 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. 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, and then there is a chat channel in Bookmap Discord, Options-Doug. That's a great place to post your questions, comments, and your own content related to the topics of this channel, which I'll go over in just a moment. So Bookmap Discord, Options-Doug, chat channel. I'm also on Twitter, X formerly known as Twitter. My name there is at Doug Pless. And hello, Gray. Welcome, glad you're here. If you could just give me a quick check. Yesterday there were some individuals reported a problem with the stream on Discord. If you would just please let me know Gray or anyone else on Discord if my stream is coming through. Okay, great. Gray confirms. Kraken as well. Thank you. Hello, Kraken. Glad you're here. Welcome. All right, so it looks like all is good on Discord. All right, 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 the directional bias. And the second step of my process is execution. I look at real-time order 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, I will be talking about setups in an underlying asset. For example, and setups can be taken, setups can be taken any number of ways with futures, shares of stock or options. My analysis is based on the options market of an underlying asset again, but setups can be taken with futures, shares of stock or options. Questions and comments are welcome, and I will be watching both the Options-Doug chat channel and Discord, as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer. All right, my agenda for today, what I want to cover, just a quick update on news for today. Then I'll go through my positional analysis, then I'll review some setups from this morning, and then I'll talk about the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, so news items for today, there was some minor news, 9.45 a.m. Eastern time, there a PMI data came out, manufacturing PMI was greater than expected, greater than the previous number, and then the services PMI was less than expected and less than the previous number. So, excuse me, not really much of a market mover. All right, let's take a look at my positional analysis for now. I'm going to start with the S&P 500. This is the S futures and book map. And before I take a closer look at this chart, I'm going to take a look at a larger time frame. This is SPX in a 30-day one-hour chart showing price and key levels. First of all, let me focus on price. So, this was the September, wrong tool, September expiration, the September 15th expiration last week, call dominated, positive gamma expiration, and you can see the move lower after that expiration. And then the SPX moved all the way back down to the low of the, right around the low of the August expiration, right at 43.35. All right, so a much, much quicker move lower than the move higher. All right, let me point out some levels on this chart. I'm going to start with the daily and weekly expected moves. So, the dash purple lines are showing the lower and upper weekly expected move. SPX is creating well below the lower weekly expected move. That's based on the options market. That information should be available in any trading platform with an options chain. All right, the next, the dash blue lines are showing the lower and upper daily expected move. SPX is trading within that range today. All right, so those are the expected moves. Now, let's take a look at the spot gamma levels. These are proprietary spot gamma levels based on gamma weighted open interest available to spot gamma subscribers. And I'm going to point out the key daily levels. So, the first level is the 4300 level. That is the put wall. That's the strike with the largest negative gamma that can be expected to act as support. And that is also the absolute gamma strike. That's the strike with the largest absolute negative and positive gamma. And those levels did move lower from yesterday. So, both the put wall and absolute gamma strike were at 4400 yesterday, moved down to 4300 today. And that is bearish. That is a bearish signal. All right, the next level up is the volatility trigger. That's at 4,480. That is spot gamma's 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 SPX is trading well below that level in an extremely negative gamma environment, gamma positioning at the beginning of the day. I'll go over that in a few minutes. All right, the next level up is the call wall. That's the strike with the largest net positive gamma that can be expected to act as resistance. So, the range today, there are the range of ceiling to floor 4,300 as the put wall, the potential floor. Again, that level did move lower opening up. The potential for a move lower, that moving that support level lower. And then the call wall, the ceiling at 4,600 not really in play right now. So, the 4,300 put wall is much more important. All right, and this chart is kind of scrunched up because of this 4,000 l4 level. All right, so let's take a look at the levels in play for today. So, I'm going to go to another SPX chart, one day, one minute chart. This is the August 18th expiration low. So, SPX now below that level. Let's just scroll down a little bit. So, the next level below is the 4,326 level. That's