 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, the metadata materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. This 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. Also on 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 today and the topics of the channel that I'll go through in just a moment. And note that Bookmap Discord is a very large Discord server. There's a wide variety of content on a wide variety of assets, stocks, options, futures, crypto, and also on a wide variety of languages. And everyone, if you're not already on Bookmap Discord, please feel free to join us. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. Here are the key tenants to my approach for trading. This is the basis of my approach to trading. And I believe that options trades and market-maker hedging activity are key drivers of price in many stocks and futures and certainly in the large cap-tech stocks that I follow as well as the equity futures, the SB500 and NASDAQ. And for the SB500, SPX is the underlying index, SPI is the ETF version of that index, and ES is derivative of SPX. Also for the NASDAQ 100, NDX is the underlying index, QQQ is the ETF version of the index, and NQ is a derivative of NDX. So for the SB500, when traders buy and sell puts and calls, in SPX and SPI, market-makers hedge their delta exposure by buying and selling ES futures. And the same for the NASDAQ, 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 within Q futures. The focus of my presentation today and the focus of the options-ash-dug 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 at the first is planning, and I use positional analysis. I look at how traders and market-makers are positioned to 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 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 and those assets can be taken any number of ways. For example, for the SME 500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. So I'm going to go through this process that I use for today. I'll talk more about that in my agenda in just a moment. Questions and comments are welcome, and I will be watching both the options-dug chat channel and Discord, as well as the chat and YouTube-free questions and comments. Please feel free to post, and I'll do my best to answer your questions. And hello, Teddy, Steven, Caesar, welcome, glad you're here. Welcome Gardening Channel, glad you're here as well. All right, glad you're here, Gardening Channel. Hope you like what you see and hope this helps you and you continue to watch. All right, here's my agenda for today, Tuesday, March 5th. First of all, I want to go over news items, economic data and events for today, as well as the rest of the week. Then I'll go through my positional analysis, and then I'll review some setups from earlier today. Then I'll take a look at 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, so let's start with news items for today, economic data. There are a couple of data releases today. First of all, let's take a look at the S&P 500 and see how these data releases impact the S&P 500. So this is the EES Futures and BookMam. So first of all, there was some S&P Services PMI data that came out at 9.45 a.m. Eastern time, not much of a mover. That was greater than expected, greater than previous, also greater than previous. And then I guess the more important services PMI, the ISM services PMI came out at 10 a.m. That was less than expected, less than previous, and the initial reaction was bullish, shown right here, and then very quickly price reverse lower just below the SPX 51-15 level. Talk more about that in a few minutes. Also factory orders came out at 10 a.m. That was less than expected, less than previous number. All right, that's today. Now for the rest of the week, there are some important items. First of all, Jerome Powell is testifying before Congress on Wednesday and Thursday at 10 a.m. each day, one day before the House, one day before the Senate. Also tomorrow at 10 a.m., the Joltz Report comes out. And then on Friday, the big economic data release for the week, the JOBS Report comes out at 8.30 a.m. eastern time, and that is the JOBS Report that normally comes out on the first Friday of the month, and for some reason this month it was pushed back to the second Friday of the month, this Friday the 8th. All right, so that'll wrap up the week of events and economic data. Also note there are also a number of Fed speakers throughout the week. All right, let's move on to positional analysis now. And let me check for questions, comments again. Welcome, Debbie, glad you're here. And Stephen, thanks for your help. All right, let's get started positional analysis. This is the SB500 futures and book map, bearish day to day. And before I take a closer look at this chart, I do want to step back. And hello, Caesar, welcome, glad you're here. I don't know if I missed you or not. All right, so let's step back, take a look at a larger time frame. I'm going to start with the SPX, that's