Meaning of signals -- hedge-funds

I was reading a thread elsewhere and people were referring to "signals" and "alpha". Even though there was a brief explanation of those terms, I could not find a more elaborate explanation of those terms anywhere else.

If someone can point me to a link which explains more about these terms, I'd appreciate that.
It feels like I am transparent on this forum!! :) I was just about to ask another question titled "can you see my questions all right?" :):)
Last edited:
Signal - The parameter which decides what stocks to choose in an equity strategy - The game is about finding the right indicator to make the buy/sell(long/short) call
Alpha - Excess return(over the benchmark) that you get when you backtest your equity strategy using the 'signal '