 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 limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk Disclosure, trading futures, equities, and options involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation 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 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 market makers and traders 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 a directional bias. And the second step of my process is execution. And 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 entries and exits. And when I talk about setups, I will be talking about setups in an underlying asset. And setups can be taken with futures, shares of stock, or options. Questions and comments are welcome and I will be watching both the Options-Doug chat channel in Discord as well as the chat and YouTube for your questions and comments. So please feel free to post your questions and comments and I'll do my best to answer. All right, let's get started. And hello. Looking for a living trade-and-sale and Karma FX. Glad you're here. Welcome. All right, trade-and-sale says, he installed the MBO Bundle and Bookmap. Great. And yeah, check out Spot Gamma. They provide a seven-day trial. So if you're interested, maybe sign up over the weekend and you'll have it for all next week. And hello, Karma. Debra, I'm sorry, Debra Corbow and Karma. Welcome. Glad you're all here. Thanks for the greetings. All right, so news, economic data, events, and earnings to wrap up the week. First of all, yesterday, Amazon and Apple reported earnings after the market closed. And we'll talk, I'll talk more about that in a little while. Just a quick note, the Apple expected move was around 3%. Plus or minus 3%. And that's about where Apple is trading right now. And for Amazon, according to Spot Gamma, the expected move was plus or minus 5.5%. And right now, Amazon is up 10.5%. The last time I checked, and again, Apple lower by 3%. So that was earnings yesterday and the consequences today of the Apple and Amazon earnings. And then, of course, the jobs report came out this morning, 8.30 a.m. Eastern time, came in lower than expected. And there was kind of an up, down, and then up initial reaction, but overall bullish reaction to the data this morning. All right, so that wraps up the week. And then Monday, I'll talk about what's coming up for next week. And I believe CPI report may be coming out next week. Then I'm going to go through my, I've already gone through the news, positional analysis, and then I'll review some setups. And then I'll talk about the live market. So when I get to live market, if anyone has any stocks they want me to take a look at, please let me know. All right, so I've already covered the news. Now let's go to positional analysis. Positional analysis. All right, I'm going to start with ESP 500. This is the ES futures and book map. And before I take a closer look at this chart, I'm going to take a look at a larger timeframe. This is the SPX in a 30 day one hour chart. I've zoomed into this chart a little bit. So I'm not showing the full 30 days that I want to see the price here for today. So my point here in showing this chart is primarily to show all of the SPOT gamma levels as well as the lower and upper daily and weekly expected moves. And trade and sale says, do you find expected move in SPOT gamma? I think there is an implied move in SPOT gamma. I just use the expected move from the options chain that I have available in thinkorswim. So if you have, you can get that from SPOT gamma. Or again, I just use the expected move available in the options chain of thinkorswim. Any trading platform with an options chain should have that information. All right, so this is the ESP 500 SPX index. Let me point out the levels on this chart. First of all, the lower and upper daily expected move shown with the dash blue lines. And note that SPX traded up to that level and is now the upper daily expected move and now is trading lower. And then this dash purple line is the lower weekly expected move. And SPX is trading right around that level right now. And then of course the upper weekly expected move is up above beyond what is shown on this chart. So that is the daily lower and upper expected move and then the weekly lower expected move all in range of this chart. Let me point out some SPOT gamma levels on this chart. These are shown by the dark red lines. So first of all, here is the put wall at 4500. That's the strike with the largest net negative gamma that can be expected to act as support. And it did act as support earlier today. We'll take a look at that in a couple of other charts in just a moment. So that 4500 put wall did its job today, acted as support. And the next level up is the volatility trigger. That is at 4520. That is SPOT gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price. And I talked about that yesterday. That's what happened yesterday that can work both ways. As price drops, market makers have to sell futures and as price increases, they can buy back their short futures. And that tends to enhance or increase volatility. And that's typical of a negative gamma