 Hello, everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the general disclosure of Bookmap Limited Materials Information and Presentations are for educational purposes only and should not be considered specific, investment advice, nor recommendations. Risk disclosure, training futures, equities and options involves substantial risk of loss and is not suitable for all investors. Pass performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an options-Doug Chat channel that's a great place to post questions, comments and content related to the topics of my presentation and the topics of the channel, which I'll go through in just a moment. And note that Bookmap Discord is free and available to everyone whether you have a Bookmap subscription or not. There's a lot of great content there. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the options-Doug Chat channel is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning. And I use positional analysis. I look at how traders and market makers are positioned at the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step on my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow on Spondyama Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about setups in an underlying asset. Those setups can be taken any number of ways. For example, with the S&P 500 setups can be taken with ES futures, SPY shares, SPX options, SPY options, or even ES options. Questions and comments are welcome and I will be watching both the options-Doug Chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. And hello, Steven. Thank you very much. I am feeling better today. Thank you very much. All right, here's my agenda for today. Tuesday, November 21st. First of all, I want to go over news items, economic data, events, and earnings for today and the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today and then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, let's start with news items. So today, as I've noted here, news items for today, FOMC minutes come out today at 2 p.m. That's a day early. I guess that's because of the holiday later on Thursday, Thanksgiving holiday. So again, FOMC minutes out at 2 p.m. Eastern time today. And then NVIDIA reports earnings after the market closes. And that is the last of the magnificent seven stocks to report earnings in this quarter. All right, let's, oh, the rest of the week, news items. So tomorrow there is some data coming out. Economic reports, 8.30 a.m. Eastern time, durable goods orders, 10 a.m. Consumer sentiment, Michigan consumer sentiment. Then, of course, Thursday is the Thanksgiving holiday. All markets are closed. And then on Friday, the market is open half a day. There is some data coming out at 9.45 a.m. Eastern time, PMI data. That's on Friday. And note, I will not be streaming on Thursday or Friday. I will be in chat on Friday afternoon, but not streaming. All right, let's move on to positional analysis now. I'm going to start with ESP500. This is the ES Futures and Bookmap. And before I take a closer look at this chart, I want to take a look at a larger time frame. This is the SPX and a 30-day chart. First of all, I want to point out the key turning points on this chart. And the first is this October 30th. This is when the current rally began. So before that, on Friday, traders were loading up on puts concerned about weekend risk. And then on Friday, on Monday, price started to rise, volatility dropped, and those puts quickly lost value, and market makers could buy back short hedges. So when traders buy calls, market makers buy puts, market makers sell the puts, and they have to sell futures to hedge their delta exposure. So this was a huge IV collapse. Put Vanna Rally. And at this point, on October 30th, SPX was in a very negative gamma put dominated position and has now shifted to positive gamma as the rally has continued. All right, so the next turning point, this is Friday, November 10th. This is the, I guess for a lack of better term, magnificent 7 rally that kind of broke out of this consolidation. More consolidation and then the, actually this was fueled by the CPI data last Tuesday. Consolidation and now the rally continues. All right, let me point out some key levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options marketed. I updated once a week, so it remains, these levels remain the same throughout the week. Then the dash blue lines are showing the lower and upper daily expected move. And note that the lower daily expected move has been in play for today. And SPX is trading within that range now. The solid red lines are showing spot gamma proprietary levels. These available to spot gamma subscribers for a variety of platforms. Here I'm showing the levels for thinkorswim. I'm going to point out the key daily levels. First of all, there's the put wall at 4,300. That's a strike with the largest net negative gamma that can be expected to act as support. That level did move lower from yesterday. So the potential floor for price has moved lower. And the next level up is the volatility trigger at 4,495. That's in the cluster of levels here. And that is spot gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. On the other hand, like SPX is trading now, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. And just above that level is the absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. So that is the level with the most, the highest level of gamma weighted open interest. And then the next level above that is the call wall at 4,600. That's a strike with the largest net positive gamma that can be expected to act as resistance. So those are the key daily levels. The call wall did move higher from yesterday. So the potential floor moved lower. And the potential ceiling moved higher to 4,600. And note after expiration, it usually takes several days for the levels to settle into a more stable, stable locations. Alright, let's take a look. I know this current price is really obscured by all these labels and lines. So I want to take a look at a closer look at a shorter time frame. This is SPX. And this is actually showing about four days worth of data in a one minute chart. And this is a trend line that I drew yesterday. And it's still holding today. Pretty interesting. And that was from the low, the slow point last Thursday, a touch of the 4,500 level, another touch of the up trend, and then a touch this morning just below the upper lower daily expected move for SPX. Alright, so the levels in play for today, lower daily expected move, of course. And then up above is this 4550 level. That's a large gamma two, two being the importance ranked from one to five, one being the most important. So that is an important level that was noted as resistance in the spot gamma am founders note. Alright, let's take a look at book map now. So in book map, I have my own cloud notes. So I can show SPX levels. Here's a 4525 level noted as support in the spot gamma am founders note. I also have spy levels. So far today, the spy 454 level has been in play as resistance before the cash open. And then the 452 level support before the cash after the cash open. And that was the kind of the launching point for the 1030 turnaround. And note, there is a difference in price between ES and SPX. And today, it's just a little over 12. So I'm using ES minus SPX equal 12 today. And note the index relationships, ES to spy ratio, in queue to QQQ ratio, ES to SPX difference, and in queue to NDEX difference. I post those in discord every day. Those are the levels, the index relationships that I'm using every day. And that's that is those index relationships are used to show these levels on my chart, both the SPX and spy levels here on my ES chart. And this is the ES lower daily expected move also in play for today, a little bit different than the SPX lower daily expected move. And we'll talk about setups in a few minutes. So those are the levels in play. For the SAP 500, I talked about shifts and levels for the SPX put wall lower call wall higher and the same for spy put wall shifted lower and the call wall shifted higher. So really more important in this environment is now the SPX call wall has moved higher to 4600. And the spy call wall has moved higher to 460, opening up potential upper bound for price action. Alright, that is the SAP 500. Let's take a look at NASDAQ now. So this is the in queue futures in book map. And before I take a closer look at this chart, I want to isolate, first of all, QQQ levels. So let's take a look at a QQQ chart. This is a one day, one minute chart is about just a little bit. So before the cash open, 391 was acting as resistance. Note that 390 is the absolute gamma strike on the call wall. And that call wall has remained at 390. No change in the call wall. Now the absolute gamma strike did shift higher to 390 as well. So the 390 level is the call wall and absolute gamma strike. Then right after the cash open, the 389 level acted as resistance. And then more or less the 387 level acted as support after the cash open. So those are the levels in play for QQQ. Let's take a look at NDX. So NDX is above its call wall at 15,825. That is also the absolute gamma strike. All right, for the NASDAQ, there were no shifts in levels for NDX. And again for QQQ, the absolute gamma strike shifted higher and the volatility trigger shifted lower. Just like the ES on my in queue chart, I have QQQ levels. There's the 391 level that acted as resistance before the cash open. There's the 387 level acting as support for the 1030 turnaround. Also the 389 level more or less has been in play. So those are the QQQ levels. And there's a big cluster of levels here. You can't see it, but the 390 level is buried in all those labels. And there are NDX levels above and below that. All right, so those are the levels in play for NASDAQ. And again, we'll take a look at setups in a few minutes. All right, let's take a look at gamma notional to see how market makers were positioned on the gamma curve at the beginning of the day. So I'm going to take a look at gamma notional for the SB500, NASDAQ, and Russell 2000. Note all these numbers are positive and they all increased from yesterday. So they were all positive yesterday and they became more positive today. So what this means for an index that traders are short calls, market makers long calls in a positive gamma environment and they have to trade against price to hedge their delta exposure. So if price increases, those calls start to increase