 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, trading futures, equities and options involve substantial risk of loss and it's not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord there's an option stash jug 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 that I'll go through in just a moment. And note that Bookmap Discord is a great community. There's content on a wide variety of topics and asset classes, futures, options, stocks, crypto, as well and also in a variety of languages. I'm also on X, formerly known as Twitter. My name there is at Doug P. Here are the key tenets to my approach for trading. First of all, I believe options trades and market maker hedging act FD are key drivers of price in many stocks and futures, especially the stocks that I follow large cap tech stocks as well as equity futures, the S&P 500 and NASDAQ and for the S&P 500, SPX is the underlying asset. SPX is the S&P 500 index. SPY is the ETF version of that index and ES is a derivative of SPX. So when traders buy and sell puts and calls in SPX and SPY, market makers take the opposite side of those trades and they hedge their delta exposure with ES futures. Same for the NASDAQ 100, NDX is the underlying index, QQQ is the much more liquid ETF version of the index and NQ is a derivative of NDX. So again, when traders buy and sell puts and calls in NDX and QQQ, market makers take the opposite side of those trades and they hedge their delta exposure with NQ futures. The focus of my presentation today and the focus of the options-jug 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 the directional bias. And if you recall from yesterday, because of the very bullish response after NVIDIA earnings, both the, especially SPY was trading well above all of its absolute gamma levels. So we'll look and see how those levels have shifted for today, how traders and market makers have repositioned themselves in the, especially in the SMB500 and SPY. And the second step in my process is execution. I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focusing on an underlying asset and setups in that asset can be taken in any number of ways. For example, the, for the SMB500, setups can be taken with ES Futures, SPY shares, SPY options, SPX options, or even ES options. Same for NASDAQ, setups can be taken with NQ Futures QQQ shares, which is what I did today, or QQQQ options. Questions in the comments are welcome. And I will be watching both the options-jug-chat channel in Discord as well as the chat and YouTube. For your questions and comments, please feel free to post and I'll do my best to answer your questions. And hello, trading price and time, Stephen, Floyd's garage. Welcome, glad you're all here. All right, here's my agenda for today, Friday, February 23rd. Normally, I go over news items, economic data and events. There were none, there was no significant news today. So I'll skip over that. I'll go directly directly to positional analysis. Then I'll review some setups from earlier today. There were some great shorts. And then I'll talk about the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, let's get started with positional analysis. Again, no news to go over today. I'm going to start with the SB500. This is the ES Futures and Bookmap. Before I take a closer look at this chart, I want to step back and look at a larger timeframe. And I'm going to go to the underlying index. Again, that's SPX. Let's go to a one, let's start with a one day chart. SPX, current rally began last year, October 30. And so far, this rally has been good for about 1000 points. So a huge sounds like a rally in NASDAQ, but no, that is the that's SPX 1000 point rally from around 4100 to around 1,500. All right, let's so we know this rally continues, SPX continues to move higher. Now let's shift down to a shorter timeframe. Let's take a look at a 30 day one hour chart. Again, sticking with SPX. This is a 30 day one hour chart. I'm going to start with the January expiration. This is the January 19 expiration. SPX broke above the 4800, 4800 strike at that time, it was probably the call wall at that time. Excuse me. SPX broke above 4800. That was the again, the January 19 expiration, and has continued to hire a little bit of consolidation after the February expiration. That's right here. And then blast hire after Nvidia reported earnings on Wednesday afternoon, taking SPX up above the 5100 level. And now SPX is trading just below that level. All right, let's take a look at the levels on this chart. I'm going to zoom in just a bit. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. And I update this once a week. And these levels stay in place for the entire week. So SPX is trading above the upper weekly expected move. The dash blue lines are showing the lower and upper daily expected move. And note SPX is trading within that range today. All right, the other lines on this chart are showing spot gamma levels. These are proprietary spot gamma levels. They're based on gamma weighted open interest. They're provided to spot gamma subscribers for a variety of trading platforms. This is thinkorswim. Again, we're looking at a 30 day one hour chart. I'm going to highlight the key daily levels. First of all, here's the put wall at 4800. That's a strike with the largest net negative gamma that could be expected to act as support. That level did move down from yesterday. It was up at 5000 yesterday. So yesterday was kind of strange. The volatility trigger put wall and absolute gamma strike roll at 5000. And today, the put wall moved back down to 4800. The next level up is the volatility trigger at 4995. Just five points lower than