 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all Bookmap limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities and options involves substantial risk of loss and is not suitable for all investors. The focus of my presentation and the focus of the options dash Doug chat channel and Discord is options order flow, the impact of options markets on stocks and futures and the influence of market maker hedging flow on price action. I have a two step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step of my process is execution and I look at real time order flow in Bookmap and real time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And on topic questions and comments are welcome and I will be watching both the options dash Doug chat channel and Discord and the chat and YouTube. So again, please post your questions and comments. All right, let's get started. What I want to cover today, go over, wrap up the news items and economic economic data and events for the week. And then I want to do a quick review of yesterday, how you could have planned and recall the large cap tech stocks, especially have been very strong this week and show how you could use part of my process in your planning for long setups. And then we'll go through our positional analysis and then I'll talk about my plan for the day. I had a very specific plan and then we'll go over setups. All right, so first of all news and today the consumer sentiment mission University of Michigan consumer sentiment came out at 10 a.m. and it was lower than expected and lower than previous. And initially the market interpreted that as bullish and then quickly reverse lower a few minutes after. And then of course today is the big monthly expiration. And again, remember there was a for SDSPX and AM settlement for the monthly and then the weeklies expire at the end of the month with the rest of the equities. All right, so that is the news. And then next week there's the FOMC meeting announcement on Wednesday and that Wednesday is also the VIX expiration. All right, I want to talk about and we'll look at that in more detail on Monday. Talk about the FOMC and what the market is pricing in as far as what they expect the Fed to do on Wednesday. All right, so first I want to do a review of yesterday and again, remember this week large cap tech stocks have been very strong. And I want to take a quick look at something from yesterday. So again, this is yesterday and I talk about this every day as part of my planning. This is my key gamma strike list and I look at the current key gamma strike and that's in the D column and I compare it with the key gamma strike for the previous day. And then I color code these green if that key gamma strike increased from the previous day and red if it decreased from the previous day. So this was part of my planning process and I'll go over this for today as well. So the next thing I want to take a look at, so the point here is you're looking at this and I look at the changes in the key gamma strike to give me some directional bias in my planning and generally if this key gamma strike is rising, I'll go into equity hub, spot gamma equity hub and do further investigation and see if some of the additional levels were increasing as well. The put wall, the call wall and again that's a, I take that as a bullish signal. Generally, typically again that's a bullish signal. So I'm looking at primarily here AMD, Amazon and Google. So this is yesterday. So that is again part of our pre-market pre-open planning and then the next step is to watch the hero signal after the open and I typically post this in Discord and notice here, now Google's not on this list. I have included that in my key gamma strike list but I have, I keep this list to this size so that I don't have to scroll in the hero dashboard. So Google is not on this list but AMD and Amazon are and the thing to notice. Remember the key gamma strike increased in AMD and Amazon from the previous day. So that was one clue to look for those stocks to look for a bullish setup in those stocks and the second clue after the open was just to watch this stock screener in the hero dashboard and notice these hero signals were strong. They're not as strong as they have been recently but still very strong, especially compared to the other stocks and what this is showing, it's comparing the hero signal today for the last 30 days and that I, you probably can't see that there is a slightly gray area that's showing the range for the last 30 days and then the colored, it might be easier to see an apple here so in apple, this light gray is showing the range for the last 30 days and then the colored portion is showing the range for the last five days. So this is indicating for apple for example that the hero signal is stronger than it has been, let's say about 80, 85% of the time in the last 30 days and then maybe two thirds of the time in the last five days. So overall and especially compared to the other stocks, all of these stocks had a strong hero signal. So that was another clue to focus on, instead of focusing on all these stocks and getting distracted and I'm guilty of this as well but the idea here is to focus on those stocks that have the rising key gamma strike, watch the hero signal after the open and this is confirming that traders are still interested in these stocks they're interested in buying calls and expecting higher prices with a strong hero signal. So again, they're either buying calls and or selling puts in these stocks and that can help to move the stock higher when traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. So then finally, and here's AMD and