 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 them into 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. The focus of my presentation and the focus of the Options-Doug chat channel and 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, and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as a directional bias. The second step in my process is execution, and I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And just to be clear, I will be looking at setups today in underlying assets, like ES futures, NQ futures, or several stocks, Apple and Tesla. Those 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 the options-dug chat channel and discord and the chat and YouTube for your questions and comments. And Hector, good afternoon to you as well. Glad you're here. My agenda for today, I want to go over news items just to wrap up the week. There's a little bit of economic data this morning. Then I'll go over my positional analysis, my planning for the day. Then I'll review a few setups and then we'll take a look at the live market. So when we get to the live market, if anyone has any stocks or anything that you want me to take a look at, just let me know. All right, so for today there was some economic data, as I mentioned. The PMI data came out. It looks like both services PMI and manufacturing PMI came out at 9.45 a.m. eastern time. Services PMI was greater than expected, greater than 50, and manufacturing PMI was less than expected and less than 50. So not necessarily much of an impact on the market. And the next thing that I want to mention is a shameless plug here for the Spot Gamma mini boot camp. And I will be presenting two case studies for NVIDIA and Google. And Brent Kachuba, the founder of Spot Gamma, will be speaking as well. So this is two hours. Next Wednesday, June 28th, 10 a.m. to 12 p.m. I posted the link in Discord if you're interested in registering. Okay, so let's get started. Let's take a look at some charts now. Go to our positional analysis. I'm going to start with the S&P 500. This is the S&P 500 futures. And oops, I forgot to clean up that chart. Give me just a moment. All right, so this is the S&P 500. And before I take a closer look at this chart, I want to take a look at a larger time frame. So this is the SPX in the Thinkorswim chart, 30-day one-hour chart. And currently, SPX, really this looks like it broke out of the downtrend last week after the Friday expiration, which makes sense. And I've talked about that earlier in the week. After a call gamma squeeze up into the June expiration, a lot of that call gamma came off and the SPX has traded lower since then. And again, that is just fitting in with the pattern of a positive gamma environment that I've talked about before that has happened the last couple of expirations. All right, so let me point out some levels on this chart. First of all, the lower and upper edge of the weekly expected move is shown with the dash purple line. So there's the lower weekly expected move. Now it looks like SPX is trading above that level. It was trading lower earlier today as well as yesterday. And then here's the upper weekly expected move. So a big contrast from last week, remember that SPX traded well above its upper weekly expected move. And those moves come from the options market. And then the dash blue lines are showing the lower and upper daily expected move. And note that SPX did trade below that level at 43.60, 43.61, and now appears to be trading above that level. There are some spot gamma levels on this chart. These are key gamma levels. First of all, here's the poop wall at 4,000. That's the largest net negative gamma that can be expected to act as support and that is well out of play. And that poop wall has been at 4,000 for quite a while. The next level is the volatility trigger at 43.05. That is spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, they need to trade with price to hedge their delta exposure and that tends to enhance or increase volatility. On the other hand, like SPX is trading now above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they need to trade against price to hedge their delta exposure and that tends to subdue or decrease volatility. And note that level did shift lower from yesterday. At 43.55 and today it has now moved down to 43.05. And the next level is the 4,400. That is the absolute gamma strike and that is also the new call wall. So the call wall in SPX shifted down from 4,500 yesterday to 4,400 today. So that is a bearish signal. Indicating the potential ceiling for price movement has dropped down 100 points for SPX. And the call wall is the strike with the largest positive gamma and that can be expected to act as resistance. So again, the ceiling, potential ceiling for price resistance level has moved lower and that pretty closely coincides with the SPY 440 call wall. So those are the levels that are in play for today in range of this 30-day 1-hour chart. Let's take a look at a shorter time frame just to see the levels SPX levels for today. So this is SPX for today. Note that the SPX is now trading above the lower weekly expected move and the lower daily expected move. Which did, the lower weekly expected move did act as resistance earlier today. And now price is broken above that level. So those are the primary levels in play today. Let me point out one other level. So here's the volatility trigger at 4,305. SPX trading above that level. And this is an important strike here. This is the short call strike of the JPMorgan caller that expires at the end of June. That is the strike that comes with the June quarterly hedge that this certain JPMorgan fund puts on. So this is the again the short call