 Hello everyone, welcome to Options with Doug, streaming.livedaily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure, all Bookmap limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. General Disclosure, trading futures, equities and options involve 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 through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an options-Doug chat channel that is a great place to post questions, comments and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. 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 at 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 our process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in Spotgama Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focusing on an underlying asset and setups in that asset can be taken any number of ways. For example, for the SMB500 setups can be taken with futures, ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the Options-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 do my best to answer your questions. And hello. Good afternoon, Gray. Welcome. Glad you're here. All right. Here's my agenda for today, Thursday, January 4th. First of all, I want to go over news items, economic data, and events for today and tomorrow. Then I'll go through my positional analysis. Then I'll review some setups from earlier today. And then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to take a look at them. All right. Let's get started. So first of all, there were several data releases this morning. At 8.15 a.m., the ADP'd Employment Report came out. That was greater than expected, greater than previous. And sometimes that is used as somewhat of a preview for the jobs report tomorrow. The next jobless claims at 8.30 a.m. Eastern time. And that was lower than expected, also lower than the previous number. And then finally at 9.45 a.m. Eastern time, the services PMI data came out. And that was also greater than expected and greater than previous. So all of the data releases this morning were positive. All right. Then again, tomorrow the jobs report comes out at 8.30 a.m. Eastern time. And that is, can be a high impact data release. All right. Let's take a look at positional analysis now. I'm going to start with ES500. So I'm going to go to Bookmap. This is the ES Futures in Bookmap. And before I take a closer look at this chart, I do want to take a look at a larger time frame. I'm going to go to the underlying index, which is SPX. And I'm going to focus on the current uptrend that began on October 30th. And a very strong rally for a variety of reasons, IV collapse, put-vanna rally, following Treasury yields, and also somewhat dovish FOMC announcements and speakers and minutes. And then also somewhat benign CPI report. So all leading to a pretty strong rally that looks like it has met some resistance around 4,800 and also support at 4,700 so far. So let's take a look at that. So this is a thinkorswim chart, a one-day chart. And now I want to take a look at a shorter time frame. I'm going to go to a one-hour chart. So first of all, this is showing the resistance just below 4,800, which is the current call wall and absolute gamma strike, more on that in just a moment. And also note the 4,700 level acting as support. This was on December 20th. Let me check those dates. So that is the December 20th. Oh, that's the 14th. I'm sorry. That's the 14th. And then this is the 20th here. And that is the day of the mini flash crash. And then that level acting as support again so far today. And that is also spot gammas kind of lying in the sand for looking for much more volatility if price breaks below 4,700. So that's an important level. And again, we'll talk more about that in just a moment. All right. So that is the kind of the range, recent range, 4,700 to 4,800. All right. Let me point out other levels on this chart. First of all, the dash purple lines showing the lower and upper weekly expected move. The lower weekly expected move may be difficult to see. There are a couple of red lines on top of that. But that looks like SPX is now trading below that level again. And then the dash blue lines are showing the lower and upper daily expected move. So the weekly expected move is updated. I update that once a week. And then the daily expected move, I update that once a day at the close. And both are based on the options market. So SPX is trading within that range for the day, lower and upper daily expected move. All right. The dark red lines are showing spot gamma levels. These are proprietary levels provided to spot gamma subscribers shown on a variety of trading platforms. This is thinkorswim. The spot gamma levels are shown in red. They're based on gamma weighted open interest. I'm going to point out the key value of the levels. So first of all, here's the put wall at 4,600. That's a strike where large net negative gamma that can be expected to act as