# Institutional Crypto Spot Swing Trading
### "Zero to Institutional" — Complete Course Syllabus
---
## Course Introduction
```
Course Name: Institutional Spot Swing Mastery (ISM)
Duration: 6 months
Classes per Week: 3
Total Classes: 72 + Bonus
Exam: One every 2 weeks
Objective: Be Profitable + Able to Teach
```
---
## Course Philosophy
```
Retail Trader: Looks at the chart → Takes the trade
Advanced Trader: Sees Context → Sees Chart → Takes Trade
Institutional Trader: Sees Data → Understands Context →
View the chart → Calculate EV →
Take Size with Kelly Criterion →
Scenario Analysis →
Then take the trade
```
---
# ⚡ PHASE 0 — Welcome & Setup
### Week 0 | Before the course starts
**Class 0: Things to do before the course**
- Trading Journal Setup — Notion Template
- TradingView Pro Setup — সব Indicator
- Tool Setup: Glassnode, CryptoQuant, Arkham, Coinglass, Farside
- Google Sheet: Quant Journal Template
- Binance and Bybit — Spot only available
---
# 🟢 PHASE 1 — Foundation
### Week 1-2 | 6 classes
### Theme: "Advanced doesn't work without a foundation"
---
**Class 1: How Institutional Traders Think**
- Retail vs Advanced vs Institutional Mindset
- Process-based Thinking — Process, not results
- Second-Level Thinking — Howard Marks
- "Strong Opinion, Loosely Held"
- Halal Spot Trading — Clearing the Intention
**Class 2: Complete Decision Framework**
```
7 questions before every trade:
1. What is Macro saying?
2. In which phase of the cycle?
3. Institutional buying?
4. What does On-Chain show?
5. Is there a narrative?
. Is there a chart setup?
৭. EV Positive?
```
**Class 3: Trading Journal — Institutional Version**
- What to write in each trade
- Data storage for Quant Analysis
- Weekly and Monthly Review Method
- Hands-on: Google Sheet Setup
**Class 4: Risk Philosophy — Institutional**
- Capital preservation is the biggest Alpha
- Setting Maximum Drawdown Limit
- Tail Risk — Avoiding the Black Swan
- Portfolio Insurance Method
**Class 5: Market Participants — Who Runs the Market**
- Retail, Whale, Market Maker, Institution
- How each participant behaves
- Smart Money vs Dumb Money
- Which team will you be on?
**Class 6: Halal Coin Selection Framework**
- Use Case Verification
- Team and Audit Verification
- Checklist for eliminating Haram coins
- Hands-on: 10 Coin Analysis
```
📝 Week 2 Test 1:
Subject: Apply Decision Framework
Type: 3 coins will be given
Answer 7 questions.
Tell me if you will take the trade.
```
---
# 🔵 PHASE 2 — Global Macro & Liquidity
### Week 3-4 | 6 classes
### Theme: "The real driver of the market"
---
**Class 7: Global Liquidity Cycle**
- Global M2 Money Supply কী
- What happens if M2 increases, what happens if it decreases?
- Fed Balance Sheet — QE vs QT
- Hands-on: FRED + TradingView Setup
- **Entry/Exit Rule:**
```
QE is ongoing + M2 is increasing:
→ Aggressive buying environment
→ You can also go to Altcoin
QT is running + M2 is decreasing:
→ Stay Defensive
→ Not just BTC/ETH, Altcoins
```
**Class 8: DXY Advanced Analysis**
- DXY is not just about looking — understanding the trend
- DXY Key Level — What happens if it breaks?
- DXY Divergence — When price and DXY move in opposite directions
- Hands-on: DXY Chart Analysis
- **Entry Rule:**
```
DXY Downtrend + BTC Uptrend:
→ Best environment for Altcoin Entry ✅
DXY Uptrend:
→ No Altcoin Entry ❌
→ Only BTC can run
```
**Class 9: Cross-Asset Correlation**
- Gold, US10Y, SPX, DXY — all together
- Creating a Correlation Matrix
- Understanding Risk-On vs Risk-Off Market
- Hands-on: TradingView Multi-Chart
- **Signal:**
```
Gold is rising + DXY is falling + SPX is rising:
→ Risk-On Environment ✅
→ Good for Crypto
SPX is falling + DXY is rising + Gold is falling:
→ Risk-Off Environment ⚠️
→ Crypto may fall
```
**Class 10: FED Policy Advanced**
- What does Hawkish vs Dovish mean?
