 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure, all Bookmap limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk Disclosure, trading futures, equities and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. As a reminder, the focus of my presentation and the focus of the Options-Doug chat channel in Discord 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 help develop a thesis regarding expected trading range and volatility for the day and a directional bias. And the second step of my process is execution and I look at real-time order flow in Bookmap and market maker hedging flow in SpotGamma Hero to confirm my thesis and for setups for entries and exits. And I think this process provides a significant edge especially for short-term trading and on-topic questions and comments are welcome and I will be watching the Options-Doug chat channel in Discord and chat in YouTube for your questions and comments. So again, questions and comments are welcome. All right, so let's get started. What I want to talk about today is some news items, economic data that came out this morning. Then we'll go through our positional analysis and we'll talk about setups. And if you have any stocks that you want me to take a look at, please post them in chat either YouTube or Discord and I'll try and look at those if we have time at the end. All right, so first of all news to wrap up the week. There was a couple of big news items, especially this PCE that came out this morning. And here are the results. Consumer spending greater than expected and also greater than previous. The PCE price index month over month, greater than forecast and greater than previous. And the same for the PCE price index year over year and the core PCE as well as the core PCE index year over year and month over month. So all of these numbers came in hotter than expected and the market did react negatively to these numbers. So that was the 8.30 a.m. data and then the University of Michigan Consumer Sentiment came out at 10 a.m. Eastern and that was also better than previous and better than forecast as well as the new home sales. All right, so that was the data this morning. That wraps up the week of news and events and data and by the way there was also, there were quite a bit of Fed speakers out today. So that is the news for today. Now let's take a look at our positional analysis and I'm going to start with the S&P 500 and before I dig into this chart, let's take a look at a larger timeframe. So this is the S&P 500 chart, SPX showing price and the key spot gamma levels. This is again, think or swim, showing price and key spot gamma levels and these levels are provided to spot gamma subscribers in a think script that has to be updated manually every day. So that takes a couple of minutes and lost my pen tool. Give me just a moment. Okay, got my pen tool. So these are the key levels. Here's the 3900 level. That was the put wall yesterday and the 3950 level is the new put wall. So the put wall increased from 3900 to 3950 and that level is in play today and has been acting as support and there's also a combo one level at a couple of points below that. So those levels have been acting as support and then above 4000 remains the key gamma strike and that's also the volatility trigger and I'll talk about what these levels are in a few minutes, what they mean and then way up above here the call wall remains at 4200 so way out of play for the call wall. So that's a bigger picture. That's a think or swim 20 day one hour chart showing the break of the down trend, the consolidation and then a break of the up trend, the consolidation and then a shift to a down trend. So again that's a 20 day chart. Let's take a look at a little bit shorter time frame chart and then we'll dig into the book map chart. So this is today, again a think or swim chart one minute chart showing today and showing the interaction with the 3950 and 3948 levels. This is just showing price and these levels and these levels of course are the actual SPX levels and in the book map chart this is the S&P 500 future. So the levels are converted to equivalent ES numbers. The SPX levels are converted to equivalent ES numbers. So what this is showing, this is the Spot Gamma Cloud Notes again that are provided to Spot Gamma subscribers and it's showing the key SPX levels. Right now Spot Gamma is still using a 10 point difference between ES and SPX and that number is actually about five points. So I have noted this is actually the closer to the actual 3950 SPX 3950 level and that was noted as support in the AM Founders Notes Spot Gamma AM Founders Note and then this is the L1. L1 means that is a large Gamma level one being the highest, five being the lowest. So this level of ES 3950 to SPX 3950 so far has acted as support today. And you know JC we'll take a look at a spy chart in just a minute and that you know the SPY levels definitely come into play too. So when you're trading ES you need to keep track of the accurate SPX and SPY levels. Those options trades and those two instruments are quite often driving price action in ES. Okay so those are the levels that are in play today. But again note this level the 3950 to ES 3950 to SPX 3950 has acted as support today. Alright and while JC mentioned it let's take a look at the SPY chart and those levels of support have corresponded to this 394 C1 level. So that's a combo one level. Again one meaning it's the highest importance. Okay so let's go back. We'll take a closer look at setups. And just a minute let's go back to the ES and just to point out what this column is this is my own cloud notes. And I have here since I know the exact or you know pretty close to the exact difference between ES and SPX I've marked those levels here and I also have the big ES round numbers the zeros and the fifties and then if there was one of the major spot gamma levels for SPY I put those on this chart as well. So like the volatility trigger the call wall the key gamma