Symbols / QBTS $14.38 +3.64% D-Wave Quantum Inc.

Technology • Computer Hardware • United States • NYQ
QBTS Chart
About

D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server. The company also provides Leap hybrid solver service that offers a combination of quantum and classical computation resources and advanced algorithms to solve problems of enterprise scale; and D-Wave Launch, a phased approach to identify and build in-production quantum hybrid applications, including training sessions and quantum computing access. In addition, the company offers D-Wave Advantage annealing quantum computing systems; and Ocean developer tools. Its quantum solutions are used in allocation, resource scheduling, factory scheduling, vehicle routing, logistics optimization, drug discovery, industrial construction design, portfolio optimization and maintenance, repair, and overhaul optimization. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.

Fundamentals
Scroll to Statements
Sector Technology Industry Computer Hardware Market Cap 5.32B
Enterprise Value 4.29B Income -355.06M Sales 24.59M
Book/sh 2.38 Cash/sh 2.39 Dividend Yield
Payout 0.00% Employees 382 IPO
P/E Forward P/E -38.93 PEG
P/S 216.27 P/B 6.05 P/C
EV/EBITDA -43.42 EV/Sales 174.47 Quick Ratio 42.05
Current Ratio 42.38 Debt/Eq 5.10 LT Debt/Eq
EPS (ttm) -1.11 EPS next Y -0.37 EPS Growth
Revenue Growth 19.20% Earnings 2026-05-07 ROA -11.24%
ROE -77.62% ROIC Gross Margin 82.59%
Oper. Margin -12.66% Profit Margin 0.00% Shs Outstand 366.74M
Shs Float 360.01M Short Float 15.18% Short Ratio 2.27
Short Interest 52W High 46.75 52W Low 5.97
Beta 1.77 Avg Volume 26.82M Volume 11.61M
Target Price $36.76 Recom Strong_buy Prev Close $13.87
Price $14.38 Change 3.64%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$36.76
Mean price target
2. Current target
$14.38
Latest analyst target
3. DCF / Fair value
$-2.85
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$14.38
Low
$19.58
High
$45.00
Mean
$36.76

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-27 main Mizuho Outperform → Outperform $40
2026-02-27 main Evercore ISI Group Outperform → Outperform $42
2026-02-27 main Roth Capital Buy → Buy $30
2026-02-26 main Needham Buy → Buy $40
2026-01-29 reit Needham Buy → Buy $48
2026-01-28 main Rosenblatt Buy → Buy $43
2026-01-23 reit Benchmark Buy → Buy $35
2026-01-22 reit Needham Buy → Buy $48
2026-01-08 main Rosenblatt Buy → Buy $43
2026-01-07 main Rosenblatt Buy → Buy $40
2025-12-17 init Wedbush — → Outperform $35
2025-12-16 init Jefferies — → Buy $45
2025-12-11 init Mizuho — → Outperform $46
2025-12-03 init Evercore ISI Group — → Outperform $44
2025-11-10 main Benchmark Buy → Buy $35
2025-11-07 main Canaccord Genuity Buy → Buy $41
2025-11-07 main Cantor Fitzgerald Overweight → Overweight $40