support. And note that level did move up from 4,500 yesterday. And then the next level up is the volatility trigger that may be difficult to see. We'll take a look at a one minute chart in just a moment so we can see that more clearly. So that's at 4,715. And that is spot gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. On the other hand, above that level, 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. Note that level did move lower from yesterday. And it looks like SBX is trading below that level now. Again, we'll take a look at a one minute chart in just a moment. And then the next level up is 4,800. That is the call wall. That's a strike where the largest net positive gamma can be expected. To act as resistance. That is also the absolute gamma strike. And that's a strike with the largest absolute positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated. So really the key question now is will this 4,700 level continue to hold? All right, let's take a look at that one minute chart now. So the dart portion on the right here is the regular trading hours today. This is the close from yesterday. Small bounce off of the 4,700 level. Then today, SBX gap down lower and quickly moved higher above that level. Note here's the volatility trigger at 4,715. That's just below the lower weekly expected move. And another level in play for today is the zero gamma level at 4,713. Acting as support earlier today. All right, so SBX is trading below its volatility trigger in a negative gamma environment. Also the gamma notional that we'll take a look at in just a moment at the beginning of the day was negative for SBX as expected after the move yesterday. Shifting from slightly positive yesterday to more negative today. All right, so those are levels in play for today. All right, let's take a look at book map now. In book map, I have my own cloud notes. So I can show SPX levels. So there's the 4,700 level that was noted as support in the spot gamma am founders note. It's also a large gamma 2 level indicating a pretty significant amount of gamma weighted open interest. One being the most important, five being the least. So I have the SPX levels on my chart. Note there is a pretty big difference in price between ES and SPX. And earlier today it was around 40. So it looks like it's closer to 39 now. But earlier in the day it was 40. So that's what I'm showing on my chart. So I have SPX 4,700 shown at ES 4,740. And it should be a little bit lower now. But again, at the time it was about the time of the open up to 10 AM it was around 40 points. And that's when I set these charts. All right, so I have SPX levels on my chart. I also have SPI levels on my chart. So there's the SPI 469 volatility trigger. There's the SPI 470 absolute gamma strike. And then there's the two levels that we're showing on the SPX one minute chart, the 4715 volatility trigger and the 4713 zero gamma level. And then finally I also have other levels related to ES on my chart. There's the lower weekly expected move and also the big round numbers, the zeros and the fifties. So I have that all on my cloud note so I can show all that information in one column here. All right, so again the primary level in play for today. Excuse me, the primary level in play for today was the support at 4,700. All right, shifts and levels. I mentioned the put wall shifted higher. The volatility trigger shifted lower for SPX and also for SPI. So the SPI volatility trigger also shifted lower. Now for SPI, the put wall shifted lower down to 465. So a little bit more in line with the put wall of the SPX put wall. All right, let's take a look at NASDAQ now. I'm going to start within QFutures. Showing a book map here. And I do want to take a quick look at a QQQ chart. Just one minute chart to see the levels in play for today. And nothing significant. For QQQ, the volatility trigger did shift lower to 402. So for QQQ, QQQ is trading well below the volatility trigger. The put wall also shifted lower to 395. And then the call wall shifted lower as well. So that potential floor and ceiling both shifted lower for QQQ, and that is bearish. So a hat trick for QQQ with three levels shifting lower. And for NDX, let's take a look at NDX now. Last time I looked, there was really nothing significant on this chart. So for NDX, the put wall shifted lower. And note that NDX is also trading below its volatility trigger at 16,425. All right, let's go to book map now. So just like ES and NQ, I have my own cloud nuts again. So there's this volatility trigger, 16,425, acting as resistance. Let's just check that on the NDX chart. So my price difference may not be, or scales may be a little bit different, but on the NQ chart, it looks like that volatility trigger was acting as resistance. So I have NDX levels on my chart. And today I was using a point difference between NQ and NDX of 160 points. Also have QQQ levels on my chart. And then