs/getting-started/home-the-page-you-land-on-after-signing-in#what-does-home-show-when-it-cannot-reach-the-engine)
- [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)
- [What does the All at once view show?](https://fincanva.com/docs/getting-started/all-at-once#what-does-the-all-at-once-view-show)
- [How does All at once differ from Step by step?](https://fincanva.com/docs/getting-started/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/docs/getting-started/all-at-once#what-does-all-at-once-add-for-a-combined)
- [What are the three asset types?](https://fincanva.com/docs/getting-started/asset-type#what-are-the-three-asset-types)
- [How is asset type different from asset subtype?](https://fincanva.com/docs/getting-started/asset-type#how-is-asset-type-different-from-asset-subtype)
- [Why do some instruments show an asset type the screener never offers?](https://fincanva.com/docs/getting-started/asset-type#why-do-some-instruments-show-an-asset-type-the-screener-never-offers)
- [What do Basket, Screen, and Compose do?](https://fincanva.com/docs/getting-started/asset-selection-modes#what-do-basket-screen-and-compose-do)
- [How do Easy and Pro relate to the three modes?](https://fincanva.com/docs/getting-started/asset-selection-modes#how-do-easy-and-pro-relate-to-the-three-modes)
- [Which modes does each strategy type offer?](https://fincanva.com/docs/getting-started/asset-selection-modes#which-modes-does-each-strategy-type-offer)
- [What is the working scope in Compose?](https://fincanva.com/docs/getting-started/asset-selection-modes#what-is-the-working-scope-in-compose)
- [What does a backtest measure?](https://fincanva.com/docs/getting-started/backtest#what-does-a-backtest-measure)
- [Why does a Combined need at least two strategies?](https://fincanva.com/docs/getting-started/combined#why-does-a-combined-need-at-least-two-strategies)
- [What do you need before you can create a Combined?](https://fincanva.com/docs/getting-started/combined#what-do-you-need-before-you-can-create-a-combined)
- [How is a Combined different from a strategy?](https://fincanva.com/docs/getting-started/combined#how-is-a-combined-different-from-a-strategy)
- [What settings live at the Combined level?](https://fincanva.com/docs/getting-started/combined-level#what-settings-live-at-the-combined-level)
- [How do the Combined level and the strategy level differ?](https://fincanva.com/docs/getting-started/combined-level#how-do-the-combined-level-and-the-strategy-level-differ)
- [What does a copy keep, and what does it drop?](https://fincanva.com/docs/getting-started/duplicate-and-copy-to-mine#what-does-a-copy-keep-and-what-does-it-drop)
- [What does Duplicate do?](https://fincanva.com/docs/getting-started/duplicate-and-copy-to-mine#what-does-duplicate-do)
- [What does Copy to Mine do?](https://fincanva.com/docs/getting-started/duplicate-and-copy-to-mine#what-does-copy-to-mine-do)
- [Why does Fincanva sometimes refuse to copy a strategy?](https://fincanva.com/docs/getting-started/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/docs/getting-started/duplicate-and-copy-to-mine#why-is-a-screener-copy-refused-when-it-holds-too-many-filters)
- [Where does the "Created from" line come from?](https://fincanva.com/docs/getting-started/duplicate-and-copy-to-mine#where-does-the-created-from-line-come-from)
- [What is a filter made of?](https://fincanva.com/docs/getting-started/filter#what-is-a-filter-made-of)
- [Where do filters come from?](https://fincanva.com/docs/getting-started/filter#where-do-filters-come-from)
- [What can Fin do today?](https://fincanva.com/docs/getting-started/fin#what-can-fin-do-today)
- [What does Fin's suggestion review show?](https://fincanva.com/docs/getting-started/fin#what-does-fins-suggestion-review-show)
- [Is there a Fin chat you can ask questions?](https://fincanva.com/docs/getting-started/fin#is-there-a-fin-chat-you-can-ask-questions)
- [What does the Holdings view show?](https://fincanva.com/docs/getting-started/holdings#what-does-the-holdings-view-show)
- [How is Holdings different from the Analysis view?](https://fincanva.com/docs/getting-started/holdings#how-is-holdings-different-from-the-analysis-view)
- [What shows when an instrument has no logo?](https://fincanva.com/docs/getting-started/instrument-logo#what-shows-when-an-instrument-has-no-logo)
- [Where does the picture come from?](https://fincanva.com/docs/getting-started/instrument-logo#where-does-the-picture-come-from)
- [Does marking a strategy Live trade anything?](https://fincanva.com/docs/getting-started/mark-live#does-marking-a-strategy-live-trade-anything)
- [What changes when a strategy is Live?](https://fincanva.com/docs/getting-started/mark-live#what-changes-when-a-strategy-is-live)
- [Who chooses which strategies keep being followed?](https://fincanva.com/docs/getting-started/mark-live#who-chooses-which-strategies-keep-being-followed)
- [What happens when your plan stops covering a Live strategy?](https://fincanva.com/docs/getting-started/mark-live#what-happens-when-your-plan-stops-covering-a-live-strategy)
- [Can you edit a Public strategy or screener?](https://fincanva.com/docs/getting-started/mine-public#can-you-edit-a-public-strategy-or-screener)
- [What is the difference between Mine and Public?](https://fincanva.com/docs/getting-started/mine-public#what-is-the-difference-between-mine-and-public)
- [What is a screener made of?](https://fincanva.com/docs/getting-started/screener#what-is-a-screener-made-of)
- [What can you do with a screener?](https://fincanva.com/docs/getting-started/screener#what-can-you-do-with-a-screener)
- [What do the two screener pools do?](https://fincanva.com/docs/getting-started/screener-attach#what-do-the-two-screener-pools-do)
- [How do the qualifying and rejecting pools combine?](https://fincanva.com/docs/getting-started/screener-attach#how-do-the-qualifying-and-rejecting-pools-combine)
- [Does editing the saved screener change strategies that already use it?](https://fincanva.com/docs/getting-started/screener-attach#does-editing-the-saved-screener-change-strategies-that-already-use-it)
- [What are the six steps in the Step by step view?](https://fincanva.com/docs/getting-started/step-by-step#what-are-the-six-steps-in-the-step-by-step-view)
- [Why does the step counter say fewer than six?](https://fincanva.com/docs/getting-started/step-by-step#why-does-the-step-counter-say-fewer-than-six)
- [Which steps does each strategy type require?](https://fincanva.com/docs/getting-started/step-by-step#which-steps-does-each-strategy-type-require)
- [Which steps does a Combined walk?](https://fincanva.com/docs/getting-started/step-by-step#which-steps-does-a-combined-walk)
- [What does a strategy contain?](https://fincanva.com/docs/getting-started/strategy#what-does-a-strategy-contain)
- [How is a strategy different from a Combined?](https://fincanva.com/docs/getting-started/strategy#how-is-a-strategy-different-from-a-combined)
- [What are the four strategy types?](https://fincanva.com/docs/getting-started/strategy-type#what-are-the-four-strategy-types)
- [Can you change a strategy's type later?](https://fincanva.com/docs/getting-started/strategy-type#can-you-change-a-strategys-type-later)

