 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 involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an Options-Doug chat channel that's a great place to post questions, comments, and content related to the topics of the channel and of my webinar, which I'll go over in just a moment. I'm also on X, formerly known as Twitter, and my name there is at Doug Plus. So for those of you on YouTube, if you have a question, comment. After the webinar, Discord is the best place to get in touch with me to post those questions. The focus of my presentation 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 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 of my process is execution. And I look at real-time order flow in BookMap and real-time market maker hedging flow in Spot and Gamma Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, when we're talking about setups in an underlying asset, setups can be taken either with futures, shares of stock, or options. For example, an SOB 500 trade can be taken with ES futures, SPY shares, SPY options, ES options, or SPX options. Questions or comments are welcome, and I will be watching both the Options-Doug chat channel in Discord as well as the chat and YouTube for your questions and comments. Please feel free to post your questions and comments, and I'll do my best to answer. And second wins. Hello, glad you're here. Welcome back. All right, my agenda for today. I want to go over news items, economic data events, and earnings for today and for tomorrow. Then I'll go through my positional analysis. Then I'll review some setups from this morning, and then we'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'll be glad to do that. All right, let's start with news. So this morning, there was quite a bit of economic data that came out at 8.30 a.m. Eastern time, primarily PPI and U.S. retail sales. So first of all, there are a number of different PPI numbers. Core PPI came in a little bit less than expected, and then the main number came in greater than expected. Also retail sales came in greater than expected. Also jobless claims came in just a little bit lower than expected, and then finally it's not shown here, but ECB did raise rates today. All right, so that's the economic data for today, and so far the futures markets and many stocks traders have interpreted this data as bullish, and the market is rallying the last time I looked, and we'll take a look at this in just a moment. The S&B 500 was above the SPI and SBX call walls. All right, so that's the data for today, interpreted as bullish, and then tomorrow is the big options expiration. Let's take a look at that, and I've talked about this all week. This is a slightly, this is the SBX, let me just zoom in on this, SBX delta notional at different expirations. So this is the delta notional shown by expiration. This is the big September expiration, and for SBX especially the quarterly expirations, quarterly monthly expirations, March, June, September, December are large expirations, and so this is the September expiration. If we hover over this, we can read the numbers there, so this is a slightly call dominated expiration, and if the rally continues today, I would expect that gamma notional for SBX would be slightly positive tomorrow, certainly more neutral, it's pretty neutral today, we'll talk about that in just a minute. All right, so anyway, that is the SBX delta notional by expiration. Let's just take a quick look at SPI and QQQ. Again, here's the September expiration, very clearly call dominated for SPI as well as QQQ, very clearly call dominated, and call delta notional I forgot to mention is shown by the orange bars above the zero line, and then put delta notional is shown with the blue bars. So we're comparing the orange bar to the blue bar. All right, so that is the expiration tomorrow, slightly call dominated. All right, let's get to the positional analysis now. So I'm going to start with the SB500. I want to go over the levels that are in play for today. Before I do that, I'm going to take a look at a larger time frame. I'm going to take a look at SPX. This is a 30-day one-hour chart showing price and key levels. First of all, let's take a look at price. This is the August 18th expiration, the big monthly expiration in August that was slightly put dominated but very, very negative gamma, and that the rally began when a lot of the puts expired, a lot of that negative gamma burned off. Market makers could buy back short hedges, and that helped to fuel a rally as that negative gamma continued to burn off and shifted to positive gamma back to negative gamma now. And I would not be surprised if gamma notional shifts back to positive tomorrow. All right, so that is the beginning of the rally. Again, the last monthly expiration. All right, let's take a look at some levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. And we'll see on the one-day chart that SPX is trading right up against that upper weekly expected move. Again, that's the dash purple lines. That information is available from any trading platform that has an option chain that shows expected move. And then here is the lower and upper daily expected move with the dashed blue lines. SPX trading well above the upper daily expected move. Let me point out the spot gamma levels. These are proprietary spot gamma levels, gamma weighted open interest available to spot gamma subscribers. I'm going to cover the key daily levels. First of all, here's the put wall at 44.50. That level did move up from 44.00 yesterday to 44.50 today. So a bullish shift higher in the put wall. The next level up, actually the 44.50 is also the absolute gamma