notice the strong order flow at the open and also the breach of the call wall early in the morning right here and Spot Gamma has recently discussed this as an accelerant, all of these. So there's at the key gamma strike in the call wall a high number of calls and these calls go in the money, traders continue to buy calls and that can fuel move much higher as shown here with AMD. So as price continues to rise, these calls continue to gain value and remember, market makers are short calls so they have to buy stock to hedge their delta exposure. They wanna remain delta neutral. All right, so that's AMD and then finally here's Amazon. So that's just a quick run through of the process for yesterday and notice here, Amazon opened below the call wall in key gamma strike and that was the final target for the day and once price reached that level it chopped around that level for the rest of the day. All right, so I just wanna go over that. That was a reminder to myself as well as everyone else to just to follow a fairly simple process and it can pay off. Okay, so that was the review of yesterday. Now let's go through our positional analysis. So let's go to the charts here and this is the, this is book map, the S&P 500 futures ES and before I dig into this chart, I wanna take a look at a larger timeframe and this is the SPX, a 20 day one hour chart just showing price and the key gamma levels from Spot Gamma. These levels are provided to Spot Gamma subscribers in a think script that you can update, download and update manually every day with the new gamma levels and I'll just point out the key levels here and then I'll talk more about these, provide a little bit more detail. So there's the put wall at 3,800 and now the, here's the 3,900 level that was expected to act as support today and then 3,950 has been acting as resistance and then here's the 4,000 level. That is the key gamma strike again. So yesterday, remember the key gamma strike for SPX made a brief visit of the 3,900 after being at 4,000 for weeks and weeks and now it has returned back to 4,000 and then the call wall up at 40,65 and now the volatility trigger is at 3,950 also. So again, I'll discuss more about exactly what these levels mean in a few minutes. So that is a 20 day one hour chart. Now let's take a look, I wanna take a look at another think or swim chart and this is the another think or swim chart showing the same levels just on a smaller timeframe. This is a one day, one minute chart and this is showing that price reverses, opens up above the 3,950 volatility trigger level, tested a couple of times moves lower and this is also the upper edge of the expected move for the week and this is based on the options market and showing now that price is trading below that 3,950 level and the 3,942 level which is the upper edge of the expected move and the 3,900 level did act as support so far today and that was noticed as support in the Spot Gamma AM Founders Note. All right, let's take a look at book map now and I'm showing the same levels on my chart here. I have two columns of notes showing levels. This is from Spot Gamma. These are the Spot Gamma cloud notes provided. Spot Gamma provides these levels daily for a variety of platforms and for Spot Gamma, for book map, these cloud notes are updated automatically and they're showing the key SPX levels and also combo levels, spy and SPX. There's none, none of those levels are in play here. So this is the 3,950 volatility trigger level and then a Spot Gamma's proprietary Gamma flip level and that indicates that market makers position below that level is negative. Their Gamma position, their position on the Gamma curve is negative and that means that traders are long puts, market makers are short puts and they have to sell futures in the direction of price to hedge their Delta exposure. That's in a negative Gamma environment and in a positive Gamma environment above that level they have to sell, they have to trade futures against price to hedge their Delta exposure. So that in a negative Gamma environment below that level market makers trading tends to increase volatility since they're trading with price and above that level it tends to subdue volatility. I'm just gonna scroll a little bit so we can see here down below the 3,900 level acting as support and this is also showing one of the combo levels. SPX and SPY converted to an equivalent SPX number and then converted to an equivalent ES number. So right now Spot Gamma is using a 30 point difference between ES and SPX and I calculated it this morning at 32 points. So I'm showing that 3,900 level up just a couple of points and this is in my cloud notes and I'm showing these key SPX levels. There's that 3950 level and then I'm also showing SPY levels and that's the SPY volatility trigger at 394 and there's the upper edge of the expected move. This is for ES. So it's gonna be a little bit different than SPX and then finally I'm also showing big round numbers for ES and that's the 3950 and ES. All right, so really the same thing holds here. Here's the reaction at the 10 a.m. data. Initially bullish and then price quickly reverses lower and shifts from bullish to bearish and let me, I'm gonna have to adjust the volume dots here a little bit larger, it's easier to see and you can see the shift in order flow. All the green dots, these are market buy orders up to that level and some stops fueling that move higher that's shown by this rising orange line here in the sub chart. Those are showing buy stop orders and then order flow quickly shifts bearish. All the pink dots are showing market, all the pink dots are showing market sell orders. These are aggressive