 Hey, good morning, traders. Sorry for being a bit late here. I had actually a technical issue just before this webinar started. Anyway, welcome to day three here. Today we have Louis Reccabaron. He is a private equities manager, a martial art expert, a professional ballet dancer, and a father of three. He's been trading for quite a while. He and his partner developed a black box strategy that he's going to go through some of the hypothesis that this black box computes for the day. And then he looks at the order flow. And he goes through a daily routine he's going to share with you today. So this should be quite a nice presentation. Really looking forward to it here. You can see some of the content information there for book map. And then the risk disclaimer. I need to read this. Trading futures equities and digital currencies involves a substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. And then a few different contact points here for Louis. You can see his trading room here. Algoquantgroup.echofin.co. And here's the contact information for Louis as well. I'll also put his link for book map into the chat so that you guys have that if you're interested in getting a special deal for book map from Louis. So without any further ado, let me pass this over to Louis. All right, I'm going to test the monitor and we'll show. I think I'm going to try the third one. Yes. OK, this is a high resolution. Hi, everybody. Thank you for coming. Can you see the screen right now? The screen is about the NQ, top left, the right. It's ES. Yeah, yes. We see it. In fact, I see you're using quite high resolution here with the monitor. So for everybody attending here, this is what you'll need to do. There is a Zoom option in the upper left-hand corner there of go to webinar. And then click on the dropdown there. And then there's Zoom 2. And then you can choose like 75% or so. And that's working well for me right now. If you want to zoom in more, maybe go to 100%. Then what you can do is you can just left-click, hold, and drag in that window to drag it around to see the charts that Louis is looking at. Or you can zoom out. All right, so well, thank you for the presentation, Bruce. I really appreciate this possibility to share thing. And then the purpose of this is sharing. I mean, sharing is caring. As a trader, you learn a lot of, like, do some kind of a, you search for different people or knowledge. And because there is no university in trading at all. So my background is, of course, I've been a dancer before. I'm not a dancer now. So just to mention, I was a professional ballet dancer and martial arts as well, competition. And after that, I'd educated myself with the Swedish MIT kind of the engineering. And I've always been trading since year 2000, almost. It was in 1999. But applying the technical analysis, being through all the schools of what you are searching for, what is working for your personality. So I figured out after the engineering school, I came out with time series analysis. So studies, like data on one axle and data on the time. So I figured out that there is something to do here with the prices and time series analysis. So after digging, digging, I came up with on a math seminar with MATLAB. MATLAB is a program that's developed for engineering in all the fields. And then you can program with a very easy language. You can program different time series analysis, mathematical problems. I came in contact with a mathematician, a PhD, the brain. I always say that is the brain. But we got into together and we figured out that we could have an automatization of the trading strategies. And we came up with a code. And so with cloud data, I can take in the data of the ES, the NQ, whatever all the futures, and make a trading plan for that particular day. And that's what I'm working with every single day. It's running the end of day analysis from the cloud data. And then make the computation, the calculations. And then I came up with a hypothetical role plan, what the ES will do. And it's a kind of a reverse engineering of what other guys are doing and what other points are searching from the banking industry, from the finance industry. And that makes it quite strong to find. It has nothing to do with, how do you say, typical mainstream technical analysis. So it's pure math, time series. But the math, it's beyond my head. But I've been sitting in front of the computer and watching the apple go down, so to speak. And then the mathematician, he makes the code or search for the map. So that's what we came up with. So what I do is simply watch for. I can explain to you what the roadmap was for today, for the ES. If I zoom out, I can explain, for example, I did the end of the analysis. And then, first of all, I got the direction, like it's a bullish direction to the upside before the selection. And the entry and the risk, I had the 2745 entry on the ES. And the cell stops, the risk that it could be taking was 2731. And you can see it on the ES, all the red on the column notes, it's a 2757, the 2760. Then you have the 2771 and then 2778. And now, I mean, ES has retold those targets. So that's the kind of a plan or a training plan that MATLAB, the program, help us to try to read the market. At the same time, we try to see the order flow when prices are coming to those levels and if liquidity, long-term liquidity is there in the book. So and watch for the, for example, you can watch the longer-term liquidity