 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure. All Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. 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'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. Just to note, Bookmap Discord is free and available to everyone whether you subscribe to Bookmap or not. There's a lot of great content there, people working together to help each other become better traders. It's a great place to learn more about trading, more about Bookmap, and to grow your skills. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. The focus of my presentation today and the focus of the Options-Doug chat channel in Discord is Options, Order Flow, the impact of options markets on stocks and futures, and the influence of market-baker hedging flow on price action. I have a two-step process for trading, and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market, and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as the directional bias. The second step in my process is execution. I look at real-time order flow in Bookmap and real-time market-maker hedging flow in Spot Gamma Hero to confirm my thesis and for setups for increase in exits. 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, in the SAP 500, setups can be taken with ES futures, SPY shares, SPY options, SPX options, or even ES options. And also my setups, I typically focus on intraday trading for what I'm talking about here, but the setups could be applicable to longer-term swing trading and even longer-term. Questions and comments are welcome, and I will be watching both the options-jug-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, Aida, the Holy Trinity, Abdallah, and Caesar. Welcome. Welcome all. Glad you're here. Great to hear from you. All right, here's my agenda for today, Tuesday, January 9th. First of all, I want to cover news items, economic data, and events for the week. And I'll go through my positional analysis, then I'll review some setups 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 do that. All right, let's get started with news items now. So there was no significant news today. There actually was a three-year bond auction. We'll take a look at that in just a minute. That was at 1 p.m. So the news really starts on Thursday. So it's a pretty light week overall, but there are a couple of significant data releases. On Thursday 1st, CPI comes out at 8.30 a.m. Eastern time. Could be a market mover. Also jobless claims at 8.30 a.m. Eastern time. And then on Friday, PPI data comes out again at 8.30 a.m. Eastern time. And note throughout the week, there are a few Fed speakers and also bank earnings begin on Friday. All right, so that is the economic data for the week. Now let's move on to positional analysis. I'm going to start with the SAP 500. This is the ES futures and book map. And this is the, I believe it was a 30-year bond auction right here. So there was a negative reaction to that. And it looks like ES continues to move lower. All right, so again, this is ES futures and book map. Before I take a closer look at this chart, I want to take a look at a larger time frame and the underlying index, which is SPX. So let's start with a one-day chart. This is in thinkorswim, one-day chart. And the rally end of year rally, last year, began on October 30th. The rally continued higher for a variety of reasons. IV collapse, put Vanna rally, falling treasury yields, dovish FOMC, and CPI inflation reports lower than expected. All leading to a rally that ended, or potentially at least met resistance, right toward the end of the year, just below 4,800. All right, so that is a one-day chart for the SPX, again, the underlying index. Now let's take a look at a little bit closer time frame. Let's go to a one-hour chart now. So this is showing the upper portion of that rally. And then the resistance, the reversal lower, right at the last couple of days last year, just below 4,800. And the first week of January was pretty weak. And then yesterday, the rally, it looks like it gained back almost all of the losses from the first week of January. That was a huge rally. Let's just take a look at something here. This is from yesterday. I'll talk more about Spot Gama Hero in a few minutes when I get to setups. What this chart is showing is options, trades, and market maker hedging activity for a combined signal for SPX, SPI, XSP, and ES futures, all into one combined signal. The hero signal hedging impact real-time options is shown with the purple line, the white line showing price for SPX, and this is the chart for the entire day. And this value, this is a notional value, dollar notional value, a little over $12 billion. This is huge. I've never seen a number this large. I think Spot Gama commented on that in the AM Founders Note. This is the largest number I believe they've ever