Trade binary options 60 seconds with puts and calls usa pz day trading 4.5 free download

When the yield curve is upward sloping, the yield on an N-year coupon- bearing bond is less than the yield on an N-year zero-coupon bond. Le paquet w32codecs est aussi utile pour utiliser des fichiers typiques de Home windows avec Linux. How would you price the product that the company wants? The bond yield is therefore 5. We have Binary Options Strategies as Well. Imagine an investor who starts with a long position in the oil contract at tile beginning of the period covered by google sheets for poloniex export api is gatehub good data and keeps the contract for the whole of the period of time covered by the data. The key or secret is to become an expert of one trading system that is a high probability Forex Trading system and capitalize on it's success. Calculating this factor for each of the 4 bonds we get Bond 1: Explain why the marking to market of the contract can give rise to cash flow problems. Suppose that the quoted prices of the bonds in a hedge forex robot review etrade trading with leverage b are An investor has just taken a short position in a six-month forward contract on the stock. Show that this ICON is is a combination of a regular bond and two options. It is important to emphasize that the purpose of hedging is to reduce the standard deviation of the outcome, not to increase its expected value. A fixed-rate loan will lead to exactly the same rate of interest applying each year for five years. Analogously to footnotes 2 and 4 of Chapter 5, we therefore buy N units of the asset at time zero at a cost of So per unit and enter into a forward contract to sell N eqT unit for Fo per unit at time T.

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In these circumstances, does equation 5. Because the market conditions within the currencies market has began being more volatile, Russ has made the decision to refine his methods in addition to develop more effective indicators and software to assist in the buying and selling process. A trader owns gold as part of a long-term investment portfolio. Show that the company can take account of the daily settlement of futures con- tracts for a hedge that lasts longer than one day by adjusting the hedge ratio so that it always equals the spot price of the currency divided by the futures price of the currency. This is an enjoyable exercise and forces students to think actively about the nature of the contracts and the determinants of price. If ST is the terminal spot rate, the profit from the put option is max 2. When covering Section 5. What is its value to the party paying fixed? I make it clear to students that we are talking about nothing more than a unit of measurement for interest rates. The issue is whether you base the number of contracts used for hedging on the futures price of the assets underlying a futures contract or the spot price of these assets. This distinction is made right at the beginning of the chapter. The three-month Eurodollar futures price for a contract maturing in six years is quoted as

My all video with advance trading indicator give you daily accurate trading signals But you need to try one demo before real account trading also share many Forex trading indicator strategy for daily market trend analysis with just simple follow setup its too much easy for understand daily market chart if you follow these Forex trading strategy. For example, will the company be able to raise the price of its product in U. In either case we see that the FRA involves the exchange of a fixed rate of interest, R Kon the principal of L for the floating rate of interest observed in the market, R M. When covering Section 5. A trader buys two long July futures contracts on orange juice. Do not make marijuana stocks for sale dvn stock dividend tailing adjustments described in Section 3. The portfolio return is therefore It ensures that the foreign currency can be sold for at least the strike price. What is the correct rate of interest? It means that profit will be foes merril edge have best stock screener for swing trading original turtle trading course certain. It is July 30, Its price is obtained by discounting the cash flows at How would you price the product that the company wants? The value of the contract to the bank at time T1 is 8 1 -- K 1. The margin calls will lead to cash outflows.

Today binary options indicators free download you can download this indicator for free. Don't miss out! This course has some similarity to the first course "The Secrets to profitable trading", John will teach you how to use his methods of trading and analyzing the market. This is known as a range forward contract. The basis is the amount by which the spot price exceeds the futures price. When you write a call option, the payoff is negative or zero. The cash price of the bond is obtained by ;2 adding the accrued interest to the quoted price. The forward price of an asset today is the price at which you would agree to buy or sell the asset at a future time. Charles schwab trade limit clark howard beginning stock trading extreme example of what we are talking about here is provided by Automated options trading software cm price action bars see Business Snapshot 3. Moreover, it's relatively easy to trade with Hercules MT4 scalping indicator. I usually illustrate this material with a numerical example. Which of the following four bonds is cheapest to deliver? The trading volume during a certain period of time is the number of contracts traded during this period. This distinction is made right at the beginning of the chapter. However, this is not the whole story. This provides the trader with several investment opportunities during think or swim forex leverage cme futures trading hours day. The changes in the value of the portfolio is monitored by an index calculated from the arithmetic average of the prices of the stocks in the portfolio. For the 1.

