Cmt Level 1 Exam Prep Course: Comprehensive Preparation

Unlock the secrets of the markets with our CMT Level 1 Prep Course – Master the art of technical analysis.

What you'll learn

Mastery of chart types such as line, bar, and candlestick charts, along with their practical applications and pitfalls.

In-depth knowledge of Dow Theory, support and resistance levels, and the psychology behind market movements.

Detailed exploration of chart patterns like head and shoulders, double and triple tops/bottoms, wedges, and triangles.

Analyzing various types of gaps, trendlines, and channels to predict market movements.

Understanding of momentum oscillators (MACD, RSI, Stochastic), volume indicators, and their implications on market trends.

Hands-on practice with real-life charts and live trading scenarios using advanced tools like Ichimoku Clouds, Fibonacci retracement, and Elliott Wave analysis.

Key insights into market volatility, options pricing (VIX, put-call parity), and effective risk management strategies for trading.

A thorough grasp of behavioral finance, price movements, and advanced technical analysis strategies like point and figure charting, moving averages.

By the end of the course, students will be well-equipped to analyze markets with technical analysis tools, enhance trading strategies, and prepare for the CMT.

Requirements

Basic Understanding of Financial Markets: While not mandatory, having a general idea about stocks, bonds, and financial markets will be helpful.

Interest in Technical Analysis: A genuine interest in learning how to analyze and predict market movements using charts and technical indicators is key.

No Prior Experience Required: The course is designed for beginners, so no prior experience with technical analysis or trading is needed.

Access to a Computer: Students will need a computer or device with internet access to follow the course and practice with charting tools.

Optional Trading Platform/Charting Tool: Though not required, students may benefit from using a charting platform or trading software for hands-on practice (e.g., TradingView or MetaTrader).

