 Hello everyone, welcome to options with Doug streaming Monday Wednesday and Friday on the book map discord and The book map book map discord and the book map YouTube channel at 1 30 p.m. Eastern time Before I get started. I need to go through the disclosures general disclosure all book map 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 Here's my contact information the best way to get in touch with me is through discord may name on discord as Doug P Also in book map discord. There's an options dash 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 plus Here are the key tenants to my approach for training. This is the basis of my approach to training I believe that options trades and market maker hedging activity are key drivers of price and many stocks and futures and Certainly in the equity index futures like the SB 500 and NASDAQ and the large cap tech stocks that I follow in trade Like the mag 7 stocks and for the SB 500 spx is the underlying index spy is the ETF version of that index and ES is a derivative of spx and when traders buying sell puts and calls In spx and spy market makers take the opposite side of those trades And they hedge their delta exposure with ES futures and for the NASDAQ 100 and DX is the underlying index QQQ is the much more liquid ETF version of that index and when traders buying sell puts and calls and Ndx and QQQ market makers take the opposite side of those trades and then Q futures Which is a derivative of Ndx? Questions here my first of all the focus of my Presentation today is options order flow the impact of options markets on stocks and futures and the influence of market maker hedging Flow on price action have a two-step process for trading and the first is planning and I use positional analysis I look at how traders and market makers are positioned at the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and Volatility for the day as well as the directional bias and the second step in my process is execution I look at real-time order flow and 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 I will be focusing on an underlying asset and for example Setups in the SB 500 can be taken with ES futures or spy share spy options SPX options or even ES options Questions and comments are welcome and I will be watching both the options dash jug chat channel and discord as well as the chat and YouTube for your questions and comments. Please feel free to post. I'll do my best to answer your questions Hello, Katinka. Welcome. Glad you're here. Hello, Steven. Welcome. Glad you're here as well and everyone else. Welcome. Glad you're here All right, here's my agenda for today Friday, April 19th First of all, I want to go over news items economic data and events to wrap up the week Then I'll go through my positional analysis Then I'll review some setups from earlier today 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 news items economic data and events So first of all today is options expiration. This is a monthly options expiration What this chart is showing is market maker delta notional on the vertical axis and this is for a combined SMB 500 NASDAQ and Wilson 2000. So what this is showing is Call delta notional and this is the April expiration. So this is delta notional by expiration date Call delta notional shown with the orange bars above the zero line Put delta notional in the blue bars below the zero line So this is showing that the options expiration today is slightly put dominated And in a typical market where there's not much geopolitical risk There's an expectation if there's a little bit of a put dominance the more put dominance the more you would expect some mean reversion or a Perhaps a put Vanna rally After expiration that may not be the case due to the geopolitical risk and certainly today. I think Traders don't want to go home with any risk. So that may be what's driving the market lower today Alright, so anyway slight put domination which is different from the previous Explorations this year that have been heavily called dominated. Excuse me. So in a normal Environment we would expect some some reversal Perhaps early next week that may or may not be the case. So a slight a slight put domination All right, let's move on Now from news and go to positional analysis So I'm going to start with the SB 500 here. I'm looking at SP a ES ES chart in book map ES futures and this is from the Open yesterday afternoon at 6 p.m. Eastern time and note news came out about Israel Retalligating against Iran There was a sharp move lower and then a sharp reversal higher that began late last evening Continued up just until after they cash open today and then a move down All right before I take a More time on this chart. I do want to take a look at a larger or higher time frame. I'm gonna go to the SP X again, that's the underlying index. This is a One-day chart for SP X and thinkorswim this rally began late last year October 30th SP X rallied up for five months About 1150 points and then on April 1st this correction began All right, let's take a look now at a one-hour chart Still in thinkorswim This is the top of that green line the rally that began October 30th High for SP X right around 52 65 April 1st correction began and accelerated starting last Friday accelerated much much faster lower All right, let's take a look at levels on this chart First of all the dash purple lines are showing the lower and upper weekly expected move These are based on the options market This is based on the closing price for SP X from last Friday These lines remain in place for the entire week Note SP X is trading