 Hello, everyone. Welcome to Options with Doug. Streaming Monday, Wednesday and Friday at 1.30 p.m. Eastern time on Bookmap Discord and the Bookmap YouTube channel. Before I get started, I need to go through the Disclosures. General Disclosure. All Bookmap Living and Materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Disclosure. Trading futures, equities and options involves substantial risk of loss and is not suitable for 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 that I did post a couple of setups yesterday. One in Tesla, Barry's setup in Tesla and then a bullish setup in NVIDIA yesterday. So if you are active on X, please take a look. If you like what you see, give me a follow and a like. That would be appreciated. Alright, so again on X at Doug Pless. Here are the key tenets to my approach for trading. This is the basis of my approach to trading. First of all, I believe that options trades and market maker hedging activity are key drivers of price in many stocks and futures and certainly in the equity index futures like the SB500 and NASDAQ 100 and the large cap tech stocks that I follow in trade like the MAG7 stocks. And for the SB500, SPX is the underlying index and SPY is the ETF version of that index and ES, the SB500 futures that's a derivative of SPX. And when traders buy and sell puts and calls in SPX and SPY, market makers take the opposite side of those trades and they hedge their delta exposure with ES futures. And for the NASDAQ 100, NDX is the underlying index. QQQ is the much more liquid version of that index, the ETF version of that index. And NQ is a derivative of NDX. And 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 dash Doug chat channel is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned at the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step in my process is execution. I look at real time order flow and book map and real time market maker hedging flow and 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 setups and that asset can be taken any number of ways. For example, for the SP 500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the options dash Doug chat channel and discord as well as the chat and YouTube for your questions and comments. Please feel free to post. I'll do my best to answer questions. Hello, Katina. Welcome. Glad you're here. Hello, Steven. Welcome. Glad you're here as well. Alright, here's my agenda for today. Friday, April 12. First of all, I want to go over news items to wrap up the week. Then I'll go through my positional analysis from today. Then I'll review some setups earlier today. Then I'll move to 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 them. Alright, let's start with news items. Michigan consumer sentiment came out at 10am. I don't know if that was really much of a market mover. The market was already making a series of lower highs. And when the data came out, just continued lower. So Michigan consumer sentiment came in lower than expected and lower than the previous number. Alright, so let's move on to positional analysis now. I'm going to start with the SB 500. This is the ES futures and book map. Let's just zoom out for a quick perspective. So the current down move began really somewhere in the pre market, maybe 4am, 430am, something like that. When the ES broke below VWAP shown by the light blue line and ES and the SB 500 continues to make a series of lower highs. Alright, so let's move back and just take a look at the from the cash open on. Alright, so again, this is the ES futures and book map. Before I take a closer look at this chart, I want to take a look at a higher time frame. I'm going to go to the SPX, the underlying index. I'm going to start with a one day chart. This is thinkorswim showing a one day chart for SPX. And the rally that it looks like it's coming under pressure now maybe has ended began last year, October 30. And the green trend line is showing the SPX rallied up over 1150 points. And definitely getting weaker. This is the weakest that the SPX weakest price action since the rally began. Alright, so let's this is a one day chart. Now let's move to a shorter time frame. I'm going to take a look at a one hour chart. This is the top of that trend line. High for SPX right around 5265. That was a couple of weeks ago. And since then SPX has been making a series of lower highs. And the drop has just accelerated today. Alright, let's take a look at levels on this chart. First of all, the dash purple lines. And that's this lower dash purple line. I'll talk more about this other line 5139 in just a minute. So 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 remain in place for the entire week. Know that SPX is trading now below the lower weekly expected move. The dash blue lines are showing the lower and upper daily expected move. This is also based on the options market. Based on the closing price yesterday from yesterday, I