 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. Excuse me, 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 in 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 over 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 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 in 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 that can be taken any number of ways. For example, in the SOB 500, setups can be taken with 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 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. All right, here's my agenda for today, Wednesday, November 8th. 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 talk about some setups from earlier today, 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, please let me know, and I will be glad to do that. All right, let's get started. First of all, news items. For today, there were a couple. First of all, Jerome Powell was speaking at 9.15 a.m. Eastern Time, and then there was also a Treasury note auction at 1 p.m. Eastern Time. Both were non-events. All right, then tomorrow, Jerome Powell speaks again at 2 p.m., and then on Friday, Michigan Consumer sentiment at 10 a.m., so pretty light week. All right, let's take a look at positional analysis now. I'm going to start with the S&P 500. This is the ES Futures and Bookmap, and before I take a closer look at this chart, I want to take a look at a larger time frame. I'm going to take a look at a chart for SPX. This is a 30-day one-hour chart, and let me first point out the key turning points on this chart. This was the September jobs report that came out on October 6th that led to a gamma squeeze, and then SPX found resistance right around 4390, and SPX also finding resistance at that level now. So again, around 4390, SPX moved lower. This was the October, wrong tool, October expiration, monthly options expiration, very put-dominated, negative gamma. The expectation was for a put Vanna rally as those puts expired. Market makers could buy back short futures that really only lasted for a couple of days. The market continued lower. Then this is last week on Friday, the weekend before last. Traders loaded up on puts concerned about, oh, Sparky says it doesn't have video on Discord. Let me check that. Hold on just a moment. All right, how's that Sparky? All right, so I should be streaming on Discord as well. Sorry about that. All right, so the next turning point again was the Monday last week. That was Monday, October 30th. Huge put Vanna rally. Traders loaded up on puts. VIX was dropping sharply all week. Those puts were losing value. Market makers could buy back short hedges. And then again, the rally moved up sharply to this resistance point around $43.90. So really the next test is, will SPX move above that level? All right, so those are the key turning points. Let me point out some levels on this chart now. So first of all, this is the lower and upper weekly expected move, shown by the dash purple lines. If you remember last week, the SPX was well above, traded well above its upper weekly expected move. So that changes once a week. Right now, SPX trading in the middle of that range. Also the lower and upper daily expected move, shown by the dash blue lines. And thank you, Sparky. Sorry about that. All good to go now on Discord as well as YouTube. All right, so SPX trading also within the lower and upper daily expected move, both of those are based on the options market, the weekly expected move updated once a week, and the daily expected move updated every day. All right, there are some other levels on this chart. The SPOT gamma levels, these are proprietary SPOT gamma levels available to SPOT gamma subscribers. I'm going to point out the key daily levels. First of all, here's the put wall at 4000, well below, not in play, of course. And that is the strike with the largest net negative gamma that can be expected to act to support. And the next level up is the volatility trigger at 43.30. That is SPOT gamma's proprietary gamma flip level, or really a 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 note, during this rally, very negative gamma put dominated, and gamma was gradually becoming less and less negative until it finally shifted to positive for SPX. Let's see when that was. So that was last Friday on November 3rd. Gamma notional for SPX shifted to positive. All right, so that's the volatility trigger SPX right now trading above that level in a positive gamma environment. Excuse me. Then the next level up is 4400 right around the upper daily expected move. That's the strike with the largest net positive gamma. So that's the call wall. And also the absolute gamma strike. That's the strike with the largest absolute positive and negative gamma. All right, those are the key daily levels. Now let's take a look at a another SPX chart just for today to see the levels in play for today. I'm going to go to a one day one minute chart. So this is SPX showing about two and a half days worth of data. I'm going to zoom in just a little bit so we can see levels. So really kind of a choppy range day to day as expected in a positive gamma environment. The SPX trading above