- Understanding the Dot Plot — The FED's future plans
- How Forward Guidance Moves the Market
- What to do before and after the FED Meeting
- **Trading Rule:**
```
During the FED Meeting week:
→ Will not take new big positions
→ Tighten SL at the previous position
→ Decision based on reaction after meeting
```
**Class 11: Eurodollar ও Dollar Shortage**
- How the Eurodollar System works
- TED Spread ও FRA-OIS Spread
- When will the Dollar Shortage come?
- Lessons from the 2020 March Crash
- **Signal:**
```
If TED Spread suddenly increases:
→ Dollar Stress is Increasing
→ All assets can go down
→ Go to Cash
```
**Class 12: Geopolitical Risk Management**
- How much impact does an event have?
- What to do in the Black Swan Event
- First 24 Hours Rule
- Don't keep 100% of your portfolio on the exchange.
- **Rule:**
```
Major Geopolitical Event:
→ Wait for the first 24 hours.
→ Don't buy or sell in Panic
→ Make a decision when the dust settles
```
```
📝 Week 4 Test 2:
Topic: Macro Analysis
Type: Analyze Today's Macro Environment
Tell me if there is a trading environment.
Show why — with data
```
---
# 🟠 PHASE 3 — Advanced On-Chain Analysis
### Weeks 5-7 | 9 classes
### Theme: "Go Inside Blockchain"
---
**Class 13: Exchange Flow Advanced**
- Netflow vs Inflow vs Outflow — Difference
- Exchange-specific Flow — Which Exchange is Important
- Stablecoin Inflow — Preparing to Buy
- Hands-on: CryptoQuant Dashboard
- **Entry Signal:**
```
BTC Exchange Outflow is increasing (for 7 days)
+ Stablecoin Inflow is Increasing:
→ Accumulation Phase ✅
→ Prepare for Entry
If Exchange Inflow suddenly increases:
→ Selling Pressure is Coming ⚠️
→ Not a new entry
→ Tighten SL at the previous position
```
**Class 14: HODL Waves — What Age Coins Are Moving**
- Reading the HODL Waves Chart
- Long-term Holder vs Short-term Holder
- What does it mean when old coins move?
- Hands-on: Glassnode HODL Waves
- **Signal:**
```
If coins that are 2+ years old start to move:
→ Long-term Holder is selling
→ Distribution can start
→ Time to take profit ⚠️
New Coin (< 1 week) Decrease:
→ Speculation is decreasing
→ Good Sign ✅
```
**Class 15: Coin Days Destroyed (CDD)**
- What is CDD and how is it calculated?
- What does High CDD mean?
- Historical CDD Pattern
- Hands-on: Glassnode CDD
- **Signal:**
```
If CDD suddenly spikes:
→ Selling old Holder
→ Be careful ⚠️
→ Not a new big position
If CDD is low:
→ Everyone is holding ✅
→ Accumulation is in progress
```
**Class 16: Supply in Profit vs Loss**
- How to see Supply in Profit
- Ways to identify Top and Bottom
- Historical Pattern
- Hands-on: Glassnode
- **Entry/Exit Signal:**
```
Supply in Profit > 95%:
→ Almost everyone benefits
→ Can be sold at any time
→ Take Profit, not a new big position ⚠️
Supply in Loss > 50%:
→ Mostly at a loss
→ How much more will it sell?
→ Start Accumulation ✅
```
**Class 17: Miner Behavior**
- Miner Revenue ও Mining Profitability
- Miner Position Index (MPI)
- Puell Multiple — Top ও Bottom
- Hands-on: CryptoQuant Miner Metrics
- **Signal:**
```
Multiple Girl > 4:
→ Miner is earning a lot
→ Selling pressure may come ⚠️
→ Take Profit
Puell Multiple < 0.5:
→ Miner is in trouble
→ Capitulation may occur
→ Bottom near, buying opportunity ✅
```
**Class 18: MVRV Advanced**
- Understanding MVRV Z-Score in depth
- How Realized Price is Supported
- Entity-Adjusted MVRV
- Hands-on: Glassnode MVRV
- **Zone:**
```
MVRV Z-Score > 7: Top Zone — বেচো ⚠️
MVRV Z-Score 3-7: Bull Zone — Beware
MVRV Z-Score 1-3: Safe Zone — Why ✅
MVRV Z-Score < 0: Bottom Zone — Aggressively কেনো ✅✅
```
**Class 19: SOPR ও Realized Cap**
- What is SOPR — selling at a profit or at a loss?
