 Hello, everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the Disclosures, General Disclosure, all Bookmap Learnable Materials, Information, and Presentations are for educational purposes only and should not be considered specific investment advice or recommendations. 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 on Bookmap Discord, there's an Options-Doug Chat channel. That's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. And note, I did talk about a setup in NVIDIA yesterday. A short from the call wall all the way down to the put wall. I did post that in Discord and on Twitter yesterday. Again, I'm at Doug Pless. If you're active on Twitter, please take a look. Give me a like and a follow. All right. Here are the key tenants for my approach to trading. This is the basis of my approach to trading. I believe that options trades and market maker hedging activity are key drivers of price in many stocks futures, especially the large cap tech stocks that I follow, as well as the equity futures, the S&P 500 and the NASDAQ 100. And for the S&P 500, SPX is the underlying index, SPI is the ETF version of that index, and ES is a derivative of SPX. The NASDAQ 100, NDX is the underlying index, QQQ is the ETF version of that index, and NQ is a derivative of NDX. So when traders buy and sell puts and calls in the, in SPX and SPI, market makers take the opposite side of those trades and they hedge their delta exposure with ES futures. And the same for the NASDAQ 100, when traders buy and sell puts and calls and NDX and QQQ, market makers take the opposite side of those trades and they hedge their delta exposure with NQ futures. The focus of my presentation today, and the focus of the options-jug 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 of volatility for the day, as well as a directional bias. And the second step of my process is execution. I look at real-time order flow and book map, and real-time market maker hedging flow on spot gamma hero to confirm my thesis, and for setups for entries and exits. And when I talk about setups today, I will be focusing on an underlying asset. And for example, setups in the ESB 500 can be taken with ES futures, spy shares, spy options, SPX options, and even ES options. So I'm just talking about, again, an underlying asset. And setups in that asset can be taken any number of ways, depending on your risk tolerance, and your margin, and however you like to trade. Questions or comments are welcome, and I will be watching both the options-jug chat channel, as well as the chat and new YouTube for your questions and comments. Please feel free to post. I'll do my best to answer your questions. And hello, Stephen, Don, Zachariah. Welcome. Glad you're all here. Here's my agenda for today, Friday, March 15th. First of all, I want to go over news items, economic data and events for today to wrap up the week. I'll briefly mention a couple things coming up next week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today. And then I'll take a look at the live market. So I'm going to go through my complete process today, from planning to all the way to at the end, looking at the live market and looking for a potential trade setup. All right, let's get started with economic data and events. So first of all, today, the big event is the options expiration. This is the monthly options expiration, also the quarterly expiration, which is typically quite large. Let's take a look at this here. This is from Spot Gamma. This is showing call delta notional. This is market makers delta notional by expiration date. This is the expiration today, the March 15th expiration. Orange bars are positive delta or call delta. Blue bars, negative delta or put delta. You can see the orange bars much, much larger than the than the blue bar. This is a very call dominated options expiration. And typically what can happen after a call dominated options expiration is all those calls that have been stabilized in the market expire and the underlying index, and this is for the SAP 500 NASDAQ and Rosso 2000, can consolidate. Also, volatility can expand after a call dominated expiration. Those calls expire and again, leading to consolidation and some wider trading ranges, which would be nice. All right, note also that Spot Gamma and the AM founders note that there was a massive call delta expiration for single stocks and I won't give the specifics. I'll leave that to Spot Gamma subscribers, but it was a quite large call delta expiring at the end of today. All right, so call dominated expiration. The other data for today was Michigan consumer sentiment. And that was really not much of a that was a 10 am not much movement. Here's 10 am right here. So not much movement related to the consumer sentiment compared to the movement for the rest of the day. All right, next week coming up. The big event is the FOMC meeting beginning on Tuesday and then the announcement and press conference on Wednesday. And the announcement will be at 2pm, midway through my session on Wednesday, we'll cover the SAP 500 NASDAQ at that time. And then the press conference begins at 2.30pm at as my webinar will be wrapping up on Wednesday. Also note that NVIDIA has a an event on Monday. I'm not sure what time, but NVIDIA does have an event on on Monday. Could be a market mover. All right, so that's the news items. Let's move on to positional analysis. So this is the ES futures in book map the SAP 