strike put wall all those levels for SPY I'll note on this chart these columns as well. Alright let's talk about shifts and levels and again just like yesterday there were very few shifts and levels. First of all the SPX SPY and QQQ volatility triggers all did all did drop from yesterday SPX from 4025 to 4000 and the volatility trigger is spot gamma's gamma flip level with positive gamma above negative gamma below in a negative gamma environment that means that traders are long puts market makers are short puts and they have to sell futures as price decreases to hedge their delta exposure and that tends to increase volatility and that's typical of a negative gamma environment that's market makers position on the gamma curve. So SPX volatility trigger has dropped from 4025 to 4000 SPY from 405 to 401 and QQQ from 300 to 296 and then the only other shift was what I mentioned before with these SPX put wall increasing from 3,900 to 3,950 and the put wall is the strike with the largest net negative gamma and that can be expected to act as support as it has done more or less today so far. Okay, let's take a look now at the gamma charts and we'll start with the S&P 500 gamma charts and this is showing absolute gamma levels and this will show you where those levels come from. So what this is, again SPX we'll look at SPX first the absolute gamma levels this is the zero line, this horizontal line and above is positive gamma or call gamma shown by the black bars and below is negative gamma or put gamma shown by the teal bars. So this shows that the 4000 is very obviously the strike with the largest absolute gamma that's the key gamma strike or absolute gamma strike and then as discussed the put wall is at 3950 now and again that's the strike with the largest net negative gamma that can be expected to act as support and the call wall is way up here at 4,200 that's the strike with the largest net positive gamma and that can be expected to act as resistance and the key takeaway here is the really the range of gamma significant gamma is between 3,900 to 4,100 so that's SPX here's SPI so for SPI 400 the key gamma strike and that's pretty obvious the strike with the largest absolute gamma and then 390 is the put wall again the strike with the largest net negative gamma and the put wall, a call wall up at 420 again kind of way out of range here so for SPI the range is really of significant gamma 390 to 410 matching up pretty well with SPX alright let's take a look at QQQ and then we'll come back and look at something else on this page so this is QQQ again absolute gamma for QQQ and this is what we're looking at for NASDAQ we don't look at NDX it's not significant alright so for QQQ the key gamma strike 300 and there's the put wall at 200 and then the call wall at 310 and really it looks like the range of significant gamma for QQQ is about 280 to 310 alright so that's QQQ now let's go back to the S&P 500 chart and we looked at this yesterday and we'll look at the data again for today so this is open interest and volume this is for SPX this is for put data and the black bars are showing volume that's the volume traded and the small teal bars are the open interest change so note the difference between volume and open interest so open interest are positions that are held more than one day and then this is indicating that most of this volume from yesterday put volume is zero DTE options options that expired at the end of the day yesterday so this is just looking at SPX this is data from yesterday and this can help to explain why there were no significant shifts in levels no very little change in open interest but a lot of volume traded during the day in zero DTE options so again those were options that expired expired at the end of the day yesterday alright and also just to mention that Brent Kachuba the founder of spot gamma posted a short video about this on YouTube yesterday anyone who's interested in this approach to trading I highly recommend that you watch every video on the spot gamma YouTube channel set alert, set a notification every time a new video comes out I learned something every time from watching those so again he talked about this yesterday when we start looking at hero and setups we'll dig a little bit closer into what look at what he was talking about yesterday alright so that is the gamma charts and again just emphasizing the lack of shifts in levels could potentially be due to this focus and volume on zero DTE options that have no impact on or very little impact or no impact on trades that are held overnight alright so let's take a look at some data now and as usual I'm going to focus on gamma notional this is market makers position on the gamma curve and in this left column that is SPX the middle column is spy and the far right column is QQQ so you can see that they're all negative so market makers position on the gamma curve looking at all these indices is negative and again that means that that means that market makers position on the gamma curve is negative and that traders along puts market makers are short puts and if price decreases they have to sell futures to hedge their delta exposure and if price increases and implied volatility drops their delta exposure decreases and they can buy back their short hedges so these levels did change from yesterday and they all became less negative so yesterday SPX gamma notional was minus 606 and today it became less negative to minus 381 and yesterday spy gamma notional was minus 2116 and today it's minus 1752 and then finally QQQ yesterday gamma notional was minus 714 and today it is minus 538 alright so let's take a look at the Vana charts now and this is a graphical representation of what I was just talking about and this is showing market makers delta notional or delta exposure and how that changes with changes in price so delta notional is shown on the vertical axis the strike price is shown on the horizontal axis and then this green curve is showing how market makers