 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 Disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, training futures, equities and options involve substantial risk of loss and it's not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an options-doug-chat channel that's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. Here are the key tenets to my approach for trading. This is the basis of my approach to trading. First of all, I believe options trades and market maker hedging activity are key drivers of price and many stocks and futures and certainly in the large cap tech stocks that I follow as well as equity futures, the S&B 500 and NASDAQ. And for the S&B 500, SPX is the underlying index. ES is a derivative of SPX and SPI is the ETF version of that index. And when traders buy and sell puts and calls and SPX and SPI, market makers take the opposite side of those trades and they hedge their delta exposure with ES futures. And for the NASDAQ 100, NDX is the underlying index. QQQ is the ETF version of that index. And NQ is a derivative of NDX. So again, when traders buy and sell puts and calls and NDX and QQQ, market makers take the opposite side of those trades and they hedge their delta exposure with NASDAQ futures, NQ futures. The focus of my presentation today and the focus of the options dash dug chat channel is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step in my process is execution. I look at real-time 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 focusing on an underlying asset. For example, the SME 500 setups can be taken with ES futures, spy shares, spy options, SPX options or even ES options. Questions and comments are welcome and I will be watching both the options dash dug 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. And hello Steven. Welcome glad you're here. Good to see you. Alright, here's my agenda for today. Monday, March 11th. First of all, I want to go over news items, economic data and events for this upcoming week. And then I will go through my positional analysis for today. 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 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. Alright, so let's get started with news items, economic data and events for the upcoming week. Alright, so beginning tomorrow, one of the big events for the week is the 8.30 a.m. CPI data release and that should definitely be a market mover. So 8.30 a.m. Eastern Time CPI data and then at 1 p.m. Eastern Time, there's a 10-year note auction and those note auctions have been market movers in the past. Then on Wednesday, there is a 30-year bond auction at 1 p.m. Then on Thursday, PPI data comes out at 8.30 a.m. Eastern Time, also retail sales at the same time. And then on Friday is the big monthly options expiration. And note that is also, that's a very large expiration due to it being a quarterly expiration. So typically the March, June, September and December monthly expirations are quite large. That's where a lot of the institutional traders will position themselves. So big options expiration on Friday, call dominated. We'll talk more about that later on in the week. Let's move on to positional analysis. I'm going to start with the SB500. This is the SB500 futures, ES futures and book map. Before I take a closer look at this chart, I do want to take a look at a larger time frame and I'm going to go to the underlying index, which again is SPX. So let's start with a one-day chart. This is a one-day chart of SPX. In thinkorswim, current rally began last year, October 30th. And so far, the SPX has rallied up about 1,080 points. So quite a rally from the October 30th low. All right, let's take a look now. So that's a one-day chart. Rally continues with pullbacks. Now let's move to a shorter time frame. This is a 30-day one-hour chart. This is showing the top of that trendline that was on the previous chart. During this year, 2024, the SPX call wall has moved up from 4,800 around the beginning of the year, up to 5,200 now. So that has bullished. The potential ceiling for price has moved higher and higher as the year has progressed. All right, let's take a look at some 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 market. I update this once a day. That's based on the closing price on Friday. Then the dash blue lines are showing the lower and upper daily expected move. Also based on the options market, I update those once a day. That's based on the closing price on Friday. And I post both those numbers. I post all those numbers in the options-dog-chat channel every evening, the evening before. All right, so it looks like SPX found support right around the lower daily expected move. And that is also the zero gamma level for SPX. We'll see that more closely on a one minute chart in just a minute. All right, the other levels on this chart are spot gamma levels. These are proprietary spot gamma levels are provided to spot gamma subscribers. I'm going to point out the key the key daily levels. Note these levels are based on gamma weighted open interest. So first of all, the 5,000 level, that's the absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. And the next level up is the put wall. If 5110, that's just above that zero gamma level at 5,094. The put wall is a strike with largest net negative gamma that can be expected to act to support. And note SPX did breach that level earlier today. And that put wall did move pretty substantially higher from Friday. Friday it was at 4,800. Today moved up to 5,110. The next level up is the volatility trigger, the VT. That's at 5,145. 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 that tends to enhance or increase volatility. 