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RE: [amibroker] Calculation of Equity and Drawdowns - trying to understand what's going on..



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I 
"believe" that TJ is using only the Open price (in the example of delay = 1, 
Open) for the calculation and never looks at the intraday Low and High prices 
for this.  That is the difference in what I was doing. I was looking at the 
high price and low price but as the next trade for that stock 
shows:
<FONT face=Arial color=#0000ff 
size=2> <FONT 
color=#0000ff size=2>

<TABLE  cellSpacing=0 
cellPadding=0 width=620 border=0 x:str>
  
  <COL  
  width=53>
  <COL  
  width=71>
  <COL  
  width=30>
  <COL  
  width=29>
  <COL  
  width=38>
  <COL  
  width=39>
  <COL  
  span=4 width=50>
  <COL  
  width=64>
  <COL  
  width=47>
  <COL  
  width=49>
  
  
    <TD class=xl24 
     
    width=53 height=17>Ticker
    <TD class=xl24 
     
    width=71>Date/Time
    <TD class=xl24 
     
    width=30>Buy
    <TD class=xl24 
     
    width=29>Sell
    <TD class=xl24 
     
    width=38>Short
    <TD class=xl24 
     
    width=39>Cover
    <TD class=xl25 
     
    width=50>Open
    <TD class=xl25 
     
    width=50>Low
    <TD class=xl25 
     
    width=50>High
    <TD class=xl25 
     
    width=50>Close
    <TD class=xl25 
     
    width=64>Equity
    <TD class=xl25 
     
    width=47>CDD%
    <TD class=xl25 
     
    width=49>MDD%
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37390">05/14/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>1
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>44.03
    <TD class=xl25 
     
    align=right x:num>44.03
    <TD class=xl25 
     
    align=right x:num>45.41
    <TD class=xl25 
     
    align=right x:num>45.34
    <TD class=xl25 
     
    align=right x:num="10130.46">10,130.46
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37391">05/15/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl31 
     
    align=right x:num>45.20
    <TD class=xl25 
     
    align=right x:num>44.99
    <TD class=xl25 
     
    align=right x:num>46.10
    <TD class=xl25 
     
    align=right x:num>46.06
    <TD class=xl25 
     
    align=right x:num="10130.46">10,130.46
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl27 
     
    height=17>AD
    <TD class=xl28 
     
    align=right x:num="37392">05/16/2002
    <TD class=xl27 
     
    align=right x:num>0
    <TD class=xl27 
     
    align=right x:num>0
    <TD class=xl27 
     
    align=right x:num>0
    <TD class=xl27 
     
    align=right x:num>0
    <TD class=xl30 
     
    align=right x:num>46.26
    <TD class=xl29 
     
    align=right x:num>44.94
    <TD class=xl29 
     
    align=right x:num>46.58
    <TD class=xl29 
     
    align=right x:num>45.07
    <TD class=xl29 
     
    align=right x:num="9892.88">9,892.88
    <TD class=xl29 
     
    align=right x:num>-2.35
    <TD class=xl29 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37393">05/17/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>45.07
    <TD class=xl25 
     
    align=right x:num>44.45
    <TD class=xl25 
     
    align=right x:num>45.22
    <TD class=xl25 
     
    align=right x:num>45.10
    <TD class=xl25 
     
    align=right x:num="10159.59">10,159.59
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37396">05/20/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>45.05
    <TD class=xl25 
     
    align=right x:num>44.10
    <TD class=xl25 
     
    align=right x:num>45.18
    <TD class=xl25 
     
    align=right x:num>44.53
    <TD class=xl25 
     
    align=right x:num="10164.07">10,164.07
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37397">05/21/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>44.53
    <TD class=xl25 
     
    align=right x:num>43.62
    <TD class=xl25 
     
    align=right x:num>44.87
    <TD class=xl25 
     
    align=right x:num>43.97
    <TD class=xl25 
     
    align=right x:num="10280.62">10,280.62
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37398">05/22/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>44.00
    <TD class=xl25 
     
