 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 their disclosures. General disclosure, all book map 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 involves substantial risk of loss and is not suitable for all investors. Pass performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel in Discord is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading in 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 of my process is execution and 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 I will be talking about an underlying asset and the setups can be taken with futures contracts, shares of stock, or options. Questions and comments are welcome and I will be watching both the Options-Doug chat channel in Discord as well as the chat and YouTube for your questions and comments. And hello Karma FX, glad you're here, welcome. All right my agenda for today. I want to cover news items, economic data, events, and earnings for yesterday as well as the rest of the week. Then I'll go through my positional analysis, then I'll review some setups from this morning and then we'll take a look at the live market. And when we get to the live market if anyone has any stocks they want me to take a look at please let me know and I will do that. Let's get started with economic data, news items. So first of all the of course the big news is the Fitch downgrade of US credit that came yesterday after the RTH close and that has caused quite a move lower in the market today. And then the second news item was AMD's earnings. AMD reported earnings after the close yesterday. There was an initial positive response to that and then that turned around pretty sharply today. So we'll take when we get to setups we'll take a look at AMD today. All right, let's get started with positional analysis. I'm going to start with the S&P 500. This is the ES futures and book map. And before I take a closer look at this chart I want to take a look at a larger time frame. I'm going to go to SBX and hello trade and sale says greetings from Switzerland. That sounds great. I wish I was there. So again hello and welcome. All right, so the SPX gap lower down below the lower daily expected move and traded below the lower weekly expected move and now seems to be trying to recover. We'll talk more about that in a few minutes. Let me point out the levels on this chart. I know with the labels the price action and SPX is difficult to see. The reason I'm showing this 30 day one hour chart is to show all of the key levels that keeps expected move levels as well as the key spot gamma levels. So let me start with the lower and upper weekly expected move shown with the dash purple lines. Note SPX did trade below that and now seems to be trying to recover above that. That's from the options market. And then the next levels, the lower and upper daily expected move again from the options market and SPX gap down lower than the lower daily expected move and probably won't recover that but who knows. All right, let me point out some spot gamma levels. These are proprietary spot gamma levels provided to spot gamma subscribers. And the first is the put wall at 4500. That is the strike with the largest net negative gamma that can be expected to act as support. And the next level up is the 4570 volatility trigger that is spot gammas proprietary gamma flip level. Below that level market makers position on the gamma curve is negative in a negative gamma environment. Market makers have to trade with price to hedge their delta exposure and that tends to enhance or increase volatility. On the other hand above that level market makers position on the gamma curve is positive in a positive gamma environment. Market makers have to trade against price to hedge their delta exposure. And that tends to subdue volatility. And for the first time in quite a while, SPX is trading below its volatility trigger in a negative gamma environment. And the next level up is the 4600 level. That is the absolute gamma strike. This is strike with the largest absolute gamma. And then finally, the 4650 level. And that is the call wall, the strike with the largest net positive gamma. And that can be expected to act as resistance. Alright, so those are the primary levels. Now let's take a look at a shorter time frames, timeframe still SPX. This is today in a one day one minute chart. I have the same levels on this chart. So SPX is trading below the lower weekly expected move and the lower daily expected move. Also trading below the volatility trigger. And then finally, here's the put wall down below. And that would be the next target for SPX, if it does continue lower. So those are the levels that are played for today. Alright, let's take a look at book map. Now book map, I have my cloud notes here. And I'm showing the same SPX levels, as well as spy levels and spy levels have been in and play today as usual. So first of all, here's the spy 453 level. And that level did act as a point of