 The broadcast is now starting. All attendees are in listen-only mode. Good morning, traders. So welcome to Tuesday's professional trader webinar series. Today we have Walter Lesakar and Brent Cachuba. So we've had Walter before, but Brent is new and they've got a really interesting slant here. So Walter is a futures trader and Brent is, I believe, as well, but his specialty is in the options, looking at how the options will affect the live market or in the futures market here. And anyway, a quick bio on Walter, a trader of 10 years experience, eight years looking at the order book. He's trading the ES, the CL, Treasuries, and his life defines his trading. And when he reaches these goals, he quits and goes and enjoys his life. He's a very passionate educator, as you guys probably know, of the order book and order flow based on book map. Brent has been in equities and derivatives for almost 20 years now. He worked at B of A and a credit Swiss, both as equities broker and in algorithmic sales and trading. So he has a background in all of that. Then went on to institutional sales for Wolverine representing electronic derivatives trading platform. And then currently Brent is now trades proprietary strategies and runs spot gamma.com, which publishes very various metrics on options data. So let me go through the risk disclaimer. I also want to show you another slide here of all the contact information for these guys if you want to reach out and contact them. So the risk disclaimer, trading futures, equities and digital currencies involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. All right. Here's Walter's contact information and Brent's as well. I'll put this into the chat periodically throughout the webinar. So you guys don't have to write all this down or anything, but yeah, because there's quite a bit of quite a bit of info here. Anyway, let me just turn it right over. I think Brent is going to go first and he's going to talk about options here and then Walter is going to come in second. Okay. Okay, Brent. So just there you go. You're all set. Yes. Okay. Okay. Yes. Excellent. Thank you all for your time and for showing up today and thanks for the opportunity to speak. So Walter and I have been working together to integrate some of my options data into book map in the form of cloud notes and he's been really helping me out. Watching how futures levels, futures levels respond to this options data that I collect. So the basis of what I do is I gather the open interest for the SPY and SPX, all the options open interest, and I run options risk models that calculate where options hedgers may start to participate in the market and how they may participate in the market. And what you will see and what we hope to show you today is that the futures market as it is obviously linked to the S&P 500 will react and pin or bounce off of or otherwise move along with many of these levels. So when we're going to talk about things just to give you a sort of view of where we're going, there's two basic things I want to talk to you about today. One is this concept of total market gamma and that is basically telling you how dealers are going to hedge, meaning are they going to trade with the market or against the market and I'll show you why it's important. And then the second one are these ideas of call and put walls. Where are the open interest levels concentrated in the market and where might dealers start to hedge and or where might volatility change based on where open interest sits. And obviously we're looking at options here, but my goal is to show you that the options matter to the futures market because I believe that a very large part of the way that market makers hedge their SPX positions is using futures. And so you will see the their flows will impact obviously the futures market. So again, what we're boiling down here is the study of market gamma which relates to volume so I'm going to talk a lot about this Greek called gamma and most of you probably familiar with what that is but you can just picture in your head when I say when gamma is high or positive. You know, I'm talking about how much volume market makers may have to trade right so the higher let's say it's a very positive very large positive number that just needs is a lot of volume trading into the market. If it's a very large negative number that's a large amount of futures volume, you know trading it against the market or excuse me with the market. And so what you end up here is you hear this game and I say game is high and game is big and game is this and game is that just know when I talk about gamma it's just volume right if I say hi gamma that means high volume high futures one. And so number one the questions we're looking at number one is how much volume are they going to produce and then two are they longer short. I'll explain what longer short is here in a second. So the interesting thing about game and just to give you an idea of what this is measuring what we're looking at is when we calculate there's a high amount of gamma. What that is telling you is that market makers are hedging into the market, meaning that as the market goes higher they are selling futures and as the market goes lower they're buying futures. So you could picture them suppressing market volatility or suppressing market ranges when positive when there's a lot of positive gamma. And so you can see in this density plot here the blue area is the one day price movement of all data points we have where there's a positive gamma environment and then conversely in the orange here you see that these are all the data points when there's a negative gamma environment. So you can see that the price distribution is much much wider when we have a negative gamma environment. When it's positive it's a much tighter trading range on the day. So if you're a futures trader and you're mapping out your levels for the day and you want to know hey where might the market go where should I be buying and selling etc. This could be very powerful information right because where do you know like hey I need to let something run or maybe do I want to play a fairly tight range and play by the dip or celebrate type situation. So this is sort of the core of what the data can help you map out for your strategy. This is another way of looking at the same chart. Each of these data points is a so you have the our gamma index here on the x axis and then the one day forward return meaning what does the market do tomorrow based on that data point and you can see that we have high positive gamma is a very tight trading range and then as gamma gets more negative. You can see this trading range really expands and widens out. And so this flip point something I'm talking about a lot about today but you see this gamma flip point is a demarcation line we'd say between volatility and relative calm in the market and you can see is a very stark contrast based on how much market gamma we have. Here's another way of looking at you know these gamma markers so every green dot shows you when there's a positive gamma market and every red dot is when it's a negative gamma environment. And so you could see that if you can catch a lot of times when the market flips from a positive we have positive gamma that flips the negative that can be the demarcation or the line at which volatility is really going to expand. So the most recent one was obviously in February then to February you know we had this mark here this plot here was the Friday. I believe it was 24th and then over that weekend you know everything really kind of fell apart and so you can see that there's a very tight sort of distribution prices are generally moving higher granted has been a bull market over these last two years. But it's a fairly tight volatility is fairly tight range and market just kind of grinds ahead and then when we get to these negative game environments prices really expand not just to the downside that volatility also counts to the upside right I mean I don't need to tell you that. You know the price movement as of late has been has been pretty wild. And I'll touch on that in a minute but volatility simply telling you that price is going to move a lot it's not necessarily a directional indication. Here's another way of just looking at that this is the VIX mapped over you know the gamma environment so red is actually only have positive gamma and green is where we have negative gamma so the prices are sort of the colors sort of inverted I guess from what you expect but you can see that we really get an expansion and volatility again with negative gamma. So what is what goes into my model well I assume that all puts are bought from dealers meaning that the customer or the initiating trade is generally buying puts and they're selling calls so that ends up with a position where dealers are essentially long a caller on the SPX right so long call short put is basically like synthetic stocks so if they want to hedge they're generally going to be shorting futures into the market as it goes higher and or they're happy to sort of let the market go higher because decay and other things makes them money. So that's the basic model assumption. I'm happy to talk to people offline it's a longer conversation about why we assume these things. But that's sort of the basic underlying assumption. If you want to put that in the back your mind when we're when we're looking at some of these models. Alright so on to acting out the data here. This is from today's data. What we do is we took all the open interest and we mapped out exactly where that open interest lies in gamma terms on to this. On to this chart. I measure things in gamma terms and not in open interest terms because gamma gives weight gamma is highest for an at the money option. So at the money options are obviously most relevant to what we're trading today. And if I just looked at open interest by itself well a very far out of the money caller put may have a lot more open interest than the 3200 strike which is obviously we're trading right now. So by waiting it with gamma you really get a feeling for what matters in the market. So you can see that the 3200 level today is very key. It's