 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the disclosures. All bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. This disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-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 in 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. 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 just to be clear, I will be talking about setups today in an underlying asset like the S&P 500 futures or SPI or shares or stocks like Apple or Tesla. The setup, however you choose to trade that, can be taken any number of ways with shares with futures or options. Again, my analysis is based on the options market and setups can be taken any number of ways, shares, futures or options. And questions and comments are welcome and I will be watching the chat in the chat channel options-dug-chat-channel and discord as well as the chat and YouTube for your questions and comments. All right, let's get started. And today, what I want to cover my agenda for today, first of all, quickly over news items and then I'll go over my positional analysis for the day, talk about some setups and then we'll take a look at the live market. All right, so first of all, news for today, first of all, today was options expiration, the monthly options expiration. And I'll take a look at more information about that in a few minutes when we start to look at the absolute gamma levels, we'll take a look at the expiration concentration and see exactly what is expiring today. All right, so let's start with analysis, positional analysis and we'll start with the S&P 500. So this is the ES futures, S&P 500 futures in book map. And before I spend more time with this chart, I'm going to take a look at a larger time frame and this is SPX in a 30-day one-hour chart and what this is showing is SPX a couple of days ago broke out of this very narrow range, 4100 to 4150 and is now trading up just below the call wall at 4200. So let me point out some levels here. First of all, I have the lower and upper edge of the expected move for the week and this is just based on the options market and I set this once a week over the weekend. And so that's for the week and SPX is trading above that level for the week. And then the dashed blue line, light blue line is showing the upper and lower edge of the expected move for the day, LDM, lower daily expected move and UEM, upper expected move, daily expected move and those are just from the options market. And let me point out some spot gamma levels. So these are provided to spot gamma subscribers for a variety of platforms. Here we're looking at thinkorswim and here's the put wall at 4,000. The strike with the largest net negative gamma can be expected to act as support and the volatility trigger at 4125 and that is spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative and a negative gamma environment, market makers have to trade with price to hedge their delta exposure and that tends to enhance volatility. On the other hand, like SPX is trading now above the volatility trigger, market makers position on the gamma curve is positive and we'll see in a few minutes it is quite positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure and that tends to subdue volatility and can lead to a range day like today. All right, and that is the, so that's the put wall, the volatility trigger and then finally the 4,200 level is the call wall that I mentioned earlier. That's the strike with the largest net positive gamma that can be expected to act as a resistance and that is also the new absolute gamma strike and that's the strike with the largest absolute gamma. So 4,200 is kind of the center of the universe for 4,200 at least for today. So those are the primary daily levels that I follow for SPX. Put wall, volatility trigger, absolute gamma strike and call wall. Let's take a look at another thinkorswim chart and let's go to a, this is a one day, one minute chart showing the levels that are in play for today and note now SPX is trading down below the call wall. It opened up above that level and now it's trading below. Here's the call wall and there's also a combo L1 level. That's a combination of SPX and spy gamma at the 4,198 level and but SPX is still trading above the upper weekly expected move. Alright let's go take a look at book map now. Note that earlier today SPX ES and uncle asks is there any expectation that the 4,200 call wall will act as a magnet to pin at 4,200 and yes I think so especially in a positive gamma environment. I think market makers will be trading around that level, hedging around that level. That's always a possibility for such a strike with a large amount of gamma. Alright so let's take a look at just what was going on in the morning. First of all note the very narrow range just watching, like watching paint dry this morning and this level of high liquidity acted as resistance multiple times and then the spy 4,20 absolute gamma strike acted as support. And then I think what happened, we know that Jerome Powell was speaking at 11am Eastern time today and also there was a comment by Janet Yellen. So first of all this comment came in from Janet Yellen. So at 1106 Powell noted that inflation is far above the Fed's objective and then right after that told bank CEOs that more