also the round numbers. And this is the key number for today, NQ 16,450, acting as support. Good launching point for along this morning. All right, shifts and levels again. I mentioned a hat trick for QQQ, volatility trigger, put wall, and call wall all shifting lower. And for NDX, only the put wall shifted lower. And we'll take a look at setups in a few minutes. All right, let's take a look at gamma notional now to see how market makers were precisioned on the gamma curve at the beginning of the day. This is the data table at the bottom of the AM Founders note. Spot gamma AM Founders note. So what I'm going to look at is gamma notional. This is market makers position on the gamma curve again at the beginning of the day for the SB500, NASDAQ, and Rosso 2000. Note most of these numbers are positive everything except NDX, which is typically not significant. So these numbers are negative. All negative for SBX by QQQ, RUT, and IWM. So in this environment, negative gamma for an index, spot gamma assumes that traders are long puts. Market makers are short puts, hence the negative gamma. And they have to trade with price to hitch their delta exposure. And that tends to enhance or increase volatility. And note all these numbers shifted lower from yesterday. So for SBX, the numbers shifted from slightly positive yesterday to negative. And spy shifted from slightly negative yesterday to more negative. And then IWM shifted from positive yesterday to negative today. Sorry about the rustling. I'm looking through my notebook here. So for the last three days, gamma notional has been shifting from negative to positive as price has moved lower, really beginning at the end of last year. All right, let's take a look at the Vantemodel. We can get a graphical representation of what that means. So I'm going to start with the Vantemodel for SBX. What this chart is showing is market makers delta notional on the vertical axis. The spot price for SBX on the horizontal axis. There are two curves on this chart. The first, the light gray curve, shows how market makers delta notional may change with changes in price in SBX only. And then the purple curve adds implied volatility to the equation. That shows how market makers delta notional may change with changes in price and implied volatility. And that change in delta with a change in implied volatility is the Vant effect. Vant is a second order Greek. So let's check. Let's go back and check price for SBX. So low of the day, $46.96. And currently trading right around $47.10. So we'll check those prices on this chart. So here's $47.96 right around here, where I'm holding my cursor. So what this is showing is from this point, as prices been increasing, market makers delta notional decreases. So remember, market makers always want to remain delta neutral. So as price increases and implied volatility drops, market makers can buy back short futures. That's a put-van rally. So there has been some put-van of fuel for the move higher earlier today. Then on the other hand, as price decreases and implied volatility increases, market makers delta notional increase. And they'll have to sell futures to hedge to their delta exposure. So whenever traders buy options in SPX or SPI, market makers hedge those positions with ES futures. All right, let's take a look at SPI. All right, SPI a similar chart. SPI currently trading right around $469. So also on this left skewed portion of the curve, indicating market makers will have to trade with price to hedge their delta exposure. And then finally, let's check on QQQ. Currently trading right around $398. So also on the left portion of the curve, again indicating market makers will have to sell, in this case, NQ futures as price drops. And they can buy back their short futures as price increases and delta notional drops. All right, so based on this, my thesis was really somewhat mixed for the a little bit more bearish for the NASDAQ due to the hat trick in QQQ, volatility trigger put wall and call wall, all moving lower. And for the SB500, it was really the key was to watch the reaction at 4,700. And with that sharp move higher, just after the open above 4,700, that led to a bullish setup. So again, the key for the SB500 was to watch the reaction at 4,700. Kind of risk on above, risk off below. All right, let's take a look at some setups now. So the first thing that I want to do is take a look at what options traders are doing. So other than book map, everything that we've looked at so far has been based on static data. Spot Gamma takes open interest data that's updated once a day and available sometime during the night. They apply their own proprietary algorithms to that data and then come up with the information that we've looked at, the levels, the Gamma and Vano models. All right, so now we're going to look at real-time data. That's what this is. This is the hero signal, hedging impact real-time options. So