where they're the most calls which is going to be represented here in terms of the long game and puts is this negative gamma component here the negative gamma piece of the line. You can see that's where a lot of the data what where the open interest sits. So in theory what we're going to see today is if the market starts to move ahead. We'll see futures start to sell to bring the market back to the 3200 line and conversely the market goes below. We're going to see the market revert back to 3200 as dealer step into buy. You also see these other big areas of open interest and these are levels that we map out and book map and I'll show you that in a couple minutes. These levels are also key levels with big open interest. So if you're going to say I want to play a range move from 3200 but where may I want to look for a stock. Well our data would say 3225 would be a level of big interest right and so these levels come up time and time again in the options market and then conversely in the in the futures market or I'll say and associate way in the futures market. One of the things I want to talk about and people often ask you know can the options market you know really have that much of an impact. And this is sort of an anecdotal thing I think it's very interesting considering everything that's been going on but you know we have not only the price distribution which I've shown but each one of these X marks maps out the third Friday of every month which is when the SPX monthly contracts expire that is the biggest options expiration and there's three explorations a week those tend to be a little bit smaller the monthlies are the biggest one and then of those the quarterly expirations which is going to be this June which is quad witching etc comes up so you can see that not every single expiration but very often there is an expiration that marks a turning point in the market and that was the case here. This was December of 2018 and then here you have you know obviously some notable ones along the way. This was the February options expiration of a few few months ago and I would note that we had similar to today we had record call positioning in the market. And so what happened was we had record call expiration calls expire. If you think about what that means is that dealers then have a whole bunch of futures to sell because they were hedging call positions with long long stock or long futures and then they had to suddenly sell all those positions. And so I think that's part of what helped expand volatility. So this Friday obviously was the mark of the of a major the major move lower this X which is the March expiration which had a record amount of in the money puts the low was the Monday following this expiration the March expiration. So that was the ultimate low and then we're going to come in here with June expiration which is a week from today we have said the Fed tomorrow. So I put a little red star there to note that for everybody will see what happens but it's pretty interesting data point. So onto our research every day we put out in these in these emails and in daily emails on our website all these different levels. So these levels are are basically names that we've created to mark important levels in the options market. So on this particular day we had what we call a top gamma strike which is where the most called positions are and that is typically resistance level that was at 3000 and then we have these other ideas of zero gamma and our ball trigger so the zero gamma and ball trigger I'm not going to differentiate differentiate those in interest of time but basically that's those are measures where gamma will flip from positive to negative and those will often be support and resistance lines to play in an example that in a second but by out by laying out all these different levels you can get important information and sort of have an understanding of what the the market makers may be doing for today. One of the interesting things to note about options market makers and what I think is so important is that if you think about an average buyer right if a hedge fund comes into buy some futures or you know even a large prop shop or whatever they have essentially like an exhausted exhaustive supply of money they could put in the market right they may maybe buy you know 100 futures if they're really big or whatever it may be but they'll run out of they'll run out of money at some point right well if you think about what the market makers are doing they're hedging something and so they're constantly in and out of the market and they're active or can be active all day long. So their volume is a little bit different from an average buyer or seller because they'll they're constantly trapped in the market in and out as as options volumes trading all day they need to adjust their positions and so I believe they're a very large part of the market just on an individual trade basis but that is also a volume that that continues throughout the day. So along with this this chart here laying out the various levels then you're going to get on the side to the right here a bunch of other statistics relating to the market we go into depth on those not only on our website there's videos and the like so I'm going to I'm going to skip ahead on that again in the interest of time but just know that what we're doing here is mapping out the important levels in the market. And again these are refreshed every single day and then pushed out the book map. Just to give you a quick example I thought this is one of the most fascinating examples I don't know if you all remember. Back at the end of last year there was a the when I ran bomb Iraq and it was a fascinating example because in the morning we put out this research and this is 3185 was our zero gamma level the market will very often bounce off of that level it's it's quite interesting and it can be a sort of obscure levels. So this night we had the night going into night went pretty pretty large amount of positive gamma the news broke and the market immediately trades down to this zero gamma level and then mean revert back to exactly where it was before and if you look through that trade or that move through my eyes. This is what exactly the market makers are going to do right the way that their position requires them to as the market drops they're going to start buying futures right so the market kind of moves down. It's the key level and they want to buy futures back to get their hedge you know back in place and so we'll see these types of move play out all the time and in very interesting ways. There was obviously the you know the February move here which I talked about you know quite a bit already today but you know this was our research from that Friday telling you that this was the key level. 3310 was our ball to volatility trigger you know where we see gamma flipping from positive the negative and you can see that once we broke that level that really opened the floodgates that really told you that look. Dealers are going to start selling futures as the market goes lower and so oftentimes you need a news catalyst or you need something else to break but once it breaks they're jumping on board and they can really expand volatility. So when we talk about book map and some levels Walter is going to touch on this but I just want to give an example of how we map these things out so here this is our this graph comes out in the emails every morning and you can see that. These levels will come up all over the place that we map them out so in other words we have this high gamma strike which is where we consider the most call positions and that's typically resistance. If you think about dealers being long a bunch of calls well as the market approaches that strike the 2900 strike in this case they're going to start selling futures into that to hedge their calls right so that was why we view that as a major resistance point. Conversely you see that the same day we traded down to the zero gamma level and that seemed to really hold the market in and prove to be you know an important hedging level for the end of the day. So these these levels as they're mapped out you know they're not always at big round numbers like 2900 they can be at some more obscure levels but you'll see them come up again you know time and time again. One of the other things that I think Walter will touch on this a little bit more is that we'll see and as evidence of this of the impact of options you'll see that there's what I call persistent liquidity will show up at these levels. So many of you obviously are bookmap users and so you'll see these big bands of liquidity that will be pretty far away from the market and a lot of times that liquidity lines up exactly with where our spot gamma levels are as you can see here on the chart here at the right. And those are levels which dealers may need to hedge right if they know that the market is going to go up a percent and that equals where they need to sell it or buy a bunch of futures. Well why not just have some liquidity resting out there as it's a hedge for them they may not be as worried about presenting that liquidity or letting everybody know that's the price that they're at or they may wait also want to just draw people into that you know specific level because that's where they know they need to hedge. So you can see these you know these fingerprints or these related these options levels show up in the futures on a daily basis. So here's my quick contact I can show shown as well as the morning interest of time I know it was pretty pretty quick and pretty brief I'm going to move on to Walter and let him take from there and I think we're going to take some questions at the end. Thanks. Thank you Brent. I have to change my. My screen. Okay. I think it's that one. Can you see my screen. Yes. Okay. I don't see the control screen here but anyway good. Thank you very much Bruce and thank you Brent. I'd like to complete Brent's presentation showing how I'm using spot gamma levels with just in time indicators in my daily trading spot gamma and book map fits perfectly together and I will try to show you how they fit together. What I think as the book map