mergers may be necessary I think referring to bank mergers and then soon after that Powell said policy rate may not may not have to rise as far as otherwise due to Titan bank credit condition. So first of all sounded like bearish comments to me that the market I guess took is somewhat negative in this comment by Powell. So anyway I think that might have been the catalyst for this drop below the 4,20 level. And just to point out the levels that I'm showing on this chart here are the spot gamma cloud note levels and that I have a slight difference in the way I'm calculating the difference between ES and SBX. So I'm showing my call wall a little bit lower and then I'm also showing the key spy strikes. So there's the 4,20 absolute gamma strike and here's also the 419 combo one strike and then the 418 volatility trigger for spy. So those are the levels that are in play for today for the SB500 and now let's take a look at NASDAQ. So for NASDAQ the QQQ and let's take a look at a QQQ chart just showing spot gamma levels and note that the 3,38 level did act as resistance and QQQ has made a series of lower highs to adjust that chart a little bit and we'll take a look at setups in a few minutes. So the only spot gamma level that's in play for today right now is the 3,36 large gamma 2 level. Alright, let's go back to book, ma'am. I'm sorry. And then the excuse me again. Alright, so it looks like the NDX 13,900 level is also in play that I'm showing here on my cloud notes. So there's the 3,38 level that acted as resistance and the 3,36 somewhat support. Alright, let's continue on with positional analysis and I'm going to go to the spot gamma gamma levels. I'm going to start with SPX. So these are the absolute gamma levels. Call gamma or positive gamma shown with the orange bars above the zero line and put gamma or negative gamma shown below the zero line with the blue bars. So 4,200 is the new absolute gamma strike that I mentioned before and that is up from 4,150 yesterday and 4,000 the day before. So on Wednesday the absolute gamma strike was at 4,000, yesterday it moved up to 4,150 and today moved up to 4,200. So that's also the call wall. The strike with the largest absolute gamma, the start strike with the largest net positive gamma and then the put wall remains at 4,000. The strike with the largest net negative gamma that can be expected to act as support. So that's SPX and while we're on this chart we'll take a look at the expiration concentration. This is showing delta notional at different expirations. This is the expiration today, 5,19 Friday, May 19. So that's today and note for SPX there's much more delta notional concentrated at the quarterly expiration June and that's pretty typical. So that's SPX. Let's take a look at SPI and in YouTube, Second Wins says, Hi Doug, really informative videos. Great. Thank you. Thank you for your kind words. Do you think SPX is more correlated, follows more closely with SPI or ES and there is an arbitrage relationship between all three. They're basically the same thing. So I think SPX is the primary index and SPI is just one-tenth of that. And I have a think script that calculates the relationship between all these every day. It changes a little bit but it remains the same pretty much throughout the day. So SPX I think is the primary index and market makers will trade ES futures to hedge their delta exposure for this is options market makers will trade ES futures to hedge their delta exposure for SPX and SPI trades. So that's how I look at this. So SPX the primary index and most likely traded more by larger traders, institutional traders or at least SPX has been in the past and SPI may be a little bit more retail but again I think that options trades and SPX and SPI are a primary driver of ES futures. So that's how I look at that. All right. So let's take a look at the absolute gamma levels for SPI going to zoom in on this chart. So for SPI there were some shifts and levels. First of all the volatility trigger shifted higher to 418. Call wall also shifted higher up to 422 from 420 yesterday. So that's the call wall. And then the absolute gamma strike shifted higher as well from 412 to 420. And then the volatility trigger again shifted higher to 418. So gamma is concentrated from 418 relay to 422 and 420 in the middle. And then the put wall remains at 400 the strike with the largest net negative gamma. So that is SPI. We'll take a look at the expiration concentration and here this is the May expiration today and note the sizable amount of call gamma or call delta that expires today. And this should release some of that positive gamma that has been holding the market in place. All right. Let's take a look at NDX. Now we have to do a refresh. All right. Max, that's good to know. So Max says on the subject of the difference between SPX and SPI you can just add the symbol slash ES minus SPX in a chart. So yeah, I didn't think of that. That's a good idea. And you can also do I'm sure ES divided by SPI, SPX divided by SPI. I just have a little think script that displays those numbers in a badge on my chart. But thanks Max for that. That's an easy way to do it. All right. So let's go to NDX now. And for NDX there were shifts in levels higher. First of all, 13,800 is the call wall and that shifted up from 13,550 