#### Terms

- [All at once](https://fincanva.com/docs/getting-started/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 step sequence to follow.
- [Asset type](https://fincanva.com/docs/getting-started/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/docs/getting-started/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.
- [Backtest](https://fincanva.com/docs/getting-started/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.
- [Benchmark](https://fincanva.com/docs/getting-started/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.
- [Combined](https://fincanva.com/docs/getting-started/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/docs/getting-started/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.
- [Duplicate and Copy to Mine](https://fincanva.com/docs/getting-started/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.
- [Filter](https://fincanva.com/docs/getting-started/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.
- [Fin](https://fincanva.com/docs/getting-started/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.
- [Holdings](https://fincanva.com/docs/getting-started/holdings.md): Holdings 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.
- [Instrument](https://fincanva.com/docs/getting-started/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/docs/getting-started/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.
- [Live book](https://fincanva.com/docs/getting-started/live-book.md): The live book is the Portfolios page listing every strategy you follow live, with a summary strip: median return, best and weakest, and how many are positive.
- [Mark Live](https://fincanva.com/docs/getting-started/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.
- [Mine / Public](https://fincanva.com/docs/getting-started/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.
- [Portfolio](https://fincanva.com/docs/getting-started/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.
- [Screener](https://fincanva.com/docs/getting-started/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/docs/getting-started/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.
- [Simulation engine](https://fincanva.com/docs/getting-started/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.
- [Step by step](https://fincanva.com/docs/getting-started/step-by-step.md): Step by step is Fincanva's strategy walk-through: one decision per step, up to six steps for a single strategy and four for a Combined, ending in a backtest.
- [Strategy](https://fincanva.com/docs/getting-started/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 in a Combined](https://fincanva.com/docs/getting-started/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/docs/getting-started/strategy-type.md): Strategy type is the shape you pick when creating a strategy — Single instrument, Multiple instruments, Screener, or Full setup — which decides its build steps.
- [Universe](https://fincanva.com/docs/getting-started/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.

