 I'll get started in just a moment. Hello everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 pm 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 involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me, especially if you have a question, after the webinar you're watching in YouTube, is through Discord. My name in Discord is Doug P. And then also in Bookmap Discord, there's an option stash Doug chat channel. That's a great place for questions, comments, any content related to the topics of this webinar and of the topic. And then I'm also on X, formerly known as Twitter. My name on X is at Doug Plus, and I put up a couple of posts this week. One on Tuesday, one on Thursday. I've also posted those in the option stash Doug chat channel in Discord. So again, this is the best way to contact me. The focus of my presentation and the focus of the option stash Doug chat channel in Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading, the first is planning, and I use positional analysis. I look at how market makers and traders 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 of my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow when spot gamma hero to confirm my thesis. And I'll be talking about setups today. When I talk about setups, I'll be talking about setups in an underlying asset. And setups can be taken any number of ways with futures, shares of stock, or options. Questions and comments are welcome, and I will be watching both the option stash Doug chat channel in Discord, as well as the chat and YouTube for your questions and comments. So Stephen asked, is Bookmap a trading platform like Robinhood? So yes and no. Bookmap is a trading platform. It's also a visualization platform. You can connect Bookmap with futures brokers and stock brokers. It's not really an options trading platform. I'm not really familiar with Robinhood, but it is a trading platform, and it's not like Robinhood. It shows way more information, way more sophisticated. So I hope that helps. And we'll, as I go along, we'll take a closer look at Bookmap. And trading sale, hello. Yeah, it was a great trading day. Welcome. Glad you're here. ART-P, I'm just getting started now. So you're just on time. And Hunter, hello. Welcome. Glad you're here. Right. Again, questions and comments are welcome. My agenda for today, I want to go over news items to wrap up the week, economic data, and events. Then I'll go through my positional analysis. Then I'll review some setups from this morning. And then we'll take a look at the live market. And when I get to the live market, if you have any stocks you want me to take a look at, please let me know. All right. More questions coming in on YouTube. I use Bookmap that's available directly from Bookmap. I use Bookmap Global Plus. There is an older version, a simplified version of Bookmap available on Thinkorswim. But I use the full Bookmap available directly from Bookmap. And hello, Mike P. Glad you're here. So ART-P, I will show how to use Bookmap today. I'll show you how I use Bookmap. All right. Let's get started. First of all, economic data and events. The, first of all, Michigan consumer sentiment came out this morning at 10 a.m. And that was a little bit less than expected. And of course, the main event of the day was Jerome Powell's speech at the Jackson Hole Symposium at 10.05 a.m. The speech didn't last long, maybe 10 or 15 minutes. And we'll take a look at what was happening in the market at that time in just a moment. All right. So that is the news items and events to wrap up the week. All right. Let's get started with positional analysis now. I'm going to start with Bookmap ES Futures. So ART-P and Loya, this is Bookmap. This is Global Plus, again available directly from Bookmap. When you subscribe to Bookmap directly through Bookmap, you also have to subscribe to data. So I subscribe to rhythmic data for futures and DXV data for stocks. Okay. So again, this is ES Futures and Bookmap. I have futures and stocks. We'll start with the SAP 500. Before I take a closer look at this chart, I want to take a look at a larger time frame. This is the SPX in a 30-day one-hour chart. This isn't think or swim. And this chart is showing that the downtrend began at the the Fitch downgrade of U.S. debt stopped last Friday with the monthly options expiration. SPX rallied for a few days. And then yesterday, drop lower. And I, you know, most likely, you know, buy the news, sell the news, buy the rumor, sell the news for NVIDIA earnings or anticipation of Jerome Powell's speech today, probably mostly Jerome Powell, but some NVIDIA. So anyway, sharp drop lower in the SPX tomorrow yesterday. So there are levels that I want to point out on this chart. First of all, the lower and upper weekly expected move that's shown with the dash purple lines. So you really can't see the lower daily expected move there. It's kind of obscured. It's right around 4,300. So a little bit difficult to see on this chart, but that is the lower weekly expected move. And then the upper weekly expected move shown with the dash purple line there. Note that SPX did trade above that level briefly yesterday, then move down below. And now SPX is trading in the basically in the middle of that range in between the lower and upper daily expected moves shown with the dash blue lines. These are available from