on NASDAQ right now. Let me, I think I have a pen on this software. I'm going to try, yes, drawing pen. Here, you can see on 7132, it's a longer-term liquidity. So I'm always trying to find this longer-term liquidity on the book map together with the numbers that I have from the MATLAB. That's usually like, you have a plan, you have a hypo, and then you prepare yourself, how do you want to react? Because like all the traders tend to do, you get absorbed by the price and not behind the scene sort of the flow, what they are preparing, the intentions. Is it kind of clear or do I self, am I? Yeah, no questions at the moment. It's a little hard to see the pen. Maybe if you could use yellow. Okay. And maybe a bit more thick or thicker, but if possible. Choose color, I'm going to choose yellow. And the pen, I don't know, drawing tools, the normal drawing highlighter, maybe it's bigger areas. Can you see that? Yes, that's very clear. I can paint this guy, the liquidity guy over there. So that's, I always try to find those in conjunction with the roadmap. And the reason why we, I mean, I'm sharing this, it came out, I was sitting and also on another trading room. And because as a trader, you have a job that is quite, it's kind of lonely sometimes. So you try to find some kind of some trader friends that they know the business and professionals and different levels. And I figure out that, oh man, I should share this. And it started us, how do you say, sharing is caring. I figured out, I should help out. I think it's a good initiative because there is a, when you have a draw down period, you start to search for different strategies and what is out there. And you have to go through this kind of a process. And then you realize, OK, you have a sustainable strategy and then a strategy that's kind of a healthy in a way like that you have a plan. You have the book map, you have the order flow. And then if it's, I mean, if they don't work, OK, then it's done abnormally. And then at least you have a plan. So the idea to share it, it was to be able to share it to friends. And that was, it started from there. So we started a trading room and so we have this sharing. I'm sharing the road plan every day and we try to read the market. And I tend to see the market as rotations also. It's something also that, for example, the ES tends to rotate in two or three times on those levels that I got from the roadmap. Sometimes during the Asian session and European session and then a second test when the cash market starts and then for a third test, it could fail as well. So markets tend to give you more than a second chance to apply this roadmap. And of course, during the period of the day, you get absorbed because there is some news coming out. But if you're a professional, the only news that you care about is the central bank interest rate, like you're not trading this decision, just in all the small micro news that are out there, they are very catalytic for the movement. So people are prepared almost because also, if you look at the door pools, how they behave, and if you look at the spy, the transactions, the accumulations, how they are, and we can also see that in the cumulative delta on the, how do you say there, the book map, on these green lines, if you see under the chart, you see the accumulation of the years. So I already have some questions coming in for you. Let's see, so are you using book map only for entry and timing? I'm using the entire screen for all the markets to see the rotations. For example, if the dollar yen futures are rotation, I have a roadmap for the dollar yen. So if I see the rotations on the dollar yen, the NQ, the Russell, everything is lining in, then I execute if I have a confirmation on the liquidity as well. So that's why I'm also sharing this four different charts. I watched the VXX accumulation, the cumulative delta, and the behavior also. So it's not only if you're trading the ES and not watching the entire universe of the instruments, of the futures instrument, you're missing one part. So I figure out that there is a special mathematics there that it's two. When you have two moons like an eclipse, then you have a validate. The roadmap will be validate. And that's the same when all the instruments are in line with each other, then you have the trade, the odds will be on your side also. OK, understood. So just to go through it here, the charts you're looking at here, upper left hand corner is the NASDAQ e-mini. Upper right hand corner is the S&P e-mini. Lower right hand corner is the yen dollar, or currency futures there. The lower left, the lower left, the lower right. Lower right, it's Apple. You see the price? Oh, it's Apple. OK. It's Apple 205 right now, the price VXX, this one. Is it the VXX? OK. So and I have all those screens that I watch the gold, the yen, the futures of the euro also, and the European, the DAX. What is the purple on the NASDAQ there under the notes, 7144? That was one profit objective that the roadmap gave me. So if I let me just clear this out, this noisy erase, non-drawing mode. So if I sum up those are the levels that MATLAB gave me, here is the levels. And the direction was a buy alongs. So I will not trade against those the direction, try to scalp any, scalp any trades, put me on the risk. I could do it if the strategy, like the more intraday kind of thing, gives me the signals. I'm using also algos at the same time, like a exoskeleton. I just want to