 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 general disclosure. All Bookmap and Admin of 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. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is 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, which I'll go through in just a moment. And I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the Options-Doug 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 in Bookmap and real-time market maker hedging flow in SpotGamaHero to confirm my thesis and for setups for entries and exits. And when I talk about setups, I will be talking about an underlying asset. And those setups can be taken any number of ways. For example, a setup in the ES500 can be taken with ES futures, SPY shares, SPY options, SPX options, or even ES options. So my analysis is based on the options market and I will be looking at setups and an underlying asset. Questions and comments are welcome and I will be watching both the Options-Doug chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll be glad to answer your questions. All right, my agenda for today, Wednesday, October 18th. I want to cover news items, economic data events, and earnings 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 this morning and this afternoon. And then I'll take a look at the live market. If anybody has any questions or wants me to take a look at a stock, when I get to the live market, please let me know and I'll be glad to do that. All right, let's start with news items, economic data, events, and earnings. So interesting day to day, there was some economic data this morning. Housing starts, building permits, both came in in line with expectations. And let's take a look at, let's take a look at the S&B 500. And this afternoon at 1 p.m., there was a 20-year bond auction. And this is the reaction, just the opposite of last week, with the 30-year bond action, bond auction, low demand, and the market dropped sharply lower. And now the market has just made a round trip up to the 4350 level, and that's the SPX, 4350, large Gamma 3 level, as well as the 0 Gamma level, just below that at 4348. Those are SPX levels acted as resistance, and now price is back close to where it began right after the auction. All right, so again, that was kind of the big event, news event for today, was that 20-year bond action. All right, there are some other news items today. At 2 p.m., the Fed-Bage book comes out. I don't know if that will be much of a market mover. I'll try and remember to take a look at the S&B 500 at 2 p.m. And then after the close today, both Netflix and Tesla report earnings. So those could potentially be market movers, kind of the start of the large cap tech stock earnings. All right, for the rest of the week, tomorrow, Thursday, Jerome Powell speaks. I believe that's at 12 p.m. Eastern time. You might want to check your whatever news feed you use to confirm that time. And then Friday is options expiration. That is the October monthly options expiration. And typically that is options expiration are often a turning point in the market, long term turning point. We'll see that in just a minute when we get to the S&B 500 charts. So let's go ahead and do that now. So I'm going to start with my positional analysis. And let's go to, first of all, an SPX chart. This is a 30-day one-hour chart. And let me point out the key turning points here. First of all, this is the September 15th options expiration call dominated as those calls that were stabilizing the market expired, price dropped lower, and then finally reversed higher on October 6th with the jobs report release. And that was a negative gamma. So that seemed to spark a put banner rally in the very negative gamma environment at the beginning of October after this sharp drop lower negative gamma environment. And then SPX found resistance last week around 4380, 4385. That was the upper weekly expected move last week. So those are the key turning points. And then we'll look for a potential turning point with the options expiration on Friday. All right, this is the SPX 30-day one-hour chart. Let me point out some levels now on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move that may be hard to see that weekly expected move that is just below the daily, upper daily expected move. That is based on the options market. That changes once a week. I said that once a week and this is indicating a one standard deviation move. So 68% of the time, SPX should stay within that range. So that is the weekly expected move. Then the dash blue lines are showing the lower and upper daily expected move. And note that SPX is trading below the lower daily expected move right now. There are some spot gamma levels on this chart. Those shown by the dark red horizontal lines. I'm going to point out the key daily levels. First of all, the put wall at 4,300. And note that level did move up yesterday from 4,200 to 4,300. And it remains at 4,300 today. That's a strike with a large net negative gamma that can be expected to act as support. And the next level up is 4,365. That's the volatility trigger. Spot gamma is proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to increase or enhance volatility. And note, SPX is trading below that level. And above that level, on the other hand, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. The next