 Okay, so welcome to part two of the webinar series. We're going to go through the auction theory, volume profile, and microstructure and add that on top of what we learned in part one. Risk disclaimer, trading, equities and futures involves substantial risk of loss, is not suitable for all investors, past performance is not indicative of future results. For more information, you can go to bookmap.com, become a member there and you have access to a lot of the free resources and you can reach out to us at support at bookmap.com. I want to show you where you can find bookmap, you get a free trial with it, so you can just click here at bookmap.com, click on pricing, come down here and you can see the different versions that we have. 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You can also see it in recorded webinars playlist here but we will probably take that out in the near future. All right, well let's jump in and get going with auction theory, volume profile and microstructure with bookmap and a bit about me, 10 years of trading in a variety of markets, product specialist at bookmap, leading the trading education at bookmap and expert in order flow and market microstructure, I just showed you the Twitter, etc. So let's go over the goals today, what are we looking at, it's an intro to auction theory, volume profile, microstructure, we will look at the historical order flow and its applications, we started to get into that a little bit yesterday and then we are going to look at two simple structures here, range bound and trending and we are going to also touch on the fractal natures of the markets and then we are going to end up with some training exercises. Let's see, questions, I am going to answer questions at the end, so just input them now when you have the thought and I will get to them at the end of the presentation. So yesterday we went over the dome but we are going to move beyond that traditional dome or price ladder because it only displays the current market data which is great. You get your real-time bid and offer, your current price, last traded volume and the spread, however it is fleeting, it displays only for a moment and then it is hard to recall those areas. The historical dome however has these distinct advantages, all of that current data is recorded and plotted onto the chart which allows you to easily see that data and how it unfolded in detail. So you can easily understand the current data and the context within the previous periods and that is a real advantage over the competition. It gives you a lot of insight to the potential of the future behavior here. So a quick review, here is a regular traditional dome, you can see the depth here on the offer, the depth on the bid and then your last traded price here and best bid and offer. So this is the current dome in book map as we reviewed yesterday but the point I am trying to make here is all of this activity in that current dome is recorded and then it is transposed onto the chart historically. So for example we can just look at this very simple example, you can see that they were bidding here previously then they pulled that liquidity as price is coming down and then they started to add back in. Recording or understanding that in your mind within a dome is going to be a lot more challenging and you are going to have to note that area as well as the other areas up here. Lowering the offer with higher liquidity here, it is all here in book map recorded for you so you have a very quick and easy reference and understanding to the behavior in that auction. So let's apply that, now we looked at it yesterday but now we are going to apply it in a structure. We are going to get a bigger picture structural context and we have that record of that intent to trade in those previous areas, easy to compare to the traditional dome, easy to see compared to that traditional dome and then applies to this microstructure. We want to understand the context of that auction and how they previously behaved, currently behaving and then in the advanced lesson we are going to add some additional studies and filters. Again leads to that insight to that future auction activity in anticipated behavior. So let's look at the structure and microstructure here, applying auction theory, volume profile in the context of that auction and the transactions. So a review from yesterday of part one, the historical dome data, let's take a look at what we covered yesterday here just very quickly. We looked at imbalances in the auction. We looked at sweeping activity in the book, absorption and exhaustion and let's take a look here. We are just going to use a simple chart and we are going to take it further from here. So first thing, identify very quickly the sweeping activity that we covered yesterday. We see the sweeping of the price book here to the downside, a rejection, trades right back into the middle. Same action occurred here with this sweep. This sweep was a little different. We can see the sweep down here and we remain below a micro range. You can see one more sweep down here and this rejected and in fact is swept to the opposite side to the opposite side of this range. So the auction imbalances that we recognized yesterday occurred in some of these small areas here as you can see. Points of exhaustion where there is a lack of trading activity. We can see here, here and here as well as these other areas. Now we are going to use all of this information here within the structure. So we just went over that and reviewed lessons from part one but now we are going to extrapolate this data into the micro structure and context with auction theory and a bigger picture understanding of this auction activity and we are going to cover shorter term high liquidity and longer term high liquidity. So let's take a step back in auction theory. What is it? The price at which an asset is traded represented by the highest price a buyer is willing