Below that lower a weekly expected move That did act as support earlier this week and The dash blue lines is showing the upper and lower Daily expected move Also based on the options market the closing price for SP X from yesterday SP X did trade down below that lower daily expected move earlier today Note I do post these levels in The options dash to a chat channel Every evening the day before So also both based on the options market closing price for SP X And for the daily expected move from the previous day All right, the red lines are spot gamma levels. These are provided to spot gamma subscribers They're available on a variety of trading platforms this is thinkorswim They're proprietary spot gamma levels again available to spot gamma subscribers I'm going to point out the key daily levels also the build of levels now below 5,000 For a while now this 5,000 level was the lowest level that's the put wall the absolute gamma strike and SP X is trading below that level All right, so let's point out the key daily levels. So again 5,000 that is the absolute gamma strike Which is the strike with a large absolute positive and negative gamma. That's also the put wall That's a strike with large neck negative gamma That should act as support. So SP X trading below that 5,000 support level The next level up is 5,100. That is the volatility trigger that spot gamma's proprietary volatility flip level below that level market makers position on the gamma curve is negative in a negative gamma environment market makers have to trade with price to hedge their delta exposure and that tends to enhance or increase volatility and that has definitely been Contributing to that to this sharper move lower this week Or for really for the last week Negative gamma environment bigger moves wider moves more trend days and Then finally this is kind of strange the call wall Moved up to 5,500 that had been at 5,300 for quite some time and I certainly doubt that it will be Remain at that level next week after options expiration today So the full call will hold the a strike with the largest net positive gamma Can be expected to act as resistance certainly well out of play for today With SP X below the put wall Alright, so those are the key daily levels and again levels are starting to build below 5,000 now All right, let's wrap up our view of SP X With the one minute chart So I'm showing about three and a half days worth of data on this one minute chart just to show the downtrend since yesterday right around 11 a.m SP X making a series of lower highs and Again, SP X did trade down below the lower daily expected move today now trading above Here's the put wall at 5,000 So SP X Did chop around that level earlier today and then broke lower All right, let's go to book map now. I'm going to zoom in on price action Right around from 8 30 a.m on Right, so in book map I have my own cloud notes so I can show SP X levels There's that 5,000 absolute gamma strike put wall That's for SP X so I'm showing SP X levels also spy levels on this chart There's the spy 500 absolute gamma strike put wall and then key levels for Yes, there's the lower daily expected move for a yes I do calculate that separately from the lower data from the expected moves for SP X All right, so I right now there's a an offset a difference Between ES and SP X that changes a little bit every day Right now it is somewhere between 37 and 38. I ended up using 37 this morning, so I'm showing SP X 5,000 at ES 5037 it may be closer to 38 now it does change it does change a little bit during the day All right, so let's point out some key levels first Well, first of all shifts and levels for the SP X that call wall did move higher Don't expect that to last there were no shifts and levels for spy So minor shifts and levels kind of inconsequential for the S&P 500 All right, let's point out some key levels and play for today First of all as I mentioned This 500 absolute gamma strike put wall for spy Acting as Resistance earlier today We'll talk about setups in a in a few minutes note that the SB 5 order did make a series of lower highs Before breaking lower again, we'll talk about setups in a few minutes lower highs continued. All right, so We know that That 500 level acting as resistance next level of resistance Was this 498.99 499 Combo to level combo levels have definitely been in play for today acting as resistance It was recently this 497 49 level maybe acting as resistance and that finally the 495 large gamma 3 level Acting as support or close to it All right, so those are the levels and play for today All right, again, we'll take a look at setups in a few minutes All right, let's move on to Nasdaq all right Nasdaq this is Again the full range of price action since the open yesterday afternoon at 6 p.m. In this case for Nasdaq Nasdaq moved down to this NDX 17,046 combo to level just above that is the QQQ for 15 level and then the NQ 17,200 so a cluster of levels there acting as support late last night and then Nasdaq made it almost down to that level again After the cash open All right, so let's zoom in on more recent price action All right, and a rag hello and and a rag ask what are the chances that spx will close? About 49 90 we'll take a look at that I'll show you how to use the options market To come up with that otherwise I don't You know, I can't speculate on that. All right, so Before I take a closer look of this chart I do want to take a look at the underlying index charts. I'm going to take a quick look at QQQ QQQ The regular trading hour shown on the dark shaded portion to the right Again combo levels in play