Trading With Moving Averages

A moving average trading strategy calculates the average closing price over a set number of bars and plots it as a continuous line on your chart. That line smooths out short-term noise and reveals the underlying trend direction. Traders use it to decide whether to trade long, short, or stay flat.

I've traded with moving averages on my charts since I started in futures back in 2022. Over 50+ prop firm accounts and $200K in payouts later, my relationship with MAs has changed significantly. I used to stack five different moving averages on one chart and treat every crossover as a buy or sell signal. That approach cost me at least a dozen funded accounts before I stripped it down to the bare minimum.

Today, I keep exactly one moving average on my chart: the 9 EMA. I use it as a trend filter, not an entry trigger. My actual entries come from VWAP, order flow, and price action. But the 9 EMA tells me whether the short-term momentum favors longs or shorts. That single piece of information prevents a lot of bad trades.

This guide covers everything you need to know about moving averages for futures trading. The different types, which periods actually matter, how crossover strategies work (and when they don't), and what I recommend for prop firm evaluations specifically.

What Are the Different Types of Moving Averages?

Four types of moving averages show up in most trading platforms. They all do the same basic job of smoothing price data, but each one calculates the average differently. That difference in calculation creates meaningful differences in speed, lag, and practical usefulness.

Simple Moving Average (SMA) adds up the closing prices over N periods and divides by N. Every candle in the lookback period gets equal weight. The 50-candle close from three hours ago counts just as much as the last candle. That equal weighting makes the SMA slow and steady. It filters out a lot of noise, but it's also late to react when momentum shifts.

Exponential Moving Average (EMA) applies more weight to recent prices through a multiplier formula. The most recent candle has the heaviest influence, and the weight decreases exponentially as you go back in time. A 21 EMA reacts noticeably faster than a 21 SMA to the same price move. That speed is an advantage in trending markets and a liability in choppy ones.

Volume Weighted Moving Average (VWMA) factors in volume alongside price. Bars with heavy volume carry more weight in the calculation than low-volume bars. During the cash session on NQ or ES, high-volume candles pull the VWMA toward those price levels, making it track institutional activity better than a standard SMA or EMA. In thin overnight sessions, the VWMA behaves almost identically to the SMA because volume is distributed evenly.

Hull Moving Average (HMA) uses a weighted moving average formula combined with a square root smoothing period to reduce lag dramatically. The 20 HMA is faster than the 20 EMA while appearing smoother on the chart. The trade-off: it overshoots. On sharp reversals, the HMA can lead price temporarily, which creates false signals that the other MA types avoid.

SMA vs EMA: Which One Should You Use?

The SMA vs EMA debate is one of the oldest in technical analysis. The honest answer: it depends on what you're doing with it.

For intraday futures trading on the 1-minute to 15-minute charts, the EMA wins. The extra responsiveness matters when NQ can move 50 points in three minutes. An SMA with the same period will still be processing data from 20 minutes ago while the EMA has already shifted to reflect the new price action. During fast moves, that lag difference between SMA and EMA translates to real money.

For daily and weekly chart analysis, the SMA wins. The 50 SMA and 200 SMA on the daily chart are watched by millions of market participants. Institutional algorithms reference these levels. Fund managers make allocation decisions based on whether an index is above or below its 200 SMA. Using an EMA for these periods gives you a slightly different line that nobody else is watching.

I learned this distinction the expensive way. Early on, I plotted the 200 EMA on my daily NQ chart and noticed price "bouncing" off levels that didn't match what other traders were talking about. Turned out everyone else was looking at the 200 SMA. The EMA was 30-40 points away from the SMA on some days. That's a massive difference when you're trying to trade institutional levels.

For the 9 and 21 periods on intraday charts, I use EMAs exclusively. For the 50 and 200 on the daily chart, I use SMAs. This isn't a personal preference. It's matching the tool to its purpose and to what the broader market is watching.

What Do the Popular MA Periods Actually Mean?

Not all moving average periods are created equal. Some exist because of tradition, some because of math, and some because enough people use them that they become self-fulfilling prophecies.

9 period: Roughly two weeks of daily bars or about 45 minutes on the 5-minute chart. The 9 EMA is popular among day traders because it's fast enough to track short-term momentum shifts without reacting to every single tick. When price is above the 9 EMA on the 5-minute chart, I'm biased long. Below it, I'm biased short. Simple.

