 Oh Jay you see says anyone else no volume. I'm sorry Okay, I'm gonna go back through this again really quickly. Sorry about that. I think the The mute button was actually Pressed on my microphone. I didn't realize it. So I apologize All right, so Let me go through this really quickly general disclosure all book map limit 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 past performance is not necessarily indicative of future results As a reminder the focus of my presentation 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 are positioned 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 a directional bias and the second step in my process is Execution I look at real-time order flow in book map and real-time market maker hedging flow with spot gamma hero To confirm my thesis and for setups for entries and exits and this is something different a lot of traders use technical analysis or fundamental analysis and I'm taking a new approach here with positional analysis and Questions and comments are welcome Please post your questions and comments in the options dash Doug chat channel and discord and the chat and YouTube and I will be watching both and I will do my best to Respond to your comments and answer your questions and JECs. Thank you. Thank you for the notification Okay, so hopefully all is good now All right, let's get started and my agenda for today what I want to talk about first of all I want to go through a clarification There were a lot of questions yesterday About exactly what I'm trading and I want to talk a little bit about that So I want to do a Clarification about what I'm doing here what I'm trading and then we'll go over the news briefly the economic data Coming out the rest of the week as well as events Important events this week then we'll go through our positional analysis and then finally we'll talk about some setups So first of all clarification Okay, thank you J.C. Time stamp it so Yeah, we can bypass the three or four minutes of silence Okay, so clarification of what I'm doing here is I'm using the options market to inform all of my trades one of my key tenants for trading is that market is that options trades and hedging flow market maker hedging flow are key drivers of price in many stocks and Equity index futures and this doesn't happen All day every day, but I've seen enough to know that this is very often more often than not a key driver of Order flow and price action and one of the reasons is that market makers are in the Options market all day long hedging and they want to remain delta neutral So they are doing whatever they need to do buying or selling stock or futures to hedge their delta exposure and again this is a key driver of price action in many stocks and Certainly the stocks that are on my watch list options trades are key driver some some more than others and then as well as futures So when traders Buy or sell options and spy or spx for example Market makers hedge their delta exposure with ES futures And the same for QQQ when more when traders buy or sell puts and calls and QQQ Market makers are using in Q to hedge their delta exposure in Q futures So I use this information again for my planning and execution whether I'm trading stock shares of stock or SPX options or futures and there's a reason I I choose to trade shares or futures And I'll talk more about that But you can use this information to trade Any instrument that you want and there are again advantages and disadvantages you know the one big topic recently is the zero DTE options and You know again, there are advantages and disadvantages and I'll talk more about that and So again my approach is about using options as a basis for trading but not necessarily trading options only so actually let's take a look at an example now and This is this is Tesla and this is just something that I Just a simulated trade that I put on this morning and for those of you who may not be familiar with us this is a profit-and-loss diagram or risk diagram and I was just you know, this is just an example not saying that I did this or this is what to do You know as it turns out. It's not a good idea So this is the blue line. This is the options of a 10 March March 10th and I'll call 180 call that expires this Friday. So that's the next expiration for For Tesla so for Tesla and many other stocks Apple and Nvidia Those stocks have options that expire every Friday SPX spy and QQQ have options that expire every day so those are the actual zero DTE, but I just was looking at Tesla and saw this example and The reason I don't like to do this. So again the blue line is the profit and loss at expiration at the end of the day on Friday and this purple line so here is the The blue line that's the profit and loss at expiration and then the purple line is The profit and loss diagram right now and that will that will change during the day and the thing to notice here is this Data, I don't know if everybody can see this so I have taken price slices at The zero level the at the current level that's this line right here That's the current price level and then at plus or minus two dollars and plus or minus five dollars so what this is showing theta is the That's showing how much Thanks, JC. So that points out. This is how much you you're losing in time value Every day So the middle value is at the current price. So right