strike. That's the strike with the largest absolute positive and negative gamma. So a very important level, put wall and absolute gamma strike. The next level up is the 44.95. I'm just going to cover all that. The 44.95 volatility trigger. The volatility trigger 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. On the other hand, like SBX is trading now above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure and that tends to subdue volatility. So just above that level is the 45.00 call wall. And that strike did shift higher from yesterday. So note a very narrow range between the floor and the ceiling. The floor, the put wall at 44.50 and the ceiling, the call wall at 45.00 and again, SPX trading above that level right now. So the put wall is the strike with the largest net negative gamma that can be expected to act as support and the call wall is the strike with the largest net positive gamma that can be expected to act as resistance. Alright, let's take a look at a one day chart so we can get a closer look at the levels that are in play for today. Alright, so the put wall is below at 44.50. Here's the volatility trigger at 44.95. Just below that, that's the upper daily expected move for SPX. Note that level was important today. It acted as resistance. Then support. Here's the call wall and the volatility trigger. The volatility trigger below 44.95 call wall at 45.00. It did act as resistance as expected and now SPX is trading above that and approaching the next level would be the upper weekly expected move. Alright, so strong day in the SAP 500 trading above call wall and the upper daily expected move and approaching the upper weekly expected move and being above these levels, it may be difficult for SPX to move much higher. We'll take a look at that in a few minutes. Alright, let's take a look at book map now. In book map, I've got my own cloud notes and I'm showing the SPX levels. So there's the 4500 call wall. Just above that is the SPY 450 call wall. Let me just redo that so we can see all those levels. So kind of a cluster of levels there. And note there is a pretty big difference in price between ES and SPX. The last time I looked today it was 50 points and that's what I'm using on my charts. So the SPX 4500 is at ES 4550. So I have SPX levels and also SPY levels. Here's the SPY 448 level that somewhat acted as support this morning. Here's the upper daily expected move for ES. Yes, trading above that. Alright, so those are the levels that are in play for today. Alright, let's take a look at NASDAQ. Oh, shifts and levels. Let me go over that. So for SPX, the volatility trigger put wall and call wall all shifted higher. That's bullish. For SPY, the volatility trigger did shift lower just one point and also the absolute gamma strike shifted lower to 445. So slightly bearish for SPY. But overall I given the hat trick for SPX, volatility trigger, put wall and call wall all shifting higher. My thesis for the day for the S&P 500 was bullish. Alright, let me check for questions. And windmill Willie says price above the call wall on SPX may not inspire profit taking those cents. It's cash settled. That exposure can just sit there unless it's sole cause. Then they're in trouble. I'm not sure if the fact that it's a cash settled index has any impact. The S&P 500 is also above the SPY call wall. And I would just rely on the statistics that Spot Gamma has that on a one day and five day basis when price breaches, the SP500 breaches the call walls, the SP500 will trade lower. I believe that's what their stats show. So that's what I would rely on. And we'll take a look at Heroin. We'll see what traders are doing with puts and calls. And we'll do that in a few minutes when we take a look at setups. Alright, so that may be a, windmill Willie, that may be a question to send to Spot Gamma and get their take on that as well. So just send your question to info at spotgamma.com. They may be able to give you a little bit more insight. So I will tell you for the SP500 index, Nasdaq index, Spot Gamma assumes that traders are long puts and short calls and market makers on the opposite side of that. So they're short calls, they're short puts and long calls. Now that's, it's not a hundred percent. So certainly traders may be buying spy SPX calls, but net that's the assumption from Spot Gamma. Alright, let's take a look at Nasdaq. A lot of levels in play for today. Let's take a look at, first of all, QQQ. So we can isolate the QQQ levels. So this is a one day chart for QQQ. The 374 level did act as support earlier today. Here's the volatility trigger at 375. QQQ trading above that, it looks like it may have found resistance at the 378 level. And note the call wall for QQQ is at 380. Alright, so that's QQQ. Round numbers in play on the low end 374 and 378. 374 support, 378 so far acting as resistance. Let's take a look at NDX. There were a lot of NDX levels, so we'll take a look at that for completeness. So NDX cluster of levels here, volatility trigger at 153.90. And now right around that QQQ 378 level is the NDX 15500. That's the absolute gamma strike. Looks like it may be acting as resistance. Alright, let's go back to book map. So book map again, I have my own cloud notes. Got a lot of levels here. First of all, I've got NQ levels. Shown with red, I've got the zeros and the fifties. There's the NDX and white with red text. That's the NDX 15500 absolute gamma strike. Acting as resistance. I also have QQQ levels. Scrunch this in just a little bit so we can see the... Here's the QQQ 374 level that acted as support. Here's the upper daily expected move for NQ. It's kind of unusual to have so many NDX levels shown here. But