 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, excuse me. Before I get started, I need to go through the 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 involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an Options-Doug Chat channel that's a great place to post questions, comments and content related to the topics of my presentation and the topics of the channel which I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. 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 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 the directional bias. And the second step in my process is execution. I look at real-time motor flow in Bookmap and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, setups, my analysis is based on an underlying asset, the actual setups can be taken any number of ways. For example, the S&P 500, you can create ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the Options-Doug Chat channel in Discord as well as the chat and YouTube for your questions and comments. Please feel free to post. My agenda for today, Thursday, October 19th. First of all, I want to go over news items, economic data, events, and earnings 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 this morning and this afternoon and then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, I'll be glad to do that. Please just let me know. All right, news items for today. Let's just take a look here. First of all, Netflix and Tesla did report earnings yesterday after the market closed. We will take a look at both of those stocks today when I get to setup review. And right now, let's take a look at the key data item for today was Jerome Powell speaking. I think at New York Economic Club, something at 12 p.m. Eastern time. So this is the headline right here from, this is what I got from the Wall Street Journal. Jerome Powell suggested he is pleased with inflation's decline this summer, that the central bank is unlikely to raise interest rates again unless it sees clear evidence that stronger economic activity jeopardizes such progress. All right, so that was the takeaway from the Wall Street Journal today. And we'll take a look at the reaction in the S&P 500 in just a minute. It was pretty wild, up and down, very volatile, up and down, range day to day so far. All right, so that is the big event for today. There are other speakers later on this afternoon. They may already be speaking. And then tomorrow is the October options expiration. This is the expiration concentration for a combined S&P 500 NASDAQ and Russell 2000. So combining all of these instruments into one expiration concentration, this chart is showing delta notional by expiration. This is the October expiration tomorrow. The blue bars are showing put delta. And this is the orange bar is showing call delta. So the expiration tomorrow, looking at all of these instruments, all these indices is put dominated. So that means that these puts will expire tomorrow. And often in a negative gamma put dominated expiration, when those puts expire, so in this position, traders are long puts, market makers are short puts. When those puts expire, market makers can buy back their short hedges. And that could potentially lead to a put banner rally. Of course, there's a lot of geopolitical events going on. Traders may want to load up on puts over the weekend. So we'll see about that. But so far, just considering this information here, this is going to be at least according to today, this is going to be a put dominated expiration. And some of those puts that, well, puts will be expiring tomorrow, and could potentially lead to a put banner rally. All right, so that is the tomorrow options expiration. Now let's take a look at the SMB 500 now. Start with positional analysis. So this is the ES futures and book map. Very volatile day today. And we'll cover more closely the reaction at 12 noon to what Jerome Powell said. All right, so before I dig into this chart further, I want to take a look at a larger time frame. I'm going to go to the SPX. This is a 30 day one hour chart. And sorry, this chart is a little bit scrunched up. It's showing all of the spot gamma levels. There is a level down at 4000 now. So that is kind of scrunching up this view. But let me point out the key turning points in this chart. So first of all, this is the September 15th expiration, very large expiration call dominated, as those calls that were stabilizing the market expired. This is when this downtrend began. And then the reversal hire was on the October 6 jobs report. And that was a negative gamma environment. So that is a potential of what can happen in a negative gamma environment put dominated. And then price reached around the 43 80 level and found resistance. That was the upper weekly expect expected move last week. And now so far today, SPX has found support around the 4,300 foot wall. All right, let me point out the levels on this chart. So those are the key turning points, the September 15 15th expiration, and then the October 6 jobs report. All right, let me point out levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is from the options market, just indicating a one standard deviation move for SPX for the week. This changes once a week. And note SPX is trading within that range for the week. Then the dash blue lines are