21 period: About one month of daily data. The 21 EMA serves as a slightly more stable version of the 9. When both the 9 and 21 EMAs are sloping in the same direction, you have a confirmed short-term trend. When they're flat or tangled together, the market is likely consolidating.

50 period: Two and a half months of daily data. The 50 SMA is the dividing line between short-term corrections and meaningful trend shifts. Hedge fund managers often cite the 50-day SMA as their metric for whether a pullback is still buyable. On intraday charts, the 50 EMA represents the intermediate trend direction over several hours.

200 period: Roughly one year of daily data. The 200 SMA is the granddaddy of all moving averages. When the S&P 500 or Nasdaq futures are above the 200 SMA, the consensus is "bull market." Below it, "bear market." Trading desks, financial media, and algorithmic strategies all reference this level. It's not magic. It's mass adoption creating self-fulfilling behavior.

As of March 2026, I keep only the 9 EMA visible on my intraday NQ charts. I check the daily chart once per session for the 50 and 200 SMA positions relative to price. That context tells me whether the broader trend favors longs or shorts, and the 9 EMA tells me whether short-term momentum agrees.

How Do Moving Average Crossover Strategies Work?

A moving average crossover occurs when a shorter-period MA crosses above or below a longer-period MA. The logic is straightforward: when the fast average crosses above the slow one, upward momentum is accelerating. When it crosses below, downward momentum is accelerating.

9/21 EMA Crossover: The fast crossover. On the 5-minute NQ chart, a 9 EMA crossing above the 21 EMA suggests a short-term shift to bullish momentum. This happens frequently, sometimes multiple times per session. It's useful as a confirmation signal but generates too many false signals to trade blindly.

50/200 SMA Crossover (Golden Cross / Death Cross): The institutional crossover. When the 50 SMA crosses above the 200 SMA on the daily chart, it's called a golden cross and is broadly interpreted as a bullish structural shift. The reverse, the 50 crossing below the 200, is called a death cross and signals a bearish regime change.

The golden cross and death cross get heavy media coverage because they're dramatic. Financial headlines love them. But here's what most coverage doesn't mention: by the time the 50 SMA crosses the 200 SMA, the move is often 60-80% done. These are lagging confirmations, not early signals. I use them to understand the macro context, not to time entries.

For day trading futures, the 9/21 EMA crossover on the 5-minute chart works as a bias filter. After a bullish crossover, I only take long setups from my VWAP and order flow analysis. After a bearish crossover, I only take shorts. I don't enter on the crossover itself because the signal is too slow. By the time both EMAs have crossed, price has already moved, and you're entering late with a wide stop.

One exception: the first 9/21 crossover after a prolonged consolidation on the 15-minute chart can be worth trading directly. When NQ has been chopping in a 30-point range for two hours and the 9 and 21 EMAs are flat and tangled, the first clean crossover with expanding volume often marks the beginning of the next directional leg. I've had good results entering on that specific pattern at Lucid Trading and Top One Futures evaluations.

Can Moving Averages Act as Dynamic Support and Resistance?

Yes. Moving averages function as dynamic support and resistance levels because enough traders are watching them to create buying and selling pressure when price approaches.

The 9 EMA on the 5-minute chart acts as dynamic support during strong uptrends. On a day when NQ is trending hard to the upside, price will frequently pull back to the 9 EMA, find buyers, and push higher. The pullbacks to the 9 EMA become the rhythm of the trend. This happens because short-term momentum traders, algorithms, and prop firm traders are all using similar EMAs as reference points.

When the 9 EMA fails to hold, price typically falls to the 21 EMA. That's the secondary support level. If both the 9 and 21 EMAs fail, the trend is weakening and you should reassess your bias.

On the daily chart, the 50 SMA and 200 SMA act as structural support and resistance. During the bull market of 2024-2025, NQ bounced off the 50 SMA repeatedly. Each bounce attracted institutional buying and confirmed the uptrend. When the 50 SMA finally broke, price accelerated lower toward the 200 SMA, which became the new support floor.

I treat MA support/resistance the same way I treat any other level: as a zone, not a line. The 9 EMA on the 5-minute chart isn't a laser beam that price respects to the tick. It's a zone of interest, roughly 3-5 points on either side of the actual EMA value on NQ. If price pierces through the 9 EMA by 8 points and immediately reverses, that still counts as a successful EMA bounce. If it blows through by 20 points and closes below, the level has failed.

