 Okay, so welcome to the webinar, a risk disclaimer, trading equities and futures involves substantial risk of loss. It's not suitable for all investors. Past performance is not indicative of future results. You guys know all of this here, bookmap.com, et cetera. If you don't, you can go to bookmap.com and you can log in and go to the Education tab and Features tab here and follow us on Twitter and or subscribe to us here for YouTube and all the playlists are here to get you familiar or review anything in bookmap. Okay, so let's zoom out here. Let's get our indicator on here as well. We get the cumulative volume delta here and some things to look at here. We see oils kind of going back and forth, some nice structure stuff here we can see and we have the figure here and look at that line of heavy liquidity up here at the figure. That's usually the case to be honest, but at the half figure and the figure, the round numbers is usually where you're going to expect some trading. Our process here, so usually we take a look back and step back and look at higher time frames and just kind of get an understanding of highs and lows. Let's do that and we're going to look at oil and we can see here what's going on. Let's look at a few days here and let me make this bigger. I just want to gauge understanding and we can see some buyers stepping in here. We can see the 4.30 this morning Eastern time, some heavy buying or maybe a little bit earlier came in and pushed price up and we are now in a range of above and accepting above 49.64. We can see we had two retests here a little bit more and we found buyers down here. We are back up again into this range. That seems to be the case. I'm interested in the high, I'm interested in the figure here at 50. We also have maybe 50.43 as a recent high and then maybe some of the swings down here like 49.12 or so, but more specifically 49.45 or I guess around 49.50. That's where we found the buyers. Let's step into book map. Now, first things first. When we show up to the auction, what we first want to know is where are the majority of the participants? We want to know what's the condition here in the market. We just look for that high liquidity. We can see here at 49.81, some pretty high liquidity. Let me adjust my, that looks a little bit better. Okay, that's good enough. Here at 81, we can see some liquidity on the offer. Then we can see that down here, they started to pull at 65. They're down here a little bit lower at 60. Then ultimately down at the half figure, down at 49.50. No surprise there either, but we could move here. Very nice trap below that 49.50. You can see that just a lot of support here in the limit order book, as well as some aggressive buying and off we go to new highs. Anyway, the participants, we've already identified, we see a lot of algorithmic activity going on as well, kind of moving price back and forth here, as you can see. Then they jump out of the book and then they jump back in on the offer, et cetera. Anyway, those are some of the levels we want to just outline here and get an understanding of what's going on in the auction. Next, we want to know the context of these participants and their intent to trade. So we can see here that this is a really nice setup, in fact. This is something we cover and let me show you where. In the book map education course, there's part 1 through 4. And in part 3, one of the setups we look at is exactly this. Now, what it is is we have a trading range here. We have a break of that trading range into this higher liquidity down here. They start to pull. But then we see a retest back to where we broke from here. And we see high liquidity as well. And look at the number of trades that took place up in this area here. Not very many. In fact, this is exhausting out. There were six trades that took place up here. Six transactions. And here they are, right here. Or I'm sorry, volume of six. So very little. And we're not finding a market here, basically. There's no more buyers. The buyers are starting to dry up. And we rotate back down to find the buyers. And we don't really find them. There's a little bit of sideways action here, but we continue to see selling pressure and in control. And we can read that in the dots. So anyway, digressed a little bit. Let me go back to the intent of trade. All right. We can read these guys. Although they pulled at the last second, this is longer term liquidity that stayed in the book. And they're still here at 81. So we identify that they have that intent to trade at the moment. When price comes up and tests them, we will really be able to gauge their intent. And do they mean to trade or not? So for example, look at this high liquidity here. Now there's a little battle going on in this area right now. It looked like this was going to be shorter term liquidity. It's not. In fact, they stay in the book. And God, it takes too long to explain. Due to them staying in the book here. And look at this area here. They want to trade. Their intent here is to trade. They want to be buyers at this price level of $49.72. We can see they're staying in the