 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure. I'll book map 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. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an options-Doug chat channel that is a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the options-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 of trading in the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. The second step in my process is execution. I look at real-time order flow on Bookmap and real-time market maker hedging flow on SpotGamma Hero to confirm my thesis and for setups for entries and exits. When I talk about setups today, I will be talking about an underlying asset and setups can be taken any number of ways. For example, the S&B 500 setups can be taken with the S futures, Smy shares, Smy options, Sbx options, or even ES options. And if there's a particular circumstance where one would be work better than the other, I'll be sure to point that out. Questions and comments are welcome and I will be watching both the options-jug chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. Give me just a moment. I need to adjust the resolution on my YouTube stream. Just a reminder, I am streaming in 1080p on YouTube. I needed to adjust my screen to stream at 1080p. It was a little bit lower resolution. So if you're having any difficulty with resolution on YouTube, you can adjust that to 1080p. And hello Don, welcome. Glad you're here. All right, here's my agenda for today, Wednesday December 6th. First of all, I want to go over news items, economic data, and events for today as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from this morning and then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, so let's start with news items, economic data and events. So there were a couple of economic data reports this morning. Excuse me, there were a couple of economic data reports this morning. First of all, the ADP employment change data came out at 8.15 a.m. Eastern time. And let's just take a look at the SMB 500. So that was at 8.15. And then at 8.30, there was also some additional data, labor cost. So the ADP report came out less than expected, less than previous. And then at 8.30 a.m. Eastern time, labor cost also lower than expected, lower than previous. So the ADP employment report, again, lower than expected, lower than previous labor cost, also lower than expected, lower than previous. The initial reaction was bullish. And that changed pretty much right at the cash open. And the SMB 500 has been trending down ever since then. And notice this is the reaction to the 8.30 a.m. Eastern time data. All right, for the rest of the week, the jobs report comes out at 8.30 a.m. Eastern time on Friday. 8.30 a.m. Eastern time Friday, the monthly jobs report normally comes out at the first Friday of the month. It was pushed back a week, so it'll be this Friday. And then at 10 a.m., Michigan Consumer Sentiment. And so it's been a pretty light week for economic data, and that we'll pick up next week pretty substantially with CPI data, the FOMC meeting, and also the large December options expiration. And I'll cover more about that next on Monday. All right, so that's news. Now let's take a look at positional analysis. I want to start with the SMB 500. This is the ES Futures and Book Map. Before I take a closer look at this chart, I want to take a look at a larger timeframe. So I'm going to go to SPX. This is a 30-day one-hour chart for SPX. First of all, I want to point out the key turning points on this chart. This is the October 30th. This is the day the rally began, the current rally. On the Friday before, traders were loading up on puts, concerned about weekend risk. And then on Monday, price increased, implied volatility dropped. Market makers could buy back short futures. They sell futures when traders buy puts. They sell the puts. They sell futures. And the market rallied that continued leading to a huge IV collapse, put-vanna rally, periods of consolidation. And then this is the November 14th CPI report that came in much better than expected. And price continued to grind higher. Note that the market maker's position on the gamma curve began quite negative on this last day of October and then has shifted to positive gamma. And you can just tell that from the price action, slowing down more mean reverting price action, then let's zoom in on the last couple of weeks or so. And note, for the last couple of weeks, SPX has been consolidating in a very narrow range between around 4550 and 4600. So that's the range for the last couple of weeks in a positive gamma environment, leading to more trend days and mean reverting price action. And ex Lucero says, screen looks great. Thank you for adjusting. You're welcome. All right, let's take a look at some levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. And that's updated once a week. That's based on the options market. I update that over the weekend. And SPX is trading within that range but toward the lower weekly expected move. Then the dash blue lines are showing the lower and upper