what this chart is showing is price for SPX with a white line. And the purple line is the hero signal. That's showing options trades and market maker hedging activity for a combined signal, SPX by XSP and ES futures. That's on the one combined signal. Note a rising purple line indicates traders are taking positive delta positions, buying calls and or selling puts. And market makers take the opposite side of that so they have to buy futures to hedge their delta exposure. And this line has really been moving higher since about 10 AM. All right, let's zoom in and take a closer look. All right, so one thing I want to do, I'm going to separate outputs and calls. And this is really key for the setup that I'm going to talk about in the morning. Traders buying calls that show them by the rising orange line. And that was pretty much from the open when traders buy calls, market makers sell the calls. And in this case, they have to buy futures to hedge their delta exposure. And note this very typical pattern right after 11, right around 11, 15 call buyers take the foot off the gas and price starts to move lower. So call buyers definitely driving price this morning in the SB 500. Note the blue line is showing puts. So traders were buying puts, but buying calls more aggressively. Let's just zoom in on this chart so we can take a look at the data. From about 11, 30 or so, looking at the notional value, traders were buying calls. They're also buying puts that show them by the negative notional value, but the call buyers were more aggressive and mostly driving price. All right, let's go take a look at BookMap now, like that. BookMap, let's go back to ES. Zoom in on the morning session. All right, here's the cash open, RTH open. Final test of the 4,700 level. And then aggressive buyers start to come in. That's shown by the volume dots. The volume dots are showing market buy minus sell. Magenta dots indicate more sellers than buyers. Green dots indicate more buyers than sellers. So price does a final test again of the 4,700 level. And then aggressive buyers start to come in as the cash open as options traders were buying calls. And ES made a series of higher lows. And then the hero signal really shifted higher. Let's go back to hero. Take a look. So just focusing on the call line here, aggressive buyers at the open, take about a 15 minute break. Then right around 10 AM, they started aggressively buying calls again. All right, so aggressive entry, right at the cash open. And then next entry, right around 10 AM at VWAP and the 469 volatility trigger. Price moves up pretty quickly, up to 470 consolidates, still making a series of higher lows. And then finally breaks trend right around 11.45 as aggressive sellers start to come in. And during the move up, there were a variety of factors helping to fuel the move higher. First of all, I talked about the call buyers, the SB500. Also the lines in the sub chart, the pink to dark blue line is the cumulative volume delta. That's increasing. Yellow line showing buy stop orders, helping to fuel the move higher. And then this final push up to 471. It's a stop run up to that level. And that was pretty much the end of the move higher. And also the rising light blue line showing iceberg orders. These are what large traders use to hide their size. So all the lines in the sub chart increasing is that is bullish. So in the case of the rising orange line, hero traders buying calls, rising CVD, stop orders, iceberg orders, I'm just looking for pullbacks to get long. All right, so nice long from 4700 or ES4740 to right around 4,765. So an aggressive entry up to the top would have been about 25 points. And slow to rise. Yeah, I'll check McDonald's and JPM in a couple of minutes. And stun asked, the 3D bubbles are only market order or also limit know their market orders. Limit orders are shown here in the current order book. And then the heat map and book map is showing a history of limit orders. So this is showing, let me zoom over here just a little bit. So for example, here the heat map, this is showing all the limit buy orders as price moved down toward 4,700. The darker shading is that. So that is the history of the limit orders and the order book buy orders. All right, stun also asked, how do we know those are stop orders? Is there a way to tell if a sell order is short or stop order? I assume there was no way and that all read as sell. All right, so let me show you just what we're looking at in book map. So first of all, I've talked about the volume dots. These are showing market buy minus sell. Limit orders are shown in the order book here. This is the, let's go back to the live data. So let me get out of this. All right, so the order book here, current order, COB, current order book showing limit orders. And the heat map is showing a history of the limit orders. So for example, right here, this is showing that orders were pulled. Actually, they