seen. And note that most of this was, first of all, call buyers. And also 70% of it was zero DTE trades. So it had a large impact on the day and maybe not so much longer term since 70% of this options trading activity was an options that expired at the end of the day yesterday. All right, but anyway, that was huge. When traders take positive delta positions, market makers take the opposite side and they have to buy futures. They buy ES futures to hedge their delta exposure. And this options trading and hedging activity helped to fuel the rally higher all day, not only in the S&P 500, also the NASDAQ and the Magnificent 7. All right, so getting back to this chart now, the one hour chart. I want to take a look at the levels on the chart now. Excuse me. So focus on the levels. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. It's updated once a week. I update this once a week and note that SPX has traded above that upper weekly expected move yesterday and we'll take a look maybe up above that level again today. So again, that's updated once a week based on the options market. Then the dash blue lines are showing the lower and upper daily expected move based on the options market. This is updated once a day and SPX is trading within that range today. All right, so those are the expected moves based on the options market. The dark red lines are showing spot gamma levels. These are proprietary spot gamma levels provided to spot gamma subscribers showing on a variety of trading platforms. This is thinkorswim. So spot gamma takes open interest data that's updated once a day, creates these levels based on gamma weighted open interest. Again, they are proprietary levels. I'm going to point out the key daily levels. First of all, here's the put wall at 4,000. That's a strike with a large net negative gamma that can be expected to act as support. And that's at 4,600. The next level up is the volatility trigger at 4,745. And that is spot gamma's proprietary gamma 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 edge, 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. So in a negative gamma environment, I'm looking for larger trend days like yesterday. And in a positive gamma environment, I'm looking for more range days, more mean reverting price action. And then finally, at 4,800, that is the call wall. That's a strike with the largest net, positive gamma, that can be expected to act as resistance. That's also the absolute gamma strike. That's a strike with the largest absolute, positive, and negative gamma. And that's where most of the gamma-weighted open interest is concentrated. So potential floor at 4,600, potential ceiling at 4,800. All right, let's take a look at one other SPX chart. Just to see the levels and play for today. So now this is a one-minute chart showing the huge rally yesterday, the levels and play for today. Here's the lower-dayly expected move, the upper-weekly expected move. So SPX opened up and traded below the lower-dayly expected move, rallied trading above the upper-weekly expected move. And note this volatility trigger at 4,745 did act as resistance earlier today. And then price broke above that level. Now this 4,750 large gamma-3 level looks like that is acting as support. All right, let's take a look at book map now. So in book map, I have my own cloud notes showing this column here so I can show SPX levels. There's that 4,745 volatility trigger. And I can also show SPI levels. There's the SPI 4,75 absolute gamma strike and note, and here's that 4,750 level that I was just talking about. All right, so a couple of notes. First of all, there is a difference in price between ES and SPX that changes a little bit every day. There was some discussion about that earlier today. I create or watch my own index relationships every day. So Spot Gamma does provide cloud notes for book map. Their index relationship, they just show SPX levels. They're off a little bit. And today, and that number again gets a little bit smaller every day. That number right now looks like it's trading right around 38. Earlier today, it was 37. So ES minus SPX is somewhere between 37 and 38. And again, I generate, I have scripts in Thinkorswim that gathers all of the index relationships, shows them in real time. So I have ES divided by SPI, NQ divided by QQQ, ES minus SPX, and NQ minus NDX. And I post those in Discord, the options-dash-duck-chat-channel Discord. Try to get that out before 10 a.m. All right, so those are the levels I'm playing for today. And oops, I need to let me clean this up just a bit. I forgot to do this. I've got some extra levels. Clean up this chart just a little bit. All right, so sorry about that. I had some extra levels I meant to get rid of those. So now that should be a little bit easier to look at. Again, SPX levels, SPI levels. There's the SPI volatility trigger at 