is telling every trade in real time what a liquid market is doing and what it tends to do and spot gamma levels indicates possible turning points as Brent pointed out on the mentioned before combined with liquidity in book map and that makes the Yes. This this technique of spot gamma book map highly interesting. As it's not a secret to most of you or who knows me is that I am a fan of correlations in my courses as well online seminar. I'm talking about correlations and how important they are. I'm firmly convinced that nothing works in isolation even though even though markets if this is true then we must have a broader look if you want to be and stay profitable in our trading. Given you are trading the US futures then the US futures the only base where you hope to make money with. Did you ever consider to look for positive and negatively correlated markets for us. Positive when I'm talking about positive correlation markets and for yes. I'm thinking about or talking about spy for example or QQQ for and nested and negatively correlated markets like VIX or excuse me the volatility in this cash or futures. Last year we have that the US dollar yen as an correlated market which worked great last year. Treasure is as well of course. Coming back to options and excuse me spot gamma. This multi billion influential industry out there are the hedge funds of course they need to hedge and as Brent mentioned and they are dependent on their positions. They must either buy back shares of futures or they must sell shares of futures and that we can see every day or nearly every day in the US future if you are trading you. Yes future they are not trading only few future contracts. Logically they are moving millions by saying that they are a carving their mathematical programs to hedge. As said before if you want to be successful in trading we should have a broader look on adjacent and correlated market. Come on here before I proceed to show how to utilize the concept of spot gamma and book map in my trading. I need few minutes to explain the liquidity concept in order to show how spot gamma and book map are tied together. As a book map user we are interested to see where possible market turning points are. One of the concept we have is to use liquidity as our guidance. What I'm teaching is that liquidity is divided in three categories. I'm talking or we are talking about long term high liquidity short term high liquidity and very short term high liquidity which is mainly used for spoofing or driving markets in one direction within seconds. On this chart of this presentation here you see long term high liquidity which I would like to say is lasting in the book or sitting in the book may longer than 30 minutes maybe one hour two hour three hours. Depending on day and the circumstances and you will see that and spot them very very long in the book or staying in the book and the nice thing is that the the price is always seeking liquidity for example so long term liquidity and on the other side I would like to point to the short term high liquidity here which you can see as this very short a range red areas here around in this case in this example around 2935. It's it's there it's placed there as a kind of resistance of ceiling if you want to use this word as a ceiling to resist this price and what book map is telling us every day and not only that this is this is a huge big big resistance at this level here at that price level here. And it tells also that this short term high liquidity is there because the market makers wanted to price down and it tells more than that look at the other place be beside this red or orange area. It's it's black or it's light blue. That means there is no liquidity. This action was intentional. That's intentional trading. That's really what the market makers all do all they are doing driving the market up or driving the market down depends on and you can read it literally every day in book. Like this one. This this right dark red areas there are then turning into orange and then disappearing out of the book. It's a combination of the limit order book. I'm also a fan of the limit order book of the dome because you can see the resting orders here and every price level what I'm using this. I'm using the limit order book simply not only to read the limit order book to follow the numbers for myself and I'm speaking only about. About myself is a little bit tiresome so I don't do that but I have the translation of this number in the book and in book map in this workspace and I can see the pulling and stacking on this side and what the market makers are doing. So this volume changes at the limit order book volume changes constantly and the dynamic of liquidity can be understood without doubt it's not it's not a rocket science. So, for a beginner there will be a lot of questions for example when is liquidity reliable which level of liquidity is reliable differences between resting liquidity in the book. What are the intentions of market makers and there are a lot of questions around liquidity and discussions across around liquidity. Coming back to correlations like options. As that I would like to add what brand mentioned before spot gamma for book map is a great concept to attach or adopt the essence of option market to book map. It combines option knowledge with visual support of limit and market volume, which is visualized in book map. Let's go a little bit further than that's what you get from spot gamma if you subscribe to spot gamma is the levels the levels which are which are leaning on the SP acts absolute gamma levels which are presented or which are published every day. And you get this spot gamma levels automatically via cloud nodes in book map. They are automatically updated so that you don't need to care about updates. As mentioned before I'm repeating myself and that what brand said is what gamut levels represent levels calculated on the SP acts and adopted adjusted to the as future. The annotation is based on this example we have this that's on yesterday's example we have the XPS X level 3200 level zero means the priority that that was the highest priority in the in this present and not presentation but this. In this chart here. That means we are the we dealt yesterday with the highest open interest level here at 3200 that means it was 31 97 if I remember right and the 6.0. Means that the call gamma is the actual call gamma plus put gamma so far understood brand this is the yes let me say to this and the subtraction between eight or nine and this number four that means we have 6 billion 6 billion calls in the market. Six billion more calls in the market and puts here at that point at that point and this open interest for my point of view as as well as Brent mentioned is acts like a volume note because it represents represents potential hedging levels and it is highly interesting how they are working. So on some teams you will see there are really resistance on Sunday you will see they are really support the question now is how do we know where to trade I will show you an example based on yesterday's yes shortly. Additional levels of interest which which are plotted in or marked in book map are not only this sbx levels option option interest option open interest levels for book map. Which represents the potential hedging levels it's also the volatility trigger which is indicated which indicates a possible shift from positive to negative. Then we have the zero gamma level and highly interested level Brent mentioned if he has a specialist of zero gamma. And we should have a very very close look every day at zero gamma level to understand what market what type of market we have mean we're out to market or not agree mean we're voting market. And the zero gamma level is the level where positive gamma flips to negative gamma and you will see an experience when it comes when the price comes to zero gamma it acts often as a part of resistance levels. And if it breaks to that level means a shift from mean reverting market market to directional market what also Brent depicted in his presentation. A new label a new marker is the sbx ssbx sb y combo. It's a combination of sbx and sb y gamma for the day for the actual day as said, and Brent is doing this every day if something changes here he has come to see us actually or he dynamically also changes the the marker the levels for book map and you will get them via cloud nodes. Automatically in your book map. So, let's have a look at yesterday's yes future example how to determine a possible reverse in the market and what tools you have to do that. So, as first of all, you see the spot gamma levels the sbx sb y combo at 30 on 32 oh eight. It is actually it was actually 32 oh four, and then the sbx 32 level, the priority, the highest priority with the most open interest volume was at around 97 in my prep work when I'm showing that in my room on Twitter, I'm adding lines to all my levels I'm watching to get a kind of, of, let me say trading map. It's, it's, I'm calling it trading neck because it helps me to focus on important areas and to. Yes, the focus on this area and to see what happens around in this area around this area. We in this. Excuse me in this example we have following tools by the way, all tools we are dealing with with Bruce is showing you or I'm showing you are based on nbo data that means market by auto data. There's no smooth thing there's no averaging, whatever on this indicators this is our pure real time market data. On this chart tools I'm using the spot gamma as mentioned, the TTW market volume pro indicator I will show you another few to an additional functions of TTW market volume pro, which shows every stop run what the market is doing here. And what I'm using additional is the SI tracker which shows the iceberg absorptions at certain levels that's quite important. We have several absorb absorptions one on the pure liquidity if volume hits liquidity and then if there's no liquidity around, most of them are absorbed by icebergs or iceberg volume, which is not visible directly in the limit or the book or in the dome because it is attached to one order and they are firing completely until they absorb every volume, which