500 futures. Before I take a closer look at this chart, I want to step back, take a look at a larger time frame. And I'm going to take a look at I'm going to skip on to a skip on to the one hour chart. So this is the you've all seen it before the rally that began October 30, 1080 points. So far the high for SPX last Friday, 51 89. So that's the rally that began last year, October 30th. This sloping trend line here is the upper upper end of that the trend line formed by that rally. All right, so this is a 30 day one hour chart. And I want to focus on the levels on this chart. So first of all, the dash purple lines are showing the lower and upper weekly expected move. That's based on the options market. That's based on the closing price for SPX last Friday. Those levels stay in place for the entire week, they do not move. And then I will update them over the weekend for the following week. The dash blue lines are showing the lower and upper daily expected move. That's based on the closing price for SPX yesterday, also based on the options market. And those levels do change every day. And note the expected move for today was fairly large at right around plus or minus 36 points. All right, so those are the expected moves. And SPX did trade down below the lower daily expected move. Right now it looks like it is slightly above that level. All right, the other lines on this chart are spot gamma levels. Let me zoom in a bit. I'm going to point out the key daily level. So these are spot gamma levels that are provided to spot gamma subscribers on a variety of trading platforms. This is thinkorswim. Again, I'm going to point out the key daily levels. And though there's a very narrow trading range today. So first of all, I'm going to start with the 5150 level. That's the put wall volatility trigger just above that. So 5150 is the put wall. That's also the absolute gamma strike. So the put ball is the strike where the largest net negative gamma that can be expected to act as support SPX trading below that level. And that's also the absolute gamma strength. That's a strike where the largest absolute positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated. And note yesterday there was quite a bit of movement up and up and down around that level, which can happen in a positive gamma environment, pinning to a large gamma level. Not so much today. All right. So 5150 is the again, the absolute gamma strike and the put wall just above that is the volatility trigger. That's a 5155 that a spot gamma is proprietary volatility flip level below that level market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility 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 and know that SPX is trading below that level. And then finally, the call wall is up at 5200 and has remained at that level for quite some time. That's the strike with largest net positive gamma that can be expected to act as resistance. So according to this, there's a very narrow range between the put wall, the potential floor, and SPX is trading below that level and the potential ceiling at 5200. And you could also consider potentially this 5100. I believe that may be spot gammas current risk on risk off level, risk off below that level. All right. Also, again, remember, this is options expiration and these levels should shift around quite a bit next week. That's what I'm expecting. And it will typically take several days for the levels to settle out and stabilize. All right. So again, very narrow range for the levels today. Or let's wrap up our view of SPX with a one minute chart. I drew this trend line. This is showing you about two and a half days worth of data. So this is showing a trend line from yesterday. Dark shaded portions are the regular trading hours. It looked like so SPX did gap down today and then found resistance right at the continuation of this trend line from yesterday and did trade down below the lower daily expected move earlier today and now trading just above that level. Also, again, trading below the put wall and the volatility trigger. All right. Shifts and levels. Volatility trigger shifted higher. Put wall also shifted higher. Again, I'm looking for some changes to those levels and stabilization after a few days next week. All right. So now we're moving on to book map. This is ES futures. I like to show SPX levels and SPY levels and key ES levels all on this chart. So that does sometimes lead to quite a few lines on the chart. I'm showing those in my cloud notes. All right. So here's the, there's that 5150 level, the absolute gamma strike put wall. Again, as the SP5 trading below that, there's the 5155 volatility trigger. And note, there's a pretty big difference in the price between ES and SPX. And it is currently right around 64. So the ES to SPX difference or offset is 64 points. So I'm showing the SPX 5150 level at ES 5214. And I do post the index relationships that I'm using every day. I post those in Discord. Try and post the preliminary numbers around 9am, a little bit late with the final numbers today. Busy trading in the morning. So anyway, I post the ES to SPY relationship, NQ to QQQ relationship, and the ES to SPX and the NQ to NDX offsets. Hello, Caesar. Welcome. Glad you're here. All right. So I have the SPY levels on this chart, SPX levels, and again, key levels for ES. Let me just point out a few levels. So before the, before the cash open, the SPY 514 and the SPX 5160 level acted