Trading Energy Futures Options | Trading Futures
good morning everyone or it should say good day wherever you are john mcnichol here welcome to another fantastic week of education with td ameritrade you have reached trading futures in our series we're going over various commodity futures this week we're going to take a look at crude oil and natural gas so stick around [Music] all right hey it's great to see those you that are live with us today as well as those of you that are listening to the archive session administrative note to those of you that are live with us uh it seems that uh we may be having some trouble with the chat if you're able to see the chat and converse with our chatter who i believe is mike rose a correction uh ken rose i do appreciate that however i cannot see the chat today so hopefully if there is a chat ken is able to answer your questions there those are this in the archive session that doesn't impact you at all but do appreciate you following us each and every week for the straight futures webcast you can follow me on twitter at j mcnichol underscore tda if you wish to learn more about myself as well as other fellow instructors there let's go ahead and take care of disclosures folks and we'll get right into it the contents intended for educational information purposes only not investment advice or recommendation of any security strategy or account type options not suitable for all investors as especially risk and inherent to options trading may expose investors potentially rapid and substantial losses spread straddles other multi-leg options strategies often involve greater or more complex risk than single leg option trades transaction costs are important factors should be considered when evaluated in any trade and a long call or put position places the entire cost of the option at risk meaning they can expire worthless likewise short options can be assigned at any time up until expiration regardless of the end of money amount your courage practice which you learn here today with tools such as paper money software which is for educational purposes and successful virtual trading during one time period does not guarantee success of actual funds during later time periods market conditions change continuously keep in mind futures and futures options trading services uh are provided by charles schwab futures and forex llc those uh trade and privileges are subject to review and approval not all clients will qualify and uh futures and futures options trading services uh involves substantial risk and is not suitable for all investors please read the risk disclosure and i've been informed by my good friend ken rose that the chat's working fine so keep in mind i'm unable to see it so any questions would be answered by ken thank you ken and finally as i may already lose my voice while his webcast may discuss technical analysis other approaches include fundamental analysis may serve very different views all right here's our agenda folks we've been uh starting to uh go through uh a series on uh get a better understanding of different futures and commodity contracts i believe last week we talked about gold uh previous sessions we've also looked at the indices as well now we will look at some of the indices towards the end of the session to see how this week is setting up if there's any follow-through uh to the bounce from friday uh or if we're still dealing with more of a bear market rally but we'll to today we'll focus on some of the characteristics of commodity futures particularly in this class with crude and natural gas we'll point out some of the impacts of government reports that are available to keep track of supply and demand for these commodities in natural gas and oil we'll do a defined risk option spread and position size to a max loss with our trade example today and we'll identify potential entry exits and trade management techniques and for many of you uh that are already trading options you'll see that the shift uh into trading on commodities is not much different now some commodities may not be as liquid uh versus options on the equity side that can be a consideration there but being able to define risk on commodities much like we can do the same with uh equities and for those of you that may be new to this let's bring up the full screen as far as comparing between the two whether we're looking at trading options on futures or on equities we have access to a little more of a wider diversification although diversification does not prevent loss risk of loss but we do have access beyond indices and energies uh interest rates uh and we actually did talk about treasuries in the past as well we do have an existing practice trade metals as we talked about gold last week and then upcoming sessions we'll take a look at currencies as well as in agriculture also we do have access essentially about 24 hours a day six days a week so from sunday evening going into friday afternoon we have access to trading on both futures as well as options now kind of the sticking point uh you know contrary to equities which typically have a a standard expiration uh as well as standardization as to size when it comes to various commodities their daily settlement as well as their end of trading can certainly vary and so we need to understand what happens to a futures option at expiration and and how that gets tied into the underlying commodity all right i guess i'll take a a brief pause here if you do follow me on twitter at jbc underscore tda that's where you can learn more about myself as well as hopefully a little more about the markets one of the main reasons why i've lost my voice this weekend came off of a another long weekend of military training basically uh working on an additional duty of our homeland response force did a lot of hard training out there some of the kids were training harder than myself there uh we have a search extraction team probably uh and i gotta say probability because there's no uh things such as certainty uh probably one of the best uh search and extraction uh teams on the military side that we have there actually training at a new site learning how to you know move debris uh being able to cut through uh concrete there and uh also being able to uh brace or shore up uh entry ways there as well as working on uh extraction there and these kids were all fully suited up and uh i think it was about 85 degrees that day so a lot of good hard trading and