473. And the SPI 475 absolute gamma strike. All right, so for the S&B 500, there were just a few shifts in levels. The volatility triggers for SPX and SPI both moved higher. And for SPI, the absolute gamma strike moved higher to 475. So slightly bullish shifts higher in levels for the S&B 500. All right, so again, the main level in play for today was that 4745 level kind of being a dividing line. All right, let's take a look at NASDAQ now. And dividing line, I mean, moving from more potentially bearish to more potentially bullish above that line. All right, here's NASDAQ, very strong rally. Earlier in the day, just like yesterday, looks like that bond auction had an impact on NASDAQ as well. All right, so this is the NQ Futures and Book Map. And before I take a closer look at this chart, I do want to take a look, first of all, at a QQQ chart so we can isolate the QQQ levels in play for today. So here's QQQ. Note this 402 level, that's the poop wall, acted as support this morning. This Combo L2 level combining QQQ and NDX, gamma weighted open interest into one level in terms of QQQ price, acted as resistance along with the 403 volatility trigger, which then acted as support. And the rally continued up above 405. Looks like I need to add my round number levels above now. So now this 405 level, large gamma 4 level, acting as support and the rally continues after a brief interruption from the bond auction. All right, so that's NQ, levels in play for today. Note that NQ is trading above its volatility trigger at 403 and the call walls at 409, absolute gamma strike at 404. All right, for QQQ, all four key daily levels that I follow, the volatility trigger, put wall, call wall, and absolute gamma strike all moved higher. That's very bullish. All right, finally, let's take a look at NDX. So NDX now trading above its call wall and absolute gamma strike at 16,650. All right, let's go back to NQ now. So mainly QQQ levels were in play for today. Here's that 402 put wall support earlier in the day and NQ back above its upper weekly expected move. So again, I have my own cloud notes here so I can show QQQ levels, NDX levels, and also other levels related to NQ, upper weekly expected move, lower daily expected move, and also the big round numbers. There's the 16,700. All right, so the rally looks like it is now continuing. Again, a brief interruption from the Bond auction. Finding support, right around 16,800, also the QQQ 405 level, and now moving higher again. And we'll talk about setups in a few minutes. All right, let me check for questions. All right, Shariga, not sure. I doubt I'm pronouncing that correct. My apologies. Is it just me or has there been a change in the way the market is moving? Does it seem to be rising in almost a straight line for the last few days, or is it falling vertically? So the last couple of days definitely been rising in a very straight line. And yesterday just refer back to that hero chart that I showed. There was a consistent bid for options all day long and that helped to drive the market higher. Again, traders buying calls, market makers sell the calls, and they have to, in the case of the ESB500 by ES Futures, in the case of NASDAQ, they're buying NQ Futures. And that was driving price higher today. And again, another very mechanical uptrend, especially in NASDAQ today. And we'll take a closer look at setups in a few minutes. All right, so let's move on now to Gamma Notional to see how market makers were positioned on the Gamma Curve at the beginning of the day. This is the data table at the bottom of the Spot Gamma Am Founders Note. I want to focus on Gamma Notional. Again, this is market makers position on the Gamma Curve at the beginning of the day. For SPX, SPI, SPI, NDX, QQQ, RUT, and IWM, so the ESB500, NASDAQ, and also 2000. Note all these numbers, with the exception of IWM, are positive. And these numbers all moved higher from yesterday. And the ESB500 and NASDAQ, all numbers, except for NDX. So SPX, SPI, QQQ, RUT, negative yesterday, negative Gamma Environment, switch to positive today. So in a positive Gamma Environment, Spot Gamma assumes that market makers are short calls, traders are long calls. So traders are short calls, market makers are long calls, hence the positive Gamma. And they have to trade against price to hitch to their delta exposure. And that generally tends to subdue or decrease volatility. All right, so positive Gamma Environment for SP500, NASDAQ, and then still slightly negative for IWM. All right, let's take a look. I'm going to skip over the Vana model, not much to see there. What I do want to take a look at is the absolute Gamma Strike, or absolute Gamma, SPX, absolute Gamma. And I mentioned this yesterday. And I want to show this is the 4,800 level. This is the absolute Gamma Strike. The orange bars are showing call Gamma or positive