### Investing theory

#### Guides

- [Is this financial advice?](https://fincanva.com/docs/investing-theory/is-this-financial-advice.md): No — Fincanva is a research and simulation tool and gives no financial or investment advice; backtests show what would have happened, not what will.

#### 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)
- [What gets cherry-picked in a backtest?](https://fincanva.com/docs/investing-theory/cherry-picking-bias#what-gets-cherry-picked-in-a-backtest)
- [How is cherry-picking bias different from selection bias and data-snooping bias?](https://fincanva.com/docs/investing-theory/cherry-picking-bias#how-is-cherry-picking-bias-different-from-selection-bias-and-data-snooping-bias)
- [What does Fincanva do about cherry-picking bias?](https://fincanva.com/docs/investing-theory/cherry-picking-bias#what-does-fincanva-do-about-cherry-picking-bias)
- [How does confirmation bias show up when you read a backtest?](https://fincanva.com/docs/investing-theory/confirmation-bias#how-does-confirmation-bias-show-up-when-you-read-a-backtest)
- [What separates confirmation bias from cherry-picking bias?](https://fincanva.com/docs/investing-theory/confirmation-bias#what-separates-confirmation-bias-from-cherry-picking-bias)
- [What does Fincanva do about confirmation bias?](https://fincanva.com/docs/investing-theory/confirmation-bias#what-does-fincanva-do-about-confirmation-bias)
- [Which costs does a cost-blind backtest leave out?](https://fincanva.com/docs/investing-theory/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/docs/investing-theory/cost-ignoring-bias#how-does-turnover-multiply-a-small-cost-into-a-large-one)
- [How do you read the gap between the gross and net figures?](https://fincanva.com/docs/investing-theory/cost-ignoring-bias#how-do-you-read-the-gap-between-the-gross-and-net-figures)
- [What kinds of data problems distort a backtest?](https://fincanva.com/docs/investing-theory/data-quality-bias#what-kinds-of-data-problems-distort-a-backtest)
- [What does Fincanva do about data quality?](https://fincanva.com/docs/investing-theory/data-quality-bias#what-does-fincanva-do-about-data-quality)
- [Why does testing many ideas produce a false winner?](https://fincanva.com/docs/investing-theory/data-snooping-bias#why-does-testing-many-ideas-produce-a-false-winner)
- [How is data-snooping bias different from overfitting?](https://fincanva.com/docs/investing-theory/data-snooping-bias#how-is-data-snooping-bias-different-from-overfitting)
- [What does Fincanva do about data-snooping bias?](https://fincanva.com/docs/investing-theory/data-snooping-bias#what-does-fincanva-do-about-data-snooping-bias)
- [What causes look-ahead bias in a backtest?](https://fincanva.com/docs/investing-theory/look-ahead-bias#what-causes-look-ahead-bias-in-a-backtest)
- [How does walk-forward replay avoid look-ahead bias?](https://fincanva.com/docs/investing-theory/look-ahead-bias#how-does-walk-forward-replay-avoid-look-ahead-bias)
- [How is look-ahead bias different from the other backtest biases?](https://fincanva.com/docs/investing-theory/look-ahead-bias#how-is-look-ahead-bias-different-from-the-other-backtest-biases)
- [Why does an overfitted strategy fail out of sample?](https://fincanva.com/docs/investing-theory/overfitting#why-does-an-overfitted-strategy-fail-out-of-sample)
- [How many parameter combinations does a search really cover?](https://fincanva.com/docs/investing-theory/overfitting#how-many-parameter-combinations-does-a-search-really-cover)
- [What is an in-sample / out-of-sample split?](https://fincanva.com/docs/investing-theory/overfitting#what-is-an-in-sample-out-of-sample-split)
- [What counts as a robust result?](https://fincanva.com/docs/investing-theory/overfitting#what-counts-as-a-robust-result)
- [What does Fincanva do about overfitting?](https://fincanva.com/docs/investing-theory/overfitting#what-does-fincanva-do-about-overfitting)
- [How is overfitting different from data-snooping bias?](https://fincanva.com/docs/investing-theory/overfitting#how-is-overfitting-different-from-data-snooping-bias)
- [What makes a sample unrepresentative?](https://fincanva.com/docs/investing-theory/selection-bias#what-makes-a-sample-unrepresentative)
- [What does Fincanva do about selection bias?](https://fincanva.com/docs/investing-theory/selection-bias#what-does-fincanva-do-about-selection-bias)
- [How is selection bias different from survivorship bias and cherry-picking?](https://fincanva.com/docs/investing-theory/selection-bias#how-is-selection-bias-different-from-survivorship-bias-and-cherry-picking)
- [Why does survivorship bias make results look better than reality?](https://fincanva.com/docs/investing-theory/survivorship-bias#why-does-survivorship-bias-make-results-look-better-than-reality)
- [How does Fincanva's data handle delisted companies?](https://fincanva.com/docs/investing-theory/survivorship-bias#how-does-fincanvas-data-handle-delisted-companies)
- [How is survivorship bias different from selection bias?](https://fincanva.com/docs/investing-theory/survivorship-bias#how-is-survivorship-bias-different-from-selection-bias)
- [Why does replaying forward prevent look-ahead bias?](https://fincanva.com/docs/investing-theory/walk-forward-replay#why-does-replaying-forward-prevent-look-ahead-bias)
- [What happens at each step of the replay?](https://fincanva.com/docs/investing-theory/walk-forward-replay#what-happens-at-each-step-of-the-replay)
- [How is walk-forward replay different from walk-forward optimization?](https://fincanva.com/docs/investing-theory/walk-forward-replay#how-is-walk-forward-replay-different-from-walk-forward-optimization)
- [What does walk-forward replay not protect you from?](https://fincanva.com/docs/investing-theory/walk-forward-replay#what-does-walk-forward-replay-not-protect-you-from)

