 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 disclosure. 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 and 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. Excuse me. 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 the directional bias. The second step of my process is execution. Excuse me. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamaHero to confirm my thesis and for setups for entries and exits. When I talk about setups today, I will be talking about setups in an underlying asset. Those setups can be taken with futures contracts or shares of stock or options, so your choice there depending on volatility and other factors. Questions and comments are welcome and I will be watching both the Options-Doug chat channel and Discord as well as the chat and YouTube for your questions and comments, so please feel free to post and I will do my best to answer your questions. What I plan to cover today, first of all, go over news items for the week, economic data, events and earnings, and then I will go through my positional analysis. Then I will review some setups from this morning and then we will take a look at the live market. When I get to the live market, if anyone has had any stocks they want me to take a look at, please let me know. Hello, Hunter. Welcome. Glad you are here. Let's start with news items for this week. There were nothing today and then tomorrow retail sales, the first big economic report for the week, retail sales at 8.30 a.m. eastern time, and note also there are several large retailers reporting earnings this week, Home Depot, Target, and Walmart all report earnings during the week, so that's Tuesday and then on Wednesday, first of all, the VIX expiration is at I believe it's 9 a.m. on Wednesday morning and then at 2 p.m. on Wednesday the FOMC minutes are released from the last meeting and then on Friday that's the options expiration for August and it's not as call dominated. Let's take a look at that as some previous couple of expirations. So what I'm showing here is the expiration concentration. This is for SPX, so this chart is showing delta notional versus expiration date. So this is the for SPX. This is the August expiration and out the typically the quarterly expirations for SPX are much larger. So there's the September expiration and focusing on the August expiration, note that the orange bar showing the call delta notional is about the same size, maybe slightly larger than the blue bar which is showing the put delta notional. So in a call dominated environment like the last couple of expirations, that call gamma is leading to a kind of a subdued movements that call gamma is supporting the market and that that is not really the case now. And note the SPX as well as the spy and QQQ have been a negative gamma environment indicating larger moves, traders, market makers trading with price. Alright, so not as call dominated, but a release of some of this gamma should potentially lead to higher volatility. Alright, that's SPX. Okay, and 03222 ask is this book map. It's spot gamma hunter says spot gamma. That's correct. So this is a part of spot gamma. Spot gamma provides a number of tools that I use to analyze that I use in my positional analysis as well as my execution process. Alright, so that is the news items for the the week in retail sales FOMC minutes and VIX expiration on Wednesday and then Friday is the big monthly options expiration. Alright, let me get started with my positional analysis. Now I'm going to go to book map. So 03222. This is book map. So here I'm showing ES futures in book map. Before I take a closer look at this chart, I'm going to take a look at a larger timeframe. Let's go to SPX. This is a an SPX 30 day one hour chart. I'm going to zoom in on this so we can see the the most recent price action and note this is the this was the grab the right tool right here the Fitch downgrade of us debt SPX gap lower and has been trending lower although it looks like it may be finding support right around 40 44 50. So we'll see. Alright, let me zoom in on this chart. What I really want to focus on here is the the levels. So first of all the dash purple lines are showing the upper and lower weekly expected move. That's from the options market. And then the dash blue lines are showing the lower and upper daily expected move also from the options market. And there are some spot gamma levels on this chart. First of all, the 4400 put wall that shown here these are all the red lines proprietary spot gamma levels. The put wall is a strike with the largest net negative gamma that can be expected to act as support. And then the next level up is the 44 85 volatility trigger. That is spot gammas 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 to hedge their delta exposure. And that tends to enhance or increase volatility. And we'll we can take a look closer look at that and what what I think has happened today. Leading to this to the move higher. Alright, so there's the volatility trigger at 44 85. And right now SBX is trading slightly below that level. Then the next level up is the 4500 absolute gamma strike. That's a strike with large absolute gamma. And then finally the 4600 call wall. That's a strike with the largest net positive gamma. And that can be expected to act as resistance. So really the range potential range according to gamma levels for SBX is 44 44 floor the put wall 4500 being the absolute gamma strike somewhat of a pivot level. And then the 4600 call wall above being the ceiling potential ceiling. Alright, let's take a closer look at the levels in play for today. I'm going to go to a one day chart here and zoom in on just on today. So these are the showing this is showing the levels that are in play for today. And here is this combo L five level wrong tool there. 