now just holding this call You're losing a hundred and four dollars Per day is what it's showing right now And that's something that I just I can't overcome So that is I was trained to be an option seller So this is the penalty that you're paying for buying a Buying a call or buying a put and especially being wrong You need to be right and you need to be right fast For this to work out So again, this is showing that the Theta burn this is the extrinsic value of that option will lose Continue to lose value and at Friday afternoon this Purple line Will move down and become the blue line and that's right at the end of the day on Friday And so this option was Four dollars. Let me change that So at the time That I put this on again. This is just an example The cost of that call was four dollars and seventy cents. So that means that Not only do you need Tesla to increase to make money, but at expiration you need it to increase By at least four dollars and seventy cents just to break even Now that's the that's the disadvantage and that's the the trouble that I have with With buying a single option The advantage and JEC presented this yesterday is Especially with zero DTE options that that are not expensive. Let's take a look at I Have I Don't have any positions in QQQ. So let's take a look at QQQ. Take a look at an options chain here and This is the This is today So here for example, you're you're spending a lot less you're risking a lot less You know, let's say you want to buy and at the money call or put you're gonna be spending Less than a dollar. So you're gonna have Less than a hundred dollars at risk Okay, so that is but the advantage is That's defined risk. You know if you buy this let's say you buy this call for 67 cents and So your risk is sixty seven dollars and you could potentially make a lot of money if If QQQ increases and this shows you For every dollar that it moves higher, you can just look at the options chain and these are further in the money So if If right away very quickly before that Option decay catches up with you. Let's say if if price instantly jumps two dollars from From it's right around two ninety six now jumps up Two dollars your Call that you paid sixty seven cents for could be worth over two dollars So that's the potential and again the Risk is defined. You don't have to worry about it. You don't have to set a step law stop loss you can just Buy that option and set it forget it not worry about it. I would say that you know if I did this I would be willing to lose sixty-seven dollars To make two hundred three hundred dollars whatever your whatever your projection is so that is That is why I prefer shares and other structures so I want to clarify that again just for those of you Who may not have looked at a? Profit and loss diagram. This is the battle that you're facing when you When you're buying an option is this theta burn a hundred and four dollars a day To hold that option and that you know, that's again a hundred and four dollars and that will increase as time passes So a hundred four dollars today may be Hundred and fifty two hundred dollars today, okay, so let's let's go on now. Let's Let's talk about the news briefly so Yesterday Jerome Powell testified before the I think it was the Senate banking committee and he continued to testify today and This is After yesterday his testimony yesterday was hawkish and the market interpreted it as hawkish and notice the change in the This is the Fed watch tool from the CME and The current target rate right now for the Fed funds rate is 450 to 475 basis points yesterday the Yesterday, this was basically the other way around So that and actually this is showing the the end of day yesterday. So this is let's look a week ago so this is the This is for a 25 basis point rake height from 450 to 475 to 475 to 500 one week ago that was 70 percent and And the percent Chance of a 50 basis point hike shown here was about 30 percent. So 70 percent 25 basis points and 30 percent for a 50 basis point hike and that has shifted dramatically. So now the Chance of a What the market is pricing for a 25 basis point hike is now 23.6 percent and the Expectation for a 50 basis point hike is 76 percent So what? So a dramatic shift in expectations for the Fed funds, right? Okay And then finally the unemployment the employment situation report is Friday again. All right, so let's take a look at charts That's enough of Enough of that. Let's take a look at charts now let's go to book map and this is showing the S&P 500 futures ES and And before I dig into this chart, let's take a look at a larger time frame look at the levels on the charts This is SPX just showing price and levels and these levels are from spot gamma and they're Updated daily. This is provided in a think script to spot gamma subscribers and this is showing the key levels So there's the put wall and I'll talk more about these levels in just a minute and then up in this level Here's a combo level the 4,000 key gamma strike and then the 4,005 volatility trigger and I'm way up above still is the 4,200 call wall So those are the some of some of the key levels that are in play for today So that's a 20-day one-hour chart just showing a bigger picture View And let's take a look now at a one day one minute chart again and think or swim And this is just showing the levels that are in play for