      By closely monitoring the premium of the futures contract in relationto fair value, you can effectively predict when buy and sell programs aregoing to be initiated. Because program trading causes dramatic, short-livedfluctuations in the market, a telltale indicator that a program trade hasbeen initiated is the "Tick" indicator (a Base Zero indicator, explained inthe next chapter). When the premium is close to the calculated level ofprogram trading and the Ticks spike up or down abruptly by 200 points ormore, it is a strong indication that program trading was initiated.