as resistance. That 5160 level was noted as resistance in the Spot Gamma Am founders note. Earlier today, the 509 level SPY 509 level acting as support. And then right around the 5200 and the SPY 511 level, good entry point for a short. All right. So those are the levels of play for the SMB 500. So far today, let's take a look at NASDAQ. Oh, it shifts the levels. Need to mention SPY. So for SPY, the volatility trigger, call wall, an absolute gamma strike all shifted lower. And the put wall did shift higher. So the put wall is at 510. You can't see a level there. It's kind of obscured by this label, but it's this, this white line right here is the SPY 510 put wall. So the SP500 is training below the SPX and SPY put walls. So the put wall moved higher, and, but the volatility trigger call wall and absolute gamma strike all shifted lower. So basically a bearish hat trick for SPY. And I interpret that as bearish. All right. Let's move on to NASDAQ now. So this is the NQ Futures and Book Mount. All right. Anirag asked, what does so much positive delta tell us for today, please? What can we expect today? We can expect just this weakness. So that call delta, what we expect for that is for it to expire today. And positive delta in a positive, this positive delta, a positive gamma environment helps to stabilize the market. Again, remember in a positive gamma environment, market makers are trading against price to hedge delta exposure that tends to subdue or decrease volatility. When a lot of that expires, we'll take a look at gamma expiring as well. So when a lot of that expires, that's gamma and delta that has been stabilizing the market expires and typically in a call dominated expiration, I'm looking for some consolidation, some weakness in the market and higher volatility. And all right. So anirag asks, if it is positive delta, shouldn't we be closing higher? So don't confuse that with, you may be confusing that with a hero signal, the positive delta and the real-time signal. So don't confuse the two. This is two different things. So I'm looking at basically the, this call delta is longer term positions. Whereas the hero signal is what traders are doing today. So I hope that that gets to the heart of what you're asking. So again, this is two different things. All right. So let's get to NASDAQ now. So this is the NQ futures and book map. Again, I've got a lot of lines on this chart. So I can, because I'm showing QQQ levels, NDX levels and key levels for NQ all on one chart when there's a lot of movement, there are a lot of lines. All right. So before I take a closer look at this chart, I want to take a look, first of all, the underlying index charts. Let's go to QQQ. Here's QQQ, 440 level acting as resistance before the cash open. That's the gray shaded area. 440 is large gamma two level. Then after the cash open, QQQ continued to move down, trading below the volatility trigger at 437. 435 is a large gamma three level. Note the call wall up at 439 and the put wall is still down at 425. All right. So for QQQ, there was also a bearish hat trick. The volatility trigger call wall and absolute gamma strike all move lower. 439 is the again the call wall and absolute gamma strike. And Ragh ask another question. If you think markets are manipulated, then if there is so much positive delta, then market makers would not let the markets close lower. I'm not sure I understand that question. First of all, I don't think markets are manipulated. And market makers don't care where the market closes. I'm talking about options market makers. Their only job is to make markets to take the opposite side of customer trades and to manage their risk. They don't care about price. They don't care where it closes. Again, that's their only job is to again make markets take the opposite side of customer trades and manage their risk. All right. So those are levels for QQQ. Let's take a quick look at NDX, the underlying other underlying index continuation of the trend from yesterday. Pretty similar to SBX. Gap lower continuation of that trend. And NDX trading below this cluster of levels up above around the 18,000 level. So NDX is trading below its boot wall. And NDX, just like the SBX, the volatility trigger shifted higher and the call wall shifted higher. So now the boot wall for NDX is slightly below the call wall for NDX. Put wall at 18,000, call wall at 18,150. If you recall from yesterday, the call wall and put wall were inverted. And this 850 level is a large gamma 2 level. All right. Let's go back to NQNL. This cluster of levels up above acting as resistance before the cash open. Then after the cash open, the NQ18,150 and the QQQ436 acting as a good entry point for short. So that's the setup that I took. All right. So just like SBX, I have my own cloud notes again, quite a bit of movement in the NASDAQ. So quite a few levels shown on this chart. I have QQQQ levels. There's the 437 volatility trigger. Again, that level did move lower. NDX levels. There's that cluster of levels right around 18,000. Then I also have key NQ levels. There's the lower day they expect to move, lower week they expect to move. And then the round numbers of the zeros in the 50s for NQ. So bearish day for the SB500 and NASDAQ. And again, that was my thesis for the day, based on the call dominated expiration today, as well as the bearish hat tricks for levels for spy and QQQ. All right. Let's wrap up positional analysis by taking