 Hello, everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through 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. Before I go any further, I do need to pause for a public service announcement. Bookmap is asking all Bookmap Discord users to fill out the form. It will provide you with some benefits, webinars, services, beta programs, add-ons, and should make Bookmap Discord a better experience for all users. So please, if you have not already done so, go ahead and fill out this form. It requires your email address, your Discord name, and also your Bookmap license key. If you're not a Bookmap subscriber, you can subscribe to the free version if you're not interested in one of the paid versions. And that's available on the Bookmap website. 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-dash-dug chat channel. That's a great place to post questions, comments, and content related to the topics in my presentation and the topics of the channel that I'll go through in just a moment. And note that Bookmap Discord is a great community. There's a wide variety of channels there on a variety of topics, asset classes, stocks, options, futures, crypto. Also on a wide variety of languages. And I'm also on X, formerly known as Twitter. My name there is at Doug P. And if you have not already seen me on Twitter or X, and if you're active there, it would be great if you could go take a look at what I've posted and if you like what you see, give me a like and a follow. That would be great. Thank you. Here are my key tenets for trading. First of all, I believe options trades and market maker hedging activity are key drivers of price and many stocks and futures. And especially the large cap tech stocks that I follow, as well as the equity futures like the S&P 500 and NASDAQ, ES and NQ. And for the S&P 500, SPX is the underlying index. That's the S&P 500. SPI is another version of SPX and ES is a derivative of SPX and SPI. So when traders buy and sell puts and calls in SPX and SPI, market makers take the other side of that. And they have to hedge their delta exposure with ES futures. So they're hedging delta with delta. And for the NASDAQ 100, NDEC, NDX is the underlying index. QQQ is the ETF version. And it's actually the most, more liquid of the two. And NQ is a derivative of NDX. And the same form goes for the NDX and QQQ. When traders are buying, selling puts and calls and those instruments, market makers are taking the opposite side and they're hedging their delta exposure with NQ futures. The focus of my presentation today and the focus of the options-dash-dug 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 at the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as a directional bias. And the second step in my process is execution. I look at real-time order flow on book map and real-time market maker hedging flow on spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focusing on an underlying asset. For example, the SB500 setups can be taken with the S futures, SPY shares, SPY options, SPX options, or even ES options. Questions and comments are welcome. And I will be watching both the options-dash-dug chat channel and Discord, as well as the chat and YouTube free of questions and comments. Please feel free to post, and I'll do my best to answer your questions. And hello, Steven. Welcome. Glad you're here. All right, here's my agenda for today, Tuesday, February 13th. First of all, I want to go over news items, economic data, and events for today as well as the rest of the week. Then I'll go through my positional analysis, then I'll review some setups from earlier today, and then I'll try to move through this as quickly as possible to get to the live market. All right, so let's start with news items. And, of course, the big news item for today was the CPI data. And let's take a look at that. This is the CPI data for today. And it came in higher than expected and greater than or equal to the previous number. And there was a very bearish reaction to that data. So CPI data, worse than expected or higher than expected. And the market did not like that at all, especially a market that has run up so much. All right, for the rest of the week, tomorrow is VIX expiration. And then on Thursday at 8.30 a.m. Eastern Time, retail sales reports. Sales are reported. That's economic data released. Then on Friday at 8.30 a.m. Eastern Time, PPI data is released. 