i was losing my voice from a lot of that work also had a a dining out something we hadn't done for about two years due to covet and stuff and my significant other along with my granddaughter and warrior princess at least had a good time for a couple hours uh in a break of our training there so uh but yeah as you follow on twitter you can learn uh more about the markets such as catching fallen knifes and quite a few other things also my eating habits there all right i want to take that bro break there so i can catch my breath let's go ahead and get on with the show so uh understanding the standardization of these contracts here so for instance we have crude such as crude oil here as we talked about in previous sessions understanding the multiplier so in the case of crude we have a multiplier of one thousand so that's going to be a thousand dollars times the premium minimum fluctuation is going to be 10 cents which waits out to be ten dollars per tick there's that leverage almost 24 hours 5 p.m to 4 p.m sunday through friday and likewise uh daily settlement this was mentioned to you earlier the daily settlement even though it may continue to trade is going to be set at about 1 30 pm eastern time uh the end of trading and we know as we've looked at end of trading for other commodities uh sometimes it gets a little convoluted on understanding that we'll show you that on the thinkorswim platform here terminates three business days before the termination of trading and the underlying futures contract now that's an important note there considering that the option expires three days right three days before the underlying contract so remember options can result in an exercise or an assignment now td ameritrade charles schwab does not allow physical settlement in an underlying contract so in the case of the options the options may result in exercise or assignment of the underlying future and with only three days to expiration uh action would need to be taken on that underlying contract to prevent a physical settlement now some contracts are financially settled as we'll take a look on some of these instruments but keep in mind if one is trading physically settled commodities td ameritrade and charles schwab does not allow those physical settlements therefore if it's not closed out prior to expiration and usually it's within about a two to three day period may result in a forced liquidation so keep that in mind and very similar to what we've done with options on equities is considering that we're closing out these positions prior to expiration okay so again you can see the settlement or options exercise results in a position in the underlying futures contract and with three business days not much time to act on that on the economic calendar we have the american petroleum report typically comes out every tuesday 3 30 pm uh there's also the eia petroleum status report usually every wednesday at 6 30 pm or 6 30 a.m central time then there's also the rig count referred to as the baker hughes rig count basically showing the number of rigs that are in operation uh typically i believe on north america in the gulf of mexico uh and that kind of points towards uh some supply and demand now as far as looking uh for some of these reports there's a few ways of doing that uh one uh via the td ameritrade website uh or the thinkorswim platform but on the td ameritrade website maybe a little bit easier for some traders to use under research and ideas go ahead and go to the calendar once there we can see some of the events coming up for this week i'm going to click on economic events uh once there you can click on the equivalent day and see which reports are coming out that may impart impact the market as well as commodities that you're looking at so as we go down at least for this week so far going into tuesday we're not seeing anything necessarily tied directly to uh crude and natural gas as we go into wednesday notice on wednesday there's the eia uh crude oil inventories and with the time that that report comes out that can have more of a direct report or direct impact on crude oil if i go into thursday i believe usually on thursday you'll see the natural gas there's the eia natural gas inventories and then as we roll into friday now it may not show it here but usually the baker hughes count if it's if it's not there if you're on the thinkorswim platform you can also go ahead and select market watch on the tab and there's a sub tab for calendar once there a couple things of note i'm going to uncheck this one here i'll uncheck everything except econo day events and so here under econo day events uh we can see news events that are coming out throughout the week and if we scroll through particularly into wednesday and thursday uh you should be able to see there's the petroleum status report listed here sometimes you can also list on it it may give some information as far as previous reports whether it's a supply uh or an increase in supply or a draw which would be a negative numbers for instance we had a larger draw previous draw on gasoline not surprising as the markets are challenged to produce enough distillates or finishing products uh as there's not enough refineries online to meet that demand whereas notice that on the raw material crude oil some of those supplies have been building up although they're still relatively tight let's see if i go into friday notice here that's why i brought it up there's the baker hughes rig count if i double click on that again you can get some information as far as with some of the rigs in north america 802 uh in the u.s 714 gulf of mexico 17 canada 88 so what some traders may do is keep an eye and look at trends of this if there are increase in rig count that points towards an increase in supply that can take pressure off of prices whereas if we see the rig count drop that can put pressure on prices to the upside okay now other resources that you have is going directly to some of the government websites for instance eia.gov
