 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 limit and 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, involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. I also own Bookmap Discord, there's an options dash Doug chat channel that's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel, which I'll go over in just a moment. And I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the options dash Doug chat channel 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. And the second step in my process is execution. I look at real time order flow in Bookmap and real time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about setups in an underlying asset. For example, and those setups can be taken any number of ways. For example, a setup in the SB500 can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome. And I will be watching both the options dash Doug chat channel and discord as well as the chat and YouTube for your questions and comments. So please feel free to post. I'll do my best to answer your questions. And by the way, for those of you in YouTube, I did find the setting in OBS studio that I used to stream to YouTube up the resolution to 1080p. So maybe if somebody, and I'm watching it now on another computer at 1080p, so somebody in YouTube can confirm they're able to see it at 1080p as well. So this should help with the resolution on YouTube. So if anyone in YouTube could please let me know. All right, my agenda for today, news items I want to cover first, economic data events and earnings for today as well as the rest of the week. Then I want to go through my positional analysis. And then I'll review some setups from this morning and also in the afternoon, anything previous to what I'm showing now. And then I'll go through the live market. If anyone has any questions or stocks they want me to take a look at, please let me know. And I'll be glad to do that when I get to the live market. All right, Ron, thank you, says, looks good on 1080p. Great. All right, let's get started with news items for today. So first of all, the big event, big news item was the CPI that was released today. And that was mostly inline, the numbers, the variety of numbers, mostly inline are greater than expected and less than equal to previous. And so far, the reaction today was immediately a move lower and then some chop and then a sharp move lower. That might have been news this afternoon. Maybe if somebody could confirm that I couldn't, I did not see anything in my news feed. All right, so that was CPI data today released in a positive gamma environment. And I'll talk more about that in a few minutes. And on Friday, the Michigan consumer sentiment comes out at 10am. And there are also some earnings that I want to point out. This may be hard to see. This is the spot gamma earnings chart. So this is plotting a variety of stocks by date release date and also the implied move. So this is how much these various stocks are expected to move. So this is Friday. All right, so slow to sorry says the 30 year bond auction called the sell off 30 minutes ago. So I saw that on my news feed. That seemed to at least the news feed reported that a little bit after the drop lower. So maybe that was it. All right, so anyway, tomorrow, thank you for that. And tomorrow, JP Morgan, Citigroup and Wells Fargo report earnings before the open. And then next week, Tesla and Netflix report. And that is, that's on the 18th after the market closes and pretty large expected moves. Plus or minus around 7% for Netflix, a little bit less for Tesla, right? So Tesla and Netflix report next week. All right, let's take a look at positional analysis. Now I'm going to start with ESP 500. This is ES futures in book map. And before I take a closer look at this chart, I want to take a look at a larger time frame. I'm going to take a look at an SPX chart 30 day one hour. This chart is showing price and key levels. So first of all, here's the September 15th options expiration call dominated options expiration. That's when the downtrend began. And then there's reversal hire began last Friday, October 6th with the jobs report. And now it may be coming to an end as SPX cannot make it above the upper weekly expected move for this week. And note that SPX did shift to positive gamma notional today. So gamma notional for SPX and all the other indices that I look at have been gradually moving from less and less negative toward positive SPX was the only one that shifted to positive today. All right, let's take a look at some levels on this chart. So first of all, the dash purple lines showing the lower and upper weekly expected move. And that is what has been acting as resistance for the last three days. And then so that's the lower and upper weekly expected move. That's based on the options market, one standard deviation move. So 68% of the time, SPX is expected to trade within that range for the week. And then the dash blue lines are showing the lower and upper daily expected move that changes every day. And the weekly expected move changes once every week. So now SPX is trading down around the lower daily expected move. Or let me point out the key spot gamma levels. So these are the dark red lines, horizontal lines showing proprietary spot gamma levels based on gamma weighted open interest. Spot gamma provides, applies their only proprietary algorithms. And I'm going to point out the key daily levels. So first of all, the put wall is at 4,200. That's a strike with the largest net negative gamma. That can be expected to act as support. And the next level above that is the 4,340 volatility trigger. 