44 69 and then the zero gamma level at 44 70 and price did consolidate for about 15 20 minutes around that level before finding resistance at the 44 85 volatility trigger and is trying to make SBX is trying to break above that level. Let's take a look at book map and book map I have my own cloud notes here in this column C levels and I'm showing the SPX levels. There's the 44 85 volatility trigger. And note there is a difference in price between ES and SBX. The last time I looked it was right around 16 points. So the SPX 44 85 volatility trigger is shown at ES 4501 16 point difference. And I'm also showing spy levels. So here's the spy 44 4448 0 gamma level. And then here is the spy 445 absolute gamma strike and volatility trigger. And this is where when we take a look at setups price launch from that level as Vic started to drop this morning. All right so those are the primary levels in play for today both the SPX and spy levels shown on my cloud notes. And again we'll talk about setups in a few minutes. All right let's take a look at NASDAQ now. And before I take a closer look at this chart I want to take a look at QQQ. So this is a one day one minute chart for QQQ showing the key gamma levels. And this is the 365 put wall that did act as support today right at the open. And then here's the 370 absolute gamma strike. So the 365 and the 370 level 365 put wall acting as support as expected doing its job. And then the 370 is the next target above the absolute gamma strike. All right so the NASDAQ I again have my own column of cloud notes. I'm combining QQQ levels also NDX levels. There's the NDX 15,000 put wall and the 15,090 volatility trigger. And also note the upper daily expected move for NASDAQ has acted as resistance. And we'll take a look at and we'll take a look at the watching looking at questions. So well anyway this upper daily expected move for NASDAQ did act as resistance. And we'll take a look at what options traders were doing as price approached that level. And Hunter asked why is there a need to look at ETF if we are watching the three indices. So I'm not sure I understand your question. So let's just take a look at the NASDAQ since there's a very clear support at 365. So what I think is a key driver of price action in NASDAQ and Q futures ES futures is options trades. So for SPX options trades in SPI SPX and ES are key drivers of price action. So market makers are hedging all options trades in all those markets with ES futures. And for NASDAQ market makers are trading options trades in QQQ and NDX within Q futures. And these are key gamma levels. So here is the there's the 365 put wall that acted as support. So I think that's important information. So that's why I look at ETFs. There's often very strong reaction at the ETF levels QQQ and also the index levels for NQ futures and at the SPI levels and SPX levels for for ES futures. So that's why I'm looking at that information. And again, I think this provided very very valuable information this morning knowing that potential support level was there at 365. All right. So that is the both the SPX or the ES and NASDAQ as far as shifts and levels go, there were a couple of shifts lower for SPI, both the volatility trigger and absolute gamma strike shifted down from 447 to 445. And then for QQQ, the volatility trigger shifted higher and the call wall also shifted higher up to 400 from 385. So well out of play for the QQQ, but the call wall and volatility trigger did shift higher for QQQ. All right. Let's take a look at some other information now. So the next and I always like to take a look at gamma notional. This is how market makers were positioned on the gamma curve at the beginning of the day for SPX, SPI, NDX and QQQ. And thank you, Hunter. All right. So gamma notional negative for SPX, SPI and QQQ. I typically don't really look at gamma notional for NDX. It is not very significant. So these numbers for SPI and SPX did shift higher, so less negative than Friday. And then on the other hand, for QQQ, this number shifted more negative lower. All right. So this means that for SPX, SPI and QQQ, at the beginning of the day, traders were long puts. Market makers were short puts. And as price decreases, they have to sell futures to hedge their delta exposure. And as price increases, they can buy back their short futures. And that is a put banner rally. So when price increases implied volatility drops, those market makers delta notional will decrease, puts lose value, and they can sell their short short hedges. All right. So let's take a look at a graphical representation of that. So I'm going to go to the Vana model. I'm going to start with SPI and note the shape of this curve is typical of a negative gamma environment. This large skew to the left side. What this chart is showing is market makers delta notional, delta exposure, and how that changes with changes in price. Delta notional shown on the vertical axis, price shown on the horizontal axis. There are two curves on this chart. The gray