delta notional changes with changes in price and changes in implied volatility and that's the Vana effect the change in delta with the change in implied volatility and what this is showing is that market makers delta notional again in a negative gamma environment increases price decreases and they have to sell futures to hedge their delta exposure so they are creating in the direction of price and that tends to increase volatility in a negative gamma environment that's typical of a negative gamma environment and then the black line is showing the next expiration and that is the change in market makers delta notional as time passes and that is the charm effect the change in delta as time passes I'll take a look at spy and QQQ and then I'll take a look at questions so this is just showing how this well I can look back the last couple of days so this just shows this is SPX showing that slight shift to a less negative from yesterday your spy and also showing the slight shift so the steepness of that line drops off just a bit and then the same for QQQ a little bit steeper yesterday and flattens out or just becomes less steep today alright let me check for questions and you're welcome for the insight so puts are likely to take profits at $39.50 which would mean market makers rewind their hedges by buying future stocks I'm not sure I understand your question so market makers at $39.50 would need to hedge and often traders will they're aware of these levels and we'll see with hero that they will fade moves at these levels so I guess it's possible that traders are if you're talking about traders taking profits yes most likely so and again we'll see this with hero is that as price moves up traders will start buying puts and then they'll start to take profits at a key level like $39.50 and market makers are just hedging in response to what what traders are doing so if price breaks below $39.50 for example market makers may need to hedge more aggressively and we can take a look at the so you can see that back to the absolute gamma levels so as price moves down let's say below $39.50 those puts at $4000 and $39.50 are gaining in value so market makers will have to continue to hedge and I talked about this a day or two ago in a feedback loop where those puts are in the money they're increasing in value and market makers have to continue to hedge as price moves lower so it depends on what traders are doing right now especially with the zero DTE options okay I hope that answers the question and Roomba I suggest that you take a look at that there's no easy answer to your question why do being short puts make it a negative gamma environment well I guess really there is a simple explanation so what spot gamma assumes is for the indices that like SBX and SPI assumes that traders are long puts market makers are short puts on the other sides they are traders are short calls and market makers are long calls so this is I think based on how traders and investors hedge their stock portfolios instead of buying puts for every single stock a money manager may have dozens or hundreds of stocks under management so anyway that is the assumption that traders are long puts to hedge their portfolios and they sell calls to pay for those puts and the market makers take the other side of that position so that's where that negative gamma comes from and there's another question wondering if there's a tool that shows real time gamma and delta added to SPX and there is a tool that shows options trading in real time and we'll look at that in just a minute so yeah just think about again short puts so if you're short puts you're negative gamma so think of it this way so when you're short puts that's a positive theta trade that is you're making money as time passes and gamma is typically the opposite sign from theta so if you're short puts you're negative gamma and if you're long calls that is positive gamma okay thank you JTT alright so let's move on now we've looked at the data we've looked at the data we've looked at Vanna so just based on this based on the data that we looked at the last thing that I did something in my mouse alright the last thing that I look at is the key gamma strike for every stock on my watch list and I show the previous key gamma strike that's the key gamma strike from yesterday I compare that with the current key gamma strike the key gamma strike for today again for the stocks on my watch list and I color code these numbers so here for example for Moderna that means that that key gamma strike drop from the previous day and for NVIDIA and that's pretty obvious since NVIDIA rallied pretty strongly yesterday the key gamma strike moved up from 200 to 240 so overall though not a lot of shifts in this key gamma strike so you know I would interpret this from stock to stock and for the indices pretty much a neutral stance again no significant shifts in levels and again I think the reason for that is the focus of trading in zero DTE options has no impact on the longer term levels alright so let's take a look at some setups now and here is this is the combined signal for SPX and SPY we'll zoom on on this and we'll look at SPX and SPY separately so first of all this is just the total signal combining the zero DTE and all expirations so this is all expirations showing again transactions in SPY and SPX and I'm going to zoom in on the morning here so the first thing let's zoom way in and what I'm looking at and Brent talked about this in the video a little bit yesterday how this can have a lead effect so first of all looking at a right at the open here the purple line the hero line dropping and then price responds a few minutes later about 5 minutes later setting up a short right after the open and then let's zoom in a little bit and then the next setup and this took quite a while to to work out was the divergence long setup and again that took quite a while to work out looks like over an hour where price kind of did this final test of that ES3950 