showing the lower and upper daily expected move. That upper line may be difficult to see. That's right around 43 50. And there are some spot gamma levels at that chart at that level. SPX is trading inside that range as well. So that is a indicating a one standard deviation or 68% of the time SPX should trade within that range for the day. All right, let me point out the spot gamma levels on these chart on this chart. These are proprietary spot gamma levels based on gamma weighted open interest. I'm going to point out the key daily levels. First of all, here's the 4,300 level. That's the foot wall. That's the strike with the largest net negative gamma that can be expected to act as support. And SPX did move lower than that level today, but it is now trading above and maybe back down toward that level. We'll take a look at we'll take a closer look in just a minute. All right, so that's the foot wall. And that's the potential floor for price. And the next level and that's also the absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. And then above that is 4,345 right here. That's the volatility trigger. That's 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. And then 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 or decrease volatility. And then above that level is the 4,400 call wall. That's the strike with the largest net positive gamma that can be expected to act as resistance. And note this very narrow range between the foot wall, the potential floor at 4,300 and the call wall, the potential ceiling at 4,400. And this is fairly typical. This range will narrow toward expiration. And it should widen out. I expected to widen out after expiration next week as there could be some range expansion. All right. There were quite a few shifts in levels, all lower, mostly lower. Well, for the SMB 500, all lower. So the volatility trigger call wall and absolute gamma strike all shifted lower. That's got compared with yesterday. So very bearish shifts lower in these key daily levels, spot gamma key daily levels for SPX. All right. So that is the larger time frame view. Let's take a look at one other SPX chart quickly. This is the one day one minute chart. Actually, I'm showing about two days of data here. So this is the foot wall 4,300 and initially acted more or less as support this morning. And then after Powell began speaking, there was a sharp drop in price moved down all the way to 4,290. Made a V bottom jumped right back up. And then now is heading back to the foot wall. And note that SPX is trading below its volatility trigger definitely a negative gamma environment today. And I'm going to scroll just a little bit here so we can see the lower daily expected move down at 4,280. So SPX is trading within that expected range for the day. It was about plus or minus 35 points when I checked it last night. And that is based on the closing price of SPX yesterday. All right, let's take a look at book map now. In book map, I have my cloud notes so I can show the SPX levels. So there's the 4,300 foot wall absolute gamma strike. I also can have key spy levels. That's the 430 absolute gamma strike for spy. And that did move lower from yesterday. So the absolute gamma strike for spy is now at 430. And note this 432 level SPX 432 that was noted as resistance in the spot gamma AM founder's note did act as resistance this morning. And the 4300 acting as acted as support. And this is before Powell began speaking at noon. All right, so those are levels in play for today. And note after drone Powell began speaking around the spy 428 level acted as support and 432 the resistance. So those are the SPX and spy levels in play for today. Note there is a difference in price between ES and SPX. And it's around, it looks like between 25 and 26 points today. I use 26 this morning. So I'm showing SPX 4300 at ES 4326. So ES minus SPX is 4326. And hello, TK. Welcome glad you're here. All right, so those are levels in play for today for the SAP 500 shifts and levels. I talked about SPX volatility trigger call wall absolute gamma strike shifted lower and for spy the volatility trigger and absolute gamma strike also shifted lower. So very bearish shifts lower in the spot gamma key daily levels for for the SAP 500. All right, let's take a look at NASDAQ now. Take a look at the levels in play. This is the NQ futures in book map. And I'm going to take a look at first of all QQQ chart to isolate some levels. And then we'll take a look at NDX and then they go back to book map. So the keys for today. This morning, this 365 and the combo double just below that more lack more less acted as resistance. 362 a support that is not a spot gamma level, but it is a QQQ round number level. 