this 422 0.51 Combo to level acting as resistance Here's the put wall For QQQ at 420. That's also the absolute gamma strike Acting as resistance this price move lower and then there's the QQQ for 15 level Let's see what that level is. Give me just a moment. Whoops All right QQQ for 15 is a large gamma 4 level All right, so those are the levels in play for QQQ. Let's take a quick look at NDX Then we'll get back to book map NDX is Trading below well below its put wall at 17,500 most of the levels up above the 17,046 level that is You know, let's see what that is Actually, first of all, let's focus on this 255 level Another combo level Combo one level combining NDX and QQQ gamma weighted open interest Acting as resistance Let's check on this 46 level Give me just a moment Sorry 46 combo to level so another combo level All right, let's get back to book map now All right, so we know the levels and play it. Yeah, there it is right there that 46 combo to level and the 415 level just above that and Then here's the pre-market resistance NDX 17,400 large gamma 4 level then after the cash open Resistance at that for 2251 QQQ Combo to level already again, we'll take a look at setups in a few minutes and for Nasdaq They were just minor shifts in levels for NDX and QQQ the volatility triggers both shifted lower All right, let's take a quick look at Gamma notional is a very negative gamma environment. This is market makers position on the gamma curve at the beginning of the day For the SP 500 and Nasdaq know these numbers are all negative quite negative These numbers did change For SPX gamma notional became slightly more negative and for spy slightly less negative and For QQQ more negative But still sharply negative So let's take a quick look at the Vana model see what that means So what this chart is showing I'm going to zoom in on this chart This chart is showing market makers delta notional on the vertical axis And the smart price for SPX on the horizontal axis There are two curves on this chart The light gray curve shows how market makers delta notional may change with changes in price only and The purple curve adds implied volatility to the equation that shows how market makers delta notional may change with changes The price and implied volatility and that change in delta with a change in applied volatility is the Vana effect so what this is indicating as Price drops implied volatility increases market makers will have to hedge more delta notional Due to that change in a volatility All right, so let's take a look at prices now and For SPX the high of the day was right around 5018 right there So what this is showing is Price has been dropping Market makers delta notional is increasing your delta notional is increasing. They have to sell futures to hedge their delta exposure All right, so this is too typical of a very negative gamma environment on the other hand if price does start to increase Market makers can buy back short futures and that would be a put Vana rally So this is this is showing That market makers are trading with price in both directions up and down tending to Enhance or increase volatility All right, so position analysis That should wrap that up. So my thesis for the day and definitely looking for higher volatility trend a and Based on the shifts in levels. There was really just minor Shifts in that was so neutral based on that but really considering the the geopolitical events and traders not necessarily wanting to go home long looking for a Little bit of a definitely risk-off today All right, anorag. Let's get to your question So anorag ask What are the chances that? SPX will close about 49 90. So this is an options chain for today Note the AM expiration. That's already gone. So let's take a look at 49 90 So SPX is trading right around that level now. This is 49 90 So it really looks like just about 50 percent. I'm looking at delta for the 49 90 strike So right around 50 percent That's how I would look at it. That's the delta for the put Here's the delta for the call Alright, so anorag. I hope that answers your question. All right, let's take a look at some setups now So first of all for the SB 500 Let's take a look and see what options traders are doing So everything that we've looked at so far other than book map is based on static data gamma-weighted open interest Smart gamma takes open interest data from OCC applies their algorithms to that data and Comes up with the levels that I'm showing on my charts. All right, so now let's move on to real-time data to execution I'm going to take start with the SB 500 and Take a look at what options traders are doing This is the hero signal hedging impact real-time options H. I ro this is available to spot gamma subscribers So this is showing in real-time what options traders are Doing a market maker hedging activity for a combined signal for SP X spy Xsp in ES futures. All right the white line on this chart is showing price for SP X and The purple line is the hero signal Falling hero signal indicates traders are taking negative delta positions. They're buying puts and or selling calls and arising hero signal indicates they are Buying calls and or selling puts they're taking positive delta positions. All right KP Ask are the definitions pinned to your discord channel? For example, what does the combo to level mean for definitions? Just go to spot damn spot gamma calm They have an extensive a great Help center there free resources go to the free resources at spot spot gamma calm And you should find definitions for everything that I'm talking about detailed explanations All right, let's zoom