sellers and moving price much lower and that fuels sell stop orders and also notice the dark blue lines, the yellow lines, the stop orders, the blue line is CVD cumulative volume delta and that is pretty obvious when you just look at these dots and then also notice the large iceberg orders coming in right after the open and that is shown here. It's easiest to see with this drop in the light blue line. Okay, and then so a quick drop down to finally a test of or absorption just above the 3,900 level and now price is trying to increase and we'll take a closer look at this setup in just a few minutes. We'll look at HERO, that is the Spot Gamma hedging impact of real-time options and we'll see what options traders were doing and they were definitely helping to drive this move lower. So that made for a great short setup in the S&P 500 and there's a question in YouTube, how do you project those lines in the chart from the cloud note? So I use an add-on in the book that's available in the book map marketplace called price lines and here it is right here, price lines and I have data that feeds this add-on and I have two files, one for futures and one for stocks and then this is my column of cloud notes here, the C levels. So this add-on reads those levels, marks the, draws the label and also draws the line. So all I have to do is fill out the new levels on the spreadsheet every day and that's part of my pre-market planning and preparation. All right, let's talk about shifts in levels now and there were quite a few, almost all bullish, especially for the NASDAQ. So let's start with the S&P 500, the volatility trigger for spy actually dropped just one point from 395 to 394 and again, I've talked about the volatility trigger and the put wall that's the strike with the largest net negative gamma can be expected to act as support for spy it increased from 380 yesterday to 390 today and I interpret that as bullish and then the call wall yesterday on spy from spy shifted from 430 down to 397 and I don't necessarily interpret that as bearish since the 430 strike was just way out of play and the 397 strike makes more sense and then finally for SPX the key gamma strike increased from 3,900 to 4,000 and that's the strike with the largest absolute gamma that can be, that can act as support resistance or a magnet for price and then also for spy, the key gamma strike increased as well from 390 to 400 so especially the increase in the spy put wall and key gamma strike and also the SPX key gamma strike from 3,900 to 4,000 on the surface I interpret that as bullish all right then for the NASDAQ the, for both the NDX and QQQ the volatility trigger zero gamma levels put wall, call wall and key gamma strike with the exception of the QQQ call wall all increased so very bullish for the NASDAQ which makes total sense given how well large cap tech stocks have performed this week all right let's take a look now at the gamma charts and this will provide an illustration for what I was talking about so here is the SPX absolute gamma levels and this is the zero level showing call gamma or positive gamma above that level with the black bars and negative gamma or put gamma below that level with the teal bars let's just zoom in on this making it a little bit easier to look at so here's the 4,000 level the key gamma strike or absolute gamma strike they're the same thing and then there, well let's see way down I zoomed out too much or zoomed in too much let me try that again actually I need to do it one more time sorry about that wanna make sure I get the put wall and call wall in here so there's the 4,000 key gamma strike and down here the 3,800 put wall the strike with the largest net negative gamma that can be expected to act as support and then the 40,65 level it really doesn't look significant here but that's the strike with the largest net positive gamma and that can be expected to act as resistance and the reason it is this strike that is the call strike of the JPMorgan collar that expires at the end of the month on the 31st so that's the SPX let's take a look at spy so now spy the 400 is the key gamma strike 390 at the put wall and that's pretty obvious the strike with the largest net negative gamma and then the call wall at 397 all right let's take a look at a couple of other charts here first of all the combo levels and this is combining SPX and spy levels into one level an equivalent SPX number and note the put gamma again below negative gamma below the zero level call gamma above and this is the kind of a zero level there this is just around the volatility trigger at 3950 so you can see the put gamma negative gamma below that level call gamma or positive gamma above that level and again that's right around the volatility trigger and then finally what I want to take a look at is this delta expiration delta notional by expiration and this is for the NASDAQ and the S&P 500 SPX by QQQ and NDX and this is the March expiration right here this is the 317 expiration that's today again showing delta uh... positive delta above and uh... negative delta put delta below and note this is a put dominated expiration the put bar is larger than the uh... than the call bar all right let's take a look at the NASDAQ now and for the NASDAQ we'll just look at QQQ and so for QQQ the key gamma strike moved up to 305 it had been at 300 for quite a while and now it has moved up to 305 so that's the key gamma strike and also the put wall moved up from 285 to 290 today the strike with the largest net negative gamma and then the call wall the strike with the largest net positive gamma it remains at 310 so that's QQQ all right let's take a look at data now