book. Some pulled a little bit pulled right here. But the majority of this liquidity, these 219 contracts, stayed in the book. One tick lower, 209 contracts. High liquidity, 2 levels, staying in the book. They want to absorb price. They want in at this level. That is that intent to trade. We have gauged it now. When this type of activity occurs, I'm looking for the next area to get tested. And now we can understand our 4981 area. Do they have the intent to trade? Let's zoom in here and let's answer that. We can see that some of it did. And then they started to pull. And they pulled. And they're now a little bit higher, a tick or two higher. And that's what unfolded here. So we see some volume that traded here. We see the cluster of volume. That's good. But their intent up at this level here is kind of murky. I would say this is clear down here at 4972. We know that. We know this is fact. These guys up here, here they wanted to trade. Not anymore, though. So they started to pull. And we can see that they're still flashing back and forth in here. But I think the bulls here have the power at the moment. And why do I say that? Well, just by putting the context of, I'm not even looking at the traded volume yet. I'm just looking at the context of the auction and understanding the intent of these traders. OK. And here we go. I mean, they definitely are in control here. All right. Now, that happened before I didn't say it. But that started to unfold when we were looking right around here, or at least I was. This is what keyed me into it. And then understanding now that they're starting to pull here, OK, I'm looking for exactly this. Big green dots, aggressive market buys, sweeping the book, pulling price higher. And they want to come up and test 50 now. That's the target here. That longer term liquidity that stays in the book is a target. It acts as a magnet. Why is that? It is because that longer term liquidity is where the market knows it can trade, OK? The value is determined in a trend. Price is being, or the value of that instrument is being determined where a lot of where those liquidity areas are, OK? So anyway, that shorter term high liquidity though, OK, that distinction in all these little areas in here, you know, they're pulling, they're adding. And you can see a lot of algorithmic activity within these areas here. And that usually they do not have the intent to trade, OK? When they start to stay in the book is when they have that intent to trade. Now, this high liquidity that jumps in here very quickly repels price, usually. And it makes sense, OK, using auction theory. It repels price because it jumps in here very quickly and it skews the auction, OK? And let me show you what I mean by that, OK? We're going to see it here, OK? Right here, OK, at 49.72, we see, look at the bar here, OK, 227 contracts. And as I scroll forward, OK, we come into 188 contracts here, OK? So we, in 133, one tick above that, OK? There's a skew here in the auction, OK? There's more buyers than there are sellers that there's more demand at this level. That is new information for the market and the market usually adjusts to it, OK? And anyway, so you can start to anticipate some of that and start to understand how price may, with a higher probability, may react with that high liquidity that jumps in and skews the book, all right? OK, now the other higher liquidity here that stays in the book for a long time, it's already been digested. Market understands, it can trade there, all right? So that's the distinction between the two, all right? Let's see here. Amazon, you want to look at Amazon later. Francisco, I may have to hold off on Amazon. Maybe we'll have time a little bit later. And you want to look at some currencies as well. I only have the euro up. I do not have the British pound. And let's see, Richard, two questions. Line three, the bottom of the chart for delta. What are these lines? How do you explain delta? OK, this is the advanced webinar. So I don't want to delve too deeply. Unless you guys have questions, I'll be happy to answer them. But everyone is usually pretty familiar here with the cumulative volume delta. Indicator that we have in the sub chart. What this represents is accumulation of the volume. And it's a very simple indicator, but it can give a lot of insight. And let's say a market buy occurs for a volume of one. Well, your cumulative volume would then change. It would be plus one. Whatever the previous record of it, it would be plus one. Someone comes in and buys 10. Now that would be plus 10. So altogether, the accumulation of our trading period would be 11 now. And now, let's say a seller comes in for five. And they aggressively, these are the aggressive orders. So the market sell for five. So we have 11 minus five. Now our cumulative volume is still positive, but it's six. OK. And how that can be helpful? Well, you can start to understand absorption, exhaustion, extremely well using the cumulative volume delta. In book map, you can also just see it so visually without even looking at the cumulative volume delta. You can just see it right here. And