 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, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk Disclosure, treating 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. The focus of my presentation 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 for 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 a directional bias. And the second step of my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGammaHero to confirm my thesis and for setups for entries and exits. And just to be clear, I will be talking about setups today in an underlying asset, like the S&P 500 futures or SPI or stocks like Apple or Tesla. And those setups can be taken any number of ways. For example, today, call buyers were out in force. I'll talk about that more. Call buyers in NVIDIA made a fortune today. All right, so again, the basis of my planning is the options market. And I'll be talking about setups in underlying assets, again, that can be taken any number of ways. And questions and comments are welcome. And I will be watching the options-chatt channel in Discord and the chat in YouTube for your questions and comments. So please feel free to post your questions and comments. All right, let's get started. What I want to talk about today, first of all, go over news items, upcoming for tomorrow primarily, go through my positional analysis, then I'll talk about setups, and then we'll take a look at the live market. All right, so first of all today, the news for today is tomorrow, Friday expiration. And that is the really last remaining and the most important event for the week. And that is the monthly, again, the monthly options expiration. And also the last time I checked my economic calendar drone pile was speaking tomorrow at 11 a.m. And there have been Fed speakers throughout the week, including Bullard. And we'll take a look at that in a few minutes. Comments from Bullard did seem to move the market. All right, so let's take a look at start positional analysis now. I'll take a look at some charts. Let me just point out this, I believe was this sharp move lower was initiated by comments from FOMC member Bullard. Let's just take a look at that. This is all that I saw. And that's right here. And this, you know, of course comes a little bit later after the actual event. So Bullard reaffirmed his support for lifting interstates further as an insurance policy against inflation. All right, so anyway, let's get on with the positional analysis now. So these are the levels that are in play today. This is book map showing ES futures, S&P 500 futures. And before I dig into this chart, I'm going to take a look at a larger timeframe. I'm going to start with a 30 day one hour chart. This is from Thinkorswim showing SPX and the levels that I have on this chart. First of all, upper and lower edge of the expected move for the week. And this is for SPX. It's a little bit different for ES shown by the dash purple lines. And then the upper and lower edge of the expected move for the day shown with the dash blue lines, dash blue lines. And that level was tested. And now SPX is trading below that level. So those are the expected moves again for the week and for the day. And now I want to point out a couple of key spot gamma levels. And these are provided to spot gamma subscribers for a variety of platforms. First of all, here's the put wall. Now back down to 4000. It jumped up to 4050 yesterday. Back down to 4000. That's the strike with the largest net negative gamma. And that can be expected to act as support. And then the next is the volatility trigger at 4145. That spot gamma is proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In negative gamma environment, they have to hedge with price. They have to trade with price to hedge their delta exposure. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure. So SPX is trading above its volatility trigger now. And then 4150 is the absolute gamma strike. That's the strike with the largest absolute gamma. And again, that moved up from 4000 yesterday to 4150 today. So it has been oscillating back and forth between 4000 and 4150. And then here's the call wall up at 4200. That's the strike with the largest net positive gamma. That can be expected to act as resistance. And note that SPX did test again its upper edge of the expected move for the day. Still below the upper edge of the expected move for the week. And these levels are a little bit different for ES. And they were pivotal in trade in the ES today. And just one thing to note, this high, recent high here, this is from May 1st. This high of 4186.92, again for SPX. It looks like SPX made it up to that level and then traded lower. So again, SPX tested the recent high and it's now moving lower. And then these are the spot gamma levels that are in play for today. The four levels that I follow closely. The key daily levels, the put wall, volatility trigger, absolute gamma strike, and call wall. And let me check for questions. And Sheena asked, are the upper and lower moves for the day, the week, from spot gamma, or from the options chain? They're from the options chain. I just get those from the options chain at Thinkorswim. All right, so that is the larger time frame. SPX again has recently, last couple of days, broken out of this very narrow range. 