 Hello everyone, welcome to options with Doug Streaming live daily on the book map on book map discord and the book map YouTube channel at 130 p.m. Eastern Time Excuse me, and I need to go through the disclosures before I go any further General disclosure all book map 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 And thank you moon Walker Good afternoon for me Just a quick note if you're watching on YouTube and have a problem with a blurry screen make sure your Screen resolution for streaming is set at 720p, and that should work and as a reminder the focus of my presentation and the focus of the options with Doug chat room in bookmap 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 and I look at how traders and market makers are positioned in the options market and how those positions Changed from day to day to help develop a thesis regarding the volatility and trading range for the day and a directional bias and This is different from what many other traders use like technical analysis or fundamental analysis I think positional analysis is new is a new way of looking at the market and provides a significant edge and The second step in my process is execution and I look at real-time order flow in bookmap And market real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups both entries and exits and on topic questions and comments are welcome and I will be looking for Questions and comments in discord chat and the options with Doug Chat room as well as on YouTube chat Okay, I've got a lot to cover today, so let's get started so today I want to do a quick review of yesterday and Just talk about how I use positional analysis to develop a thesis and then Exactly what I just talked about then how I used order flow and hedging flow to confirm my thesis and Then I'll go over the economic data that came out this morning And then I'll talk about our positional analysis for today and to finally go over some setups Okay, so first I'm before I get into today. I'm gonna review yesterday and this actually starts on Wednesday and What we knew on Wednesday that Wednesday the 11th the day before the CPI report and recall the CPI report came out Yesterday the 12th Thursday the 12th and so what we knew on Wednesday is first that implied Volatility for Thursday and Friday were very high and I don't have a screenshot of that If you recall I looked at the options chain for SPX and thinkorswim and it showed for Thursday and Friday the expected move was Almost 80 points to you know 78 79 points plus or minus and I don't recall the volatility numbers But that is very high For a one-day move So that is the first thing that we knew on Wednesday We knew that the implied move for Thursday and Friday was very high and the second thing that we knew and This is from Wednesday as the traders were positioning themselves ahead of the data by buying SPX puts and again, this is from Wednesday and this the falling blue line shows that traders were buying puts in SPX and spy and This is the most significant here The the numbers the the total numbers the Delta is a lot larger in spy than SPX So again, we know that traders were positioning themselves Ahead of the data by buying puts all right, so the next thing then go to Thursday morning and the data came out and I don't have a screenshot of that But if you recall I did talk about that yesterday the CPI data all came in exactly in line with the expectations Both the month over month and year over year and you know that there were looks like out of four or five six different numbers But they all came in lower than the previous month and in line with expectations so the data wasn't You know the data was good and Traders had been loading up on all of these puts So on Thursday morning We knew First of all that the data came in in line with Expectations and here's Vix and this is from yesterday and this is This is 8 30 a.m. Eastern time when the data came out So Vix was already falling and then dropped sharply after the data so implied volatility all that implied volatility that was In the options for Thursday and Friday started decreasing Quickly so those puts were already losing value and The next thing that we knew on Thursday morning Was the gamma notional and that is the market makers position On the gamma curve and for SPX it was slightly positive at 134 and spy It was negative at minus 551 so mildly negative and It was enough for a Vanna rally but not enough For a Vanna rally in the magnitude that has happened in the last couple of CPI reports and and FOMC announcements You know as I recall in one of the recent CPI reports spy gamma notional was like minus 2000 so Yeah, we knew again that traders were long puts Market makers were short puts and they were short futures to hedge their delta exposure And seeing that Vix dropped continued down throughout the day and So then after the open Here's what happened. So this is Thursday and this is for SPX and Let me just get rid of So this is SPX and traders were selling puts so they might have been taking profits Or for whatever reason they were looking at that high implied volatility and selling puts taking advantage of that increase