 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 Lemon and Materials, Information, and Presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Creating futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. 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 in Bookmap Discord, there's an Options-Doug Chat channel. Bookmap Discord is free and open to everyone, whether you have a Bookmap subscription or not, and that's a great place to post content related to my presentation or the topics of the channel that I go over in just a minute, so questions, comments, content related to the topics of the channel, Options-Doug, that's a great place to post. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. The focus of my presentation and the focus of the Options-Doug Chat channel in Discord is Options Order Flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading 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 the second step of my process is execution. And 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 and an underlying asset, and setups can be taken with futures, shares of stock, or options. So for example, the S&P 500, a trade in the S&P 500 can be taken with ES futures, my share, SPY options, or SPX options, or even ES options. Questions and comments are welcome, and I will be watching both the options-duck-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 Soto Zari says, options traders sell the rip kind of day. We'll see in just a minute. When we get to setup setups for the S&P 500, I assume that's what you're talking about. We'll take a look. All right, my agenda for today. I want to go over news items, economic data, events, and earnings for the rest of the week. Then I'll go through my positional analysis for today. Then I'll review some setups from this morning, and then we'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. All right, news items, economic data for the week. There are a few higher impact data releases this week. First of all, consumer confidence out tomorrow at 10 a.m. Then on Wednesday at 8.30 a.m., durable goods orders. And on Thursday, the GDP report comes out at 8.30 a.m. Eastern time. And then finally on Friday at 8.30 a.m. Eastern time, the PCE data comes out. Also that is the end of the quarter. So there is an expiration at the end of the week. That is the quarterly and end of month expiration. And apparently that's when the JPMorgan collar roll takes place. Also on Friday at 10 a.m., consumer sentiment comes out. All right, so that's the economic data for the week. And Sreeni, hello. Welcome. Glad you're here. And you're very welcome. All right, let's get started with positional analysis now. I'm going to start with ESB 500. This is the ES futures and book map. And before I take a closer look at this chart, I'm going to focus first of all on a larger time frame. This is the SPX in a 30-day one-hour chart showing price for the last 30 days. And I know the price right here today is kind of obscured by these labels. We'll take a look at a shorter time frame, a one-day chart in just a minute, so we can see what levels are in play for today. So what I want to point out is really the price and the main levels. So first of all, here is the September 15th expiration. That is the large monthly options expiration. Every quarter, the expiration is very large. There's a lot of gamma that expires. And this expiration was very call-dominated. And notice what price is done after a call-dominated options expiration. All those calls that are supporting the market, providing stability, expired, and prices move lower. It's typical of a call-dominated expiration. All right, let's take a look at some levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. It should be available in any trading platform that has an options chain. So that is the weekly expected move. And the dash blue lines are showing the lower and upper daily expected move. And that changes every day during the week. The weekly expected move only changes once a week. And I set that on the weekend. All right, so the SPX trading within both ranges, both the daily and weekly expected moves. The next levels I want to point out are spot gamma levels. These are, I'm going to focus on the key daily levels. These are proprietary spot gamma levels. First of all, there's the put wall at 4,300. That's a strike with the largest net negative gamma that can be expected to act to support. And 4,300 is also the absolute gamma strike. That's a strike with the largest absolute negative and positive gamma. And that level was definitely in play today. All right, the next level up is the 4480 volatility trigger. That's way up here. 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. And notice that SPX is trading well below that level. And then finally, here's the call wall at 4,600. That's the strike with the largest net positive gamma that can be expected to act as resistance. Not really in play. All right, so those are the key daily levels. 