in value. They want to remain delta neutral. So they have to sell futures to hedge their delta exposure. And this number is quite positive for SPI. It's kind of rare to see the gamma notional for SPI at least for the last few months that positive. All right, let's take a look at the Vano model now to get a graphical representation of what that means. And actually before I do that, one thing I want to point out is the this absolute gamma strike model. This is for SBX. And last Friday, almost all of the gamma weighted open interest, both calls shown what the orange line puts shown with the blue line was concentrated at the 4500 level shown here. And after expiration, there's been some dispersion to other strikes. On last Friday at the expiration, this 4500 level was hugely dominating. And now again, there's been some dispersion of call and put gamma above and below that level. And that should lead to a little bit more range, a little bit more volatility. All right, let's take a look at the Vano model now. This will give us an idea of how market makers may have to hedge with changes in price and applied volatility. On this chart, there are two. First of all, this chart is showing market makers delta notional. That's on the vertical axis. That's their delta exposure. And on the horizontal axis, the spot price of SPX, there are two curves on this chart. The first, the light gray curve shows how market makers delta notional may change with changes in price only. And then the purple curve adds implied volatility to the equation. That shows how market makers delta notional may change with changes in price and implied volatility. And that change in delta with the change in applied volatility is the Vano effect. Vano is a second order Greek. All right, so let's take a look at some prices now. Starting with SPX. So the low of the day was around 4526. So still close to the bottom of this curve. And now price SPX is trading up at 4540. So that's right around here definitely in the bottom of the curve. So what this is showing is there really is no Vano effect for movements in this range. But if price continues to move higher, market makers will need to start selling futures to hedge their delta exposure. Typical on a positive gamma environment. Let's take a look at spy now. Very similar gamma Vano model. And note this is very typical of a positive gamma environment with a kind of a V shaped curve. Low of the day for spy was right around 452. Right around here. Still near the bottom of the curve. Right now spy is trading at 453.50. Closer to the bottom of the curve. Finally, let's take a look at QQQ. QQQ low of the day just under 387. So more on this negative portion of the gamma curve indicating here price increases. Market makers can buy back short futures and that would help to fuel price higher. QQQ right now trading at right around 388. So overall though pretty close to the bottom of this the Vano model. So not much of a at this point. Not much of a headwind or tailwind. But if again a price starts to drop, market makers will need to sell futures. Alright so my thesis for the day was definitely looking for lower volatility. More of a trading range that's typical of a positive gamma environment. In a positive gamma environment I'm not really looking for a large trend day up or down. Alright I've got about five minutes before the FOMC minutes. I'm going to take a look at some setups from this morning. So the first thing that I want to do is look at I'm going to look at the SB500. See what options traders have been doing. This is the hero signal. Hero is hedging impact real-time options. This is available to spot gamma subscribers. And note that spot gamma for those of you who may be interested is having a Black Friday sale 50% off. Just go to the spot gamma website and you should find information about that if you're not already a subscriber. Or maybe I think if you are a monthly subscriber maybe you can subscribe for a year. They're offering both 50% off of monthly and annual subscriptions. And I believe bookmap may have a Black Friday sale also. I think I saw something about that. Alright so this is the hero signal. Again hedging impact real-time options. This chart is showing price for SPX with a white line. And the purple line is showing the hero signal. Again hedging impact real-time options. So everything that we've looked at so far other than the bookmap charts have been static data. This is based on gamma weighted open interest that's updated once daily during the night. Now we're looking at real-time data seeing what options traders are doing today. So the hero signal is showing a combined signal for SPX, SPY, XSP, and ES futures. This is showing what options traders are doing and market maker hedging activity. Again for a combined signal for all these instruments. Alright let's zoom in on this chart. Point out a couple of setups. So first of all the zoom in on this chart just a little bit. This is the cash open. Right here at 930. Not much going on until about 1020. There's a sharp drop in the hero signal and price responds lower. Then about 10 minutes later options traders start taking positive delta positions and price reverses higher. Right around that 452 level of SPY 452 level. Let's