yesterday. And then 14,000 is the absolute gamma strike. And that shifted up from 13,500 yesterday. So very bullish for NDX. These levels have been increasing for QQQ and NDX all week. And then note the expiration concentration here is 519 again, almost all call delta expiring today for NDX. And then finally for QQQ, we'll zoom in on that shifts in levels. First of all, volatility trigger shifted higher up to 333 now. And the put wall did shift lower down to 300. And I almost zoomed out too far. So it's shown on the far left of the screen. There's the put wall. The call wall shifted up from 335 yesterday to 340. Very bullish. And also the absolute gamma strike shifted up from 330 yesterday to 335. And note finally for QQQ, this is a call dominated expiration as well. All right, let's take a look at the Vantel model now. And I'm just going to go to SPX. Those of you who have seen this chart before bear with me, it changes a little bit every day. I'm going to give a brief explanation of what this is showing and then go into the Vantel model for today. So this is showing how market makers delta notional, shown on the vertical axis, changes with changes in price. And that is shown by this light gray curve here. So this is showing that as price increases, market makers delta notional will increase. And they will have to sell futures to hedge their delta exposure. And then the pink curve, the purple curve, is adding implied volatility to the equation. So that is showing how market makers delta notional changes with changes in price and implied volatility. And that's the Vant effect, the change in delta with a change in implied volatility. So what this is showing is, again, if price increases, market makers will have less notional, delta notional to hedge than is predicted by this delta only curve. On the other hand, if price decreases and implied volatility increases, they will have more delta notional to hedge. So on this side of the rising side of the curve, on the right, that is positive gamma environment, market makers will be trading against price to hedge their delta exposure. And then on the left side of the curve here, this is the negative gamma environment. And market makers will have to sell futures as price decreases. So they will be trading with price to hedge their delta exposure in a negative gamma environment. All right, let's take a look at where SPX is trading right now. So I've got about $41.90. So that's right around here. So what this is showing is if price increases, there's really very little tailwind, very little Vant effect that's going to help price. And then above a certain level, market makers will have to start selling against price to hedge their delta exposure. Then on the other hand, if price starts to drop, and this is what I'm looking at, that market makers will have to start selling pretty aggressively to hedge their delta exposure. And it's going to be interesting to see what this curve looks like on Monday when a lot of that positive gamma, that delta that's holding the market in place, expires today. All right, so that is the Vant model for SPX. So again, looking for a lot of this positive gamma to expire at the end of the day today. And potential tone change next week, I hope. I'm tired of this grind up. I'd like to see some two-way trade. All right, so that is the gamma levels, the Vant model. And we've looked at the expiration concentration, see that this is definitely a call-dominated expiration for all the indices, especially SPI and NDX. All right, let's take a look at some data. And here is the spot gamma, gamma index, and the gamma notional for SPX, SPI, NDX, and QQQ. And let's just focus on, first of all, gamma notional. This is showing market makers position on the gamma curve. And its positive 957 million for SPX, still minus negative minus 156 for SPI and positive for NDX and QQQ. And then also this spot gamma, gamma index is quite positive. This is a proprietary measurement of total market gamma. And I believe it ranges from, can range from minus 4 to 4. So at 3, it is very positive, indicating market makers position on the gamma curve again as positive. And they will have to trade against price to hedge their delta exposure. All right, so that is the positional analysis. And then based on this, I was really looking for a range day. And of course, just looking at the numbers themselves, the increase in all the levels, especially for the NASDAQ. Original thesis just would have to be bullish. But looking again for a range day and then, of course, like I mentioned in my introduction watching order flow and hedging flow to confirm any thesis. So I would say, really, I was cautiously bullish, but definitely looking for a range day, especially in the SPX with that strong positive gamma. And of course, what has driven the market higher this week is all the call buyers in the stocks that I heard somebody else call the Magnificent 7. All right, so anyway, let's take a look at setups. So we'll start with the S&B 500. Again, positive gamma, looking for a range day. I'm going to zoom in on this. First of all, the morning session here, really, before that news came out. It always goes too far. Sorry about that. Let me just check to make sure I have the correct setting for. All right, so I have ES minus SPX at 12 now. So