any platform. I just get the expected move from thinkorswim. Any platform with an options change, you should be able to get this information. All right, let me point out the levels on this chart. Those are shown, those are spot gamma levels, proprietary spot gamma levels shown with the dark red horizontal lines. First of all, here's the put wall. That's at 4350. That's a strike with the largest net negative gamma that can be expected to act as support. And note that level did move up from yesterday, which is kind of strange given the down move yesterday. But anyway, the SPX put wall did move up from 4,300 yesterday to 4350 today. So that is the level that's expected to act as support and the potential floor for price. And the next level up is 4,400. That level has been in play for today. That is the absolute gamma strike, the strike with the largest absolute positive and negative gamma. The next level up is the volatility trigger that a spot gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. And note that SPX, at the opening today, at the beginning of the day, was firmly in the negative gamma position and still below the volatility trigger, still in a negative gamma position. And that has consequences about the basically the trading range for the day in a negative gamma environment, a very negative gamma environment like the start of the day. I expect a wider trading range bigger moves. 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 volatility. So for a good bit of this year, market makers position on the gamma curve has been positive and leading to smaller moves. But now back in this negative gamma environment, looking for bigger moves, wider trading ranges. And then finally, the call wall is up at 4600. That's the strike with the largest net positive gamma. And that can be expected to act as resistance. So those are the primary or the key daily levels for SPX. All right, let's take a look at another SPX chart to see the levels that have been in play for today. This is SPX, a one day chart. Note SPX did gap up today. And early this morning, the 4400 level, there's the 4400 absolute gamma strike, did act as resistance. Then after a drone pile started speaking, price zigged and zagged, jumped up to the 4415 volatility trigger that acted as resistance. And that was a great entry point for short. I'll talk about that in a few minutes. Note also that SPX was briefly above its upper daily expected move. All right, so those are the levels in play for today, primarily the 4400 level and the 4415 volatility trigger, as well as the upper daily expected move. And that 4410 was also both the 4410 was noted as resistance in the spot gamma AM founders note. We'll see that on book map. That's this, let's just zoom a little bit. So here's the 4415 volatility trigger. I have my own cloud notes here. I'm showing SPX levels, SPI levels. So there's the SPI 441 just right above the 4415 volatility trigger. And there's the 4410 resistance level that is right at the same, just about the same level as the upper daily expected move. You can see a light blue line just above that white line. The label's not shown. So I have SPX levels, SPI levels. There's the SPI 440 absolute gamma strike. And then this SPX 4400 level that acted as resistance. And then if price had continued lower earlier today or continues lower now, there is the 4350 put wall that should act as support. All right, I'm looking at questions, art. You're welcome. And yeah, this isn't useful to both book map and spot gamma that I'll talk about in a few minutes. And it takes time to understand everything. If you're new to book map, if you want to learn book map, I highly suggest you go to the book map website and go to the learning center. There are a variety of great videos, recent videos and the learning center to help you get started. All right, and I'm not sure how to pronounce your name. Sorry, I can't pronounce it. What is E6299 slash 10 at 11 p.m. We'll take a look at that. Well, let me go ahead and answer that now. That is showing an iceberg order, actually 10 iceberg orders that went away now. So it consolidates orders, book map consolidates orders as I zoom in and out. So this icon right here, this is the iceberg indicator on chart indicator that's showing that 6,299 contracts executed in 10 different transactions. And then that is also shown in some mode by the slight blue line in the subchart. And Hunter asks, what are the rules for streaming live trading on YouTube? Is that even allowed? Well, first of all, book map has a number of live webinars throughout the day. Some, I think with JTrader used to trade live, I don't think he does anymore in his webinars. Scott Pilsini maybe does. I don't know. I don't know if there are any rules for streaming live trading on book map. My approach is more education here, just showing how to use these tools to find and execute your own trades. Alright, so I hope that answers your question about the iceberg orders. These are traders, these are actual, that's an actual order type for CME futures that large traders, large traders, institutional users will use these to hide their size. So yeah, exactly. It does, iceberg orders does indicate whether large institutions that are using these iceberg orders are buying or selling. In this case, the blue, the way I have it, the blue indicator below