YT YouTube2Text

YouTube2Text → Transcripts → d5 risk management on hyper liquid

d5 risk management on hyper liquid — Transcript

by Moon Dev · 4,942 words · 746 segments · language en · Watch on YouTube

Open in transcriber Summarize with AI Download SRT/VTT

Full transcript

0:00all right so in this video we are going
0:02to go over risk management but we're
0:04going to use hyper liquid hyper liquid
0:06is a different exchange than what you've
0:08seen before throughout this training I
0:10go ahead and show you ccxt if you type
0:13in ccxt exchanges you'll see here
0:15there's a ton of exchanges that ccxt
0:18connects to in this training I show fex
0:21throughout this boot camp I show femex
0:23connecting through ccxt the cool thing
0:26is with ccxt is you can connect to like
0:28K coin or Kraken or binance and so on
0:31and so on there are just some small
0:33tweaks and changes but the idea through
0:35this boot camp is to show you yes ccxt
0:38through fex but that will all also give
0:41you access to all of these exchanges
0:43there're going to be small changes but
0:44if I can successfully teach you how to
0:46code and connect to all of these
0:48exchanges then you'll be able to switch
0:50exchanges really easily so now here in
0:53this video I want to show you something
0:56that's not ccxt ccxt is like uh
0:59something that connects to all exchanges
1:01but now I'm going to show you on hyper
1:03liquid hyper liquid is a decentralized
1:06Perpetual exchange so a decentralized
1:09Perpetual exchange is safer in my
1:12opinion than centralized exchanges so
1:15I'm moving over to hyper liquid and dydx
1:18and these other exchanges I still use
1:20fix I still use ccxt so everything is
1:22relevant here but the importance came to
1:25me was when when FTX happened FTX you
1:28know the s bakman free the the crook who
1:31stole everybody's money I don't know if
1:33that's going to happen again you know
1:34Good Vibes hope it never happens again
1:36but in case it does then we need to be
1:38able to switch exchanges really quickly
1:40right so ccxt allows you to do that but
1:43if you want to be a little safer I like
1:46Perpetual decentralized exchanges
1:48because they allow us to pull our cash
1:52out really quickly and really easily so
1:55that's why um I'm showing you I'm
1:56starting to show more of this is because
1:58we never know what's going to happen in
1:59the
2:01future so what we're going to do here is
2:04I started a new a nice function file and
2:07I'll make sure that you have access to
2:08the nice function file because we're
2:10going to go over a bunch of code here
2:12and the nice function file is I actually
2:14moved a lot of these functions that we
2:16had earlier uh into the nice function
2:19file so in order to get them I would say
2:22uh import nice
2:27funks as n and you'll see me using this
2:30quite a bit throughout this boot camp so
2:33um this is it's just a lot easier it's a
2:35lot cleaner to have your functions in
2:38one file and then the uh the bot or
2:41whatever we're building in the other
2:43file so we're going to build out a
2:45couple things here today we're going to
2:46build out a git position so we're going
2:48to be able to see what position are we
2:50actually in right now and then we're
2:52going to build out a p&l close the Pano
2:55close is super important this is a risk
2:57management tool that essentially
2:59monitors the trading position for the
3:01profit and loss so it's always going to
3:04be looking and if my p&l if I want to
3:06take a Target profit of 5% well the
3:09bot's always going to be watching and
3:11when it hits 5% it's going to take us
3:12out elegantly though not like a market
3:14order it's going to be limit orders and
3:16if it hits our Max loss it's going to
3:18automatically take us out so this is
3:20super helpful because hand Traders are
3:22going to try to put stop losses and take
3:25profits but then usually what happens is
3:27they get emotional and they they remove
3:29the stop loss or they remove the
3:31takeprofit and algorithms don't do that
3:34so we're going to build that out today
3:35to really get our risk management
3:38down now inside that p&l close we have
3:41we're going to have a function called
3:42kill switch so kill switch is a function
3:45that forcefully closes all POS or the
3:47position that we asked for so you're
3:49going to see all that here now I'm going
3:50to write it all out with you and then
3:52I'll show you how to integrate it and uh
3:54we'll do everything here um here right
3:58now so let's go ahead and import the
4:00things we need we need to import don't
4:03share as D and now remember don't share
4:07has my my key my secret key in here as
4:11something like
4:13this and then I just import it as
4:16D okay so let's say from eth
4:22account signers dolc
4:26import local account okay import eth