    align=right x:num>43.19
    <TD class=xl25 
     
    align=right x:num>44.00
    <TD class=xl25 
     
    align=right x:num>43.44
    <TD class=xl25 
     
    align=right x:num="10399.41">10,399.41
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37399">05/23/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>43.19
    <TD class=xl25 
     
    align=right x:num>43.05
    <TD class=xl25 
     
    align=right x:num>43.95
    <TD class=xl25 
     
    align=right x:num>43.95
    <TD class=xl25 
     
    align=right x:num="10580.95">10,580.95
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37400">05/24/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>43.95
    <TD class=xl25 
     
    align=right x:num>43.40
    <TD class=xl25 
     
    align=right x:num>43.95
    <TD class=xl25 
     
    align=right x:num>43.41
    <TD class=xl25 
     
    align=right x:num="10410.61">10,410.61
    <TD class=xl25 
     
    align=right x:num>-1.61
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37404">05/28/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>43.55
    <TD class=xl25 
     
    align=right x:num>42.55
    <TD class=xl25 
     
    align=right x:num>43.65
    <TD class=xl25 
     
    align=right x:num>42.98
    <TD class=xl25 
     
    align=right x:num="10500.26">10,500.26
    <TD class=xl25 
     
    align=right x:num>-0.76
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37405">05/29/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>42.99
    <TD class=xl25 
     
    align=right x:num>42.35
    <TD class=xl25 
     
    align=right x:num>42.99
    <TD class=xl25 
     
    align=right x:num>42.47
    <TD class=xl25 
     
    align=right x:num="10625.77">10,625.77
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37406">05/30/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>42.48
    <TD class=xl25 
     
    align=right x:num>41.90
    <TD class=xl25 
     
    align=right x:num>42.51
    <TD class=xl25 
     
    align=right x:num>42.05
    <TD class=xl25 
     
    align=right x:num="10740.08">10,740.08
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37407">05/31/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>42.00
    <TD class=xl25 
     
    align=right x:num>41.90
    <TD class=xl25 
     
    align=right x:num>42.50
    <TD class=xl25 
     
    align=right x:num>42.36
    <TD class=xl25 
     
    align=right x:num="10847.66">10,847.66
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37410">06/03/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>1
    <TD class=xl25 
     
    align=right x:num>42.42
    <TD class=xl25 
     
    align=right x:num>41.00
    <TD class=xl25 
     
    align=right x:num>42.42
    <TD class=xl25 
     
    align=right x:num>41.00
    <TD class=xl25 
     
    align=right x:num="10753.52">10,753.52
    <TD class=xl25 
     
    align=right x:num>-0.87
    <TD class=xl25 
     
    align=right x:num>-3.10
  
    <TD class=xl24 
     
    height=17>AD
    <TD class=xl26 
     
    align=right x:num="37411">06/04/2002
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl24 
     
    align=right x:num>0
    <TD class=xl25 
     
    align=right x:num>40.05
    <TD class=xl25 
     
    align=right x:num>39.91
    <TD class=xl25 
     
    align=right x:num>40.50
    <TD class=xl25 
     
    align=right x:num>40.49
    <TD class=xl25 
     
    align=right x:num="11284.7">11,284.70
    <TD class=xl25 
     
    align=right x:num>0.00
    <TD class=xl25 
     
    align=right x:num><FONT face=Arial 
size=2>-3.10
 
 224.<SPAN 
class=828385923-16052003>125  
shares
 
This shows that he 
calculates the CDD% using the 2 open prices in red:
 


SellPrice = <SPAN 
class=828385923-16052003>45.20 (one bar delay from short 
signal)

BuyPrice = <SPAN 
class=828385923-16052003>46.26 (the bar at which equity is 
calculated)

<SPAN 
> 

Profit ( <SPAN 
class=828385923-16052003>45.20 - 4<SPAN 
class=828385923-16052003>6.26 ) * 
<FONT 
face="Times New Roman">224.125 = -<SPAN 
class=828385923-16052003>237.5725

