 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookbap Discord and the Bookbap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the Disclosures. General disclosure, all Bookbap 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 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 Bookbap Discord, there's an Options-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 that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug P. Here are the key tenets to my approach for trading. This is the basis of my approach for trading. I believe that options trades and market maker hedging activity are key drivers of price and many stocks and futures and certainly in the equity futures that I follow, the S&P 500, NASDAQ, as well as large cap tech stocks. And for the S&P 500, SPX is the underlying index, SPY is the ETF version of that index, and ES is a derivative of SPX. And when trader's buying sell puts and calls in SPX and SPY, market makers take the opposite side of those trades and they hedge their delta exposure with ES futures. And for the NASDAQ 100, NDX is the underlying index, QQQ is the ETF version of that index, and NQ is a derivative of NDX. And when trader's buying sell puts and calls in NDX and QQQ, market makers take the opposite side of those trades and they will hedge their delta exposure with NQ futures. The focus of my presentation today and the focus of the options-dash-duck chat channel is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning. And I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as the directional bias. And the second step in my process is execution. I look at real-time order flow and book map and market maker hedging flow and spot gamma hero to confirm my thesis and for setups. And when I talk about setups today, I will be talking about an underlying asset for setups. For example, setups in Nvidia can be taken with shares of stock or options. So today was a very bullish day in Nvidia. The setup that I am going to talk about, you could buy shares of Nvidia or buy calls or sell puts or buy a call spread and at your choice. Questions and comments are welcome. And I will be watching both the options-dash-duck chat channel as well as the chat and YouTube for your questions and comments. Please feel free to post. I'll do my best to answer your questions. And hello, Steven, compulsive guy. Welcome. Glad you're here. All right, here's my agenda for today. Friday, March 22nd. Normally, I go over news items, economic data and events. There was nothing significant today, so I'll move on to positional analysis. So I'll cover my positional analysis for today. Then I'll review some setups from earlier today. Then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, let's get started with positional analysis. I'm going to start with the SB500. This is the ES Futures and Bookmap. And before I take a closer look at this chart, I do want to take a look at a larger timeframe. I'm going to go to the underlying index. Again, that's SPX for the SB500. This is the current rally that began last year, October 30th, shown by this green trend line marking the low and the high so far. And that is SPX since that October low has rallied about 1150 points. So quite a rally. All right, so that's a one day chart and think or swim. Now let's take a look at another SPX chart. Let's go to a 30 day one hour chart. So this green line, green dash line, that's the top of the trend that I was showing on the previous chart, that trend line going from low to high. And so far, the high for SPX, that's the all time high, is 5261. And that was put in after SPX broke out of this consolidation on Wednesday after the FOMC announcement and meeting. This console, oops, wrong tool. Here's the consolidation. Then on Wednesday, SPX broke out of that level, made a new all time high and is now consolidating again. All right, let me focus on the levels on this chart. I'm going to zoom in just a little bit. All right, first of all, the dash purple lines are showing the lower and upper weekly expected move that's based on the options market that is based on the closing price last Friday. I update those levels once a week, they remain in place the entire week. SPX again broke out above the upper week the expected move on Wednesday and continues to trade above that level. And now the lower and upper daily expected move also based on the options market are both above the upper week the expected move. So that again is based on the closing price for SPX from yesterday. And I do post both of those levels in the options dash, Chet Shalon discord every evening. All right, tacky guy tacky let's see tacky and discord did have a question about how to calculate or how I calculate expected move. Let me show you real quick. So I just go to an options chain. This is think or swim options chain for SPX. Let's take a look at Monday. That's the 25th. Let me open this up. Whoops. So what I'll do I'll take this this number right here plus or minus 26.36. I'll do that at the close today. So SPX will close at 415 p.m. Eastern time. I'll take that number at the close and add it and subtract it to the closing price to get the expected move for Monday and do the same for the