consolidation this morning before price move lower. And then the 452 level also acted somewhat as consolidation before price move lower. And same for 451. And then finally 450 is the spy put wall. And that is the again, the strike with the largest net negative gamma and that did act as support almost to the tick for the ES S&P 500. Right. So those are the levels in play for today for the S&P 500. And note there were no shifts in levels overnight for SPX and spy. So the volatility trigger put walls, call walls and absolute gamma strikes for SPX and spy remain the same. And again, key levels really today have been the spy levels. And primarily the spy put wall at 450. Acting as support. And we'll talk more about setups in a few minutes. Alright, let's take a look at NASDAQ. All right, here's NASDAQ for the day. Down trend down below the QQQ valid put wall. Let's take a look at that in a QQQ chart. So here's QQQ for the day a one day one minute chart. The volatility trigger is at 381 up here. So QQQ is trading well below the volatility trigger in a negative gamma environment. Note the put wall at 375. It acted as support earlier, and then price broke below the put wall. And now is attempting to trade above. So very weak day for the NASDAQ today. And let me just point out, there's a considerable void below 375 the next level down is this 370 level next gamma level. And if price continued lower, that would be an obvious target for for QQQ. Alright, let's go back to book map. Now look at the NASDAQ futures and Q futures. And note the 380 level here, the QQQ 380 level. That is the absolute gamma strike for QQQ. Did act as resistance pre market. And again, here's the 375. And then here is the NDX 15,420 volatility trigger. So NASDAQ is trading below the NDX and the QQQ volatility triggers. And we'll take a look at setups in a few minutes. So pretty, pretty wide range in NASDAQ today about 300 points. So far from what I'm showing on this chart. Alright, there were just minor shifts and levels for the NASDAQ for NDX, the volatility trigger shifted slightly higher. And for QQQ, the volatility trigger shifted slightly lower. Otherwise, the put walls call walls and absolute gamma strikes all remain the same. And again, we'll take a look at setups in a few minutes. And take a look at what options traders were doing and see this in more, more detail. Alright, let's take a look and gamma notional to see how market makers were positioned at the beginning of the day. So at the beginning of the day, this is market makers gamma notional market makers position on the gamma curve for SPX, spy, NDX and QQQ. And really, it was fairly benign positioning at the beginning of the day, still positive for SPX, although less positive than yesterday. And then for spy minus 321, market makers position on the gamma curve shifted to negative for spy from slightly positive 14 yesterday to minus 322 today. And then for QQQ, gamma notional shifted more negative from minus 132 yesterday to minus 181 today. So overall, gamma notional shifted lower, either less positive or more negative. So less positive for SPX and more negative for spy and QQQ. And this leads me to a thesis of looking for a little bit more or higher volatility than yesterday. Now keep in mind, this is based on options positioning during the day yesterday. So this was all before the pitch downgrade came after the market closed and after the options markets closed. Alright, to get a sense of how market makers may react with the additional news, given their current gamma positioning, we can take a look at the Vanna model. I think it's very insightful today. So I'm going to take a look at the Vanna models for SPX, spy and QQQ. What this chart is showing is market makers delta notional and how that changes that's on the vertical axis and how that changes with price shown on the horizontal axis. So right now, SPX is trading right around 45 22. So that's right around here. So what this chart is showing, there are two curves on this chart. First of all, the gray curve is showing how market makers delta notional may change with changes in price only. And then the pink curve or purple curve is showing how market makers delta notional will change with changes in price and implied volatility. And that's the van effect, the change in delta with a change in implied volatility. And what this is showing is if price decreases, market makers will have significantly more delta notional to hedge as predicted by the price only the gray curve. Right, so let's go back and take a look at where SPX is right now. That's 45 22. So that is firmly in the negative gamma portion of this curve. So this is showing is if price decreases, really from around 4600 continues to decrease and apply volatility increases, market makers will need to sell futures to hedge their delta exposure. So this is typical again of a negative gamma environment where traders are long puts, market makers are short puts. And when price decreases