 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. This 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 that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Place. 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 motor flow in Bookmap and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focused on an underlying asset, but setups can be taken any number of ways. For example, SMB500 setups can be taken with ES futures, SPY shares, SPY options, SPX options, or even ES options. So when I talk about the SMB500 today, again, I'm focusing on the underlying asset and that the setups would be appropriate for any of those forms of trade. Options, futures, or stock. Questions and comments are welcome. And I will be watching both the options-dog 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. My agenda for today, Tuesday, December 19th. 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 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 get started with news items, economic data, and events. So today there were some, I guess, medium to low impact data. Housing starts came out at 8.30 a.m. eastern time and housing starts were greater than expected and greater than previous housing market picking up with the drop in interest rates. All right, for the rest of the week, tomorrow, Wednesday, consumer confidence is at 10 a.m. And then on Thursday, GDP report and jobless claims at 8.30 a.m. eastern time. And then on Friday, PCE data and durable goods orders come out. So PCE data could be a market mover. Again, that's on Friday at 8.30 a.m. eastern time. All right, so overall pretty light week for news and events. All right, let's move on to positional analysis. I'm going to start with the SB 500. This is the ES futures and book map. And before I take a look at a closer look at this chart, I'm going to take a look at longer time frame with the underlying asset. And I'm going to start with, so SPX is the underlying index, I'm sorry, underlying index for the SB 500 ES futures by, so let's take a look at a chart. This is a one day chart showing the rally that began on October 30th. IV collapse put Vanna Rally fueled by the November Fed meeting. I believe that was November 1st. Benign CPI reports. And now SPX has rallied since the beginning of November from around 4,100 all the way up to right now 4,760. And the call wall has moved up to 4,800. So that is the next potential target. All right, so very bullish move, great rally in the SB 500. All right, let's take a look now at the last portion of that rally. This is a 30 day one hour chart. I'm going to focus on levels on this chart. Let me zoom in a bit. So this is a 30 day one hour chart. I've zoomed in focusing on levels. First of all, the dash purple lines are showing the lower and upper weekly expected move. That upper weekly expected move may be difficult to see. There's a red line on top of it. That is the expected move for the week. I update that once a week over the weekend. It does not change until the next weekend, the next week. And then the dash blue lines are showing the lower and upper daily expected move. And SPX has been trading above that level right now. It looks like it's trading right around that level. That's updated once a day. All right, the dark red lines are showing spot gamma levels. These are proprietary spot gamma levels based on gamma weighted open interest. They're available to spot gamma subscribers. They're available for a variety of tap platforms, trading platforms. This is thinkorswim. I'm going to focus on the key daily levels. First of all, there's the 4,500 level. That's the put wall. That's a strike with the largest net negative gamma that can be expected to act as support. The next level up is the volatility trigger. At 4,645, that is spot gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, they have to trade against price, with price, to hedge their delta exposure. And that tends to increase or enhance volatility. On the other hand, like SPX is trading now above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. So the SPX is firmly in a positive gamma position now. And note that level did move lower from yesterday. So now at 4,645. The next level up is the call wall at 4,800. And that is the strike with a large net positive gamma that can be expected to act as resistance. So that is really the next upside target for SPX. And then finally, now the absolute gamma strike has moved up to 5,000. So gamma weighted open interest has been building at this level for a while now. And as price approaches, the gamma increases. And so now that has become the absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated. That level did move up. Pretty substantially from 4,700 yesterday now to 5,000. So the call wall moved higher as well from 4,750 to 4,800. Both of those moves very bullish, moving that potential ceiling up, especially the call wall, moving that up. And the call walls have been rolling up as this rally continues. Those are the key daily levels. Let's take a look at one other SPX chart just to see the levels in play for today. So this is SPX, training in a very narrow range today. And let me just focus just on today. So this is a one day, one minute chart showing the upper daily expected move. SPX has been trading above