price is a buy iceberg order. You can also see there's a steady stream of buy iceberg orders and then this large order right at 11 a.m. right at the spy 435 level. Alright, let's start. So those are the levels today. So I've talked about the resistance levels, the 4455 level and then the 435 spy level acted as support. There's spy 435 and then the SPX 4355 level just below. And note there is a difference in price between ES and SPX. And right now that difference is between nine and ten points. So ES minus SPX is somewhere between nine and ten. It was closer to nine this morning, so that's what I'm using. So I'm showing this 4400 level for example at ES4409. So it's not exact, it changes a little bit during the day. Alright, so that's the SB500 shifts in levels. I talked about the poop wall shifting higher for SPX. And then the volatility trigger shifted slightly lower from 4430 to 4415. So that's SPX. And then for spy the call wall did shift higher, which is also kind of strange given the move down yesterday from 450 yesterday to 460 today. Alright, so those are the shifts in levels for the SB500. Let's take a look at NASDAQ now. Alright, so here's NASDAQ. Before I take a closer look at this chart, I'm going to take a look at, first of all, a QQQ chart. I'll show the QQQ levels in play for today. So here is the QQQ 360 poop wall. And price moved pretty well below that. Here's a 362 level. That is an L3, large gamma 3 level. Did act as resistance earlier. Here's the 365 large gamma 2 level. And just above that 366 is the volatility trigger. So for QQQ, the volatility trigger did move lower. The call wall moved higher from 385 to 400. Again, kind of strange given the drop down yesterday. And then 360 is not only the poop wall but also the absolute gamma strike. That level did move lower from 370 yesterday to 360. And then for NDX, let's take a look at that now. So we're just looking at the key spot gamma levels. Let's go to NDX. And right here I'm showing five days worth of data. So this is beginning on Monday. Over to the left. What I want to point out here is the importance of this NDX 15,000 level. And I posted, that is a, that's an L2, large gamma 2 level. 2 is the, the rating range of significance for this large, these gamma levels, one being the highest by being the lowest. So it's a pretty important level. And then this combo L1 level. But anyway, here's the 15,000 level that has been a, a key level all week. First of all, multiple resistance points here. This was on Tuesday. And I, leading to multiple short setups, I posted this in Discord on Tuesday. Then after that sharp move yesterday, the 15,000 level acted more or less as a resistance. Price didn't really quite get up there. And then today, resistance again at NDX 15,000. All right, let's go take a look at, at NASDAQ now. And one of the consequences of this negative gamma environment is the huge range. So I know there are a lot of levels shown on this column and shown on the chart. And that is again, because of this negative gamma environment, the large range. So just bear with me, I'll point out a few key levels. So first of all, here's the NDX 15,000 level that did act as resistance. Then just below that, that's the upper weekly expected move. And then the upper daily expected move. So right after Jerome Powell started to speak, there was a sharp move higher, and then a reversal at those levels. And note there is also in a different, point difference between NQ and NDX. And that moves around quite a bit during the day. And I was using about 40 points difference between NDX and NQ. So this 15,000 NDX level is shown at NQ 15,040. All right, let me check questions, quite a, quite a few questions and comments here in YouTube. Ben, thanks for answering. So Bookmap, yeah, great tool for visualizing order flow. And I use that along with SpotGamma to, that's the key heart of my trading strategy using those tools. Like I said at the beginning, I use positional analysis that is all based on information from SpotGamma. And then my execution, I look at order flow and Bookmap and hedging flow that we'll take a look at in a few minutes in SpotGamma Hero, another SpotGamma tool. All right, so let's, we'll talk about setups in a few minutes. I talked about shifts and levels for NASDAQ. I did, forgot to mention for NDX, the put wall moved back lower yesterday. The put wall moved up above the call wall, which is kind of strange. And so it moved up yesterday and then now moved back down to 12,500. So that's the put wall for NDX. And again, for QQQ, volatility trigger lower, call wall higher, absolute gamma strike lower. All right, so we'll talk about setups in a few minutes. Again, quite a few levels on this chart. And this is showing the trading range, a consequence of a higher, more negative gamma environment. All right, so let's take a look at that now. We'll take a look at Gamma Notional. And this is as expected yesterday, Gamma Notional shifted more negative for SPX by NDX and QQQ. All right, so passive income ask, how am I adding QQQ levels to bookmap NQ? I'll get to that in just a minute. I use an add on from, I use an add on that's available in the bookmap marketplace. I'll talk about that in just a few minutes. So let me wrap up my positional analysis here. So with the move down yesterday, Gamma Notional shifted more negative for SPX, SPI