in volatility And they continued to do that throughout the day and that's SPX and here spy so my thesis for the day and I talked about this yesterday was mildly bullish based on the data coming in line with the expectations and the Dropping implied volatility and this so first of all hedging flow was confirming that that thesis and Notice it will go back to the look at the Vix chart again Notice the slight rise in Vix That starts just a little bit before the cash open and then Vix pretty much drops lower for the rest of the day and that Lines up with what traders were doing with put so they Initially were buying puts and then shortly after that Started selling puts and let's look at spy and same thing a brief You know brief few minutes, maybe 10 15 minutes of a buying puts and then they started selling puts and price was was rising So implied volatility was dropping Price was rising those puts were quickly losing value and Market makers were buying back their short hedges and So the point of this first we've seen that how I use positional analysis to develop a thesis for the day And then I have confirmed that with market maker hedging flow with spot gamma hero And now let's take a look at the final Chart that I have here and then this is the s&p 500 and I talked about this yesterday the setup And the order flow also confirmed my thesis. So here is Here's the quick drop into this turned out to be a sbx close to an sbx inflection point on the Spot gamma equity hub composite view chart and we'll We'll look at it for today and see how that see how that works So order flow did confirm So here's the here's that stop run into that level shown by that dropping yellow line Meanwhile large traders are buying With large iceberg orders. I think at the time I saw I thought I saw about 9000 so that's 9000 contracts large traders buying with iceberg orders They used to hide their size and then notice the shift from the all these pink dots to green dots so aggressive sellers stop run down to that level and then aggressive buyers come in as Large traders are buying with iceberg orders and price moves higher So again develop the thesis based on positional analysis and Both hedging flow and order flow Confirm my thesis Okay, so that's the review of yesterday and yes, I all of my Charts are in eastern time and every time I mention a time it is eastern time Okay, so that was yesterday and then let's let's talk about the economic data very quickly and then we'll get into the position analysis for today so There was a drop lower and it started Before the cash opened this morning and it could potentially have been these bank earnings so initially All of these banks Bank of America JP Morgan Wells Fargo and City group were all trading lower in the morning and I you know that could have been potentially Driving the market lower So that was one thing and then they're also there was Tesla news I guess Tesla reduced prices and maybe got a there are a couple of analysts downgrades So that was you know somewhat Negative news that that might have contributed to the the early drop and I guess honestly, I didn't I didn't see any reason you know based on my positional analysis for the market to be lower and then also the Economic data that came out this morning this consumer sentiment and by this time by this came out the market was already rising but the consumer sentiment came out better than forecast and Again the market was already rising and they interpreted this is as bullish So that's the economic data and now let's talk about position analysis for today So the first thing that I want to look at I'm going to go to a Think or swim chart that shows a bigger picture and these are the current SPX spot gamma SPX levels and it's showing SPX only levels as well as Combo levels which combine SPX and spy so this is a bigger picture and I've talked about this for the last few days that SPX has broken out of this narrow trading range that began about Mid-December and it looks like is trying to make its way up now to the 4,000 level that's the call wall and the Keygamma strike or the absolute gamma strike So that is the big picture and that's his SPX And then let's zoom it a little bit in another think or swim chart and this is yesterday and today and again showing the same levels and One thing I want to point out is this Notice this low point for SPX today is Actually 39 47 point six seven so I want to show something that could give an indication of of why It's just below this first of all it's just below this 3950 level which was Expected to act as support today and another thing Let's take a look at Let's go to equity hub and This is the composite view for SPX from this morning and The reason I bring this up is is Spot gamma founders notes have pointed out How these inflection points can work as? support their resistance so just one You know one additional piece of information here is this inflection point at 3945 So SPX reverse somewhere between that level and the 3950 level okay, here's the Here's the bookmap chart S&P 500 and so now it looks like ES has made its way up above The ES 4000 level and want to point out what I'm showing on All