a combo l5 level. And then the put wall down at 4,300. All right, let's go to book map now. So, in book map, I have my own cloud notes and I'm showing the SPX levels. Yeah, I don't see. So, anyway, I've got the, there's a 4,350 level, 4,352, noted as resistance, the 4,350 level noted as resistance and the spot gamma AM founder's note. There's the 4,336 noted as support. Around that level did act as support earlier today and now the SP500 has broken below that level. Next level down, the 4,324. Note there is a difference in price between ES and SPX. And today it's about 41 points. That's what I'm using. So, SPX 4,324 is at ES 4,365. I've also got SPY levels on this chart. There's SPY 4,34 that did act as resistance. And now the SP500 is heading down toward the 4,31 SPY 4,31 level. All right, so those are the levels I'm playing for today. Again, the SP500, well below the volatility trigger for SPX, also SPY, volatility trigger at 4,45. And note for SPY, the put wall and absolute gamma strike also move lower. So, for SPY, the put wall moved down to 4,30. Giving more room to the downside for SPY as well as SPX. And then the absolute gamma strike is at 4,35. That also moved down and that is up above. All right, so those are the levels I'm playing for today for the SP500. And we'll take a look at setups in just a few minutes. All right, let's take a look at NASDAQ. Here in NQ Futures, upper daily expected move, right at NQ 15,000. Price chopped around that level for quite a bit. And finally found resistance around that level as options traders were taking negative delta positions in the NASDAQ, QQQ and NDX. I posted that on Discord earlier this morning, right around 10.49, and it took a while for that to play out. All right, this is the, actually before I, I do want to take a look at the QQQ chart. Let me do that in the NDX chart to see the levels and play. So for QQQ, there's the 360 level, that's the absolute gamma strike. That level did move lower from yesterday, from 370 yesterday. And the put wall for QQQ also moved lower down to 350 today from 360 yesterday. Again, opening up more room to the floor, to the potential move, for a potential move lower. Let's take a look at NDX. So NDX really only this combo L5 level in range today. All right, back to book map. So again, I have my cloud notes here. Again, as I pointed out, there's the upper daily expected move and price could not move higher than that. Here's the 360 level. You really can't see it there, but that's the QQQ 360 level. And it looks like today around this 359 level has been support more or less. All right, so those are the levels and play for NASDAQ. And both the ES and NASDAQ, S&P 500 and NASDAQ, not real clean adherence to levels today. All right, let's take a look at some additional information now that I use in my positional analysis. I'm going to start with gamma notional. This is market makers position on the gamma curve at the beginning of the day for SPX, SPY, NDX, and QQQ. These numbers are significantly negative. 1.5 billion negative for SPX, 2.779 billion negative for SPY. And this is about as negative as it gets really. And then for QQQ minus 1.059 billion. So market makers position on the gamma curve at the beginning of the day was very negative. Again, a negative gamma environment, traders are long puts, market makers are short puts, and they have to trade with price to hitch their delta exposure. So let's see what that means. We'll take a look at the VANA model. So I'm going to start with SPX. This curve with a very steep skew to the left, very typical of a negative gamma environment. What this chart is showing is market makers delta notional or delta exposure and how that changes with changes in price. There are two curves on this chart. So first of all, the light gray curve just shows how market makers delta notional changes with changes in price only. And the purple curve adds implied volatility to the equation. That shows how market makers delta notional would change with changes in price and applied volatility. And that change in delta notional with a change in implied volatility is the VANA effect. VANA is the second order Greek. Let me check for questions. All right, Redshift Trucking says after watching you daily for about a month, I have now subscribed to Spot Gamma. And thank you for sharing your take on the markets. You're welcome. Glad you're here. And hope you're getting a lot out of Spot Gamma. I certainly do. And VHU, hello. Welcome. Glad you're here. Yeah, I will take a look at NVIDIA when I get to set up review in just a few minutes. And Joel, glad you're here as welcome as well. Welcome. All right, so Mark says screens blurry. So well, I think at least as far as I see, the highest resolution that I can get on YouTube is 720p. If you join us in Discord, I stream at 1080p on Discord. And Bookmap Discord is free and open to all whether you have a Bookmap subscription or not. And hello, Mosconi. Welcome. Glad you're here. Good afternoon. All right, so the VANA model, let's take a look at where SPX is trading now. All right, so it looks like SPX making a new low of the day right around 43.31. So that's right about here. So again, this curve is very typical of a negative Gamma environment. So what this