and QQQ. So these are all quite negative, shifted more negative yesterday given, again, the drop in the market yesterday. So this is indicating that in this position on the Gamma curve, traders are long puts, market makers are short puts, and they will have to sell futures as price decreases and apply volatility increases to hedge their delta exposure. On the other hand, as price increases and applied volatility drops, they can buy back their short hedges. So that's how this, in a negative Gamma environment, market makers action will and hedging activity will tend to enhance or increase volatility and lead to wider trading ranges. All right, so again, these levels more negative than yesterday, quite negative for SPI at minus 2.289 billion. So let's take a look at the VANA model. I'm going to just go to SPX running a lot of questions. I love that, but we're so in this case, we'll just look at the SPX here. This is the VANA model. This chart is showing market makers delta notional on the vertical axis and price on the horizontal axis. So this is showing how market makers delta notional changes with changes in price only, that's shown by the light gray curve. And then this purple line adds implied volatility to the equation, showing how market makers delta notional changes with changes in price and implied volatility. So let's see where, let me just check a couple of things. So we know that first of all SPX traded down just almost to 43.50. Right now trading up around 43.90. So not quite to 43.50, but a nice rally higher. So first of all, let's find the, so I'm not quite sure where SPX traded. So there's the 43.50 level. So price moved lower. Let's just check. So we know that first of all 44.15 was the upper end of the range. So we'll start with that. So here's right where I'm holding my cursor now, that was near the high of the day, it's showing 44.09 and 44.20. So somewhere in between these two lines. So what this is showing is as price decreases and implied volatility increases, market makers need to sell futures to hedge their delta exposure. So this works both ways. And then as price made it down to the 43.50 level and price started to move higher and implied volatility drops, market makers could buy back their short futures. All right, I hope that makes sense. That is the, the Vana model that doesn't imply a directional bias. It just implies wider trading range, higher volatility that you would expect in a, in a negative gamma environment. So it's important to look at this every day. I look at it every day. And spot gamma, I believe did have a a, a lengthy discussion about this in the, a, the PM founder's note yesterday. So for you spot gamma subscribers, you may want to take a look at that if you did not already. All right, so let's take a look at, let me get to questions and then I will take a look at setups. So first of all, we're still running in Q passive income ask, how am I adding QQQ levels to book map in Q? So let me show you what I do. This is, I have an add on called price lines in book map. And I use the spreadsheet to feed the information to my cloud notes here. So this is what I'm doing for, these are my QQQ levels. For QQQ, I don't label the levels. I do for spy levels, but for QQQ, I, and I can change this range right now. The range I'm showing is 350 to 380. And then for this spot gamma levels, like 360 here, I have a little bit different color coding to show 360, that white background with red text, I use that to indicate spot gamma level. And then the other levels are just yellow. And then the price lines also will display the level and also draw the lines on the chart. Now this NQ to QQQ ratio, I get from this chart right here, I have a script in thinkorswim that just displays this, calculating this in real time all the time, this NQ to QQQ ratio. All right, so hope that answers your question. That's how I display the labels, calculate the ratio, and display the lines on my chart. All right, so Ben asked, could the VANA drop explain why VIX dropped? And not really. The VIX is more related to what traders are doing with options, buying or selling puts. VIX is just based on an equation. So let's take a look at VIX now. So VANA, the VANA is related to VIX, not the other way around. And passive income says, okay, so how can this be added every day? Isn't it time consuming? Yes, it is. My prep is, takes maybe 30 to 40 minutes in the morning, and that is mostly getting the levels on my charts, reading through the Spot Gamma, AM Founders Note, updating my journal, trading journal, with the key daily levels that I talked about, so I can just track the shifts in levels. So yes, it does take time, but this is a business. This is my business. This is what I do for a living, and this is the way I trade. It takes time. So I just don't sit down or phone my computer and blindly start trading. All right, so Divyank, I hope I'm sorry I'm not pronouncing that correctly, I'm sure, but the Bookmap version in Thinkorswim does not support add-ons. I believe it does support custom notes, maybe cloud notes, maybe you can do your own, but it does not support add-ons. So you can add labels probably somehow to the Bookmap version in Thinkorswim, but you can't use this price line's add-on. Again, the Bookmap version, Thinkorswim Bookmap, does not support any add-ons. So it does not support