and implied volatility increases, they have to sell futures to hedge their delta exposure. They want to remain delta neutral. So this works both ways. As price decreases, market makers have to continue to sell futures. So this gives us a good idea of the potential for a sharp move lower as price moves down to this portion of the Vana curve here. Then again, it works the two ways. If price increases, and implied volatility decreases, market makers can buy back their short futures. So this is why I say in a negative gamma environment, market makers have to trade with price, and that tends to enhance or increase volatility when market makers are trading in the direction of price. Alright, so that's the Vana model for SPX. We'll take a look at spy. Right now, spy is trading just above the put wall. So that's at 450. And again, remember, well below the volatility trigger at 456, and the negative gamma portion of the curve, same as SPX, and then finally for QQQ. QQQ is trading at three just below 375 just below the put wall. Let me zoom in on this. So this is the 375 level. So again, QQQ trading firmly in the negative gamma portion of this curve here. Again, so leading market makers have to trade with price to hedge their exposure. And that will that definitely enhanced the the move lower today, or contributed help to contribute to the move lower today. As price got going, remember the 380 level acted as so QQQ gap down 380 acted as resistance and price move lower down to 375. So that's why I always look at this gamma notional and the Vana model to get a sense of how market makers may react with changes in price and applied volatility and what what sort of trading range and volatility to expect for the day. So based on this, I was looking for a again higher volatility, more of a trend day and, you know, based on the the gap down this morning, certainly looking for a bearish move. Okay, so that was my positional analysis, reviewing the levels, the gamma notional and the Vana model. I developed a thesis. Alright, let's take a look at some setups now. So let's start with the SMB 500. I'm going to zoom in on this. So what this chart is showing is price for SPX with a white mine. And I've got two lines here. I'm looking at the hero signal hedging impact real time options for a combined signal for SPX spy, XSP and each ES futures all combined into one signal. And I have two lines here. The first purple line, the one that I typically show, that's for all expirations. That's for today, tomorrow, Friday, next month, all expirations. And then the green or teal line is showing just zero DTE. So that's what showing what the traders doing with options that expire at the end of the day today. And I'll talk about why I was looking at that in just a moment. So often the zero DTE traders are in the market fading moves. So they have in the past few months been providing a kind of a mean reverting price action. So they will buy dips and sell reps. And that has tend to tended to subdue volatility in the SAP 500. So when I was anticipating, I'm going to zoom in on the morning. And this was a question question I had of of with this move lower, how would the zero DTE traders react? So the initial reaction was as expected. And note the strong note how close the zero DTE line is to the all expirations, indicating that zero DTE options traders were driving a lot of the options water flow in the SAP 500 today. So this is what I expected. Right at the open, the zero DTE options trader started taking positive delta positions. And that led to a short bounce higher. They took their foot off the gas, and price started to move lower again. So that was around 935. And we'll take a look at this and book map and see exactly what happened in just a minute. Then that happened again, right around 1015 1017. Right here, they started taking positive delta positions again. SPX moved higher. Yes, moved higher. They took their foot off the gas, and price moved lower. So ultimately, these bounces higher were just setups for short increase. But we'll take a look at book map to and take a look at the signals in there. I think it's kind of interesting. Alright, so let's go to book map. Go back to zoom in on this Oh, first hour hour and a half in the morning. So what I was noting here with these red squares were the similarities between these two moves higher. Remember, zero DTE options traders taking positive delta positions, helping to move price higher. So when options traders do that, market makers have to in this case, buy back short futures. But that was short lived. But let me point out the similarities and these moves higher. So first of all, as prices moving lower, so we know that options traders are buying or taking positive delta positions, this small move higher in the iceberg line there, the light blue line shows traders larger traders buying on the way down with iceberg orders. Alright, the next thing to notice here is the the limit buy orders that