my charts here, I have two columns of notes The first is spot gamma cloud notes and these are four these are showing equivalent SPX levels and Also combo levels again, which would combine SPX and spy converted to an equivalent SPX number and then converted to a NES number and Spot gamma is still using a 25 point difference between SPX and ES and I right now today I had it closer to 20 points So these levels should be a little bit lower on the chart and then these are my cloud note levels and I enter these numbers in a spreadsheet and I show The important spy levels, so that is the 396 spy volatility trigger and then the support and resistance levels That are noted in the spot gamma AM founders note So it does look So if we have a 20 point difference So this 3965 Right here would be close to equivalent to that 39 45 SPX inflection point so again a reversal higher somewhere between and this would be the Really be the around the 3950 level So price reversed higher Broke out of this consolidation made up made its way up to the 4,000 ES 4000 level and then Yeah, I guess the question now is The SPX 4000 on deck, you know, maybe not today, but You know, maybe next week And let me check for questions and I don't see any Okay, and there's a question. I'm new quite overwhelming charts Learning on your videos. Yeah, it's going to take time. Just be patient You know for more background information Both book map and spot gamma have excellent YouTube channels so, you know, take a look at the basic information there and then, you know, please continue to watch my webinars as well and I I show you how to put that all together and make trades and develop a thesis and and make trades Okay, so that is the S&P 500 and let's talk about shifts and levels both the SPX and spy volatility triggers Shifted up slightly and let's check what so it looks like now that Both SPX and spy are trading above the volatility triggers so that is Generally viewed as bullish and that also means that in this case above the volatility triggers the SPX and spy Could be in a positive gamma situation So market makers in that case would need to hedge Against price action to hedge their delta exposure and that tends to subdue volatility and the other shifts and levels The spy wall actually shifted down spy call wall Actually shifted down from 410 to 400 and the key gamma strike for spy shifted up to 400 So gamma is really consolidating at the spy 400 level now and We saw that yesterday with QQQ gamma consolidating at the 280 level and of course with SPX The 4000 level has been the key level for quite some time. So let's just take a look at the charge here We'll start with SPX And so these are the absolute gamma levels This is the zero level and above is positive gamma or call gamma and Below this line and that's shown by these black lines and then below this level That's put gamma or negative gamma and that's shown with the teal lines And so we can see that This 4,000 level is the key level. So that is the Absolute gamma strike for SPX and that is also the key gamma strike Or the key gamma strike absolute gamma strike, which is the strike with the largest Absolute gamma and it's also the call wall and that is the strike with the largest net positive gamma and then and then way down here is the put wall and That's not really a significant level in play. It would certainly grow if price start started to drop lower But that is the put wall and that's the strike with the largest Net negative gamma and the put wall can be expected to act as support and the call wall can be Expected to act as resistance and let's take a look at spy now And there's a little bit better distribution here again teal lines or put gamma or negative gamma and And black lines above the zero or positive gamma or call gamma. So the 380 level is still the put wall And remember this the yesterday the call wall was at 410 And that has now shifted down to 400 is that call gamma builds So that is the put wall call wall range For spy and there's also pretty significant gamma at 395 and 390 all right, let's look at data for today So this is the spot gamma AM founders note for today and I usually focus on Gamma notional and this shows market makers position on the gamma curve And I Also note how these levels change from day to day So first of all gamma notional for SPX is positive excuse me Gamma notional for SPX is positive. So this means just looking at SPX that market makers in this case would need to Buy futures as price decreases and Sell futures Or they would need to buy as price decreases and sell futures as price increases to hedge their delta exposure And we'll see that illustrated with a the Vanna chart in just a minute and then SPX is Still negative at minus six sixty four Now these levels change and this is this is kind of odd that the SPX Gamma notional Increased or became more positive yesterday today than yesterday yesterday. It was 134 and today. It's 210 so Again gamma notional for SPX increased today and became more positive on now on the other hand Gamma notional for spy decreased it became more negative yesterday. It was minus five fifty one and today It's minus six sixty