4100 to 4150. And has tested the recent high as now trading lower again. All right, let's take a look at another Thinkorswim chart. And take a look at the levels that are in play for today. Again, back to SPX, showing the levels again that are in play for today. Let me just... All right, so here's the upper edge of the expected move for the day. Price traded above that, then move lower. And then the upper and lower edge of the expected move for the week. And also spot gamma levels that are in play are in range here today. Here's the volatility trigger. And also the absolute gamma level at 4145, 4150. And then this 4175 level was noted as resistance today. And it has definitely been central prices oscillated up above and below that level for today. Excuse me, this cold possessed. All right, so let's take a look at book map now. And note I have two levels of notes here. Two columns for notes. First is spot gamma. And these are provided, again, to spot gamma subscribers for a variety of platforms. And this is for book map showing SPX levels. Right now, spot gamma is using a 13 point difference between ES and SPX. And I calculated that difference at 11 and a half points. So I'm showing my 4175 level just a little bit lower. But the levels that have been key today, first of all, this 415 level, SPY 415. Those are shown in my cloud notes. I'm showing SPY levels. And that is a large gamma one level, the most important level of gamma that acted pretty much as a launching pad this morning for that sharp move higher up to the upper edge of the expected move for the week. For ES. And note that was an excellent level for resistance. I mean, it went right up to that level and reverse lower. And then this is the upper edge of the expected move for the day. Again, for ES, a little bit different than SPX. And that has acted as the final resistance so far for today. And again, this is where apparently the Bullard comments came in. Just as that price hit ES hit the upper edge of the expected move for the day. And we'll talk about setups in a little bit more detail in a few minutes. So those are the levels that are in play for ES. And RJ asked, how do you find the ES upper edge of the expected move for the day? And I just, I get that in an options chain in ES. So let me go to, let me go to thinkorswim, go to ES. And over here, so at the close. So you could, I get the daily expected moves for ES and SPX. And just the same method. So this is the, this is tomorrow's expiration. One day, one day to expiration. Right now it's showing plus or minus 32.378 points. So just wait for the close and then take that closing number. Take this number and add it and subtract it from that number. Now for the weekly expected move, I do have a script. So let's go take a look at charts. And this is, and this comes from another source. I can't share this. This is, but this is showing the upper, lower and upper edge of the expected move for the week. For ES or whatever instrument you want to take a look at. And in YouTube, Sheena says too bad the video resolution can't be higher. Can't see any of the prices on your chart. Sorry about that. I, as far as I know that the highest setting on YouTube that I can set is 720p. So try that. And yeah, I understand my, I have a high resolution monitor. And my settings on thinkorswim may be too high resolution to actually see the numbers. All right. So that's where that information comes from. So this is for ES and these numbers were the numbers that work today that provided resistance, targets and resistance. And again, we'll look at setups in a minute. All right. So let's go on to NASDAQ. And NASDAQ, the call buying frenzy continues. And I watched a video on YouTube last night that called the stocks that we'll take a look at in just a couple of minutes. The Magnificent Seven. And we'll look at Hero in a few minutes and see that call buyers were again driving price in those stocks. All right. So the levels that are in play here, let's just take a look at QQQ chart. This is one day, one minute for QQQ showing spot gamma levels. And note that price just sliced through multiple levels here, including the call wall, which should have acted as resistance. And price moved up above the 336 level that then acted as resistance. And now it looks like QQQ is testing the 335 call wall again. So those are the spot gamma levels for QQQ. So again, call buying frenzy and up to the 336 level. And again, pointing out that 335 is the QQQ call wall. All right. Let's talk about shifts in levels to wrap up positional analysis. So let's go take a look at, we'll take a look at the gamma levels while I talk about the shifts in levels. So the shifts in levels are primarily in the NASDAQ. So for SPX, this chart is showing absolute gamma. Again, for SPX and the orange bars are showing positive gamma or call gamma above the zero line. And the blue bars are showing negative gamma or put gamma below the zero line. And first of all, 4,000 right here is the put wall. And that did move lower from 4050 yesterday. So that level has also oscillated between 4050 and 4,000. And it is at 4,000 today. That's the strike with the largest net negative gamma. And that can be expected to act as support. And then the absolute gamma strike did oscillate back up to 4,150. And that's pretty obvious. The strike with the largest absolute gamma. And then the call wall remains at 4,200. So the shifts in levels for SPX, volatility trigger shifted higher to 4,145. Put wall shifted lower and the absolute gamma strike shifted higher. All right. Let's take a look at SPI. Again, absolute gamma levels. Call gamma, orange, put gamma blue. 400 remains the put wall. And there was only one shift in levels for SPI. And that is the