do post these numbers and discord the evening before. So those both of these numbers, the daily and weekly expected moves I did post in discord in the options hashtag chat channel last evening. Alright, the other lines on this chart are spot gamma levels. These are proprietary spot gamma levels. They're based on gamma weighted open interest. They're provided to spot gamma subscribers. And they're available on a variety of trading platforms. This is thinkorswim again a 30 day one hour chart. I'm going to go over the key daily levels. First of all, 5000. That's the absolute gamma strike. That's a strike with largest absolute positive and negative gamma. That's where most of the gamma weighted open interest is concentrated. Above that is 5150. That's the put wall. That's a strike with largest net negative gamma that can be expected to act as support and not doing its job today. And that level did move up from yesterday. Yesterday it was at 5100. So yesterday the put wall was down here at 5100. And above that is the volatility trigger at 5190 that a spot gammas 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 hash their delta exposure. That tends to enhance or increase volatility. We'll take a look at the Vanna model in a minute and see that the Vanna is definitely in play for today. This is definitely a very negative gamma environment. Gamma notional at the beginning of the day for the SB 500 was negative for SB X just slightly negative. And now much more negative. Well, again, we'll take a look at the Vanna model see a graphical representation of this in just a minute. And above that level above the volatility trigger market makers position on the game curve is positive in a positive gamma environment, market makers have to trade market makers have to trade against price to hash their delta exposure that tends to subdue or decrease volatility. And note again, SB X is trading firmly below that volatility trigger. Finally, the call wall is at 5300. That's the strike will bar just net positive gamma that can be expected to act as resistance. That level definitely not in play for today. Since SB X is trading below the football. Alright, let's wrap up our view of SB X. And again, this is the underlying index. That's why I spend so much time with this. Alright, so let's take a look now at a one minute chart for SB X. And I've zoomed out just a little bit to show the last three days worth of worth of data. Remember, SB X only trades during regular trading hours. So it does gap compared to ES. So this is Wednesday. Gap down to the CPI report, chop, and then a move higher at the open driven by primarily zero DTE options traders, taking positive delta positions. So that's Wednesday. Thursday, PPI data came in lower than expected. SPX did revisit lower the day from Wednesday, then rallied pretty sharply. And then today, gap lower. And so far, SB X has been making a series of lower highs. Yeah, lower highs. Alright, I'm going to note the low of the day 51 10. We'll take a look at that when we take a look at the venom on. So let's take a look at the levels on this chart. First of all, volatility trigger. SPX well below that level. Who's the put wall was in play earlier today, lower daily expected move. This recent low the 51 39 that acted as support Wednesday, Thursday, earlier today. And now SB X trading well below that level. Also below the lower weekly expected move that was shown on previous charts. Alright, that's the landscape for SPX. Or let's go back to book map now. So in book map, I have my own cloud notes. So I can show SPX levels on this chart. There's the 51 50 put wall. I could I'm also showing smile levels on this chart. Both spot gamma levels. There's the 515 large gamma four level me zoom out just a little bit. Also note here's this 51 69 zero gamma level the five spy 515 large gamma four level acting as resistance earlier today, just after the cash open good entry point for short. Right now there is a difference between a difference of price between ES and SPX. And today that difference is several between 43 and 44. I'm using 44. So I'm showing SPX 5100 at ES 51 44. Alright, hello, Tony. Tony asked what exactly are the functions of these index relationships. Right, let's take a look at that. So I use those numbers to know where to put the spy that you're referring to the ES to spy ratio in the NQ to QQQ ratio. Right, so I'm using these numbers to show the spy levels at the correct and the QQQ levels. So the spy levels on my ES chart and the QQQ levels on my NQ chart. So here's what I do. I get these levels from spot gamma. So the lowest spot gamma level that I that was it looked like it would be in play for today is the 510 large gamma three level. So I'm using these this spreadsheet to feed the price lines add on that I use to populate my cloud notes. I'll show that in just a minute. So this is my spreadsheet. Then what I do is, let's just show this this 