to pay and the lowest price a seller is willing to sell. Buyers enter competitive bids and sellers enter competitive offers. These orders are matched and executed with the aggressor within the auction process. Sounds simple enough. Let's take a look here and our simple example again and we will cover longer term liquidity. So if we take a look here at what is going on in this chart we are first going to identify where the participants are in this auction. Based on this auction theory here the buyers and the sellers where are they and we are looking for the majority of them and we can find them here. Very simple to identify in book map in this historical dome because you can see it. Here is their behavior. They are staying in the book. They want to be sellers up in these areas. They want to be buyers down in these areas. We are looking for the majority of these participants and you can see we are channeling right in between those two. That is the current auction on a bigger scale here. The structural scale we are looking at. Yesterday we are looking at just basic mechanics and now we are applying those basic mechanics to the bigger structure, the bigger picture within this historical limit order book. We can start to identify imbalances in that auction like we did previously. We see high liquidity here. Very short term though. It is in the book for only a short period and then it is pulled. What is this behavior? You can see and we understand from yesterday's lesson how it affects price. We are going to make a distinction between two different types of liquidity. Longer term high liquidity and shorter term high liquidity. The shorter term high liquidity is high liquidity but is briefly in the book. It creates a large auction imbalance. This is new information for the auction participants. It skews that auction and repels price away. Price reacts to the difference in the supply and demand. That imbalance. Understand the context of the area. Are we near areas of longer term liquidity? What are the relationships in the swings in that microstructure and the relationship with volume? We are going to use an analogy here to define this a little bit better here. Let's move on to longer term high liquidity. This is high liquidity that remains in the book. It defines the auction like we are just looking at. This has already been digested, this information, by the auction participants. It knows where the market can trade. It knows that it can trade by finding that higher liquidity that has been in the book for a long time. Usually what is occurring is we have channeling between those longer term areas of liquidity. This kind of liquidity can act as a magnet. It doesn't repel price. It can attract price. It's because it's been in there for a while. It's already understood and comprehended. The market knows that it can trade there. The market needs liquidity to trade. If there's no imbalance in that, it understands where it can go to trade. It's always seeking that higher liquidity. Then understand the context of that longer term high liquidity. Is there more or less liquidity around the area? Or do they have the tendency to pull that high liquidity as price nears that area? Let's take a look at the bigger picture here. We have our longer term liquidity. These auction imbalances are the shorter term high liquidity. We can see how it works. We can see how we have an imbalance here in the auction is pressing price up into these areas up here in that longer term liquidity. We can also start to gauge the context of this liquidity. This is pretty insightful data to take a look at here because they're providing high liquidity here on the offer, but they're pulling that liquidity here. Take a point higher here at 67, they're waiting here. We don't go up and test these areas, but maybe they'll pull liquidity here. Buyers will charge up into these areas and then maybe we'll get a rejection and come back down. You can see that they're doing that on both sides here. We have higher liquidity here and then down here as well. We're getting context of that area as well. You can see how these areas define that auction and then you can see the imbalances in the skews and how that affects price within that higher time frame auction. Let's get into more about the auction theory and balance within a range. The value of the asset is determined within a balance of a range. When price goes outside of that range value, that's where if it's too high, usually what occurs is you find responsive sellers. If price goes too low outside of that range, you find responsive buyers. Price will return back into its value range balance. On a candlestick chart, this is a classic auction theory here. Responsive sellers at the top here, responsive buyers down at these areas. You can see a lot of wicks here, buying and selling at the extent of the ranges. In book map or in that historical limit order book, here they are. The willing sellers up here outside of the range, this is the same example we were looking at. These are the responsive sellers and the willing buyers or responsive buyers down here outside of the range. Why does price return back into that range? We'll use a simple analogy here within an auction for basically anything, looking at a computer, a car, a painting, whatever it might be. Let's understand the higher price scenario here in that auction behavior. Well, we're at a higher price, there's less buying. Value is overpriced. People are going to wait for lower prices. That's going to be the behavior normally in this auction. You're going to find more selling. You're going to find profit taking. You're going to find anyone who was holding inventory is going to be distributing it out. They're looking to get a good price for selling at higher areas. What about with lower price? What's the auction behavior there? Well, you find more buying. Value is on sale. What you usually find is inventory accumulation. You'll