a look at gamma notional. This is market makers position on the gamma curve at the beginning of the day. I just focus on the SB500 and NASDAQ. Note all these numbers did shift lower from yesterday. Still positive for SBX and spy. In a positive gamma environment, remember, traders are short calls, market makers are long calls. They have to trade against price dash to their delta exposure. And then now negative for the NASDAQ. Now this is at the beginning of the day and things have changed with the index and disease training below the volatility triggers. All right. So all shifted lower today and NASDAQ now shifted negative. All right. Let's take a look at the VANA model just to get a sense of how market makers may be reacting to changes in price and applied volatility today. So this chart is showing delta notional. This is market makers delta notional exposure. Anorak, this is different than that longer term delta notion that I was showing in the, this is what changes from day to day versus that longer term in the expiration sentiment chart that I showed. All right. So this is delta notional for today on the vertical axis. Spot price for SPX on the vertical axis. Let's just do a quick check of our one minute chart for SPX. Whoops. Give me just a moment. Pull up that chart. All right. So SPX high the day, right around 51.37. Lower the day 51.04. All right. So let's take a look at the VANA model. So again, plotting delta notional on the vertical axis. Spot price for SPX on the horizontal axis. There are two curves on this chart. Light gray care showing how market makers delta notional may change with changes in price only. Purple curve adds applied volatility to the equation that is showing how market makers delta notional may change with changes in price and applied volatility. And that change in applied volatility is the VANA effect. And VANA is a second order Greek. All right. So another second order Greek also in play today is charm. And that is charm. That is how delta changes with changes in time. So as time passes delta will decrease. So that will play into this weakness as these calls expire in this call dominated expiration. All right. So let's take a look at prices now. So lower the day. We'll start with a high of the day. All right. 51.37 right around here. Let's find 51.04 up on the curve. So as price has decreased today, implied volatility typically increasing. Market makers delta notional is increasing. Delta notional is increasing. They have to sell futures to hedge their dog exposure. Now as price is trying to rally, their delta notional is decreasing. And they can buy back their short futures. So they're trading in the direction or price on this portion of the VANA model. This is typical when the index is below the volatility trader potentially in a negative gamut environment for today. So Caesar asked put VANA rally potential. Yes. So this is always a potential for put VANA rally. So you consider put VANA as a fuel for a rally. So that will, it's like rocket fuel for a rally. All right. So let's go back. Let's get out of this. Let's take one last look at our SPX chart. So on the way down, price moving down, market makers need to sell futures on that portion of the VANA model. And now as price is rally, rising, market makers can buy back their short futures. All right. Let's get back to, so that wraps up my position analysis. So again, my thesis for the day was bearish based on the bearish had tricks for spy and QQQ levels, as well as the call dominated expiration and that charm effect. All right. So let's take a look at some setups now. So I'm going to start and see what options traders have been doing today. Let me check for questions. All right. She and I asked, it's strange to think of an upward rally. I don't mean today in a negative gamut environment. I interpret positive gamma as chopped or range bound. So that is a correct interpretation of positive gamma, more narrow trading ranges being reverting price action. You know, in a negative gamma environment, that is, think of that more as increased volatility. I don't think of that as a directional indicator. Just I'm looking for more more movement, wider trading ranges. All right. Anirag asked, is a call dominated expiration, we'd be more bullish rather than the bearish? No. So again, traders have been, let's just look at, take a simple example. Traders have been buying calls. Market makers sell the calls. And then as those calls, and this is for a stock, is again, traders buy calls, market makers sell the calls. And as those calls, and they're, they're, we'll see in just a minute when we get to the stocks, stock setups, those calls are, there's quite a bit of a gamma expiring today. And some of the calls in my, in some of the stocks in my watch list, those calls are expiring today. So traders buy calls, market makers sell the calls, they buy stock to hedge their dealt exposure. And as these calls are approaching expiration, they're quickly losing value. Market makers no longer need their long stock edges, and they can sell their stock edges. So that should be a fairly simple way of looking at that. All right. So Sheena, just the positive gamma, negative gamma environment for the index, just look at that in terms of what kind of volatility in trading range you're expecting for the day, no directional bias based on that. And again, Adrag, I hope I answered your question about call dominated expiration. Just, you