 OK, it looks like YouTube is working today, so I'm going to go ahead and get started. Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. And before I go any further, I have 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, trading futures, equities, and options involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. And as a reminder, the focus of my presentation and the Options with Doug channel in Bookmap 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 and I look at how traders and market makers are positioned in the options market to develop a thesis for the day regarding volatility, expected trading range, and directional bias. And that is different from many other traders that use a technical analysis or fundamental analysis. I think this is a new way of looking at that market that provides a significant edge. And the second step in my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow and SpotGamma Hero to confirm my thesis and to look for setups. And finally, questions and comments that are on topic are welcome. So please post your questions and comments in the Options with Doug chatroom in Bookmap Discord, as well as the chatroom in YouTube. Okay, let's go ahead and get started. So the agenda, what I want to cover today is, first of all, some news items. There were some economic data came out this morning that turned out to be a big market mover. So we'll go over that and then talk about one item that's coming out next week. And then we'll go through our positional analysis for the S&P 500 and then talk about some setups. So there were some great bullish reversal setups today that we'll cover. Okay, so first of all the news, and let's go. So the first news items that came out was the employment situation report at 8.30 a.m. Eastern time. And at first glance, I thought this might be bearish. So meaning that good news is bad news just like yesterday or Wednesday with the ADP report that came in better than expected, but actually I think what traders are probably looking at is this year over year earnings came in at 4.6 and was forecast at 5.5%. So earnings, wages are decreasing and that should help the inflation situation. So anyway, I guess that's just an assumption, but at any rate, market maker traders are taking this as bullish. That's how they're interpreting the data. And then there was also the state of the PMI data that came out at 10 a.m. as well as factory orders, both were worse than expected. And here I guess traders interpreted that as bullish. So bad news is good news in this case. So anyway, fortunately we can look at price action, order flow, and hedging flow to make our trading decisions. So the market interpreted all of this data as bullish. And then next week, just a reminder, the CPI data comes out on the 12th. I believe that's Thursday the 12th at 8.30 a.m. And just a quick reminder, another couple of big events, the options expiration, the monthly options expiration is January 20th. And then the next FOMC meeting, the first of the year, begins on January 31st and the announcement is on February 1st. Okay, let's get into our positional analysis now. And welcome to the Put Vanna Rally. And that is, in my opinion, what is going on today. So let's take a look at the S&P 500. And I'll talk more about the Put Vanna Rally as I go through the positional analysis. So first thing that I want to talk about is the support and resistance levels on the chart. And I use data from Spot Gamma as well as my own to draw these levels. So the first thing, I have two columns with notes here showing the significant levels. And the first, this is Cloud Notes from Spot Gamma. And these are levels based on mostly SPX and some combo levels. So this L3 level, for example, is SPX 3850 and it's converted to a equivalent ES number. So Spot Gamma is still adding 25 points to the SPX number to come up with an equivalent ES number. And then there are some combo levels as well that combine SPI and SPX and convert them to an equivalent SPX number and then convert them to an equivalent ES number for this chart. And then the second column here is my Cloud Notes. And I'm showing key SPI levels, for example, like this 380 key gamma strike. And that's also the volatility trigger for SPI. And the support and resistance levels that are denoted in the Spot Gamma AM Founders Note and then finally big round numbers in ES, the zeros and the ones, the zeros in the fifties. So that's what's on my chart. And the things to note is in the morning, the first test of this 3850 level, and I knew I forgot something, I forgot to change my mouse pointer. Let me bump up the size just a moment so it makes it easier to see what I'm pointing at. Okay, so that should be better. So after the 830 announcement, there was a test of this 3850, SPX 3850 resistance level and price reverse down to, well, actually right after the open, there was a quick move up and then another test of the 3850 level, a move down to the, somewhere between the SPI 380 key gamma strike and the SPX 