I've always had a problem applying indicators to derivatives, when I feel that it makes more sense to apply them to the underlying instrument. The derivatives are a reflection of what's happening underneath - so a more accurate reading is to concentrate solely on the underlying. Much like asking the wife if she liked her birthday present - when she smiles and says "yes" - you KNOW that she is thinking something else!!! Like ... "What a pos - just wait for your surprise honey!" LOL