the 5000 level. The volatility trigger is spot gammas proprietary gamma and volatility flip level. Below that level market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hitch their delta exposure. And that tends to enhance or increase volatility when trade when market makers are trading with price. On the other hand, above that level, like SPX is trading now, market makers position on the gamma curve is positive in a positive gamma environment. Market makers have to trade against price to hitch their delta exposure. And that tends to subdue or decrease volatility. And then the next level is 55000. That's the absolute demonstrate. That's a strike with large absolute positive negative gamma. It has remained at 5000 for some time. Then finally, the call wall is at 5100. And that is the strike with a largest net positive gamma that can be expected to act as resistance. And note that SPX did trade up above that level earlier today looks like it may be maybe testing that level again, we'll take a look at that in in just a minute. Right shifts and levels again put wall shifted lower. And also the volatility trigger just shifted five points lower down to 4995. Alright, finally, let's take a look at a one minute chart. Just to see the levels and play for today. So this is SPX for today. He zoom out just a little bit. So SPX did trade up above the call wall. There's the call wall earlier today. Then it started to act as resistance. And it looks like it's acting as resistance again. Doing its job acting as the call wall. Alright, so that's the main level and play. Also, there's a combo two level. Let's see that's combo one level, the 50102 combo one level one being the most important acting as support earlier today. Until Bryce broke below that on the on the third fourth test. Are let's go to book map aren't in book map. I have my own cloud notes shown in the C levels column. So I can show spy levels and SPX levels. Let's talk about the SPX levels first. There's that 50102 that I mentioned. And then you can't see the label here. It's, it's covered up by the spy 509 509 level. But that's the call wall at 5100. You can see doing its job right here. Acting as resistance. So again, I do have spy levels on this chart as well. There's the spy 410 large gamma four level that acted as a resistance earlier today. Good entry point for a short. And then here's the spy 508 absolute gamma strike and call wall. So right now as the SB 500 is trading in between the SPX 5100 call wall on the upside and the spy 508 call wall on the downside. And for spy, we'll take a look closer look at this in just a minute. All four key daily levels did move higher. So there was a shift higher in the absolute gamma for spy. So the volatility trigger put wall call wall and absolute gamma strike all shifted higher. Most importantly, now the call wall and absolute gamma strike are at 508 as you can see there. Alright, so taking that alone, the shifts higher in the call and all four key daily levels for spy again, especially the call wall and absolute gamma strike. That is bullish. Alright, one other thing note there is a difference in price between ES and SPX. There's an offset early this morning. It was right around 12. So ES minus SPX equal 12 looks like it's a little bit closer to 11.5 now. So I'm showing SPX 5100 at ES 5112 and this SPX 5102 level at ES 5114. And I do post the index relationships that I use every day and discord. I post the preliminary relationships. That is the ES to spy and QQQQ, the ES to SPX offset and the NQ to NDX offset. I post the preliminary preliminary numbers around 9am and then the final numbers around 10am. And I again, I do post those in the options dash jug chat channel and book map discord. All right, let's move on to NASDAQ. We'll talk about setups in a few minutes. Move on to NASDAQ now. So this is the NQ futures and book map. Before I take a closer look at this chart, I do want to step back and take a look at the levels on the underlying index charts. I'm going to start with QQQ. And this is a just a one minute chart. So the price action for the regular trading hours shown are the dark shaded portion on the right. Here's the call wall at 440. That has been the call wall for quite some time. noted did its job acting as resistance earlier today. Great entry point for a short. That's where I got in. And then also 439 level acting as resistance. And then the 438 level. And we'll we'll see what what those levels were. Let's see 438 large gamma four level. And for some reason, spot gamma has stopped putting the labels on the combo levels and the anything other than the key daily levels. Alright, so nice short from 440 all the way down to 436. Around that level acting as support. Now price consolidating in the middle of that range. Right around 438. Let's take a look at ndx. Take a look at the levels and play for ndx. Then we'll get back to book map in Q futures. ndx levels and play right around that 438 level. That's the 18,000 and 18,005 level price broke above this 18077 level broke below 18041 acted as resistance. Alright, let's go back to book map now. Alright, so just like yes, I have my own cloud notes. So I can show ndx levels. There's that 77 level. That's a combo one level. Along with the QQQ 440 call wall, acting as resistance. Here's the this cluster of levels here. The 18,005 combo four level and the 18,000 large gamma two level. Then here's the QQQ 438 level that I mentioned before. And note most of the this is the session volume profile. Most of the volume today concentrated around that level. It may be difficult to see but the purple line that showing point of control is right