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, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. So below that level, they're trading with price. And above that level, they're trading against price. So below that level, it tends to enhance or increase volatility. And above that level, it tends to decrease or subdue volatility. The next level above that is the 4,400 absolute gamma strike. That's the strike with the largest absolute positive and negative gamma. That's where the most gamma weighted open interest is concentrated. And then above that is the call wall. At 4,450, that's the strike with the largest net positive gamma. That can be expected to act as resistance. And note the call wall did move higher from 4,400 yesterday to 4,450 today. So moving that potential ceiling higher for the SPX and just take it alone, that's bullish. When a call wall moves higher, I interpret that as bullish. All right, so those are the key daily levels. Let's take a look at a one day chart. Actually, I have it out at three days here to see the levels in play for today. So here, first of all, is the upper weekly expected move. I'm showing the last three days, more or less acted as resistance. The SPX could not make it above that level. And then the sharp drop lower, again, with the whatever news it was, if it was a 30 year bond action, sharp drop lower. And the SPX is sliced through the 4,350 support level. And headed down below the lower daily expected move. Next level below that is the volatility trigger at 4,340. So here's the 4,350 support level, lower daily expected move. And then the volatility trigger. All right, let's take a look at book map now. So we've isolated the SPX levels in play for today. I have those levels on my chart and my own cloud notes. Oops, wrong tool. So here's this, first of all, this 4,400 absolute gamma strike. And then the 4,399 combo two level that did act as resistance before the open. Then here's the initial reaction to the CPI data, move lower, move higher, and then price move lower again. And note these red rectangles on my chart. I've pointed out the reactions at these levels that I had on my chart before the open. So first of all, here's support at this 4,377. That's SPX 4,377 noted to support reversal lower VWAP. That's the slight blue line. Then another reversal lower at the 4,377 level. That is SPI 4,37, large gamma two level that did act as resistance. Then support at the SPI 4,35 level. Resistance again at VWAP, just above that 4,377 level that acted as support before. Then the 4,36 volatility trigger acts as support. And then finally back up to the 4,377 level. Price could not break through there and moves lower. And has sliced through the lower daily expected move. That's that dash blue line. Now down to the SPI 4,33 level. And also the SPX volatility trigger just below that. So these levels have been very key today. Both the SPI and SPX gamma levels, as well as VWAP, have definitely been in play for today. These levels were on my chart before the open. So this is part of my planning process to apply these levels to my chart. Note that there is a difference between the price of SPX and ES. And today it's around 31 points. So the SPX 4,350 example, for example, SPX 4,350 is actually at ES 4,381. All right, Warren asks, is there a source that we can obtain the upper lower expected moves for weekly daily? Yeah, if you have access to any trading platform that has an options chain. Let me just show you really quickly here. Let's go to. So I have SPX here. All right, so what I do for SPX at the close today, when SPX closes today, we don't need all those strikes. I'll take a look at this number right here at the close. Right now it's showing plus or minus 39 points. That'll change a little bit. And then I'll mark that on my chart. Every day I'm adjusting the lower and upper daily expected move, those dash blue lines on my chart, with this number. So I'm taking whatever the closing price is for SPX and adding and subtracting whatever that number is. And then I do the same thing on the weekend for the weekly expected move. So it's pretty simple. It should be available in any trading platform that has an options chain. All right, so those levels in play for SPX, for the S&P 500 today, we'll take a look at setups in just a few minutes. Let's take a look at NASDAQ now. It'll shifts in levels. I talked about for SPX, the call wall did shift higher. And for SPI, volatility trigger shifted slightly higher. The call wall shifted lower to 445. So more in line with the SPX call wall at 44.50. And also the absolute gamma strike moved higher for SPI to 440. And again, more in line with the SPX at 4400. So overall, the shifts in levels for the S&P 500 were mostly higher and mostly interpreted as bullish. And so far, that has not worked out today. All right, let's take a look at NASDAQ now. All right, we're going to focus on levels first. This is the NQ Futures and Book Map. And I'm going to take a first of all, take a look at a QQQ chart to isolate the QQQ levels. So there's QQQ chart one day, one minute. And around this combo level, and the 373 level did act as resistance today. That combo level combines NDX and QQQ, gamma weighted open interest into one level, one spot gamma level here converted to an equivalent QQQ price. Note now, QQQ is trading down below its volatility trigger at 370. Let's take a look at NDX so we can isolate the NDX levels and play for today. So we'll take a look at NDX. Very sharp break of that uptrend that began yesterday. That kind of V-bottom reversal in the SMB500 and NASDAQ has ended at this combo level that I just showed on QQQ. Same combo level. In this case, that combined NDX and QQQ gamma weighted open interest is converted to an equivalent NDX price. And NDX is now trading below the 15,250 level, which is the absolute gamma strike and call wall. And warm, you're welcome. All right, so those are the levels I'm playing for today for NDX. All right, now let's take a look at NQ futures. So here's that cluster of levels. 