four. So in the case of spy This is still showing that market makers would need to hedge in the direction of price To hedge their delta exposure and that tends to increase volatility And let's take a look at the Vanna charts and this is SPX and What this is showing is how market makers delta notional or delta exposure changes with changes in price implied volatility and that's shown by the green curve and the way to interpret this is Just a draw a line through here that makes sense and what this is showing as price increases Market makers delta notional increases. They want to remain delta neutral So they have to sell futures to hedge their delta exposure and then the black line So the green line is the current expiration and the black line is the next expiration and that is showing how Market makers delta no delta notional Changes with as time passes and that's the charm effect. So Vanna is the change in delta as implied volatility changes and Charm is the change in in delta as time passes So that is SPX and let's just look at it as shifted from leaning slightly up from right to left Two days ago on Wednesday to more of a neutral stance to slightly tilting up yesterday and Then more tilting up more positive gamma Yesterday, so that's SPX Let's take a look at spy now and here we can see that spy is still in a negative gamma regime So this shows again that market makers delta exposure Increases as price decreases and market makers have to sell futures as Price drops and they can buy back futures as price increases to hedge their delta exposure And let's just see how that has changed So that's Wednesday Thursday and Friday Okay, so that's positional analysis and it was today Not as clear to me as yesterday, but certainly no reason to be Certainly no reason to be bearish just based on this so Now let's one thing I want to show Before I get into setups. This is a spreadsheet that I keep every day I update it every day and I'm showing my watch list here under the stock symbol column And this is the watch list that I follow every day mostly large cap tech stocks with a couple of higher beta stocks thrown in and I track the key gamma strike every day and At the beginning of the day I shift the current column over to the right and that is the previous key Yeah key gamma strike and that is from yesterday and then I color code these Green indicates that the level increased from the previous day So as an example, let's look at Nvidia So Nvidia the key gamma strike increased today to 165 from 160 yesterday and Also spy the spy key gamma strike increased from 390 yesterday to 400 so let's make a note of the The stocks with the rising key gamma strike the ones that I want to look at today and the first is Apple Then Amazon We can take a look at meta, but it it didn't quite act as expected. We'll take a look at Nvidia and Tesla and also spy of course All right, so we'll keep that in mind and now let's take a look at some setups So and I'm just going to go through this list in alphabetical order and we'll You know, maybe stop and spend a little bit more time at the S&P 500 So the first is Apple I'm going to zoom in on on the morning session so initially there was a little bit of Traders initially in the first few minutes taking positive Delta positions then this big drop and Then Traders started let's see what they were doing so they were buying calls and for a few minutes they were selling puts and Then started buying puts again, but it looks like calls were driving so this I would take as a You know somewhat bullish divergence seeing traders buying calls and price Was dropping here and then started to increase as traders started Selling puts as well. Let's go back. Let's take a look at book map now Go to Apple and here's the setup in Apple Actually, let me go back. I'm going to zoom in like this So notice before I zoom in here that the call wall 134 134 call wall Liquidity level the target has finally been reached and they didn't quite make it this morning, but we'll zoom in on the morning and See the see the uptrend multiple entry points Test a fee WAP Then right after the 10 a.m. Data, there were a couple of tests of the 133 level and Never quite made it up to the 134 call wall And this is what I'm talking about right here and notice all the liquidity at that level So again now they have Finally made it up to the 134 a call wall target and the next is AMD and Remember also Apple was on the key gamma strike list and the key gamma strike rose from 130 130 To 135 Here's AMD. Let's go take a look at let's go take a look at hero. See what options traders were doing so in the morning Traders were buying calls Shown by the rising orange line and price was generally rising as well a few pullbacks giving good Entry points and let's go Back to book map. I'm gonna zoom in here. Hey, sorry. I keep zoom in on the morning session before I do this notice that Just like Apple AMD didn't quite make it up to the call wall and it looks like they missed again So we'll take a look at the big picture and in just a moment. Let's zoom in on the the morning session and Recall that traders were buying calls and Then looking at order flow here. This