the iceberg indicators, stop indicators, shown here with the MBO bundle, and also does not support this price line's add-on. So there are advantages and disadvantages to the Thinkorswim version of Bookmap. It's inexpensive, data is included, but it is very limited. If you really are serious about looking at Bookmap, using Bookmap to trade, then this full version of Bookmap available directly from Bookmap, either global or global plus, is what you would need. All right, let's take a look at some setups. So I'm going to start with the S&P 500 review setup from this morning. So I talked about this a little bit already, this reversal right at the 44-15 level. And let's talk about, while we're here, we'll talk about order flow and spotting reversals. So yeah, you may not be able to nail it to the exact tick, but it's pretty clear that order flow shifts from bullish. Those are volume dots showing market buy minus sell. And green dots indicates more market buys than sells, aggressive buyers. And you can see the shift, very clear shift in order flow. The magenta dots are showing more sellers than buyers, more aggressive sellers. So buy minus sell, more sellers, magenta dot. These are showing volume delta. And you can also see there is a stop run shown by the on-chart indicator, these small green dots, stop run up to that level. Everybody on one side of the boat, yellow line showing the stop-by-stop orders fueling that move higher to a level that you expect might act as resistance, and it did. So if you're trading futures in this larger trading range, wider trading range, you might want to reduce your size and have a wider stop, or a great way to play this would have been just to buy a spy put, buy an at the money, zero DTE put, 441 put, put that expires today. All right, so Diviank, sorry, I meant to ask how I'll kind of get those levels you have marked on NQ and thinkorswim. So that is a script that, let's go back. So I assume you're asking about, let's say this chart right here. So I assume you're asking about this chart, this is thinkorswim, and this script that displays these levels, okay, is available to Spot Gamma subscribers, and there are a variety of subscription levels for Spot Gamma. This is included with all of them. So the way this works is in the Spot Gamma dashboard, Spot Gamma provides levels for a variety of trading platforms. Thinkorswim is one, Bookmap is another. I use my own levels for Bookmap. I don't use the cloud notes that Spot Gamma provides. I use my own just so I can show everything just so I can show everything in one column. But for this, for thinkorswim, what you have to do every day, and this does take time, it takes one or two minutes, this is the script, there's no automation here. So I go and edit this, and then I delete whatever's in there, and then I paste the new script for the day. So that takes one or two minutes, and that is using that updates charts for, I believe, well I use it for SPY, QQQ, NDX, and SPX. I think it also will display these levels on ES charts, NQ charts, maybe Russell 2000 as well. So it's a little bit of a manual process. Spot Gamma does provide the script every day, but you have to come in here and replace it manually. It takes one or two minutes. It's worth it to me to have those levels on the chart. So let's get back to this setup here. So we've read the order flow here in Bookmap, and let's go take a look at another Spot Gamma tool now. This is called Hero, and this chart, again called Hero, Hero stands for Hedging Impact Real-Time Options. I'm trying to zoom so I'm showing just the RTH activity from the cache open. This chart is showing price for SPX, and options trades and hedging activity, market maker hedging activity for a combined signal for the SB500, SPX, SPY, XSP, and ES futures all combined into one signal. So let's take a closer look and see how we could have used that this morning. So I'm going to scroll over to this morning and focus on the setup that I was talking about. And this morning, there was a very strong confirmation confluence with options trades and price action. So options trades, market maker hedging activity, and price action all shown on this chart. And the purple line is showing, you know, I guess almost a one-to-one correlation between options trades and price action. So this is really a confirmation, another confirmation along with the order flow of that reversal lower at the 44-15 level, a level that you expect may act as resistance after that sharp move up, everybody on one side of the boat, all those green dots going all the way up to that 44-15 level, and then as that happens, aggressive sellers come in, as well as options traders start taking negative delta positions, confirming that move lower. So a number of ways to play that, short futures, again, assuming the you know, I guess depending on your risk tolerance, but maybe smaller contracts, wider stop or buy a spy put, SPX put, sell a call spread, and very nice short setup there. And I think pretty clearly confirmed with order flow and and market maker hedging flow. And then that reversal higher about 11 a.m. confirmed again by options traders started taking positive delta positions. And we saw, let's go back to book map now, scroll to the left a little bit. So notice as I have zoomed in a little bit that iceberg order that I showed that very