373, the combo level, and then NQ 15,450 just above that price never could make it above that level today. And finally broke this uptrend with a sharp move lower just before it started before 1 PM. All right, so that's the, I've talked about the resistance levels, support yet to be determined. All right, shifts in levels for NASDAQ, for NDX, the volatility trigger and put wall shifted higher, call wall and absolute gamma strike remain at the 15,250 level. They've been, those levels have been at 250 for quite a while. And then here's the 370 absolute gamma strike and volatility trigger for QQQ. All right, so QQQ, the volatility trigger shifted higher slightly from 369 to 370, and the call wall shifted higher from 373 to 375. So slight shifts higher in the volatility trigger and call wall for QQQ. All right, let's take a look at gamma notional now. We'll see how market makers were positioned on the gamma curve at the beginning of the day. So what I'm going to take a look at is gamma notional for SPX, SPI, and QQQ. I normally don't look at NDX. It's not significant compared to the others. And I've also included the spot gamma, gamma index. This is what Brent, the founder of Spot Gamma, looks at. Primarily Spot Gamma Index for SPX. And this ranges from minus 4, which would be extremely negative gamma to positive 4. So really the practical range for that is probably minus 3 to plus 3. But the absolute range is minus 4 to positive 4. So this gamma index shifted to slightly to positive today. It was slightly positive yesterday at 0.082 and shifted more positive today. And then the number that I primarily take a look at, I think, this may make more sense to most people, is this actual number, the gamma notional. And these numbers have been becoming less negative, tending toward positive for the last few days. And note that gamma notional for SPX did shift to positive today at 20 million, still negative for SPI. We'll see that on the difference between the VANA models of SPX and SPI. So still quite negative for SPI at 974 million negative, and then also slightly negative for QQQ. So that means that for SPI and QQQ, options traders, traders are long puts. Market makers are short puts. In negative gamma environment, they have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. All right, let's take a look at the VANA model now, and we can see a graphical representation of what that means. Let's go back. So here's the VANA model for SPX. What this chart is showing is market makers delta notional on the vertical axis, price on the horizontal axis. There are two curves on this chart. Excuse me. There are two curves on this chart. First, the light gray curve is showing how market makers delta notional changes with changes in price only. And then the purple curve adds implied volatility to the equation. That's showing how market makers delta notional changes changes in price and implied volatility. And that change in delta with a change in implied volatility is the VANA effect. VANA is a second order Greek, and that's the curve that we'll take a look at. So at the low of the day, earlier today, this morning, SPX was at 43.63. So we'll see just kind of looking at the right around here, SPX low of the day before this move lower at right around 1 PM. So this is indicating there were some put VANA fuel in the tank for a small rally higher, but still near the bottom of the curve. Let's take a look at where SPX is trading now. So this is showing how market makers may react to changes in price and implied volatility. Remember, they always want to remain delta neutral. So whenever traders trade options in SPY, SPX, ES, XSP, market makers take the other side of that and they hedge with ES futures. All right, so let me check for the price of SPX now. So SPX is right around 43.40. Let's just take, let's go back and check the high of the day. So the high of the day was right around 43.86. Whoops, that's going the wrong way. 43.86, so near the bottom of the curve. So we're around here. So what this curve is showing as price decreases and implied volatility increases, market makers have to sell futures to hedge their delta exposure. So this curve works both ways. Market makers always want to remain delta neutral. As traders are buying puts, market makers are selling the puts and they have to sell futures to hedge their delta exposure. Let's take a look and see what implied volatility is doing. I'm just going to look at the VIX futures. So this is for today, the dark shaded area, very sharp move higher in VIX, VIX futures, and still continues to move higher. So price is dropping, implied volatility is increasing, market makers are selling futures to hedge their delta exposure. So you can see in a negative