my number is off. I used 11.5. So that is, I'm off slightly. I forgot to check that this morning. Anyway, so this 4.20 level should be slightly higher, a couple of ticks higher. So anyway, let's go take a look at hero now. So this is Spot Gamma Hero. Hero stands for hedging impact of real-time options. And for those of you who have not seen this chart before, this is showing price with a white line, and options trades and market maker hedging pressure with the purple line. This is showing a combined signal for the S&P 500 of SPX, SPY, XSP, and ES futures. I don't think XSP is very significant. So I'm really focused on these three, SPX, SPY, and ES. And before I jump into this chart into a little bit more detail, I just want to take a look at those individual components. So again, this is a combined signal. And it's just interesting to see SPY, SPX, and ES futures, what these traders are doing with these individual components that make up the total signal. So first of all, we'll note that it is negative today. And this is notional value minus 1.3 billion. So this is showing that overall for this total signal that traders are taking negative delta positions. Again, showing options trades. So net net, they're taking negative delta positions. And just for interest, well, first of all, take a look at SPX. So that is slightly positive, 12.2 million positive. SPY at minus 1.02 billion, showing a very strong correlation between SPY options trades and price action today. And then here's ES futures. So that is minus 1 billion. And ES futures showing minus 34 million. And net, it is about minus 1 billion now. Let's zoom in on this. So this made for some interesting setups this morning. In the context of the range day, HERO was definitely dropping as price tested that levels of high liquidity several times before finally moving lower. So let's go take a look at book map. And remember, we've zoomed in to this earlier this morning session up to about 11 o'clock. And really the most clear trade on the book here on book map is this short just below this high liquidity, this level that it did act as resistance. And either that or a lower high as traders were taking negative delta positions. And this could have been traded as a range as well, long as around the 420 level. But given the downward sloping HERO, I think the better trades were the shorts. All right, let's zoom out a little bit. So those are the warning range day fade trades working best. Let's go take a look and see what options traders are doing now. And it looks like they went long just about 1140, something like that. That was a slight lead for a move up to around 4194. So a long set up around 1140. Let's go take a look at book map. So here's that long set up. Notice the, just clear that, going to zoom in on this a little bit. Interesting that this happened right at the upper edge, the weekly expected move. And note the larger traders coming in with iceberg orders. And you can also see by this rising light blue line, larger traders were buying the move down. That was good for a scalp long from up to about the spy 419 level. And still price trading pretty choppy, not really trending much. Just up and down. Let's take a look at HERO now. So overall, there's the very strong correlation, not much of a lead effect except for this morning when those range day fade trades, the shorts, but still negative for the day. Let's take a look at NASDAQ and NASDAQ, just the opposite. Those traders, let's see what they're doing. Actually, let's go back to SPX, the S&P 500, and just see. So they're buying puts and buying calls. Puts are shown by the falling blue line. That's negative delta minus 2.2 billion. And they are buying calls that show them by the rising orange line. Also the positive number over on the right, positive 1.3 billion. But the put buyers are winning. So that's another way of looking at this. Let's go to NASDAQ now. So this is a combined signal for the NDX and QQQ. And this is interesting. It's quite bullish. So call buyers are still at it, just won't give up. So this is 1.77 billion positive for the rising orange line and then pretty flat for puts at minus 144 million. And notice they have stopped buying calls. Zoom in on this. So they've stopped buying calls. Looks like right around $125 and then price move lower. So not much with puts, but they definitely have been driving price higher buying calls. And let's just see that. I checked this earlier, and it looks like a lot of this was zero DTE. And no, it's not. So it was earlier, but let's just turn this off. So this is, I'm looking at all expirations versus zero DTE. And so it looks like the all expirations is really, and this is expirations further out than today are really seemed to be what traders are doing today. So not a lot of correlation, bottom line, not a lot of correlation here between what options traders are doing in NASDAQ and what price is doing. Let's just see if there was earlier today. Yeah, somewhat. From about 9.30 to 10.30, there was a pretty strong correlation between hedging flow and price action. So let's just go take a look at NASDAQ. And NASDAQ order flow is definitely bearish. So it looks like a lot of sell-stop orders that's shown by this falling yellow line here, sell-stop orders, driving price as well as