large clustering of iceberg orders has been spread out a little bit showing the closer location. So this is a very strong clue that price is going to reverse higher. That's 3,500 by iceberg orders. Again, large traders use these to hide their size. This is a CME order type. This is showing again 3,500, two contracts with two executions. And then just a few minutes after that, another 2,608 contracts, again, two executions also shown by this rising light blue line. And then as price moves higher, buy stop orders shown by the rising yellow line starts to help to feel the move higher. So that's the S&P 500. And there have been a lot of questions today, which is great. I love it. Let's just take a very quick look at NASDAQ and similar price action. And then we'll get to some stocks. So here's the reversal and for NASDAQ, the reversal at 15,000. This was a key level earlier in the week. So you know this may act as resistance. And then these aggressive sellers start to come in actually before price reached up to the 15,000 level. And then after that level, it's all aggressive sellers shown by the magenta volume dots and then sell stop orders help to feel the move lower. And I'm not sure I need to check this. My on chart indicator for stops not showing I need to change the tolerance. There's a stop order 88. So anyway, reversal at a level that you expect to act as resistance, it's acted as resistance before earlier in the week. Let's go to the hero signal for NASDAQ. So this is a combined signal, oops, combined signal for NDX and QQQ. We'll zoom in on this. And this was not as clear as the S&P 500. Hero did reversal lower, but not with the same correlation, strong correlation as the strain, the same correlation as the S&P 500. All right, the Vank, you're welcome. And trade and sale says QQQ, could you please give explanations to the sub graph? Okay, let's go take a look at that. Go back to book map. All right, so we know for NASDAQ, especially the biggest clue was to expect that 15,000 level to act as resistance. And this is part of my preparation, knowing where those levels are, I think is key to for my trading anyway. All right, so let's go back to book map. Again, the 15,000 level almost to the tick acted as resistance. All right, the sub graph. In the sub graph, I have first of all CVD that's shown by this dark blue line that changes to magenta when the value changes from positive to negative. So that is included with all versions of book map. All right, then this yellow line, that is stop orders, blue line, iceberg orders, those are part of an add on the MBO bundle includes, I'd have to go back to the, it's available, the book map marketplace, it works with global or global plus. Again, it is an add on, it's a separate purchase, a separate subscription. And the, so that add on, here's the, here are my add-ons. This, for stops and icebergs, there's the on chart indicator. And that's shown by, there are, that's buy iceberg orders, sell stop orders. So that is the on chart indicator. And then in the sub chart, so there's the sub chart indicator. And for the sub chart, I like to see, so I have the individual events shown on the, shown on the on chart and then on the sub chart. I'm showing all these in some mode. So I have CVD and icebergs and stops in some mode. All right, let me go through more questions. All right, so I hope that helps. So for the CVD, it comes with all versions of book map stops and icebergs come with the MBO bundle, that's an add on. And then you can click on this gear here to control what is displayed in the sub chart, or you can dismiss the sub chart all together. All right, so passive income, thanks, how do you get the spot gamma levels for stocks into book map? So I used to do that, I don't do that anymore. Let's just take a look at, let's take a look at NVIDIA for example. So here's NVIDIA and I have cloud notes here. And I used to show the spot gamma levels in, for individual stocks, it just became time consuming. I just don't have time in the morning to show the spot gamma levels, to add them to my stock spreadsheet. So I can change here the just the trading range and I'm showing the round numbers with the zeros and the fives with red and the round numbers in between with yellow. So that's all I'm doing. And then for stocks, let's just go to NVIDIA. So for stocks, I just rely on this hero chart and the spot gamma levels that change daily almost are shown on the spot gamma chart. So I know that 457.50 is the put wall. So I go back to book map now and I know that 457.50 is the put wall. So now NVIDIA is trading just above the put wall. One thing I wanted to point out here is, and I've talked about this before, I'm looking, I'm trying to determine who's in control. And for stocks, it's a little bit, there are fewer things than why Spurgs knows stops, at least that I can show. There may be, I don't think as far as I know, those are only CME water types. But anyway, it's pretty clear today, just look at all the all the magenta volume dots, aggressive sellers definitely in charge today. And that is as opposed to let's go back to book map. So here for NVIDIA, traders are taking positive delta positions, but price is falling. So I know that aggressive sellers are in charge today helping to hold and push NVIDIA lower. Let's take a look. Let's take a look at one other stock, take