curve is showing how market makers delta notional changes with changes in price only. And then this purple curve shows how market makers delta notional changes with changes with changes in price and implied volatility. And that change in delta with a change in implied volatility is the Vana effect. So at the beginning of the day, the low for today for the day for SPI was somewhere between 444 and 445. So somewhere around here. So what this showing is as price increases in applied volatility drops, market makers can buy back their short futures. And this is even more pronounced in the QQQ chart. All right. So let's take a look at take a look at another chart. I want to take a look at VIX. So we know from looking at the S&B 500 chart that it really chopped around right around that 445 level for about a half an hour. We'll take a closer look at that in a minute. And we know that the low for the day for SPI was between 444 and 445. Let's take a look at VIX and see what it was doing just as a proxy for implied volatility. So this is the this is VIX. And right here it goes down up. And it really starts to fall for sure right around 10am. And future winter future says SBX choppy this morning, yes it was. So we'll take a look at that in a minute. So we know we have that potential for a put Vana rally with SPI being on that negative gamma portion of the gamma curve. And we know that as price decreases, market makers can buy back short futures. Their delta notional will decrease. So this is showing as implied volatility starts to drop. And let's go to book man, applied volatility starts to drop, and price starts to increase. Here's that chop for the first half hour. So as that volatility releases price starts to move higher, market makers can buy back short futures, helping to fuel this move higher. Alright, so that is the SB 500. Now let's go back. Take a look at the Vana model for QQQ. So we know we have that potential for a put Vana rally in the SB 500. Let's take a look at QQQ. So this curve is even more pronounced with a skew to the left. And for QQQ we know that 365 right here was right around the low of the day that put wall acting support. And again, the same situation potential for a put Vana rally as price increases implied volatility drops, market makers can buy back short futures, helping to fuel the move higher. So let's take a look at one other thing. Let's go back to the VIX chart here. Let's change this to VXN. That's the NASDAQ volatility index. And note that it drops immediately at the open. And NASDAQ as we'll see when we take a look at set ups, shoot straight higher. Finding support at again at that 365 level and increasing pretty rapidly. strong rally and NASDAQ this morning, apply volatility dropping, market makers buying back short futures, helping to fuel the move higher back to VIX before I forget this. Alright, so that's the Vana model, giving giving us an indication for the potential of a put Vana rally. Alright, so my thesis for the day was looking for this potential, as well as looking for higher volatility today, based on the negative gamma position for SPX spy and qqq. Alright, let's review some setups. Now, I'm going to start with the SAP 500. So this chart is the spot gamma hero chart. This is from spot gamma. This chart is showing price for SPX and the hero signal. This is showing hedging impact real time options. That is a hero signal. And that is for a combined signal for SPX spy, xsp and ES futures all combined into one signal. So if you trade any form of the SP 500. This is what you want to look at whether you're trading ES futures, spy shares, spy options, SPX options. This is the signal that you want to look at. And Floyd's garage says buying back short futures, is it necessarily bullish longer term? Is it? And no, I would say not I reassess every day. So if the market continues to rally today, this gamma notional will drop for SPX spy and qqq and that potential for a put VAT a rally will be lower or potentially not there this morning and next morning. So I you have to look at this day to day, look at it and reassess every day. At least that's what I do. Alright, so let's take a closer look at this. So I'm going to zoom in on this. So this this is SPX price with the combined hero signal. And I can separate out put some calls. And I'm going to focus on the on the morning here. And notice the aggressive call buyers that shown by this orange line, the rising orange line, traders buying calls. And really not doing much with puts. So up until, let's say around 1015 puts were flat. Initially, traders were aggressively buying calls. And then that activity leveled off. Alright, so remember, again, that VIX started dropping around 10am. And then price really took off after that. Alright, so let's go take a look at book maps. So there are a number of factors in play for today. For the SB 500. Whoops. Sorry about that. Go back to the total signal. Alright, so we're going to take a look at book map the SB 500. So we know that traders were buying calls not doing much with puts. VIX started to drop around 10am. Market makers could start buying back short futures, short hedges, and then aggressive buyers start to come in. After this final test of the 445 and the force 4460 level, and some consolidation around this 4471 zero gamma level and the 446 level and price continues higher as aggressive traders continue to buy shown by the