Gamma. Blue bars showing negative Gamma, put Gamma. And the absolute value of the call Gamma and put Gamma, that leads to the absolute Gamma Strike, the strike with the largest absolute Gamma. And note this level has increased in relation to the other levels. I showed this yesterday. So as price, the SPX approaches SPX, 4,800, the Gamma will increase. So Gamma increases closer to the money as expiration approaches. So as January expiration approaches and also price approaches the 4,800 level, it will grow in importance and could potentially lead to a somewhat of a pin, a magnet for price, as January expiration approaches. So this level, the 4,800 level, is growing in importance. All right, David asks, hello, David. When you get a chance, can you look at Microsoft and Netflix? Sure. And BAMP asked, do you have a fundamentals webinar to help to get up to speed on the basics of what you're teaching? No, not really. That may be something I should do. I would refer you to, first of all, the Spot Gamma website. Well, for Bookmap, if you're not familiar with Bookmap, go to the Bookmap website. You can find the Learning Center there. And there's a lot of great basic information about Bookmap. And then go to the Spot Gamma website. Go to the Resource Center there. And there's a lot of free information about Spot Gamma. Also, both channels, or both Bookmap and Spot Gamma, have YouTube channels, which have a lot of great videos. And just hang in there. You can get some information, again, basic information from Bookmap.com, SpotGamma.com. And then just continue to watch my webinars and we'll start to sink in. So I'm kind of taking a practical approach of how you can use this information for your own trading. 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 have been doing today. And I'm going to start with the S&P 500. And this is the hero signal for the S&P 500. This is available from Spot Gamma to Spot Gamma subscribers. This chart is showing the price for SPX with a white line. And the purple line is the hero signal. So everything that we've looked at so far, other than Bookmap, has been based on static data that's updated once a day. That's what I use in my planning process. Now we're moving to the execution process. So this is real-time data showing, again, options trades and the hedging impact for a combined signal of SPX, SPY, XSP, and ES futures, all into one combined signal. And a rising purple line indicates traders are taking positive delta positions, buying calls and or selling puts. Market makers take the opposite side of that. And they have to buy ES futures to hedge their delta exposure. All right, let's zoom in on this chart now. And note, this signal was definitely trending higher today. Just not nearly as clear and clean as yesterday. Again, this is yesterday just a continual line up for both the hero signal and purple and the price for SPX and white. Today a little bit more choppy, took a little bit more time and effort to interpret. And you're welcome, BAP. All right, so let's zoom in on this. As we zoom in, we can get more information. Excuse me. So what I want to focus on now, so my thesis for the day, first of all, looking for a little bit lower volatility than yesterday, given the shift to positive gamma, also bullish, given the shifts higher in levels for the SM500 and NASDAQ, especially NASDAQ. Looking for long setups. And this took a little bit of patience this morning, just after 9.45 AM. First of all, the thing to note is this flow alert. This signals significant options activity, good to get your attention. And note the shift in hero from negative delta to positive delta. So traders start taking positive delta positions. And that really continues. Let's zoom out. So what I want to show, I'm going to show that setup first. Also note this, 47.45. It's labeled the hedgewall here. That's actually the volatility trigger that's shown by the red line there that initially acted as resistance. And then price broke above that. And I'll show that setup as well. All right, so let's go to book map now. Go back to ES. I'm going to zoom in on the morning here. So now I'm looking at from 9.30 to 12. All right, so here's that initial setup right here, around 9.47, just a couple of minutes after 9.45. Note on the volume dots, first of all, are showing market buy minus sell. Magenta dots indicate more sellers than buyers. Green volume dots indicate more buyers than sellers. So note the aggressive sellers on the way down. Also this on-chart indicator showing a stop run down. That is 920 contracts, sell stop orders. Also shown by the falling yellow line there. And then aggressive buyers start to come in. That's shown by the green volume dots. Price starts to rise, makes a couple of pullbacks. Here's a, if you missed that initial entry, here's another pullback. Note in this case, large traders were