 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, led minute materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk Disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. 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 and the topics of the channel, which I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the options dash Doug chat channel is options order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned at 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. I look at real time order flow on Bookmap and real time market maker hedging flow on Spot Gamma Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about setups in an underlying asset that can be taken any number of ways. For example, the S&B 500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the options dash Doug chat channel and discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. Hello, Floyd's garage. Welcome. Glad you're here. All right. My agenda for today, Monday, November 20th. First of all, I want to go over news items, economic data events and earnings. I need to edit that and say earnings. There is an important earnings release, which I'll go through in just a moment. Then I'll go through my positional analysis. Then I'll review some setups from earlier today. 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 and I'll be glad to do that. All right. Let's start with news items. Just a note, please excuse my voice. I woke up with a little bit of a cold this morning, so my throat is a little bit sore and I'm a little bit congested, so again, please excuse my voice. All right. Let's start with news. So today, let's get out of this. Take a look at, let's go to book map. All right. Today there were two, three month and six month bill auctions at 11.30. Not much of an impact on the market. That's right here at 11.30 a.m. eastern time. Then this was a 20 year bond auction and a very positive response to that bond auction that was at 1 p.m. eastern time. All right. So that's the news for today. Then tomorrow the FOMC minutes come out at 2 p.m. eastern time. That could be a market mover. We'll watch a market tomorrow at 2 p.m. We'll watch the S&P 500. And then after the close tomorrow, NVIDIA reports earnings, the last of the magnificent seven to report earnings, again after the market closes, SpotGamma is showing an expected move of plus or minus 6.7%. And then on Wednesday, Drobel Goods orders the economic data report comes out at 8.30 a.m. eastern time and then Michigan consumer sentiment at 10 a.m. And then of course Thursday is the Thanksgiving holiday in the U.S. And then on Friday, the market is open half a day. And also there is some data coming out on Friday, 9.45 a.m. PMI data. And note that I will not be streaming on Thursday or Friday. All right. So that's the schedule for the week. All right. Let's take a look at positional analysis now. First of all, I want to start with the S&P 500. This is the S&P 500 futures ES and book map. And Stephen, hello. Glad you're looking forward to this. I hope it's helpful. All right. Let's take a look. First of all, larger time frame. I'm going to take a look at the SPX in a one day, I'm sorry, a 30-day one-hour chart. Let me point out a couple of key turning points on this chart. First of all, this is Monday, October 30th. Traders were loading up on puts before the weekend, concerned about weekend risk. And then as the weekend passed, price increased, implied volatility drops, those puts, loss value, market makers could buy back, short hedges. And this IV collapse led to a huge put-vanna rally, a little bit of consolidation. And then this is Friday, November 10th, huge Magnificent 7 rally, as traders were buying calls. And then the next event, it's not, I don't have it highlighted on this chart yesterday today, is the options expiration on last Friday, 11.17. That was a call-dominated options expiration. Typically, the response after a call-dominated expiration is for a little bit of weakness or consolidation in the market as the put, the calls that have been stabilizing the market have expired. And so far, I guess the volatility is increasing and that pinning effect of all that call gamma is potentially helping to fuel a big rally today, or a rally today, along with call buyers in the Magnificent 7. We'll see that in just a minute. All right, so overall, the rally that began on the end of October really continues. All right, let me point out some levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. That's based on the options market updated once a week. The dash blue lines showing the upper, lower and upper daily expected move. And it looks like SBX is trading now above the upper daily expected move. All right, that is also based on the options market and that is updated once a day. All right, the dash red lines are showing spot gamma levels. These are proprietary spot gamma levels based on gamma-weighted open interest. I'm going to point out the key daily levels. First of all, there's the put wall. It's 4,400. That's the strike with the largest net negative gamma that