were, right, at that level, orders higher above were pulled and it looks like added down here, right around 55, 50. So those limit orders, all right now for stop orders and iceberg orders, CME provides, there are order types. CME, these are for CME futures only. And stop orders and iceberg orders are CME order types. And those are shown in the orders. And rhythmic is the only data provider that provides that data. So both stop orders and iceberg orders, those are CME order types. So this is only available for CME futures. Rhythmic provides that data. And then spot gamma, I mean, sorry, book map with the MBO bundle, Market by Order bundle, provides the stops and iceberg indicators. These are, this is an add-on for book map, provides very valuable information. And there are a number of ways to show this on your chart. So in the subchart, I like to show that information in some mode or a cumulative mode. So blue line is the iceberg orders and the yellow line the stop orders. There's also the on chart indicator. So let's focus on this, the stop run. So the yellow line, quickly rising yellow line indicates a large number of stop orders. And those are by stop orders. Got the green dot here, by stop orders that's shown on the on chart indicator. Icebergs shown by the blue line, light blue line, also the on chart indicator. So in this case, large traders are buying the weakness with iceberg orders as cell stop orders and that's shown by the yellow line and aggressive sellers move lower and aggressive large traders again buying that weakness with iceberg orders. So yeah, book map can detect both stop and iceberg orders for CME futures. All right, so that was the long setup from this morning. Let's take a look at NASDAQ now. I'm gonna zoom in on this just a little bit so we can take a look at the morning session. So remember I mentioned before about the multiple test of NQ 450, final tested at 10 AM, finally worked. Let's go take a look at hero and see what options traders were doing. Let's go to NASDAQ, zoom in on this a little bit. So NASDAQ in the morning, traders were buying calls that shown by the rising orange line, positive notion of value. They're also selling puts, taking advantage of higher volatility after the price dropped the last few days. So the rising blue line indicates again, traders are buying puts or selling puts, sorry. And that looks like that is what has actually been driving price today, the put sellers. So when traders sell puts, market makers buy the puts and they have to sell futures to hedge their delta exposure. And this is a combined signal for NDX and QQQ. All right, so here's the setup at NQ 650, multiple tests of that level and then finally takes off as traders start selling puts again, shown by the rising blue line. Let's go to book map. So here's that long entry at 10 a.m., note the aggressive sellers on the way down, magenta volume dot, and checking a price again 650 that has acted as support multiple times, aggressive buyers starting to come in, shown by the green volume dots and price moves higher as traders sell puts and a lot of aggressive buyers come in. All right, let's take a look at, go back to hero, take a look at one other signal. And this is the, let me zoom out here, this mag seven is the magnificent seven. This is the hero indicator for the seven stocks known as the magnificent seven and that is Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. These stocks make up a large component of the NASDAQ 100, also the SM500 and the way these stocks go, that's often a key driver price in both the NASDAQ especially and the SM500. Let's zoom in on this chart. So here's the confirmation of the setup, write it, at 10 a.m., hero signal reverses sharply higher and then NASDAQ starts to move higher and as the chart showed before, traders were buying calls and selling puts. Let's go back to book map. So again, as I mentioned, the NDX 16,425 just below that level acted as resistance. All right, stun ask, how do we activate those numbers on your 3D bubble showing order size? I'm not quite sure I understand your question. So there are no on the volume dots. There's no order size shown. You can hover over it and get information about the volume. What you may be asking about are these numbers right here and that is the, those are stop orders. That's the buy stop order. So the green, I'm using green and above price for the buy stop orders and red below price for the sell stop orders. So stun, is that what you're talking about? Okay, so those are, that's part of the, yeah, James, that is part of the MBO bundle. That is an extra, that's an add-on that's available in the Spot Gamma. I'm sorry, book map marketplace, right? So again, thanks James. MBO bundle available in the book map marketplace. All right, let's take a look at some stocks. And Caesar asks, is the MBO bundle only for futures, right? Yes, that is correct. It's only for CME