come in there in the order book. And again, that was short lived right up to this liquidity at 4545 70 options traders take their foot off the gas, and price continues to move lower. Alright, here's a similar very similar setup. Again, remember, this was around 1015 1017 options traders, zero DTE options traders started taking positive delta positions. At the same time, large traders buying with iceberg orders. They used to hide their size. And note that traders tracing tracing chasing price higher with their limit orders, just like this setup, very similar setups. But that also failed as options traders took their foot off the gas, and price continued to move lower. So really interesting repeating patterns here. Again, ultimately just setting up entry points for short. Alright, let's take a look at NASDAQ. Let me zoom in here. We'll zoom in and then we'll see what options traders were doing. Alright, so let's go back to hero now. I'm going to turn off the zero DTE trades. We'll come back to look and look at the live market in a few minutes. So let's go take a look at NASDAQ now. So just like the SAP 500, this is a combined signal for NDX and QQQ shown here NASDAQ combined signal NDX and QQQ. So if you trade NASDAQ, this is a signal you want to take a look at. Let's zoom in. So one thing that I wanted to take a look at here is this move right around 937. This move higher lasted maybe less than 10 minutes. Options traders taking positive delta positions. And again, when they take the foot off, take their foot off the gas, this had the initial reaction of just slowing the move down is all it did. And then price continued lower. So let's go take a look at book map. So there's the this little cluster where that move with options traders just slowed price down. And then price started to make lower highs and then broke decisively lower just after 10am. So let's go back and take a look at hero. So overall, though, the trend of hero has been lower. And note, when hero, let me zoom in on this may be a little bit easier to see. Whoops. So hero moving slightly lower. And then when traders start taking negative delta positions more aggressively, price starts to drop as well. So definitely short setups in SPX, or yes, the SAP 500 and NASDAQ, a little bit easier to read for me and NASDAQ today. All right, any questions, any, any comments, questions? If not, we'll start taking a look at some stocks. Alright, let's take a look at some stocks. So what I want to do today is show an approach for finding stocks to trade. So we know that there was definitely negative or bearish news yesterday, market gap down. And a way to approach that is to rank either your watch list or the entire list of stocks that support hero here. So I clicked on my on this hero signal this morning, so that it ranks the stocks of my watch list from weakest to strongest hero signal. So what this hero signal is showing, and let me show AMD for an example. I talked about this with met on for bullish setup. Earlier this week. So what this is showing the dot is the current signal. And then this entire slider, I'm it's probably impossible to see but this entire slider is showing the range of the hero signal for the last 30 days. So the signal for AMD is the weakest, the lowest lowest that it has been in the last 30 days. And then the colored portion is showing the last five days. So AMD, the hero signal is the weakest that it has been in the last 30 days, and also weaker than it has been in the last five days. So let's just go through the signals with in this order. So first of all, here's QQQ. Very weak signal for NASDAQ. NASDAQ is definitely weak today. So we've already talked about that. This little bump up, bump up move lower, and then the sharp move lower, and price follows. And then the next is AMD. And remember AMD reported earnings after the close yesterday, they're last yesterday, there was an initial bullish reaction. But this approach of looking at stocks either in the watch list or the entire list of stocks, I think is a pretty solid approach for for looking for setups for the day. Right. So here's AMD, the entire day traders are selling calls and buying puts both these numbers are negative and calls really driving price action. And trade AMD traders were buying calls yesterday. When traders buy calls, market makers sell calls, and they have to buy stock to hedge their delta exposure. And now traders are selling calls, and market makers can sell their long stock edges. So that is definitely what's going on today. They're also buying puts that number is also negative. Both numbers negative, they're selling calls and buying puts. And let's look at some key levels here. 120 is the call wall key gamma strike price trading below that level. 