weekly expected move. I'll just take the Friday number. Right. So those are the expected moves. Also, the other levels on this chart are spot gamma levels. These are proprietary spot gamma levels. They're provided to spot gamma subscribers showing on a variety of trading platforms. Again, this is think or swim. I'm going to point out the key daily levels. First of all, and this is really strange. I don't have much confidence in these levels. I'll show you why in a few and just a couple minutes. Right. So 5,240. That is the put wall and the volatility trigger. So the put wall is the strike with the largest net negative gamma that can be expected to act as support. And the volatility trigger is spot gamma's proprietary volatility flip level. Below that level, market makers position on the gamma curve is negative and a negative gamma environment market makers have to trade with price to their delta exposure that tends to enhance or increase volatility. Above that level, market makers position on the gamma curve is positive and a positive gamma environment market makers have to trade against price to their delta exposure that tends to subdue or decrease volatility. So that's 5,240. So that's the volatility trigger and put wall. And then just above that at 5,250 is the call wall and absolute gamma strike. So the call wall is the strike with the largest net positive gamma that can be expected to act as resistance. And the absolute gamma strike is the strike with largest absolute positive and negative gamma. And that can that is where most of the gamma weighted open interest is concentrated. And according to the absolute gamma levels that we'll take a look at in just a minute, that is that's not the case. 5,000 should be the absolute gamma strike. So I don't understand these levels. Anyway, if these levels are correct, there's only a 10 point difference between the put wall and the call wall, which is very strange. So I always investigate anything that doesn't doesn't look right. Right. So those are the levels at least shown on the chart. All right, let's wrap up our view of SPX with a one minute chart. So this is showing data from Wednesday on to today. This is the breakout above the upper weekly expected move on Wednesday after the FOMC announcement and press conference announcement and press conference. Consolidation yesterday, then it started SPX started to move lower and looks like it is finally breaking that downtrend and maybe finding resistance at that 5,240 level. Alright, so here's the the cluster of levels. If these are correct, put wall volatility trigger and call wall just above very narrow range. All right, let's go take a look at book map. So in book map, I have my own cloud notes. So I can show here's my column of cloud notes. So I can show SPX levels. And let's see. Here's one level that is in play. That's the 5,242 combo one level. So that combines SPX and spy gamma weighted open interest into one level. And that is shown in terms of an SPX price. I convert that to an ES price. Today there's a 60 point difference between ES and SPX. So this SPX 5,242 level, I'm showing that at ES 5,302. And this level just above their two lines here, right at ES 5,300. That's the 5,240 level that was noted as the volatility trigger input wall. And that's just above the spy 5,22 volatility trigger input wall. Alright, so again I'm also showing spy levels on this chart. Here's the spy 5,210 gamma level acting as support today. And then again, here's the spy 5,22 level, the put wall volatility trigger. Alright, shifts and levels for SPX volatility trigger put wall and absolute gamma strike all shifted higher according to the notes anyway. And then for spy volatility trigger put wall and absolute gamma strike also shifted higher and the call wall actually shifted lower. So let's just scroll up on this chart just a little bit. Right, so here is the, well let's see I've lost the 5,23 level. Let me check on something just a minute. Okay, I get it now. Right, so this the call wall for spy is at 5,23. And that's at exactly the same level as the SPX 5,250 call wall. Alright, so there's again a 60 point offset between SPX and spy and then the calculation for ES to spy also comes in at 5,310. So interesting that the call walls are almost perfectly aligned and the put walls are also and put walls and volatility triggers for SPX and spy almost perfectly aligned. Alright, so those are the levels in play for today. SPX now breaking that downtrend moving up ES, SPX spy. Alright, so those levels in play for today for the SP500. Let's take a look at NASDAQ. Alright, here's NASDAQ and Q futures and book map. And I do want to take a look at the underlying index charts quickly. So this is QQQ QQQ zero gamma level 445. Here's the put wall and volatility trigger also at the same level 446 for QQQ. And let's see 447. That's the absolute gamma strike 447 absolute gamma strike. So very narrow cluster of levels for QQQ as well. Alright, so it looks like earlier today. The 446 volatility trigger put wall was acting as resistance QQQ broke above that level. Now the 447 level may be acting as resistance. Alright, so there is something to these QQQ levels for NASDAQ. Alright, so