 Hello everyone, welcome to options with Doug streaming live daily on book map discord and the book map YouTube channel at 130 p.m. Eastern time before I get started. I need to go through the disclosures General disclosure all book map the minimum 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. Just a moment here 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 book map discord. There's an options dash Doug chat channel That's a great place to post questions comments and content related to that the topics of this presentation as well as that the Topics of the channel. I'll go over in just a moment. So Book map discord is free and available to everyone whether you're a book map subscriber or not I'm also on X formerly noticed Twitter. My name there is at Doug plus The focus of my presentation in 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 in 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 a directional bias and the second step in my process is Execution and I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero To confirm my thesis and for setups for entries and exits Excuse me when I talk about setups today, I will be talking about setups and an underlying asset and For example, S&P 500 setups can be taken with futures shares of spy spy options or SPX options or even ES options so a number of ways to trade these setups Again setups based on an analysis of the options market order flow and hedging flow setups can be taken again any number of ways 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 So please feel free to post and I'll do my best to answer My agenda for today what I want to cover news items economic data For today events for today Then a brief preview of next week, then I'll go through my positional analysis for today Then I'll review some setups from this morning, and then we'll take a look at the live market And when I get to the live market if anyone has any stocks, they want me to take a look at please Let me know and I'll be glad to do that All right economic data Events for today. So the big event was the options expiration. This is a large expiration, let's just take a look at that Very large expiration, especially for SPX This is the expiration concentration chart. So for SPX especially the Monthly options Expirations every quarter are the largest expirations. That's where institutions place their trades So this amount of this chart is showing expiration concentration of Delta Per expiration. So the vertical axis showing Delta notionalists as market makers Delta notional and a variety of expirations This is today. This is the September expiration The orange bar is showing call Delta The put bar The blue bar is showing put Delta orange bar call Delta Blue bar put Delta. So clearly now today We've what we take we take a look at this every day this week and clearly by today There's a clear domination of calls into this expiration So all of the calls SPX calls so some have already expired for SPX There's an AM expiration. That is the the typical monthly expiration the AM expiration that those options expired at the At the open today, and then there's also the weeklies the SPX weeklies that expire at the end of the day So a lot of those calls so have already well the calls for the AM out of the money calls that calls for The AM settlement have already expired and then a lot of calls will expire with the Afternoon settlement the PM settlement the weekly. All right, so all of that Delta notional goes away at the end of the day. All right, so that is the Expiration concentration for SPX. We'll just take a quick look at spy So here's spy Very heavily call dominated That's the large bar there the large orange bar Call domination and the same for QQQ very heavily call dominated So a lot of the calls are expiring today puts as well But mostly calls All right next week Just a note on my schedule, I will not be streaming on Monday and Tuesday So again next week. I will not be streaming on Monday and Tuesday, but I will be back for Wednesday. That is the FOMC Meeting and announcement So I will be back on Wednesday for the FOMC meeting that will the announcement will come at 2 p.m Wednesday afternoon midway through my My webinar on Wednesday and again, I'll be back on on Wednesday All right, so that is the the news. Let's take a look at positional analysis now and Thesis development so first of all this is the ES futures I'm gonna start with the SMB 500 ES futures in book map and Before I take a closer look at this chart. I'm gonna take a look at a larger time frame This is SPX in a 30-day one-hour chart This is the August expiration That's when this rally began the August 18th options expiration And as you recall that was very negative Gamma put dominate slightly put dominated rally those puts expired and Market makers could buy back short futures and as price continued to increase finally shifted from a a negative Gamma position to positive Gamma back to negative and then back to positive today and Certainly will be negative again tomorrow or next next week on Monday most likely All right, so Gamma notional did shift to positive today All right, so that is the August expiration now just the opposite is occurring for the September expiration heavily call dominated slightly positive Gamma all those calls are Expiring that are supporting the market and That should lead to a wider trading range typically a pullback after a call dominated positive Gamma Expiration I've been talking about this all week All right, so 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 and SPX did test the upper Weekly expected move yesterday and now is now trading well below that Right in the middle of the range between the upper and lower weekly expected move That information is just based on the options market It's available and any should be available on any trading platform With options