is showing is if price increases and applied volatility drops, market makers can buy back short futures hedges. And that's a put VANA rally as their, again, trader's long puts, market makers are short puts. As those puts lose value, delta drops due to an increase in price and a drop in applied volatility, market makers can buy back their short hedges. And this works both ways. So if price decreases and applied volatility increases, they have to sell futures to hedge their delta exposure. So they're trading in the direction of price. So this is showing here price increasing, they can buy back shorts, price decreasing, they have to sell futures. Again, remember, they always want to remain delta neutral. So that's all that curve is showing, but it gives us a good indication of how market makers may react to changes in price and applied volatility and that's a big part of my determining a thesis for the day. Looking for today, of course, I was looking for very high volatility based on the very negative Gamma in the market. All right, let's take a look at spy real quick. Spy trading right around 432, similar situation, very negative Gamma curve, market makers trading with price. Finally, QQQ trading at around 359, also near low of the day. It's about here. Here we go, 359. All right, so that's a Vana model. So based on this, my thesis for the day was for higher volatility, wider training range. We'll see if that plays out in the afternoon. Then also, my directional bias was bearish. That's based on the shifts lower in the put wall and absolute Gamma strike for SPX, spy and QQQ. All right, so Mike Gimm, I will ask, could you please show how I'm converting QQQ prices to NQ? He says he has the indicator I mentioned, but it only works for current price. All right, I'll show you in just a few minutes. Let's take a look at some setups and then I'll get to that. All right, so I'm going to start with take a look and see what options traders have been doing today. So this is the spot Gamma hero signal. This is hero stands for hedging impact real time options. This is available to spot Gamma subscribers. What this chart is showing is price for SPX with a white line. The purple line is showing the hero signal again, hedging impact real time options that showing options trades and market maker hedging activity for a combined signal for SPX, spy, XSP and ES futures. So if you trade any form of the SP500, this is really the signal that you want to take a look at. I'm going to zoom in on this and I'm really only going to highlight one setup from the morning. Let me zoom in on this just a little bit. All right. So what this chart is showing is right around 10, 15 options traders. So initially right around 10, they took positive delta positions that leveled off a bit. Then that around 10, 15, they started taking positive delta positions again and price responded higher. So when traders, when market, when traders buy calls, market maker sell calls and they have to buy futures to hedge their delta exposure. And I'm talking about calls and SPX, ES and spy. All right. Let's take a closer look and see what traders were doing. So what I've done is separate outputs and calls. Let me zoom in on this just a little bit. So it's, this is somewhat subtle, but it gives us a better indication of exactly what traders were doing when I separate outputs and calls. So first of all, the orange line, rising orange line, is showing traders we're not doing anything with calls. Then right around 10, 15, they started buying calls again. So the hero line for calls, the orange line is flat. Rising orange line, that's positive delta indicates they're buying calls. So right around 10, 15, again, they start buying calls 10, 17. And they were buying puts shown by the falling blue line and they start selling puts. So here in this case, this area right here, both the lines are going in the same direction up. So positive delta and spot gamma has noted that that concurrent signal of both lines going in the same direction is a very strong signal, either up or down. In this case, traders are buying calls and selling puts, market makers taking the opposite side of those trades, and they are buying futures to hedge their delta exposure. All right. So that's right around 10, 15, 10, 17. Let's go take a look at book map right around that time and see what was going on. So let's, let me zoom in. So by the way, I do most of my prep in the morning. So this is what I saw, and most of my trading in the morning. So this is what I saw. We'll get to the live market in just a few minutes. So we know that traders right around 10, 15, 10, 17 started taking positive delta positions. Now we're going to look at book map. So when I'm trading, I have hero on one screen and book map on another screen. So I'm watching hedging flow and order flow at the same time. So I know that traders were taking positive delta positions and that shift, both of those lines puts and calls both shifting up at the same time. That's a strong signal. At the same time, I see potential support levels. So this 4336, that's SBX 4336 noted as support. And the spot gamma M founders note also the spy 4333 level acting as support. Note the shift in order flow. Magenta dots showing aggressive