 Hello, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. And before I go any further, I need to go through the Disclosures. General Disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk Disclosure, trading futures, equities and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. As a reminder, the focus of my presentation and the focus of the Options with Doug chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis to see how traders and market makers are positioned in the options market and how those positions change from day to day to help 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 and Bookmap and real-time market maker hedging flow and Spot Gamma Hero to confirm my thesis and for setups for entries and Xs. And I think this two-step process using the options market provides a significant edge for trading stocks and futures. Okay, and questions and comments are welcome. I will be watching the chat room and Discord as well as the chat and YouTube for questions and comments. So again, questions and comments are welcome and I'll try to answer. Okay, what I'm going to cover today, first go over the last of the economic data that came out this week as well as the earnings that came out after the market yesterday, after the market close. And then I want to do a trade review from yesterday. This is from Metta from yesterday. And then talk about our positional analysis for today. And then finally talk about some setups for today. So first of all, economic data. And there were several items that came out today. First of all, the employment situation at 8.30 AM Eastern time came out much, much higher than expected at 517,000 versus forecast of 188,000 and the previous reading of 223,000. So there was probably a time not too long ago where a much better than expected number would have caused a sharp drop in the market, but not in the current environment of bullish sentiment. So the market pretty much shrugged it off, at least for the time being. And then at 945 AM, the services PMI came in about in line with forecast still less than 50 so in contraction. And at 10 AM, the ISM services PMI at 55.2 higher than forecast and above 50 so in expansion. So that's the news that's the end of the news for the week. And you can see how the market interpreted that data. And then yesterday after the close, there were three big tech stocks that reported earnings. And they all were trading lower after reporting yesterday after the market closed. That was Apple, Amazon and Google. And so far today, they've rallied with everything else. Okay, so the next thing that I want to talk about is a trade review from Meta for yesterday. And recall Meta reported earnings after the close on Wednesday and then rallied pretty sharply on Thursday. So this is, I'm just going to show several screenshots. So this is spot gamma hero for the day showing the combined signal. So this is showing that traders were primarily buying calls for most of the day. And as a stock trader, this is something that you definitely want to look for. This is a powerful force that can drive a stock a lot higher. So as traders were buying calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. So the stock buying was pretty much very strong in the morning, leveled off, and then strong in the afternoon. So that is, that's what options traders were doing. And here's the setup and book map. And notice the, so there was a little bit of a dip in the morning. And then notice all the green dots here coming in, market buy orders, aggressive buyers coming in. And that continues all the way up to this 150 level at the first target. And then actually the order flow remains bullish. Again, looking at the green dots until about 1145, something like that. Now price continues higher. Again, remember that traders were buying calls. So Dave says I was bearish on meta dang Now this is yesterday. I'm doing a trade review from yesterday. And my bias for today was different. And I'll talk about when I get to the setups, I'll talk about meta today. So again, this is a trade review from yesterday. And the interesting thing about this, we'll get to it. So remember that meta gapped up very sharply on Wednesday after the market closed when they reported earnings, and then continued to go much higher. And here is, here's the entire day. And notice that meta made it up to this 195 liquidity level, the second target. So the first target, well actually the first target would have been the 185 liquidity, then the 190 liquidity, and finally the 195 liquidity. All of these pink dots coming in at that level, and price reverses lower. And there was also a good reason in the options market. So again, remember that meta was trading up something like, I don't know, at least 25% higher yesterday from the previous day. So again, we're looking at Thursday. And notice the, you know, again, the fall off around 195, 196. All right, so this is equity hub. This is spot gamma equity hub. And notice again, we're talking about the 195 level. This is the spot gamma composite view. The orange