to SPX ES3950 level and then begin to move higher while we're looking at this chart let's take a look at the zero DTE and we can do that by checking the next expiry so that's the zero DTE and we can see that as following pretty closely with the all expiry alright so that is the S&P 500 and now this is showing the move lower just before noon confirmed by hero and then a move higher just after it looks like about 115 so now let's go look at let's go look at book map and JC that was my setup too but I was traded a little bit differently I was looking at 3950 holding a support, looking at looking at VIX, looking at implied volatility and I put on SPX broken wing butterfly and I did trade spy from the long side as well but I was looking with an increase in volatility today to sell some premium so here we can watch order flow and this helps to confirm the trade so let's talk about that long setup and when I see something like that in hero and again I have one screen for presentation here and I have two screens and actually two computers the main computer with two screens I'm looking at book map on one screen so I can go on the other screen so I can watch and once I see that once I see that divergent setting up then I'll look at book map and I have the levels on here and I'll look at potential reversal level and I'll look for signs of reversal and again this took quite a while to play out let's zoom in a little bit and the quick move lower the pink dots there that's market sell orders aggressive sellers and then price consolidates for quite a while and a lot of green dots start coming in and looking at the sub chart here I can see that first of all this cumulative volume delta confirming that order flow that is green dots aggressive buyers market buy orders coming in and again I know that traders are taking positive delta positions in spx and spy and then also larger traders are buying with iceberg orders not in significant numbers but there are some I'm looking at this light blue line rising and I can see this number increasing see the iceberg buys here and I talked about this yesterday the way larger traders trade they often will buy weakness and sell strength and they're doing that again here buying weakness so that is step one you see the divergence in hero then you look at book map to find your reversal point and look for signs and order flow for the reversal and in this case you just had to wait for the setup to come into play and you see the signs of a potential reversal again the cumulative volume delta shifting from bearish to bullish large traders coming in with iceberg orders potential support level 3950 expected to act as support and then you just look for your point and again I took a I guess a less exact approach and just putting on that broken wing butterfly in spx so that's the S&P 500 and let's go take a we'll go back and take a look at hero now and let's take a look at the separate signals for spx and spy and first of all really interesting thing to note and I think it was this same as yesterday this is the hero signal shown here in this right column and this is showing for spx this is the weakest that this signal has been in the last 30 days and the last 5 days and I think it was just the opposite yesterday and then for spy this hero signal is the strongest that it has been in the last 30 days which is shown by this entire slider region and then the colored portion shows the compares the signal to the last 5 days so for today spx it's a weak signal and for spy it's a strong signal so just something interesting and showing that you have to really dig into this and look at everything and for today it was just easiest to look at this combined signal spx and spy and that is working pretty well so let's take a look at spx now and there's a strong correlation between spx and price action let's separate out the zero DTE and that's shown by this teal line turn that off so strong up and down correlation and then for spy remember that's a strong signal and this was definitely where that morning divergence came came from there's that divergence that began at the open and took almost 90 minutes to play out and then there's a divergence short that didn't take as long to play out and now it looks like spy traders are fading the move higher again let's go back and take a look at the total signal for spx and spy and not quite as drastic as the spy signal but it is shifting lower and again that is what a lot of what Brent talked about in the video traders selling highs buying lows and that action in spx especially or the s&p 500 is leading price up and down and he focused on the zero DTE options alright so that is the s&p 500 and let's take a look at some other stocks and just one thing that I want to point out I have trimmed down my watch list so it all fits on one page here so I don't have to scroll up and down and these are the stocks that I trade anyway and the other stocks are on my other computer that I look at occasionally so these are the stocks in my watch list just a single page here so let's go and just point out something this big block trade here and apple made it difficult to interpret talking about that vertical line there and the vertical line so I just ignored that and moved on and the next is AMD and there is a strong correlation here between options trades hedging flow and price action and this divergence setup here in the morning with hero trending lower here especially price moves up giving you a couple of good pullback opportunities for shorts and then even if you are fast in the morning seeing this first one here as hero made a lower high so let's go take a look at book map now here is AMD alright let me take a look at questions so it would be great to have a multi-chart stock layout of hero I'm not sure what you're talking about hero does provide five days of history so you can look at the past five days all in one chart and that is the that's the extent of it and yes there are updates coming and