unfortunately i can't paste that into chat as i instinctively was looking to do that since i don't have access to it for those of you that have joined us late but if you go to eia.gov this is where we can learn more uh you know from supply and demand and more fundamentally potentially on some of these energy products uh you know browse by subject you see production and supply specifically to crude oil gasoline i believe there's natural gas you know obviously we have access to charts on thinkorswim but you can look at overall prices on the cash market spot is basically the cash market versus futures which are forward looking api american petroleum institute which believes the trade organization is api.org and this is another area where you can go ahead and learn more about the industry particularly liquefy natural gas which does have an impact on natural gas prices and with everything that's going on in ukraine and russia there's been a big shift on expanding our capacity to provide liquefied natural gas to the world among other countries and so there's a there's the overview as far as with those reports now if we look at another contract we looked at forward slash cl which is for crude crude light the other energy contract that we'll look at is natural gas forward slash n g now the reason why we're looking at both of these examples and as i'll show you on the td ameritrade website there are other energy contracts but seeing is it that we're trying to focus more on defined risk potential trades type trades we're looking at the commodities that have options available for trading via td ameritrade and via charles schwab so with that look at the multiplier is different than for crude we got a ten thousand dollars times the premium so there's our multiple there which ends up being ten dollars per tick basically a fraction of a cent uh one tenth of one cent equates out to be a ten dollar move so significant leverage there trading times are about the same now also notice here uh as far as the different contracts uh there is a financially settled option contract forward slash lne which is european style meaning that it can only be assigned or exercised at expiration uh that can be a pro for individuals that are trying to prevent an early assignment notice however uh there are also american style which is typical for many uh options american style and in this case on the commodity side being physically settled now again i kind of went through the disclosures as far as physically settled contracts i did want to go back to the thinkorswim platform as i mentioned we were checking and unchecking some of this information here on the left notice there is a link for futures liquidation now this doesn't apply to our options examples but if one was assigned or some reason exercised into a future underlying future contract this will actually show the day where the underline would need to be closed out by the trader to prevent a forced liquidation by td ameritrade to limit the assignment or should say the physical settlement in the underlying future okay now if we close out the options contract prior to expiration particularly with a european style we don't have well actually i should say on a physically settled contract if we close the options prior to expiration uh we don't have to worry about the underlying example okay all right so let's go back to the chart still plugging along louisiana may join us late uh once again kind of apologized i'm a little under the weather losing my voice there but i think we're still plugging away through uh by the way we are looking at forward slash es i guess just a quick uh look at this and we'll get back to crude and crude light we did have a strong bounce on friday looking through a little follow through today uh notice that price action about the midway of this down day from back on the 9th that midpoint of that candle has been acting as resistance basically trading into that from friday that was the high water mark from friday notice that futures here on the s p are struggling to get back above there so whether this is the end of this bounce we shall see but a big impact as far as with uh futures backing off today is concern over in china as far as with their growth now they are looking to reopen on the optimistic side uh fro away from covid there but some of their economic numbers uh have been looking weaker and some of their projected growth may be revised uh down there so market's not reacting favorably as we start off the week all right let's go and bring up forward slash cl for crude i'm going to go ahead and remove some fibonacci levels here just to clean up the chart but just as a reference point crude has been in an overall a pretty steady long-term upward channel here uh over this last year uh and beyond here we're kind of right in the middle of that range right kind of right in the middle of that range at the moment and let's see if i can back out of this and crew did pull back about 50 of the run-up from december so very strong run up in the market crude kind of pulled back about 50 percent a little bit more in some cases closer to that two-thirds retracement uh signifying that that trend is still holding i'm going to go ahead and remove the fibs here since we've addressed that notice we had a bit of a triangular pattern as well as prices did still hold previous lows making some higher lows here now some traders may look to expand this out whether this is more of a a larger triangle that's forming here and even with that potentially crude attempting to break a little bit higher although some traders may look at the previous highs and look for a pop higher as a sign of continuation whereas if the price action uh breaks down we can kind of see that more that triangular pattern if price breaks down taking out some of those lows that would be more of a shorter term reversal now let's go ahead and take a look at natural gas forward slash ng natural gas has been on a a larger rise here not not only not retracing as much as we saw with crude but accelerating higher as we saw prices get to just under uh nine dollars we're seeing price action actually push higher today however one thing to keep an eye on kind of what we're looking at on the indices is looking at these longer range days and with these longer range days i'll utilize a little fibonacci tool here on the percentage is kind of measuring halfway in that pattern there i think i got that right the halfway point which is right about here traders may look at that as a potential area of support and resistance so i'm just going to mark that right there that's around 8 30 something just shy of about 8 40. let me go ahead and remove this so notice that kind of entry day here from last week kind of trading up to that area whether that will potentially be resistance or not now some traders may look if there's a failure for price action to trade above that previous high so looking at that high this high and let's say that would be more of resistance that would potentially be setting up for a head and shoulders pattern which could be a bearish reversal there's a lot of speculation that uh natural gas prices you know may continue to go higher at the end of the year uh however natural gas is still flowing uh in in eastern europe uh apparently there's still some increasing deals uh coming through even though europe's looking to back off of russian gas there's also production that's continuing to increase in the u.s