erase this. So in general, basically what you're doing is using MATLAB for your levels, and then you are zooming into BookMap to look at the order flow specifics. Exactly. That's what I'm using. Like I have a hypothetical plan and then be able to be dynamic during the day. It doesn't need to exactly where the levels are in the buy here, sell there. But if I see liquidity, if they are lining in during the day before this level, that means that I have to front run the front runners. And you can see it visually. So it's always be dynamic and flexible during the day. But you have a direction, and you have the levels to react on it. Right, understood. Louisa, maybe you can comment on how you might be managing with BookMap on the 6J and the 6E? Yeah. Or are you trading those? Yeah, sure. The 6G? All right. It's the same approach. Let me check. I can put it so you can see it. So I will be using the same strategy, like have the run the mat level, and then see the ranges of the market, and taking in consideration the time in the trading period. So if it's early European session or not trading those futures at the last hour of the American close. So it's always the same approach to have a plan, have the levels, and then approaching and giving and watch to BookMap for validation. And it sounds really boring, but trading is supposed to be boring. The sophistication is on the black box. That's where the calculations are done. The execution is the hard thing to be able to have a system that you're so comfortable with to take the trade, and also to be able to build that mentality. I mean, who will take a trade the day after this election to the long side? The whole street was supposed to, everybody was really bearish in thinking about now we're going to drop 10%. It's going to be a Brexit thing. But it's no emotional. It's just seeing that the supply and demand is there in the book and to be able to apply that. And always watch the market. If you're going to trade the years, always watch the market as an entire universe because everything is interconnected, the bonds, the gen, and so on. So your higher time frame MATLAB levels are generated, obviously, proprietary calculations that you've created. But are you involving not only multiple markets, but also are you looking at the depth of market? Yeah, the time frame, it's always a longer time frame, the daily time frames. And like data, I mean, data could be for every, it's always moving with the front month of the future. And I have, for the oil, I think I have data that I take into MATLAB for, I don't know, could be like 10 years or it's really big. I mean, it's really, I take data from this service that I'm paying for Quant Lab, Quant. That's the name of the data provider. I'm going to give you the link in the chat. That's the data provider that you can try out and they are really, really good data. It's all cloud databases. So with API, so we connect to those servers and make analysis. And then it's always, even though it's a longer term view of the market all the time, but to be able to micro execution, always look at the order flow and confirmation. Okay, so the MATLAB and your data, your higher time frame data is computed only for the day. It's once every day. And then that gives you the overall bias. Exactly. I have, like, I can do for all the futures, like in two clicks, like, and then I get like, okay, I have to filter some things, but I get a roadmap, what is the hype for the years, what is the hype for the NQ or the 6G or the bonds or so on. So that's the, it's a bias, but always, like, have confirmation with book map. So it has to be confirmed. Okay, so, I mean, for your trading decisions, you have to confirm it. Correct, okay. Okay, so is it, are you having the custom notes there automated as well? Does it spit those right into book map? Yeah, exactly. We have it, we test it and then we can share it on the cloud. So you can use it with the cloud notes and you will have those levels. And yeah, I had discussion with the CEO book map as well and trying to figure it out. And yeah, we solved it. It was not so hard at all, but it's just, yeah. Yeah, we've worked with many traders with things kind of quite similar to this. I'm just, I'm curious though, like, maybe you can define some of the colors for the decision making in the custom notes. Yeah, sure. I mean, it's late. Let's take the ES, we take this as a big, I'm going to zoom out as well. So, the numbers that I got from MATLAB was today. Let me put it on the pen so it will be clear. So, a buying zone of about 27, 47, 45. And the price, you should not, I mean, you can buy it all the way in this zone as well with the sell stops around 2731. The profit objective, that's the first P01. We call it P01, profit objective one. And that's where we put some break-even stops and try to trail out the movement. So, you see, we're not a scalper kind of a system. We try to write the movement of the market because we do analysis on a higher time frame. So, right now, looking at the S&P here, this is overvalued. Yeah, yeah. I mean, we try to go away from opinions. And of course, we have knowledge of the market profile and value area and so on. But we try to, it is what it is, markets wants to rally. And it's kind of a relief rally. We know in the data that people are being selling into this election. If we look at the Darkpools area, they've been selling. So they are forced to go back and buy on the higher