let's see what there's one other thing I wanted to take a look at let's go back and uh... one thing I meant to point out is the the addition of the call gamma here for spy in the 394 uh... to 400 level and then also there is still a dominance of a put gamma below the 400 level but this seems that I think this is a recent uh... this is an addition uh... for today this is new this call gamma between 395 and 394 and 400 and again remember 394 is the volatility trigger for spy all right let's take a look at data now and this is the founders notes spot gamma AM founders note and i look at the gamma notional every day this is market makers position on the gamma curve and this is s p x in the left column spy in the middle column and q q q in the far right column and for the s p five hundred these levels are still negative but less negative than yesterday so yesterday s p x gamma notional was minus six ninety nine and it has become less negative today to minus five forty eight and then yesterday spy gamma notional was minus twenty four forty which is quite negative to minus fourteen thirty today and then yesterday q q q gamma notional was minus two seventy six and today had shifted slightly positive at twenty so the given the big rally yesterday in the drop in vix i think a lot of that uh... put vana fuel could have could have happened today uh... was was spent yesterday that was it i i a big driver the put vana rally a big driver of the the rally yesterday and what i'm talking about is uh... you know think again the think about again the spy gamma notional uh... market makers position on the curve uh... gamma curve was quite negative yesterday at twenty four forty so traders had been paying uh... very high prices high vixic i got up to about vix got up to about twenty nine so traders were buying very expensive puts and when implied volatility started to drop and price increased those puts quickly lost value in that negative gamma situation traders are long puts again market makers are short puts and they have to sell futures to hedge their delta exposure and as price increases and applied volatility drops those puts quickly lose value and market makers delta notional decreases and they can buy back their short futures so that was a big driver of the of the rally yesterday and you can just tell by the big drop in gamma notional especially for spy as was the big drop in vix yesterday and then finally for qqq again the increase from negative to uh... slightly positive let's take a look at the banner charts and that would be uh... that's a graphical illustration of what i was just talking about so here's sbx what this is showing is market makers delta exposure delta notional and the vertical axis price and the horizontal axis and this is showing how market makers delta notional changes with changes in price and applied volatility that's shown by the green curve and this is showing that market makers delta notional will increase and this is for today still market makers delta notional increases price drops so at least with the sdp five hundred market makers still uh... position on the gamma curve is still negative and they still have to hedge in the direction of price uh... to hedge their delta exposure and then the green curve is showing how that delta notional changes with changes and applied volatility and that's the banner effect the change in delta with a change in applied volatility and we can see how this is changed from yesterday in the previous days so becoming less steep and here's spy this is for today and here that that's a pretty significant change from uh... yesterday to today and this black line is showing how market makers delta notional changes as time passes and that is the charm effect the change in delta as as time passes and then finally qqq notice very neutral today alright so that is the that's the gamma notional finally let's wrap up the positional analysis here with the key gamma strike this is for today key gamma strike list and this is comparing yesterday and we looked at this before this was in the current key gamma strike from yesterday so I shift this d column over to the e column and then I enter the new values today notice all of the green here all these key gamma strike increase increases from the previous day with the vix dropping so all this is bullish so this means that traders are uh... anticipating looking at uh... looking anticipating expecting higher prices in their position themselves at higher strikes in the options market okay so that is the uh... that's the positional analysis given all this normally my thesis would be bullish except this is the the a large expiration so end of week end of month expiration and traders have been buying calls all week some of the large cap tech stocks have risen risen by uh... double digit position percentages this week large increase so my plan was a little bit different so if i saw all of this earlier in the week i would definitely be bullish but at the end of the week especially in this large cap tech stocks i was looking for uh... a call gamma unwind so what that means is that you know traders have been buying calls all week you look at amd and uh... buying calls all week these a lot of these stocks have uh... calls at current prices are are much higher and if traders start selling calls uh... and or price decreases these calls quickly lose value and remember market makers as traders buy calls market makers are selling calls and they have to buy stock to hedge their delta exposure now traders continue to buy calls this today then this call gamma unwind may happen on on monday again what that is is these calls lose value uh... is