Expectancy = (win rate × average win) − (loss rate × average loss). A positive expectancy means the system makes money on average; the size of it tells you how much per trade.
Expectancy matters more than win rate: a 40% win rate with 2.5R winners beats a 70% win rate that cuts winners short.
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.
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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.