that. And now potentially it acted as resistance before and potentially maybe acting as resistance again. And then here's a combo level below at 4,750. That was yesterday's absolute gamma strike. I'm sorry, yesterday's call wall. Right now, that is a combo L2 level. Combining SPX and SPY gamma weighted open interest into one level and here shown in terms of price for SPX. Acting as support earlier today. All right, let's go back to book map now. So a very narrow range here in book map, good long setup from the open. Right at VWAP, I'll talk more about this in just a minute. There's the upper daily expected move for ES. So I am showing my own cloud notes here. So I can show SPX levels. So there's the 4,750 level acting as support. That may not be the exact correct location that ES to SPX relationship changes a little bit every day. Right now I'm using 52 points. So ES minus SPX is 52. That's what I'm using. It's actually a little bit higher than that, maybe closer to 52.5. Right, so I also have SPY levels on this chart. There's the SPY 474 level. And notice the upper daily expected move for ES just below that and then point of control just below that. That's shown by this purple line here, solid purple line. That's the VPOT. And you can see the consolidation right around that cluster of levels. The 474 upper daily expected move and point of control just below those levels. So nice rally in the morning from VWAP up until about noon and then consolidation. Shifts and levels. So again, call wall and absolute gamma strike shifted higher for SPX. That's bullish. The volatility trigger did shift lower. And for SPY, the volatility trigger shifted higher slightly to 471. So SPX trading above the volatility trigger for the ES trading above the volatility trigger for SPX and SPY and below the call walls. The call wall for SPY is at 475. So there's room to run for the SB500 to the SPY call wall and then the SPX call wall. Let's just see where those are. So here's the SPY call wall just above and then the SPX call wall. And I did not label that correctly, that is the call wall. All right, that's the SB500. Let's take a look at NASDAQ now. Also trading at a very narrow range today. And first of all, before I take a closer look at this chart, I want to isolate the QQQ levels. And this is QQQ for today, one day, one minute chart. Right now it looks like this combo L1 level may be acting as resistance. It did earlier today. So that's combining NDX and QQQ. Gamma weighted open interest into one level showing it here in terms of a QQQ price. For QQQ, the call wall is at 410. So QQQ is trading below that level, has room to run higher. Looks like it's breaking out above the combo level. Note for QQQ, the absolute gamma strike did move higher. That's at 405, call wall at 410 that I mentioned. And then the volatility trigger shifted higher as well. So QQQ trading above its volatility trigger also in a positive gamma environment. Finally, let's take a look at NDX. Note NDX is trading above its call wall. It's the only of the SB500 and NASDAQ. It's the only index that's trading above its call wall. And here's this combo level acting as support, more or less. Combo all three. Again, combining NDX and QQQ, gamma weighted open interest. All right, let's go back to NQ futures. Trading at a very narrow range. And again, I have my own cloud notes so I can show NDX levels, QQQ levels, as well as any other levels of interest. So there's the upper daily expected move for NQQ. And the key takeaway from this chart is how these pullbacks to VWAP have been great entry points for longs, all day long. All right, so I mentioned shifts and levels for NDX. There were none. And then for QQQ, the volatility trigger and absolute gamma strike shifted higher. Again, I'll talk about setups in a few minutes. All right, let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. Excuse me. All right, gamma notional. This is how market makers have precision on the gamma curve at the beginning of the day. This information is available in the Spot Gamma AM Founders note, which comes out early in the morning. It's updated once a day. So I'm looking at market makers position on the gamma curve for the S&P 500, NASDAQ, and Russell 2000. Note, all these numbers are positive. Spot Gamma assumes for an index that traders are short calls, market makers are long calls. They take the opposite side of that. And they have to trade against price to hash their delta exposure. That's in a positive gamma environment. And in a positive gamma environment, I'm typically looking for lower trading range, more mean reverting price action, and decreased volatility. These numbers did move around from yesterday. For SPX, gamma notional shifted lower. And for SPY, shifted higher. And for QQQ and IWM, shifted lower. But all still positive. All right, let's take a look at the Vantamodel now so we can get a graphical representation of what this means. What this chart is showing is market makers delta notional, delta exposure on the vertical axis, spot price for SPX on the horizontal axis. There are two curves on this chart. The first, the light gray curve, shows how market makers delta notional may change with changes of 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 applied volatility. And that change