the lower daily expected move and below the upper daily expected move, which is also right around the call wall. All right, so that's SPX for today. I'm going to zoom in on this just a little bit. So SPX for today trying to make a rebound. We'll see where this support level was in just a minute. All right, and we can see that now on the ES chart. I have my own cloud notes. So I can show SPX levels and SPI levels and any other levels I want all on one chart. So first of all, here's the I have SPI levels. There's the SPI 438. That's not a spot gamma level that did act as resistance this morning. And then here's the SPI 435. That's the absolute gamma strike and the volatility trigger for SPI acting as 438 resistance 435 support. This is the SPI 437 level acted as resistance earlier today. And also this that's SPX 4374 acted as support for a few tests and then price dropped lower. All right, so those are the levels in play for today. Both the SPX and SPI levels in play for today. And this is how I look at the SPI 500 in terms of SPI and SPX levels. And we'll talk about setups in a few minutes. All right, there were just a couple of minor shifts in levels for the SPI 500. For SPX, the volatility trigger shifted lower. And for SPI it shifted higher, both minor shifts. Otherwise, there were no shifts in the the put wall call wall or absolute gamma strikes for the SPI 500. And P-coops, you're welcome. Glad you're here. All right, so that's the SPI 500. Minor shifts in levels. Let's take a look at NASDAQ now. NASDAQ pretty similar. Drop lower in the morning consolidation than a drop right around noon. All right, let's take a look at first of all QQQ chart so we can isolate the QQQ levels. And 373, that's the volatility trigger for QQQ acting as resistance. And NDX, there were really no gamma levels in play for today. We can just take a quick look at that chart. NDX. Earlier today, it looks like it might have been rounding and turning over. We'll see. So a couple of SPOT gamma levels below and above. And there were kind of odd shifts in the SPOT gamma levels for the NDX. Yesterday, all volatility trigger put wall, call wall, absolute gamma strike all shifted higher. And today, they all shifted lower back closer to what they were two days ago. All right, so that's NDX. All right, let's go back to NQ now. So an NQ just like NQ just like the SPI 500. I have my own cloud notes so I can show NDX levels. None on this chart. I'm also showing QQQ levels. So Sparky, let me explain the color coding here. So 373, that is QQQ. That is a SPOT gamma level with the white background red text that did act as resistance. That's the volatility trigger acted as resistance earlier today. And then the other QQQ levels that are not SPOT gamma levels, those are just showing in yellow. So around this QQQ 371 and also NQ 15300 around that level acted as support. All right, shifts and levels for the NASDAQ as I mentioned for NDX, all the key daily levels shifted lower. And then for QQQ, the volatility trigger shifted higher from 368 to 373. So again, this is the volatility trigger. All right, so again, Sparky, the yellow line is just a round number for QQQ. And the SPOT gamma levels are shown with white, white background red text, white line, and just the round number shown with yellow. All right, so Peacoop's asked, had a question about how to best use the flow alerts that SPOT gamma introduced. I'll get to that when we take a look at some setups. So yeah, I'll talk about that when we get to setup review. And I will tell you that I don't have not determined a best way to use those yet. There are so many alerts. All right, so that's the NASDAQ and the SB500. I've talked about shifts and levels. Let's take a look at gamma notional to see how market makers were positioned on the gamma curve at the beginning of the day. Gamma notional. This is gamma notional for SPX, SPY, NDX, QQQ, RUT, and IWM. And as I mentioned before, gamma notional has been shifting to gradually more positive and that trend continues today. So gamma notional became more positive for SPX and then less negative and actually positive for QQQ and less negative for SPY and IWM. So let's take a look at SPX for example. In a positive gamma environment, this indicates for what my gamma assumes for an index is that traders are long puts and short calls. Market makers have the opposite side of that. So they're short puts and long calls. In this positive gamma environment, this is on the long call portion of that gamma curve. So market makers are long calls. As price increases, they have to sell futures to hedge their delta exposure. They always want to remain delta-neutral. All right, so this is in a positive gamma environment that leads to lower volatility and more of a mean reverting type of market. All right, let's take a look at, again, all these became either more positive or less negative. And QQQ shifted from negative to positive today and SPY remains slightly negative. All right, let's take a look at the VANA model now to get a graphical representation of what this means. Let's go to SPX. And P. Coop says, Brett referred to using them for mean reversion. Yeah, that is, if you are a