366 acting as resistance. And 360 61 as support. So QQQ round number levels, definitely in play for today. Let's take a look at NDX node NDX is trading below its volatility trigger. That is it 15,030. That level did move lower slightly from yesterday. Then here is the 15,000 level. And this level has definitely acted as resistance today. Note that price was chopping. This is yesterday, price was chopping up and down around that level. And now that level is acting as resistance today. All right, NDX, the volatility trigger shifted lower for QQQ. Volatility trigger also shifted lower put wall actually shifted higher. And the absolute gamma strike shifted lower. So 365 for QQQ is the absolute gamma strike. Sorry, I failed to mention that earlier 365 is the absolute gamma strike. And that did shift lower from yesterday. All right, so very shifts lower in the levels for the NASDAQ as well. All right, so just like the ES, I have my own cloud notes here. I'm showing QQQ levels. There's the 366. That is the volatility trigger. And there's the 365 absolute gamma strike. And then also the NDX 15,000 level acting as resistance. And the 361 acting as support. And earlier today, this 15,365 level as well as the NQ15,100 level all acting as resistance. All right, so those are the QQQ and NDX levels and play today for the NASDAQ. We'll take a look at setups in a few minutes. All right, let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. I'm going to go to gamma notional here. This is market makers position on the gamma curve at the beginning of the day for SPX spy and QQQ. That's what I look at NDX is typically not very significant. So note, all these numbers are negative, much more negative than yesterday. So this indicates that traders are long puts, market makers are short puts, and in this position on the gamma curves, they have to trade with price to hedge their delta exposure. All these numbers, as I said, did did shift lower from yesterday became more negative. All right, let's take a look at the Vanna model now. And we'll see a graphical representation of what this means. Here's the Vanna model for SPX. Sorry about that. All right, so what this chart is showing is market makers delta notional. That's their delta exposure on the vertical axis price on the horizontal axis. There are two curves on this chart. The first, the light gray curve is showing how market makers delta notional changes with changes in price only. And the purple curve adds implied volatility to the equation. This is showing how market makers delta notional changes with changes in price and applied volatility. And that change in delta with a change in implied volatility is the Vanna effect. Vanna is a second order Greek. So that's the curve that I take a look at that accounts for changes in price and applied volatility. So let's see SPX. The low of the day we saw was right around $42.90. So that's somewhere right around here. So what this is showing is when price increases, implied volatility drops. So when price is increasing, implied volatility drops, market makers can buy back short futures. And that tends to again, enhance or increase volatility when market makers are trading in the direction of price. On the other hand, if price drops, market makers have to sell futures to hedge their delta exposure. Remember, price is dropping, market makers delta notional will increase, and they have to sell futures to hedge their delta exposure. Remember, they always want to remain delta neutral. So this is on this negative gamma portion of the curve. And this illustrates how market makers are trading with price to hedge their delta exposure. Let's see where price is trading now. Right now, SPX is right around $43.09. So somewhere right in here, there's $43.08. So this is showing again, there is some put Vanna fuel in the tank. If price rallies, implied volatility drops, market makers can buy back short futures. And if price continues to drop, especially if it breaks below the $4,300 put wall, market makers will need to sell futures to hedge their delta exposure. All right, that's SPX. Let's take a quick look at SPI. Remember, gamma notional for SPI was over twice the gamma notional for SPX. SPI low of the day 428 right here. And then SPI is currently trading close to 430, close to the absolute gamma strike. So that's right about here. And then finally QQQ trading right around 363, low of the day 361 right around here, currently trading at 363. So very steep on the Vanna model here. And these curves with this sharp skew to the left is very typical of a very negative gamma environment, typical of very negative gamma environment. All right, so based on this information, my thesis for the day was first of all, looking for a volatile day, looking for wider trading ranges and wider and more volatile price action based on the negative gamma position and market makers position on the gamma curve here. Also directional bias was bearish today based on the shifts lower in the key data levels for the SMB500 and NASDAQ. And of course that all depends on key events like earnings and drone Powell speaking, most importantly drone Powell speaking today. All right, let's take a look at some setups now. All right, let me take a look at the SMB500 first. So what this chart is showing is the hero signal. This is from spot gamma available to spot gamma subscribers. It's the hero signal hedging impact real time options. So everything that we have looked at so far is static data based on gamma weighted open interest that is updated once daily sometime during the night. Spot gamma provides their own applies their own proprietary algorithms to this information. And now we're looking at real time data. So we'll take a look at book map in a minute. And then we'll, but first we'll take a look at this chart. Excuse me, take a look at this chart and see what options traders are doing. So again, this is hedging impact real time options. This chart is showing price