just take a look at puts and calls. So right around that 1030 time traders were buying puts. They started selling puts. They also started buying calls and price responded higher. Alright so there was a short setup and then a long setup. Alright so here's that 1030 reversal higher. Let's go take a look at the book map. Alright I've got about 30 seconds or so before the FOMC minutes. So here's that short setup. ES gradually making a series of lower highs. Traders start buying puts and aggressive sellers come in. That's shown by the magenta volume dots. The volume dots are showing market buy minus sell. Green dots indicate more buyers than sellers. Magenta dots indicate more sellers than buyers. Zoom in on this just a little bit and note the sharp drop in CVD. That's the pink line. Also sell stop orders helping to fuel the move lower. That's shown by the falling yellow line as well as this on chart indicator. And also the blue line here is showing light blue line showing iceberg orders. Large traders buying the move lower with iceberg orders. Alright the FOMC minutes are out. Let me just a moment. I opened up CNBC on another screen so I can see any any notes about the the minutes. So far not a lot of market movement. Alright so I'm talking about the short setup and that really led to a long setup. Again expected in a positive gamma environment more mean reverting price action. Range days rather than trading days. Alright Steven has a question about the difference in the spot gamma packages. First of all I suggest going to spotgamma.com and they have descriptions of all the different packages. Standard my understanding just a very quick summary. The standard includes everything except equity hub which is included with the pro package. And then the alpha package adds hero. So I think the biggest difference is this is my just my understanding go to the spot gamma website to confirm is equity hub is included in pro and alpha includes equity hub and hero. Alright so long setup just watching the volume dots. So first of all for the long setup I pointed out that large traders were buying weakness with iceberg orders shown by the rising light blue line. A lot of aggressive sellers on the way down right to the 452 level aggressive buyers come in as traders start taking positive delta positions. And then there's a pullback to the lower daily expected move. Then aggressive buyers come in again. Note at this point the rising cumulative volume delta shown by the pink line. And as price starts to move higher my stop orders help to feel the move higher. Alright so that's the SMB 500 short setup and long setup. Let's take a look at NASDAQ and be who hello welcome good afternoon to you. And yeah I'll look at Tesla. Tesla has been bucking the trend which has been mostly down this morning. So we'll definitely take a look at Tesla. Alright let's take a look at NASDAQ. NASDAQ order flow looking a little bit more bearish. Excuse me all the lines in the sub chart are dropping showing cumulative volume delta stop orders and iceberg orders all negative for the day. NASDAQ definitely weaker than the SB 500 today. Alright let's take a look at hero and see what options traders have been doing. So I'm going to take a look at two signals here. First of all NASDAQ this is a combined signal for NDX QQQ confirmation of a short in the morning just like the SMB 500 1030 reversal traders start taking positive delta positions. Price moves higher. Alright let's go to go the NASDAQ makes a series of lower highs. Let's see what time this is. This actually NASDAQ begins to move lower. Some are between five and ten minutes earlier than the SB 500. At this point again all the lines in the sub chart were turning lower and toward the lower end of this move large traders started buying with iceberg orders helping to set up the long. But here after this break below the lower daily expected move there were a lot of aggressive sellers coming in shown by the magenta volume dots. Price moves down to the 387 level. Test that level several times. Then as options traders were taking positive delta positions price started to move higher. Again NASDAQ is a good bit weaker than the SB 500 today. Let's take a look at one other hero signal that is extremely useful for both SMB 500 and especially NASDAQ. That's this magnificent seven signal. And this was definitely confirming the short in the morning and initially confirmed a long 1030 reversal higher. Let's take a closer look and see what traders have been doing. I let actually let me go back and explain what this is. This is a combined signal for the stocks known as the magnificent seven. That's Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. They make up a very large portion of the NASDAQ. Also a large portion of the SB 500. Very important to follow these stocks every day. All right let's zoom back in. Let's take a look at puts and calls. So right around 1030 traders stopped buying puts that's shown by the blue line. When it's falling, they're buying puts. When it's rising, traders are selling puts. So they stop buying puts, start selling a few puts. That line levels off. They stop selling calls that's shown by the orange line and start buying calls and price attempts to reverse