level up is 4,400. And that tends to reduce volatility. That's the absolute gamma strike. That's the strike with the largest net or absolute positive and negative gamma. That's where most of the gamma weighted open interest is concentrated in SPX. And then finally, above that at 4,450 is the call wall. That's the strike with the largest net positive gamma that can be expected to act as resistance. So obviously, the put wall is more in play as compared to the call wall, the potential floor at the put wall, potential ceiling at the call wall, and then gamma weighted open interest concentrated at the 4,400 level. All right, those are the key daily levels. Let's take a look at a shorter time frame for SPX. So we can see the levels that are in play for today. So this is a one day, one day, one minute chart. Here's the lower daily expected move, SPX trading below that. And this, as I mentioned on the book map chart, the zero gamma level at 4,348, and this large gamma three level at 4,350 have definitely been in play today, acting as support in the morning, then as resistance. And primarily the zero gamma level at 4,348, again, acting as support and resistance. And now resistance. All right, let's go to book map now. In book map, I have my own cloud notes here. And I'm showing SPX levels. So again, there's the 4,348 and the 4,350 level. And note there is a difference in price between ES and SPX. And it moves a little bit lower every day until the contract rollover. And then it widens out again. So right now today, the difference between ES and SPX is 28 points round about 27 to 28. I'm using 28. So the 4,350 level is shown 28 points higher at 4,378 on ES. So ES minus SPX equals 28 today. I also have spy levels on this chart. There's the spy 4,35 level. That's a large gamma three level. And the range of gamma, ranking of gamma is one to three, one to five, one being the most important. So that is a fairly important level. And note that did act as resistance this morning. And that was key to a set up that I'll talk about in just a few minutes. All right, so that is the, those are the levels in play for the SB500 today. Both SPX and spy levels, spot gamma levels, definitely in play for today. All right, let's take a look at NASDAQ now. I'm going to go to NQ Futures and BookMap. And I'm going to take a closer look at a couple of other charts just so we can isolate QQQ levels. And then we'll take a look at NDX. So here's QQQ in a one day, one minute chart. Here is the QQQ Volatility Trigger at 368. And by the way, I forgot to mention shifts and levels for SPX and spy, probably because there was only one shift level, shift and level for SPX. The Volatility Trigger did shift 10 points higher to 43.65. Otherwise for SPX and spy, put wall, call wall and absolute gamma strike were unchanged from yesterday. And then for QQQ, the Volatility Trigger moved lower and the absolute gamma strike also moved lower. So slightly bearish shifts lower for QQQ. All right, so QQQ, there's the Volatility Trigger. And then this 365 level is an L3 level. And then there's a combo level just below that. And that combo level is showing a combination of QQQ and NDX, gamma weighted open interest converted to an equivalent QQQ price. So pretty choppy day here in QQQ that those cluster of levels more or less acted as support earlier. And now QQQ is trading below those levels. Let's take a look at NDX. A little bit more important today. Here's NDX. And here's the actual resistance level for today for NASDAQ. That is the 15,100. NDX, 15,100, large gamma 3 level. And then here's the Volatility Trigger at 15,040. So today the NDX levels are definitely in play for today. All right, let's go back to book map. So we've isolated the QQQ levels and NDX. For NDX, there were no shifts in levels today. And for QQQ, again, I mentioned the Volatility Trigger and Absolute Gamma Strike, both move lower. All right, here's NASDAQ. And again, I have my own cloud notes. And I'm showing QQQ levels and NDX levels, shown with the spot gamma levels, shown with the white labels, red text. So there's the resistance level, 368 and 15,100. And I also have these round number levels. For NQ, there's the 200 level. And there's the lower daily expected move. NASDAQ trading below the lower daily expected move. And NASDAQ really kind of making a longer term downtrend. Let me check for questions. All right, SK Gango, hello, glad you're here. He's wondering, he or she wondering why I mentioned ES, SPX and SPY, what is the most reliable out of the three to find the trend of the market? ES has the most options out of the three. So first of all, they are all tied together. So they move in sync, tied together by arbitrage. SPX is the base index. And ES and SPY are both derivatives of SPX. But ES, the ES chart, definitely has the most information. So that is one reason that I'm putting the key SPX and SPY levels on my chart. So if I want to trade any form of the SPY 500, this is the chart that I'm looking at. So I have SPY levels, SPX levels, as well as ES levels on this chart. So again, SPX the base index, ES and SPY are derivatives. And options trades and ES and SPX, options trades and SPY are a big driver price action, not every day all the time, a big driver price action and ES. All right, so I hope that answers your question. So again, if I'm trading anything from SPY