Portfolio Value is Irrelevant

For this strategy, I think an over focus on PV as a performance metric is like a farmer caring about the day in day out sellable value of their land and equipment as a way to judge how well their crop is doing. Their primary interest isn't selling the farm but rather generating income by growing, harvesting, and selling crops.

Whether you're pocketing gains, putting them back into the trader, or some combination of the two, PV isn't really the point. It's about regular yields, i.e., the cumulative profits from flipped trades relative to the funds you gave BlueCollar, over some period of time. Formulated as follows:

((cumulative_profit / initial_fiat_balance) * 100) / t

Over the course of a trading cycle the whole of the initial balance will ideally not be put at risk (if it were then all value is tied up in pending sell orders and the bot has no funds to trade with). If one considers only "at risk" funds to be a better baseline for calculating yield then they may prefer the following:

((cumulative_profit / (initial_balance - lowest_balance)) * 100) / t

Personally I consider the funds I give the trader, whether wholly put at risk in trading or not, to be illiquid. I don't intend to withdraw them so I prefer the former calculation.

A benchmark for me is where the total profit from flipping trades equals or exceeds the initial funds given to the trader to trade with. This is the 'Zero Risk Point'. With BlueCollar's protection mechanism, overall PV tends to take care of itself in the long run, which makes sense.

NOTE: The cumulative_profit is what taxes are due on so factoring them into the 'Zero Risk Point' technically makes sense.