in delta with a change in applied volatility is the Vant effect. Vant is a second order Greek. Let's just take a quick look at this. SPX, currently trading right around 47, 61, pretty close to the bottom of the curve. So no Vant headwind or tailwind. And if price moves up, it starts to move up pretty substantially toward 4,800. Market makers will have to sell futures to hedge their delta exposure as their delta notional increases. They'll have to sell futures. Quick look at SPY, very similar, starting to move up on this right portion of the curve. And QQQ, right around 408, closer to the bottom of the curve. All right, one other note, before I take a look at setups, that SpotGamma has recently introduced this set of volatility tools. And as I spend more time with this, I will start to incorporate these new tools into my analysis. All right, let's take a look at some setups now. This is the SOB 500 hero signal. So the first thing I'm going to do is look at what options traders are doing today. I think options trades, market maker hedging activity, are key drivers of price for the ES futures, NQ futures, and many stocks. And I focus my attention on mostly large cap tech stocks, the Magnificent 7, as well as AMD and Netflix. All these stocks, again, have very liquid options markets. And price is heavily driven by options trades and market maker hedging activity in those stocks, as again, as well as the ES futures and book map. All right, so this is the hero signal. So everything that we've looked at so far, other than book map, has been based on static data that's updated once a day. Spot Gamma applies their own proprietary algorithms to come up with the levels, the Vana model, the Gamma Notional. And that's what I use for my planning process. So now moving on to execution, we're looking at real time data, first of all, in the hero signal here. This chart is showing price for SPX with the white line. The purple line is the hero signal. That's showing options trades and market maker hedging activity for a combined signal for SPX by XSP and ES futures. And a rising hero signal indicates traders are taking positive delta positions. Market makers take the opposite side, so they have to buy futures to hedge their delta exposure. So this is what I use when I trade any form of the SP500. All right, let's zoom in on this chart. I'm going to scroll in just a little bit here. So this is the cash open right here. And note that ES and SPX options do trade before the cash open. And notice at the cash open, the hero signal is very bullish. Flow alert indicating significant options activity. Great warning there to focus on the SP500. All right, let's take a look. We can take a closer look at what traders have been doing and their buying calls. The rising orange line indicates traders are buying calls. Market makers take the opposite side of that. They're selling calls, and they have to buy futures to hedge their delta exposure. Sorry about that. Spotgamas continues to work on that issue a little bit too much. I just want to point out the notional value. Notice the notional value for calls at 4.18 billion versus puts that's shown by the falling blue line, the negative notional value at 1.1 billion negative. So call buyers much more aggressive today, helping to drive price higher. And note the total signal is the call notional value minus the put notional value, and that's right around 3 billion. So very positive order flow here, hedging flow, options trades and hedging flow, and shown by hero here in the SP500. And note that this is a very typical pattern. Often this shows up with stocks. Traders aggressively buying calls up until about 11.20. They take their foot off the gas that's shown by the hero signal that fails to make higher highs and prices consolidating. Let's take a look at the calls one more time. So from around 11.10 to 11.50, call buyers took their foot off the gas. Price levels off, and they've started buying calls again, started buying calls again right around 12.20. Let's go take a look at book map and Kaleed ask, can options market makers leverage speculated future prices? I'm not sure I don't understand your question. Market makers, when traders buy and sell options in SPX, SPY, ES, and also XSP, market makers take the opposite side of those trades, and they hedge their delta exposure with ES futures. And in Apple stock, for example, when traders buy and sell options in Apple stock, market makers will buy and sell Apple stock to hedge their delta exposure. Let's go to book map, go back to ES, and zoom in a bit. So here's the morning setup as traders started taking positive delta positions at the cash open. They were buying calls aggressively. So we know traders are buying calls, key driver or price action, and at the cash open just before the volume dots showing market buy minus sell. Magenta dots indicate they're more sellers than buyers. And price moves down to VWAP. Aggressive buyers start to come in shown by the green dots. Green dots indicate more buyers than sellers. Note the rising light blue line indicating buy iceberg orders. These are orders that larger traders use to hide their size. Spot gamma can, I mean book map, I'm sorry, a book map can detect these after they've executed. They're shown by the sub chart