# Valuation Outputs

Molecule outputs calculations, trade attributes, custom fields, and more on Valuation outputs. Below is a brief catalog of columns and their meanings.

<mark style="background-color:yellow;">Technical documentation on how to retrieve Valuation data via the API, is available at</mark> [<mark style="background-color:yellow;">https://developer.molecule.io/reference/valuations-2</mark>](https://developer.molecule.io/reference/valuations-2)

### Attributes <a href="#attributes" id="attributes"></a>

These fields are taken directly from related models in Molecule. They are provided for easy reporting and diagnosis.

#### Account

* **interest\_rate**: Account Interest rate used for option calculations

#### Agreement

* **agreement\_category**: The Category field from any related agreement
* **agreement\_description**: The Description from any related agreement

#### Product

* **commodity**: The commodity that the Product represents.
* **currency**: The Currency for the Trade's Product
* **energy\_market**: Submarket for the Trade's Product (i.e., real-time, day-ahead)
* **flavor**: Type of option, i.e., European, American
* **instrument**: Financial instrument (i.e., forward, swap, future, option, etc.)
* **iso**: ISO/TSO for the Trade's Product
* **price\_type**: Text field from Product
* **pricing\_component**: Pricing component used for the Trade's Product (i.e., LMP, SPP, Congestion)
* **uom**: The Trade Product's unit of measure

#### Trade

* **account**: The company name on your Molecule account
* **alpha**: For v1 formulas, the value at right of the equation, outside the last parenthesis
* **asset\_name**: Name for the related asset (for As-Gen trades)
* **block**: For exchange trades, whether they were executed on a screen or "blocked in" by a broker. Material to allocation calculations.
* **book**: The # book entered on the trade. There can only be one value.
* **broker** / **broker\_name**: The handle / long name of the introducing broker used for the trade.
* **call\_put**: Option Call or Put
* **cogs**: Decimal field that comes directly from the trade
* **cogs\_method**: lifo, fifo, or wacog
* **contract\_quantity**: For an exchange trade, the number of lots
* **contract\_start** / **contract\_end**: Start/end date of the subleg's tenor
* **counterparty**: The long name of the external company the trade is with.
* **direction**: buy or sell
* **fcm** / **fcm\_name**: The handle / long name of the Futures Clearing Merchant (aka Prime Brokerage) used for the trade.
* **interval\_ending**: For an hourly (or more granular) subleg, the ending period of the contract\_start
* **notes**: Text field from Trade
* **origin**: The legal entity used from your account
* **po/so**: Text field from Subleg
* **product** / **product\_name**: The ticker / long name of the trade's Product
* **serial**: Text field
* **strike**: Option Strike
* **tags**: All the tags on the trade, including Book and Trader tags
* **trade\_date**: Date entered by the user (or defaulted), as the date the trade was made. This is the first day this subleg will produce valuation rows.
* **trade\_executed\_at**: If set, the execution time of the trade (as opposed to the time it was booked in Molecule). Usually set for exchange trades originating from a Molecule feed.
* **trade\_price**: The trade's price per unit, as entered (or as resolved through a formula)
* **trader**: The trader who executed the Trade
* `<name>_fees`: Total value of the fees on this Trade, in this category.
* `normalized_quantity`: The unit measure for trade quantity, normalized to a daily or hourly basis.
* `normalized_quantity_type`: The standardized quantity type, indicating whether it is measured per day or per hour.

#### Audit Fields <a href="#audit_fields" id="audit_fields"></a>

A valuation row is typically created approximately when its parent trade is entered. It is updated when new market data for that as-of date arrives.

