 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. Training futures, equities, and options involve substantial risk of loss and it's not suitable for all investors. Past performance is not necessarily on to get a future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord there's an options-doug-chat channel. That's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. Here are the key tenets of my approach to trading. This is the basis of my approach to trading. First of all I believe options trades and market maker hedging activity are key drivers of price and many stocks and futures. And certainly in the large cap tech stocks that I follow in trade as well as the equity futures, the S&P 500 and NASDAQ. And for the S&P 500, SPX is the underlying index and SPI is the ETF version of that index and ES is a derivative of SPX and SPI. So when traders buy and sell puts and calls in SPX and SPI, market makers take the opposite side of those trades and they hedge their delta exposure with ES futures. And for the NASDAQ 100, NDX is the underlying index, QQQ is the ETF version of that index, and NQ is a derivative of NDX. And again when traders buy and sell puts and calls in NDX and QQQ, market makers take the opposite side of those trades and they hedge their delta exposure with NQ futures. The focus of my presentation today and the focus of the options-duck chat channel 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 the directional bias. And the second step in my process is execution. I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today I will be focusing on an underlying asset and setups in that asset can be taken any number of ways. For example the S&B 500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the options-duck chat channel as well as the chat and YouTube free questions and comments. Please feel free to post. I'll do my best to answer your questions. Hello Steven. Welcome glad you're here. Hello Sheena in C40G. Welcome glad you're here as well. And hello Zuko. Welcome glad you're here. All right here's my agenda for today. Tuesday March 12th. First of all I want to go over news items, economic data, and events for today as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today. And then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right let's get started with economic data. Oh hello Dan P and Anna Rag. Welcome glad you're here. All right so let's get started with news items, economic data, and events. So big economic data released today that is the CPI data that came out at 8.30 a.m. Eastern time. So let's take a look at that. This is the CPI data, the year over year, month over month, core, and the total CPI generally came in greater than expected and greater than or even equal to the previous number. So go figure the market rallied after that. So again CPI data came in a little bit hotter than expected and the market shrugged it off. All right so this is the ES futures and book map. Let's just take a look at the reaction to that data. So initially there was a move down right around this SPX 515 level noted a support in the spot gamma am founders note and then a spy 511 just above that and then the market moved back down and then at the cash open found support right around that 515 level again and then has rallied up all the way up to the upper daily expected move and also this spy 515 combo 3 level. I'll talk more about those levels in just a minute and noted 3 1 p.m. there was a 10-year node auction and there was not much of a market reaction to to that 10-year node auction. All right for the rest of the week tomorrow Wednesday there is a another bond auction a 30-year bond auction at 1 p.m. then on Thursday PPI data comes out at 8 30 a.m. Eastern time also retail sales at 8 30 a.m. Eastern time then Friday is the big monthly options expiration and that is also a quarterly options expiration. Those are the largest expirations typically March June September and December and this options expiration is quite call dominated. I'll talk about that more later on in the week and we'll take a look at the the expirations again later on in the week. All right let's move on to positional analysis now. So again this is the SAP 500 futures and book map the ES futures and before I take a closer look at this chart I want to take a look at a larger time frame and I'm going to step back and take a look at the underlying index again which is SPX. This is a one-day chart and think or swim. The current rally began last year October 30th and so far SPX has rallied up about 1080 points so very strong move higher in SPX. Now let's take a look at the upper part of that rally. This is a 30-day one-hour chart so this is the trend line that we were just looking at on the one-day chart. The top of the the high of the for SPX so far 51 89 SPX trying to make its way back up to that that level. All right during this year 2024 the SPX call wall has moved up from 4,800 at the beginning of the year to the current level at 5,200. I'll talk more about that in just a minute. All right let's take a look at the levels on this chart. First of all the dash purple lines are showing the lower and upper weekly expected move that's based on the options market that's updated once a week. That's