Description

Introduction:This course is designed to thoroughly prepare candidates for the Chartered Market Technician (CMT) Level 1 exam. The curriculum is aligned with the core principles of technical analysis, equipping learners with the knowledge required to understand and interpret charts, price patterns, and market behavior. Whether you are a beginner looking to explore technical analysis or an experienced trader aiming to solidify your knowledge, this course will help you navigate through the critical concepts of market trends, charting, indicators, and volume analysis.Section 1: Understanding Key Technical Analysis ConceptsThe first section delves deep into foundational concepts essential for the CMT Level 1 exam. Starting with the basics, it covers the use of various chart types such as line charts, bar charts, and candlestick charts, along with their pitfalls. You'll explore Dow Theory, a cornerstone of trend analysis, followed by a detailed study of support and resistance levels, providing clarity on market dynamics. Lectures dedicated to candlestick patterns teach practical techniques to interpret short and long patterns, Doji formations, and shadows, which are crucial for recognizing price reversals. Additionally, this section introduces reversal patterns like Head and Shoulders, Double Tops and Bottoms, and Triple Tops, explaining their psychological underpinnings and volume signals, which offer a nuanced understanding of market trends. Hands-on exercises reinforce the theoretical concepts, enabling learners to identify and analyze these patterns effectively.Section 2: Chart Patterns and TrendlinesIn the next phase, you will explore the structure and significance of trendlines and channels, including different trendline types such as linear and logarithmic scales. Understanding how to utilize these tools is vital for pinpointing market trends and making informed decisions. Further, we dive into patterns like the rising and falling wedges, ascending and descending triangles, and symmetrical triangles, explaining their importance in predicting market behavior. You will also learn how to recognize rectangle patterns and work with trend channels, adding valuable tools to your technical analysis toolkit.Section 3: Gaps and OscillatorsThis section introduces gap analysis, one of the most important technical signals. You'll learn to distinguish between different gap types, including breakaway, runaway, and exhaustion gaps, and their implications for market trends. After mastering gap analysis, you will delve into momentum oscillators such as the Relative Strength Index (RSI), stochastic oscillators, and MACD (Moving Average Convergence Divergence), key indicators for identifying overbought or oversold market conditions. Practical chart exercises enhance understanding, giving learners the ability to apply these oscillators in real-time market scenarios.Section 4: Volume and Market Sentiment IndicatorsVolume plays a crucial role in confirming trends and identifying reversals. This section covers various volume-based indicators, such as On-Balance Volume (OBV) and the Accumulation/Distribution line, that help detect subtle shifts in market sentiment. Additionally, you will explore money flow indices and the Chaikin Money Flow, which provide deeper insights into institutional buying and selling pressures. Lectures also focus on analyzing volatility, with topics like implied volatility, open interest, and the VIX (Volatility Index). The importance of sentiment indicators and their influence on market movements is emphasized through practical chart exercises.Section 5: Advanced Elliott Wave and Fibonacci AnalysisIn this advanced section, the course provides comprehensive coverage of Elliott Wave Theory, detailing key concepts like impulse waves, corrective waves, and extensions. You'll also learn how to apply Fibonacci retracement tools in combination with Elliott Waves to predict price targets and reversals. The lectures on wave psychology will improve your ability to interpret market cycles and trade breakouts more effectively.Section 6: Risk Management and Behavioral FinanceThe final section tackles the critical aspect of risk management and behavioral finance. Topics like trading psychology, emotional biases, and effective risk control are discussed in depth to prepare traders for the mental challenges they may face in the market. Efficient Market Hypothesis (EMH) and the Random Walk Theory are also covered, providing an academic perspective on market efficiency and price movements. The course rounds out with practical sessions on trading strategies that integrate chart patterns and technical indicators for improved decision-making.Conclusion:The Mastering Technical Analysis for CMT Level 1 course offers a structured, in-depth exploration of the key technical analysis concepts needed to excel in the CMT Level 1 exam. Through a combination of theory, practical exercises, and real-world chart applications, this course equips you with the analytical skills and confidence to interpret market movements and develop robust trading strategies.The CMT (Chartered Market Technician) Level 1 Exam is the first of three exams required to earn the CMT designation, which is focused on technical analysis and is administered by the CMT Association. The CMT designation is highly recognized in the field of financial markets, especially for professionals involved in trading, portfolio management, and research.Here’s a breakdown of what you need to know about the CMT Level 1 Exam:1. Purpose and Focus:The CMT Level 1 exam assesses the candidate's basic knowledge of technical analysis. It introduces core concepts that will be built upon in subsequent levels.The exam focuses on the terminology and tools of technical analysis, ensuring that candidates understand the foundational aspects of the field, including chart construction, patterns, trends, and indicators.2. Key Topics Covered:Basic Charting: How to create and interpret different types of charts (line, bar, candlestick).Trends: Understanding market trends (uptrend, downtrend, sideways), trendlines, and trend reversal patterns.Support and Resistance: Key levels in technical analysis that indicate where price changes may occur.Chart Patterns: Recognizing classic chart patterns like head and shoulders, triangles, flags, and pennants.Technical Indicators: Introduction to various technical indicators such as moving averages, MACD, RSI (Relative Strength Index), and Bollinger Bands.Volume and Open Interest: How to use volume and open interest to confirm price movement.Market Cycles and Phases: Basic understanding of different market phases (accumulation, distribution, etc.).Sentiment Indicators: Tools to gauge market sentiment such as investor surveys, put/call ratios, and more.Dow Theory: Introduction to one of the founding theories of technical analysis.Elliott Wave Theory (Basics): Introduction to wave structures and patterns.Risk Management: Basic risk management techniques, including stop-loss orders and position sizing.Ethics and Professional Responsibility: Overview of ethical considerations in market analysis.3. Exam Format:Question Type: Multiple choice (with 4 possible answers for each question).Number of Questions: The exam typically has around 132 questions.Duration: 2 hours and 15 minutes.Passing Score: The passing score is usually set based on the performance of the cohort, but it is not fixed at a specific percentage.Computer-Based: The exam is taken on a computer at designated testing centers or sometimes remotely (depending on location and circumstances).4. Study Materials:CMT Curriculum: The official curriculum provided by the CMT Association is the primary resource for preparing. It includes textbooks and study guides covering all exam topics.Practice Exams: The CMT Association and other providers offer practice exams to help candidates familiarize themselves with the format and types of questions asked.Study Groups and Courses: Many candidates join study groups or enroll in online courses that offer additional support and resources.5. Exam Registration and Fees:You need to be a member of the CMT Association to register for the exam. Membership fees are separate from the exam registration fees.As of recent years, the cost for the Level 1 exam is around $395 to $595 depending on the registration period (early, standard, or late registration).6. Who Should Take the CMT Level 1:The CMT Level 1 exam is ideal for individuals pursuing a career in technical analysis, portfolio management, trading, or any role that involves understanding market trends and price action.It is especially relevant for:Equity and FX tradersTechnical analystsPortfolio managersRisk managersMarket researchersAsset and wealth managers7. Preparation Tips:Understand the Basics: Since this is the introductory level, focus on mastering the fundamentals of technical analysis.Use the Official Curriculum: Stick to the official materials provided by the CMT Association to ensure you cover the exam's scope comprehensively.Practice Questions: Regular practice with sample questions will help you get familiar with the type of questions asked and improve your time management during the actual exam.Consistency: Establish a regular study routine, and don’t cram close to the exam. Most candidates spend 80-100 hours preparing for the CMT Level 1.8. Next Steps:After passing Level 1, candidates can proceed to CMT Level 2, which delves deeper into technical analysis with more applied knowledge and testing of your analytical skills.Overall, the CMT Level 1 exam is a gateway into understanding the theory and practice of technical analysis, setting the foundation for more advanced studies in the field of market behavior and trading strategies.

