Expectancy
The average profit or loss per trade: (win rate × average win) − (loss rate × average loss). Positive expectancy is what makes a strategy viable; turnover then scales it into returns. Small positive expectancies are fragile — costs and slippage eat them first.
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Related terms
Win RateThe fraction of closed trades that ended profitable. Alone it says lit…SlippageThe difference between the price a strategy expected and the price it …
Backtests are hypothetical, computed by DeployQuant's engine on minute-resolution consolidated US market data (2021-01-04 to 2026-07-17, $10,000 starting capital, no margin, fees and slippage not modeled) and do not guarantee future results. Nothing on this page is investment advice. Live trading involves risk of loss.