shares to SPX options to ES futures, this is the chart that I'm looking at. All right, let's go back to NQ. So as I mentioned before, the NDX levels especially were key today. So same thing SK Gangl4 for NASDAQ. I have NDX and QQQ levels on my chart. So there's the 15,040 level acting as resistance. All right, let's talk about gamma notional now. And by the way, that was a great question SK Gangl. No need to apologize. Great question. Thanks for asking. All right, let's take a look at gamma notional. This is market makers position on the gamma curve at the beginning of the day. This is what I'm looking at right here. Gamma notional for SPX, SPY, NDX and QQQ. Note all these, the numbers, the primary numbers I look at are SPX, SPY and QQQ. Note they're all negative indicating that traders are long puts, market makers are short puts and in a negative gamma environment, market makers have to trade with price to hedge their delta exposure and that tends to enhance or increase volatility. And those levels did change from yesterday for SPY, gamma notional actually became a little bit less negative and for SPX, NDX and QQQ, the numbers shifted lower. So for SPX and QQQ shifted negative for Q, more negative for QQQ and shifted back to negative for SPX. Yesterday, gamma notional didn't shift positive for SPX's now and it's slightly negative again. All right, let's take a look at the VANA model now to see a graphical representation of what this actually means. So this is SPX the VANA model. This chart is showing market makers delta notional on the vertical axis price on the horizontal axis, again for SPX, there are two curves on this chart and the first curve is showing how market makers delta notional changes with changes in price only and then the purple curve adds implied volatility to the equation that's showing how market makers delta notional changes with changes in price and applied volatility and that change in delta with the change in applied volatility is the VANA effect. VANA is the second order of Greek. All right, let's take a look at price now. For SPX, currently trading right around 43.32, so that is not quite the low of the day. Let's check, go back to our SPX chart, so above the low of the day at 43.32, so right around here. So this is definitely on this steep left portion of the curve, this negative gamma portion of the curve. This is showing that if price moves lower, implied volatility increases, market makers delta notional will increase and they will have to sell futures to hedge their delta exposure. On the other hand, if price starts to increase and applied volatility drops, market makers can buy back their short futures and that will help to fuel a rally higher. So you can see that in this negative gamma portion of this curve that market makers are trading with price and that tends to enhance or increase volatility in a negative gamma environment. All right, let's take a look at SPY. SPY currently trading right around 4.32, right there, low of the day was around 4.31. So again, the same thing on this steep left portion of the curve, market makers delta notional increasing as price decreases and decreasing as price increases. And finally, let's check QQQ. Currently trading pretty close to the low of the day, below 3.65, somewhere between 3.65 and 3.64. So the same QQQ trading on this negative gamma portion of the curve. All right, so that is the information that I typically look at as part of my positional analysis, my planning for the day. So I have a sense of the levels that could be in play for today, as well as market makers position on the gamma curve at the beginning of the day and then how they may react during the day with changes in price and applied volatility. All right, let's take a look at some setups now. I'm going to start and take a look at what options traders have been doing today. This is the hero signal hedging impact real time options. This is available to spot gamma subscribers. What this chart is showing is price for SPX and the hero signal. Again, hedging impact real time options. So everything that we've looked at so far is static information that changes once daily, updated with the open interest changes that information is updated once daily. This is real time. Again, this is showing hedging impact. So it's showing options trades, market maker hedging activity for a combined signal for SPX, SPI, XSP and ES futures all under one combined signal. So if you trade any form of the ESP 500, this is the signal that you probably want to look at. This is a signal that I look at. I think typically Brent, the founder of Spot Gamma, the creator of this, looks at that signal as well. All right, let's zoom in on this. I want to show a setup from this morning. So I'm reviewing setups now. I'm going to zoom in on the morning session. What I'm looking at here is right around 10.20. First of all, there was this hero flow alert. These are fairly new, been out for a couple of weeks. And they can often signal turning points. And it was a great signal here. And note that at this point, the hero signal starts to move lower. Traders were taking positive delta positions. When traders take positive delta positions, market makers take the opposite side and they have to buy futures to hedge their delta exposure. So they're net taking positive delta positions, buying calls in SPX