at that 438 level right now. Alright, for ndx, the volatility trigger and put wall shifted lower, just like SPX. Again, volatility trigger put wall shifted lower. And for QQQ, the volatility trigger shifted higher. And the absolute gamma strike shifted higher. And I forgot to label that here. But 440 is the absolute gamma strike also. Alright, so I would overall say slightly bullish shifts higher in the levels for QQQ, but up to the 440 call wall, which did its job acting as resistance. And also it depends on my thesis and the price action for the day. Always almost always depends on what traders are doing with the mag seven stocks. We'll take a closer look at that in just a minute. Alright, Caesar, welcome. Glad you're here. Pharaoh asked, are they selling calls? Yes, they were selling calls this morning. And all the mag seven stocks made for some great shorts. So we'll talk about that in just a minute. Let's wrap up the positional analysis by taking a look at gamma notional. This is gamma notional market makers position on the gamma curve at the beginning of the day for the SB 500, NASDAQ and Russell 2000. Note for the SB 500 and NASDAQ all these numbers are positive. So that indicates that on this position on the gamma curve, traders are short calls, market makers along calls, hence the positive gamma, and they have to trade against price to hedge their delta exposure. That was at the beginning of the day. And these index products still trading above the volatility triggers in a positive gamma environment. Let's take a look at one other thing. As promised, this is the spy absolute gamma. This is for today. Let's just take a look at a screenshot from yesterday. So this is yesterday. Let's use this 503 level as a reference point. And this is just a screenshot. So it's not going to highlight. But here's the 503. We're taking a look at the absolute gamma, the call gamma shown with orange bars above the zero line. So that there is some call gamma above the 503 level, but it's not significant. Alright, so that's yesterday. Then let's take a look at today. Let's go back to the 503 level for reference and note the build and call gamma and put gamma as well shown with the blue bars below the zero line for spy. So build and call gamma. Now, these levels have shifted higher again, the key value levels all shifted higher for spy. Alright, let's take a look now at some setups. So everything that we've looked at for far so far for positional analysis is based on static data. So we've looked at other than the book map, everything that we've looked at is static data. Now we're going to start move on to execution, look at live data. So this is the hero signal and book map hero stands for hedging impact real time options. So what this chart is showing, what this chart is showing is options trades a market maker hedging activity for a combined signal for the SP 500 NASDAQ. I'm sorry, the SP X for the SP 500, we're trying to read questions. So this is showing a combined signal for SP X spy, XSP and ES futures. So again, showing options trades market maker hedging activity for a combined signal of all these instruments. When the hero signal is falling, that indicates traders are taking negative delta positions. They are buying puts and or selling calls. Market makers take the opposite side, they have to sell ES futures to their delta exposure. A rising hero line indicates traders are taking positive delta positions. They're buying calls and or selling puts. Market makers take the opposite side, and they have to buy ES futures to hedge their delta exposure. Alright, let's zoom in on this chart. Also now what I'm going to do is separate out puts and calls to get more clarity about what traders are doing today. I'm going to have to jump to another chart, then we'll jump back to this to avoid the auto zoom. Alright, so this is the SMB 500 hero signal. I've separated outputs and calls. So what this chart is showing is falling blue line indicates traders were buying puts. And that started about oh, 10, 11, 12 minutes after the cash opened. Initially, they were buying calls. That slowed down. And then right around 1015, they started selling calls. So note at this time, both the orange line, right about here, right around 1015, both the orange line and blue line, we're moving at in the same direction. That's a very powerful directional indicator when traders are selling calls and buying puts, in this case, very bearish indicator and set up a short. Let me check for questions. Floyd scratch asked, is the call gamma unwind not an issue? Now that monthly's are over? No, I think it is maybe less of an issue with a weekly expiration. But it was certainly a contributing factor to the to this move lower. We'll take a look at the mag seven signal in just a minute and see that traders were were selling calls, again, setting up a great short, especially in the the NASDAQ. Alright, so let's go back to book map now. Go back to ES. I'm going to zoom in. And actually, before I do that, let's note there was a pretty strong move, starting around 07 8am. Pretty strong move higher before the cash open. Alright, now let's zoom in. Alright, so that move up continued for about 15 minutes. After the cash open, remember, the hero signal showed that traders were traders were buying calls. Initially, they were buying puts also. And what I was looking at is looking for is some reaction at a key level. Either this three levels here that the blue line dash blue line showing the upper daily expected move below that that is a that's an SPX level of 51 12 that was noted as resistance in the spot gamma am founders note. And then there's the