expiration approaches that's the charm effect change in delta as time passes and it it accelerates closer to expiration these calls lose value and market makers can sell their long-stock edges they don't need them anymore their their delta exposure is decreasing and let me show you what i was talking about what i'm talking about i don't know why this page does that alright so what this is showing is uh... couple things let's take a look at apple first so first of all i'm showing uh... this this is uh... spot gamma equity hub showing expiry gamma percentage so that's the amount of gamma that is is expiring at the next expiration and we can see over here that next expiration is today so this is showing all of this expiring today and anything over according to spot gamma anything over thirty percent is significant so for all these stocks the gamma expiring today is greater than thirty percent what i did i looked through this list and i look see this this is the equity hub composite view chart showing put dominance in red and that's below the one sixty level if you can read that or not it's uh... maybe a little bit difficult to read that's the one sixty level and then call gamma above that level so these calls if traders are not uh... not buying more calls today these anyway these calls that expire today are quickly losing value uh... due to charm and market makers can sell their long stock edges so there's apple so this was on my list call gamma unwind list looking for shorts same for amd this lighter kind of oranges red indicates the position sizes not not as large as we saw an apple with the dark red and dark green and the scale is is shown here but still showing below ninety seven put dominance call dominance above the ninety seven level so that stock was on my on my list the next is amazon and this is the one oh one strike showing put dominance below call dominance above meta two hundred level put dominance below call dominance above microsoft that pivot line at two seventy five and then finally and video and that pivot line two fifty five and that's also the key gamma strike friend video so all those stocks were on my list looking for shorts today right there's a question to you to do you think today's call gamma addition may be stock replacement strategy you know i i could be i guess that really doesn't come into play in my thinking so my thinking is that traders are buying this can in a bullish market this can happen every week traders buy calls that expire at the end of the week so in the beginning of the week you want to look for bullish setups you want to look for stocks that uh... were traders are buying calls and you can buy calls you know that it uh... expire in the end of the week and you can hold them or take them off at the end of the day or you can buy shares uh... for day trade or a swing trade warren uh... and then anyway at the end of the week those calls start to lose value market makers again have been buying stock to edge their delta exposure they no longer need those long long stock shares to hedge uh... for their delta exposure and they can sell their sell the stock so that's what i was looking for today all right and that's the the list of stocks that i was looking at so let's go to go to hero now and sorry about the refresh there i thought i had uh... fix that in in chrome so anyway let's start with actually the thing that i want to start with is this uh... hero signal and i posted this and discord and let me show them this is what i i posted at at around ten a m and i post this almost every day in discord this is the list of stocks uh... my hero watch list and what i was noting here this is in alphabet order but i was looking at the week signal so again remember that was on my list had a weak signal a hero signal in the morning so this is showing that it's in i'd say about the twentieth percentile for the last thirty days maybe about the same for the last five days shown by this color slider here so looking at that uh... in the morning so that was my starting point so actually let's take a look at we'll take a look at metta first and notice now the i'm ranking this watch list by the weakest signal notice now that here this hero signal is very weak for nvidia spa spx metta qqq tesla right so let's start with metta and then we'll look at uh... look at the other stocks so there's metta and that was just a very uh... you know this was just a a set up where everything comes together uh... assuming on the morning so here is hero signal dropping from the open traitors are taking short delta positions and we'll take a look and uh... just uh... we take a look right now so well let me just show you where this set up the uh... the short so price rising with hero dropping and then this was the the short upper short set up right here on the turn break so we can separate out the puts and calls signals so this is exactly what you want to look for uh... with the call gamma unwind is traitors are selling calls they've been buying calls all week uh... they're selling calls today so market makers don't need to buy stock because traitors are selling calls today they can sell stock because traitors are selling uh... calls today and then they can also there uh... the calls that traitors have been have been buying are quickly losing value of traitors are not selling them already all right let's take a look at book map now sorry about the dots here this is uh... there was a very large opening print on just about everything today that's shown by this huge huge green dot showing the opening print and i'm gonna zoom in on on this morning session here another thing i want to take a look at is this