could be expected to act as support. That level did move up pretty substantially. It was 4,200 on Friday, up to 4,400 today. The next level up is 4,495. That is the volatility trigger. That is spot gamma's proprietary volatility flip level. Below that level, market maker's position on the gamma curve is negative. In a negative gamma environment, they have to trade with price to hedge their delta exposure. And that tends to subdue or decrease volatility, increase. That tends to increase or enhance volatility. On the other hand, above that level, market maker's position on the gamma curve is positive. In a positive gamma environment, market maker's have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. And note that SPX is trading above that level now in a positive gamma environment. That level also shifted higher from last Friday, pretty substantially, up to 4,495. The next level up, just right above that, is the absolute gamma strike at 4,500. That's a strike with the largest absolute negative and positive gamma. That's where most of the gamma weighted open interest is concentrated. And then just above that is the call wall at 4,550. That looks like the next strike in line for SPX. Looks like SPX is trying to reach that level today. So that is the strike with the largest net positive gamma that we expected to act as resistance. All right, let me check for questions. All right, Steven is asking about the difference between the SPX toss chart levels versus book map level. All right, so first of all, this thinkorswim chart that we're just looking at, just shows SPX levels, these are the correct levels. There's no translation, no math here involved. These are levels that are at the correct levels, just pure SPX levels. No SPI levels, just SPX at the correct levels. And this is provided to spot gamma subscribers, this information for a variety of platforms. I use thinkorswim, I'm showing thinkorswim here. All right, then I'll get to my book map chart in just a minute. And book map, I'm showing ES. So I have to translate SPX and SPI levels to the current ES level. And I do that every day. I post those index relationships in Discord, typically around 10 AM. And yes, Steven, the put wall was at 4,200 last week. It has moved up to 4,400. So you can always expect some shuffling of levels after options expiration. And Steven, just look up above, look at my post from this morning. I'm posting the ES to SPI relationship, the NQ to QQQ ratio, the ES to SPX difference, and the NQ to NDX difference. All right, so Steven, just scroll up in the options-jug channel, you'll see that. All right, so that is the SOB 500 for SPX 30-day chart. Let's take a look at a chart for today. Actually, I'm showing about three days worth of data. So Thursday, Friday, and today. And the uptrend that began on Thursday really now has accelerated. And there was one last test of 4,500, and again 4,500, the absolute gamma strike that was on Friday. And now the rally continues. Here's that 20-year bond auction at 1 PM today. All right, so that is the SPX last three days. The rally continues. All right, now here's book map. So back to Steven's questions. I have my own cloud notes. So before, we were just looking at SPX. Now we're looking at ES. So there's a relationship between ES and SPX. Typically changes a little bit every day. And here I am showing SPX levels on my chart. There, for example, is the SPX 4523 level, noted as resistance in the Spot Gamma Am Founders note, really acting more as support than resistance. But that is shown at ES 4536. And that I'm using a difference of 13 points. Let me check on that. So right now it's actually a little bit over 13. Some are between 13 and 13 and 1 half. I'm using 13. So again, ES minus SPX is 13. And that's what I'm using on my chart here. I'm also showing SPI levels on my chart. For example, here's the SPI 451 large gamma 3 level. That index relationship also changes a little bit every day. And I have scripts in Thinkorswim that show all of this information. So I just plug the numbers into my spreadsheet that feeds this information. So in my Cloud Nodes, I'm showing SPX levels. The white labels with red text, white lines, those are Spot Gamma levels. Then for SPI, just the round number levels are shown in yellow. And then here's the upper daily expected move for ES and prices trading above that level. All right, Steven, again, just scroll up in Discord here in the options-dog-chat channel. And you'll see my post from this morning, just after the Magnificent 7 chart that I posted. So ES divided by SPI, today I'm using 10.0435. So I multiply 452 by 10.0435. And that gives me the ES level to show on this chart. And then again, for SPX 4523, I just add 13 to that to get 4536. And that's where I'm showing it on this chart. And the scripts, if you have Thinkorswim, I did post those some time ago in Discord and look for the pin icon in the upper right corner. And you should be able to find the scripts. But they're only for Thinkorswim. All right, so this is the, let me get on with this. So this is ES for today, showing