 Hello, everyone. Welcome to Options with Doug. Happy New Year. Thank you very much for joining me on this first trading day of the new year 2024. So again, welcome. Happy New Year. Glad you're here. Before I get started, before I go any further, I need to go through the 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. Treating 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 in book map 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, which I'll go through in just a moment. And I'm also on X, formerly known as Twitter, and my name there is at Doug Plus. The focus of my presentation today and the focus of the options-doug chat channel is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned 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 book map and real-time market maker hedging flow in spot gamma hero to confirm my thesis and for setups for injuries and exits. And when I talk about setups today, I will be focusing on an underlying asset and setups can be taken any number of ways. For example, the S&P 500 setups can be taken with futures, with ES futures, SPY shares, SPY options, SPX options, or even ES options. That's a second step. All right, so again, I'm focusing on an underlying asset that can be taken any number of ways. Questions and comments are welcome, and I will be watching both the options-duck 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. And happy new year to you as well, Gray. Welcome, glad you're here. And ES1, hello, welcome, glad you're here as well. And ask me to open a gold chart. I do not have gold, if you're talking about gold futures GC in book map, I don't have that. I can, when I get to the live market, take a look at GLD in Hero. But I don't have gold at all in book map, but I'll be glad to take a look at GLD in Hero when I get to that. All right, here's my agenda for today, Tuesday, January 2nd. First of all, I want to go over news items, economic data and events for today, as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today, and then I'll get to the live market. And also note that I am looking for your feedback and suggestions for this year. How can I improve my webinars? What do you want to see? More or less, positional analysis, setup review, live market. Please let me know. The best place to let me know is in Discord. Either you can DM me or post an option stash dug. Again, that's the best way to let me know. So let me know how I can improve what you want to see so I can better meet your needs in my webinars this coming year. All right, let's start with news items, economic data and events. So today there was some medium to low to medium impact data that came out at 9.45 a.m. Easter time, manufacturing PMI, construction spending. And then tomorrow there is there are a couple of higher impact data event data releases and events. So at 10 a.m., manufacturing PMI comes out. That's apparently from another provider that is supposed to be a higher impact. And then one of the big events of the week is the FOMC minutes at 2 p.m. That will be in the middle of my presentation webinar tomorrow. And then I will stop whatever I'm doing and we'll watch the SMB 500 to see the reaction. Then on Thursday the ADP jobs report comes out. That is day late, I guess due to the holiday. And then jobless claims at 8.30 a.m. Easter time and then services PMI at 9.45. And then finally the big event of the week is the jobs report on Friday at 8.30 a.m. Easter time. Just a reminder that BookMap is still having a sale on annual subscriptions. Get 30% off and that is good through tomorrow. So again, if you're thinking about BookMap interested in annual subscription, now's the time to do it. Great sale here, 30% off. Alright, let's take a look at the SMB 500 now. And I'll start with my positional analysis. This is the ES Futures and BookMap. And note I'm showing quite a bit of data here. I just want to show that the biggest part of this move down began around 3.30 a.m. Easter time. Must have been just after the European Open. Alright, so this is the ES Futures and BookMap. And before I take a closer look at this chart, I do want to take a look at a larger timeframe. I'm going to start with the SPX. This is a one-day chart and thinkorswim. This is the, excuse me, this is the latest rally that began on October 30th. And so far it appears that it may still be intact. It depends on the next few days what the SPX does. It may just be consolidating here after huge gains from this rally. So the rally was fueled by an IV collapse, put-van a rally, falling treasury yields, somewhat dovish FOMC announcements and comments, and then CPI reports as well. And that SPX, we'll see in just a minute, ran up toward 4,800. Let's take a look now at a, and has found a resistance there. So that was a one-day chart. Let's take a look at a one-hour chart here. And I'm going to zoom in on this just a bit. So this is last week. SPX came just short of 4,800. That is a key SPX level, 4,800. That is the absolute gamma strike. I'll talk about that in just a minute. So that's where most of the gamma-weighted open interest is concentrated. And ES01, I don't have DXY either. I can show that in thinkorswim, but that's not in Bookmap. Bookmap has currency futures. I don't have any of that open. So we can take a look at DXY in just a minute. All right, so this is a SPX one-day one-hour chart. And I want to focus on the levels on this chart. So first