strike 4,320. And this strike has often been a magnet for price. If price gets close enough the gamma will increase as expiration approaches and price approaches that level that becomes closer to the money. So that is a potential target if price does move down below. Alright let's take a look at book map now. So book map I have cloud notes here. And I have the have SPX levels. So there's the 4,350 level SPX 4,350 that was expected to act as support that was noted as support. And the spot gamma AM founders note today also have spy levels and there's often a reaction at spy levels. So let's put this 434 price in the actually let's zoom just a little bit here to crunch this down. So just around this spy 433 level did act as support for this now move higher and then the 434 spy 434 volatility trigger resistance. And note that level for spy also shifted lower from yesterday. It was 437 yesterday so the spy volatility trigger did shift lower. And again acted as resistance earlier today and now price is trading above that level. And then the next spy level in play is the 435 compute gamma strike. So that has been the price target for this move. One of the price targets for the move up that started around 1130 and we'll talk about setups in a few minutes. So that was a key price target for the move higher. Alright so I've talked about shifts in levels for SPX and spy the volatility triggers did shift lower and for SPX the call wall shifted lower from 4500 to 4400. Let's take a look at NASDAQ. So NASDAQ a pretty similar chart pattern. Move up, down, up, down, trading range in the morning and then broke out starting around 1130. Let's take a look at a QQQ chart and we can take a look at the levels in play. So first of all the put wall down here below at 355 and then here's the volatility trigger at 363 and note that did act as resistance a couple of times today and now price is finally broken out above that level and then the QQQ 361 level did act as support earlier today. Go back to book map in Q. So here is the QQQ 361 level in my cloud notes the 363 volatility trigger and I also have the NQ lower daily expected moves. So at the open at the open NQ was trading below that level and chopped around below that level and now is trading higher and then the next QQQ level up above is the 365 level and that is the absolute gamma strike for QQQ and note that level did move higher from yesterday it was 360 yesterday and moved up to 365 and for QQQ the volatility trigger did shift lower one point from 364 to 363 today. Coal asked the lower expected move calculation comes from spot gamma or somewhere else so it comes from somewhere else I just get it from an options chain so I look at at the close let me show SPX for example look at SPX look at an options chain no I just look at the options chain so this is the at the close yesterday I looked at the this number for the next day I'm looking over here so for Monday I will look at let me open this up so we can see the right number don't need so many there so I apologize if this is difficult to see I've got a lot of a lot of kind of a high resolution screen here with thinkorswim so what I'm looking at is this number over here so this is the expected move and then I'll wait till the end of the day today when SPX closes and I'll take the closing price and then take this number here plus or minus and subtract it and add it to the closing price to get the lower and upper daily expected move and then you can do the same thing for the for the week so this would be the here the June 30th here it is so this right here alright so SP says can you stream at higher resolution can't see anything on 720p I'm sorry about that there's nothing I can do about the resolution in YouTube that's what I'm seeing too but if you want to see my stream at higher resolution I'm streaming in 1080p on discord so feel free to join us in bookmap discord it's free whether you have a bookmap subscription or not free for all so I am streaming in 1080p in discord but this is all I can do in in YouTube alright second wins ask about dark pool orders that's not something that I look at maybe I should but I you know that again that's not something that I look at alright so Noah says he cast the stream to his TV and he's able to see everything alright so that's one idea you know I know some people that present do show on a lower resolution screen maybe that would help this is you know this is what I'm doing so I haven't had any complaints in discord alright so this is how I get the daily and weekly expected moves just from an options chain and there are many other ways of doing that if you want to calculate it by hand that's just the quick and easy way that I do it alright so back to Nasdaq I've talked about the levels in play for today the QQQ 361 level support and the 363 volatility trigger was resistance earlier today prices broken out above that and has traded up toward the 365 365 absolute gamma strike and again shifts in levels QQQ volatility trigger lower and absolute gamma strike higher alright Hector asks one of the levels contained on the charts represents the strongest retail in such case how many days or weeks take into consideration sorry I don't understand your question alright so Cole ask another question do you prefer long calls stock once a put wall is breached knowing that it might bounce assuming hero lines positive gamma starts coming in so yeah we will look at we can look at AMD today but I I generally prefer to trade shares versus calls but that's just me certainly if you want to trade calls that is perfectly valid you know long calls long puts and their advantages and disadvantages to each the thing about buying an option