 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 or 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. Before I get started, I want to cover my contact information here. The best way to contact me is through Discord. My name is Doug P. And you can also post questions and comments in options-doug related to the content of this webinar or focus on the topics that I'll cover in just a minute. So again, best way to contact me, Discord Doug P. Also post questions, comments, content in options-doug and then finally, I'm on X, formerly known as Twitter as well. And my name on that platform is at Doug Pless. And hello, trading sale. Glad you're here. Welcome. That's my contact information. 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 to 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. And I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about an underlying asset. And those setups can be taken with futures, shares of stock, or options. Questions and comments are welcome, and I will be watching both the options-doug chat channel in Discord as well as the chat in YouTube for your questions and comments. And again, for those of you in YouTube, if you have questions, comments, after the webinar, refer back to my contact information above. Again, the best place to contact me is Discord. My name again is Doug P. My agenda for today, what I want to cover, first of all, go over news items, economic data, events, and earnings for today as well as tomorrow to wrap up the week. Then I'll go through my positional analysis, planning process, then I'll review some setups, and then finally we'll take a look at the live market. If anyone has any stocks they want me to take a look at when I get to the live market, please let me know. Alright, so first of all, news items. The big event was NVIDIA earnings. After the close yesterday, another blowout quarter, and NVIDIA gapped up pretty sharply after the report. And note that earnings report came out after the options market closed. So any levels that we look at today were based on the options market before the NVIDIA earnings. And as it turns out, they were pretty good levels. Alright, so NVIDIA earnings, again, huge gap up. I'll take a look at NVIDIA in depth in a few minutes. And then today, GDP report came out 8.30 a.m. eastern time, and that was lower than expected. And there was also core durable goods that was greater than expected. And then of course the Jackson Hole symposium of central bankers began today. And tomorrow, Jerome Powell speaks at that symposium at around 10 a.m., and then also Michigan Consumer Sentiment Report comes out at 10 a.m. as well. Alright, so that's the news. Now let's get to the positional analysis. I'm going to start with the SB500. This is the SB500 futures in BookMap. Before I take a closer look at this chart, I'm going to take a look at a larger time frame. This is SPX in a 30-day one-hour chart. And it looks like the uptrend that began last Friday after the August monthly expiration may be coming to an end. We'll see in the next few days, but definitely a sharp reversal lower today. Let me just zoom in so you can see more clearly what I'm talking about. This is the reversal of the downtrend that began on Friday, last Friday, the August options expiration, and gap up and reversal lower today. Alright, let me focus on some key levels today. First of all, the dash purple lines are showing the lower and upper weekly expected move. And note that SPX did trade above that level, the upper weekly expected move yesterday, gapped up above that level today, and is now trading lower and actually below the lower daily expected move. Shown with the dash blue lines, there's the lower and upper daily expected move. Both of those are based on the options market, and they're both based on closes. So the weekly expected move based on the close Friday and then the lower and upper daily expected moves based on the close yesterday and around a 27.5 plus or minus 27.5 expected move. And again, both just based on the options market. That information is available. Any trading platform should be available in any trading platform with an options chain. Alright, there are also spot gamma levels on this chart. These are the spot gamma key daily levels. These are proprietary to spot gamma available to spot gamma subscribers. I'm going to point out again the key daily levels. First of all, here's the put wall at 4,300. That's the strike with the largest net negative gamma that can be expected to act as support. And then the next level up is the 4,400 level. That is the absolute gamma strike. That's the strike with the largest absolute negative and positive gamma. Then above that is the volatility trigger that 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. Then on the other hand above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure and that tends to subdue volatility. And then finally the call wall is up at 4,600. That's the strike with the largest