is coming in here at the at a certain level. Together with book maps liquidity concept, it gives you a huge advantage over all other charting techniques I know and believe me I know nearly everyone. So, let's have a look at the event at around 31 at this event here around 3194, 3195. We have the sbx level here, as mentioned before with the highest or open interest for this day for yesterday. And we have this level around this 3197, but have a look at the 3194 into 95 level you see here and stop run into the 95 level then immediately an iceberg indicator iceberg indicator fired that means iceberg absorb this level here at that point at 94. And that science when we have such science that means something we must we must not ignore them we have to have a look closer look at them. The point is I want I would like to mention if you missing this information that means if you don't have spot gamma if you don't care about options if you don't care about correlations if you don't care about any other. Let me say indication, then this kind of value this kind of price action would be probably fooled you into a selling position. That means if you see that on a candle chart, or any other chart you are using, it means it can fool you to sell it because you think okay it's going down it's rapidly going down. Okay, that's a little break then I'm going short I'm going short it and maybe it works for one to points maybe a few ticks here, but you are missing this information you're missing the ice but you are missing to stop, stop run here, you're missing the spot gamma level. And you are missing even a nice divergence here with which I want to show you in the next slide. So you're missing the liquidity level which is absorbing this volume here at 95 level, and that's the kind of information you need. You need desperately to survive in this business. We can't follow the markets you know the last days and weeks logically, because they are totally detached from the economy economy not only in the US but also here worldwide. So we have to follow certain facts objectivity which is giving, which was given us by the limit order book by the real data we are getting here. So this is one example, based on the TTW market volume pro and the ice is I tracker and spot gamma, the same picture here, a little bit reduced so not to confuse you with lines and curves here. Yes, the TTW market value pros gives you an additional clue it is calculated. Simply, not only to indicate spot as stop runs, but it calculates are also bias versus sellers that means when the this line of this curve is going up. It means the sellers are, yes, decreasing or they're on retreating and buyers are coming in buyers are coming in buyers are coming in. So we have spot gamma, which is an absolutely important level. It's not said that the price is going to the tick to 3197, but we need maybe additional tools to understand really what the price is doing around spot gamma levels. Okay, it's a nice absorption at this point here. 930 or maybe 9228 my EST AM EST time. This was quite shortly after the open. And then we can see the device stepped in. I'll try stepping in stepping and going in and then when they break the zero line or they're crossing when they are chronic, excuse me for the break but when they are crossing to zero line. So the bias constantly come came in and bar and bought and have been buying have been buying here and this liquidity this short term liquidity here I'm talked about before at 95 level supported this move and then supported this move here and and at 9899 and so on and so on. So, what I want to say with this pictures is that we need objective information, not not something artificial or based on data, not rely not enough reliable data, I would like to say that the way. And when we have this kind of information we can objectively and this or we can understand what a market is doing, how important this levels are, what are what is the price during around this levels, and then taking our, our executing or taking our position in trading. You can also see the imbalance between bias and sellers here very very clearly so that we read mean sellers and green means bias. There's a huge difference at this was the point at the stop run, which was also indicated by the iceberg, and every imbalance in the market must be rebalanced. That means this isn't a directional, yes indication, together with spot gamma levels with icebergs with stop runs shows clearly to buy this area, instead following the crowd and be trapped in a selling position. And that's what it that was the result of yesterday's trading, simply unbelievable. As well, you can see that the SPX SPY combo at 30205 or 70s area here. It's not clearly to see at this compressed and zoomed in picture, but you see it was clearly a support level for a long time for a long time here. So that's that's really 123 hours here. It was a support level, and then they are jumped up to the 272332 3030 level here at about this point here. That's what we talked about in the previous slides, previous presentation. Yeah slides. This was that area where the market stopped, where it was absorbed, and when the buyers started to come in into the market and drove the market up to the 30 levels. If you are, if you understand that and your 12 was was trading that that means that this again of 20 to 30 points not 20 points 25 points, whatever. Okay. It's absolutely easy if you decide to use to use cloud nodes and to use spot gamma. It's absolutely easy to implement your need maybe one day, not even a few seconds to do to do that. Bruce did a extremely great job. Every every single function of book map you can find on YouTube. Just follow the link here. Maybe, yes, who's you can post this link also in the room. Just follow his instructional videos to set up cloud nodes. It's absolutely easy once you get the link, the URL from Brent, then you can place it into the cloud nodes download URL and that's it. This, it will be automatically updated every day before before the open. So you have time to build your own map and I would like to motivate every one of you to. Yes, to have a bill to build your map to have an overview of of possible of possible events along the day along the trading day. It helps you to stay on the right side of the market. Try some information. If you want, yes, Brent mentioned spot gamma dot com. There's a page spot gamma book, my book, my book, excuse me book map levels on his page. Please visit that if you're interested to subscribe to his service, then what I'm, I'm offering is ttw trader dot com there are a lot of articles posts around book map and trading book map education you will find also on ttw trader dot com and shop. And if you're interested in the ttw market volume pro indicator. It's on book maps marketplace marketplace dot book map dot com product ttw market volume pro. So that's, that's all what I wanted to say. Thank you Bruce for the invitation and we are open for questions if there are any. Okay. Excellent. Thank you very much guys. Really. Fascinating presentation. And let me let's open up the questions here on and right off the bat Paul is asking for the presentation slides, Brent, and don't know if you're interested in handing those out or not. But, okay. Actually, you know what I think you can even hear just, there's a handouts folder. You might be able to just drag and drop it right into that handout. Yeah, so then we can just save time on the emails in the back and forth on that. And let's see here. Let me, while we're doing that, let me put into the chat all of the as well as that. Cloud notes a video I'm going to add to the, to the list. There you go. Okay, so, and so this is all the contact information for both Brent and Walter. And, and that cloud notes video as well. So you guys have that. And let's see. Yeah, Justin is asking here about. It's kind of the this these gamma levels. When, when it hits important, important levels. Does it go from a wall to, I don't know what you mean by wall to dealers. Justin to fueling the, the fire. And hedging down to the downside or upside moves. Yeah, so the general idea is that when we're in a positive gamut environment. So, so today, for instance, 30, let's say 3200 was our resistance level, the farther the market goes over that level. We would guess that more resistance is pile on like more futures would be sold. If you're looking at the zero gamma level would be the only place where if that support level breaks, then the state change of the market may change. Right. So if we break that volatility trigger, that may start to bring on dealer selling. So they would go from like buying the dip to to selling the dip, if that makes sense. Right, I'm not sure. Right. I think I believe that's just Justin's question question here. And let's see one more question. Get to the portion. I can drag and drop the presentation. Okay, great. So, yeah, what do you have for maximum depth on on the positive and negative delta set to. Is that I think that's Walter question probably. I believe it's on for for you on on the on the options. Um, the positive, the maximum gamma meaning. Justin, do you mean that is that is, is it for Walter or is that for for Brent? For Brent. So, I have a maximum. So the maximum, there's no maximum minimum gamma. Level to watch for it's just whatever levels are the most significant around where the market is trading. Obviously, when we get into like a zero gamma type environment or low gamma environment. The, the levels may have less options associated with them. And that is why as, as you could see on Walter screen, I do put a size notation there to let everybody know roughly how big the level is. Obviously a bigger level should have more poll, right? Like 3200, you know, the biggest level. So it should have more poll to it. And should be a more significant level to watch. The other thing to note is that a lot of times you'll see the levels in the first half of the day, the market will react very strongly to them. And then they kind of wear off into the afternoon. And I think that's because they're not big levels to begin with. But then also you have options volume come in during the day. And so the levels