there's no need to worry about a stop loss order you just buy it wait for it to play out so you have a defined risk trade alright so let's take a look at the take a look at the some additional information that I use in my preparation gonna take a look at the quick look at the Vana model so this shows how market makers are positioned at the beginning of the day what this chart is showing is market makers delta exposure and the vertical axis and how that changes with changes in price shown on the horizontal axis there are two curves on this chart the first is showing how market makers delta notional changes with changes in price only so what this curve is showing is as market makers as price increases market makers delta notional increase and they will have to sell futures to hedge their delta exposure and that tends to subdue volatility and then the purple curve adds implied volatility to the equation so that is showing is how market makers delta notional changes with changes in price and implied volatility and that change in delta to the change in implied volatility is the Vana effect so this is showing as price increases market makers will have slightly less delta notional hedge as predicted by the delta only curve on the other hand as price decreases they will have significantly more delta to hedge so as price decreases they will have to sell futures to hedge their delta exposure so the left side of this curve has a negative gamma environment and the right side is typical of a positive gamma environment let's see where SPX is trading right now and I've got about $43.63 so that's around here so what this is showing is if price increases there will be a slight tailwind to price market makers can buy back their short hedges so this is a slight tailwind and at certain point it will become a headwind on the other hand if price decreases from that level market makers will need to sell futures to hedge their delta exposure so remember they always want to remain delta neutral let's take a quick look so gamma notional for SPX is positive and let's take a quick look at spy gamma notional for spy is negative and this curve is more typical of a negative gamma environment so Kevin I'm sorry I'm trying to present this as clearly as possible I talk about this every day if I suggest you do some background work if what I'm saying does not make sense but I'm showing how market makers are positioned in the gamma curve how they can be expected to react as price and implied volatility change during the day and this helps me develop a thesis for the day so spot gamma provides plenty of information on their website free for everyone whether you have a subscription or not also a youtube channel with a number of great videos so if you want to see more background information there's your resource alright so this is spy more of a negative gamma curve as well as qqq also negative gamma let's take a look at the final part of my preparation I'm looking at gamma notional again I want to know how market makers are positioned on the gamma curve I'm looking at gamma notional for spx spy ndx and qqq note all these numbers did increase from yesterday so gamma notional for spx became more positive gamma notional for spy became less negative and then for qqq also less negative how market makers are positioned at the beginning of the day and just as an example for spx when market makers position on the gamma curve is negative that means are positive that means they are in the region where they are long calls so for ndx spot gamma assumes that traders are short puts are long puts short calls long puts short calls so they sell the calls to buy their puts and then market makers have the opposite side of that so market makers are short puts long calls and in the long call region they are positive gamma so again they have to trade against price so as price increases they have to sell futures they want to remain delta neutral alright so that is what I looked at to begin the day and I was really looking for more of a range day based on the positive gamma environment for spx alright so lets take a look at some setups now review some setups first of all for let's go to the sp500 and again a choppy session on the morning I thought overall order flow was fairly bearish so let's take a look at hero first this is hedging impact real time options what this chart is showing is price with a white line for spx and then the hedging flow options trades and hedging flow for a combined signal spx spy xsp and es so combining options trades and market maker hedging flow for all those instruments into one signal for spx and so far today this is net negative this notional value is about minus 2 billion negative so overall traders are taking negative delta positions I'm looking at this number right here minus 2 billion notional value let's take a quick look at the individual components of this so first of all spx definitely positive pretty strong correlation with price action spy negative negative 1.2 billion and es futures also negative for the day at minus 1.6 billion and it nets out to below or minus 2 billion let's take a closer look at this chart go to the morning session this really set up confirmed a long setup not really clear and then a short that was a lot more clear really with hero dropping lower slight move up lower again let's take a look at the chart now a long around 945 right here and then a short around 1045 so let's go take a quick look at book map zoom in on the morning session so freddy asks what platform is that so if you're talking about the platform right now this is book map and then the website that I was showing a spot gamma hero alright so this is book map here's the long