of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. This is updated once a week. I update this over the weekend. The dash blue lines showing the lower and upper weekly expected move. A daily expected move. I'm sorry, dash blue lines, lower and upper daily expected move. And note that SPX did open below that lower daily expected move. And may now be trading just around that level. We'll take a look at a one-minute chart in just a minute. All right, the dark red lines are showing the SPOT gamma levels. These are proprietary SPOT gamma levels. SPOT gamma takes open interest data and applies their own proprietary algorithms to come up with these levels. They're basically, they're based on gamma weighted open interest. I'm going to point out the key daily levels. Excuse me. Kind of losing my voice here. All right, so the key daily levels, first of all, the put wall, that's at 4,600. That's a strike with the largest net negative gamma that can be expected to act as support. The next level up is the volatility trigger at 4,770. And that is SPOT gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. And SPX is trading below that level now. Open up in a positive gamma position and may very well open up in negative gamma tomorrow. The next level up is 4,800 that I mentioned before. That's the absolute gamma strike. That's a strike with the largest absolute negative and positive gamma. That's where most of the gamma weighted open interest is concentrated. And next is the call wall at 4,850. That's a strike with the largest net positive gamma that can be expected to act as resistance. All right, so those are the key daily levels. Note that the volatility trigger put wall and call wall all shifted lower and that is bearish. I look at the movements in these levels from day to day. And when you have a hat trick, three levels moving lower, that is definitely bearish. So again, for SPX, volatility trigger put wall and call wall all moved higher. So that potential ceiling has moved lower and the potential floor has moved lower as well. All right, ZB says hello. Hello, ZB. Welcome. Glad you're here. These lines from Spot Gamma. Yes, this is a Spot Gamma has a think script. So they provide these levels for a variety of trading platforms. This is think or swim. And it does require some manual intervention. It takes about a minute. This one script provides the Spot Gamma levels for SPX, NDX. These are the charts that I use. It provides Spot Gamma levels for SPX, NDX, SPY, QQQ, IWM, and some others as well. Maybe ES, probably NQ. So one script takes about a minute to update every day. And these levels come from Spot Gamma, yes. All right, so that is the levels on our chart. Let's just take a look at one more SPX chart. This is a one minute chart showing the levels in play for today. Note that SPX opened up below the lower daily expected move. And note this zero gamma level at 47-42 acted as resistance earlier today and then a support. And SPX is just below the lower daily expected move. Also, well below the volatility trigger at 47-70. All right, Yoka asks, does the script require access to another data platform or is Thinkorswim sufficient? So Spot Gamma provides these levels. And we'll take a look in just a minute. Levels for a variety of platforms. Bookmap, I prefer to use my own cloud notes. Thinkorswim, those are the two platforms I use. I think they also provide these levels for TradingView and others. And we can take a look in just a minute. All right, ZB says, thank you. Well, you're welcome. It's a bit difficult to see the numbers on the screen. Let me just, yeah, I'm looking at YouTube on another screen. It is somewhat difficult. Yeah, the numbers are a little bit small. Sorry about that. You might want to make sure that you are streaming at 1080p on YouTube. So you can just go to the gear icon and make sure you're streaming at 1080p. All right, so that is SPX. Let's take a look at Bookmap now. All right, so here's Bookmap. Again, the bulk of this move happened overnight. So let's zoom in now so we can see what has happened. Especially during the cache open. Make these volume dots a little bigger. So a pretty choppy session starting from about 8am when the ES found support right around SPI 472. So let me show you what I have in this chart. I have my own cloud notes so I can show SPX levels and SPI levels on the same chart. So here's that SPX 4750 level. And here's the zero gamma level 4742 that acted as resistance and then support. And here's the, excuse me, here is the SPI 472 level. SPI 473 that label is hidden. That is the lower daily expected move for ES. A little bit different than SPX. All right, so those are the levels of play for today. Pretty narrow range. I'll talk about setups in a few minutes. There was a great long setup that I did post in Discord. All right, so those are the levels of play for today. This zero gamma level 4742 has been key. Note right now the point of control shown by this purple line is just above that level. Also the heat map and book map is showing a lot of liquidity around that level. Those are limit buy orders. The heat map shows a history of the limit orders in the order book. Below price those would be buy orders. All right, let's take a look at NASDAQ now. Actually before I mentioned the shifts lower in levels. Volatility trigger put wall and call wall for SPX. And for SPI the put wall and absolute gamma strike shift and lower. So bearish