anyway, that's the levels in play for NASDAQ. Alright, shifts in levels for NASDAQ. For NDX, volatility trigger shifted slightly higher, that's significant. Putwall also shifted higher. And for QQQ, the putwall shifted higher as well. I'm sorry, it did not. Putwall remains at 370. The absolute gamma strike did shift higher to 375. So there is the QQQ 375 absolute gamma strike. Alright, again, we'll take a look at setups in a few minutes. Those are the levels in play for today for NASDAQ. Alright, shifts in levels, I've talked about that. For SPX, NDX, and QQQ, levels shifted higher. For SPY, levels shifted lower. Overall, though, my thesis for the day based on the shifts in levels, directional bias was bullish. Alright, let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. Gonna look at gamma notional for SPX, SPY, NDX, and QQQ. This is market makers position on the gamma curve at the beginning of the day. And I really just focus on SPX, SPY, and QQQ. So note these numbers are still negative, indicating traders are long puts, market makers are short puts. But these numbers are slightly negative, closer to neutral. Also Brent, the founder of SpotGamma, likes to look at this SpotGamma NDX that varies from minus 4 to positive 4. So Z minus 0.09 is fairly neutral on that scale. So these numbers all did shift less negative than yesterday. So again, somewhat really neutral. Gamma notional is slightly negative. And if the rally continues today, I expect these numbers to potentially, for SPX, definitely shift to positive. And SPY and QQQ are close to neutral. Alright, let's take a look at the Vana model now. This is for SPX. So what this chart shows, this will give some context to the gamma notional in terms of delta notional. So this is showing how market makers delta exposure changes with changes in price that shown by the gray curve. Again, showing how market makers delta notional changes with changes in price. And then the purple curve shows how market makers delta notional changes with changes in price and implied volatility. And that change in delta notional with a change in applied volatility is the Vana effect. Vana is a second order Greek. Alright, so the low of the day for SPX was right around 44.79. So that's really near the bottom of the curve here. So what this is showing is there's very little Vana tailwind there was today. Meaning very little put Vana fuel to to burn off. So if SPX traded down here, let's say, down to around 4500 and then if price increased and implied volatility drops, market makers, this would mean that traders were long puts, market makers were short puts and significantly negative gamma if price traded down to 4400 and if price increased, market makers could buy back short futures. And that is a put Vana rally, but no put Vana rally for you today given the positioning, the close to neutral negative gamma position for SPX at minus 100. Alright, so not much put Vana fuel to help drive a rally today. Pretty similar for spy and QQQ. So Truman asked when the Vana curve goes up to the right after the curve touches the x-axis, means the tailwind is no longer in effect. That's correct. So at that point in a very positive gamma environment, let's just take a look. So Truman is talking about this portion of the curve so if price continues to increase, this will become a headwind, not a tailwind. So this is when market makers gamma position shifts to positive in a positive gamma environment, they have to trade against price to hedge their delta exposure. So if price continues higher market makers will need to sell futures to hedge their delta exposure. So this portion of the curve over here would be typical of a negative gamma environment and this is typical of a positive gamma environment. Here on the negative gamma portion market makers trading with price and on this portion of the curve they're trading against price. They always want to remain delta neutral. So this chart again is just showing delta neutral but we know that market makers want to remain delta neutral. Okay so that is the levels in play for today. The shifts in levels mostly bullish. We know that gamma notional is slightly negative but pretty close to neutral. The Vana model is not showing any Vana tailwind if price continues to increase. More of a Vana hill headwind. So my thesis for the day looking for lower volatility and also bullish. Alright let's review some setups now. I'm going to start with the SP500. I'm going to look at the hero signal. Alright coinfox ask what platform are you using for the gamma levels. So the gamma levels are coming from spot gamma. So I use book map and spot gamma and I take the information that spot gamma provides in the morning and I put that on my book map charts so I can see those levels, those gamma levels during the day. Alright Truman asks what does the Vana curve represent when there is positive net gamma for SPX and when it is negative net gamma for SPX. I'm not sure I understand your question. So this gamma notional that we just took a look at that's available in the AM Bounders note, that is that static. That's at the beginning of the day and that can change during the day. Okay looks like Truman left, deleted all of his questions. So Truman sorry about that. Hope I answered your question. If not you can post again or post something in discord and I can take a look at it after the webinar. So again Truman I'll be glad to answer your question. Alright let's take a look at the hero signal now and this is from spot gamma available to spot gamma subscribers. The hero signal stands for hedging impact real time options. So this chart is showing price for SPX and then options trades