 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk Disclosure, creating futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. As a reminder, I have a specific focus for my presentation and that focus 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, and 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. 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 in SpotGamma Hero to confirm my thesis and for setups for entries and exits. And questions and comments are welcome, and I will be watching the options-dog chat in Bookmap Discord and the chat also on YouTube for questions and comments. So again, please post your questions and comments and I'll try to answer them. All right, let's start it. So what I want to talk about today, go over economic data, the data that came out today, and then events coming up for the rest of the week for tomorrow, and then we'll go through our positional analysis, and then we'll talk about setups, and there were some good setups this morning. So first of all, economic data, and the economic data that came out this morning was the PPI, Producer Price Index at 8.30 a.m. Eastern Time. There was also some other data, Housing Starts, Building Permits, and I think this, the key data was the PPI that came out. It was hotter than forecast, but a little bit lower than the previous that's shown here. And then month over month came in, hotter than forecast and hotter than the previous, and then I'm not sure why this is showing different. This is showing PPI, that's core, this is, all right, so this is core, this is year over year. Two different PPI's anyway, again, hotter than forecast, but a little bit less than the previous number. Okay, so the initial reaction to this data was negative. Traders didn't like this number and took price lower, and then the last time I looked, the S&P 500 has been rallying ever since about 10 a.m. Eastern Time, so we'll take a closer look at that. And then tomorrow, the upcoming event is the February options expiration. And we'll talk about that more tomorrow. I'll be looking for, in this case, the put gamma is not very negative, so I would not certainly not be looking for a put Vanna rally on Monday, and I would be looking, will be looking more for a call gamma unwind in stocks like NVIDIA and Tesla, stocks that traders have been buying calls all week, and so traders have been buying calls, market makers selling the calls, they buy stock, and as those calls start to expire, they lose the value, market makers delta exposure decreases, and they can buy back their long or sell their long stock edges. So that's something that I'll be looking at for tomorrow. Alright, let's go through our positional analysis, and this is the S&P 500 futures, ES futures in bookmap, but let's start out with a longer term chart. This is the S&P 500 SPX index, shown in a thinkorswim chart, and I'm showing price and these key gamma levels. These are from spot gamma, provided to subscribers in a thinkorswim think script, and you have to manually update that every day. So that's what what's been shown here. So this is showing the key levels for SPX. There's the put wall. There's the volatility trigger, that's spot gamma's proprietary gamma flip level from negative blow to positive above, and then very interesting is the absolute gamma strike or the key gamma strike has shifted up to 4150 after being at 4,000 for days and days and weeks and months, and then the call wall has shifted back up to 4,200. So those are the shifts and levels. We'll talk more about that in a minute, but I guess really the important thing to note here is the break of the trend line and the move higher last Friday, and then SPX for this week has been trading in a very narrow range between 4,100 and 4,150, and I certainly expect that range to release one way or another up or down after expiration tomorrow. So look for range expansion tomorrow either up or down after expiration, so starting next week. And so this week has been very good for market neutral, trades, delta neutral, selling premium with SPX staying in that 4,100 to 4,150 range. So that's the long-term chart, and let's take a look now. That was a 20-day one-hour chart, and let's go take a closer look again just looking at price and levels, and this is a one-minute chart, and again showing this is just for today, showing SPX still stuck in the range between 4,100 and 4,150. All right, let's take a look at book map now. So that kind of sets the stage and shows what has been going on this week, and today again just a clear view of key gamma levels and price, and here is again the S&P 500 futures ES for today, and this is showing the the downtrend and then into the data at 8.30 a.m. Eastern time, and then a quick move lower, a test of the SPX 4,100 level, and then price continues on down to the ES 4,100. That's the round number level. So what I'm showing on this chart, I have two columns of levels. This column is the spot gamma cloud