and SPI, market makers taking the opposite side, and they sell futures to hedge their delta exposure. And then this flow alert marked the exact turning point. Traders stopped taking positive delta positions, started taking negative delta positions, and price reversed lower a few minutes later. All right, so that was the first signal of a reversal lower. Let's take a look at the SP500 now and we'll take a look at that setup. So I'm going to zoom in on the morning session here. Sorry about that. All right, so we know at 10.20, traders, that flow alert came out, indicating a potential turning point. Then we look at our book map chart. And by the way, when I'm trading, I have two charts looking at book map on one screen and hero on another screen during the day. So let's take a look at the signals in book map now. So I know I assume that any SPOT gamma level when tested from below may act as resistance or any SPOT gamma level tested from above may act as support. So I know that that alert fired. Traders started taking negative delta positions and price was approaching a potential turning point at this 435 level. Note there was a stop run up to that level. That's shown by the rising yellow line there by stop orders, fueling that move higher. And then toward the end of that, large traders started taking, started selling contracts with iceberg orders. That's shown by this falling light blue line. And then aggressive sellers come in. The volume dots are showing market buy minus sell. A green dot indicates more buyers than sellers. A magenta dot indicates more sellers than buyers. So again, that alert flyers, traders, options traders are taking negative delta positions. There's a stop run up to key resistance levels. Aggressive sellers start to come in. And then large traders are selling with iceberg orders. So there were very clear clues both in the options hero signal as well as in book map here and order flow of the reversal lower. All right, so that's the setup from this morning. And let's, I want to talk about this setup right now at 1pm with the bond auction. So let's go back to hero first, zoom back out. All right, so looking at this zoom level, most of the day of trade, here's the 1pm reversal higher. And note the hero line is rising, making lower highs, I mean, higher lows and higher highs. And they were doing that well before the 1pm bond auction. So the options traders were ahead of this move. Let's go back to book map and take a look at the signals in there. So in addition to the options traders, large traders were also in here with iceberg orders buying ahead of the move. So the rising light blue line showing iceberg orders, again, these are orders that large traders use to hide their size. Also shown with the on chart indicator here. That's 2,233 contracts, a number of different executions, 990 contracts. And then as the price starts to move higher, cumulative volume delta rises shown by the pink line, magenta line, as well as buy stop orders fuel that move higher. And note the large traders were, this is pretty typical behavior, fading that move. So they were buying weakness and selling strength. That's pretty typical of large traders with iceberg orders. So the large traders were definitely ahead of this move, as well as the options traders. All right, let's take a look at NASDAQ now. All right, so to here there's the, there's, I posted this in, this set up the hero signal for the S&P 500 and discord this morning. And to here ask, was there a corresponding signal on book map? And yes, there was. I just, just went over that very clear signal at a potential reversal level. All right, here's NASDAQ and NASDAQ reverse lower at this 15,100 level just below the 368 level. Let me zoom in on this. So you can see the clear shift in order flow here at the second test of the 15,100 level aggressive buyers start to come in shown by the magenta volume to aggressive sellers. I'm sorry, start to come in shown by the magenta volume dots. So aggressive buyers on the way up and then the clear shift in order flow from green volume dots, aggressive buyers to magenta volume dots, aggressive sellers. We'll see what options traders were doing. Let's go back to hero. All right, I'm going to take a look at a combined signal for NDX and QQQ and for the NASDAQ, this reversal lower was not immediately clear with hero. So, other than I would say the options traders really, really were not supportive of a smooth hire. So hero was pretty much flat up until about 1020 price was rising. Hero makes a slightly lower high and then moves lower. So really the key to the setup in NASDAQ was just watching order flow at a potential reversal level. Let's go back to book map and then the options traders confirmed the move lower as price started to move lower. So again, the signal was primarily potential reversal level and aggressive sellers coming in. All right, there's NASDAQ and note that there was some iceberg buying really at the time of this reversal hire. These are pretty small though. Let's go back and take a look at book map and see if there were any signals from options traders about the reversal at the 1pm bond auction and not really much more clear for the S&P 500 for both the short and long setup today. Although options traders in NASDAQ are continuing to take positive delta positions and now it looks like NASDAQ is