chain for SPX The dash blue lines are showing the and they're covered by Red lines, so it may be difficult to see but that is the lower and upper daily expected move SPX is trading well below the lower daily expected move All right, let me point out some spot gamma levels now these are proprietary levels Available to spot gamma subscribers based on gamma weighted open interest and Note that the very tight cluster of levels here. They're shown by the red lines so first of all The 4500 level that is kind of the center Of the universe right now. We'll take a look at that in just a moment That is the center of the universe for SPX Most likely will not be next week or some of that gamma will definitely Have be diminished next week But anyway, the 4500 level is the absolute gamma strike and also the put wall The put wall is a strike with the largest net negative gamma that can be expected to act as support And it's not doing its job today SPX is trading well below the put wall The absolute gamma strike is the strike with the largest absolute negative and positive gamma Then just above that the 4510 level Actually, let me zoom in on this chart just a little bit Maybe easier to see here we go. So zoomed in on this chart Excuse me. All right. So here's the 4500 level again absolute gamma strike and put wall just above that is the volatility trigger That is spot gammas proprietary gamma flip level Below that level market makers position on the gamma curve is negative In a negative gamma environment like like SPX is trading now Market makers have to trade with price to hedge their delta exposure and that tends to enhance or increase volatility On the other hand above that level Market makers position on the gamma curve is positive in a positive gamma environment They have to trade against price to hedge their delta exposure and that tends to subdue or decrease volatility And then just above that At the 4525 level is the call wall. That's a strike with the largest net positive gamma That can be expected to act as resistance. So that's a very very narrow range Between the put wall and call wall put wall at 4500 and the call wall at 4525 and Just recently a week ago The put wall was at 4300 and the call wall at 4600. So a three point A 300 point range a week ago between the floor And the ceiling the put wall and the call wall and as opposed to a 25 point range today between the floor and the ceiling All right, let's take a look at another spx chart just to get a closer look at the Levels and play for today So spx trading below the Where is it the Below the upper weekly expected move it was trading it yesterday. It did trade above that level. So trading below the Upper weekly expected move. That's also right near next to the 4510 volatility trigger also trading below the put wall And the lower daily expected move All right, let me check for questions all right, so in seven lead farmer Ask if the put wall put wall is at 4500 and we cross below it in this trading day. Does that there imply there's so many orders sitting That we pass through it without all of them getting filled And yes, we did the spx not we spx Opened below the 4500 level And I I don't know if there were orders at that level or not I do know about open interest and volume at that level But I don't know about orders at that level So we'll take a look at the open interest information in just a moment So actually let's do that now. All right, so we know spx The lower the day 44 47. We'll remember that when we look at the van a model spx below the The volatility trigger the put wall and the lower day. They expected move All right, let's take a look at A couple of things here I'm gonna go back to this chart Right here. This is the absolute gamma for spx and this may be This number here may be difficult to see but Um This is very obvious the 4500 strike As I said is the kind of the center of the universe today for spx That is the Put wall as well as the absolute gamma strike All right, let's take a look at Take a look at something and think or swim here. This is the This is the options expiration For this afternoon So for some reason think or swim is not showing the am settlement That that already expired So let me just take a look at something real quick Give me just a moment. All right, so I'm looking at Just looking at another screen here that does have the am settlement So there were definitely some There were definitely calls inputs that expired today So this is what is That already expired today and this is what is expiring. I have a This is what is expiring today calls Oops, that's volume. Let me go to open interest So there was a large amount of open interest that expired A larger amount of open interest Mostly over 10 000 at each strike that expired today. Here's open interest. This is expiring today calls Inputs that expired this afternoon Here's the 4500 level All right, so that is uh, that's what's expiring today All right, so again in in seven lead farmer. I don't know about orders Uh at that level, you know, that's going to change during the day All right, let's take a look at book map now So book map I have My cloud notes I'm showing SPX levels. There's the 4500 level absolute gamma strike put wall I also have spy levels on here Here's the spy Now, let's see. Where's the Oh 40 uh 450 above. Here's the spy for example the spy 449 volatility trigger here is the spx 44 50 level and I I I set my ES to SPX difference this morning at 50. It looks like it is trading at 48 now So this 44 50 level should be just slightly lower also note there the ES to spy ratio Increase quite a bit. There was a dividend for spy today. So that ES to spy ratio Changed quite a bit from yesterday. All right, let me check for questions All right, so in in seven lead farmer Ask if the put wall indicates open interest or a large number of resting waters It indicates gamma