net positive gamma that can be expected to act as resistance. Alright, as far as shifts in levels, the volatility trigger did shift higher from 4,400 yesterday to 4,430. So that was the only shift in the levels for SPX. So the gamma levels, levels of open interest, gamma weighted open interest appear to be stabilizing as new positions are filling in after the expiration last Friday. Alright, so that SPX in a 30 day chart. Let's just take a look and see what SPX levels are in play for today. So this is a one day chart showing the gap up above the upper weekly expected move. And now SPX trading well below that level, the weekly expected move. Also trading still below the lower daily expected move and potentially finding some support at the 4,400 absolute gamma strike. And we'll see what options traders were doing at the highs and the lows for the day when we look at hero in a few minutes, look at setups. Alright, note also the volatility trigger. SPX trading below that in a start of the day in a negative gamma environment, not as negative as yesterday, but still now trading if the price remains at this level, that gamma notional will become more negative tomorrow. Alright, let's take a look at book map now. In a book map, I have my own cloud notes and I have SPX levels. There's a 4,460 level that was noted as resistance in the spot gamma AM founders note. And this SPI 4,45 level was the key level for today. That was the key resistance level that was noted as resistance in the spot gamma AM founders note. The 4,45 level. We'll take a look at the SPI chart in just a moment and see so we can just focus on that level. Alright, so I have SPX levels, SPI levels. Also there's the lower daily expected move. This is for ES and upper weekly expected move. So ES is trading below both of those levels. And then here's the 4,400 absolute gamma strike support level noted as support in the spot gamma AM founders note. So ES has traded down from the SPI 4,45 resistance level all the way down to the SPX 4,400 support level. Again both levels noted in the spot gamma AM founders note. And this set up a beautiful short. I'll talk more about that in a few minutes. I did post this posted a little bit late. Actually not. I thought maybe initially it was late. I posted it at about 1020, which would be right around here. And as it turns out, that was only a maybe a third of the move lower and ES continue to move lower. But a beautiful divergent setup confirmed by hedging flow and order flow. And the the divergence I'm talking about is the hedging flow. Again, we'll take a look at that in a few minutes. And let's just go to the SPI chart. So we can just focus on that 4,45 level. So notice DX feed provides data starting at 4am. So this is going back to 4am today. Eastern time that 4,45 level was price was oscillating up and down around that. And then at the cash open, it did act as resistance. And then again at 10am for that reversal lower. So just a fascinating day today. Going to buy the rumor sell the news. All right, so that is the SMB 500. There were shifts in levels for the SMB 500. Volatility trigger did shift higher just like SPX. But the call wall shifted lower. So for SPI, the call wall shifted lower from 460 to 450. And I did interpret that as bearish. That potential ceiling for price did move lower for the SMB 500 for SPI. All right, let's take a look at NASDAQ now. Take a look at the levels in place. So this is the NQ futures. And before I take a closer look at this chart, I want to take a look at, first of all, QQQ. Show the levels in play for QQQ. And note this 370 level was a, if you missed the initial entry, that was a good entry point for continuation of this move down to the 365 level and below. So the levels, gamma levels in play, there's the 370 level. That's a large gamma 2 level, L2 level. There's the 368 volatility trigger. So QQQ is trading below its gamma flip level. And then here's the 365 level. That is a combo level as well as a large gamma 3 level. Right around that 365 level. All right, let's shift some levels for QQQ, the volatility trigger shifted higher. In fact, all the SPI, NDX and QQQ, volatility triggers shifted higher for all. And then for QQQ, the call wall did shift lower from 400 yesterday to 385 today. And note that 370 is also the absolute gamma strike. And that did shift higher from yesterday, from 360 yesterday to 370 today. So for QQQ, volatility trigger and absolute gamma strike shifted higher. And the call wall shifted lower. All right, let's take a look at NDX. An interesting chart. Note this 15,000 level has really been in play. The NDX 15,000, I posted this a couple of days ago on Tuesday. That 15,000 level acted as resistance for three good short setups. Then yesterday, NDX blasted above that level up to this, right around this 15,175 level. Which happens to be the new put wall, which is actually higher than the call wall. So for NDX, the put wall shifted significantly higher from 12,500 yesterday to 