again, let's take a look at NDX. NDX also levels up above. Looks like it has broken the downtrend that began midday yesterday. Now trying to move up to the levels above 18,000. Alright, back to NQ. So again, I have my own cloud notes. Excuse me. So I can show NDX levels there none in play. Let me just zoom out. Alright, so here's that 445 level. Large gamma two zero gamma level 446 put wall. I should change update the note. That's also the volatility trigger. And then there's the 447 absolute gamma strike that did act as resistance earlier. And now it looks like NQ is trying to break up above that break out above that level. And here showing the 446 level acting as resistance earlier today before NASDAQ broke out above that level around 1245. Alright, let's wrap up positional analysis by taking a look at gamma notional to see how to see how market makers were positioned on the gamma curve at the beginning of the day. So this is gamma notional for the SMB 500 and NASDAQ. That's what I look at. Kind of an odd mix of shifts in gamma notional for the SPX positive. And this number became more positive than yesterday. In a positive gamma environment spot gamma assumes that for an index traders of short calls, market makers of long calls, hence the positive gamma, they have to trade against price to hedge their delta exposure. And then all these other numbers are pretty much neutral. And they did shift for spy, NDX and QQQ. The number shifted slightly lower from yesterday, but basically neutral. Alright, let's move on. I did want to show you the absolute gamma levels. This is for SPX. Let me zoom in on this chart just a little bit. So remember, I said anything that does not look right. I do take a closer look. So what the chart is showing is absolute gamma for SPX. This is market makers position. Orange bars are showing call gamma or positive gamma. And blue bars are showing negative gamma or put gamma. Remember the absolute gamma strikes is the strike with largest absolute gamma. And I think it's pretty clear. And I added the numbers here myself that 5,000 should be the absolute gamma strike. And really looks like the call wall should be at 5,300. And maybe 5,250 is correct. But 5,250 should not be the absolute gamma strike. Alright, so just wanted to clarify that. Alright, let's move on. So everything that we've looked at so far other than bookmap is based on static data. So those levels are based on open interest, spot gamma takes open interest data that's updated once a day sometime overnight. They apply their algorithms to come up the levels. Alright, now let's move on to execution. And the first thing I'm going to do is take a look at what options traders are doing today. So this is the hero signal. This is provided to spot gamma subscribers. This chart, again, hero H I R O hedging impact real time options is showing options trades and market maker hedging activity for a combined signal of SPX by XSP and ES futures all into one combined signal. The white line is price for SPX and the purple line is the hero signal. A falling hero signal indicates traders are taking negative delta positions. They are buying puts and or selling calls and a rising hero signal indicates they're taking positive delta positions. They're buying calls and or selling puts. Alright, let's zoom in on this chart. Alright, what I do what I want to focus on is a short set up first of all. And this is normal normally when I trade in the morning. So a short set up right around 10.05. So notice right around 9.40 the hero signal move lower chopped and then move lower again. So there are really two two shorts in the morning went around 9.40 and one around 10.05. Just following the hero signal. Alright, let me check for questions. Hello, Anna Rag. Welcome. Glad you're here. Anna Rag asked, does the hedging by market makers happen instantaneously? Or is it within a few hours somewhere in between that range? So it depends. It depends on the size. It depends on their position. But I think it's it's typically in certain stocks very timely and maybe lagging a little bit and the SB 500, which is actually an advantage that can set up very nice divergence trades. But here I think it's pretty clear that the hedging activity is happening pretty quickly as traders are buying and selling puts and calls. Alright, so one thing that I would do want to do is separate outputs and calls. Let me zoom in a bit. Actually, before I do that, I need to jump. Jump back. We'll take a closer look at that signal in just a minute. Alright, so I'm going to. Alright, so what I've done is separate outputs and calls. So the orange line is showing calls. A rising orange line indicates traders are buying calls market makers are selling calls, and they have to buy futures to hash their delta exposure. And a falling blue line indicates traders are buying puts. When traders buy puts market makers sell the puts and they have to sell futures to hash their delta exposure. And when both of these lines are moving in the same direction, that's a very powerful directional indicator. Alright, so let's look at these two short setups from the morning. First of all, the one right in right around 940. So initially, for about the first 10 minutes, traders were buying calls, took their foot off the gas, started selling calls. They sold puts for a few minutes, started buying puts again. So from around 940 to 955, both the orange line and move line, blue line were moving in the same direction. Very powerful directional indicator. And the same thing happened right around 1005. Call buyers took the foot off the gas, started selling calls, traders resume buying puts, orange line, blue line moving in the same direction, price moves lower. Alright, let's go take a look at those two short setups in the SB 500. So let's go back the SB 500. Alright, here's the first short setup. 