- SOPR Bounce — Strong Signal
- Realized Cap Growth
- Hands-on: Glassnode SOPR
- **Entry Signal:**
```
SOPR went below 1 (Panic Selling):
→ Near Bottom
→ Start Accumulation ✅
SOPR went above 1 (Start Profit Taking):
→ Recovery is happening
→ Enter if Trend Confirmed ✅
```
**Class 20: Thermocap ও Reserve Risk**
- Thermocap Multiple — Bottom Chena
- Reserve Risk — Long-term Holder-দের Conviction
- Dormancy Flow
- Hands-on: Glassnode Advanced Metrics
**Class 21: On-Chain Confluence Framework**
```
Complete On-Chain Checklist:
□ Is exchange outflow increasing?
□ Is Stablecoin Inflow Increasing?
□ HODL Waves — Are old coins cool?
□ CDD Low?
□ Supply in Profit < 90%?
□ Girl Multiple Normal Zone?
□ MVRV Z-Score < 5?
□ SOPR > 1?
6+ ✅ = On-Chain is very Bullish
4-5 ✅ = Medium Signal
3 or less = Be careful.
```
```
📝 Week 6 Test 3:
Topic: On-Chain Analysis
Category: See all of BTC's on-chain metrics today
Tell me what phase the market is in.
Time to buy or time to wait?
```
---
# 🟡 PHASE 4 — Market Microstructure
### Week 8-9 | 6 classes
### Theme: "Inside the Market Machinery"
---
**Class 22: Order Book Advanced**
- Level 2 Order Book Reading
- Bid-Ask Spread Analysis
- Understanding Depth Chart
- Spoofing detection
- Hands-on: Binance Order Book Live
- **Entry Signal:**
```
Big Buy Wall in Order Book:
→ Strong Support may be
→ But check if it's a spoof
→ If the price goes there, see the bounce.
→ Bounce Confirmed Entry ✅
Big Sell Wall:
→ Resistance may occur
→ Breakout may occur if the wall moves
→ Entry if broken with volume ✅
```
**Class 23: Volume Profile — VPVR**
- How to Setup Volume Profile
- Understanding POC, VAH, VAL
- High Volume Node vs Low Volume Node
- Hands-on: TradingView Volume Profile
- **Entry/SL/TP:**
```
Entry:
→ Why is Price actually in VAL?
→ Why take Bounce from POC?
SL:
→ Place SL below VAL
→ Below HVN (High Volume Node)
City:
→ VAH = First Target
→ HVN above POC = Second Target
```
**Class 24: Liquidity Heatmap**
- Reading Coinglass Heatmap
- Liquidation Cluster Recognition
- Know the Stop Loss Hunt Zone
- Hands-on: Coinglass Setup
- **SL Placement Rule:**
```
See large liquidation clusters in Heatmap
→ Don't put your SL in that zone.
→ Keep 1-2% of that aside
→ Market Maker will go to that Cluster
→ Your SL will not be hit.
```
**Class 25: Market Maker Model**
- Understand Accumulation and Distribution
- Know Markup and Markdown
- Connection with Wyckoff
- Hands-on: Identifying Phases on Real Charts
- **Entry Rule:**
```
Markup starts at the end of Accumulation:
→ High Volume Breakout
→ POC is moving up on Volume Profile
→ Get Entry ✅
Markdown starts at the end of Distribution:
→ High Volume Breakdown
→ Get out ⚠️
```
**Class 26: Understanding Wash Trading and Manipulation**
- Wash Trading Pattern
- There is volume but the price is not moving
- Be careful with low cap coins
- Hands-on: Identifying Suspicious Volume
**Class 27: Time-based Entry Strategy**
- London Open, NY Open, Asia Open
- When is the big move?