find buyers and you'll find less selling. People that are already holding that inventory are going to wait for higher prices. In general, this is very in general here, but you will usually see price return back into a statistical average value. For traders, it's fading the outside edges back into value. Let's take a look at a volume profile and we're going to look at the transaction balance within a range. Balanced single distribution of volume. I'm sure a lot of you are very familiar with this and then we're going to look at time and price acceptance within this range. Here's our same chart. Our same example and we can see time and acceptance within this range here, price acceptance. Our higher liquidity here and our responsive sellers up in these areas and the buyers down here. Let's take a look at a volume profile now. Very balanced single distribution of volume. This is your typical bell-shaped profile curve. You can see the majority of the trading takes place right in the middle here. Here's our longer term liquidity channeling between it. Now let's take a look at the profile, the components here. The VWAP, the POC, the high volume node, the low volume node. James is already talking about value area, high value area, low. I'm not going to go into that, James, but that's a statistical, it's a detail on this information here. If you guys want to look at it, you're more than welcome. There's plenty of information on the web about that. Just looking at the simple components here of a volume profile. The low volume node, we're looking at low volume nodes at the edges here. We see there's no selling up in these areas or no buying. There's basically no volume or very little at the edges. Our high volume node and POC is right here in the middle. This is the most traded price here of this range. We also have the VWAP here, and you can see that's this white line here. That's the evaluated average price. The VWAP is different from the high volume node or POC. Just going to look at some skewed volume profiles as well since we're recovering the volume profile. This gives insight to the price action within that range. We're going to talk about B-shaped profiles and P-shaped profiles. In the B-shaped, it's more transactions occurring at lower areas, and then P-shaped, more transactions at higher areas. The insights it can give, well, we have transaction interest in a skewed area. It depends. This is all contextual. Higher time frames make a difference here, but is it going to be trap volume at those lower areas or higher areas, or are you going to see reversal? Or will there be price discovery outside of that range, and then we start to get in a trending environment? It's all contextual within that bigger picture. Here's our skewed, our B-shaped here, almost a double distribution basically, but you can see that there's more volume trading at the lower areas down here. You can see it very clearly here with the volume dots as well. If more transactions are taking place at a lower area, well, maybe you would start to anticipate more trading to the downside and price discovery. If you take also a look at some of the volume and what kind of volume it is, and this is where this matters in that context, as you can see, there's a lot of buying volume down here compared to selling. Maybe some accumulation and then continuation to the upside. But note again, the high liquidity here. We're channeling between areas of high liquidity here on the bid and then here on the offer. Some absorption up into this area as you can see, and some absorption down here as well. Let's take a look at a P-shaped profile. The skewed distribution now is on the upside, and it makes this kind of P-shaped profile. You can take a look at the majority of the volume, so these clusters of volume within the range. You can see again the range here, our higher liquidity is down in some of the lower areas, longer term liquidity, and then you can see it up here on the offer up in some of these areas here and channeling in between those areas. Let's take a look at advanced analysis within the range. The single distribution example, because there's all sorts of things that you can see within this price action, exhaustion, absorption, stop runs, traps, price rejection, return back to value. There's a fractal nature of these markets. We can see patterns within patterns, and then we're going to apply what we learned in lesson one yesterday, some of the order flow examples. Put this all into context, read it, and we can anticipate future price activity. Here's our example, our longer term liquidity. We see our imbalances here with that shorter term liquidity. Let's just take a look here. Our points of exhaustion here, and we see that sweep of the book here to the upside, a complete rejection of this area, price comes right back down into the range, so this is going to be your stop run. Why? Because we already have areas of exhaustion here. It looks like traders might be gearing toward the return back to the mean. Maybe they're starting to position themselves, looking for a return back to that mean, and then you can see that we go up outside of that area and then return right back in. And then the same activity occurs down here. We see our points of exhaustion down here. We have a swing low down here as well. And look how we just tap below that area here, grab the liquidity, and then trade back actually to the other side of where it finds liquidity here on the offer. So again, very, very trappy activity. You would think that looking at this very simple profile here that this is going to be pretty easy fading outside edges and returns back into the norm. This is actually, there's a lot going on, and it can be very tricky to trade. In fact, this higher liquidity as previously noted, you can see how they're pulling here. There's potential here for the buyers to continue on up, but they'll run right into higher liquidity at a