10 a.m. Michigan consumer sentiment. And, of course, Friday is the monthly options expiration for Friday for February. And that is, we'll take a look at that. Starting tomorrow has been a very call dominated options expiration. So again, Friday is the February monthly options expiration. All right, let's move on to positional analysis now. We'll take a look at the ESP 500. So this is the ES Futures and Book Map. And just want to point out the reaction to the CPI data right here. Big drop down about a 40 point or so drop. From over 5,000 down to the initial down to actually more than a 50 point drop down to around 4950 at the lowest. So that's in SPX terms. And hello, Cesar. Welcome. Glad you're here. All right, so we'll take a closer look at the ES Futures in just a minute. And before I do that, I do want to take a step back, look at a larger time frame. I'm going to take a look at the SPX. This is the, again, the underlying index. I'm going to start with a one day chart. And the current rally began October 30th last year. So far from the low to the high, this rally was about approximately 940 points. All right, let's take a look now at a one hour chart. So we're still looking at SPX. So that is the context, this large 940 point rally. Now let's take a look at the upper portion of that. And what I want to focus on is how the SPX has progressed through these big round number levels, starting around 4,800. This was the 4,800 call wall around the beginning of the year. That's right here. SPX 4,800. And SPX broke above that level. This was on the January monthly options expiration, also a call dominated expiration. Price broke above that level. And then broke above the 4,900 level, above the 5,000 level. And then finding resistance so far around 5,050. So strong rally has progressed through these call wall levels as the call walls have gradually moved higher. All right, let's take a look at the levels on this chart. So first of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. It's updated once a week. These levels remain in place on my chart for the entire week. Then the dash blue lines are showing the lower and upper daily expected move. That's based on the options market also updated once a day. I update both of these levels every day in Bookmap Discord. And I show them the evening before. So the expected moves for today I posted yesterday evening. And the daily move, again, that's daily, it does change every day. And note that SPX is trading below the lower daily and weekly expected move today. Big move down after the CPI disappointment. And note the move down did actually start about midday yesterday. All right, the other lines on this chart are spot gamma levels. These are proprietary spot gamma levels that provided to subscribers. They're available on a variety of trading platforms. This is thinkorswim. I'm going to point out the key daily levels. Excuse me. All right, these are based on gamma weighted open interest. Again, proprietary to spot gamma level. First of all, spot gamma. First of all, here's the put wall. This is I'm going through the key daily levels. The put wall at 4,600. That's a strike with largest net negative gamma that can be expected to act as support. That level did move up from yesterday from 4,500 yesterday to 4,600. The next level up is the volatility trigger. That's at 4,945. That is spot gamma's proprietary gamma and 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 that is definitely what they have been doing today. And we will take a look at that in just a couple of minutes. So below that level, market makers position on the gamma curve is negative. And again, they have to trade with price to hedge their delta exposure, enhancing or increasing volatility. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to decrease or subdue volatility. In Chin-Tan, you are in the options-dash-dug chat channel and that's where you need to post your questions. So you don't want to post your questions in the live stream channel. This is where you need to post right here in the options-dash-dug chat channel. That's what I'm watching. All right, so the next level up is 5,000. And that is the call wall. That's a strike with the largest net positive gamma that can be expected to act as resistance. That's also the absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. Note the call wall did move down from yesterday. So the last couple of days the call wall has moved up from 5,000 to 5,050 to 5,100. And now today back down to 5,000. And that is bearish. All right, Callie Boy asked if I can zoom in. This is a one-hour chart. And sorry, I want to show all the levels. So the put wall is way down here. So even if I zoom in, that level will still be shown on the chart. I'll get to a one-minute chart in just a minute. All right, let me check for questions. All right, Chintan, the volatility trigger did hold up as support so far today. And that is a good observation. And I don't understand your question. How this gets dervised? Sorry, I don't understand. Maybe you could rephrase your question. All right, so Callie Boy, now let's go to a one-minute chart so we can get a closer look at the levels and play for today. And then we'll get to book map. All right, so here's a one-minute chart for SPX. This should be easier to look at. So I'm looking at levels for today. And Chintan asked how the volatility trigger gets calculated. That is a proprietary calculation to SPOT Gamma. We can take a look at the combo charts and give you an idea of where that level comes from. But the actual calculation is proprietary. All right, so let's look at the levels and play for today. First of all, here's the call wall, 5,000. SPX gap down lower, well below that level. Also, there's the lower daily