in on this chart and I'm gonna Zoom in and focus on first of all the morning So this is what? What the hero signal looked like in the morning? No, no literally traders are taking positive delta positions SP X reversing higher off the put wall key gamma strike 5000 this flow alert comes in Signaling significant options activity can often act as a mean reverting signal The hero signal moves lower Levels off Then just after 10 a.m. Starts to move lower As traders were taking negative delta positions All right, let's go to book map Let's zoom in so we know right around 945 traders started taking negative delta positions whoops knew all the liquidity in the He on that's the heat map and book ma'am Showing a history the limit orders in the order book those are set limit sell orders right around ES 5057 58 to Maybe 5061 Acting as resistance in this case Volume dots are showing market buy minus sell green volume dots indicate more buyers and sellers Price reverses as traders start taking negative delta positions Magenta dots showing more sellers than buyers aggressive sellers start to come in Yes, me 500 does a retest of this Smy 500 level and ES makes a series of lower highs aggressive sellers come in price moves lower Does a retest of this combo to level and continues lower? Note the cumulative volume delta shown by that Magenta line on the sub chart Indicating again cumulative volume delta Being negative there All right, so that's the short setup the morning short setup in the SB 500 All right, let's take a look at this reversal right around 1230 1245 Go to book map know there was quite a bit of lead Traders started taking positive delta positions right around 1040 That leveled off a bit then right around 1240 they started taking positive delta positions again flow alert comes in sign signaling Significant options activity price moves higher looks like the hero signals now moving lower and SME 500 finding resistance at that 5000 level let's go back to book map and There you go resistance At 5000 All right, let's move on to Nasdaq. All right Nasdaq All right, and a rag has kind of a long comment there. Let's take a look at Nasdaq now and I'll focus on the Indie X and the Mag 7 signal and hero in just a moment All right, so this is the Nasdaq in Q futures and book map So let's go back to hero see what options traders are doing So I'm going to take a look at a couple of hero signals here. First of all this Nasdaq signal This is a combined signal for NDX and QQQ and note earlier today. It was moving lower Indicating traders were taking negative delta positions And then right around 1145 started to move higher What I typically look at so that is combining This let's zoom out So that's combining NDX and QQQ into one signal when I've been looking at for the Nasdaq is This mag 7 signal. I think it provides more clarity a better signal for the Nasdaq What this is showing is options trades a market maker hedging activity for a combined signal for the stocks known as the magnificent 7 That is Apple Amazon Google Meta Microsoft Nvidia Tesla these stocks make up a very large Portion component of the Nasdaq 100. They drive price Let's zoom in on this chart so this is showing that Options traders have been taking negative delta positions in the mag 7 since the open that Continues to move lower All right, let's go take a look at Nasdaq now in Q futures down trend began before the cash open reversal at NDX 17400 large gamma 4 level and the NQ 17,550 level just above that All right, let's zoom in a little bit look at the cash open and again this combo to level QQQ combo to level acting as resistance Nasdaq making a series of lower highs as Options traders were taking negative delta positions in the mag 7 stocks. So a great short from NQ 500 Almost down to 200 300 point move lower and pullback entries Here's one at that 255 combo one level and And the QQQ 420 level just to below that just above that and then here's the here's VWAP Also acting as further confirmation of the the move lower Notice price starts moving lower aggressive sellers start to come in shown by the magenta volume dots Also the falling cumulative volume Delta and his price is moving lower Sell stop orders helping to fuel that move lower that shown by the falling Or a yellow line also the on-chart indicator sell stop orders, all right, let's go back to He will now let's see what Traders are doing in the mag 7. All right, so I hope this is clear. This is what I use for the Nasdaq Note the mag 7 signal making Lower highs there his Nasdaq was making a higher high setting up a nice short Right there just a few minutes ago. Let's go take a look at that That's right there at 418 That it acted as support earlier aggressive sellers come in Show them by the magenta volume dots His traders continue to take negative delta positions in the mag 7 stocks All right, let's take a look at some stocks and the first I want to take a look at is coin base. Let me turn this absorption indicator off Just to make this a little bit easier to look at All right, let's see what options traders have been doing first then we'll take a look at the chart and book map So let's go to coin base Summon on this just a little bit So initially from the open traders were taking positive delta positions in coin base Coin base found support at the 220 key gamma strike and moved higher to the hedge wall at 227.50 as traders were taking positive delta positions note this flow there it comes in as Price makes the final push up to that 227.50 hedge wall Let's zoom in on this just a little bit All right, so again coin base find support at