Hartle & Flow

Active traders are always looking for situations to exploit in different markets. Any particular situation can be converted to one or a set of conditions. To aid traders looking at different markets for particular situations, CQG’s Market Scan can define a set of conditions, search a portfolio of instruments for those meeting the conditions, and thereby provide a list of markets to investigate for trading opportunities.

CQG comes with more than 20 conditions already programmed, depending on your enablements. You can define your own conditions as well.

Market Scans can review portfolios for conditions built using any time interval, from intraday bars to annual bars.

To start setting up a Market scan, click on the MScan toolbar button or the click on the More toolbar button and select Market Scan. The Market Scan Wizard guides you through the process of creating a Market Scan by first selecting or defining the conditions, then setting up a portfolio, and running the scan.

As an example of a finished scan, this image shows the output of applying the Tom DeMark TD Sequential study to a portfolio of exchange traded funds (ETFs) back. This image is from a more detailed article on using CQG’s Market scans. Here’s a link to the article detailing Market Scans in CQG.

TD Sequential is a pattern recognition study used to identify potential ends of trend runs. The study looks for possible conclusions to uptrends and downtrends. If a trader was looking for just the end of downtrends, then an additional condition could be added, such as the price must be below a moving average of some appropriate value, such as 50 days.

Rolling the mouse over any row in the results window and a left click will bring up the chart of the symbol. If the condition was set to mark the bar that met the condition then the bar is colored.

With the scan complete, the results can be saved and pulled for further analysis. The Market Scan could be run each evening.

Think of the Market Scan as having a trader’s assistant tracking other markets for you. The assistant will alert you to when your trading style may match conditions in a market that you may not be focusing on at this very moment.

The CQG Order Ticker gives you a live view of the changes occurring in the exchange order book including trades executed, orders placed, orders canceled, and orders modified. The Order Ticker uses a scrolling window similar to the old ticker tapes for the stock market. This link leads to examples with labels of the denotations in the Order Ticker.

Some new features have been added. Now, you can set a limit for order activity and a separate limit for trade activity. For example, only order activity 25 lots and greater can be one limit. And, trades 5 lots and greater will be displayed. Another new feature is an arrow will appear each time the inside market moves up or down.

These filters will slow down the pace of the Order Ticker display. That being the case, one idea is to stack two Order Tickers to break down the activity between large and medium size traders.

The first example displays two Order Tickers for the E-mini S&P 500 futures contract. Click on the image for a full size view. The bottom Order Ticker is set to 100 contracts and up for order activity and 25 contracts and up for any trades. The top Order Ticker uses 25 contracts and up of order activity and five contracts for trades. Now, you can simultaneously track what large traders are doing compared to medium size traders.

Here, we see medium size traders are lifting offers, while large traders are hitting a few bids and lifting some offers, but the large traders are placing large bids under the market.

In this example, large traders are hitting a few bids, placing new offers, and canceling resting bids. Medium size traders are lifting offers, lowering offers, placing new offers, and canceling bids.

Our final example shows large traders hitting a few bids, but both large and medium size traders are placing new bids in the market and canceling resting offers.

This set of examples used order and trade limits for the E-mini S&P 500. Try various settings for other electronically traded markets as every market has its own characteristics.

CQG offers 15 different charting styles. The list includes: Bar, Candlestick, Constant Volume Bar, Equalize Sessions, Fill Gap, Line, Market Profile, No gap, Percent bar, Point-&-figure, Spread bar, Tick, TickChartSmoothing, TradeFlow™ , Yield bar

The choices provide traders the visual format that fits their trading style. Special charting styles include Constant Volume bars, where the bars are built by the number of executed trades or ticks, and are not time based. TradeFlow Charts are CQG’s exclusive look at the action by traders at the inside market level.

All of the charts make heavy use of right-click menus enabling the trader to customize the look of the charts. The left-hand toolbar lists chart management elements including setup, chart resizing arrows, adding studies, intraday and historical charts, chart types, and pointer tools. The study toolbar buttons are added from the Study menu, which is reached by clicking on the Study Toolbar button.

A right-click on the any element on the chart will bring up menus for making the look of the chart meet the trader’s specifications.

Click anywhere on the chart to access cursors, pointer tools, add studies and more.

Click on the Setup button to set chart preferences, colors and fonts. Set preferences, as well, as customize the toolbar.