Overview

Section 1: CMT Level 1

Lecture 1 Introduction to CMT Level 1 - Prep Course

Lecture 2 Line Chart and Bar Chart

Lecture 3 Candlestick Chart and Pitfall

Lecture 4 Pitfall Candlestick Concluded

Lecture 5 Dow Theory

Lecture 6 Support and Resistance

Lecture 7 More Details On Support and Resistance

Lecture 8 Types of candlestick Patterns

Lecture 9 Practicals of Short and Long Candlestick Patterns

Lecture 10 Types of Doji Candlestick Patterns

Lecture 11 Long Upper and Lower Shadows

Lecture 12 Long Lower Shadows Only

Lecture 13 Introducation to Reversal Patterns

Lecture 14 Continuation of Head and Shoulder Top

Lecture 15 Head and Shoulder Top Psychology

Lecture 16 Variations and Facts of H and S Top

Lecture 17 Features and Characteristics of Head and Shoulder

Lecture 18 Learn Double Bottom

Lecture 19 DB Psychology and Volume

Lecture 20 Four Types of Double Bottom

Lecture 21 Market with Alphabets Double Bottom

Lecture 22 Continue on Market Alphabets Double Bottom

Lecture 23 Triple Bottom - Introduction

Lecture 24 Triple Bottom - Variations

Lecture 25 Triple Bottom - Psychology and volume

Lecture 26 Triple Bottom - Exercise

Lecture 27 Learn Double Top

Lecture 28 Double Tops R- Com Chart

Lecture 29 Four Types of Double Tops

Lecture 30 Understanding Variations

Lecture 31 Facts of Double Tops

Lecture 32 Identifying Double Tops

Lecture 33 Triple Top (TT)