expected move, lower weekly expected move. Right around 49.68, there's also a SPOT Gamma level right there acting as resistance. So as Chintan points out, the volatility trigger at 49.45 acting as support and this 49.68 and this lower weekly expected move acting as resistance. All right, let's get to book map now. I'm going to zoom in, focus on the regular trading hours. All right, so this is the 9.30 cash open right here. All right, let's take a look at the levels on this chart. All right, still reading questions. All right, so these are the levels on this chart. I have my own cloud notes, so I can show SPX levels. Oops, it looks like I've got a mistake there. So that's the 49.50 level. Not sure what that is above that. That looks like a mistake. I'll check my spreadsheet. Let me zoom just a little bit. All right, so the important level is this 49.45 volatility trigger as Chintan points out acting as support this morning or a target for a short at the 4.95 spy level. So I have SPX levels on my chart and I have spy levels on my chart. This 4.95 level being a key level today. And note there is a difference in price between ES and SPX and today it's right around 16.5 points. That's what I'm using. So I'm showing the SPX 49.50 at ES 49.66.5. All right, Callie Boy asked, should we take calls able to spot gamma level then? Well, how you trade these spot gamma levels is up to you. I will talk about how I approach trading with these levels in just a couple of minutes. All right, so those are the key daily levels, the key levels on this chart, both SPX and spy. I talked about shifts in levels for the SPX, put wall higher, call wall lower. I put more weight on the call wall, moving lower, interpret that as bearish. Also for spy, the volatility trigger, put wall and call wall all moved higher. So a hat trick for spy and that is definitely bearish. Again, volatility trigger, put wall and call wall all shifted higher. And for the SPX and spy, both the call wall and call wall shifted higher again for SPX and spy. All right, let's take a look at NASDAQ. And then we'll wrap up the positional analysis. All right, NASDAQ. NQ Futures and BookMap. Equally bearish move after the data release. And the reaction at the cash open was a little bit more bullish in the NASDAQ than the SP500. All right, so the underlying index products for the NASDAQ are QQQ and NDX. Before we go further on this chart, let's take a look at charts for first of all QQQ to take a look at the levels and play for today. So this dark shaded portion is the regular trading hours. Support at the open somewhere between 426 and 427. And this is the put wall at 430. So QQQ trading below its put wall and the zero gamma level at 431 acting as resistance. So for a while the put wall was support and now QQQ has broken down below that level. All right, so that's QQQ. So one minute, one day chart. Let's take a look at NDX. We'll see that this 750 level has been key. That's the volatility trigger for NDX. So remember the volatility trigger for SPX acting as support this morning. Here's the volatility trigger for NDX. Also acting as support. And now NDX is heading back down toward that level. All right, so just like the SB500ES, I have these levels QQQ and NDX levels shown on my chart. There's that 750 level that I was talking about. There's the QQQ 431 level, zero gamma acting as resistance. I also have key NQ levels on this chart. The big round numbers, those are shown in red. The zero is in the 50s. And here's the lower, daily and weekly expected move. All right, remember I'm still on position analysis. Looking at the levels and how ES and NQ have reacted to those levels and the levels of play for today. All right, shifts and levels for the NDX. The volatility trigger did shift higher. And for QQQ, the put wall shifted higher. And the absolute gamma strike shifted lower. So kind of a mixed picture for the NASDAQ. And Kelly Boy asked, are the indicators and toss for traders to buy in a book map store. So these lines that I'm showing in Thinkorswim, these are available to spot gamma subscribers. So they really don't have anything to do with book map. And if you do use book map, the spot gamma levels are available in cloud notes for book map as well. I use my own so I can be more precise and show the spy and SPX all in one column of notes. All right, so this is available to spot gamma subscribers. It's not in the book map store. All right, let's go back to the SP500. Let me check for questions. And the tremendous Tim asked, why is the put wall so low? And the call wall always so close to mark. So remember the definitions of the put wall and call wall. And they're calculated and shown every day. So the put wall is the strike with the largest net negative gamma. And the call wall is the strike with the largest net positive gamma. All right, so let's wrap up the positional analysis. And then we'll take a look at some things to answer these questions. All right, so I'm going to go back to, first of all, take a look at gamma notional for the beginning of the day. So this is market makers position