940 a break below this combo one level, as well as VWAP that's shown by the light blue line there. VWAP volume dots are showing market buy minus sell green volume dots are showing they're more aggressive buyers. So again, volume that's delta market buy minus sell green volume dots more buyers than sellers, magenta dots indicate more sellers than buyers. Price jumps up, aggressive sellers start to come in as traders take negative delta positions, price moves lower, down to this 5236 level that was noted as support and the am founders notes spot gamma am founders note. Then again at 1005. Yes, makes a lower high, reverses right around the 5242 level, aggressive sellers start to come in cumulative volume delta starts to move lower. That's shown by the magenta line in the sub chart. Also large traders were selling with iceberg orders. That's shown by the falling light blue line. Also the on chart indicators. And then sell stop orders helped a few of the move lower that's soon by the falling or yellow line as well. Also the on chart indicators showing a big that's a lot of stop orders in this context, not necessarily in in absolute terms. Alright, so those are the two shorts. First of all, right, I'm not right. The first one 940 second at 1005. Those are the confirmations of book map and the confirmations in hero. Alright, let's go back to hero now. Alright, so here's the current hedging flow right around 1235 traders start aggressively buying calls, start selling puts, orange line blue line moving in the same direction. This is after some consolidation in the calls and prices moving higher looks like to above the high of the day. Alright, let's take a look at NASDAQ. Alright, NASDAQ. Different story today. What I'm looking at, let me zoom out is the signal for the mag seven. What this is showing is options trades and market maker hedging activity for a combined signal of the stocks known as the Magnificent Seven. That's Apple, Amazon, Google, Meta, Microsoft, Nvidia and Tesla. And I will tell you that Nvidia is definitely driving this this move higher. We'll take a look at Nvidia really the stock of the day. Alright, so this is showing we zoom back in. And these stocks traders have been buying calls from the open shown by the rising orange line when traders buy calls market maker sell the calls. And they have to buy stock to hedge their delta exposure. They've also been selling puts that show by the rising blue line. Again, rising blue line orange line moving the same direction, very powerful directional indicator. Alright, so let's go take a look at NASDAQ in Q futures. That's a great way to trade this basket of stocks. Since they make up a very large component of the NASDAQ 100. So to long entries, as traders were taking positive delta position to the mag seven stocks. First of all, long at 950. That's off the NQ 18,500 level, more long entries right at that same level. So that level acting as support entry point for longs three times today. Note on the last couple that large traders were buying with iceberg orders that shown by the rising light blue line. And here finally cumulative volume delta starts to take off and move higher that's shown by the dark blue line in the sub chart started taking off about 11am. Some consolidation, then NASDAQ breaking out right around 1230 1245. As traders continue to take positive delta positions in the mag seven stocks. Alright, let me check for questions. And anirag asked, when the flow alert comes in, is there a way to tell whether it is for calls or puts no. So the let's go back to hero. There won't be any alerts there. Let's see. I know there was an alert on Google. So typically the alerts are shown on the call line. But that does us, you know, you can just logically tell that this is really based on call call buying here for Google. That's what I'll cover this stock in just a minute. But there's really no way of knowing for certain and spot gamma says that those alerts, there's even though it's on the call line, there's no indication that that is for calls the alerts. If you have puts and calls separated, the alert always appears on the call line. But it's not necessarily for calls, although you can just logically tell here, that's what's moving the call line. Picasso asked, can you increase your volume? Sorry, I have done. Let me just check. Alright, for YouTube, I have set my gain microphone gain at the highest level possible. So sorry, there's nothing else that I can do. And I have a headset and I'm speaking right in the microphone is right in front of my mouth. So I