spy just below that the spy 510 level large gamma four level. So let's take a look at order flow now. The volume dots are showing market buy minus sell. And note that SPX ES makes a slightly lower high with a second test of the 510. Again, volume dots showing market buy minus sell green volume dots indicate more buyers than sellers. Magenta dots indicate more sellers than buyers. So there was an early entry point for a short. And then waiting for the call signal. Let's go back to hero, back to hero. So the early signal was the, I guess the change in slope, the change in aggressiveness and the call buyers. So they started to take their foot off the gas. And then again around 1015, they shifted to selling calls at the same time buying puts. And that's right around here. Second entry just below the 510 level. So another lower high. And yes, did not quite make it up to that 510 level. Let me I'm going to tone down the heat map make this a little bit easier to see. There's kind of a lot of noise. The heat map is showing a history, the limit orders in the order book. And today earlier today, it was kind of kind of noisy. So reversal right around 1015. And ES, SB 500 started to move lower, make low series of lower highs. As remember, both lines moving in the same direction. Traders were selling calls and buying puts. Again, that's a very powerful directional indicator. Let's go back to hero and note the shift in the hedging flow, right around 1115. So about an hour later, traders stopped buying puts, they start selling puts, they start buying calls, and price reverses higher. Let's go back to book map, take a look at that. And that was just above the spy 507 level. Let's take a look at order flow here. And the sub chart, the dark blue line is showing cumulative volume delta CVD started moving lower just before 10am. So another confirmation of this move lower. Also, the yellow line is showing stop orders falling yellow line. As the move starts, cell stop orders help you fuel the move lower. That's also shown by the on chart indicator here. The small red dots sell stop orders fueling the move lower. Note that slows down just above 507. Yellow line flattens out cumulative dot volume delta starts to pick up as traders started buying calls and selling puts taking the opposite side. And more recently, I was just I was watching this just before my webinar was set to begin. And it looks like it today. And this afternoon, yes, was moving pretty slowly, but it did make it up to this. Remember, that's the 5100 level. Just above the label is covered by the spy 509 509 level doing its job, acting as resistance as expected. Alright, let me check for questions. Alright, and a rag asked, when traders buy calls and sell puts, so that's positive delta, why does market maker have to buy ES futures? I'm talking about options market makers. So when traders, let's just say, let's talk about calls. So when traders buy calls, market makers sell the calls. Traders are taking positive delta positions. Market makers are taking negative delta positions. They want to remain delta neutral. So they buy ES futures to hedge their delta exposure. So again, I'm talking about options makers, their job is to to make a market and manage their risk. Right so I hope that makes sense. Options market makers take the opposite side of customer trades, and they hedge in the SBA 500 with ES futures. And for SPX, that's the only way they can hedge. You can't buy or sell SPX. Alright, so that's the SBA 500. Nice reactions at the spy and SPX gamma levels. Let's move on to NASDAQ. So this is the NQ futures and book map. And let's take a look at go back to hero now. And for hero, for NASDAQ, I've been watching this mag seven signal. Let me zoom out just a moment so we can see what this is. This is a combined signal. For the stocks known as the Magnificent Seven, Apple, Amazon, Google, Meta, Microsoft, and video Tesla. So it's showing options trades and market maker hedging activity for a combined signal of all those instruments. Let's zoom out on this. So traders have been selling calls and buying puts note initially, there was a burst of call buying, right after the cash open, that levels off. And then just after right around 955, they start aggressively selling calls, start buying puts. Again, note the blue line orange line, moving in the same direction, very powerful directional indicator, setting up a short and NASDAQ. Or we'll take a look at a couple of stocks in a minute. And a rag asked, do I offer a live trading subscription? Not right now, not at this time. I do have this webinar every day at 1.30 p.m. Eastern time, free and available to everyone. Also in the options dash Doug chat channel, there is an options dash Doug chat channel. And I do post in there occasionally, when I have time. Sometimes I'm busy trading in the morning, don't have time. But you can post your you can join book map discord post your questions, comments there. Redhead shark says, Hello, Hello, Redhead shark. I stumbled across your videos, I'm blown blown away by the kind of information you provide. Although each trader will have their own opinion on market outlook, I have a question. And Redhead shark asked, Do you see any concern with this monster rally? Fizzing out soon? Or do we have more room to go? I generally look at things from day to day. So my focus is on intraday trading. And I have the greatest edge there by looking how these at how these levels change from day to day. And then how traders are acting in the options market during the day, that gives me the greatest edge. So I will I reevaluate every day. And certainly, you know, I talked about the rally