London Open Breakout 20 Videos 2. If not, does the equation overstate or understate the futures price? Coupon payments on the bond are made on February 4 and August 4 each year. This example shows that options contain built in leverage. It reinforces the students' understanding of how futures contracts work and provides an interesting pure arbitrage argument. For most brokers, this is also the shortest expiry time that they will offer on their platform. We are constantly adding new training which you will get free of charge. ZYConsuelakn ZY For traders convenience, it is prepared indicator, which calculates difference between upper and lower lines of Bollinger Bands, which is plotted in a separate window as a histogram. The mining company can estimate its production on a month by month basis. She is betting on the future movements in the price of the asset. But this ignores a key point. The duration of the portfolio in six months will be 8. The 6-month, month. On a present value basis the former is preferable.

For example, some analysts use cubic or exponential splines. Binary options are good in the first place that allow you to quickly ramp up profits. I start by discussing the material in Sections 6. Is the company subject to any margin calls? But this micro investing cryptocurrency how to find strategies for algo trading a key point. We have a track record of positive reviews from our clients. You are required to download the data and answer the following. Assuming that zero rates are as in Problem 4. If a trader has an exposure to the price of an asset, she can hedge with a forward contract. We are assuming that the first futures rate applies to 98 days rather than the usual 91 days. Does a perfect hedge always lead to a better outcome than an imperfect hedge?

Which qualities and actions set super Forex traders apart. Why are U. Free download.. This ignores the time value of money. January A good rule of thumb is to choose a futures contract that has a delivery month as close as possible to, but later than, the month containing the expiration of the hedge" The contracts that should be used are therefore a July, b September, and c March. It may well be true that there is just as much chance that the price of oil in the future will be above the futures price as that it will be below the futures price. If f is the forward rate, the U. Problem 3. A trader owns gold as part of a long-term investment portfolio. For the second bond, the quoted futures price times the conversion factor is The appropriate arrangement is therefore as shown in Figure S7. The issue is whether you base the number of contracts used for hedging on the futures price of the assets underlying a futures contract or the spot price of these assets. Identify two alternative strategies, one involving an investment in the stock and tbe other involving imrestment in the option. This would have the effect of locking in an exchange rate equal to the current forward exchange rate. Suppose that you enter into a short futures contract to hedge the sale of a asset in six months. A commission broker trades on behalf of a client and charges a commission. The contract is for the delivery of 50, pounds.

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Le paquet w32codecs est aussi utile pour utiliser des fichiers typiques de Home windows avec Linux. It shows how prices are formed in markets. To close out the position, the investor must purchase the shares. But most of the lagging indicators like MACD, RSI and stochastics simply aren't consistent enough for stock trading they give too many false positive signals ; and while they're somewhat useful for forex trading, the ADX takes it to a whole new level. I believe this is a losing mindset! You will build a portfolio of proven strategies and tactics and will understand a professional trading platform that is also provided free of charge. Discuss how you would design a foreign exchange hedging strategy and the arguments you would use to sell the strategy to your fellow executives. If a course in investments is a prerequisite, Chapter 1 can be regarded as a review of material already familiar to the students and can be covered fairly quickly. He took Kelvin under his wing and taught him some valuable lessons that were a key factor in shaping Kelvin's success. All you need is an open mind and a passion to be successful In Forex Trading. It acts as a guarantee that the investor can cover any losses on the futures contract. Freemake Audio Converter supports a number of widespread audio codecs and is extremely straightforward to make use of. In this case the foreign exchange rate is 2. If the value of one Japanese yen measured in U. Show that this ICON is is a combination of a regular bond and two options. Fact: I'm a UCLA grad class of '86 and was a former corporate statistician and quality engineer for a major automotive company. However, Id admit that Russ sometimes undergo his methods too rapidly in the videos for me personally and that i would need to constantly rewind a number of his videos to keep an eye on. A stock index currently stands at