- Weekend Liquidity Issues
- Hand-written: Time Zone Calendar
- **Rule:**
```
Best Entry Time (UTC):
→ 08:00-10:00: London Open — Volatility begins
→ 13:00-16:00: NY Open — Highest Volume
→ Breakout is more valid at this time
Avoid:
→ Weekend is not a big position
→ No new positions during the FED Meeting week
```
```
📝 Week 9 Test 4:
Subject: Microstructure Analysis
Type: View BTC Order Book and Volume Profile
Say Entry, SL, TP
Look at the Liquidity Heatmap and tell me where to place the SL.
```
---
# 🔴 PHASE 5 — Institutional Flow Tracking
### Weeks 10-11 | 6 classes
### Theme: "Know in advance where the big money is going"
---
**Class 28: Spot ETF Flow Advanced**
- Understanding the role of each ETF
- IBIT, FBTC, GBTC — How important is each?
- Weekly Trend Analysis
- Hand-written: Farside Daily Routine
- **Signal:**
```
IBIT + FBTC Net Inflow > $500M (over 7 days):
→ Institutional Accumulation ✅
→ Hold BTC Long-term
Net Outflow 5+ consecutive days:
→ Institutional is selling ⚠️
→ Take Profit or Tighten SL
```
**Class 29: OTC Desk Activity**
- Why OTC?
- What happens when OTC ends?
- How to Guess OTC Activity
- Real Example: ২০২৩-২৪ Bull Run
**Class 30: VC Deal Flow Tracking**
- Crunchbase Alert Setup
- The Block Weekly Reading
- Using Messari Research
- Hands-on: Funding Alert Setup
- **Strategy:**
```
If A16Z or Paradigm Seed Round:
→ Add to Watchlist
→ 3-6 months before Mainnet
Look for opportunities to take a position.
→ Plan to leave before TGE
```
**Class 31: MicroStrategy ও Grayscale Tracking**
- Understanding the MSTR Bitcoin Strategy
- Impact of GBTC Outflow
- Reading SEC Filing (13F)
- Hands-on: SEC EDGAR Setup
**Class 32: Developer Activity ও GitHub**
- Electric Capital Developer Report
- View GitHub Commit Frequency
- Using Artemis.xyz
- In-hand: Developer Dashboard
- **Signal:**
```
Developer Activity is Decreasing + Price is Rising:
→ Unsustainable Rally ⚠️
→ Take Profit
Developer Activity is Increasing + Price is Lower:
→ Real Building is ✅
→ Accumulation opportunity
```
**Class 33: Institutional Flow Confluence**
```
Complete Institutional Checklist:
□ ETF Net Inflow Positive?
□ Is Whale Accumulation happening?
□ Buying Smart Money? (Nansen)
□ VC making new investments?
□ Is developer activity increasing?
□ OTC Activity ended?
৫+ ✅ = Institutional Strong Buy Signal
```
```
📝 Week 11 Test 5:
Topic: Institutional Flow Analysis
Category: See Today's ETF Flow + Whale Activity
Is the institutional buying or selling?
What will be your decision?
```
---
# 🟣 PHASE 6 — Quantitative Framework
### Weeks 12-13 | 6 classes
### Theme: "Decide with numbers"
---
**Class 34: Expected Value (EV) Framework**
- What is EV and why is it most important?
- How to Calculate EV
- EV Negative Trade Never
- Hand-in-hand: Google Sheet EV Calculator
- **Formula:**
```
EV = (Win Rate × Average Win %)
- (Loss Rate × Average Loss %)
Example:
Win Rate: 55%, Avg Win: 8%, Avg Loss: 4%
EV = (0.55 × 8) - (0.45 × 4)
EV = 4.4 - 1.8 = +2.6% per trade ✅
Rule: No trade if EV < 0
No matter how good the chart looks
```
**Class 35: Kelly Criterion**
- Understanding Kelly Formula
- Full Kelly vs Half Kelly
- Calculate with your own data
- Hand-written: Kelly Calculator Sheet
- **Formula:**
```
f = (bp - q) ÷ b
b = RR Ratio
p = Win Rate
q = 1 - Win Rate
Always use Half Kelly:
Full Kelly অনেক Aggressive
Example:
Win Rate: 55%, RR: 1:2
f = (2 × 0.55 - 0.45) ÷ 2 = 32.5%
Half Kelly = 16.25% per trade
```
**Class 36: Sharpe Ratio ও Risk-Adjusted Return**
- What is Sharpe Ratio?