in SPX, the last four months up, or actually a little bit less than four months, up 1000 points. So yeah, at some point, you would certainly look for more consolidation. But my focus is on right now on intraday trading. That's again, that's where I have the greatest edge. Alright, let's take a look at NASDAQ. So we talked about right around 955, the hedging flow on the mag seven stocks shifted bearish. They started selling calls and buying puts blue line orange line moving in the same direction, setting up a great short right here at a level that you expect to act as resistance. Price move below that level. Again, note the aggressive sellers on the way down. And price does a retest of the 440 call wall, aggressive sellers start to come in. And price moves lower. Consolidates a little bit around the 439 level starts make a series of lower highs, second entry point at 439 large gamma three level. Now during this time, the dark blue line showing cumulative volume delta falling finally shifts to negative that shown by the shift from dark blue to magenta. Also, cell stop order shown by the yellow line falling. Also the on chart indicator showing cell stop orders, helping to fuel the move lower. Now these numbers are not as large as ES. That's pretty typical for NASDAQ. And a final stop run down close to down to the 436 level. Oops, sorry about that. Got to turn that off. Okay, let's go a little bit to the right. Alright, let me check for questions. If some bow ask what was the other platform? Sorry, I don't understand your your question. I'm looking at book map. This is book map right here. What I'm showing right now in Q futures and book map. And then the other information that I'm looking at a spot gamma, that's a website available to spot gamma subscribers. I was showing the hero signal hedging impact real time options, again, available to spot gamma subscribers. Alright, and a rag as please put a link of option stash dug chat channel channel, or wherever you available one time permits. Let me go back to Alright, so here's my contact information again. If you belong to discord. And thank you. Thank you, Steven. So if you belong to discord, you can contact me by direct message, Doug P also a book map discord. So you if you want to join book map discord, just go to the book map.com book map.com website. And you go, you should be able to find a link to join discord. So again, I think Steven pointed that out. Alright, red, redhead shark asked aside from spot gamma and Delta, do you pay attention to volume on strikes enter day for potential reversal trade? I'm sure market makers have to hedge this to stay neutral if I'm not mistaken. Are you talking about are you talking about volume or resting limit orders? We'll take a look at some stocks in just a minute. And I I do that. Let's go back to a book map. Alright, for NASDAQ, the the limited orders and the order book, that's typically so small that I have toned the heat map way down. And in the SB 500, it is significant. So I have I'm leaving some of the limit orders in the order book here. So you can see, for example, and this is what I look at. So, you know, you don't see volume until there's a transaction at that level. So if you're talking about volume, there's volume right there. You can also see that with the volume dot. If you're talking about limit orders, the heat map and book map shows a history of the limit orders in the order book. The darker shaded there is indicating there are more limit orders in the order book. That's right at ES 5100. So there's a limit by orders below price. And that is much more important in stocks. And then open interest, I've been talking about that. That is the these levels right here, like the spy 508 level. That is the absolute gamma strike. So that's a strike with the most gamma weighted open interest. Alright, so that's that's what I'm looking at. I look at volume, open interest, and liquidity in the order book. Hope that answers your question. Alright, let's take a look at some stocks. One thing, let's go back to hero. And then take a look at back to the mag seven signal note around 1115. Same time as the SP 500. There was a reversal. Traders started buying calls, but in this case, slight move higher in the put line, but still level and then starting just after 12 traders started selling calls again in the mag seven stocks. Alright, let's take a look at some stocks. Hello, Teddy. Welcome. Glad you're here. Alright, so I hope I answered all the questions. If not, let me know. Alright, so this is Apple note 185 is the call wall. Also note traders were selling calls and buying puts from the open. Let's go take a look at Apple now. Here's the 185 call wall doing its job acting as resistance as expected. And as traders are selling calls and buying puts, Apple continues to move lower. Great entry point for short there right at the cash open. Selling stock buying a put. Alright, the next stock, AMD. Remember AMD moved up pretty sharply in sympathy with Nvidia yesterday. Let's see what options traders are doing. Go to AMD. AMD, they were buying puts shown by the falling blue line selling calls shown by the rising falling orange line and AMD moved lower and note right around 1115. They took their foot off the gas. Stop selling calls. Stop buying puts and price consolidated pretty much stopping right at the 175 hedge wall acting as support. Let's go back to book map. There's the 175 hedge wall acting as support. AMD test that a couple times. Alright, let me point out also the liquidity in the order book. So maybe back to Redhead Sharks question. Remember 175 is a spot gamma level. So there's an amount of gamma