volatility trigger shifted slightly higher from 412 to 415. And DFL Callie, hello. Thanks for the live stream. You're welcome. I'll talk about Tesla in a few minutes. We'll get to Tesla. I always cover Tesla every day. So the only shift higher for SPI was the 414 volatility trigger. Otherwise the put wall remains at 400. The absolute gamma strike remains at 412. And the call wall at 420. All right. QQQ. Actually, we'll take a look at NDX first. And for both QQQ and NDX, every level that I follow shifted. And for NDX, volatility trigger shifted higher. Put wall actually shifted lower. And it's back down to 11,000, not shown on this chart. And then the absolute gamma strike is at 13,500 now. And that moves up from 12,975 where it has been for quite some time. And then now the call wall is at 13,550. And that also moves up from 12,975 where it has been for quite some time. So bullish shifts higher for NDX, same for QQQ. All the levels shifted higher. And some pretty significant moves. So here is the put wall at 328. And then the absolute gamma strike, 330. And the call wall at 335. And that shifts up from 330 yesterday. So very bullish shifts higher in levels for QQQ. All right, one thing that I want to take a look at. I'm going to go to SPX and look at the VANA model. And once I go over this in detail a little bit, I will take a quick look at the VANA models for the other instruments. So what this is showing is market makers delta notional and how it changes with price. Delta notional shown on the vertical axis and price shown on the horizontal axis. There are two curves here. The light gray curve is showing how market makers delta notional changes with changes in price alone. That's showing as price increases. At some point market makers will have to start selling futures to hedge their delta exposure. They want to remain delta neutral. This pink curve is adding implied volatility to the equation, showing how market makers delta notional changes with changes in price and implied volatility. And that's the VANA effect, the change in delta with a change in implied volatility. And this is showing that market makers delta notional that they have to hedge will be less than predicted by the delta, the price only line. And then on the other hand, if price decreases, they will have to sell futures to hedge their delta exposure. And the delta notional they will have to hedge will increase be greater than what's shown by the delta only line. All right, let's see where SVX is trading now. And I've got 4160, 4163. All right, so that's somewhere between these two lines. And what this is showing is at some point today when SVX was higher, market makers really did not have much hedging to do up to around 4190. I think the high we saw was 4186, something like that. And now moving as price continued to move higher, market makers would have to start to sell futures to hedge delta exposure. And then if price moves lower, market makers will have to start selling futures to hedge their delta exposure. So for the initial move up this morning, this VANA curve did provide a little bit of a tailwind up to a certain point and that tailwind stopped. All right, let's move on. And we'll just take a quick glance at the VANA models for other instruments. And note that spy gamma notional is slightly negative. For SVX it's positive, for SPY it's negative, and then it's also positive for QQQ and NDX. So that's the, see the shift, more significant shift to the downside for SPY. We'll take a look at QQQ, more indicative of a positive gamma environment for QQQ. So speaking of the data, let's take a quick look at data. And I noticed this morning that it looks like the numbers for gamma notional have been adjusted now that make more sense, more in line with numbers that have been shown in the past. So I'll focus on that as well as the gamma index. So this gamma index is a proprietary measurement of total market gamma for market makers. And a positive number indicates market makers position on the gamma curve is positive. And again, they have to trade against price to hedge their delta exposure. So that is for SPX. This is what I'm looking at, SPX, SPY, NDX, and QQQ. And now let's focus on the actual gamma notional numbers. So for SPX, positive gamma notional, for SPY it's actually negative. And then positive for NDX and QQQ. So that's some indication of how market makers will be expected to hedge. This is based on information at the beginning of the day. All right, let's take a look at some setups now. So I'm going to go start with the hero signal. And this is the combined signal for the S&P 500. And there was some discussion about this in Discord last night. So I do want to make some clarifications. So first of all, what this is showing is when traders take options positions in SPX, SPY, and ES futures, market makers hedge those trades with ES futures. They buy and sell ES futures. And this is a combined signal showing that hedging pressure, hedging flow for the S&P 500, combining all of those signals, SPX, SPY, XSP, which is not really significant, and ES. All right, so Marty asked, can you go over the spot gamma notional numbers so Marty asked, can you go over the spot gamma watch list? I'm not sure what you mean by that. This is my watch list and I will go over that in a few minutes. So I'm going to start with setups for the S&P 500 and also for NASDAQ. And then we'll take a look at some stocks and then we'll go to live market. So we finished the positional analysis. Thesis for the