rising pink line or magenta line that is the cumulative volume delta, as well as rising orange, yellow line showing my stop orders helping to fuel the move higher. Alright, let me check for questions. Alright, so future winter futures as they close most positions daily, open new position, so zero DTE options are an important factor every day. Alright, so hunter asked about data company. And I don't know what what spot gamma uses. So 0322 asked, Can we find the same data provided by spot gamma on thinkorswim? You can look at an options chain, but sorting out all of this data in time to use it would be difficult. But yeah, I look at options chains, but and there you know, there is valuable information, but you know, again, sorting this all out and coming up with levels and the graphical view would be very difficult. And hunter asked, What makes VIX move? VIX is an equation. I suggest you just do a Google search. And you can find out more about about VIX. Alright, so there's the SMB 500. And again, a number of factors and play options traders for today. Changes in price and implied volatility, market makers buying back short hedges as buy stop orders start to feel the move higher as well as aggressive buyers move price up to the 4500 ES 4500 level, as well as the SPX 44 85 volatility trigger. So that is the setup in the SP 500. Alright, let's take a look at NASDAQ. And again, remember that the VIX in drop pretty sharply from the open. Let's see what options traders were doing in NASDAQ. So let's go to a combined signal. And zoom on this. So this is the combined signal for NDX and QQQ, showing options trades and market maker hedging activity and NDX and QQQ. So again, we know that VIX in was dropping from the from the open, helping to fuel that that put van a rally, zoom in a little bit more to the about the first two hours, hour and a half. So traders were buying calls. They're also buying puts, call buyers winning and price at options traders were taking positive delta positions up until about 1020. So let's go back and take a look at book map, NASDAQ. So really the rally continued all the way until about 11am. And the with a price target at the upper daily expected move that shown by the this blue line here, light dash blue line. And note that is probably aggressive buyers came in right at the open shown by the green volume dots. It's also shown by the rising pink to dark blue line shifts the color shifts to blue as the value shifts to positive. Also fueled by the rising or by stop order shown by the rising yellow line by stop orders, helping to fuel the move higher. Alright, Dan elo offers a solution for taking the information from from thinkorswim. Alright, so note for the NASDAQ, cumulative volume delta and by stop orders those lines continue to rise. Very bullish day in NASDAQ. Alright, let's take a look at some stocks. And I'm going to go back to hero. So again, we're looking at a number of factors for both the SPX and NASDAQ to make our trading decision a little bit simpler for stocks. So I want to start by ranking my watch list here by the strength of the hero signal. So I've ranked it from strongest to weakest. And what this chart is showing right here is the strength of the hero signal compared to the last five days and the last 30 days. So the entire length of this slider is the strength of the hero signal in the last 30 days. And then the colored portion is showing the strength of the hero signal in the last five days. And then this dot here is showing the current hero signal. So what this is showing is the hero signal for Nvidia is stronger that it has been in the last five days and as strong as it has been in the last 30 days. So very strong signal for Nvidia. And this was a great place to start. This was definitely the trade of the day. So what this chart is showing is traders taking positive delta positions. And the rising large orange line shows that call buyers are back rising orange line, notional value right around 629 million versus minus 26 million for puts. So they are. So they are buying calls they're buying puts but call buyers much more aggressive. And they're definitely winning today. Let's take a look at something else that might give us more clues about what's going on with Nvidia. What this chart is showing this is this is an equity hub spot gamma equity hub. And this chart is showing price with this line here. And the risk reversal. This is the implied volatility of a 25 delta call minus the implied volatility of a 25 delta put. When this line is rising, that means the implied volatility for calls versus puts is increasing and implied volatility is a an indication of demand. So when demand goes up, price goes up. That's with the case with anything in the world, demand goes up price goes up, and thus implied volatility goes up for options. So what this chart is showing is in the last in the last couple of months around this risk reversal chart has generally been dropping lower indicating the implied volatility for a call minus versus a put has been decreasing. So the demand for calls has been decreasing. The price of the calls has been decreasing. And as that apparently the price of the calls got low enough and the price of Nvidia got low enough that the call buyers were in here aggressively today buying calls again shown by this rising orange line. So let's go take a look at book map. So here's Nvidia 30 point rally today