notes. These are provided to spot gamma subscribers. They're updated automatically every day, and this is showing the key SPX levels and sometimes SPI SPX combo levels. So here, for example, that is the SPX 4,100 level that was noted as support in the spot gamma a.m. founders note, and actually it looks like ES continued on down to the 4,100 level, and that's shown in the second column. These are my cloud notes, and I'm showing the ES round number levels, and then also SPI levels that are important by gamma levels, spot gamma levels, and also the support levels that were noted in the spot gamma a.m. founders note. So again, price was trending lower, made a sharp move down after the data, and then reversed at the ES 4,100 level, and notice this, what I'm showing in the sub chart here, I'm showing this light blue line is showing iceberg orders, and these are what larger traders use to hide their size. So these are larger traders coming in, and note here the, so that's the sub chart iceberg indicator, and this is the on chart indicator. This E 4,879 slash 12, so that shows that 4,879 contracts were executed in 12 different executions, and those were by iceberg orders. So large traders were buying this as price was falling, and then notice the order flow shifts to bullish. This is cumulative volume delta, showing these are, and also the green dots are showing that the market buy orders, aggressive buyers coming in, and then the yellow line is showing buy stop orders. So as price starts to rise, buy stop orders, and these are shown by these green dots here, start to help to drive price higher, and it looks like this spy volatility trigger has been a key level today. All right, so that is the S&P 500, and we'll take a closer look at these levels, take a look at the gamma levels, and then see what options traders were doing with spot gamma hero. All right, so shifts in levels, I've mentioned that, and there were quite a few, mostly almost all bullish. So for SPX, the volatility trigger did shift lower from 40.95 yesterday to 40.60, and the volatility trigger again, the spot gamma's proprietary gamma flip level with market makers position on the gamma curve being negative below and positive above, and then the SPX put wall shifted lower from 4000 yesterday to 3900, and if you saw my presentation yesterday, I talked about what appeared to be a consolidation of gamma between 4000 and 4150, and today that has expanded further out. So the now the, again the put wall shifted down to 3900, and the call wall shifted up from 4150 to 4200, and then the key gamma strike shifted up from 4000 to 4150. So except for the shift lower in the put wall, that I think the shift higher in call wall and key gamma strike were definitely bullish signals, and for SPY, the volatility trigger shifted higher from 409 yesterday to 412, and then the key gamma strike shifted higher from 410 to 415, and then for QQQ, the volatility trigger shifted higher, and the put wall also shifted higher from 290 yesterday to 300. Okay, so let's take a look at the, let's take a look at the gamma charts now. So these are the absolute gamma charts, and first of all this is the 4150 key gamma strike or absolute gamma strike, and again that's moved up pretty significantly from 4000 where it has been for, you know, for weeks up to 4150. So that is the key gamma strike, the call wall shifted up, so that's the strike with the largest absolute gamma, and then the call wall shifted up to the 4200 level, and that is again the call wall, the strike with the largest net positive gamma, and that can be expected to act as resistance, and still pretty significant gamma call and put gamma at 4100, and then the, there's the 4000 level, and then finally the put wall all the way down at 3900, so not in play, and I would say that the, what I discussed yesterday still holds the significant gamma between 4150 with the addition of some gamma up above, and I forgot to mention what I'm looking at here. This is MarketMaker's absolute gamma position with this horizontal line being the zero, and looking at call gamma or positive gamma shown by the black bars above, and the put gamma or negative gamma below the zero line, that's shown by the teal bars, so there is a significant put gamma between 4000 and 4100, and most of the call gamma is above 4100, 4100 to 4200, and right now MarketMaker's position on the gamma curve for SPX is positive, and we'll take a closer look at that. All right, here's SPY, so again looking at positive gamma or a call gamma in the black bars above the zero line, and put gamma or negative gamma below, and here's the 415 level, that's the key gamma strike, and the put wall down at 400, so the put wall is the strike with the largest net negative gamma that can be expected to act as support, just like the call wall can be expected to act as resistance, so the put wall still significant gamma at 410, and then 415 is the key gamma strike, and the 418 level is