Bars and studies can be color-coded and/or marked based on a condition. In this example, the price bars have a marker when the RSI is closing over 70 and the RSI histogram bars are colored red.

Traders using CQG can set up automated trading based on CQG’s alerts. A CQG alert can send a market order, a cancel order or a liquidate positions order to a futures exchange through CQG’s gateway.

Why use alerts? Today’s global markets offer traders many opportunities and alerts can be one way to continuously stay on top of multiple markets.

Originally, alerts were used as the name implies: a defined market event occurred and the trader was notified. For example, the market event could be that a price level had been hit. Once the alert was triggered, a variety of notification choices were available: 1. An Alert Trigger Dialog Window and an order window could open; 2. A chart and Time & Sales screen could display; 3. An audible alarm could trigger; 4. An email could be sent.

Version 7.3 added order routing to the list of actions available following a triggered alert. Version 7.4 includes new order routing features for traders using alerts.

There are five types of alerts available that include order routing: Price Alerts, Time Alerts, Price X Line Alerts, Study Alerts, and Condition Alerts.

Each of the Alerts, Price, Time, etc., has Action windows. In general, the action windows consist of four sets of actions shown in this display. First, is to place an order, second is to set the audible alert, third is to decide to display a chart, a time & sales window and order window, and finally, an email can be sent.

In this post, we will look at Price Cross (X) Line alerts, which can be used for triggering notifications and sending orders if a trend line is crossed. The trend lines can be placed by using the chart trend tool. Click on the Trend toolbar button. The alert will automatically track the price action relative to the trend line. To place an alert on a trend line, simply right-click on the line and select “Add Price X Line Alert on trend”, and the initial information is already logged into the Price X Cross menu. Next, decide what actions to take and set up the Above or Below Actions menu.

This chart is an example of a down trend line placed on a constant volume chart set to 5,000 contracts. The trend line was penetrated at a price of 1330.00. The order to buy 5 contracts was filled, and the DOMTrader window opened with a TradeFlow chart attached. At that point, OCO orders were placed to take profits and manage the risks. The orders are shown in the DOMTrader price ladder.

In future postings, we will look at other types of Alerts and their application in CQG.

Executing orders is a critical skill for traders to master. Understanding what orders are used for and how to employ them is as important as developing market analytical skills. First, some definitions for new futures traders:

Bid: An order to buy with a set price and quantity.

Jargon: “I am bidding 50 for 10.” The trader is willing to pay 1122.50 for ten contracts. The handle (1122) is dropped.

Ask or offer: An order to sell with a set price and quantity.

Jargon: “I am offering ten at 50.” The trader is offering ten contracts for sale at a price of 1122.50. The handle (1122) is dropped.

Order book: Think in terms of a market maker holding a book of orders received from traders to buy and sell. The best bid (highest buy price) and best offer (lowest sell price) would be at the top of the order book. Orders to buy (bids) at lower prices then the best bid and orders to sell at higher prices then the best offer would be in the depth of the book.

Orders in today’s electronic exchange traded futures contracts are posted and matched by a computer. We see the order book as a depth-of-market view with the inside market (best bid and best ask). Lower bid prices with their respective quantity are listed below the best bid price. Above the best ask of the inside market we will see a series of orders to sell at higher prices and respective quantities. This is called the depth-of –market view.

The inside market is referred to as Level, I Top of the Book, and the depth-of-market view is Level II.

Best bid: This is the posted highest price a trader is willing to pay for the contract. This price will be below the best offered price; otherwise, the two orders would be matched based on first in first out.

The best bid will sit in the order book as a resting order until another trader is willing to sell to the trader at the bid price, another order with a higher bid price is posted, or the trader cancels the order. If a buy order comes at a higher price, then the previous order becomes a resting order below the new best bid price.

Jargon: “Traders hit bids” (i.e., traders are selling). “The market has a real bid to it today” (i.e., traders are stepping up and bidding prices higher)

Best Ask or Offer: This is the posted lowest price a trader is willing to sell a contract for. This price will be above the best bid price; otherwise, the two orders would be matched based on first in first out.

The best offer will sit in the order book as a resting order until another trader is willing to pay to the trader the ask price, another order with a lower ask price is posted, or the trader cancels the order. If an order comes in to sell at a lower price, then the order becomes a resting order above the new best ask price.