the 220 key gamma strike traders take positive delta positions flow there it comes in just as Hero makes a final push up to the 227.50 hedge wall Hero line levels off and Then starts to move lower and coin base moves lower All right, so let's go take a look at that and book map I'm gonna zoom in All right one other thing that I'm showing in my chart this magenta line Is a correlation? This is the correlation tracker in book map Let me show you what this is. So first of all note that I have I have subscribed to Bitcoin futures and This is you could use any form of Bitcoin really either the spot Bitcoin Or maybe one of the tracking ETFs or here in this case. I'm using The Bitcoin futures so what this is this is the correlation tracker This is an add-on and book map so I have this Bitcoin futures I've added that to my Correlation tracker For coin base So I can see the correlation between Bitcoin and coin base. It's pretty strong All right, so remember Bitcoin found support at the 220 key gamma strike First higher and note just a minute or a couple of minutes before that Bitcoin started to move higher Bitcoin futures Bitcoin futures level off. Let me adjust this chart just a little bit more so we can see that 227 50 Hedgewall level zoom in just a little bit more alright, so again support at 220 key gamma strike Bitcoin started to move higher final push up to the 227 50 Hedgewall Traders are taking negative Delta positions or they They leveled off the hero signal leveled off and then Final test of this 227 level they start taking negative Delta positions Bitcoin had leveled off starts to move lower and price moves back down to the 220 key gamma strike So this is combining These key levels 220 227 50 along with hero what options traders are doing as well as the correlation with with Bitcoin to provide more More clarity about trading coin base here. All right, let's go back to hero now and Again, remember this flow dirt Here acting as a mean reverting signal Short move higher up to 227 50 options traders take the foot off the gas Finally start taking negative Delta positions final test of 227 and Coin base moves lower another flow alert comes in and in this case Coin base does move below the 220 key gamma strike Finally options traders start taking positive Delta positions again and price it already started to move higher So let's go take a look at that reversal right around 1035 1040 and it didn't last long to 20 level did act as resistance All right, so let's go back to Bookmap now Sorry about that. It takes a while to zoom. So there's that move lower Well down below 220 almost to 215 then finding a resistance Around the 220 level up to 221 in the moves lower note What Bitcoin was doing here consolidation again then started to move lower All right, let's move on to meta All right, I'll have storm ass which software is this quant tower now? I don't know what quant tower is I'm using book map. This is book map right here And then I'm also using spot gamma hero. That's what I'm showing All right, so this is book map anirag. Hello As could I look at the hero signal in DX versus mag 7? big divergence today Anirag already looked at that. I thought I already answered that now. I didn't look at in DX I look at the combined signal of NDX and QQQ. That's the NASDAQ signal just like the SME 500 signal So initially the NASDAQ signal was moving lower just like the mag 7 signal, but I almost always Use the mag 7 signal for the NASDAQ All right, so anirag if you miss that go back and watch the watch the replay All right, so here's meta I've noted the spot gamma levels on this chart Big move lower and meta today. Here's the 500 key gamma strike and note the 505 call wall Did act resistance act as resistance before the cash open? Sorry about all these lines on this chart. I think I'm gonna have to remove the Intermediate lines just like I do for NVIDIA All right, so 505 call wall acting as resistance before the cash open And this is obviously the cash open very negative opening print shown by the huge magenta volume dot Price moves lower always below VWAP Some consolidation around the 495 Hedge wall Move down to the 485 put wall that initially acted as support Good for a five-point rebound and now Met a move below that level down to the 480 level Do the high levels of liquidity in the order book? particularly at the zeros and the fives This is very typical for stock this high liquidity in case of at the open here. These were limit buy orders They come in the heat map shows the history the limit orders in the url book they come in For stocks typically at the cash open and remain in place until they are filled And those high levels of liquidity do act as magnets for price All right, so meta now Trading below its Put wall maybe trying to recover. Let's go take a look at hero. Let's go on to meta Summon a bit Alright, so the levels that I was just talking about that I have on my book map chart is shown here as well No, the floor that comes in Just about our meta to two after the cash open indicating Significant options activity and hero moves sharply lower Some consolidation again at the 495 Hedge wall then moves lower again down to the put wall Some consolidation and then around 1145 12 o'clock hero resumes moving lower and Metta breaks below the 485 put wall Now consolidating around that level. Let's go back to book map. Alright, so now meta Back below the 485 put wall. Let's see what oops Let's take a closer look and see what options traders are doing today I'm gonna separate outputs and calls And I'm gonna have to jump jump back Let's go to meta So what this