Why Do I Prefer VWAP Over Moving Averages?

I need to be honest about this: VWAP is my primary tool, and moving averages play a supporting role. The reason comes down to one fundamental difference.

Moving averages are calculated purely from price. VWAP is calculated from price AND volume. That distinction matters enormously in futures markets where volume reveals institutional intent.

When NQ pulls back to the 9 EMA, I know that the average closing price over the last 45 minutes of 5-minute candles was at this level. When NQ pulls back to VWAP, I know that the average price weighted by where the actual volume transacted was at this level. VWAP tells me where the big money traded. The 9 EMA tells me where price happened to close. Those are different things.

Institutional execution desks benchmark their orders against VWAP, not against the 9 EMA or any other moving average. When a pension fund needs to buy 3,000 ES contracts, their trader is evaluated on whether the fill price was above or below VWAP. This creates genuine buying pressure at VWAP during uptrends and selling pressure at VWAP during downtrends. No moving average carries that same structural significance.

That said, I still use the 9 EMA as a fast momentum read. VWAP builds throughout the session and becomes increasingly stable after the first hour. In the opening 15-20 minutes, VWAP is noisy and unreliable. The 9 EMA fills that gap nicely because it doesn't suffer from the sample-size problem that VWAP has early in the session.

My setup on NQ: VWAP with deviation bands for entries and targets, 9 EMA on the 5-minute chart for momentum bias. That's it. No 21, no 50, no 200 on the intraday chart. I check the daily 50 and 200 SMAs once before the session starts and note where they are relative to the overnight range.

If you want the full breakdown of my VWAP approach, I wrote a detailed guide: VWAP Trading Strategy.

How Should You Use Moving Averages for Prop Firm Evaluations?

Prop firm evaluations punish two things above all else: overtrading and imprecise entries. Moving averages can help with both problems if you use them correctly. They can also destroy your account if you use them as a standalone trade signal.

The best way to use moving averages during a prop firm evaluation is as a trend filter, not an entry signal. Before taking any trade, check where price sits relative to a key moving average. If price is above the 9 EMA on the 5-minute chart, restrict yourself to long setups only. If price is below, shorts only. This single rule eliminates counter-trend trades, which account for the majority of blown evaluations at firms like FundedSeat, YRM Prop, and FundingPips.

Your actual entry should come from something more precise: a VWAP bounce, a support/resistance level, an order flow signal, a footprint chart divergence. The moving average tells you WHICH DIRECTION to trade. Something else tells you WHEN to trade.

During my first few evaluations, I tried to trade every 9/21 EMA crossover on the 5-minute chart. Some days that worked beautifully. Trending days handed me 4-5 winning crossover trades in a row. Choppy days erased all those gains and more. The crossover strategy has about a 45-50% win rate on futures across all market conditions. That's a coin flip. And when your evaluation has a $2,500 drawdown limit, a coin flip isn't good enough.

Here's what I recommend for funded accounts at any firm: use the 9 EMA slope as a go/no-go indicator. If the 9 EMA is sloping up, only take longs. If it's sloping down, only take shorts. If it's flat, don't trade. Wait for the slope to develop. This costs you some opportunities on days when the market reverses quickly. It saves you from catastrophic losses on days when the market chops through every MA on the chart.

What Are the Most Common Moving Average Mistakes?

I've made all of these. Some of them cost me multiple funded accounts before I figured out what was happening.

Mistake #1: Trading crossovers in choppy markets. This is the single most expensive MA mistake in futures trading. In a sideways market, the 9 EMA and 21 EMA cross back and forth constantly. Every crossover looks like a breakout on the chart. None of them follow through. You enter long on the bullish cross, get stopped out, flip short on the bearish cross, get stopped out again. Repeat four times and you've burned half your drawdown room on signals that were never valid.

The fix: check the ADR (Average Daily Range) or ATR (Average True Range) before trading MA crossovers. If today's range is less than 60% of the 20-day average range, it's probably a chop day. Don't trade crossovers on chop days.

Mistake #2: Stacking too many moving averages. I've seen charts with five or six MAs creating a spaghetti mess. The 9, 21, 50, 100, and 200, all different colors, all crossing at different times, all giving conflicting signals. More moving averages doesn't mean more information. It means more confusion and slower decision-making.