Jargon: “Traders lifted offers” (i.e., traders are buying). “The market is offered today” (i.e., traders are continuously trying to sell contracts)

Inside market: The posted best bid and best ask price

Size: The quantity of contracts available at the respective bid and ask price.

Hit the bid: To sell a contract at the bid price. This is often done with a market order, but a trader could use a limit order to sell at the bid price.

Take or Lift the Offer: To buy or pay the offered price. This is often done with a market order, but a trader can buy using a limit order.

Last price: The price the last trade was executed. If the market was bid 1122.50 and offered at 1122.75 and a trader sold one contract at the market and was filled at 1122.50, then the last price was 1122.50. If a trader bought one contract at the market and paid 1122.75, then 1122.75 is the reported last price.

Market Orders

A “buy at market” order is an instruction to pay the best offered price for the contract. A “sell at market” order is an instruction to accept the best bid price for the contract. The trader has to accept whatever the price is on the fill.

Traders use market orders because they want to execute the trade and they are indifferent to the price.

If the e-mini S&P 500 was 1449.50 bid and offered at 1449.75 then:

A buy at market order will be filled at 1449.75

A sell at market order will be filled at 1449.50.

Limit Orders

The order has a specific price stated. For example: Buy five e-mini S&P 500 for 1448.75. The trader is not willing to pay a price higher than 1448.75.

Or, sell five e-mini S&P 500 at 1449.50. The trader is not willing to sell at a price lower than 1449.50.

If the e-mini S&P 500 is 1449.50 bid and offered at 1449.75 then:

A buy order with a limit price at 1449.75 will be filled at 1449.75

A buy order with a limit price at 1449.50 will be placed in the queue as a resting order.

If the e-mini S&P 500 is 1449.50 bid and offered at 1449.75 then:

A sell order with a limit price at 1449.75 will be placed in the queue as a resting order.

A sell order with a limit price at 1449.50 will be filled at 1449.50

Limit orders to buy are generally placed at the current market price or below the current market price. Traders are trying to buy when the price drops.

Limit orders to sell are generally placed at the current market price or above the current market price. Traders are trying to sell when the price rises.

Stop Orders

A stop order has a price and becomes a market order when the market trades at the price.

Sell stop orders are placed below the current market. Buy stop orders are placed over the current market.

For example, if the current market is 1449.50 bid and offered at 1449.75 and if you placed a sell five e-mini S&P 500 at 1445.50 stop, then the stop order is a resting order.

The market has to trade down 1445.50 and if the market does then order then becomes a “sell at the market order.”

A trader may hold a long position and will place a sell stop under their entry price to limit the loss on the trade. For example, the trader has bought the e-mini S&P 500 for 1449.50 and will place a sell stop order at 1445.50 stop to limit their loss to just four points. Traders also call these orders stop loss orders.

A trader may hold a short position and will place a buy stop over their entry price to limit the loss on the trade. For example, the trader has sold short the e-mini S&P 500 at 1445.50 and will place a buy stop order at 1449.50 stop to limit their loss to just four points.

Because the order becomes a market order when the price is hit, the fill may be worst then the stop price on the order. This is called slippage.

Stop Limit Orders

Stop limit orders are similar to stop orders except the order becomes a limit order if the price is hit instead of a “market order.” Traders use this to reduce the slippage factor that occurs with the regular stop orders.

For example, a trader may hold a long position and will place a sell stop limit under their entry price to limit the loss on the trade. The trader has bought the e-mini S&P 500 for 1449.50 and places a sell stop limit order at 1445.50 stop limit their loss, but the order becomes a limit order to sell, and the trader may not be filled if another trader is not willing to pay the 1445.50 price.

CQG does allow traders to use a trigger price for the stop limit and a different limit price. For example, sell five e-mini S&P 500 at 1445.50 stop limit 1444.50. If the market trades at 1445.50, then the stop is triggered and becomes a sell five at 1444.50 limit.

Other uses for Stop and Stop limit Orders

Traders use stop and stop limit orders to enter into a position. For example, the trader may think that if the market trades above a certain price, then they want to take a position.