4,300, the put wall being the potential floor, and 4,600 being the potential ceiling. All right, let's take a look at a shorter time frame just so we can isolate the SPX levels. So here's SPX in a one day one minute chart. I'm just going to scrunch this up just a little bit so we can see the put wall here. Support level and note the low of the day was around 4,302. So just above the put wall level. And then now the levels in play are these combo levels, L3 and L5 at 4,316 at 4,350. At 4,350 was noted as resistance in the spot gamma AM founders note and 4,315 was noted as support. All right, let's take a look at book map now. So in book map, I have my cloud notes and I'm showing SPX levels just a little bit. So here's the 4,300 level. That's the absolute gamma strike and put wall. And note that before the cash open, that level did act as support. So that was before the cash open. So it was not shown on the SPX chart that we just took a look at. Then here's this 4,316 level and the 4,315 support level just below that. And that white line above those two levels is the spy 4,30 put wall. So a cluster of levels there definitely in play and a lot of volume concentrated at that level. Note here is the point of control, this purple line. And up until a few minutes ago, that point of control was right around the spy 4,30 level. And note there is a difference in price between ES and SPX. It's around 40 today. Somewhere between 40 and 41. I'm actually using, started using 40 today, but it is somewhere between 40 and 41. So I'm showing the 4,300 level, SPX 4,300 level at ES 4,350. So ES minus SPX is somewhere between 40 and 41. All right. So the spy and SPX levels definitely in play for today. Again, there's the 4,300 put wall that acted as support before the cash open. And then this 4,324 level that was noted as support acted as resistance. And then the spy 4,32 level acted as resistance later on. All right. Those are the levels in play for the S&B 500, and we'll talk about setups in a few minutes. And so to Zari, we'll answer your question. All right. So that's the S&B 500 shifts in levels. There were none for SPX, and there were a couple for spy. For spy, the volatility trigger did move lower at 4,42. So the S&B 500 is still trading well below the spy volatility trigger as well as the SPX volatility trigger. And also the spy absolute gamma strike move lower from 4,35 to 4,30. So that 4,30 level is a very important level on spy. And just like the 4,300 in SPX, it is the, for SPX, 4,300 is the absolute gamma strike and the put wall. And for spy, 4,30 is the absolute gamma strike and the put wall as well. All right. Let's take a look at NASDAQ now. And I'm going to take a look. So this is the NQ futures in BookMAM. And I'm going to take a quick look at a QQQ chart so we can isolate levels here. And there are no spot gamma levels in play for today. So the main thing is the, right at the open, this 356 level, just the round number level acted as support. Then around the 357 level acted as support. And then finally, as QQQ made a series of higher lows, the 358 level acted as support. All right. So that's QQQ. And just for completeness, we'll take a look at NDX. So for NDX, no spot gamma levels in play for today. NDX is trading in between a combo L3 level and a combo L4 level. And those combo levels are combined QQQ and NDX gamma and translated to an equivalent NDX number. All right. Let's go back to BookMAM. So we know that QQQ round number levels are in play, but there are no spot gamma levels for QQQ or NDX. Well maybe so. Here's the zero gamma level that was not shown on the NDX chart. But here it is, acting as resistance. And then also the 359 level. And there's the 356 support level. 357, 358. All right. So the NASDAQ NQ is reacting at the QQQ round number levels today. As far as shifts and levels, there were no shifts for NDX. And for QQQ, the volatility trigger did shift lower pretty significantly from 375 to 368. So QQQ is trading below its volatility trigger. As well as NDX. All right. Let's take a look now at gamma notional. So we know just from the indices position related to volatility trigger, the gamma notional should be negative. So let's take a look. And here's gamma notional, market makers position on the gamma curve at the beginning of the day. And I'm looking at SPX, SPI, and QQQ. Note all these numbers are negative, quite negative. Gamma notional for SPX minus 1.413 billion minus 2.88 billion for SPI and for QQQ minus 1.049 billion. Quite negative. For gamma notional, for SPX, the number is slightly less negative than last Friday. But more negative for SPI and slightly, just very slightly less negative for QQQ. But still for today, quite negative. Let's just take a look at one other thing while we're here. This is the gamma curve. So when I talk about market makers position on the gamma curve, this is what I'm talking about. And here, just right around where I'm hovering my cursor. And this is for SPX. That's the 4200 level. And note the sharp shift in the gamma curve. And this is an indication that around 4200, market makers are fully hedged. And they will not have to continue to sell futures to fuel a rally, fuel a move lower. So 4200 is, if price breaks 4300, SPX breaks 4300, that could be a potential floor where market makers no longer have to hedge. They're fully hedged. All right, let's take a look at the Vana model now so we can see a