day was definitely bullish for NASDAQ and not so much for the S&P 500 based on the shifts in levels. And I talked about the shifts higher in levels for NDX and QQQ. All right, so this is a combined signal and this is the default. When I open up my spot gamma dashboard and see hero, this is what's shown, the S&P 500 and this chart is showing price with a white line and the hero signal, the combined hero signal for all of these instruments. Again, SPX, SPY, and ES. And this is what I use typically. This is what I use the default. So this is, again, the combined signal. It is showing all expirations and the total day, one day look back period, the defaults. And this is what I look at. And if I look at anything else, it's for additional clarity and interest. So let me just quickly take a look at the other instruments. So first of all, let's note this number here. This notional value is about minus 200 million for the combined signal. All right, so let's take a look at the individual components. Again, just for interest. So first of all, for SPX, and now that is positive 149 million and it's showing a very strong correlation with price action. So SPX, again, showing us a very strong correlation between hedging flow and price action. So that's SPX. Let's take a look at SPY. And this has been pretty typical recently that the SPY has not necessarily been in sync. Craters are taking negative delta positions in SPY. And then here's the ES futures. And that's so that is minus 1.1 billion. And then this is ES futures. All right, let's take a look at the... back to the combined signal. NRJ says, Doug, before you were using SPX, mostly is the switch to the combined because ES fall has picked up. Not necessarily. I've always looked first at the total signal. And SPOT gamma recently added ES futures to this combined signal before this signal was just SPX and SPY. And I don't know, two or three weeks ago, SPOT gamma added ES to the equation. And it's a significant contribution, as you can see. So I'm back on the total signal. This is what I look at by default. Excuse me. This is what I look at by default. And sometimes I will... Before, yeah, sometimes I did just look at SPX if it seemed to provide a more clear signal. So I'm looking for clarity. But if you're looking for accuracy, this is the signal you want to look at. The combined signal, all expirations. All right, so let's take a look at setups. All right, so Marty asked about SPOT gamma alerts, and that's shown here. So right now they have call and put wall breaches here. Notice all the call wall breaches. And we'll talk about that in just a couple of minutes. So let me quickly go over setups here on the S&P 500 and bullish right out of the gate. Traders taking positive delta positions and supporting long positions up to the first test. This is the upper edge of the expected move for the week. And notice traders start taking... Let's zoom in on this. Start taking negative delta positions right when price reaches that level. Shown by the shift down in hero. And that's just a pullback. And then this time price was testing the upper edge of the expected move for the day here and here. And note now, hero makes a... price makes a higher high, hero makes a lower high, and then makes a lower high again. So setting up, first of all in the morning, confirmation long, and then reversals at, you know, clearly at the upper edge of the expected move for the week. And also the upper edge of the expected move for the day. Let's zoom back out a little bit and let's just see what traders are doing. And I can also separate out put and call transactions. So traders who are buying calls and let's just... I'm going to zoom a little bit here. So up until about noon today, call buyers were definitely winning. Note that's 2.1 billion versus minus 1.07 billion. So they're buying calls and buying puts. Show them on the rising orange line and the falling blue line. Right now it looks like they're about even, but price has definitely been rolling lower. All right, let's go take a look at book map. Back to ES. So here's the long set up. I'm going to zoom in on the morning session. Let's go from 9.30 to 12. Note the launch from the SPI 415 large Gamma 1 level. And price really takes off about 10 a.m. Eastern time. Up to the... upper edge of the expected move for the week, the first test. And then remember options traders started taking negative delta positions and that shifted a little bit. And now here they're taking... heroes making lower highs as price tests the upper edge of the expected move for the day twice and then moves lower with the bullered comments. And this was definitely supported by order flow. Notice price moves up. The CVD line is rising. Aggressive buyers. You can just see all the green dots there. The green volume dots. And also the buy stop orders. Shown by the rising yellow line. That's also shown by these green dots. Buy stop orders fueling the move higher. Alright so those are the setups for the S&P 500. Initially bullish setup. Again up to resistance at the weekly and daily expected moves. And then order flow shifted somewhat bearish. Large traders were started selling with iceberg orders shown by the falling light blue line as well as the aggressive sellers shown by the falling cumulative volume delta. Alright let's take a look at Nasdaq. That was really the story for the day. And let's take a look at hero for Nasdaq. So let's go to Nasdaq and note traders were buying calls. And this is the combined signal for