on the gamma curve at the beginning of the day for the SP500, Nasdaq, and also 2000. Note all these numbers are positive, indicating at the beginning of the day, market makers position on the gamma curve is positive. So what spot gamma assumes for an index is that traders are short calls, market makers long calls, hence the positive gamma environment. They have to trade against price to hitch their delta exposure. All right, the next thing that I want to take a look at is the, the Vana model to get a graphical representation of what that means. All right, what this chart is showing is delta notional. All right, so for those of you who have seen the recent discussion in bookbap discord and the options dash jug chat channel, please note that this is delta notional. All right, so that's on the vertical axis. This spot price for SPX on the horizontal axis. There are two curves on this chart. The first shows how delta notional may change with changes in price only, and the purple curve adds implied volatility to the equation. That shows how market makers delta notional may change with changes in price and implied volatility, and that change in delta with a change in implied volatility is the, is the Vana effect. Vana is the second order of Greek. All right, so let's take a look at prices now. So we know the low of the day for SPX was right around 49, 45, and that's the volatility trigger. So that is firmly on this left skewed portion of the curve. So what this is showing is price was falling today, implied volatility increasing. Market makers delta notional was increasing. Remember, they want to remain delta neutral, so they had to sell futures to hedge their delta exposure. And then as price rallied off that 49, 45 level, price was increasing, implied volatility dropping, and market makers could buy back their short futures. And that is a put Vana rally, and that was what was helping to fuel that move higher off the 49, 45 strike this morning. All right, let's, we'll take a quick look at SPI and QQQ, then we'll move on. All right, so the low of the day for SPI, the last time I looked was right around 493, also on this left skewed portion of the curve, indicating traders are trading with price to, with price to hedge their delta exposure. Prices falling, implied volatility increasing. Market makers delta notional was increasing. They had to sell futures to hedge their delta exposure. And finally the same for QQQ. Low of the day, right around 426, somewhere between 426 and 427, so very much high up on this left portion of the curve. All right, let's go back to SPX, and I'm going to take a look at absolute gamma. So Tim, this will answer your question. It looks like he might have left. Anyway, let's take a look at the, all right, so the call wall. We know that's at 5,000. That's a strike with a largest net, positive gamma. So that what this chart is showing is absolute gamma. Orange bars are showing call gamma or positive gamma. Blue bars showing negative gamma or put gamma. So the call wall is simply a calculation. It is the orange bar minus the absolute value of the blue bar and looking for the greatest value. And that's the greatest value is right there at 5,000. No, that's also the absolute gamma strike. And that strike is, can be expected to act as a magnet for price, especially in a still a positive gamma environment. All right, the put wall at 4,600. That's not even shown on the chart. I may have to see if I can find it. All right, so there's the put wall. So Tim, if you're watching this recording, there's the put wall. Again, it's a calculation. So it's the blue bar minus the orange bar. All right, so finally let's take a look at the volatility trigger. This is the combo strikes. So this is showing combined gamma for SPX and SPY. This is the zero line and negative gamma or put gamma below the zero line. Call gamma or positive gamma above. Let's take a look at where this shift occurs. All right, so there's 49, 47. All right, so note there is some put gamma above that level. But no call gamma below that level. So that's where the shift occurs, to purely put gamma. All right, so Chin-Tan, this gives you a visual representation of about where that volatility trigger is located. All right, so based on this today, my thesis for the day was bearish based on the shifts and levels. And of course, you never know until the market reacts to the CPI data. All right, so let's take a look at some setups. And one the man asked, how does the Vana model influence your trading? If at all, it gives me a sense of how market makers may be reacting to changes in price and applied volatility. And I know on that left skewed portion of the curve that market makers are going to be trading with price. That leads me to expect a wider trading range, more trending days, and more volatility. So I can set my profit targets higher, look for more profit, again, wider trading range in my setups for the day, as opposed to a very positive gamma environment that would be on the right portion of that curve moving up. I would look for taking profits at much lower