graphical representation of what I'm talking about. So what this chart is showing is market makers delta notional. Inhale that changes with changes in price. Delta notional on the vertical axis, price on the horizontal axis, there are two curves on this chart. The light gray curve showing how market makers delta notional will change with changes in price only. And then the purple curve adds implied volatility to the equation. That's showing how market makers delta notional will change with changes in price and implied volatility. And that change in delta with the change in implied volatility is the Vana effect. And Vana is a second order Greek. All right, let's take a look at some prices. All right, so we know that for SPX, the low of day was right here, right around 4302. So what this is indicating, remember market makers always want to remain delta neutral. So as price increases, price increases, implied volatility drops, we're looking at the purple curve here. Market makers delta notional is increasing. And they can buy back their short futures. And that is a put Vana rally. So those puts in a negative gamma environment, traders are long puts, market makers are short puts. As price increases, implied volatility drops, the price and delta of those puts is decreasing and market makers can buy back their short futures. And again, that's a put Vana rally. And that is always potential in a very negative gamma environment. And this does work both ways. So if price starts to drop and implied volatility increases, market makers have to sell futures to hedge their delta exposure. And remember that can go on until that potential very sharp shift in the gamma curve that we looked at right around 4200. So that's SBX. Right now SBX is trading right around 4329. So somewhere around here. So there is a bit of a Vana tail end for price action today for a move higher. And let's just take a quick look at SPI. And here's the gamma model for SBX. And there's the 4200 level in that sharp shift in the gamma model. Here's SPI. And by the way, this Vana model is very typical of a very negative gamma environment. This sharp skew to the left, typical of a very, very negative gamma environment. So SPI, the low of the day, was right around 428. So right around here and right now SPI trading at 431. So again, a slight Vana tail end for SPI. And finally, let's take a look at QQQ. So for QQQ, the low of the day was 356 right there. QQQ currently trading right around 358.6. So somewhere around here. So again, a Vana tail end for a move higher in QQQ. All right, so that sets the stage for a potential higher volatility day. Looking for price increases, supply volatility decreases, a potential Vana tail end. And then on the other hand, if price moves below 4300, the SPX put wall down toward 4200, looking for market makers have to having to hedge to sell futures until price reaches that 4200 level. All right, let's take a look at some setups now. So my thesis for the day was, again, looking for higher volatility, watching what traders were doing, watching VIX. And there were really no, not enough shifts in levels to make a determination about direction of price, have a strong directional bias. So the thing that I was doing today is just watching, again, watching VIX, watching order flow, price reaction at different levels, as well as hedging flow. And we'll take a look at that now. So this is the hero signal, hedging impact real-time options. This is available to Spot Gamma subscribers. What this chart is showing is price for SPX and the hero signal. Again, hedging impact real-time options. And this is for a combined signal for the S&P 500. SPX, SPX, SPI, XSP, NES futures. All under one combined signal. If you trade any form of the SP500, this is the signal that you want to take a look at. And again, it's a combined signal. So let's zoom in on this. I'm going to focus on the morning session first so we can focus on a couple of setups. So first of all, from the cash open, this rising, oops, wrong tool, this rising line here, hero signal, indicates traders were taking positive delta positions. And when traders take positive delta positions, market makers have to buy futures to hedge their delta exposure. So they're taking positive delta positions in SPX, SPI, NES, and XSP options, either buying calls and or selling puts. So market makers take the other side of that trade and they have to buy futures to hedge their delta exposure. And then that activity levels off and drops right around 10 AM, setting up a little bit of a short. And then right around 11, briefly resumes higher. All right, let's go take a look at book map. We'll focus on the first two setups. They're the long and the short. Let's go to book map, go back to ES. And Jerry, my ES to SPI ratio today, I'm using 10.132. And I actually checked that before the cash open. I haven't checked it since. So it may have changed a little bit, but that's what I'm using today. And what Jerry is talking about is, let me just find that, Jerry Gary, I'm not sure. Here it is. I just have a little script that calculates the ES to SPI ratio. So 1.32 is pretty close. Training slightly, yeah, right around 1.32. So that's just a simple little