<SPAN 
> 

Now your equity at entry 
= 10,130.46 
<SPAN 
class=828385923-16052003>so equity 
at "yellow" line = 10,130.46 + Profit = 
10,130.46 -<SPAN 
class=828385923-16052003>237.5725= <SPAN 
class=828385923-16052003>9,892.888
<SPAN 
class=828385923-16052003> 
<SPAN 
class=828385923-16052003>Granted I did pick the very worst example in my post to 
TJ  to clear this up 
<SPAN 
class=828385923-16052003> 
<SPAN 
class=828385923-16052003>Clear as mud?
<SPAN 
class=828385923-16052003> 
<SPAN 
class=828385923-16052003><SPAN 
class=328072100-17052003>d

  
  <FONT 
  face=Tahoma size=2>-----Original Message-----From: Ken Close 
  [mailto:closeks@xxxxxxxx] Sent: Friday, May 16, 2003 7:59 
  PMTo: amibroker@xxxxxxxxxxxxxxxSubject: RE: [amibroker] 
  Calculation of Equity and Drawdowns - trying to understand what's going 
  on..
  
  <SPAN 
  >I would like to 
  clarify the difference between Maxdd and Max &#8220;Loss in Trade&#8221;
  <SPAN 
  > 
  <SPAN 
  >As an example, 
  suppose I buy a stock at 90 and it rises to 100, then falls to 80, then rises 
  to 85, and I sell it at 85. (Or the system makes these events 
  happen.)
  <SPAN 
  > 
  <SPAN 
  >I think the MaxDD is 
  20% (100-80/100) or 20/100, but the Max Loss in Trade is 5.55%  
  (90-85/90) or 5/90.  This latter phrase assumes that the 5.55% is the 
  maximum loss of all trades during the backtest period.
  <SPAN 
  > 
  <SPAN 
  >Is this 
  correct?
  <SPAN 
  > 
  <SPAN 
  >Ken
  <SPAN 
  > 
  <SPAN 
  >-----Original 
  Message-----From: Tomasz 
  Janeczko [mailto:amibroker@xxxxxx] <SPAN 
  >Sent: Friday, May 16, 2003 5:33 
  PMTo: 
  amibroker@xxxxxxxxxxxxxxx<SPAN 
  >Subject: Re: [amibroker] Calculation of 
  Equity and Drawdowns - trying to understand what's going 
on..
  <SPAN 
  > 
  
  
  <SPAN 
  >Hello,
  
  <SPAN 
  > 
  
  <SPAN 
  >The rule with no commission, no 
  interest:
  
  <SPAN 
  > 
  
  <SPAN 
  >Profit = ( SellPrice - BuyPrice ) * 
  NumOfShares;
  
  <SPAN 
  > 
  
  <SPAN 
  >(where sellprice is either sellprice or shortprice, 
  and buyprice is either buyprice or coverprice)
  
  <SPAN 
  > 
  
  <SPAN 
  >Your 
  
  <SPAN 
  >SellPrice = 44.46  (one bar delay from short 
  signal)
  
  <SPAN 
  >BuyPrice = 45.84 (the bar at which equity is 
  calculated)
  
  <SPAN 
  > 
  
  <SPAN 
  >Profit ( 44.46 - 45.84 ) * <FONT 
  face=Arial size=2>224.921 = 
  -310.3910
  
  <SPAN 
  > 
  
  <SPAN 
  >Now your equity at entry = 
  10000
  
  <SPAN 
  >so equity at "yellow" line = 10000 + Profit = 10000 - 
  310.3910 = 9689.61
  
  <SPAN 
  > 
  
  <SPAN 
  >Best regards,Tomasz 
  Janeczkoamibroker.com
  <BLOCKQUOTE 
  >
    
    <SPAN 
    >----- Original Message ----- 
    
    
    <FONT face=Arial 
    size=2><SPAN 
    >From:<FONT 
    face=Arial size=2> <A 
    title=dingo@xxxxxxxxxx href="">dingo 
    