sellers. The dots volume dots are by minus sell where there are more sellers than buyers. The dot is magenta where there are more buyers than sellers. The dot is green. So the order flow shifts at a potential support level as traders were taking positive delta positions. Cumulative volume delta shifts higher. And also its price starts to move higher. Bystop orders shown by the rising yellow line as well as these green dots help to fuel the move higher. So the initial move was up past this 43 resistance level, 4350 resistance level to the 4352. So that was the setup in the morning that I saw the bullish setup in an otherwise market that I was really looking for bearish setups. But anyway, this was a very easy read in book map and in with hero. Right. So that's the setup that I wanted to highlight on the SB500. All right. So Desiree says meta Microsoft went south after Euro close. Maybe some call gamma unwind potentially. This is not the type of environment that I'm generally looking for call gamma unwind. But we'll take a look at that. All right. So this is the that was the highlight that the setup that I wanted to highlight. And it looks like that move eventually ended up at the 434 level before reversing. All right. Let's take a look at NASDAQ. I'm going to go back to hero. Total signal. I'm going to take a look at NASDAQ. And actually let's most of this is QQQ. Let's just take a look at NDX. Well, there's some contribution from NDX. So we'll take a look at NASDAQ. So this is the combined signal for NASDAQ, NDX and QQQ. QQQ making up the bulk of this. But we'll include NDX for completeness. And this is the setup that I pointed out earlier posted this in discord took quite a while to play out this divergence. So initially from the open hero was trending slightly lower traders taking negative delta positions. And then right around 1030, they started getting more aggressive, taking negative delta positions. And that was I posted this right around here 1050 1049. Notice that divergence again took almost two hours to play out. But price finally responded lower as traders continued to take negative delta positions. So let's see what they were doing. So they were buying puts and selling calls. So in this case, again, both lines going in the same direction, both negative. So they're selling calls and buying puts. Now that could be because well, we'll just leave it at that. So that's what traders are doing in NASDAQ. So let's go take a look at book map to zoom in on this just a little bit. So let's take a look at the order flow items in order flow. First of all stops shown by the rising yellow line here by stop orders fueled to move higher. That activity levels off. Also note the cumulative volume delta really starts to shift lower just after 1230. Let me zoom out show one other thing. So sometimes liquidity in the NASDAQ is hard to visualize. But you can see the heat map here showing a history of the limit sell orders in the order book. So there were sellers coming in between the 1520 and 30 level as price made highs around that level around those levels. And again, remember, options traders were taking negative delta positions pretty aggressively from about 1030. All right, so that took a while to play out. But there's the bearish set up in NASDAQ move lower and hero starting about 1030 and the price response lower took two hours or so. All right, so that is the NASDAQ. And while I want NASDAQ, let me answer your question, Mike. All right, so what I do is let's go back to the QQQ chart. So what I do for NASDAQ, I have a simple little script in thinkorswim that displays this number in real time. So I'm just dividing in Q by QQQ price. And I look at it for a minute or two and just take an average. So today, after looking at this and it jumps around a little bit, I ended up using 41.534, maybe just slightly higher than that. So that's the number that I use, Mike. I use that number. And then what I do is let's go to my NQ chart and I have an add on called price lines. This is it right here. Price lines. This is available in the book map marketplace. So it's an add on that you can purchase and it will fill out this column here. It displays these labels and draw labels and draws the line, the horizontal lines. All right, let me show you the spreadsheet. So this is all this information comes from a spreadsheet. So this is the section for QQQ. So right now I've got QQQ 350 to 380. I'm displaying 350 to 370 that's shown by the yes over here. Then what I do is just enter this little formula right there. So that is sell C187 times 41.534. And that then calculates the correct NQ number shown right here that corresponds to 350. And then I just drag that all the way down. All right, so Mike, I hope that answers your question. Let me know. Let me know if that makes sense. Let me know if you got that. All right, so that's what I do. And I just leave that for the rest of the day. All right, so SK Gango, hello. He asked how to import spot gamma levels to book map. Tried several times, not able to. All right, so I, there are a couple ways of doing that. You can use the cloud notes that spot gamma provides. I like to use my own. So I'm just showing, let's see, I'm showing, let me see, let's go back to actually, I don't