know, if it doesn't sink in at first, just stick around, it'll start to make sense. So we'll, we'll take a look at some stocks and maybe you'll, you'll, you'll see here, it'll make more sense. All right. So let's move on, move on from positional analysis now to some setups. So I'm going to, everything that we've looked at so far, other than book map is based on static data. Spot gamma takes open interest data that's updated once a day, it's available sometime during the night. They apply their algorithms to that data to come up with the levels that I was showing on my charts. Those levels change from day to day. And that's the basis of my thesis directional bias for my thesis. So again, bearish hat tricks for the spy and QQQ, leading to a bearish thesis along with the call dominant dominated expiration for the NASDAQ and S of the 500. All right. So now let's move on to execution real time data. I want to take a look at what options traders are doing. So I'm going to start with the SB500. And this is the hero signal, H-I-R-O, hedging impact real time options. What this chart is showing is options trades and market maker hedging activity for a combined signal of SPX, spy, XSP, and ES futures. So these are all forms of the SP500 that you can trade options with these instruments, puts and calls. So again, this is a combined signal. The white line is price for SPX. And the purple line is the hero signal. Again, that's hedging impact real time options. A rising hero signal indicates traders are taking positive delta positions, not to be confused with the positive delta that we've looked at before. This is what they're doing today. So this just means they are buying calls and or selling puts. And a falling hero signal indicates they are taking negative delta positions. They're buying puts and or selling calls. All right. Let's zoom in on this chart. All right. What I want to focus on is this setup right here, this short, right around 1055. So initially, traders were taking negative delta positions, dip buyers came in, and then traders started taking negative delta positions again. So let's go take a look at book map now. This is what I traded in Nasdaq, with a very similar setup in the SP500. So there was quite a bit of a so rally before the open overnight. Quite a bit of drop started. This drop started, looks like around 730 a Eastern time, and continued after the cash open right here. Note during this time, large traders were selling with iceberg orders. That's shown by the falling light blue line. Again, dip buyers came in at spy 509, and ES moved up to 5200. And then note the change in the volume dots. The volume dots are showing market buy minus sell. Green volume dots indicate more buyers than sellers. Magenta dots more sellers than buyers. Cumulative volume delta has already shifted from neutral to negative. Large traders continue to sell with iceberg orders, shown by the falling light blue line, also shown by the on-chart indicators. Traders start taking negative delta options positions. Traders, market makers have to sell futures to hedge their delta exposure. Aggressive sellers start to come in, shown by the magenta volume dots. More sellers than buyers. Price moves lower. Let's move on to Nasdaq, very similar setup. So very bearish before the open. Dip buyers came in right around 1055. Let's zoom in on this. All right, let's go to take a look at Hero. I'm going to zoom out so we can take a look at another signal. And for the Nasdaq, this is the signal that I like to take a look at. This is the Mag7 signal. It's showing options trades and market maker hedging activity for a combined signal of the stocks known as the Magnificent Seven. Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. So again, it's a combined signal. Let's zoom in on this. So what I was looking for was just, so right around 1005, traders, oops, long tool, options traders started taking positive delta positions. Then right around 1040, they started to take their foot off the gas. That's all I was looking for. That was driving, helping to drive the Nasdaq up. And options traders take their foot off the gas. Price starts to move lower. All right, so let's go to go back to book map. So very similar to the SAP 500. First of all, large traders selling with iceberg orders shown by the following light blue line. Even as price was rising, that's fairly typical action of large traders with iceberg orders. They like to fade, fade the move. So they will sell strength by weakness. In this case, they were doing both, but just fading, taking negative positions, bearish positions. Selling, selling in queue with large iceberg orders, large orders they used to hide their size. Green volume dots on the way up. Aggressive sellers starting to come in. Cumulative volume delta shifts lower. Price moves down. Remember, all the Mag7 options traders did was take their foot off the gas from positive delta trades. That fuel that was helping to move the Nasdaq up was shut off. Aggressive sellers start to come in. Large traders selling with iceberg orders. Nasdaq moves lower. Anurag asks, are those one minute volume dots? So in book map, there's no time frame. It's not like candlesticks. There's no time frame. And as I zoom in and out, the volume dots will be clustered differently. So if I zoom in, the clustering of the volume dots will change. So there's no time. It's not like a candlestick chart at all. The volume dots