112 is the hedge wall. And that slowed down price for a little bit. And then here's the 110 put wall that can be expected to act as support. Alright, let's go take a look at book map now. Let's go to AMD. And I'm going to zoom out and look at the look at the move from yesterday. So I've got I loaded 24 hours of data when I opened book map this morning. So this is the this is the cash open yesterday. Here's the close AMD close just below 118. Then here's the reaction. After reporting earnings, and that must have been just from the earnings numbers. And then there was appears to be a bearish reaction. I think that came after the must have come after the press conference. And then here's the reaction today, pre market trading higher just above the 120 call wall and key gamma strike. And then as soon as the cash open and options started trading, traders started taking negative delta positions that we just saw an hero and price moved down below the 120 level and continued pretty sharply lower, setting up a great short. So again, just ranking your watch list by hero signal gave a great clue to look for a short set up. So here's the 120 120 call wall price open below that level. Here's the 120 112 Hedgewall did act as a little bit of a consolidation point. 112 Hedgewall 110 put wall also acted as a point for consolidation. And then price continued lower down to the liquidity at 108. And now is attempting to make a recovery. Right? Let me check for questions. Alright trade and sale says your analysis and preparations are very similar to pre flight briefing and pre flight checks, as well as in flight checks, you must be a pilot very impressive. Thank you. You're very welcome. Thanks for your kind words. Alright, and you seen asked NASDAQ I've already covered NASDAQ today. So if you just came in, if you missed the analysis from earlier, this session is recorded. Just go to the bookmap YouTube channel and look in the archives. Later on this afternoon, you should see the recording where I cover NASDAQ earlier today. Alright, so super new be asked as the hero signal change noticeably before earnings. AMD had earnings yesterday. And you has earnings tonight. Curious if hero can reveal any clues on sentiment differences between the two stocks. Their charts look identical today. I don't know if you is available in hero. So we'll take a look at hero for yesterday. And notice, I as I recall yesterday, let me look at my notes that traders were buying calls yesterday. It's what I have in my notes yesterday. So we can take a look at hero and the hero signal should be rising for yesterday for AMD. So traders were buying calls. And it looks like they were. So that's why I said AMD traders buying calls market makers sell the calls. And they have to buy stock to edge their dealt exposure. And as AMD is dropping today, traders are selling the calls, and market makers can sell their long stock edges. So when I get through with the other stocks I want to take a look at we'll take a look at you. And then we can take a look at the hero signal for AMD yesterday. Alright, so great shirt set up in AMD. Now let's go back to hero go to the next stock I want to take a look at. So we're going to work down the list here. And the reason I'm ignoring the S&P 500 ES futures, we've already looked at the combined signal for the S&P 500, which combines SPX spy and ES. And by the way, the the ES futures traders for S&P 500 got it right. Much more so than the SPX traders and the spy traders. Alright, so the next stock in the list is Google. So of the stocks in this list, the next weakest signal, let me zoom in. In this, there was a divergent setup. What I'm looking at is the hero signal moves lower. A few minutes, maybe just about five minutes before price and price reverses at the 130 level, setting up a nice divergent short. Let's go take a look at Google and book map. So here's the reversal at 130. The 130 level, as traders started taking negative delta positions and price move lower, looks down a couple of points. Google's not a big mover. But a hero signal has worked pretty well for Google recently. So nice reversal at 130 as traders started taking negative delta positions. Let's take a look at Nvidia and Karma FX. Thank you for your kind words. Alright, it looks like I need to need to move down the levels on Nvidia. So I've just got to update my spreadsheet. Anyway, let's take a look at we'll focus on the move this morning. So let's go take a look at Hero for Nvidia. Actually, Microsoft was next on the list. We'll take a look at Microsoft. Sorry, I skipped over that. So Microsoft traders taking negative delta positions. Let's go to Microsoft. Then we'll get back to Nvidia. Alright, so another great short setup for Microsoft. Hero signal pointing the way pullbacks and if price had started to move continue to move lower, 325 would be the next target. So notice the high liquidity at the big round numbers, the zeros in the fives. That was the first first price price target 330, then 329, 328, 328. Let's go back and take a look at Hero. Microsoft traders were selling calls and buying puts just like AMD and 325 that area with high liquidity is the put wall for Microsoft. Let's go to back to Nvidia now. I'm going to skip over IWM. I don't have that in book map. Back to Nvidia 45750 is the hedge wall. And that's around the point where price moved lower right here. 445 the put wall. Let's go to book map go back to Nvidia. So 45750 right around here, the hedge wall price moved lower. 