today and a little bit more closer view So the things to notice first of all this SPX 3974 level that was noted as support in the spot gamma am founders note Held a support at least initially this morning and then this and then the 4,000 level this Combo 3998 and then especially the 4,000 level was a resistance So those are the levels that are in play for today All right, let's go to book map now And I'm showing The same levels and more on my book map chart the first is the spot gamma levels and this is again from spot gamma the same levels and In book map cloud notes so that these are updated automatically and this is showing key SPX levels Like the L to 4,000. That's the SPX key gamma strike and then the combo L4 level That's a combination of spy and SPX levels converted to an equivalent SPX number and then converted to an equivalent ES number right now spot gamma is using a five-point difference between ES and SPX and this morning I just did a quick Calculation and it looked like it was about two and a half points to me So that is where I've drawn my levels in My column that my cloud notes So I'm showing here the spy 400 key gamma strike and volatility trigger and then the This is the 4,000 level where I calculated it and this is closer to the What we just saw on the SPX chart the again the SPX just touch touch that level and here if the if You were actually looking at the four thousand five level Price did not get up that high. So again, I'm using a two and a half point difference But we can see the same thing here in this chart 4,000 as resistance and that's SPX 4,000 and then SPX 3974 the level noted in the AM founders note here acted as support and it looks like Price has breached that it may be trying to reverse hire at this point alright, so that's the levels in play for the S&P 500 today and One thing to note is This is the this 3974 if you look at a traditional chart This is the initial balance low and there's a You know when you look at those levels, there's often often a reason for that And actually this is probably the fourth out is probably the initial balance high And there's a reason for that and here's the reason so, you know, you can use those levels or get to the underlying cause and Reason that those levels are the low on high and here it is All right, so let's talk about shifts in levels and There were Just a few shifts in levels Just similar to the last couple days shifts in the volatility trigger and zero gamma levels first of all Everything was down across the board today volatility triggers and zero gamma levels for SPX spy and QQQ and for SPX volatility triggered drop from 4025 yesterday to 405 today and Then spy volatility triggered drop from 4404 yesterday to 400 today and QQQ the volatility trigger Just had a minor drop from 301 yesterday to 300 today and the volatility trigger is spot gammas proprietary gamma flip level and that means that above that level Traders are and looking at an index now traders are short calls market makers of long calls and that is a positive gamma position and in this in a positive gamma environment they have to hedge against price to hedge their delta exposure and that tends to subdue volatility in a positive gamma environment and then on the other hand below that level traders are long puts market makers are short puts and That is a negative gamma position and they have to sell futures to hedge their delta Delta exposure as price drops and then they can buy back their futures as price increases and that tends to Increase volatility in a negative gamma environment All right. So again the volatility triggers both For SPX spy and QQQ all dropped as well as the zero gamma levels Otherwise, there was no change in the put walls call walls or key gamma strikes All right, let's take a look at the The gamma levels charts now and we can see where those levels come from All right, so here's the S&P 500 and this is the SPX and there's that 4,000 Key gamma strike or absolute gamma strike and that's been it's been like that for for quite a while That's just like with the largest absolute gamma and then the put wall is The strike with and that can act as support resistance or a magnet for price And then the put wall is at 3,900. That's the strike with the largest net negative gamma and that can act as support for an index and and sometimes for stock but You I guess more often than not especially within Index SPX by QQQ you expect that to act as support Again, that's the strike with a large is net negative gamma and Then the call wall is up here at 4,200 the strike with the largest net positive gamma And that can be expected to act as resistance and notice that is that's pretty small well out of play and notice here the dominance of put gamma Below the 4,000 level and I forgot to mention That what I'm looking at here. This is the zero line and above that line This is positive gamma or call gamma shown by the black bars and Put gamma or negative gamma below that line shown with the teal bars and this is market makers position So that is SPX Your spy 400 key gamma strike 390 is the put wall and Then the call wall Remains at let's see where it is 408 Which is a little bit unusual to be at a not at a five or a 10 anyway the a Lot of put gamma at the 390 and 395 level and a predominant There's a predominance of put gamma below the 400 level and call gamma