can kind of lose a little bit of their, their size or gain size, you know, depending on what volume is doing. But when you get a very, very big level, like 3200, you know, those will stick through the day. So it's important to know what the size is. So if you see on the screen there at the left, there's in white, in the gamma column, you'll see SPX 3200. And you see L0 is the biggest level and then 6.0 is the actual gamma level or how much gamma is there. And then if you look towards the bottom, there's another level that's only 2.0. So that's telling you that the size is only 2 million versus 6 billion. So I hope that helps. Interesting. Yeah, no, actually this is kind of, I had kind of similar question like as the day progresses, like because you're, you know, these days when there's not volatility and it's grinding higher, does the gamma level kind of switch to the upside later in the day? Yeah, it does. So like what I always tell in the daily notes is like one of the keys to watch is volatility. And I watched the VIX and if the VIX is going down, that's generally telling you that there's pressure up on the market. And I believe that's because, you know, puts are the biggest component of the VIX and their most sense of the volatility. And if you believe that dealers are short puts, net short puts, well, as the volatility comes down, those puts are losing value. And that means that they're overheads to the downside, right? So like if I have a put that just lost half its value, I don't need to have, you know, as many hedges I had yesterday. So I'm going to buy some of those hedges back and or I'm just happy to let the market drift higher, right? I don't necessarily need to adjust my hedges, but my general feelings that if the market is going higher, dealers are happy with that. And so you'll see maybe they'll be less resistant to hedging as the market goes up and or the VIX is sort of just applying that volatility is coming down. So they're going to buy some hedges back. So that's one component. But then two, this open interest comes out once every night at roughly midnight Eastern time. And so in the morning, we have our most clear snapshot of what the market is going to look like in terms of our options levels. We obviously have volume all day long, right? In the SPS and news events and the like. So, you know, there's nothing to say that these levels control everything all day. If the Fed comes out and announces a sudden rate cut, the market's going to go higher, right? But where might it settle? Well, I would wager that a lot of times you'll see it settle at one of these big options levels, right? So, you know, you need to put everything kind of in context. I think we had a million calls trade million, 1.2 million contracts trade yesterday. And so a lot of the levels that weren't 3200 change change. So like yesterday, 3225 was a big level today. That's not there. But 3200 is still there because it's so big. So I hope that sort of helps, you know, place things in context. Yeah, definitely. I mean, because it kind of like, you know, kind of begs the question that goes right back to it. Like, well, shouldn't that level always, why would the price even even start to drift higher and grind higher? It would always kind of go back to the median or the median. Yeah, I mean, that's, you know, that is my general philosophy like 3200 today is a huge level. You have to fed tomorrow. So, you know, but in the morning, if you have market on open, you know, 401k money coming in the market or just net buyers or whatever it may be, you know, they may push the market up in the morning. And again, it's just a, it's just a volume thing, right? So if, if whatever the market is doing is outsizing whatever dealers are doing in a positive game environment, if dealers are selling and the whole world buying, well, the market's going to go up, right? And so that's what makes negative game is so interesting is that if the market itself decides to buy or sell and deals are going with that, it can really create a lot of volatility. And if you want to just briefly touch, I know it's a slightly off topic, but if you all are seeing the record call positions in equities, you know, there's a sentiment trader is the guy on Twitter and he's putting out these charts that are showing that we have the most small trader quote unquote small trader positions long calls ever. And in this situation, you have a negative game environment in equities, because everybody in their, in their mother buying calls. And so what happens then is dealers are short calls, and they need to buy stock and as the market goes higher they got to keep buying stock and as the Fed pumps, they, you know, that just pushes stocks up more and and deal got to buy more and then you end up with this really bizarre environment. What's funny about it is the SPX, I look at call levels in the SPX, we don't have anywhere near record levels. And the SPX is a very institutional product. I think it's dominated really by, you know, big funds and the like. And so, you know, the contrast there is really quite stark and it's, it's really pretty fascinating moment in time in that respect. So, I know that's slightly off topic, but topic, but hopefully not at all. I mean, we're, I mean, really, we're all talking about here is the auction. And this is directly related to it with knowing the specific players and their positions and and why it even starts to explain it begins to explain this kind of strange market condition we're in right now. It's just, yeah, it's like you say this is just fascinating stuff. So, all right, let me get to some more questions here as they continue to roll in. Let's see Otis is talking about. Okay, Otis I can help you with that about icebergs. No icebergs in DX feed, unless they're heuristic or synthetic. They do not have the MBO data that we're looking for. Let's see David says a brand great presentation. He's a micro trader, probably minority. As often guys tell me. It comes back to the trading of the big guys. I have have much more money politely and respectfully are there any prompts. It's just hard to read this text to your hold on any promos now or on like a black Friday type of thing that you have for the spot gamma website. Oh, at the moment I don't have a, I don't have any discounts and I think I offer probably a little bit too low of a price to be honest, but there's a five day trial and so, you know, it's 25 bucks a month. And I know it's times are tough for for a lot of people and it's and it's hard to invest in new things and so you get a five day trials the full trial. And if this thing helps you trade, you know, I think hopefully you can make, you know, 25 bucks back, you know, pretty quickly. And the situation is, is different. You know, please just email me separately so you can work out but but in general don't offer any discounts on that on that price. Okay, excellent. I'm Kendall is asking what are the most important levels for you. So for me it changes a little bit on a day to day basis the size of the level so the biggest, you know, the biggest level is the most important levels obviously today that's 3200. Well, the ball trigger that flip level right now just give everyone ideas at 3050 so it's, it's very far below where the market is. And so 3200 today is just really what I'm watching and if I was trading I would, I personally probably play new version back to 3200 for today mainly because you know the Fed is tomorrow and there's a little bit of obviously uncertainty around that so it's hard to believe that things really get cooking, especially with the pole that level. So on a day to day basis it changes a little bit but that's why the levels are ranked in that, you know, in book map. So you can sort of see, you know, what should be, what should really be key. Excellent. Excellent. Okay. So we'll, yes, this will be uploaded as soon as it parses, etc. We will upload this to the YouTube channel you can see yesterday's Scott Pulsini is up there on our YouTube channel. Okay, under the pro trader webinar series channel there, or a playlist. Let's see Otis. Yeah, so DX feed the TTW indicator will work with DX feed data. It's, it's just the, if you're looking for that stop iceberg tracker from from book map. That will only work with rhythmic data and CME futures. The TTW market volume pro works with rhythmic as well as the X feed and the stop run works with the X feed as well with the rhythmic. The only what, yes, brand blue, excuse me, who said is the X feed is providing a kind of artificial data for icebergs. And that's quite difficult to build icebergs on the DX TTW market volume pro. But anyway, TTW market volume pro works with rhythmic as well the X feed as well for the X feed on the base. It's, it's currently, yes, is. Okay. Okay. Justin's asking again about when it might bounce price might bounce off the kind of the wall there of one of your spot gamma levels. What do you what you look for around maybe that level. Yeah, so a lot of gives like, you know, the example of this morning I think we're at 3190 in the market and and so based on the fact that I know there was a lot of positive gamma I believe there's a lot of positive gamma and there's a lot of pull at 3200. I was looking for a, you know, a large liquidity area where the market would show support and that with the idea that we're going to retrace to at least 3200. In this case, we went through 3200 and then went to 30 to 10 and now we're kind of drifting back to that level. So, you know, you really have to use, you know, book map and the tools available to sort of surveil and figure out like, okay, 3200 I know is the key sort of area that we're going to get back to, you know, nothing says that one big trader can't come in and create a stop run in this thing drops to 3185. But in this case, knowing that we have positive gamma and 3200 is a key level. Okay, when do I want to buy what dip do I want to buy to play that idea of mean reversion. If we were, let's say that 3200 was the zero gamma level. I'm looking for a sign that if we break 3200 that I want to start shorting right that I want to bet in the market might really might really drop and Baltimore is going to