and market maker hedging activity for a combined signal for SPX, SPI, XSP and ES futures. Alright so the if you trade any form of the SP500 this is typically the signal that you want to take a look at the combined signal. So what strikes your attention first is that options traders have been taking negative delta positions all day. So they've been fading this move higher. Alright let's take a look at some setups. I'm going to zoom in on this chart. So this is the cash open here at 9 30 a.m eastern time and traders, options traders would taking negative delta positions from the open. We'll take a closer look in just a few minutes to see what they were doing. So that did help set up a short let's go take a look at book map. Let's go back to ES. Let's zoom in. So not knowing what was going to happen for the rest of the day. Seeing options traders taking negative delta positions and price trading up right to the upper daily expected move. Now this is a little bit before the cash open right around 9 20 9 25 something like that there's your first short entry and then at the cash open ES makes it lower high as options traders were taking negative delta positions and this may be a little bit difficult to see with the on chart indicator but at the cash open as well large traders were selling with iceberg orders that's shown by the falling light blue line that maybe that's hard to read. There's a stop order just above the icon for a sell iceberg orders. These are iceberg orders of what large traders use to hide their size. So we know that options traders were taking negative delta positions and large traders selling with iceberg orders. Order flow not so clear to read. Right here it was the shift from I'm talking about the shift from green volume dots to magenta volume dots. The volume dots are market buy minus sell. Green dot means there are more buyers than sellers. A magenta dot means there are more sellers than buyers. Here the read is a little bit a little bit more clear. Test of the 449 level. Price moves down to 448. Alright so we know that options traders continue to take negative delta positions. So at a certain point today they were not really in control anymore. So we can see the clues in book map after this these iceberg sell orders a lot of large traders start buying with iceberg orders as price moves down. That's pretty typical. They are buying weakness. So these sell strength and buy weakness typically are often. So here large traders buying with iceberg orders that is 1,928 contracts, 18 executions. So that is an aggregated symbol. If we zoomed in we would see more smaller executions. And then here's another aggregation there of 2,790 buy iceberg orders 19 executions. And note the stop run down to this level making a series of lower lows stops shown by the yellow line as well as these small red dots and the price reverses higher. Sellers are exhausted and aggressive buyers start to come in as these large traders have been buying with iceberg orders. Let's zoom to the left a little bit. So after that it appears to me that the rally was primarily fueled by stop orders. So a buy stop rally stop run stop rally shown by the rising yellow line the consistently rising yellow line cumulative volume delta is pretty flat. That's shown by the pink to dark blue line. Pink indicates that's cumulative volume delta shifts to negative. Blue indicates shifts to positive. And then the iceberg orders pretty much level off. And we know that options traders were taking negative delta positions. Alright let's zoom out. Alright so there's only so far that a stop fueled rally can take value especially when price is trading above the call walls. So note this yellow line leveled off large traders starting to sell with iceberg orders. Kilometre volume delta is pretty flat. Note the number for today is barely positive and it's been shifting between negative and positive. Let's go take a look at hero for the entire day. Alright so that's from the cash open over there to the left. Traders have been taking negative delta positions all day. Trend is down for hero. Let's see what they're doing. So first of all we can slice and dice this into puts and calls. Very clear that traders are they are buying calls but that's this orange line shows calls transactions. It is positive, notional value positive so they're buying calls for today. But this blue line showing puts is just steady down all the way. Much larger notional value minus 4.3 billion versus positive 511 million. Traders put buyers much more aggressive than call buyers. So in these conditions I would certainly not be looking for a long. Let's see what zero DTE traders are doing. So unlike yesterday where this green line that shows next expiry so for the SB500 that would be options that expire today not so there's not a strong correlation so much more of the trade is in options that expire beyond today. So most likely tomorrow. So most likely there's a lot of trade in options that expire tomorrow and they're buying puts. Alright so again I would certainly not be looking for a long. The SB500 trading above the SPI and SPX call walls. Options traders taking negative delta positions and the buy stop orders that have fueled the rally higher are gone. Large traders taking negative delta positions are there large traders selling with iceberg orders cumulative volume delta also falling. Alright let me check for questions. Alright take profit I is asking about the Vanna model you know I cover that every day so I've already covered that this just gives us a it's a model to indicate how market makers may react with changes in price and applied volatility. Remember they always want to remain