the levels in play for today. And around this 4514 level acted as support, launching point for the rally in the right of the cash open 930. Then this 4523 support level for a pullback entry. All right, so the support down around, probably 4512 on SPX, resistance, the upper bound, upper level, unknown today. Here's the call wall, the SPX call wall up above 4550, showing at 4563 for ES. And then there's the SPI call wall at 455. All right, shifts in levels for the SP500. I mentioned the volatility trigger and put wall, both shifted higher for SPX. There were no shifts in levels for the key daily levels for SPI. All right, let's take a look at NASDAQ. All right, Floyd's Grice. Well, let me take a look at. All right, so here's what I have in SPI. I have all these little scripts. These are Think scripts. So that's showing the ES to SPI ratio. And I'm using 10.0435. This is also showing ES minus SPX. It's a little bit over 13. I'm using 13 in my spreadsheet to display the numbers. All right, Floyd's Garage asked, how do I add Bookmap to Discord? I'm not sure I understand your question. So if you're interested, you can join Bookmap Discord. If that's what you're asking, just go to the Bookmap website. And you should be able to go into the more community and find a link to Bookmap Discord. No, you don't need an invite. Just go to the Bookmap website. Go to the more community. And you should see a link to join Discord. All right, let's move on. All right, so Steven asked, so the scripts are for Tosh users, but the index relationships, you can use that in any platform. And I'm just using Think or Swim. All right, here's NASDAQ. All right, NQ Futures and Bookmap. Before I take a closer look at this chart, I want to take a look, first of all, at QQQ. This is a one day, one minute chart. Note this 386 level. Acted as support, that's a large Gamma 2 level. And now QQQ is trading above its call wall at 390. And there's a combo level just below that. All right, so that's QQQ. Let's take a look at NDX. And note for NDX, it opened above its call wall at 15,825. And now it's trading up to that combo level, also NDX, 16,000. And that's a large Gamma 1 level, one being the most important. All right, let's go back to Bookmap. So in Bookmap, I have my own cloud notes. Again, for both of these, S&P 500, ES Futures, and NASDAQ, NQ Futures, I like to show relationships for ES, for SPI and SPX, and for NQ, QQQ, and NDX. And here's why. QQQ 386, acting as support. And that's just below the 15,900 level. All right, so there's a huge cluster of levels up here. It looks like NQ may be consolidating above those levels. So all the labels at that level are not shown. And the label that's not shown is the QQQ 390 call wall. All right, so those levels in play for the S&P 500 and NASDAQ. There were some shifts in levels for the NASDAQ as well. The NDX, Volatility Trigger, call wall shifted higher. And the Absolute Gamma Strike shifted lower. So now the Absolute Gamma Strike and call wall are at 15,825. And for QQQ, there was only one shift in level. And that was the Volatility Trigger just shifted one point lower. Down to 383, not in play. So QQQ trading well above its Volatility Trigger in a positive gamma environment. All right, so speaking of gamma, let's take a look at Gamma Notional now. This is market makers position on the gamma curve at the beginning of the day. And I'm looking at Gamma Notional for the S&P 500, NASDAQ and Russell 2000, all are positive. This indicates on this position of the gamma curve for an index, traders are short calls, market makers are long calls. In a positive gamma environment, they have to trade against price and hedge their delta exposure. And that tends to typically subdue or decrease volatility. And these levels moved up and down. There were some kind of a mixed picture. SPX still positive, but slightly less positive than Friday. Spy slightly more positive. NDX more positive, QQQ less positive. And then both the Russell 2000 RUT and IWM switch back from negative gamma notional on Friday to positive today. All right, let's take a look at the Vana model now to get a graphical representation of what this means. I'm gonna start with SPX. This chart is showing delta notional or market makers delta notional on the vertical axis and spot price for SPX on the horizontal axis. There are two curves on this chart. The first, the light gray curve shows how market makers delta notional should change with changes in price only. And then the purple curve adds implied volatility to the equation. Showing how market makers delta notional should change with changes in price and applied volatility. And that change in delta with a change in implied volatility is the Vana effect. Vana is the second order of gray. And that's the curve that we wanna take a look at. All right, so let's check on current prices. Right now, SPX is trading at 45, 46. So that's right around here on the bottom of the curve. So what this is showing is if price continues to increase, market makers delta notional will increase. Remember, they wanna remain delta