Above that level and while we're on this on this page Let's take a look at the combo strikes and this is combining SPX and spy strikes and then converting that to a an equivalent SPX number and showing put gamma or negative gamma below and Call gamma or positive gamma above and here this is the right around this This is 4,002 and 4,014 and this is the the flip level and it's showing 4,006 there remember the volatility trigger Was it 4,005? Put gamma below call gamma above but more put gamma below and here spy Showing the same thing combo strikes converted to an equivalent spy number and here's the The gamma flip level at 400 which is also the key gamma strike and Again, notice the predominance of put gamma below All right, let's take a look at the NASDAQ now on from the NASDAQ. We'll just focus on qqq so for qqq 300 is the key gamma strike or the absolute gamma strike The put wall at 290 and that's pretty obvious the strike with the largest net negative gamma and Then the call wallet at 310 All right, let's take a look at data now and I always like to take a look at gamma notional and kudos to the guys in and discord for noticing this this morning JLA Carmo trades JEC and having a discussion about this noticing the the sharp increase or a decrease in gamma so SPX spy qqq gamma notional all became much more negative and then recognizing the potential for a Put Vanna rally given a spark to to fuel a move higher and so far today Whatever pal said wasn't was not that spark Okay, so gamma notional. This is market makers position on the gamma curve And this is SPX in the left column spy in the middle column and qqq on the far right column And again as I said these levels did shift Quite a bit more negative. So yesterday SPX gamma notional was minus four 44 today it has shifted to minus five sixty five Yesterday gamma notional for spy was minus thirteen twenty one and today it has shifted Quite a bit more negative to minus twenty three thirty six and then finally QQQ gamma notional yesterday was minus four twenty eight today. It's minus seven oh four and Again, this is market makers on the Position on the gamma curve. It's quite negative Indicating and we just saw this in the gamma levels charts that traders were long puts market makers are short puts and that That puts them in a negative gamma environment and they have to Sell futures as price decreases to hedge their delta exposure and then if Price increases and applied volatility drops they can buy back their short futures. So that is, you know That could potentially lead to a put Vanna rally and let's take a look at the Vanna charts now And that is this is a graphical illustration of that. This is for SPX Showing that as price decreases. That's on the horizontal axis Their delta notional will increase that's in the vertical axis and this indicates that Market makers will need to sell futures to hedge their delta exposure as price drops and they market makers want to remain delta neutral and The green curve that's the current expiration is showing how their Delta notional changes with changes in price and implied volatility and that's the Vanna effect the change in Delta with a change in implied volatility So that is SPX again negative gamma environment Your spy it's even steeper gamma notional is much more negative and here's QQQ so all showing the increase as Price increases as increase in delta notional as price decreases and Again, this is typical negative gamma environment meaning market makers need to hedge with price To hedge their delta exposure. All right, then finally This is my key gamma strike list and I just do this as a quick reference Note the changes in the key gamma strike for all the stocks in my watch list the e column is showing the key gamma strike from the Previous day and then this is the current key gamma strike for today. I color code these Green if it increased Red if it decreased from the previous day and one thing to note here is this is the VIX and The current key gamma strike increased So it looks like traders were buying buying calls in the VIX yesterday Calls or call spreads Okay, so that's my positional analysis given all this I develop a thesis for the day and normally I would use this and my thesis for the day would have been Probably neutral to bearish but with a pile speaking at 10 a.m. My thesis for the day would just like yesterday Wait on pile. See what he says. See how the market reacts. So with a big event like that, it's hard to I think at least for me hard to develop a thesis Based on information that that is available before he speaks Alright, so let's take a look at some setups and here. Let's start with the S&P 500 So chop and then finally price is moving lower. Let's take a look at something very interesting in Spot gamma hero and let's go back. Let's take a look at This is the S&P 500 so this is a combined signal of SPX plus spy calls and puts Transactions and if you trade the ES especially Even if you trade spy or SPX options This is typically what you want to look at. This is the combined signal of SPX and spy and this is what is driving the S&P 500 So let's zoom in on this chart now and the very interesting thing to point out We can this is looking at all expirations and we can Change that so it's just looking at Looking at zero DTE option So this is options that expire today and remember both