510 level. So 510, let me click on that cell. And here's the formula. And I'm I put these numbers out to the side so I can use these numbers to calculate the correct ES number. So this is basically ES this column right here equal I 51. So I'm calculating this level right here. I 51 times 10.1172. And I get these that 10.1172 from a script that that's running a thinker, thinker swim showing that real time ratio. So I take that ratio, enter this formula in the cell right here. I'm grabbing this number calculating the correct ES number in the cell. And so I'm showing the 510 level at 51 59 and price lines rounds that off to 51 5975. Alright, so there you go. Hope that answers your question, Tony. And this is the add on that I'm using this price lines add on. And this is the spreadsheet that I was referring to. Alright, let's move on. And that price lines add on is available in the book map marketplace. Alright, let's take a look at NASDAQ. Alright, so let me just mention levels and play for today. This 5200. And just above that is the spy 514 level. That's just a round number level acted as support, resistance, resistance, get set up for an afternoon long, spy 512 just a round number. That's not a spot gamma level acting as support. Also note the point of control is still right at this 5200. It's difficult to see that's that purple line that has moved down to 5200. Alright, let's move on to NASDAQ now. And we'll talk about setups in a few minutes. Alright, so similar pattern for NASDAQ series of lower highs began before the cash open. Let's take a look at the underlying index charts. I'm going to go to QQQ series of lower highs. Just after the open this 442 441.9 combo two level acted as resistance. Later in the day 441 and VWAP acting as resistance. Now it looks like this 437 maybe acting as support. There's no label on that. Give me just a moment and let me check what that is. Whoops. 437 is a combo three level combining QQQ and NDX gamma weighted open and open interest. Oh, here I'm showing it right here. Combo three C three level acting as support. So again, combining QQQ and NDX gamma weighted open interest into one combined level shown in terms of a QQQ price. And here I have used that ratio that Tony posted just a moment ago to calculate the correct level to show that on my chart. And as we just saw in the QQQ chart, that is the correct level. In QQ did trade down to that level QQQ. Let's take a quick look at NDX. And it looks like the 18,000 level is in play for today. And 18,000 is a large gamma two level. And down below that 17,900 is the absolute gamma strike on the call wall. All right, let's go back to NQ levels and play for again. Here's that 442 and then the 441.9 combo two level acting as resistance. And now down to the 437 level that combo three so far acting as support today. Alright, let's take a quick look at gamma notional and the van model wrap up our positional analysis. So as expected yesterday after the large rally gamma notional, this is gamma notional at the beginning of the day for the SB 500 and NASDAQ shifted higher. So still negative for the SB 500 just very mildly negative. That's pretty much neutral for SPX still mildly negative for spy and then shifted positive for the NASDAQ really just mildly positive for QQQ. Alright, again, those numbers did shift higher from yesterday. Again, given the the big rally. Alright, let's take a look at the van model now to get a better understanding of what this might mean. What this chart is showing is market makers delta notional on the vertical axis, and the spot price for SPX on the horizontal axis. There are two curves on this chart. And the first curve, the light gray curve shows how market makers delta notional may change with changes in price only. The purple curve adds implied volatility to the to the equation that shows how market makers delta notional may change with changes in price and applied volatility. And note as implied volatility increases, and nothing else changes, market makers delta notional will increase just based on the change in applied volatility. And again, that change in delta with a change in implied volatility is the van effect van is a second order Greek. So this is the curve that we want to take a look at. So as let's check, let's check on prices now. So we know the low of the day was right around 51 10, somewhere between these two lines. Alright, so we know as price has been dropping, we'll take a look at a chart of VIX in just a minute price has been dropping, implied volatility increasing. Market makers delta notional is increasing. They have to sell futures to hedge their delta exposure. So this is definitely shifted toward this negative gamma portion of the Vanna model. In this case, trader market makers are trading in the direction of price that tends to enhance or increase volatility. So definitely this is put Vanna fueled volatility fueled move lower. Let's