daily expected move. That's also based on the options market that changes once a day. I update that every day. Today, the expected move for SPX was around plus or minus 21 points. SPX tested the upper daily expected move. We'll see that in just a minute. And has been trending lower ever since then. All right, the dark red lines are showing the spot gamma levels. These are proprietary spot gamma levels provided to spot gamma subscribers for a variety of platforms. I'm going to point out the key daily levels. First of all, here's the put wall. At 4,400, that's the strike where the largest net negative gamma that can be expected to act to support. Then above that is the 4,550 level. That's the absolute gamma strike. That's the strike with the largest absolute negative and positive gamma. So that's where most of the gamma weighted open interest is concentrated. And above that is the volatility trigger at 4,570, and then a spot gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure, and that tends to enhance or increase volatility. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure, and that tends to subdue or decrease volatility. Note that at the beginning of the day, for SPX, market makers position on the gamma curve was positive, and now SPX is trading below the volatility trigger, potentially shifting more negative if that move lower continues. And then finally, the call wall is at 4,600. That's a strike with a large net positive gamma that can be expected to act as resistance. So those are the key daily levels. Potential ceiling at 4,600. Potential floor 4,400. And that would be quite a move down to 4,400, given that, I guess, really the recent consolidation to get to 4,400 SPX would have to get through 4,550 and 4,500 as well, substantial gamma levels. All right, let's take a closer look at a shorter time frame to see the levels that are in play for today. So this is SPX. This is about three and a half days worth of data. The reason I'm showing more data, I want to show the, first of all, the test of the 4,600 call wall. That was last Friday. And that was the level that acted as resistance. And SPX has traded lower ever since then. And today, this is the cash open today right here. And note the resistance at the upper daily expected move. And then price continues to trend lower, making a series of lower highs. And here's that 4,570 volatility trigger. After price moves lower, acting as resistance. All right, let's take a look at book map now. So in book map, I have my own cloud notes. So I can show SPX levels. There's the volatility trigger. That's the SPX 4,570 volatility trigger. Note there is a difference in price between ES and SPX. And it changes a little bit every day. I post all the index relationships that I use for my charts every day in discord. And today I'm using ES minus SPX equals 6. So the SPX 4,570 level is shown at ES 4576. So I have SPX levels on my chart, adjusted to the correct index relationship. Here's this 4576 level noted as resistance in the spot gamma M founders note. Also the 4590 level also acting as resistance. Then I have SPI levels on this chart. Here's the SPI 4560 gamma level. And it looks like ES is also approaching its lower weekly expected move. All right, so near no real clear support and resistance levels. Note that ES did reverse lower right at the cash open. Right around this 4590 resistance level as well as the upper daily expected move. Looks like that most likely will be the high of the day. And the support level, the lower the days, I guess really yet to be determined. All right, for shifts and levels, just minor shifts and levels for the SP500. Both the SPX and SPI volatility trigger shifted higher. Again for SPX and SPI volatility trigger shifted higher. Otherwise put walls, call walls, absolute gamma strikes all remain unchanged from yesterday. So just minor shifts and levels for the SP500. All right, let's take a look at NASDAQ now. Oops, I realized I just did not hit return when I posted my index relationships and discord this morning. So there they are in discord. Finally, sorry about that. It's been a busy morning, busy day. All right, here's NASDAQ. And let's take a look first of all at QQQ. So we can isolate the QQQ levels and play for today. This is a one day chart for QQQ, one day, one minute chart. And note around this 390 large gamma one level near the high of the day more or less is resistance. Price moves sharply lower at the open cash open shown in the dark shaded area. Making a series of lower highs. Couple of tests to VWAP there that blue dotted line. Now potentially finding support at the volatility trigger also the zero gamma level at 386. So those are the levels I'm playing for today for QQQ. Let's take a look at NDX. Zoom in on this. This is the 16,000 large gamma one level that has been in play off and on for the last few weeks. Price opened up just below that level. Also moved lower just like the QQQ series of lower highs. And here testing the combo level that was also shown on the QQQ chart as well as the call wall absolute gamma strike at 15,825. So the