environment. On the other hand, in a positive gamma environment, when price is trading above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price. And we'll take a look at the Vantel model in a couple of minutes to get a visual representation of that. So that is the volatility trigger at 4520. Next up is the absolute gamma strike. And that is actually down at 4500. So that is at the same level as the put wall. So the put wall and absolute gamma strike are both at 4500. That's the strike with the largest absolute gamma. So 4500 is a very key level for the SPX. And then finally, the call wall is up above at 4600. And that's the strike with the largest net positive gamma. And that can be expected to act as resistance. So those are the key daily levels for the S&P 500 SPX index. And obviously, levels in play for today the 4500 put wall on the 4520 volatility trigger. All right, let me take a look at another SPX chart. Get a closer look at the levels in play for today. This is SPX in a one day one minute chart. Here's the put wall at 4500, did its job, acted as support. Here's the volatility trigger at 4520. And there was some consolidation around that level. And then price moved higher above that level and did tested that level a couple of times. And then now traded higher up above the daily expected move and is now consolidating around the lower weekly expected move. Note some consolidation around this 4515 level. That's a combo L5 level. That was noted as resistance in the SPOT gamma AM founders note. And we'll take a look at these levels in book map. Let's go ahead and do that right now. And let me check for questions. So trade and sale, you should find that same information in interactive brokers. I'm sure they have an options chain. They should show the expected move. Most options chains, I have thinkorswim and tasty trade both have options chains showing the options chains showing the expected move for every expiration. Alright, so yoga mat, I will take a look at IWM when I get to, when I get the setups or I'll be glad to do that. Alright, so this is the ESP 500. ES futures. I have my own cloud notes here. So I have the key SPX levels. There's the 4500 put wall that did act to support this morning. And note that there is a difference in points, a difference in price between ES and SPX. And the last time I looked at that, that point difference today was 20 points. So that's why the 4500 SPX put wall is shown at ES 4520. And note, I also mentioned the 4515 level. And it did act to support right at 930 this morning. And then there were some cluster of price around that level. And then also at the 4520 volatility trigger just below the SPI 451 volatility trigger. Also some consolidation at that level. And I'll talk about setups in a few minutes. So I just want to point out the levels and play. And then we'll talk about gamma notional and vana model in just a moment. So those are the levels in play for today. And as far as shifts and levels, there were no shifts and levels for the SPX volatility trigger put wall, call wall, absolute gamma strike all remain the same. And then for SPI, there was a minor shift higher in the volatility trigger from 450 to 451 shown here on this chart. Otherwise, no shifts in levels for the S&P 500 just the SPI volatility trigger. All right, so that's the S&P 500, the levels in play for today. Key levels SPX 4500, 4515, 4520. And here's the Nasdaq NQ futures. And the round numbers for QQQ were very important today. So let's take a look at a QQQ chart. Zoom out just a little bit here. All right, so this is the QQQ in a one day, one minute chart. I'm showing round number levels as well as the SPOT gamma levels that are in range for today. So our SPOT gamma levels go here's the volatility trigger at 377 and QQQ did trade above that level for a while today. And then the this morning QQQ 373 acted as support. And just a while ago this afternoon the QQQ 378 acted as resistance. So very nice uptrend. The reversal right around 10 a.m. from 373 all the way up to 378. Very nice uptrend multiple pullbacks. All right, let's go to back to book map. So this is NQ futures. I have my cloud notes here. And I have a combination of levels of my cloud notes. There's the 373 level that did act as support. I also have NQ levels, the zeros and the fifties. Those are shown with red. And then I have key NDX levels. And right now there's about an 80 point difference between NQ and NDX. There's the NDX 15,390 volatility trigger. And note this NDX 15,500 large gamma 2 level did act as resistance earlier today. And then price has clustered around the 376 QQQ level. So all these levels in play for today. All right, shifts in levels for the Nasdaq. Very minor shift lower in the volatility trigger for NDX from 15,400 to 390. So pretty insignificant shift lower for the volatility trigger in NDX. And then there were no shifts for QQQ. So very static as far as the levels go from yesterday to today. All right, let's take a look now as far as gamma notional goes. There were some changes. So let's take a look at that. This is market makers position on the gamma curve at the beginning of the day. Gamma notional