just take a look at take a look at VIX, take a look at a chart for VIX. This is a five minute chart for VIX. Note that VIX does trade overnight and began moving higher, significantly higher about 8am and earlier today, traded at 19.2 and that's the high of the year. So we know that overall today VIX has been increasing price dropping. So implied volatility increasing price falling. Market makers delta notional increases. They want to remain delta neutral. So they have to sell futures to hedge their delta exposure. That tends to enhance or increase volatility. Alright, so that is the that wraps up my position analysis. So based on the day, I, you know, I forgot to go over shifts and those I mentioned for SBX, volatility trigger and put wall shifted higher for spy. Volatility trigger also shifted higher. The call wall shifted lower and the absolute gamma strike shifted higher. So overall, gamma levels for the S&P 500 did shift higher. So that was slightly bullish. And then so just based on that, my thesis would be would be bullish. That's that shifts in level, those shifts and levels were expected after the big move yesterday. On the other hand, pre market, definitely bearish. Also keeping this Vanna model in mind watching VIX and knowing that price is moving lower. That would lead to more of a bearish thesis. And for the NASDAQ, there was only one shift level shift higher levels that was QQQ volatility trigger did shift slightly higher. Alright, so let's move on from position analysis now to execution. So everything that we've looked at so far other than the book map is based on static data. Swipe gamma takes open interest data, updates it once a day, it comes out sometime overnight. They update that and apply their algorithms to those to that information to come up the levels that I put on my charts. Alright, so let's move on to execution now. I want to take a look and see what options traders have been doing today. I'm going to start with the SP 500. So this is the hero chart. It's available to spot the MS subscribers. Hero is hedging impact real time options, H I RO. So this is real time data now. What this chart is showing is options trades for a combined signal of SP X by X SP and ES futures all into one combined signal. The white line is showing showing price for SP X. And the purple line is showing the hero signal. A rising hero signal indicates traders are taking positive options, delta positions, they're buying calls and or selling puts. And a falling hero signal indicates they're taking negative delta positions, they're buying puts and or selling calls. Market makers take the opposite side of those trades. So with a rising hero signal, they have to buy ES futures to hedge their delta exposure. And with a falling hero signal, they have to sell ES futures to hedge their delta exposure. They take the opposite side of customer trades. Alright, so let's zoom in on this chart. Alright, so pretty choppy hero signal today. Let's just take a look at one thing and we'll we'll see why I mentioned zero DTE trades before. So all expressions that is today, next week, next month, that's shown by the purple, that's all trades. And then the green line or teal line is showing options trades that expire today. And for good bit of day today, the zero DTE options trades have made up a very large portion of all trades. And this zero DTE trade tends to be mean reverting, selling highs and buying lows. Alright, let's go back to all trades down. So that is one explanation for this up and down hero signal makes it a little bit more difficult to interpret hero. But the main thing is this. And we'll combine this by taking a look at order flow and book map to come up with setups. Alright, so first of all, note the sharp move higher and hero, right at the open for about 20 minutes, it shifts lower. We can zoom in on this just a little bit. Alright, so 950 hero signal shifts lower, then right around 10105 1010, zero DTE traders push it up, and still continues lower. So that just made a made for a slight pause or consolidation as the SMB 500 continue to move lower. Alright, so let's go take a look at book map. We'll go back to the SMB 500. So we know the hero signal shifted lower, right around 950. So let's zoom in. Give me just a moment to adjust the chart. Alright, so first of all, the volume dots in book map are showing market buy minus sell magenta dots indicate more there's there more sellers than buyers. magenta dots more, well, green volume dots more buyers than sellers, magenta dots more sellers than buyers. So aggressive buyers on the way up, they become exhausted. A little bit of a stop run that's shown by the small green dot 450 contracts, price reverses lower as options traders start to take negative delta positions. Some aggressive sellers come in, price starts to move lower, makes a lower high, right at this 516090 gamma level, and then continues to move lower. Alright, so