higher. So confirmation signal on the way down as well as the reversal higher. All right, so that's the SB 500 and NASDAQ. Let's take a look at some stocks now. So one thing I did this morning was I ranked my watch list shown down here below the chart by hero signal. And I ranked from the weakest to the strongest signal. So what this is showing is the strength of the current hero signal for today compared with the last 30 days that's shown by the entire length of this slider that may be very difficult to see. And then also the last five days. So this is the, for example, up here at the top that's ES futures showing the hero signal for today for ES futures is the weakest that it has been in the last 30 days as well as weaker than it has been in the last five days shown by the colored portion. All right, so the first stock on this list is Apple. So let's go take a look at Apple. Note that 190 is the key gamma strike and price has really been oscillating around that level after moving lower. Here's a very timely flow alert. The range on Apple was not significant, but heroes trending lower, setting up a good short right around 1020. And note that Apple did not reverse higher like the SB 500 and NASDAQ. So let's go take a look at book map. Take a look at Apple. So here's that short multiple test of VWAP that's shown by this light blue line and price moves lower. Find support around the 190 key gamma strike now trying to move higher. So again, not a lot of range in Apple. Next AMD, a little bit more range in AMD. 120 is the key gamma strike. Also the call wall. Most importantly, the call wall and the break below the call wall was a good opportunity for a short. Expecting that level to act as resistance. All right, let's go take a look at hero and see what options traders were doing in AMD. Next on the list, submit on this chart so we can see the early price action. And there was quite a bit of movement in the hero signal. A separate outputs and calls. So that was all calls. Initially, traders were buying calls shown by the rising orange line. And that quickly reversed. And those vertical lines indicate a lot of larger traders. Large trades, large block orders up and down. But eventually, sorry about that. Nothing I did. Spot gamma still working on this. And that traders were selling calls, price moves lower. All right, that's AMD. All right, let me check for questions. Trout fly. Hello, tight lines. Does your book ask, does your book map CVP, CVP settings based on Delta? And are your C levels entered by yourself? So first of all, I assume, well, first, let's see, let's go back to book map. CVP is chart volume profile. Is that what you're asking about? I assume it is. And yes, the settings are based on Delta. Let's just go to configure column. So here, here I have Delta checked for CVP session volume profile. I do not. So I like to have the difference. All right, then C levels. So I've talked about the ratios. I'll get back to the C levels when I get to get back to the S&B 500. All right, the next stock I want to take a look at is NVIDIA. And let's go back to HERO. And when I looked this morning, NVIDIA was next on the list below AMD now. It's changed a little bit. And remember NVIDIA reports earnings after the market closes. Oops, zoom in on the morning, 500, call wall, key gamma strike. Price breaches that level, moves higher. Note the flow alert here. These can often signal mean reversion. That's signaling very strong flow. So initially traders were taking positive delta positions. And we can just take a look at puts and calls, see what they're doing. And very obviously, they were buying calls shown by the rising orange line. That lasts for about 10 minutes. Then they start selling calls and price moves lower. Sorry about that. And note the flow alerts are now available on the charts with puts and calls separated out. That's new today. So that's a new feature that was just added today. Typically before the alerts have been only available on the total chart. Showing calls, puts and calls combined. All right, so that's NVIDIA. Let's go back to book map. So there are really a lot of aggressive buyers. You can see volume dots pretty much dominated by green volume dots, aggressive buyers. You can check CVD, cumulative volume delta has been rising most of the day. Aggressive buyers. Let's go back to hero. So in this case, at least in the afternoon after 10.30, it really appears that aggressive buyers are driving price. And NVIDIA. All right, so that's NVIDIA. Let's take a look at Microsoft. All right, so flow net negative for Microsoft today. A couple of timely flow alerts. Actually three of them. Just a few minutes after the cash open as traders are taking negative delta positions. So let's go take a look at book map. Microsoft. So now an initial move lower. Now Microsoft consolidating up and down around 372. So apparently there's still some controversy about open AI, Sam Altman, and whether he will go back to open AI or end up at Microsoft. So that may be causing some some weakness here in Microsoft. That's a big topic of conversation on CNBC today and yesterday. All right, that Microsoft. And now let's take a look at Tesla. All right, so bullish day in Tesla. Note all the green volume dots that came