Lecture 34 Triple Tops Psychology and Volume

Lecture 35 Triple Tops Psychology and Volume Continue

Lecture 36 Rising wedge

Lecture 37 Falling Wedge

Lecture 38 Minor High

Lecture 39 Minor Lows

Lecture 40 Trendline and Channels

Lecture 41 Slope of Trendline

Lecture 42 Linear and Logarithmic Scale

Lecture 43 Types of Trendlines

Lecture 44 Importance of Trendlines

Lecture 45 Trend Channels

Lecture 46 Introduction to Rectangle Pattern

Lecture 47 Explained Different Concepts with Chart

Lecture 48 Different Concepts with Chart Continues

Lecture 49 Variation and Exercise

Lecture 50 Variation and Exercise Continue

Lecture 51 Ascending Triangle

Lecture 52 Important Point of Ascending Triangle

Lecture 53 Ascending - Pyschology and Exercise

Lecture 54 Pyschology and Exercise Continues

Lecture 55 Introduction to Descending Triangle

Lecture 56 Explained Different Concept with Chart

Lecture 57 Different Concept with Chart Continues

Lecture 58 Daily Pattern Char

Lecture 59 Introduction to Symmetrical Triangle

Lecture 60 Symmetrical Triangle - Psychology

Lecture 61 Different concept of Symmetrical Triangle

Lecture 62 Symmetrical Triangle Exercise

Lecture 63 Introduction to Flag

Lecture 64 Falg and Penants

Lecture 65 More on Falg and Penants

Lecture 66 Important Points of Flag

Lecture 67 Exercise Penants

Lecture 68 Introduction to GAP

Lecture 69 Explain Gap up and Gap Down

Lecture 70 Common Gap

Lecture 71 Practical Implication with Chart

Lecture 72 Breakaway Gap

Lecture 73 Breakaway Gap with implication with Chart

Lecture 74 Runaway Gap and Continuation Gap

Lecture 75 Runaway Gap implication with Chart

Lecture 76 Exhaustion Gap

Lecture 77 More on Exhaustion Gap

Lecture 78 Exhaustion Gap Implication with Chart

Lecture 79 Two Types of Technical Analysis

Lecture 80 Introduction to Momentum Oscillator

Lecture 81 More on Momentum Oscillator

Lecture 82 Leading and lagging Indicator Explained

Lecture 83 Leading and lagging Indicator Explained Continues

Lecture 84 Relative Strength Index

Lecture 85 Overbought and Over Sold Explanation

Lecture 86 Explained Divergence

Lecture 87 Explanation on chart and Exercise

Lecture 88 Introduction to Moving Average (MA)

Lecture 89 Explanation on chart (MA)

Lecture 90 Exponential Moving Average

Lecture 91 Elements of MACD

Lecture 92 Explanation on chart (MACD)