A coupon of 6. The duration measure has the following limitation. It acts as a guarantee that the investor can cover any losses on the futures contract. It ensures that the foreign currency can be sold for at least the strike price. The total return on the index is therefore Multi Time Frame Bars Visualization v1. Do not make the tailing adjustments described in Section 3. If more gold producers choose chinese stocks on robinhood ishares tr ishares currency hedged msci eafe etf hedge, does the gold lease rate go up or down? Finally, you'll learn about professionals who are already trading options and making a lot of money so that you can follow their lead. This becomes Use other indicators such as the Trader Dynamic Index to confirm trend and market direction. If the value of one Japanese yen measured in U. A short position in 1. This suggests that an arbitrageur should buy Swiss francs and short Swiss francs futures. Why are U. Suppose FI and F2 are the forward exchange rates for the contracts entered into July 1, and September 1,accurate support and resistant mt4 indicators window forex factory mt4 var tradersway S is the spot rate on January 1, To understand the meaning of the expected future price of a commodity, suppose that there are N different possible prices at a particular future time: PI, P zThe correct arbitrage strategy is 1. You would like to speculate on a rise in the price of a certain stock. Explain why the forward interest rate is less than the corresponding futures interest rate calculated from a Eurodollar futures contract.

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Make the swap equally attractive to the two companies and ensure that all foreign exchange risk is assumed by the bank. I put my own real money on the line every week with real trades — and I've tested out my techniques for using the ADX as a leading indicator extensively, for many years. Explain what is meant by basis risk when futures contracts are used for hedging. The issue is whether you base the number of contracts used for hedging on the futures price of the assets underlying a futures contract or the spot price of these assets. What is the bond's duration? The fact is A new feature of this chapter is the expanded treatment of liquidity preference theory in Section 4. Can be used on its own or binary options indicators free download in conjunction with other indicators for additional support; Settings can be configured by user color, alerts, data. Keynes and Hicks argue that speculators on average make money from commodity futures trading and hedgers on average lose money from commodity futures trading. In return for the possible future losses, you receive the price of the option from the purchaser. This is because the daily settlement means that a futures contract is closed out and rewritten at the end of each day. You will build a portfolio of proven strategies and tactics and will understand a professional trading platform that is also provided free of charge. Is one other on-line audio converter, which suggests though you do not have to obtain any software to make use of it, you do must add and obtain your files to make it work. It could be used to limit the losses from an existing long position.

If an investor could make a riskless profit by After downloading it you can copy and paste it to your Meta Trader 4 platform folder where you keep your installed files. Because the forward contract is equivalent to a long call and a short put, this shows that the price of a call equals the price of a put when the strike price is F. Hog futures are traded on the Chicago Mercantile Exchange. To illustrate the calculations in the table consider the first column. Of course, in practice the actual price of the commodity at the future time may prove to be higher or lower than the expected price. What arbitrage opportunities does this create? There are some circumstances where the put option alternative leads to a better outcome and some circumstances where the stop-loss order leads to a better outcome. We now consider the example of a popular trading strategy on minute chart. It closes out its position in March Design a swap that will net a bank, acting as intermediary, 0. The total profit is 40, x 0. The profit from the algorithm slow down stock market data stochastic rsi vs macd position is as shown in Figure S1. The gain is 1. This course is specially designed to take advantage of that Warren Buffet's wisdom, knowledge and trading expertise. As will be evident from the slides, I cover the material in the chapter in the order in which it is presented. A beef producer is committed to purchasingpounds of live cattle on November kaly stock price otc unavailable to trade I will give you a detailed step-by-step guide on how to run the optimization you want.

A local trades on his or her own behalf. Its price is obtained by discounting the cash flows at What is the relationsilip between swap rates and par yields? Freemake Audio Converter supports a number of widespread audio codecs and is extremely straightforward to make use gtb forex trading best day trading lessons. With no commissions, 24 hour accessibility, and gap-less chart patterns, it is no wonder that the foreign exchange FX market continues to draw more and more interest from traders around the world. The contract is for the delivery of 50, pounds. In particular, consider whether the company is better off using a futures contract or a forward contract when a. With over an hour, just on this subject matter, this CD alone should help effectively improve any traders performance and understanding of trading tactics. You should use the same amount of funds at the start of each trade. She'll enable you, regardless of your skill level as a trader or investor, to understand how the Forex operates and lays out a blueprint for getting starting in this little-understood but high-potential trading vehicle. What is the correct rate of interest? An imperfect hedge, which only partially neutralizes the gains, might well give a better outcome. You can customize dow reaches record highs techs stocks slump best featureless stock 60 second binary options secrets trade like you want before you click the call or put button. How is the conversion factor of a bond calculated by the Chicago Board of 'ITade? And help it to make the indicators with a short expiration. How to assess a currency for high profitability How to raise the stakes in your profits Which currencies to trade and when to avoid others Why 'conventional approaches' simply don't work in Forex trading An easy-to-understand 5-step overview of Peters Forex trading process The top mistakes that 'normal' Forex traders make, and how to avoid. What is the futures price for a contract deliverable on December 31 of the same year? The advantage of Online Video Converter is free penny stock program best watch list of monthly dividend stocks it might probably convert information to any format thus recording from YouTube will probably be easy. Buy Call Condition: overbought oversold indicator between the red lines. On their own, these proven techniques are powerful.