buying with iceberg orders. That's shown by the rising light blue line. Also this on-chart indicator right here. Again, iceberg orders, large traders used iceberg orders to hide their size, and that led to a quick move up to the 47.45 volatility trigger, which did act as resistance. So that was the first long setup. Initial entry right around 9.47 as the hero signal shifted from negative delta to positive delta. Pullback entry up to the 47.45 volatility trigger. That was the first primary target. Note the consolidation below that level. And this is something that I'm still learning. And this is something that I learned from Slowdown in Bookmap Discord. He's one of the Bookmap Academy members. And I believe this is correct. Slowdown, if you're watching this, correct me if I'm wrong. This looks like a Wycoff spring. So talking about this chart pattern that I have enclosed here, final push lower, the spring, and that led help to support this breakout above the 47.45 volatility trigger that was fueled by buy stop orders, shown by the rising yellow line, also aggressive buyers, cumulative volume delta. So Wycoff spring again, I think, helping to fuel this move breakout, break above the 47.45 volatility trigger. Let's go back to hero and see what options traders were doing right around 11. So here, this is another shift in the hero signal, right around 11. All right, Slowdown, thanks. Stops picked at the outside edge of consolidation followed by immediate buyers pushing higher. And followed by, of course, helped by options traders as well. Starting to take positive delta positions. Let's go back to book map and note all the aggressive buyers coming in, shown by the larger green volume dots as price breaks above that 47.45 volatility trigger, also above VWAP, shown by the light blue line there. So a confluence of signals, first of all, hero signal, CVD, stop orders, and this chart pattern. All right, so those are two bullish setups today in ES and in line with my bullish thesis. All right, let's take a look at NASDAQ now and let's go back to, let's go back to hero. All right, so while I'm still on the SB 500 here, let's separate outputs and calls. So not, sorry, not nearly as aggressive as yesterday, but note that the orange line, especially up until about noon was rising as well as the blue line indicating in this, sorry. So here, especially up until about noon, blue line, orange line moving in the same direction, traders selling puts and buying calls. And that is very bullish when both lines are moving in the same direction. So the orange line is showing calls, rising orange line indicates traders are buying calls, market makers are selling calls and they have to buy ES futures to hash their delta exposure. And note, although the blue line has started to drop, that's indicating puts, this notion of value is still positive for the day, indicating net for the day, traders have been selling puts. So a rising blue line indicates traders are selling puts and a falling blue line would indicate traders are buying puts. Let's go back to the total signal. Now let's take a look at NASDAQ. All right, so this is definitely looking more bullish than the SB 500 trending higher. This is a combined signal for NDX and QQQ, separate outputs and calls. And again, just like the SB 500, traders have been buying calls and selling puts. And note, really starting right around noon as well, they started buying puts, but still, notional value is positive for the day, for the put line. So net for the day, they are selling puts and buying calls. Call buyers more aggressive, mostly driving price action today. Let's go back to that total signal. And then also, let's take a look at this MAG 7 signal. Let me just zoom out. So what this signal is showing is a combined signal of options trades and market maker hedging activity for a combined signal for the stocks known as the Magnificent 7. That's Apple, Amazon, Google, Meta, Microsoft, NVIDIA and Tesla. And these stocks make up a very large portion of the NASDAQ 100, also a large portion of the SB 500. And this is bullish for the day. Indicating traders are taking positive delta positions. So when traders take positive delta positions in these stocks, market makers take the opposite side and they have to buy stock to hedge their delta exposure. So this is a good indicator to look at for the NASDAQ, especially, but also the SB 500 as another confluence or confirmation. And it looks like it really, options trading really took off right around 1050. All right, let's go to go back to book map now. So really the idea in NASDAQ here was just to find a way to get long. Look for pullbacks and let's zoom it on, on this up to the one o'clock bond auction. So very mechanical move up. As Sharaga pointed out earlier. So the key today was just to look for pullbacks to get long. Here in this