shifts lower in the key daily levels for SPI as well. So definitely leading to a bearish thesis for the SMB 500. Let's take a look at NASDAQ and pretty similar price action. A good bit of the move happening starting around 3.30 a.m. eastern time. There was a sharp move lower at the cash open in NASDAQ. So let's zoom in on that. And before I take a closer look at this chart I do want to focus on QQQ first. Isolated QQQ. So this is showing the move lower again right around 3.30 a.m. eastern time. And then the cash open shown in this darker area. Reversal lower at 4.06. Support right around 4.02. And note this combo level just below 4.04 acting as resistance. That combo level combines NDX and QQQ gamma weighted open interest into one level here shown in terms of QQQ price. And let's take a look at NDX. Take it just a quick look at NDX. And that combo level is not showing up on this chart. Note that the call wall absolute gamma strike is up above at 16,650. On this just a little bit. Alright so there's NDX. Alright so just like the SAP 500 I use my own cloud notes. So spot gamma does provide cloud notes but I have more in mind than spot gamma does. I like to have QQQ levels, NDX levels in Q levels. And also here's the lower weekly expected move. So I got levels from several different sources in one set of cloud notes. So here's that QQQ 406 acting as resistance. 402 also the 16,700 NQ acting as support. Alright shifts and levels for NASDAQ. The put wall for NDX did shift lower. And for QQQ the volatility trigger shifted higher. And the put wall and call wall shifted lower. So slightly bearish shifts lower in levels for NASDAQ as well as the SAP 500. ZB asked could you please explain what is a combo level. Let's talk about the SAP 500. So a combo level combines SPY and SPX, gamma weighted open interest into one level and converts that price to an equivalent either SPX price or SPY price depending on which chart you're looking at. Let's just take a look. So there are no combo levels here on SPX. So for NQ a combo level combines QQQ and NDX gamma weighted open interest and then converts that to an equivalent level on this chart. It's converted to an equivalent NDX level and then I convert that to an equivalent NQ level. I forgot to mention on the ES chart the SPX levels there's a pretty big difference in price between ES and SPX. It is ranging between 42 and 43 today. Maybe closer to 43 now when I set my charts up this morning it was closer to 42. So I'm using ES minus SPX at 42 and then the difference between NQ and NDX is right around 175 points. So the NDX 16500 level is shown at NQ 16675. And again I'll talk about levels in a few setups in a few minutes. Alright let's take a look now and see how market makers are positioned on the gamma curve at the beginning of the day. This is the SPOT gamma AM founders note and this is a data table that comes out at the end of the note. I'm going to focus on gamma notional here. This is market makers position on the gamma curve at the beginning of the day. There's a static data it's updated once a day and a positive gamma environment. This indicates traders are short calls market makers are long calls that's what SPOT gamma assumes. So they have to trade against price to hitch their delta exposure. And note these numbers did all shift lower from Friday. So they're still positive but less positive than Friday and I suspect many of these numbers may shift to negative tomorrow. Indicating in that position that traders are long puts, market makers are short puts and they have to trade with price to hitch their delta exposure. Especially if these indices close below their volatility triggers. So again still positive at the beginning of the day but shifting lower. Again I think I'll shift to lower today. Alright let's take a look. I haven't looked at the VANA model in a couple of days. So let's take a look at that. That's more interesting in this higher range movement. Alright so this is the SPX VANA model. What this chart is showing is market makers delta exposure that's shown on the vertical axis. This is delta notional 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 changes with changes in price only. The purple curve adds implied volatility to the equation. That shows how market makers delta notional changes with changes in price and implied volatility. And that change in delta with a change in implied volatility is the VANA effect. VANA is the second order Greek. And the purple curve is the one that we want to take a look at. Alright so let's check price. First of all I want to take a look at the SPX. Lower the day right around 47.31. So let's see where that falls on this curve. Alright so that's somewhere around here. Right on this leftward skewed portion of the curve. So what this indicates as price is falling market makers delta notional is increasing. And price falling, implied volatility increasing. Market makers delta notional is increasing. And they have to sell futures to hedge their delta exposure. So this is for SPX but their market makers are hedging their delta exposure with ES futures. Then on the other hand if price starts to increase market makers can buy back their short hedges. And that is a put VANA rally. So they're trading with price on this portion of the curve either direction. Price dropping, they're selling futures. Price increases, they're buying back their shorts. And right now SPX is trading right