 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. Disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an Options-Doug Chat channel that's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. By the way, Bookmap Discord is free and available to everyone, whether you subscribe to Bookmap or not. There's a lot of great content there, good traders, a very active community, all trying to help each other become better traders. I'm also on X, formerly known as Twitter. My name there is at Doug Place. The focus of my presentation today and the focus of the Options-Jug Chat channel is Options Order Flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range 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 in Bookmap and real-time market maker hedging flow in SpotGamma Hero to confirm my thesis. And for setups, rentries and exits. And when I talk about setups today, I will be focusing on an underlying asset. And setups in those assets can be taken any number of ways. For example, the S&P 500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. And also the setups that I talk about, I'm generally focusing on intraday trading, but setups could be appropriate depending on your timeframe for swing trades or even longer-term trades. The same techniques that I'll talk about today. Questions and comments are welcome. I'll 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. All right, here's my agenda for today. Thursday, January 11th. First of all, I want to go over news items, economic data, and events for the week. And there was certainly a big data release today. Then I'll go through my positional analysis. And then I'll review some setups from earlier today. And then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know, and I'll be glad to do that. All right, let's get started with economic data. And I forgot to bring it over, give me just a moment. So here's the data release from this morning. First of all, CPI data. And there are, I guess, a variety of forms. Core month over month, year over year, and then the non-core total number. Anyway, let's just focus on that. CPI data came in higher than expected and higher than the previous number. And there was initially a mixed reaction to that data. But it eventually resolved much lower into a great number of great short setups today that we'll talk about in a few minutes. So CPI overall came in hotter than expected, hotter than previous, and set up some great shorts today. So we'll talk about that in a few minutes. Then jobless claims lower than expected, but an inline with the previous number. All right, so that was the data for today. Tomorrow, PPI data comes out at 8.30 AM Eastern Time, and that should wrap up the week. All right, let's move on to positional analysis now. This is the ES futures and book map, SAP 500 futures. And before I take a closer look at this chart, I do want to take a look at the underlying index in a larger, longer time frame. So the underlying index for the SAP 500 is SPX. I'm going to start with a one-day chart. This is thinkorswim, one-day chart for SPX, focusing on this latest rally that began October 30th. The rally continued to hire for a variety of reasons. IV collapse, put Vanna Rally, Dovish FOMC, better than expected, and placement reports up until today. And then that rally, at least maybe temporarily, we'll see, came to an end at the end of last year, just short of 4,800. The first week of January was somewhat weak, then a big rally this week, and again bumping up against 4,800. All right, so let's take a closer look at just the last 30 days on the SPX. So that was a one-day chart. Now let's go to a one-hour chart, 30-day one-hour chart. And here's that resistance, just at the end of last year, just short of 4,800. Then the rally this week took SPX right up to that level again earlier today, and then SPX reversed lower for a great short setup. All right, so that's a 30-day one-hour chart. So I've covered price action. Now let's take a look at the key labels on this chart. First of all, I want to go over expected moves. The dash purple lines are showing the lower and upper weekly expected move. This is based on the options market, and I update this data once a week. So this expected move for the week, those levels remain in place for the entire week. Note that SPX, with the huge rally on Monday, moved up above that upper weekly expected move, and traded down below, and now maybe trading around that. We'll take a look at one more shorter time frame in just a moment to see exactly where SPX is trading. So that's the weekly expected move. The dash blue lines are showing the lower and upper daily expected move. That's also based on the options market. And note that range was higher for today because of the CPI report. The increased or higher volatility for the day based on the CPI report. So that range yesterday was plus or minus 21 points, and today it was plus or minus 32 points. So widening out of the daily expected range based on the CPI report. All right, so those are the expected moves just based on the options market. Now I want to go over the spot gamma levels. These are shown with the dark red lines. These are proprietary spot gamma levels provided to spot gamma subscribers shown on a variety of trading platforms. This is thinkorswim. Again, a 30 day one hour chart. I'm going to point out the key daily levels. First of all, there's the put wall at 4,600. That's a strike with large net negative gamma that can be expected to act as support. The next level up is 4,745. That's the volatility trigger. 