rising after that second test. Let's go back and take a look at book map. So the reversal level was just above the QQQ 364 level. All right, let's take a look at some stocks. First stock I want to take a look at is meta. Let's go back to hero. Go to meta and zoom in on the morning session. Here is the 325 key gamma strike that did act as resistance and there was a pretty clear signal in hero that options traders were fading that move higher at that 325 key gamma strike. Let's go take a look at book map. 325 key gamma strike and options traders pretty quickly start fading the move, taking negative delta positions and price reverses lower and one nice pullback all the way to 324 for another short entry. Let's go back to hero and we can take a closer look and see what options traders were doing. Separate outputs and calls. So this makes it a little bit more clear that traders after maybe a couple of minutes after the cash open started buying puts that shown by the following blue line there. When the blue line is falling that indicates that's negative delta indicates traders are buying puts and then they started selling calls as well that's shown by the falling orange line. Let's zoom out for the day. So net for the day they are actually positive buying calls. So 8.5 million for calls minus 666k for puts. All right so at the low of the day though the hero signal was definitely negative for the day. All right that's meta. I want to take a look at Nvidia now. Very bearish day in Nvidia. Let me zoom in a little bit. So very timely flow alerts in the morning and hero quickly shifts to negative delta pretty early in the morning. Just about five or six minutes after the cash open and the 430 is the key delta strike and let's see what traders were doing. So in video they were selling calls actually before the turn lower and then they started buying puts. Puts shown by the falling blue line selling calls shown by the falling orange line and both are negative for the day. Let's go back to the total signal. Negative notional value 777 million. So much more bearish setup here on Nvidia. Let's go take a look at bookmap. Remember 430 is the key gamma strike. Choppy but very bearish session on Nvidia today. 430 key delta strike. I'm just going to zoom in on this. This looks kind of interesting. So what I'm looking at is the liquidity at this level at the 430 level. Typically the limit buy and sell orders are stacked at the zeros and the fives for Nvidia. What this heat map is showing is the history of the orders in the order book. So these were limit sell orders at 430 that came in right at the cash open and note at 425 there were limit buy orders and they were in before the cash open. So these orders were consumed and then after Nvidia moved lower they came back in. So that's the heat map showing a history of the orders in the order book. Alright let's take a look at Tesla. See what options traders are doing before Tesla reports earnings this afternoon and definitely a bearish day in Tesla. Very steady downtrend. Let's see what options traders are doing. Let's go to Tesla. So options traders definitely taking negative delta positions before earnings today. Let's see what they're doing. So they're definitely buying puts. Let's zoom in on this. So this number for the puts and this is definitely driving price today. Negative 193 million and this number for calls is also negative for the day at 1.5 million. So put buyers definitely driving price today in Netflix Tesla. So when traders buy puts market makers sell the puts and they have to sell stock to hedge their delta exposure. One other thing I want to take a look at is let's go back to the total signal and take a look at next expiry and for Tesla this would be a Friday expiration. So remember stocks most of the stocks that I look at that I trade have options that expire once a week on Friday. So this in the case of Tesla this would be next expiry would be Friday. Alright so it looks like the next expiry trade shown by the green line here is a little bit less than half of the total notion of value today. Alright so traders are trading short term and longer term options today. Alright that's Tesla. Let's go to book map. So again nice steady downtrend today in Tesla as traders continue to buy puts. And one other thing I want to take a look at excuse me one other thing I want to take a look at one other stock is Netflix. It's at report earnings today. I do not have Netflix in book map but we can take a look here in hero and the options trades and hedging flow are also bearish for the day in Netflix. So traders are selling calls and buying puts. Let's see what zero the traders that are trading options that expire on Friday looks like that is making up around two thirds of the total notion of value today that is shown by the green line here and the purple line again is all expirations. So traders taking negative delta positions in both Netflix and Tesla today ahead of earnings. Alright let's go back to the S&P 500 now see what's happening there. And if anybody has any stocks they want me to take a look at now's a good time. Alright let's go to the S&P 500. I'm going to zoom in on the afternoon session here. So very strong correlation between options trades hedging flow and price action. Let's go to book map go back to the ES. So this latest up move did not make it