setup in the morning and really the clue here other than the slightly bullish hedging flow shown with hero was the iceberg orders and that shown here by iceberg orders by iceberg orders also shown by this rising light blue line and then finally after the move starts higher confirmed by rising cumulative volume delta with a price target at the 434 volatility trigger and note here that there were traders above that level these limit sell orders shown in the book map heat map right there looking to sell somewhere between the 4397 level and the 4400 level and they got their fill and price move lower again remember that at 1045 we were looking for short as hero started to move lower so there was the short at the spy 434 level which is right at the ES 4397 level let's take a look and then the long set up around 1130 and the clue in the order flow was definitely iceberg orders again these are orders that larger traders use to hide their size and you can see the rising light blue line again as larger traders start buying the move lower and then price reverses higher at the spy 433 level so now prices traded up again I mentioned the spy 435 level the absolute gamma strike and looks like that level has acted as resistance alright so coal ask is there a trick to bringing in the cloud notes from spot gamma and the book map for ES and EX Russell they don't seem to line up with the actual levels and book map alright so for ES let me just talk about ES the spot gamma levels are for SPX and there is a pretty big difference between ES and SPX prices and I calculated that today I calculated that today at 41 points so I'm showing my here's the spot gamma cloud notes in this column so these are directly from spot gamma right now spot gamma is using a 47 point difference between ES and SPX and I calculated that difference today at 41 points we have the same level so that's at the 43 73 level that spot gamma is showing there and here is the my level for the 43 74 so this is why I use my own cloud notes so I can calculate that difference every day spot gamma sometimes does not update it so I just use my own cloud notes to have show those levels more accurately that this is showing SPX right at 43 60 so let's take a look at the SPX chart so here's the current price right now at 43 59 0.5 so just a little bit below 43 60 so my levels are closer to the actual level so I have a script in where you can actually just put this in the easy way if you have thinkorswim in thinkorswim you can just create a create this directly on a watch list so this is slash ES minus SPX right now it's showing 41.5 as the difference and it changes this is showing it in realtime so somewhere between 41 and 42 is the actual level the ES minus SPX difference so I just use 41 today right so Cole hopes that helps so Hector ask in order to anticipate the direction of the open on ES do you think spot gamma levels could help to anticipate possible supported resistance levels well yes the spot gamma levels are set once a day at the beginning of the day before the open so I'm anticipating those levels as potential support and resistance they're not going to give me any indication of direction of the open right so Cole says he will create his own cloud notes and I actually use an add-on that's available if you have book map it's available in the book map marketplace so I fill out all these levels in a spreadsheet and then price lines displays the notes here and also draws the horizontal lines I like to see the horizontal lines on my chart so the price lines if you have book map it's an add-on available in the book map marketplace and that way I can add in the spy levels daily expected move weekly expected move whatever whatever I want so it's an add-on available in the book map marketplace and I think it's incredibly useful alright if you have book map global or global plus you can definitely use that add-on alright so that's set up for set up for ES long short long and let's go take a look at NASDAQ real quick and let's take a look at let's go out to the bigger picture view here so this is the reversal of 1130 initially supported by options traders note the rise in hero with a rise in price slight lead effect there and then they start to fade that move pretty quickly and now they're fading the move again let's take a look at NASDAQ and there's today for NASDAQ a much stronger correlation between market maker hedging flow and price action and mostly bullish and this is a combined signal for NDX and QQQ so note the move lower first thing in the morning is short and then options traders came in and started buying taking positive delta positions price moved up then they stopped price chopped around and price started to move higher as they started taking positive delta positions again alright so really they're two key long setups the first at 90950 and the next at 1130 we'll take a quick look at book map I'll look at this quickly so here was the first long setup reversal higher at the 361 level the QQQ 361 and then the second long setup here note the shift in order flow aggressive sellers price reverses higher just above the 1500 level aggressive buyers come in and move the price up toward the QQQ 365 level also the NQ 150 level and remember there was much more of a confirmation support from options traders for the NASDAQ alright let's take a look at some stocks and then we'll let's get to the live market so the first stock I want to take a look at is Apple Apple nice strong uptrend today 185 is the key gamma strike and note price reversed higher at that level so there's 185 the key gamma strike let's take a look at hero for Apple so traders are buying calls and selling puts notional value for the