script that just calculates that ratio and displays it in a badge. And thank you, glad to get the background of the name. All right, so that's where that comes from. I just look at the real time value. I look at it for maybe a minute and just calculate an average in my mind. And then that's what I use in my spreadsheet. So let's take a look. We'll focus on the morning here. So this was a reversal hire. Again, this is before the cash open right here at 9.30. And that 4,300 level acted as support. Note the shift in order flow. The magenta volume dot showing market buy minus sell with the magenta dot means there are more sellers than buyers. And the sharp shift in order flow from magenta dots to green dots, green dots indicating more buyers than sellers. Then at the cash open, right around this 429 level, acts as support as options traders were taking positive delta positions from the open. Very bullish order flow. Notice the rising cumulative volume delta that's shown by the pink line. Also, buy stop orders, fueling the move higher, shown by these small green dots as well as rising yellow line. And then there were some large traders buying with iceberg orders. So really, this move higher at the cash open was just a continuation of the move that began before 9.15 AM. And that went up to the 4,324 level. And note the liquidity at that level. Let me darken up the heat map a little bit. Very interesting to see the limit sell orders that's shown by the dark orange band there at that SPX level. That level acted as resistance. Note the shift in order flow. Aggressive buyers moving price up to that level. Then an aggressive sellers start to come in. Kilometre volume delta shifts lower. Stop orders level off. And then price eventually moves down to the 4,350 level. All right, so there's a long setup from this morning. And confirmation and hedging flow shown by Hero as well as also in book map in order flow with the volume dots, the cumulative volume delta stop orders, and as well as liquidity and reactions at key gamma levels. So pretty easy read in the SP500 this morning. Let me check for questions. All right, Mike M says, I tried your QQQ to NQMath for the gamma levels. I'm noticing that the levels are not so accurate because the ratio between QQQ and NQ is constantly changing. Can I explain how well that works for me? And yeah, it does change a lot. So I look at it for maybe 30, 45, 60 seconds. Just calculate a mid-value. It's just not for NQ it moves so much. You just don't have to be precise. I don't think. It moves around quite a bit. We'll take a quick look at that. Let me go to my QQQ chart. So this is the NQ to QQQ ratio. And today I used 41.5325. All right, so Mike, yeah, that's what I'm doing. So here's the ratio right there, maybe a little bit higher. Again, I got this in the pre-market when I was doing my prep and I have not changed that. So it's a little bit higher. So then what I do is I go to my spreadsheet. Let's just go to NASDAQ, go to my spreadsheet. And here are the QQQ levels that I'm showing. So I don't know if you can see that. So I get that number. I'm just estimating. And that is for C189. So I'm talking about B. So I click on B. Whoops, 189. Let me just click on that again. So here's B. 189. There's the formula. And then I just round that number to the round number. I don't have any no fractions here. So it's just an estimate. It's just not perfect. That ratio changes a little bit. But generally, over time, it will drift toward 41 until the next contract rollover. So then I just drag this down. And then I highlight the gamma levels here. So for example, here's the 360 absolute gamma strike with a slightly different color and line style. So that's what I do. And then that's what's displayed on this chart. I use an add-on called price lines that displays these levels and draws the lines on the chart. So that's how I get the QQQ lines on my chart. And it's certainly accurate enough. So right now, this is showing NQ trading right around 359. We can check QQQ. Yes, the yellow one's QQQ. Trading right at 359. So it's pretty accurate. 359, let's go back to NASDAQ, 359. So these are the QQQ numbers. I think that's perfectly adequate. So the yellow numbers are the QQQ numbers that are not gamma levels. Then the red numbers are NQ levels. And then these white labels are the spot gamma levels, either NDX or QQQ. Let's take a look at setups now for NASDAQ. Let's go to the combined signal for NDX and QQQ. And you're welcome, Mike. I hope that makes sense. It's pretty simple. I just get the ratio. I just estimate after watching that for a minute. And then I just fill out my spreadsheet. And there are the levels. And for the spy and QQQ levels on my ES and NQ chart, I just leave that the same all day. And then for the ES to SPX levels, I initially use the level, the difference, ES to SPX difference that I used the previous day. And then after the cash open, the SPX level, SPX does not trade until the cash open. I wait a few minutes. I check that level. So yesterday, or last week, I had 41. And actually, it's trading closer to 41 now. This morning after the cash open, it was trading right around 40. So somewhere between 40 and 41. All