3800 level that has acted as support for days and days. I've posted, I think the last three posts that I've put in Discord and on Twitter, all involved, reversals higher at this 3800 support level. And then price rallied, and we'll look at HERO and see what options traders were doing in just a moment. And then it looks like finally ES, SPX broke away from this 3850 level and could be potentially heading to the SPX 3900 level. And let's just take a look at that up above. So that would be the next SPX level of interest. Okay, and one other thing that I want to point out is I talked about this yesterday. This is the SPX. And I talked about yesterday how SPX has been trading at a narrow range. Mostly recently, and this is a 20 day one hour chart. So this starts, this range starts about December 16th and has continued on today. So SPX has traded in a narrow range for quite a while and this employment situation report could be the catalyst to help SPX get out of that range to trade above or below. So right now that the top end of the range is around 3900, 3890, 3900. And that could be where SPX is headed. Okay, and the next thing that I want to talk about is shifts and levels. And this could be that traders were positioning themselves for the data today and buying puts. So anyway, the SPX and SPI put wall both dropped down. So the SPX put wall dropped from 3800 yesterday to 3700 today. And the SPI put wall dropped from 380 to 370 today. So that is bearish. You know, that's a bearish sign, but most likely just traders positioning themselves for the data today. And that is actually adding fuel to the rally today. Remember, I mentioned the Put Vanna rally. So that is potentially adding fuel to this as volatility drops. Those puts lose value as price increases and implied volatility drops. Both of those mean that the puts are losing value and market makers that were short puts and short futures can buy back their short future hedges. And that is, again, in my opinion, definitely driving, helping to drive this rally. So those were the key shifts and levels. And actually also the SPX call wall shifted up from 4,000 to 4,100. And I think that's just a technical move higher based on the definition of the call wall, which is the strike with the largest net positive gamma. And we'll look at the S&P 500 charts. Let's go ahead and do that right now. So here's that 4,100 call wall. And that, you know, as you can see compared to all these levels below, these are absolute gamma levels. That level is pretty insignificant. So it's just a, you know, a technical move based on the definition. So JC asked, what do you mean by put wall? And the put wall is a strike with the largest net negative gamma and it often acts as support. And for more information, just go to the Spot Gamma website and you can see all the information, including an article they have posted on the stats regarding shifts in the put wall and call wall. So SPX, again, there's the call wall. And again, I think that's pretty insignificant just based on the definition. The key levels now, here is the put wall at 3,700. And of course, multiple levels of support and starting to be resistance. There's 3,850, 3,900. And then 4,000 still remains the key gamma strike or the absolute gamma strike. Let's take a look at SPI. And so SPI, there's the 370 put wall. And it's pretty obvious that is the strike with the largest net negative gamma. So there's not much positive gamma or a call gamma that's above the zero line, black lines above recall gamma and that's positive. And below zero, the teal lines, that's put gamma and that's negative. So there's the put wall. Another level of support and 380 is the volatility trigger. And that is also the key gamma strike, which is the strike with the largest absolute gamma. And then finally, 390 is the call wall. And that is the strike with the largest net positive gamma. And that can be expected to act as resistance. All right, let's take a look at the data. One thing that I always focus on is gamma notional. And this shows how market makers are positioned on the options curve or the gamma curve. I'm sorry. So this indicates that market makers are positioned on the negative part of the gamma curve. That means that traders are long puts, market makers are short puts, and they have to sell futures as price decreases to hedge their delta exposure. And they can buy back those futures as price increases. And that's what's happening today. So I've talked about how important it is to have this awareness, to understand how market makers are positioned, and especially prior to a news event, like the employment situation report today. And that can indicate a potential for a rally, like the S&P 500 rally today, given all of this fuel. So these are pretty large negative numbers for SPX and SPY, especially recently. And these numbers actually decreased or became more negative from yesterday. So yesterday SPX gamma notional was minus 312. And today, this morning, it was minus 584. So it almost doubled. And