more zoomed out view, you can easily see the shift from aggressive sellers, magenta volume dots to aggressive buyers, green volume dots, on all the pullbacks, good long entries. All right, so that's NASDAQ. Let's take a look at some stocks today. And let's see what, all right, David wanted to, it was asking about Microsoft. All right, let me check for other questions. All right, demo trader, welcome. Glad you're here. All right, Caesar, I'll take a look in just a minute. And Caesar asked on 2012, we had a big drop fueled by zero DTE gamma, was yesterday the inverse of that? Well, the move higher was definitely fueled by zero DTE by 20-12, you may be, or do you mean December 20th? And so I can't go back and look at that. But yesterday was definitely fueled by zero DTE trades. As I mentioned earlier today, the of that delta notional yesterday, about 70% of that according to spot gamma was zero DTE trades. All right, let's take a look at Microsoft. I did not look at Microsoft earlier today. Then we'll go to Netflix. I planned on looking at Netflix. All right, so it looks like a bullish day in Microsoft. Let's see what options traders have been doing. Go to Microsoft. And it looks like the options traders really did not get going. Start taking positive delta positions about until about 1050. That's when the mag seven stop indicator started to turn up pretty sharply. But it looks like traders were buying stock aggressively before then. So in this case, the hero signal was a little bit of a lagging indicator. All right, Netflix, let's move on. All right, Netflix, there was a downgrade today and that lasted for about a half an hour. Let's see what traders are doing. So they, early on the day, for the first half hour, they were buying puts and selling calls that show them by the falling blue line and the falling orange line. And then they shifted higher, right around 10 a.m., started buying calls a few minutes later, started selling puts and Netflix reversed higher at, right around this 475 edge wall put wall and Netflix is not the most liquid stock. So it did move down a little bit below that level but then moved higher. Looks like it maybe found support at 474. Let's go take a look at book map so we can see that. Go to Netflix. So here's the 475 put wall, edge wall, aggressive sellers on the way down shown by the magenta volume dots and then aggressive buyers start to come in again at that 475 level as the hero signal, the options trades and hedging activity shifts from negative delta to positive delta and good for a 10 point rally in Netflix so far today on a downgrade. Let's go back to hero. All right, so David, there you go. There's Microsoft and Netflix. Netflix, a much easier read here in hero. And let's take a look at NVIDIA now. It looks like NVIDIA found support earlier today at the 51750 put wall, breached the 530 call wall and is now moving higher. So for the last couple of days, Netflix NVIDIA has been very bullish and Soterrazi says NVIDIA up 4% and continuing to move higher. So let's go to book map now. So remember the 51750 put wall and the 530 call wall, book map. Another huge rally and it looks like there was one tiny little volume dot there at the 51750 put wall. Aggressive sellers on the way down, aggressive buyers start to come in as traders were taking positive delta positions. NVIDIA continues to move higher. Let's go back to hero. So really the, so just looking at the options trading here shifted higher around 940, the hero signal and consolidated for a while and note price did the same, consolidated and then started to shift higher. Couple of timely flow alerts here, 1040, 1120. Let's take a look at something else here. I wanna go to equity hub, looking at NVIDIA and equity hub. I'm looking for a couple of things. First of all, I'm gonna look at the history. So what this is showing is a history, a 10-day history of the key daily levels and other metrics and note the shift higher in the call wall. It had, this was yesterday, from yesterday to day, had held at 500 for quite a while then moved up to 530. Put wall also moved higher. Key gamma strike remains at 500. All right, let's take a look at this put call impact chart. I'm zoom in on this chart. Let's see, go back and see where NVIDIA is trading now. Above 540, here's the call wall at 530. Note all of the call gamma really concentrated mostly, but still some at 550, concentrated mostly between 500 and 530. That's shown by the orange bars, blue bar, orange bars showing call gamma, blue bars showing put gamma so for in stock, spot gamma assumes that traders are long calls, market makers are short calls. And when traders buy calls, market makers sell the calls, they have to buy stock to hedge their delta exposure. And as price continues to increase, especially above all these calls from 500 to 530, those calls go further in the