actually the call wall, but there's also significant call gamma at 420, so what SpotGamma was looking for today was support at 410 with 415 being a pivot level, and then 420 being a resistance level, so looking for SPY to trade in that range today. All right, let's take a look at the NASDAQ now, and we'll look at QQQ, so for QQQ, 310, that is the key gamma strike or absolute gamma strike, and that's also the call wall, and then 300 is the put wall, so for QQQ most of the gamma is concentrated in this range from 300 to 315, so those are the gamma levels, those are the levels in play, and this shows or explains the levels that we were looking at before, and shows why those are levels because of the gamma concentration at those levels. All right, so let's take a look at data now, and a couple things to note. First of all, this SpotGamma one day implied move plus or minus 39 points, and let's just see what, and that is the SPX from the open, and right now I'm showing SPX down about 19 points, so well within that range. Okay, then the data that I always concentrate on is this Gamma Notional, and this is Market Maker's position on the Gamma Curve, and SPX is shown to the left column, SPY Gamma Notional in the middle column, and then QQQ Gamma Notional on the right column, so what this means for SPX, for example, that Market Maker's position is positive Gamma, so that means that traders are short calls, Market Maker's are long calls, and as price increases, they have to sell futures to hedge their delta exposure, and just the opposite as price falls, they can buy back those edges, so they're trading against price in a positive Gamma environment, and that tends to subdue volatility with Market Maker's trading against price in both directions, so that's SPX, and then SPY Gamma Notional is negative minus 437, so just looking at SPY, that means that market, that traders are long puts, Market Maker's are short puts, and they have to sell futures as price decreases to hedge their delta exposure, and as price increases, they can buy back their futures, so in a negative Gamma environment, Market Maker's are trading with price action, and that tends to increase volatility in a positive Gamma environment, and then QQQ is in a positive Gamma environment also, so these have all shifted to more positive or less negative from yesterday, and yesterday Gamma Notional for SPX was 305, and it has shifted higher to 439, and the first five yesterday Gamma Notional, Market Maker's Gamma Notional was minus 585, today it's minus 437, and then yesterday QQQ, Market Maker's Gamma Notional was minus 12, and today it's 171, so the shift towards more positive continues, and this is illustrated with these Vana charts here, so this is SPX showing Market Maker's Delta Notional, Market Maker's Delta Notional Delta exposure on the vertical axis and the strike price, the price on the horizontal axis, and this is showing, this is typical of a positive Gamma environment, that as, and I'm just drawing a line that just kind of an approximate line here, showing Market Maker's Delta exposure increases as price increases, and they want to remain Delta neutral, so they have to sell futures as price increases to hedge their Delta exposure, and that's shown by the green curve here, that's for the current expiration, and that is showing the change in Delta Notional with changes in price and implied volatility, and that's the Vana effect, the change in Delta as implied volatility changes. So that's SPX, and we can step through the last couple days, and this is showing the gradual shift to a slightly more positive Gamma Notional position for Market Maker's. So that's SPX, and here's SPI showing again a negative Gamma environment as price decreases, their Delta exposure increases, and they have to sell futures to hedge their Delta exposure's price drops, and then as price increases and implied volatility drops, they can buy back their short futures. Again, that's the Vana curve, and the black line is showing how Market Maker's Delta Notional changes as time passes, and that's the charm effect, the change in Delta as time passes. And again, let's step through the last couple days and see this line flattening out just a little bit from day to day. Okay, there are a couple questions in YouTube. Are Gamma levels, are the strike prices with the highest open interest? So the Gamma levels are based on open interest data with Gamma waiting. So if a strike way out of the money has high open interest, and it has very little Gamma, so it really has no impact. So this is Gamma-weighted open interest, and Spot Gamma provides their own proprietary waiting for that. So partially based on open interest and Gamma concentrated at those levels. All right, then finally, let's take a look at QQQ. And so we're noting the shift from negative to neutral yesterday to slightly positive today. So those are the Gamma models, and that's a visual illustration of what I was talking