for SPX, SPI, NDX, and QQQ. And note for SPX, SPI, and QQQ, the numbers are all negative. More negative than yesterday, NDX, that's typically not significant. So the gamma notional became more negative for SPX, SPI, and QQQ. And note the numbers especially for SPI. Now this is pretty significant. This is 1.9 billion negative gamma notional. That's getting two levels that were pretty typical from last year in the bear market last year. So that's significantly significant negative gamma. And again, all these numbers became more negative than yesterday. All right, let's take a look at the Vana model now and we'll get an idea of what this means. So this is SPX. This chart is showing market makers delta exposure, delta notional, and how that changes with price. Delta notional shown on the vertical axis and price shown on the horizontal axis. There are two curves on this chart. The first, the light gray curve, is showing how market makers delta notional changes with changes in price only. And then this purple curve is showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with the change in implied volatility is the Vana effect. And that's a second order Greek. So what this is showing is if price decreases, market makers need to sell futures to hedge their delta exposure. They want to remain delta neutral. So anytime there's a significant change in their delta exposure, they need to hedge with futures. So as price decreases, they need to sell futures. And this works two ways. If price increases, they can buy back their short futures. So they're trading with price. And that tends to, as I said before, enhance or increase volatility. All right, let's see where SPX is trading now. So right now I have SPX at $45.25. So the low of the day we saw on the SPX chart was right around here, $4,500. So as price has increased to $45.25, there's been a slight tailwind. Market makers buying back short futures. And now the last time we checked, SPX was above the volatility trigger at $45.20. So trading at $45.25 now, so above the volatility trigger, so theoretically in a positive gamma situation now. Market makers position positive gamma. Let's take a look at SPI. Remember SPI was quite significant, gamma notional. So I've got SPI, the low of the day was about $449. So that's right here. And right now price is trading at $451. So again, a little bit of a tailwind from Putvana as price increases, implied volatility decreases. Creators are long puts, market makers are short puts. As those puts lose value, when price increases and implied volatility drops, market makers can buy back their short futures. And if price kept dropping, they would need to sell futures to hedge their delta exposure. All right, so that gives us an idea of how market makers were positioned at the beginning of the day and then how they might react to changes in price and implied volatility during the day. And let's just take a quick look at QQQ. Also, negative gamma negative and this curve with the large skew to the left is typical of a negative gamma environment. So right now QQQ is trading at, let's see, around 376, 377. Remember 373 was the low of the day. So there's definitely been a Vanna tailwind as price increases and implied volatility drops. Market makers can buy back their short hedges either with QQQ or in Q futures. All right, so that gives us a sense, again, of how market makers were positioned at the beginning of the day, how they may react to changes in price and implied volatility. So my thesis for the day was basically looking for high volatility and high volatility, wider trading range. And the key today was to watch order flow and VIX watch how price and implied volatility changes to get a sense of how market makers may need to hedge. So yoga mat says big difference in Vanna from yesterday to today. So which instrument are you talking about? SPI or QQQ. We'll just take a look at SPI and we'll compare that with yesterday. So not a lot of change from yesterday. Yesterday SPI gamma notional was minus 1.3 billion. Today minus 1.9 billion. We'll take a look at SPX. So there's yesterday. Well, that's today. So a little bit of a change from yesterday to today. All right, let's take a look at some setups. I'm going to start with the SP500. What this chart is showing is the SPX price shown with the white line, and then this purple line is the hero signal. Hedging impact, real-time options. This is showing options, trades, and market maker hedging activity for a combined signal of SPX, SPI, XSP, and ES futures. And if you trade any form of the SP500, whether you're trading ES futures, SPI shares, SPI options, SPX options, this is the signal that you want to take a look at for the SP500. All right, now this number is negative for the day, negative gamma notional. So net S&P traders are taking negative delta positions. That's minus 1.67 billion. Let's zoom in on this chart, and this is pretty similar to yesterday. In fact, almost identical. There was a, just the time is a little bit different, a little bit earlier today. Remember, the reversal lower was at 10 a.m. yesterday, and the reversal higher was at 10.30. And today it looks like