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 note that SPX is trading below its volatility trigger. And that level also moved up from Friday. It was at 5,095 on Friday, moved up to, again, 5,145. The next level up is the call wall that I mentioned before. That's at 5,200. That's a strike with large net positive gamma that can be expected to act as resistance. So potential floor at 5,110, the put wall, again, that was breached earlier today, and potential ceiling at 5,200. This is not unusual as expiration approaches for these ranges to narrow. I expect them to expand along with volatility next week after expiration. All right, let's move on to book map now. All right, so I mentioned shifts and levels volatility trigger put wall moved higher. All right, so let's move on to book map now. All right, so most important, one of the most important things I want to point out here is that I am currently on the June contract, the M contract, and I rolled over today. So Friday, I was looking at the H contract. Today, I'm looking at the M contract. All right, so for those of you who may not be familiar with how to roll in book map, let me show you quickly. First of all, and this I've already done this. So I'll just show this, you want to click on the plus sign. And you add the instrument here, I'll go to rhythmic and add an instrument. So I've already done this, I added the ESM for all right, the next step. So this is a two step process. The next step, you go to your new contract, right click, pick chart settings, inherit chart settings from, and I picked the old contract, the March contract. And it roll, it moved all the chart settings from my H contract, my March contract over to the June contract. So very easy two step process for rolling and book map. All right, and book map I have my own cloud notes. So I can show SPX levels. Here's this 5094 zero gamma level that I talked about, acted as support earlier today. 5100 level large gamma two level active support that was noted as support and the spot gamma M founders note. And here's the 510 put wall price broke below that earlier today. And most recently just after 1pm acted as support. I also have spy levels on this chart. Sorry, I thought I'd turn those live to mute that site. Alright, so here's the spy 510 level for example. That's a large gamma two level zero gamma level. Alright, there is a difference in price between ES and SPX. And with the new contract, it has widened out substantially. If you recall from from Friday, the ES SPX offset was about three and a half points. So very close to zero. And that's very typical that offset will converge towards zero as the contract expires. And now it's widened out again. And currently, ES to SPX. Yes, minus SPX is somewhere between 65 and 66. And I'm using 65 right now. So it has moved around quite a bit today. So it's moved around quite a bit today, but I'm using as ES to minus SPX equals 65. So the 5110 SPX put wall, I'm showing at ES 5175. And that number will change a little bit every day to get a little bit smaller every day as time passes toward the the next contract rollover expiration. And note, I do post the index relationships that I'm using. Every day in discord, I post the preliminary numbers around 9am, and then the final numbers around 10am. Alright, so those levels of play the most important really is this zero gamma level, acting as support 5094 acting as support earlier today. And we'll take a look at setups in a few minutes. Let's move on to NASDAQ. So again, I moved over to the June contract. Same two step procedure. Subscribe to the M4 contract. And here did my chart settings from the H4 contract. Very easy to do. All right, let's this is the NQ futures and book map. I do want to step back, take a look at the underlying index charts. I'm going to start with QQQ. This is a one minute chart for QQQ. So the dark shaded area is showing the trade regular trading hours for today. Key level and play for today is the 4308 zero gamma level. In this case, acting as resistance. And I just forgot to mention for for the SB 500 for spy, there was actually a bullish hat trick bullish. The volatility trigger put wall and call wall moved higher. So right now for spy, the call wall is at 520. So that is bullish for the SB 500. Alright, back to NASDAQ now. And for QQQ, there was one shift in the volatility trigger shifted lower to 441. So QQQ is trading well below its volatility trigger. And gamma notional at the beginning of the day was negative for QQQ. Let's take a look at NDX. Then we'll get back to book map. I forgot to look at the one minute chart for SPX. Alright, so this is the one minute chart for NDX. Key thing note the reversal reversal. This is Friday morning reversal. Now today, NDX opened up below the 18,000 level, which acted as resistance earlier today. Alright, so a little bit fuzzy this month, this Monday, let's get back to SPX just a minute, forgot to look at this. So I wanted to show the the same thing in SPX reversal lower on Friday morning. And today, SPX finding support at the lower daily expected move also the zero gamma level. And now finding support right around the put wall. Right, so sorry about that story. Sorry about skipping around jumping around. Again, a little fuzzy this Monday. Alright, so this is the back to NQ futures. So again, I have my own cloud notes. Here's that 18,000 level that I just showed on the NDX chart, acting as resistance. And then for NQ, the lower daily expected mode shown by that dash blue line, that's just above the 150 level, acting as support, more or less. So again, I'm showing NDX levels, QQQ levels QQQ 437. That's we're right around. NASDAQ is