prices because the mandate of the funds, they have to be invested as a long-only. Some of the funds out there are long-only. So we try to also see this, analyze those data points. So we try to, so this, the roadmap for today was, it's all been done. I mean, it's time of the day. It's quite, Europe is closing right now. It's the end of the day rebalancing of the price of the European equities. So we might get some kind of a retracement. And we will not set, I mean, if there is some kind of opportunity. But the easy opportunity has already been there for four. And then we reset. And then we do analysis overnight. And then we have a road plan for tomorrow. And we trade that road plan and try to find the validation of that. So the Darkpools, what equities are you looking at? Or is there just a variety of them? Or is it just a apple? The spy and the AQQs. That's where you can check some kind of a Darkpool activity. Yeah. Let me just go back to zoom out. So how do you analyze some of the Darkpools? I mean, we never really quite know what they might be doing in some of those transactions. If I put, I mean, you can see the definition of Darkpools, I mean, for the equities is one thing. The definition of the Darkpools for the futures is centralized. So there are no Darkpools that are hidden in ice pairs. But on the other hand, when you have Darkpools, like Goldman has a Darkpool or Morgan has Darkpool. And if you know where to look at, if you know there is a trans... Because I see myself, if I put a hunch a lot on the ES, I see myself, everybody sees myself, see my order. So that's the knowledge that you have. If I do that same thing on the Darkpools, then I will know I see myself on the Darkpool. Then you will do some reverse engineering to what to look for for other guys that are doing some transactions on the Darkpools. That's the approach, so you can solve where to look at. Do you get it, Maya? Understood. So it's always context, looking at the Darkpools in context too, a variety of different things from various instruments. Yeah, yeah. All the things like Walter also was talking about this stacking, he has very sharp knowledge about the stacking, and you train your eye about seeing all these dynamics, the mechanics of the market. And you see where they're trying to, when a program is hit the spy or the queue, you will also see the programs there. The ES moves in contango, so you try to see if they solve that program, or it was a program that they reverse the selling, because they need liquidity to sell 10,000 contracts. So how are pros thinking? How are, that's the approach that we, are you seeing kind of thing? So to gauge a trade decision, it's discretionary, but would you be looking for just scalping maybe? I see some sort of opportunity like that for scalping for a few points, or would you be looking for? Not necessarily, I don't like to scalp. The definition of some guys think that a trade is one point or two point trade. I mean, if you do it like thousand times, that thing, once in a while you're gonna get hurt. I mean, if you're trading like a hundred lots, you don't wanna just be on that one point trade. I mean, you're taking so much risk for, so the approach that it's more sustainable that I found, it's more, MATLAB gives me this kind of a, I mean, it's stressful anyway, but how do you reduce that? And how do you trade with a proper plan and so I tend to know not scalp, only based on if I have algos, because I'm running algos at the same times, if I connect them, when volatility is high, then I connect some algos and then I can go autopilot for a period of one hour or two hours. It depends on the volatility of the market. For example, in February, I mean, I was almost on autopilot. Like, yeah, it's depend, it's depend. So then, how many trades per day are you taking? One or two? One or two. And I would imagine like, it depends, but I would imagine most of them are probably within the first hour of European session. Yeah, exactly. I tend to take that one, the European session, and then the first hour or the one and a half hour after the market's US cash session. So understood everything kind of lines up at those points and then those are the opportunities else you're not gonna get in. Exactly, you're not gonna get into this choppy time market. I mean, after it's not worth it, people, I mean, you can identify also the algos that are running right now, that they are trading just the ranges. Those ranges could be like five points, 10 points. And I can show it for you also. If you, it's the cruise, I think this will be interesting for you guys. I'm gonna sum out, let's take yesterday's six of November, right? All right, so I tend to, this is also a routine that you can do. I think I've learned from another guy, another pro. You take the vertical lines with the entire market, vertical lines and you identify the high, sorry. Sorry. And it's, this is something that you can try it and see it for yourself. It's really powerful. I think it's simple, it's in front of you and there we go, okay. So identifies the ranges of the market from yesterday. Of course today's will not be so clear, but those could be, those could be, yeah, yesterday, yeah. So I think I took all the important levels. So those levels that I create on the yes, when markets tend to come to the mean reversion or the price that the yesterday's ranges. So if you identify those ranges from the previous day, those lines are from yesterday