back up to the 43-48 level. It looks like VWAP acted as resistance. VWAP is the the slight blue line on my chart and it looks like there was a sharp move higher kind of exhaustion up at that level by stop run that's shown by this small green dot 177 contracts. Large traders selling with iceberg orders shown by the falling light blue line. Zoom out just a bit so it looks like ES kind of forming a triangle pattern here. So this may take a while to resolve. Let's go back to hero C what options traders are doing again. So in this swing down options traders are taking negative delta positions and in this time range that I'm looking at these zero DTE traders are making up or have a very strong correlation with next expiry or the all expirations. Let's take a look at NASDAQ. So starting right around one o'clock for NASDAQ options traders we're taking a positive delta positions and it looks like about two o'clock that has leveled off and price has dropped lower and so far the hero signal is trending slightly down. Let's just check for the day. So net for the day traders are buying calls and buying puts put buyers more aggressive. This is pretty typical for for an index and there it goes sorry that was I did not do anything to cause that that's a that's a bug that I cannot seem to resolve and and spot gamma cannot seem to resolve at least for me they have not been able to recreate it maybe it's something with my computer. All right let's go to book map. There's a B500 still within that triangle pattern. NASDAQ somewhat as well as well. All right any stocks anybody have any stocks they want me to take a look at. All right Alexander asked do you think the I assume you mean market makers would like to get back into neutral positive gamma by Friday to trap all the retail. Well first of all market makers options market makers all they're doing is making markets they're not interested in trapping retail or doing anything like that maybe hedge funds or some other traders are but options market makers are just making markets and they want to remain delta neutral all the time so they really don't have any control over whether they're they only have control over whether they're delta neutral and they want to remain delta neutral all the time and certainly at the beginning of the day they are delta neutral even though their position on the gamma curve may be changing again they really don't have any control over that that depends on what options traders are doing if their options traders are buying puts market makers are selling the puts that puts them on the negative gamma portion of the curve so they're again they're not moving against retail traders not doing anything they're just making markets and hedging their risk and Tony asked does DX feed have PLTR pellet here yeah sure that's in a hero as well and Frank asked Apple so let's take a look at Apple and Joel asked do I look at crude oil and no I don't I don't trade crude oil I don't know if there's much of an options market that would be driving price for for crude oil you know I may trade may trade crude options but that really doesn't have any that may have to do more with just pure volatility rather than anything that I see in in hero or book map and so CL I do not have all I have is the CME data feed so these CME exchange data feed is just for ES, NQ, RTY and I think some currency futures as well so I don't have is it NIMEX so I don't have an entire package that includes CL futures so no I don't I don't have CL futures in book map I don't day trade CL futures all right so here's Apple let's go take a look at Apple and and hero here so net flow for the day hedging flow options trades hedging flow is definitely bearish for today for Apple so there you go Frank starting around just after 10 o'clock hero shifted lower and Apple is really kind of in a wide range today but options traders taking negative delta positions in Apple all right Alexandra ask if there are too many puts will the market makers have to hedge against taking the opposite trade so how do you find define too many puts they're again that's pretty simple equation market makers are taking the opposite side of trades so if traders continue to buy puts market may continue to sell the puts and let's take a look at something else here so market makers continue to sell the puts so they have to continue to sell futures to hedge their delta exposures so there's really this is the gamma curve that I'm talking about so maybe you could say there are too many puts or market makers are fully hedged when spx is down at this level right here with a sharp sharp curve in the gamma model that's right around 4150 but otherwise as traders continue to buy puts market makers sell the puts their position will become more negative gamma but their delta neutral they're always delta neutral so that's why they continue to sell puts as traders buy puts and they their position on the gamma curve continues to move lower all right so Alexandra I hope that makes sense all right everyone I need to wrap it up today I've got a busy afternoon I want to thank you for watching thank you very much for your questions and comments and I will see you tomorrow again remember drone pal speaks around noon tomorrow and we'll talk about it tomorrow afternoon all right thanks again everyone thanks again everyone have a great afternoon bye