then the SMB 500 just continue to move lower. Notice price started moving down, sell stop orders, helped to fuel the move lower that shown by the following yellow line. This is pretty typical for large traders, they're buying the move down with iceberg orders, they're fading in the move that shown by this rising light blue line, large traders are buying this move down with iceberg orders. Alright, so since then the SMB 500 has just continued to make a series of lower highs. Deep pull back right around 1130. Let's go take a look at hero again. Though to this case, this hero floor alert comes in toward the top of this move. These hero floor alerts signal significant options activity, and they can often act as a mean reverting signal. I did post a more detailed explanation in discord in the options dash check channel earlier today. And right around 1130 1145, heroes starts to shift lower, takes a while for price to start moving lower. Overall, though, I think hero has been somewhat difficult to interpret today for the SP 500. Alright, so let's move on to NASDAQ. Much easier read here today. Let me show you what I'm looking at. For the NASDAQ. I like to look at this mag seven signal. This is another combined signal showing options trades for the stocks known as the mag deficit seven showing options trades and market maker hedging activity for Apple, Amazon, Google, Meta, Microsoft, NVIDIA and Tesla. These stocks make a very large component of the NASDAQ 100 and often dry price. And as usual, this signal is providing a very good indicator for direction for the NASDAQ. No, in the case of this mag seven signal, it has been bearish all day. Traders taking negative Delta options positions. Again, much more clear signal. Let's take a look at 10 o'clock. So initially hero move lower, a little bit higher, then started to grind down then drop sharply right around 10am. Let's go back to book map go to NASDAQ. Let me assume just a bit. 10am. Move up to that 442 441 9 level. Again, aggressive buyers on the way up shown by the green volume dots. Then aggressive sellers start to come in shown by the magenta volume dots. Price makes a series of lower highs and cell stop orders continue to fuel the move lower that's shown by the following yellow line. And then finally all the way down to the 437 level. So series of lower highs mag seven signal providing a very clear indication that traders were taking negative Delta positions. And those stocks that again, make up a very large component of the NASDAQ 100. Having to fuel this move lower in NASDAQ. Let's go back to hero. Alright, so again, this is to me a much more clear signal. And maybe leveling off somewhere somewhere. Starting around one o'clock traders taking negative Delta positions have taken their foot off the gas and NASDAQ trying to move higher. Or let's take a look at some stocks. This is Apple kind of an unusual move for Apple today. More like some other more volatile stocks in the mag seven, but it was really one of the best setups to that of the day. So this is Apple. First of all, note the rising hero signal. Just a few minutes after the open, flow alerts come in signaling significant significant options activity. And for stocks, these flow alerts that come in just a few minutes after the open are usually a pretty good signal. So I interpret this as something to get my attention. Neo had asked about this earlier today in discord. This is how I use these hero signal for stocks. It gets my attention. I'm looking at the direction of price and the direction of the hero signal. I see hero signal moving higher, Apple moving higher. I'm looking for an entry point for a long. And note that 177 50 is the call wall. And soon after Apple reaches that call wall, these options traders take their foot off the gas, the hero signal loves off. Then they started taking negative delta positions and price move lower. And note the hero signal did start to move higher. And this was really more of a head fake. We'll take a look at that in book mapping just a moment. Alright, so good move higher. This morning in Apple. And this is more like more like meta really than Apple. Quick move higher. Hard to find an entry point on that. The zoom in on this. So what I was talking about this the that quick move higher and hero consolidates remember 177 50. Let me draw a line there. 