is a nice wedge pattern price broke out above that at the 70 key gamma strike and Again with a target at the 71 call wall Didn't quite make it to that level so there's AMD not a lot of range but a pretty clear setup Both with hedging flow and order flow and there's the second shot at the 71 call wall Still haven't reached that liquidity. It looks like traders are front running that and notice all the pink dots coming in there All the aggressive sellers With their market sell orders All right, let's take a look at Amazon now And while we're waiting on that let's take a look at hero So in the case of Amazon, there's a very strong correlation between hedging flow and price action Zoom in on the morning. So in the morning, especially there's a very strong correlation with traders buying calls and price action and I've talked about this many times when Traders buy calls Market makers are selling calls and they have to buy stock to hedge their delta exposure and as price continues to increase They have to continue to buy stock to hedge their delta exposure So as a stock trader that's something you want to see as a Confirmation of taking a bullish trade So let's go take a look at bookmap now and very nice uptrend and Amazon Again as traders were buying calls and one other thing to note is that Amazon was also on that list of stocks with a rising key gamma strike So that was one reason to look at Amazon this morning and notice the bullish order flow all the green dots All the way up and if you look at CVD, I'm sure it's Most likely rising that was in the morning. So see CVD cumulative volume delta shown by that dark blue line Was increasing all morning and that just confirms the board bullish order flow and price targets are clear not a lot of liquidity at 96 and Interesting that there is no liquidity no sellers at the 95 level now. It looks like some buyers have come in And I'm just looking at the the liquidity at that level Not much at 96. So really the first primary target In the morning was the 97 level with the liquidity there and then it's stacked up above so now they have made it up to the 98 level liquidity and notice more More pink dots coming in more aggressive sellers coming in as price rises All right, the next one. Let's go back and take a look at We'll take a look at ES and spy at the same time. Let's go take a look at hero now We'll look at ES and it basically ES and spy, you know as far as options trades go are Just about the same So options trades and spy are really what's driving the signal in ES Which actually combines spy and spx Options trades calls inputs into one total signal here I'm gonna zoom in on the morning and notice There this bullish spike. Let's just see what they were doing So this makes it a little bit more clear traders are buying calls and Again, this is spx and spy and mostly spy And also they're buying puts So what I think is going on here is remember how drastically Vicks dropped yesterday and Yesterday with that high implied implied volatility Traders were selling puts and that implied volatility drops and now they're taking advantage of the low volume volatility to Buy calls and puts they're buying volatility At low prices, you know, and I guess this depends on their directional bias whether they're drawing Buying calls or puts but mostly in this time frame that I'm looking at now mostly calls and I think that set up a Nice long this morning Okay, let's clear this let's take a look at book map and Gray asked do I have any book recommendations for options and I I'll post something later In chat. I'll respond to that. I have not read it, but I know that Brent Kachuba the founder of Spot Gamma recently mentioned a book and I have that on my Wishlist in Amazon, but I have not I have not ordered it have not read it yet It's about position analysis and I will I'll post a link Later on after my session and you can read the reviews and and Take a look at it. See what you want to do So here's the s and remember traders of buying calls and let's just zoom in Let's zoom in on the morning session here So again break out of this consolidation here and then multiple entry points on pullbacks And it looks like price stalled at the ES4,000 level shown here and notice the bullish order flow This light blue line shows that Large traders were buying with iceberg orders So they're using their these iceberg orders to hide their size and also the Rising pink and yellow lines Excuse me, so the yellow line shows stop orders And those are by stops and then the pink line shows cumulative volume Delta So bullish order flow at that point and let's go take a look at spy There's not as much noise in the heat map and spy At least with my settings. So it's a little bit easier to see Excuse me. All right. So here is spy again, we'll take a look at the morning session and This is what I was watching here the consolidation and the breakout and the first pullback So if you didn't catch the breakout of the consolidation, then this first pullback Was a good opportunity then here is the Here's the consumer sentiment and Then right after that another good looks like a read almost a retest of the 395 large