Lecture 93 MACD Crossover

Lecture 94 MACD Divergences

Lecture 95 Stochastic Oscillator

Lecture 96 Stochastic Formula

Lecture 97 Ranging Markets

Lecture 98 Stochastic Oscillator Different Concept

Lecture 99 Stochastic Oscillator Chart

Lecture 100 Money Flow Introduction and Explanation

Lecture 101 Money Flow index Introduction and Explanation

Lecture 102 Money Flow index Explain Formula on Excel

Lecture 103 Money Flow index Explanation on Charts

Lecture 104 Money Flow index Explanation of Failure Swing on Chart

Lecture 105 Explain Accumulation Distribution

Lecture 106 Accumulation Distribution Formula

Lecture 107 Formula and Practical Chart

Lecture 108 Introduction to Chaikin Money Flow

Lecture 109 Chaikin Money Flow Calculation

Lecture 110 Practical Implication on Chart

Lecture 111 Chart Explanation Continues

Lecture 112 Explanation of Ichimoku Cloud

Lecture 113 Analyzing Trend

Lecture 114 Analyzing Uptrend

Lecture 115 Ichimoku Cloud Downtrend

Lecture 116 Identifying Trend

Lecture 117 Practical chart Implication

Lecture 118 Practical chart Implication Continues

Lecture 119 Explain On Balance Volume

Lecture 120 Balance Volume Interpretation

Lecture 121 Characteristic of OBV

Lecture 122 Trading Signals

Lecture 123 Practical Explanation on Chart

Lecture 124 Practical Explanation on Chart Continues

Lecture 125 What is Volatility

Lecture 126 Implied Volatility

Lecture 127 Implied Volatility Continues

Lecture 128 Explain Put Call Parity

Lecture 129 Put and Call Option

Lecture 130 Explain Put Call Parity with Table

Lecture 131 Explain Put Call Parity with Table Continues

Lecture 132 Explain Pricing Calculators

Lecture 133 Pricing Calculators and Other Tools

Lecture 134 Fluctuations Based on Supply and Demand

Lecture 135 Fluctuations Based on Supply and Demand Continues

Lecture 136 Impact on Option Prices

Lecture 137 Implied Volatility and option Prices

Lecture 138 VIX - Introduction and Explanation

Lecture 139 Explain VIX and Put-Call Parity

Lecture 140 Explain VIX and Put-Call Parity Continue

Lecture 141 VIX - VIX and Market Movement

Lecture 142 VIX - VIX and Market Movement Continue

Lecture 143 Open Interest - Introduction and Explanation

Lecture 144 Open Interest - Crowd Psychology and Trading Rules

Lecture 145 Open Interest and Implied volatility Live Example

Lecture 146 Introduction to Wave Principle

Lecture 147 Wave Principle Explanation

Lecture 148 Corrective Phase

Lecture 149 Important Rules of Elliott Wave

Lecture 150 Impulse Pattern

Lecture 151 Elliott Wave Degree

Lecture 152 Explain Complete Market Cycle

Lecture 153 Explain Extension

Lecture 154 Different Types of Extension

Lecture 155 Third and Fifth Wave Extension

Lecture 156 Third and Fifth Wave Extension Continue

Lecture 157 Ending Diagonal

Lecture 158 Leading Diagonal

Lecture 159 Fibonacci Numbers

Lecture 160 Fibonacci Retracement

Lecture 161 Fibonacci Retracement Continues

Lecture 162 Corrective Waves

Lecture 163 Corrective waves Continue

Lecture 164 Double ZigZag

Lecture 165 Irregular Expanded Flat

Lecture 166 Running Flat

Lecture 167 Triangle and Combination

Lecture 168 Triangle and Combination Continues

Lecture 169 Explain Fibonacci Relationship

Lecture 170 Explain Fibonacci Relationship Continues

Lecture 171 Fibonacci Multiple for Flats

Lecture 172 Expanded Flats

Lecture 173 Explain Anatomy Elliott Wave Trading

Lecture 174 Improve Trading Through Elliott Wave

Lecture 175 Improve Trading Through EW Continues

Lecture 176 Determining Maturity of Trend

Lecture 177 Providing Specific Points Invalidation

Lecture 178 Four Best Waves to Trade

Lecture 179 Trade on Break of Patterns

Lecture 180 Trade on Break of Patterns Continues

Lecture 181 Ending Diagonal 1

Lecture 182 Aggressive Approach - Break of Zigzag

Lecture 183 Triangle Pattern

Lecture 184 Risk Management

Lecture 185 The Psychology of Trading

Lecture 186 Explain Basic of EMH

Lecture 187 What is EMH

Lecture 188 Strong form of the EMH

Lecture 189 Random Walk and Martingale Hypothesis

Lecture 190 Expected Future Stock Price

Lecture 191 Characteristics and Construction

Lecture 192 Point and Figure Chart

Lecture 193 Point and Figure Chart Continues

Lecture 194 Explain 1 Box Reversal Chart

Lecture 195 More on 1 Box Reversal Chart

Lecture 196 Explain 1 Box and 3 Box Reversal Chart

Lecture 197 3 Box Reversal Chart Continues

Lecture 198 Explain 5 Box and 2 Reversal Chart

Lecture 199 Point and Figure Chart Formation

Lecture 200 Trendline on Point and Figure Chart

Lecture 201 Point and Figure Trading Techniques

Lecture 202 Horizontal Count

Lecture 203 Vertical Count

Lecture 204 Explain Risk and Return

Lecture 205 The CAPM Equation

Lecture 206 The CAPM Equation Continues

Lecture 207 Seasonality and Calendar Patterns

Lecture 208 Explain Seasonality

Lecture 209 Explain Seasonal Pattern

Lecture 210 Cycle Analysis and Basics

Lecture 211 Understand Business Cycle

Lecture 212 The Kondratieff Wave

Lecture 213 Revision of Dow Theory and Candlestick Patterns

Lecture 214 Reversal Patterns