futures. So to use, to see the stops in icebergs, first of all, you need to be on a CME futures product. And of course, yes, and NQ are CME futures products trading on the CME exchange. Next, you need rhythmic data. That's the only data provider that provides this data. Rhythmic provides very high quality data. That's what most of the futures traders that I know use. And then finally, you need the MBO bundle again, available in the book map marketplace. Stun asked, do you think Jim Simmons uses book map type info in his created algorithms? Sorry, I'm not sure who, I don't know Jim Simmons. I don't know who he is. All right, let's take a look at some stocks. Want to start with AMD. All right, so for AMD stocks, notice there are no MBO data here. No stops, no icebergs. That data is not available for stocks. There are some plenty of other indicators that book map provides for stocks. I just don't have them shown on my chart. Like the absorption and sweeps indicator, price difference, number of indicators, I just don't have them shown on my chart. So here, let me just show you. Here are all the add-ons that I have. And I'm only showing really this price lines add-on that I'm using to show my cloud notes. And the lines on the chart. All right, so let's take a look at AMD now. Bullish day after a couple of bearish days. Let's go to Hero, see what options traders were doing at AMD. AMD, let's just check. All right, so this, in that zoomed out view, it was a little bit difficult to see, but there was a flow alert indicating significant options activity. Came in just around 9.35. Something to get your attention, again, to significant options activity. Let's see what traders were doing in AMD. They're buying calls. That's shown by the rising orange line. When traders buy calls in a stock, market makers sell the calls, and they have to buy stock to hitch their delta exposure. And that's a very powerful force that can drive a stock higher. And if you're looking for a long entry in a stock, that's what you wanna look for. Also, the rising blue line is showing that traders were selling puts as well. So, bullish day in AMD, typical pattern, aggressive options traders in the morning, take their foot off the gas in price, drops or consolidates. All right, the next is Amazon. All right, stun ask, is this in Bookmap or this Hero? So, where can we find that Hero chart? All right, so Bookmap, I use Bookmap and SpotGamma. Of course, this is a Bookmap webinar, but I use both. For more information about Bookmap, go to bookmap.com. Bookmap has a great website, learning center. Also in Bookmap Discord, that's free and available to everyone, there's a lot of great information there as well. All right, this is SpotGamma. This is the Hero chart, hedging impact real-time options, H-I-R-O, this is available to SpotGamma subscribers. And it's only web-based. So, I use SpotGamma for planning and part of my execution process. All right, so again, for more information about Hero, go to SpotGamma.com. All right, this is Amazon. And let's take a look and see what traders are doing, options traders. And today, they were selling puts, taking advantage of higher implied volatility, selling puts that show them by the rising blue line. Again, the typical pattern, aggressive options traders in the morning, take their foot off the gas sometime before noon and price consolidates or moves lower, sorry about that. All right, let's go take a look at, thought I'd delete it, all right, here we go. All right, so let's take a look at Bookmap now to go to Amazon. Not a lot of range in Amazon, but a nice move higher as traders were selling puts. Note all the green volume dots here. Starting just a few minutes after the open, aggressive buyers taking advantage of the dip in Amazon shares buying up Amazon. So we know that traders were selling puts, also aggressive buyers here showing a Bookmap were buying shares. And let's take a look at NVIDIA. And NVIDIA was also sold pretty hard. Earlier in the week, let's see what options traders were doing. Go to NVIDIA. Note the flow alerts here. Sometimes these flow alerts can act as a continuation signal. Sometimes they can act as a mean reversing signal. But at any rate, right around 10 a.m., the hero signal shifted from falling to rising, indicating traders were taking positive delta positions, starting around 10 a.m. And price responds moving higher. Let's see what traders are doing. So they were selling puts shown by the rising blue line, also buying calls shown by the rising orange line. Again, here's the typical pattern. Aggressive options traders in the morning take their foot off gas and price consolidates. Let's go back to Bookmap. Here's that reversal at 10 a.m. And price moved up to this kind of really two primary areas of two targets. First of all, this kind of liquidity band between 483 and 484. And those, again, the heat map is showing a limit of the history