for my entry. All right, so I'm looking for, again, higher volatility today. A wider trading range as SPX and a spy and QQQ have all moved to the left portion of that Vana model. All right, so I'm going to start now with real time looking at setups. All right, so everything that we've looked at so far is based, other than book map, is based on static data. Everything that we've looked at so far is based on static data. The gamma levels and the Vana model, spot gamma takes open interest data from the OCC that comes out once during the night. They apply their algorithms to that data and come up with all the information that I use in my planning and positional analysis. All right, so now we're moving on to execution, looking at, first of all, how options traders have been reacting today. All right, so what this chart is showing, let me just zoom out, zoom out briefly. This is the hero signal, hedging impact, real time options. This chart is showing price for SPX and the hero signal in purple. Again, hedging impact, real time options. So this is showing options trades and market maker hedging activity for a combined signal of the SPX, spy, XSP, and ES futures, all into one combined signal. So if you trade any form of the SP500, this is the signal that you want to take a look at. And a falling hero signal indicates traders are taking negative delta positions. They are selling calls and or buying puts. Market makers take the opposite side of that, so they have to hedge their delta exposure. They want to remain delta neutral. Their job is to make markets and manage their risk. And the risk is in delta exposure. And for the SP500, the way they do that is with ES futures. And for SPX, that's the only way that they can hedge. There is no SPX. You can't buy or sell the SPX. So they sell, buy and sell futures to hedge their delta exposure. And a rising hero line indicates traders are taking positive delta positions. They're buying calls and or selling puts. And we'll see what they were doing earlier today. All right, so let's zoom back in on this chart. So we know it's a combined signal. Zoom back in. I'm going to take a look at a couple of setups. Now I mainly trade in the morning up until, you know, from say 9.45 to to noon. All right, so looking at setups this morning. And the first was this short setup. Traders started taking negative delta positions right around 9.40. Price reverse lower at the SPY 495 level. And then right around 10.20, the call buyers were not to be denied. So the dip buyers came in right around 10.20, right at that 49.45. That's shown as the hedge wall here. It's the volatility trigger for an index. Call buyers come in. So let's separate out puts and calls and see exactly what traders are doing. Close this. Look puts and calls. So what this is showing the orange line is showing calls. A rising orange line indicates traders are buying calls. When traders buy calls, market makers sell the calls. They have to buy ES futures to hedge their delta exposure. And a falling purple line, which is what was driving price this morning. Sorry about that. Indicates traders are buying puts. Market makers are selling puts. And they have to sell futures to hedge their delta exposure. So that was what was driving this move lower this morning. Traders buying S&P 500, SPY puts. Market makers take the opposite side. And so they were selling puts and selling futures to hedge their delta exposure. That turned around around 10.15, 10.20. They started selling puts. They started buying calls. Note the orange line, blue line moving in the same direction. That's a very bullish signal in this case. Setting up along from that, again, that 49, 45 level. All right, let's go take a look at book map. Gonna zoom in. Actually, let me zoom in a little bit more. So let's look at the short first. All right, so remember traders were taking negative delta positions. Primarily buying puts. After a brief move up at the cash open, then right around 9.38. The volume dots show market buy minus sell. Green volume dots indicate more buyers than sellers. And the magenta dots indicate more sellers than buyers. And aggressive sellers start to come in right around the 4.95 level. That's the SPY 4.95. As traders were buying puts, SPX buy puts, and the SP500 move lower down to the 49, 45 level. And note the lines in the subchart. First of all, a pink line showing cumulative volume delta. And then also the falling yellow line showing sell stop orders fueling the move lower. That's also shown by these yellow dots, green dots. And there were a couple of entry points. If you missed the initial entry at 4.95, which is very obvious to me. Let me just scroll over. So I drew this horizontal line in right here. Wrong tool. I drew this horizontal line in. Notice that it acted as resistance before. So that was a secondary entry. Then another entry right around the 49, 55, zero gamma level. That's point of control just above that. And down to the 49, 45 level. Let's take a look at the long. So we know right around 10, 15, 10, 20, traders started taking positive delta positions. They