One or two MAs on your chart is enough. I use one (9 EMA) for intraday and check two others (50 and 200 SMA) on the daily. Three total across two timeframes.

Mistake #3: Using MAs on the 1-minute chart for trade signals. The 1-minute chart is noise. A 9 EMA on the 1-minute chart represents 9 minutes of data. That's nothing. It crosses every few minutes. There's no informational value in a signal that fires 15 times per session. If you want MA signals on lower timeframes, use the 5-minute or 15-minute chart minimum.

Mistake #4: Ignoring the slope. A flat moving average is telling you something: the market has no directional bias over that timeframe. Traders who only watch crossovers miss this crucial signal. The slope of the 9 EMA matters more than whether price is above or below it. A steeply rising 9 EMA says "strong momentum up." A 9 EMA that price just barely crossed above, but which is still flat, says "probably going to cross back below in 10 minutes."

Mistake #5: Expecting MAs to work in all market conditions. Moving averages are trend-following tools. They perform well in trending markets and terribly in ranging markets. Roughly 70% of the time, the market is in some form of consolidation or range. That means your MA strategy will underperform more often than it outperforms, unless you have a robust filter for identifying when to use it.

What Does a Moving Average Look Like on Different Timeframes?

The same 9 EMA produces completely different signals depending on the chart timeframe. Understanding this prevents a common confusion where traders see conflicting MA signals across their charts.

On the 1-minute chart, the 9 EMA represents the last 9 minutes. It's jittery, crosses price constantly, and is essentially useless for directional bias. I don't even display it on the 1-minute chart. Too much noise.

On the 5-minute chart, the 9 EMA represents the last 45 minutes. This is the sweet spot for intraday futures day trading. It's smooth enough to show a real momentum direction but responsive enough to shift when conditions change. One 5-minute candle that closes beyond the 9 EMA with strong volume is meaningful. On the 1-minute chart, that same move might just be noise.

On the 15-minute chart, the 9 EMA represents the last 2.25 hours. At this timeframe, the 9 EMA tracks the trend of the current session nicely. Crossovers between the 9 and 21 EMA on the 15-minute chart happen only 1-3 times per session, making each one more significant. This is the timeframe I recommend for traders who want to trade MA crossovers directly.

On the daily chart, the 9 EMA represents about two weeks. The 50 SMA represents two and a half months. The 200 SMA represents about a year. These are structural reference points, not day-trading tools. I look at them before the session starts to understand the macro picture and then ignore them during active trading.

A practical rule: never take a trade based on a moving average signal from a timeframe lower than 5 minutes on futures. The signal-to-noise ratio doesn't support it.

How Does the VWMA Differ From Standard Moving Averages in Practice?

The Volume Weighted Moving Average (VWMA) deserves its own discussion because it bridges the gap between traditional moving averages and volume-based indicators like VWAP.

A standard 20 SMA treats every candle's close equally. A 20 VWMA weights each candle's close by the volume traded during that bar. If bar 15 out of 20 had three times the volume of the other bars, the VWMA gets pulled heavily toward bar 15's closing price. The logic: high-volume bars reflect more participant conviction and should carry more weight in the average.

In practice, the VWMA and SMA look nearly identical during low-volatility periods when volume is distributed evenly. The difference shows up during news events, cash session opens, and high-volatility moves. When NQ gaps open and trades 8,000 contracts in the first 5-minute bar compared to the usual 2,000, the VWMA snaps to that opening price much faster than the SMA. It's showing you where the real activity was.

I experimented with the 21 VWMA on the 5-minute NQ chart for about six months in 2024. The results were interesting but not compelling enough to replace my 9 EMA. The VWMA was slightly better at identifying trend changes during the cash session open (9:30 AM Eastern) because of the volume spike. It was slightly worse during the overnight session when volume is thin and sporadic.

If you're considering VWMA, use it on futures during the cash session only (9:30 AM to 4:00 PM Eastern). Outside those hours, volume-weighted calculations don't add much value because there isn't enough volume differentiation between bars to matter.

What Is the Best Moving Average Setup for Beginners?

If you're new to futures trading or just starting your first prop firm evaluation, I recommend keeping it dead simple.