2025-11-07 main Rosenblatt Buy → Buy $40
2025-09-22 main B. Riley Securities Buy → Buy $33
2025-08-08 main Piper Sandler Overweight → Overweight $22
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-16 GHAI ROHIT Director 10,000 $17.62 $176,168
2026-03-13 MARKOVICH JOHN M Chief Financial Officer 10,706 $17.63 $188,723
2026-03-13 NGUYEN DIANE General Counsel 2,532 $17.63 $44,634
2026-03-05 DILULLO JOHN DAVID Director 8,000 $18.01 $144,098
2026-02-19 NGUYEN DIANE General Counsel 28,068 $0.00 $0
2026-02-13 NGUYEN DIANE General Counsel 1,451 $19.76 $28,671
2026-01-14 BARATZ ALAN E Chief Executive Officer 35,013 $28.06 $982,545
2026-01-14 MARKOVICH JOHN M Chief Financial Officer 9,179 $28.06 $257,584
2026-01-14 NGUYEN DIANE General Counsel 24,519 $28.06 $703,972
2025-12-22 BARATZ ALAN E Chief Executive Officer 793,712 $30.13 $23,913,114
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
24.59
+178.54%
8.83
+0.79%
8.76
+22.10%
7.17
Operating Revenue
24.42
+181.23%
8.68
-0.32%
8.71
+22.79%
7.09
Cost Of Revenue
4.28
+31.16%
3.26
-21.08%
4.14
+41.50%
2.92
Reconciled Cost Of Revenue
4.28
+31.16%
3.26
-21.08%
4.14
+41.50%
2.92
Gross Profit
20.31
+265.02%
5.56
+20.36%
4.62
+8.75%
4.25
Operating Expense
120.67
+45.77%
82.79
-2.80%
85.17
+33.68%
63.71
Research And Development
50.73
+43.72%
35.30
-6.81%
37.88
+18.00%
32.10
Selling General And Administration
69.94
+47.29%
47.49
+0.41%
47.29
+49.62%
31.61
Selling And Marketing Expense
28.75
+90.88%
15.06
+46.59%
10.28
+2.07%
10.07
General And Administrative Expense
41.19
+27.03%
32.42
-12.41%
37.01
+71.85%
21.54
Other Gand A
41.19
+27.03%
32.42
-12.41%
37.01
+71.85%
21.54
Other Operating Expenses
Total Expenses
124.95
+45.21%
86.05
-3.64%
89.30
+34.03%
66.63
Operating Income
-100.37
-29.97%
-77.22
+4.13%
-80.55
-35.47%
-59.46
Total Operating Income As Reported
-100.37
-29.97%
-77.22
+4.13%
-80.55
-35.47%
-59.46
EBITDA
-348.74
-152.62%
-138.05
-70.78%
-80.83
-64.85%
-49.03
Normalized EBITDA
-78.04
-9.46%
-71.30
+12.08%
-81.09
-48.59%
-54.58
Reconciled Depreciation
2.31
+19.36%
1.93
+4.72%
1.84
-20.92%
2.33
EBIT
-351.05
-150.78%
-139.98
-69.31%
-82.68
-60.96%
-51.37
Total Unusual Items
-270.70
-305.54%
-66.75
-25577.10%
0.26
-95.27%
5.54
Total Unusual Items Excluding Goodwill
-270.70
-305.54%
-66.75
-25577.10%
0.26
-95.27%
5.54
Special Income Charges
0.00
+100.00%
-0.63
Restructuring And Mergern Acquisition
0.00
-100.00%
0.63
Net Income
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Pretax Income
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Net Non Operating Interest Income Expense
20.10
+1031.08%
-2.16
-0.19%
-2.15
+7.71%
-2.33
Interest Expense Non Operating
4.01
+2.98%
3.90
+10432.43%
0.04
-98.42%
2.33
Net Interest Income
20.10
+1031.08%
-2.16
-0.19%