based on the closing price on Friday and the dash blue lines are showing the lower and upper daily expected move. Also based on the options market based on the closing price yesterday note that expected move for today was quite large ran around plus or minus 48 points and I post those numbers in discord every evening the the day before. So yesterday evening I posted the the expected moves for today and know that SPX did trade up above the upper daily expected move earlier today. All right the other lines on this chart are spot gamma levels. These are levels that are provided to spot gamma subscribers. They are shown on a variety of trading platforms. This is thinkorswim. I'm going to point out the key daily levels and note these levels are based on gamma weighted open interest. So again the key daily levels first of all the put wall that's at 4900 that's a strike with largest net negative gamma that can be expected to act as support. That level did move lower from yesterday. It was at 5110 yesterday not a very convincing put wall level and the put wall now has moved down to 4900. The next level up is 5000 that's the absolute gamma strike that's a strike with largest absolute positive and negative gamma that's where most of the gamma weighted open interest is concentrated. Above that is the volatility trigger VT there. That's at 5095 and that a spot gamma is proprietary volatility flip level. Below that level market makers position on the gamma curve is negative. In a negative gamma environment market makers have to trade with price dash their delta exposure that tends to enhance or increase volatility. Above that level market makers position on the gamma curve is positive. In a positive VM environment market makers have to trade against price dash their delta exposure that tends to subdue or decrease volatility and note that SPX is trading above its volatility trigger. Finally the call wall that I mentioned before that's a strike with largest net positive gamma that can be expected to act as resistance and the call wall for SPX has been at 5200 for several weeks now. All right potential floor at 4900 potential ceiling at 5200 and the volatility trigger also shifted lower from yesterday from 5145 to 5095. All right let's wrap up our view of SPX with a one minute chart. One minute chart this is showing the reversal from last Friday so the dark shaded areas are showing the regular trading hours and yesterday the low of the day was just a little bit below the zero gamma level. That was at 5094 yesterday and for today as I mentioned before SPX did trade above its upper daily expected move. Looks like it may be heading back there again. All right so those are levels in play for today in a one minute chart. All right let's take a look at book map now. Let's zoom in just a little bit. In book map I have my own cloud notes so I can show SPX levels. Here's that 5115 support level that I mentioned before. Here's the 5150 level that was noted as resistance and the spot gamma M founders note also the 5160 and then I have spy levels on this chart as well. This is I usually just show the round number levels but this combo three level was in play for today so that's showing SPX and spy gamma weighted open interest combined into one level converted to a spy price and then converted to an ES price I did that. All right so I've got spy levels SPX levels as well as key levels for ES like the upper day they expected move in the 5200 level. Note there is a difference in price between ES and SPX and that difference today is right around 66 points so ES minus SPX equal 66 so I'm showing the SPX 5150 level at ES 5216. Note that I'm also using the June contract so I have rolled over to the June contract. This is just one of many reasons that I use the look at the underlying index as the basis for trading. All right just just quickly for those of you who may not be familiar with how to roll in book map what you do is so I just I closed out the March contracts already but what you would do is two step process very simple first of all you need to subscribe to the new new contract I've already done this so I'm just showing this as an example well you can just type it in here so you just type that in and you subscribe to it again I've already subscribed to it here it is so once you do that then what you want to do is go right click chart settings inherit chart settings from so I've already deleted the March contract the ES H4 normally if I had not done that it would appear on this list you just select that and you're inherit all your settings from your previous contract so very easy to roll over in book map right so book map the levels in play for today primarily this SPX 5115 level also the spy 511 level round number level acting as support and then this cluster of levels acting as resistance earlier today that was the spy 516.36 level and also the upper day they expected move and then that is also an SPX level let's see what we'll zoom in let's see what that is that's this 5174 that's a combo 4 level so again combining SPX and spy gamma weighted open interest into one combined level shown with an SPX price and then converted to an equivalent ES price alright so that range of levels acting as resistance alright let's