some of the updates have started already have been rolled out so spot gamma hero now has a dashboard that shows and we'll take a look at that next time I go to go to hero and karma trades which expiration did you use for the BWB and I trade those long term so that was the April expiration alright so JC says apple made me walk away today and love trading apple yeah that's why I have all these stocks appear if I don't see what I like in one stock then I just move on and I you know I have stocks that I prefer to trade to and if I don't have clarity in one stock I'll just move on to the next one so anyway here's the setup and AMD definitely bearish order flow and AMD typically does not have a lot of range and there's the price target at the 77 liquidity alright so that's AMD and the next one was Amazon and there was also a large block trade in Amazon and let's just zoom in on this right here and we'll take a look at hero for Amazon in just a minute and we'll focus on order flow first here so notice the shift from and it's easy to see with this CVD line from bullish to bearish and you can just see all the pink dots coming in especially right around here is it breaks the opening print that's shown by this purple line the point of control and for stocks that will typically remain at the opening print until the closing print so the break of that now let's go take a look at hero a couple screens here so that is AMD let's go to let's go to Amazon here and there's that large trade and I think this was easier to interpret and it kind of obscures the rest of the signal because it's so large and we can see that a large trader so hold a lot of calls and price was already falling but it fell pretty sharply right after that so you would have to be really anticipating something like that let's see if we can zoom way in so we're looking at so before and then there's really not a lot of clarity and then that big trade comes in and if you were just watching order flow anticipating that then you've got you could have gotten a short there alright so question in YouTube why do you follow QQQ instead of NQ well first of all if you're referring to options QQQ versus NDX the options market in NDX is insignificant compared to QQQ and why do I follow if you're talking about trading itself why do I follow QQQ instead of NQ I prefer to trade stocks so I may trade may trade ES but I never trade NQ it's just too big too fast I don't have a good I don't think I have a good edge within QQ I do with the S&P 500 most of the commentary and discussion in Spot Gamma is based on the S&P 500 so I trade the S&P 500 you know if I'm going to trade in NDX almost exclusively and I do trade QQQ and actually there was a good setup in QQQ today that we'll get to but I just I have my I prefer to have the option of trading any number of stocks so I have my stocks platform open and thinkorswim open and bookmap open and that's enough so I trade right now I'm trading primarily stocks and options alright so the next one let's jump over to let's go to Microsoft the same thing with these block trades here so the same as Amazon large trader selling calls that's shown by this large vertical one one big trade then another smaller trade then a little bit larger trade let's take a look at the total signal and in Discord having several charts for different stocks with the same screen window karma trades ask send that suggestion to Spot Gamma they like suggestions so send that to them and then ask me what role does the VWAP play in your system and not much if I see a reaction at VWAP that's just one more confluence but I don't base trade solely on VWAP okay so let's take a look at Microsoft back to bookmap take a look at Microsoft alright so here's zoom in on this so short setup in the morning so again we saw those large block trades trend lower so here for example regarding the question about VWAP you can take a look at this and I guess several different ways first I see the reaction at the 250 key delta strike and added confluence is that it's just below VWAP so I do see VWAP trending lower that is bearish but I'm looking at hero and then I'm looking at bookmap looking at bearish order flow price making lower highs below VWAP and a reaction at this 250 key delta strike move lower so there's the setup in Microsoft alright let's go to NVIDIA NVIDIA as you recall yesterday I did talk about NVIDIA at length a long setup and then why it stalled at the 238-239 level and today there was a pretty big shift in the gamma in NVIDIA so this is the composite view chart and equity hub for NVIDIA and note the put gamma that's shown in the light red color here call gamma above and you recall yesterday it was all put gamma so this is showing call gamma above and also 39.31% gamma expiring today we can see a reversal in the stock look for support at 220 so this I was looking for a potential call gamma unwind and let's take a look at this put call impact chart here's the same note and if you recall yesterday this was put dominated and I did not save a screen shot of the chart but this was in the region yesterday's price was gapped up to the region where this level shifted or flattened pretty substantially indicating market makers position on the gamma curve well they would indicating a shift in the rate of change of gamma to very low and indicating the market makers requirement to continue to hedge would decrease and then today things have shifted quite a bit to this call domination above 240 that was shown in the composite view chart and notice all the shift in call gamma above these levels so what I was looking for today and I'm sure this gamma was all just like this note says 39% expiring today so the way that works is traders have been bought these calls yesterday held them overnight and as the day progresses they will quickly start to lose value and price will market makers delta notional so when traders buy calls market makers sell the calls and they have to buy stock to hedge the delta exposure