trading right down the 437 level. And for QQQ, here's that 438 zero gamma level acting as resistance. Alright, again, I do post the index relationships that I'm using. So in Q to NDX that offset also widened out quite a bit for today. I'm currently using 265 in Q minus NDX equal to 65. Alright, let's wrap up positional analysis. Let's take a look at gamma notional. This is market makers position on the game occur at the beginning of the day. And this will give us a sense of how market makers may react to changes in price and applied volatility. Note, and this is showing gamma notional again at the beginning of the day for the SB 500, NASDAQ and Russell 2000. Note for the SB 500. These numbers are slightly positive. In a positive gamma environment, market makers position on the gamma curve is positive. That indicates that traders are short calls, market makers long calls, hence the positive gamma. And they have to trade against price. And as we saw, SBX is trading below its volatility trigger today, shifting toward a negative gamma environment. And QQQ again, negative gamma notional at the beginning of the day, indicating traders a long puts, market makers are short puts, hence the negative gamma, they have to trade with price to edge their delta exposure. Alright, let's wrap up by taking a look at the VANA model. This will give us more clarity about how market makers may react to changes in price and applied volatility. So this is for SBX, VANA model. This is plotting market makers delta notional on the vertical axis, spot price for SBX on the horizontal axis. There are two curves on this chart. The first curve is showing how market makers may react. How market makers delta notional may change with changes in price only. The purple curve adds applied volatility to the equation. That shows how market makers delta notional may change with changes in price and applied volatility. And that's the curve that we want to take a look at. So we know the low of the day for SBX was right around, right around 5094, somewhere between these two lines on this portion of the VANA model that is sloping to the left. Alright, back to the VANA model. So on this portion of the this curve, the purple curve, as price is decreasing, surprise decreasing, market makers delta notional is increasing. They want to remain delta neutral, so they have to sell futures to hedge their delta exposure. On the other hand, starting around 101015 this morning, as price was increasing, market makers and applied volatility was falling. Market makers delta notional was decreasing. They could buy back their short futures. And that is a put VANA rally. So market makers trading with price, both directions, down and up, that tends to lead to wider moves, higher volatility, wider trading ranges, better trading, if you like to trade volatility. Alright, let's take a look at quick quickly take a look at QQQ. Even a steeper curve to the left for QQQ, the low of the day was right around 436. Also on this left sloping portion of the VANA model, indicating traders indicating market makers would need to trade with prices prices falling as well as buy back short futures when prices increasing. Alright, so my thesis for the day, I was looking for a little bit higher volatility than than previous days, given the drops lower and gamma notional based on Friday. So these gamma notional numbers, compared with Friday all shifted lower, looking for higher volatility based on the shifts in levels, the bullish hat trick for spy and the volatility trigger put wall shifting higher for the SB500. My thesis for the day directional bias was bullish for the SB500. Alright, let's take a look now at some setups. So let's move on from positional analysis to execution. Alright, so everything that we've looked at so far other than book map is based on static data that's updated once a day. Some smart gamma takes open interest data, they apply their algorithms to that data to come up the levels that we were looking at that I use as the basis for my positional analysis. And now let's move on to execution and real time data. Alright, so what this chart is showing is the hero signal. Hero is hedging impact real time options. Hi ro that is this is available to spot gamma subscribers. What this chart is showing is options trades and market maker hedging activity for a combined signal of spx by access P and ES futures all in the one combined signal. So our rising hero signal indicates traders are taking positive delta positions in those instruments. So the purple lines the hero signal, the white line is spx. That's the price for spx. And then a falling hero signal indicates traders are taking negative delta positions. So positive delta positions they're buying calls and or selling puts negative delta positions they're buying puts and or selling calls. So overall kind of a choppy hero signal for the SB500. But it is net bullish for today. And definitely bullish in the morning. So starting pretty much from the cash open, traders were taking positive delta positions. And then they took their foot off the gas, right around 1105 something like that. And the hero signal has flattened out chopped up and down, or the zoom in just a bit. And I'm going to shift and take a look at what traders were doing with puts and calls. I'm going to have to jump to another signal, then jump back to avoid the auto zoom. All right, so what this is showing is that traders are buying calls and buying puts, the rising orange line indicates traders are buying calls, positive notion of value. Traders buying calls market makers sell the calls, they have to buy futures to hedge their delta exposure. And the blue line is showing