a look at Tesla. And here, this is showing a couple of great setups in Tesla first, these divergent setups don't occur too often in stocks, but this today provided a great signal. So I see from the opening that traders were taking negative delta positions, and then price reverse lower a few minutes later, setting up great short, and then as price was moving lower, options traders started taking positive delta positions, and then price started moving higher. So there's nothing automatic here, you just have to watch this, and again determine who's in control. So let's go take a look at Tesla and book map, look at CVD. So really, and that's no help, so really options traders, mostly in control today in Tesla. Let me check for questions. So Chuck, again, there are no red arrows, green arrows. I'm just looking, trying to determine who's in control, and looking for reactions at levels, and again determine who's in control. I think I pretty clearly showed the setups in especially the futures, futures, S&B 500 futures, ES and NQ, reactions at levels, shifts in order flow, and also confirmation with hedging flow. Truman asked about hero with scroll button. I would say if you have specific questions about hero, go ahead and send them to support spot gamma support. And I think that may be info at spotgamma.com. And Chuck says this is amazing. Yeah, it can be. I'm trying to get to the heart of what is actually who is driving price. Options traders often are key drivers of price for stocks and futures. And Chuck, yeah, all these webinars are recorded. All right, let's go to, go back to hero now. So this, this is looking at the entire day. So this is looking at the entire day. And then I can just scroll my mouse wheel to, to zoom in to whatever portion of time. So I've scrolled in now. And now I can just move my mouse from left to right to move back to the beginning of the day. So I'm just using my mouse wheel and the mouse pointer to scroll left and right and to zoom in and out looking at more time or less time. I can also control, first of all, puts and calls. I can see if traders are buying or selling calls, buying or selling puts, orange, line showing calls, blue line showing puts. And then I can also change the rolling window. That's the look back period for hero. I can change it to a shorter timeframe. So instead of looking at the entire day's worth of data, I'm just looking at the last 30 minutes. So that gives me a little bit more sensitivity for the, for the last 30 minutes of data. All right. Then last, let's go ahead and change this back to the, I like, I usually stick to the one day look back period. Let's go to the total signal. And the last thing I can do here is look at the zero, the next expiry. So then the case of Tesla or any stock today, that would be options that expire today. And I can see that the all expiration. So this includes all expirations is really dominating today for Tesla. All right. So that's how I can slice and dice the hero signal. All right. And passive income says, where would I be able to find the QQQ to NQ, NQ ratio for thinkorswim? So I have posted all those in bookmap discord and the options dash Doug chat channel. And, and I pinned that to that channel in the upper right corner. So you would need to join if you have not already, join bookmap discord free and available to everyone, whether you have a bookmap subscription or not. And, and then go to the options dash Doug chat channel and look for it there, look for the pin icon in the upper right corner. All right. So let's go. Chuck has a question about calls and puts. So let's separate it that out again. So these lines, first of all, orange for calls. So let's take a look at that. So these lines are shown in terms of Delta. So here the notional value is 294 million positive. So buying calls, that's positive Delta. So I know that traders are buying calls and in Tesla. And that is a, that is really what is driving price today. And then this blue line shows puts. Notional value is negative. And when you buy puts, that is a negative Delta position. So that is showing that traders are buying puts buying calls and call buyers are in, in charge today. You're hoping to drive price higher. Let's take a look at the SB 500. We'll see what traders are doing here. So this is showing that traders are buying calls and buying puts. That's pretty typical for an index, positive notion of value for calls, 562 million. And then for puts, minus 193 billion. So put buyers more aggressive than, put buyers more aggressive than call buyers. And then we can take a look, go back to the total signal and it will combine those two. And just as expected, that is right around one and a half billion negative. All right. Yeah. So if Truman asked if price goes against hero, you know, to look elsewhere to see who is in charge. Often there is a stronger correlation between options trades and hedging activity and price action for ES and NQ in the morning. And it can diverge in the afternoon. And right now it looks like there still is a very strong correlation between hedging for the one price action. And when there is a divergence, I would first of all look for potential reversal. If that doesn't happen, yeah, I want to look and see who's in charge for the ES and NQ. We know there are a number of things to look at. Aggressive buyer sellers