and Nvidia huge move as call buyers are back. Calls got cheap enough. Traders started buying calls. When traders buy calls, market makers sell calls, and they have to buy stock to hedge their delta exposure, they want to remain delta neutral. They're so very clear, simple mechanism for driving price higher and Nvidia very easy read book map is showing all the green dots here, aggressive buyers pull back entries. Here's a pullback to pull back to 415 pull back to 420 pull back to 425 some consolidation around 430 and now price traded up to 435. So any of these traders traders who bought calls this morning are having a great week, if not a great month, just by buying those Nvidia calls today. So that is definitely the stock of the day, if not the trade of the day. Alright, so let's take a look at another stock now. So I'm going to go back to hero, go down my list. So the next on this list ranked by hero signal, Nvidia, not nearly as clear and strong as go to AMD, not clearly as strong as Nvidia, but still, there are call buyers, zoom in on this. So it really took them a while to get going. Call buyers, strong at the open, also selling puts, some consolidation, then the aggressive call buyers come in again. And now is that call buying activity has leveled off, prices leveled off, consolidated. And after, let's see around 940, 945 traders have been buying puts so net, they have been buying puts this is negative, negative notional value, about 14.75 million versus almost 40 million positive for call buyers. Let's go take a look at book map. And again, a lot of aggressive buyers in here just like Nvidia, you can see with all the green volume dots, let me tone these down just a little bit, aggressive buyers, the volume dots are showing by minus cell. Green dot indicates there are more buyers than sellers. So call buyers and aggressive buyers helping to fuel the move higher in AMD today, not nearly as dramatic as Nvidia, but still a great long setup. And note that 111 is the hedgewall 110 is the key gamma strike. Let's go back and take a look at book map. So 110 is the key gamma strike. 111 the hedgewall that appears to be acting as resistance so far today and note the high look high liquidity at that level. That's shown by the dark orange band there. For those of you who may not be familiar with book map, that is an the heat map is showing a history of liquidity in the order book. So those are resting or limit cell orders at that level. And this is showing absorption at that level. That small blue square as well as that light blue number. So some resistance at the 111 volatility trigger Google. Let's take a quick look at that total signal. So really, you could just about pick any large cap tech stock today at some point. So I'm just going to go down the list. Amazon, Netflix, I don't have Netflix and book map. So here's Google. There's a pretty strong correlation. So we just open this up and take a look. Traders not doing much with puts. That blue line is about flat. But the call buyers much more aggressive. Again, when traders buy calls, market makers sell the calls. And they have to buy stock to hedge their delta exposure. And that is that that is a very strong force that continue to drive a price higher. And hunter ask how is book map different from footprint in balance chart? I'm not sure what an imbalance chart here is, but footprint I think is, well, I, you know, judge for yourself. I think book map provides more information. I think the footprint chart is somewhat of a consolidation. As I understand footprint chart is showing buys and sells in a candlestick. And book map is just showing the volume dots and the heat map. So judge for yourself. I think book map actually does offer a footprint add on. So you can check that out. And DD DD 929 ask is there an alert function? So yes, there are some alerts. Let's take a look at those. Over here in the upper right corner. Right now, the alerts are only showing breaches of the put wall and call wall for a variety of stocks. So what this is showing for example, is today we'll take a look at this Tesla. Tesla there was a put wall breach at 1051. Now I know the spot gamma is working on additional alerts, like hero volatility alerts or something like that, that will signal significant event in hero that could have an impact either bullish or bearish on a stock. So that is coming soon. But it's still in beta right now. So not not available. Alright, so let's take a look at Tesla. We know there was a put wall breach. So let's go to Tesla notice is down on the lower end of this list ranked by hero signal. So actually, this put wall breach was from below. So typically, the put wall acts as support. And in this case, it acted as resistance. And this is what I'm talking about right here. This put wall breach price traded higher and then reverse lower. Let's see what options traders were doing. Separate outputs and calls. Alright, so initially, they were let's zoom in on this, just so I can get the notion of value right up to this point. So note the rising blue line indicates that traders were selling puts. This notion of value is positive traders are selling puts also buying calls, both are positive. Then I'm going to scroll to the right and note that shifts. So the blue line starts to shift down, they start buying puts, and they start selling calls. And then price reverses lower. So let's go take a look at Tesla. So