apologize, I've done everything I can, you maybe maybe try and turn up your volume somehow. Alright, so sorry about that Picasso. Alright, let's move on. First stock I want to take a look at his Apple. Alright, next trade says sounds good here. Alright, thank you very much for for the confirmation. So here's Apple. Remember, yesterday Apple was down pretty significantly. After the news came in that the Department of Justice was suing Apple. It looks like dip buyers are coming into Apple today, starting right around 945 950 buying calls shown by the rising orange line also selling puts multiple flow alerts. And price continues to move higher as traders continue to buy calls. Looks like they have there's some consolidation now. Call buyers have taken their foot off the gas and put seller so both these lines are flat right now maybe ticking up again. Let's go take a look at book map. Let's go to Apple bullish day and Apple. This is classic absorption here. Right at the 170 level note the this is the heat map and book map showing a history of the limit orders in the order book. This is very typical for stock. These are limit buy orders. They typically come in for a stock at the cash open remain there until they're filled. And they were not there. It looks like traders were front running that high liquidity at 170 aggressive buyers starting to come in shown by the green volume dots as traders were taking positive delta positions buying calls and selling puts and Apple is moving higher continues to move higher. Also note aggressive buyers starting coming in shown by the rising cumulative volume delta. Alright the next stock Google we just took a look at that bullish day in Google. Let's go back to hero definitely call buyers driving shown by the rising orange line. Full alert right at the cash open traders buying calls. Not much with puts. They are selling puts but compare the notional value. This is about 90 million versus 9 million 10 times the size call buyers versus put sellers. Also notice as the call buyers took their foot off the gas. Price is moving sideways slightly down. Very typical pattern. Aggressive call buyers in the morning. They took their foot off the gas pretty quickly just right after 10 a.m. Alright so that's Google. Let's go back to book map Google again aggressive buyers shown by the green volume dots. As well as call buyers driving price higher. They took their foot off the gas right around 10 a.m. And that was about the high of the day. Alright the next is Microsoft. Very clean downtrend in the morning. Making lower highs multiple entry points. For short. This one at 429 at V WAP. This trend line. And then right around 1145. Microsoft broke out of this trend line did a test of the 426 level and is now moving higher. So let's go take a look and see what options traders have been doing. Let's go to Microsoft. So it was mainly call sellers in the morning driving price. So just comparing notional value. This is negative for puts so traders have been buying puts also selling calls. Call sellers much more aggressive driving price lower. When traders sell calls market makers buy the calls and they have to sell stock to hedge their dealt exposure. Then right around 1140. They started selling puts and buying calls. Microsoft reversed higher. There was a flow alert that came in just a couple of minutes after the cash open. Alright NC says your mic is good. Alright thanks for the confirmation. And K 20 Z three. Ask is this platform free spot gamma. No it's not. I wish I wish it is spot gamma has put in serious development effort on their infrastructure as well as the functionality of this and they they do charge for this but I in my opinion it's well worth it. So no it is not free but in my opinion well worth it provides substantial value and I'm only looking at only looking at a small portion of of what spot gamma provides. Alright Picasso I understand your problem with the microphone. There's nothing that I can do. I'm sorry. Alright so that is Microsoft reversing higher. Was in back out. Now moving higher 430 is the call wall. So let's go back to book map. Alright so there's the call wall at 430. Again heat map and book map showing a history of the limit orders in the order book typical for stock. They come in at the cash open. This very dark red band of liquidity indicates a large number of orders in the order book again that came in at the cash open. That's the 430 call wall expected to act as resistance and that liquidity often acts as a magnet for price for stock. So more absorption down here at 426. All those limit orders were not filled and traders were front running that liquidity right before 426 price reverses higher now heading back up to the 430 level. Alright the stock of the day Nvidia quite a move higher. So let's take a look and see what options traders have been doing. And before we do that let's take a look at something else. So I'm going to go to hero for Nvidia and let's do some more investigation on Nvidia. This is equity hub and spot gamma. So this is another one of the tools that spot gamma provides for analyzing equities. This is Nvidia. What I'm showing here is the 10 day history of the key daily levels. That's what I