-2.15
+7.71%
-2.33
Interest Expense
4.01
+2.98%
3.90
+10432.43%
0.04
-98.42%
2.33
Interest Income Non Operating
24.11
+1287.51%
1.74
5.67
Interest Income
24.11
+1287.51%
1.74
5.67
Other Income Expense
-274.80
-326.06%
-64.50
-460592.86%
-0.01
-100.17%
8.09
Other Non Operating Income Expenses
-4.10
-281.85%
2.25
+916.30%
-0.28
-110.84%
2.55
Gain On Sale Of Security
-270.70
-305.54%
-66.75
-25577.10%
0.26
-95.76%
6.17
Tax Rate For Calcs
0.00
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Net Income From Continuing Operation Net Minority Interest
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Net Income From Continuing And Discontinued Operation
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Net Income Continuous Operations
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Normalized Income
-84.36
-9.38%
-77.13
+7.05%
-82.98
-40.06%
-59.25
Net Income Common Stockholders
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Diluted EPS
-1.11
-48.00%
-0.75
-25.00%
-0.60
-33.33%
-0.45
Basic EPS
-1.11
-48.00%
-0.75
-25.00%
-0.60
-33.33%
-0.45
Basic Average Shares
321.20
+67.18%
192.13
+39.23%
137.99
+15.33%
119.65
Diluted Average Shares
321.20
+67.18%
192.13
+39.23%
137.99
+15.33%
119.65
Diluted NI Availto Com Stockholders
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Total Other Finance Cost
2.12
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
915.81
+358.24%
199.85
+236.70%
59.36
+120.27%
26.95
Current Assets
896.23
+384.35%
185.04
+293.32%
47.05
+237.85%
13.93
Cash Cash Equivalents And Short Term Investments
884.48
+396.96%
177.98
+330.87%
41.31
+484.67%
7.07
Cash And Cash Equivalents
635.35
+256.98%
177.98
+330.87%
41.31
+484.67%
7.07
Cash Equivalents
Cash Financial
635.35
+256.98%
177.98
+330.87%
41.31
+484.67%
7.07
Other Short Term Investments
249.13
0.00
Receivables
4.68
+166.06%
1.76
+6.48%
1.65
+53.10%
1.08
Accounts Receivable
1.59
+11.76%
1.42
-14.04%
1.65
+118.23%
0.76
Gross Accounts Receivable
1.59
-0.50%
1.60
-3.39%
1.65
Allowance For Doubtful Accounts Receivable
-0.00
+99.43%
-0.18
0.00
Other Receivables
0.32
Taxes Receivable
0.09
0.00
Accrued Interest Receivable
3.09
+812.39%
0.34
Inventory
2.78
+64.65%
1.69
-18.86%
2.08
-5.37%
2.20
Raw Materials
2.75
+63.74%
1.68
-18.27%
2.05
-5.44%
2.17
Work In Process
0.03
+233.33%
0.01
-65.38%
0.03
+0.00%
0.03
Prepaid Assets
3.49
+47.97%
2.36
+50.41%
1.57
-23.35%
2.05
Current Deferred Assets
0.00
Other Current Assets
0.80
-36.02%
1.25
+185.23%
0.44
-71.39%
1.54
Total Non Current Assets
19.58
+32.19%
14.81
+20.33%
12.31
-5.47%
13.02
Net PPE
14.36
+26.02%
11.39
+5.75%
10.77
-5.71%
11.43
Gross PPE
40.22
+10.50%
36.40
+4.52%
34.83
+0.84%
34.54
Accumulated Depreciation
-25.86
-3.42%
-25.01
-3.97%
-24.05
-4.08%
-23.11
Properties
0.00
0.00
0.00