neutral. So they will have to sell futures to hedge their delta exposure. All market makers do is make markets and manage their risk. They don't wanna take any directional risk. Let's take a look at SPI. SPI currently trading right around 454. Also near the bottom of the curve but approaching the right side of this curve. And again, as price continues to increase, market makers will need to sell futures to hedge their delta exposure. So when traders are trading options in SPX and SPI, market makers hedge their position with ES futures. And finally, let's take a look at QQQ. QQQ trading just above its call wall at 390. Now also approaching the right side of the curve. I mean, slow down just a little bit. So right about there on the right side of the curve. Again, as traders, as price increases, traders are trading QQQ options and market makers are hedging those positions with NQ futures. All right, let's take a look at some setups now. Well, first of all, so my thesis for the day, they're really two. First, bullish, just looking for a potential continuation of the rally. There were some positive shifts higher in levels. Volatility trigger and put wall for the SPX. NDX, the volatility trigger and call wall shifting higher. Some minor shifts in levels. Again, looking for a bullish continuation. Second, thesis, alternate thesis was bearish based on this call dominated options expiration. As those calls expire, market makers could potentially sell futures as their delta exposure decreases. That's not the case today. All right, so let's take a look at some setups now. And if there's any question about what is driving the rally today, we can take a look at this chart. We'll start with this chart. All right, so let me explain. This is the hero signal available to spot gambles subscribers. What this chart is showing is price and the hero signal hedging impact real time options. And this is for a combined signal for the stocks known as the Magnificent Seven. That's Apple, Amazon, Google, Meta, Microsoft, Nvidia and Tesla. So this chart, the hero signal is showing options, trades, market maker hedging activity for a combined signal. And I'm not sure the price, I'm not sure what the terms of the price are. We'll look at the S&B 500 signal in just a moment and that is in terms of SPX. All right, so let's just take a quick look at this chart, see what traders are doing. This rising orange line shows that traders are buying calls and they're actually selling puts also in these seven stocks that make up a large component of both the S&B 500 and NASDAQ, sorry about that. That's a bug in hero, nothing I did. So anyway, call buyers in the Magnificent Seven as well as put sellers helping to drive price higher in both the S&B 500 and NASDAQ and many of these stocks. All right, so let's go to the S&B 500 now. So this is the signal for the S&B 500, white line showing price for SPX, the purple line is the hero signal and that is showing options, trades and market maker hedging activity for a combined signal for SPX, SPY, XSP and ES futures. All right, I'm gonna zoom in on this. And we'll take a look at book map in just a moment. So the setups, first of all, long at the open, rising purple line indicates traders are taking positive delta positions. Let's zoom in on this a bit. So there was this pullback entry and if we separate outputs and calls here, you can see right around 10.25, traders start buying calls again. They were buying puts shown by the falling blue line. That activity stops briefly and price starts to move higher. So initial long entry at the open, traders buying calls helping to drive price higher and then around 10.20, they start buying calls again. Zoom all the way out. Note as the, this activity levels off they stop buying calls, stop buying puts, then price jumps higher again after that 20 year bond auction. Traders start buying calls, now they start selling puts. Zoom all the way out. Notice net for the day, traders still have been buying puts. Minus 357 million, they're also buying calls. That's almost, there it is, 3 billion. So the notional value for the call buyers much, much higher than the notional value for put buyers. Call buyers definitely driving the market higher in the S5500, just like the Magnificent 7. All right, let's go take a look at book map. Go back to the ES. All right, so here's the initial long entry at 10.30. You can see the, looking at the volume dots. These volume dots are showing market buy minus sell. Green dots indicate there are more buyers than sellers. Magenta dots indicate more sellers than buyers. So there's that initial entry right at the cash open right around the 45, 14 level, just below, a little bit below that. Pullback entry just right around 10.25. A few aggressive sellers there are shown by the magenta volume dots. Then price starts to move higher again as aggressive buyers come in. There's that long period of consolidation. As options traders took their foot off the gas, maybe they were waiting on this bond auction. Then aggressive buyers come in as well as traders buying calls. And price