you can start to understand the context here. Whereas this didn't really give us much of a signal. And we don't see a lot of absorption. But they definitely had the intent to trade. There's no question there. And we can see the reaction. We still haven't tested 50, but we might get the rotation now. And let's see, this is where that initiated buying took place right here, right where we are right now. So we need to see if they're still interested here at 4980. At the moment, we're not seeing it. They're still here though. The liquidity is down here. Let's see, we might get what we're looking for. If they're still here, we're looking for the skew in the book. And that's already happening. It's happening right now. And now we need the aggressor to show up to the party. And we want to get above this little swing here. And we want to see some very aggressive big market buy orders in contracts. And they'll sweep all of these price levels up into that higher area of liquidity. First stop would be 4990. And then the figure here at 50. They're being aggressive in the book. No question. But the aggressor has not showed up yet. That's one scenario that might happen here. And we might get something else, but at the moment, that is the scenario that looks more plausible. These guys are kind of putting the raining on the parade a little bit here at 86 and now 87, showing high liquidity. But in this area here, it was clear. High liquidity skewing the book and getting very aggressive here, stepping it up. And it's got to be the same player. Look at when they pull, they add to another level, pull, add to another level up above. So you can start to read the algorithmic behavior here or the larger players, how they're playing. OK. We can also add on our indicators and start to look for some iceberg orders in some of these areas. But OK, so I'm looking for, I'm still looking for it here. Let's see if they show up. We didn't see any follow through here, but we're getting another rotation. Let's see it. Let's see if these guys get stuffed here on the offer or if they just pull and just try to just jump out. So just putting the pieces together, reading the context. What about some of these swings down here? See some, now let's go over the transactions. Where are they taking place? This will give us insight to the potential movement of price. That's where traders are committed. And that's why I'm looking for here, right here, for the buyers to show back up, because they were here previously. So are we going to accept in this new range here above this 49-80 level? That's the question. Right now, still that scenario might play out of a skew in the book and the aggressor shows up here. But other than that, the high liquidity is at 90 and at 74. So these are the facts. This is what we know right now. So I am starting to read a little bit of a skew here to the upside. I see a little more volume starting to trade up in these areas. So a lot of times, what we look for in the trending environment is the transactions at higher areas, higher highs. And then we get more price discovery to the upside if that is the case. On the lower or the higher lows in some of these areas, you see a lack of trading. The market doesn't like trading here. We don't see much liquidity and we also don't see a lot of transactions. So based on that, we start to anticipate another test and then potentially discovery to the upside. You see lots of nice little wicked things happen in some of these areas here and some traps to the downside just kind of break some of these lows and then immediately move right back into the range. So I want to cover a more range bound strategy and let me find a good range. This is pretty micro level here. We could use it, but it's not going to be the clearest example. But a lot of you guys trade with indicators or some sort of understanding like here. Our cumulative volume delta is showing that there was a little more selling actually in this area here. Interesting. It actually did make a lower low. So I guess it's not that surprising. But anyway, we're trying to gain insight here to the commitment of these traders and the auction here, the intent. Our scenario, the lack of the buyers, they just didn't show up. So now the aggressive sellers are taking the price down here. This is hard to see. I don't like it. This usually happens in the afternoon. It gets a little harder to read. Because I'm not seeing that commitment that we do earlier on in some of these areas here. Just like yesterday basically. And it gets really trappy too. So that trap is set here, is potentially set right here right now. We're still looking for the same stuff. Skiing the book and those aggressors to show up and lift the offer here. They're starting to show. And then these guys here, they're going to be trapped. So we're back in the range. I'm looking for it now. I'm really looking for it right now. The aggressors. They potentially have it here if they want. Because we've got the trap to the downside. And looking at some of these nice little range here, there's going to be some liquidity up here. There's going