spot gamma subscriber, I suggest you go back in the archives of the subscriber videos and watch his presentation on the flow alerts that was several weeks ago, maybe three weeks ago, something like that. So I know that Brett has been trading based on the flow alerts. He mentions that occasionally. All right, so this is the SPX VANA model. This chart is showing market makers delta-neutral, their delta exposure. And you're welcome for the answer, P. Coops. All right, so market maker delta-neutral on the vertical axis and price on the horizontal axis. There are two curves on this chart. The first, the light gray curve shows how market makers delta-neutral changes with changes in price only. And then the purple curve adds implied volatility to the equation. That shows how market makers delta-neutral changes with changes in price and implied volatility. And that change in delta with the change in applied volatility is the VANA effect. VANA is a second order Greek. All right, let's check on some prices now. Right now, SPX is trading right around 43.77. So that's right around, let's see if I can, somewhere around here between these two lines, near the bottom of the curve. So this is indicating if price continues to increase, market makers delta-neutral will increase. And they'll have to sell futures to hedge their delta exposure. On the other hand, if price drops, market makers delta-neutral will increase again, and they will have to sell futures to hedge their delta exposure. So either way, if SPX makes a significant move in either direction, that will be a tailwind for price as far as market maker hedging activity goes. Let's do a quick check of SPY. SPY currently trading right around 436.50. Some are doing these two lines. So pretty much near the bottom of the curve. So this is indicating for the S&B 500, all that put VANA fuel that was available that sparked that, that drove that large rally last week has been used up. And finally, let's check QQQ. QQQ trading right around 372, also pretty close to the bottom of the curve. All right, so just maybe for SPY and QQQ, just maybe a minor VANA tailwind, but nothing like what was available that fueled the rally last week. All right, so GAMMA notional shifting more and more positive. VANA model indicating no more put VANA fuel for a rally. So my thesis for today was looking for lower volatility, more of a range day, and mean reversion type of trade. All right, let's take a look at some setups now. So I'm going to start with the hero signal here to see what options traders are doing. I'm going to start with the S&B 500. This is the, again, the hero signal hedging impact real-time options. And this chart is showing price with a white line. This is price for SPX. The hero signal is purple. And that is showing options trades and market maker hedging activity for a combined signal of SPX by XSP and ES futures, all combined into one signal. All right, let's zoom in on this chart. And there was a setup this morning that I want to focus on. So this was right around $09.55, something like that. Options trader started taking negative delta positions and price moved lower. So move lower consolidated somewhat as the hero signal flattened out and then moved lower again until just afternoon. And then the afternoon rally began. All right, let's go take a look at book map. So we know right around $9.55, options trader started taking negative delta positions. Go back to book map, go to the SP500, then we'll look for clues in order flow for that short setup that was right here just before 10 a.m. So the first clue was just looking at the volume dots here. The volume dots are showing market buy minus sell. Green dots indicate more buyers than sellers. Magenta dots indicate more sellers than buyers. So price reverses at the 438 level that I mentioned before. Price reverse lower as aggressive sellers. So aggressive buyers move price up to 438. They were exhausted. And then aggressive sellers came in. And you can also follow the lines in the sub chart. First of all, the dark blue to pink line is showing cumulative volume delta CVD. And then finally for this last move lower, the following yellow line indicates that there were sell stop orders fueling that final drop. So as price started moving sharply, the sell stop orders helped to fuel that move lower down to 435. And note that price stayed below VWAP after that initial move. Pullback entries at VWAP. That's this light blue line pullback entries for shorts at VWAP. And price targets. First target would have been if you got in at 438. First target 437. Really no need to get out as price stayed below VWAP. Cumulative volume delta was dropping stops. The yellow line dropping. And then also there were some large traders selling with iceberg orders on that final move down. That's shown by the following light blue line. So far today it looks like large traders not participating in any move up. The light blue line remains flat. And then it looks like some aggressive buyers are fueling this move higher as well as buy stop orders. Let's go take a look and see what options traders are doing. So really so far today this short setup was the clear setup from