445 the put wall had very little impact. That's pretty typical of volatile stocks like this put walls and call walls don't necessarily act as support and resistance like they do for the SAP 500 and again, in volatile stocks like like Nvidia. So it looks like the 435 level did finally act as support. You can see all of the aggressive buyers finally come in note the shift from pink dots market sell orders to market buy orders shown by the green dots. Let's see what options traders are doing now. So options traders started taking positive delta positions right around 1215. And then price responded a few minutes later about 15 minutes later, started moving higher. So that's at the 435 level. Let's just take a look at something else. Get a sense of the option structure at that level. So let's go to so here's the 435 strike note there is more put gamma that's shown by the blue bar below the zero line and call gamma. And one interesting thing to note here is this, these aren't the orange and blue line. So the blue line is showing put notional gamma. And the orange line is showing call notional gamma. So below around around 475, just above the key gamma strike, put notional gamma starts to starts to dominate and note also that these lines start to level off. The call line really definitely starts to level off. Let's go back to our current level right here. Actually both levels, they start to level off around this level that these they're less steep. steeper here indicates more volatility. And as these lines level off, this indicates that market makers are fully hedged, they may not have any additional hedging to do. And if you're looking for a low point, and like a, you know, potential bottom in a stock, that's a good point to look for is this point where these lines really start to level off. Indicating again, market makers are fully hedged, and may not have any additional hedging to do or much may not have much additional hedging to do. And again, if you're looking for a longer term entry point that that would be something to consider. So that that could be what is what is happening with NVIDIA and why traders are coming in at that point. So we know that the levels, the volatility indicated by the these sloping lines here that's leveling off, indicating market makers are fully hedged, we know that traders were taking started taking positive delta positions. And also aggressive buyers were coming in right around that 435 level. Let's go back to book map. Really strong signal here with with the order flow. Let's zoom in on that. You can see the the final cell sweep that shown by these bright red dots, small bright red dots as aggressive buyers start to come in. This is showing absorption here this these blue numbers and aggressive buyers, of course, coming in. It takes them a while about 15 minutes to turn price around as options traders are taking positive delta positions. Alright, so that's NVIDIA still moving higher. Let's take a quick look at Tesla. Tesla was kind of doing its own thing today. Finally started to move lower, but initially moved higher. And note all the green dots here aggressive buyers coming in, kind of a deep pull back almost to 255 and aggressive buyers come in again. And then finally, and Tesla gives in to the move lower. Let's take a look at cumulative volume delta for Tesla. And I normally don't look at cumulative volume delta for stocks, but it often gives a pretty good signal for Tesla. And here you can see the the shift in order flow aggressive buyers. And then aggressive sellers start to come in. Price moves lower. And then CVD shifts higher. And you can see the change in order flow here. The aggressive buyers start to come in. Price moves down another point or so makes a higher high, another higher high. And now it's continuing higher. Let's see what options traders were doing. And then we'll take a look at you. Alright, so let's go take a look at Tesla. And note if we scroll down the list, Tesla is toward the middle of this list. Not really a strong signal or a weak signal here in the watch list. It's shown being positive or strong. So note the for Tesla for the net net for the day, no snow value is positive. And there's a strong correlation between hedging flow and price action with Tesla today. Price moves up as traders were taking positive delta positions. Price moves lower, setting up that higher low for another move up before cumulative volume delta and options traders finally shift lower until about the same time 12 10 12 15 that and Nvidia reversed higher. Tesla did the same thing. So a little bit different tone for Tesla today. Positive delta positions overall. So traders