to be some stops up in this area here. And there's going to be a lot of buying. Anyone that sold the breakdown here. And no, still not showing up. So anyway, let me go over this example. Like I said, it's not the clearest example, but I want to keep an eye on the live market as well. The breakdown here. And why I'm looking for this now to test to the high side. And let me cover that. Okay, it's getting interesting. It's getting interesting. Okay, so let's draw on the chart here. And okay, so this is our trading range here. Okay, here's a break of that trading range. And we come back into the right back into that range. So price rejected here very clearly. It rejected. And we see there's actually, it's not the clearest example, but there's two microstructural levels here that we're looking for. And we see one of them here. And we see the other one right here. This little cluster in this area here. And that's where I'm actually looking for the buyers to show up yet again here. See if they do. And so far so good, but we're just going to battle them back and forth here. So if you guys are looking at some sort of indicator down at these levels. And you're looking at range bound strategies. I would recommend looking at some of the microstructural areas here. And then understand when they they trade back into the range. So it wouldn't, I mean, you would be kind of flying blind here if you're entering at some of these areas because you don't know how much supply there is or how the aggressors, they may continue on. But once we come back into the range here then, you know, and let's say your indicator, okay, you have some sort of signal here generated by your indicator. And we might have something here. There's our low. And yeah, not really. Nothing too interesting on the CVD. But let's just say you did get some sort of indicator reading down in this area. But we still don't know. But once we see the shift in the order flow and what we're looking for in that shift of the order flow is the move back into the range and the aggressor. We're looking for the buying to pick up in this area. I know this is detailed but look at the exhaustion here. You can see the buying starting to show up here. And we do not come back down into this low here. In fact, we have nothing trading here, not a single contract. And it tests twice. There's a pretty good signal of that continuation. When we got it here, I know that it's not that interesting. It's not a lot. It's a 10 cent move. But nonetheless, this is going to play out on the higher time frames as well. So starting to combine in a strategy. And this is just one of many. But you can start to integrate order flow within your strategy. Start to understand this rejection here. Get some of your signals from whatever trading methodology you're using. And then we see the shift in the order flow. All right. Let me get to some of the questions here. And let's see because we have a lot. Which is great. It's coming. This is what these webinars are for. To get you guys understand the advantages that the tool is showing and how to integrate order flow into your trading. Because this is going to be an advantage here. There's a couple setups we went through. This one was real nice too. We're not looking at big moves here. But these show up on the higher time frames very clearly. I can demo that. We can start to understand for example, I'm zoomed out here. Here's 9 o'clock cash open. Look at the drop here. We return back into this area right here. And we get one more drop. Where's it dropped to? This little cluster right here. Maybe you want to be a buyer if you think we're continuing to the upside and indeed it did. Now we're starting to look at volume profiles. Here's some divergence. Here's a nice divergence in the cumulative volume delta here. We made a lower low in price. But look at how there's less sellers here. And the cumulative volume delta. More sellers here at this higher low. At this lower low we have less sellers. So there's a little more buying pressure in here. There you go. There's your signal. Let me go over this setup. There's your signal. This is exactly the same thing we were looking at before. Exactly the same setup. Our move to the downside. Nice cluster of volume here. And then this microstructure. It's broken. Now do we accept above it? Yeah, we do. In fact, look at them. Oops, sorry. Let's go back here. We're just range bound here. Let me go back here. Hold on a minute. Same exact setup. We don't have any more sellers here yet. But when the order flow shifts here, now you have some really good insight. We're above this structure. We're accepting. And then look at them here in the order flow. Staying in the book absorbing. They want to be buyers here. They did pull right in this area right here. And pull price up. So same thing. But I hope that's helpful. Let me know if you have any questions. Let's see. Yeah, I agree with you Francisco. That 50 area. I'm still targeting it longer term here. But at the moment you can see that we saw this initial breakout here during the webinar. And then we come right back into the