puts negative notion of value they are buying puts. Let's take a closer look at this setup from this morning. So again, traders start, let me zoom in just a little bit. Traders start aggressively buying calls right around 950. They're also buying puts right around 1010. Put buyers take their foot off the gas. So the blue line flattens out. And traders continue to buy calls. And SPX makes a low, it's not showing it here, but that was right around the 5094 zero gamma level. And the SB 500 moved higher. Alright, so let's go back to book map. Let's zoom in just a moment to adjust this chart. Alright, first of all, the volume dots here in book map are showing mark and buy minus sell, but get the dots indicate more sellers than buyers. Green volume dots indicate more buyers than sellers. Also the yellow line here is showing stop orders. So this move down was fueled by aggressive sellers up to a certain point, aggressive buyers start to come in. So that's also shown by the falling cumulative volume delta, then aggressive buyers start to come in. Just after 10am, you can see the shift to green volume dots, aggressive buyers, sell stop orders continue to fuel the move lower. Then as traders start buying calls, they stop buying puts, aggressive buyers come in. And the SB 500 moves higher does a retest of the zero gamma level. Again, aggressive buyers coming in, rising cumulative volume delta, and price moves higher all the way up to this 5115 level. That's SPX 5115. That was actually noted as support in the spot gamma am founders note, in this case, acted as resistance. And note that is the point where the call buyers took their foot off the gas. Let's go back to take a look at the hero signal. Note the slope of the orange line here. Levels off aggressive call buyers up to about 1105. Then they slow, slow down and price consolidates moves lower. Alright, so there's a long setup in the morning. Hello, Sheena. Welcome. Glad you're here. Alright, so long setup in the SB 500 this morning. Now let's zoom out. So right now, looks like the call signal, they may be starting to sell calls. And they have been pretty much continuously buying puts. So it's about 1030 1045. Alright, so that's the SB 500. Let's go back to book map. Alright, so starting about 1130. The SB 500 started rally again, finding support right around the 5100 level. Let's move on to NASDAQ. Then we'll take a look at some stocks. Let's see what options traders are doing in NASDAQ. And for the NASDAQ, I typically look at the this mag seven signal, and it has not been as helpful as usual today. So traders kind of taking a break in the mag seven stocks. I'm going to shift back to the total signal. Going to jump to NASDAQ. So this was definitely this is let's let's take a look at what these two signals are. Alright, so first of all, this nag, NASDAQ signal is a combination of NDX and QQQ options trades. Then the mag seven signal, that's a combined signal for the stocks known as the Magnificent Seven, Apple, Amazon, Google, Meta, oops, Microsoft, Nvidia and Tesla. So net for the day, options trader are taking negative delta positions in the mag seven stocks. And that really started more aggressively, right around 1045. Alright, let's zoom in on this. So just looking at this in isolation, not looking at what happened after 11am. This is about the same time that the SME 500 reverse tire 1015 traders at this point, we're taking positive delta positions in the mag seven let's go jump to NASDAQ. So NASDAQ signal. It's always a good idea to look at both also shifts higher. And that was actually around the same time. Back to mag seven. Let's go to bookmap now zoom in. Alright, so multiple tests of the lower daily expected move that shown by the light blue line there, the NQ 150 label is covering the lower daily expected move. 1015 traders start taking positive delta positions. No CVD cumulative volume delta is already rising. Also large traders buying with iceberg orders. That's not large size, but the light blue line showing iceberg orders is moving higher. And NASDAQ moves up to the 18,000 level. Mix a double top at 18,000. And then aggressive sellers start to come in. You can see all the magenta volume dots starting to come in cumulative volume delta shifts lower. Alright, let's take a look at some stocks. First one I want to take a look at is AMD, quite a bit of up and down movement in the morning and then consolidation. Let's take a look at heroes see what options traders are doing in AMD. Alright, I'm going to shift back to puts and calls. Jump to AMD. Let's zoom in on this a bit. So right around 10am. Actually before. First of all, there's a hero flow alert indicating significant options activity. At that time, traders that started buying calls shown by the rising orange line, also selling puts shown by the rising light blue line, when both the blue line and the orange line are moving the same direction. This is a very powerful directional indicator. And for stocks, when traders buy calls, and market makers sell the calls, we'll just look at calls, market makers sell the calls, and they have to buy stock to hedge their delta exposure. And that continues to around 1055. Call buyers take their foot off the gas, start selling puts AMD moves lower. Alright, so let's go take a look at the long setup from right around 10am. Let's go back to book map. AMD. So here's the long setup. Test of the 197 level. And a quick move up to 203 good for a five point move. In the course of about an hour. Let's go back to book map. Go back to hero. Right now 200 is the key gamma strike. All right, next stock I want to take a look at is meta zoom in, looking at the morning 500 is the call