- Find out the Sharpe of your trading
- Sortino Ratio — Downside Risk Only
- By hand: Calculate from Journal
- **Target:**
```
Sharpe > 2: Excellent
Sharpe 1-2: Good
Sharpe < 1: Needs improvement
Sharpe < 0: Fix the system
```
**Class 37: Maximum Drawdown Analysis**
- How to Calculate Maximum Drawdown
- Understanding Recovery Time
- Set Drawdown Limit
- Hand-in-hand: Drawdown Calculator
- **Rule:**
```
Personal Drawdown Limit: ১৫%
If you hit this limit:
→ Close all positions
→ 7 days trading closed
→ Analyze Journal
→ Find out what went wrong.
→ Then start with a smaller size
```
**Class 38: Scenario Analysis**
- Bull/Base/Bear Case Framework
- Probability Weighting
- EV with Scenarios
- Hand-written: Scenario Template
- **Template:**
```
Before every big trade:
Bull Case (30%): What to do if +30%?
Base Case (50%): What if it's +15%?
Bear Case (20%): What if it's -10%?
EV = (0.3×30) + (0.5×15) + (0.2×-10)
= 9 + 7.5 - 2 = +14.5% ✅
```
**Class 39: Personal Performance Dashboard**
- Track your stats
- Monthly Performance Review
- Which setup works best?
- Hand-in-hand: Complete Dashboard Setup
```
📝 Week 13 Exam 6 — Mid Term:
Subject: Apply Quant Framework
Type: Get the last 20 trades in the Journal
EV, Sharpe, Drawdown Calculate করো
Determine Size using Kelly Criterion
```
---
# ⚫ PHASE 7 — Portfolio Theory
### Week 14-15 | 6 classes
### Theme: "Not One Trade — The Whole Portfolio"
---
**Class 40: Institutional Portfolio Construction**
```
Core Holdings (৫০-৬০%):
→ BTC, ETH
→ Long-term Hold
→ Less hassle
Satellite Holdings (৩০-৪০%):
→ Top Sector Leader
→ Medium-term Swing
→ Narrative-based
High Risk (৫-১০%):
→ Small Cap Early Narrative
→ Short-term
→ Separate SL system
Cash (১০-২০%):
→ Always keep
→ For Opportunity
```
**Class 41: Correlation Analysis**
- What is Correlation and why is it important?
- Avoid High Correlation
- Sector Diversification
- Hands-on: TradingView Correlation
- **Rule:**
```
Correlation > 0.8 Two coins:
→ Not a big position together
→ If one is more, the other is less.
Target Portfolio Correlation: < 0.6
```
**Class 42: Rebalancing Strategy**
- Time-based Rebalancing
- Threshold-based Rebalancing
- Tax/Fee Consideration in Rebalancing
- Hand-in-hand: Rebalancing Calculator
**Class 43: Bear Market Portfolio Management**
- Recognize the Signal of the Beginning of a Bear Market
- Exit Sequence — Which one will sell first?
- Stablecoin Management
- Re-entry Plan
- **Exit Sequence:**
```
Bear Market Signal is actually:
Step 1: Small Cap Altcoin → Stablecoin
Step 2: Mid Cap Altcoin → Stablecoin
Step 3: ETH → Partial Stablecoin
Step 4: BTC → At the end and put something
Re-entry Signal:
→ MVRV < 1
→ Extreme Fear for a long time
→ Exchange Outflow is increasing
→ Miner Capitulation Ended
```
**Class 44: DCA Advanced Strategy**
- BTC ও ETH-এ Systematic DCA
- Bear Market DCA — How much and how long?
- Value Averaging Method
- Hand-in-hand: DCA Calculator
**Class 45: Tail Risk ও Emergency Plan**
- What to do if Exchange is hacked
- What will the Regulatory Ban actually do?