177 50 is the call wall price does move up above that level. Soon after breaching that level, options traders take the foot off the gas, start taking negative delta positions down to this level of very high liquidity at 176 50. Look like that was going to be a good point for a bounce and really did not amount to much. Maybe if you caught that full move maybe about a point in Apple. So what looked like it would be a promising pullback back up to at least the call wall did not play out. But the first play out the first move with the hero alerts did play out for a nice nice bullish move in Apple. Alright, let's move on. Next is Google. Let's see what options traders are doing at Google. And by the way, when I'm reviewing these setups, what I'm thinking about is I'm reviewing the day. What did I miss? What could I have done better? I'm looking at some some trades. Some I took some I didn't. Again, with the attitude of reviewing the day reviewing setups, what I could have done better, how could I improve? And what I did? What did I do well today? Alright, so this is Google. Note the call wall at 160. That's key for today. Initial move higher right up to just below the call wall. Hero flow alert comes in. Another one comes in. And this time with the breach of the call wall, right on just before 10am, hero moves lower price moves lower. Call wall does his job acts as resistance as expected. Let's move on to Google. Alright, so here it is. Here's the 160 call wall. Again, doing its job acting as resistance. Entry points as traders options traders take the food off the gas start taking negative delta positions. Here's a pullback to VWAP and then a trend break. So potential very clear shorts just right around 1030 at VWAP and then just as that at that trend break. Let's go back and take a look at hero. Alright, so if you miss this second, the this touch of the call wall, secondary entry really right, I guess right around 1030 test the VWAP and then move lower. Let's move on meta flow alert just a couple of minutes after the open hero signal falling looking for short. Let's go to go to meta meta opening print. Quick move higher up to 520 price versus lower. Traders taking negative delta positions. Looking for a short. Let's go back to hero. So hero has been trending lower all day. Secondary entry right around right around this area right around 517. As hero signal starts to move lower again, that was around 1145 or 12 o'clock. So meta move back up to right around the 517 level, then reverse lower. As traders started taking negative delta positions again. So a late morning entry, then a quick move down all the way to 511. Let's take a look at Nvidia. Nvidia down there low of the days, not low of the day. 900 call wall key gamma strike, acting as resistance. Just after the cash open, aggressive buyers on the way up, then aggressive sellers start to come in. Multiple test of 895 and VWAP VWAP, just like meta price returns to that 895 level, just below making a little bit lower highs. Alright, let's see what options traders are doing. Go to Nvidia. Alright, does anyone have any stocks they want me to take a look at? Please let me all be glad to do that. Alright, so again, flow alert at the open potential resistance level at the 900 call wall key gamma strike. Hero shifting lower. Let's zoom in on this. Call wall key gamma strike. Flow alert. Hero moving lower price moving lower. I'm looking for an entry point for short. Let's go back to book map. Alright, Caesar says trend breaks with flow seem to be really nice. Yeah, that's a good way to good way to look at things. I draw trend lines on my charts quite often. Trend break. Lower highs. Alright, so short in Nvidia down near the lowest of the day again. Alright, KP wants to take a look at SLV. Alright, I don't have SLV in book map. We can take a look in heroes see if it's there. Take a look at SLV. SLV call wall at 27 did act as resistance earlier today. There was a lot of chop earlier today. Spot gamma has indicated when there are a lot of flow alerts coming in close to the same time that is a very that's indicative of chop. Just price price moving up and down in a narrow range. And then finally, right around 1115, hero signal shifts sharply lower and price moves lower. Breaking below that 27 call wall. Alright, WRB wants to take a look at Tesla. Last time I checked Tesla was a pretty choppy mess today. So now looks like Tesla find the resolving lower maybe around 1145. Earlier today, Tesla was pretty choppy. Assume on on this. So in this case, the hero signal. Whoops. Early hero signal for Tesla was somewhat of a head fake. options traders took their foot off the gas pretty quickly. Just right around 94945. Then started to take negative delta positions around 1010. And since then, Tesla has been moving lower. Alright, let's go take a look at book map. Let's go to Tesla. Alright, here's this choppy mess for Tesla in the first, at least the first hour. And then finally moves lower. Random around 1145 12 o'clock, trend break. And Tesla moves below VWAP as traders were taking negative delta positions. Note also that cumulative volume delta has been falling all day. Alright, Caesar says seems like flow, as well as book map aren't as reliable for ETS. Yeah, I would agree. I think the hero signal for a stock is is more pure, if you would, would say that like for Apple, the only thing that is influencing Apple, it's just a single single entity single stock. And options traders, options trades as well as