for SPX with a white line and the hero signal with the purple line. The hero signal is showing options trades and market maker hedging activity for a combined signal for SPX spy XSP and ES futures. All right, let's zoom in on this chart. And I'm going to focus on a couple of areas. First of all, this is the cash open right here. 9 30am Eastern time. And note that the hero signal was overall sloping down traders are taking negative delta positions when the blue, the purple line is falling that indicates traders are taking negative delta positions. Note this flow alert came in just around 9 35 or so. So that was a good short setup. Just at the open. Let's go take a look at book map over a bit. Right. So this was the the short setup at the cash open. So we know that traders were taking negative delta positions. When traders take negative delta positions, market makers take the other side and they have to sell futures to hedge their delta exposure. So ES moves up to the 43 50 level. Also this 43 22 resistance level, as well as the spy 431 level and reverses lower as aggressive sellers start to come in that shown by the magenta volume dots. The volume dots are showing market buy minus sell green dots indicates their more buyers than sellers. A magenta dot indicates their more sellers than buyers. So price consolidated and then chopped around and then finally reverse lower around 10 15 as aggressive sellers came in again. So pretty choppy first 45 minutes. And then price finally reverse lower at the 43 22 level move down to the 43 100 put wall. Consolidated broke lower and then reversed higher as aggressive buyers started to come in. But the trade was really from from here to here. That was the best trade. And of course, if you just bought a bought a put, you could just hold on to it and wait for the price to move down to 43 100 by an SP X or spy put. Let's go back to hero and note around 10 15 is where the hero signal really starts to turn down and price follows. So 10 15. That's what we looked at a book map that that reversal lower at 43 22. Then here is the price action at, excuse me, price action at noon as Jerome Powell began speaking. And options traders were trading with price. And then they started to fade this move. So right after this sharp move higher, options traders were fading the move. They were taking negative delta positions. So hero makes a lower high as price makes a higher high. And then price follows. And so far options trades net for the day has been negative net for the day traders are taking negative delta positions. And that's in line with my bearish thesis for today. But it has been somewhat mean reverting. And you can see that right here 12 40 options traders taking positive delta positions as price moves lower and then taking negative delta positions as price moves higher. So net negative for the day, but overall mean reverting price action. Let's take a closer look and see what traders are doing today. So first of all, we can take a look at puts and calls. So this is very typical of the SB 500 and Nasdaq traders buying calls and buying puts. Sorry about that. Nothing I did. That's an issue that I'm having here. All right. So this is showing that traders were pretty steadily buying calls up until about 12 20 or so. Then that activity slowed or turned down leveled off. So traders stopped buying calls that show by the orange line. Then the blue line shows they pretty steadily buying puts all day long and puts are put buyers more aggressive than call buyers. So this notional value is minus 300 minus 3.8 billion versus 932 million positive firm calls. So put buyers more aggressive today. Let's go back to the total signal and let's just take a look and see what the zero DTE traders are doing. So that's shown by the green line and note the strong correlation between the green line and the purple line, which shows all expirations. So the zero DTE traders are making up just about all of the notional value today. So this is a lot of zero DTE traders. All right. Let me check for questions. All right. TK asks, could show how I get the flow signal on the hero chart. I assume you mean the flow alert flow alert right there. That's what I assume you mean. And that is that is public. That is available to all spot gamma alpha subscribers. So if you subscribe to spot gamma alpha have a hero, then you'll see these signals automatically. They also show up here in these alerts with this little bell icon in the upper right corner. So they're showing here. So for example, here's the last spy flow alert. Now here it is. So I can click on this signal and see the flow alert on spy. All right. So those are the flow alerts I assume you're talking about. All right. Let's go back to the SB 500. So far hero trending down still negative for the day. All right. TK asks, how do I change the color of the volume bubbles on book map? Let's go take a look at that. All right. The volume dots. Let's just go to the volume dot settings. I have mine set on 3D bubbles, also volume delta that's showing by minus cell. Then I can just right click on the volume dot, go cut, go to colors. And this is how I change it. So I believe I left the buy trade circles, the buy volume dots at default. And then I selected magenta for the cell volume dots. So that's how you change the color. Just right click