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P&L analysis

The P&L analysis page

The P&L Analysis page (/app/journal/analysis) is Journal's main screen — your entire trade history with realised P&L, unrealised P&L, and corporate-action-adjusted round trips.

What you see

  • Summary cards — total realised, unrealised (on open positions), invested capital, total P&L
  • Per-symbol breakdown — every symbol you've traded with its realised P&L, open position (if any), win/loss ratio
  • Segment filter — EQ / F&O / All
  • Time period filter — monthly, yearly, all-time

How the P&L engine works

Journal's P&L is computed by _pair_trades — a FIFO pairing engine that matches buys against sells, accounts for corporate actions, and produces both realised and unrealised P&L.

The flow for each symbol is roughly:

  1. Load all trades in chronological order
  2. Apply corporate action adjustments:
    • Stock splits — adjust qty and price for every pre-split trade
    • Mergers — convert old symbol trades to the new symbol
    • Demergers — create virtual child-symbol buys at the allocated cost basis, reduce parent cost per tax law (§49 2C/2D)
    • Buybacks — create virtual sell trades for off-market tenders
    • F&O expiry — settle ITM options at intrinsic value, handle physical delivery for stock options
  3. Merge partial fills by order_id (VWAP)
  4. Run FIFO pairing — each sell consumes oldest unrealised buys
  5. Clamp negative EQ positions at day boundaries (intraday shorts are allowed, next-day short positions are not)
  6. Return: realised P&L per round trip, unrealised P&L per open position

Known correctness boundary

The P&L engine has been cross-validated against Kite's P&L report to within 1-2% (our number is typically slightly higher, because we correctly reduce parent cost basis on partial demergers which Kite's report does not — see §49(2C/2D)).

Specific edge cases documented:

  • RELIANCE / JIOFIN demerger — partial (9.8% cost allocation), handled via sell+rebuy virtual trades
  • ITC / ITCHOTELS demerger — partial (13.51%), same approach
  • TATAMOTORS / TMPV / TMCV demerger — full split (60.6% / 39.4%), creates child symbols at allocated cost
  • POWERGRID / RECLTD / PFC splits — rounding artifacts fixed via step 1c correction
  • ITM option settlement — NIFTY/BANKNIFTY cash-settle at intrinsic; stock options physical-delivery
  • Granules buyback — reconstructed from off-market tender data

See the CLAUDE.md in the repo for the full list.

Open positions

Open positions (unrealised) come from the same pairing pass — after all sells are consumed, whatever remains on the buy side is "open". For each open position, Journal fetches the latest price from the historical_prices table (Yahoo Finance cached) and computes unrealised P&L.

Caveat: option contracts (CE/PE) don't have Yahoo Finance prices. Open option positions show in the listing but unrealised P&L is null.

Prerequisites

You need tradebook data. See Tradebook import.

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