--- title: "1.2.4 Forex: pairs, pips, lots, rollover and CFDs" description: "How a pair is quoted, what a pip is worth, why the spread widens at 17:00 New York time, where forward points come from and what ESMA limits." url: "https://pythonparatrading.com/en/python-trading-course/level-1/forex-pairs-pips-lots-and-rollover/" lang: "en" image: "https://pythonparatrading.com/og/en/python-trading-course/level-1/forex-pairs-pips-lots-and-rollover.png" --- # 1.2.4 · Forex: pairs, pips, lots, rollover and CFDs > The currency market has no central exchange and no close: it trades from Sunday to Friday and every open position is rolled over each night. This lesson uses two years of hourly EURUSD to measure what it costs to trade and to hold a position, derives forward points from interest rates and explains the rules ESMA imposes on CFDs for retail clients. - Course: [Level 1: Financial data, markets and analysis](https://pythonparatrading.com/en/python-trading-course/level-1/) - Module: 1.2 · Asset classes - Duration: 60 min - Prerequisites: [1.1.5 · Costs, settlement, leverage and margin](https://pythonparatrading.com/en/python-trading-course/level-1/trading-costs-settlement-leverage-and-margin/), [1.2.3 · Futures: specifications, margin, roll and contango](https://pythonparatrading.com/en/python-trading-course/level-1/futures-contract-specs-margin-and-roll/), [0.4.4 · Files (CSV, JSON, YAML, TOML) and dates with time zones](https://pythonparatrading.com/en/python-trading-course/level-0/python-files-pathlib-time-zones/) ## By the end of this lesson - Read a pair's quote (base and quote currency), compute the value of a pip for one lot and convert it to the account currency. - Measure the spread by hour of the day with pandas and explain why it widens in the Asian session and at the rollover hour. - Distinguish spot, forward, FX swap and future, and compute forward points from interest rate parity. - Compute the cost or income of rolling over a position held for several days, including the Wednesday triple. - Explain ESMA's limits on CFDs for retail clients (leverage, close-out at 50% of margin, negative balance) and compute how much of a move closes a position. ## A market without an exchange The currency market (*forex*, FX) is above all an OTC market: banks, market makers and electronic platforms quote to each other and to their clients without a central exchange (lesson 1.1.1). There is no official price and no close: it trades continuously from Sunday afternoon to Friday afternoon, following the sun through Sydney, Tokyo, London and New York. The trading day is taken to be the one that ends at 17:00 New York time. A **pair** is written with two ISO codes: `EURUSD` is the price of one euro (the **base** currency) in dollars (the **quote** currency). If EURUSD trades at 1.17000, one euro is worth 1.17 dollars. Buying EURUSD means buying euros and selling dollars. The course data are two years of a synthetic EURUSD with its *bid* and *ask* every hour: ```python import numpy as np import pandas as pd fx = pd.read_parquet("eurusd_1h.parquet") print(len(fx), "hours;", fx["ts"].min(), "to", fx["ts"].max()) fx.head(3) ``` ```output 12552 hours; 2024-01-01 00:00:00+00:00 to 2025-12-31 23:00:00+00:00 ts bid ask mid 0 2024-01-01 00:00:00+00:00 1.10379 1.10389 1.103840 1 2024-01-01 01:00:00+00:00 1.10416 1.10421 1.104185 2 2024-01-01 02:00:00+00:00 1.10405 1.10412 1.104085 ``` The timestamps are in UTC. The quote has five decimals: the fifth is a fraction of a pip. ## Pips, lots and what a move is worth A **pip** is the conventional unit of movement: in EURUSD, the fourth decimal (0.0001). The fifth, which almost every provider quotes today, is a tenth of a pip. The position is measured in **lots** of the base currency; the convention among retail brokers is: | Lot | Units of the base | Value of one pip in EURUSD | |---|---|---| | Standard | 100,000 EUR | 10 USD | | Mini | 10,000 EUR | 1 USD | | Micro | 1,000 EUR | 0.10 USD | The pip value comes out in the **quote** currency (USD in EURUSD). A euro account converts it at the current rate: ```python PIP = 0.0001 def valor_pip(unidades, precio): """Value of one EURUSD pip in USD and in EUR.""" usd = unidades * PIP return usd, usd / precio precio = fx.set_index("ts").loc["2025-06-02 15:00", "mid"] print(f"EURUSD mid: {precio:.5f}") for nombre, unidades in [("standard", 100_000), ("mini", 10_000), ("micro", 1_000)]: usd, eur = valor_pip(unidades, precio) print(f"{nombre:9s} {usd:7.2f} USD {eur:7.2f} EUR") ``` ```output EURUSD mid: 1.17162 standard 10.00 USD 8.54 EUR mini 1.00 USD 0.85 EUR micro 0.10 USD 0.09 EUR ``` With EURUSD at 1.17162, one pip on a standard lot is 10 USD, 8.54 EUR. A move of 100 pips (from 1.1700 to 1.1800, 0.85%) is 1,000 USD per lot. In pairs where the account is in neither the base nor the quote currency (EURGBP for a dollar account, for example), the pip value is converted with a third exchange rate. The spread is also measured in pips: ```python fx["horquilla_pips"] = (fx["ask"] - fx["bid"]) / PIP print(fx["horquilla_pips"].describe().round(2)) media = fx["horquilla_pips"].mean() print(f"Cost of crossing the average spread, 1 lot: " f"{media * 10:.2f} USD") ``` ```output count 12552.00 mean 0.46 std 0.51 min 0.10 25% 0.20 50% 0.30 75% 0.50 max 5.60 Name: horquilla_pips, dtype: float64 Cost of crossing the average spread, 1 lot: 4.56 USD ``` The median is 0.3 pips and the mean rises to 0.46 because of a few very expensive hours (the maximum, 5.6 pips). Crossing the average spread with a standard lot costs 4.56 USD. A system that trades many times a day pays that cost on every entry and every exit (lesson 1.1.5), and does not pay it equally at every hour. ## The spread through the day The market never sleeps, but its liquidity does change. Grouping by New York time, which is the reference for the currency day: ```python ny = fx["ts"].dt.tz_convert("America/New_York") fx["hora_ny"] = ny.dt.hour por_hora = fx.groupby("hora_ny")["horquilla_pips"].mean() print(por_hora.round(2).to_string()) ``` ```output hora_ny 0 0.61 1 0.52 2 0.28 3 0.21 4 0.21 5 0.21 6 0.21 7 0.19 8 0.15 9 0.15 10 0.15 11 0.21 12 0.30 13 0.31 14 0.31 15 0.31 16 0.31 17 2.57 18 0.61 19 0.63 20 0.62 21 0.62 22 0.63 23 0.62 ``` The figure at the top plots that table. Three segments: - **From 18:00 to 01:00 New York time** (Asian session): about 0.6 pips. Asia is trading, but the major euro and dollar centers are closed. - **From 02:00 to 16:00**: London opens and the spread falls to 0.2; in the London–New York overlap (08:00 to 10:00) it reaches its minimum, 0.15 pips. After the London close it rises to 0.3. - **17:00**: 2.57 pips on average, seventeen times the minimum. It is the **rollover hour**: the currency day ends, open positions are rolled to the next value date and liquidity providers pull or widen their prices for a few minutes. On Sunday, that same hour is also the first of the week. For a system that runs in UTC (as almost all do), there is a trap: the rollover hour is fixed in New York and moves in UTC with US daylight saving time. ```python fx["hora_utc"] = fx["ts"].dt.hour fx["mes"] = fx["ts"].dt.month cara = (fx[fx["ts"].dt.year == 2025] .groupby(["mes", "hora_utc"])["horquilla_pips"].mean() .groupby("mes").idxmax().str[1]) cara.rename("hora_utc_mas_cara") ``` ```output mes 1 22 2 22 3 21 4 21 5 21 6 21 7 21 8 21 9 21 10 21 11 22 12 22 Name: hora_utc_mas_cara, dtype: int64 ``` From November to February, the most expensive hour is 22:00 UTC; from March to October, 21:00 UTC. March and November are mixed months: for part of the month the rollover hour falls on one UTC hour and for part on the other, and the table only shows the dominant one. A “do not trade at 21:00 UTC” filter fails four months a year (lesson 0.4.4). ## Spot, forward, swap and future A **spot** currency trade does not settle instantly. According to the BIS definition in its triennial survey, spot is an exchange of two currencies at a price agreed today with a value (delivery) date **within two business days**; the market convention for EURUSD is a value date two business days out (T+2). Anything that settles later is a **forward** (*outright forward*). ```mermaid flowchart TB L[Monday: trade] --> X[Wednesday: value] R[Rollover 17:00 NY] --> S[Tom-next swap] S --> J[Value one day later] ``` - **Forward**: an exchange on a date after spot, at a price fixed today. OTC, customized. - **FX swap**: a spot trade and a forward trade in the opposite direction, at the same time. It is