cumulative volume delta that's shown by that falling pink line. So in today, at least for today, options traders aren't having much of an impact on NASDAQ. More order flow. All right, let's take a look at some stocks. And really, when I looked at these stocks earlier today, there was not a lot to see. So if anybody has any stocks that they want me to take a look at, let me know. OAMD, here's, let's start with Amazon. So Amazon, I saw that traders were buying puts today. And that seemed to be driving price action. So note the falling blue line and the number there, minus $323 million. And so RJ asked, how do you work out when to use hero and 1-0-2? That is a good question. It's not a clear-cut indicator every day. And it's a matter, I guess I'm a discretional trader. It takes, I just put together a lot of information. So I watch the market for at least the first 15 minutes. And again, we saw for NASDAQ for the first hour, there was a pretty strong correlation between hedging flow and price action. And that's typically when I'm trading. In the first, maybe two hours is when I'm day trading. So there's, I guess, no clear-cut answer to that question. Sorry. I tend to generally favor trading the S&P 500. And if I, if hero and other things that I look at price action make sense with my thesis, then I'll just stick with the S&P 500. All right, so Amazon, and we'll get to Nvidia. All right, and YouTube tape profits asked, what is the, I assume you mean, what is the difference between a 30-minute or one-day rolling window in hero? So let's take a look at what Take Profit is talking about. So I'm going to go back. We're on Amazon here. This is the rolling window. This is accumulating the trades, option trades, for the entire day. So it is looking back to the start, to the open at 9.30 for a stock. And a 30-minute rolling window is looking back just 30 minutes. So when one minute passes, it is, it lops off the first, the minute that's the oldest, and then adds a new minute to the equation. So it's going to be, this is going to be a little bit more choppy. And typically, I'll look at this in a, in the afternoon, potentially, if I'm going to trade in the afternoon, if, especially if hero has flattened out. So let's actually, let's take a look at NASDAQ, for example. Let's go back and take a look at a, so there's the one day, entire accumulation period, for NASDAQ. Notice how, how flat hero here is. So all we know from looking at this is that traders have stopped taking positive delta positions. That is a one-day rolling window period. Now let's go take a look at a 30-minute. So we're just looking at the last 30 minutes of data. So that provides more clarity. And we can see in this 30-minute rolling window period that, that hero has shifted. And there's a stronger correlation. Typically in the morning, when I'm trading in the morning, I just look at the, the one-day rolling window. But it does help in the afternoon, especially when you see hero flat like that. All right, so let's just, we'll take a quick look again at some stocks. Amazon, I'm going to go back to the one-day period. Amazon put buyers in meta, at least in the morning, they were selling calls. But really in the, all these stocks, not much to do. And NVIDIA, go back and look at the total signal. Strong correlation between hedging flow and price action. And we'll take a look at book map for hero NVIDIA. And we'll go back. Let's see if there was anything at the 315 level. No, 315, that's not a gamma level. But price did start to reverse lower at that level. So choppy day for NVIDIA. All right, let's go back and take a look at the live market now. All right, so the upper weekly expected move continues to act as support. And interesting to note that larger traders overall have been buying this, 6,815 iceberg orders, buy orders, and also buy stop orders. Both are positive. And cumulative volume delta is negative for the day. And again, this upper weekly expected move acting as support. And right now the SPI 419 level acting as resistance. And after the drop this morning, after either the Powell and or Yellen comments, that price is still trading in a range, just a lower range. There's a request to take a look at Tesla. We'll take a look at that. Tesla trading up and down. We'll take a quick look at hero. And so far today, Tesla options traders have been taking positive delta positions. Let's just see what they're doing. So they've been buying calls and buying puts, call buyers are winning. And note that 180 is the call wall and the key gamma strike. So there you go, Rich. There's Tesla. 