R-Multiple & Expectancy Calculator

1. R multiple of one trade

Side Entry price Stop loss Exit price

or with money

Risk at the stop ($) Result after costs ($)

Enter entry, stop and exit, or risk and result.

2. Expectancy from win rate

Win rate (%) Average win (R) Average loss (R) Risk per trade ($) Number of trades

3. Stats from your list of R values

Your trades in R, oldest first (spaces, commas or new lines; a dot for decimals)

The formulas

Risk per unit = |Entry − Stop|. R multiple = (Exit − Entry) × side ÷ Risk per unit, where side is +1 for a long and −1 for a short.
With money: R multiple = Result after costs ÷ Risk at the stop.
Expectancy (R) = Win rate × Average win − (1 − Win rate) × Average loss.
Break-even win rate = Average loss ÷ (Average win + Average loss).
Profit factor = sum of winning R ÷ sum of losing R (as a positive number).

Worked example

You buy gold at 2410.50 with a stop at 2405.50, so you risk 5.00 per ounce. You close at 2420.50, 10.00 above the entry. The trade is +2R: it made twice what it risked. If your risk at the stop was $250 and the trade made $496.50 after commission, the money version gives 496.50 ÷ 250 = +1.99R, a little less because of costs.

Now the system: you win 45% of trades, the winners average +2R and the losers −1R. Expectancy = 0.45 × 2 − 0.55 × 1 = +0.35R per trade. Risking $100 a trade, 100 trades would be worth about $3,500 on average, before the ups and downs along the way. You would break even at a win rate of 1 ÷ (2 + 1) = 33.3%.

Want the full story? Read R-multiple and expectancy explained, or keep track of every trade with the free trading journal template.

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The calculator shows averages from the numbers you type. It is not a forecast and not financial advice. Trading carries a high risk of loss.

Questions

What is an R multiple?

The result of a trade divided by the amount you risked on it. Risk $100 and make $250 and the trade is +2.5R; lose the full $100 and it is -1R. R lets you compare trades of any size and any market.

What is a good expectancy?

Any expectancy above zero, after costs and over enough trades, means the method has made money on average. Many traders see +0.1R to +0.5R per trade. A small sample of 10 or 20 trades can look much better or worse than the truth.

Can a strategy with a low win rate be profitable?

Yes, if the winners are big enough. With winners of +3R and losers of -1R you break even at a 25% win rate; at 35% the expectancy is +0.4R per trade.

Why is my R different with prices and with money?

The price version ignores commission and swap. The money version uses your result after costs, so it is usually a little lower and closer to the truth.

R-multiple and expectancy calculator