blue line puts orange line calls both positive taking positive delta positions confirming the move higher at the 185 key gamma strike alright the next there was a request to look at AMD I mentioned of AMD so AMD reversed higher actually reverse lower first at the 110 edge wall key gamma strike and then trade it below the put wall and is now moving higher and this is moves higher lower and higher all confirmed by hedging flow alright let's take a look at hero for AMD I mean book map I'm sorry book map AMD so here's the reversal lower at the the 110 level let's go back and take a look at hero alright so we know that 110 is the edge wall the key gamma strike 109 the put wall so AMD did trade lower and is now trading above the put wall and the key gamma strike alright so I'm sorry I don't know how to pronounce your name Trivedi muted Trivedi sorry I can't really recommend any books if you're looking for a book about the information that I'm showing I really don't know of any this is a new way of looking at the market there may be a book available called positional analysis or position analysis I have not read it so sorry I can't recommend any books I recommend if you're interested in learning more about what I'm doing go to the book map website and the spot gamma website and you're just going to have to read through the information on those websites and Cole ask and I'm glad you're here says recently book map got launched in his country excited to join the ship again glad you're here excited glad you're watching my webinar and Cole asked does it always bounce off the put wall and the answers no so it depends on what you're looking at I think the the put wall call wall levels are more work more often for index products especially the SBX than they do for single stocks so anytime I expect a are looking for a reversal at a call wall put wall wall level I always want to confirm that with order flow and book map and hedging flow in hero and Cole asks is there a way to predict direction of tech stocks with key gamut strike call wall put wall so with just the levels I don't think there's any way to predict direction looking looking at a you know a one day view of the levels again you know you're expecting reactions at those levels if you're looking for a way to predict direction first of all there are a couple of ways are anticipate direction let's take a look at the equity hub for spot gamma and let's take a look at and I have not looked at this today and I used to show this more I have not not recently just take a look at see if I can find an example alright for example for AMD here note that the key gamma strike has been shifting lower from 130 on 615 before expiration and now it's shifted lower I interpret that as bearish so in your pre-market planning if you're looking for stocks to trade something that you can look at to anticipate direction and also the last 3 days actually if you go back to that same time frame generally the put wall has been dropping lower now the call wall the ceiling remains the same at 130 but the floor and the key gamma strike have been dropping lower so if you want to use these gamma strike call wall put wall to plan anticipate moves for a stock this is what you want to look at and then during the day like I say in my introduction I'm confirming so I develop a thesis here based on this information I would develop a bearish thesis for AMD and then as I say in my introduction I confirm my thesis with workflow and book map and hedging flow and spot gamma hero again confirming my thesis and for setups so let's go back to AMD so there's hero again this confirming a short setup in the morning here the reversal at the 110 key gamma strike as traders were taking negative delta positions and let's go to book map again AMD so now this is with everything else seems to have resolved higher but in the morning was a nice short making a series of lower highs right so coal that's how I would approach a single stock it's often much simpler than a than the SMB SMB500 or NASDAQ let me take a look at a question in discord Sam Pan asked price increases market makers delta notional so looking at the Vana model for SPX and you have to you just can't I don't know why that's not clearing out we'll go to meta alright so let's go back to the Vana model this is for Sam Pan's question so the Vana model let's go to SPX so let's say price is trading around 44 15 44 20 something like that so the Vana model showing that in that case market makers delta notional will be increasing so you have to look at this Vana model to understand that and they want to remain delta neutral so as their delta notional increases as their delta notional increases they have to sell futures to hedge their delta exposure and then on the other hand so if price from here from this same point if price decreases market makers delta notional will increase and they'll have to sell futures so in this case in the left side of the chart they are trading with price again it doesn't matter to them but they're just hedging their delta notional so in this example if price decreases market makers delta notional will increase but if it's over if price is over here let's say right around here and price decreases they will be trading against price so they're selling futures as price moves up as price starts to move down in this positive gamma region they will be selling futures so Sam Pan it depends so it depends on their where price is on their gamma curve and what their position is so just study this chart and understand that market makers again want to remain delta neutral so you can't make a blanket statement like that without looking at this without looking at this Vano model and