gamma environment, this tends to enhance or increase volatility. So it looks like NASDAQ is heading down towards its lower daily expected move. All right, let's go back to the VANA model. I just wanted to check on price here. So now below the volatility trigger, let's go back to the VANA model. We'll take a look at SPI. All right, so you see the shift. You can see the shift in the VANA model for SPI versus SPX. Gamma notional is much more negative for SPI. So this portion of the curve is steeper for SPI. SPI, let's check the high of the day was right around 437, that level that it acted as resistance. So this is the high of the day for SPI down toward the bottom of the curve. SPI currently trading right around 432. So has the price for SPI has dropped, implied volatility increased, market makers have to sell futures to hedge their delta exposure. Again, enhancing the move lower when the market makers are trading with price. Let's just check on QQQ, QQQ, high of the day. Check on that, 373, somewhere between 373 and 374. At the bottom of the curve, and QQQ currently trading at 369. Again, moving in this direction on the Gamma curve. Market makers for QQQ and NDX are selling in Q futures to hedge their delta exposure. All right, so that is the Vana model. Now let's take a look at some setups. All right, so my thesis for the day was slightly bullish based on the shifts higher in the key daily levels for the SB500 and NASDAQ, looking for lower volatility. And that was all before the numbers came out today, the CPI report. So that was how traders and market makers were positioned before that number and that things have changed. And again, I think, you know, again with the news, whatever, it was the 30 year bond auction that came out around 1 p.m. As well as the CPI data that was maybe a little bit hotter than expected, helping to move the SMB500 and NASDAQ lower. All right, let's take a look at the hero signal first. This is the SMB500. What this chart is showing is, let me get back at it. What this chart is showing is price for SPX with the white line and the hero signal, hedging impact or time options for a combined signal for SPX by XSP, sorry, wrong tool. So this is the purple line showing a combined signal for SPX by XSP and ES futures. So it's showing options trades and hedging activity for all those instruments. So if you trade any form of the SP500, this is the signal that you wanna take a look at. Let's zoom in on this. So I'm gonna take a look and I've had some issues with this hero signal on this computer, kind of jumping around. So I'm not gonna waste a lot of time zooming in, zooming out, just to have it jump against me. So I'm gonna show, and this zoomed out view. First of all, a warning set up. Note the floor alert here that came in right at the open, options traders were taking negative delta positions and price move lower. That was the move lower from 437 to 435. Let's go take a look at that in book map. So we know that traders were taking negative delta positions and I'm reviewing a set up from this morning. So let's zoom in on that and we'll take a look at the order flowing book map. So we know, sorry, let's zoom in on this just a little bit more. All right, so we know that at the open, traders started taking negative delta positions and traders up to that point, we're taking aggressive buyers we're buying. That's shown with the green volume dots. Let me just bump up those volume dots just a little bit. So green volume dots, those are buy minus sell, market buy minus sell, green indicates more buyers than sellers and magenta indicates more sellers than buyers. So more buyers right up to the cash open then aggressive sellers come in at the spy 437 level that acted as resistance and then price moves down to the 435 level. You can see cumulative volume delta. That's the dark blue line moving lower indicating aggressive sellers moving price down and also sell stop orders shown by the following yellow line helping to fuel the move lower. So options traders taking negative delta positions and here are the signals in book map in order flow confirming that what the options traders were doing, showing aggressive sellers as well as sell stop orders were helping to fuel that move lower. All right, so that was the read this morning in book map for that short setup. Then after that, SPX was grinding higher back up to the 437 level. The news came out and price dropped and it continues to drop sharply lower. Note that initially with this move up large traders were buying with iceberg orders. They used to hide their size and it looks like they have continued to buy on the way down, although not quite the same size. All right, let's go back and take a look and see what options traders have been doing. So it looks like options traders started taking negative delta positions really before this drop lower traders were just a mild slope down on the hero signal indicating traders were taking negative delta positions. Let's just separate outputs and calls. We'll see in more detail what traders are doing. So this flat to slightly rising orange line indicates traders were buying calls and right around 1230, they took their foot off the gas. Sorry, there's that jump that I, that's nothing I did. I have no control over that. All right, so call buyers took their foot off the gas. Now they're starting to buy again with the price move lower, starting to buy again. Traders were buying puts and just right before 110 that