I think I skipped over Google. Anyway, we'll take a look at Tesla. Alright, so here's Tesla. There's the 240 put wall that acted as resistance, not support price was trading below that level acted as resistance. options traders shift from positive Delta to negative Delta, and price starts to move lower. Alright, 0322 ask how to use the icebergs for options. I don't, you know, like I said at the beginning, I'm going to talk about setups in an underlying asset. And those setups can be taken any number of ways. So we'll take a look at the SB 500 and icebergs and stops are an important confluence. Not so much today, but often are. So I use icebergs as a confluence or a confirmation part of a setup for ES and NQ futures. And if I'm looking at this chart, there are a number of ways that I could could trade this I could trade futures, I could trade spy shares, spy options or SPX options. And that is your choice. But you can use the information on this chart. And I do this quite often. I will trade spy shares, looking at the ES chart or QQQ shares, looking at the NASDAQ chart. Alright, I hope that answers your question. Alright, so let's take a look at the live market now. And the SB 500 is really chopping around since about 11 o'clock between the 4485 volatility trigger and and above the 4471 volatility trigger. Let me point out something else. And regarding your question about icebergs, note here. The iceberg activity coming in this could have potentially helped to fuel this move higher, right around 1230. Large iceberg orders. This blue line is showing the iceberg orders that were in the iceberg order, partially executed here, remain in the order book, and then are filled here. So this line acts almost perfectly as support icebergs by, let's take a look at and see what options traders were doing right around 1215. So we know there was large iceberg orders executed, aggressive buyers start to come in. Price moves back up to the 4485 volatility trigger. And we can see if options traders had anything to do with that. Let's go back to hero, back to the SB 500. We'll zoom in on this. So it looks like options, trades, hedging activity, starting around 1215, starts to shift bullish. Traders taking negative delta positions down. Yes, met by those iceberg orders by iceberg orders. Traders start taking positive delta options positions. And aggressive buyers start to come in. So it's a confluence of of events there that I'm looking at icebergs, options trades, aggressive buyers, aggressive sellers, all coming together to create a narrative for a long position at that level. Right. So Hunter says few words on execution. I'm not sure I understand your comment. All right. And mando trader asked what chart I assume do I look at for the spy. So for spy, if I want to trade spy specifically, I'm looking at the ES chart. This provides a lot more information. Let's go to we'll go to spy. So this chart with the ES futures, and there's a direct rate relationship between the price of ES and spy, I calculate that every day. Right now the ES to spy ratio today was 10.057. So I use that information to show the spy levels on my chart so I can trade spy directly if I want to. So in this chart, I have spy levels. I also have stops, icebergs, liquidity levels, and just a lot more information. So of course, spy is is here in in book map as well. So I just think there's a lot more information in the ES chart to use. So honestly, if you trade primarily spy, rhythmic data that you that I use for futures most most traders I know use rhythmic data for futures. DX feed for stocks. If you just trade spy and QQQ for example, you can look at ES and NQ. Now the the add on the MBO add on is extra. But if you just want to take a look at ES and NQ for trading spy and QQQ, rhythmic data is cheaper than than DX feed data. So something to consider. Of course, if you want to trade other stocks, which I do, then I use I have both rhythmic data for futures and DX feed data for stocks. Let's take a quick look at NASDAQ and NASDAQ pretty similar to S&P 500. Overall, large traders are fading this move. And that has potentially shut off this move higher at the upper daily expected move as large traders are selling with iceberg orders cumulative value for the day from the time that I opened book map minus low over 2,300 contracts. Let's go see what options traders are doing. So there's that move higher. Confluence of events options traders and iceberg orders aggressive buyers for the ES NASDAQ. So no, we know that larger traders started taking started selling with iceberg orders they used to hide their size and note that also options traders starting around 1015 and more aggressively around 1045 started taking negative delta positions. And NASDAQ has pretty much leveled off and finding resistance at the upper daily expected move for today. Alright, my time is up. I want to thank you very much for your questions and comments. I hope I was able to answer all your questions in in YouTube. If not, I'm in book map discord. My name in discord is Doug P capital D O U G capital P. And you can post questions in the options dash Doug chat channel and book map discord. And I will be glad to answer there. So again, thank you very much for watching. Thanks for your questions and comments. And I will see you tomorrow. And remember retail sales out tomorrow at 830 am Eastern time. See you tomorrow. Thanks again. Bye