#### Terms

- [Cherry-picking bias](https://fincanva.com/docs/investing-theory/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.
- [Confirmation bias](https://fincanva.com/docs/investing-theory/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.
- [Cost-ignoring bias](https://fincanva.com/docs/investing-theory/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.
- [Data-quality bias](https://fincanva.com/docs/investing-theory/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/docs/investing-theory/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.
- [Look-ahead bias](https://fincanva.com/docs/investing-theory/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.
- [Overfitting](https://fincanva.com/docs/investing-theory/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.
- [Selection bias](https://fincanva.com/docs/investing-theory/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.
- [Survivorship bias](https://fincanva.com/docs/investing-theory/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.
- [Walk-forward replay](https://fincanva.com/docs/investing-theory/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.

### 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.

#### 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)
- [Why can one recent instrument shorten a whole backtest?](https://fincanva.com/docs/data-methodology/coverage-window#why-can-one-recent-instrument-shorten-a-whole-backtest)
- [Why is market data gated by level at all?](https://fincanva.com/docs/data-methodology/data-tier-gating#why-is-market-data-gated-by-level-at-all)
- [What does data-tier gating control today?](https://fincanva.com/docs/data-methodology/data-tier-gating#what-does-data-tier-gating-control-today)
- [Why does Fincanva keep delisted instruments?](https://fincanva.com/docs/data-methodology/delisted#why-does-fincanva-keep-delisted-instruments)
- [What does point-in-time index membership mean?](https://fincanva.com/docs/data-methodology/delisted#what-does-point-in-time-index-membership-mean)
- [What happens to a position when its instrument delists mid-backtest?](https://fincanva.com/docs/data-methodology/delisted#what-happens-to-a-position-when-its-instrument-delists-mid-backtest)
- [What makes index membership point-in-time?](https://fincanva.com/docs/data-methodology/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/docs/data-methodology/index-lists-and-point-in-time-constituents#why-does-point-in-time-membership-matter-for-a-backtest)
- [Why don't two exchanges share the same trading days?](https://fincanva.com/docs/data-methodology/market-day-and-trading-calendar-alignment#why-dont-two-exchanges-share-the-same-trading-days)
- [Why does an instrument need an identifier other than its ticker?](https://fincanva.com/docs/data-methodology/permanent-instrument-identifier#why-does-an-instrument-need-an-identifier-other-than-its-ticker)
- [Which special data series does Fincanva keep?](https://fincanva.com/docs/data-methodology/special-data-series#which-special-data-series-does-fincanva-keep)
- [What happens when a date falls outside a series?](https://fincanva.com/docs/data-methodology/special-data-series#what-happens-when-a-date-falls-outside-a-series)
- [What is inside a SymbolsList?](https://fincanva.com/docs/data-methodology/symbolslist#what-is-inside-a-symbolslist)
- [How is a SymbolsList different from a universe or an index list?](https://fincanva.com/docs/data-methodology/symbolslist#how-is-a-symbolslist-different-from-a-universe-or-an-index-list)
- [Where does the Not tradable badge appear?](https://fincanva.com/docs/data-methodology/tradable-and-not-tradable#where-does-the-not-tradable-badge-appear)
- [Why can't you buy an index?](https://fincanva.com/docs/data-methodology/tradable-and-not-tradable#why-cant-you-buy-an-index)