and you see overnight what the algos were doing. They were hitting this 2760. I don't know how many times, one, two, three, four, five. Five times they were hitting this area. And I guess it has to be yesterday's high almost closing. So, and today's a special because market is just breathing to the upside, but markets tend to come back to these kind of levels and trade around those. And those, I mean, you can see, you can identify algos that are really specialized in scalping those ranges between, for example, the 2760 to 2752 issue. It could be. That's a really thing you can, so never, never, never use lines that are in channels or technical analysis, like, I mean, longer term maybe, but on the intradays, those are the ones that you should use. You will find them very, very interesting. So how do you quantify the risk? Because I imagine the MATLAB computations are gonna come in and depending on the volatility, you may have some pretty wide ranges for stops and take profits based on the action. So you just either scale up or scale down on your size, volume of the trade? Yeah. So if MATLAB gives me calculates the risk, then I have to calculate as a function of the, if I'm using leverage, then I can scale in and scale out and be able, any way, have exposure to the market with a proper risk, with a risk budget that I have. So I have also a calculation math, it has like a yearly risk budget, monthly, weekly and daily risk budget. So you can do this kind of a risk management and then be able to accommodate those in the variance of that risk management. Right, understood. Yeah. Yeah, I think. So there's just a few questions here. So the vertical line scale much wider than what I use, okay? I'm getting a question here about how do you determine those vertical lines? Those vertical lines, those yellow lines? You were looking earlier at some vertical lines, not horizontal ones. Yeah, always horizontal lines. Horizontal, I mean, when you're drawing manually your ranges of the market, you always have to use horizontal lines because you identify what the algos are doing the previous day. And today, what are they gonna, you can do reverse engineering for manual traders because you know, all these algos, they're based on technical analysis strategies that you can code it for yourself. So they're not sophisticated as a, I think the most sophisticated is to read the order flow. And you can see through those algos that are trading those ranges to be able to write, draw those ranges, you have to identify the market. I can draw it for you like manually so you can understand what I'm talking about. If you have, do you see my yellow here? Yes, all right. So if I identify that's the price of the market and then I try to, I take another color. Let's go with that one. So identify the range, the range, the range. I don't have any kind of a ruler, but those are the ranges from top to bottom of the price range, okay? So if prices are between, let's say yes, it's between 27, yesterday's range was, this is kind of a ATR on the micro scale. That's what I'm trying to, so you can understand that thing, to be able to draw them yourself and to be able to see that, to see that. I mean, because they're not sophisticated. I mean, algos are stupid as machines. They don't think, they just trade the ranges. They're not for yours, they don't hunt your stuff. They don't, they trade in ranges and traders tend to, I mean, sometimes in the beginning you were trading in the middle of the range and of course you will get a stop out and you would blame, oh, the algos are searching for my stops, but it's, algos are just trading the ranges and that's the thing to identify. It's really, really powerful and it's in front of you. Yeah, I mean, would you happen to have, maybe an example of a trade today that you took? Today, no, because I, he didn't took any trade today because markets were going away early in the night. So today was seated on the hands and I mean, I have a longer, longer positions since the beginning of this correction phase to the long side. So I have calls, 3,200 level for a year, December calls. So I'm comfortable with letting them ride at the movement. So I have still very bullish view of the market. So either I have exposure because I'm running an equity, you know, private equity company. So I have to be on the market. So specific today I was hoping for a more volatile market so we could show some of the trades, but unfortunately we couldn't. Right, understood. So basically if, how do you handle, you know, news or, you know, something new introduced into the market that might disrupt the MATLAB computation? I see it as a, I'm a really believer of the data is always, somebody always knows something better in advance and they give, they give some footprint on the charts in a way of protection because I'm analyzing the options and the movement there, the protections. And if they give some kind of a fingerprint on the market, the analyst analysis will show you the direction. So many times that I've been taking a trade and then markets, news come out and we are sitting in the room and like, oh my God, who ordered that news? No, you did, no, I did. Like joking around about it, but it's amazingly how if you're reading the flow, you're in balance with the market. Of course it's not gonna be like that all the time, but there are periods that it's, you're in really in balance with the market. You just welcome those news, but