* **created\_at**: The date/time the valuation was calculated in Molecule
* **updated\_at**: The last date/time the valuation was updated in Molecule

#### Custom Fields <a href="#custom_fields" id="custom_fields"></a>

Custom fields from the Trade, as well as related objects, show up in Valuation outputs

* `<name>+` : Custom field from related trade
* `<name>:+b` : Custom field from related book
* `<name>:+c` : Custom field from related counterparty
* `<name>:+p` : Custom field from product

#### ID Fields <a href="#id_fields" id="id_fields"></a>

IDs are typically integers, and are provided in Valuation outputs where a user might have a way to know them (i.e., Trade ID), or where they might be of value in a lookup on another model (i.e., Subleg ID).

* **asset\_id**: Unique ID for a related asset (for As-Gen Trades)
* **external\_exec\_id**: ID provided to Molecule by an external system, like an exchange. Not unique.
* **friendly\_id**: Deprecated: ID just for your account; starts at 1 and has no gaps (other than deleted trades)
* **leg\_id**: Unique ID for the trade leg
* **mg\_id**: ID that is used to link trades in a group together. Defaulted to the oldest trade ID, but can also be any text
* **subleg\_id**: Unique ID for the trade subleg
* **trade\_id**: Unique ID for the trade, within Molecule (note: unique per Production environment). Will have gaps in the sequence.

#### Mark & Price Fields <a href="#mark_price_fields" id="mark_price_fields"></a>

* **formula**: If applicable, the trade's Price formula
* **mark**: The computed/found market price used for valuation calculations
* **mark\_contract**: The tenor of the mark that marked this trade
* **mark\_product**: The ticker of the Product used to mark this trade
* **mark\_product\_name**: The long name of the Product used to mark this trade
* **original\_trade\_price**: Trade price as entered, ignoring actualization
* **pricing\_status**: If using an advanced v2 Formula Price, whether pricing has started or is complete.
* **prior\_mark**: The market price used for the prior day's valuation. Used for daily change computation.
* **underlying\_price**: Underlying price used for Option calculations

#### Option Status Fields <a href="#option_status_fields" id="option_status_fields"></a>

* **abandon**: Whether the option has been abandoned
* **exercised**: Whether the option has been exercised (manually or automatically)
* **expired**: Whether the option has expired worthless

#### Valuation <a href="#valuation" id="valuation"></a>

These are the primary calculated outputs of the Valuation process.

* **as\_of**: Reporting date for which this line item is calculated
* **cash\_flow**: The amount of cash expected to move at settlement. For a physical, this is `trade price * quantity`. For a financial, this is the value of `unrealized`. On settlement date, both physical and financial have the value of `realized`.
* **contract\_month**: Start date of the subleg's tenor, rounded to the 1st of the month. Useful for grouping dailiy trades.
* **dodd\_frank\_notional\_value**: `Trade price * unit quantity` This represents the contractual face value of the trade, independent of market movements, and is used for regulatory reporting (e.g., Dodd-Frank).

  The Dodd-Frank notional is deliberately insulated from market price changes, while the standard notional reflects current market conditions.
* **explanation**: P\&L Attribution
* **first\_notice\_date**: subleg's first notice date, as computed based on first notice rules.
* **intrinsic\_value**: Option intrinsic value (i.e., `max(0, ((underlying - strike) * unit_quantity)) * direction`). For linear instruments, this is set to `unrealized`.
* **months\_to\_expiry**: Decimal representing time to expiry, in months
* **mtm\_change**: day-over-day change in Unrealized P\&L
* **notional\_value**: `Mark * unit quantity` This represents the current economic exposure of the trade and will fluctuate as market prices change.
* **payment\_date**: Payment date, as calculated from the Agreement or Trade Payment Date attribute
* **priced\_mtm**: If using an advanced v2 Formula Price, the mtm of the quantity that has priced.
* **prior\_realized**: Yesterday's realized value, if available
* **prior\_unrealized**: Yesterday's unrealized value, if available
* **realization\_date**: The date that Molecule expects the final market price to be available on this trade. On this date, Molecule will change the Status to Realized.
* **realized**: The value of the trade that is realized; in other words, the value that is no longer exposed to a price movement.
* **realized\_fees**: Any fees on the trade, that have been set to accrue by the as-of date of this valuation
* **settlement**: Financial or Physical
* **settlement\_date**: Date on which this subleg realizes. After this date, it will not produce any standard valuation rows.
* **status**: Realized or Unrealized
* **time\_to\_expiry**: Decimal representing time to expiry, in years. Used for option calculations
* **total\_value\_change**: Today's realized + unrealized value, plus fees, minus yesterday's equivalent.
* **unpriced\_mtm**: If using an advanced v2 Formula Price, the mtm of the quantity that has not priced.
* **unrealized**: The value of the trade that is still exposed to market price movements.
* **unrealized\_fees**: Any fees on the trade that have not been set to accrue as of the date of this valuation
* **valuation\_completed**: Boolean; true if this row's calculations completed successfully