0.00
Buildings And Improvements
6.52
-10.23%
7.26
-11.70%
8.22
-9.96%
9.13
Machinery Furniture Equipment
21.23
+8.57%
19.55
+9.87%
17.80
+1.24%
17.58
Construction In Progress
2.51
+200.72%
0.84
-6.49%
0.89
+939.53%
0.09
Other Properties
7.55
+10.10%
6.86
+0.34%
6.84
+2.60%
6.67
Leases
2.41
+27.42%
1.89
+75.72%
1.07
+0.00%
1.07
Goodwill And Other Intangible Assets
0.92
+86.73%
0.49
+173.74%
0.18
-26.64%
0.24
Other Intangible Assets
0.92
+86.73%
0.49
+173.74%
0.18
-26.64%
0.24
Investments And Advances
2.39
-7.11%
2.57
+120.38%
1.17
+0.00%
1.17
Non Current Deferred Assets
1.67
+856.90%
0.17
0.00
Non Current Prepaid Assets
0.25
+38.67%
0.18
-4.23%
0.19
+3.28%
0.18
Other Non Current Assets
0.17
1.35
Total Liabilities Net Minority Interest
63.58
-53.66%
137.21
+63.66%
83.84
+48.62%
56.41
Current Liabilities
21.15
-29.85%
30.14
+167.96%
11.25
-29.86%
16.04
Payables And Accrued Expenses
6.44
+57.07%
4.10
+15.07%
3.56
-59.31%
8.76
Payables
0.95
+16.56%
0.81
-44.37%
1.47
-61.00%
3.76
Accounts Payable
0.95
+16.56%
0.81
-44.37%
1.47
-61.00%
3.76
Other Payable
0.45
Current Accrued Expenses
5.49
+67.12%
3.29
+56.58%
2.10
-58.05%
5.00
Pensionand Other Post Retirement Benefit Plans Current
10.35
+88.18%
5.50
+69.46%
3.25
+97.75%
1.64
Current Debt And Capital Lease Obligation
1.58
-14.95%
1.86
+4.91%
1.77
-53.54%
3.82
Current Debt
0.13
-61.49%
0.35
-12.78%
0.40
-82.52%
2.28
Other Current Borrowings
0.13
-61.49%
0.35
-12.78%
0.40
-78.58%
1.86
Current Capital Lease Obligation
1.45
-4.23%
1.51
+10.04%
1.37
-10.37%
1.53
Current Deferred Liabilities
2.78
-85.13%
18.69
+600.11%
2.67
+46.17%
1.83
Current Deferred Revenue
2.78
-85.13%
18.69
+600.11%
2.67
+46.17%
1.83
Other Current Liabilities
0.45
Total Non Current Liabilities Net Minority Interest
42.44
-60.36%
107.06
+47.49%
72.59
+79.80%
40.37
Long Term Debt And Capital Lease Obligation
41.88
+14.67%
36.52
-48.48%
70.88
+84.25%
38.47
Long Term Debt
35.83
+18.91%
30.13
-52.81%
63.85
+104.86%
31.17
Long Term Capital Lease Obligation
6.05
-5.31%
6.39
-9.09%
7.03
-3.74%
7.30
Non Current Deferred Liabilities
0.56
-16.42%
0.67
+748.10%
0.08
+777.78%
0.01
Non Current Deferred Revenue
0.56
-16.42%
0.67
+748.10%
0.08
+777.78%
0.01
Other Non Current Liabilities
Stockholders Equity
852.23
+1260.39%
62.65
+355.90%
-24.48
+16.91%
-29.46
Common Stock Equity
852.23
+1260.39%
62.65
+355.90%
-24.48
+16.91%
-29.46
Capital Stock
0.04
+29.63%
0.03
+68.75%
0.02
+45.45%
0.01
Common Stock
0.04
+29.63%
0.03
+68.75%
0.02
+45.45%
0.01
Preferred Stock
0.00
Share Issued
358.74
+34.56%
266.60
+65.47%
161.11
+42.16%
113.34
Ordinary Shares Number
358.74
+34.56%
266.60
+65.47%
161.11
+42.16%
113.34
Additional Paid In Capital
1,843.22
+163.29%
700.07
+49.24%
469.08
+23.03%
381.27
Retained Earnings
-982.00
-56.63%
-626.94