are buying calls. Orange numbers positive, they are buying puts, but call buyers are more aggressive. Alright, let's take a look and see if you is in here. I'm not sure, not even sure what that is. And sorry, super newbie, I don't see that. Alright, so again, sorry, let's go back to AMD. And what I can do here in AMD is take a look at yesterday so we can compare yesterday to today. So I'm going to change the date to Tuesday. So we'll just look at Tuesday in isolation. So this is looking at yesterday for AMD. And traders were buying calls and selling puts yesterday. The rising orange line shown traders are buying calls. And then these they were selling puts as well. But the call buyers are definitely more aggressive. Both numbers are positive. So that's yesterday. Let's go back to today now. This one first. So hero provides up to five days of a look back. Alright, so karma FX asked about Palantir, Amazon, and AI. So I believe all those stocks are in here. So we'll start with Palantir. And I sorry, I don't have I don't have Palantir and book map or AI or Baba. Alright, so here's Palantir, strong correlation between options trades hedging flow and price action. Traders selling calls. They're also selling puts selling volatility today but call call sellers more aggressive. Alright, there's Palantir. We'll take a look at AI next. C three AI. Same thing. Traders are buying puts and selling calls. Let's go to Baba. Same thing. Traders selling calls and buying puts both are negative. Price moving lower. Attempts to recover around 1215 just like most other stocks. And then finally let's go to Amazon. Let's take a look at the total signal. Amazon trading below the 130 key gamma strike. Looks like that was resistance this morning. And the 128 hedgewall did act as support initially and then price broke below that level. Took a little bit longer for Amazon to reverse higher. Note this large block trade here. That's what the vertical line indicates. Let's see what traders are doing. So traders were buying calls today. After this large block trade. Right around 950 traders some traders selling calls and then right after that. So large institutional trade selling calls and then other traders start to come in and buy calls. Notional value for calls is positive. And also now notional value for puts is positive as well. Indicating net traders are selling puts. It's indicated by this large block order they're selling puts. Alright, we'll go to book map and then wrap it up. Go to Amazon. So Amazon 130 I believe that was the key gamma strike. Let's just go back. Yeah, 130 the key gamma strike price opens that level and moves lower. And that starts to reverse higher. Traders started taking positive delta positions. Right around 1230. A little bit later than some of the other stocks we looked at. Alright, so the SMB 500 still trading above the spy 450 put wall, but not much higher. Alright, so trade and sale ask. Maybe we look at a hero as a kind of leading indicator. And if so in stocks or indices or futures. So I look at hero in two ways. As a leading indicator or as a confirmation. And I want generally I want to be on the side of market makers. So if traders are taking negative delta positions, market makers either have to sell stock or sell futures to hedge their delta exposure. I want to be on the same side as that. And then on the other hand, if traders are taking positive delta positions, market makers have to buy futures or buy stock to hedge their delta exposure. Now regarding the question about leading indicator, that happens more often in indices. So I look for that setup often in the especially the SMB 500. Looking for a leading indicator. There are a lot of a lot of players a lot of different influences on the SMB 500. And sometime there can be a little bit of a lag effect. So I think that may be why the hero indicator can act as a leading indicator for price. So one of my favorite setups is for, let's say prices moving higher to a potential resistance level. And traders start taking negative delta positions as prices moving up to that resistance level. So I'm looking for a reversal lower at that resistance level. And I look for looking book map for confirmation in order flow. But on the other hand in stocks, hero is typically a just a confirmation. Right? So I hope that helps. Karma FX, you're welcome. Again, thank you for your kind words. I'm a little bit over my time today. I hope I answered everyone's questions. Thank you very much for watching. Thanks for your questions and comments. And let's see if we have anything coming up tomorrow. Oh, Apple and let's see Apple, Apple and Amazon report after the close tomorrow, jobless claims in the morning services PMI. And then on Friday, the employment report. So we will will prepare for the Apple and Amazon earnings tomorrow afternoon. So again, thank you very much. Thanks for watching. Thanks for your questions and comments. And I will see you tomorrow. Thanks again. Bye