and other areas too which could possibly take off some of the price pressures now from a technical standpoint uh on this underlying contract we can also see not only based off of price but with volume notice that there was a bit of a surge in volume as prices dropped from a head and shoulders pattern that is typically what traders that are looking for a reversal may keep an eye on likewise notice this a consent has been on lighter volume now there could be some contributing factors on that keeping in mind when you type in forward slash ng for natural gas okay that's looking at the front month contract remember these contracts do not continue indefinitely underlying contracts just like options have an expiration if you go to the trade tab and we'll click on that notice right now forward slash ngm 22 is the active contract with 10 days to expiration it's trading 36.000 now notice the very next contract forward slash ngn which is july's expiration 43 days out is trading 26 000 contracts now there'll be a roll over here usually within a week or the last week of expiration whereas this july contract will become the current contract and volume could potentially be dropping off as volume is shifting to that next contract but we can also do is take a look at this contract specifically forward slash ng n22 by going to the chart and just type in the full symbol and 22. that way we can look at the volume for this one as well and it's a little more a little more mixed here where yes there was an increase in volume as the price pulled back from the head and on this ascent volume did drop off a bit did increase here but interestingly notice it kind of increased as prices backed off of some of those highs now we are seeing price going higher earlier in the session we don't know if this is going to be on less volume or not but some of the characteristics we were looking at as far as price and volume between those contracts may be playing out now another thing to consider and take a look at is uh seasonality now news events can obviously have an impact on seasonality there's a war in europe okay russian ukraine to potential impact as far as with natural gas and with those types of deliveries right but if we want to look at things from a historical standpoint as we look at and i'll leave in forward slash ng as our root symbol here while we're on the chart if we go up to the top where it says there's a gear there's two ways of doing this let's do it on the chart first if i right click on the chart one can go ahead down to where it says style and look for chart mode and here's chart mode we're looking at a standard chart now i'm going to look at seasonality so i'm going to click on seasonality now your view may look a little different one view may have two lines on it others may have multiple lines on it depends on how it was initially brought up but what we're looking at right now is the current chart for natural gas and then down here is the previous five years on an individual basis of price action for natural gas now if we're looking on taking a practice position which may go out over the next 40 some days that would take us into june you know what has been the bias uh part of me what has been the direction of natural gas during that period you know has been to the downside or to the upside you know we've seen a little bit of a mix here primarily it's been a little more neutral to down now there's no guarantee uh that this would be the case on any given year but kind of an example of that natural trend if you want to change this view you can simply come up to the top where you see the gear once on the gear you can go to appearance and on appearance this is where you can also change the chart mode if you're on standard you can switch that from standard to seasonality and there's a couple of views here for instance if i go to average and click apply this will be a chart where it has the current chart and then it has the five year average which in this case has been a little more neutral to down if i want to see more of the specific years again you can click on that gear at the top go to appearance and change the view to yearly and average click apply and then up at the top you can see the years that's associated with that color so you can see it from more of a recent to somewhere forward so that's what we got going on with natural gas since we were looking at crude earlier looking at crude if we look at from a standpoint of may going into the latter part of june you can kind of see that generally it has been a little more neutral to down it looks like one exception here uh that may have been 2020 more than likely uh which was kind of a not saying an anomaly but that's remember we had the crash in march and a lot of recovery that was going on throughout the spring in fact we had crude actually go below zero uh temporarily i believe that or not uh now so you can see on average though price action has been a little more neutral to down all right let's go ahead and take another closer look we're going to switch this back to a normal chart again i'll click on the gear appearance and we'll go to the chart mode and change it from seasonality to a standard chart go ahead and focus on forward slash n g we'll zoom in so i'd like to do as we're going through our examples here is do an example of a defined risk trade on natural gas to find risk spread we'll do an example of a short call spread which is going to be a defined risk vertical trade that is going to generate a credit so we'll know what our potential maximum gain is but we'll also know our defined risk which is going to be contained in between that spread now some of you may already are very familiar with that strategy with our good friend on the chat ken rose who teaches short verticals i believe every wednesday likewise other defined risk spreads such as long verticals iron