range today for NDX 16,000 on the upside and the 15,825 call wall absolute gamma strike on the downside. Or let's take a look at NQ futures and book map. So just like the ESP500 ES futures I have my own cloud notes so I can show NDX levels. There's the 16,000 level just below that the QQQ 390 level. And then here's the 15,825 absolute gamma strike call wall. So I have QQQ levels on this chart, NDX levels. And this is how I look at the both the ESP500 and NASDAQ in terms for the ESP500 in terms of SPI and SPX levels and for NQ in terms of QQQ and NDX levels. So again here's the the high of the day the 16,390 level and potentially the QQQ 386 level as well as the 15,825 level acting as support. And Timmy Timothy says very smooth delivery. Thanks for all the updates. You're very welcome. And can I look at Tesla? I will definitely look at Tesla today. It's on my list of stocks that I want to take a look at. Alright so that is the levels and play for the ESP500 and NASDAQ. Let's take a look at gamma notional to see how market makers were positioned on the gamma curve at the beginning of the day. This is what I'm going to look at. This information is available in the Spot Gamma AM founders note updated once daily. This is gamma notional market makers position on the gamma curve for the ESP500, NASDAQ and Rosso 2000. Note all these numbers are positive. So for an index Spot Gamma assumes that traders are short calls market makers are long calls in a positive gamma environment and they have to trade against price to hedge their delta exposure. So again all these numbers are positive and the shifts up and down the levels were mixed. SPX Gamma notional up a little bit from yesterday and for SPI down a little bit. So at 155 Gamma notional for SPI is pretty much neutral. And then for NASDAQ both the numbers shifted higher but still pretty close to neutral. And then for the Rosso 2000 the numbers shifted slightly lower but still positive. So overall the takeaway here is gamma notional for today at the beginning of the day is still positive for all these for the ESP500, NASDAQ and Rosso 2000. So let's take a look at the Vanna model to get a graphical representation of what that means. This is SPX the Vanna model. This chart is showing market makers delta notional on the vertical axis, spot price for SPX on the horizontal axis. There are two curves on this chart. The first the light gray curve shows how market makers delta notional may change with changes in price only. And then the purple curve shows how market makers delta notional may change with changes in price and applied volatility. And that change in delta notional with a change in applied volatility is the Vanna effect. And note there's a pretty substantial Vanna effect. If price drops implied volatility increases this indicates that market makers will have to much more aggressively sell futures. Hedge their delta exposure as price drops and implied volatility increases. All right let's take a look at some prices now. Right now SPX still very slightly positive for the day trading right around 4568. Somewhere right around here where I'm holding my holding my mouse pointer. So this is near the bottom of the curve. So this is showing if market makers delta notional if market maker if price increases market makers delta notional increase. They want to remain delta neutral so they have to sell futures to hedge their delta exposure. On the other hand if price drops implied volatility increases market makers delta notional will increase. And they will have to sell futures to hedge their delta exposure. So whenever traders buy or sell puts and calls in spy SPX in this case market makers hedge that with futures ES futures. They always want to remain delta neutral. All right so that's SPX. Again at the bottom of the curve SPX not showing much of a vana headwind or tailwind. Pretty typical of a positive gamma environment. Let's check it. Check spy. Spy trading right around 456 also close to the bottom of the curve. This is showing if price starts to drop implied volatility increases market makers will have to start selling futures. And note this v-shaped curve is very typical of a positive gamma environment. Let's take a look at QQQ. QQQ slightly negative for the day creating right around 387. Also pretty close to the bottom curve slightly on this portion of the curve that slopes up to the left. So same situation if price continues to drop market makers will need to sell futures to hedge their delta exposure. So in the case of QQQ they will need to sell in Q futures. Let's take a look at some setups. So the first thing that I want to take a look at is options trades and market maker hedging activity. Alright let me check for questions. Timothy you're welcome and good afternoon. VHU welcome glad you're here and I will talk about NVIDIA as well. Let me make a note of that and we'll take a look at AMD as well. Soda Rossi indicates that AMD is presenting information advancing AI they're introducing a new AI chip today. So we'll take a look at AMD as well. Alright so let's start with the S&E 500. This is the