then the SPY gamma notional yesterday was minus 1270. And today it is minus 1449. So those are pretty significant levels. And that is, again, adding fuel to this rally. So that's why I think it's so important to understand, again, how market makers are positioned on the gamma curve. OK. And let's just take a quick look at the Vana charts to just illustrate this with a pretty simple chart. So this is the SPX Vana model. And what this is showing is how market makers, delta notional, their delta exposure, decreases as price drops. So this green curve is showing how market makers delta exposure will increase as price decreases. The way to interpret this is with just a draw line through there. So market makers delta exposure increases as price drops and with changes in implied volatility. And that's the Vana effect. And the black line shows how their delta notional will change with price and also as time passes. And that's the charm effect. So that is just a simple visual illustration of this Vana effect. So again, what's happening today, price is actually increasing. Market makers delta notional, delta exposure is decreasing and they can buy back those short futures. They don't need them anymore. And we can take a look at SPI. And the same thing, the line is just usually steeper because the gamma notional is more negative for SPI. And finally, let's take a look at Equity Hub. And this is for, let's look at SPX first. And this shows the put gamma versus call gamma. Call gamma is the orange line. Put gamma is the blue line. And this shows that for SPX, put gamma dominates from 3,000 all the way up. And it looks like it widens out around 4,000. And it's even more pronounced for SPI. And the steepness of these lines also shows that in this range from about 350 to 400, the rate of change of gamma is very high. And you can equate that to volatility as well. So anyway, there we have it. There's our VATTA rally. And again, being aware of how market makers are positioned can lead us to expectations for this rally. Okay. And let me look at questions. DT, I think you're looking at, looking at hero for SPI. It looks like this is SPI. And yes, that is, that's what's going on. So I posted early this morning, let's see, about 9.45, 9.47 a setup using a divergence, hero divergence in, let's see, I posted, I just posted ES, which is primarily driven by SPI and posted a bullish divergence setup. And so in the morning, there was a pretty strong correlation between option trades, market maker hedging activity, and price action in the S&P 500. And then later on today, it looks like traders are fading that move. And the S&P 500 has slowed down a bit. The rally has slowed a bit as traders are both selling calls and buying puts and SPI. But the VATTA rally is still here as well. And let's take a look at, take a look at VIX. So VIX, as a proxy for implied volatility, has increased a little bit but is still dropping. So it's down about 5% for the day. And BigEye Studios asks, how do you ask a question you're in the right place? Just post your question and I'll see it. And looking at YouTube, can you recommend a book or video? I recommend looking at the Spot Gamma YouTube channel. There's a lot of information on there and it's all free. So just go through, start with the Spot Gamma YouTube channel and also you can go to the free resources on the Spot Gamma website. And there's a ton of information there and a question about SPI Gamma charts and I'm not sure I understand vertical, kind of like a max pain number. So I think you're referring to the put and call impact charts that I was just looking at. And no, that just indicates the rate of change of Gamma. And so that would just equate that to volatility in that range. And the important number for market makers is the volatility trigger. And that is a Spot Gamma proprietary number that indicates where market makers position should shift from negative deposit or they would have to, below the volatility trigger, they would have to sell futures as price drops and buy back futures as price increases. So they would be trading with price action and above it they would be more in a closer to a positive Gamma environment where they would be hedging against price direction. And that is the volatility trigger. So max pain number is not something that I think about or look at for D.D. Rover. Okay, I think that is all the questions on YouTube. And BigEyeStudio asked around mid-morning, Hero showed a lot of negative data, Delta is weighing on the rally. And I assume you're talking about SPI and, okay, SPI. So take a look at the example that I posted earlier about 947. This is showing a hero chart for SPI and it's showing, let's take a look. I'm going to zoom in on. So this chart was from 930 to 950 basically. So maybe I posted that a little bit later. So I'm going to zoom in, let's say I zoom in just in the short time frame here. So what I was noting, and I'm going to bring up Hero for SPI or let's see, no I actually posted ES. So we'll stick with ES