15,175 today. Above the call wall, which is very unusual and probably won't last. So the call wall is at 14,625, that's also the absolute gamma strike. So anyway, this put wall acted as more or less resistance yesterday. Now that was not a key gamma level yesterday. But around that level did act as resistance again today. And now NDX is training down below the 15,000 level. Alright, let's go take a look at NQ. So again, I've got all the levels in play. NQ has moved quite a bit. So there are quite a bit of levels on this chart. NQ trading below the lower daily expected move. And that's why I look at the QQQ and NDX charts separately. Just to see the levels in play more clearly than this somewhat cluttered chart for this large move. So NQ trading below the lower daily expected move. And also back below the upper weekly expected move. So we'll talk about setups in a few minutes. And definitely bearish order flow controlling the price for NASDAQ today. Alright, let's take a look at Gamma Notional. I always like to see how market makers are positioned on the gamma curve at the beginning of the day. This is Market Makers Gamma Notional for SPX, SPY, NDX and QQQ. Note all these. For SPX, SPY, and QQQ, these numbers are still negative. Less negative than yesterday, but still negative. So at the beginning of the day for SPX, SPY, and QQQ, Market Makers position on the gamma curve was negative. And again, in a negative gamma environment, they have to trade with price to hedge their delta exposure. And let's take a look at a graphical illustration of that. This is the Vana model. And I'm going to start with SPY today. This chart is showing Delta Notional, Market Makers Delta Notional, on the vertical axis and price on the horizontal axis. There are two curves on this chart. First, the gray curve is showing how Market Makers Delta Notional changes with changes in price only. And then the purple curve is showing how Market Makers Delta Notional changes with changes in price and implied volatility. And that change in Delta Notional with a change in implied volatility is the Vana effect. And Vana is a second order Greek. So we know that SPY reversed lower at 445. So that's right here. SPY 445. That was the high of the day for the RTH session. And right now, SPY is trading down around 439. So what this is showing is if price increased from that level, there would be a little bit of a Vana tailwind, but not as much as there has been since last Friday. Again, remember we saw on the SPY chart that reversal higher after the beginning on Friday with the options expiration of the put Vana rally. A little bit of fuel left. On the other hand, this works both ways. So if price decreases and implied volatility increases, Market Makers will have to sell futures to hedge their Delta exposure. So let's locate 439. So that's right here. So as price has been falling and implied volatility increasing, Market Makers' Delta Notional has been increasing. And even in this slightly negative gamma situation for SPY, more gamma notional, more negative for SPY, Market Makers' long puts, Market Makers' short puts, and as price decreases, they have to sell futures to hedge their Delta exposure. And that leads to larger moves that are typical in a negative gamma environment. So that has definitely helped to fuel this move lower. Right, so that's SPY. Let's take a look at QQQ. Let's just go back to the, so the 373 level was about the high of the day for the RTH session. Right now, QQQ trading around 364. So let's zoom in on this and locate those levels. So here's the, here's the 373 level. So this is indicating that for a move higher, there was really no put-vanna fuel in the tank. That this, you know, the put-vanna fuel that was started last Friday would be pretty much gone for QQQ. Then on the other hand, and again it works both ways, with price moving lower, traders are still long puts, Market Makers' short puts, and they have to sell futures as price drops. They'll sell NQ futures as price drops to hedge their Delta exposure. So here's the 364 level. Alright, so important to understand Market Makers' position on the gamma curve at the beginning of the day and how that might affect how they need to hedge with changes in price and applied volatility. Alright, let's take a look at some setups now. I'm going to start with the SB500. This is the hero signal, hedging impact real-time options. This is from Spot Gamma, available to Spot Gamma subscribers. What this chart is showing is price for SPX and the hero signal, hedging impact real-time options for a combined signal for multiple components of the SB500, SPX, SPY, XSP, and ES futures, combined into one signal. And note the signal for today is negative. Let's zoom in on this. I'm going to go back to the cash open right here, 9.30 a.m. eastern time. Oops, wrong tool. Cash open. And let's just see what traders have been doing so far today. So they are buying calls. They're buying puts, put buyers, shown by the falling