know. Let's open up. All right, so I go to this, the home page for the dashboard, go to daily index levels. There's spy. So I do the same calculation for spy that that comes again from a little, that little script in thinkorswim. So 430, I just note that in my, my spreadsheet, 430, the difference, the ratio between ES and spy 10.1345. And I do that calculation by hand so I can actually show that label. So let's go. So 432 is in 10.1345 times spy, that gives me the correct ES number. And that's shown right here. All right, and then also with SBX, it's just a price difference. Again, 41 points today. All right, so SK Gango, that's what I do. And you can also just go to spot gamma, go to the dashboard, go to the integrations, and you can add your levels for book map, trading view, thinkorswim, book map, etc. All right, let's take a look at some setups for stocks now. So the first, and let's go to, oops, we'll go to AMD real quick. All right, so initially traders were buying calls, also selling puts, we'll just zoom in on this. Sorry about that. All right, so initially traders were buying calls, selling puts, up until about 1040, call buyers take their foot off the gas, and then traders started buying puts. So price makes an initial move up, and then is, again, call buyers take the foot off the gas. Traders stop selling puts and start buying puts. Price moves lower. So let's take a look at AMD. We'll go to book map. So there's the move higher. These traders were taking positive delta positions, and then they level off, start taking negative delta positions and price moves lower. All right, the next meta, let's go to heroes, see what options traders were doing. So meta, pretty similar story. Initially, traders were taking positive delta positions, whoops, wrong tool, driving price higher. Then they take the foot off of the gas again, start taking negative delta positions, and price responds lower, separate outputs and calls. So initially they were buying calls, selling puts. So they stopped buying calls, stop buying calls, stop selling puts, then started buying puts. Price moves lower. So very good long setup in the morning. Let's go back to book map, take a look. If you're fast, good long setup, up to the 305 liquidity, and then price reverses lower as options traders start taking negative delta positions. Let's take a look at Nvidia, and then we'll go back to Microsoft. All right, Nvidia, there was a good long setup, right around 1015. Let's go to hero, take a look at that. Here's the long setup in this morning, right around 1015. Traders shift from taking negative delta positions to positive delta. Price responds higher. Note 420 is the hedge wall. Zoom out just a bit. And similar to the other stocks that we took a look at, as options traders take their foot off the gas, price consolidates, then reverses lower as they start taking negative delta positions. All right, let's go take a look at book map and zoom in on this. So remember 420 is the hedge wall. So that's a spot gamma level. And note, there's a quite a significant shift in order flow here. Magenta dots showing aggressive sellers. And then right around 413, aggressive buyers start to come in. They're shown by the shift from magenta volume dots to green volume dots. And a quick move up to the 420, 420 hedge wall level, and the high liquidity at that level shown by the the heat map and book map at the 420 level. All right, Mike asks, says, thanks, Doug. You're welcome. So as you replay the webinar, see it now. One more thing, does the formula and the spreadsheet you use ever change? It changes every day. So the the numbers, the ratios, and the price difference changes every day. So the ES to spy ratio changes every day. The NQ to QQQ price ratio changes every day. That's why I have the instead of doing any manual calculation, I have those little scripts in and thinkorswim. So you know, I did, and I just note these every day. So it changes a little bit every day. And note the ES to spy ratio will increase quite a bit at the contract rollover. So the the ratio increased quite a bit last week with a rollover to the December contract. And now it will gradually move down towards 10. And same for the same for NQ to QQQ. That ratio will gradually move down towards 41. And the ES to SPX difference widens out quite a bit at the rollover. It started right around 50. And it will ended up at the at the rollover for the September contract. It ended up right around three. So it'll start it started at 50. And I expect this ES to SPX difference will gradually move down towards a single digit number again. And Jerry asked, how do you calculate this ES to spy ratio? Again, I do that with a script. A thinkorswim script. It's very simple just to buy ZS by spy. It does it in real time. And I posted those scripts links to the scripts in the options-dug chat channel. Look for the pin icon in the upper right. All right, so that is NVIDIA. Long set up. And if you can't find it, let me know. So move up to the 420 Hedgewall level. Options traders start taking negative delta positions. Price reverses lower. All right, let's take a look at Microsoft. Let's go take a look at Hero. So with Microsoft, I just did not see as a clean setup. That was partially due to this