hero signal. This is spot gamma. This hero signal is available to spot gamma subscribers. Hero stands for hedging impact real time options. Everything that we've looked at so far other than book map has been based on static data that's updated once a day. So the levels that I've talked about the VANA model this is all based on gamma weighted open interest. Spot gamma takes open interest data from the OCC applies their algorithms comes up with the levels and the information that I use in my planning process. So that's all static data updated once a day and then this is real time data. Again hedging impact real time options. This is showing price for SPX with a white line. Then the purple line is the hero signal. That's showing options trades and market maker hedging activity for a combined signal for trades in SPX, SPY, XSP and ES futures. All into one combined signal. A falling purple line indicates traders are taking negative delta positions. Let's zoom in on this chart. This is the cash open right here 9.30 a.m. eastern time. And note from the open hero is trending lower making a series of lower highs. Sorry. Let's take a look at puts and calls to see exactly what traders were doing today. The orange line is showing calls a falling orange line indicates traders have been selling calls and then a falling blue line indicates traders are buying puts. So really the clear signal this morning was this falling blue line which was really driving price helping to drive price lower. So when traders buy puts market maker sell the puts they have to sell futures ES futures to hedge their delta exposure. Let's go take a look at book map. Go back to ES. Here's the reversal at the cash open. Always look for a potential reversal at the upper day they expected move. That's exactly what happened. Let me just check the time here. So this is the cash open right here right at this where I'm holding my mouse pointer and an immediate reaction move lower. Some consolidation at the 458 level spy 458 note large traders were selling this move higher with iceberg orders. That's shown by this falling light blue line. The numbers are not significant. Actually this one is right here 3,170 contracts that is 22 execution. So on this I'm zoom pretty far out so that those executions are consolidated into one number there. So actually I was wrong initially there is some pretty large size. 1,148 contracts. So large traders selling that move higher with iceberg orders they used to hide their size. So that's definitely a clue to look for is large traders selling strength. And then again price reverses lower right at the cash open. The volume dots are showing market buy minus sell green dots indicate more buyers than sellers. And magenta dots indicate more sellers than buyers. And notice large traders continue to sell with iceberg orders. Also sell stop orders helping to fuel the move lower. That's shown by the falling yellow line and then also cumulative volume delta really starts to drop just after 11 a.m. Note iceberg orders stop orders cumulative volume delta all negative very bearish day. And we know that traders were options traders were selling calls and buying puts all indicating a move lower. And yes making a series of lower highs up until about one o'clock or so. Maybe maybe finding support it looks like a lot of buyers coming in. First of all around 1130 that shown by this liquidity in the heat map shows a history of the limit orders in the order book. And then a lot of buyers are coming in starting around one o'clock shown by these deep red bands providing potential support. A lot of buyers there. All right so definitely a pretty clear short set up this morning. All the clues were here in book map as well as the hero signal. Let's go back and take a look at hero again separate outputs and calls. So it now looks like traders may be starting to buy calls and they have stopped buying puts maybe starting to sell puts. So right now it looks like the orange line of the blue line are moving in the same direction. So that is a pretty strong directional signal. So traders are starting to buy calls and sell puts. All right let's take a look at one other signal. This is the magnificent seven combined signal. Pretty choppy today. It provided a lot more clarity yesterday and let me go back. This is a combined signal also showing options trades and market maker hedging activity. And these stocks known as the magnificent seven that's Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla and Net for the Day. Notional value is negative although not very large that's minus 82.65 million. All right let's go back to book map. So again short set up from the cash open multiple pullback entries. Entries at VWAP also 458. Some consolidation entry point at 576 and then at 4570. Let's take a look at NASDAQ now and then we'll get the stocks. So just looking at book map here. Potential resistance at 16,390. And then a sharp move lower at the cash open. Aggressive sellers start to come in. Cumulative volume delta for the first few hours pretty choppy. That's shown by this dark blue line