1.The life of a call
Every call is published with an instrument, a direction (BUY or SELL), an entry zone, a stop-loss, up to three targets, a chart timeframe and an invalidation: the condition that would show the view is wrong.
- Published: waiting for the price to reach the entry zone. An entry window ("Valid until") may apply.
- Entered: the price traded in the zone and the analyst recorded the fill, the price the call was entered at.
- Open: the call is live. After Target 1 is reached it stays open for the next target, and the analyst may post an instruction to trail the stop-loss.
- Closed: the call was exited, at its stop-loss, at a target, at a trailed stop or at another price on the analyst's instruction.
- Cancelled: withdrawn before entry, for example because the invalidation happened first. It was never traded.
2.How a call closes
| Status | What happened |
|---|---|
| Stop-loss hit | Entered, then exited at the published stop-loss, at a loss. |
| Target reached | Exited at or beyond a target. |
| Closed at cost | A stop trailed to the entry price was reached. The result is zero. |
| Trailing stop, in profit | A stop trailed beyond the entry price was reached. The result is a gain. |
| Closed | Exited at another price, for example on the analyst's instruction. The exit price is shown. |
| Cancelled | Withdrawn before entry. Never traded, so it has no result, but it stays on the record. |
3.How the result is measured
- From fill to exit. The result is measured from the call's actual entry fill to its exit price, as a percentage of the fill.
- One entry, one exit. A call is entered once and exited once. Booking part of a position at a target is not modelled.
- Trailed stops at the real exit. A call that closes on a trailed stop is scored at the price it actually exited, so it can close at cost or in profit.
- Targets named only when exact. A call is said to have closed at a target only when its exit price equals that target; otherwise no target is named.
- Before costs. Results are before brokerage, taxes and slippage. Anyone's own fills will differ.
4.Results in R
R is the risk taken on the call: the distance from the fill to the stop-loss published with the call. A result in R is the move from the fill divided by that risk. It puts calls with different stop distances on one scale: −1R is a full stop-loss on any instrument.
Illustration only: a made-up BUY call filled at 100 with a stop-loss at 96, so R is 4 points. Not a recommendation.
| Exit at | Move from 100 | Result in R |
|---|---|---|
| 112 (Target 3) | +12 | +3.00R |
| 104 (Target 1) | +4 | +1.00R |
| 100 (entry, trailed stop) | 0 | 0.00R |
| 96 (stop-loss) | −4 | −1.00R |
5.Holding time
Holding time is given two ways: calendar days in India Standard Time from fill to exit (an intraday call is "same day"), and candles of the call's own chart timeframe. Candles are counted during market hours only, so a weekend adds none.
6.What is not counted
- Cancelled calls. They stay on the record but carry no result, because they were never traded.
- Open calls. Their latest price comes from a TradingView alert or the analyst, not an exchange feed, and they are not part of the record until they close.
- Anyone's own trades. The record is the call's, measured from the call's own fill and exit.
7.Why there are no headline numbers
SEBI's advertisement rules allow a Research Analyst to publish past performance only when a Past Risk and Return Verification Agency (PaRRVA) has verified it, and never as an accuracy figure. So this page explains the method and shows no totals, counts of winning calls or returns.
The members' track record lists each closed and cancelled call with its own levels, dates and result. Its download has one row per call and no totals or averages.
