A method performed by a computer processor, said method comprising: receiving an application to instrument; performing a first trace of said application using a tracer while said application executes and collecting first tracer results, wherein said first tracer results comprise a plurality of performance-related data items; performing an autocorrelation analysis of said data items comprised in said first tracer results to identify a set of periods within a time series of said first tracer results; selecting a first longest period within said set of periods, and determining a first data collection window comprising three or more times the length of said first longest period; selecting a second, shortest period within said set of periods, and determining a first sampling rate, wherein said first sampling rate is set so that said second, shortest period is captured by multiple samples; identifying a first trace objective for said application, said first trace objective comprising a plurality of data items to collect and said first data collection window and said first sampling rate, wherein a trace objective is consumed by a tracer to collect data during execution of an application; performing a second trace of said application by causing said first trace objective to be executed and collecting a second results set comprising said plurality of performance-related data items traced within said first data collection window and with said first sampling rate; refining said first data collection window and said first sampling rate based on said second results set by performing (904, 906) an autocorrelation analysis of said data items comprised in said second results set to identify dominant upper and lower frequencies within said data items, which are used to set a second sampling rate and a second data collection window, respectively; creating a second trace objective for said application, said second trace objective comprising said plurality of data items to collect and said second data collection window and said second sampling rate; and causing said second trace objective to be executed; collecting an updated set of third tracer results. receiving an application to instrument; performing a first trace of said application using a tracer while said application executes and collecting first tracer results, wherein said first tracer results comprise a plurality of performance-related data items; performing an autocorrelation analysis of said data items comprised in said first tracer results to identify a set of periods within a time series of said first tracer results; selecting a first longest period within said set of periods, and determining a first data collection window comprising three or more times the length of said first longest period; selecting a second, shortest period within said set of periods, and determining a first sampling rate, wherein said first sampling rate is set so that said second, shortest period is captured by multiple samples; identifying a first trace objective for said application, said first trace objective comprising a plurality of data items to collect and said first data collection window and said first sampling rate, wherein a trace objective is consumed by a tracer to collect data during execution of an application; performing a second trace of said application by causing said first trace objective to be executed and collecting a second results set comprising said plurality of performance-related data items traced within said first data collection window and with said first sampling rate; refining said first data collection window and said first sampling rate based on said second results set by performing (904, 906) an autocorrelation analysis of said data items comprised in said second results set to identify dominant upper and lower frequencies within said data items, which are used to set a second sampling rate and a second data collection window, respectively; creating a second trace objective for said application, said second trace objective comprising said plurality of data items to collect and said second data collection window and said second sampling rate; and causing said second trace objective to be executed; collecting an updated set of third tracer results.