pick color there. All right. Let's go back. We'll actually let's take a look in book map now and look at the price action after drone pal began speaking. Excuse me. Initially very bullish. And then as I've talked about just a very wide range. You can see the shift in in order flow here as buyers are exhausted. Stop run up almost to 433 level and then aggressive sellers come in as traders were taking negative delta positions. Options traders price move quickly down all the way to 428 reversed higher to 432. And now is back down to the 4300 level. So this is how I look at price action in ES. I frame it in terms of SPX and spy levels. All right. So there's the price action of book map after drone pal began speaking as well as book map. And Stephen asked, can I explain the zero DTE? Yeah. So the let's go to think or swim for example go to SPX. So for SPX spy ES and XSP there are options that expire every day. So the what I selected in book map was next expiry and for the SP 500 that would be options that expire today. So here are the expiration dates. So you can see here's today. Actually, let me try that again. All right. So remember tomorrow is the monthly options expiration. So here's today and tomorrow and note for SPX there's an AM and PM settlement. So the AM settlement is the traditional monthly expiration and then the PM settlement is the weekly settlement. And then this is for next week. Note there are five expirations for next week. October 23rd, 24th, 25, 26 and 27. All right. It would be the same for spy XSP and ES options that expire options that expire every day. So that is the zero DTE. All right. Let's take a look at NASDAQ. And we'll take a look at the morning setup and then the price action after drone pal began speaking has been very, very similar to the SP 500. Again, I've talked about the the quick move from 362 to this 15,000 level back down to VWAP back up to 366 down to 361 back up to our resistance level at 365 15,000 back down to 362. So again, I'm framing the way I look at NASDAQ in terms of QQQ and NDX levels, both round number levels and also spot gamma levels. Let's go take a look at hero and see what options traders were doing in NASDAQ and note the notional value for today for NASDAQ. This is a combined signal for NDX and QQQ is positive for the day, slightly positive notional value of 47.8 million. All right. So let's zoom in on this chart, focus on the morning a bit. So also pretty mean reverting price action with options traders today, selling highs buying lows. And this was the setup this morning around 1015 options traders started taking negative delta positions and price responded moving lower. Let's go back to book map. So here's this morning, morning trade, really this third test of the 365 to 15,000 level and price moved down to 362. And that was confirmed by order flow. Actually, let me in book map as well as anticipating reactions at these levels. Notice the aggressive buyers on the way up green volume dots, buyers are exhausted, aggressive sellers start to come in, price moves lower, fueled by sell stop orders, shown by the following yellow line as well as aggressive sellers shown by the blue line there, dark blue line, which is showing cumulative volume delta. Also sell stop orders shown by the on chart indicator, fueling the move lower. And then at 362, aggressive buyers start to come in again. All right. So that was the setup in the morning for for NASDAQ. All right, let's take a look at some stocks. First of all, I'm going to take a look at Netflix since Netflix reported earnings yesterday. I don't have that a book map, but we can take a look at hero. See what options traders were doing today. So really over yesterday, we looked at Netflix and traders were taking negative delta positions and they're scrambling to cover today. So for Stephen regarding your question regarding the zero DTE, for stocks like Netflix, there are only weekly expirations, so no daily expirations for single stocks as of right now. So traders were trading options that expire today. They were trading those all this week for Netflix, other stocks, and also kind of scrambling to cover today. Let's zoom in on this. Note all the flow alerts here indicating significant options activity. And that was just a couple of minutes after the open that flurry of flow alerts there. Traders were buying calls and selling puts and note this activity really started to level off right around 10-20, price consolidated for a while, and then now it's moving higher again as traders continue to take positive delta positions. All right, so that's Netflix. Tesla also reported earnings. Opposite reaction. Traders net for the day taking negative delta positions. So they're really, they are selling calls and buying puts, put buyers shown by the falling blue line really driving price today. Note the floor alert. All right, let's go take a look at book map. So again, remember, I don't have Netflix here, but we can take a look at Tesla. So definitely a bearish day here in Tesla. And Tesla so far is really not found a floor. It looks like I need to shift my levels lower, maybe 219. And one thing that we can take a look at is, so that's Hero. We can take a look at Equity Hub for Tesla. Let's see, I don't have that. Actually, I, let's, well, we can go, we take a look at Equity Hub. Go to