I was wondering how the rankings are created for the seasonal ladder. I tried to look at the wiki, but couldn't find any info about it.

I ask because now there's a no.1 who won 4 matches but lost 1, while there's another player who won 6 matches (lost 0), but is ranked 5... bit strange in my opinion. Although I'm sure it will change over time.

The same as regular ladder, with Bayesian ELO. And it is known to give strange results when there are not many matches to work on, but Fizzer changed the threshold that makes you show up in rankings from 10 games to 5, so we can actually see any rankings before half of season.

It will be volatile almost until the end. Each game played should settle it slightly.

I think part of the reason could be I signed up very late, which gave the system a chance to match me against higher rated players. Anyway as others have said, the rankings will fluctuate a lot this early.

its weird at the moment, there is a player with 1-4 ranked higher than me with 5-0
i guess when everybody completed the first 5 games it will be more accurate

What's weird is there's no one currently ranked with a rating of less than 1585.

Also, I just got 4 new games. All at once. What's up with that?