like I said before, news has great decisions on the Fed or the ECB. They tend to disrupt the market more. So I tend to not trade into the last hour of the Fed and to be flat and better see it than watch. So those are the only news that I don't put out the neck out there. So. Okay, so you disregard like CPI or retail sales data? Those are the news that I get fields on. Understood, okay. Or it moves away, I guess, and you don't get the opportunity. Or we get fields before and then the news comes and then I'm with the profit within direction or I get, or not, if I get stopped in a second. So I don't, I don't, the news are catalytic event that helps you in the many trades during this year. I mean, this experience that I had, it's all baking the news, the charts and the flow. It's, I mean, the analysis from yesterday, the GATE MATLAB gave me like the direction of the market. Yeah, and unfortunately couldn't come, I mean, come in. But the direction was correct and it was, I said in the room, we were talking about it. I think independently how the outcome will be if the Democrats win or the Republicans wins, the market gives the hint that market wants to go up independently. And of course, if you wanna get into deeper, the data is there of all the, but there are so many out there, smart guys that can verbalize that. I don't, I don't go into that and try to desiccate it. I think it's, you have to have a very humble approach to the markets that market tend to tell you one thing and you have to be able to humble without any opinions and try to listen it objectively. That's where you can be in dancing with the market, so to speak. I understood, okay. So has it happened? I'm just curious in the past though, like let's say CPI data is coming out at 830 Eastern, but you get a level is triggered 10 minutes beforehand. And you're in, so will you take the risk of something like that? Yeah, for example, for example, put the ES, it's on the level of 2,800 right now. For example, hypothetically, the time is 830, the news will come out and the ES is trading. I have an entry of 2690 and the risk is 26, 27, sorry, 2790 and the risk is 10 points. And the news, the ES is trading at 2,800. Okay, so I have an entry of 2,790. So the orders are in before the news and then the sell stops, all the, all the orders are in before the news. And then the sell stops, all the algos, it's connected so it could be filled. That's the kind of approach that you have to have. Be sitting in the water book, like hiding with icebergs and then get fills when the price drops fast. The faster it is, the better because then you know, there is always a contraaction to the price movement. Sometimes you use, I think I understand. However, you're not entering before the news, you will not do it. Okay, understood, okay. So are you using also a hidden order mostly? Okay. Do you want to describe a little bit about that to some of our users? Hidden orders, I mean, you show one contract and you have 99 contracts behind it. Of course, you don't want to show your hand when, if you want to buy like 100 contracts on the market, you just want to be hiding. So people will not be, or in portions of 10s in different levels. So you want to hide those orders. You want to show your hand when you want the price of the market go down so you will be able to fill more. So this is so obvious. I mean, I'm not saying spoofing because that's illegal but it's a lot of in the market that's, you can read that in the, in the, especially in the NQ, it's so obvious. And in markets like the FTSE as well, the DAX. So, yeah, there is software and that you can use to hide in orders. So you just show that how many contracts you want to be on the limit. And bookmap, it's printing those hidden orders as well. I mean, so it's not so, for the untrained eye, you can hide from, but not from the book map. So, yeah. So you can witness your own algos going off? Yeah, sure. I can see that. I mean, together with other guys. I mean, they're hiding as well. Yeah. And sometimes all this, for example, ES right now it's between 2786 but there is a lot of buys. You can guess that there is a lot of buy stops about 20, 800. And then people with this CVD 13 is quite flat, though, but they will try to trigger those stops. I mean, programs are, let me just check one thing. Yeah. I mean, markets are amazing, beautiful sometimes. Once you try to understand those mechanics and it's really amazing how it works. Everything is interconnected with the whole world. Perfect. Yeah, and I agree. It's quite a thing every day. And to see here a few, everyone get your questions in, so we'll just do a few more in here for Luis and then we're almost been going for an hour here. But let's see here. I will do these for 20 minutes. I saw, let's try to keep it short maybe because the people's concentration, it's not more than 20 minutes. I mean, you get tired of it. Right, right. Well, we have a Marvino saying that he feels like he just witnessed a magic show and like sleight of hand here from you, concealing all sorts of activities. This, yeah, you can, I mean, I can show you, there's like huge liquidity in the market for this. Yeah, those are the ones that are not using liquidity and they are using, they're showing the hands also to give also hints to the other guys, let's push this market up. I mean, you don't wanna, I mean, if you really want to, they're already in the position. If I'm on a trade with 100 lots, I