If the current market is 1449.50 bid and offered at 1449.75, but on the chart the trader believes that if the market trades above 1452.50 is a breakout and the trader wants to take a long position. The trader will place a buy order for five e-mini S&P 500 at 1452.50 stop. If the market trades up through 1452.50 ,then the trader will buy five at the market.

Trailing Stop or Stop Limit Orders

CQG offers trailing stop and stop limit orders. The CQG client will automatically adjust the trigger price of the order as it moves in the trader’s direction.

If a trader holds a long position and as the position moves higher the stop price will automatically climb with it. For example, a trader is long five e-mini S&P 500 at 1452.50 and places a trailing sell stop at 1448.50. Two hours later the market is trading at 1460.50 and the trailing stop has automatically climbed to 1456.50 stop, locking in a profit if the market reverses.

One-cancel-other Orders (OCO)

Traders will bracket a market with two or more orders, and use a chained or OCO order. The trader may place an order to take a profit and if that order is filled, then the stop order for risk management is automatically cancelled. On the other hand, if the stop order for risk management is filled then the limit order to take a profit is automatically cancelled

For example, a trader is long five e-mini S&P 500 at 1452.50 and places a sell five e-mini S&P 500 at 1460.50 limit OCO sell five e-mini S&P 500 at 1448.50 trailing stop. If either the limit or the trailing stop or is filled then the other order is automatically canceled.

One aspect of some popular studies is the study is not normalized. That is, a study may not be range bound. For example, the Relative Strength Index (RSI) can only flash readings between zero and 100. On the other hand, the TradeFlow On Balance Volume (TFOBV) line is a running sum of the trades at the ask price (buying) minus trades at the bid price (selling). Consequently, judging whether the TFOBV line is high or low is not easy because there is no relative scaling available. With CQG, traders can apply a study to a study and normalize the study’s readings.

One study that is appropriate for the task of normalizing a study is applying the Stochastics Oscillator to the study. The Stochastics looks back at a range of values and plots the current reading as a percentage of the high and low of the look back period.

As an example, we will apply the Slow Stochastics oscillator to the Smoothed Aggregated TradeFlow price action and to the TradeFlow On balance Volume line. The study in the second from the bottom widow is the Stochastics Oscillator applied to the price action. The bottom Stochastics Oscillator is applied to the TradeFlow On Balance Volume study (TFOBV).

Reviewing the chart, we can see that when we compare trendline A to trendline B we see that the TFOBV line made a new low while the price did not. In other words, the selling was being absorbed by the market. Sellers could not get control.

Checking the Stochastics Oscillators, the Stochastics Oscillator applied to the price at point C and the Stochastics Oscillator applied to the TFOBV at point D crossed above their respective moving average indicating both the price momentum and the momentum of the volume of buying was turning up. The Smoothed Aggregated TradeFlow bars began trending higher, and the TFOBV climbed.

Moving along, the Stochastics Oscillator applied to the TFOBV was very overbought and turned downwards. The Stochastics Oscillator applied to the price moved down to juet below the 50-percent level (point E) and the Stochastics Oscillator applied to the TFOBV reached oversold levels (point F). The Stochastics Oscillator heading down was indicating selling pressure was rising, but because the Stochastics Oscillator applied to the price was holding up at such a high level indicated the market was absorbing the selling.

Here, we have shown how to use studies on studies. CQG comes with over 90 built-in basic and custom studies. Traders can also build custom studies from elements such as the TradeFlow bid and ask volume. We’ll be looking at some of these ideas in future articles

TradeFlow studies running with the TradeFlow charts provide traders with additional insight into the degree that traders are buying by lifting the offered price or are selling by hitting bids.

Here, we will look at some examples of these two studies: TradeFlow Volume (TFVol) and TradeFlow On Balance Volume (TFOBV).

TradeFlow Volume breaks down the trades into actual volume of trades at the ask price and at the bid price. The study displays green histogram bars for the total volume of trades executed at the ask price (buying) and trades at the bid price (selling) for the TradeFlow bar.

TradeFlow On Balance Volume is a running net sum of volume of trades at the ask price minus the volume of trades at the bid price. This is a superior view to the classic On Balance Volume (OBV) study used with standard price bars built on time (i.e., 5-minute bars).