the underlying index for the SB500. So the current rally began last year, October 30th, and SPX rallied up over 1,000 points. So now let's take a look at... This is a one-day chart. Let's move down to one hour chart so we can get a closer look at the top portion of this rally. So that's the same trend line that was shown on the previous chart. And during this time, during 2024, the SPX call walls have shifted up from 4,800 to 5,200. That's the current level. I'll talk more about that in just a minute. So it's been a very bullish move up for the last four months and finally finding some resistance, at least short-term, at around the 51-50 level. All right, let's take a closer look at the levels on this chart. So we know the rally currently high-pointed the rally, 51-50. Now let's focus on levels. So the dash purple lines are showing the lower and upper weekly expected move. That upper-weekly expected move may be a little difficult to see. There are some other levels up and down around that. This is the upper-weekly expected move. This is based on the options market. I update this once a week. This is based on the closing price on Friday. This is based on the options market and those levels stay in place for the week. Then the dash blue lines are showing the lower and upper daily expected move. That's based on the options market also, based on the closing price for SPX yesterday, that I update that every day. And I post these levels in Bookmap Discord and the options-dash-dug chat channel the evening before. So these levels that I'm showing on my chart, I posted in the options-dash-dug chat channel yesterday evening. All right, note SPX is trading well below the lower daily expected move for today, but still above the upper-weekly expected move. All right, the other lines on this chart are spot gamma levels. These are provided to spot gamma subscribers. They're based on gamma-weighted open interest. They're updated daily and they're shown on a variety of trading platforms. This is thinkorswim. I'm going to point out the key daily levels. And we'll also note how they have shifted. All right, so first of all, there's the put wall at 4,800. That's a strike with the largest negative gamma that can be expected to act as support. The next level up is 5,000. That's a strike with the largest absolute positive and negative gamma. So that's where most of the gamma-weighted open interest is concentrated. And the next level up is the volatility trigger at 5,095. So just below the 5,100 level. And that is spot gamma's proprietary 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 hedge their delta exposure and that tends to enhance or increase volatility. 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. That tends to subdue or decrease volatility. And note that SPX, gamma notional in the beginning of the day, we'll look at that in just a minute, was positive. Now SPX is trading below its volatility trigger, moving potentially to a negative gamma environment and also trading below the 5,100 level. And that has been spot gamma's kind of line in the sand for risk on versus risk off. So SPX trading below the lower daily expected move, volatility trigger and the 5,100 line in the sand level. Alright, the next level up is the call wall at 5,200. That's a strike with large net positive gamma. That can be expected to act as a resistance. So as I mentioned before during 2024, the SPX call wall has moved up from 4,800 to current position at 5,200. Alright, shifts and levels, only one minor shift in level. The volatility trigger shifted up pretty substantially from 49,95 yesterday to 5,095 today. Alright, let's wrap up our view of SPX with a one minute chart just so we can get a closer look at the levels in play for today. So this is SPX in a one minute chart showing about two days worth of data. Dark shaded portion is the regular trading hours. So a gap down for SPX, then a move down in the morning, then some consolidation, now trending lower again, currently making a series of lower highs and lower lows. And again, SPX is trading below the lower daily expected move, the 5,100 line in the sand level, volatility trigger, and just above the lower week the expected move. Alright, let's go to book map now. So in book map, I can show these levels with my cloud notes. So I'm showing in my cloud notes, again, SPX levels. There's that 5,115 level that I talked about, 5,100 line in the sand, and then the 5,095 volatility trigger. And note, there is a difference of price between ES and SPX. And excuse me, so that offset, that difference between ES and SPX, is somewhere between six and seven points today. I'm using seven. So I'm showing, and that may be a little bit high, probably six and a half, maybe a little bit closer. Well, right now it's back to seven. So anyway, I'm using seven. So I'm showing SPX 5,100 at ES 5,107. And that is close to the current offset. I'm also showing SPI levels on this chart. Here's the SPI 5,10 level, that's a large Gamma 2 level. Good