condors are other examples that can be applied to commodities as well so we're going to do a define risk option spread with our example today as i still struggle to keep my voice going folks i think we'll make it and the reason why we're taking some of these considerations is if we're already trading options on equities we can use some of the same similar strategies for options on futures as an option it's an option regardless on that underlying amount we did look at some of the impact such as the economic calendar on those government reports would encourage you to read up on some of those websites learn more about these particular commodities if you're looking to trade them now most commodity options on futures are american style they can be exercised and assigned at any time before expiration now in our example we'll be we will be able to look at a european style example that's going to be financially settled also to learn more about these contracts we can go to td ameritrade.com futures
as well as go to the cmegroup.com where many of these contracts are traded so if i go back bear with me here on the td ameritrade website and you can actually go to td ameritrade.com forward slash futures for those of you that are very new to futures to learn more about what we do here as well as futures in general now notice over here on the right under available products if i click on available products you'll see the contracts are available such as metals stock indices metals here's energy as we scroll down we talked about crude notice it says yes or tradable options if we scroll down a little bit more there's natural gas tradable options now there are various other contracts are available for trading on the mini side as well that are less leveraged but never less still leverage and a little bit harder as far as defined risk if there are no options available for trading so that's why we kind of focused on more liquidity as well as the ones that have tradeable options okay so we're gonna go to the thinkorswim platform we're going to go to trade tab and as we look at the options list here you can see still the same number of days to expiration july's expiration 42 days and notice as we look at this example with 42 days if we were to trade this this would be a physically settled contract meaning it would settle in the underlying futures contract this would be an american style now if one wanted to avoid that and this would be similar to a situation of uh having an equity option which can be assigned some traders may not mind they can just close out the underlying contract uh if one want to do a financially settled we don't have much choice for expiration this be a bit further out we're going to see here that would be 71 days now usually as far as selling premium we're usually looking to sell premium that is out around 50 days so if we were to sell a contract going out to 71 days we may not have as much decay initially unless there's some volatility which there certainly has been in this market volatility drops in the natural gas market we can see these premiums possibly drop off as well i'm gonna do this for illustrative purposes i'm gonna scroll down uh we're gonna look for an option uh that is a bit more uh out of the money and what some traders may speculate is well where they believe the price may be below uh at expiration uh right now we're trading at about eight dollars on natural gas if we look at the ten dollar level uh we can see here uh that's a 39 delta which means that indicates there's about a forty percent probability currently of the price being above ten dollars at expiration which means there's a six percent probability based off the current numbers of being below uh that level so traders uh that are doing a short call spread may be looking to sell a 30 to a 40 delta let's we go let's say we do focus on that 10 level i'm going to right click on this and i'm going to do cell vertical now what that's going to do by default it's going to go ahead and bring up the current underlying contract uh ten dollars or or the short one the one we're selling and it's gonna buy the next cheaper option now this has a uh looks like a 50 or five cent spread now notice it says the credit here is only about a penny and there is a spread which is pushed in a little negative but we can adjust that remember there's a multiplier of ten thousand if i do a confirm and send based off of that the maximum gain is the credit received so sometimes at ten thousand that would potentially be a hundred and ten dollars the maximum loss is 390 dollars okay so i believe that's somewhere around a 25 uh percent maybe a little more return on risk that's somewhat common on short verticals that are out of the money now there are commissions which need to be considered when evaluating in any trade and keep in mind this would be going a bit further out so it can take some time to do that not necessarily i deal but i'm going to do i'm going to do a couple of things here one i'm going to go ahead and do one contract of this financially settled contract and i'm going to send this out we'll see if we can get that potentially filled i may have to adjust the price on that and then i'm going to go ahead oh wait a minute uh there was a financially settled one i wasn't looking at it right my apologies i was and maybe some of you were chatting that in and they overlooked it so that's even better we're gonna look at the july one how about that and we'll do the same thing so i'm gonna go back to the trade tab go to monitor i'm gonna cancel that other order so i'm going to right click on that cancel and replace it seems kind of odd that there wouldn't be a financially settled contract going 42 days out i just didn't scroll up enough there we go and make sure that we got that canceled bear with me for just a second here that trade get filled nope didn't get filled it looks like it should be canceled all right we're going to go back look at that july financially settled scroll down and do the same thing look for a 30 to 40 delta now since this is closer to expiration uh the 10 dollar is going to be closer to a 30 delta because we're a little shorter on time we'll do the same thing i'm going to right click on this we also have a little more wider selection of strikes here which may be beneficial for the trade i'm going to right click we're going to do cell vertical and i'm going to make this about a 10 cent wide so we got 10 and 10 10.