weighted open interest so the open interest For today. So gamma is greatest at the money at expiration. So the gamma Today has more importance than the gamma next week Gamma is greatest at the money at expiration So this the put wall is simply based on open interest Not open orders or resting orders. We'll see resting orders in book map. That's what the current order book And then the heat map in book map shows the So current order book is the current resting orders and then the heat map shows the history of resting orders All right ball. I I'm not sure what you're asking about closing your put position Cb re not familiar with that and I would Any order I you know, I don't know about the liquidity of that instrument. I would start at the mid All right, so ensign in seven lead farmer. I hope that answers your question all the The spot gamma levels are based on gamma weighted open interest All right, so here's the s and b 500 it looks like maybe the 44 50 level is acting as Support and we'll see all right, so A lot of levels in play for today Big move lower All right, let's take a look at all right. Let me get to shifts and levels now Before I forget so for spx Uh, the all the key daily levels did shift higher Volatility trigger put wall call wall absolute gamma strike all shifted higher On the surface when you uh, that is that is bullish There are other factors in play today all right For spy again, we're looking at spy on this chart as well Keeping in mind the ratio the s to spy ratio did change pretty significantly today Based on the spy dividend So i'm looking at spy charts and for spy The volatility trigger call wall and absolute gamma strike all shifted Higher as well So bullish shifts higher in the smb 500 and again also a narrow narrowing of the range The volatility trigger for spy at 449 absolute gamma strike at 450 and the call wall at 451 All right, let's take a look at nasdaq nasdaq very similar pattern Sharp move lower today Let's take a look at qqq Just to isolate the qqq levels in play for today No qqq is trading below its put wall Also well below the volatility trigger that is at 378 And it looks like 370 may be acting as support And that is a a combo level Just a combo level just above that also the nl4 level Acting as support almost to the tick So far and let's take a look at ndx zoom in on today so for ndx All the key daily levels volatility trigger put wall call wall Three of them shifted higher So hat trick for ndx just like spy And note the volatility trigger put wall and absolute gamma strike are all at 15,500 That's up here and the call wall is just above that at 15,550 And now it looks like this combo level Which is Right that the same qqq combo level that we just looked at At 15 180 may be acting as support All right, so shifts and levels. I mentioned the Hat trick for ndx and then for qqq The volatility trigger and put wall shifted higher So here's the 375 put wall for qqq And the nasdaq trading well below that down to 370. All right, let me check for questions all right, so in seven lead farmer Ask say spx. I assume Traded all the way back to 4500 before 3 p.m. Today. What edge does knowing about the put wall give us? I assume that's what you're what you're asking Um Well, the thing that we can So today is very complicated day because it's a large exploration. Normally The statistics spot gamma statistics show that I believe positive Ford one day and five day returns after a breach of the put wall for the smb 500 All right, so that's you know, that that's Really the only way that I can answer that question and porter cooper Asked how do I see op-ex with its heavy call waiting? affecting price end of the close I think it it just depends on What options traders are doing so we'll take a look at setups in just a moment and if Traders are continuing to take negative delta positions Then uh, I you know, I don't see any Move higher Into the close we'll just we'll take a look So let's go back to the smb 500. So we'll we'll get to that in a few minutes all right, so In seven lead farmer asked This is wonderful. That's what i'm looking for How does one find the stats on something like that? I don't know if it is of those stats are available to everyone or not Go to the free resources on the spot gamma website and see if you can search for it there I know there have been youtube videos Uh spot gamma has presented youtube videos on this information I don't know if they're publicly available or just available to subscribers That information that should be available to everyone but you just may have to search for it All right, you're welcome lead farmer All right, so port of cruiser. Yeah, if price continues to low Move lower those all those out of the money calls are quickly losing value due to charm That is the change in delta where the change As as time passes. So those the deltas of every call out of the money is quickly approaching zero as Options expiration approaches this afternoon All right, let's take a look at Some other information now So we we know that this is a call dominated expiration for spx spy qqq Let's take a look at gamma notional This is market makers position on the gamma curve at the beginning of the day for spx spy ndx and qqq Note for spx. It is slightly positive today For spy still negative And also for qqq still negative In a positive gamma environment that means that for an index traders are Short calls market makers long calls and they have to Trade against price to hedge their delta exposure On the other hand like spy Negative gamma environment that means traders are long puts market makers are short puts and they have to sell futures as price decreases as As price decreases they have to sell future to hedge their delta exposure So these levels did change from yesterday for for spx Gamma notional became Positive today slightly positive from slightly negative yesterday