money, their delta increases, market makers have to continue to buy stock to hedge their delta exposure. And that is what happens in a call wall breach. And so another very bullish day for NVIDIA. GH ask, a positive delta means a stock is bullish. So what I mean by positive delta, traders are buying calls and or selling puts. Market makers take the opposite side of those trades and they want to remain delta neutral. So they have to buy stock to hedge their delta exposure. Let's go back to hero. So GH that's a, you know, I guess a very simple explanation. Hope that helps separate outputs and calls here. So this rising orange line shows that traders are buying calls. That's positive delta. Market makers are selling calls. That's negative delta. They want to remain delta neutral. So they buy stock to hedge their delta exposure. And that's a very powerful force that can drive stock much higher. And let's see. Earlier, Nikki asked about VIX. Let's take a look at VIX. All right, let me check. All right, so Nikki says looks like there are a lot of VIX calls have showed up today. Is it possible to look at it during your live session? So yeah, here you go. It looks like there's not much activity we can separate outputs and calls. So net for the day in VIX. Traders are selling puts. They're also selling calls. Let's take a quick look at Tesla and initially a kind of a very start to the day for Tesla. Move down below the 235 hedge wall toward the 230 put wall and then price reversed higher right around 1030 as traders started taking positive delta positions. Let's go to book map. So reversal higher in Tesla right around 1030. Looks like not much of a reversal. Looks like Tesla has found resistance at the 235 hedge wall. Let's go take a look at book map. Go to Tesla. All right, so very bearish start for the day as traders took negative delta positions. Found support right around 232. Note the liquidity in the order book, the heat map and book map showing a history of the limit orders in the order book. All these orders below price limit by orders. It looks like absorption right at 232. Note all the aggressive buyers coming in showing by the large green volume dots as traders started taking positive delta positions and then resistance at the 235 hedge wall. And Tesla continues to do its own thing as it usually does. All right, let's go back to the SB500. So again, this was a, I believe a three year bond auction. Note the stop run up just before that. Large green volume dots, then aggressive. Sellers start to come in. Yellow line also showing the stop run up into one o'clock. Let's zoom in on that. So the stop run was up into ES4800. Note the liquidity at that level. Let me darken up the heat map just a little bit. So the, again, the heat map showing a history of the limit orders in the order book, showing the limit sell orders from right around 47.99 to 4800. Stop run up above that level. Then aggressive sellers start to come in after the bond auction and the price moves lower. Looks like it found support right around 47.50. In this case, SPX 47.50. That was noted as support in the Spontagamma, I'm founder's note. And then resistance again, right around ES4800. Let's go back and see what options traders have been doing in the SB500. All right, GH ask are all high liquidity areas. Reddish above price sell orders, yes. And below price buy orders, yes. And some buy stops, correct. So yeah, they can be stops. Book map, let's go quickly to book map. So options, first of all, I wanted to take a look at the hero signal and options traders, the hero signal reversed pretty sharply lower just after one. All right, let's go back to book map. All right, so the volume dots again are market buy minus sell and the limit orders are shown, first of all, the live limit orders shown in the current order book, the COB and history of the limit orders shown with the liquidity in the heat map. Then the stop orders as well as iceberg orders, book map does have an add on that can detect those. That's the MBO bundle, that's an add on, that's an additional charge, that's an additional add on that you can buy in the book map marketplace. It does require rhythmic data and also CME futures. So CME provides this data, rhythmic is the only data provider that provides it and then Spot Gamma has this MBO bundle that can detect stop orders and iceberg orders. So we don't know if orders are iceberg orders or stop orders until they are actually executed. All right, GH, I hope that answers your question. All right, a little bit of consolidation here this afternoon and my time is up. So I'm gonna wrap it up. I wanna thank everyone for watching. Thank you very much for your questions and comments. Again, I love these interactive sessions. Thank you very much for watching, for your questions and comments and I will see you tomorrow. Thanks again, bye.