move on to NASDAQ so this is the NQ futures in book map and before take a closer look at this chart I want to take a look at the underlying index charts and start with QQQ dark shaded areas the regular trading hours QQQ volatility trigger 437 acting as support after the data release and then after the cash open more or less acting as support then the 443 acting as resistance the 440 level is the absolute gamma strike that did briefly act as resistance right at the cash open also on the initial move higher now acting as support so the 440 level in play also note 439 is the call wall so QQQ is trading above its call wall also above the absolute gamma strike in the volatility trigger let's take a quick look at NDX NDX reversal higher on Friday chop yesterday now NDX is trading above the 18,000 level alright back to book map NASDAQ futures looking at levels of play not not clean support but good enough for NASDAQ the 437 volatility trigger QQQ that was also noted as support in the spot game I am founders note and so far today the 443 level also the 18,450 level acting as resistance then as I pointed out before the 440 level has been in play as resistance then support we'll take a look at setups in a few minutes alright shifts in levels I forgot to mention for spy both the volatility trigger and absolute gamma strike shifted lower down to 510 NDX there were no shifts in levels and for QQQ the volatility trigger shifted lower that's again that 437 level put wall shifted higher and the call wall shifted lower down to 439 from 450 yesterday alright so net overall the shifts at levels were slightly lower for both the SB 500 and NASDAQ and of course that is before the CPI data that came out this morning alright again we'll take a look at setups in a few minutes let's wrap up positional analysis by taking a look at gamma notional first this is market makers position on the gamma curve at the beginning of the day for the SB 500 NASDAQ and also 2000 note all these numbers are positive what spot gamma assumes in a positive gamma environment that traders are short calls market makers along calls it's the positive gamma they have to trade against price-dash their delta exposure so this is at the beginning of the day note all these numbers did shift higher from yesterday let's take a look at one other thing that was in play for today this is SPX the Vana model what this chart is showing is market makers delta notional on the vertical axis spot price for SPX on the horizontal axis there are two curves on this chart first of all the light gray curve shows how market makers delta notional may change with changes in price only and the purple curve adds implied volatility to the equation that shows how market makers delta notional may change with changes in price and implied volatility and that change in delta with a change in implied volatility is the Vana effect all right let's take a look at some prices for SPX right now so the low of the day for SPX was right around 51 15 all right so somewhere between these two lines so it's not significant but what this is showing as price has increased from that low of the day market makers delta notional has decreased and they can buy back short futures that's a put Vana rally not large but definitely a playing a factor that's a factor in play for the rally today that put Vana rally let's take a quick look at VIX as a proxy for implied volatility and after a quick spike up right around 945 and we'll see that was when things started moving up VIX falling price rising market makers can buy back short futures helping to fuel the rally higher so again a little bit of a put Vana rally put Vana fuel in the tank for the rally today all right so let's that wraps up my position analysis now let's take a look at some setups so everything that we've looked at so far other than the book map is based on static data the levels on the charts that's based on static data spot gamma takes open interest that's updated once a day sometime during the night they apply their algorithms to that data come up with the levels those levels change a little bit every day that's why I look at them every day and track them to get a feel for how traders and market makers are positioned in the options market and so anyway now let's move on to real-time data so first thing I do wanted to do is take a look at what options traders have been doing today excuse me all right so this is the hero signal hedging impact real-time options what this chart is showing is options trades and market maker hedging activity for a combined signal of spx spy xsp and es futures so I'm going to start with the sp500 the purple line is the hero signal a rising hero line indicates traders are taking positive delta options positions their buying calls and or selling puts market makers take the opposite side of that and they have to buy futures to hedge their delta exposure so again when traders are buying puts and calls or buying calls especially in this case and spx and spy market makers take the opposite side of that and they have to buy futures to hedge their delta exposure note the hero signal has been moving higher almost all day beginning let's zoom in on this but he beginning right around 945 remember that's when the the