now there is a bit of a spread here as well we'll see if we can uh adjust that it looks like we may be setting up to get a a similar uh return on risk to what we saw on the other in fact a little bit less and also we are going to be locking up a little more capital here in this case the spread with a risk of 830 potential gain of about 170. our breakeven is going to be at ten dollars so if natural gas stays below ten dollars going into this expiration this potentially be a profitable trade minus any uh transaction fees okay so i'm going to go ahead and see if we can send this through it looks like we did get a fill on that results may vary and then we'll go ahead and we'll monitor this position on an ongoing basis let's go ahead and take a look at some of our other positions uh that we have uh looking at the bonds and we're probably have to do a little trade management on this one here where we were looking at this one being bullish where we had a long call spread about the 119 sold to 21. was looking for more of a bit of a counter rally on bonds to be at least above 121 at june expiration we only have four days left we are down 500 but we did uh shaken some of those losses here with four days left but go ahead and go to the chart and look at forward slash zn okay looking at forward slash zn we're looking more for the bounce back here uh bonds did slide back a bit more but we're seeing a bit of a counter run now 121 is right here now it's not out of the realm of possibility that prices can go back up to 121 in four days but the probability is increasingly less we're looking to limit whether a gain or loss we can go ahead and close out that position even though it's going to be at a loss not at a maximum loss so i'm gonna go ahead and close this one out now what other traders may do is keep an eye on it throughout the day if the price continues moving in a favorable direction then look to close it as we move closer to that strike in fact that's what i'll probably do uh but make a note on that the other trade that we had recently had was uh gold uh this was a short put vertical we were looking for gold prices to stay above 1830 started to do that but actually has moved into the negative as we've been seeing a lot of shift on asset classes now we do have more time on this trade as gold dramatically along with bitcoin and some of those other assets had sold off dramatically over the last week maybe getting a bounce here coming off of these lows we're looking for prices to basically be back above 1830 which is where it was trading about four days ago so we do have a dragonfly doji potentially so whether it's a counter rally or possibly a reversal as we go back on the monitor tab we got nine days on this one so we'll be a little more patient since we may be seeing a bit of a bounce and again similar to bonds if we see the price trade higher towards that strike look to close it out if there's any bearish reversal off of that okay all right folks well we covered a lot of ground here today and i do apologize that uh for those of you that are here live we did not have the chat function in for me for one reason i'll go ahead and i'll take a look at it but i'm sure ken's been doing a great job of answering your questions and hopefully you haven't had any hiccups to that so we went ahead and continue our discussion on some various commodities with this week our focus being on crude and natural gas we also talked about doing a defined risk trade and we encourage you to practice this on your own whether it's something you find interesting as far as with crude or on natural gas think about a defined risk spread our example we opted to do a defined risk bearish trade a short call spread with the expectation that prices would stay below a certain level going into that expiration we also learned about the difference between some of the physically versus financially subtle contracts as well and we talked about some of those entries and exit techniques as well and we'll continue managing these trades on an ongoing basis now stay tuned for us next week as we'll take a look at some other commodities uh not sure yet whether we'll take a look at currencies or grains but we'll definitely take a look at some other commodities next week remember folks in order to demonstrate the functionality of the platform we did have to use actual symbols keep in mind the ameritrade does not make recommendations or term suitability of any security or strategy for individual traders any investment decision you make in your self-directed account is solely your responsibility now i do need to make one more note folks if you enjoyed what you learned here today click like that'll let me know you enjoyed the presentation now there may also and i'm not sure since i can't see it for those of you that are live a a survey and if there is a survey please click it and give us some feedback you can also click like and vote twice so thank you so much for support and for those that are live uh dealing with those technical issues at least on my end there and looking forward to spending some time with you next week on trading futures have a great day everyone bye now [Music] you