the tool used to roll positions: the *tom-next* pushes the value date back one day. - **Currency future**: a standardized forward on an exchange (the CME, for example), with quarterly expiries, margin and daily settlement (lesson 1.2.3). The forward price is not a forecast: it is set by arbitrage. Someone holding euros can invest them at the euro rate, or convert them to dollars, invest them at the dollar rate and reverse the exchange forward. Both have to give the same result (**covered interest rate parity**). With rates on an Act/360 basis: $$ F = S \cdot \frac{1 + i_{\text{USD}} \cdot d / 360}{1 + i_{\text{EUR}} \cdot d / 360}, \qquad \text{forward points} = (F - S) \cdot 10^4 $$ ```python tipos = pd.read_csv("tipos_corto_eur_usd.csv", parse_dates=["fecha"], index_col="fecha") i_eur, i_usd = tipos.loc["2025-06-02", ["tipo_eur", "tipo_usd"]] / 100 print(f"i_EUR = {i_eur:.3%} i_USD = {i_usd:.3%} S = {precio:.5f}") def forward(S, i_cot, i_base, dias): return S * (1 + i_cot * dias / 360) / (1 + i_base * dias / 360) plazos = {"1 week": 7, "1 month": 30, "3 months": 91, "1 year": 365} pd.DataFrame({ "forward": {k: forward(precio, i_usd, i_eur, d) for k, d in plazos.items()}, "puntos": {k: (forward(precio, i_usd, i_eur, d) - precio) / PIP for k, d in plazos.items()}, }).round({"forward": 5, "puntos": 1}) ``` ```output i_EUR = 2.165% i_USD = 4.293% S = 1.17162 forward puntos 1 week 1.17210 4.8 1 month 1.17369 20.7 3 months 1.17788 62.7 1 year 1.19635 247.4 ``` With the dollar rate 2.1 points above the euro rate, the euro trades forward at a **premium**: 4.8 pips at one week, 62.7 at three months and 247.4 at one year. Whoever buys euros forward pays more than spot, and that is offset by what they give up by not earning dollar interest. (To keep it simple, the example uses the overnight rate for every tenor; in practice each tenor has its own rate.) ## Swaps and rollover: the cost of holding the position A spot position at a retail broker is never delivered: every day, at 17:00 New York time, the broker rolls it to the next value date with a tom-next swap. The economic effect is that of parity: whoever is long EURUSD holds euros (earns the euro rate) and owes dollars (pays the dollar rate). That differential is the **rollover** or **swap**, and it is charged or credited every night. A calendar detail makes it triple once a week. Wednesday's roll moves the value date from Friday to the following Monday (spot is two business days), so it covers three days of interest: ```python cierre = (fx.set_index("ts")["mid"].tz_convert("America/New_York") .between_time("16:00", "16:00")) cierre.index = cierre.index.normalize().tz_localize(None) dias = cierre.loc["2025"].to_frame("S").join(tipos / 100) dias = dias[dias.index.dayofweek < 5] # days of interest for each roll: 3 for Wednesday's dias["n"] = np.where(dias.index.dayofweek == 2, 3, 1) nominal = 100_000 # EUR dif = dias["tipo_eur"] - dias["tipo_usd"] dias["swap_usd"] = nominal * dias["S"] * dif * dias["n"] / 360 print(f"Rolls: {len(dias)}," f" days of interest: {dias['n'].sum()}") print(f"Average EUR − USD differential: {100 * dif.mean():.2f} points") print(f"Rollover for the year, long: {dias['swap_usd'].sum():,.0f} USD") dias["swap_usd"].loc["2025-06-02":"2025-06-06"].round(2) ``` ```output Rolls: 261, days of interest: 367 Average EUR − USD differential: -2.01 points Rollover for the year, long: -2,360 USD ts 2025-06-02 -6.89 2025-06-03 -6.90 2025-06-04 -20.78 2025-06-05 -6.89 2025-06-06 -6.94 Name: swap_usd, dtype: float64 ``` *Fig. — Cumulative theoretical rollover of a long standard lot of EURUSD during 2025.* Step line falling from 0 to −2,360 USD over 2025, the final value highlighted. Each weekday subtracts between USD 3.9 and 8.1 and each Wednesday three times as much, because the gap between the euro and dollar rates was about 2 points against the long position all year. A one-lot long in EURUSD during 2025 pays 2,360 USD in theoretical rollover, before the broker's markup: the average differential was 2.01 points against it. 261 rolls add up to 367 days of interest, and each Wednesday costs triple: in the week of June 2, 6.89 USD per night and 20.78 on Wednesday. A short would receive the same, minus the broker's markup, which in practice