right, so here's the combined signal for NDX and QQQ. Let's take a look at that. And overall, bullish for the day. So this set up along in the morning. Traders taking positive delta positions from the open, then a short, just like the SP500. And then eventually, right around 1030, this resolved to long. So let's just take a look at NASDAQ now. Let's go to Bookmap, NASDAQ. Let's zoom in a bit here, a bit too much. All right, here's the move higher at the cash open at the QQQ 356 level. Note the shift in order flow. Not quite as clear as SPX, but aggressive sellers on the way down, aggressive buyers come in. Price moves higher. The pink line showing cumulative volume of delta, that's increasing. Also the yellow line showing stop orders, buy stop orders, fueling the move higher. Then options traders started taking negative delta positions, price reverses lower. And note these lines in the sub chart level off. And then 11 o'clock, there's a shift in order flow, a second test of the 357 level. And aggressive buyers start to come in. Let's see what options traders were doing right around 11. And they really started taking positive delta positions right around 1030. That was that first test of the 357 level. And then again, at the second test, they started taking positive delta positions again, and prices moving higher. All right, so this is the entire day for NASDAQ. And notice how price has leveled off as this hero signal has leveled off. Let's just see what traders are doing. Separate outputs and calls. So they are buying calls that show them by the rising orange line, the positive notional value for the orange signal. They are also buying puts that show them by the negative notional value for the blue line. Call buyers, more aggressive. And net for the day, the hero signal is positive for NASDAQ. Or let's take a look at some stocks. And then we'll get back to the S&P 500, see what's going on now, and see what traders have been doing all day. First is Amazon. All right, so when I was looking at this at the morning, I saw this chart move higher with hero signal, and then the hero signal around 10 o'clock leveled off, started dropping price consolidated. Let's see what traders are doing. So initially in the morning from 9.30 to 10, they were buying calls and selling puts, put activity levels off, and they start selling calls, and initially price consolidated. Let's go take a look at Amazon. So here's the initial move higher in Amazon, then a consolidation. Now starting about 11.30 price is moving higher again. Let's go back to hero. So for Amazon, they continue to buy calls today. Aggressive buyers in the morning, and call buyers leveled off. All right, let's take a look at a couple of other stocks. All right, the next one I wanna take a look at is NVIDIA, zoom in on this. The rising orange line shows traders are buying calls. They're also selling puts. Both these numbers are positive. They're selling puts and buying calls, positive delta, notional value, aggressive call buyers in the morning. Notice how when that activity levels off, traders started price consolidated. When aggressive call buyers take their foot off the gas, price consolidated, and at the 425 hedgewall. All right, pretty easy read here in NVIDIA, aggressive buyers, call buyers up to a key gamma level. They take the foot off the gas and price consolidates at that level. Let's go to book map, go to NVIDIA. Here's the 425 level. Notice the large amount of liquidity at that level. That liquidity was consumed in that initial move higher, and then it came back in. That's what the book map heat map is showing, a history of the limit orders in the order book. Above price, those are limit sell orders. And the darker the color indicates there are more, a higher number of orders in the order book. And you can just see that right there. That's 27,369 limit sell orders in the order book. And that high liquidity does attract price. And again, that's also the 425 hedgewall, key gamma level. And if you missed the move higher this morning, a good trade would have been to sell a call spread, buy a put spread at the 425 level. All right, let's take a look at Tesla. Let's go to hero, see what options traders are doing. I'm gonna zoom in. So up from the cash open up until about, up until about 1230. Traders were buying calls and selling puts. Notion of A for the orange and blue lines, both positive. When traders buy calls and sell puts, market makers take the opposite side and they have to buy stock to hedge their delta exposure. So there's the move higher just a few minutes after the cash open. And then Tesla grinds higher after that. Let's go take a look at book map. So here's the move higher as traders started taking positive delta positions. Couple of Tesla VWAP, you know, Tesla grinding higher. Let's go back and take a look at hero. And notice now, the hero has signal has shifted sharply negative. Again, traders taking negative delta positions. And it looks like 250 is the only gamma level in play for today. That's the hedge wall and the key gamma strike. Let's go back to book map. All right, let's take a look at the S&B 500. If anybody has any stocks they want me to take a look at please let me know. All