4:30account okay import Json and time from
4:34hyper
4:35liquid. info import info from hyper
4:42liquid.
4:44exchange import exchange
4:48exchange from hyper
4:51liquid.
4:53utils import constants okay import ccxt
5:00import pandas as PD import date
5:05time import
5:09schedule import
5:12requests symbol doesn't
5:15matter I'm going use
5:18wi let's go ahead and say Max loss this
5:21does
5:23matter5 that's the max will lose ever
5:26because the bot will take us out at that
5:28amount for Target get the account
5:30minimum this is the minimum amount I
5:31want in my account so let's say
5:35n and then we'll say time frame here
5:38equals 4 hours we won't necessarily use
5:40all this but size equals 10 and we'll
5:43say coin equals symbol we just reset it
5:47to the coin secret
5:49key equals d. private key oops be
5:54careful with that don't share with
5:55anybody account
5:57equals local account equals
6:00equals eth account. account. from Key
6:05and then we'll pass in the secret key
6:07okay and then we'll go ahead and keep
6:11going so this is going to be our
6:14essentially our risk
6:17management so later on we'll build
6:19actual Bots with risk management so if
6:22this doesn't make sense with you you're
6:23going to get repetition so don't worry
6:25about it but I'm going to say that print
6:27you know this is our
6:30bot and then I'm going to print um
6:34controlling risk with our pnl close Okay
6:39so that's how I just Notify myself and
6:42then I can say check p&l close here and
6:46then we'll say n.
6:48pnl close here and we can pass in the
6:52symbol here we can pass in the Target
6:55here we can pass in the max loss here
6:59and we can pass in the account here so
7:02I'm actually not going to do end do yet
7:05um I actually had to remake this video
7:06because it paused or something so I'm
7:09going to keep it at p&l Clos I'm going
7:11to build it up here so we can go through
7:12it
7:13together and then later I'll put it in
7:16the nice funks file how about that
7:17because I feel like if you see it uh
7:20written out it's going to just be better
7:22so I know this is this is a very very
7:24important module so I want to make sure
7:26to write it all out with you I'm going
7:27to say def piano close
7:31symbol
7:32Target Max
7:35loss account okay pass that
7:38in this checks if we hit our Target or
7:44Max loss okay and then let's say print
7:50entering entering
7:53entering panl close okay and that will
7:56say
7:58positions I'm in
8:02position position
8:05size position
8:08symbol
8:09entry price p&l
8:13perk long and then equals get position
8:17here get position so we need to build
8:20that and then say symbol and then
8:23account so let's build that get position
8:26here but let's first finish all this the
8:29p&l close because then it will be easier
8:31so we'll say if p&l perk is greater than
8:35Target then we want to close this
8:37position so we say
8:39print F
8:42pnl gain is p&l
8:48perk and Target is
8:52Target Target Come On Come On Come On
8:57Target closing
9:01position as a win okay and then we'll go
9:05ahead and say kill
9:07switch equals
9:10position
9:12position
9:15symbol and account
9:19One account okay and then Al
9:23if pnl
9:25perk is under Max loss meaning we're in
9:28a losing position and we've hit our Max
9:30loss or it's equal to our Max loss then
9:33we say p&l loss is p&l
9:37perk
9:39okay and Max loss is Max
9:44loss okay closing position as a a
9:52loss okay and then we'll say else print
9:56oopsies click some buttons there
10:01else
10:05print I can just copy
10:10this we also need to put the kill switch
10:13after we printed that statement because
10:14we actually need to kill it the kill
10:16switch is super nice and I'm about to
10:17show you
10:21that
10:22so this is going to be not closing
10:26position Target
10:30Target not
10:32closing okay and then here we'll go
10:35ahead and say
10:39finished
10:42print finished p&l close because it's
10:46going to go into here first and close
10:48the position before it's done so let's
10:50get positions let's actually get
10:53position get position so let's go build
10:55that get position
11:03so this git position function is right
11:05here we're going to put it right here
11:06def G position here and we're going to
11:09say symbol and then account okay and
11:13then we're going to pass that in this
11:16gets
11:19gets
11:21the position info we
11:26need super super useful I use it all the
11:30time it's probably one of my most used
11:33because you're always looking to see
11:35what your position is Right skip WS
11:38equals true okay and then we'll say user
11:41State here equals info.
11:47user
11:49State account. address and then we'll
11:53say
11:55print F this is the current
11:59account value and then the current
12:02account value is we're going to put it