expand there right so that you have to know you have to put it in the is the level of positive game or negative game or what environment are we in, and then, you know, how big of a level is it, you know, that I'm going to play off of that. So, you know, again, the 3200 example I think is probably as strong as one as I can give at the moment. In some other cases, you know, like, what you'll see is the market will move to a certain level, and we'll sort of pin or just hang out around that area right so that's why sometimes I say to resistance level. The market won't always just sell off from that area maybe the 3220 let's say was a was a key level for today. You would see the market maybe trade the 3225 and then we'll close at 3220 right so become more of like a pin area then necessarily an area that you want to like short if that makes sense so you really have to read the fingerprints of the market use all this data, you know, Walter's indicated the stop runs really seem to line up very interestingly with these with these different options level and so, you know, I'm hoping to put a lot of what you're seeing in context to give you sort of a mental edge I guess, or narrative to you know what what how the market may be moving. So hopefully that helps answer your question. Yeah, definitely. And reverts back to the what you were previously just talking about in terms of it, you know, closing, even though 3200 is the level. You know, it closing up at maybe, you know, 32 going to 3225. And then but but then drifting off and closing at 3220. You know, still I mean, these are guidelines. They're not it's not like it's going to revert back to 3200. You know, because because that's the important level for the day, just that you're looking for insights that that will give that kind of, you know, kind of tip off to it moving back to 3200. Right. And so one of the things I know, you know, the dealers aren't hedging necessarily all day. So a lot of this is, you know, is there a big enough move to to force them to want to trade or hedge back. And the other one is, you know, I think the most important times they hedge are first thing in the morning and then going into the close is what I think is the most important hedging period. So a lot of times you guys are very familiar with this mean reversion, you know, where the futures will be up a bunch and then we'll sell off right at the U.S. Open or vice versa. I think a lot of that has to do with hedging. And you'll see that a lot of times we'll open it, let's say, you know, slightly above or below one of these major levels and then the market will immediately trade to that level. And then also under the close, you know, like, you'll see with the last 10 minutes of the day, I always call that last 10 minutes, the power hour, because so much happens, it's like an hour's worth of movement in 10 minutes. And, you know, you'll see that a lot of times that the VIX is going lower, that will indicate that dealers may have to buy some hedges or sell some hedges, you know, you want to go the opposite way of which the VIX is moving. And that can kind of give you an idea like, okay, there's pressure, there's going to be pressure higher right at the VIX drops because, theoretically, the dealers have deltas to buy. And so you'll see, you know, not always there's obviously MOC and some other stuff happening depending on the day but a lot of times you'll see these moves. I think a lot of that is hedging into the sort of close. I would note, you know, yesterday we had a $4 billion MOC move, but we had a much higher VIX into the close right. And so we only got about a five handle move out of that. And the second we had a $3 billion MOC print, and we had a much lower VIX and I think we moved 20 handles in the last 10 minutes. So, again, it's not the dealers don't control everything, but they they're going to influence everything. And sometimes it's also just time frames right like so 3200 today is an important pin level well, you know, maybe it moves at 3290 and then goes back or moves to 3215 and then comes back down, you know, it's not going to be sort of they don't have a firepower no one has enough firepower to hold it directly at 3200 all day. Right, right. Just kind of curious. So, if it let's say price closes up at 3220, even though 3200 was your important level. You just kind of see that a lot of times being the neck the next day somewhere around 3220 is the new new kind of important level. Yeah, so it what we do is every morning will refresh the data right so this morning or tomorrow morning you're going to see all the refresh open interest that show what the important levels are for tomorrow. So, in general, if we don't have a big options volume day, then you would say okay, well 3200 still going to figure in a big way to things because as so happens last night, none of the levels really moved, and nothing really changed. So that's why I, you know, strong feeling that 3200 is going to be, you know, back in play for today. We see the levels all shift higher. For instance, if 3300 became the biggest level there is well that may be telling you that the options market pricing in a bigger level is going to move now. And so a lot of times we'll see what happened is if you think about all my levels are almost like a range, right. I have like where the most calls are and I'll tell you where that is and I tell you where the biggest options, you know, total gamma is right. What at the absolute gamma level is telling you where the most calls inputs are as a whole which is 3200. So that's a level that's going to keep coming up. But let's say that the most calls were at 3220 and the market shoots to suddenly 3250. Well, in my mind that's telling me that the market is outpacing the options market, the stock, the equity market, the futures market is moving above or too fast for the options market. And so a lot of times you'll see the market will have to reset and kind of come back in and check back down into the sort of level. And then the options market will sort of readjust higher, you know, sort of confirm the move if that makes sense. Yeah. Wow. This is just fascinating stuff. Okay, I hope that answers some questions along the way here. Maybe for Justin and some others. Let's see. Yeah, these will be recorded guys and up on the YouTube channel soon. I emailed you the presentation. I couldn't figure out how to upload it to a full reason. Okay. All right. I'll put that into the into the chat here are the handout folder for you guys in just a second. Yeah, but yeah, thank you, Brent. Let's see. One other thing to know. Walter forgive me if I did, but I adjust the SPX levels for futures and I try to I just do it once a day and I just sort of eyeball the SPX and the futures and offset it. So I think we're about three handle difference at the moment. So all of my levels are based on SPX options, but I do adjust them just in book map, you know, for for the futures. Okay. And let's see. Yeah, so I mean, there must be just massive changes by the by the close like you're saying though. It really depends on options volume someday, you know, recently we've only had say 800,000 options a day and that's, you know, there's just that's not much volume right especially if it's taking place out of strike that like if volume is going off at 3200 today. You know, that's not necessarily going to tell you a whole lot. Or that's not really going to help you predict much of a move, you know, but if we had 3250 being the highest volume on the day, and the VIX is lower, well then you can kind of glean that we're going to have some by pressure. You know, from that, so, you know, my, my product unfortunately tells you sort of what's happening it's a snapshot of this morning and most of those levels should play through the day but but obviously there's a real time component to this business and so, you know, you know, I think I ball some of those other important factors as well. Right, right understood. And another question here about like your positioning and risk management in the in the futures market so I mean basically like this allows you to really look for a much bigger moves. I would imagine and you know, like 10 points or more basically. Yeah, yeah, I would agree with that I think I know one of the things I struggle with in my my personal trading is sort of just having the confidence to let sort of things run between levels. And so, you know, it can, you know, sometimes going to help I think with over trading but the other thing is that if it's a negative gamut environment make it the confidence to say okay let's really let this thing run I mean, I had some of the largest I've seen, you know, in March and the market move 100 points in a day, you know, 100 handles multiple times in a day right. And so, as we get more positive as the gamut grows higher. You know that means I want to scalp tighter price swings right I'm looking for tighter moves and, and conversely if you know we have sort of flat gamma or you know we're relatively flat at the moment. You know, 1020 handle swings I don't think are that as you as everyone has really seen you know those those are pretty common. So, the other interesting thing is I have some data I didn't include here but if you look at what the largest drawdowns are ever in positive game environments and I and I break it down by the open in the close so the overnight session the day session. The positive and gamut environment. I think the largest move higher or lower is like 2% or something like that. So, what I'm sort of getting at is like, you can also sort of have a little bit more confidence in risk. In a way when you have positive gamma versus negative gamut that that makes sense. So that can help with position sizing and, you know, and also sort of again letting things run I guess and try to capture maybe more handles or more of a move. I mean, if you start to see the volatility pick picking up you mean you're going to you're going to drop your your sizing is what is what you're saying. Right, not only that but if we have a very positive game environment you know right now my my index is like at a point 75 so the high stack and goes with four. So if we're at