indicator, the light blue line, as well as the on chart indicator. So large traders, again, buying with iceberg orders, options traders buying calls, and aggressive buyers coming in that show them by the green volume dots. And notice price moves higher. The yellow line is showing buy stop orders helping to fuel the move higher. Also shown by the on chart indicator there. And price continues to increase. There were some large traders fading that move with iceberg orders shown by the light blue line there. But these orders got the move started. Option traders continued to buy calls. There's that pullback to 47.50. So not a big move. Again, remember it's positive gamma environment. Not looking for big moves in large trend days and a positive gamma environment. All right, but a nice long setup from the cash open and then price continues to consolidate right around that upper day they expected move. And you can see on the session volume profile that's where most of the volume for the session is concentrated. In my session, my data begins at 6 p.m. the previous day. Although, of course, most of the volume comes in at the US cash open. All right, let's take a look at NASDAQ now. And I mentioned before VWAP, the light blue line there has given multiple three points all day. All right, let's go take a look and see what options traders have been doing. Let's go to the signal for NASDAQ. And NASDAQ signal not nearly as clear as the SB500 to separate outputs and calls. So this provides more clarity showing that traders, initially the orange line showing traders weren't doing much with calls right around 10, 10. They started buying calls, sorry about that. This won't stay still long enough to even show show the setup, sorry about that. Try that one more time. So anyway, traders start buying calls. Initially they were buying puts. They stop buying puts. Price moves up. Then they start selling calls and buying puts at this very powerful directional signal when both lines are moving in the same direction price typically is gonna follow. All right, so long setup in the morning right around 10, 10, and then short setup. Really more consolidation. All right, let's take a look at one other signal. So NASDAQ, this is a combined signal for NDX and QQQ. And this Mags7 signal is a combined signal. Let's go back so I can show this. This is a fairly new indicator, hero indicator that SpotGamma put together that combines options trades and hedging activity for a combined signal for the stocks known as the Magnificent7. That's Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla. And this is a great indicator. These stocks make up a very large portion of NASDAQ as well as the SME 500 and often drive price, especially in NASDAQ. All right, let's zoom in on this chart. Focusing on the morning, separate outputs and calls and note right around 9.50. Initially, traders were buying puts shown by the falling blue line. They were also selling calls. And right around 9.50, they start buying calls, stop selling puts, and then just after 10, both lines start moving in the same direction and price moves higher. So right around 10.10, they started buying calls pretty aggressively and start selling puts, both lines moving in the same direction and price moves higher. This Magnificent7 combined signal helping to drive NASDAQ. All right, let's go back to book map. So let's focus right around 10. Let's zoom in on this. So right around 10, there's one of your VWAP entries, magenta dots indicating aggressive sellers, more sellers than buyers. Green dot as price reverses at VWAP. So aggressive buyers start to come in as traders were taking positive delta positions, especially in the Magnificent7 stocks. And that's good for a pretty small move in NASDAQ, less than 50 points. So there's the long setup from this morning. Let's go back to hero. So overall for today though, the signal for the Magnificent7 is negative, negative notional value. So looking at the entire day, let's, and that is really mostly driven from the move lower up until about 10 a.m. And net for the day, they are buying calls and buying puts put buyers more aggressive for the day. All right, let's take a look at some stocks now. And the first stock I wanna take a look at. And I like to really focus on stocks more in a positive gamma environment. There's just typically more movement. So this is Microsoft. Notice 370 is the key gamma strike, acted as support as the hero signal shifted, wrong tool. The hero signal shifted from negative delta to positive delta. Note the very timely flow alert. Price for versus higher at the key gamma strike, 370. Nice long setup. Let's take a closer look and see what traders are doing. Gonna zoom in on this a bit. So notice traders started buying calls, shifted from selling calls to buying calls shown by the rising orange line, another flow alert. And then there were some large block orders, traders selling puts, most likely large traders, institutions selling puts right around at that 370 key gamma strike level. Those again, the vertical line there indicates a very large order, large block order selling puts. So net for the day, the hedging flow for Microsoft is bullish. Here's another, some more block orders, large orders buying calls. Positive Notional Value Traders are net buying