gamma level and initial price target At least in the early morning was this 396 volatility trigger and the liquidity there That came out before the 10 a.m. Data So price has continued to hire. Let's go back and look at Look at a hero now Let's take a look at spy and traders continue to buy calls and buy puts as price continues to rise I Think with call transactions slightly outnumbering put transactions, but anyway price continues to rise Let's just see what fix is doing and now fix continues to drop It's down almost 4% today down to 18.05 and that is a That's a pretty lower number for VIX in the last year So remember that gamma notional for spy was minus 664 today so that means that traders are long puts market makers are short puts and due to the Avana effect that price Is implied volatility is dropping That those puts are losing value and market makers can buy back their short hedges So that is helping drive price higher today So there's spy and I'm running pretty slow. Let's I've got several more to look at Let's go to Microsoft There was also a short set up in Moderna this morning, but I'm going to go on to Microsoft and There was a short this morning in Microsoft also and what I'm talking about is this Zoom out a little bit this divergent setup. So I'm looking at the purple line. That's the total hero line falling As price increases and let's go take a look at book map Microsoft So anyway, there's the short set up this morning kind of a chop boat These choppy consolidations this kind of rising area Then then this wedge pattern Not an easy trade But a price target at the 235 liquidity level so not all longs today although the There was a pretty jump pretty quick jump in the morning but that was not supported by options traders and hero and Nvidia Let's take a look at that So definitely a bullish set up and it looks like the 170 call wall baby in play. Let's go take a look at a hero Actually, let's just go back and look at Microsoft one more time And so it looks like options traders hero is turned around and price is turning around Nvidia I guess other than this brief Zoom in just a little bit more So initially traders were taking positive delta options positions Must have been taking profits remember Nvidia was up pretty sharply yesterday And it was also on the rising key gamma strike list And then options trades turned around Traders started taking bullish options trades And as price continued to increase And they were buying calls But it's shown by the rising orange line Let's go take a look at And remember this turnaround point looks like around Uh somewhere between 9 59 and 10 o'clock so 9 55. Let's go take a look at book map I'm going to zoom in Sorry about this so if you were Watching hero as a signal A hero alone not watching order flow You're if you're watching order flow your entry signal would have been earlier So remember that turnaround that traders started buying calls around 9 55 so A couple of entry points there I guess multiple pullbacks with the 170 call wall as a target So it looks like now traders are still going for the 170 call wall That could definitely be unplayed this afternoon Um or before the end of the day the way Nvidia moves And again Nvidia was on the rising Key gamma strike list Let's just go take a look and see what What hero is showing right now? Let's zoom in So right now Hero looks bullish And let's just Well, we'll leave it at that so Here traders started taking bullish options trades again And price starts rising again So it's been Been bullish for most of the day And Remember Nvidia yesterday? I thought that was one of the better trades of the day and it looks like the same Same applies to today QQQ And then we'll wrap it up with tesla So definitely bullish order flowed strong confirmation Strong correlation between options trades and price action I have a note that traders were buying calls and that is definitely the case Traders are buying calls And it looks like they started taking profit around 1 1 p.m eastern time And let's go take a look at book map now Go to QQQ And now it looks like QQQ has made it to the 280 call wall So there were a number of let's just zoom in on this Warning session We can see the pullback entries so pretty Pretty good pullback entries the first at the The purple line and that is the That is the opening print And it also is the point of control And pull back to vwap Pull back just after the 10 a.m data Then another pullback to the 278 volatility trigger And then there is the there's the 280 call wall Target and notice the liquidity there also And remember the end I talked about this yesterday the importance of the 280 level that is also the key gamma strike So that is where the the gamma is concentrated For QQQ So it's kind of the same importance as the 400 level for spy Demo So this was a great setup today. I thought especially in the morning And let's take a look at tesla now Take a look at this total signal and actually Let's just see If turning down to a shorter look back period gives us more clarity Not a lot and we can see that traders it looked like For quite a while they were taking profits With their calls Not doing much with