wall key gamma strike. And from the open traders were selling calls that shown by the falling orange line. No, it also 480 is the put wall. And meta did move below the put wall, but eventually found support and started to move hires traders started to buy calls. Alright, let's go take a look at book map. Move on to meta. This is somewhat the opposite of meta for the last few weeks. Or maybe even few months. Typically, there is a big whoosh higher in meta as traders are buying calls in this case they were selling calls. And a quick reversal to V WAP shown by the light blue line there also the 491 level. And price moves down to the 480 level put wall and below that there was a reversal there and then meta moved all the way down to the 476 level before finding support. This is pretty typical of stocks these levels of high liquidity. They came in just a couple of minutes after the cash open. So this is the heat map and book map showing a history the limit orders in the order book below the price those are limit buy orders. And note they were consumed and for large high price stock like meta, those buy orders typically come in at the zeros and the fives. So meta eventually found support somewhere between 475 and the 480 put wall. Alright, let's go back to hero. Alright, so after the quick move lower, trader started buying calls. As meta move below its put wall, bought calls, took their foot off the gas. They were selling puts also foot off the gas. So no read there in meta now. Let's take a look at Nvidia. Actually, let me go back to so for meta, Nvidia traders are selling calls. And also buying puts notion of values negative. I'm going to shift to the total signal jump jump back to Nvidia. Let's zoom in on the morning. So a couple things to point out notice all the flow alert here, flow alerts here. Spot gamma has indicated this large number of flow alerts is indicative of chop. Just looking at this in an isolation just looking at this in the morning. It did shift hero did shift bullish. Just after 10am and shifted sharply negative around 11. Alright, let's go look at book map and I'm going to zoom out. So looking at this in the barger timeframe and this this is the entire day so far. You can see that there is quite a bit of chop and the hero signal and this shift sharply lower just around 11am. But it was bullish from right around 10 to 11. So let's go take a look at book map go to Nvidia. So here's the the move higher and Nvidia note the rising cumulative volume delta a lot of aggressive buyers coming in. You can also just tell that from all the green volume dots and up here at the top more magenta volume dots start to come in CVD cumulative volume delta levels off as options traders start taking negative delta positions and now Nvidia continues to move lower good entry points for short if you miss the 885 level multiple entry points for short at 875. And let's go take a look at Tesla. Oops, some in on this. Alright, so traders may be rotating out of some of the high flyers like Nvidia and rotating some capital into the other mag seven stocks that have not performed as well like Apple and Tesla. So here's Tesla traders taking positive delta positions in the morning hero floor alert. Just a couple of minutes after the cash open Tesla moves higher. I'm going to shift to puts and calls jump jump back to avoid the auto zoom. So this is showing at 934 traders started aggressively buying calls. Tesla moved higher above the 180 key gamma strike call wall. Then they start selling calls and Tesla moves lower. Then right around 1pm they started buying calls again. Alright, let's go take a look at book map. Go to Tesla. Alright, so here's the quick move. Higher in Tesla in the morning. This is typical of meta for the last few weeks. Fast move up traders buying calls, aggressive buyers, shown by the all the green volume dots, call buyers take the foot off the gas, aggressive sellers start to come in. CVD starts to flatten out. And now moving higher again as traders started buying calls again. Let's go back to hero. So I would so from this point on, it really makes sense to look for bullish positions, longs in Tesla, as traders continue to buy calls. Alright, does anyone have any stocks they want me to take a look at? Alright, so no stocks. Alright, let's take a look at let's go back to book map. Alright, Bruce has asked me to show some trading features here in book map. So for those of you who may not know, book map is a visualization visualization platform, but it's also a trading platform. For trading, you need several things. First of all, you need a subscription to global plus. So there are two versions of book map that you can use for stocks and futures global and global plus. You need global plus for trading. Alright, the next thing that you need is a data feed. And I use DX feed data for stocks and rhythmic data for futures. Alright, the next thing you need is a connection to a broker. And right now I don't I'm not connected to any broker. I had an issue I had been using interactive brokers traders workstation, a trial of that and I had an issue with that today so I can't connect to it. So I can't show a trade here. But normally I would be able to pick the connection to my broker there. I like to trade on the chart. So I would pick chart. That's what I normally use. You can pick your size. You can pick one of these pre selected numbers or enter the size that you want to trade. I normally would trade pick half the size that I want to use. And then if I want to buy, for example, I would click twice over in this area to the right of the solid line. That would give me if I had picked 100 here, that would give me and I was