VIX started to move lower 945 hero signal reverses higher traders are taking positive delta positions all right I'm going to separate out puts and calls now I'm gonna have to jump to another chart to avoid the auto zoom bug and go back to NASS SAB 500 let's zoom in on the morning all right so right around 945 to 950 the orange line is showing calls so up until about 950 it was pretty flat then traders started buying calls aggressively that shown by the rising orange line also a few minutes before that they briefly started selling puts that shown by the rising blue line they resumed buying puts that shown by the falling blue line but call buyers were in charge all right let's go take a look at book map go back to ES let's zoom in all right so let's take a look at the order flow and book map so we know traders started taking positive delta positions somewhere between 945 and 950 VIX started dropping the volume dots and book map are showing market buy minus sell magenta dots indicate more sellers than buyers green volume dots indicate more buyers than sellers so the aggressive buyer started to come in again right at that 51 15 level let me darken up the heat map a little bit the heat map is showing a history the limit orders in the order book don't the band of liquidity here traders were front running that liquidity below price that is those are buy orders limit buy orders again the heat map showing a history the limit orders in the order book aggressive buyers start to come in when price starts to move higher my stop orders help to fuel the move higher that shown by the rising yellow line also the magenta line is cumulative volume delta so both cumulative volume delta and buy stop orders so aggressive buyers buy stop orders and call buyers all driving price higher and all the way up to this spy 516 level just below the upper day they expected move right so that's the long set up in the SP 500 let's take a look at NASDAQ go back to hero all right so overall for today what this is showing is traders are buying puts that shown by the falling blue line looks like they have taken their foot off the gas right around 1220 1230 that put line is flattened out and ever since 950 they've continuously been buying calls this number is very large that that's delta notional value 7.32 billion very that's very large number traders aggressively buying calls all right let's take a look at NASDAQ now and for NASDAQ I look at this mag 7 signal let me show you what this is this is another combined signal for the stocks known as the Magnificent 7 Apple Amazon Google Meta Microsoft Nvidia Tesla these stocks make up a very large portion of the NASDAQ 100 so when I'm trading NASDAQ this is what I look at and it's been a very good directional indicator for the NASDAQ all right so in the case of the mag 7 signal we'll zoom in on this right around 949 945 950 traders started buying calls and selling puts that show them by the rising orange line and the rising blue line when both lines are moving in the same direction that's a very powerful directional indicator but call buyers definitely in charge today very typical pattern somewhere mid morning mid to late morning they take the foot off the gas price moves lower then just after it looks like around 110 they start buying calls again price moves higher this price is shown in terms of QQQ these are QQQ prices let's go take a look at NASDAQ zoom in very similar read on order flow to the compared to the ES aggressive buyers start to come in shown by the green volume dots as price moves higher buy stop orders shown by the rising yellow line fuel to move higher as well as kema to volume delta aggressive buyers shown by the dark blue line all the way up close to the upper-day they expect to move again for NQ and remember the mag 7 signal consolidated price move lower back down to the 440 level QQQ 440 and now is moving higher again let's go back to hero all right let's take a look at some stocks first I want to take a look at AMD zoom in so at the open AMD made a sharp move lower note this floor alert that comes in maybe around 944 shortly after that traders start aggressively buying calls start selling puts AMD reverses higher again orange line blue line moving the same direction very powerful directional indicator typical pattern call buyers take their foot off the gas put line flattens out price consolidates let's go look at book map go to AMD there's the sharp move down at the open traders start buying calls and selling puts price aversus higher nice pullback to 197 for a long entry next is Amazon actually let's yeah we'll take a quick look at Amazon so note as opposed to AMD there were a lot of aggressive buyers here in Amazon note all the green volume dots that's very bullish very bullish order flow CVD rising shown by the dark blue line then leveling off as price consolidates so aggressive buyers definitely in buying Amazon let's see what options traders are doing let's go to Amazon call buyers shown by the rising orange line driving price in Amazon and above the call wall 175 call wall key game of strike note that when price does breach a call wall remember for a stock spot gamma assumes that traders along calls market makers of short calls as price moves above that