delta neutral. So if the curve is increasing on either side they have to sell futures. So in a negative gamma environment on the left side of the curve when the curve is rising from right to left market makers delta notional increasing and they have to sell futures. On the other hand in a positive gamma environment on the right side of the curve when the curve is rising their delta notional is increasing again that means prices increasing on the horizontal axis and they have to sell futures that typical of a positive gamma environment. So I suggest go to spotgamma.com go to the support center there look up at the Vanna model I'm sure there's more information they may even have a YouTube video about the Vanna model and otherwise take a look at my previous webinars on the Bookmap YouTube channel and I cover the Vanna model every day typically oh maybe 15 or 20 minutes into the webinar I go over that as part of my positional analysis. Alright so that is the SMB500 set up a bearish set up and then based on order flow and hedging flow and then a bullish set up just based on order flow and bookmap. Let's take a look at NASDAQ let's go take a look at HERO. I'm going to zoom in so this is a combined signal for the NASDAQ for NDX and QQQ. I'm going to go over quickly go over setups for the morning. So the morning first of all there was a very clear short setup then right around just before 10 a.m that reverse trader started taking positive delta positions and then they did again at 10.20 so confirmation short and then confirmation long anywhere from 10 to 10.20. Let's go take a look at the bookmap go to NASDAQ. Let's zoom in so here's the short setup pretty similar to SMB500 resistance and a shift in order flow before the cash open then a pullback and a short right at the cash open as traders were taking negative delta positions. Here's your triple bottom here right around 10 to 10.20 and in the case of NASDAQ we saw that traders were option traders were taking positive delta positions so we get a confirmation from hedging flow as well as order flow. You can see the shift in volume dots, magenta volume dots, more sellers than buyers to green magenta dots more buyers than sellers. Also there's some large traders in with iceberg orders buying and price moves higher makes a quick jump up to the upper daily expected move cumulative volume delta stops and buy iceberg orders as well as option traders all fueling the move higher up to the upper daily expected move right Julio says he typed in VATMA model and got VATMA white. Go to the spot gamma website. This is something that they came up with so go to the spot gamma website go to the free resources the support center and type in VATMA model there and you'll get information there. Alright let's take a look at some stocks first I want to take a look at Amazon so stocks are often easier to interpret. So this is Amazon hero shifts bullish right around 9.50 what traders were doing so right around 9.50 they start buying calls pretty aggressively that's shown by the rising orange line and just a few minutes later they stop buying puts start selling puts and price response higher. Let's go take a look at book map so here's the reversal higher in Amazon right at the 1.43 level up to the 1.45 that's the call wall and the key gamma strike also liquidity limit sell orders at that level acting as a magnet for price and it looks like prices consolidated up and down around the 1.45 call wall key gamma strike level. Alright the next is meta and slow to sorry ask are there any call gamma unwind possibilities for tomorrow on individual stocks yes I will definitely cover that there's quite a bit of gamma expiring tomorrow right so here's meta trend break reversal higher let's see what options traders were doing in meta kind of separate outputs and calls this one's a little bit not quite as easy to read but here traders were initially buying calls that activity slows down a bit price retraces they're also slightly buying puts so right around 10.20 they start buying calls again they start selling puts that's shown by the rising orange line call buyers put sellers shown by the rising blue line and when traders buy calls and sell puts market makers take the other opposite side of those trades and they have to buy stock to hedge their delta exposure right so that's meta let's take a look at one other stock Tesla bullish day in Tesla in a case of Tesla they were let me just zoom in on this rising blue line shows traders were selling puts nice pullback entry right around 10.20 call buyers they started selling calls then when they resumed buying calls price moves higher let's go take a look at book map down just a little bit so in Tesla here is your long pullback entry if you miss the initial move at the open up to the liquidity at the 275 level acting as a magnet for price slow to Zari ask about call gamma online possibilities let's go over that what I'm showing here this is equity hub also part of spot gamma another one of the tools that spot gamma provides and I have my watch list shown here below and what I have done is ranked this watch list by next expiry gamma percent and then I'm looking at the top gamma expiry and notice all of these are tomorrow so this is the monthly expirations is pretty typical that even stocks that traders buy often by weekly calls inputs but the lot of the gamma will be concentrated in the monthly expiration and that is shown here also these percentage numbers very high anything over according to spot gamma anything over 30% is significant so I'm just going to go through stock by stock I'm looking at their number of views shown here in equity how I'm just going to