don't wanna put 100 more just to put more risk on. I just wanna give a hint to the other guys. Come on, help me out here. And algos are being triggered also about this price. You can take down the in queue with like 100 lots sometimes. I mean, really, people are listening to algos and when it comes to this pack hunting type of activity. Huge liquidity. Yeah, you can, I mean, you call it expansion bars. These are programs that are running sometimes with the trigger, but a cascade of programs. Let us identify one. I mean, I can, let me show you with a pen. Here is one. I think this is, the pen is yellow, so it's not good enough color right now. I mean, take one minute bar chart. I'm not using chart, but I can detect the programs. Here is a cell program. No, let me zoom out and then we can see one very clearly. Yeah, it was one. Yeah. I mean, you see this, I think it was 10 o'clock, 10 o'clock and the ES made a movement to the upside. Some liquidity came around 2782-ish and then some programs were running to test the VWAP. I think it's the VWAP here for the POC. Yeah, it's the VWAP. So, and the CVD, the CVD is pushing to the downside. So it was aggressive cell program. And if we watch the spy, that takes a little bit spy. So you will see the sign. On the spy, it's harder for the book map. I think it has to use another proper software. It's much harder to detect. But if you take a one minute chart and on the one minute expansion bars, I think you can detect on the book map, you can detect those programs on the CVD and this activity. Let me check if I can expand it. No, I cannot. Sorry, guys. Not detected. This one. Maybe you could just kind of with the bigger marker, just kind of make a circle around that area and the CVD as well. Okay, I think with the book map marker, horizontal ellipse. Okay, four o'clock. Four o'clock, it was some, I think it was some kind of news. At 10 o'clock, I mean, there is. I think this area, when the CVD was trending to the downside very clearly and then a bounce came into this 82 and then they hit with some multiple programs on the market. And the CVD was just pushing to downside. All right. Right into the VWAP there. Right into the VWAP and then fires came in. You could see liquidity coming in, defending this area. And algos were in this area of the VWAP. You know, there's a lot of VWAP algos. They're trade around this VWAP. So primarily, the way that I, as you said, the way that you're using book map is to kind of quantify some of the levels that you've gotten from MATLAB and your automation on your process. But you're really looking at the heat map heavily. You're not really looking at the traded volume so much. No, no, I mean, I don't know the heat map. You can, I think it's powerful. There is when the rate of change of the market, the velocity of the market, the momentum, when the market has kind of a, the equilibrium is in equilibrium, the supply and demand, the buyers and sellers. That's when the levels of the market tend to respect. The algos tend to trade around those levels. When the market is really, really strong with the momentum, it will, all this liquidity will be ignored and it will be absorbed, yeah, absorbed because markets just want to get more pushed to the maximum pain for the sellers. You can see this when the market is trending to the downside. People are trying to buy or cover or buyers that will be absorbed by sellers, say, sellers will hit. So it depends on the situation of the mechanics of the market. It's also something that I read about it. I mean, on the heat map. So yeah. I understood, understood. So yeah, lots of insight heavily using the heat map, which is great. That's a feature here that a book map displays compared to other platforms out there, they just don't. No, no. You don't get this kind of a three-dimensional mechanics of the market and yeah. And then one question is if he hides his order, who are people displaying huge liquidity in the market, protecting levels? People are bidding, I mean, for whatever reason it is. I mean, there is a lot of funds that they have to be heads or be in the market. I don't know, I mean, who are they? You can identify them as the biggest banks or whatever funds you, the market. The market is based on thousands of thousands of people. I mean, when you identify, define who are they? I mean, just the market. I don't know if you answered the questions, but don't look at the market as an enemy. You have to be in a symbiotic movement with this monster. Yeah, yeah. I think that's a fantastic approach here. It's a monster that and be kind of in movement with it. And very, very simply. I mean, it's you're using very high-end math, but to just basically do the same thing, to get an edge on the higher timeframes and then look at these lower timeframes in book map to position the entry with the heat map. Yeah, yeah. I think you have to always be dynamic and be able to, of course, you have to have a sustainable strategy with the risk management, with the plan always, and not always be absorb also about this, the heat map as well. I mean, they want to fake and able to see those fake orders when they spoofing and they are putting limits and they are not longer-term liquidity. So the longer-term liquidity tends to be more reliable when market has lower rate of change. Look at that, the lower rate of change that's really interesting to measure the momentum, or you can read the book map has the CBD. So you can