cumulative volume delta now this opening print obscures it but you can see the shift these green dots so market uh... buy orders coming in and then a shift to more pink dots market sell orders just below the two two oh two level so absorption just below that level and there's the trend break and again remember hero is is negative traitors are selling calls and then price reverses lower and there's the the short set up with targets first target at the two hundred key gamma strike key delta strike and then liquidity targets below one ninety nine and one ninety eight so this is a set up where everything came together your plan the hero signal confirmed it and then price action and the actual uh... hero on the chart confirmed it as well okay uh... martos i hope you're i hope i'm pronouncing that correctly you're welcome thank you thank you for your kind words alright so there was the set up and uh... in meta right let's take a look at some other stocks and we'll go back and uh... just go through these uh... one by one and again sorry about the the change in dots but the you know the huge opening print uh... kind of obscures everything else so there's apple and let's go take a look at hero now in just in case anybody's not familiar with this this is hero the spot gamma hedging impact of real-time options the blue line is showing puts orange line is showing calls these are shown in terms of delta so a falling blue line means that traders are buying puts and a falling orange line means that traders are selling calls and then there's the combined signal uh... definitely bearish traders are taking negative delta positions and let's go take a look at apple i'm gonna put this back in alphabetical order take a look at apple and the signal was not as clear and apple but definitely uh... definitely a bearish confirmation here uh... just after ten a.m. just after the consumer sentiment data let's go take a look at book map again there's apple and you can see the same shift in in order flow green dots above pink dots start come in at the one fifty six fifty level and the price moves lower down to the one fifty five call wall key gamma strike level and then price seems to be uh... oscillating up and down around that level one thing that we can do well that's we'll leave it at that so there's the there's a uh... short set up an apple again based on uh... based on the plan confirmed by order flow and hedging flow stick look at a m no less we looked at meadow will look at apple let's look at invidia and he was not as clear so we'll go to invidia and there's invidia uh... same shift in order flow right after the consumer sentiment data shifts from bullish to bearish price targets at the two sixty call wall level and let's scroll zoom down just a little bit and then there's the uh... couple of larger price targets a price continues lower at the two fifty six level and then two fifty five key gamma strike water flow has definitely been bearish all day except for the right at the open cvd falling all day and notice all the pink dots there market sell orders let's go take a look at hero and see what options traders are doing and invidia and again note the week hero signal here now he was wrong to all heroes week as weak as it has been in the last thirty days and weaker than it has been in the last five days week hero signal and there's very often a very strong correlation between options trades and price action in invidia let's just see what traders are doing so they were selling calls buying puts started right after ten a m and price started to move lower so another set up confirmed by uh... your planning process the uh... the call gamma online confirmed by order flow and hedging flow right let's take a look here's qqq let's just take a look take a look at and equity hub that was really not on my list but it there is some and significant call gamma but with all these tech stocks dropping it's uh... you can certainly expect uh... qqq the index dominated by those stocks uh... to respond as well so another way of trading it strong correlation between hedging flow options trades and price action let's take a look at book map and the same really kind of this the same order flow here strong right run up right after the ten a m data ending with a uh... by sweet those very small right green dots up into the three oh nine c one level that's a combo one level meaning it's uh... ranked from an importance from one to five one being the highest so significant gamma level for qqq and india's combined and then the shift in order flow from green dots to pink dots bullish to bearish three oh five key gamma strike was the first target and then price drop down lower it now seems to be uh... potentially heading lower again all right let's take a look at tesla and then we'll uh... will wrap it up uh... with the s and p five hundred so no tesla was not uh... was not call dominated this will take a quick look in equity hub at tesla actually it was above above the two hundred level so some calls but not as significant uh... as the other stocks that we looked at meta and video apple take a look at hero another week signal and there's always a strong correlation between hedging flow and price action in tesla so the morning traders were selling calls and buying puts let's go take a look at bookmark here tesla drop down lower initially did a retest of the upper edge of the expected move and then shifted lower and cumulative volume delta has been uh... decreasing all day and the the shift in order flow here is not not quite as apparent as some of the other stocks that we looked at was a zoom in on zoom in on the morning session so still still readable here