Put the 21 EMA on your 5-minute chart. One moving average. One timeframe. That's your setup.

When the 21 EMA is sloping upward and price is above it, look for long entries only. When the 21 EMA is sloping downward and price is below it, look for short entries only. When the 21 EMA is flat and price is chopping back and forth across it, don't trade.

I recommend the 21 EMA over the 9 EMA for beginners because it's less reactive. The 9 EMA flips direction so frequently that newer traders end up reversing their bias every 15 minutes. The 21 EMA forces you to stay with the trend longer. You'll miss some reversals, but you'll also avoid a lot of whipsaws. For a beginning evaluation trader, avoiding whipsaws protects more drawdown room than catching early reversals generates in profit.

Pair the 21 EMA with one other tool for entries. That could be a simple support/resistance level, a round number, or VWAP if your platform supports it. The 21 EMA decides direction. The other tool decides timing.

Don't add more moving averages until you're consistently profitable with one. I mean it. Every indicator you add to your chart is another voice in the room creating potential confusion. Master one before you layer complexity.

Frequently Asked Questions

What is the best moving average for day trading futures?

The 9 EMA on the 5-minute chart is the most effective moving average for day trading futures like NQ and ES. It responds quickly enough to capture intraday momentum shifts while filtering enough noise to provide a reliable directional bias. For beginners, the 21 EMA on the 5-minute chart is a safer choice because it produces fewer false signals in choppy conditions.

What is the difference between SMA and EMA?

The Simple Moving Average (SMA) gives equal weight to every price bar in the lookback period, making it slower and smoother. The Exponential Moving Average (EMA) applies heavier weight to recent bars through an exponential decay formula, making it faster and more reactive. For intraday futures trading, the EMA is preferred because it tracks momentum shifts more closely. For daily chart analysis, the SMA is preferred because institutional algorithms and fund managers reference the 50 SMA and 200 SMA specifically.

How does a moving average crossover strategy work?

A moving average crossover strategy generates a buy signal when a faster MA crosses above a slower MA, and a sell signal when the faster MA crosses below the slower MA. The 9/21 EMA crossover is used for short-term signals on 5-minute charts, while the 50/200 SMA crossover (golden cross and death cross) signals major trend changes on daily charts. Crossover strategies work well in trending markets but generate frequent false signals during sideways consolidation periods.

What is the golden cross in trading?

The golden cross occurs when the 50-period SMA crosses above the 200-period SMA on the daily chart. It signals a potential long-term bullish trend shift and receives significant attention from financial media and institutional traders. The golden cross is a lagging indicator, meaning the underlying move has usually been underway for weeks or months before the crossover confirms it. Traders use the golden cross as a macro bias confirmation, not as a timing tool for entries.

What is the death cross in trading?

The death cross is the opposite of the golden cross. It occurs when the 50 SMA crosses below the 200 SMA on the daily chart, signaling a potential bearish structural shift. Like the golden cross, the death cross is a lagging confirmation of a move that has already happened. It's most useful as a context tool that tells you the long-term trend has turned bearish, which should influence your intraday trading bias toward shorts on futures.

Can you use moving averages as support and resistance?

Moving averages act as dynamic support and resistance levels because large numbers of traders, algorithms, and institutions reference the same MA levels. The 9 EMA on the 5-minute chart serves as short-term dynamic support during uptrends, with price frequently bouncing off it as momentum traders buy the pullback. The 50 SMA and 200 SMA on the daily chart act as structural support and resistance that can hold for weeks. Treat MA levels as zones (3-5 points on either side on NQ), not exact lines.

How many moving averages should you put on your chart?

One or two moving averages is sufficient for day trading futures. Stacking five or six MAs creates a cluttered chart and conflicting signals that slow down your decision-making. I use one MA on my intraday chart (9 EMA on the 5-minute) and check two MAs on the daily chart (50 SMA and 200 SMA) before each session. Three total moving averages across two timeframes gives me all the trend context I need without overwhelming my chart.

What is the VWMA and how is it different from the SMA?

The Volume Weighted Moving Average (VWMA) calculates the average closing price over N periods, but weights each bar's close by the volume traded during that bar. Bars with heavy volume have more influence on the VWMA calculation than low-volume bars. This makes the VWMA more responsive to price levels where actual trading activity occurred, compared to the SMA which treats every bar equally. The VWMA is most useful during cash session hours on futures when volume differences between bars are significant.