puts And now they started buying calls again And prices reached again the 280 call wall key gamma strike level All right, then let's go to tesla. Let's change this back And as usual, there's a very strong correlation between Market maker hedging activity options trades and price action in tesla And there was a good reversal setup this morning. Let's go take a look at book map We'll zoom in on this first first 90 minutes And it looks like Let me just adjust this So i'm not so showing so many sweeps and absorptions That's all the little green dots And red dots And that should tone that down just a bit So break out of this consolidation And breaks out just above the opening print there And notice that's where the point of control is that purple line And then multiple pullbacks that are pretty clear Pullback to about the 117 50 level pullback just after the 10 a.m data Or actually maybe 10 minutes after to the 118 level Then a little bit of consolidation about the around the 119 hedge wall And first target at the 120 and that's the key delta strike And that strike is not often in play So there's the morning setup the reversal That are mid-day pullback and then price starts to increase again And then heading towards the upper edge of the expected move and the liquidity at 122 And let's just take a final look at hero The traders are buying calls And let's just zoom in and we can see that this morning That this is somewhat of a divergence as price Drops Traders were buying puts Not doing a lot with calls But overall You know looking at a little bit longer term view. Yeah, they were They were buying calls And price reversed And moved up higher Okay, that is all I have. Let me check for questions There are a few questions and comments in youtube 4dd drover Yes, brenton brent mentioned that book you bought it. That's awesome great So I will I'll post that in discord chat a link to that on On amazon for that book and yes buying low low iv options. Good stuff. Yes, that that's the way traders work They like to sell high volatility and buy it when it's low And a question about the put line sloping down traders are buying puts And call lines sloping up buying calls Um, I don't necessarily avoid the stock because of the conflict you can look at the total line and Either calls or puts may have a a greater influence So let's go back and take a look at at spy Break this out and put some calls We can see that traders are doing both And here it appears to me that That calls have more influence So I would not avoid this and looking at these numbers the The call number is a little bit more positive than the put number Let's go back to the total signal now And we can see overall it is positive And floyd's garage. I don't know hero hero is Something developed by spot gamma hero stands for hedging impact of real-time options And it is a compliment to Positional analysis so the positional analysis Is static and that shows how traders were positioned Essentially the end of the day yesterday And then hero along with order flow and book map shows me what's happening today And again hero is showing the real-time options hedging activity And of course book map is showing real-time order flow And if you have more questions about hero, I suggest you go to first of all the Spot gamma website. They have plenty of free information Including a lot of information about hero also go to the spot gamma youtube channel And there are a number of videos About hero just giving you the basic information Noah, thank you, Doug. Your videos are a true masterclass and options Complicated material are articulated clearly and thank you very much. Thank you for your kind words One last question from RTRT. Can you start doing prep work from hero Upon market closing? And yes, you can if you didn't catch the first part of this video I talked about how I used what was happening on Wednesday With traders buying spy puts and spx puts and how I use that in my thesis For thursday for the the day of the cpi report So yes in certain circumstances You can Floyd's garage asked Purple and white line so purple line is the hero signal and that is combining put and call transactions And showing the net effect of traders buying and selling puts and calls And the white line is price and the The legend for the chart Is shown on the upper left corner there and Big eye studios asked about stops and icebergs. I'm already 15 minutes over Ask me again next week But that is beyond the scope of what i'm talking about remember my focus is options And I've mentioned that stops and icebergs is a confluence If if you do have questions about stops and icebergs, I suggest Taking a look at more information On the book map knowledge base And also the book map youtube channel and there should be some information in the features and components playlist for example On the book map youtube channel Okay I'm going to wrap it up at this point Thank you very much for watching and attending and your questions and comments And everybody have a great weekend as a reminder Monday is a market holiday And I will be back on tuesday So thanks again. Have a great weekend everyone and I will see you next week