again are just clustered based on my level of zoom. And all I'm doing is rolling my mouse wheel up and down. All right, let's take a look at some stocks. All right, so stocks, what I want to do is take a look at, I'm going to start with my watch list. And I have ranked my watch list by next gamma expiry. And also this is showing top gamma expiry. So this is the amount of gamma that is expiring today. So I'm looking for a call gamma unwind. Again, in a stock, traders buy calls, market makers sell the calls, and they buy stock to hedge their delta exposure. As those calls approach expiration, which you can see all the, all this gamma is expiring today, 315, that's today. Those calls are quickly losing value. Market makers no longer need their stock edges, and they can sell their stock edges. All right, so let's just go down this list. So I'm going to leave this list like it is. I'm going to go over to hero. I'm going to start with Nvidia. All right, so Nvidia, no call gamma unwind for you. Traders taking bullish positions today in Nvidia. So traders are they're buying calls and selling puts. Market makers need to continue to buy stock to hedge their delta exposure. Need to jump. All right, let's go to book map. Take a look at Nvidia. So a little bit of a recovery from yesterday. If you recall from yesterday, I did post this again on Twitter and or X and a discord, the bearish setup in Nvidia yesterday. Looks like dip buyers are coming in in Nvidia. So no call gamma unwind for Nvidia. All right, the next one on the list was coin. I think coin was pretty weak yesterday as well. Look at coin. All right, so in the morning traders were they were selling puts that show them by the rising blue line, also buying calls shown by the rising orange line. So I've separated outputs and calls, the rising lines indicate positive delta position. So the the slope of the line is indicating the delta rising lines, positive delta. So they're buying calls and selling puts right around 11. They take their foot off the gas. Price moves down. All right, so no call gamma unwind for coin. The next one on the list was meta. Let's just check that meta. Next one on the list. I'm looking at this list right here. Again, I've ranked my watch list and know the very high amount of gamma expiring for NDX and SPX today. And I'm looking at single stock. So the next one is meta. All right, so meta. There we go. Call gamma unwind. Traders today are selling calls. Note the flow alert. A couple of flow alerts came in in the morning. This one just a few minutes after the open. Traders are selling calls and market makers are unwinding their long call positions as well. Our long stock positions. Let's take a look at meta and note the huge opening print for for meta. I had to dial the volume dots way up to even see after the the opening print. All right, so bearish day for meta. Again, traders selling calls. Calls are losing values. So market makers were short calls. Those calls losing value. Traders are selling calls. Market makers no longer need their long stock edges and they are selling their stock. And they're also selling stock to hedge the adult exposure for the trades today. All right, so check mark bear for call gamma unwind. The next on the list was Google. All right bearish day in Google as well. Orange opening print. Let's take a look at hero. All right, so kind of a mixed picture here. Not a lot of options activity in Google compared to some of the other stocks that I watch. Let's move on to Microsoft. All right, so Microsoft traders are selling calls shown by the falling orange line. They're also buying puts shown by the falling blue line. Call sellers more aggressive. No show value almost twice the size of puts. Note 415 is the put put wall hedge wall. Flow alert at the cash open. Let's go take a look at book map and a bearish day in Microsoft as well. Entries right around 420 at the open. Remember there was a flow alert indicating significant options activity. Pull back to the 419 level. That's also VWAP shown by this light blue line for another short entry right around 1055. That's when the mag seven signal leveled off. And that's also when the SB500 signal shifted lower right around 1055. Remember 415 the put wall Microsoft trading below traded below that level. Now trying to recover that level. All right, does anyone have any stocks they want me to take a look at any other stocks? Quick check of SB500 Nasdaq consolidating after the move lower earlier today. WRB wants to look at Tesla. Choppy but bearish day in Tesla. Short trend line entries. Let's see what options traders are doing. I'm going to go back to the total signal. Sometimes that's a little less confusing for Tesla. I'm going to have to jump. Jump back. So mixed day for Tesla. Short in the morning. Then the short around 1130. Now it looks like dip buyers are coming in taking positive delta positions. Tesla trying to rise. All right, I've got a couple minutes left. Anirag asks usually option price is supposed to follow the stock price because option is a derivative. But why is opposite in real real world? So I well an option price. Yeah, an option price is based on partly on the price of the underlying. If you look at the black shoals model option the underlying price is part of the equation for black shoals that that controls or that is a basis for option pricing. That is only one one part of that stock price strike price volatility is another