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, they have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility when they're trading with price. 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 decrease or subdue volatility. And that level has definitely been in play for today. We'll take a look at that in just a moment. And the next key daily level up is 4,800. Resistance level from earlier today. That is the call wall. That's a strike with the largest net positive gamma that can be expected to act as resistance. And that is also the absolute gamma strike. So that's the strike with the largest absolute positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated. And earlier this week, I was talking about as price moves up toward that level, the gamma will increase. So gamma is greatest at the money at expiration. So as January expiration approaches, price moves up to that level. It can tend to attract price. And in this case today, it did its job as the call wall, the resistance level. Or if price continues up, then that dynamic that I was just talking about increased gamma weighted open gamma will start to take place again. All right, so those are the key daily levels. Now let's take a look at one other SPX chart to take a look at the see the levels and play for today. And this is a one minute chart. I'm showing three days worth of data. Let me just zoom in on today. So the dark portion of this chart is the regular trading hours, beginning at 9.30 AM Eastern time. And the key here is these two levels up above. This 47.98 C1 level, combo 1 level, that combines SPX and SPY, gamma weighted open interest into 1 level converted to an equivalent SPX price. And just above that is the call wall at 4,800. And that cluster of levels definitely doing its job as resistance earlier today. And then the volatility trigger that I mentioned before down at 47.45, acting as support earlier today. So SPX traded down below the lower daily expected move, also lower than the volatility trigger. And now it's making its way higher, midday reversal. All right, let me check for questions. Stun says, I tried to send this chat a message on Discord, but it won't let me type. It says, new users cannot do that. How do I get around that? All right, so if you belong to Bookmap Discord and you want to chat in Discord regarding this, my presentation and the channel, go to options-dug. So the voice channel, you can listen there, but you can't type chat. So you need to go to the options-dug chat channel to chat. And Stun also asked, is it OK to say that for a price to move high, it must break through the red liquidity areas on the chart? Yeah, if there is liquidity above, then, yeah, that could potentially attract price. That's how I view it. If price is moving up towards a level of higher liquidity that attends to attract price, it could act as resistance. But until it reaches that level, I look at that as an attraction for price, a magnet for price. All right, so let's get to Bookmap now. That's enough. So this is ES Futures on Bookmap. And on this chart, I have my own Cloud Notes in the C Levels column, so I can show SPX levels. So right here, this is the levels that I was just talking about acting as resistance, the 4,800 and 4,798. The way I've zoomed out here showing so much data, those levels, all right, so there, squeeze down the chart just a little bit so you can see the 4,800 level. So I'm showing SPX levels. Just below that, SPI levels, there's the SPI 478. And those levels acting as resistance. And then here's the SPX 4745 volatility trigger. Around that level, acting as support. So I have SPX levels, SPI levels, then other levels of interest for ES. There's the lower daily expected move and the upper weekly expected move for ES. Now ES is trading above those levels. Note there is a difference in price between ES and SPX. And today it is somewhere between 33 and 34. I'm using 34. I think it was a little bit closer to 34 this morning. And I post all the index relationships that I'm using in Discord every morning. I was a little bit late, busy trading this morning. I try to get those numbers out by 10 AM. They're pretty easy to calculate. I have small scripts, think scripts, and thinkorswim that calculate all those numbers in real time. So I show the ES to SPI ratio, the NQ to QQQ ratio, ES minus SPX, and NQ minus NDX. And those are all the index relationships that I use on my charts. So I can convert the equivalent SPX price, for example, to the equivalent ES price. All right, so those are the levels in play for today. Primarily 4,800, 4,798, 478 above, and then the volatility trigger below. And note the good entry points for shorts. I've marked them here in book map. In these cluster of levels, that is a couple of SPX levels. And then also SPI 476. And then this is SPI 475, also ES 4,800. So those levels acting as resistance and entry points for short. All right, so that's the SP500 levels in play. And we'll talk about setups in a few minutes. Let's get to NQ now. Very similar pattern here in NQ. This is the NQ Futures in Book Map. And before I take a closer look at this chart, I do want to take a look, first of all, at