were selling puts and buying calls. The dip buyers came in. So let's look at the clues and book map. Actually, first, we'll see what large traders were doing with iceberg orders. That's shown by the light blue line in the subchart. This is pretty typical of large traders with iceberg orders. They were buying weakness. So it's prices falling. Large traders buying ES with iceberg orders. We saw the subchart indicator there, as well as the on-chart indicators. These are not large, but large traders were buying that move down with iceberg orders. Then around 10, 15, 10, 20, aggressive buyers came in. That's shown by the green volume dots. And price started to move higher back up to 495 and continued all the way up to this lower weekly expected move just above that. And then there is an SPX level just at the same level. It's at 49, 68. That's SPX 49, 68. That's also VWAP there. Price consolidates, then breaks that trend and moves lower. So let's go back to hero. So here's the setup for the long again. Traders taking positive delta positions, selling puts. Then a few minutes later, a couple minutes later, they start buying calls. All right, let's zoom out now. And this is a very typical pattern. Let's go back to the total signal now. Actually, while we're here, let's just take a look at the notional value. So puts definitely driving price today. That's in opposition to yesterday where calls were driving. Traders net for the day buying puts. That's shown by the negative notional value minus 3.7 billion. Net for the day, they have also been buying calls. And they are not doing too well with those calls they've been buying. All right, so let's go back to the total signal. And this is a very typical pattern. Traders taking positive delta positions. They take their foot off the gas. In this case, right around 1145, 1150, and price moves lower. And that move lower continues as the hero signal continues to make lower highs. All right, so let's zoom out. Take a look at that. And notice 1145, 1150, trend break. A lot of aggressive sellers come in and price moves lower. CVD shifts negative. And then sell stop orders fuel to move lower. That's shown by the yellow line. Also the on-chart indicators. Large traders are buying this with iceberg orders, but they don't have enough size to move the market. All right, so this is the entire session for the SB500 making new lows. This is starting yesterday at 6 p.m. Eastern. All right, let's take a look at NASDAQ. Remember NASDAQ was a little bit more bullish in the morning. So here's the cash open 930. Let's go see what options traders were doing. And for NASDAQ, I like to take a look at this MAG7 signal. And I'm not going to zoom out and show. For those of you who have seen this before, this is a combined signal showing options trades and market maker hedging activity for a combined signal for the stocks known as the MAG7. Apple, Amazon, Google, Meta, Microsoft, NVIDIA, Tesla. So in the morning, and this is brief, right around 10.18, traders started taking positive delta positions and that set up along, did not last long. They shifted, started taking negative delta positions and NASDAQ started to move lower. And let's take a look, see what they were doing, put some calls. So what they were doing, right around 10.18, they started buying calls. That's shown by the rising orange line. When traders buy calls and a stock, market maker sell the calls and they have to buy stock to hedge their delta exposure. And these seven stocks, of course, make up a very large component of the NASDAQ 100 and the S&P 500 as well. Then after that, it's been a short. All right, so let's go back to book map. We'll zoom in on this. So here's the long in the morning, just after 10.15, at the 5.70 level that I've mentioned before. I think I might have been calling that 7.50. That's actually 5.70. Sorry about that. So it's the 5.70 level, the volatility trigger for NDX. Note the aggressive buyers coming in. Green volume dots, magenta volume dots on the way down. CVD starts to rise. Buy stop orders, fuel to move higher. There were some large traders in before that move buying with iceberg orders. By the rising light blue line. Price moves up to the 431 zero gamma level. As traders were buying mag seven calls. Let's take a quick look at some stocks. Then we'll get to the live market. And this is pretty typical of the move starts before the move down starts before my webinar, just like yesterday, and it continues during my webinar. Apple was bullish in the morning. Let's go take a quick look at Hero. Go to Apple. So in the morning, traders were buying. Let's just go to the total signal. This is kind of noisy. So in the morning, traders were buying calls and selling puts. Price moves up. All right, the next is AMD. Traders taking advantage of the weakness in AMD to sell puts. Shown by the rising blue line. Note the put wall at 165. Let's go to book map AMD. AMD find support around the 165 put wall. Traders are selling puts. Price moves higher. They took to take their foot off the gas. Price consolidates. Let's go to Netflix. So