or red shading, orange red shading below 160 indicates put dominance. That means that at that level, traders are long puts and market makers are short puts. And above 160, traders are long calls. And again, market makers are selling those calls. But notice this vertical axis is this SG momentum indicator. And that is the rate of change of gamma. And it can be equated to volatility. And notice how it just drops off above 170. And the 195, 196 level is not even on this chart. Meta gapped up and moved up so much higher that it was completely off this chart. And so this indicates that that rate of change of gamma is quickly decreasing. And most likely, you know, just this chart stops at 190. But and this is at the you know, at a very low level, you know, just continued lower. And there's another way of looking at this. This is another view of the same thing. And these, the orange line is called gamma. The blue line is put gamma. And notice that, and I wish there was a way to zoom in on this chart. So that the steepness of these lines is another indication of the rate of change of gamma. So I'm just going to draw a line around 195. And notice the steepness of the call gamma line starts to decrease. So that rate of change of gamma is decreasing. And also the call gamma is all way down here except for a little bit at this 200 strike. So meta gapped up and continued higher past all this call gamma. And the rate of change of gamma was quickly decreasing, indicating there was no, no more hedging required as as meta started to approach this 200 level. So that is a good indication that 195 196 was near the top end of the range. Again, looking at the rate of change of call gamma decreasing sharply, all the call gamma down below. And notice that at that level, and this is what this is showing. This is the hero for the entire day yesterday. And it, I took this screenshot this morning. So I hero allows you to go back for the, okay, so there's a message in discord not getting sound as anybody else. Can anybody else hear me? If somebody would indicate in YouTube and discord, okay, Trader H, he says sound good. Okay, so I'm getting indication in YouTube and and in discord that my sound is good. So let me just let me just type him a quit. Message. Okay, so again, notice that so we're at that level of greatly diminishing gamma and hero turns down slightly and price drops. And those, you know, again, that that gamma was decreasing, heroes started to turn over and price reversed lower. So that was a good indication that that was a top. And their traders were not doing much with puts, it was mainly driven by calls. And again, that slight drop off and calls was all that was needed for price to move lower. I think that's let me just do a quick check. Yeah, that's all I had for this for this example. So meta has been very interesting this week. And I'll talk about the setup today. Okay, so let's talk about our positional analysis now. And I'm going to go to book map. I'm going to go, let's start with the S&P 500 and talk about the levels and play. And normally I take a look at the thinkorswim charts, but the script book map script for thinkorswim was apparently not updated this day today for SPX. So I'm just going to stick with book map here. And so this is the levels and play. These levels for SPX are shown in the spot gamma cloud nodes column. And this is showing combo levels combining spy and SPX. I'm showing here and here. And then this L2 4150 is the SPX 4150 level. And that's an L2 level and gamma L2 level one being the highest five being the lowest. So it's a pretty important level. And it's also a big round SPX number. And so these are my spot gamma cloud nodes provided to spot gamma subscribers and updated automatically every day. And these levels are off a little bit now. The last time I looked the SPX ES difference was about 12 points. And spot gamma is still using a 15 point difference. So they should be a little bit lower. So this combo L3 level did act as resistance today. And SPX chopped around that level for quite a while. And then is now moving lower. And then this column, this C levels column, these are my cloud nodes. And I'm showing the spot gamma resistance support and pivot levels here in this case. And also the key, excuse me, the key spy level. So this is the 14 level. And that was also noted as a pivot with 410 of support, 420 is resistance and 415 is a pivot. So now ES, SPX and spy are both trading below that pivot level. And then the other thing that I note is this is the upper edge of the expected move for ES for the week. And then this is the big round number 4150. I marked the ES zeros and 50 levels. So those are the levels in play today. And now we'll talk about shifts and levels. And there were pretty significant shifts higher in levels. So first of all, for SPX, both the spy and SPX put walls that for the S&P 500, both the SPX and spy put wall shifted higher. Yesterday, the SPX put wall was at 3,800. And it shifted all the way up to 4,000. And then yesterday, the spy put wall was at 390. And it