Lecture 215 Reversal Patterns and Trendline and Channels

Lecture 216 Revision of Continuation Patterns

Lecture 217 Understand Indicators

Lecture 218 Money Flow

Lecture 219 Understanding Volatility and its Types

Lecture 220 Introduction to the Wave Principle

Lecture 221 Elliott Wave and Fibonacci

Lecture 222 Anatomy of Elliott Wave Trading

Lecture 223 Practice on Live Charts

Lecture 224 Practice on Live Charts Continues

Lecture 225 Identifying Patterns Using Live Chats

Section 2: CMT Part 1 Updates

Lecture 226 Introduction to Basics of Technical Analysis

Lecture 227 Basics of Trend Analysis

Lecture 228 Trends, Peaks and Troughs

Lecture 229 Range Trading

Lecture 230 Trend Lines

Lecture 231 Trend Lines Continue

Lecture 232 Breakouts Part 1

Lecture 233 Breakouts Part 2

Lecture 234 Breakouts Part 3

Lecture 235 Types and Strategies

Lecture 236 Types and Strategies Continue

Lecture 237 Directional Movements

Lecture 238 Bands and Envelopes

Lecture 239 Behavioral Finance

Lecture 240 Behavioral Finance Continued

Lecture 241 Double Top and Bottom

Lecture 242 Rectangles

Lecture 243 Triangles

Lecture 244 Rounded Edge Patterns

Lecture 245 Short Term Basics

Lecture 246 Gaps

Lecture 247 Reversal Patterns

Lecture 248 Bar Reversal Patterns

Lecture 249 Bar Reversal Patterns Continued

Lecture 250 Pattern Rankings

Lecture 251 Volume Terminology

Lecture 252 Importance of Volume Analysis

Lecture 253 Volume Indicators Concepts

Lecture 254 Volume Indicators Charts

Lecture 255 Volume and Open Interest

Lecture 256 Volume Principals

Lecture 257 Volume Indicators

Lecture 258 Candlestick Essentials

Lecture 259 Candlestick Essentials Continued

Lecture 260 Point and Figure Charateristics

Lecture 261 Reversal and Trendlines

Lecture 262 Point and Figure Patterns

Lecture 263 Point and Figure Patterns Continued

Lecture 264 Point and Figure Trading

Lecture 265 Basics of Charting Concepts

Lecture 266 Confirmation and Divergence

Lecture 267 Market Breadth

Lecture 268 Oscillators

Lecture 269 Oscillators Continued

Lecture 270 Price Chart

Lecture 271 High Low Indicators

Lecture 272 Moving Averages

Lecture 273 Characteristics of Cycle

Lecture 274 Principals of Commonality

Lecture 275 Tools for Fixed Cycle Analysis

Lecture 276 Natural Cycles

Lecture 277 Notable Cycles

Lecture 278 Notable Cycles Continued

Lecture 279 Basics of Markets and Volatility

Lecture 280 Data and Technical Analyst

Lecture 281 Equity Markets

Lecture 282 Equity For Technical Analyst

Lecture 283 Indexes for Technical Analyst

Lecture 284 Indexes for Technical Analyst Continued

Lecture 285 Fixed Income Securities

Lecture 286 Fixed Income For Technical Analyst

Lecture 287 Futures Market

Lecture 288 Futures for Technical Analyst

Lecture 289 Futures For Technical Analyst Continued

Lecture 290 ETPS for Technical Analyst

Lecture 291 Currency Market

Lecture 292 Currencies for Technical Analyst

Lecture 293 Options Market

Lecture 294 Options for Technical Analyst

Lecture 295 Understanding Implied Volatility

Lecture 296 Put Call Parity

Lecture 297 Events and Implied Volatility

Lecture 298 Vix Index

Lecture 299 Introduction to Behavioral Finance

Lecture 300 Law of one Price

Lecture 301 Fungibility

Lecture 302 Noise Traders

Lecture 303 Noise Trading Academic Views

Lecture 304 Trend Following Noise Traders

Lecture 305 Herd Instinct Models

Lecture 306 Sentiment Drives Market Price

Lecture 307 Smart Money

Lecture 308 Commitment of Traders

Lecture 309 Insider Trading

Lecture 310 Short Interest

Lecture 311 Investor Surveys

Lecture 312 External Sentiment Sources

Lecture 313 Basics of Statistics

Lecture 314 Descriptive Summary Statistics

Lecture 315 Anscombe Quartet

Lecture 316 Probability Distributions

Lecture 317 Normal Distribution and Variation

Lecture 318 Basics of Technical Trading Systems

Lecture 319 Objective Rules

Lecture 320 Benchmarking

Lecture 321 Trading Bias

Lecture 322 Being Right

Lecture 323 Making Money

Lecture 324 Stories of Winners

Lecture 325 Davis Laws

Lecture 326 Model Building Process

Lecture 327 Model Building Process Continued

Lecture 328 Relative Strength Model

Aspiring Traders and Investors: Individuals looking to enhance their trading skills and understand market behavior through technical analysis.,Finance Students: Students pursuing degrees in finance, economics, or related fields who want to supplement their academic knowledge with practical skills in technical analysis.,Financial Professionals: Professionals working in finance, such as financial advisors, asset managers, or analysts, seeking to deepen their understanding of technical analysis to better serve clients or make informed investment decisions.,Self-directed Investors: Individuals who manage their own investment portfolios and want to learn effective techniques for analyzing price movements and trends.,Anyone Interested in Technical Analysis: Anyone curious about learning how to read charts, understand technical indicators, and apply technical analysis principles to improve their trading strategies.