SPX and spy have options that expire today I'm going to zoom in a little bit on the morning and I I posted this in and discord Increase this just a little bit to increase Viewing so this is showing that With these zero DTE options Traders are fading the moves So as price Let me zoom in just a little bit more as price increases and They start taking negative delta positions In zero DTE options so notice here price is moving up and Before our right as price is moving up. They start to take zero DTE negative delta positions with zero DTE options So when YouTube Ali asked what software are you using? I'm using two things so I'm using book map and And That's what we were just looking at and now this is spot gamma hero This is web-based and it comes with a spot gamma subscription and this is showing This is hero H I RO hedging impact of real-time options and What this light blue kind of blue green line is showing is Options trades and the market maker hedging flow So the white line is price And we can see as price is increasing Traders start fading that move. They're basically selling the high Here this price moves down a little bit they start to buy the low and Then as price increases they start to sell the high price drops and they start to buy Price drops a little bit By again And if you watch this carefully this can provide a lead effect So Ali says don't know much about hero if you're interested I Suggest you go to the spot gamma YouTube channel and search for videos about hero They have plenty Right now hero is web-based only and this is what I'm looking at And you can also just look at the their free resources resources in the on the spot gamma Website and you can read about hero as well The spot gamma Let me just type that in chat Yes, I'll a I spilled it correctly Okay, so this is showing the lead effect that these zero TT options have on price action in the S&P 500 and this type of action also tends to suppress volatility trapping price in a range and You know, there are a couple of couple of ways of approaching this actually many ways to approach this one is to follow them to To sell the highs and buy the lows once you establish that trading range for the day and we saw When we looked at the book map chart and the And the SPX chart and think or swim that that level those levels were clearly 3974 on the downside which could anticipate As well as the 4,000 level above good levels to buy at 3974 and Sell at 4,000 way whether you're buying or selling SPX options ES futures spy shares spy options however, you want to do it Many ways to trade the S&P 500 and you can also use more complex option spreads, let's say if a price was down at the low you could buy a zero DTE butterfly at 4,000 for example and you know have very little low risk and An asymmetrical reward if price moved back up to that 4,000 level and I I tried that just and we'll take a look at that In a minute. So anyway, this is what? What the zero DTE? options traders are doing All right, let's change this back to look at all trades So I thought that was interesting and let's go take a look back at bookmap now So, you know, we could be looking at that You know again that hero chart and then Knowing the range here 3974 to 4,000 Trading up and down in this range Let's just go back and take a look at at hero and see what what traders are doing now and just looking at the total signal so they You know this shows the same thing as well is that traders are taking positive delta positions at Down just below that 3974 level and price is now starting to move higher Let's go back to bookmap now And we can confirm that with with order flow somewhat here So more green dots these are market buy orders coming in and Helping to shift the the move higher and we can look back and see how order flow shifts From bearish to bullish just by looking at this volume dots That's buy minus sell so this is showing with these pink dots There are more Market sell orders than market buy orders pushing price down and then this reversal. Let me Change that Notice the reversal here this I'm going to zoom in a bit on this It's it's hard to see here. There's a blue number 750 you can see the iceberg order coming in So a stop run down to this level by iceberg comes in and that's also confirmed by this light blue line and then the the shift in order flow from bearish down to that level stop Kind of a stop run down to that level My iceberg comes in order flow shifts to bullish Back up to the 4000 level chops around a little bit Order flow shifts bearish again and price moves down Toward the 39 74 level so you're confirming the the signal in in hero with What you see an order flow here knowing these levels watching order flow as well as the hero signal All right, let's take a look at some other setups And remember yesterday these semiconductors were strong AMD and NVIDIA both are on my watch list. Let's go take a look at hero Take a look at AMD Let's zoom in separate outputs and calls So the orange line shows calls and a rising orange line means that traders Are Are buying calls Not doing much with puts At least in the morning. Let's zoom in on this So looking at the morning here Traders are definitely buying calls and that's driving price action. Let's go back to book map Nice uptrend and notice the Target at the 85 call wall And yesterday this you can expect this to act