here. I'm going to zoom way in. So this is what I was looking at this morning and actually I meant to bring it full screen so I'm going to have to zoom in again. Sorry about that. Okay, so this is good enough. So what I was looking at this morning is first of all, so traders initially were taking positive Delta positions as price was increasing. And then about right here, they started taking negative Delta positions as price was increasing up to that 3850 level. And then as price dropped, they started taking bullish or positive Delta positions again. So they were fading both moves and this is pretty typical of the S&P 500 and it can lead to great divergence setups like it did this morning. So they're the two hero setups for the morning, both the reversal lower at 3850 and then the reversal higher at somewhere between the SPX 3800 level and the SPI 380 level. Clear that out. Let's go back to book map. So there's the reversal. So looking at hero, we see that hero is setting up a divergence. We then go to book map and look at a potential reversal point and there it is. The resistance level at SPX 3850. So there's your first bearish setup and then, you know, and I noted both of these in my post versus the bearish divergence setup, the reversal at 3850 and then the potential reversal higher at this level here. As traders again, we're taking positive Delta positions. So there are your two setups and then we'll go back out now and let's take a look at hero again. We'll zoom all the way out and you can see again, this is pretty typical of the S&P 500 as traders will fade moves. So at 1130, now this is looking at a, we're looking at a one day look back period, which is cumulative. It looks like it is including all of the, it is including all the data since the market open option started trading and we'll take a look at how we can shorten that rolling window or look back period to give us more detail, especially as time has passed, the day has gone on and we can get more detail, but let's stick with this right now. So just looking at the one day look back period, yeah, it looks like options traders around 1130 stopped fading the move and started taking positive Delta trades again. All right, so that is the one day look back period and let's, let's change that. Let's take, go to 30 minutes and this gives us more insight. It's not including all that cumulative data from earlier in the day. It's just looking at a 30 minute look back period and 10 minute is pretty wavy giving us a little bit, to me in my eye, a little bit too much noise. So this is showing that options traders decided to join the party again about 1030. All right, so that is, let's see, another question, CPI data on Tuesday. Yes, Beast Mode asked for the CPI data on Tuesday, it could be another setup to look for into that day, pay attention to see if there's large gamma notional. Yes, absolutely, CPI data has been a great Vanna rally setup in the past. If it comes in not as bad as expected or better than expected and gamma notional remains negative now with a big rally today that gamma notional is going to shift to more positive. So some of that fuel is being burned up today and if traders start to buy puts again, then gamma notional will become more negative. And remember, the CPI comes out next Thursday, so there's plenty of time for that happen and that could again lead to a rally like today. So this is something that I usually recommend changing the rolling window or look back period, especially in the afternoon when the hero line, flat lines, you can change that rolling window to give more clarity on what's going on right now. And still it's pretty flat overall, looks like. OK, so we have been over the, that was really the first setup that I wanted to talk about, the reversal lower and higher. And looks like there are a couple more questions. Yeah, the first two fades work great. That was enough for me. But both, let's go back to 30 to 40 point moves, that's enough for me. And this was kind of the main movement of the day from around 3835 to 3875 and EES. Up and down, that's enough for me. My day done, go home and call it a day. And third one failed. I'm not sure what the third one is. I just talked about two trades this morning that worked out great. And again, what's causing the Vanna rally is the drop in VIX. And market makers are buying back their short hedges. And BigEyeStudio asked all the negative deltas, and I'm talking about negative gamma. So again, market makers are negative gamma. And I don't understand your question. All right, so DT is asking about his post. And I think the, this is pretty typical of the S&P 500. There's not always a strong correlation between options trades going on today and price action. You know, you expect to see this in the S&P 500. And like I showed, eventually options trader just decided to join the party again in the afternoon. And I, in the S&P 500, if I'm looking at hero for a setup, I often see better setups first thing in the morning. And that is pretty