- 50% always in Cold Wallet
- Emergency Protocol created
```
📝 Week 15 Test 7:
Topic: Portfolio Construction
Type: Organize a portfolio of 50,000 taka
Share Core, Satellite, High Risk
Show correlation
Write a Bear Market Exit Plan
```
---
# 🌟 PHASE 8 — Advanced Entry, SL, TP System
### Week 16-17 | 6 classes
### Theme: "Execute in an Institutional Way"
---
**Class 46: Scaling In — Entry Method**
Institutional never buys everything at once —
```
Entry in 3 steps:
Step 1 — Confirmation Entry (30%):
When: Context is OK + First Signal
Where: First Bounce at Support Zone or OB
SL: 2% below the Zone
Step 2 — Add Entry (30%):
When: Step 1 went into Profit + Trend Confirmed
Where: On a Pullback or on an EMA Retest
SL: Take it to Break Even
Step 3 — Final Add (40%):
When: Strong Breakout Confirm
Where: At Breakout Retest
SL: Below Breakout Level
Advantages:
→ Only 30% loss if wrong
→ If correct, you will get 100% benefit
```
**Class 47: Stop Loss — Institutional Method**
```
4 methods of determining SL:
Method 1 — Structure-based:
→ Trade Invalid if the Structure of the Setup is broken
→ SL below 2% of that Structure
→ The most logic-based method
Method 2 — Liquidity-based:
→ Look at the heatmap — where are the big clusters?
→ SL below 1% of that Cluster
→ Market Maker will go there and return
→ Your SL will not be hit.
Method 3 — ATR-based:
→ See ATR (Average True Range)
→ SL = Entry - (ATR × 1.5)
→ Dynamic SL according to Volatility
Method 4 — Volume Profile-based:
→ SL below 2% of VAL
→ Exit if HVN (High Volume Node) breaks
→ Trade Invalid if Strong Support is broken
Institutional Rule:
→ SL can only be moved towards Profit
→ SL will never move towards Loss
→ "Increasing SL" = Gambling
```
**Class 48: Take Profit — Scaling Out**
```
Exit in 3 steps:
TP 1 (33%) — Next Resistance/VAH:
→ 33% off here
→ Take it to SL Break Even
→ The remaining 67% became Free Trade
TP 2 (৩৩%) — Major Resistance/Fibonacci Extension:
→ Fibonacci 1.272 or 1.618
→ Or next major resistance
→ Sell 33% more
TP 3 (34%) — Trailing SL or at the end of Narrative:
→ Run the rest with Trailing SL
→ Exit when the narrative is over.
→ Exit when you see On-Chain Divergence
TP Determination Tools:
→ Fibonacci Extension (1.272, 1.618, 2.0)
→ Volume Profile — Next HVN
→ Higher Timeframe Resistance
→ Round Numbers (Psychological Level)
```
**Class 49: Break Even Management**
```
When to take SL at Break Even:
Rule 1: If TP 1 Hit:
→ Take it to SL Break Even
→ Now Worst Case = 0 Profit 0 Loss
Rule 2: If the trade goes to 1R Profit:
→ Take it to SL Break Even
→ Run Free Trade
Rule 3: No breakout after 48 hours:
→ Take it to SL Break Even
→ Use Time-based Exit
```
**Class 50: Trailing Stop Loss**
```
Trailing SL method:
Method 1 — Structure-based Trailing:
→ When a new Higher Low is created
→ Take SL 2% below that Low
→ Profit will continue to increase if the trend continues
Method 2 — EMA Trailing:
→ Exit if close below 20 EMA
→ Momentum End Signal
Method 3 — ATR Trailing:
→ Highest High - (ATR × 2) = Trailing SL
→ Automatic Dynamic SL
Which one to use:
→ Strong Trend: Structure-based
→ Fast Move: ATR-based
→ Normal Swing: EMA-based
```
**Class 51: Complete Trade Execution Template**
```
Fill out this template before each trade:
═══════════════════════════════
TRADE PLAN
═══════════════════════════════
Date:
Coins:
Timeframe:
CONTEXT CHECK:
□ Macro: ____
□ Cycle Phase: ____
□ BTC.D: ____
□ ETF Flow: ____
□ On-Chain Score: __/8
□ Institutional Score: __/6
COIN CHECK:
□ Halal Use Case: Yes/No
□ Narrative: ____
□ Tokenomics: Good/Bad
□ Whale Activity: Buying/Selling
CHART:
□ HTF Trend: ____
□ Setup Type: ____
□ Confluence Count: __
TRADE DETAILS:
Entry ১ (৩০%): ____
Entry ২ (৩০%): ____
Entry ৩ (৪০%): ____
SL: ____ (Reason: ____)
SL Method: Structure/Liquidity/ATR
TP 1 (33%): ____
TP 2 (33%): ____
TP 3 (34%):