reduces what is received and increases what is paid. A trend strategy that holds positions for weeks has to include this cost; a *carry* strategy (buying the high-rate currency) lives off it. ## CFDs and ESMA's limits Many retail traders do not trade spot currencies but **CFDs** (contracts for difference): a contract with the broker that pays the price difference of the underlying, with margin and rollover, without delivery. Since 2018, ESMA has restricted their sale to retail clients in the EU, and the CNMV (the Spanish securities regulator) has kept the same measures in Spain since August 1, 2019 (Resolution of June 27, 2019). The rules: | Underlying | Minimum initial margin | Maximum leverage | |---|---|---| | Pairs made of two of USD, EUR, JPY, GBP, CAD, CHF | 3.33% | 30:1 | | Other pairs, gold and major indices | 5% | 20:1 | | Other commodities and indices | 10% | 10:1 | | Stocks and other underlyings | 20% | 5:1 | | Crypto-assets | 50% | 2:1 | *Fig. — Minimum initial margin and maximum leverage of retail CFDs in the EU, by underlying.* Five horizontal bars with the minimum initial margin as a percentage of notional and the equivalent maximum leverage: pairs of two major currencies, 3.33% and 30 to 1, highlighted; other currencies, gold and major indices, 5% and 20 to 1; other commodities and indices, 10% and 10 to 1; equities and other underlyings, 20% and 5 to 1; crypto-assets, 50% and 2 to 1. Besides the margin, the provider has to: - **Close positions** when the account's funds plus unrealized gains fall below **half** of the initial margin posted for all open CFDs. - Provide **negative balance protection**: the client cannot lose more than the funds in their CFD account. - Include a standardized risk warning with the percentage of its retail accounts that lose money. The standard text of the CNMV resolution cites the supervisors' studies: between 74% and 89% of retail investors lose money when trading CFDs. ```mermaid stateDiagram-v2 [*] --> Open Open --> Warning: low margin Warning --> Open: adds funds Warning --> Closed: funds < 50% Open --> Closed: client closes Closed --> [*] ``` With the minimum margin, how much of a move closes a position? If all the capital is used as margin, the account reaches 50% of the margin when it loses half, that is, half of 3.33% of the notional: ```python capital = 1_000 # EUR margen = 1 / 30 # 3.33% of the notional nominal = capital / margen cierre_pct = 0.5 * margen pips = cierre_pct * precio / PIP print(f"Maximum notional: {nominal:,.0f} EUR ({nominal / 1e5:.2f} lots)") print(f"Closed out at a loss of {0.5 * capital:,.0f} EUR:" f" a {cierre_pct:.2%} adverse move, about {pips:.0f} pips") ``` ```output Maximum notional: 30,000 EUR (0.30 lots) Closed out at a loss of 500 EUR: a 1.67% adverse move, about 195 pips ``` With 1,000 EUR you can open 30,000 EUR of notional (0.30 lots). The position is closed when it loses 500 EUR, with an adverse move of 1.67%, about 195 pips. Is that a lot? The data show how often EURUSD moves that much against a long within a few days: ```python mid = fx.set_index("ts")["mid"] for horas, nombre in [(24, "one day"), (120, "five days")]: peor = mid[::-1].rolling(horas, min_periods=horas).min()[::-1] caida = (peor / mid - 1).dropna() print(f"Drop of more than {cierre_pct:.2%} within {nombre}: " f"{(caida < -cierre_pct).mean():.1%} of hours") ``` ```output Drop of more than 1.67% within one day: 0.5% of hours Drop of more than 1.67% within five days: 9.0% of hours ``` At maximum leverage, a long opened at any given hour hits the margin close-out within the next 24 hours in 0.5% of cases, and within the next five days in 9.0%: almost one in ten, and that with a low-volatility currency and without counting the spread or the rollover. ESMA's limit does not make a position safe: it only makes it less fragile than with no limit. Sensible leverage is decided by position sizing (lesson 0.1.2), not by the legal maximum. ## What this changes in your data - **The price has two sides.** A currency backtest buys at the ask and sells at the bid; with the mid price, it gives away the spread on every trade. - **The spread depends on the hour.** A daily average hides that the rollover hour costs ten times more than the London–New York overlap. - **UTC hours move.