shown by the volume dots, cumulative volume delta, large traders would buy with iceberg orders and smaller traders with stop orders. Let's just go take a look at, go back to book map, let's go to ES. And one thing I found just by observation is the stop line is a pretty good directional indicator. So both CVD and stops a pretty good directional indicator for the S&P 500. All right. So Feng asked, would you please explain the SPX, NDX rally right now with hero and gamma volatility trigger? All right. So first of all, volatility trigger is just a level. So I know that that acted as resistance earlier in the day. I talked about that. And I'm not surprised that price is up at that level right now with hero. And we'll just, we'll stick with the S&P 500 over time already. So let's go back to hero. All right. So I know about, let's say 140, traders started taking positive delta positions again. So when, when traders buy calls, sell puts, market makers take the opposite side of those positions. And they have to, in this case, they have to buy futures to hedge their delta exposure. So let's say when traders are buying calls, market makers sell the calls and they have to buy futures to hedge their delta exposure. All right. So that's hero. Hero is what I'm looking at in real time. And then the levels is where I expect market makers to potentially react. I confirm that with, with hedging flow and order flow and book map. Redshift trucking says, hello. Hello, Redshift. Glad you're here. Been watching for a few weeks. Very helpful. Yesterday was an epic day for understanding your method. Thank you. Thanks. You're very welcome. Glad you're here. Welcome. Glad this is helpful. So Truman says, you said in the morning, the call buyer buys and sells have a bigger effect than the put buyer sellers. No, I said hero and hero often in this, maybe just my observation, options trades in general may have a, may have a more of a direct impact in the morning than the afternoon. That's not always the case here. When I zoom in, I see this strong correlation has still remains for the entire day. So you just have to, you know, do your work during the day, zoom in, zoom out, figure out what is again, what is, has an influence on price. And so passive income says found the discord. Is there a script to ndx to nq2? Let me check on that. All right. So here are the scripts that I have. First of all, this is nq minus ndx. That's what I have. And then this is the nq to qq q ratio. If you, if you're a thinkorswim user, the script would be very simple to modify. It's a very simple script. Just, you know, set up whatever you want to display, you know, copy one of these. And then, for example, you can copy the script for nq to qq q ratio and just change that to nq ndx if that's what you're looking for. All right, let's go back and take a look at the SP500. We were taking a look at that. So we now, now we see that options traders are starting to take negative delta positions. The hero signal is turning over. Let's go back to book map. And 4415 so far did act as resistance. And there were some iceberg orders coming in. This is the on chart indicator. These are pretty small. Some iceberg order sells by sweep up into that level shown by the rising yellow line. Notice all the green dots there. Everybody on one side of the boat up into that level by stop orders fueled to move higher. And that level did act as resistance so far. All right, paying ask is SPX moving to some big absolute gamma strike level. That's hard to say. So, you know, right now this 4415 level did act as resistance, just like it did earlier today. And then if price does move above that level, I would just look for the next level above. 4450 is the next big SPX level. And that is the zero gamma level. That's also noted as resistance. So, right now, SPX is not making it above the 4415 level. Let's just take a look at NASDAQ. See where it is in relation to 15,000. And it's below, it's high of the day, below the 15,000 level. So, I'm not sure how to answer that exactly. I just look at the levels in play and how they've reacted during the day. And then I, you know, I'm watching order flow and hedging flow at those levels. So, it's hard to say for certain whether SPX is definitely going to one level or another. So, for example, this morning, the 4350 put wall, that was the next obvious target. But these iceberg orders came in and started buying right at the SPY 435 level. And that level acted as support. They were all front running the 4350 level. So, the 4350 level was the obvious target. Price didn't make it down there. And then when price started to move up, the 4400 level was the first target. And then when price moved above that, the next 4410 and 4415, especially. Right, I need to wrap it up. I'm way over time. Great session today. Thank you all very much for your questions. And, sorry, I missed your comment. There's so much going on YouTube. Says NVIDIA been around the 450 mark today. Good for the call game online play, definitely. Yeah. So, good for a long put. Or, you know, any way to play a short for NVIDIA today. All right. Thank you very much for watching. Thanks for all your questions and comments. Again, I love the questions and comments, all the interaction, especially in YouTube. Everybody have a great weekend. And I will see you on Monday. Thanks again. Bye.