typical. So options traders could be, you know, fading the move or taking profits, whatever. But the, as long as implied volatility is dropping, market makers can continue to buy back their short futures. And there are also other drivers of price. You'll look at, in book map here, look at this rising blue line that is showing iceberg orders. So large traders are buying with iceberg orders shown by the blue here. Those are large, pretty large orders. And they have kind of dropped off a bit. This blue line has flattened out. And this is also being driven by stop orders. And that's shown by the rising yellow line and these green dots here. So 2187, that's a large, larger block of stop orders. So there are other drivers as well. So you have to use book map and spot gamma to help understand the market and what's driving the market. Okay, I think that, and DT and, so I talked about that, you know, you have to consider all the drivers of price action. Stop orders, large traders with iceberg orders, aggressive traders, this pink line, great rising pink line is showing that, market buy orders, and the Vanna, put Vanna. And let's just take a look at Vixx again to see what Vixx is doing. So one other thing we know is any options that expire today are quickly losing value. And that's the charm effect. Okay, and big eye studios ask, can I talk about the heat map? Just very briefly, and this is kind of off topic. But, you know, just very briefly, and I will refer you to other book map videos, go to the features and components playlist on the book map YouTube channel. Just very briefly, this is showing a history of the resting passive orders, the limit buy and sell orders, and the, again, showing the history. That's what the heat map is showing. So that's the liquidity here. And the darker red indicates a higher, higher number, more orders. So just go to the book map website or the book map YouTube channel to get more information on the heat map. Okay, let's move on from this and look at some setups. And there were some great reversal setups this morning. First one I want to look at is Apple, and I'm going to focus on this morning. So here's the, here's SpotgamerHero, and there was a pretty strong correlation between price action and options trades in the morning, and let's go to book map. So there's Apple, and see the reversal at the 125 put wall, here's the put wall, here's the put wall, right next to the lower edge of the expected move. And that is the, for the week, the lower edge of the expected move. So this is, this is going to be a common theme in these setups is a reversal higher at the put wall as traders take positive delta positions as they buy calls and sell puts. And it looks like the 130 key gamma strike is on deck. That is the, the long-term target for the day. So reversal at the 125 put wall, and options traders and aggressive traders are going to, looks like they may take price up to the 130 key gamma strike. And let's go back to HeroNOW, take a look at AMD. And this was a nice, I forgot to zoom in, so I might have to, nice divergent setup this morning. So options traders started taking positive delta positions, and then price went down to the put wall, the 60 put wall, a hedge wall, and then reversed higher. And let's go take a look at book map at AMD. All right, big, big eye studios ask about the indicators at the bottom using right toss. I'm not, I, I'm not even sure what I have on toss, but that's, that's off topic. So let's stick to book map and stick to book map and spot gamma. And all right, well I, I use, I use book map global plus. I use book map directly from book map, book map global plus. And you, I don't think you can get there. I don't think there are cloud notes available for toss book map. So I, I don't know of any way you can draw your own lines. So if you use book map toss and you subscribe to spot gamma, you can draw your own levels and you'd have to do that every day. So I don't think, I don't think there's any way to get cloud notes. So anyway, here's the reversal at the 60 put wall as again remember we saw the divergence, this divergence set up here. Let's go back with another potential target up above at the 65 key gamma strike. And also it looks like there's some liquidity at about the 6490 level traders front running that 65 level. And next one is Amazon. And here's in 550 has another question about call wall. For first of all, 3900 is not the call wall. 4100 is the SPX call wall. So 3900 again, that's not the call wall. It could be a resistance level. Amazon reversal higher. There was no, in this case, no gamma strike in play. And let's go take a look at hero now get the full screen chart. And in this case, I saw it looked like calls were driving initially in the morning. Let's switch back to the total signal. And this is somewhat of a divergence as well. Around 940 traders started selling puts and buying calls and price reversed higher. Back I'm still on the 30 minute look back period here. Let's let's go to the day. So I think here