higher level. And then if those guys are wrong and we see a lot of selling, responsive sellers return right back down and probably hit the other side of the range. I think what the statistic is, I've heard from many traders, if you get a price that goes outside of the trading range, rejects and comes back into the middle that there is an 80% chance of it returning and testing the other side of that range. And that's exactly what occurred here twice in this example. Here's one example outside, and then the return back down and makes a lower low here. And then look at this example here. We have a lower low, it tests this area, and we come right back up and test the other side and actually make a higher high within the range. And that's just from identifying some of the market mechanics that we were looking at yesterday and starting to apply that within this bigger structural range. But we can also see here the fractal ranges within that larger range. So again, we can start to apply what we learned yesterday with the basic mechanics. We have our stop run or our sweep here, it's rejected, comes back into the middle, but we have a fractal here. We are now accepting at a higher level here outside of this little range here. And you can see that it's starting to, there's time and acceptance in this microstructural range. Well, what occurs here? We have, again, a sweep of the book. We sweep down and we accept below in a new range here, a range within a range. Nice points of exhaustion up here, more selling to the downside. We get that bit of extension here and reject and come right back up and trade outside of this micro range into a new micro range here on the upside. Very trappy environment and a lot of things going on here. All right. So let's now take a look at some imbalance, not balance, but imbalance in the auction theory. And we're going to apply this to a trend. So in imbalance, it's an upset within the balanced auction range environment. Price breaks out of that range. In the breakouts, what you start to see is large initiated buying. Not responsive buying, it's initiated buying. And it redefines value to the upside. On the breakdowns, you have large initiated selling. And it redefines value to the downside. The reevaluation price accepts outside of that original value range. All right, that price discovery, usually we see continuation and price discovery in the move of the initiated buyers or sellers. This reevaluation, it'll repeat. And then you'll have a trend beginning. So like in this example here, that trend never got started. We see the values change here, but we don't see a trending environment. Simple candlestick chart and uptrend. This is where we can find our initiated buyers in this trending environment. Price moves outside of the range. Initiated buyers here at some of these levels, as you can see. And we break outside of the range and we have time and acceptance above it. We actually get a nice retest into a micro range here. And we find again, initiated buying right around this area here that presses price up through this small range here. And now we're in a new range. Again, we find initiated buying here at this area. And we see a nice move to the upside. And there's a lot of structures within structures here. But looking at the bigger picture, this range here, our initiated buying starts to occur in this area here. And we break through up outside of that range, except you can see the pullback to it and then the continuation. What does that look like in book map? We can very clearly identify that initiated buying. It's just very much like a footprint chart. You're going to start to see large volume dots in these areas. This one's a little suspect down here. This is the initial break. But you can see there's some buying here, a pull of liquidity. And then we see a lot of buying start to take here as well. And a pulling price upwards, we can see the acceptance here. We do get our retest. And then look at the initiated buying here, large volume dots. This is what we're looking for. It's going to pull price up outside of this trading range. And that's exactly what it did. Very aggressive move here, up into higher liquidity. And it happens yet again here. More initiated buying, outside of a range, break through, and continuation to the upside. We see it in one more time here, yet again, and break through to the upside. So that's what pulls price up outside of the ranges. And let's start to identify the auction. That longer term liquidity, how is it behaving in some of these areas? Well, we can see that the longer term liquidity, it was initially down here. And then we see this break to the upside. But where's that liquidity? That longer term liquidity is still down here. But this initiated buying here is what we get that pulls us up into that longer term liquidity that's waiting here on the offer. You can very clearly see it. These areas are targets for that reevaluation of price. In that trending environment, you usually don't see liquidity follow to the upside. You might get the shorter term imbalances, and we're going to go through that here. So that shorter term high liquidity, you might see in some of these little areas here that just kind of press this price into maybe excuse that auction a bit to initiate buyers to jump in. We see it all the time, just that shorter term liquidity. It doesn't stay in the book for very long. Just excuse it a little bit and gives it a little bit of a push to the upside. And now we can see how this auction imbalance, how it reacts within the bigger picture here of that longer term liquidity in a trend. So why does price accept a higher in that uptrend? What's the reevaluation of the asset? Usually, the repricing occurs after a geopolitical or economic event. It could be some sort of news or economic data. We see continuation of that bigger trend. That's possible as well. So there's already a bigger picture supply and demand