as resistance Yesterday, I did talk about a situation where a breach of this call wall can act as an accelerant And invoke dealer hedging and it looks like it did a little bit here But then price started to move lower As aggressive sellers come in again. Look at the green dots I mean the the pink dots. I'm sorry. So the shift from green to pink And price moves lower, but that was your first price target reversal at vwap reversal at the 84 and then this reversal here We're all good entries up to the Call wall target level All right. The next setup was Metta Let's go back to hero And notice how price has leveled off as hero Starts to drop price move slightly lower And also is that call wall target was reached Let's take a look at meta All right meta. There's a strong correlation between options trades hedging flow and price action And in the case of meta Traders were actually selling puts that shown by the rising blue line All right, let's go take a look at book map And multiple long entries up to targets at the 184 liquidity and the 185 liquidity Pretty choppy morning action a lot of deep pullbacks Looks like the pullbacks to vwap were the best And Microsoft Pretty choppy action wide range Let's go take a look at hero For microsoft and i'm going to zoom in on On this so that really confirming Short entry In the morning Long entry about 10 10 15 And then short entry But I thought the best Given the most risk reward was this setups here at these deep pullbacks As hero continued to rise and a pretty steady line there Let's go back and take a look at at book map So there's the those entries if you didn't if you didn't catch this first reversal Watching hero steadily rising And these deep pullbacks All right, let's take a look at nvidia And let me uh, it looks like there are a couple questions on On youtube So i'll he asked Yes, you can trade crypto With book map. This is not Not part of not one of my topics So all I will say is yes, you can trade crypto With book map. This is beyond the scope of my My webinar, but I suggest you go to the book map website and just search for crypto. There are plenty of crypto traders There's a question. How can you use book map to see if the move will push through? At loads or highs I'm not sure I understand that question Um, you know, I don't have any specific Answer for that just watching order flow um I don't know. I'll I'll have to think about that. That's something that uh, you know, again, just watch order flow if if And let's let's we'll go back to es here and see that You know here here you were uh, assuming this level would be support price broke through there was uh Here just look at the clues large stop orders Moving price through, you know, if I expect this level to act as support I'm going to look at And that's how I would look at it look at Uh, you know confirm that in order flow. So price continues lower And then starts making Higher highs. So at this point and also I'm looking at hero and seeing the hero line rise. So at this point, I'm Uh, assuming that this level although it didn't it price exceeded it a little bit Price did not rip lower So I don't know if that answers your question or not, but you just have to watch order flow to confirm that All right, the next one we looked at looked at microsoft. Let's take a look at invidia and again semiconductors are So I'm looking at I'm looking at order flow right now. This is book map in case you're not familiar And this is showing Uh, the order book the history of orders. So this is the order book right here a current order book c.o.b showing all the limit orders by uh by below price sell above And then this heat map for example The shaded area is showing the history of seller orders at the 240 level So liquidity levels So this is kind of getting at book map basics, which is kind of beyond Or a different topic than what what I want to talk about I suggest you go to the book map youtube channel and watch some of the basic Basic webinars attend the advanced webinars Ask bruce at book map ask these questions. This is pro trader this week Book map is having a pro trader webinar series next week. The regular series will resume And bruce Is the I guess the director of education and he conducts an advanced webinar Every day at 10 a.m. Eastern time They're also recorded and available on the book map youtube channel And he talks about that in more detail. So I look at these liquidity levels. First of all as a target So looking at this this morning I see price rising. We'll look at hero in a minute a couple of pullbacks to vwap And this liquidity level up above at a big round number 240. I look at that as a target price seeks liquidity All right, let's go take a look at hero now So that's microsoft. Let's go to Nvidia and very strong confirmation Correlation between options trades Hedging flow and price action All right, let's go back and take a look at book map And notice the the fairly deep pullbacks, but pretty much a steady uptrend in hero, especially until about 11 a.m All right, so let's go back to book map now. So there's Nvidia Hero was strong rising pullbacks to vwap and round number levels With the liquidity target up above at 240 and 241 Let's go take a look at spy now And I have the levels SPX and spy levels marked on my chart here This is my cloud notes column So here, for example, there's the 4000 