The classic OBV study uses the total volume from the bar, and if the close is greater than the previous bar, then the volume is added to the OBV line. If the close is less than the previous bar, then the total volume is subtracted from the previous value of the OBV line. You cannot tell just how much volume was buying or selling. It is assumed that if the bar closed up, then it was all buying. However, imagine a market that was knocked down on some negative news, but traders came in and started buying and the price rallied. Let’s say the market was recovering, but the close of the bar occurred before the price rose above the previous close. The classic OBV study would have subtracted all of the volume from the previous OBV value misrepresenting the amount of buying. On the other hand, the T4radeFlow On Balance Volume study use buying minus selling volume, and therefore represents what trader are doing.

Now, let’s look at some examples. All of the examples are using a 5-tick range aggregated TradeFlow chart and studies.

Our first example is the E-mini S&P 500 contract. The market has been trending higher and the TradeFlow On Balance Volume line was trending higher, as well. At points A and B, traders started hitting bids but the buying was still greater as indicated by the TradeFlow On Balance Volume line continued to climb. At point C, the TradeFlow Volume study displays red histograms with consecutive less negative reading. In other words, sellers were hitting less bids and the market continued to advance.

The next TradeFlow chart is the Ten-year T-note traded on the E-CBOT. Comparing the TradeFlow bar action to the TradeFlow On Balance there is an example where the market was able to trade above a previous intraday high and the TradeFlow On Balance line failed to climb. This implies buyers were very aggressive because they pushed the market higher despite the higher number of bids hit relative to the offers being lifted, otherwise the TradeFlow On balance Volume line would have climbed, not moved lower. But, once that buying was finished, the market traded lower.

Our last example is the Crude Oil contract traded on Globex. First, there was a point where traders swept the market. This is a situation where traders lifted all of the offers. When the market is swept, the range aggregation TradeFlow bar will expand beyond the maximum range (here five ticks) to indicate the market was swept.

The right-hand sign of the chart displays taller green TradeFlow histogram bars relative to the red histogram bars. That is a sign of aggressive buying. In addition, the TradeFlow On Balance Volume line was rising, which is another sign of buying pressure.

TradeFlow bars and TradeFlow studies keep traders informed as to which traders are the more aggressive, the sellers or the buyers. This information should help improve your trading decisions over the classic bar and studies available because they only give you the last price, not whether a trader hit a bid or lifted an offer.

I have discussed TradeFlow in the past, but this article is the basis for a series of future articles built upon TradeFlow charting. A quick review is in order.

TradeFlow charts and studies bring to traders key market details. Primarily, whether traders are hitting bids or lifting offers to generate the last price. This information is the basis for the TradeFlow bar. The high is the best asking price and the low is the best bid price (the inside market). The width and color-coding of the TradeFlow bar is determined by the actual volume of trades at the ask or bid price. A portion of the TradeFlow bar is colored green based on the percentage of volume at the ask price and red based on the percentage of volume of trades at the bid price. The width and brightness of the TradeFlow bar is determined from the current bar’s volume relative to the historical look back period.

This chart is the basic TradeFlow chart along with the TFlow Volume study (the total amount of trades made at the ask price and the bid price are plotted as histogram bars) and the TradeFlow On Balance volume line. The TFOBV is the running sum of volume of trades at the ask minus trades at the bid price.

One issue with individual TradeFlow bars is the inside market can move very quickly. Consequently, for some markets, such as the e-min S&P 500 futures contract, the TradeFlow bars are plotted at a very fast rate. The high level of velocity of price information can be hard for a trader to absorb. To reduce the velocity, and still get the key information, CQG offers aggregated versions of the TradeFlow bars.

There are three types of aggregation: bars, range, and smoothed. Right-click on the TradeFlow bar to bring up the menu for aggregating TradeFlow bars.

Aggregated TradeFlow bars means less screen real estate is used; key support and resistance levels are highlighted, as well as trending action is emphasized. The first example is bar aggregation.

Bar aggregation combines individual TradeFlow bars into one TradeFlow bar. If the setting is for 3 bar aggregation, then each time three individual TradeFlow bars are complete, one 3 bar aggregated TradeFlow bar is plotted. Between one to 20 individual TradeFlow bars can be the basis for bar aggregation.