in the sub chart. That's cumulative volume delta. But just like SME 500, large traders selling the move with iceberg orders. They continue to do that. Also sell stop orders feel helping to feel the move lower. And then finally kill me to volume delta also moving down multiple tests of VWAP here. Good entry points for short. All right let's go back to hero. We'll take a look at hero form. Actually let's just look at this set up for the morning. Really setting up a short at starting around 9.45. Heroes started making a series of lower highs. Price was moving level and then started to move lower 10 a.m. Another retest 10.15. Much more clear yesterday. And let's go take a look at the NASDAQ signal. Also choppy for the up until about 12.45. Gamma notional was trending positive still positive for the day. Gamma delta notional I'm sorry. Delta notional for the NASDAQ still positive for the day but now trending down. All right let's take a look at some stocks. So the first thing I want to take a look at is Amazon. So stocks were really a much easier read today. This is often the case. This is Amazon. Traders taking negative delta positions. Note the very timely flow alert. They came in maybe five minutes after the open. That signifies significant options activity. Let's see what traders are doing. So they're selling calls and buying puts. That's shown by the following orange line, the following blue line. Let's go take a look at book map. Look at Amazon. Sharp drop in the morning as traders were taking negative delta positions. And looks like Amazon finding some support at the 145 level. Note all the liquidity at that level. Again the heat map showing a history of orders in the order book. This is pretty typical for a stock. These orders come in just a couple of moments after the cash open. And they typically stay in the order book until they're filled. Note the traders front running the liquidity at 145. It looks like from this chart that Amazon price never actually made it all the way down to 145. So traders taking negative delta positions in Amazon. Let's go back to Hero. So when traders take negative delta positions in a stock, when they sell calls and buy puts, market makers take the opposite side of those trades and they have to sell stock to hedge their delta exposure. So a pretty clear read here for Amazon. Next, Netflix. I'll go through my list and then we'll take a look at Nvidia and AMD. Netflix next. Bearish day here in Netflix. Again, pretty timely flow alerts indicating significant options activity. Helping to alert you to a potential short. Here's the 450 put wall key gamma strike. Looks like that level is acting as support consolidation level. Let's see what traders are doing. So up until about 1145, they were selling calls and buying puts. Note both the blue line and the orange line moving in the same direction. Very powerful directional signal. Then about 1130, they start selling puts. And note where they did that at the put wall. At 450, they stop buying puts, start selling puts. And then just maybe 15 minutes later, they take the foot off the gas. They stop selling calls. Now price is consolidating. And this is just the kind of the opposite mirror image of a bullish pattern that occurs quite frequently. The big move occurs in the morning. Anywhere between 11 and 12 or so, options traders take their foot off the gas. Price consolidates or moves in the opposite direction. So this is a good point to either sell puts like traders are doing, sell a put spread or buy a call spread. And I much prefer the opposite way of buying a put spread or selling a call spread when price increases because skew is typically on your side. But anyway, this is one case where an options trade might have an advantage. Again, just taking a bullish spread trade. Alright, let's go take a look at BookMap. Let's go to Netflix. Very bearish setup in the morning. A few pullback entries. Here's the 450 put wall key gamma strike. Price does move lower and then comes back and is consolidating around that level. Alright, let's take a look at Tesla. Pretty choppy day in here in Tesla. This morning traders were taking bullish positions in Tesla. Let's take a look at HeroSea and what options traders have been doing. So traders were buying calls up until about 1245. Shown by the rising orange line. Oops, sorry about that. I thought this issue had been resolved. Alright, so when we separate outputs and calls, this gives a little bit more clarity. So traders net were buying calls up into about 1245. They take their foot off the gas and price moves lower during this time, not doing much with puts. And then they start buying puts. So starting right around 1245, both the orange line and blue line are moving in the same direction. Very powerful directional signal and Tesla's responding moving lower. Let's go take a look at BookMap. And here is where, let me zoom in just a little bit. Here's that sharp reversal at 1245. So you can see at the same time as traders started taking negative delta positions selling calls and buying puts. Aggressive sellers came in and started