entry point for a short this morning. Here's the SPI 5,09 put wall. And SPX, the SP500 is trading below that. And the volatility trigger for SPI is up at 5,511. So the SP500 is trading both below the SPI and SPX volatility triggers. And also now below the ES, lower weekly expected move. And note the index relationships that I'm using for ES minus SPX and ES divided by SPI. I post those in Discord in the options-Doug Chat channel every morning. I post the preliminary and the final numbers that I'm using. All right, so again, very bearish day in the SP500 today. We'll talk about setups in a few minutes. Shifts and levels for the SPI, the absolute Gamma Strike did shift higher to 512. So overall just slightly bullish shifts higher in levels for the SP500. Volatility trigger for SPX shifted higher and also the absolute Gamma Strike for SPI shifted higher. And that was not necessarily my thesis for today. But anyway, just based on those shifts and levels. That is a somewhat bullish assumption. All right, let's move on to NASDAQ. All right, NASDAQ, bearish day also. Let's take a look at the underlying index charts real quickly. First of all, QQQ. And note for QQQ, 435, let me see what that is. Spot Gamma is not labeling the charts in Thinkorswim anymore. 435, large Gamma 4 level. All right, so there was a lot of chop around the 436 level. That's just around number level. And note the volatility trigger for QQQ is up at 442 well above. That level did move up from yesterday. So QQQ trading well below its volatility trigger and negative Gamma environment. And then also the put wall for QQQ move lower. Down to 420. Quick look at NDX. The only level that, well actually this large Gamma 4 level may be in play now. Let's take a look at NDX. And for some reason that level is not showing on this chart. So the 18,000 level up above briefly acted as support this morning. And now NDX is trading below that level. Let's go back to book map. Go to Nasdaq. And up above here's the QQQ for 441 acting as resistance. And also NQ is trading well below its lower, a weekly expected move. Alright so for Nasdaq, I have my own cloud notes again. I'm showing NDX levels just in the middle there. QQQ levels and also key levels for the NQ. There's the 17,900. I'm showing the big round numbers. And again the lower weekly expected move for NQ. So I have one column of cloud notes showing all those levels. And we'll take a look at setups in again a few minutes. Alright so let's wrap up the positional analysis. Take a quick look at Gamma Notional. We'll see how market makers were positioned on the Gamma curve at the beginning of the day. This is Gamma Notional. Again market makers position on the Gamma curve at the beginning of the day. For the SP500, Nasdaq and also 2000. This is the data tatable at the bottom of the AM Founders note. Note still positive for SPX. So in a positive Gamma environment this means that traders are short calls, market makers are long calls. Hence the positive Gamma and they have to trade against price to hedge their delta exposure. And of course that is changing today. And slightly negative for SPI. All these numbers did shift lower from yesterday and I expect them to shift much lower again tomorrow. Let's take a quick look at the Vana model to get a better idea of what this means. Alright so this is the Vana model for SPX. What this chart is showing is market makers delta notional on the vertical axis and the spot price for SPX on the horizontal axis. There are two curves on this chart. The first curve, the light gray curve, shows how market makers delta notional may change with changes in price only. And the purple curve shows how market makers delta notional may change with changes in price and implied volatility. And that change in delta with the change in implied volatility is the Vana effect. Alright so what this is showing is price decreases and we're going to look at the purple line. So as price decreases, implied volatility increases, market makers delta notional increases. When their delta notional increases they have to sell futures to hedge their delta exposure. So remember market makers want to remain delta neutral so they have to sell futures to hedge their delta exposure. Alright let's take a look at SPX for the day again so we can get a range of prices. So the high of the day right around $51.14 and SPX currently trading near the low of the day at $50.74. So let's locate those levels. So there's $51.12 or close to it. SPX at the high of the day was already on this left skewed portion of the Vana model and its prices moved down to $50.74. Alright so again price moved down, implied volatility increasing, market makers delta notional will increase and they have to sell futures. So this is typical of a negative gamut environment, market makers trading with price to hedge their delta exposure. Price falling, they're selling futures. Alright so we'll just take a look at the SPX Vana model QQQ and SPI are similar. Alright so let's move on to execution