weighted open interest to that level. Note the volume traded around. This is from earlier today. Volume traded shown here. All bearish magenta and then the the liquidity in the order book shown by this darker shade that comes in at the cash open. That's pretty typical for stocks. That liquidity for stocks typically stays in the order book until it's filled acting as a magnet for price. Quiddity in the order book. There's your first target for the move down 178. Next target down at 175. Alright, let's take a look at Nvidia and Nvidia the star attraction of the week. Alright, note 800. I believe that's the call wall in absolute gamma strike. Let's take a look. Let's go to hero. Go to Nvidia. Yeah, 800. Call wall key gamma strike. Definitely acting as a magnet for price. Price consolidating around that level. And in video in the morning there was a rush to my call shown by the sharply rising hero signal. And then a few minutes later that shifts bearish. Note also at this time they were initially selling puts and just before 1015 they start buying puts. So at that point both the orange line and blue line moving in the same direction and that is very bearish. Strong bearish directional signal. Take the foot off a gas around 1115 price consolidates. Moves back up to the 800 call wall key gamma strike. This chart should look familiar. Let's take a look at the mag 7 signal. Remember calls move up sharply and just a few minutes after the cash open. Then start moving lower and then the put line starts to move lower. This could mag 7. Very similar. Nvidia driving. Sharp move up. Consolidation starts to move lower. A few minutes later trades start buying puts. Orange line, blue line moving in the same direction. Very typical Nvidia driving mag 7 and driving the NASDAQ. All right so let's go back to Nvidia. Remember 800 key gamma strike call wall and as traders were taking negative delta positions this this morning. Price sliced right through that level recovered as options traders took their foot off the gas. Traders started buying calls and now consolidating just below 800 and you can see all of the volume for the session volume profile concentrated somewhere between 795 and the 800 call wall key gamma strike. All right redhead shark wants to take a look at SMCI. Sure we can take a look at that. I do not have it in book map. We can take a look in Hero. It's been as you say it's been very actively traded. Very volatile stock. 1000 is the call wall key gamma strike. Looks like price almost made it up to that level and very similar to the other stocks. Traders for a few minutes start buying calls quickly start selling calls start buying puts. Price moves lower. Take the foot off the gas. Price consolidates. All right so good for over an 100 point move lower in SMCI. Again very volatile stock. All right hope that answers your question. So let me get back. There was a question about call gamma unwind and here's Nvidia. For some reason I cannot show my watch list on this list of stocks at the bottom of the screen but I can show Nvidia showing that 36% of gamma is expiring today. So this is not if if anyone saw my presentation at the February 16th Friday monthly options expiration. I believe the Nvidia gamma expiring was close to was over 60% but still anything over 30% is significant. So there is there are calls that are expiring today and as those calls as price drops those calls start to lose value due to a drop in price and also charm which is the change in delta with the change in implied volatility with time as time passes and market makers when traders buy calls market makers sell the calls they have to buy stock to hedge their delta exposure and when again price drops as expiration approaches market makers can sell their long stock edges. Call gamma unwind certainly contributing to to the move today for for Nvidia. Let's check SMCI much more extreme for SMCI showing here almost 56% gamma expiring today. This is not showing not a lot of options activity or position size pretty light that's shown by the light colors here but it looks like there is call domination above the 1000 level. All right so the hero signal for mag 7 starting to shift lower again let's check SMB 500 also starting to shift lower both around 130. Let's go back to book map take a look at ES so remember hero signal starts to shift lower right around 130 this is the let me zoom in on this and this is what I was looking at right before my webinar began looking at price looking at ES approaching this 5100 level again remember that's the white line just above doing its job acting as resistance trend break as traders started selling calls mine puts and now ES moving lower breaks through the spy 508 absolute gamma strike call wall and note all liquidity in the order book here right now acting as a magnet for price so a lot of limit buy orders uh just above the 507 level from ES 5092 to 5096 5095. All right are there any final questions we can watch just for a minute to see if this test of 508 see if that acts as resistance let's go back to hero see what options traders are doing so overall the hero signal still is moving lower pero s 508 that is spy 508 that is the call wall and absolute gamma strike for spy that's why 508 is an important level all right so this may take some time to play out uh so we'll keep an eye on that just for uh just for your reference that is right around 51 50101 50102 something like that all right my time is up I want to thank everyone for watching thank you very much for your questions comments all you uh viewers in youtube thanks again everyone have a great weekend and i will see you on monday thanks bye