blue line, notion of value minus 4.2 billion. So that is quite negative. And they are buying calls, shown by the slightly rising orange line. Also the positive notion of value there at 967 million positive. So put buyers much more aggressive today and definitely driving price action along with that VANA effect. Alright, let's zoom in on this. I'm just going to leave this. Now let's go back to the total signal. We'll start with that. So I'm going to zoom in. So this is what I posted in Discord this morning, is I saw this divergence set up. So traders initially were taking positive delta positions. And then as the SB500 approached that SPY 445 level, they started taking negative delta positions. And just a few minutes later, price reversed lower and continued lower. Let's go back now to the puts and calls. So this shows a little bit more clearly that they, for the first few minutes, were selling puts, shown by the rising blue line. Then around 955, they started buying puts. And just a few minutes later, they stopped buying calls, started selling calls, and price reversed lower. And that move continued, move lower continued, and actually still continues lower. So this is the entire day and the move lower continues. Did find a little bit of a bottom at that 4400 level right around noon and is now back down at that level, at the SPX 4400 level. All right, so let's go take a look at the book map. Go back to the SB500. So now we'll look for clues and book map to the order flow. Zoom in. We'll just zoom into the first couple of hours here. All right, so here's the SPY 445 level that acted as resistance. And that level, again, was noted as resistance in the Spot Gamma AM Founders Note. So let's take a look at some additional clues. So we know that options traders are starting to take negative delta positions as price approaches that level. And the next thing we know from this chart is that larger traders were selling with iceberg orders. It's a little bit difficult to see. So what I want to point out is the following light blue line there that's showing a sequence of sell iceberg orders. Iceberg orders are what large traders use to hide their size. So they are selling strength. That's also shown on this on-chart indicator. That one's hard to read. It looks like 920 contracts there. 1,083 contracts. So large traders selling this move up with iceberg orders. Note the shift in the order flow. Green dots, these are volume dots showing market orders. A green dot indicates they're more market buy orders than sell orders. And then a magenta dot indicates there are more market sell orders than buy orders. So order flow shifts. It's also shown by the falling cumulative volume delta, that pink line in the sub-chart, or magenta line. And from this point on, order flow was very bearish. The yellow line showing sell-stop orders helping to fuel the move lower. It's shown by the red dots there, all helping to fuel the move lower. So as price reverses and options traders started taking negative delta positions, price reverses at the 445 level. That's VWAP as well. Also the point of control. So a very nice confluence of levels there. Aggressive traders start selling. Sell-stop orders fuel the move lower. And large traders were selling with iceberg orders. So a great confluence of signals both in order flow and hedging flow. Sending up just a wonderful short here in the SB500. And all the way down to the 4400 absolute gamma strike support level. And now SB500 testing that level again. And Truman asks, when you see hero crossover price, does that get your attention? No, not really. I'm not looking at crossovers. I'm looking at the trend of the signal and when the signal starts to move higher or lower. So let's go back to hero. Let's go back to the total signal. I guess that's one way that you could look at it. So seeing this crossover is potentially a good way to look at it. I'm just looking at, here's where, let me clean that up. Here's the high for hero right here. And here's the high for SPX. Separated by maybe just a few minutes, two or three minutes. But we're looking at a confluence of signals here so that it was more clear right around here. So here's a realistic entry. So you could take the short at 445. Looking at the iceberg orders and the order flow and book map. Or maybe a more conservative entry would have been right around 10.05. And there's the divergence between hero and the price for ES, SPX was a lot more clear. But yeah, that's Truman. Thanks for pointing that out. That is something that is definitely helpful to look at. Alright, so that's the SMB500. Very nice short set up today. Very interesting market today. Alright, let's take a look at NASDAQ now. And for NASDAQ, options traders were, what appears to be to me, appears to me not in control today. Alright, so let's just go look at book map. Let's go to NASDAQ. So the SMB500 for me was a very easy read both with hedging flow and order flow. And for NASDAQ, order flow was a very easy