And for spy it actually shifted more negative And for qqq slipped it shifted less negative. So mixed shifts in the um Gamma notionals. Let's take a look at one other thing here Before we get to setups this is the So we've looked at the absolute gamma strike for spx concentration of 4500 Call dominated expiration. Let's take a look at the vanna model now So what this chart is showing? Is market makers delta notional There were a lot of questions about this yesterday I'll take a few a couple of minutes to go over this. So this is showing market makers delta notional On the vertical axis and how that changes with changes in price on the horizontal axis So there's nothing more to this chart than showing market makers delta notional and how it changes with Changes in price first only price only shown by the light gray line And then this purple line showing it shows how market makers delta notional Changes with changes in price and implied volatility And that change in delta notional With a change in implied volatility is the vanna effect hence the name of this chart vanna is a second order greek So the thing to keep in mind is market makers always want to remain delta neutral So Let's take a look at some prices for Sbx so we know we'll we'll find the 4500 level actually sbx opened just below that Right around 44 98 so about here We know that market makers position on the gamma curve at the beginning the day is neutral We assume that they are fully hedged at the beginning of the day So they're delta neutral And then this is showing how they may Have to hedge their delta exposure with changes in price and implied volatility. That's all it's showing Is how their delta notional changes? So this is the opening right around here Unless we looked at the Last time we looked at sbx That low of the day was around 44 47 So what we know Is as price dropped From 44 98 to 44 47 We know that this curve Is increasing to the left. This is showing that market makers delta notional increased from here to here So they're delta notional increased As price dropped and implied volatility increases That means they have to sell futures to hedge their delta exposure All right, so that's all that's all this means All right. I'm checking for questions All right truman Ask with a way I interpret the spx vantage art change when the founders note gamma notional for spx is negative Versus if the founders note gamma notional is positive um Not really so I you know it will impact Again, I'm the Market makers position on the gamma curve at the beginning of the day Is going to be neutral, you know, that's that's the way they That's the way they operate it is So we assume that it is neutral at the beginning of the day And uh, you know, that's always a factor looking at the the gamma notional At the beginning of the day knowing it's slightly positive for spx, but I'm looking at the position of price on this curve And so I know The opening price the low of the day And this is what is this is what has occurred today Market makers gamma notional Shown and the founders note is at the beginning of the day. This is what is Happening right now All right, so porter asks or says I know market makers like to stay neutral But I've heard some former market makers say how sometimes they will take a direction Based off flows in inventory If they see it going their way That I don't know I I'm just assuming they want to remain delta neutral. They're bona fide hedgers they their only job is to make markets and Manage their risk So that's that's my assumption All right take profit says very clear. Thank you truman Market for an index Traders are long puts and short calls And market makers take the opposite side of that So they are Short puts and long calls So truman, I I you know, I would say just don't don't over complicate this All right, so I need to move on here. So that's the van a model Let's just take a look at So we know prices didn't decrease during the day. Yeah, that's obvious from this chart Let's just take a look at one other thing real quick So here's vix for the day As a proxy for implied volatility and we know that vix is increased all day Price drops implied volatility increases going back to the van a model We know that market makers delta notional has been increasing And they need to sell futures to hedge their delta exposure all right, so Sorry, I spent a long time on this but it's a very complicated day a lot to cover So my thesis for the day There were two Just let me get to the directional bias. There were two number one number two. So number one was Just based on the levels the shift higher and levels for SPX by ndx qqq that is bullish on the other hand in a call-dominated positive gamma Expiration for spx Looking at that call gamma unwind to unwind that is bearish and that is certainly what is playing out today So thesis number two is playing out today All right, let's take a look at some setups All right, so again van a model Price decreasing implied volatility increases market makers delta notional Is increasing they have to sell futures to hedge their delta exposure So it's that that's simple All right, let's take a look at Some setups now i'm going to start with the smb 500 And i've already separated out puts and calls on this chart just get straight to the chase here So what this chart is showing This is the hero signal hedging impact real-time options There are three lines on this chart. First of all the white line is showing price Press px And the blue line is showing Puts This is showing options trades and puts And market maker hedging activity The orange line is showing options trades and calls market maker hedging activity And this is all for a combined signal For spx spy xsp and es futures So if you trade any form of the sp500 whether it's es futures spy shares spy options spx options This is really the signal that you want to