like a two on my gamma index or three in other words they have very positive gamma I'd have more confidence in playing a mean reversion play and I would probably size up buying a dip that I would in a day like today when gamut is sort of flat if that makes sense. Yeah, yeah. I watched the VIX indicator really I watched the VIX all day and you know one minute bars and, and if, you know, if the market is dropping and the VIX is going up I have, you know, I'm not looking to really buy dip until the VIX starts to turn around when the big sort of bottoms starts to turn, then I have a little more confidence to sort of lay into playing you know by the dip type situation. And I think that's just really an expression of, you know, what the market is pricing on a very short term basis in terms of volatility. Yeah, that was actually another question I had for you is like you must be watching the VIX very very closely. Because then then that that's what's moving first. It sounds like and then and then you're looking for the reaction after that. Yeah, yeah, and obviously you know the VIX is just an expression of what options are pricing right so you know it's just calculated straight off of what the, what the SPX options market is implied balls are so you know that that is really the VIX is just directly an expression of, you know, options prices and so if you think about that and you know when they're turning, you know that that can be an important sign and a lot of times you'll see big moves sudden moves in the market and there's no news and there's not really an explanation for it. A lot of times those could be option prints and if you look at the take you'll see somebody bought a thousand, you know, at the money SPX calls and that need to be hedged and that's why suddenly we move, you know, we jump 10 points and you see like a stop run or something like that. So there's a lot of times you'll see these these moves that are directly I mean you get time into the second with an option sweep. And so, you know, those types of things are happening all day. And a lot of times the VIX will sort of express that for you or you'll be able to see sort of that show up as Christ in the VIX. Right. And there's a lot of people that also just trade options off of this, you know, data, I mean, you know, the futures is I think an excellent way to play between swings and moves and things like that. But, you know, there's a whole bunch of different trading styles that can be expressed around. I think these levels are not sort of locked into one box. I don't know if you're aware, Brent and Walter that bookmap can now connect to the VIX as well. Yeah, that's what I wanted to say. Yeah. Thank you. And that's what it was the way I wanted to cut in as, as I mentioned correlations for my point of view are extremely important. So Brent mentioned weeks weeks I'm looking the weeks, the VXX, the ETF, the SPI. And as Bruce mentioned, you can also have the VIX index in bookmap very easily so that you have everything on your, let me say fingertips, so that you can look in parallel and yes and QYM VIX and the VXX. For example, SPI as well. Absolutely important to see how is the SPI developing and then you will see sometimes like yesterday it was yesterday it was strange as Brent mentioned. The weeks was up and the years was up to that was really as you remember or chat it was really strange situation yesterday, even after the MOC it always it's always 10 minutes exactly 10 minutes before the close. It was up, up, up and that was a little bit scary to see that. But I would like to, yes, what do you want everyone to have a look at the VIX and if you are using bookmap, then subscribe to the X feed you will get everything you need to have an comprehensive view on the yes. Yeah, yeah, I mean I have not looked at it yet to be honest and connected to it but I certainly want to want to check it out now. I would also know that the people have taken this gamma data just the raw data so you can download a historical that historical data set from my site going back to just 2018 but there are people that trade futures off this game and data and I would imagine you could probably devise a big strategy as well off of some of these levels so you know there's there's interesting things that you can do outside of just ES you know if you were looking at some of the other other products. Yeah, and also to note, I am working on adding in NASDAQ levels as well and a lot of people are asking about that now the NASDAQ tends to have a smaller options complex than the SPX and so historically and I've looked at it the other way and I just haven't been all that interesting and all that pertinent but you know admittedly things may have changed in the last like two, three weeks here. Right, right. Really, I mean this has just been fascinating guys like really really enjoying your presentation David others are saying is the same thing here as well and lots of lots of compliments coming in for this presentation. Thank you for asking. Yeah, and then guys feel free here I'll put the date I'll put all the information back here into the chat. Feel free to reach out to them directly. If you have other questions or if I didn't get to your questions here, you can reach out to them directly they they're their data or their information is in the in the chat there. Well as thank you Brent I got the handout I got the presentation slides. I put it into handout folders guys you can download it right there. Okay. And let's see. Philip is asking about pre pre market open or the before the open here. Yeah, the spot gamma levels relevant as well. Today were some resistance at the L zero, the level zero spot gamma level. Yeah, so the overnight sessions really interesting that I think that they, you know, it's a 24 hour market so market makers are required, I think to sort of hedge bigger, I think they hedge bigger moves they don't hedge maybe as consistently. The other thing is that the options market itself is not open until like 2am and there's very little volume trading there so I think that they hedge big moves. If you remember that sort of Iran bombing example I brought up. I think they'll hedge big moves but the effect is not quite the same. What's interesting is that and I have some back that I should have put in this in this presentation that I map out the the expected moves for the market for the overnight and the day session and what's interesting is that the for both the day session and overnight session there's more volatility in the day session than the overnight sessions. So I don't know if all of you are familiar with that idea that the market makes most of its gains overnight. But if you sort of sold the clothes and bought the open you outperform my test session by like two to one or something. I'm probably messing that up. Hopefully, that's you all seen that study. And so I thought that maybe gamma had a plan that and so what's interesting is that you get more volatility in the day session than the overnight session which really was kind of contrary to us was thinking but in that context the overnight session stays within the confines of the sort of that positive gamma negative gamma distribution if you guys remember those dots that I was showing. Meaning that there the same phenomenon exists it's not like overnight that market makers don't apparently do anything they clearly do something. The movements overnight seem to respect the, the cash levels. However, as far as, you know, will the market bounce rate at a certain level that I put in book map I have a little bit less confidence, particularly some of the smaller levels and an overnight session that I do during the day just because I don't think the market makers are interesting. So, so, you know, obviously, I mean you have a, you know, London session and other, you know, large players, but you're saying that the volatility in terms of the gamma is during the cash regular market hours, compared to the overnight but the overnight has bigger swings in the futures market. So the overnight seems actually I have less and that seems to actually be particularly pertinent to when there's a negative big negative gamut in the market, so you get more sell you get a larger sell offs in the cash session than you do in the In the day session so I'm trying to dig up the link to that real quick and I can post it in the chat for everyone to see. So, you know, the two sessions run. And the other interesting thing is that when you, you know, in terms of holding overnight risk a lot of people I think get nervous and things like that and, and if you look at the data and actually, I think it helped you again with the position sizing and sort of maybe playing larger swings because the statistics are on your side in terms of how big of a move to expect, you know, if you're the type of guy that holds for, you know, multiple days or something like that. I mean, I guess that makes that makes sense then as well like if it goes below the zero. During the, you know, cash session I mean that's going to be significant. Yeah, and not, you know, and not only that when we're already below zero if you sort of subscribe this idea that we have negative gamut dealers are selling when the market goes lower. They're just expanding the price rings in that respect. And another thing sort of, you know, think about this and we didn't talk about this and but you know when you, when the market is in control of calls the way that people trade calls and trade around calls is fundamentally different, you know, maybe not today because it was whacked out world around but in general puts are much more sensitive to implied volatility right so you need to be more active with your position than you would maybe with a call position because the puts are so sensitive to imply ball. So if you have a bunch of puts right now the market goes down to 3% you're probably going to roll those puts out you're going to make some adjustment right if you hold those because you know that even if the market just sort of settles down implied ball will come down and you're not maximizing your profit or maximizing your head right. Well if the market goes up to 3% against your calls