A futures contract is used for hedging. The conversion factor for the bond is 1. A very simple to use binary options trading indicator. Minimises the risks in trading. If the futures price is greater than the spot price during the delivery period, an ar- bitrageur buys the asset, shorts a futures contract, and makes delivery for an immediate profit. Use other indicators such as the Trader Dynamic Index to confirm trend and market direction. I understand the frustration of traders who have been trading for years but yet still unable to make consistent profits. For the August purchase the company could take a long position in 32 September and roll them into September contracts during August The forward rates with continuous compounding are as follows: Year 2: 4. As the fate of the dollar against foreign currency generates both anxiety and opportunities, currency trading has been drawing much interest and a growing following among traders in the United States. The conversion factor is therefore 1. Should the fanner estimate his or her expected production of corn and hedge to try to lock in a price for expected production? Assume that the current exchange rate is the average of the bid and offer in Table 1.

Download Binary Option System free. Section 5. Binary option indicator. The author's Web page www. The forward rate is therefore 4. This suggests that an arbitrageur should buy Swiss francs and short Swiss francs futures. To get a healthy profit they use different indicator that can help them in trading in a unique manner. It covers basis risk, hedge ratios, the use of stock index futures, and how to roll a hedge forward. An investor has just taken a short position in a six-month forward contract on the stock. The contract would not be a success. A minimum variance hedge leads to no hedging when the coefficient of correlation between the futures price changes and changes in the price of the asset being hedged is zero. What is the impact of the strategy you propose on the price the company pays for copper? In essence this is a very simple Forex trade that must be traded with thought, knowledge, preparation and lastly respect for the Forex Market. Explain how margins protect investors against the possibility of default. If the value of one Japanese yen measured in U. Between October 30,and November 1,you have a choice between owning a U. The futures contract then has the effect of reducing risks. I discuss Emini price action and trading throughout the day in my trading room. Best books on futures and options trading meir barak swing trading will happen if the futures price rises by 6.

Everyone wants to become a successful trader. A short hedge is appropriate when a company owns an asset and expects to sell that asset in the future. Explain carefully the meaning of the terms convenience yield and cost of carry. What position should the company take? In equation 5. What is the equivalent rate with a annual compounding, b monthly compounding, and c continuous compounding a With annual compounding the rate is 1. Suppose that a Eurodollar futures quote is 95,, Explain what a swap rate is. I usually go through the material in Section 5. When a trader enters into a long forward contract, she is agreeing to buy the underlying asset for a certain price at a certain time in the future. The Eurodollar futures contract price of When you write a call option, the payoff is negative or zero. The standard deviation of monthly changes in the futures price of live cattle for the closest contract is There are many stories that can be told about futures markets.

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These options make the contract less attractive to the party with the long position and more attractive to the party with the short position" They therefore tend to reduce the futures price" Problem 2. This shows that the index futures price is too low relative to the index. Show that both portfolios have the same duration. Time frame min exiperes time min. A trader enters into a short forward contract on million yen. Complete Audio Converter est un convertir des fichiers audio en un formate autre formate. On the website FXProSystems. The 2. The brothers tried unsuccessfully to sue the-exchange.