about, the Gamma notional data. All right, so the last thing that I want to look at here, and I'm going through my planning process, this is what I do in the morning as I do my planning and preparation for trading. And this is a spreadsheet that I keep every day. And it is a quick visual reference of the change in the key Gamma strike for all the stocks in my watch list. So the column on the right, that's the previous key Gamma strike. And that's the key Gamma strike from yesterday. And then the current key Gamma strike is the key Gamma strike for all the stocks for today. And then I color code these. And green, for example, means that that key Gamma strike increased from the previous day. And I interpret that as bullish. And then here for meta, for example, the key Gamma strike decreased from the previous day. And I color code that red. And I interpret that as bearish. So kind of a mixed picture here, some green, some red. But overall, especially for the S&P 500, my thesis for the day was bullish. And that was due to the increase in this SPX key Gamma strike and the call wall and the key Gamma strike for spy. So I interpreted all of that as somewhat bullish and looking for a fairly narrow or small trading range today. Now, keep in mind, this is all based on information that was available before the data at 830 a.m. Eastern time. But just based on this, based on the data that I've gone through, my thesis for the day for the S&P 500 was somewhat bullish. And then it kind of varied for stocks. Okay, let's take a look at some setups. And let's we'll start by looking at hero. And this is, this is Spot Gamma Hero showing real time market maker hedging flow. And let's start with the S&P 500. So this is a combined signal for SPX and spy. They used to call this ES for the S&P 500 futures. Now they're just calling it a combined signal. So this is if you trade the S&P 500 futures ES, this is what you want to want to look at. All right, so let's take a closer look at this. And notice the very bullish hero. And this is right from the open and setting up somewhat of a divergence long here. And just after 10 a.m. And remember, we'll go look at the bookmap chart again for ES and spy. And see that that see that reversal just after 10. And price moves higher as traders were taking positive delta positions. And that's what's shown by this purple line. This combines again, SPX and spy calls and puts into one line. And notice as price has continued to move higher, they started fading this move with negative delta positions. But that was a good divergence and then confirmation set up for that reversal in the morning. So that's SPX. Let's take a look at spy. And spy is very similar. Strong move up in the morning. So traders, even though there was a drop in the futures before the market opened, after the RTH open, traders weren't too concerned about the PPI data. So they have been pretty much reacting fairly bullishly to the data that has come out this week, the hotter than expected CPI and PPI, as well as the stronger than expected retail sales. So he wrote moving higher, and then price response higher about 10 a.m. And then finally, let's look at SPX. And it paints a similar picture. Strong move higher in the morning. And then now traders are fading the move. Let's just see what they're doing. So we can separate out the put and call signals. So they're buying puts. Let's take a look at the SPX. So this is pretty similar to what has been going on for the last few days. Traders buying calls and buying puts. So right now it looks like this notional value that may be hard to see, that's 1.64 billion, is greater than the negative 1.1 billion. So net net, it's positive, even though it's sloping down, net net still positive. And we can just take a look at a shorter window here, rolling window. Look back period. And shows the bullish action of the morning, the drop down, and then it's been pretty neutral since then. All right, so let's go take a look at book map now. So again, here is the ES futures. And recall, traders were taking positive delta positions. And it took a while, but the order flow definitely confirmed the reversal higher at ES4100. We talked about the iceberg orders, given a leading indicator. And then price made a final test of the 4100 level, ES4100 level. And a lot of aggressive buyers came in and started to move higher, price higher to the 412 volatility trigger, and then maybe taking it on up to the ES4150 level. Let's just take a look at spy. So here order flow I think is a little bit more difficult to read. But there's spy. All right, let's take a look at some stocks now. And I'm going to go through my watch list. There were certainly other stocks, stocks in the news like Roku. And I posted a hero chart for Roku in Discord. So here's AMD. This was a nice divergent set up in the morning. And notice hero rising, and then price chops around. And then just after 10, like the S&P 500, price started to move higher, broke