right, S&B 500 order flow is really leveled off. Large traders started selling with iceberg orders right around 12, 15, that's shown by the slightly following light blue line. Kymla to volume delta, shown by the dark blue line slightly leveled off and there really no stop orders fueling a move higher or lower. Let's see what options traders are doing. So it looks like the S&B 500 is trading in a range between this 4324 level, noted as support and the 432 spy 432 level on the open at the high end. So spy 432 resistance and QQQ, I'm sorry, SBX 4324 S&B support and the S&B 500 trading in a range. Let's see what options traders are doing. Back to the S&B 500. So really net for the day the hero signal is trending lower. So options traders are fading the move lower and if you take a closer look each peak up on the white line is met with options traders fading the move. Price moves higher, options traders start taking negative delta positions so that there's this latest peak up in the hero signal about 1120 and then 1230. So again, they're selling every move up in price and net for the day, this is notion of value is negative. That's not a large number, but it is negative. All right, let's slice and dice this a little bit. First of all, let's take a look at next expiry. All right, so this is interesting. This green line is showing options trades for the next expiration, which in the case of the S&B 500 would be today. So that is the SBX spy ES XSP. This is showing options trades and market maker hedging activity for today. And it is definitely bearish. Notion of value minus 2.16 billion. So zero DTE traders really have been fading this move lower from about 10 a.m. on. All right, let's go back to the total signal now. Then let's separate outputs and calls. So traders are buying calls today. That's shown by the rising orange line, the positive notion of value. They're also buying puts. Showing by the falling blue line and the negative notional value. And that ratio has been changing up and down during the day of put buyers to call buyers that ratio has been changing. That's shown by the swings up and down in the hero signal. When you combine the puts and calls. So right now the put buyers are more aggressive. Starting around 1230, put buyers more aggressive. And the total signal is negative. Notion of value negative minus 765 million. All right, let's go take a look at book, ma'am. All right, so S&B 500 still stuck in the 43, 24 to 432 range. Really trading more on the low end of that. Notice the point of control purple line somewhere right in the middle between the 43, 24 for a 32. All right, let's scan through and see if we can find any other setups. We'll take a quick look at NASDAQ. I guess something more clear. NASDAQ also stuck in a narrow range. Let's go back to hero. So hero for NASDAQ just slightly bullish for the day. Positive notion of value here and his right around 1215, 1230 leveled off and prices consolidating back to book map. So we'll wait and see my time is almost up but look for a breakout above or below that level, that triangle. Let's take a quick look at some stocks. Gonna go back to hero. We'll just scan through my watch list here real quick. All right, for Apple, hedging flow, shifting lower, AMD consolidating, Amazon continues to grind higher slightly, Google also grinding higher. All right, so it's already indicated meta rallied after the open today, assuming on this, this large institutional order there, sorry, wrong tool, shown by this large vertical line indicates kind of a large institutional order call buyers. So that kind of obscures the signal makes it more difficult to read. So let's just, we can zoom before that. So we get that out of the picture. So not an easy read, I don't think for meta today. So it was a difficult read to see what options traders are doing except maybe right at the open, traders taking positive delta positions, Microsoft, traders continue to take negative delta positions. Let's go take a look at book map. All right, so it looks like we missed this latest pullback for a short. Right at VWAP with a target at the 315 level. Notice all liquidity at that level acts as a magnet for price. Let's see if that is a gamma level. No, 315 is not, but at a very high liquidity level. Right, so we missed that one. Netflix traders taking positive delta positions. Nvidia still below the hedge wall that acted as resistance. Back to Tesla and options traders continue to take negative delta positions in Tesla. Let's go to book map. Notice all the aggressive buyers coming here, the shift to green volume dots. Take a look at CVD. Note the shift slightly higher in cumulative volume delta. I'd be cautious here with Tesla. Back to the SAP 500. Still on the low end of its range. Take a look at hero for the SAP 500, then we'll call it a day. All right, so hero, the hero signal continues to trend lower. Let's just take a look at VIX. All right, so VIX trading right just above 17. So I would watch VIX for any clues in the SAP 500 as well as hedging flow and order flow. All right, my time is up. I wanna thank everyone for watching. Thank you for your questions and comments. And I will see you tomorrow. Thanks again, bye.