in really after 10 a.m. Let's go take a look at heroes. See what options traders are doing. All right. Hello, Neo. Neo asked, which one do you like in hero total or call put separated? I look at both. And often this put call separated gives gives more information, more, more detail, not always. But it's definitely worth taking a look at. I mean, it takes, you know, just one two clicks to see this information. That's the only problem. I think it seems to trigger that auto zoom. So anyway, this is a pretty classic pattern. In the morning, there's a rush of aggressive call buyers. Just do that very quickly show mother rising orange line, a rush of aggressive call buyers. Price moves higher. They take the foot off the gas. Price moves lower and consolidates. Very typical pattern. Or let's go back and check on the SB 500. Now back to book map. One thing that may be helping Tesla today is with the with this open AI news. Now, CNBC has stopped talking about Elon Musk tweets. And now they're focusing on open AI and Microsoft. All right. So not much, not much reaction to the FOMC minutes today. So pretty much a non event. Let's take a look at one other stock. Netflix also booking the downtrend. And Neo says he thinks this he or she thinks the strongest signal and hero is when both call and put lines are going up or down. So in the same direction, yes, spot gamma has noted that and I've mentioned that several times when both the put and call line are going in the same direction. That's a very strong signal. Spong directional signal. It's hard for whatever instrument you're looking at to to move against that. So here's Netflix. Let's go take a look at hero. So here you go, Neo. In the case of Netflix, traders have been buying calls and selling puts that show by the rising orange and blue lines and the positive notional values and note the typical pattern options. Traders take their foot off the gas. Sorry about that. I've just got to be faster. And you're welcome, Neo. Again, classic pattern. Here it lasted till about 1130 options. Traders take the foot off the gas and price consolidates. All right, let's take a look at the SB 500 again. So up and down signal on on hero here. Positive gamma mean reverting price action. Up and down options. Traders selling highs, taking negative delta positions at high points and buying lows, taking positive delta positions at low points. Let's just take a look at see what zero DTE traders are doing. So what that's showing this green line is showing next expiry trades. So for the SB 500, these are options that expire today. And note that the very, there's a very strong correlation correspondence between the green line and the purple line, which is showing all expirations. So it looks like the zero DTE traders today are making up a very large portion of the total notion of value of all options trades today. You can just compare the numbers there minus 936 million for zero DTE versus minus 1.23 billion for all trades. So according to this, this notion of value, it looks like the zero DTE trades are making up about 75% of the trade today. So again, in a positive gamma mean reverting environment, this is often the case that traders are trading the lows and highs with zero DTE options. And that helps to contribute to the trading range type of trade in a positive gamma environment when the zero DTE traders are again selling highs and buying lows. Let's see what they're doing in the Magnificent Seven. So not much. Heroes trending slightly lower. Negative notion of value. Take a look at NASDAQ. Oh, Troutfly, I let me go back to book map and answer your question about C levels. Alright, so for the C levels, I use an add on called price line. This is available in the book map marketplace. It's not price levels. It's price lines. So that's what I'm using. And then I have a spreadsheet and I update certain data every day. So here's how I'm showing the spy levels. So I have little scripts in thinkorswim that calculate the ES to spy ratio. And then I put the proper levels for ES in my spreadsheet in the morning. Also note the key daily levels and other levels shown on the spot gamma website. So that's how that's where the spy levels come from. So in the current trading range, 452 to 454, there are no spot gamma levels, just round number spy levels. So that's spy. That's how the spy levels get on the chart. So I'm just filling out a spreadsheet and then the display on book map is controlled by this add on. So the add on draws the labels and the lines on the chart. And then here are my SPX levels. SPX also the lower and upper daily and weekly expected moves. So all this information in this column comes from the spot gamma website changes a little bit every day. And here I'm showing, for example, 4400 not implanted for today, but that is the SPX 4400 level at the ES 4412 level. Alright, so that's how I that's all this. That's how all this information gets on my chart in the sea levels. Oops, spy levels, SPX levels. And also there's the lower daily expected move. Alright, so Troutfly, if you're still here, there you go. Alright, my time is up. I want to thank everyone for watching. Thank you very much for your questions and comments. And I will see you tomorrow. Thanks again. Bye.