shifted up to 400. So that's the put walls, both shifted higher, as well as the call wall. So for SPX, the call wall yesterday was 4150, shifted up to 4,200 today. So we can see that up above. There's the 4,200 call wall. And the 4,000 put wall is well below. And then for SPY, the call wall shifted up from 415 to 420. And then also for SPY, the key gamma strike shifted higher from 410 to 420. So in the last three days, the spy key gamma strike has shifted higher from 400 to 410 to 420 today. And just to define what these levels are, the put wall is the strike with the largest net negative gamma. And that can be expected to act as support. And the call wall is a strike with the largest net positive gamma. And that can be expected to act as resistance. And then the key gamma strike or the absolute gamma strike with a strike, that's the strike with the largest absolute gamma. All right, for QQQ, the volatility trigger shifted higher. And also the key gamma strike shifted higher from 300 to 310. So in the last three days for QQQ, the key gamma strike has shifted higher from 290 on Wednesday to 300 yesterday to 310 today. And let's take a look at the gamma charts now. Absolute gamma charts, just to see what that looks like. So here's SPX. And here is the, so these are the absolute gamma strikes. I'm looking at, here's the zero line. I'm looking at call gamma or positive gamma above that line that's shown by the black lines. And put gamma or negative gamma below that line, the zero line, and that's shown with the teal bars. So here's the 4000. Key gamma strike still remains at 4000. But the thing to note about this chart here is all the build of call gamma above that level up to the 4200 call wall level. Okay, so put wall as at 4000. And that's also the key gamma strike. And that's pretty obvious, the strike with the largest absolute gamma. And then there's the 4200 call wall. And again, the strike with the largest net positive gamma. So that's SPX. And again, the thing of significance here is the shifts higher in the levels and the build of call gamma above the 4000 level. And here's spy. So spy the put wall is now at 400. And 420 is the key gamma strike as well as the call wall. And again, the thing to notice is this build and call gamma especially above 410. So the shifts higher in levels and the build of, and the build of call gamma. So that is the S and P 500. Let's go take a look at the NASDAQ now. And I just look at QQQ. NDX is pretty much insignificant as far as the options market goes. So 310 here is the call wall and the key gamma strike. And the put wall remains at 285. There's the 300 level. And again, 310 is the call wall and the put call wall and the key gamma strike. So again, the thing to note is the build of call gamma here. Okay, let's take a look at the data. This is from the spot gamma AM founders note. And as usual, I'm going to look at the gamma notional. And this is market makers position on the gamma curve. And over time, what has been happening is market makers gamma notional has shifted from negative to gradually more positive. And that is a, that's a pretty much a bullish indication. But from a trading perspective, what it means is excuse me, from a trading perspective, what it means is when market makers gamma notional is negative, the that means that traders along puts market makers are short puts, and they have to sell futures as price decreases to hedge their delta exposure. And when price increases, they can buy back their short futures. And it works just the other way around. In a positive gamma environment, that means that traders are short calls, market makers are long calls, and they have to sell futures as price increases to hedge their delta exposure. And then they can buy futures as price decreases to hedge their delta exposure. And that's in a, that's in a positive gamma environment, like the current environment. So right now, SPX shown to the left column here, the market makers gamma notional is 545. And that increased slightly from yesterday. SPX yesterday, gamma notional was a positive 459, and has shifted to a positive 545. Yesterday, SPY was minus 437. And it's still negative, but just mildly so at minus 174. And then QQQ has shifted from a slightly positive 18 yesterday to 236. So this is a, you know, for SPX and QQQ, definitely a positive gamma environment. And I'd say close to neutral for SPY. But when you combine SPY and SPX, I would call that neutral to positive gamma. So again, this means in a positive gamma environment, market makers are trading against price to hedge their delta exposure. And this is illustrated with these VANA model charts. And this is for SPX. And what this is showing as price increases, the strike is on the horizontal axis, market makers delta notional or delta exposure is on the vertical axis. And as price increases, market makers delta notional increases and they have to self futures to hedge their delta exposure. And the green line shows how that delta notional changes with changes in implied volatility. And that's the current expiration. And