take a look at All right, so let's zoom in on this chart Oh just a bit So right here, this is the cash open at 9 30 am eastern time So the blue line When the blue line is falling this is in terms of delta So this is traders buying puts taking negative delta positions That's also shown by the negative notional value here minus 3.96 billion And they have been buying calls, but that that level that activity is Pretty level, but it is this notional value is positive 500 Around 550 million positive So the call buyer the put buyers are much more aggressive today And as you can clearly see from this chart put buyers as well as this Call gamma unwind these calls Losing value due to charm Or contributing to the the move lower All right, so let's go take a look at book map And the smb 500 and clearly You know the only your only job today if you're trading During the day was to look for an entry point for a short Looking for any pullback to go short Pullback to The 4500 level 4495 Back to the lower daily expected move Some consolidation around the 446 level Then the 445 level trend break Aggressive sellers come in shown by the magenta volume dots Let's take a look at the sub chart Note that this is The yellow line is showing stop orders So this move down is also being fueled by sell stop orders Shown by the Small red dots there. That's 2,850 2,845 stop orders Sell stop orders 2,150 Kill it to volume delta also negative That's shown by the dark blue to pink line And then initially Large traders were buying the move down That's shown by the rising Light blue line That's pretty typical of larger traders Buying weakness selling strength And finally they Looks like they gave the through in the towel here and started selling All right, so bearish water flow and hedging flow traders Traders buying puts When traders buy puts market makers sell the puts and they have to sell futures to hedge their delta exposure All right, so the smb 500 again testing that spx 44 50 level All right, let's take a look at nasdaq I'm going to go to hero for nasdaq I've got two things I want to take a look at first of all. This is a combined signal for ndx and qqq And this chart is showing that traders are buying calls Or buying puts shown by the negative notional value in the following blue line They're also buying calls. They started buying calls pretty aggressively looks like around 1145 or 12 noon eastern So far not getting their way Let's take a look at qqq A little bit more clear for qqq traders buying puts And buying calls Call buying shown by the rising orange line positive notional value put buying shown by the falling blue line the negative notional value So options traders not having as much of an impact on the nasdaq as the smb 500 But the order flow for nasdaq is bearish Large traders selling with iceberg orders shown by the falling light blue line Also sell stop orders fueling move lower And cumulative volume delta is positive for the day that shown by the rising pink Or magenta to dark blue line So a little bit of an easier read today in the smb 500. I thought a yes All right, let's take a look at some stocks So i'm going to start off with Something that I talked about yesterday Is the call gamma unwind Let's just change this back to total signal So what i'm going to do is Take a look at my watch list here This is spot gamma equity hub And I can I've selected my watch list here Mostly large cap tech stocks. These are the stocks that I follow and trade And I have ranked them by Next expiry gamma percent So this is the amount of gamma that is that is expiring today for these stocks and I know it's today because this top Gamma expiry this is all 915. This is all today and according to spot gamma any number Above 30 is significant So i'm going to start this With nvidia. Let's I looked at um Looked at google earlier today not much to see there at least when I looked at it A little while ago. So i'm going to start with nvidia 46.76 gamma expiring today This composite view chart is showing that there is some Call gamma shown by the green shading That's above the Or call domination Above the 475 strike. All right, so we're going to start with nvidia Now Let's go to nvidia here Zoom in on this chart traders Oh, just 10 minutes after the open start taking negative delta positions Let's take a closer look and see what they're doing So they are buying puts and selling calls right now. Notional values for both are negative And about the same amount So we know that calls All the calls uh are expiring today out of the money calls especially quickly losing value due to charm the change in delta as time passes Expiration approaches their delta is quickly approaching zero traders are also selling calls so When traders buy calls Market makers sell the calls they have to buy stock to hedge their delta exposure Then when those calls lose value as expiration approaches and traders sell calls they can buy back their They can sell their long stock edges So that is what's happening in nvidia nvidia today. Let's go take a look at book map go to nvidia and Nice downtrend in nvidia Call gamma unwind also traders buying put selling calls market makers definitely selling stock To maintain their delta exposure Their neutral delta exposure All right, Hugo asked Where do I see the order flow right here in book map? So book map is what what I used to look at the order flow If you're not familiar with book map, I suggest you go to the book map Dot com website look for the learning center. There's great information there That's free and open to everyone Just very briefly This is the current order book Showing limit sell and buy orders The heat map is showing the history Of the limit orders And a dark shading there indicates There there's a larger number of orders. You can see that 20,000 limit sell orders there The volume dots Are showing market orders There I have delta