continues up. Next target in sight, the SPX4550 call wall. And above that, the SPY455 call wall. All right, so the rally continues in the SP500. Let's take a look at NASDAQ. All right, first let's see what options traders are doing. Here's NASDAQ. This is a combined signal for NDX and QQQ. So you can see here this chart is showing call buyers really driving price. And the clear entry was just about the same time as ES right around 10.25. Traders start buying calls that really has continued. And for a period of time, they stop buying puts shown by the level blue line there. So when traders buy calls, market makers sell the calls. And in this case, they have to buy NQ futures to hedge their delta exposure. And I also like to look at the Magnificent 7, especially for NASDAQ. This is a very clear signal, bullish from the open. These stocks make up a large portion of the NASDAQ. Pullback entry, they start buying calls again, shown by the rising orange line. All right, let's take a look at some stocks. First wanted to take a look at AMD in the morning. Oh, let's go back to book map and cover NQ and book map. Let's zoom in on this just a little bit. All right, so pretty similar pattern to ES, aggressive buyers at the cash open, shown by the green volume dots, pullback to NQ 9.50. And then there's this 10.25 pullback again to 9.50. So the trade long entries in both the SB500 and NASDAQ confirmed by order flow in book map as well as hedging flow in spot gamma hero. And when I trade, I'm watching both screens at the same time, book map, I'm only presenting on one screen, but I'm watching book map on one screen and hero on the other screen. Also note, the rising yellow line indicate, indicating buy stop orders, helping to fuel the move higher, rising dark blue line, cumulative volume delta, shift in order flow here, aggressive sellers coming in right at the upper daily expected move, also 16,050 point drop or so, then aggressive buyers start to come in at 9.50. All right, let's get back to stocks now. Let's see, AMD, the recall buyers this morning, not a lot of range in AMD. Let's jump on to meta. We'll go back to hero. Here's AMD trading above its 120 call wall. And let me just point out one other thing on this chart. This is a very typical pattern for stocks. Aggressive traders in the morning, and then when they take their foot off the gas, hero levels off or drops, price consolidates or drops. That can happen anywhere from 11 to 12. Call buyers really driving price in AMD. Again, they take the foot off the gas just after 11. Stop buying calls, start selling calls slightly, and price moves lower. Go to meta, similar pattern. Call buyers in the morning, shown by the rising orange line. When traders buy calls, market makes or sell the calls. They have to buy stock to hedge their delta exposure. Start selling calls, price moves lower, and now it's consolidating. Let's go take a look at book map. Start move higher in the morning. Options traders taking profits. You know, the move happened at about 30 minutes. Options traders taking profits. Price drops a little bit then consolidates. All right, there are a couple of other stocks I want to take a look at. Let's take a look at Microsoft. All right, Microsoft has definitely been in the news today. For those of you who may not be aware, Sam Altman, the former CEO of OpenAI, and apparently there's been a relationship between OpenAI and Microsoft. Anyway, he was fired by the board on Friday. And then over the weekend, actually the news came out this morning. I saw the news this morning that Microsoft had hired Sam Altman to lead a new AI unit. So initially on Friday, I think the market may be interpreted that as a bearish for some stocks, AI stocks, stocks that are driven by AI a lot, including Microsoft. But again, the news came out on this morning that Sachin Adela, CEO of Microsoft, had hired Sam Altman to lead an AI unit at Microsoft. So market overall interpreting that news is bullish. And let's go take a look at Hero now and see what options traders have been doing. Go to Microsoft. So rising hero line, traders are net taking positive delta positions, a little bit of a mixed picture in the morning. Let's take a look at puts and calls. So for today, they are buying puts, I'm sorry, selling puts and buying calls, mostly buying calls, notion of value for the orange line higher. This is what I was watching today. I was watching Microsoft looking for an entry point for a long and there was a nice pullback down to 372, right around 1020, something like that. Sorry about that. All right, so it took a little while for options trades to get going. Let me just go to book map. So I was looking in this area for an entry. Oops, wrong tool, I mean to grab that. Looking at this trend break. All right, so there's Microsoft bullish. Microsoft has been very bullish, helping to fuel or lead this rally higher that began on October 30th. All right, next, Netflix. All right, Johnny asked on what timeframe is book map? So there really is no timeframe if you're thinking of Microsoft and Netflix is not a good