that shows the VANA effect, which is the change in delta with a change in implied volatility. And the black line is next expiration. And that is showing that showing how market makers delta notional changes as time passes. And that's the charm effect, the change in delta with as time passes changing time. So that's SPX, SPY, just slightly skewed to the left. And then QQQ, somewhere in between, but definitely still skewed up or from left to right. So again, a positive gamma environment. So finally, let's take a look at my key gamma strike list. What I do is I track the key gamma strike for every stock of my watch list. And I track how these change from day to day. And I color code them. I compare the current key gamma strike that's shown in the D column with a previous key gamma strike in the E column. And that is from the previous day. And I color code these green indicating that the key gamma strike increase from the previous day. So notice all the increases here. This is definitely bullish. Very, very bullish to see all of this, all this green, all these increases in the key gamma strike. So that indicates that traders are positioning for higher prices. They're accepting higher prices. They're expecting higher prices. And they're trading like that. That's how they're positioned. So my thesis for the day overall was bullish. First of all, that was based on the building call gamma and the increase in levels both in the indices as well as the stocks. And then also looking for lower volatility. Again, noting that the market makers would be generally trading against price. So that is the broad market view. Okay, let's take a look at some setups now. And I did have some different thesis for several stocks just based on the amount of gamma that was expiring today. And there were some questions this morning or some comments and discord about that. And just a quick comment before we start taking a look at at setups is for indices like SPX, I really only pay pay attention to the amount of gamma expiring on a monthly expiration. And for for stocks, like we'll see with several the stocks in my watch list, I will take a look at that every week. And this is it seems like this cycle of buying buying calls in stocks at the beginning of the week during the week that expire at the end of the week. So remember, most stocks have a weekly expiration, whereas SPX has a daily expiration. So traders will buy those Friday expiration calls during the week. And as those calls get closer to expiration, if traders don't continue to buy those calls, they can lose value pretty quickly. And market makers can sell their long hedges, their delta exposure decreases, and they no longer need those long stock hedges. Now the only, but again, that's for stocks, that's especially for higher volatility stocks, a lot of mean stocks. But for indices, again, I'm only looking at that percent gamma expiring at the monthly expirations. And based on whether the index is call dominated or put dominated at all, I'll make a decision about my bias then. But typically, especially for the last year, most expirations have been put dominated. And that's what leads to a lot of put banner rallies. Those puts expire, market makers are short puts, and they can buy back their short hedges as price increases implied volatility drops, and their delta exposure decreases. So again, that's for an index like SPX, only yet monthly expirations. All right, so let's take a look at some setups now. And the first is Apple. And recall Apple reported earnings after the close yesterday and initially traded lower after the close yesterday. But traders didn't want any of that today. They were bullish at least in the morning. So let's go take a look at book map now. We'll go to Apple. So here's Apple in the morning and a pretty sharp rally just like many other stocks just right out, right after the open shot up higher. And again, as traders were buying calls and with our primary target here at the 155 call wall and the liquidity there. Let's go back and take a look at a hero. So I've separated out puts and calls here. Calls are shown with the orange line puts with the blue line. So in the morning traders were buying calls and they were buying puts as well. And it looks like they continued to do so. So price was increasing until traders stopped buying calls. Then it has kind of leveled off and chopped up and down a little bit down. Let's take a look at the total signal. And net effect is bearish. So good, good long setup in the morning with traders buying calls, market makers selling the calls and buying Apple stock to hedge their delta exposure. So here's AMD and recall AMD reported earnings after the close on Tuesday, I believe, and has been up pretty sharply since then. Let's take a look at some calls. And what I was looking for here was any dip in the call line. I'm going to zoom in on the morning. I was looking for any dip in the call line for a short. So traders have been buying calls and AMD all week and looking for any potential short. And I'll show you why. Let's