#### Terms

- [Coverage window](https://fincanva.com/docs/data-methodology/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.
- [Data-tier gating](https://fincanva.com/docs/data-methodology/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/docs/data-methodology/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.
- [Index lists and point-in-time constituents](https://fincanva.com/docs/data-methodology/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.
- [Market-day and trading-calendar alignment](https://fincanva.com/docs/data-methodology/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.
- [Permanent instrument identifier](https://fincanva.com/docs/data-methodology/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.
- [Special data series](https://fincanva.com/docs/data-methodology/special-data-series.md): Special data series are the market-wide reference series Fincanva keeps beside instrument prices — interest rates, inflation, and valuation indicators.
- [SymbolsList](https://fincanva.com/docs/data-methodology/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.
- [Tradable and Not tradable](https://fincanva.com/docs/data-methodology/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.

### Account & security

#### Guides

- [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 state means, and how to cancel, restore, or change it — read from Settings → Billing, not guessed.
- [The 30-day trial](https://fincanva.com/docs/account-security/the-30-day-trial.md): New subscribers get 30 days on the plan they chose at checkout, with no card needed to start; cancel any time before day 31 and nothing is ever charged.
- [What each plan includes](https://fincanva.com/docs/account-security/what-each-plan-includes.md): Free, Starter, Advanced, Ultimate and Professional: the price of each, and the exact strategy, screener, Live and backtest limits each one grants.
- [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 → Usage answers two separate questions: how much you have saved and followed, and what your plan grants inside one strategy, model or screener.