calls for the day. They're also selling puts, showing by the positive Notional Value there. All right, let's go take a look at BookMap. Go to Microsoft, all right, I'm gonna bump up the volume dots just a little bit. Quite often with stocks, the opening print, there's so much volume at the open that it kind of dominates the volume for the entire session. Notice the volume profile right in the middle of that dot. And there's the 370 key gamma strike, a very sharp reversal at that level as traders shifted from negative delta positions to positive delta. Started aggressively buying calls and selling puts. So this level, the way you would look at that is as price approaches that level and an approach very quickly, anticipate that level may act as support. So I assume that any key spot gamma level like this key gamma strike may act as support if tested from above or resistance if tested from below. Here, of course, it did act as support as again, traders shifted from negative delta notional to positive delta notional. All right, let me check for questions. And David asked, hello, David, how do you use spot gamma for swings? I'm looking at swinging Tesla calls for a target of 275 with a March expiration. Well, I really can't comment it on specific trades. And I typically, right now I've been focusing more on day trading and longer-term trades rather than swing trades. So I showed the daily chart of SPX earlier long-term trades. I started getting long at the beginning of November, actually end of October, and that has worked out quite well. All right, so for swing trades, you need to look at, I would look at Equity Hub, look at the information there, look how the levels are shifting, and we'll take a look at Tesla in just a few minutes. That is on my list to take a look at. All right, GH, welcome, glad you're here. Ask how do we know which to follow with support and resistance lines? The five-minute timeframe is different than the one hour and et cetera. Which shall we use? There's a lot of timeframes and all support resistance is much different. I'm not sure I understand your question. First of all, I'm looking at book map, and really in book map there's no timeframe. I'm looking at, I can zoom in to the nanosecond level or zoom out and look at the entire day. So that's what I'm looking at. The spot gamma levels, I'm looking at those levels as support and resistance. Just like I showed here, the 370 key gamma strike anticipated as support, acted as support as expected, and options traders shifted from negative delta notional to positive delta notional at that level. And David, if you were long-term bullish or longer-term, whatever timeframe you're looking at for swing trades, that would have been a good setup, good entry point, perhaps for a swing trade. I'd have to look at a longer-term chart for that. All right, that's Microsoft. Again, focusing on a really a day trade here. You could, anything that I'm talking about depending on your timeframe could be used as an entry for a day trade, a swing trade, or a longer-term trade. I'm just talking about setups. GA ask, are all book maps needing a payment plan? Yes, there is a free version of book map that's digital only, I believe it allows access to one crypto exchange. Check on the book map website. But if you want to trade stocks or futures with real-time data, you need a subscription to book map, either global or a global plus. There is also a web version, I believe that's free as well, and I believe that is digital-only, crypto-only. Well, let's go on to the next setup. So bullish setup here in Microsoft. Nvidia, very choppy day. Let's go take a look at Hero, go to Nvidia. And traders taking negative delta positions in Nvidia today. Zoom in on the open here. Note the put wall down at 487.50. Very timely flow alert, right? Just a minute or two after the cash open as traders aggressively take negative delta positions. And they were selling calls, that's shown by the falling orange line. Not doing much with puts, but definitely selling calls. So taking advantage of the recent move up in Nvidia to sell calls. Let's go take a look at book map. I'm gonna zoom in, otherwise a very choppy day in Nvidia. Just the volume dots a little bit. All right, so there's the short setup. In the morning, traders selling calls and good entry points, pullback to 495. Another pullback to 495. And then price moves lower to the liquidity targets below, especially at 490. This is the heat map and book map, showing a history of the resting limit orders. And below these are limit buy orders, attracting price at 490, 491, 492. Note the large volume dot there at 491, 490, and even 489. All those buy orders absorbed, find the aggressive buyer start to come in and price moves higher. This high liquidity, especially for a higher price stock like Nvidia at the zeros and the fives, attracts price. So very obvious price targets here in Nvidia. 