one to show this. So there is really no timeframe, like one minute or five minute candles. You can't show candlesticks on book map. I never do that. So I can zoom out and see the entire days worth of data or zoom in to as close as you wanna go. You can go to the nanosecond level here in book map if you wanna see that. I'm certainly not interested in zooming in to that level. So all I have to do, I'm just scrolling my mouse wheel up and down so there's no set timeframe. And typically I'm showing for stocks, I go back to four AM. That's when my data provider DX feed starts to provide data for stocks, four AM. And then for futures, I'll show that in a minute. I go back to the start of the session, which was for futures, 6 p.m. Eastern time on Sunday, the day before. All right, Netflix, let's see what options traders are doing in Netflix. There's Microsoft and we'll go to Netflix. Traders buying calls and selling puts. Both numbers are positive. And when they take their foot off the gas, price immediately, oops, wrong tool, immediately consolidates or starts to move lower. All right, that's Netflix. And the last stock I wanna take a look at is Nvidia. You know, again, Nvidia of course reports earnings tomorrow after the close. So let's see what traders are doing in Nvidia. Note that 500 is the call wall, key gamma strike. And traders are buying calls in Nvidia. They're also selling puts, but call buyers definitely dominating price. Notional value for call buyers much, much higher than the put sellers. All right, you're welcome, Johnny. All right, let's go take a look at book map. Take a look at Nvidia. But all the green volume dots here are a lot of aggressive buyers, very few sellers. So the morning price shot up quickly to that 500 call wall, key gamma strike level, consolidated. And then it started to move higher, break out of the consolidation at 1 p.m. after the bond auction. And now traders are tripping all over themselves trying to get long Nvidia. So kind of a parabolic move there in Nvidia. Note in all this move higher, only three little tiny magic of volume dots, the aggressive buyers. Let's go back to hero. So traders continue to buy calls. All right, let's take a look. Let's go back to book map. Let's go back, let's go to something that trades pre-market. I'll go to spy. So for spy, what I'm showing on this chart is data back to 4 a.m. That's as far back as DX feed goes for the day. So there's the timeframe for spy for stock, typical for stock. Again, I can zoom as desired. And then for futures, I have rhythmic data. So I typically open book map right around 7 a.m. Rhythmic provides one hour of backfield data that does not include MBO data, which is used for the stops in icebergs. And then also have DX feed data, backfield data that gives me data back to the actual opening for futures, which was at 6 p.m. yesterday. So really, that's not significant, of course, the move. Really, today, of course, happened at the cash open. All right, so here's the SB500 again. 4550 call wall just above. That's the SBX 4550 call wall. And then the spy call wall just above that. Potential targets and resistance levels. Looks like ES is finding some resistance at the spy 454 level. Let's check on NASDAQ. All right, does anyone have any stocks they want me to take a look at? Or any other questions? I've got a couple of minutes left, and then I'll need to wrap it up. All right, so NASDAQ trading above the QQQ 390 call wall, excuse me, as well as the NDX 15,825 call wall. Looks like if NASDAQ keeps going up, it may make it to the upper weekly expected move today. Well above trading, well above the upper daily expected move. You know, those NVIDIA earnings better be good. Traders are, it looks like they're betting a lot on that. All right, NVIDIAQ continues to rock it higher. Looks like Microsoft may be consolidating a little bit. Come back to ES. Let's just check HERO one last time for the ESB 500. All right, the HERO line continues to trend higher. Traders continue to take positive delta positions. Note that the, sorry about that, both the orange line and blue line are moving in the same direction. That is a very positive bullish signal. Spy gamma notes when both the blue line and the orange line are moving in the same direction. That's a very strong directional indicator. Sorry about that. So in this case, very strong bullish indicator. Both lines moving in the same direction up. All right, so now HERO may be leveling off in just a little bit. Back to book map. Water flow still looks bullish. Kima to volume delta line rising. That's the dark blue line, yellow line rising. That's a bystop orders. Also now it looks like large traders have gotten on board with iceberg orders. Showing by the rising light blue line. All right, my time is up. I wanna thank everyone for watching. Thank you very much for your questions and comments. I hope I was able to answer your questions. Steven, let me know if you still have questions. I'll try and answer your questions in chat. All right, thanks everyone. And I will see you tomorrow. Thanks again, bye.