-29.78%
-483.06
-20.66%
-400.35
Gains Losses Not Affecting Retained Earnings
-9.02
+14.17%
-10.51
+0.07%
-10.52
-1.11%
-10.40
Other Equity Adjustments
-9.02
+14.17%
-10.51
+0.07%
-10.52
-1.11%
-10.40
Total Equity Gross Minority Interest
852.23
+1260.39%
62.65
+355.90%
-24.48
+16.91%
-29.46
Total Capitalization
888.05
+857.22%
92.77
+135.65%
39.37
+2209.03%
1.71
Working Capital
875.08
+464.95%
154.90
+332.72%
35.80
+1792.48%
-2.12
Invested Capital
888.19
+853.79%
93.12
+134.16%
39.77
+897.19%
3.99
Total Debt
43.46
+13.24%
38.38
-47.18%
72.65
+71.81%
42.28
Net Debt
22.94
-13.05%
26.39
Capital Lease Obligations
7.50
-5.10%
7.90
-5.96%
8.40
-4.89%
8.83
Net Tangible Assets
851.32
+1269.64%
62.16
+352.05%
-24.66
+16.99%
-29.71
Tangible Book Value
851.32
+1269.64%
62.16
+352.05%
-24.66
+16.99%
-29.71
Available For Sale Securities
2.39
-7.11%
2.57
+120.38%
1.17
+0.00%
1.17
Current Notes Payable
0.00
-100.00%
0.42
Derivative Product Liabilities
0.00
-100.00%
69.88
+4186.81%
1.63
-13.85%
1.89
Investmentin Financial Assets
2.39
-7.11%
2.57
+120.38%
1.17
+0.00%
1.17
Preferred Stock Equity
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-71.98
-68.80%
-42.64
+29.69%
-60.65
-34.10%
-45.23
Cash Flow From Continuing Operating Activities
-71.98
-68.80%
-42.64
+29.69%
-60.65
-34.10%
-45.23
Net Income From Continuing Operations
-355.06
-146.78%
-143.88
-73.95%
-82.72
-54.03%
-53.70
Depreciation Amortization Depletion
2.31
+19.36%
1.93
+4.72%
1.84
-20.92%
2.33
Depreciation
2.31
+19.36%
1.93
+4.72%
1.84
-20.92%
2.33
Depreciation And Amortization
2.31
+19.36%
1.93
+4.72%
1.84
-20.92%
2.33
Other Non Cash Items
0.24
+116.72%
-1.44
-257.49%
0.92
-63.72%
2.52
Stock Based Compensation
22.66
+44.67%
15.66
-28.55%
21.92
+139.19%
9.16
Provisionand Write Offof Assets
0.01
-93.28%
0.13
+318.75%
0.03
-52.24%
0.07
Operating Gains Losses
272.54
+329.57%
63.44
+9054.83%
0.69
+108.03%
-8.63
Gain Loss On Investment Securities
270.70
+305.54%
66.75
+25577.10%
-0.26
+95.76%
-6.17
Unrealized Gain Loss On Investment Securities
0.00
-100.00%
0.65
+200.78%
-0.64
Net Foreign Currency Exchange Gain Loss
1.84
+155.52%
-3.31
-446.28%
0.95
+138.84%
-2.46
Change In Working Capital
-14.67
-170.31%
20.86
+873.24%
-2.70
-189.28%
3.02
Change In Receivables
-0.20
-248.91%
0.14
+124.73%
-0.55
-155.68%
0.99
Changes In Account Receivables
-0.20
-248.91%
0.14
+116.75%
-0.82
-142.73%
-0.34
Change In Inventory
-2.40
-1015.35%
-0.21
+9.28%
-0.24
-60.14%
-0.15
Change In Prepaid Assets
-0.58
+62.97%
-1.58
-196.58%
1.64
+522.74%
-0.39
Change In Payables And Accrued Expense
7.21
+45.62%
4.95
+224.12%
-3.99
-192.49%
4.31
Change In Accrued Expense
6.94
+25.72%
5.52
+501.75%
-1.37
-292.17%
0.71
Change In Payable
0.27
+147.02%
-0.57
+78.19%
-2.61
-172.67%
3.60
Change In Account Payable