spy 438 to spy 435. And that was some much needed, much welcome two-way trade. Then right around 12, just before 1210, options traders started taking positive delta positions. Again, this is considering a positive gamma environment looking for mean reversion, not large trend days. All right, let's take a closer look and see what traders were doing today. First of all, we can take a look at puts and calls. So this is pretty typical. Traders are buying calls and buying puts. Put buyers more aggressive. The puts shown by the falling blue line also the negative notional value right around minus 2.5 billion and call buyers then shown by the rising orange line also positive notional value. Sorry, nothing I did. Spot gamma is working on this problem. This auto zoom. All right, so put buyers more aggressive than then call buyers. So put buyers definitely driving the move lower up until about noon. The vinyl push lower, then they take the foot off the gas, the blue line levels off and they start buying calls and the S&B 500 starts to rise. All right, so it often helps to slice and dice this a little bit and take a look at the puts and calls separately that gives a typically that gives a little bit more clear picture of what traders are doing. We can also take a look at zero DTE the next expiry. So interesting the next expiry for the S&B 500 is showing options that expire today. And the zero DTE traders are more more bullish than the overall the all expirations all trades. All right, Sheena asked hello. Hello Sheena. What do you say when you say mean reversion? Is that mean reversion to VWAP? No, I mean just in this type of market look for a range day. So, you know, we were showing in book map that 435, 438 was the high of the day 435 the low of the day. And at some point, I'm not looking for that trend to continue. I'm looking for traders to start buying dips and selling reps. But so far today, the last time, last time I looked, right, so now it looks like the S&B 500 trying to break above VWAP. But earlier today, like blue line, the SPX was down below VWAP. So in a very negative gamma environment, I would be more inclined to look at this rally downtrend to continue in a positive gamma environment looking for mean reversion. All right, let's take a look at NASDAQ now. Very similar chart pattern. The levels, reversal levels, not quite as clear. Let's see what options traders are doing in NASDAQ. So this is a combined signal for NDX and QQQ. Not as clear as the S&B 500. But notice, we'll zoom in on this just a little bit. NASDAQ, white line showing price for NDX. Purple line showing the hero signal. So NDX made an equal high. And then the hero signal, the purple line made a lower high, somewhat of a divergent signal there. Then price reversed lower just around $9.55 the same time as the S&B 500. So let's go take a look at book map. We'll come back to this in just a moment. So look at book map. Here's that reversal right around $9.55. Oops, sorry. You can see the shift in order flow here. Aggressive buyers on the way up. They become exhausted. Aggressive sellers start to come in, shown by the magenta volume dots. Price moves lower. Pullback entry at the QQQ 373 level. Also pullback entries to VWAP, just like the S&B 500. And then this sharp break lower. And now price is reversing. All right, let's go back to hero. All right, so the hero signal for NASDAQ, not as clear. There's one other signal that we can take a look at for the NASDAQ. This is the combined signal for the Magnificent 7. So these are the stocks known as the Magnificent 7. Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla make up a very large portion of the NASDAQ. Also the S&B 500. So these stocks are key drivers of price. And again, both the S&B 500 and NASDAQ. Let's take a closer look at this chart. So this actually was not as clear today. So this reversal hire just afternoon, I guess what you could say is traders stop taking negative delta positions. And then just around 1235 started taking positive delta positions again, or started taking positive delta positions. And then price starts rising. So a little bit more difficult to interpret than the S&B 500 today. All right, let's take a look at some stocks. So what I did this morning was ranked since both the S&B 500 and NASDAQ were dropping. I ranked my watch list here by the weakest hero signal, looking for weak stocks, also after such a sharp move hire. Last week, looking for someone, again, mean reversion, looking for shorts in the morning. So this list has changed a little bit. So I'm going to go through the list as it stands now. And so what this is showing, it compares the hero signal to the last 30 days that shown here, last 30 days for the entire length of the signal. That's the last 30 days. And then the color portion is showing the last five days. All right, so the top of the list now is Tesla. When I looked this morning, the top of the list was Amazon. Truman says the bond issue at 1230 seemed to seem to be a catalyst as yields dropped. That could be the case. Let's actually take a look and take a look at the 10-year. And we'll see when that took place. All right, so Truman, as far as my