high level of concentration of calls at the 175 level those calls go deeper in the money their delta is becoming more negative and market makers have to continue to buy stock to hedge their delta exposure and daddy long legs welcome glad you're here go ahead and post your questions about hero and book map I'll be glad to answer alright so there's Amazon another bullish setup let's go to meta very bullish setup in meta here zoom in a bit call driven and in the case of meta traders are buying calls from the open sharp move lower down to the 485 hedge wall and price reverse is higher as traders buy calls market makers sell the calls and they have to buy stock to hedge their delta exposure 500 is the call wall key game of strike meta does break above that level but that's where the options traders the call buyers pretty much take their foot off the gas hello Caesar welcome glad you're here again the very typical pattern for these large cap tech stocks call line remains flat meta drifting lower let's go take a look at book map let's go to meta so here's the initial reversal hire at the 485 hedge wall then a pullback just a few minutes later the 487 good long entry remove up above the up to the up to and above the 500 call wall great move in meta today over 15 points from low to high right Microsoft and again remember there was an alert as well to get your attention that's what I saw here's Microsoft let's go take a look at back to hero let's go to Microsoft another flow alert traders buying calls from the cash open looks like a reversal at the 405 remove hire from the 405 hedge wall 410 the key gamma strike typical pattern call buyers take the foot off the gas price consolidates start buying again around 1 p.m. come back from launch start buying calls again price moves higher so there's Microsoft pull back entry call buyers take the foot off the gas 1 p.m. they start buying calls again price moves higher and let's wrap it up by taking a look at Nvidia and a rag gas what does flow alert mean please flow alert is a signal for significant options activity so that's what it that's what it means I use I use that to get my attention so one approach is to what we'll take a look at this in just a minute so one one approach is to look for alerts in the morning to get your attention so I'm looking at you can see all the stocks that I'm looking at in the morning looking at all these stocks I'm mainly trading stocks now but you know certainly futures and in queue yes and in queue futures as well so I'm looking at a lot of stuff and the hero flow alerts get my attention so again significant signaling significant options activity alright so here's Nvidia let's see what options traders are doing move on to Nvidia starting around 945 950 traders start buying calls there was an alert earlier than one after call buyers came in they were also selling puts blue line orange line moving the same direction and 900 is the key gamma strike call wall call buyers take their foot off the gas also put sellers blue line flattens out and price consolidates so they Nvidia did breach above its call wall key gamma strike back to all right so 900 the call wall key gamma strike pullback entry earlier in the morning down to 875 just above VWAP show them with a light blue line alright let me take a look for questions alright an Iraq if ask if there are so many levels on ES that we mark does that get not get confusing yeah it can be let's go take a quick look at ES alright so when I'm trading and this is this is pretty pretty good movement for ES you know pretty wide trading range so often they're not so many levels in play but today that that is just the case so when I'm trading yeah I'm zoomed in a lot closer than I normally show let me turn down the heat map this is pretty typical in rollover period this cloud of liquidity above and below that should disappear next week alright so that and rag that one that's one reason that stock trading may be a little bit easier alright and and Iraq also asked would it be call or put activity I assume you're referring to the hero floor or it could be either so all I know is that it signals significant options activity and it's a good way to get my attention that traders are aggressively buying or selling puts and calls and it's something that I want to take a look at alright Katina asked hello welcome glad you here great market analysis thank you how would you apply the movement to actual live trading you just look at the respective directions to make a movement prediction well what I'm doing is let's go back to hero so I'm looking at three charts when I trade so I have hero on one screen book map on another screen and then I have a chart like this on another screen so I can see the movement of all these stocks and then I'm looking for potential setups in primarily hero first but I'm also looking at all these stock charts and then let's zoom out in the morning I'm looking at these alerts for my for my watch list so let's take a look at this for hero right so that's a flow alert let's let's go back to the total signal so that won't get confusing I'm gonna have to jump jump back so this is alerts for my watch list let's take a look at snow often these alerts can be mean reverting so this is snow