Range aggregation uses a price range. Between one and 20 ticks can be used for the range. For example, if you select range, and change the TradeFlow chart to range aggregation and then type in 3, the TradeFlow chart will be a 3 tick range aggregation chart. Here, tick is used as the minimum price increment for the high-low range of the TradeFlow bar. For example, an e-mini S&P 500 3-tick range aggregation chart would be 1486.25 to 1487.00. All TradeFlow Charts are three ticks in range unless the market is swept, which we will discuss tomorrow.

The final version is smoothed TradeFlow. Here, a proprietary algorithm is applied to the TradeFlow price data. Up to 20 bars for smoothing is available. The example presented is using a three bar smoothing. The TradeFlow price action now has a better defined appearance regarding the trend and points where the market changes direction.

Each aggregated version detailed here included the standard TradeFlow studies. Other studies can be used with aggregated TradeFlow bars, and the elements of TradeFlow can be the basis of custom studies, as well. All of these will be discussed in future posting here.

One CQG feature very important to me is the chart displays. CQG provides fourteen different styles of charting: Bar, Line, Spread bar, Candlestick, Constant Volume Bar, Equalize Sessions, Fill Gap, Market Profile, No Gap, Percent bar, Point-&-figure, Tick TradeFlow™, and Yield bars.

In addition, you can overlay different markets and studies on the same chart using the Analog study. This range of choices gives traders a great deal of flexibility when setting up pages to track markets.

I wanted to show one example from one of my pages. I am leaving out other elements I would have on the page, such as quote displays and the Order Ticker, just to focus here on charts.

The top two charts are 5-minute Analog charts. The left top chart is the NASDAQ 100 index (left hand scale) and the NASDAQ volume ratio (up-volume/(up-volume + down-volume)) using the right hand scale. The right top chart is the S&P 500 index and the NYSE volume ratio (up-volume/(up-volume + down-volume)) using the right hand scale.

I track the volume ratios to identify the flow of buying and selling in the equity markets. Volume ratios above 50-percent indicate more up-volume then down-volume of equity trades on the exchange, a sign of buying pressure.

Volume ratios under 50-percent indicate more down-volume than up-volume, a sign of selling pressure in equities.

Notice that the NASDAQ volume ratio peaked and started stair stepping lower ahead of the S&P 500. In this case, when technology started heading lower, the S&P 500 went with it.

The bottom two charts are aggregated TradeFlow charts of the E-mini NASDAQ 100 and the E-mini S&P 500, respectively.

With CQG, you can create customs studies. I created two studies to use with TradeFlow. The TFCross study plots two lines. First, is a 5-bar running sum of trades at the ask price (the green line and represents buying by traders) and trades the bid price (the red line and represents selling by traders). The TFUmTFD study (TradeFlow Up minus TradeFlow Down) is simply the difference between the two lines plotted in the TFCross study.

In the E-mini NASDAQ 100 TradeFlow chart, we can see that traders were consistently hitting bids (the red line of the TFCross was dominating the green line). In other words, sellers were the aggressors, and were able to attract a following. The e-mini S&P 500 ultimately headed lower, as well.

These two TradeFlow custom studies are available here at the CQG Web site. In addition, more articles on TradeFlow are posted there.

TradeFlow charting tells us whether the last trade was a trader hitting a bid or lifting the offered price. That is key information, as now we know who the aggressors are: the buyers or the sellers.

I have been using CQG since about 1984. The choice of charting displays is one of my favorite features. This example is just two of the chart styles I use.

The gold market is holding just above the support zone. I used today’s low for the upper side of the support zone, and that could change. I have marked 4 of 5 points for a broadening triangle. The pattern calls for a new high.

The current action has the RSI readings crisscrossing the neutral 50 level. As I have discussed, markets in uptrends will often move into corrective phases that produce RSI readings below 50, but the RSI will turn back up from above 38. A bullish sign will be the RSI staying above 50 on a closing basis.

The Aggregated TradeFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. Today, sellers have been in control as are in control as the sell volume line (red) has been forming peaks slightly above the buy volume line (green) of the TFCross study.

The current and short-term view using the TradeFlow chart is the 1-tick TradeFlow bars with the CQG ChartTrader. I have added the new CQG Order Ticker (available in CQG 7.5).

My two custom studies are set to look back periods of 5-TradeFlow bars. At the time this image was captured, the market was moving sideways. The green buy volume and the red sell volume of the TFVCrss study are tracking each other, a sign of a two-way market.

The short-term TradeFlow view can change very rapidly.