around 47.38. So it has not moved a lot from the... Alright so here we go. So it really has not moved a lot from the low of the day. Let's take a quick look at SPY. And this just gives... The reason I look at this is it gives me a sense of how market makers may react to changes in price and implied volatility. So here's SPY. SPY currently trading right around 472. Also on this left portion of the curve. Finally QQQ trading still close to the low of the day. And much further along in this curve on the left portion. Alright let's take a look at some setups now. Alright I'm looking at questions. Alright GH asks is it possible to create a visual chart with 3D bubbles for the live unfilled orders. So we can visualize the next move would be nice. So currently the chart shows only filled past orders. Yeah that's the way it works. Send your question to Bookmap. I'm certainly not qualified to answer that question. Let's go to Bookmap. Let's go back to ES. So Bookmap the unfilled orders are shown in the order book. Sell orders and buy orders. So I'm not sure how you would show that note that the liquidity these orders are shown in the heat map. So this is the live orders the darker the line the brighter the color indicating more orders. Alright so you can see larger levels of orders here in the heat map. And you can there are many adjustments to the heat map setting. So oops you can certainly see you know the brightness there are other adjustments as well. So suggestion you know send that to support at bookmap.com. Alright let's take a look at some setups now. And I want to first of all take a look at what options traders are doing. I'm going to start with the SB 500. Let me zoom out. This is the hero signal hedging impact real time options. And it is available from spot gamma to alpha subscribers. So this is available to spot gamma subscribers. And it is showing price for SPX and the hero signal with a purple line. And there are a lot of ways to adjust the hero signal so we can see different components. This hero signal for this chart is showing a combined signal options trades market maker hedging activity for a combined signal of SPX by XSP and ES futures all into one signal. And if you trade any form of the SB 500 this is the chart that I recommend. I think this is the one that Brent the founder of spot gamma typically looks at as well. It provides the most information for the SB 500. So again showing options trades market maker hedging activity. A rising purple line indicates traders are taking positive delta positions. Market makers are taking the opposite side of that. And they have to buy futures to hedge their delta exposure. Let's take a look at a setup in particular. I'm going to zoom in on this so we can look at the first three hours or so of trade. And the thing to note here is that the hero signal is trending up. Traders taking positive delta positions. And again when traders take positive delta positions market makers take the opposite side and they have to buy futures to hedge their delta exposure. And note that this positive order flow positive hedging flow here options trades hedging flow probably help to slow down that move lower as the market opened. So let's take a look at a particular setup here. And what I want to focus on is this setup right around 1040. So this second test of this level. Note during that time hero made a higher low. Setting up this nice long right at 1040. Let's go take a look at book map. And I did post this in Discord. If I have time tonight I will make a more detailed post. So we know that traders were taking positive delta positions really from the cash open today. Note all the liquidity resting right around ES 4773 right around here. Limit buy orders. So as price approaches that level that those limit buy orders do attract price. Note there were large traders in here buying with iceberg waters. That's shown by this on chart indicator as well as the sub chart. The rising light blue line shows large traders buying with iceberg waters. And they were buying on the way down as well. So we know traders were taking positive delta positions. Again market makers taking the opposite side they have to buy futures to hedge their delta exposure. This resting liquidity these are limit buy orders. Large traders buying with iceberg orders. And this setup a really nice long. And the setup that I posted ended right here at 4750. SPX 4750 noted as resistance in the spot gamma am founders note. And note there was a stop run up to that level. That's shown by the on chart indicator the small green dot as well as the yellow line here. Buy stop orders fueling that final move up to that level. Then finally I want to point out the pattern here. And book map continuation pattern with flags for pullbacks. And it just so happens that I had watched this over the weekend. This is the let me go back to the this is the book map learning center. Free and available to everyone. Multiple courses. This is the strategies and setups. So far the continuation patterns the only one in here. I know Bruce plans to add more. But here's the kind of the summary of pattern. There's a series of short videos that describe this pattern the setup consolidation impulse move pullback. And then another impulse move. And here's a perfect example of that starting with this reversal at the high liquidity at 73. Multiple pullbacks. Notice also the order flow the volume dots are showing