understanding that bond auction took place at 1 p.m. That's right here. But the treasury, the 10-year note, was already dropping lower for some time. So it does, you know, looking at a bigger picture here, really did not seem to have much of an impact in the overall big picture. So right now, the 10-year right around 4.5%, but it's been dropping lower for some time. And that also helped to fuel the rally last week. All right, so this is the Magnificent 7. All right, we're going to take a look at some stocks. So let's go back, go to Tesla. And earlier today, Tesla was weak now, looks like trying to recover. Note the call wall at 225, and the Key Gamma Strike 220, price traded below that level, now trading back above. So here's a flow alert. So P. Coops was asking about this earlier. I guess you could look at that as mean reversion, or for a mean reversion trade. It came in a little late for a trend continuation. All right, so let's go take a look at book map. So just looking at Tesla here, and when I trade, I'm looking at book map on one screen, hero on another screen. So I see the hero signal starting to drop right around 955. That's when both the S&P 500 and Nasdaq dropped. Then that flow alert comes in right around 1020. So let's see how we can interpret that in book map. Go to Tesla. All right, so Tesla 955, so Tesla was already dropping. There's the reversal at VWAP as both the, again, the S&P 500, Nasdaq dropped lower. So the signal comes in about 1020, that flow alert. So at this point in the move, I would not be looking for trend continuation, not looking for short. So you could see here, you know, just waiting patiently, this reversal at right at 218. That's the Tesla 218 level. Aggressive buyers start to come in. Then instead of making a lower high, Tesla makes a higher low. So that could have been a mean reversion signal for a three-point move higher. And really, the more conservative entry was at 219, right about right before 11 a.m. for a two-point move higher. All right, so that's Tesla. Let's go back to the hero signal now. Next on the list, Microsoft. We're actually first on the list, Amazon. So here's Amazon bullish in the morning, let's zoom in on this. So first of all, hero starts dropping around 945, then price reverses lower with everything else right around 955. This flow alert. So P-Coups, I've been using, I've been using hero long before the alerts were available. So again, I have, you know, I'm mainly looking at the trend of hero, looking at what traders are doing with puts and calls and have not really developed a clear system for using these flow alerts. Often they provide good signals and sometimes not. So I would, you know, any further discussion of alerts just deferred to what Brent says about the alerts, often very timely, often not so much. You just have to interpret that with whether, you know, I interpret the alert and the flow signal by looking at book map and putting it all together. All right, P-Coups, glad to hear that makes me happy to hear that you've implemented my approach, greatly improve your trading. Great. Thank you very much for your kind words. Okay, so there's Tesla, I mean Amazon, I'm sorry. So let's go take a look at Amazon in book map. All right, there's Amazon trying to make a reversal higher, starting around one o'clock. A lot of correlation today. Let's go back to, go back to hero. It's not shown on this chart, but the, let's see, as far as I can tell the Amazon is still trading above its 140 call wall. And then Truman asked about Microsoft. So let's take a look at Microsoft. We can go to equity hub. Here I just happened to have Microsoft up. And so far this is showing that around 20%, 21% of gamma is expiring, but that's not this Friday. That is next expiration. All right, so that's a main monthly expiration. That's pretty typical of a larger institutional stock like Microsoft. Let's just check on one thing. So spy, I mean Amazon, oh now the call wall has moved higher to 145. So Amazon trading below its call wall. And Truman, I agree completely. I would, I would like to see, like to see Microsoft drop lower. All right, pcoops ask, how would one know if dealers are fully hedged? Is there any way to quantify that? Well, I would say that options, market makers are always fully hedged. They're not going to let their delta get out of hand. Their job is to make markets and make markets and manage their risk. Now there is one way of looking, and this really is not in play now, looking at this gamma curve. And I showed this several times a couple of weeks ago, prices dropping sharply. And you can look at this point on the gamma curves. When I talk about the gamma curve, this is what I'm talking about. So this right now, this shift in the slope of the the gamma curves right around 4, 400. So at this point, as the price is dropping, you could say at this point that market makers are fully hedged. And pcoops says they are dynamic and hedging, if I understand, that's my understanding. So market makers, they want to, certainly end the day in a delta neutral position. Again, their job is just to make markets and manage their risk. So they always want to remain close to delta