180 call wall and key gamma strike. And note the alert at 105 PM Eastern time today, the call wall at Tesla did breach the call wall. All right, so the question in discord, something happened one or two minutes ago on ES to cause the big pop up. Let's see that. I don't know if there's any news, but definitely a move higher in hero. Let's just see if the shorter rolling window period gives more insight. No, it doesn't. Just still maybe slightly in advance, not much. RJ wants to take a look at NASDAQ. We're going to have to go to the 30 minute. No advance warning. In fact, just from looking at hero, now it looks like options traders were following a little bit. All right, so RJ asks, do you not see that as a divergence? Well, I guess you could interpret. You see hero flat here. So hero has been falling, price following, hero levels off. You're looking for a potential move higher, but for real divergence. I would look for the purple line to start moving up ahead of price. And that is really what I would call a divergence. Here I'm looking for anticipating maybe a potential move higher. So let's see this happens just after 2.15. Let's go take a look at book map now. Go back to NASDAQ. All right, again, so RJ not. I guess sort of a divergence with hero flattening off. And then as price continues to fall, I'm still looking at order flow bearish. It appears to be the bearish order flow. Let's take a look at ES. Take a look at hero for ES. And we'll leave it on 30 minutes. The S&P 500. All right, looking at this zoom level, I would also kind of look at this as the same way. Hero leveling off, price drops. I would be looking for a move higher in price potentially at this point. So seeing hero leveling off, this final drop lower down to a previous support level that we know that was the upper weekly expected move. Anticipate a bounce at that level, given the hero leveling off. So options traders stopped taking negative delta positions. And just about the time that price increased, they started taking positive delta positions. But now that has quickly turned over, turned negative. Let's just check. I think we're still on the 30 minute rolling window period. So let's go back and take a look at book map. So now that little pop just looks like it was an opportunity to sell. So RJ, it just takes some back to your earlier question about when and when not to use hero. It just takes some time to interpret it. It's not a clear red light, green light signal. You have to combine hero with what your plan is, what you're thinking about for the day, how you expect market makers to hedge, and of course what you see in book map. And sometimes there are clear signals in book map, and sometimes not. So like looking here at this bounce higher, this was a pretty clear signal. These iceberg orders coming in and moving down to a known level here. So hero, I mean iceberg orders, traders are buying that. And this is something that can be interesting. And I have all of these. I have iceberg stops and cumulative volume delta all in some mode. And sometimes when I see this difference here, icebergs starting to buy and cumulative volume delta and stop orders, helping to fuel a move lower to some level that I expect to active support as iceberg orders are buying. Just watch order flow for a reversal higher. So I'm looking at that gap. And that's just something I've seen by observation. So here it works just the opposite. And this is pretty typical of larger traders with iceberg orders. Here they are fading the move higher that's fueled by cumulative volume delta and stop orders. Then here's a gap. And here in this case, price moves lower. So that's just something that I watch for. So here this, I think this was a pretty clear signal over here of a long scalp range day scalp, long. And again, iceberg orders coming in, selling this in a short at potential resistance levels. And Crypto Boy asks, what do you think iceberg orders for buy? Well, I don't know what their intent is. All I know is they're buying. And this is pretty typical behavior. Let me let's just zoom in on this level. Zoom in on this area right here that may be a little bit too much. All right. So what I'm looking at, let's look at iceberg orders. So I see that price is falling and iceberg orders are buying. So I don't know if they're exiting or what their intent is. But all I know is they're buy orders. And book map, this is an order type, CME order type for CME futures that book map can detect when executed. So this is showing that 215 iceberg orders executed. Here, this is showing that 660 buy iceberg orders executed. And I can tell it's a buy because of the blue color here, the blue symbol, also the rising blue line. And then as soon as they get filled, they start selling. Could be different players, who knows. But they're using CME iceberg order types. And again, now they're selling. So this is an easy. It takes time, interpretation. I'm still trying to improve every day. But I'm looking at market information, looking what options traders are doing, what large traders are doing, what small traders are doing, how they're reacting at different levels. So watching order flow and hedging flow all at the same time, trying to make decisions. Again, based on a thesis for the day. And the primary thesis that I had was a range day. Market makers position on the gamma curve was definitely positive at the beginning of the day. So RJ wants to take a look at NVIDIA, possibly looking for a setup. So here, there's NVIDIA. And then my time is up. So I'm going to wrap it up at this point. So again, today's options expiration, call dominated options expiration, looking for some of that positive gamma, call gamma, that has been supporting the market to expire today. And hopefully some range expansion next week. And actually hopefully to the downside, I'd like to see some more two-way trade. But anyway, thank you, everyone. Thanks for watching. Thanks for your questions and comments. Have a great weekend. And I will see you tomorrow. Thanks, bye.