492, 91, 90, and 89, especially 490. All right, let's take a look at Tesla now. All right, Tesla bullish day in Tesla. Let's take a look at heroes, see what options traders are doing. So today, the hedging flow in Tesla is bullish, rising orange line traders taking positive delta positions, another timely flow alert, indicating significant options activity. Good for getting your attention, traders buying calls. When traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. This is very typical pattern. Starts anywhere from 11 to maybe even 10 to 12 or so aggressive call buyers in the morning, take the foot off the gas and then price either consolidates or starts to move lower. Note the large notional value for calls, 414 million positive, they are buying puts, but much smaller number, minus 9.4 million. All right, let's take a look at, let's take a look at one other thing for Tesla here. Let's go to equity hub and see how, so this, first of all, let's go back to book map. So we know that from the open, traders are buying calls. So if you're looking to initiate a trade, a bullish trade in Tesla, you see the traders of buying calls, you see that flow alert, Tesla pulls back. So there's your long entry right around 10 a.m. Let's go take a look at book map. So here's the long entry, 10 a.m. We know that traders of buying calls, market makers selling the calls buying stock, flow alert indicates significant options activity. So that could be an entry point for, again, a day trade, swing trade, or a longer term trade depending on your timeframe and what else you're looking at. So let's take a look at some other tools in Spot Gamma to see what we could use to further inform the trade. This is equity hub. So this provides more information about individual equities. Let's take a look at Tesla. Let's go back to book map. So Tesla currently trading right around 256. So 260 is the call wall. So right now that is the according to Spot Gamma hero, that hero, Spot Gamma equity hub, this is the kind of the upper limit. Let's see how the levels have been changing over time. All right, so the call wall did shift higher to 260, remaining at 250 for, this is the history of the key daily levels for the last 10 days. And note that the call wall was at 250 for a number of days and then has shifted up to 260. So that's bullish. For Tesla, put wall also shifted higher up to 240. That's bullish as well. And the hedge wall shifted higher also, that's bullish. So three shifts higher and the key daily levels, that is bullish. Let's take a look at some of the other charts here. So we looked at the composite view. Let's take a look at the put and call impact chart. Can zoom in on this chart. So above right around the hedge wall here at 245, the orange bars that showing call gamma notional is dominating. There's hardly any put notional gamma above that 245 level calls, shown by the orange bars and the blue bars showing puts. That's also shown by this orange line above the blue line. Let's take a closer look at this. So I, looking at this, really has potential to run to maybe 280, 285. This is showing this orange line showing pretty rapid change in gamma notional in this range where the slope is steepest. And then it looks like it levels off maybe around 300. So according to this, there is potential for a move higher up to 300, although the call wall remains at 260. And let's take a look at this risk reversal. So there are two lines on this chart. This is the risk reversal. This is showing a price of a 25 delta call minus the price of a 25 delta put. A rising line indicates more demand for calls than puts. So the risk reversal line is rising, indicating there is a bullish demand for calls for Tesla. And let's take a look at this volatility skew. All right, so the skew is showing some demand for calls with the upward slope to the right. Again, I need to spend more time with this chart. This is something that's new. The shaded area is showing the 10th percentile to the 90th percentile. And then this dark line showing the current value. So I need to spend more time with this. All right, so David, I hope that answers your question. I am a bullish Tesla. I have a long position in Tesla. GH ask, is book map same as volume bars? All right, GH, I suggest, let's go back to book map. Let's go back to ES futures. Let's do one other thing. And GH, I suggest going here to bookmap.com going to this education area and start taking a look at these videos to get some basic information on book map. Also, book map offers a series of webinars every day. My focus is really on options. And so that's my focus. For basic information, you can watch some of the other webinars, especially Bruce. He's the director of education at book map. There's Bruce. And he has a daily webinar Monday, Tuesday and Friday at 10 a.m. And he goes over a basic book map. And David, you're welcome. All right, so GH, that's a good place to start with all of these series of recorded videos in the learning center. And then if you want live streams, go to Bruce's webinars first. Again, my focus is on options and more of an advanced application of book map. All right, David, again, you're welcome. All right, let's go, let's just wrap it up here. ES continues to slowly trend higher, maybe trying to break away from this consolidation area up to the 475 call wall, also the upper weekly expected move. Let's check on NASDAQ and you're welcome, GH. All right, NASDAQ also still in the upper end of its consolidation range. All right, everyone, my time is up. I wanna thank you very much for watching. Thank you very much for your questions and comments. And I will see you tomorrow. Thanks again, bye.