now. So everything that we've looked at so far other than book map is based on static data. Smart gamma takes open interest that's updated once a day sometime during the night. They apply their algorithms to that data to come up with the levels that I was showing and the levels that they do change from day to day. Sometimes more, sometimes less and that's what I use in my positional analysis. Alright so now let's move on to real time data to execution. First I want to take a look at what options traders have been doing today. So I'm going to do that with this hero chart. Hero stands for hedging impact real time options. This is available to spot gamma subscribers. So what this chart is showing is options trades and market maker hedging activity for a combined signal of SPX, SPI, XSP and ES futures. So spot gamma takes options trades and market maker hedging activity for all those instruments and combines them into one signal here that you can use for the SP500. This is what I use. Alright so the lines on this chart first of all the white line is price for SPX then the purple line is the hero signal. And a falling hero signal indicates traders are taking negative delta options positions. They're buying puts and or selling calls. A rising hero signal indicates traders are taking positive delta positions. They're buying calls and or selling puts. And so far for the day the overall trend of hero has definitely been negative. Note the total notional value for the day so far minus 2.39 billion. Alright let's zoom in on this chart now and we'll take a look at a setup from this morning. Remember the 10am data that came out, initial bullish reaction. Then that quickly shifted as traders started taking negative delta positions. Alright let's go take a look at that in book map. Let's zoom in. Give me just a moment to adjust this chart. Alright so now let's take a look at order flow. So we know just after the 10am data release that options traders shifted from positive delta to negative delta. Alright so now we're going to take a look at order flow. So first of all, here's the level. This was actually noted as support in the SPOTGAMAM founder's note. And I found those levels can act as support or resistance. And the SP500 did not quite make it to that level. This line is VWAP, the light blue line. So a little bit of a stop run after the data release that's shown by these on chart indicators. And then price reverses. The volume dots are showing markup buy minus sell. Green dot indicates more buyers than sellers. And magenta dots indicate more sellers than buyers. So a very abrupt shift from aggressive buyers to aggressive sellers. Cumulative volume delta quickly shifts. That's shown by the magenta line there. Shifts from positive to negative. And as price starts to move lower, sell stop orders help to fuel the move lower. That's shown by the falling yellow line. So the most immediate clue in book map here was the shift from aggressive buyers to aggressive sellers. Right somewhere but right around VWAP. Good entry point anywhere from VWAP to the SPY 510 level. And price continues to move lower as aggressive sellers sell the SP500. Sell stop orders fuel to move lower and traders take negative delta options positions. Let's zoom back down. Alright so that move really continued all the way down to the lower weekly expected move. There's been about three hours of consolidation and now SPX moving lower. ES moving lower again. I showed on the SPX chart. The series of lower highs and lower lows. Then SPX, ES I'm sorry, finally broke below that level. Now below the SPY 507 level that was support before. Let's go back and take a look at hero again. And I do want to take a quick look and see what traders are doing with puts and calls. I'm going to have to jump to another chart. Jump back. So I don't get this auto zoom. Alright so what this is showing is traders are buying calls today. At least initially in the morning. Aggressively buying calls from the open up to the 10 a.m. data release. Then the call buyers pretty much take their foot off the gas. Meanwhile traders. So the calls are shown with the orange line, rising orange line indicates traders are buying calls. And the blue line is for puts and a falling blue line indicates traders are buying puts. So initially traders were buying calls. They took the foot off the gas and they continued to buy puts. And the SPY 500 reverse lower. And again call buyers have pretty much again not after this initial burst of call buying. Not really doing much but put buyers have continued to buy puts. Driving the SPY 500 lower. So in this case separating separating out puts and calls gives us a lot more clarity on looking at the SPY 500 here. So no reason to even think about going long. Note the notional values this is positive 2.5 billion versus minus 5.3 billion for puts. Alright let's move on to the NASDAQ now. For the NASDAQ I like to look at this signal. That's the MAG7 signal. Let me show you what this is. So this is another combined signal. Of the stocks known as the MAG7. Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. These stocks make a very large component of the NASDAQ 100. And they often drive price for both the NASDAQ 100 and the SPY 500. Alright so let's zoom back in on this chart. We have puts and calls separated out. Note from the open this has been bearish. Traders buying puts and selling calls. Brief interruption just after 10 a.m. And then continued. They took their foot off the gas about 10.45 and there was some consolidation. Alright so let's go to the NASDAQ chart now. Very somewhat similar picture. Except again the options traders and the MAG7 stocks were bearish from the open. So if you waited for the zoom in. Waited for the data release at 10 a.m. Which I typically do. I think that's a pretty good practice. There's plenty of opportunity after. Same shift in order flow as the ES. Aggressive buyers on the way up. Aggressive sellers come in. Entry point around QQQ 438. In Q50, 18,050. Note the lines in the sub chart. Vagenta, Kimlet, Kivoyim, Delta. Yellow stops. Light blue, Iceberg orders all moving down. All these numbers are negative. So traders taking negative Delta positions in the MAG7 stocks. Aggressive sellers, sell stop orders. And large traders with Iceberg orders all selling. No reason to even think about along. So that's NASDAQ. Alright let's take a look at some stocks. And hello bear, Nicholas Channel. Welcome, glad you're here. Hope I didn't pronounce your name too badly. Alright so this is the, we'll zoom out now. Alright let's take a look at some stocks. Alright so the first that I want to take a look at is AMD. I've been trading AMD the last couple days. Let's zoom in. So I've turned on a couple of indicators here for AMD. Normally I've been leaving these off for stocks. I decided to turn them on to see if there was any reason to look at them. I think so. So this is the absorption indicator. This has been around part of book map for quite some time. This is showing, these are passive orders. And so this is showing that sellers were absorbing the aggressive buyers. Right at the 204 level. Then another couple of absorption indicators up above. There was a little trend break. And then, let me zoom just a little bit here. Alright so note the liquidity at the 205 level. Talking about this right here, this dark shaded area. The heat map and book map are showing a history of the limit orders and the order book. And the dark shaded area indicates a greater number of orders. Above price those are limit sell orders. And those orders often act as a magnet for price. This is classic absorption right at that level. Price reverse lower just after the few minutes after the 10am data. And finally move down all the way to the 200 key gamma strike. Let's see what options traders were doing. So let's go to hero. And by the way you could have picked any one of these stocks that I follow. They were all bearish this morning. I'm going to shift back to the total signal. It was a little bit more clear. Now I'm going to have to jump and go back to AMD. Alright so you can see the shift in hero here. Positive delta to negative delta. And price reverse is lower. And finally makes it to the 200 key gamma strike which was the primary target. Alright so that's AMD. And by the way I track my trades and I track the confirmations that I'm using. And for me this year hero is by far the most productive of the signals that I look at. Like looking at CVD or stops or icebergs or hero to make a trading decision. And by far for me hero is the best signal for me for day trading, inter-day trading. And Julian asked where can we find the spot gamma toss indicator and is it free or for sale. So let's take a quick look at this. So I assume this is what you're talking about. These spot gamma levels. So this is available to spot gamma subscribers. There are three levels of subscriptions. And this is those levels are available on a wide variety of trading platforms. Bookmap. I use my own levels for bookmap. But bookmap, trading view, ninja trader, thinkorswim. They're available to all levels of subscribers. So I think that is standard pro and alpha. Alright so that's AMD. Nice short anywhere between 205 and 204. Down to the 200 key gamma strike. Let's take a look at meta. Another short in the warning. Meta is another one of those stocks that has just been crazy bullish over the last few weeks. Now reversing note the hero alert that comes in right at the open. Some consolidation. Then after the 10am data, traders start taking negative delta positions and meta reverses lower. Let's go take a look at bookmap. Go on to meta. Tone down the volume dots. So kind of a wedge pattern here. Right after the 10am data. Oops, wrong tool. And meta breaks below the 494 level and also the VWAP. Shown with a light blue line. Note. I'm starting to look at CVD again for some stocks. It's been bearish all day. Cumulative volume delta. And Caesar says that's helpful to hear. Not cheap but seems