12:04in here user State user State and then
12:07we'll say
12:11margin margin
12:15summary and then tap into account
12:20value got to be super careful everything
12:22is Spell correctly
12:25there we'll make an empty list for the
12:27positions to store them
12:31we'll print F this is the
12:35symbol and then pass in
12:39symbol okay and then we'll go ahead and
12:42say for position in user state
12:47of asset
12:51positions
12:53if uh
12:57position position
13:01of the actual
13:04coin if that equals the
13:07symbol and
13:10Float of that
13:14position the
13:17position
13:18size
13:21szi make these double quotes just in
13:25case
13:27szi does not equal Z that means there's
13:30a position so we'll say
13:33positions.
13:35append
13:39positions do
13:41append
13:48position
13:50brackets
13:53position and then in position we set to
13:56true cuz we are in position and the size
13:59would equal a float of
14:03position brackets where
14:06position where it shows us our
14:09size here and then we'll say position
14:13symbol symbol equals
14:16position where the
14:21position where it shows the
14:25coin okay and then we'll test all this
14:28to make sure works so don't worry if
14:30you're going fast with me float position
14:35okay
14:39position and then here the
14:43entry PX okay and then
14:46pnl perk equals
14:50float of
14:54position
14:57position where it
15:02shows return on
15:07equity and then we'll multiply that by
15:09100 to get the actual percentage so we
15:12got the symbol we got the price we got
15:14the percentage we got the size we got
15:16pretty much everything we need and then
15:18we can say print F this is the p&l perk
15:23percentage p&l perk here and then we'll
15:27break cuz we're done we got everything
15:29we need and then
15:31here where it says else or
15:35where here we actually
15:41go should be here
15:44else in
15:56position in position
16:00equals
16:02false size equals z
16:05oops size equals
16:090
16:12position
16:15symbol equals
16:19none entry
16:22price equals
16:25z and pnl perk
16:29equals z and then here if size is bigger
16:34than zero long equals
16:38true L
16:40if size is less than zero then long
16:44equals false because that means it's in
16:46a short position and then
16:48else long equals none okay and then
16:53we'll scroll down here and go to there
16:56and say return position
17:00all of them in
17:02position okay and then size okay and
17:05then position symbol okay and then entry
17:08price and then p&l
17:10perk and then long cool so we got our
17:13position now and now we just need to
17:15build the kill switch so let's build
17:16that kill switch say
17:19def kill switch and then what do we pass
17:22into this kill switch just a position
17:24symbol
17:37so let's get uh def kill
17:41switch and let's write this out so kill
17:44switch is symbol
17:47symbol and account okay this is one of
17:51my favorite things as
17:53well I'm actually going to copy this the
17:56kill switch I use so so much
18:00he'll switch here and then
18:03while I'm in
18:06position we can cancel all orders cancel
18:12all orders passing the account you can
18:15see it's another
18:17function we need to be able to cancel
18:19all orders at any time get bid ask so
18:23we're going to say ask bid
18:25L2 data equals ask bid we got to get
18:30that as
18:31well position
18:34symbol and then we've got all that
18:37information then we say position size
18:39equals the absolute of the position
18:43size then if long equals true we're
18:48going to close the position limit
18:51order and
18:54position
18:56symbol false position position
19:00size ask true cuz we're only closing so
19:04that reduce only is true print F or just
19:08kill switch kill
19:10switch sell to close
19:14submitted okay and then L if remember
19:17we're we're closing the position so we
19:18call this we're closing it no matter
19:20what we're just seeing if it's long or
19:22short so here we're going to have to get
19:24the limit order again I think I've
19:26already shown you how to do the limit
19:27order so I'll copy and paste that one
19:29here we got to change this to true
19:31because it's closed inste this needs to
19:33be the bid instead the
19:41ask and
19:43then we'll print this as
19:50well and this will be a print buy buy to
19:54close and then I put a time. sleep here
19:57just because it's nice
20:00to pause things a little bit let's copy
20:03it let's go ahead and paste that in
20:05there okay and then down here we're
20:08going to do this again get the positions
20:10because we have to check we're in a
20:11while loop so we want to check to make
20:16sure that we're if we're in position or
20:18not so we just paste that in and then
20:21down here if we're not then it will go
20:23ahead and print out
20:24position
20:26successfully successfully
20:30successfully closed in kill