QQQ, so we can isolate the levels in play for today. This is a one minute chart for QQQ. Oh, and I forgot to mention, shifts in levels for the SMB 500, there were no shifts in levels for SPX. And SPI, the only shift was the volatility trigger move slightly higher to 475. So for SPI, 475 is the volatility trigger and absolute gamma strike. And the call wall remains at 480. All right, so here's QQQ, 411, that's not a gamma level, but that is around number level, acting as resistance earlier today. And then finally, QQQ finding support at the 405 volatility trigger, just like the SPX volatility trigger, more or less acting as support for the SMB 500, the QQQ volatility trigger acting as support for the NASDAQ. And note that level did move higher from yesterday. For QQQ, the volatility trigger call wall and absolute gamma strike, those three levels all moved higher. So a hat trick for QQQ, this was before the CPI report. So that CPI report, I guess, really kind of took precedence. Otherwise that would have been leading to a bullish thesis. And then the put wall shifted lower to 400 for QQQ. Also for NDX, the put wall also shifted lower. All right, so that's QQQ. Speaking of NDX, let's take a look at that. Then we'll get back to NQ. All right, so for NDX, these levels here, that's the 16,650 call wall absolute gamma strike. Those levels have remained for quite some time. In this case, acting as support. All right, so that's NDX. Now let's get back to book map. Go to NQ. So in NQ, there's the 411 acting as resistance. And really good entry point for short here was right at 17,000, also the 410 level for QQQ. So for NASDAQ, I have my own cloud notes as well. So I'm showing QQQ levels as well as NDX levels. There's the 650 absolute gamma strike call wall. And then I also have other levels of interest for NQ, the lower daily expected move, and then the big round numbers, the 0s and the 50s. All right, so the levels that I have shown on my charts, definitely coming into play for both the SME500 and the NASDAQ. And again, we'll talk about shorts in a few minutes. And stun asks, is there options for Bitcoin? I don't believe so. Asking me if I can take a look at Bitcoin. I just don't follow Bitcoin. We can take a look at Coinbase or a stock like that, Merid Digital, Riot. But I just don't follow Bitcoin. As far as I know, there's no options market. All right, let's move on now, wrap up the positional analysis. Next thing I want to take a look at is Gamma Notional, Market Makers position on the Gamma curve at the beginning of the day. So remember, this was before the CPI report. This is showing Gamma Notional again for the SB500, NASDAQ, Russell 2000. Note all these numbers with the exception of IWM are positive. So what this indicates is that at the beginning of the day, Market Makers position on the Gamma curve was positive. In a positive Gamma environment, Spot Gamma assumes that traders are short calls, Market Makers are long calls. This is for an index. So Market Makers long calls, hence the positive Gamma, and they have to trade against price to hedge their delta exposure. All these numbers did shift higher from yesterday. So it became more positive or less negative in the case of IWM. All right, I do want to take a look at the Vantem models today to get a graphical representation of what this means. So I'm going to go to the SPX, the Vantem model. What this chart is showing is Market Makers delta notional on the vertical axis and spot price for SPX on the horizontal axis. There are two curves on this chart. The first, the light gray curve, shows how Market Makers delta notional may change with changes in price only. And the purple curve adds implied volatility to the equation. That shows how Market Makers delta notional may change with changes in price and implied volatility. And that change in delta with the change in applied volatility is the Vant effect. Vant is a second order of Greek. All right, so let's take a look at SPX. We know the high of the day was right around 4,800. Somewhere between these two lines, where I'm holding my cursor. So right at the bottom of the curve. And the low of the day was below that volatility trigger. Low of the day, right around 4,740. So that's here. So what this Vanna curve is showing is as price was decreasing, Market Makers delta notional was increasing. So we're looking at the purple curve. So as price was falling, implied volatility is increasing, Market Makers delta notional is increasing. Remember, they want to remain delta neutral. So they had to sell futures to hedge their delta exposure as price was dropping. And let's just take a look at a chart of VIX. So in the morning, price was dropping. VIX was increasing. Let's get back to that purple curve. And Market Makers had to sell futures to hedge their delta exposure. So any trades in SPY, SPX options, they are hedging that with ES futures. And then on the other hand, as price now is increasing, and we saw that VIX is dropping, this works both ways. So as price increases and implied volatility drops, Market Makers can buy back their short futures hedges. And that tends to enhance or increase volatility. And let's take a look at SPY. Should be very similar. SPY, the low of the day, was right around 472. SPY, currently trading right around 476. So the same dynamic here as price is increasing, implied volatility drops. Market