let's go take a look so I see this we're a little bit late so about an hour late on that that one that rolled off so let's go take a look at snow so I see that alert I look at the hero signal it's rising they came at a 123 so this is no flight zoom in a little bit so that alert came in somewhere in here so at that point I would be looking for a long entry a pullback to get long I see that first of all the hero signal was rising Kimble to volume Delta rising it looks like prices reversing higher at this 160 level looking for a pullback to get long at this point I'm using the continuation pattern that Bruce has talked about in the learning center bookmap learning center there is a video on chart patterns and there's there may be another pattern there may be a reversal pattern and anyway there is a continuation pattern and this is not real clean but I'm just looking for pullbacks to get long so I saw the alert I see that hero signal is rising snowflake has made a move down looking for a potential trend break there it is prices reversing higher Kimble to volume Delta's rising there are aggressive buyers coming in showing by the all the green volume dots again Kimble to volume Delta rising I'm looking for a long entry so that's that's my approach to how I can trade a number of stocks all right daddy long legs ask how to use hero signals and mag 7 trading for spy or ES with confidence I really look for ES or spy for the SB 500 whichever form I'm trading I'm really looking at the looking at this signal the combined signal for the SB 500 all right so this provides overall typically the the best signal for the SB 500 and for the NASDAQ I'm looking at the mag 7 signal all right so again my approach in the morning I'm what I have my watch list so that this is exactly the view that I have for hero in the morning looking for these alerts often they come in on the first 15 20 minutes in the morning when traders are aggressively taking position so then let's go back to meta so meta two ways to take this trade first of all you see the flow alert rising hero signal looking for a long entry looking for deep pullback there it was I showed that another second way to play this is look for the very typical pattern for options traders to take the foot off the gas a couple ways of playing that probably the best way is to take a what spam spot gamma calls a not bullish position sell a call vertical by a put spread above the call wall so perfect example for meta here taking a negative delta position that's defined risk and all meta has to do is stay below that level so if you trade take a like a 505 510 call spread sell that all meta has to do is stay below that level for you to make full profit on that position all right let's see daddy long legs ask about oxy all right add a rank I'll get to your question in in just a minute so first of all oxy let's take a look at that all right oxy I do not do not have that in a book map so just based on this this is not a recommendation I would be looking for a long entry a flow alert here another flow alert this rising hero signal sharp vertical line indicates large block orders but this is not not a stock that I would trade this is very small remember for the SB 500 for calls alone the delta notional value was positive 7 billion and this is 2.32 billion so I would not be trading oxy and let's see so here's that alert that came in for oxy so I'm just watching my watch list they're just too many alerts that come in all right KP wants to take a look at our TY well here's the let's take a look we can take it so yeah the Russell futures not in there but this is this is a combined signal of rut and IWM so not much to see here this is this is one of the reasons that I don't trade the Russell 2000 so again this is a combined signal of rut and IWM not much to see here pretty small notional value let's just take a look at IWM I have not found over time that there's a very strong correlation between options trades and market maker hedging activity not enough to to make me spend any time looking at it all right daddy long legs ask how do you interpret the chart what is your process for diet deciding long or short or do nothing all right so let's go back all right so that one's a little bit confusing let's go back to let's go back to meta so first of all for meta I know the typical pattern aggressive options traders in the morning meta moves higher so I see the rising hero line you know definitely safe to wait for a pullback a deep pullback right there so in meta I see the rising hero signal traders are taking positive delta positions they're buying calls market makers are selling the calls price moves higher right so that's that's my process that's how I decide long or short all right then anirag asked about says this is excellent information thank you show how to find the lower find of the daily and weekly expected move and think or swim all right so let's go take a look at that all right so this is spx I'm gonna go to the options chain all right so this is tomorrow 13th of March and here I'm looking at here's the expected move now I don't take this information now I take it at the close at 415 p.m. Eastern time so that's when spx closes so I will get the closing price again at 415 