in that case that there's a little bit more clarity. Clean this up. So here is a divergence trader start taking positive delta positions and then price increases or moves up a few minutes later. So another setup in Amazon or another, yeah, another setup in Amazon. And then the next one we've already looked at ES. Next one that I saw was meta. And here there was a pretty strong correlation, especially first thing in the morning between price action and options trades. And let's go take a look at book map now. Let's go to meta. And here is meta sticking to the theme of reversal at the put wall. And actually the reversal happens just a little bit higher than the put wall. And the target is the liquidity at the 130 call wall. Let's go back and take a look at hero again. Make sure we're and I'm going to go back to a since I see a see a flat line here and hero. Again, this was cumulative for the day. I'm going to change the look back period to give me more insight. And that helps. So now I can see that around 1215 traders started taking positive delta positions again. And let's let's see if we get any more clarity by going to a shorter look back period and a little bit. Let's go back to book map. So it looks like there's a a by sweep here, some aggressive traders trying to get up to the call wall and then some traders looking to front run that move at about 85 129 85. All right, the next one. Moderna. Nice reversal higher around the same time as everything else. Notice all the green dots coming in and several pullbacks. Liquidity targets above. Let's take a look at hero. Strong correlation between price action and options trades and market maker hedging activity. Let's jump to Microsoft. And notice here, there's the put wall again, sticking to the theme of reversal higher at the put wall. And I interpreted this as a little bit of a little bit of a divergence. Hero rising price went down and tested that put wall level again. And then rose as traders were taking positive delta positions. Let's just see if we can get any clarity with put some calls. And not really. And let's go take a look at book map. And there we have it, the reversal higher at the 220 put wall at the liquidity there. Notice all the green dots. So aggressive buyers are coming in there with their market orders and helping to move price higher as options traders are buying calls and selling puts pullback entries and a target at the 225 key gamma strike. And it looks like they have reached that target and are moving higher. All right, let me let me look at questions in YouTube. All right, the gamma details, asking about enter the gamma details manually, or does book map do that for you. So I have two columns with levels. The first is spot gamma. And that uses the cloud notes feature in book map to display these levels automatically. Book map updates these levels daily sometime during the night. And they are included in the cloud notes and displayed on my book map chart in the morning. So when I open my chart in the morning, the new levels are there. Now I have to draw the lines for those levels manually. Now for and for my levels, the seed levels column, I use the cloud notes feature in book map as well, as well as an add on that's available in the book map marketplace called price lines. So I fill out all the later levels that I want. So for example, here in Microsoft, I have the just the round number levels in yellow. And then the key gamma levels, like the put wall and the key gamma strike, those are shown them white. And then if I had a zero or a five to 20 or or 225 that was not a gamma level, a key gamma level, then it would be red. And price line draws the lines automatically. So all I have to do is fill out a spreadsheet, update it, and then refresh the levels and book map. And there they are. So there's quite a bit of some manual work, but quite a bit of automation as well. And then there's a question in and discord looking brother chroma did ask, understand how I play equities. So I look for movement and key gamma strike to help inform pressure of direction. Yes, that is, you know, that helps me to develop a directional bias. It doesn't always work like today. And I'll show you what I mean by that. So I keep another spreadsheet. This is not my price line spreadsheet. This is another spreadsheet that I keep. And I track the current key gamma strike every day and compare that with a key gamma strike from the previous day. And then I color code the level red, meaning that it decreased from the previous day or green indicating the level increase from the previous day. And typically I would interpret this as bearish and this is bullish. But this was before the data came out this morning. And even though I could have a bearish thesis, the price action, the order flow and the market maker hedging flow, especially after 10am, did not confirm this. It showed that traders were interested in buying, not selling. And then the second part of your question, wait for a test of either the call or put