and balance, or it might be very simply that auction and balance and or large initiated buying together. And that alone will allow price to trade and accept above or below a defined range. And let's just apply this understanding within the analogy here that we used before, buying or selling anything, a computer, a car, a painting, whatever it might be. We're at a higher price, for example. There's demand. There's auction demand behavior here. There's buying interest at higher levels. And there's a lack of selling at lower levels. And price revalues at the higher levels. So it's that imbalance here that we're talking about. And let's just take a look here. Probably be easier to explain here by looking at the chart. So we see our initiated buying in balances in some of these areas here. And it pulls price up outside of those areas. And we see buyers here, they look at all of the buying here. That's where the re-evaluation occurs. If this does not auction properly within this area here and you don't really find the buyers to support it, this will be a rejection of that breakout and a return back into value. But this is where the re-evaluation occurs here with an initiated buying and continuation of that buying. And then we have the lack of selling here. Our exhaustive points in a trend. This is very typical. On our retest to the downside, we have higher lows in this environment. We have very few sellers. And we can see that here in the transactions. We have some selling up here. But compared to the big green volume dots here and here as well, this is a lack of selling in reference to these other areas. And this is important. It's seeking re-evaluation price. And where is it going to find it? Well, it's going to find it with the higher liquidity is, that higher liquidity that remains in the book. That's what's revaluing price right now. That's exactly where it's going, is hitting those areas. You can start to understand and drill in to the micro levels to understand what exactly is occurring here. But usually what you get is a lot of absorption up in these areas. And then we trickle back down. We get exhaustion. And then price just charges through. The aggressive sellers or buyers, the buyers in this case, charge right through these areas of high liquidity. They take it all. They sweep the book. So now we're starting to comprehend that sweeping activity outside of ranges and understanding time and acceptance above in a new range. So let's cover the volume profile and the transactions within this uptrend. We have a multiple distribution of volume. There are multiple high volume nodes and low volume nodes. Very typical of that trending environment. Breakout is established out of the range, time and acceptance in that new range and break into a new range. So here is our multiple volume profile in a trend. Very, very typical. See one profile here, another profile, another, another, and another. It is trending higher. And start to extrapolate some of the lessons from yesterday, understanding the sweep of the book, and that you're going to get your low volume and high volume nodes in some of these areas here. Usually where we break from, although we see big initiated buying in some of these areas, compared to the volume in the range, this is your low volume node. So you can see here. It's a little bit higher here in this case. Our low volume node is here, though. And we come right back down to test it. And here's our low volume node, just maybe a tick or two off to the upside here. But you can see that the sweeping activity to the upside and now actually pretty aggressive sweep that our low volume node is a bit higher here, in this case as well. One more here, our low volume node here as well. Breaking outside of that range and establishing that time and acceptance above the previous range. Look at our high volume nodes in some of these areas here as well. And I usually can align that just right in the middle of these ranges, more or less. You can see a P-shaped here. Maybe a little bit of a P-shaped here. But these are pretty nicely distributed. What about the value within a trend? We're going to look at balance within that trending environment. I mean, we originally spoke about it being an imbalance. But there is something to this. That's how you have your trend lines. It gives a structure to that reevaluation process of the asset. Absorption at the higher highs, we have our profit taking. And then exhaustion at the lower highs, followed by more initiated buying. What does that look like here? Well, this is where you get your trend lines and channeling. Your diagonal balance within established trend. And you can see here that really this imbalance here re-establishes that trend. So we were trending upwards. And you can see how nicely it came right back down into some of these areas. But this large amount of buying re-established that trend. And you can see how nicely these work out together. Well, let's get into some advanced analysis of that trend. And high liquidity and large transactions, absorption at the higher highs, low liquidity and fewer transactions, exhaustion at the lower lows. We've been covering that. But let's look also at the strength of the trend. We just looked at that in the diagonal moves. But we're going to look at some measured moves here. And let's jump in here. And let me show you the measured moves. Fractal nature in that trend. We have our measured moves within the pullback. This is exactly 10 ticks here. This is a stronger move and break outside of this range. It's actually 12 ticks. And that repeats again here. And then we have finally one more to the upside here, which is 10 ticks. It's referenced to the one that began that trend, that this trend is starting to wane potentially at this point. It's only a few ticks difference, but they're more or less the same as well. But you're going to see that. And you can relate that to this diagonal balance