20:33switch now since we've already gone over
20:35the limit order um and we're going to be
20:38using it so much throughout this I'm
20:39just going to copy and paste it then you
20:41can see
20:44it so here is the limit
20:47order and you can see it needs this so
20:49pause it here type this
20:52out so we need to get SZ get
20:57SZ symbols
21:05death okay this is another one this is
21:08just formatting things that took me a
21:10long time to figure out I'm glad I'm
21:11able to give it to
21:14you okay you can see here I'll zoom out
21:16a little bit so you can pause it and
21:18type this
21:21out there it is so it's just going and
21:24seeing like what is the actual size we
21:27need to put in because the the decimal
21:30places are super weird on hyper liquid
21:31but I figured it out for you and then we
21:34get the ask bid and this should be the
21:35last thing we need in there so let's go
21:38here and scroll down and this is the ask
21:41bid so you know I know I didn't type any
21:43of this out but I'm pretty sure I went
21:44over all of this already so I want to go
21:46a little bit faster and don't worry we
21:48build three full Bots later on using all
21:51of this information so um that is what I
21:55wanted to show you here for the risk
21:58management but if we scroll down let's
22:00go check out our bot and let's see if we
22:03can finish this up here there might be a
22:06couple more things we want to build so
22:08p&l closed every single time I wanted to
22:10show you here uh if I run this bot it's
22:13going to check it every time and later
22:15on in the boot camp I we build actual
22:17bots so if this is not making sense
22:19don't worry you can take it in type it
22:21out and we will go ahead and build more
22:24so what I was mentioning about the kill
22:26switch is really cool is you know the
22:28p&l close actually calls the kill switch
22:31right it's up here it calls the kill
22:32switch but there's other risk controls
22:34you can have so a couple just really
22:36quickly I don't want to spend too much
22:38time on this but a couple risk controls
22:39you'll see me build later is one if we
22:47have over X position so for example in
22:51one of the later Bots I only want one
22:53position at a time so if we have more
22:55than one position I want to kill I want
22:57to kill the positions because something
22:58went wrong something crazy and you'll
23:00see this throughout the game throughout
23:02the game of algo trading is like things
23:04are going to go weird and you want to
23:05make sure to have these things like hey
23:07I only want one position Max and if we
23:09have more then um get us out of there so
23:12another way to manage risk is if my
23:17account size goes under whatever it is
23:22whatever I want so for example if my
23:24account size was $100 and I never wanted
23:26it to go under
23:2870 I could do something like this I
23:31could say count value equals a float of
23:36and uh account Val or
23:41balance and then pass an account so how
23:44do we get the account Balan I'll go
23:46ahead and just give you that function
23:55here so we'll just go ahead and create
23:58it right here
23:59def account balance and then we pass in
24:03the account okay and then how do we get
24:05the account balance actually super easy
24:06we have it somewhere
24:10here here it is right here so we can
24:13actually just copy all this
24:18over paste it in here unmark some of it
24:22just unmark all of it
24:37so this is the account balance right
24:39here so I can just say value what did I
24:43call it
24:44before
24:46value equals that and then
24:49[Music]
24:52return return value perfect so that's
24:56how you get the account value you see
24:57there's under line on that key it's
24:59because I need to set it
25:01up it's called secret key just named
25:05differently and you know It's Tricky I I
25:09you know I put these things in here so
25:10you can see
25:13everything different ways to do it
25:15variables are going to be named
25:16differently and this should return count
25:18value so I could say something like this
25:21with my kill switch which is super nice
25:23you see the p&l close it's going to
25:25check the uh p&l close risk the take
25:27profit and Max loss but also I can say
25:30if account
25:35value is lower than the account minimum
25:39and we could have like an account Min
25:41minimum up top saying hey we don't want
25:43anything lower than I think there's like
25:4410 bucks in this account so anything
25:46lower than seven if that's the truth
25:49then print F account value is account
25:53value
25:58and closing because our low is whatever
26:02our account minimum is so just another
26:05way to use the kill switch and I'll just
26:07pop in the kill switch right here so you
26:09can see how useful this is right
26:12position
26:14symbol or we just called it