really accelerated. They started buying puts much more aggressively. So the put buyers today are much more aggressive than the call buyers. So traders are buying calls that's shown by this positive notional value and they're also buying puts. The notional value puts much more absolute value much higher than the absolute value for calls. And we can see the total signal here is pretty negative at minus 4.69 billion. All right, so there was a pretty easy read for that setup in the morning and then this big move apparently again initiated by news just right around 1 p.m. There was a kind of a subtle hint. Let's go back to book map. Also note, let's zoom in just a little bit. Also note that the aggressive sellers started to come in. You can see more magenta volume dots. Also the slight shift lower and cumulative volume delta stop line levels off and this cumulative volume delta starts to drop sharply lower. All right, let's take a look at NASDAQ now. And Tony, welcome. Yeah, it is quite a move today. So NASDAQ finally couldn't get past this cluster of levels 373 that combo level and NQ 450 price gets moving lower market makers have to continue to sell futures to hedge their delta exposure. Let's take a look and see what options traders are doing. Go to NASDAQ and here there's more of a pretty clear divergent signal. This is a combined signal for NDX and QQQ and note that hero was sloping lower starting really just after 10 a.m. And really from the open, hero has been trending lower all day. So traders have been taking negative delta positions all day possibly as they've been buying calls for large cap tech stocks. So we'll see that in a few minutes. So maybe hedging their positions with options trades in NASDAQ. So let's separate outputs of calls, see what they're doing. So they have been buying calls today also buying puts put buyers much more aggressive. Note the notional value 1.38 billion negative for puts versus the orange line 200 million positive for calls. All right, let's go back to book map. Trend break, a lot of aggressive sellers come in and a couple of ways to play this recognizing this level as resistance buying a QQQ put, buying a put spread, selling a call spread all would have been good strategies. All right, I'm not sure I know how to pronounce your name. Go Kerr, Adley, sorry, says hello, hello. How long is it going to continue? I don't know. Like I said a while ago, support yet to be determined for today. So traders continue to buy puts, market makers continue to sell the puts, they have to sell futures to hedge their delta exposure. All right, so we'll watch that. Let's take a look at a few stocks and then we'll get back to the live market. First of all, I want to take a look at Apple. So let's take a look at heroes, see what traders are doing in Apple. So for Apple, 180 is the key gamma strike and it looks like price found support at that level. Traders were buying calls. Note the flow alert here, pretty timely alert for a bullish trade to separate outputs and calls. So for the day, traders have been buying puts all day. Let's just zoom in on this just a bit. So we can see up until about 1130, the call buyers were more aggressive, driving price higher. That's shown by the rising orange line. They're also buying puts. All right, let's zoom out. So call buyers take their foot off the gas. They start selling calls, continued to buy puts and price moves lower and breaks sharply lower just like everything else, right around one. All right, so that's Apple. Let's go take a look in book map. So remember, 180 is the key gamma strike. There's the 180 level. There's the opening print right at that level. Support, price moves higher. Aggressive buyers as well as call buyers, driving price higher. Take their foot off the gas right around 1130 or 12. It's a pretty reliable setup for a short. So a couple of ideas again, buy a put at this level, buy a put spread, sell a call spread, just playing the fact that, again, call buyers take their foot off the gas and price is not gonna move higher without those call buyers. All right, let's take a look at Amazon. Pretty much the same story. Let's take a look at Hero for Amazon. Here's a, 132 is the call wall. So when there's a call wall breach in a stock, especially early in the morning, those calls, all those calls concentrated at the 132 level, they go in the money further, in the money as price increases and market makers are short calls. So SpotGamma assumes that traders are long calls behind calls, market makers are short calls as price increases, those calls are going further in the money, delta is increasing and they have to buy stock to hedge their delta exposure. All right, let's separate outputs and calls. So traders were buying calls in the morning, setting up a nice divergence long at the 132 level. Sorry about that. So a couple of setups here, divergence long and then buy put, put spread or sell a call spread as call buyers take their foot off the gas. Price is not gonna move higher without that fuel options traders and then price moves lower. All right, let's take a look at NVIDIA. All right, so Gokur here is NVIDIA. This is one that I planned on taking a look at. So here's another call wall breach, 470 flow alerts, call buyers, driving price higher, showing by the rising orange line. All right, let's go take a look at BookMam. So here is Amazon again, 132 call wall, call wall breach, Amazon rockets higher. So there's the first setup. Remember this