spx 4000 key gamma strike the 39 98 combo four level And then this is showing spy levels and notice that Spy did breach the lower edge of the expected move for the week And this is something that's based on the options market And this is for the week. So this is the lower edge of the expected move for the week And now price is moving back above that level And you can see that, you know as well as in this chart that the SPX 39 74 and the spy 397 level were in play And then the spx 4000 level above Support and resistance And then finally, let's take a look at tesla So there's tesla strong drop in the morning. Let's go take a look at hero notice the Notice the weak hero signal here right here. This is the This is comparing the strength of the hero signal In the last 30 day range that's shown by the entire length of the slider and then the colored portion is the strength of the hero signal in the last five days so the Hero signal for tesla is weaker than it has been And as weak as it has been in the last 30 days and weaker than it has been in the last five days and up until You know, let's just say 1 32 o'clock. It has been generally trending down Let's just zoom in here so confirmed hero confirmed The short in the morning A little bit of a long I guess that's that's what I was looking at when I put that simulated call trade on and then trending down All right, let's go One thing other thing that I want to take a look at Is tesla and equity hub And this is looking at the key daily levels for the last 10 days And here I can see that there has been No increase or decrease in the key gamma strike And from yesterday to today A slight drop in the hedge wall And then the for the last oh six seven days the Call wall has dropped down so it dropped A couple of days ago Down from 220 down to 200 and then today the Put wall dropped from 190 To 180 So overall, I I take that as as bearish For for tesla. So this is doing further investigation. Let's say you were planning to trade Planning to trade tesla Today if you traded tesla every day, you might want to do some investigation here And you can see that traders are Not anticipating higher prices In fact looking and anticipating potentially lower prices with that put wall moving lower the hedge wall moving lower And again, no increase in the key gamma strike or the call wall and the slight slight shift lower in the call wall over the last few days And again, I would interpret that as bullish and just even though there's no change in the key gamma strike Further investigation shows that Some of these other levels were dropping So now let's go to book map and let's zoom actually i'm going to Zoom in this Like this And so there's the move down As hero is dropping Options traders were taking negative delta positions And then there's a clear target At the 180 put wall Oops Clear target here at the 180 put wall. Sorry about that Wrong tool Okay, the 180 put wall notice all the liquidity there and the absorption at that level Okay, so that's tesla multiple Notice it's all below vwap multiple short entries reversal at 184 Other short entries here down to the 180 180 put wall And if you were fast enough you could have caught that one as well Okay, let's let's just wrap it up here Let's go back Let's go to thinkorswim and take a look and see how our Long tesla call is doing And it looks like we have recovered a little bit So that's the advantage of just putting on a kind of a set it and forget it long Long call here not worrying it's defined risk. So now it looks like we are up 2750 So far for the day Still we're experiencing that that theta burn of Almost 98 dollars a day and one other thing that I was looking at today was Another way to trade zero dte looking especially at a A trading range for the day and I think I mentioned this a A butterfly so down at the 39 74 low You could say, all right, I think price is going to go back up to 4 000 today. So this is expiration 8 march And this is a butterfly. So this is just a simulated trade showing Paying 25 cents for that. So you're paying 25 dollars To to potentially make you you're certainly never going to make 400 dollars on this but if you know, it's certainly possible to make a couple hundred dollars on this So this blue line is showing At expiration the purple line is showing right now So Right now this position is up Five dollars. So not enough to cost your cover your commissions spx is Quite expensive to trade So, you know, if you do this every day your broker is going to love you But it is, you know, if you catch a a big winner Every now and then, you know, you could Could do well with this this strategy and this is this is something that I would consider Very low risk high high potential reward. It's a low probability but notice how a The this curve this profit and loss diagram bends for a butterfly And even though this is just a five wide Short the 4,000 Calls and then long the 39 30 39 95 and 4,000 calls. So this is a An expected move butterfly again asymmetrical reward to risk and you can make profit You know, you make a profit on this even if Price does not make it within the blue line Blue lines fast enough Okay, so You know, just another way of looking at this That's all I had for today and I want to thank you for your questions and comments And thanks for watching and I will see you tomorrow. Thanks again. Bye