** The rollover is at 17:00 New York time; in UTC, at 21:00 or 22:00 depending on the time of year. - **Rollover is a cash flow.** Holding a position costs or earns the rate differential, triple on Wednesdays. A backtest that omits it favors strategies that buy the low-rate currency. - **There is no official daily “close”.** Daily currency bars depend on the cutoff time the provider uses (usually 17:00 New York time); two providers with different cutoffs produce different candles. ## Exercises 1. Compute the theoretical rollover of a one-lot **short** in EURUSD during 2024. Does it receive or pay, and how much? **Solution.** ```python d24 = cierre.loc["2024"].to_frame("S").join(tipos / 100) d24 = d24[d24.index.dayofweek < 5] d24["n"] = np.where(d24.index.dayofweek == 2, 3, 1) dif24 = d24["tipo_usd"] - d24["tipo_eur"] # short: holds USD, owes EUR swap24 = 100_000 * d24["S"] * dif24 * d24["n"] / 360 print(f"Average USD − EUR differential: {100 * dif24.mean():.2f} points") print(f"Rollover for the year, short: {swap24.sum():,.0f} USD") ``` ```output Average USD − EUR differential: 1.48 points Rollover for the year, short: 1,618 USD ``` A short in EURUSD holds dollars and owes euros: it earns the dollar rate and pays the euro rate. In 2024 the differential was about 1.5 points in its favor and the short would have received more than 1,600 USD in theory per lot. A real broker would pay less, because it deducts its markup, but the sign is the same. 2. Compute the average spread by day of the week (in New York time). Which day is the most expensive, and why? **Solution.** ```python fx["dia_ny"] = ny.dt.day_name() fx.groupby("dia_ny")["horquilla_pips"].mean().round(2).sort_values() ``` ```output dia_ny Friday 0.27 Monday 0.45 Wednesday 0.45 Thursday 0.46 Tuesday 0.46 Sunday 0.89 Name: horquilla_pips, dtype: float64 ``` Sunday is by far the most expensive: it has only seven market hours (from 17:00 to 24:00 New York time), all of them in the Asian session, and the first, the weekly open, at more than 2.5 pips. Weekdays look alike; Friday closes at 17:00 and has no rollover hour, so its average is lower. 3. A friend shows you a backtest of a currency strategy with a Sharpe of 2 that holds long EURUSD positions for ten days on average, using mid-price data and no rollover. Which three costs are missing, and in which direction would they change the result? **Solution.** The missing costs are the spread (buying at the ask and selling at the bid: about 0.5 pips on average per round trip, more at certain hours), the broker's commission if it charges one, and the rollover: with the dollar rate above the euro rate in 2024 and 2025, a long pays every night and triple on Wednesdays, about 2 points a year on the notional. All three worsen the result; the rollover weighs heavily on long positions held for days, and the spread, on strategies that enter and exit often. If it also uses CFDs, ESMA's maximum leverage and the 50% margin close-out can close positions that the backtest keeps open. ## Self-assessment 1. EURUSD trades at 1.17000. What is one pip worth on a standard lot of 100,000 EUR, in USD and in EUR? - A. 1 USD and 0.85 EUR - B. 10 USD and 8.55 EUR - C. 100 USD and 85.47 EUR - D. 10 EUR and 11.70 USD *Answer B: 10 USD and 8.55 EUR.* One EURUSD pip is 0.0001 USD per euro: 100,000 × 0.0001 = 10 USD. For a euro account, 10 / 1.17 = 8.55 EUR. The pip value always comes out in the quote currency (the second one in the pair). 2. Why does the EURUSD spread widen so much at 17:00 New York time? - A. Because the New York Stock Exchange closes - B. Because it is when US macro data is released - C. Because it is the rollover hour: the value date changes, banks reprice and liquidity drops for a few minutes - D. Because Tokyo opens *Answer C: Because it is the rollover hour: the value date changes, banks reprice and liquidity drops for a few minutes.* At 17:00 New York time the currency market's “day” ends: open positions are rolled to the next value date. Liquidity providers pull or widen their prices. In the course data the average spread at that hour is 2.57 pips, against 0.15 in the best hours. 