Nasdaq. Combining NDX and QQQ. And let's just zoom in on this and go up to about noon again. And actually it looks like put buyers were more aggressive. Well it's about an even match up until about noon. But call buyers were definitely winning. So this is Nasdaq itself. And let's take a look at I want to take a look at one other thing and think or swim. Let's go to MarketWatchTab. And this is the S&P 500. And this is showing what I lost my pen tool. Showing the stocks driving today. It's all technology. And we'll take a look at Nasdaq. So the call buying frenzy and large cap tech has been driving price higher. So let's take a look at some stocks and we'll take a look at the Magnificent 7 plus Netflix. And this has leveled off some since around noon. So I'm just going to go through these stocks pretty quickly. So Apple, AMD, we'll look at we'll look at hero for all these stocks and then we'll go to book map and just go through these stocks. So Apple, AMD, Amazon, Google. Meta was not really participating today. So we'll go on to Microsoft. Here's Netflix, not in the Magnificent 7 but definitely moving higher. Nvidia, call buyers made a fortune today. And let's go to Tesla. Again, call buyers driving. Alright, let's go take a look at Alright, so RJ asked, can we see the combined hero signal? Are you talking about for S&P 500? That's what I was just showing. So it was bullish up until about 1030 and then it continues to shift lower. Oh, Nasdaq. So Nasdaq, this is what this is showing is it's up until about noon and it was somewhat neutral. Really helps to shift, break out the call buyers and put buyers. And again, this was showing it was about neutral. Alright, we'll get to the live market in just a moment. So let's quickly skip through. Remember, Nasdaq is an index of stocks just like the S&P 500. So we'll just skip through these quickly. So there's Apple and I don't have Netflix here so we'll just stick with the Magnificent 7. Magnificent 7. So Apple, AMD. Strong rally. So for Apple, note 175 is the call wall and note the absorption of that level. Buy sweep up to that level then absorption. 175 call wall and then AMD 105 is the call wall and price breached that level this morning before 10 a.m. did a retest and then moved higher. Amazon, again remember call buyers driving in the morning. Now it's reversed lower. Looks like maybe trading just around the opening print. Google, again remember call buyers driving all these stocks and Google showing a little bit more afternoon strength. Hold on just a second. Okay, there's Google. Meta not really participating today. We'll skip on to Microsoft and for Microsoft, 315 is the call wall and note that levels was breached pretty early in the day, retest and price moved higher. Nvidia and call buyers were really at it today and made a fortune if you bought a call and Nvidia at the open and then finally here's Tesla. All right, let me take a look at a couple of questions. Sheena asks my understanding is that positive gamma equal more range bound trading where negative gamma equals trending and that's generally true since market makers that are positive gamma environment are trading against price in a positive gamma environment in a negative gamma environment they're trading with price. All right, so you can definitely have that does not infer any directional bias other than how you want to trade so in a negative gamma environment there's always that put van a fuel for a rally so if price rallies in a negative gamma environment that means in an index that traders are long puts market makers are short puts and if price rises and implied volatility drops those puts will start to lose value market makers delta notional will decrease and they can buy back their short hedges and that can help to fuel some very strong rallies and that was a pretty frequent event last year at CPI reports or just the day after monthly expirations when traders again traders long puts when those puts expired on Friday monthly expiration market makers could buy back their short hedges on Monday and that often led to rallies on Monday after the Friday expiration so Sheena also asks outside of divergence between hero and price it's not clear what advantage hero data gives in trading except after the fact and after the fact may may not be entirely correct so let's take a look at and I let's take a look go back to the SAP 500 and I would say this was a clear leading indicator of a short setup so for the move higher this morning it was a confirmation it was something that you could look at and see that yes traders are taking positive delta positions market makers are buying futures and I want to be on the side of the market makers then around 1030 hero clearly started making lower highs setting up longs of shorts at a key level first of all the upper edge of the expected move for the week there another short here and then a final retest of that level so heroes started moving lower at around 1035 and then this final test of the upper edge of the expected move for the day occurred around 1155 so clearly a leading indicator there giving you plenty of time to prepare for shorts at those points so you see the the divergency hero look at book map for levels that price might reverse and then also watch order flow to confirm so this is the for me this is the primary advantage of hero giving you that leading signal right so let's go take a look at let's see one other question so Neil core asked can I clarify the UD EM that is the upper daily expected move