p.m. Eastern time and then I'll take this number whatever it is let's say it's plus or minus 30 then I'll subtract and add 30 to the closing price to get the daily expected move and the same for the weekly expected move so I do that so on Friday I'll get the weekly expected move so look at the closing price on Friday and then the expected move for the following Friday following Friday and note for the monthly explorations you always want to look at the number for the the weeklies the for spx there's still an a.m. settlement that's the traditional settlement and a p.m. settlement so for the monthly options explorations I'm looking at the p.m. settlement that would be noted as a weekly all right so hope that answers your question all right let me check for questions all right rainy days ask if a ticker is below its previous close price and hero gives a buy signal flow alert how would you handle that so I I really don't look at the previous close so let's take a look let's go back to snow all right so spot gamma does note that price in in the hero chart there it's not something that I put much weight on that closing price all right Abu asked do you announce the spy and QQQ level early in the morning before market opens the information that I put in in discord in the morning first of all I will post the expected moves the evening before so when I get those levels the expected moves daily and weekly expected move I'll post that sometime in discord the evening before and that is for the daily expected new for the following day as well as the same weekly expected move every day that doesn't change so I do post that I post that the day before and then in the morning in in discord I do post the index relationships that I'm using yes to spy in queue to QQQ those ratios and that is what I use to show that's how I calculate where to put the SPX and spy levels on my chart with the index relationships I post the preliminary preliminary numbers somewhere around 9 a.m. and the final number somewhere around 10 a.m. I was a little bit late this morning very busy trading now as far as the spot gamma levels I do not post those if that's what you're asking all right Caesar asked about the AM settlement let's go back to the thinker swim when I trade when I trade SPX longer term I will typically trade the AM settlement I plan on being out and on that selling premium and I will be out long before then the expiration all right so let's just compare open interest for the AM settlement also I think a lot of institutional traders would use the AM settlement so compare open interest so when the thousands typically let's compare that with the PM settlement so I would say there is more open interest you know just as a quick a quick glance more open interest in the AM settlement than the PM settlement all right so again I think the institutional traders are using the AM settlement and again when I'm trading SPX longer term I'm typically using the AM settlement just because there's more open interest all right daddy long legs ask one of the blue orange and white lines on time series I'm not sure I understand your question if you're asking about hero which has orange blue and white lines I suggest you go back in and watch the watch the earlier part let's go back mag seven white line is price in this case it is for QQQ let's get let's take a look at SP 500 so in the case of SP 500 the white line is price for SPX calls are showing the orange line is showing calls rising orange line this is shown in terms of Delta the direction rising orange line indicates traders are buying calls blue line is for puts again showing a term directional in terms of Delta traders are buying puts call buyers much more aggressive today all right so Caesar asked you understand how the expiry works on AM settlement so my understanding it is based on the the closing price or the actually the opening print for SPX and that is that may take some time that is based on the taking the opening price for all the stocks in the SP 500 and coming up with that number all right so Caesar hope that answers your question I would not be in any position with an AM settlement anywhere near Friday morning I would be out days before all right rainy days a boo welcome and right ask can you offer a discount for spot gamma I'm sorry I have no no way of offering a discount for spot gamma but note that spot gamma does provide a seven-day free trial so definitely worth taking advantage of I would wait until over the weekend sign up so you have Monday through Friday again spot gamma offers of a free seven-day trial all right folks my time is up I want to thank you very much for your questions daddy long legs one last question I've got that got to wrap it up when looking in hero does that make looking at the total in make more sense than looking at calls and puts not necessarily just to begin I like to show the total signal but the calls and puts gives him a little bit more refinement to to what I'm looking at a little bit more information but both are great all right everyone again thank you very much for watching thanks for your questions the comments I love it when you all answer ask questions hope I answered everyone's questions and I will see you tomorrow thanks again bye