read. And you could just see the cumulative volume delta falling slightly. Really from 8am here, just all the pink. Looking at all the magenta volume dots, aggressive sellers. And then at the cash open, all these lines in the sub chart start moving lower. Iceberg orders sell iceberg orders. So they were initially buying and right at the cash open they start selling. It's shown by the falling light blue line. Sell stop orders shown by the yellow line. And then the pink line there is showing cumulative volume delta. Truman says that is better, more nuanced. Yeah, so there's no red light green light in trading. It's a matter of putting together, getting the big picture right, and putting the pieces of the puzzle together to understand who's in control and which way they're going. So trade and sale says in hindsight it seems clear while developing, it is hard to detect. That is true. That's why I think there were some warning signals for both NASDAQ and the SB500 for NASDAQ. Let's just zoom in a little bit on the morning. So NASDAQ, I think it was pretty clear that let's say if you waited until 10 to take a trade, there's this 375 level as well as the NDX 15,175 level as price moved up to that level. All of these lines in the sub chart continued to move lower. So really no reason to look for a long there. And another clue. So we know that both the NASDAQ and SB500 are indices of stocks. One thing that I look at is, let me bring this over. This is the Magnificent 7 plus AMD. And I was looking at this this morning and looking around, look at the left half of these charts, they're all going down. So looking at this, again, no reason to look for a long. As long as all of these stocks are going down, both in the NASDAQ and the SB500. So I look at this chart occasionally to get a sense of what these, all these stocks are doing that are key drivers of price action. All right, so that is NASDAQ in the SB500. Order flow, pretty easy read, pretty good read in NASDAQ. And then hedging flow and order flow, pretty clear read for the SB500. All right, let's take a look at some stocks now. So let's go to the stock of the day in the video. So sorry, I'll get to your question in just a minute. Credenceale says, so he uses volume profile. Now looking at book map and spot gamma as well. I think a lot of people may do that. I tend to, I've decided just to focus on what I'm talking about today. Order flow and hedging flow. Spot gamma based my analysis primarily on the options market as well as order flow just to avoid any conflict or confusion. So I've kind of simplified my process just to look at these things that I'm talking about today. And I agree with you, I do not use any traditional technical analysis. MACD, Bollinger Bands, Fibonacci's, I don't use any of that. I want to avoid conflict and have a very simple view that again I'm trying to understand who and what is driving price and very often it is options traders that are driving price. All right, so here's NVIDIA stock of the day. Let's just take a look at the move from yesterday. So I've got, I loaded 24 hours a day data this morning. So here is price action yesterday. Then the huge move up after the earnings report and then the move down today. All right, note the 500 level is the call wall. And Spot gamma has some notes about that in their founders notes. So anyway NVIDIA traded down below that level. That was a level expected to act as resistance. And now NVIDIA trading down below that level. All right, let's take a look at what options traders are doing in NVIDIA. So let's go to NVIDIA now. So one thing about stocks, the options trades and price action are often very strongly correlated, much easier read than the SMB500 or NASDAQ. So anyway here's what options traders have been doing today. Let's just zoom in on the entire day. So they're buying puts and buying calls. That's shown by the rising, buying calls shown by the rising orange line. Buying puts shown by the following blue line. Looks like call buyers a little bit more aggressive coming in buying the dip in NVIDIA. All right, let's take a look at our sample trades. I did, there was some questions about selling premium in NVIDIA. So I did a, this is a simulated trade and actually worked out pretty well. Again, questions about selling premium in NVIDIA. If I did that, naked premium, this is how I would do this. So this is a about 115 day strangle in the 15th December. This is the 15th December monthly expiration. Sold the 810 call, the 310 put $925. Again, a simulated trade and that has worked out pretty well today profit so far. And this is just all due to the drop in implied volatility profit for the day around $393 so far. So if I did this, I would take this off at 50% profit. So that would be just around $460, something like that. So I'd be looking for another $60, $70 in profit to take this off. All right, so that one thing to note there, this trade is only suitable if you have a portfolio or margin account. So it would have