In this Letter we argue that the event-by-event fluctuations of the ratio of the positively charged and the negatively charged pions provide a signal for a quark-gluon plasma. The fact that quarks carry fractional charges is ultimately responsible for this distinct signal.

The correlation between baryon number and strangeness elucidates the nature of strongly interacting matter, such as that formed transiently in high-energy nuclear collisions. This diagnostic can be extracted theoretically from lattice QCD calculations and experimentally from event-by-event fluctuations. The analysis of present lattice results above the critical temperature severely limits the presence of $q\overline{q}$ bound states, thus supporting a picture of independent (quasi)quarks.

We discuss the modification of the cumulants of the net baryon and net proton distributions due to the global conservation of baryon number in heavy-ion collisions. Corresponding probability distributions and their cumulants are derived analytically. We show that the conservation of baryon number results in a substantial decrease of higher order cumulants. Based on our studies, we propose an observable that is insensitive to the modifications due to baryon number conservation.

We show that the effect of finite acceptance drastically influences the net-baryon and net-charge cumulants, which are believed to be sensitive probes of the QCD phase diagram. We derive general formulas that relate the true cumulants Kn which reflect the full dynamics of the system with the actually measured cumulants cn for a given acceptance, modeled by a binomial probability parameter p. We find that this relation involves additional moments which cannot be expressed by cumulants and should be measured in order to extract any potential information about the QCD critical point. We demonstrate that for a wide range of the true cumulant ratios Kn/Km the measured ratios cn/cm quickly converge if p<1/2, which makes the interpretation of the data very challenging, especially in case of the net-proton cumulants. Our study further suggests that the measurement of net-charge cumulants may be more advantageous for the investigation of the QCD phase diagram.