focus on. This is a recent addition. This color coding of levels. So if the level increases moves higher, it's color coded green. If it moves lower, color coded red. So this is the change from yesterday to today. So the hedge wall moved higher. That's similar to the volatility trigger in an index call wall moved higher up to 950. We'll see that in just a minute. And the put wall did move lower. So I'm a little bit more focused on the especially today focused on the call while moving higher to 950 that is that is bullish as well as the hedge wall moving higher. Let's take a look at one other thing. What this is showing is the volatility skew for Nvidia. And this is showing implied volatility on the vertical axis, strike price on the horizontal axis. This is let me show you first of all for let's take a look at SPX of volatility skew. This is typical of an index SPX. This is showing puts higher volatility for puts indicates an increased demand for puts. And this is very typical of an index. This is how traders money managers will hedge their portfolios with SPX puts or put spreads. So that's for SPX that's the SP500 index. Let's go back to Nvidia. This is indicating there's a very large demand for calls increase volatility for out of the money calls and increase demand for calls. There's also going to demand for puts but this is typical of a stock that's in play like Nvidia. High demand for calls implied volatility increases. Alright, so now let's go take a look at hero. And this is why there's a higher volatility for calls increased demand for calls. This is showing from the open. Traders were buying calls. When traders buy calls market makers sell the calls. They have to buy stock to hedge their delta exposure. They're also buying puts that shown by the rising blue line are they're selling puts and buying calls call buyers more aggressive. This is quite a large number for a single stock. 3 billion in notional value that's dollar notional value for calls. That is very large number and then one billion 1.17 billion positive for the blue line for puts. So they're selling puts and buying calls both lines moving the same direction. And Nvidia moving up to that call wall that did move higher from yesterday at 950. Very bullish day in Nvidia. And here's the first ideal entry point. That was right around. Let's see when that was right around 950 pullback to VWAP that light blue line. Then there are multiple pullback entries after that to 925 935 940. So huge move in Nvidia driven by a huge huge notional value and call buying. All right let me check for questions. Right. K20C3 you're welcome. Tape reader 5 says hey I have an indicator cumulative volume delta pressure. And is this close to rising delta you were talking about a few minutes. Thanks can hear you too good by the way alright thanks for the confirmation indicator on toss not book map. I don't know exactly what that is I have another I have an indicator and think or swim called volume delta study. And I think it refreshes every every 20 20 minutes or something like that so it's not quite the same. What this is is cumulative volume delta for the entire day. So it's just adding up volume delta by minus cell and accumulating that for the entire day so I'm not I'm not familiar with that that study in think or swim. You might take a look at the description or take a look at the code. All right Floyd's garage welcome. Hello glad you're here. Can you mention how you trade when skew is high. So I'm just showing that that that is an additional confirmation. Something that you can do in an investigation. That you that will confirm a bullish entry for or bullish outlook for Nvidia. So basis my basis thesis for the day for Nvidia was bullish based on the rising call wall as well as that. Rising call skew that heightened demand for calls in at a rag gases that three billion notional value for call of calls for Nvidia for today. Yes. That is for today. That is huge. That is quite large. That is on the let's let's go take a look at let's go back to hero. Let's go to hero. Let's go to the S.B. 500. So I'm going to compare calls for the S.B. 500 again. Remember this is S.B.X. by ES futures and X.S.P. all into one combined signal. That is half half the size of the call notional value for one single stock in video. So he has to interact that is for today and that is huge. All right. Let's come back to Nvidia. All right. Compulsive guy asked when purple hero signal is above below current price and the green zero DTE signal is opposite above below current price. Does one tend to dominate? How do you trade this? I typically do not look. I have not looked at the zero DTE signal recently. I just I I stick to the stick to the total signal. So let's let's take a look at I'm going to go back to the total signal. Let's go to the S.B. 500. Right. So what compulsive guy is asking is asking about next expiry. All right. So this does provide some some interesting information. All right. So this there are two lines on this chart. Now the purple line is the hero signal for all expirations so that is today next week next month. And the blue line is next expiration and for the S.B. 500 that is zero DTE. That's options that expire