aggressive buyers and sellers are moving price for stock like Apple or Tesla or Nvidia. So the I think price action for the SB 500 and NASDAQ, you know, of course, they're the ETF versions of those, take a little bit more interpretation. Of course, there's much more information as well, with stop orders and iceberg orders. All right, Elizabeth, my opinion on SOUN for long term stocks, sorry, I'm not familiar with that stock. And I really can't give any opinions on long term stocks. We can take a look in hero, I'll let you see what's going on today. So I look at see if it's I've never heard of that stock. So I don't know if it's even available. Yeah, it is. Alright, so low price stock very thinly traded. Looks like there are options trades. They've been taking negative delta positions all day. Price has been moving lower. So Elizabeth, sorry, other than that, I can say for today, that it would have been a good short heroes, the hero signal moving lower from the open. Of course, a low price stock like this is most likely hard to borrow and most brokers played training platforms. But it is moving below the 450 put wall. Alright, does anyone have any other stocks they want me to take a look at? So again, Caesar back to your comment. Yeah, that's why I have mostly stocks here. Except for qqq and spy, mostly stocks, and the equity index futures. And of course, mag seven. Alright, Caesar wants to take a look at Rivian. Sure, I don't have that a book map, we can take a look in hero, the low price stock. Looks like there is some decent, notional value here at around minus 7 million traders taking negative delta positions, hero moving lower from the open, would have been a good short. Let me just check one thing. Alright, in my broker's platform, I use trade station. So it's not really the best platform for low price stocks. Rivian is hard to borrow. So maybe if you have another, another plating trading platform, like I think J trader uses Cobra, which is much more suitable for selling short finding hard to borrow stocks, borrowing hard to borrow stocks. Alright, let's go back and check the SB 500. Right, he Caesar says Yeah, much cleaner, reliable signals, so much less noise on equities versus ETS. So yeah, ETS or a basket of stocks. So you have all these competing stocks, which may have different signals. Alright, very choppy hero signal for SB 500. Again, driven, at least earlier today, large part by zero TTE DTE traders shown by that teal line. Let's take a look at mag seven. So last time we look at the mag seven signal was was leveling off. That still looks like the case. Traders have taken their foot off the gas. But now NASDAQ chopping around lows of the day. Let's go take a look at book map. Go to NASDAQ. And note for NASDAQ, point of control did move down. That line before was right at NQ 18,300. And that line now moved down to right around the QQQ 438 level. That is the dark purple line moved down. Looks like it's right around here right now. So just right around the 438 level. Let's zoom in. See what that white line is. Alright, so that is the the 18,000 level NDX 18,000 QQQ 438. And then here's point of control has moved down now to around these cluster of levels. Looks like CVD, cumulative volume Delta is moving lower. Let's see what options traders are doing. Back to hero. I'm going to zoom in a bit. So the hero signal is still chopping around. Alright, Edmund Lee asked what is point of control point of control is the that is the volume point of control. That is the the level with the highest amount of volume. That's where the again, the highest amount of volume. And let me show you let's go back to book map. This is for the session volume profile. So this is in my session begins at the opening for for NASDAQ from yesterday, 6pm Eastern time. So I have backfill data that I that I get I open up book map sometime between 630 and 7am Eastern time. Then I will load about 12 hours of backfill data. So this is shown in the session volume profile. Over here to the far right this far right column, point of control again, the level with the highest traded volume. And Edmund asked how is point of control different from VWAP? VWAP is volume weighted average profile. So you can you can search those terms on Google. You should be able to find more exact definitions of VWAP and point of control. Alright, everyone, my time is up. Edmund asked highest amount of session volume, a particular price. Yes. So Edmund, you can take a look at the go to book map.com, go to the knowledge brace, you can search for point of control. And you can see a more detailed explanation, or just search on Google volume point of control. And VWAP, and you'll see the difference. Alright, so the downtrend continues. Alright, everyone, my time is up. I want to thank you very much for watching. Thanks for your questions and comments. Have a great weekend. And I will see you on Monday. Thanks again. Bye.