Hector asked by making the adjustment of points previously mentioned these levels work for futures alright so I talk about the shifts in levels everyday for the S&P 500 and NASDAQ so I assume you're talking about what I was showing in AMD we can look at the same thing in look at the same thing for let's go to let's take a look at SPX so we can look at the same levels here for SPX by QQQ and see shifts in levels so here was the shift lower in the call wall today and note for SPX the shifts in levels are typically not as dramatic as as they are in single stocks so take a look at let's say maybe look at a volatile stock like NVIDIA versus SPX so the levels are shifting more from day to day in NVIDIA and RENPAN to ask notice equity list has info named put call OI ratio what is that well first of all I would suggest if you have any questions about specific spot gamma data just go to their free resources their support center they provide definitions for everything but OI is open interest alright let's see so this is a although I don't show this in my planning process I actually for the for SPX by NDX and QQQ I take these levels and mark them down by hand in a notebook every day and then I'm just flipping the page comparing from day to day so that's how I know for SPX just at a quick glance the volatility trigger shifted lower and the call wall shifted lower so I can just flip back to yesterday the day before you know whenever so that information is available here or in a form in the equity hub alright let me take a look at questions in YouTube alright so Cole asked do I need only two of three to move the more the better so yeah three moving lower would definitely be bearish so I'm looking at the day to day movements as well as the trend lower so that was definitely bearish for AMD and I think AMD has been you know that shows that traders are looking for lower prices they're accepting lower prices and I think AMD has been moving down for several days now alright so again I'm not sure I can pronounce your name Moody Moody yeah it takes a while he says he came here for the first time a couple of weeks ago understood less than 5% and now he's understanding more and more so yes it just takes time he says thank you for such precious knowledge sharing and you're very welcome again I'm very glad you're here glad you're learning glad you find this helpful again thanks for posting alright the let's take a quick quick look at a couple of other setups and then we'll take a quick glance at the live market and call it a day my time is already up so we can see that price has now turned around for AMD let's take a look at meta strong uptrend all day note the 290 call wall in place so price is trading above the 285 key gamma strike price has been trading up toward the call wall at 290 and that level note how I'm out of time so I'm not going to zoom in on this note how hero has started dropping lower and prices responding and let's see that what traders are doing they're definitely buying calls note the notional value of the orange line 153 million versus the put line and also selling puts at positive 15.6 million so they are buying calls aggressively that's driving price and then they have also been selling puts in meta driving price higher so very clear correlation between options trades hedging flow and price action and meta and let's go take a look at meta so there it is remember 285 is the key gamma strike price moved quickly through that and now was heading toward the 290 call wall and as traders started either taking profits or at any rate they were taking negative delta positions and price started to move lower and another question in youtube book map uses 5 depth level to data feed so in book map I'm using dx feed data for stocks and that provides full depth of market so for stocks notice here meta dx feed that's what I use for all stocks that provides full depth of market and I'm looking at the current order book here for meta current order book this is showing the limit buy and sell orders and there are orders in the order book as far as you want to see both limit buy orders and limit sell orders just look at all the numbers here so that's full depth of market again there are orders in the order book again as far as you want to see and the same for futures for futures I use rhythmic data and this is what most book map users use dx feed data for stocks and rhythmic data for futures and again rhythmic provides full depth of market again I'm looking at the current order book alright so I hope that answers your question and Cole says I think you use I see you use the iceberg stops on book map you seem to use those in tandem with levels are they a pretty good tell of direction since you've been watching them in indexes names indexes so first of all stops and icebergs are market buy order data that's for CME futures only so I'm seeing stops and icebergs for ES and NQ only and this is data that again for CME futures rhythmic is the only data provider that I know of that will that provides this data the book map uses this data and I have both the iceberg and stops sub chart indicators that shown down below so this blue line here that's a cumulative or some view of the icebergs for the day and note that is positive and then the stops are shown with the yellow line and that you can choose any color you want this is what I choose and I also choose the mode to show this data in the sub chart as cumulative and then there's also an on chart indicator for stops and icebergs so notice here that well first of all right here as price started to move below the 435 absolute gamma strike there was a large iceberg order came in or actually 5 675 contracts in 5 transactions