Makers can buy back short futures. And finally, let's take a look at QQQ. Low of the day, right around 404. Right here, currently trading actually positive for the day, right around 408.50, back toward the bottom of the curve. All right, so a little bit of vanafuel moving going both ways for the SP500 and NASDAQ, enhancing the move down as Market Makers were, buying futures, and then also enhancing the move up as Market Makers were buying back their short hedges. So Market Makers selling futures on the way down and buying back those short futures on the way up. All right, so let's take a look at some setups now. And the first thing that I want to do is take a look at what options traders were doing today. I'm going to start with the SP500. This is the hero signal. So everything that we've looked at so far, other than book map, has been based on static data that's updated once a day, sometime overnight. So this is Spot Gamma Takes Open Interest data that's updated once a day and applies their proprietary algorithms to come up with the levels and the Vana model and everything else that we've looked at that I use in my planning process. And now we're going to look at real-time data. So this is Hedging Impact Real-Time Options. So this is showing price for SPX with a white line and the hero signal. Hedging Impact Real-Time Options, H-I-R-O, with a purple line. And this is showing options trades and Market Maker hedging activity for a combined signal for SPX, SPY, XSP, and ES futures. So when traders buy and sell puts and calls in these instruments, Market Makers hedge those trades with ES options. And this is often almost always a key driver or price in the SP500, these options trades. All right, let's zoom in on this chart now. I'm going to zoom in on just the morning here and we'll focus on the first short. So a falling purple line indicates traders are taking negative delta positions. So let me point out a couple of things on this chart. First of all, here's that 4800 call wall. It's showing key gamma strike here. For SPX, it's actually the absolute gamma strike. Price doesn't quite reach that level. Note the very timely flow alert here. Let me clear that up. Timely flow alert indicating significant options activity. So initially, just for the first couple of minutes, traders were taking positive delta positions and that quickly shifts to negative delta as price moves lower, helping to set up a short just after the cash open. All right, let's go to book map. Go back to ES, let me zoom in just a little bit more. All right, give me just a moment to adjust this chart. Whoops, a bit too much. So this is just a continuation of the down, up, down movement, up and down movement after the data release and then the CPI release. And then this is just after the cash open. Here are those levels that I expect to act as resistance. So we know just right around 935, traders started taking negative delta positions and at that same time, at that same time, large traders were selling with iceberg orders. That's shown by the falling blue line here, light blue line. This is in some mode indicating iceberg orders, large traders selling with iceberg orders. They used to hide their size. This is a pretty significant number here. 2050 contracts in two executions, that is significant. That is 1955 contracts, 12 executions. So large traders selling that move higher with iceberg orders. Other traders were taking negative delta positions in the SB500 and ES breaks this up trend line. The volume dots are showing market buy minus sell. Green volume dots indicate more buyers than sellers. Magenta dots indicate more sellers than buyers. So aggressive sellers start to come in, large traders selling with iceberg orders. Options traders taking negative delta positions, market makers taking the opposite side and they have to hedge that by selling futures and price moves lower. First target, this cluster of levels here, that is SPI 476, then a couple of SPX levels. Kind of the same setup here without the iceberg orders. Trend break, oops, wrong tool, trend break. Aggressive sellers showing by the magenta volume dots. Price breaks down to the next support level. All right, let's zoom back out. All right, so I thought as there are three main short setups here that I'm showing. First two very obvious, very clear. And this one took a while to work out the last nice short setup. There was a lot of chop around the ES4800 level and also the SPI 475 absolute gamestrike volatility trader. All right, so short setups there in NASDAQ and ES. And Dan asked if I trade RTH or ETH during cash open. I generally trade just the regular trading hours. There's more information, more volume, hero signal really doesn't gain, generally have much notional value until a few minutes after the cash open. And in this case, there was plenty of movement after the cash open. You'll compare the movement here around the data release, oops. So that's just me. Right, that's before the cash open, that's after the cash open. So this is plenty for me. And before the open, I'm doing my preparation. So I have found that my time has better spent in preparation before the cash open. All right, let's take a look at NASDAQ. Again, a very similar pattern. Three main short setups and order flow pretty clear here. You know, in each case you can see the aggressive sellers coming in. So