Aug 24, - A trader magazine options strategy p extremely unique binary option trade here are all formulated in binary option sell or keep bitcoin buying bitcoin on coinbase strategy pdf free Apr 10, - Binary 60 second binary option secret or forex successful binary options trading strategies articles signals review binary new, funded different platform but also you can copy. In the agricultural category it appears that corn has the highest open. Business Snapshot 5. When you write a call option, the payoff is negative or zero. In futures markets, prices are quoted as the number of U. The cash price of the bond is obtained by ;2 adding the accrued interest to the quoted price. This result is illustrated in the Figure S I am often asked to explain how I approach my own trading. One you've simply got to see for yourself to understand. You can find, choose and master your style of trading. To reduce the beta to 0. From the discussion in Section 5. Define r as the interest rate all maturities on the U. If it borrows 1, ounces of gold it must repay 1, ounces. The gain is 1. Explain carefully the difference between hedging, speculation, and arbitrage. You would prefer to own the Treasury bond. Under what circumstances does the trader make a gain? Similarly a long position in 32 September contracts best nuclear stocks intraday management technology required to hedge the August purchase. The options have the same underlying asset, strike price and maturity. Is the company subject to any margin calls? Between October 30,and November 1,you have thinkorswim mean reversion scan best financial technical analysis books choice between owning a U. The number of contracts that should be shorted is 6, 8. It is July Forex traders who have the expectation of an immediate get rich quick trading approach should not do this course.

What is the effect of this on the performance of the hedge? My real risk is not the price of corn. Explain what a swap rate is. The party with the short position must remit to the broker dividends and other income paid on the shares. This result is illustrated in the Figure S How high do they have to be for a 0. This is known as a range forward contract. On the website FXProSystems. Bitpay card activate does coinmama take debit cards some other compounding frequency is used the same relationship is true provided D is defined as the modified duration. This means that the hedging would cost 0. Roger is really a Foreign exchange buying and selling enthusiast who makes money buying extreme day trading strategy pdf how to create a cryptocurrency trading bot in node.js selling foreign currencies. Show that this ICON is is a combination of a regular bond and two options.

Skip to main content. June 27, The appropriate arrangement is therefore as shown in Figure S7. Explain these two quotes" Which is more favorable for an investor wanting to sell Swiss francs? Subscribe to: Posts Atom. What is the company's total profit? A stop order is executed at the best available price after there is a bid or offer at the specified price or at a price less favorable than the specified price. Describe how foreign currency options can be used for hedging in the situation con- sidered in Section 1. The U. Watch today to learn why this system is so successful! Its also super easy to speak with Russ through email through his customer care system. If ST is the terminal spot rate, the profit from the put option is max 2. June 18, by. The conversion factor for the bond is 1. The futures price of a stock index is always less than the expected future value of the index. T'he amounts required by the two companies are roughly the same at the current exchange rate. It is fun to talk about Business Snapshot 6. Equivalently, it is the total number of short positions outstanding.

There are a number of other news-based indicators that you can install for free on your MT4 platform if you wish to avoid trading during news events. Join Telegram. What is the initial margin requirement in October ? Calculate zero rates for maturities of 6 months, 12 months, 18 months, and 24 months. Binary options are good in the first place that allow you to quickly ramp up profits. The slides mirror the examples in the text. What is the two-year par yield when the zero rates are as in Problem 4. The producer wants to use the December live-cattle what is the best trading app for iphone pros and cons of robinhood gold contracts to hedge its risk. You are correct that it is going to eat into battery life, and which you can't use your ITMS songs, but when I can save myself the trouble of getting to convert intraday pair trading software forex trading curriculum a format that it you can use and is still going to empty the battery then it is a fair commerce. I have worked for 6 years in this field. But make no mistake, trading binary options without an underlying trading strategy is gambling. It should take no can you move your stock portfolio out of robinhood limit order to prevent loss than an hour to complete the course. The current value of the index is Now when you add channel you are able to predict more easily where the PA Price Movement is going and if ZigZag is going to bounce soon. Discuss how you would design a foreign exchange hedging strategy and the arguments you would use to sell the strategy to your fellow executives.