#### Questions

- [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 does the plan card show once the subscription has ended?](https://fincanva.com/docs/account-security/what-happens-if-a-payment-fails#what-does-the-plan-card-show-once-the-subscription-has-ended)
- [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)
- [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, benchmarks, and FIN AI?](https://fincanva.com/docs/account-security/what-each-plan-includes#what-about-live-strategies-leverage-benchmarks-and-fin-ai)
- [What sets the backtest's starting year?](https://fincanva.com/docs/account-security/what-each-plan-includes#what-sets-the-backtests-starting-year)
- [How do these limits show up while I work?](https://fincanva.com/docs/account-security/what-each-plan-includes#how-do-these-limits-show-up-while-i-work)
- [Is there a trial?](https://fincanva.com/docs/account-security/the-30-day-trial#is-there-a-trial)
- [What does the trial include?](https://fincanva.com/docs/account-security/the-30-day-trial#what-does-the-trial-include)
- [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)
- [Can I cancel during the trial?](https://fincanva.com/docs/account-security/the-30-day-trial#can-i-cancel-during-the-trial)
- [What does "What you hold" show?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#what-does-what-you-hold-show)
- [What does "What your plan allows" show?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#what-does-what-your-plan-allows-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 does this page ever disagree with the billing card?](https://fincanva.com/docs/account-security/what-settings-usage-tells-you#why-does-this-page-ever-disagree-with-the-billing-card)
- [What does the billing card show?](https://fincanva.com/docs/account-security/how-to-read-your-plan#what-does-the-billing-card-show)
- [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)
- [Is the "Upgrade plan" link tied to a specific plan?](https://fincanva.com/docs/account-security/how-to-read-your-plan#is-the-upgrade-plan-link-tied-to-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)
- [What happens the moment I request deletion?](https://fincanva.com/docs/account-security/account-deletion#what-happens-the-moment-i-request-deletion)
- [How do I cancel a scheduled deletion?](https://fincanva.com/docs/account-security/account-deletion#how-do-i-cancel-a-scheduled-deletion)
- [What is deleted, and what is anonymized?](https://fincanva.com/docs/account-security/account-deletion#what-is-deleted-and-what-is-anonymized)
- [Does deletion sign my other devices out?](https://fincanva.com/docs/account-security/account-deletion#does-deletion-sign-my-other-devices-out)
- [What does the Active sessions list show?](https://fincanva.com/docs/account-security/active-sessions#what-does-the-active-sessions-list-show)
- [How do I sign out a device I'm not using?](https://fincanva.com/docs/account-security/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/docs/account-security/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/docs/account-security/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/docs/account-security/active-sessions#does-changing-my-password-sign-my-other-devices-out)
- [Can I use a passkey with Fincanva today?](https://fincanva.com/docs/account-security/passkeys#can-i-use-a-passkey-with-fincanva-today)
- [What is a passkey?](https://fincanva.com/docs/account-security/passkeys#what-is-a-passkey)
- [How is a passkey different from a password?](https://fincanva.com/docs/account-security/passkeys#how-is-a-passkey-different-from-a-password)
- [How does passwordless sign-in work?](https://fincanva.com/docs/account-security/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/docs/account-security/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/docs/account-security/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/docs/account-security/passwordless-sign-in#what-if-i-forget-my-password-or-never-set-one)
- [How strong does my password have to be?](https://fincanva.com/docs/account-security/passwordless-sign-in#how-strong-does-my-password-have-to-be)
- [Why does the plan card say "step" in English but "livello" in Italian?](https://fincanva.com/docs/account-security/plan-step#why-does-the-plan-card-say-step-in-english-but-livello-in-italian)
- [Which plans are on the scale, and which are not?](https://fincanva.com/docs/account-security/plan-step#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/docs/account-security/plan-step#is-this-the-same-as-the-five-plans-listed-on-what-each-plan-includes)
- [Is this the same "step" as the one on Settings → Usage?](https://fincanva.com/docs/account-security/plan-step#is-this-the-same-step-as-the-one-on-settings-usage)
- [What does two-factor authentication protect against?](https://fincanva.com/docs/account-security/two-factor-authentication#what-does-two-factor-authentication-protect-against)
- [How do I turn two-factor authentication on?](https://fincanva.com/docs/account-security/two-factor-authentication#how-do-i-turn-two-factor-authentication-on)
- [What are backup codes and when do I use them?](https://fincanva.com/docs/account-security/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/docs/account-security/two-factor-authentication#what-does-trust-this-browser-for-30-days-do)
- [What if I lose my phone?](https://fincanva.com/docs/account-security/two-factor-authentication#what-if-i-lose-my-phone)
- [Why do Your Privacy Choices and Notice at Collection stay in English?](https://fincanva.com/docs/account-security/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/docs/account-security/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/docs/account-security/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/docs/account-security/your-privacy-choices-and-notice-at-collection#where-do-i-find-your-privacy-choices)
- [Where do I find Notice at Collection?](https://fincanva.com/docs/account-security/your-privacy-choices-and-notice-at-collection#where-do-i-find-notice-at-collection)

#### Terms

- [Account deletion](https://fincanva.com/docs/account-security/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.
- [Active sessions](https://fincanva.com/docs/account-security/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.
- [Passkeys](https://fincanva.com/docs/account-security/passkeys.md): A passkey is a sign-in credential bound to one device and unlocked by its screen lock. Fincanva does not support passkeys yet — the setting reads Coming soon.
- [Passwordless sign-in](https://fincanva.com/docs/account-security/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.
- [Plan step](https://fincanva.com/docs/account-security/plan-step.md): The plan step is your position on Fincanva's paid-plan scale, shown as Step {rank} of {total} on the plan card. Free sits at step 0, unheld.
- [Two-factor authentication](https://fincanva.com/docs/account-security/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.
- [Your Privacy Choices and Notice at Collection](https://fincanva.com/docs/account-security/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.

## Changelog

- [Changelog](https://fincanva.com/changelog.md): dated record of what changed in Fincanva.