the reversal lower was a little bit before 10 a.m. and the reversal higher right around 10 a.m. All right, so let's take a look at book maps. What I'm talking about is, first of all, these divergent setups. So the hero signal starts dropping first. That means traders are taking negative delta positions. And then price, this is pretty typical of the S&P 500 index, that price may take a few minutes to respond as market makers start to sell futures to hedge their delta exposure. And then the, kind of a confirmation divergence, long, just around 10.10. So let's take a look at ES Futures and book map, and we'll see these two setups. Let's go back to the ES Futures. Let's clean this up. Let me get rid of these drawings. Zoom in to the first couple of hours. All right, so both of these setups, the short and the long, were pretty easy reads today. Excuse me. Pretty easy reads. First of all, here's the reversal lower right at ES 4550. You can see the shift in order flow. Green dots, wrong tool. Green dots, market buy orders on the way up. You can see the liquidity at that level. Stop run up to that level. That's shown by the green dot. Those sellers at 4550 get filled, and then aggressive sellers start to come in. So this heat map is showing a history of the orders in the order book, and those are limit sell orders. They get filled. Stop run up to that level. And aggressive traders start moving price lower. Again, note the change in green dots up to pink dots, magenta dots down. And then as the move gets going lower, more aggressive sellers come in, as well as sell stop orders. That's shown by the following yellow line, as well as these on-chart indicator here, clustering these sell stop orders, fueling move down to the 4500 put wall, SBX 4500 put wall that acts as support, and aggressive buyers come in at that level, as options traders start taking positive delta positions, and price moves back up toward the 4550 level. And note that larger traders were fading the move lower with iceberg orders. So as price was moving lower, they were buying weakness, and that is pretty typical of large traders with iceberg orders. That's shown by this rising light blue line. And note they turn it off. They stop as soon as price starts to go higher. So they're buying weakness down to the 4500 level, and price moves higher. As aggressive traders start to come in, as well as options traders taking positive delta positions. So very similar setups to yesterday, short, then a long. Just the timing was a little bit different today. Both signaled by hedging flow with hero and order flow in book map. And we'll talk more about what's going on right now. But we saw that the hero number for the day was definitely negative. Traders have been taking negative delta positions for most of the day after these two setups. All right, let's take a look at NASDAQ now. Let me clean this up. Let's go take a look at hero for NASDAQ. All right, so this is what I'm talking about. The hero signal, again, we'll get into this a little bit more detail. In a few minutes. But the hero signal for today has been definitely making lower highs all day and then significant shift lower right around just before one o'clock in price response. So again, we'll talk about this in a few minutes. Let's go take a look at NASDAQ now. And just like the S&P 500, this is a combined signal for NDX and QQQ. This is the best signal to look at if you're trading NASDAQ futures or QQQ shares or options. And this has been on a steady downtrend since about 10.15, 10.30 this morning. Traders taking negative delta positions. So the hero signal was not as clear to me today for the NASDAQ as it was for the S&P 500. So let's go take a look at... Let's go back to book map. We'll take a look at NASDAQ. So reading order flow. Let's zoom in on the morning. Again, the same pattern as yesterday and also the S&P 500. Reversal levels at NDX, 15,500. You can see the shift in order flow. Aggressive buyers on the way up. Stop run, shown by the rising yellow line as well as the on-chart indicator. And then a shift, pretty significant shift to bearish order flow. A lot of aggressive sellers start to come in. And the move lowers fueled by aggressive sellers as well as sell-stop orders. Sell-stop orders shown with the on-chart indicator. Down to QQQ 373. And that's also in Q400 that did active support earlier today. And so far, it was the low of the day. So I could ask, what pin tool do I use? I use Epic Pin. It's the only one that I know of. It works pretty well, Epic Pin. All right, so that's the NASDAQ. And it looks like in the afternoon, price made it up above the NDX, 15,500 level, up to QQQ 378 that I pointed out earlier, just below the upper daily expected move. It is now maybe heading back to 374, 373. All right, let's take a look at some stocks. So I want to start with stocks that reported earnings yesterday. That was Apple and Amazon. Let's take a look at Apple. And Apple has been consolidating for most of the day and now is starting to move lower. Let's take a look and see what options traders have been doing in Apple today. So let's go back to Hero and we'll go to Apple. So today, traders