very large block order here. That's straight line up in Hero. There was a large block of calls. So large institutional order, large block of calls. And note again, as the call buyers took their foot off the gas, Microsoft reverses lower. They're also buying puts that show by the negative notional value there. All right, so slow to sorry. There you go. There's Microsoft. And note for Microsoft, 315 is the put wall. So if you're looking for a spot gamma based or gamma based target, there it is at 315. And you can see all the high liquidity there. For those of you who may not be familiar with book map, this is showing a history of the limit orders in the order book. Very significant number there shown by the bright red shading. And note the liquidity comes in at the cash open, typically stays in there until it's filled. So now the the buy orders at 317 were filled. So all these below price, these are limit buy orders. And they come in typically at the round number levels for stocks with higher price stocks. Or let's take a look at the broad market now. Again, if anyone has any other stocks that want me to take a look at, let me know. And by the way, for those of you who are asking about the how I get the levels on the chart, the ratios levels, I do offer one on one mentoring. If if you need more, more assistance with that, I'll be glad to help in one on one mentoring. If you're interested, just let me know in direct message in discord. Doug P is my name. All right, so maybe the SB 500, maybe found support at this 4324 level, a level noted as support in the AM founders note. Let's go see what options traders are doing now. Then we'll come back to this. So price really reversed lower from the 434 level. Move back up to around 4352. All right, let's see what options traders are doing. Go back to the SB 500 signal. So overall today, options traders have had a somewhat of a mean reverting effect on price. So options traders are buying lows, selling highs, at least in the first half of the day, assuming on this. So it looks like at least for right now they are started taking positive delta positions again. So we'll see if that that reverses lower or not. So at that support level, options traders started taking positive delta positions. So even though negative gamma market makers position on the gamma curve very negative, the options traders are having somewhat of a mean reverting action effect on price with a slight bearish tent tilt. All right, let's take a look. Let's see what zero DTE traders are doing. So that's shown next expiry for the SB 500, SB X by ES, that would be all options that expire today. So next expiry for the SB 500 is zero DTE. Looks like that options volume, option notional value is about half of the total total. So the purple line is showing all expirations and the green line is showing zero DTE. So maybe a reversal or maybe just a pullback for further move lower. Let's go, oops, let's go to book map, take a look at order flow. So it looks like today there are a lot of large traders buying with iceberg orders that show them by the rising light blue line. You can also see the buy iceberg orders here. Also that number is positive for the day. CVD cumulative volume delta just about flat. All right, so based on order order flow here, this could just be a be a pullback for a continued move lower series of lower highs. Let's go back to hero. So overall since about 1245 that the overall trend for hero is lower, making a series of lower highs, although the total notion of value for the day is positive. Let's just let's take a look at a shorter lookback period. So just looking at the last 30 minutes of data, now that that notional value is negative. So overall in this 30 minute rolling window period lookback period, traders are selling calls and buying puts. Let's take a look at NASDAQ. All right, so now it looks like NASDAQ traders may be taking positive delta position. So they're definitely selling puts, still selling calls. Let's take a look at the total signal. So right right around 120, they started taking positive delta positions. Price continues to move lower. We'll go to book map, take a look at NASDAQ. I'm going to go ahead and shift back to the one day lookback period. Go to NASDAQ and then we'll call it a day. So still looks bearish in the S&P 500 to me. All right, NASDAQ looks pretty bearish too. By the way, this is what Spot Gamma was looking for. They were looking for traders to sell strength, especially with the shifts lower in the put walls. And then again, the put wall shifted lower for SPX, SPY, and QQQ. Right, my time is up. I want to thank everyone for watching. Thank you for your questions and comments. And again, for those who are asking about how I display the, how I get the ratios, how I display them on my chart, I'll be glad to answer your questions in Discord. If you need some additional help, contact me through direct message in Discord, and I can set up a one on one mentoring. But again, just post your questions in Discord. And if, you know, if you're interested in one on one mentoring again, just let me know. All right, everyone, have a great weekend. Thank you very much for watching. Thanks for your questions and comments, and I will see you on Monday. Bye.