aggressive buyers on the way up, aggressive sellers come in, price reverses lower. Same thing here. And eventually the aggressive sellers get their way with that third short. Let's see what options traders were doing. So let's go back to hero. All right, so this is the signal for, oops. Signal for the, this combined signal for the SB500. It looks like around, right around 1150. They started taking positive delta positions. It took a few minutes or maybe 45 minutes. Price responded higher. Now let's take a look at NASDAQ. Very similar, let's zoom in on this. Traders taking negative delta positions in the morning and price moves lower than in case of NASDAQ. They really started taking positive delta positions right around 1010. And at the same time, I wanna take a look at one other combined signal. This is the MAG7. Let me show you what this is. So this is a combined signal of options trades and hedging activity for the stocks known as the Magnificent 7, Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. These stocks make up a large component of the SB500, even a larger component of the NASDAQ 100 and are key drivers of price, especially in the NASDAQ. So for NASDAQ, I often like to look at this signal. So we know that for NASDAQ, the signal was moving lower in the morning, started to reverse higher, right around 1010. And then for the MAG7, made another leg lower right around 1045. All right, let's go back to book map. So again, the kind of the three step pattern with moves lower altogether, move lower over 200 points in NASDAQ today before finding support at the 650 level, also the QQQ 405 volatility trigger. And again, I thought just like the SB500, this was the first setup was the most clear. All right, let's take a look at some stocks. So let's go back to hero, zoom out. So what I did this morning is I ranked my watch list by hero signal. So what this is showing, this is my watch list, mostly large cap tech, MAG7 stocks, looking for weak stocks. So I ranked my watch list by hero signal. What this is showing is the, comparing the hero signal for today with the last 30 days that shown by the entire length of the slider that may be difficult to see. That is the lighter portion than the colored portion is showing the comparing the signal to the last five days. So that's the colored portion. So this is showing for both NVIDIA and Amazon, the hero signal at the time that I ranked it was the weakest that has been in the last 30 days and also the last five days. All right, so at the time I did this, these stocks were the first on the list was NVIDIA. So let's take a look at that. Let's zoom in a bit here. And stun asks, can you show us some examples of spoof orders on the chart? Stan, I suggest you take these kind of detailed questions about book map to Bruce at Bruce at book map. He does a live daily webinar Monday, Tuesday and Friday at 10 a.m. And that's his area of expertise. My focus is really on the options market and any details like that about spoofs and detailed questions about liquidity. Bruce would better be able to answer those questions than me. So Bruce again streams live at 10 a.m. on Monday, Tuesday and Friday. All right, so here is NVIDIA. Great short set up this morning and NVIDIA. Let me point out a couple things on this chart. First of all, 5.50 is the call wall, the key gamma strike earlier this week. NVIDIA has been quite bullish moving up pretty substantially. So there's the call wall expected to act as resistance. Initially it was breached, but as the hero signal shifted lower, price moved lower, note also a couple of very timely flow alerts indicating significant options activity. I use these as something to get my attention to look at NVIDIA or whatever instrument. We saw the flow alerts on the SP500 signal as well. All right, so let's go take a look at book map. Take a look at NVIDIA. So remember 5.50 was the call wall. So initially in the morning, price breached that level, went up all the way to 5.53. Then aggressive sellers started to come in as traders started taking negative delta positions and then price broke below the 5.50 level. Also VWAP, this is light blue line and there were several opportunities to enter shorts. Pretty deep pullbacks, all below VWAP, down to this high liquidity between 5.35 and 5.36. That's shown here with the heat map. The heat map is showing a history of the limit orders in the order book. So there were some orders at this level at 5.35 that came in at the cash open. A lot more came in just after 10 a.m. And it looks like they were not. So this is absorption at that level when those price reverses higher. So those levels were not consumed so they're remaining in the order book. Those are limit by orders, below price. The darker the line that indicates more orders at that level. So this is the current order book, 37,250 at 5.35. Those are buy orders, limit buy orders. So aggressive buyers started front running that liquidity and price reversed higher. Showed by the green volume dots there. All right, the next on my list at the time I ranked this was Amazon. So of course NVIDIA has a much larger range than Amazon. But Amazon good for a short in the morning, 155 is the call wall. Let's see what options traders were doing. Go to Amazon. Stun asked if we think a stock is going to go down. I think it is safer to buy puts. Do you think that it's a wise idea