been too prohibitive as far as margin goes to take a trade like this unless you have portfolio or margin. And then if you don't just have a standard margin account or a retirement account, this would be more suitable. This is an iron condor in the 20 October expiration. That's around 57 days. I think it was like a 16 delta iron condor 10 points wide for $275 credit and that is working out as well. So a lot safer trade suitable for non-portfolio margin accounts. All right, let me get to your question. I'm so sorry, asking about NVIDIA have call gamma unwind for tomorrow. So let's take a look at, actually, let's go to equity hub here, the new tab, get to my watch list. So first of all, this chart is showing light put domination below around $290, I'm sorry, that may be difficult to see the shift from light pink to green. Let's take a look at the put and call impact chart. And note also there is a significant amount of gamma expiring tomorrow, $825 that's shown right here. Next expiry, gamma percent, $825. Let's say I would not, I look for a call gamma unwind for stock that has been pretty much increasing all week, traders buying calls all week, and that is for NVIDIA, that's not really the case. We can take a look at this put call impact chart, zoom in on this a bit. So here's the 500 level, that is the call wall, also the key gamma strike, key delta strike. So all of that, that orange bar is showing call gamma, and a lot of that, 30% will expire. So there could be somewhat of a call gamma unwind. So this is what he's talking about, as these, some options expire on Friday, they will lose value due to charm. Charm is the change in delta with the change in time as time passes. So all those calls at that level that expire tomorrow will lose value pretty quickly tomorrow, and they're losing value today too with the drop in implied volatility. And so they're losing, quickly losing value due to changes in price and time, or implied volatility in time, Vanna and Charm. And market makers who were long stock to hedge through delta exposure can sell their stock. They no longer need that. All right, let's go back. All right, let me check for additional questions. All right, Hunter, hello. Says, put sellers are covering position and call put buyers making money. How does it affect price action? I'm not sure I understand your question. Well, first of all, what instrument are you talking about? Are you talking about the SB 500, NASDAQ, NVIDIA? All right, so Kyle asked, what platform are you using to get the info? So I'm using BookMap as my platform for watching hedging flow, order flow, I'm sorry. So here's BookMap, all right, and then Hunter's asking, and then I use SpotGamma, that's web-based, that's where this gamma information comes from, and hedging flow, hero, and the information I'm using about the gamma levels that comes from SpotGamma. Those are the two primary tools that I use. And then I also use Thinkorswim for options trades. All right, so let's go back to NQ. So again, Hunter, I'm not quite sure that I understand your question. Let's go take a look at hero for NQ. Go to NASDAQ. So for NASDAQ, traders are actually buying calls and selling puts. So as I said for NASDAQ today, it's pretty clear that options traders are not in control today. It's more aggressive sellers, sell-stop orders, and large traders with iceberg orders in control of NASDAQ today. But in general, when traders buy puts, market makers sell the puts, and they have to sell futures or stock to hedge their dealt exposure, and just the other way around for calls. All right, I had a couple of other stocks to look at. So from there, let's take a more systematic view. First of all, I'm going to rank my hero signal, my watch list, shown down here in the bottom of my screen by hero signal. What this is showing is this hero signal compared to the last 30 days and the last five days. This dot is showing how that hero signal compares, again, to the last five days, last 30 days. The entire length of this slider, it may be difficult to see, shows the last 30 days. And then the colored portion shows the last five days. So this signal for Google is the weakest that it has been in the last five days and 30 days. So let's go take a look at Bookmap. So we know that traders are taking negative delta positions in Google. Let's go back to Bookmap, go to Google. So here we're taking a more systematic approach after looking at the SB500 NASDAQ. And now we'll look at the watch list ranked by hero signals. So there's Google. Google typically does not have nearly as much range as many other stocks, but a nice short setup here in Google as traders were taking negative delta positions and market makers were selling stock to hedge their delta exposure. So let's go back. And one thing to point out, 130 is the key gamma strike. And that's also the key delta strike. And there was a lot of liquidity at that level, potential price target. Looks like Google did not quite make it down to that level. There's the 130 level. Alright, so remember yesterday all of the magnificent seven were very strong and just the opposite today. Let's go back and take a look at hero go down this list. So we've already looked at the SB500 and NASDAQ. Very weak signal for the SB500 minus 3.2 billion for the day. Amazon kind of choppy, not much to see there, not much of a clue. Microsoft much more clear. 