every day. So that is showing options that expire today. You can see the very strong correlation and the close correspondence between the all trades all expiration hero line as well as the zero DTE. So this is showing that the options trades for today are making up for options that expire today are making up a very very large component of all the options trades for today. All right. So the what what I read into this is there may not be long much long term consequence to what what traders are doing today. They're not worried about next week. They're just worried about today. We can take a look at let's go back to Nvidia. Most likely a lot of this is all right. So it's a little bit different for for Nvidia. So this is also provide some good information that traders are taking longer term positions in Nvidia. So the longer term all trades. So today tomorrow today next week next month. That's about twice the size of options that expire today. So they are taking positive delta positions and options expire today. But about that's just about half of the total. All right. So compulsive guy thanks for the question. That does provide some additional clarity. So this indicates that traders are long term bullish on Nvidia taking longer term trades. So let's turn that off. Right. You're welcome Floyd's garage. Right. Let me check for additional questions. All right. I've got about five minutes left. Does anyone have any stocks they want me to take a look at. Let's check on the net S&P 500 still very strong correlation between options trades and hedging activity. Let's go take a look at book map. Go back to the S&P 500. So now S&P 500 supply finding support at the 522 50 52 40 put wall volatility trader multiple combo level here. All right. Tape reader says thank you. Good session. Thank you for your kind words and you're welcome. All right. Let's check on NASDAQ. Let's go back to mag 7. All right. Traders have taken the foot off the gas. It's about almost 2 30 p.m. Certainly makes sense after bullish day taking profits. Let's check Nvidia again. The driver for today note there is often very very large similarity between the mag 7 signal and the Nvidia signal. And that's certainly true for today. Options traders taking the foot off the gas than Nvidia now starting to roll over just a bit. Let's go back to book map back to Nvidia. All right. So Nvidia consolidating now between 940 and 945. Let's just see what's up above. All right. Looks like I need to have more levels than just as I expected. There's a large band of liquidity up at 950 and also sellers at 949 and 948. So I need to adjust my levels and Nvidia after the rally today. All right. Tony K says thumbs up for Doug P. Please. Yeah, please. If you like what if you like this if you like what I'm showing. Yeah, like would be great. A thumbs up would be great. All right. So consolidation between around really 940 and 947 is options traders have taken the foot off the gas and Nvidia which is driving the mag 7 and driving the driving the NASDAQ today. Let's go back to mag 7. All right. Last call for stocks. I've got just a few seconds left. Back to book map Nvidia. So the question of the day is will the aggressive call buyers come in again at the open and take Nvidia up to 950. So I'll keep an eye on that. I'll post anything in discord if that happens. Oh, KP wants to take a look at at RTY IWM. Sorry about that. I'll get to that right now. All right. So let's take a look at IWM. I don't think there's much. Well, first of all, RTY I don't think there's much. So let's go take a look at IWM. Take a look at that first. There's also a combined signal for the Russell 2K. This is why I really don't trade. IWM the Russell and the Russell 2000 just typically not a very strong correlation between the SB the IWM and options trades. Hero signal really moving in the opposite direction. Alright, let's take a look. There was a combined signal. Combined signal of right and IWM. Same thing not very strong correlation. So this is KP. This is why I really don't trade trade these instruments the Russell 2000. There's just not a strong correlation between options trades market maker hedging activity and price action. You know, certainly nothing like the SB 500 and NASDAQ and the large cap tech stocks that I follow. Alright, and razz and rag ass that is a if we have to earn a living doing this, how do you suggest we start? So that's a loaded question that would take some time to answer. First of all, I would say if you have to earn a living doing this, then I would find some way to generate some income while you're learning. So then you have to learn learn and in my case you would what I'm showing you would have to learn book map book map provides plenty of tools for learning the basics of book map plenty of streamers for learning in a variety of ways of trading and then from what I'm doing learn about spot gamma as well. Alright, so you just have to thank Steven for helping to answer that question. Alright, everyone, my time is up. I want to thank you very much for your questions or comments. Thanks for watching. If you like what you saw today, give me a thumbs up. Have a great weekend, everyone. And I will see you on Monday. Bye