Tesla, go to his put call impact chart. Assuming on this, what I'm looking at, this is, this chart is showing Gamma Notional on the vertical axis. Call Gamma Notional, shown with the orange bars put Gamma Notional shown with the blue bars. This is market makers position by strike. And these curves, what I'm looking for is an area where these, the slope of the curves starts to flatten out. And for Tesla, this is right around, right around 217. So this indicates at this point, market makers are fully hedged. They might not have to continue to sell stock to hedge their delta exposure. That is potential signaling a potential floor for Tesla around this level. Alright, so for anyone looking to take a long setup in Tesla, that may be a good, good point looking at where these put and call Gamma lines start to level off, again, indicating that market makers are fully hedged at that level. Alright, so there's Tesla. So far, bearish day, traders buying puts, selling calls, put buyers in charge, much more aggressive than call sellers. Alright, the next stock I wanted to take a look at is NVIDIA. So here's NVIDIA. Initially, the options trades and hedging flow were bullish for the day. Note the flow alerts. This first flow alert came in around 940 AM. Options traders slow down, take their foot off the gas, then they turn, start taking negative delta positions. And NVIDIA is moving lower. Alright, let's go take a look at book map. Tesla may be finding support at 219 again. Let's go to NVIDIA. Really choppy session NVIDIA. Here was the morning move hires. Traders were taking positive delta positions as those flow alerts came in. NVIDIA moved up above 431. Note the high liquidity at this 430 level. There was your price target for a move higher. Those are, this heat map is showing a history of limit orders in the order book. Above price, those are limit sell orders. Those high liquidity areas tend to attract price. And that's typical, this is typical of a stock. Those orders come in at the cash open and they usually stay there until they're filled. Alright, so very choppy price action in NVIDIA, just like everything else today except for Tesla, which is going down. Alright, let's take a look at, first of all, if anybody has any stocks they want me to take a look at, please let me know. Otherwise, I'm going to go back to the S&B 500 and see if that, so it looks like now S&B 500 is threatening the 4300 football level. Let's go back to, go back to HERO, see what options traders are doing in the S&B 500 and they continue to take negative delta positions. So HERO has been steadily trending lower since about 110. Let's go back to book map. So in book map, here's the reversal lower at SPY 432. So now the question is, will 4300 hold? Alright, Derek says, thanks Doug, you're welcome Derek. Glad you're here. Thank you, thank you. Let's check NASDAQ. NASDAQ, we see that large traders are coming in with buy iceberg orders. These orders they use to hide their size, that's showing 200 contracts executed in four transactions. So larger traders buying at that level. Let's see what options traders are doing in NASDAQ. So NASDAQ, options traders a little bit different picture than the S&B 500. Starting around 1240, started taking positive delta positions, that activity is leveled off. So ideally if price is going to move higher, you want to see options traders coming in and starting to take positive delta positions. So you would, you know, looking for a move higher in NASDAQ, would I see HERO starting to shift higher. And Shane asks TLT for monthly options. Shane, I'm not sure I understand your question. Maybe if you could clarify your question. Alright, Shane, I don't know if you want me to take a look at TLT. I can do that. I don't have TLT and book map. So it looks like right now TLT is trading below its put wall at 84. And Shane so far today, options traders are taking negative delta positions. So as far as a long or longer term long, I, you know, I don't have any, don't have any recommendation there. We can just see what traders are doing today. So they are buying puts and buying calls, put buyers more aggressive. So in the S&B 500 options traders continue to take negative delta positions at the 4,300 put wall looks like, let's zoom in on this. It looks like, well maybe just in the last few minutes, let's change this look back period, go to a shorter time frame. So it looks like now if we just look at the last 30 minutes of data, it looks like options traders may be coming in starting to take positive delta positions, but price continues lower. That may be a short term. Let's go back to the one day. Looking at one day, it's trending lower. And let's go back to book map. So now Nasdaq breaking below 362 and SPX is definitely broken below 4,300. So there could potentially be an acceleration of price lower. All right, my time is up. I want to thank everyone for watching. Thank you very much for your questions and comments. And I will see you tomorrow. Remember it's options expiration for SPX. There is an AM settlement and a PM settlement. And also remember a put dominated expiration, at least according to the information today. And I don't expect that to change. We'll see you tomorrow. All right, thanks everyone. Thanks for watching. Thank you for your questions, comments, and I will see you tomorrow. Bye.