look at this composite view as a quick glance to look for stocks that have some call domination so what I'm looking for is stocks with a lot of calls out of the money and at the money out of the money that will lose value that will expire tomorrow so as expiration approaches tomorrow those calls especially calls out of the money their delta will quickly drop to zero as expiration approaches so that's the charm effect the change in delta with the change in time as time passes so remember when traders buy calls market makers sell the calls and they have to buy stock to hedge their delta exposure well when their delta exposure is dropping due to this call gamma unwind the drop in delta as time passes they can sell their long stock edges and that can that's a call gamma unwind that can help to move a stock lower so this is a very reliable setup on Friday expiration both on weekly and especially on monthly expirations and the only thing that really would boost a stock higher is if traders are buying calls tomorrow that expire at the end of the day that in that case market makers may have to continue to buy stock to hedge their delta exposure otherwise if traders are not aggressively buying calls then are buying stock this is a very reliable short setup so we see here Netflix I do not have Netflix and Bookmap but we can see that this is at the top of the list at 48.5% gamma what this chart is showing this composite view green shading indicates call domination and this is light green shading indicates some market some call domination throughout the price range shown on this chart so that is Netflix the next is Nvidia there is some green shading above the 480 level so this is showing slight put domination with the red shading below 480 and some call domination above the 480 level I'm going to skip over IWM take a look at Google so here Google the pivot is at 135 note the darker colors indicating more significant position size also this very thick line on the border there indicates large options activity so green above green call domination above the 135 level also 41.6% gamma expiring tomorrow so another candidate Tesla call domination above 377.278 notice the darker color there call domination above the 308 level AMD not very much Microsoft call domination above the 340 call wall darker green indicating again a larger position size alright second wins ask positive delta overall the negative so I'm not sure I understand your question of what for what instrument we did look at the expiration concentration toward the beginning of the webinar and yes there is more positive delta notional for SPX spy and QQQ and a lot of that will be expiring tomorrow market that was so I talked about again SPX spy and QQQ at the beginning yes it is a for SPX at least looking today slightly call dominated expiration tomorrow positive delta and then for spy and QQQ much more call dominated positive delta notional and that's for today that could change tomorrow alright so anyway this is the list of call gamma unwind candidates apple not so much so we'll stop there alright so second wins I'll let you do the math here if you have access to spot gamma here so this is call this is delta notional for SPX call is around you know I'm not sure what this total number is but 330 compared to 258 positive 330 negative 258 so you can do the math there and Truman ask would the current Friday stock price need to be in the green area of the curve to experience a delta unwind no so especially if it is not if it's below the green area that means that all of those calls as expiration approaches their delta notional will quickly go to zero so remember at expiration the delta for an option is going to be either zero for out of the money or one in the money so those out of the money calls so if prices especially below that green area those calls are quickly going to lose value as expiration approaches and they are quickly moving to zero as Friday afternoon expiration approaches alright so slow to sorry there you go there are your gamma unwind candidates at least the ones that are in my watch list alright let's take a quick look at the indices SP500 and NASDAQ so the pressure the negative delta pressure from options traders continues for the SP500 let's check NASDAQ and so now the options traders have starting around 1215 really stepped on the gas with the negative negative delta trades alright so Frank ask hello Frank is it is call dominated for tomorrow does it indicate gamma notional positive we'll see tomorrow so it kind of depends on how things end up today but I would expect the gamma market position on the gamma curve and a call dominated options expiration to be neutral or slightly positive and you're welcome second wins alright let's take one last look at book map at S&P 500 and NASDAQ and then we'll wrap it up alright so it looks like now the 450 level the spy 450 call wall may be acting as support and let's take a look at NASDAQ so maybe NASDAQ finding support at the QQQ 377 level alright that's all I have time for it looks like there were some easier reads and stocks today good setups good long setups and a number of stocks alright tomorrow remember options expiration SPX has two settlements the AM settlement and the PM settlement also Michigan consumer sentiment out at 10am and then we'll talk about it tomorrow and we'll also keep these call gamma unwind candidates in mind and be looking for watching hero to see what options traders are doing during the day and look for potential short setups and we'll talk about that tomorrow as well so everyone thank you very much for watching thanks for your questions and comments and I will see you tomorrow bye