within that established trend. OK. All right, that's the fractal nature. I kind of jumped ahead here. But all right, the strength of that trend, the measured moves and the stop runs and liquidity grabs. So let's take a look here. In that strong trend, we get our pullback to our low volume node or that last big flurry of volume or activity. So when you have the very strong trend move here, as you can see, we moved very aggressively to the upside. We'll look at the pullback. We didn't even come back. Actually, I think we came very close to the low volume node here. But this is where that initiated bind, yet again, occurred here. So the pullback is meager. The move out of here was very strong. So you won't get a pullback into some of this area down here. And with that strong trending environment, the same occurred here. Very, very strong trending move. The pullbacks are very shallow. Now, in this initial move here, to the upside, though, as well as this last move here, we get a pullback to where we broke from. So pullback to that low volume node here, as well as here. Just basically to the tick. So you can start to understand the strength of these moves and start to anticipate pullbacks. And this is all you can see where we're all going with this. Tomorrow, we're going to put this together into strategies and setups, where we covered the measured moves. But all right, let's go through some of the training exercises here. That's it for part two, understanding the structures and order flow, historical order flow, and transactions and volume profile within this auction process. So next step, go through these microstructures. Apply that auction theory and volume profile concepts to it. And then mark up several examples in the chart. You can use the book map replay mode. If you have book map, it's an excellent way to review all of this data. And study the price movements within these structures. Start with one example. Focus on one chart. Understand the details of that auction and the transaction behavior within that example. And then move on to the next. And note the variations in the next example. You go through this. The more that you're going to start to piece together this environment and then start to anticipate maybe the deepness of the pullback and where initiated buyers might yet again jump in and anticipate maybe continuation here in that trend. All right. And then tomorrow, just a preview here, we're going to get into the practical applications of this information. We're going to go through the context of the auction and the transaction. This is very important. We want to understand not just one white line of high liquidity. We want to understand the context of it historically and how it behaved previously. Or are they adding more in an area? Where are they adding in? Are they adding in, let's say, they're on the offer. Are they lowering the offer with more liquidity? Or are they pulling it and adding it above? This is going to give us a lot of context and a lot of understanding to the anticipated move. And then we're going to put that together with traditional tape reading and where those transactions occur. And then we're going to anticipate that price move with a strategy or a setup. And we're going to cover that tomorrow. All right. OK, let's get to some of these questions. Let's see here. DX is only for stocks. Yes, it is. Guido, I don't know if that'll work for other platforms. We have a deal with DX feed. You can talk to us support about that on the price. OK. Yep, Francisco price will go up and up until it finds that seller. Yeah, exactly. OK, now Francisco went over the initiated buying and selling as well. Well, usually you're going to see kind of a battle at them right in the middle of value. And look at those areas of the POC. And then you'll see that initiated buying or selling. Charging up and gaining momentum out of that area. That's where that re-evaluation, a lot of the times it'll reoccur. And you can see it, Francisco. I mean, that's why I really implore you to take a look at some of these charts, mark them up. And you'll see the behavior here. And I think that focusing on one example and then I think it's going to give you a lot of insight to the anticipated move. Thanks, Mauricio. Maurice, OK. All right. Ken, there is some data that a book map can be fed into. The time and sales data information can go directly into, you can export it into Excel. OK. Siddhar, that also answers your question. SJ, in the midst of a trend, is there a way to anticipate the amount of a pullback example? Yeah. No, I just went over that as well. So those strong moves here, and we're going to get more into that in the setups. But you can see the shallow pullback here. But in this initial move here, this isn't a lot of volume. And because of this initiated buying in these areas up here, you get a much deeper pullback. Now, it's contextual. I mean, what if we run into really high liquidity here? And they're very, very aggressive. And then you see a lot of initiated selling outside of this small range here. Well, then you can anticipate maybe a move back into this range here. But we didn't get that here. Now, you can see that there's not much selling. OK. All right, guys. That ends the lesson two. And let me know if you have any questions. But we will continue on tomorrow with part three. Yeah, you're welcome, Guido. Siddhar, let's see. Any sorts of deals on Bookmap for the month of July? Not that I know of. But reach out to support at bookmap.com. And we can take a look there for you, OK? All right. OK. All right, guys. Yeah, thanks for coming. And we'll call it a day. And we'll catch up tomorrow with part three and look at some of the context of this auction and the transactions, and then start to apply strategies and setups to it, OK? And take advantage of the education that we've already covered for the last two days. All right, thanks for coming. We'll see you tomorrow.