range. And I was looking for that, that, that buying right here. Again, and it's holding, but you know, I thought by now we'd probably get up here and test it again. You know, but we haven't, it's just been in this range. All right. Yeah, exhaustion and delta is pretty simple to, to evaluate. So, you know, let's look at this little area back here. Okay. I mean, you just got to think about it, like, you know, that, you know, if we see some selling, let's go back to that original example. Okay. Well, and this isn't necessarily exhaustion on the retest down here. Okay. But we do have a higher, higher reading. And then up in this area here, let's zoom in there. Okay. Well, what we're looking for on the retest is your cumulative volume delta to remain high. Okay. And it is. Okay. So, and you can just read it in these little points. I find it easier just to read these points and read the clusters of the volume. You know, so more buying than selling, more aggressive buying than selling. And, you know, just read the size of these dots and the color. Okay. And I know that sounds kind of wonky. You can look at, you can roll over these areas and also get exactly what traded. Okay. You can also put this within your trading range and look at your volume columns and know exactly what traded. Okay. In fact, let's not split this out. Okay. And our profile here also shows a little bit of a, you know, distinction. Okay. We're looking for, we can see more trading at a higher area. And it's a little more, we can see just by the size here, a little more buying than selling, but it's rather equal. But down here, 12 contracts traded at this area here and that's from back over here. Okay. So actually three traded here. That's it. So there's your numeric values for those of those, those of you guys wonky, not wanky. So the, you can see the lack of selling activity here. It's exhausting out. All right. European session closing. Yep. Thanks, Homera. Let's see. Okay. Richard, any more questions on that? You want to go over some settings on the, on the cumulative volume delta. You know what? I'm not going to, I'm not going to go over that. What I'm going to do instead is I'm going to show you where you can find the video. Okay. Features and components. Let's click on that playlist and browse through here. And we will see the cumulative volume delta. Where is it? Correlation tracker, cumulative volume delta. Okay. And I'll put this into the chat for you. There you go. And let's move on and take, and continue to look at that price here. Okay. You'll find it up here under studies configuration and then cumulative volume delta. All right. If you want to take a screenshot of my, my screen there, here it is. My settings. You know, I have it very basically set up because I want to show simple examples. But man, there are people have done all sorts of crazy things. I've seen like, you know, seven or eight cumulative volume delta studies within this area. And it's great. I mean, traders can really, you know, play around with it and look for very specific things with larger contracts that are trading compared to smaller contracts that are trading. Getting insight to the type of player playing. All right. Okay. All right, guys. Any questions? Didn't really get the most out of this little session here. It just turned into a really big profile instead. And, you know, we can, we can still see though, if you want to go over your volume profile and market auction theory very easily, you know, our first process here, one of the processes you can, you can do is when you show up to the auction, find out where the majority of those participants are. And in this case, it's, you can see responsive buyers are interested down here. Responsive sellers, they're up here. And it's right in between the majority of this big here, this big profile here. Okay. Yeah, Homera, sure. You want to look at it again. Here it is. Cumulative volume delta. Really, really simple. I don't have any filters on it at all. I just have it for chart range. So it'll make, it'll output the chart range of what I see here from a cumulative volume delta. Okay. You know, you can have it reset, for example, you can have it for the session. Okay. And then I'm going to get a different reading now. Okay. It's making that accumulation for the entire session. If I have it for chart range, this is going to change based on my chart range. It's new data here because I zoomed in and out. And I zoom in and out, you're going to get a new calculation. All right. So that allows you though to really home in to some of these areas and understand what's going on here. All right. Looking for some details in some of the microstructure. All right, guys. Well, let's wrap it up if there's no more questions. And we will continue on tomorrow. Okay. We have a non-farm tomorrow. So, you know, we're going to have some fireworks at 8.30 Eastern and see what unfolds after that. Maybe we get a good trending day and, you know, see a lot of volatility. All right. Okay. All right, guys. Well, yeah, take care. Have a good day. And we'll catch up tomorrow. You're welcome.