configure, I configure the CBD like the opening hours. I reset the CBD so I can try to measure from the opening and then reset it at the midnight. So it's also a feature that's really nice. Yeah. Okay. So, yep, the question is about the recordings. I put the playlist recording in the chat as well as contact information for Luis if you want to reach out to him. And I'm just curious, Luis, now that the markets have really picked up in terms of volatility, it must have been kind of challenging beforehand when the volatility was quite low last year. How did trading work for you in that environment? Yeah, of course, we all live by volatility, but the Matlab strategy accommodates to the market. So it's better, of course, when volatility picks up, but based on the math, it's accommodates. So it's a really trend-following longer-term strategy. So if markets go its down, then we know how to sell. I mean, if we markets tend to go up, it flips. So it doesn't have any kind of a preference for the markets. And also, when volatility goes down, there are always markets that are more volatile. So I tend to watch the markets like crude or the gold. So it's really dependent. You have to be flexible. So you just cannot marry yourself with a market. Oh, yes, it's the only ones. You have to be flexible because that's how you learn to, you have to survive with volatility. The DX feed, please, can you clarify if the DX feed also provide the years future contracts? And no, I mean, it's just the rhythmic data feed and the CQG and the DX feed takes the spy. The spy DX feed, the VXS, the X, for example, I have the spy right now also. And the VXS, I think it's really, really powerful to have because they dance together. I mean, really, when longer term liquidity comes in on VXS and let us check it out. I have the gen here, but let me show you. Here's longer term liquidity on the VXS, 33, 33. This guy wants to sell this VXS. That will create some kind of a pop on the ES, if VXS drops, yeah. Wow. More than one hour on this seminar. Yeah, we've kind of gone through lots of different, nice questions here for you. And I told myself, I'm not gonna have a PowerPoint. I just hate PowerPoints. I prefer open questions and then unprepared on the rehearse and over-perform. Let's do that kind of thing. Stanislavski, theater technique. Robert De Niro uses it a lot. Just so you know, it's a fun thing that I learned from my times when I was dancer. So basically, depending on the day, you might be positioning yourself. It might be a really busy day with multiple instruments. Yeah, tend to trade four instruments, sometimes five. I'm managing 40 positions right now on differing FX as well, times two right at this moment. So it's like 80 positions right now on the crosses, on the FX at the same time. So I get a feeling, you get a feeling about the market, what it's tend to do. It's an algorithmic portfolio system. So it's also an edge, also kind of a, when markets were in the room, we were talking about kind of this top-ish pattern. I became like, okay, guys, let's, when years was around 2900, 2040, and then we started to like, give a hint, like this is, this smells correction here, because the FX were doing some building positions, the dollar yen shorts. And that got my attention really, really good, actually it was really nice. And now for a couple of weeks ago, they started to shift, they started to change positions, like taking profit from all the shorts and shifting to the long, long positions that correlate with the years. And that's also really interesting. See how the algos are working. Right. And ignoring all these opinions, but oh, market is of a value. The algos, the strategies are more profitable than my opinion. I always listen to the strategies because my ego gets into my disturbing, you know, it's like, oh, I know better. No, I know it, the strategy knows it better. Just listen to that. It's a common thing to learn. Yeah, well, I think that pretty much wraps it up here. And I'm sorry if I didn't get to some of your guys questions here, but we've been going for like about an hour and 12 minutes or so. So I'll send the list of questions on to Luis and we can follow up the recordings. I put the link in the chat there to the playlist. You'll find the recording in there later today. And then also all of the contact information you can see in there for Luis as well. And just reach out to him if you have any questions. Luis, thank you very much. I mean, this was a really interesting and unique and highly professional view into this world here. And yeah, fantastic to see. I mean, I figure out, I think it's really, I mean, I really love to help out. And it got me, I mean, I'm getting better, much better, you always want to get better. And I get better, better also because I have to really explain things that I also learn and that it clarifies for me as well. And it's a process of learning. You never stop learning. I think it's, you have to be able to find your humbleness as a personality, whatever you do. I mean, if it's music, music, sports, academics, I mean, it's just standing, how do you say searching for knowledge? And I think it's never stopped. Yeah, thank you for sharing things. And I think it could help something out there. I hope so. Okay, all right, well, thank you everybody. And we'll send the questions onto Luis for later. Everyone take care and we'll catch up another time. All right, bye-bye, thanks. Okay, bye-bye.