to pay for itself easily. So yeah, if you want the levels. I don't know what the cost of the standard subscription is. But certainly should pay for itself pretty quickly. The levels. The founders notes. Everything but equity hub and hero come with a standard subscription. Hero comes with equity hub comes with the pro subscription and hero comes with the alpha. All right, so short setup here in meta. Aggressive sellers come in. As traders take negative delta positions. Shown by the budget of volume dots. Falling cumulative volume delta. All right, the next is NVIDIA. All right, NVIDIA good short right around 855. Just after the 10am data release. Let's zoom in on this. Note the aggressive sellers that start to come in. Initially right around 945 aggressive sellers. Then they come in again. Few minutes after the data release. All right, let's go take a look at hero. And that was an alert. We'll take a look at that in just a minute. Right, so there's meta. Traders taking negative delta positions. Pretty typical pattern. Aggressive buying or selling in the morning. Take the foot off the gas somewhere around mid morning. And price consolidates or moves in the opposite direction. So the best time to get a large directional move. Is typically in the morning. Anywhere from the open to somewhere from 930 to 12. Depending on when they take their foot off the gas. Let's move on to NVIDIA. A couple of flow alerts. Then after the 10am data. Traders start aggressively taking negative delta positions. Again, they take their foot off the gas right around 1045. And looks like NVIDIA is trying to recover. Seems like there are always dip buyers ready for NVIDIA. All right, WB wants to look at SMCI. Let's do that. I don't have SMCI in book map. We can take a look here in hero. Pretty similar to NVIDIA. Bearish options trades. Negative delta in the morning. Take the foot off the gas. They start taking positive delta positions again. And price moves higher. Note the flow alert. Just after the open. All right, Anirag asked, could you please suggest what the market may be doing now? Could we look at the hero signal please? I assume you mean for the SB500. Yeah, I'll do that in just a minute. So wanted to wrap up this setup review. All right, so there's SMCI. All right, so let's move on to live market now. All right, so this is for the SB500. Let's check mag 7. Again, here's that typical pattern for mag 7. Just like we saw in many stocks. Very aggressive, negative delta positions. The warning shifts. Now looks like it may be trending lower again. All right, let's go back to the SB500. The SB500, the hero signal is still moving lower. All right, let's zoom in on this a bit. All right, so it looks like the hero signal is not really moving up or down at the current for the last 30 minutes or so. Now may be moving down. All right, Anirag asked, has the market seen its bottom for the day and now going up? That I can't enter. What I can tell you is the clear setup was from 10 to 12, those two hours. That was the most clarity for stocks and futures. So I would certainly not look for a long at this point. Again, I'm done for the day. It was a good morning of trading. I'm done for the day. Again, I have no idea if this is the bottom or not. Certainly I don't see any signs of price moving up. We just saw the hero signal still moving lower. Timber to volume delta and stops both moving lower. The only bullish... Well, that's another alert. Let's go take a look at that. So the only bullish signal, this is really not bullish. From about 10 to 11 large traders were buying that move down, buying weakness with iceberg orders. And that has pretty much leveled off since then. Well, cumulative volume delta stop orders continue to move lower and traders are taking negative delta positions. And Tom Bee says, can I ask what was your trade? I traded AMD and NVIDIA today. So this is not really about my trades. This is about understanding how to use order flow and options trades, market maker hedging flow to define your own trades. All right, let's go back to hero. And I want to take a look at there were some alerts that came out. That was that sound just a moment ago. I think it was this alert right here. I've set it so that it will just make a sound for alerts on my watch list. All right, let's go back to SB 500. All right, let's zoom in. And WB asks, in SMCIs, you zoom in on the hero chart. The blue line goes above the price line, whereas in the zoomed out picture, it's below the price line. The zooming in give you a better picture, a better hero understanding. Yes. Let's go back and take a look at hero. All right, so that's why I've zoomed in here. So note, this is for the SB 500. Hero signal continues to move lower. So far the ES is chopping around the spy 507 level. Let's check NASDAQ. NASDAQ trading around the low of the day as well. Let's go back to ES. All right, Bruce has asked me to talk about trading in book map. So what I'm showing is the trade control panel. And this is just an example