filled that would give me a long of 200 shares. And then I would move around the and then I use the bracket here. So I would have a stop loss take profit and then I would move the take profit around one lower one higher or leave one where it is and then move one higher based on what I see on the chart. So I can drag those around in this area on the chart. And thank you, Stephen for posting that. All right, so sorry having an issue with my Interactive Brokers demo account so I can't show an actual trade. Let's zoom in on this. Tesla again remember traders were buying calls gradual uptrend multiple pullback entries. This is a continuation pattern that is shown in the Bookmap Learning Center pullback entries. And Stephen, thank you for posting the link to the packages comparison. So you get a few extras with global plus as well. But the key is if you want to trade in book map, you need global plus. All right, let me check for questions compulsive guy loves book map trying to understand how you use hero on hero SMP. It seems like we I assume that means the ES are trading below the put wall and purple indicator puts and calls seems to suggest to move lower. Am I understanding hero properly? All right, so let's let's go to go back the SB 500. All right, so SB 500 near the highs of the days. The cash session right around spy 511. Let's see what options traders are doing. I'm going to go to the total signal. Let's zoom in a bit. So note that hero is moving up and down. This is pretty typical of a kind of a mean reverting price action. Typical of a more positive gam environment. But as compulsive guy points out, hero is moving lower, making a series of lower highs. So now the question is, what will this what will the hero line do? Will it continue to move higher or move lower? So let's go to go to book map now. All right, so we know that the hero signal is moving lower and ES is trading in a pretty narrow range here, the range narrowing down with 511 right in the middle there, cumulative volume delta is flat, icebergs flat, stops flat. So really the question is, which will it would break out here? All right, so the hero indicator, let's go back and take a look. Yeah, I'd say it does suggest a move lower, but that's so far has not come into play. Let's take a look at some other. Let's see if we can get some correlation by looking at other signals. All right, compulsive guy asked, does it mean anything significant to be below put wall? I would say that it, I believe spot gamma sees more significance and resistance at a call wall than support at a put wall. But yeah, put wall stats show that probably should find support at that level. Although let's take a look at, let's go back to this indices page. Let's take a look at the absolute gamma for SPX. Oh, we're on QQQ, sorry, go to SPX. All right, so what this chart is showing is absolute gamma market makers position at various strikes. So gamma shown on the vertical axis, strike price shown on the horizontal axis. The orange bars are showing positive gamma or a call gamma. Blue bar is showing put gamma or negative gamma. Or let's find that 5110 level. All right, so there it is. 5110. All right, so you can see there's really not much significance to that level. Most of the put gamma is at 5100 and even more at 5000. This is just the put wall is actually a mathematical thing. It's basically the the blue bar minus the orange bar. So that does not look like a very strong put wall to me. Looks like there's more support right around 5100. All right, so let's go back and look. So price did break below that 5100 level. All right, you're welcome. I'm glad you're finding value in my commentary here. All right, so price did move below the the put wall. Also below the 5100 level and found support at the 940 gamma level. More or less. All right, so right now let's go back to hero. Go back to the SB 500. So just based on this, I would be looking for a short setup, but I don't see anything, you know, certainly doesn't look like a short setting up anytime soon. I would if I were looking for short, I would look for a a break below 5115. Let's check Nasdaq. All right, Nasdaq up near the highs of the day. Looks like some aggressive buyers coming in. Let's go check the mag 7 signal. All right, so that is starting to move up. Price following and that is price for QQQ. Let's go back and check Tesla. All right, so for Tesla, the hero signal has leveled off. Let's see if there's anything else that looks bullish or bearish, particularly bullish or bearish. Note one thing and I've mentioned this before. I find much more clarity in the morning session from from the cash open to about noon. That's when I like to trade. In the afternoon, things are not as clear to me. NVIDIA, I'd be looking for a short. That's pretty clear. Let's go to book map. Go to NVIDIA. All right, so we just missed it. Short at 865. Looks like it always moved all the way up to 867. I mentioned before shorts at 875. Trend break 870. Then again at 865 as traders continue to take negative delta positions in NVIDIA continuing to unwind their their long positions in NVIDIA that began last Friday. All right, so this is very clear. Much easier trade than the SB 500. All right, my time is up. I want to thank everyone for watching. Thank you very much for your questions and comments. A compulsive guy. I hope I answered your questions. If not, you can post again in a discord here and I'll try to answer your questions. All right, everyone, thank you very much for watching. Thanks for your questions and comments. Remember, CPI data comes out tomorrow at 8.30 eastern time. Could be a market mover. And I will see you tomorrow. Thanks again. Bye.