go to equity hub. So what I've done here is sort these stocks by this next gamma expiry. So this shows the amount of gamma expiring. And this is showing the date of that expiration. So notice the stocks in the upper half of this list. This top gamma expiry is today. That's February 3rd. So that is the top of the list. And we'll look at this. And typically any number over 30% is significant, but 26% for AMD was close enough. And this doesn't always work out. But again, given the strong move higher in AMD this week, and the amount of call gamma expiring at the end of the day today, and noting that anytime that there was a let up in that call buying that price that market makers would be able to sell their long hedges since their delta exposure was increasing. I was looking for a potential short in AMD. So let's go take a look at book map now. So just like everything else, there was a strong rally in the morning. And then price started to reverse lower. There were several short setups. This trend break. And then another trend break. And now price is falling. And let's go back and take a look at hero. Take a look at the total signal. And pretty choppy. So not the not the best example. But again, that was what I was looking for. Here's Amazon. And really you have to take each stock individually. Let's take a look at puts and calls. So I was looking at a couple setups here. Call divergence. Long setups. Traders buying calls. There's the first. There's the second. This one's better. Let's go take a look at book map now. Here's Amazon. Here are the couple longs in the morning. And then Amazon is rolling over as well. And notice the shift in order flow here. All the pink dots coming in and CVD dropping sharply lower as the aggressive sellers start selling Amazon. So call divergence setup in the morning. Let's go take a look at hero again and see what's going on the afternoon shift back to the total signal. And here finally hero shifts lower. One last look at the total signal. And that doesn't help too much. Separating out puts and calls. So the total signal tells a better story. All right, the S&P 500 and we'll look at ES. And this is the combined signal for SPX and SPY for the ES futures. And what I saw was first of all call divergence long in the morning. And during that time traders were buying puts as well. But they were buying calls and that seemed to be driving in the morning. And if you weren't fast enough to get it on this straight line in the morning, straight line up, here was a pullback set up as traders continue to buy calls. And we'll take a look at the SPY chart to see that. So that was the call divergence long in the morning. And I'm going to go back the total signal, update that. And then looking at the, this is definitely a kind of a longer term, divergent short. So let's go take a look at, I'm going to look at SPY in hero or in book map. And remember I'm looking at ES and SPY. You can look at the same thing. It's just sometimes a little bit easier to see and SPY. There's less clutter. So again, we noted that 41, 74, SPX 41, 74 as resistance. And there, this is showing falling CVD, pretty bearish order flow. You can just tell by all the pink dots there. And there's the break lower somewhere between, somewhere around 1245. And it took a while. We'll take a look at ES. All right, there are a couple of questions in YouTube. Hi JC, at what time do you check this call put divergence? And I just watch it during the day. You know, it's just, you can't, something like that, you can't necessarily time. You just have to keep an eye on it. What time do I make a trading decision? I usually wait 10, 15 minutes after the open. For me, for example, I'm going to zoom in on ES. And I'm not the fastest trader in the world. There are others that are faster that can trade the open. And for me, this was the first really good clean entry, this series of lower highs, the final retest of the 4150 level. And then the, you can see the green dots coming in here, just around 1015. So a break of this was the first clean entry that was, you know, for me, for my, my style of trading. So that was, that was, you know, 4045 minutes after the open. And again, I just, you know, I just don't feel comfortable jumping in on a straight line like this. That's just me. Okay. And there's another question, another comment. And Maharaja made small money based on meta. Great. And too bad. Yeah, I exited too soon as well. So, but yeah, that was my plan to look for a short and meta. So anyway, that's, that is the, that's the long setup in, in ES and spy here. And after a strong week like this, my, you know, I was primarily looking at, at shorting stocks like meta. So let's look at, at Google, then we'll actually just go on to meta. Time is getting a little bit short here. So let's go on to meta. Okay. The, to set this up. So remember, we looked at meta from Thursday. And it had already gapped up pretty significantly from Wednesday afternoon. And got up, up above that. All that levels, all the call gammas. And JC asked, do I make a decision