moving Tesla lower. Alright, let's take a look at NVIDIA. Then we'll get to AMD. So NVIDIA, just kind of the opposite of yesterday. NVIDIA was rallying yesterday and just the opposite today. Let's take a look at, and I posted a setup for NVIDIA yesterday evening. Posted that in Discord and on YouTube. I'm aiming on Twitter, X. Let's go take a look at Hero. Go to NVIDIA, separate outputs and calls. So really it has been call sellers driving price today in NVIDIA. That's shown by the following orange line. Note the notional value here for calls minus 123.5 million versus puts. They are buying puts minus 20.2. So call buyers call sellers much more aggressive driving price in NVIDIA today. Alright, let's take a look at AMD. So as Sodorasi points out, AMD did have an event today. I don't know if that's still going on or not. Let's take a look at AMD. Alright, so far the day today, AMD like everything else is moving lower. Just kind of the opposite of yesterday. So that might have been like a one day event is traders coming in and buying the Mag7 socks. Pretty choppy hero signal. Let's see if separating outputs and calls helps. Not too much. So traders are selling calls and selling puts. So they're really just selling volatility in AMD. Sorry about that. And interesting divergence around one o'clock. Traders start selling puts more aggressively. They also start selling calls. Let's go back to the total signal. Let's go take a look at book map. Alright, so not a very positive reaction to AMD's announcement today. AMD making a series of lower highs all day. And hello Floyd's garage. Welcome, glad you're here. Ryan asked about Neo. Alright, I don't have Neo in book map, but we can take a look at Neo in Hero. It should be there. Let's see what options traders are doing. Alright, so Neo moved up past its call wall at eight today. Maybe up just a little bit above eight. And now as options traders have taken their foot off the gas right around 1045-11, price is moving lower as they start taking negative delta positions. Now back below the call wall that's shown by this line right there. Alright, Ryan, there you go. There's Neo. Anyone else have any stocks they want me to take a look at? Now's the time. I'll be glad to do that. Otherwise we'll go back to the ESP 500. And you're welcome, Ryan. So the hero signal, still making a series of lower highs. So net for the day, traders continue to take negative delta positions, although that is leveling off somewhat. Let's go take a look at book map. Go back to the ESP 500. So ES is still above all this liquidity in the order book that remains in the order book. All those limit buy orders right around 462-465. Also right at the spy 455 absolute gamma strike. Today the 10-year yield continues to move lower. I've got the 10-year futures at 4.119. Let's check VIX. VIX also lower for the day. So kind of interesting. We can take a look at that. Here's the last couple of days for VIX. VIX down at 12.76. Let's take a look at the 10-year. This is the yield for the 10-year treasury notes. Also continues to move lower. Should be a tailwind for stocks. Also lower on the day. All right. So Tarazze says IM might have been bearish with options today. We'll take a look at that. And so sorry I've been butchering your name. I hope I'm closer to getting it right. All right. Let's take a look at hero for IWM. All right. So negative sharp move higher in the morning. Options traders start stop taking positive delta positions. Start taking negative delta positions. And IWM moves lower. Let's see what they're doing. So in IWM traders are currently selling calls. They net for the day selling calls and buying puts. Notional value for the blue line and the orange line both negative. And interesting this sharp drop here. These vertical lines indicating large block orders. Typically institutional orders. Large tranches of calls being sold. Let's check the mag 7. Still also negative for the day. Check the NASDAQ signal. Trending down but still positive for the day. Let's go back to book map. Remember gamma notional is still positive. In a positive gamma environment not looking for large trending days. So it looks like this 15,825 maybe holding as support. All right. Ryan wants to take a look at zoom. Let's take a look at zoom. I don't have that a book map. We can take a look in hero here. So actually bullish day here in hero. The notional value pretty small. But traders are taking positive delta positions. It looks like some kind of large order just came in right around 230. And zoom trading above its call wall at 70. That's also the key gamma strike. Let's go back one final look at the SP 500. All right. So still in consolidation mode. All right. Ryan glad your calls are looking good. All right everyone. I want to thank you for watching. I got a little bit of a late start a couple of minutes late. So I'm went a little bit over today. So I need to wrap it up today. I want to thank everyone for watching. Thank you very much, especially on YouTube and discord for your questions and comments. And I will see you tomorrow. Thanks again. Bye.