market buy minus sell. Magenta dots indicate more sellers than buyers. Green dots indicate more buyers than sellers. So you can see as the impulse move begins aggressive buyers are coming in. Multiple pullback entries for long setup again. Most generally ending most of this move with the stop run up to 4750. Just a great long setup confirmed by options trades and hedging flow and hero as well as book map here. Aggressive buyers resting liquidity in the order book. Iceberg orders all confirming the move higher. And notice also as price starts to rise this cumulative volume delta also starts to rise. That's shown by the pink line in the sub chart. And now it looks like the ES may be making a round trip back down to that level. And some of this liquidity at 73 still remains in the order book. Let's take a look at NASDAQ now. And definitely a weaker day in NASDAQ. Excuse me. So down to the NDX 16,500 level. All right, let's take a look at let's go back to heroes see what options traders have been doing. Hero and we can take a look at the NASDAQ signal now. And this is a combined signal of NDX and QQQ. And it's mostly QQQ. And note that it is bearish for the day. Let's take a look go back to SB 500. And even though a hero for the SB 500 is trending lower. This notional value is still positive for the day. Indicating net overall traders are taking positive delta positions. Let's just take a quick look at puts and calls. So net for the day both numbers are positive indicating traders are buying calls. And up until about 1245 those call buyers were definitely driving price. Right around sorry about that. So right around 1245 call buyers took the foot off the gas started buying puts more aggressively and price started to move lower. All right, so that's the SB 500. Still notional value positive for calls shown with the orange line and puts shown for the blue line indicating trade indicating traders are buying puts. And they're buying calls and selling puts. All right, let's go back to NASDAQ now. All right, NASDAQ the notional value is negative. So I wanted to contrast the SB 500 with NASDAQ. Heroes trend trending lower all day. Let's check puts and calls. So they are buying calls, but that's not significant. Notional value 13 million. So the call line is pretty much flat for the day and traders have been buying puts all day starting around 10am. That notional value is minus 773 million negative. So puts in charge for NASDAQ today and up until about 1245 calls were in charge for call buyers in charge for the SB 500 put buyers in charge for the NASDAQ. All right, so let's take a look at a setup here and to zoom in a little bit and separate outputs and calls. Sorry about that. Spotgam is still working on this issue. All right, so what I'm looking at is right around 10am. Call line pretty flat, but traders start aggressively buying puts shown by the falling blue line just right around 10am and setting up a nice short in the NASDAQ this morning. Let's go back to book map. We'll zoom in on this. So if you missed this initial move lower at the cash open, then here's the setup lower at 10am. Again, you can see the shift in order flow here. Green volume dots on the way up. Aggressive sellers start to come in and you catch a portion of the move lower from right around 404 QQQ 404 to 402. NASDAQ traders were buying puts. Market makers were selling the puts and they have to sell futures to hedge their dealt exposure. All right, so long setup in SB 500 in line with hedging flow and short setup in NQ also in line with hedging flow and order flow. All right, GH ask, do you trade solely with book map or do you use confluences, other indicators? Can you put trade solely with book map and be successful? And I use only book map and hero. Now when I do trade futures, I trade on another trading platform that has standard candlestick charts. I like the dome and the bracket orders, the flexibility of the bracket orders. But other than that, I'm making all my decisions looking at book map and hero. And the reason I do that is to avoid confusion. I'm looking for clarity. I think this is, I'm looking at the key drivers of price for the instruments that I'm looking at. And that would be hedging flow, market maker hedging flow, and then order flow and book map. I'm looking at, again, options traders, large traders with iceberg orders, smaller trades with stock orders. And also aggressive buyers and sellers. All information about the actual players and what they're doing in book map and in spot gamma hero. And again, I'm avoiding confusion by doing that. Just clarity, one simple system combining book map and spot gamma. Alright, ZB asks, why do you use the one day time frame on hero versus other time frames? So I'm looking at, let's go back to hero. Not sure I understand your question. The hero, I'm pretty much day trading right now. That's what I'm looking at. So I just want to look at the data for today. Alright, GH wants to take a look at Tesla. Let's take a quick look at some stocks. I've got just a couple of minutes left, 10 minutes left. So here's AMD. You can pretty much pick your stock this morning. For the most part, looking for a short. Here's AMD. Focus on the open here. Trainers taking negative delta positions, timely flow alert indicating significant options activity. Let's go to book map, go to AMD and great short in the morning. Quite a bit of movement for AMD. Alright, the next is