they're not going to be as sensitive like implied ball is going to come down. And so you're maybe more likely to hold those calls and let and see what plays out that makes sense. So, yes, if the market drops and your puts going to money you're going to roll those puts down or close them right so when you do that. And everyone does that in mass. What that's doing is dealers who are short puts are suddenly now flat right or they're they have less puts than they had before. So when they were short of 1000 futures let's say and a whole bunch of puts just got closed well Matt maybe now they only need 800 futures and so they're going to buy those back so that that concept of just where what's going on right now are we in call are we embedded by calls right now are we embedded by puts that the way that people are trading and moving around you know with those put positions versus call position I think is a big reason there's so much change in volatility. If that you know if that makes sense I mean where we have record long call positions right now in in equities right and I and this is a whether you want to say this is retail people and whatever else, you know, whoever someone's make a lot of money right good for them. I calculated as of two days ago that 40% of the most concentrated equity positions are in the 619 expiration. So what that is telling you that is that if we have all these guys long calls and theoretically those deals are hedged with long stock right because the deals are short those calls on 619 those positions are going to go away. So, what's going to happen, you have, you know, theoretically guys, the deals are short, excuse me the deals are long a bunch of stock, and then maybe you won't need all those stock positions anymore right now. The positions could get rolled out people could start trading them slowly over time whatever it may be. But my point is the same that the last time we had record call positions was at the end of February. I don't think there's any coincidence that we saw record call positions and then they those expire and then the market, you know, drops. Now maybe it's yet coronavirus and some China headlines or whatever over that weekend so you have the right setup, and the market sort of get some bad news and bad news suddenly really matters right in the market tanks. But, you know, so you had a catalyst in this perfect setup, and you sort of have a very interesting, you know, this is sort of mirroring that same situation. But I mean the point is, is well taken. And there's definitely something to it because the coronavirus news had been out for quite a while, but the market did not move. In fact, it continued to grind higher. It wasn't until like what you're noticing here and that star on on that on your chart. And I would, you know, I would, I would know something else. I mean, this whole market climate. I mean, yes, we have massive, you know, fed stimulus and I'm not an economist and I'm not even going to, you know, pretend to understand that whole world. But I would just note that, you know, we have this rampant call buying and, and, you know, riots don't matter and, you know, coronavirus infections don't matter and and bad China news comes back out still doesn't matter. You know, all these sort of things are not not even stopping the market from going up. You know, we're up 10% in the sense of the last options exploration. News seems to matter more negative gaming environments. And so, you know, the, I just find that I just find that fact very interesting. I mean, make of it, you know, what you what you sort of will. Yeah, yeah, well, we'll be looking for that that date with the with the quad quad witching. And I guess we'll we'll find out. Yeah. I think I put the link to that. I just put a link in the screenshot to the overnight versus day chart. So everyone is interesting. You can pop up and take a look. Okay, where did you where did you finish it. Okay, let me, I think you might maybe it went to me here. Okay, so make make sure you it says to all entire audience and then send it. I think I did. Okay, yeah, I still do not see it in there. Okay, yeah, now, now there, I think that's it. Yeah, yeah, got it. Excellent. Okay, one, one other question. I was just curious, Brent, about any sort of like studies or correlations between the options on close versus the overnight session after I'm sorry, say that question again options on close. I feel like at, you know, at four o'clock and then then the following overnight session. Yeah, and the relationship there. Yeah, you know, I think that link I just sort of sent you I think sort of sort of is my most detailed study of sort of what the correlation and what the link is there. And the two sessions. You know, the overnight session seems to really still respect sort of the gamma price distribution, I guess is sort of what I'd say. And so, you know, you have other players, I think step in, you know, Asia and the like that are that have other access to grind so to speak but a big enough move will still be met I think by, by dealers having to get some certain things done I mean they need to hedge is 24 hour business. And so, you know, I think that's why we see the overnight session stay within confines of the expected, you know, price distributions. And in terms of, I have more confidence in the cash session, because the options markets are open. And that actually sort of leads to an interesting point. You know, I talked about that I ran bombing and why the market bounce at zero gamma. The options market was not open at that moment. And so, if you think about what maybe would have happened if the options market was open and Vic spikes. That suddenly changes the way that dealers maybe need to hedge right because a big spike is telling you puts are worth more. And so if I'm short puts I need a bigger hedge right I need to adjust how it is I'm going to operate because those options are something going in my face. So, so that could be one reason that there's more volatility in the day session because you have the active vix versus, you know, a lot of that overnight session, you know, may not be the same thing. The options market does open at two in the morning but it's, you know, sort of interesting concept that have been studying. I have one more question for you regarding book map in the order flow. I've had this, you know, I haven't I personally have not looked at options. Just been so busy with so many different things at book map, but it just seems to me that I mean you can just scoop up some incredible prices like when the implied volatility expands. Let's say, let's say prices dropping, you know, very quickly, but into high levels of liquidity and you can see that they're staying in the book and absorbing. Have you found any sort of like, you know, kind of trading strategies from from that. In book map using yes. Yes. So, well, well, I mean, the biggest strategy I'm looking for are, you know, I have this, this narrative and I think this is what you're asking is, you know, this narrative what I think the market should do based on, you know, being a positive gamma or negative game environment and then, you know, what are those levels that are laid out for me? You know, book map as you see, you know, the spot game levels on the screen and so, you know, the convergence of those things and again, you know, Walter stop run and delta indicators and the TDW indicators been very helpful because I have a belief that the market's going to turn as you know in this, in this business it's kind of four shoes and hand grenades right like you want to try to get close with a lot of these levels but it can be tough to pick the exact bottom or the exact top right. And so I'm looking for the change in market tenor around my levels that sort of fit my narrative. And then, you know, then I know that I can, you know, take a shot if that makes sense. So the visualization of the liquidity, how the market's actually reacting at a level. It doesn't confirm what it is that I think is supposed to happen right do I think it, you know, it's supposed to be about a dip sell the market is that look like what's happening right now. I understand. Do we get a stop run into a level that I know is it is a big options level and there should be support there. And then I can play that mean reversion. So, so what book map has really done is, is allowed me sort of to confirm beliefs or and or watch levels that I think matter and then I know that I can make plays off of those levels because book map is actually giving me like, you know, the actual words to the story like I know the story in my head, but the map is telling me okay here's here's like chapter one this is exactly when you start. That makes sense. Yeah, no, absolutely. That's why I got this has been just such a, I think powerful presentation of understanding the bigger picture here with these spot gamma levels. And then, and then Walter looking at the order flow to support that bigger picture and those levels. Yeah. Yeah. So, so like, for instance, right now, if you look at in my book map I have a big yellow bar, you know, 3220 is sort of this yellow area and so we have this combined profile indicator which which Walter was talking about and that we have 3224 and SPX so you have to adjust that a few points for for futures right few few points down that that's a very big game there's a lot of positive gamma at that level, which means there's a big call position sitting there. And so, you know, I just find it fascinating like why why would 3220 have this liquidity posted out there. You know, I don't these things seem to correlate all the time. Yeah. Yeah. Okay, well, I think we've gotten through all of the, all the questions here. And really just want to extend thanks to both of you. This has been really fascinating and enlightening presentation. Thank you very much. Yeah, yeah. Okay, well, guys, thank you. And we'll have the recording up soon. And I'll send you Brent and in Walter the link as soon as I get it as well. Great. Thank you. Thank you, Bruce. Thank you, Brent. Yeah, thanks for your time to Walter and hope to hear from everybody soon. All right, guys, take care. Bye bye. Okay. Bye bye.