An evaluation, also called a challenge or combine, is the assessment where you must hit a profit target without breaching the drawdown, daily loss, or other rules. Pass it and you are offered a funded account.
Different firms name it differently (FTMO Challenge, Topstep Combine, Apex evaluation) but the structure is the same: prove discipline against fixed limits.
See it on your own trades.
Merlin computes the metrics and rule distances above from your imported history, and checks your next trade against them before you enter.
One click. No email, no card.
Firm figures reflect published rules at the time of writing. Firms revise rules often, so verify against the firm's site before relying on them.
Merlin's gauges derive from closed trades. Your firm watches live equity including open positions.
MerlinTrade is independent trading-journal software and is not affiliated with, endorsed by, or sponsored by any prop firm. All trademarks belong to their owners.