of the limit orders in the order book. And those orders were consumed. And then this is absorption here, reversal, really just below 485. But that was the second primary price target. And for a high price stock like NVIDIA, these limit orders are often most concentrated at the zeros and the fives, like this 485 here. All right, let's take a look at slow to rosy one or delete. Take a look at McDonald's. I do not have McDonald's in Bookmap. So we can take a look and see if it's in Hero. Let's go to Hero. All right, so McDonald's is in Hero. So, slow to rise, he says there was news from McDonald's today that the market did not like. So pretty thin options market in McDonald's here. This notional value only 4.37 million negative. So it really looks like the main driver here was this move lower starting right around 1130 then a sharp move lower right around 1220. Let's see what traders were doing. So net for the day, they are buying calls although they started selling calls right around 1145. Then right around 1220, they started buying puts. All right, there's McDonald's and slow to rosy also wants to take a look at JP Morgan. Also in the morning, JP Morgan was bullish. Traders taking positive delta positions. Looks like a series of large institutional block orders right here up to the 172.50 call wall that's expected to act as resistance. It can, in case you can't see this light blue line, this is the line for the call wall right here. So now JP Morgan trading below that level that call wall may be doing his job and acting as resistance. So somewhat of a bullish morning and JP Morgan there. All right, so slow to rosy also says for JP Morgan they bought or sold a lot of JPM calls and the money JP Morgan made yesterday. So let's see what they're doing today. All right, today they are buying calls that show by the rising orange line and the positive notion of value. They're also selling puts again shown by the positive notion of value. All right, let's go back to the SAP 500 first. So when I was watching hero just before I started here, I started my session this afternoon. I noticed the sharp rise higher and the hero signal and price really did not respond like I expected it to then around 2 p.m. All right, let's go to book map. So after this trend break, just before noon with a lot of aggressive buyers helping to fuel the move lower also sell stop orders that shown by the yellow line CVD by the dark blue line that turns to pink when CVD turns negative. So the shift in CVD and in stop orders that helping to fuel the move lower looks like back toward the 4700 level, the low of the day for the cash open. So SAP 500 are making a round trip today. Let's check NASDAQ pretty similar pattern but still not quite at the low of the day. Note again, all the aggressive sellers coming in shown by the shift from green volume dots, aggressive buyers on the way up and then aggressive sellers start to come in shown by the volume dots and book map and stun asked about back testing. Sure, I think back testing can be helpful. One thing that one great feature in book map is the ability to record your data. So when I start up book map, I record my data every day. So I start book map in the morning, record my data all day, and then I close book map at the end of the day and it creates a data file that I can load later on. So when I start book map, let's say over the weekend I wanna test something. I can open up book map, open it in replay mode and load the data file that I wanna use, whatever day that I have recorded and I can do all the back testing that I want. So that's a great feature in book map for back testing. And Caesar asked, are you more of a swing trader or a day trader? Really more of a day trader. So I have long-term positions and then also I day trade. So I'm not really much of a swing trader and stun asked, do you guys share your saved data in trader lab? Well, that trader lab, that's Tom's room. I don't know if they do or not. I don't share my saved data. The files are quite large. It would be difficult to share. So I, as a general rule, do not share my data. But most people don't and the feed files that you save from this for replay data are very large. And I typically only keep on my main hard drive the last month or two and then after that, I move those off to a larger, I move them off my SSD to a larger slower hard drive that I use for storing longer-term data. All right, so stun, you might ask in Discord in trader lab, if traders do that, that is Tom's room. All right, everyone, my time is up. I wanna thank you very much for watching. Thank you very much for your questions and comments. I love all the questions, love an interactive session and I hope I answered all your questions. Remember, tomorrow, jobs report at 8.30 a.m. Eastern time and that could definitely be a market mover. So I'll see you tomorrow and we'll talk about it tomorrow afternoon. Thanks again, bye.