and I covered how I get that number earlier you might want to go back and watch the recording but that is the upper daily expected move and the LD EM is the lower daily expected move and that is what I'm showing on my ES chart is based on ES right so here is ESP 500 futures and now it looks like price is trying to reverse higher let's go take a look at hero we'll zoom in on this a bit so looking at this I would watch notice hero has been falling price has been falling here starts to rise then levels off it stops falling so now I'm looking and thinking for a potential reversal higher that's how I would use this signal steady downtrend moves up doesn't move back down again actually makes an equal high so that started about 2pm eastern time so let's go take a look at book map now going to zoom in and here I'm starting to watch order flow let me shift these volume dots a little bit so notice that some iceberg orders are coming in and this is not a clear level here this 4165 not right on the level so I see that leveling off in hero thinking okay this might be a bottom and then I see well let's see that was not it looks like those orders were cancelled looking at book map now and I see some larger traders coming in with iceberg orders so I know that heroes level it off traders are stopped taking negative delta positions larger traders are coming in with iceberg orders that's 1026 contracts then 585 contracts prices making higher lows and then breaks out above this 4165 level that is that is SPX 4165 and the shifts in order flow here the shift in order flow a lot of these green dots coming in here was a good entry point not quite a retest of the 4165 level that had acted as resistance and then again as traders start taking positive delta positions alright so that is the SP500 you can just read the order flow here and if you need more help with that I suggest watching Bruce's advanced webinars he's typically on Monday, Tuesday and Friday at 10am this week he's having a pro trader webinar series with other traders but typically again he's on at 10am and he is an expert at watching order flow and he typically watches ES for his entire session alright so there's a couple of requests one for NQ so let's go on to NQ so here's the reversal higher at the QQQ 334 level and let's go take a look at hero go to Nasdaq and here no there's no clue and there's a little bit more clarity from QQQ so here note the divergence the shift higher and the hero signal for QQQ so there's a clear divergence higher traders start taking positive delta positions in QQQ right before 2pm and then price reverses higher about 215 so pretty clear reversal there when you just take a look at QQQ and Marty asks do you find the spot gamma alerts actionable and yes I do especially for stock trading most recently I've focused more on futures but yes the spot gamma alerts are actionable and I've written a number of articles for spot gamma showing how to use the call and put wall alerts and what Marty's referring to is these right here and these alerts so for example this Tesla call wall was just breached just a couple of minutes ago and when you click that if you subscribe to spot gamma alpha it takes you directly to the hero chart and RJ asks he wants to take a look at hero for NVIDIA there it is so NVIDIA looks like it really topped out just around the 317 level and RJ I would say for NVIDIA the move has been made the money has been made if I were trading this afternoon I would just focus on the S&P 500 in the NASDAQ if you missed the move this morning in NVIDIA you missed it just wait until tomorrow so that brings me to one last thing and this is the this is my watch list in the spot gamma equity hub and this is showing next X-free gamma percentage for these stocks we'll just take a quick look at these and this is probably the magnificent 7 so here's NVIDIA showing that 45% gamma is expiring tomorrow and that is again tomorrow this is showing 45% gamma expiring tomorrow the call domination above the 300 level and this can potentially set up a call gamma unwind if so traders have been buying calls that expire on Friday all week and market makers they sell the calls and they have to buy stock to hedge their delta exposure as those calls start to expire they start to lose value market makers delta exposure decreases and they can sell their long stock edges and that works if if traders continue to buy calls tomorrow the market makers will have to continue to buy stock to hedge their delta exposure so this is just a potential NVIDIA AMD and the green is showing call domination above a certain level Netflix Tesla Google Amazon here's Apple and the threshold that's my gamma uses for this is about 30% so just keep that in mind for tomorrow Alexander ask do you see more push in Netflix I'm not sure what you mean by that let's take a quick look at Hero for Netflix and so far Hero has leveled off for Netflix so not necessarily all right and Neo core thanks for the support yeah if if this doesn't do do it for you just move on I think this provides extremely valuable information all right that's all I have for today we'll watch out for the call gamma on wine tomorrow and it's been a very interesting day the call buyers in the Magnificent 7 were definitely driving the market higher again today and we saw that Hero as well as order flow and book map provided some excellent signals for long and short setups so thanks again thanks for watching thanks for your questions and comments and I will see you tomorrow bye