in Apple have been buying calls. At least earlier in the day, it looks like that seems to be leveling off a little bit. The buying calls has shown by that rising orange line. Sorry, rising orange line. Traders are buying calls. The notional value is still positive. They've also been selling puts. So yesterday, I looked right toward the end of the day. This notional value for Apple was negative. So I looked at buying a put yesterday. And let's see how that would have played out. So this is buying a put yesterday and this is a simulated trade. I did not do this. So right now that put profit on that put would be $440 for a price of 405. So about 100% return for that put. And that was just based on what traders were doing yesterday. And that is a put that expires today. So that is Apple. Traders attempting to buy the dip. The next is Amazon. Interesting chart for Amazon today. So again, remember the last time I checked, the price was up 10.5%. It looks like it is falling off a little bit now. So Amazon, what this hero chart is showing is there was some consolidation earlier in the morning. Let's take a look at puts and calls. And then traders started buying calls as price started to move higher. All right, so that's the all expirations, all trades. That's all expirations. That includes options that expire today, next week, next month, next year, all expirations. Mostly call buyers. There are some put buyers. Call numbers, positive call buyers. And then traders also are buying puts. So let's compare that with the next expiry now. And I don't know why that jumps like that. All right, so note this green, let's compare calls first. So the orange line, this is all expirations. And then the green line is calls for today. These are zero DTE calls, calls that expire today. So what traders are doing, what it appears to me is they're rolling out their calls. So this is showing that they, and let's take a look. I did a simulated trade for Amazon as well, just to see what would happen. So let's go to Amazon. And Amazon, remember yesterday, traders were buying calls. So I put on a simulated trade buying calls, or buying a call that expires today. It was in at the money. Right now the profit on that would be around $815. This is shown with the current price right here, this line. Current price, this is a profit and loss diagram for buying a single call. So profit $815. And so I didn't point that out with Apple in case anybody was not familiar with a profit and loss diagram. So again, this is showing a profit today of a little bit over $800 for buying a call. So what traders are doing, and again it appears to me that they are selling the zero DTE calls. This is notional value negative, and they're buying calls that expire further out in time, shown by the positive notional value. So they're rolling out their calls. And then they're also selling their buying puts, both the zero DTE and all expirations as well. All expirations shown by the dark blue line and zero DTE shown by the lighter blue line. So interesting day here in Amazon. Let's go take a look at book map now. Go to Amazon. So there was a strong initial move after the consolidation, starting around $1030, $1020, $1015 to $1030. As traders started rolling their calls, price moved up to $143 and now has been rolling lower. Let's go back to hero now. So notice as the call buyers today have taken their foot off the gas, no longer buying calls, price stopped moving higher, chopped around and is now moving lower. So this rush higher in the morning was fueled by call buyers. And as we saw on book map, all the green dots, aggressive buyers as well. So let's go back to the default view, which is just the all expirations total view. And you can see here as well, when hero levels often starts to move lower, price starts to move lower as well. And one other thing to keep in mind is let's take a look at. So Amazon does not have that much gamma expiring today. That was mainly NVIDIA, AMD, Netflix and Tesla. So what I was looking at to see if there was any call gamma unwind going on, there could be a little bit. So traders have been buying calls up to earnings and they're buying calls that expire today. And as those calls start to lose value, remember at the money, at expiration has the highest amount of gamma. So as that gamma, as those calls start to lose value, market makers can sell some of their long stock edges. So when traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. And when those calls start to lose value, market makers can sell some of their long stock edges. All right, that was the two earning stocks. So the next thing I want to do, I have ranked my watch list here in hero as I've been doing in the last couple of days by the hero signal. And what this chart is showing is the strength of the hero signal. And this is I, I ranked this earlier in the day, it's probably changed. But this is showing the strength of the hero signal for the last 30 days that shown by the entire length of the slider. And that's probably impossible to see in the start mode. And then the colored portion. So the last the slider is showing comparing the strength of the hit, the