of using the trade control panel. This is not a trade that I would take if I do take a trade. Again, not a trade that I would take. But just if I do take a trade, it will be an example of how to use the trade control panel. So let me talk about that for just a minute. So I know that the hero signal is trending down. And I know also that ES is really just chopping around right now. Hero signal trending down, CBD trending down. All right, so if you want to trade in book map, it is a trading platform. First of all, you need to subscribe to data. I use rhythmic data for futures, DX feed data for stocks. You also need to have a connection to a broker. I have a connection to trade of eight. That's my futures broker. Note I am in a demo account. So if I do take a trade, it will be in demo. And this is the trade control panel over on the left. So in the trade control panel, I can choose whether to trade on the chart, which I like, or the dome or both. I like trading on the chart. I can also select the instrument that I'm trading. And for the SB500, I can trade ES. Or this is the cross instrument, the micro futures, the MES. Select the number of contracts. Also have a bracket order here. I'm going to do a quick check of hero right now. Looks like a hero may be slightly ticking up some iceberg buying there. Order filled. All right, so what I did there was, and this is not meant to be, this is only a trade example, probably get stopped out again. So I double clicked in this area to the right of this line. I double clicked because I wanted to trade two contracts. I had one contract set here. And by selecting two contracts, then I can move my take profit orders. So what I'm going to do is, and this is only, everybody please understand, this is not a trade that I would take, not a recommendation. This is only an example of how to use these tools in book map to place a trade. So again, you need global plus. You need a data subscription. You need a connection to a broker. My futures broker is trade of eight. Order filled. All right, so my first take profit order was filled. So now I'm going to drag my stop down to break even. Let me zoom in on this. All right, so we've got a two point profit there. Then move my stop to break even. Then I move my limit order. That's my second take profit down above this liquidity at 5080. So I'm front running quiddity a little bit. I may not quite make it. Let's move this up. Iceberg ESH4CME cell 300. Stop ESH4CME cell 973. All right, so that stop run down really helped me out. Let's go back and take a look. Let's just take a quick summary of this trade. Again, this was not a recommendation. Just an example of how to use the tools in book map. So I know that hero was trending lower. Traders were continuing to take negative delta positions in the SB 500. So I saw this larger magenta volume dot. Also iceberg order selling. Then I double clicked here at 5085. That was selling with a right click selling two contracts. Then I got a little anxious. Move my one take profit order up to 5083. Got a two point profit. Move my stop order down to break even and then move my take profit order. Second take profit order above the liquidity at 5080. So 5080.25. Let me take a quick look. Again, remember this is just micros. I'm doing this to show this cross trading feature and also make sure that this is accessible for everyone. Let me get rid of those arrows. Alright, so there's the trade. First two point profit. Then just a little bit less than a five point profit. Again, using micros in a demo account. Alright everyone, my time is up. I want to thank you for watching. Thank you for your questions and comments. Alright, WB asked about the difference between negative icebergs and stops. So iceberg orders. These are both CME order types. They are available for CME futures. Rhythmic is the only data provider that provides that data. It's been around for a while. The book map with this stops and icebergs. The MBO bundle indicator takes that data and shows the stops and icebergs on the on chart as well as the sub chart. So there's the sell iceberg orders shown by the on chart. So I have sub charts shown in some mode here so I can see the cumulative effect. And then the stop orders typically are used by larger traders and they often will fuel a move to the downside. So I'm looking at iceberg orders to kind of initiate a trade and then stops for the continuation. Alright, so if you trade futures, the stops and icebergs along with hero to me are essential for trading futures. Alright, so I hope that helps. My time is up. There's an example of how to use the tools in book map for trading. I want to thank everyone for watching. Thank you very much for your questions and comments. Remember tomorrow Jerome Powell testifies that 10 a.m. could be a market mover and also the jolts report and we'll talk about it tomorrow afternoon. Alright everyone, thank you very much for watching. Thank you for your questions and comments and I will see you tomorrow. Bye.