based on Deepak shifts? Up or down? No, no, I don't. I look at it, but it's not something that's in my decision, decision process. So let's take a look at meta. Let's go take a look at equity hub. Equity hub. And this is meta. So meta is at the next to the top of the list here with 32.9% gamma expiring today. So anything, like I said, anything over 30% is, is pretty significant. It's something that I want to, want to pay attention to. All right. So that is, that's the initial setup. Looking at that, anticipating that meta has been so strong that any hint of hero falling, and those calls would quickly use value as this afternoon approach, expiration approaches. So again, these are calls that expire at the end of the day. So we see that meta, let's go take a look is definitely call dominated here. This is showing above 162 all called all called dominated all in the green region. So traders are long calls. And that's obvious. They've been buying calls since yesterday morning, and potentially on Wednesday and anticipation of earnings. And those calls again expire today. So any hint of those calls expiring, and I'm going to look for short. So let's go take a look at meta and hero now. So there's the total signal. And I'm looking at this, looking at this call signal, let's see if we can get any more clarity with the 30 minute look back period. And not really. So looking for any dip in the signal for short, there's the first little dip and there it goes. And now it's continuing to lower. So I was just looking for shorts and meta. Let's go back and take a look at book map now. I'm going to zoom in. So yeah, I've you know, there was a bullish signal first thing in the morning if you were fast enough to get hit on this on this straight line up. You know, here's one pullback. I was anticipating a short. And there, there's the break at 195, which was close to the high from yesterday. And then price moves lowers. As those calls, traders started selling the calls. Those calls are losing value. And market makers selling their short hedges. So there's the first short worth about five points. And then the next short worth three or four points. It looks like meta continues lower. Let's go take a look at hero again. Take a look at the total signal and continues to be bearish negative delta. And the next stock that I want to take a look at. Oh, one other thing that I wanted to point out for meta was this note here over on the right of this put call impact chart. Meta has 32.9% of its gamma expiring this Friday. We could see a reversal in the stock look for support at 180. And that same note was on same type of note on AMD 26.6 gamma expiring. We could see a reversal in stock look for support at 70. Actually, let's take a look at one other stock on this list. And then we'll wrap it up with Tesla. So there's snowflake. 26% gamma expiring today. There's the same note. You can see a big reversal on the stock stock reverse after expiration. And notice the call dominance above this pivot line here at 175. Let's just go take a look at it. A hero real quick or snowflake. And here's Microsoft. I wanted to point out a short there. I'm about out of time. Snowflake currently trading below that but bearish negative delta. Both calls and puts. So another good short today. And then we'll wrap it up with Tesla. That'll look at any final questions. So here's Tesla. Let's take a look at equity hub. Tesla. So notice in this list are mostly stocks that pretty actively trade options that have been very active this week. Especially snowflake and Tesla are pretty volatile stocks that probably have a large or significant amount of gamma expiring at the end of every week. And so here's Tesla 26% gamma expiring today. Let's go to the put and call impact chart. And another note about a reversal in the stock look for support at 100 which is way down. So all right. So let's take a look at a hero now for Tesla and strong correlation in the morning. Certainly that was a good long set up in the morning. Calls are driving. Long set up. Call buyers start selling their calls and prices reversing lower. And they continue to buy puts. And we'll take a look at book map now. So long set up in the morning if you were fast enough to catch that. Let's just take a look at cumulative volume delta here. So it looks like water flow has been bearish. Really started shifting more bearish here. Notice all the pink dots up here. Traders start selling their calls and price breaks below this 195 level. All right. Let me check for questions. All right. So JC asked what are your thoughts about profit taking or risk management? And how do you deal with that since trading options is way different than trading futures? Yes it is. So I'm just showing for each of these I'm just showing potential setups with the underlying. And there are any number of ways of of taking these trades. And I'm not you know specifically saying trade shares, trade options, trade futures for the S&P 500 for example you can buy or sell SPX calls or puts, spy calls or puts, spy shares or ES futures. And the