#### Option-Specific

These valuation outputs primarily matter for options.

* **delta**: Option [delta](https://www.cmegroup.com/education/courses/option-greeks/options-delta-the-greeks.html). For linear instruments, `1 * unit quantity`.
* **vega**: Option [vega](https://www.cmegroup.com/education/courses/option-greeks/options-vega-the-greeks.html)
* **theta**: Option [theta](https://www.investopedia.com/terms/t/theta.asp#:~:text=Theta%20refers%20to%20the%20rate,every%20day%20up%20to%20maturity.)
* **gamma**: Option [gamma](https://www.merrilledge.com/investment-products/options/learn-understand-gamma-options#:~:text=What%20is%20Gamma%3F,the%20underlying%20stock%20or%20fund.)
* **realized\_average\_price**: Average Price used for Asian/Average Price Option calculations
* **volatility**: Volatility used for option calculations, expressed as a decimal (i.e., 0.01 for a 1% volatility)
* **volatility\_method**: Whether volatility was implied, or a given volatility was used

#### FX-Related

* **base\_currency\_total\_value\_change:** Total Value Change, converted to your account base currency
* **fx\_change\_factor**: Prior unrealized value, multiplied by the day-over-day change in FX rate
* **fx\_mtm\_change**: MTM change, converted to your account base currency, plus FX change factor
* **fx\_rate\_used**: Exchange rate used for FX calculations
* **prior\_fx\_rate**: Exchange rate used for yesterday's FX calculations
* *NEW!* **base\_currency\_unrealized\_pnl**: Unrealized value at current FX rate.
* *NEW!* **base\_currency\_prior\_unrealized\_pnl**: Prior unrealized value at prior FX rate.
* *COMING SOON!* **base\_currency\_realized:** Realized value fixed to FX rate at the time of settlement.

#### Decay-Related

* **average\_actual\_price**: Average Price used for Decay calculations
* **decayed\_delta**: Delta of the remaining trade quantity, using decay schedule
* **decayed\_realized**: Shadow realized value for intramonth P\&L, for Products set to decay
* **decayed\_unrealized**: Shadow unrealized value for intramonth P\&L, for Products set to decay. Note that this uses `mark * (quantity-decayed quantity)`

#### Sensitivity-Related

These fields are related to Molecule's automatic sensitivity analysis features.

* **high\_mark, low\_mark**: High and Low underlying prices used
* **high\_current\_unrealized, low\_current\_unrealized**: Standard unrealized calculations, adjusted for sensitivity
* **high\_intrinsic\_value, low\_intrinsic\_value**: Standard intrinsic value calculations, adjusted for sensitivity

#### Risk Adjustment-Related

* **risk\_adjustment**: the risk adjustment rate applicable to the counterparty for this trade. Multiply against an unrealized value to get a risk-adjusted P\&L.
* **interest\_rate**: interest rate used for computing the adjustment
* **discount\_periods**: *n* from the standard present value calculation used for risk adjustments
* **ir\_discount\_factor**: calculated as `(1 + interest_rate)^n`


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