3. The euro overnight rate is 2.165% and the dollar rate 4.293%. How does one-year EURUSD trade compared with spot? - A. Cheaper, because the euro yields less - B. The same: the forward is the market's forecast - C. It cannot be known without an ECB forecast - D. Higher: the low-rate currency (the euro) trades at a forward premium, and the difference offsets the rate differential *Answer D: Higher: the low-rate currency (the euro) trades at a forward premium, and the difference offsets the rate differential.* By covered interest rate parity, F = S·(1 + i_USD·d/360)/(1 + i_EUR·d/360). With the higher dollar rate, F > S: positive forward points. Otherwise you could borrow in euros, convert, invest in dollars and hedge forward for a riskless gain. 4. A retail account in the EU opens a CFD on EURUSD with ESMA's minimum margin. When must the provider close the position? - A. When the funds plus unrealized gains fall below half of the initial margin posted - B. When the balance reaches zero - C. When the price moves 50% - D. Never: the client decides *Answer A: When the funds plus unrealized gains fall below half of the initial margin posted.* It is the margin close-out rule at 50%. With a margin of 3.33% of the notional, half is 1.67 points of the notional: an adverse move of a little over 1.6% closes the position. In addition, the client cannot lose more than what is in the account (negative balance protection). 5. A long EURUSD position is held open from Tuesday to Thursday. How many days of rollover does it pay or receive? - A. Two - B. One - C. Four: two nights plus the Wednesday triple, which covers the weekend - D. None if it is closed before Friday *Answer C: Four: two nights plus the Wednesday triple, which covers the weekend.* Tuesday to Wednesday: one day. Wednesday to Thursday: three days, because the value date jumps from Friday to Monday (spot is two business days). In total, four days of interest differential. ## Key points - In EURUSD, the euro is the base currency and the dollar the quote currency: one pip (0.0001) on a lot of 100,000 EUR is worth 10 USD, and it is converted to the account currency at the current rate. - The spread depends on the time of day: 0.15 pips in the London–New York overlap, 0.6 in the Asian session and 2.57 at 17:00 New York time, the rollover hour. In UTC that hour shifts with daylight saving time. - Spot settles in two business days; forward, later, at the price set by interest rate parity. Forward points are not a forecast: they are the interest differential. - Holding a position from one day to the next costs or earns the rate differential (the rollover), triple on Wednesday night. Long EURUSD in 2025, the differential worked against you. - In the EU, a retail CFD on major currencies has a maximum leverage of 30 to 1 (3.33% margin), mandatory close-out at 50% of margin and negative balance protection. ## Resources ### Research - [Approximately Calculating USD Liquidity](https://pythonparatrading.com/en/usd-liquidity/) · Research-0015 · 5 min - [Central Banks and Monetary Policy in Python](https://pythonparatrading.com/en/monetary-policy-in-python/) · Research-0010 · 14 min ### Documentation - [ESMA (2018): ban on binary options and restriction of CFDs for retail clients](https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors) · esma.europa.eu - [CNMV (Spanish securities regulator), Resolution of June 27, 2019: intervention measures on CFDs (BOE-A-2019-9737)](https://www.boe.es/diario_boe/txt.php?id=BOE-A-2019-9737) · boe.es - [BIS, Triennial Central Bank Survey 2013: definitions of spot, forward and FX swap](https://www.bis.org/publ/rpfx13fx.pdf) · bis.org ### Data - [Level 1 data: hourly EURUSD, 2024-2025 (Parquet)](https://pythonparatrading.com/curso/datos/nivel-1/eurusd_1h.parquet) · Download · eurusd_1h.parquet - [Level 1 data: euro and dollar overnight rates (CSV)](https://pythonparatrading.com/curso/datos/nivel-1/tipos_corto_eur_usd.csv) · Download · tipos_corto_eur_usd.csv Previous lesson: [1.2.3 · Futures: specifications, margin, roll and contango](https://pythonparatrading.com/en/python-trading-course/level-1/futures-contract-specs-margin-and-roll/) Next lesson: [1.2.5 · Options: calls, puts, intrinsic value and time value](https://pythonparatrading.com/en/python-trading-course/level-1/options-calls-puts-and-time-value/)