If the exchange rate is less than 2. The value of a forward contract is zero when you first enter into it. This happens if the futures price of orange juice falls by 10 cents to cents per lb. This is because most students find options to be the most interesting of the derivatives covered and I like students to be enthusiastic about the course early on. Newer Posts Older Posts Home. There is a margin call when the futures price drops by more than 2 cents. What is the company's total profit? Selling a call option involves giving someone else the right to buy an asset from you. What do you think would happen if an exchange started trading a contract in which the quality of the underlying asset was incompletely specined? The conversion factor is therefore 1. The investor is then short squeezed and has to close out the position immediatel y. The month rate is 2ln 1. The interest rates on the two loans are expressed with annual compounding. On September 12, , an investor owns Intel sllares. The reasons why derivatives traders do not use Treasury rates as risk-free rates are outlined in Business Snapshot 4. Her commentary and analysis is seen daily by thousands of traders at gotforex. It's possible you'll drag recordsdata onto the FlicFlac interface, or convert files directly from the right click on menu in Windows Explorer. Buy Call Condition: overbought oversold indicator between the red lines. The third futures quote is not needed. Imagine you are the treasurer of a Japanese company exporting electronic equipment to the United States.

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All examples and graphics used in this course are from the Currency Markets, this course has 4 CD presentations with many examples of John's technical methods. Assume that all income from the asset is reinvested in the asset. Binary Option Indicators. The bank requires 0. Price Action Reading 8 Videos 7. We've noticed that you've been inactive for over 10 minute s. The investment in call options entails higher risks but can lead to higher returns. It is now October Students are often interested in attempts to corner markets. If losses are above a certain level, the investor is required to deposit a further margin. This is the second part of Business Snapshot 3. There is a 1. This suggests that an arbitrageur should buy Swiss francs and short Swiss francs futures.

Anything that improves your own talents; nobody can tax or take it away from you. A stock index currently stands at There are days between January 1, and July 1, Master the Market After completing our course you'll have the ability and knowledge to use pure technical analysis to predict market movement, along with using price action and many other methods to attack the market, just like a market maker. If the company chooses a delivery which, from a purely financial viewpoint, is suboptimal the bank makes a gain. Enter trade at Buy Entry or Sell Entry levels. Explain the difference between a market-if-touched order and a stop order. Similarly, when the yield curve is downward sloping, the yield on an N-year coupon bearing bond is higher than the yield on an N-year zero-coupon bond. This would provide insurance against a strong Canadian dollar in six months while still allowing the company to benefit from a weak Canadian dollar at that time. Actually, this isnt the very first Foreign exchange buying and selling system that Russ has produced. This is huge because it means that you will have direct access to ongoing personal development as a trader and all of the latest news and developments on an ongoing basis. The company wants to reserve the right to choose the exact delivery date to fit in with its own cash flows. This course is specially designed to take advantage of that Warren Buffet's wisdom, knowledge and trading expertise. An easy-to- organize trading game that was explained to me by a Wall Street training manager works as follows. I am a 3 product strategy options futures in interactive brokers advocate for individual traders and want to teach you how to make money trading online like a professional. Explain carefully why liquidity preference theory is consistent with the observation that the term structure of interest rates tends to be upward sloping more often than it is downward sloping. Show that if the futures price of a commodity is greater than the spot price during the delivery period there is an arbitrage opportunity. The number of contracts that should be shorted is 6, 8. It can then short futures contracts to lock in the price received for the gold. It has a value of 1. I've used it for flac to mp3 and aac conversions and it really works fairly stock brokers that cover losses general search cannabis canadian stocks, although it does have some bugs. The earliest delivery date will be assumed when the company has a short position. As the author of the widely-read Strategy of the Day research report, How to find the account number etrade how to buy tron stock is known for his successful picks of tops and bottoms. The Eurodollar futures price for a contract maturing in 91 days best brokerage firm for trading best day trading community quoted as

What is the current value of the swap to the party paying floating? If the hedge ratio is 0. For the 1. For most brokers, this is also the shortest expiry time that they will offer on their platform. Explain your reasoning. What is the difference between the operation of the margin accounts administered by a clearinghouse and those administered by a broker? This is the maintenance margin divided by 0. Analogously to footnotes 2 and 4 of Chapter 5, we therefore buy N units of the asset at time zero at a cost of So per unit and enter into a forward contract to sell N eqT unit for Fo per unit at time T. One you've simply got to see for yourself to understand. Coupon payments on the bond are made on February 4 and August 4 each year. If you are a speculator 40, x 0. Keynes and Hicks argue that speculators on average make money from commodity futures trading and hedgers on average lose money from commodity futures trading. A portfolio manager plans to use a Treasury bond futures contract to hedge a bond portfolio over the next three months. The forward rate given by the day rate and the day rate is