wall. No, not necessarily. If I see a setup in hero, then I switch over to book map and I look for either reversal or confirmation of trend. So those are my two setups. Divergence, reversal, or confirmation of trend. And what I mean by confirmation of trend. So we've looked at several reversals. And what I mean by confirmation of trend, let's look at Tesla. And Tesla is a stock where there's often a very strong correlation between market maker hedging activity and price action. And I think that's because market makers must hedge their delta positions. They must hedge their options trades immediately in Tesla. And so the call wall and or put wall may not be in play for today. And there may be a good good setup. So let's let's go take a look at Tesla and book map. So the put wall down here at 100 was not really in play today. Price reversed two points above that at 102. Now the call wall could be in play, as well as this liquidity at 115. But that's not necessary for my for me to place a trade. So trading Tesla, for example, you know, once I see this reversal, I see that hero is continuing to rise as price increases. And I'm just looking for a pullback entry to go long. And looking at book map, I can see liquidity price targets above at 110. I see that call wall at 114 and then liquidity at 150. So there's a trend confirmation setup. And I've talked about divergent setups this morning, which is my preference. And you understanding the instruments you trade is important. Tesla, it's pretty rare to see a divergent setup. You're in Tesla moves and you're, I'm often looking for trend confirmation setup. I just want to see that hero, if I'm looking for a long setup, I'm looking for hero rising. And I'm looking for pullbacks and book map, as well as targets, they could be key gamma strikes or, you know, gamma strikes or liquidity and book map. And again, I talked about the divergent setups pretty much at length for spy this morning and showing how well the ES and spy corresponded very well to the spot gamma levels, the 3850 resistance level and the 3800 SPX 3800 spy 380 level for reversal lower and reversal higher. And again, the call wall and put wall are not necessary. And that's just something that that happened today. And it adds an extra confluence or confirmation to the trade. Because you know that, you know, in the case of these setups today that we that I looked at, the put wall is expected to act as a support and it did. And number four, I do target liquidity in the order book and does not necessarily have to correspond with a spot gamma level. So in this case of Tesla, the call wall is at 114 and the liquidity as that is 115. So if I were long Tesla, let's say I got long Tesla right around here. Let me draw a line first. So I see a trend break, green dots coming in, these small green dots indicate a indicate a buy sweep. That's all aggressive trend break, aggressive buyers coming in buy sweep, looking for a long, let's say around 111. And I would, I would have several targets here. You know, I would probably start to scale out at either 112 or 113, a little bit more at 114. And then my final target, again, and also considering the time of day would be the 115. And once price got above, let's say 114 that I would, I would set a trailing stop pretty high up, not knowing if Tesla has the energy to get all the way up to 115. So take a look at some of my posts. I again, I prefer the divergent setups that give you more time to, to react and plan. And especially if a key gamma level or liquidity level is in play. Let's just go take a look at Hero for Tesla real quick. So based on this one day rolling window, Hero still rising, price is rising. So that was the correct setup, looking for long. And let's just, well, I'm going to leave it at this. This looks so good. There's no reason to change it. So, you know, look for any, any pullback here to get long. And looking at book map, we found the perfect entry here at around 130. Turn brake, aggressive buyers, bisweep. It looks like that bisweep is now disappeared. And plenty of liquidity targets above. Okay, I think that answers all the questions. I see someone is typing. Let's see, that's all the questions in YouTube. Okay. Brother Comerted, I hope I answered your questions. And big eye studios, how many bubbles do you consider for a turn brake? I have no, no specific criteria on that that, you know, this all depends on your zoom level. And I just compare it with what what happened recently. So when I see small pink dots, and then larger green dots, especially clumped together there, then that's, you know, that's bullish to me. And again, I know that traders are buying calls and selling puts. And I have liquidity targets above. You know, that's all I need for an entry. Okay, I'm going to go ahead and wrap it up and call it a day. Everyone, thank you very much for attending. And thank you for your questions and comments. Thanks for watching. And have a great weekend, everyone. And I will see you on Monday. Thanks again. Bye.