is showing? Let me zoom in a bit All right, so Up until about 1230 1245 Traders were selling calls that shown by the falling orange line They're also buying puts That show them by the falling blue line the direction of movement of these lines indicate options Delta So again falling blue line traders are buying puts following orange line traders are selling calls Both the orange line blue line moving the same direction. This is a very powerful directional indicator and price moves lower So when traders take these negative Delta positions Market makers to the opposite side of those trades and they have to hedge their Delta exposure With stock in this case, they're sell selling meta stock. All right, let's take a look at Nvidia very clear Directional indicator here Flow alert comes in Let me zoom in so you can see that So there's the flow alert traders buying puts and or selling calls Very aggressively and in video price moves lower And continues to move lower Let's go to book map go to Nvidia So here's Nvidia a little bit of chop consolidation at the open trend break just after 10 a.m aggressive sellers Come in shown by the Magenta volume dot CVD was already dropping lower and price moves lower Now trading down below 800. Let me check something here So for Nvidia 850 is the put wall. So the yeah, there it is way up here 850 is the key gamma strike put wall So Nvidia Opened below its put wall and is trading well below now All right, does anyone have any stocks they want me to take a look at I'll be glad to take a look at it any stocks No, WRB likes to take a look at Tesla pretty choppy day here in Tesla Let's see what options traders are doing. I'm gonna change back to the total signal Before I go to Tesla See very choppy day initially Traders taking negative Delta positions and positive Delta note all a flow alerts here indicating chop Integrating change from positive to negative Delta and back then finally resolves lower oops Now more chop much clear downtrends in meta and Nvidia oh Kenobi wants to take a look at Netflix Good. Thanks for thanks for pointing that out Netflix did report earnings last night Let's see what options traders are doing today Taking negative Delta positions So they're selling calls and buying puts Flow alerts coming in 10 a.m All right, that's why I jump Let's go back jump then go back Gonna have to go to Netflix again. They had a tab. So there's your short Right around 580 Flow alerts come in Hero signal shifts shifts negative trader selling calls buying puts Netflix moves lower Total signals check the SB 500 So the SB 500 the signal not not nearly as clear as the mag 7 signal And you welcome KP WRB and Kenobi you welcome so much more clarity here with the mag 7 signal and Meta and Nvidia if you're using options trades to inform your Your trades. So let's take a look at take a look at some Alerts here, you know, I've mentioned these alerts several times I Use these to get my attention signaling significant options activity. So it looks like the hero signal for Apple is Shifting a little bit higher. Let's take a look at Tesla Here in this case Looks like this is resolving lower. Let's go take a look at Tesla and book map So back to Tesla So it looks like we missed the short entry in Tesla Lower high is finally a break below the 149 level All right, Kenobi asked how does the flow alert work and what does it mean? All right, let's take a look at something here Give me just a moment and I Let me see if I can find Let me move this over All right, I snipped this from a recent spot gamma Founders note. All right, the last sentence here. That is why flow alerts. Oh wait a minute Here we go Flow alert shows that notional Delta is crossing the zero line Which tells us in this case that total floors are now flipping from net bullish to the net bearish side So a flow alert indicating a shift from net bullish to net bearish or vice versa right, so Hope that answers your question. I was you I've been using hero long before The flow alerts were available so I Yeah measure of Delta changing from positive to negative Can often act as mean reverting signals. So at the beginning of a move Especially the beginning of the day I I look at those more as something to get my attention and I'm watching the direction of Hero I pointed out many hero alerts that come in just a couple minutes after the cash open get my attention I'm looking at the direction of hero later on the day And I showed examples of this in the speed 500 for example Let's go back to Back to hero for the SB 500. I also showed this in coin base So let's take a look at This move at the top of this move After a move up I interpreted this as a mean reverting signal so you can see the the quick shift From positive to negative there. Let's go take a look at meta Actually another mean reverting signal. Let's go to coin. Let me zoom in on this Top of a move especially toward a level that I expect you to act as resistance I'm looking at that as a mean reverting signal and shortly thereafter Hero signal levels off then moves lower and then finally right at the beginning of the day Let's look at meta So just coming in Miner to minute or two after the cash open flow alert comes in hero signal moving lower I'm looking for a short entry. All right, so Kenobi everyone else. I hope that Provides some clarity with these flow alerts So it takes some time watching these to interpret All right, everyone my time is up. I want to thank you very Thank you very much for watching Thanks for your question to comments Have a great weekend and I will see you on Monday. All right. Thanks again. Bye