Do moving averages work for prop firm evaluations?

Moving averages work well as trend filters during prop firm evaluations at firms like Lucid Trading, FundedSeat, and Top One Futures, but they should not be used as standalone entry signals. Use a moving average like the 9 EMA or 21 EMA on the 5-minute chart to determine your directional bias (long or short), then use a more precise tool like VWAP, price action, or order flow for actual entry timing. This approach prevents counter-trend trades that are the leading cause of blown evaluation accounts.

Why do moving average crossovers fail in sideways markets?

Moving average crossovers fail in sideways markets because the MAs cluster together and cross repeatedly without any follow-through in price. In a 30-point range day on NQ, the 9 and 21 EMAs might cross five or six times, each generating a signal that reverses within minutes. Crossover strategies require a trending market to generate profits. As of March 2026, roughly 70% of trading sessions on NQ are range-bound or low-volatility, which means crossover signals will lose money more often than they make money without a filter for market condition.

What is the 9/21 EMA strategy?

The 9/21 EMA strategy uses the crossover between a 9-period EMA and 21-period EMA on the 5-minute chart to identify short-term momentum shifts. When the 9 EMA crosses above the 21 EMA, the short-term bias shifts bullish. When it crosses below, the bias shifts bearish. The strategy works best as a directional filter rather than a direct entry signal. Traders who enter on every 9/21 crossover typically see a 45-50% win rate on futures across all market conditions, which is not sufficient to overcome transaction costs without additional confluence factors.

How does the Hull Moving Average compare to the EMA?

The Hull Moving Average (HMA) uses a weighted formula with a square root smoothing period that reduces lag compared to the EMA while maintaining a smooth appearance. A 20 HMA reacts faster than a 20 EMA to price changes. The trade-off is that the HMA can overshoot during sharp reversals, temporarily leading price and creating false signals that the EMA avoids. The HMA is best suited for scalping and ultra-short-term momentum reads, while the EMA is more reliable for standard day trading trend filters.

Is VWAP better than moving averages for futures trading?

VWAP (Volume Weighted Average Price) is generally more useful than moving averages for intraday futures trading because it incorporates volume into its calculation and represents the average price that all participants paid for the contract that session. Institutional execution desks benchmark their orders against VWAP, creating genuine buying and selling pressure at the VWAP level. Moving averages are calculated from price alone and do not carry the same institutional significance. I use VWAP as my primary indicator and the 9 EMA as a secondary momentum filter. For a detailed VWAP breakdown, see the full VWAP guide on Proptradingvibes.com.

What moving average settings work on NQ and ES futures?

For NQ (Nasdaq 100 futures) and ES (S&P 500 futures), the most effective moving average settings are the 9 EMA on the 5-minute chart for intraday momentum, the 21 EMA on the 5-minute chart as a secondary trend reference, and the 50 SMA and 200 SMA on the daily chart for macro context. NQ is more volatile than ES, so the 9 EMA produces more whipsaws on NQ. Traders who find the 9 EMA too reactive on NQ can switch to the 13 EMA or 21 EMA for a smoother signal with fewer false flips.

Should beginners use moving average crossovers to trade futures?

Beginners should not use moving average crossovers as standalone trade signals for futures. The crossover strategy has a roughly 50% win rate across all market conditions, which is not enough to be profitable after accounting for commissions and slippage. Instead, beginners should use a single moving average like the 21 EMA on the 5-minute chart as a directional filter. Only take longs when price is above a rising 21 EMA, only take shorts when price is below a falling 21 EMA, and stay flat when the 21 EMA is flat. Pair this filter with a simple entry tool like a support/resistance level or VWAP bounce.

The bottom line: moving averages are one of the most widely used tools in trading, and for good reason. They simplify trend identification and keep you on the right side of momentum. But for futures trading and prop firm evaluations, they work best as a filter, not a signal. Use the 9 EMA or 21 EMA to decide your directional bias, use VWAP or price action for entries, and never trade crossovers on a choppy day. If you can follow those three rules, moving averages will protect your drawdown room instead of eating it. And if you're looking for firms with reasonable drawdown limits to practice this approach, check out Lucid Trading, FundedSeat, YRM Prop, Top One Futures, or FundingPips.