    
    <SPAN 
    >To:<FONT 
    face=Arial size=2> <A 
    title=amibroker@xxxxxxxxxxxxxxx 
    href="">_amibroker_yahoo ; <A 
    title=tj@xxxxxxxxxxxxx href="">tj@xxxxxxxxxxxxx 
    
    
    <SPAN 
    >Sent:<FONT 
    face=Arial size=2> Friday, 
    May 16, 2003 9:49 PM
    
    <SPAN 
    >Subject:<FONT 
    face=Arial size=2> 
    [amibroker] Calculation of Equity and Drawdowns - trying to understand 
    what's going on..
    
    <SPAN 
    > 
    
    <SPAN 
    >Please 
    help me understand how Amibroker calculates equity and 
    drawdowns!!-----------------------------------------------------------------------------------Here 
    are my settings:Settings:   Delay = 1, Open for all 
    signals                 
    No interest, no commissions,  drawdown figures based on: worst 
    case-----------------------------------------------------------------------------------And 
    here is the Afl Used to produce the csv data which is below the 
    formula:
    
    <SPAN 
    >{buy/sell etc. goes 
    here}
    
    <SPAN 
    ><FONT 
    face="Courier New" size=2><SPAN 
    >E = 
    Equity();Filter=1;BIR      = 
    IIf(Status("BarInRange") > 0, 1, 0);CurEq    = 
    Equity();MaxEq    = 
    Highest(CurEq);CurDD    = IIf(BIR, 100 * (MaxEq - 
    CurEq) / MaxEq, 0);MaxDD    = 
    Highest(CurDD);AddColumn(Buy,"Buy",1.0);AddColumn(Sell,"Sell",1.0);AddColumn(Short,"Short",1.0);AddColumn(Cover,"Cover",1.0);AddColumn(O, 
    "Open",1.2);AddColumn(L, "Low",1.2);AddColumn(H, 
    "High",1.2);AddColumn(C, 
    "Close",1.2);AddColumn(MaxEq,"MaxEq",1.2);AddColumn(CurEq,"Equity()",1.2);AddColumn(-CurDD,"CDD%",1.2);AddColumn(-MaxDD,"MDD%",1.2);
    
    <SPAN 
    > 
    
    <TABLE class=MsoNormalTable  
    cellSpacing=0 cellPadding=0 width=672 border=0 u1:str>
      
      <COL  
      width=46>
      <COL  
      width=97>
      <COL  
      width=31>
      <COL  
      width=32>
      <COL  
      width=41>
      <COL  
      width=44>
      <COL  
      width=41>
      <COL  
      span=2 width=39>
      <COL  
      width=42>
      <COL  
      span=2 width=64>
      <COL  
      width=44>
      <COL  
      width=46>
      
      
        <TD 
         
        width=47 height=17>
          <SPAN 
          >Ticker
        <TD 
         
        width=97 height=17>
          <SPAN 
          >Date/Time
        <TD 
         
        width=31 height=17>
          <SPAN 
          >Buy
        <TD 
         
        width=32 height=17>
          <SPAN 
          >Sell
        <TD 
         
        width=41 height=17>
          <SPAN 
          >Short
        <TD 
         
        width=44 height=17>
          <SPAN 
          >Cover
        <TD 
         
        width=41 height=17>
          <SPAN 
          >Open
        <TD 
         
        width=39 height=17>
          <SPAN 
          >Low
        <TD 
         
        width=39 height=17>
          <SPAN 
          >High
        <TD 
         
        width=43 height=17>
          <SPAN 
          >Close
        <TD 
         
        width=64 height=17>
          <SPAN 
          >MaxEq
        <TD 
         
        width=64 height=17>
          <SPAN 
          >Equity()
        <TD 
         
        width=44 height=17>
          <SPAN 
          >CDD%
        <TD 
         
        width=47 height=17>
          <SPAN 
          >MDD%
      
        <TD 
         
        height=17>
          <SPAN 
          >AD
        <TD 
         
        height=17 u1:num="37377">
          <SPAN 
          >05/01/2002
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >1
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >43.40
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >43.00
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.61
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.51
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0.00
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0.00
      