330 is the call wall. We'll take a look at book map in just a moment. So traders were selling puts and buying calls. I'm sorry, selling puts and selling calls. So that blue line, rising blue line shows their selling puts. Falling orange line shows they are selling calls and the call sellers are definitely in charge. So when traders sell calls, market makers are buying calls and they have to sell stock to hedge their delta exposure. So go back to the total signal here. Alright, so remember 330 is the call wall. That's also the key gamma strike. We'll go take a look at book map. Alright, so 330, the call wall, key gamma strike. Price pause briefly at that level, did a retest and then move lower down toward the liquidity at 320, the next large target there. Some consolidation around 325 and then 320 is the next liquidity target. And Truman says I just could not get my head to believe that it would fall this far after yesterday. I agree completely. It was a little bit unexpected, but really the key was to start the day with an open mind and get the big picture right and what helped me again was to look at this chart right here. Just look in the first few minutes. Let's just take a look at, take a look at Microsoft for example. I'm going to scroll back to the open, so it was pretty clear in the, you know, even the first half hour that all of these stocks were going down pretty sharply. Then putting that together with the order flow and book map and for the SOB 500, the negative hedging flow. Let's go back to hero, you know, ranking this by hero signal, seeing SOB 500 this week. Truman says if I started the day forgetting yesterday, it would be in the better. Yeah, I agree. So it was, you know, I'd say the magnitude for me, the magnitude of this move lower was a little bit surprising, but order flow, especially in book map, definitely telling the price action, order flow and hedging flow for many stocks as well as the SOB 500. Definitely telling the story today. So going to the, going to the day when, you know, I'm learning this as well, going to the day with an open mind, get the big picture right, and then everything else tends to fall into place. Let's take one last look at the, at the indices. So we know that options traders are still taking negative delta positions in the SOB 500. Let's go back and take a look at book map. And a lot of these large cap tech stocks, driving price still, they've fallen down, can't get off the floor. SOB 500 just chopping around the 4400 level. And spot gamma was talking about if the, if this level breaks, then really the 4300 level would be the next level. So watch, let's just take a look at VIX and see what implied volatility is doing using VIX as a proxy for implied volatility. So VIX is up for the day, has been chopping around since around noon, but now appears to be heading higher, kind of making a wedge pattern, just zoom in on today. So watch for, you know, which way VIX goes could be, could be a tell or confirmation about the SOB 500. And keeping this and the VANA model in mind as well, that works both ways. As implied volatility increases, price drops, market makers will need to continue to sell futures. Look at NASDAQ. So still stuck around the 14,950 level, as well as the QQQ 364 level. Hunter says I'm a naked options buyer, that's good. What is the best way to capture a trend like today, as even little bounce hits profits. So I think the way to trade for today was to buy a put. That would have been a great trade almost on anything that I showed today. Spy puts, SPX puts, QQQ puts, Microsoft puts, NVIDIA puts. I would have been a little bit hesitant to buy an NVIDIA put, given the implied volatility was so high at the beginning of the day. But Microsoft, you know, any of the magnificent seven buying puts at the beginning of the day would have been a great trade. All right, I'm looking at Floyd's garage and example of the strat. Took the week out, NQ went back inside, risk of taking out. We glow, I'm sure, I'm not sure I understand your question. All right, my time is up. I want to thank everyone for watching, just a fascinating day today. And we'll see what happens tomorrow. So thanks again for watching. Thank you very much for your questions and comments. So Desiree says QQQ has put wall 360. Where did we get this week? Not sure I understand your question. This information comes from Spot Gamma, and it has been at 360 yesterday and today. And yesterday increased from 350 to 360. All right, thanks again. Thanks for watching. Thanks for your questions and comments. And I will see you tomorrow. Bye.