I was wondering if valuing a trading system is highly subjective or if there are objective valuation techniques commonly used in the industry for determining how much to sell or buy a trading system for. For those who have had experience with developing and selling a highly-effective trading system to a single trader or firm, what factors did you use to figure out what to set your asking price at? For those who have purchased a trading system before (or who have considered doing so), what considerations were important in your decision to pay what you did? For example, how important to you was the sharpe ratio, maximum drawdown, how many different/extreme market conditions were present during the testing period, the duration of the testing period, back-testing vs. forward-testing vs. a live track record, whether or not you had to sign a nondisclosure agreement, etc.? Thanks for your help.