very bored uh... bullish order flow up into just a couple minutes after the data absorption there shown by that that pink number and then order flow shifts bearish the price dropped down to the first target at the one eighty two hedgewall the liquidity there and then the one eighty keygamma strike also the high liquidity at the one seventy eight level all right let's wrap it up with the s&p five hundred let's take a look at spy we've already looked at at the e s s&p five hundred futures so there's the same reversal right after the consumer sentiment data the my sweep going into the three ninety four volatility trigger and then the shift lower let's go take a look at hero and here note the support levels at the there's the thirty nine hundred s p x thirty nine hundred right there trade uh... price trading below that now and then the three nineties spy three ninety putwall so remember the putwall for s p x is at thirty eight hundred but the putwall for spy is at three ninety all right let's take a look at hero and then we'll uh... and then we'll call it today so here is right showing all this s&p five hundred this is showing a combined signal s p x spy and excess p which isn't insignificant uh... compared to s p x and spy so this is showing uh... traders are taking negative delta positions all day in s p x and spy leveled off here from well around ten thirty two uh... twelve thirty and then has resumed lower but the uh... the trend overall is is definitely bearish let's just see what traders are doing so this is uh... they're actually buying puts and selling calls net selling calls and the puts are uh... puts are definitely in control here you can look at the this notional value for puts at two point seven four billion compared to five hundred billion and you can see that uh... you know that results in a combined signal uh... that is definitely definitely bearish traders buying puts and selling calls in the s&p five hundred s p x and spy okay so my my time is up want to thank you for your your questions and comments you know that let me see i see a couple of uh... questions comments in and discord so rj asked when you ranked by hero weakness is that a real-time analysis of hero that is real-time note the change in hero signal from what i posted this morning now these signals are or weaker so this is real-time every time you refresh this page uh... this this should update so it's real-time and this is not this does not come into play pre-market this hero signal is not displayed until the market opens so this is part of the execution process the second second step of my process uh... the first step is looking at the positional analysis again the you're for stocks the key gamma strike list looking at equity hub like i did it that you know that's exactly what i did this morning i looked at equity hub i looked at all stocks that recall dominated uh... i wrote those down and those were on my list to focus on today for a call gamma unwind all right there's another question does not being call dominated mean you can take shorts or be bearish in general and and in general no comes into play especially on options expiration a friday expiration or even more so on a monthly expiration like today so this is this is the time when i'm looking for uh... for shorts and call dominated stocks okay so are you in youtube ask is that now book map software that you were showing uh... the hero chart no so what i'm showing right now is spot gamma hero and this is different from book map so i use to product i use two tools i use book map for order flow and showing levels and then i use spot gamma for my positional analysis that's the static part of what i do and that happens before the market opens and then hero here this is available to spot gamma alphas subscribers and this is part of my real-time uh... execution so this is spot gamma hero it's web based and this is book map and are rs indicates resolution is too bad i suggest if you're watching in youtube change your settings so you can go to the quality settings it might you to be showing uh... like a gear click the gear and you can say select up to seven twenty p at least that's what i'm showing here and if you're if that doesn't help that i uh... invite you to join us here in discord i haven't had any complaints about resolution desk or discord book map discord it's uh... uh... free and available to all whether you have a book map subscription or not so just go to the book map uh... website and look for the uh... link for joining discord and uh... you again you can join us there okay there's another question and discord in other words is it better to take longs when a call is caught when a stock is called i'm in it dominated puts when put dominated and not necessarily uh... it's better to take longs when traders are buying calls and better to take shorts when traders are buying puts so for almost all of this year the s p x spy uh... s and p five hundred has been put dominated there have been great longs and shorts so i don't think you can look at it that way these stocks being called dominated is not that common this year as well it just happened this week traders were buying calls all week so that is uh... you know again that has been uh... pretty rare this week stocks being called dominated above a certain level right so i'm day trading i'm looking for you know i i look at equity hub for my pre-market planning but i am looking at hero hedging flow in hero and order flow in book map to confirm my thesis and might get my best my setups okay so i'm way over time thank you very much for watching thanks for your questions comments and i will see you next week thanks again