signal shown by the dart, the dot, the white dot for the last 30 days. And then the colored portion is showing the last five days. So this is for Netflix, showing that the hero signal for today, at least when I ranked this list, was at the high end of the last five days. And probably maybe at the 80, 85 percentile for the last 30 days. All right, let's take a look at Netflix. I'm just going to take a look at the hero signal here. And just because it is on the list here and note the very strong correlation between hedging flow and price action, call driven traders are buying calls. They're also selling puts, but that is not significant compared to calls. Notice the call number here, the notion of value is 87 and a half million versus 3 million. So there are selling puts that numbers positive and they are buying calls, but calls definitely driving price action in Netflix today. All right, let's take a look now at AMD, the next one on the list. We've already taken a look at Apple and Amazon. So here's AMD. All right, AMD, Hunter, I'll get to your question in just a moment. So let's go back to the total signal first. So AMD has been pretty strong. It was definitely strong yesterday, but options have definitely been driving price higher and lower. And I believe yesterday it was higher AMD call buyers yesterday and then the day before selling calls. So yesterday they were buying calls today buying calls and that is driving price higher. So let's see. And this is the Divergent setup that I saw this morning. Just a great setup. Let's zoom in on this. This Divergent setup right here. Note that traders start buying calls, price continues to drop for a little bit and just right after 10 a.m. Eastern time, price responds higher. All right, so this, I'm going to address Hunter's question now. Hello, he asked, does options traders, both sellers and buyers of options, have any ability to actually move the market? Or are they reacting to the auction process? So one of my key tenets for trading is that options trades and market maker hedging activity are a key driver of price action. And I think the, you know, what I've shown here with these Divergent setups, I think is a pretty clear confirmation of that. And also, you know, we know that options traders, options trades have increased pretty substantially in the last few years. And just in the example of a stock, when traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. So that is a key driver of price action. In my opinion, that is one of the key tenets of my, of the way I trade. Options trades, market maker hedging activity are a key driver of price action. And I've shown hundreds of examples of that. And as far as an auction process, you know, that's something that I don't really look at. The way I look at it, when traders are buying calls, they could be buying calls, you know, for any number of reasons, but generally they're expecting price to move higher. And market makers are responding, all they're doing is making markets and hedging. They don't care anything about an auction. Alright, so I hope that helps. That is, you know, that's the way I look at the market. And that that forms my opinion for, you know, the way I trade and the way I'm presenting here and teaching to trade. Alright, so again, I hope that answers your question. Let's zoom out. So this, I think is a pretty clear example of call buyers driving price higher and then when call buyers take their foot off the gas, price starts to drop. Alright, so that's AMD. That was the next stock in the list. Let's go down. Go down the list. Ranked by Harrah signal. The next is Nvidia. And note Nvidia did have a pretty significant amount of gamma expiring today, about 34%. Let's zoom in on this. So this was a pretty choppy session in Nvidia, not nearly as clear as AMD. And note that yesterday the 450 level, the key gamma strike was resistance yesterday. That level was tested several times and acted as resistance. So traders have been buying calls today and just looking at the call signal. Actually, let me adjust this view just a little bit. So up until about 1115. Traders were buying calls. They're also buying puts. So up until about 1115. So I'm looking at the orange line here. Traders buying calls. Notional value 60 million. And they're also buying puts. Notional value 25 million. So call buyers more aggressive. Let's go back to the total signal. Total signal still positive for the day. Around just less than 35 million at this point in time. Alright, let's go to book map. So we did not look at AMD. We need to look at AMD. This was a great long setup. Remember the divergence long as traders started buying calls. And the order flow very easy to read here in AMD. Here's the reversal. Just right around 10am. Aggressive sellers take price down right to the 114 level. That's shown by the magenta dots there. And then aggressive buyers start to come in. As traders start buying calls. Move price higher. Pull back entries. Up to liquidity targets. At 117. 