in Netflix, traders were selling puts and buying calls. Let's go back to the total signal. Price moves higher. Up toward the key gamma strike at 560. Let's go take a look at book map. Netflix. All right, so bullish morning in Netflix. All right, so Caesar asks, should the same thing happen at the Lowe's? And we get another put banner rally. It's possible. Just because price moves down, does not mean a put banner rally is in the car, in the cards. Think of the put banner as a potential fuel for a rally. So put banner is potential fuel. If price starts to move higher imply volatility drops. All right, David wants to look at Nvidia. We can do that. All right, dip buyers definitely in Nvidia this morning. Let's see what options traders were doing. Go to Nvidia. So this, not real strong in the morning. Nvidia did increase. Looks like quite a bit of most likely aggressive buyers. Put wall at 705. Options traders, whatever they're doing, slightly bullish taking their foot off the gas and price consolidating and moving slightly lower. Hero falls, price consolidates. Not a lot of clarity here in Nvidia today, as far as hero goes. Let's go back to book map. So it looks like more just aggressive buyers moving Nvidia higher today, shown by all the green volume dots. And also David wants to take a look at SMCI. I don't have that in a book map. We can take a look in hero. That's been a very bullish stock. 800 is the call wall. And starting right around 10, somewhere between 10 and 10, 15 today. Traders started buying calls. Price started moving higher. Take the foot off the gas. Just below the call wall and price consolidates. Let's take a look. One other thing I want to take a look at is the fixed chart. So remember this morning for the SMB 500. 10, 18 was about the entry point for a long. This is 10, 15. At that point in the day, that was the high of the day for fix. So the SMB 500 find support at 49, 45 volatility trigger. Vic started dropping price increasing. That's the put that rally. Market makers can buy back their short futures as price increases imply volatility drops. They can buy back their short futures. And then starting right around 1150. Vic starts increasing again. Let's go take a look at ES 1150. At that same time, traders start buying puts. Price moves lower. Traders buying puts. Market makers sell the puts. And they have to sell futures to hedge their dealt exposure on that portion of the of that portion of their, the Vanna model. All right, so Caesar, I hope that makes sense. This just gives me an idea of how market makers may be reacting whether they're trading with price or against price as price and volatility change. And I'm using VIX as a proxy for implied volatility. All right, let's go back to book map. Go to ES. Maybe finding support at 492. And that is also the ES 4950 level. That's right. Caesar says it's a secondary event, not a primary event. VIX has to drop, then a rally is fueled by the put Vanna, not the main event. So yeah, that's right. The Vanna model is secondary. It just gives you an idea that there is fuel in the tank for a rally or also if price continues lower, market makers will need to continue to trade with price. So as price dropping lower, they will need to continue to sell futures. So now SPX is below the 4945 volatility trigger. Let's go back and check hero. Go back to the total signal. So this was a pretty steady drop in the hero signal from 1150 up until about 215. Sorry about that. This auto zoom, I think the changing from total signal to puts and calls kind of triggers this auto zoom. So now it looks like traders may be buying the dip again. Hero may be shifting up. Let's go take a look at book map. Note that large traders have been buying the move lower with iceberg orders that's shown by the rising light blue line. And right now they're doing this in some size. This is a pretty significant size. That's 4,430 contracts. And this zoom level book map will aggregate those. So that's showing 4,430 contracts, 20 executions. 1,500 contracts. 2,195 contracts. 2,135 contracts. And 3,030 contracts. So a lot of large traders buying this move down with iceberg orders. All right, are there any more questions? My time is up. Let me know if you have any more questions. Otherwise I'll wrap it up. And one last thing I want to answer and ask. I've had several requests recently for a primer video. Something about background of how I'm using book map and spot gamma. If that's something you're interested in please let me know. You can leave your comments in the option stash dug chat channel or also you can contact me by direct message in Discord. Again my name is Doug P. I'm interested in some sort of primer video that is on my to-do list. Not quite sure how I'll do that but please let me know if you're interested and what you're interested in, what you want to see. All right everyone, thank you very much for watching. Thank you for all your questions and comments. I love these interactive sessions. Love to answer your questions and I will see you tomorrow. Have a great afternoon. Thanks again. Bye.