out of that consolidation and started to move higher. Let's go take a look at book map. So here's AMD. So here's the sharp move lower, consolidation, and then price breaks above the 82 put wall. Not a lot of range, but up to the 83 hedge wall. But a clear divergent signal that price was going to move higher. All right, let's take a look. Take a look at Amazon now. And Floyd's Grosh asks, oh, now it favors the drop. And I assume you're asking about the S&P 500. And we'll take a look again as I go down the list and we'll see what what hero is doing for the S&P 500. So here's Amazon, a little bit more range than AMD. Let's take a look at hero. So strong confirmation between options trades and hedging flow and price action. And this orange line is showing that traders are buying calls. And that was what was driving price action. Let's go back to book map now. So there's the reversal, first reversal. And then a pullback just after 10 a.m., just like everything else, and then move higher to the target at the 100 key gamma strike. And the pullback was down, first pullback was down a little bit lower than the 99 hedge wall. Second pullback to the VWAP that's shown by this light blue curve. So another bullish setup there in Amazon. Let's go back and look at hero. Here's one of Coinbase. This is Coinbase is on my other computer, but there's usually a pretty strong correlation between price action and hedging activity. And Coinbase has been on the move this week, I think is Bitcoin caught a bit again and started to move higher. So positive delta and price action moving higher. And then as this hero hedging activity, options trades level off, price starts to move lower. All right, let's go on and take a look at Google now. So Google has finally caught a bit as well. And there's a very strong correlation between hedging flow and price action. Let's go take a look at book map. There's Google and somewhat of a bearish order flow this morning. Notice all the pink dots. Let's zoom in on this. Bearish order flow, again all the pink dots, market sell orders. But hedging flow hero was definitely bullish. And price initially pulled back to the 95 level, the liquidity of that level. Buyers absorbed the sellers and price started to move higher. Another pull back to the 96 level and VWAP. And then price continued higher, almost made it to the 98 level and liquidity at that level. So that's Google. Take a look at Metta. Pretty choppy day in Metta. Put a quick move up from the 172 put wall. It doesn't mean to do that. All right, let's fix this. Back out. Okay, so let's try that again. I'm going to zoom in on this morning move, the dots higher. Okay, so Metta is showing a reversal at the 172 reversal higher in the 172 put wall. And a quick move up to the 175. That's the key in the strike and the hedgewall. So the 172 put wall did act as support as expected. Price went back down, tested the 173 level and is now consolidating again around the 175 level. Let's go take a look at hero and see what options traders were doing. So a gradual increase in hero. Traders were buying calls and selling puts. It looks like primarily calls driving the price higher call buyers. So that's Metta. And again, the spot gamble levels were definitely in play. The put wall has support down below. And the key game strike is a price target. Here's Nvidia. Yeah, Dave asked, can you drop down to an hour in Metta? Okay, good idea. I'll go back and take a look at that. So here's Nvidia. And this is pretty typical of the way Nvidia has traded recently. Chop early in the session. And notice that during that time, hero is rising. And then price makes one final test of this. It looks like 220 level and then moves higher. So I would call that a divergence long. Let's go take a look at book map. And then we'll come back to Metta. All right, so here's I'm going to zoom in, zoom on on this. And I need to all these small red and green and pink light blue dots are these absorption and sweeps indicators. And I need to scale that up. So there's not so many of them. Just so we can focus on price action that cleans that up a little bit. And let's make the volume dots bigger. And often with the stocks, the opening print, and especially the closing print is the primary volume. And that tends to make all the volume all the other dots a lot smaller. So there's the there's the opening print. And then the test again, remember that the hedging flow was positive. So notice the buy sweep here at the 220 level. And then the move higher. Quick move up to 220. Okay, sorry about that. Can you hear me better now? I my microphone did slip down a little bit. Okay, Sam Pan. Thank you. Let me know is my volume okay now? Okay, sorry about that. Okay, so let me address some questions here. So that's Nvidia. And so Dave will come back and take a look at Metta for Hero in just a minute. And all right, so in YouTube, I'll take a look at these first. Why don't I look at stocks instead of