        <TD 
         
        height=17>
          <SPAN 
          >AD
        <TD 
         
        height=17 u1:num="37378">
          <SPAN 
          >05/02/2002
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.46
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.19
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.19
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.48
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0.00
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0.00
      
        <TD 
         
        height=17>
          <SPAN 
          >AD
        <TD 
         
        height=17 u1:num="37379">
          <SPAN 
          >05/03/2002
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.73
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.67
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.19
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.07
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num="9939.27">
          <SPAN 
          >9,939.27
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-0.61
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-0.61
      
        <TD 
         
        height=17>
          <SPAN 
          >AD
        <TD 
         
        height=17 u1:num="37382">
          <SPAN 
          >05/06/2002
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.10
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.71
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.50
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.71
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num="9856.05">
          <SPAN 
          >9,856.05
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-1.44
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-1.44
      
        <TD 
         
        height=17>
          <SPAN 
          >AD
        <TD 
         
        height=17 u1:num="37383">
          <SPAN 
          >05/07/2002
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.70
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.60
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.36
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.17
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num="9946.02">
          <SPAN 
          >9,946.02
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-0.54
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-1.44
      
        <TD 
         
        height=17>
          <SPAN 
          >AD
        <TD 
         
        height=17 u1:num="37384">
          <SPAN 
          >05/08/2002
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.32
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.00
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.79
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >45.79
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num="9806.57">
          <SPAN 
          >9,806.57
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-1.93
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-1.93
      
        <TD 
         
        bgColor=yellow height=17>
          <SPAN 
          >AD
        <TD 
         
        bgColor=yellow height=17 u1:num="37385">
          <SPAN 
          >05/09/2002
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >45.84
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >44.80
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >45.84
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >44.80
        <TD 
         
        bgColor=yellow height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        bgColor=yellow height=17 u1:num="9689.61">
          <SPAN 
          >9,689.61
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >-3.10
        <TD 
         
        bgColor=yellow height=17 u1:num>
          <SPAN 
          >-3.10
      
        <TD 
         
        height=17>
          <SPAN 
          >AD
        <TD 
         
        height=17 u1:num="37386">
          <SPAN 
          >05/10/2002
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >1
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.84
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >43.76
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.84
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >43.88
        <TD 
         
        height=17 u1:num="10000">
          <SPAN 
          >10,000.00
        <TD 
         
        height=17 u1:num="9914.53">
          <SPAN 
          >9,914.53
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-0.85
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-3.10
      
        <TD 
         
        height=17>
          <SPAN 
          >AD
        <TD 
         
        height=17 u1:num="37389">
          <SPAN 
          >05/13/2002
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >43.88
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >43.51
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >44.09
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >43.90
        <TD 
         
        height=17 u1:num="10130.46">
          <SPAN 
          >10,130.46
        <TD 
         
        height=17 u1:num="10130.46">
          <SPAN 
          >10,130.46
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >0.00
        <TD 
         
        height=17 u1:num>
          <SPAN 
          >-3.10
      
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
      
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          >224.921 
          shares
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          
          <SPAN 
          > 
          
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
        <TD 
         
        height=17>
          <SPAN 
          > 
    
    <SPAN 
    > 
    
    <SPAN 
    >The trade in the above is a 
    Short and the results are from an Exploration.
    
    <SPAN 
    > 
    
    <SPAN 
    >The line I'm interested in is 
    the yellow one.  How did the equity() calc come up with 9,689.61?  
    
    
    <SPAN 
    > 
    
    <SPAN 
    >Thanks for any/all 
    explanations!!
    
    <SPAN 
    > 
    
    <SPAN 
    >d
    <SPAN 
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