0.27
+147.02%
-0.57
+78.19%
-2.61
-172.67%
3.60
Change In Other Working Capital
-16.02
-196.45%
16.61
+1633.61%
0.96
+203.12%
-0.93
Change In Other Current Assets
-1.93
-387.89%
0.67
+22400.00%
-0.00
0.00
Change In Other Current Liabilities
-0.74
-354.27%
0.29
+157.45%
-0.51
+37.88%
-0.82
Investing Cash Flow
-251.13
-7895.38%
-3.14
-398.57%
-0.63
-26.51%
-0.50
Cash Flow From Continuing Investing Activities
-251.13
-7895.38%
-3.14
-398.57%
-0.63
-26.51%
-0.50
Net PPE Purchase And Sale
-3.86
-83.38%
-2.11
-261.23%
-0.58
-37.83%
-0.42
Purchase Of PPE
-3.86
-83.38%
-2.11
-261.23%
-0.58
-37.83%
-0.42
Capital Expenditure
-4.31
-79.83%
-2.40
-280.16%
-0.63
-26.51%
-0.50
Capital Expenditure Reported
-0.45
-53.98%
-0.29
-514.89%
-0.05
Net Investment Purchase And Sale
-247.79
-33115.42%
-0.75
0.00
Purchase Of Investment
-247.79
-24678.70%
-1.00
0.00
Sale Of Investment
0.00
-100.00%
0.25
0.00
Net Intangibles Purchase And Sale
-0.05
+37.33%
-0.07
Purchase Of Intangibles
-0.05
+37.33%
-0.07
Net Other Investing Changes
0.96
Financing Cash Flow
779.15
+327.05%
182.45
+90.78%
95.64
+121.05%
43.27
Cash Flow From Continuing Financing Activities
779.15
+327.05%
182.45
+90.78%
95.64
+121.05%
43.27
Net Issuance Payments Of Debt
0.05
+100.15%
-30.37
-213.54%
26.75
+1501.15%
-1.91
Issuance Of Debt
0.41
0.00
-100.00%
29.01
+45.04%
20.00
Repayment Of Debt
-0.36
+98.80%
-30.37
-1244.40%
-2.26
+89.69%
-21.91
Long Term Debt Issuance
0.41
0.00
-100.00%
29.01
+45.04%
20.00
Long Term Debt Payments
-0.36
+98.80%
-30.37
-1551.44%
-1.84
+91.61%
-21.91
Net Long Term Debt Issuance
0.05
+100.15%
-30.37
-211.79%
27.17
+1523.15%
-1.91
Short Term Debt Payments
0.00
+100.00%
-0.42
0.00
Net Short Term Debt Issuance
0.00
+100.00%
-0.42
0.00
Net Common Stock Issuance
574.53
+168.23%
214.19
+236.38%
63.68
+59.19%
40.00
Cash Dividends Paid
0.00
0.00
Proceeds From Stock Option Exercised
215.12
+12047.04%
1.77
-25.84%
2.39
+19.34%
2.00
Net Other Financing Charges
-10.55
-235.77%
-3.14
-211.26%
2.82
-43.30%
4.98
Changes In Cash
456.03
+233.68%
136.67
+297.78%
34.36
+1497.19%
-2.46
Effect Of Exchange Rate Changes
1.33
+18971.43%
0.01
+106.09%
-0.12
-380.49%
0.04
Beginning Cash Position
177.98
+330.87%
41.31
+484.67%
7.07
-25.50%
9.48
End Cash Position
635.35
+256.98%
177.98
+330.87%
41.31
+484.67%
7.07
Free Cash Flow
-76.29
-69.39%
-45.04
+26.50%
-61.28
-34.02%
-45.72
Interest Paid Supplemental Data
0.03
-99.52%
5.18
0.00
Common Stock Issuance
574.53
+168.23%
214.19
+236.38%
63.68
+59.19%
40.00
Interest Paid CFF
0.00
+100.00%
-1.81
Issuance Of Capital Stock
574.53
+168.23%
214.19
+236.38%
63.68
+59.19%
40.00
Net Preferred Stock Issuance
0.00
Preferred Stock Issuance
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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