options on indices SP 500 and spy, in the end stocks are driven by indices. I'm not sure I agree with that indices are an index of stocks. So anyway, stocks and indices do trade differently. A lot of traders prefer to trade stocks. And some trade the SMB 500 some trade the Nasdaq. So I I cover it all. And I trade both. And I think generally stocks, the drivers and stocks are easier to understand. And can be easier to trade. There's much more going on, especially with the SMB 500, a lot of a lot more players, a lot different players. So I look at both and I trade both and that I think my audience is interested in both. Okay, so we're going to look at. So there's meta now, or Nvidia, I'm sorry, continues to make deep pullbacks, headed up and now reach the 225 key gamma strike. All right, so let's go back to meta now. And hero. And we're going to change this rolling window period look back period. So Dave suggests one hour. And yeah, that gives a definitely gives a stronger indication. We can try 30 minutes. It's a little bit too choppy. So one hour shows the strong correlation between price action and hedging flow in meta. Yeah, thanks, Dave. Good tip. All right, then Truman 123 ask, are there any warnings from your experience that hero may be giving a false indication? And I don't know if there's any, any warning, you know, certainly any setup that I want to take, I will confirm with price action and order flow as well as hedging flow. So I just don't blindly take a trade just based on hero. I want to confirm that with order flow and price action as well. All right, so that's meta. And let's take a look at Tesla. And here's Tesla showing a strong correlation between hedging flow and price action, both bullish in the morning and bearish in the afternoon. Let's just zoom in on this a little bit. And I was looking at this as a definitely a bearish signal this afternoon, hero falling and price action confirming. And we'll take a look at book map in just a moment. Let's change the look back period. And that really doesn't add any clarity. I generally like to look at the look at the trend. And that's shown often by the one day, the complete one day look back period. And so this set up a, you know, for example, this setup showing the continuously falling hero and set up a, you know, a short, for example, right here is price pulls up and then starts to move lower again. And yeah, Roomba adds 300,000. Yeah, there was news about Tesla today, car recall, I think having to do with the, I think maybe the automated driving or something like that, the, and Tesla, yeah, so there was news today, but the order flow and hedging flow definitely confirmed the short. All right, so let's go take a look at Tesla and book map. Then I skipped over QQQ, we can, we'll go take a quick look at that. So there's Tesla. And notice all the, the domination of pink dots here. And that's confirmed with this continuously falling cumulative volume Delta. And this is pretty similar to yesterday. So here, you know, again, remember that hero was showing positive Delta positions in the morning. And there were a number of pullbacks to this trend line or close to it, where you could have taken along. And then finally price started to reverse lower. And this is totally dominated by pink dots here, aggressive sellers. And then there's the trend break lower. And apparently that's when the, the news came out. Roomba says at 1245. So the news, so let's zoom in on this afternoon. Trend break, short. There's another trend break, a brief period of positive order flow, aggressive buyers. And that quickly breaks at the 213 level and drops down to 210. All right, let me check for questions. So anyway, I think certainly order flow confirmed shorts in Tesla today. And, and hedging flow confirmed both longs and short. So let me check for questions. So Sheena 2005 asks, what software is that? I'm not sure what software you're referring to. I'm using this is book map. That's what we see on the screen right now. And what I've been showing on the web was spot gamma hero. So that is something that's available to spot gamma subscribers. And then the red rectangles that I've drawn here, these are just the, with the drawing tools and book map. And then I also have this epic pen tool that I can draw on any screen. And that's what I'm showing here. So if you're talking about this red rectangle, for example, and it looks like these, I'm using epic pen. And that's just a screen drawing tool. Okay, so spot gamma, that's the website. So this is spot gamma. This is spot gamma hero. And it's part of the spot gamma alpha subscription. Okay, let me check that. So that's YouTube. Let me check for questions and comments and discord. And Dave says to sum up just saying keep an eye on the magnitude of the delta and the hero charts. Yeah, that's a notional value. And, you know, certainly, it's good to keep an eye on that. And karma trades ask not so not not sure if it would be possible