118. And the price quite did not quite make it up to 119. So that's right around one o'clock. And remember traders, options traders took their foot off the gas. Around that time. And price is now moving lower. Price of the next is Nvidia. So we're looking for that reversal. As traders start buying calls. There it is around 10am at the 444 level. So Nvidia more volatile. More up and down than AMD. Multiple pull back entries. And price breaks above the 450 level. Consolidates around that level a bit. And then moves higher all the way up to the liquidity at 455. And it shuts off about one o'clock. Let's go back and take a look at Hero. So options traders make one last push. Up to right around 1250 one o'clock. And then again they start buying puts. And selling calls. And price starts to move lower. I've gone too slow today. My time is up. Let's go take a look at the live market. And see what's going on now. And let's see. There was a yoga mat wanted to take a look at IWM. We'll take a look at that. So initially in the morning traders were taking positive delta positions. And again they took their foot off the gas. And started taking negative delta positions. Just around one o'clock. And price moved lower. Alright so yoga mat wants to take a look at the one day view. So let's take a look at that. This would be the zero DTE. And then we'll separate outputs and calls. Again I don't know why it doesn't maintain that level of zoom. Alright so yoga mat I'm not sure what your question is. So right now net for the day just looking at the dark blue and the orange lines. Traders net are still buying calls. And they're also buying puts. And they started aggressively buying puts. Right around one o'clock one thirty. Something like that right around here. Alright let's go back. Let's take a look at the S&P 500. So it looks like really for most of the day. Except for this bump up higher here that set up that long. Traders have been taking negative delta positions. And this is pretty negative for the day. Minus 3.31 billion. And as they got more aggressive price started to finally move lower. Alright let's go take a look at book map. We'll go back to the ES. And now ES trading lower than the cash open. Let's just see where it compares to the. I've got data going all the way back to the open yesterday afternoon. So now the ES futures trading down below the open yesterday afternoon. So definitely trading below the 4500 put wall. That level did not act as support as it did earlier today. And that was near price opened just around above the 4500 level. Alright trading sale thank you very much for your kind words. I will tell you that I learned everything I know about. This approach to trading from Brent Kutuba. The founder of Spot Gamma. And also I've spent a lot of time studying book map as well. I learned a lot from Bruce the director of education at book map. And I just studied worked hard and put this together to develop my own trading system combining options. The options market using data from Spot Gamma as well as order flow and book map. And again thank you very much for your kind words. Alright and yoga mat says dark blue was above yellow for most of the day. I don't look at really crosses and lines and the lines as being significant. You know what I'm just looking at the the slope of the line and the and the direction and the and the number. So I know again from looking back at IWM that traders started aggressively buying puts as price was up at that high and started moving lower. And Karma FX thank you for your kind words as well. Alright let's take a look at S&P 500 ES futures now trading pretty significantly lower. Let me just do a quick check. So now ES has gone negative for the day as well as NQ after being up pretty sharply this morning. And so the options traders that have been taking negative delta positions all day looks like they were on the on the right side of the trade. Take a look at Nasdaq. Alright Hunter says I'm new to gamma and market makers position. Yeah I this is this is a new way of looking at the market. I think it is a current modern way of looking at the market again based on the very very much very much increased options trading activity in the last few years. And the options market is I think driving the price action stocks and futures to a much larger extent in the last few years. So again this is a way of looking a new way of looking at the market. You know please come back watch my webinars go to the spot gamma website. They have free resources there go to the spot gamma YouTube channel and take your time. This will take time to learn and understand. Alright so the Nasdaq now back down to the QQQ 373 lower the day looks like some larger traders starting to come in with iceberg orders buying the move down. Let's take one last look at hero see what options traders are doing. Go to Nasdaq. So Nasdaq options traders have been on the on the right side of the trade today as well taking negative delta positions for most of the day. Alright that's all I have. I want to thank everyone for watching. Thank you very much for your questions comments. I love the interactive session. I love it when you ask questions and comments. Again thank you very much. Thanks for watching. Have a great weekend everyone and I will see you on Monday. Thanks again. Bye.