Nvidia. And of course, Nvidia, the much higher volatility than AMD and a huge drop lower in Nvidia this morning. Let's go back to hero. Take a look at Nvidia. Pretty similar pattern. Trainers taking negative delta positions from the open. Very timely flow alert if you were fast enough to catch it. Alright CB, I hope that answers your question. I'm looking at the hero, what options traders are doing today. Now hero does provide a five day look back period. You can look at the past five days. I typically look at just today. Alright, the Boo I've already talked about, NQ, you might take a look at the archive for today. I went over NQ. And Ryan asked the flow alert on AMD in the middle of the day is that mean reversion. Alright, so let's go back to AMD. So for Spot Gamma subscribers, Spot Gamma has done a webinar about the alerts. This was on September 25th talking about the alerts and they often act as mean reversion. So in this case, when heroes going one way and price is not really responding that much, that can act as mean reversion. Here it is a confirmation for the move lower. So they can act as both. I was using hero for quite a while before the alerts came out. Alright, so in that case, that looks like a mean reversion alert on AMD. Alright, ZB, I can't see all of your... Oh, ZB asks why I don't look at 5-minute or 10-minute. It's just too noisy. Let's take a look. I'll go back to Nvidia and what ZB is talking about is this look back period. So what I was talking about, I can see a date range for the past five days. I'm looking at today and then I'm looking at the accumulated signal for hero for the entire day. And you can change that. So I'm only looking at the last 10 minutes of data or the last five minutes, which is even more noisy. So I generally look at one day if hero flattens out in the afternoon, especially for an instrument that trades quite a few contracts. Let's go to ZB 500. If I see the hero signal leveling off for the day, not doing much, then I change the look back period. So I'm only looking at the last 30 minutes of data. And that is pretty much the last... That is the lowest that I go on this rolling window. It's like a 30-period moving average. So as the first minute comes off, the next minute is added. But I generally stick with the one day, especially since I'm doing most of my trading in the morning and there's really no benefit to looking at a 30-minute look back period in the morning. All right, so next there was a request. GH wanted to look at Tesla. Let's go to Tesla. Tesla in the morning bucking the trend, moving higher. That is not unusual for Tesla. So in the morning, traders were taking positive delta positions. Traders take positive delta positions. Market makers take the other side of that. They have to buy stock to hedge their delta exposure. It looks like it found some resistance at the 250 key gamma strike and also another timely flow alert indicating significant options activity. Let's go take a look at book map. Go to Tesla. So Tesla bullish in the morning, some deep pullbacks for a long. So here's the 250 key gamma strike and Tesla had trouble getting above that level. All right, great. ZB says that's helpful. Thank you. You're welcome. Saw my video a couple of weeks ago signed up for Spot Gamma. Let them know. That'd be great. I suggest going to Spot Gamma, go to the resources that's on the dashboard, go to the resources, look at the webinar replays. In addition to my webinars where I talk about hero every day, Brent talks about it as well. And then you can go back to the September 25th subscriber webinar for an introduction to the hero flow alerts. Again, that's September 25th. All right, then Ryan wants to look at Moderna. I do not have Moderna in book map. We can take a look in hero and a bullish day in Moderna here. Traders are buying calls and selling puts. Call shown with the rising orange line puts shown their selling puts shown by the positive notional value and the rising blue line but really call buyers and charge. Sorry about that. And here's another timely flow alert. Looks like just a minute or two after the cash open indicating significant options activity. So nice bullish day here in Moderna. All right, Boo had asked about Nasdaq. We can just circle back real quick and check on Nasdaq. So hero for the day has been bearish really since about 10 a.m. Traders taking negative delta positions. All right, CB, you're welcome, Ryan. You're welcome as well. So here you go, Boo. Traders taking negative delta positions in Nasdaq starting around 10 a.m. And I talked about this short setup. All the best short setup was just to get short at the open and stay short. There's the short that I talked about. Let's just go back to book map. I'm going to check the SB 500. Then we'll take a final check on the NSEs. So SB 500 still bullish for the day for the hedging flow. Got a book map back to ES. So ES not quite down to the lows of the day. Clean that up a little bit, but there's still some liquidity at 75 and 73 and a few iceberg buys. Not as large as earlier today, right around that level. And Nasdaq making new lows down to the NDX 16,500 level. All right, Boo, you're welcome. All right, my time is up. I want to thank everyone for watching. Thank you very much for your questions and comments. It's been a great trading day to start off the year. Again, thank you for watching and I will see you tomorrow. Right. Thanks again. Bye.