neutral. All right, let's go back. All right, we looked at Tesla, Amazon, let's take a look at Microsoft. So Microsoft was falling a bit of the morning as traders were taking negative delta positions. Here's a fairly timely flow alert, just after the cash open. All right, Sparky, sorry I missed your question earlier, wants to take a look at, we'll take a look at Microsoft, and then we'll go to NQ to look at my stops and iceberg settings. All right, let's go to, look at Microsoft. All right, Microsoft trading at all time highs continues higher. So a little bit of a short set up in this morning, this morning, did not last long. All right, let's take a look at NQ. All right, stops and iceberg settings. All right, so there's the sub chart settings and the on chart settings. So for sub chart, it's pretty simple. I just use some mode. All right, so that's it. And no vertical axis alignment. All those are unchecked, some mode. And then I have the colors that I like. The blue, I think is the default. And then I change stops to yellow. All right, so Sparky, there you go. That is the sub chart indicator. Now let's take a look at the on chart. And that's the alert settings, go to the visual settings. All right, so I, this is pretty much the default settings, except for the colors maybe, magenta for cells, visor blue. And I would say these other settings, just adjust to your taste, as far as the icon size and the offset. And I have all these checked here. All right, so that's the on chart. For icebergs, go to stops. There are my settings. All right, so again, you can just come back and review this. I would, I think I probably have pretty much most defaults other than the colors maybe. All right, so there you go Sparky. All right, let's take a look at, so it looks like Nasdaq's still trying to make its way back up to the 373 volatility trigger. Let's go back to hero, see what options traders are doing. So it looks like for Microsoft, options traders are still not participating in this, this move higher. Go back to Nasdaq. Magnificent seven. So this is what, what appears to be driving Nasdaq higher now. Traders selling puts and buying calls are actually net for the day. They are selling calls, but starting around one o'clock, they started buying calls. So note the blue line and the orange line. So all right, sorry, both moving up in the same direction. That's a strong signal when the blue line and the orange line move in the same direction. Again, a very strong signal that's hard for the stock or index or whatever you're looking at to, to fight that. So starting about one o'clock, again, traders are buying calls and selling puts. Market makers take the other side of that and they have to buy stock to hedge their delta exposure. So that's driving Nasdaq higher. Take a look at the SB500, not quite as clear. Here for the SB500, traders stopped buying puts and really came a little bit more aggressive buying calls. So not as strong a signal as the Magnificent Seven. Let's go back to book map. Truman says meta was a great reversal. Wants me to take a look at that. All right, so the SB500 back up to the 437 level, that large Gamma 2 level that was resistance earlier today. Let's take a look at meta. Yeah, very nice reversal in meta. Let's go take a look at Hero. So interesting, it looks like really aggressive buyers moving that meta higher and then options traders come in sometime later. Flow alert to get your attention. Then another flow alert about an hour later. Let's go back to book map. No spot Gamma levels in play. Back to book map. So when I'm looking at order flow, I'm looking at all the green volume dots here. A lot of aggressive buyers moving price higher. Then options traders come in a little bit later. It's usually the other way around. You can see cumulative volume delta starting to shift higher. Just a few, really maybe 15, 20, 25 minutes before price starts to move higher reverses right at the 315 level. All right, Sparky says it seems like you have much less icebergs on the chart than other charts I see. Agree best to look at the big values. So for comparing NASDAQ to the S&P 500, for example, there are going to be fewer orders all the way around. NASDAQ is much bigger. I'm not sure if that's what you're referring to. For example, what you would consider a large order in NASDAQ is not necessarily a large order in the S&P 500. And then also note that book map does aggregate those orders together. So right here, for example, this is showing 1,153 contracts executed. That's a sell iceberg order, but that was 20 different executions. And if I zoomed in closely on that level, those, that aggregation would show more of the individual orders. So let's just compare quickly with the S&P 500 and I've got to wrap it up. So typically the iceberg orders are going to be a lot larger in the S&P 500. All right, my time is up. I want to thank everyone for watching. Thank you very much for your questions and comments. And remember DronePowell is speaking at 2 p.m. tomorrow. That will be during my session and we'll try and take a look at the S&P 500 at that time. All right, thanks again. Thanks for watching and I will see you tomorrow. Bye.