and as that delta as those calls lose value due to time due to charm market makers delta notional will decrease and they can sell back their long stock edges and that's a call gamma unwind and that works if traders are selling their calls or not buying calls today so you know first of all recognize that this could happen again we're looking at the looking at these two charts in equity hub to see the call domination see where the call strikes are and also we're noting that again remember for my key gamma strike list there was a significant jump in the key gamma strike jump higher jump higher in the key delta strike jump higher in the hedge wall and a jump higher in the call wall and a move higher in the put wall so all these levels shifted higher but again on the surface that is bullish but all that gamma is going to expire today we'll take a look at hero now we'll take a look at Nvidia and this is setting up both shorts and longs short of the morning with hero dropping a little bit of a divergence there in the morning setting up a short and this is pretty typical price behavior of Nvidia some some chop after the open set up would have been here with hero falling and price makes that high and then starts to drop and let's just see what traders were doing with puts and calls so they were buying puts and selling calls let's zoom back out so in the case of Nvidia I'm looking for looking for short with any hint selling calls so let's go take a look at book map here's Nvidia and there's that short set up zoom in on the morning session here so there's that chop and you could approach this in a couple of different ways if you were fast enough catch this I'm typically not I'm looking for a break of this range lower as traders are taking negative delta positions and then the first target is this 230 hood hedge wall and the liquidity there so there's the setup in Nvidia you know if you could patiently wait through this chop look for the break lower and then that's good for two or three points depending on depending on where you got in alright let's take a look at QQQ and then then I'll wrap it up my time is up and notice the 290 put wall in play today and that was the one of the keys here so let's go take a look at at hero let's take a look at this go to the total signal go to QQQ and in the morning just like just like spy there was a divergence long set up let's zoom in here so we can see this a little bit more clearly so here was the divergence long again it took quite a bit of patience but the key to this was the again that put wall level at the 290 so you know if you were just reading order flow and watching everything else take a short here with that 290 put wall as potential target but if you were just watching hero and making your trading decision based on that then here was a long set up anticipating the put wall to act as support and it did and looks like traders were front running that just a bit and you got a you know just about a two point move up to the 290 to C4 level okay let me check for final final questions and jc says yeah I should keep an eye on QQQ so yeah I definitely do that my setup today the way I proceed in the morning my planning preparation is I focus on the S&P 500 first and then QQQ so I update all these levels in ES first so I note all the levels in my notebook and then I update ES first I update these levels and then I go to spy and update these levels again the C levels and then QQQ and then after that and this you know this does take time and I may not get all this done before the open so I want to get the you know get the indices right get the levels right then I'll go to Tesla and maybe Nvidia if it's in play or any other stock in play and then I'll mark up the other levels as I have time later on so anyway that's my planning and process to focus on the indices first and then the stocks that I like to trade on a regular basis alright so JEC ask if I get some time this weekend might be useful to note how I convert levels between spy SPX and ES so what I do is I convert everything with spy so ES to spy and SPX to spy and there are a couple of ways of doing that and the more exact way is to look at look at two charts for comparison so let me show first of all I'll have again I have two screens so let's look at SPX for example on one screen actually let me go back and look at a one day one minute chart and then on the other screen I have a corresponding chart and spy for example and I'll just compare a couple of high and low points maybe three or four high and low points for the day and then I'll come up with a ratio and I did not do that today I did that yesterday and came up with a ratio for SPX to spy of 10.0155 and then I do the same thing for ES compare two different one minute charts and the ES to spy ratio that I came up with is 10.0306 and I do that every day or two really every couple of days and there's another kind of quick way of doing that is you can just look at a watch list real quick so I'm just looking at and it's a little bit easier with let's say comparing ES to either one of those numbers because it doesn't changes frequently it's a the tick level it's not every .01 it's .25 so the tick level so I see 67 there and I quickly jump down and look at the look at what the spy number was if I just want to you know take a quick look quick check on the number that's how I do it and then you can do the ES to SPX also so here you can see this this is so that's 68 quickly jump down to SPX so that was 62 so about 6 points okay so that's a couple of ways of doing that and I get most trying to get most of my stuff done but the important stuff done before the open and I just talked about the important stuff focusing first on the indices and then the stocks that I like to trade okay that is all I have for today I'm over time so I'm going to wrap it up thank you everyone for watching thanks for your questions and comments and have a great weekend and I will see you on Monday thanks again bye