at some point planning to do it. So let's talk about so today I had a I had a busy morning. So I, first of all, it takes me at least an hour to do a my own planning process. It takes me at least an hour to plan for this presentation. And if I have other things to do or manage managed long term positions, I have very little time for day trades. So let's just go back to Tesla, for example. So let's see where it was. So again, I had a busy morning, but I saw this, this continued drop in in hero. So that's the first thing. And let's go back to the Tesla chart now in book map. So and then here's the here's just one of the setups. So notice the CVD continues to drop. And you can just anticipate a a trend break here, just looking for the pink dots and put a cell stop order, you know, somewhere anticipating a trend break and down to the obvious target at the 210 key gamma level. So I think in general, the order flow is pretty easy to read in Tesla. And these trend breaks work pretty well. So trend break reversal at the 213 level, all these pink dots come in, and a quick move down to the 210 level. So, you know, there are a lot of, you know, again, I have a lot of irons in the fire. So anyway, that would be, you know, that's just one example and all it would take. So that's a Tesla making lower highs, hero trending down, CVD trending down, and just looking for that, that next trend break down. So here, you know, it looks like, well, let's, you know, there's the next trend break, CVD continues down, just grab a rectangle. You know, I'd certainly keep an eye on hero like I've mentioned many times. I'm looking, I have two screens. So I'm looking at book map on one screen and hero on the other screen and confirming with order flow and with with hedging flow and hero. So let's go back and take a look. So now this trend has slowed down a bit. Hero moved up, moved down. You know, I would certainly you know, watch for the next move up and then a confirmation of hero. If I wanted to confirmation with hero, if I wanted to take another short. All right, let me check for questions. And Luke asked, could you use thinkorswim's product depth to analyze gamma? You know, you can look at certain thing, I think for first of all, for just basic options analytics, options analysis, thinkorswim offers great tools, especially, you know, if you just, you know, you don't have to pay a subscription for thinkorswim, you just have to have an account and it can be a small account. And it offers great options analytics. You can look at gamma curves, you can look at open interest, but thinkorswim doesn't offer anything like spot gamma. So I use both I use spot gamma and thinkorswim. And Sheena asks, sorry, what is hero and is it on book map? So hero is a spot gamma proprietary tool. Hero stands for hedging impact of real time options. And it used to be on book map and it no longer is. So this right now what I'm showing on my screen, this for Tesla, this is the only version of spot gamma that is currently a hero that is currently available. So what spot gamma offers is two different sets of tools really. The first is the information that I used for my positional analysis. And that is based on like there's a question comment before about open interest. So that is based on the basic raw information that spot gamma uses is open interest. They apply their own proprietary calculations and gamma weighting to that to come up with the absolute gamma levels. And so that is all static data. And that is based on market makers position at the beginning of the day. And then hero shows the options trades and hedging impact in real time as the day goes on. So that's hero. And again, it's a combination remember my two step process the first positional analysis. And that is based on static data at the beginning of the day. And then execution based on real time order flow and book map and real time hedging flow and hero. And then I just showed an example with Tesla of how I would use both at the same time to take a short at that trend break and the shift in order flow from bullish to bearish with a 210 liquidity price target. And so yeah, thank your swim. I mean, it's valuable. It can provides open interest. And I'm not sure what the question is, Luke, but spot gamma provides different data. And I use both again, but spot gamma of my positional analysis planning process is based primarily on spot gamma. Okay, my time is up. And I think I've answered all the questions I hope. And again, I think that's it. Thanks for your questions and comments. And remember tomorrow is options expiration and SPX for SPX, there are two monthly expirations every month. There's the AM settlement and the PM settlement. So remember the first AM settlement is at the open tomorrow. And again, we will be looking at how market makers are positioned on the gamma curve for both the S and P 500 and for stocks to make some trading decisions. So thanks again, and I'll see you tomorrow. Bye.