26:17symbol and then count so just like that
26:20we built out all the wrist stuff for
26:22hyper liquid pretty easy to do let's go
26:24ahead and run it make sure there's no
26:26errors looks like we do have a little
26:28bit of error in line 28
26:31here oh and I didn't put the cancel
26:33orders in there either so we'll finish
26:39that this needs to be an equal
26:44sign okay let's see size is referenced
26:46before so let's check out
26:4954 size if
26:56size this should be moved over a little
26:58a little
27:04bit in position
27:1461 this is actually all should be moved
27:17over this way to the
27:24left just easy mistakes that everybody
27:26makes you know so don't worry about it
27:28you know there's formatting things it's
27:30hard when you're even I'm deep I'm deep
27:32in this game multiple years now and um I
27:35still make these little formatting
27:36mistakes like I need to move them over
27:38and by the way I use command bracket to
27:41move right or
27:42left let's go ahead and finish this up
27:45with the cancel orders here because I
27:46didn't show you that one yet so cancel
27:49orders so let's make that function
27:51really
27:52quickly and we'll say def cancel orders
27:57and I'll just pop pop it in here and you
27:58can see it super easy I can walk through
28:02it as well cancel orders we're connected
28:03to the exchange we're seeing all the
28:05orders and then for all orders we're
28:07canceling orders now what I do typically
28:11is this is where you see how long this
28:12is getting this is where I start to
28:14really just like move the things
28:17over I move it over to a nice function
28:20file so my nice function file is already
28:22built out and you'll have access to this
28:27but I can then just just move all of
28:29this stuff over
28:33here all of the functions just so it's a
28:35little easier to work with you know I
28:38can exit and move it all over here and
28:42it's I think it's already in there so
28:43I'll just put a line to delete it and
28:46then here might need to change some
28:48things like the secret key whatever we
28:50did up here
28:58but it's just nice to work with another
29:01um file
29:04sometimes so you see I have don't share
29:07brought in so I might need to bring in
29:09this secret key thing
29:13here just like that so you might have to
29:16do that as well but you can see now it's
29:17all in here and then how do I access
29:20those things now I just put n do n dot
29:23because I have this nice funks here
29:25imported as n and Sim to how we import
29:28our don't share so I already showed you
29:31how to do that but now all these
29:32functions I just hit end Dot and now
29:34just my my page is much cleaner my
29:37script or
29:39whatever so just like that so I showed
29:42you three ways to manage risk here the
29:44p&l close manages your risk upside and
29:47downside which is hard to do as a human
29:50and we need this in all of our Bots or I
29:52do at least pretty much um some Bots
29:55close on different things like maybe
29:56it's closing when it gets to the supply
29:58zone or the demand Zone but a lot of
30:00bots are also um max loss or take profit
30:04I talked about how we can close if we
30:06have more than x positions you can say
30:08hey if we're over x positions just call
30:10the kill switch later on in the boot
30:12camp I show you a bot that does this so
30:14I'm not going to show you now but then I
30:16also talked about how to get your
30:18account value because maybe you never
30:19want your account value to go lower than
30:2130% if that's part of the back tested
30:24strategy then you can build it this way
30:26if account value is under 30% so just a
30:29few ways to manage risk here on hyper
30:31liquid I know I went fast here I know I
30:33did a lot here and if it's not all
30:36making sense don't worry because we are
30:38building three Bots and I'll give you a
30:40little preview here we're doing a Binger
30:42band bot a supply and demand Zone bot
30:45and a vwap bot for hyper liquid along
30:48with three other Bots for ccxt because I
30:51truly believe if I can transfer all my
30:53skills to you you're going to be able to
30:55work on any exchange no matter if it's
30:58through ccxt or connecting directly to
31:00the exchange like we just did here with
31:02Hyper liquid my goal is to get you to a
31:05place you're as confident I as I am with
31:07this stuff and you feel you can build
31:09any any trading strategy into a back
31:12test to see if it actually worked in the
31:14past and if it worked in the past then
31:16you'll be able to build any bot so we're
31:18just getting started here I think we're
31:19on day five or something uh there's a
31:21ton more uh if you feel lost at any
31:24point please do ask in the code help
31:26section but don't let it stop you you
31:28from moving forward keep moving forward