component that's actually derived from black shoal model. All right, so don't confuse that with what I'm talking about now. What I'm talking about now is traders buying sell selling puts and calls today. Again, very simple. Traders are buying selling puts and calls today. Market makers that take the opposite side of that. And they are buying and selling the underlying to hish their delta exposure. So again, for Tesla here, the separate out puts and calls again, gonna jump, jump back, avoid the auto zoom, right around one o'clock, 1241 o'clock, traders started buying calls, market makers sell the calls, and they want to remain delta neutral. So they have to buy stock there's their delta exposure. It's as simple as that. So no need to confuse it beyond beyond that. So in this case, in this in this case right here, price is following following what options traders are doing today. So that's the stock price, but the options price, the options that are in the options chain are changing as price changes. So that's based on the delta of an individual option, right? So I don't think I'm explaining that very well. All right, so let's I've got just a few minutes left. I do want to cover an approach to trading here. I'm going to go back to the total signal go jump, zoom out, and talk about an approach to trading. So this is one approach that I take. I'm watching my watch list here. I'm watching alerts for my watch list. Here are the all the symbols in that support hero here. Here's my watch list. These are the stocks that I want to trade. So there are no recent alerts for the stocks in my watch list. All right, so we're on Tesla here. Let's just take a look at at Tesla while we're here. Talk about trading in book map. So book map is a trading platform. It's a visualization platform. It's also a trading platform. So what you need to trade in book map, first of all, you need to subscribe to Global Plus. There are two versions of book map that can be used for stocks and futures, Global and Global Plus. You need Global Plus to trade stocks and futures to trade. All right, so you also need a data subscription. I use DX feed for stocks, rhythmic data for futures. All right, you also need a connection to a broker. Right now, I have turned on a connection to trade station, a demo account. So this is a simulated trading account, not a real account. This is the trade control panel in book map. To get to that, I click the lock. I can pick what I want to trade here. The only choice is Tesla at TS. That's trade station. I click start. I like to trade on the chart. So I'm going to click chart. Then I can select the number of shares I want to trade. Then I have a bracket set up already with a stop loss of 100 ticks or that would be $1 and take profit of $2. All right, so that's just for Tesla. All right, let's do a quick scan. Let's go back to hero and see if there's anything setting up. Let's go back to Tesla. All right, stills don't see any alerts. For Tesla, the hero signal continues to move higher, maybe consolidating right now. Take a look at snowflake, hero signal moving lower, trending down, possibility for a short, NVIDIA moving up. All right, potentially a, looking like a potential move lower and coin base. Also AMD. All right, let's take a look at snowflake. Let's go to book map, snowflake. So it looks like there was the way I would trade. Trend break, short around $158. So nothing to do there at the moment. Let's go to coin. Let's go back to hero. Go to coin. Zoom in on this. Go to book map. Coin is a recent addition to my book map here. It really looks like I may have to get rid of it. It's pretty thin. It was a replacement for Netflix, which was not really tradable. This may be the same. So potential reversal at 240. Normally when I'm trading, I'm looking at three screens. I'm looking at book map on my main screen, hero on another screen, and also my trading platform on another screen, 100 shares. Let's see if I can get filled on this. I missed it already. Let's see if it comes back and checks that. Order filled. Okay. All right, so I got filled. Now here's what I would do. I double clicked with my right mouse, right double right click to sell. I'm going to move a take profit order just above $239. So that's one take profit order. Move another just above $238. Let me notice these volume dots. So this is not a trade recommendation. This is for demonstration purposes only. This is a demo account, a simulated trading account. So I was looking for some absorption at the 240 level as traders were taking negative delta positions here in coin. It would have been a better approach if 240 was a spot gamma level. I would have had more conviction. So let's keep an eye on this. All right, so what I'm going to do when this take profit order is hit, if it's hit, I'll move my stop down to break even. All right, I'm already a little overtime. I'm going to watch this for about another minute and then I'll wrap it up and then I'll post the results in Discord. All right, so again, this is just demo trade. I would not take this. I don't trade this time of day typically. Just a demo trade to show the trading features here in book map. All right, folks, I'm going to wrap it up. Everyone have a great afternoon, a great weekend. Remember the NVIDIA event on Monday. We'll talk about it on Monday. All right, everyone, thanks again. Thanks for your questions and comments. And I will see you on Monday. Thanks. Bye.