and that was a good signal to go short here and you can see just the all the pink volume dots coming in so a shift in order flow there as price reaches an anticipated resistance level so I'm looking at for S&P 500 futures it is complex I'm looking a lot of stuff I'm looking in book map I'm looking at order flow the buy sell orders shown by these volume dots I'm looking at and that is confirmed by CVD here and note the shift lower the brightest price hits that anticipated resistance level so that is the next thing I'm looking at levels and that's why I have all these levels on my chart they're very important to me helping me frame my trades for the day and then I'm also looking at hedging flow we've watched hero watch the options hedging flow we've seen that it is for the S&P 500 it definitely has been bearish today negative delta so I'm looking at a lot of things I'm combining order flow and book map with stops and icebergs and then levels and the levels are based on round numbers and gamma levels as well as expected moves so basically my levels are based on round numbers and options and then finally I'm looking at hedging flow and dildex ask is this work on crypto trading so some of what I'm showing does definitely work for crypto and book map I don't trade crypto but book map will help you extensively with crypto and there are other presenters that talk specifically about crypto I think there is a trader that comes on every morning I believe it may be around 8.30am eastern time and he shows how to use book map for crypto trading and then there's another one another presenter that comes on I think he maybe just once a week around 1pm eastern time so I don't trade crypto and I don't think the I look at what I'm doing based on the options market I don't think that is there's any information using options that would help with crypto so I trade again these pretty much these instruments showing on my book map chart and trading futures shares of stock or options I'm just again looking at the underlying assets here alright so I hope that helps book map is great for crypto it's just not what I do and same pan asks for SPX will it need DX feed or rhythmic and sorry for SPX you can't show that in book map you can't trade SPX directly it's just an index so you can trade options SPX but there is no way there's no actual transactions in SPX to show on book map so you can show ES which is a derivative of SPX and you can also show spy so I've got spy and ES but again there's no SPX so a lot of the hedging flow for an ES is based on options trades in SPX you just can't see that actual SPX index in book map and there's another question in YouTube muted Trivedi again sorry I'm butchering your name I'm sure ES that's not something that I do there are three examples of APIs here that are included with with book map this chase escape and execute I think you can write others if you join us here in book map discord there are a couple of rooms for API there's an API room and then there's a python API room and I'm sure traders I don't often look at those rooms but I'm sure that traders discuss discuss add-ons and you know book map uses those APIs to write their write their API write their add-ons as well and these are algos I think chase escape and execute not something I use but it is available and if you write code I'm sure you can write your own Sampan house also icebergs sell buy stops for ES can help trade spy definitely yes so when I trade spy I look at the ES chart there's so much more information on the ES chart and that's one reason I have these spy levels on my chart so that is definitely an alternative way to trade the ESB500 if you just mark the spy levels on your chart and so you can see that you know the spy these spy levels are almost always in play for the ESB500 so just mark the round numbers on your chart so there's the spy 434 that acted as resistance spy 433 that acted as support and then again the spy 435 acted as resistance it was a price target and resistance so if I'm trading spy which is a pretty good idea you can adjust your size however you want don't set you know trade smaller set wider stops or trade spy options so let's just take a look at spy so there you go support at spy 433 resistance at the 434 then a break above the 434 and there's the resistance the 435 and as I've been talking prices dropped pretty quickly back down to the 433 level let's go back to ES and let's see if see if we can get any additional clues about what's going to happen at that level no not really you know we know that was support before there was a sell stop run into that level shown by this red dot here note the following yellow line in a small iceberg by alright so Sam Pan again a great idea watch ES if you want to trade spy alright so raid trader ask around 1115 PST there was a huge 700 plus contract wall liquidity at 4000 that immediately pulled as it swept through alright was that an example of spooping or rug pull so that is not something that I typically think about or look at I suggest you join Bruce at Monday Tuesday and Friday at 10am eastern time and he is the expert on that type of activity so I'm sorry that is not my area of expertise I've talked about my area of expertise that is his so I suggest you can ask him that question alright my time is way I've gone almost 20 minutes over I've got to wrap it up today I want to thank everyone for your questions that's been a great great interactive session having all these questions I really appreciate it this is I'd like to see this every day this level of interactivity again it's great thank you very much for watching questions and comments have a great weekend and I will see you on Monday bye