versus shorting? There is no best method. So there are advantages and disadvantages to each. So certainly if you buy a put, that's defined risk. So there is, you can only lose what you pay for the put. And also you can make a lot too. The disadvantage of buying a put is that time exposure. So you're buying a decaying asset. So as price goes on that and price does not move, you will lose your money on that put. Versus if you short stock, you can short however many shares you want. Place a stop loss so you can define your risk as well. But then you don't have that time decay problem. But it typically requires, depending on your size, requires more margin to short than buying a put. So advantages and disadvantages. All right, let's take a look at Amazon. Initially for the first couple of minutes, traders were taking positive delta positions. Then that quickly reversed. As traders started taking negative delta positions, note a couple of timely flow alerts indicating significant options activity. Especially this one, or a mean reversion signal. There's the 155 call wall. All right, let's go back to. So now Amazon has recovered just above the 153 level and is now moving higher. All right, the next on my list was Microsoft ranked by hero signal. So Microsoft pretty similar initial burst of buying up to 390. Looks like I need to update my price lines here. Aggressive sellers start to come in. And for Microsoft, 385 is the call wall. So let's go take a look at hero. Go to Microsoft. So Microsoft, here's that initial burst of buying. Options buying, price. Options traders quickly reversed, taking negative delta positions. Microsoft moves lower. Little bit of a clustering of activity around the 385 call wall. So initially, that was a call wall breach. And then price finally broke lower. Let's go back to book map. All right, so there's Microsoft. All right, Caesar asked a question about Amazon. How would Caesar ask, how would I interpret the large liquidity that came on the ask at 2 p.m. on Amazon? So what level, Caesar, are you talking about 155? So it looks like those orders were in the order book. Oh, since before 1130, if this is what you're talking about. All right, so here it looks like they, looks like those orders may have been consumed. Then more orders came in. All right, so it looked like in that case, they did act as resistance. So in this case, you just have to watch this. So initially acted as a magnet for price. And then it turns out it did act as resistance. All right, folks, I will tell you, I need to wrap up. Couple of minutes order early, I have a meeting at 2.30. So I'm gonna go for another four or five minutes and then stop so we can just zoom in on this, Caesar, and see. So it looks like these orders at, let's see, that is 65 and 70. Those were actually not consumed. And it looks like these orders were pulled as price moved lower or added as price started to move lower. All right, stun asked. So most of the time red areas do act as resistance. Again, liquidity as price is heading toward liquidity, I assume that it will act as a magnet for price. And I don't know if it's gonna act as resistance until it actually does. So in this case, that did act as resistance. So if you're looking for, if you're just scalping, looking for a short entry, you can see that Amazon does find resistance at 70, makes a series of lower highs. I would also check Hero to see what Hero's doing. And then there was a question about Tesla. WRB asked about Tesla. All right, WRB, I don't think I have a time for a detailed aspect of, he's asking about, or he or she is asking about a more detailed aspect of today's pivot point, option bias, possible heading through next week. So first of all, I'm not quite sure what you mean by a pivot point. Let's take a quick look at Hero. And then we'll have to wrap it up after this. So let's go to Tesla. So Tesla for Tesla 230 is the put wall. That case acted as resistance. Traders initially were taking negative delta positions. Also the timely flow alert, taking negative delta positions, timely flow alert and setting up a short right around that 230 put wall, maybe 945. Let's go back and take a look at book map. All right, so there's that short at the 230 put wall. So the 230 put wall in this case acted as resistance. Also VWAP, note all the aggressive sellers coming in as traders started taking negative delta positions. All right, WRB, I don't know if that answers your question or not. The options bias, let's go back and take a look at Hero again. And for Tesla, so far today it is actually a net positive. So traders, so far now taking positive delta positions and that's net for the day that really started just after 10 a.m. between 10 and 10, 15 so far. Tesla price is not really responding higher like Nvidia. And I really don't do any analysis beyond today. So I look at how the levels change from day to day. So my focus is on day trading. All right, Grace says great coverage is always great day for trading, yes it was and you're welcome. All right, folks, I need to wrap it up. I have a meeting starting at 2.30. I wanna thank everyone for watching. Thank you for your questions or comments. And again, yeah, it was a great day for trading. Thank you, remember PPI tomorrow morning at 8.30 a.m. Easter time and I'll see you tomorrow afternoon and we can talk about it. All right, thanks again, bye.