way that I approach that is futures I'm going to get in and out pretty quickly you know with a highly leveraged instrument like that with options the idea is buy and hold for the day. So if you want to buy a call buy a put you know I would try and hold on to that as long as possible. So coin yes there's a question could you have been short coin as well and gamma expiry that was at the top of the list. Let's just take a look at here. The reason I didn't mention coin I don't have it on my main computer here and I knew I had a lot to cover so I didn't plan on jumping over to my other computer. So let's just take a look at a hero for coin. Coinbase and this is another reason. Coinbase charts have been pretty difficult to read because of the block trades coming in. So I you know you have to zoom to a level where that block trade is no longer in the picture and that doesn't help. So the coinbase charts have been like that recently. All right another question and I there's a question do you know why Tesla has been mirroring ES for the last couple weeks usually it goes its own way without ES affecting it as much. Remember Tesla is a component of ES or the S&P 500 not the other way around so it may be volatile enough that it is helping to drive price action in the S&P 500 but I hadn't noticed that that I haven't thought about that but again remember that the S&P 500 is an index of stocks and Tesla could be it's not a large market cap component anymore but it's certainly volatile. So Roomba I guess you're talking still about Tesla through me today expect a reversal after short run-up. So you know I wait and confirm anything that I any thesis that I have any expectation I confirm that with hedging flow and order flow. So remember in Meta I was waiting waiting for that definitive turn lower in hero as well as order flow and book map to confirm and Roomba if you I would say give book map a try instead of looking at candlesticks charts you may may I expect you'll gain a lot more insight from looking at book map rather than a candlestick chart and finally ask how far do you suggest should I go hold to hold the option for the day. Well first of all if you're buying and selling options if you want the most bang for your buck you buy the zero TTE so again remember for stocks if you're trading stocks there's typically just a weekly expiration. So if you're if you want to trade apple on Monday with options and you want to buy or sell calls you're going to have to buy the calls or puts that expire that Friday. Now if you're trading spy or QQQ those instruments those ETFs have options that expire every day now so for spy you can buy the zero DTE any day of the week and if you're buying and selling options and want the most bang for your buck that's where you need to go with the zero DTE you're going to get the most gamma that way the highest change in delta with a change in price and then as far as holding how far you hold you would want to set a price target for every trade that you take and should you suggest shorting options as it has more probability to win or long so it depends on your your time frame I would be hesitant to sell zero DTE options you're just taking taking a lot of risk for a little bit of reward if I sell options I go further out in time I know tasty trade tasty live now for now they call themselves for example they suggest 45 days to expiration and they mostly talk about premium selling selling short and long so I if I'm selling options I want to go further out in time it's a higher probability I give myself more time to be right if I'm buying options I want to buy the shortest time frame possible just to get the most bang for the least amount of risk all right so JTT confirms that yes so if you're selling options look look for further out in time and for a while I was selling options that were far out in time like 100 days plus and they actually expire very they lose value very quickly that's why but now with skew being so low there's not as much advantage to doing that now so anyway that's you know that's my thought on that so buying or selling short time frames buying calls and puts short time frame selling further out in time and yes selling does require a lot of capital and just a suggestion if you do have a smaller account and want to sell options you may take a look at either futures or micro futures and especially if you have a small counter just starting out micro futures futures the margin requirements are governed by a totally different body and are closer to a portfolio margin and a an equity account so the margin is a lot less for selling and selling futures options on futures rather than options on on stocks or ETFs so just something to consider okay my time is up I think I've answered all the questions and it's been a great week a great trading week and I think it definitely lived up to expectations with all the earnings FOMC announcement data today it's been a great week and everybody thanks for watching thanks for your questions and comments and I will see you on Monday thanks again bye