31:30I like to say that this is going to take
31:32a 100 days to really master so you know
31:35you might watch the boot camp two three
31:37times uh some the way I learn I I
31:40usually take on courses like I'll just
31:41watch the course one time through don't
31:44do anything the second time through I'm
31:46going to code everything out with them
31:48so I'm pausing the videos coding
31:50everything out and then I'll even
31:51sometimes watch a third time through and
31:54if I get stuck anywhere I've shown you
31:56this I think but like for example this
31:58didn't make sense to me this part that
32:00third time through the Boot Camp or the
32:02course I would go here and I would say
32:04hey AI I'm learning these topics above
32:10can you please give me three analogies
32:14to teach me them and then also five code
32:20examples of the topics so I can practice
32:26them so so you know this boot camp is
32:29showing you literally everything I know
32:30about algo trading it's just I'm not in
32:33your head so I don't understand where
32:34you get stuck if you do get stuck
32:36somewhere and this doesn't help you
32:38these examples then please do Post in
32:41the code help section we're here for you
32:43the whole time you're not alone just
32:46know that there's a ton of other amazing
32:49people that are attacking the same thing
32:50as you and we can all kind of work
32:52together so I've got my team in there
32:55helping you at all times in the clo help
32:57section we've got AI now which is I
33:00found it so amazing for really studying
33:03Concepts because I'm deep into this game
33:05and I still get stuck I still don't
33:08understand everything and now we have ai
33:11and I it's just like I feel like I can
33:14build anything now I can build anything
33:17because when I do get stuck on something
33:18I just ask Ai and I learn it and I do
33:21this I get analogies I get examples and
33:24then I type them out and then I just
33:25Master them and then I know in my mind I
33:28know in my mind I don't necessarily need
33:30to memorize all this stuff so don't
33:32don't put that pressure on yourself if
33:33you feel like this is a lot you're
33:35overwhelmed don't worry about it you got
33:37this number one I know you got this but
33:40number two you don't have to store all
33:42of this stuff in your mind there's
33:44documentation and then there's AI you
33:46know so um what I found you know I
33:48learned how to code before AI was here
33:51which is good that's why I I turned off
33:54the uh G GitHub co-pilot here for
33:56teaching you cuz I don't want I wouldn't
33:58recommend learning with AI but use it as
34:01like a resource to teach you and give
34:03you more examples and things like that
34:05wherever you're stuck I'm trying to
34:07transfer absolutely everything I know
34:09about this algo training process to you
34:11I hope this was very enlightening about
34:12how to control
34:15risk and I can't wait to show you how I
34:18actually control risk in bots in the
34:20future but remember it's about the RBI
34:23system so while I am going to show you
34:24how to build I think six or more Bots
34:27here uh in the future in the future days
34:30it really the the alpha is generated in
34:33the research and the back test phase so
34:35research back test research back test
34:37find a bunch of winning back tests and
34:39once you have winning back tests
34:40Implement those into Bots it's really
34:43exciting to jump in and start building
34:45Bots right away I get it I was there but
34:47I'm trying to give you my experience so
34:49you save the money and you work in the r
34:51and the B opposed to the the I which is
34:54implementing Bots but I can't wait to uh
34:56see you in the next video and this was a
34:59really good uh risk control video so you
35:01can think about ways that you want to
35:03manage risk I'll see you in the next
35:04video have a great one

About this transcript

This page contains the full transcript of d5 risk management on hyper liquid by Moon Dev, generated from the public captions YouTube serves with the video. The transcript has 4,942 words across 746 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

What you can do with it

Use the transcript to take notes, quote the speaker, build a study guide, generate a summary with ChatGPT or Claude via the YouTube Summary tool, or export it as a timed subtitle file with YouTube to SRT. You can also re-open it in the transcriber to translate the transcript into 100+ languages.

Free YouTube transcript tool

YouTube2Text is a free YouTube transcript generator — no signup, no daily limit. Paste any YouTube link and get the full transcript instantly, with timestamps, click-to-jump, translation to 100+ languages, AI prompts for ChatGPT, Claude, and Gemini, and exports to TXT, SRT, VTT, or Markdown.