for the volume dots. So the volume dots are showing buy minus sell Green dots and are indicating more buyers than sellers Magenta dots indicating more sellers than buyers So Hugo that's where I see order flow That's what I'm looking at on this chart pretty simple for for stocks All right, so that's in video. Let's go take a look at the next one on the list Back to the list in equity hub. The next is netflix. I do not have netflix in Book map. So we'll just take a look at it in hero. Let's go to netflix Very similar traders are Buying puts and selling calls And market makers are selling stock To maintain their delta exposure Right the next I'm going to skip IWM. Let's go to tesla Green shading showing call domination above the 280 strike That is the call wall That's also the key gamma strike Let's take a look at tesla And tesla was A little bullish earlier today So so far today traders are Looking at these numbers here both positive So net for the day they are buying calls and selling puts. So not so much of a Call gamma unwind for for tesla when traders buy calls. You're Not really expecting a call gamma unwind although it may be starting around 1245 1 o'clock. Let's go take a look In book map So we see Starting around 1245 or 1 o'clock Traders started selling calls And buying puts Go to book map Let's go to tesla Oops All right tesla has a very strong correlation typically between options trades Hedging flow and price action So we know Most recently traders started Taking negative delta positions And now price is responding lower right around 1 o'clock 1240 to 1245 to 1 o'clock All right, let me check for questions All right truman asked do you rank the stocks? You're interested in an unwind just by the amount of gamma expiration Already used the amount of call gamma versus put gamma with that decision I just look at the percent gamma Expiring just like I showed So i'm Again ranking my Watch list in equity hub Here by next x-free gamma percent All right, so i'm not not sure what else you may be looking at this is Over here. This is volume Call volume versus put volume. So i'm looking at this number right here Next x-free gamma percent make sure it's today I'm going to skip over amazon go over go to amd now All right, so truman. I just talked about that the I don't know if you're talking about This is volume not gamma expiring Next x-free call volume put volume I'm more concerned with the gamma expiring. So again, this is what i'm doing All right, let's take a look at amd. So there this is showing though Um This is showing all put domination shown by the red red shading So let's go take a look at hero and see what traders are doing That doesn't mean there are no calls that are expiring All right, let's go to amd traders are Buying puts and selling calls Let's go take a look at book map And another nice downtrend in amd Traders buying puts selling calls Market makers take the opposite side of that trade and they have to Sell amd stock to hedge their delta exposure. I've got one more Look at meta So same story traders are selling calls buying puts So i'm shown by the falling orange and blue lines also the negative Negative delta notional value here Let's go take a look at book map There's meta another great downtrend And let's go back and take a look at hero again All right, so for meta 310 is the key gamma strike. I was just checking to see if there was any If 300 was a gamma level, but no the Put walls down at 295 310 key gamma strike Looks like around that level That was the around the opening level Acted as resistance Let's go back to book map There's the 310 level key gamma strike And met a slice right through that Put wall at 295 So porter Asked the main expiration Is after rth closed correct. So that depends on what you're talking about For spx, I think the main expiration was this morning the am settlement that is typically the larger institutions Will place their longer-term trades in the the monthly expirations, especially the the monthly expirations on the quarters the march june September and december so that is the that was the largest expiration for For spx and then everything else spy qqq and Stocks the expiration is this this afternoon at the at the close some Most stocks close at 4 p.m. Eastern time. There are there is a list of stocks Spying qqq on that list that expire at 4 15 today All right, so the main expiration again for most instruments is at the close today but the options expiration for spx The am settlement was the most important settlement for spx. So that has already taken place All right, let's take a one-class look at the spb 500 So it looks like that 44 50 level around that level remember i'm off a couple of points here Yes minus spx is that Should be at 44 98 So that's right around where spx is trading now. Let's just take a look at the spx chart All right, so right now this is showing spx at 44 50 44 51 All right, so it's right around this level trying to Hold the 44 50 level All right porter. You're welcome Take one last look at nasdaq and then we'll wrap it up for the day All right still the 370 level Holding us support. That's the qqq 370 level All right, my time is up. I want to thank everyone for watching. This was a very interesting day Anticipated this is the anticipated action that I have talked about all week the call gamma unwind and and helped by the the addition of Uh the the call delta last night. So again all these calls expiring And this call gamma unwind both in stocks and the indexes Again, I've been talking about it all week and it's taking place today. So again remember Um, I will be out on monday and tuesday next week. I will be back wednesday for the uh fomc announcement At 2 p.m. Eastern time. So again, thank you very much for watching. Thanks for your questions and comments Have a great weekend everyone and I will see you next wednesday. Thanks. Bye