pretty steep pullback as traders continue to buy calls. So pullback set up, divergence long and then options traders take their foot off the gas buy a put, buy a put spread, sell a call spread, all good trades. Let's take a look at NVIDIA. So remember NVIDIA 470 is the call wall. So another call wall breach, those calls go in the money, market makers have to buy stock to hedge their delta exposure since their delta exposure is increasing as all those calls go in the money. All right, let's take a look at Hero for NVIDIA. So traders were buying calls, also initially selling puts in the morning that turned right around one, that turn the blue line turned negative. So then net for the day there are buying puts. So again, aggressive call buyers in the morning, also selling puts that activity levels off, blue line levels off, call buyers take the foot off the gas and eventually price moves lower. All right, and Gokert wanted to take a look at Tesla. So let's do that. So Tesla up and down, very strong correlation between options, trades, hedging flow and price action. Pretty up and down, choppy day, mostly down. Let's go take a look at book map for Tesla. All right, so it looks like NVIDIA may have found support around the 464,465 level. Let's take a look at Tesla. So choppy day in Tesla and it looks like interesting to note that Tesla seemed to drop lower. Clear break of that trend at 265 before 1 p.m., right around 1240 before everything got going. You know, the S&B 500 and NASDAQ. So Tesla, the move lower kind of proceeded the move lower and the S&B 500 NASDAQ. All right, so Warren asked, and you, Gokert, you're welcome. Warren asked, how did you set up the flow alerts on Spot Gamma? If it takes too long, can you point me to some documentation? All right, so let's take a look. Let's go back to Hero. All right, these flow alerts are a new feature of Hero just recently added a couple weeks ago. And there's no setup involved. If you subscribe to Spot Gamma Alpha, if you have an Alpha subscription, which includes Hero, you'll see these alerts. So there are two ways to see the alerts. First of all, there's a list of alerts here. These are constantly popping up. They're quite a bit of alerts. I have asked them to provide some way to filter that so far I haven't seen that. So let's take a look. So when you see this alert, if you have a Hero subscription, it'll take you to the most recent alert here in NVIDIA. So I clicked on this right here, NVIDIA flow alert, and there it is. And then on the charts, you can see a history or a record of the alerts. All right, so this is what I pointed to in the morning for the S&P 500. That flow alert that came in right at 9.30. All right, Warren says that's odd, it signed up for Alpha, but the alerts didn't show up. Look more into it, thanks. So just send an email to Spot Gamma Support, info at spotgamma.com. All right, so again, you need to send an email to Spot Gamma Support. All right, I was looking through questions, don't see anything else. Let's go take a look at the S&P 500. And here we are. So it looks like options traders are starting to take positive delta positions. One thing we didn't do earlier is separate out the zero DTE trader. So let's take a look at the next expiry. So this is showing for the S&P 500. This is options that trade today. So it looks like the zero DTE options traders are making up a fair amount of the total notional value for the S&P 500 today. So 1.4 billion for the zero DTE trader, shown with a green line versus 2.5 billion. All right, so a little over 50% of the notional value is in zero DTE trades. And often these zero DTE traders can have a mean reverting effect on price. All right, let's go take a look at book map. So Tesla rebounding, NVIDIA rebounding. See what Apple's doing, moving a little bit higher. You know, certainly not the same volatility, near the same volatility as Tesla and NVIDIA. All right, let's take a look at the ES. Also, maybe finding support just above the 431 level and maybe the large traders with iceberg orders may be finally getting their way. It's shown by the rising light blue line there. There are that is 1,350 contracts executed that looks like one trade. There's no number beside that. And aggressive buyers are coming in. Let's take a look at NASDAQ. So if you bought a put, bought a put spread, sold a call spread, or just sold futures, now would be probably a good time to take profits. All right, let's take a look at NASDAQ. Also trying to rebound. Here in this case, order flow is still all negative. No large traders coming in with iceberg orders. The light blue line still shifting lower. It looks like the order flow, there are aggressive buyers coming in, shown by the shift from magenta volume dots to green volume dots. Otherwise, large traders not buying with iceberg orders. And if this continues higher, buy stop orders will start to come in and fuel the move higher. All right, my time is up. I wanna thank everyone for watching. Thank you very much for your questions and comments. And again, just a note for those who may have come in later watching on YouTube. I did adjust OBS Studio, which is the software that I used to stream to YouTube. I have adjusted that now. So the stream in YouTube is at 1080p. So that's the highest that I can go. That should help with the resolution on YouTube. So again, everyone, thank you for watching. Thanks for your questions and comments. And we'll see you tomorrow. Thanks again, bye.