 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 limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice or recommendations. Risk disclosure, treating 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 is Doug P. on Discord. If you have questions at any time or especially after the webinar, again, the best way to contact me is through Discord. I'm Doug P. also Bookmap Discord. There's the Options-Doug Chat channel. That's an even better way to post your questions, contents, content related to this channel. And I'm also on X, formerly known as Twitter, at Doug Plus is my name. And hello, trade and sale. Welcome. Glad you're here. Looks like I have some competition today. Brent is presenting the subscriber Q&A for SpotGamma. Then also there's another Bookmap presentation going on right now. All right, so again, this is the best way to get in touch with me through Discord, Doug P, or the Options-Doug Chat channel. The focus of my presentation and the focus of the Options-Doug Chat channel in Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading 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 the directional bias. And the second step in our process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamma 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. And for example, on the SAP 500, setups can be taken with ES futures or SPI shares, SPI options, or SPX options. Again, I'm just analyzing an underlying asset. Questions and comments are welcome, and I will be watching both the options-dub-chat channel in Discord as well as the chat and YouTube for your questions and comments. So, again, please feel free to post any questions and comments. I'll do my best to answer. My agenda for today and what I want to talk about, first of all, I'll go over news items, economic data events and earnings for today as well as the rest of the week tomorrow. My positional analysis, my planning process, then I want to review some setups from this morning and then I'll talk about the live market. And when I get to the live market, if anyone has any questions, 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. First of all, news items, economic data. Today there were a couple of economic reports. Let's just get out of this. We'll go to the SOB 500. A couple of economic reports. First of all, at 8.30 a.m. Eastern time, PCE data came out, and that was right about here. And that came in in line, but it looks like there was a, overall, a negative reaction, a bearish reaction to that news. It came in in line. Maybe traders were expecting it to be lower, but it was in line with the expectation. So I'm not sure what they were expecting. All right, and then at 9.45, PMI data came out, and it was higher than expected. So it looks like initially there might have been an up and down reaction. And then at the cash open, also a lot of call buyers came in. We'll take a look at that in a minute. So anyway, data today, PCE in line at 8.30, and then PMI was greater than expected at 9.45. And then wrapping up the news tomorrow, the jobs report, the monthly jobs report, comes out at 8.30 a.m. Eastern time. All right, let's get to positional analysis now. I'm going to start with the SOB 500. So this is the ES Futures in Bookmap. And I'm going to take, before I dig into this chart, I'm going to take a look at a larger time frame. So this is SPX in a 30-day one-hour chart just showing price and key levels. So the key thing to note here is the reversal hire on the August expiration, Friday, August 18, the reversal hire, that gamma notional was quite negative and indicating traders were long puts, market makers were short puts, and a lot of the puts were expiring on that Friday. So when those puts lose value, they expire, market makers can buy back short hedges, and that has fueled a rally hire, a little bit of a setback before Jackson Hole, but otherwise a nice steady uptrend. 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. This is for this week. And note SPX is trading well above the upper weekly expected move. This is based on the options market. You can get this information from any trading platform that has an options chain. Then the dash blue lines are showing the lower and upper daily expected move. Again, just from the options market. And note that SPX is trading in that range between the lower and upper daily expected move. All right, there are also some spot gamma proprietary levels on this chart. I'm going to point out the key daily levels. So first of all, here's the 4300 put wall. That's the SPX 4300 put wall. That's the strike with the largest net negative gamma. It can be expected to act as support. And the next level up is the 4450 level. And 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, they 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, like SPX is trading now, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue volatility, leading to more narrow trading range, more range days rather than trend days. And then the next level up is the 4500 level. That's the absolute gamma strike. That's the strike with the largest absolute positive and negative gamma. That is the kind of the central level for SPX. And then finally, the call wall is up at 4550. Excuse me. Excuse me. So the SPX call wall has moved up to 4550. So that is bullish. So for SPX, the volatility trigger moved higher up to 4450 and the call wall moved higher to 4550 from 4500 yesterday. So those are the key daily levels. And bullish shifts higher in the call wall and the volatility trigger. Let's take a look at one other SPX chart. Just for the day to get a sense of the levels in play for today. Zoom in on this. And note this 4524 level has been somewhat of a central level today. Acting as support, then resistance more or less. So that's a combo two level combining SPI and SPX gamma into one level and then converting that to an SPX price 4524. Let's go back to book map now. So book map, I have my own cloud notes and I have the SPX levels. There's the 4524 that I was just talking about. I also have SPI levels on this chart. That's the SPI 452 call wall. And that level also shifted higher for SPI from 450 yesterday to 452. So bullish shift higher in the call wall. The call wall is the potential ceiling for price. Price has been above that level. And so bullish shift higher in call walls for SPX and SPI and also for SPI the volatility trigger shifted higher to 450. And that is also the absolute gamma strike for SPI. So those are the key levels for SPX and SPI shown on this chart. And note there is a difference in price between SPX and ES. So right now it looks like I used 7 this morning. So ES minus SPX equals 7 and it's a little bit above that right now but that's what I used this morning. I usually take the closest round number and then I just convert the numbers in my spreadsheet that are used to feed this cloud notes. Alright so those are the levels in play for today. The SPI 453 around that level acting as resistance. Key level this 4524 and the SPI 452 call wall. Note the point of control shown by the purple line there is just below those levels. So that is the for the session today that is the area of the highest traded volume. Alright so those are the levels for the SPI 500. We'll talk about setups in a few minutes. Let's take a look at NASDAQ now. Take a look at the levels in play. So this is NQ Futures in book map. And before I take a closer look at this chart I want to take a look first of all at QQQ. Look at the QQQ levels in play for today. So here is the Spot Gamma 377 L2 level. Lord's Gamma 2, one being the highest most important by being the least important. Acting as support almost to the tick for the bounce around just at 1245-1250 something like that. Alright NDX the last time I looked there were no we'll just take a quick look at that. The only Gamma level in play for today is this 15,500. Another large Gamma 2 level for NDX. Alright let's go back to NQ Futures. And today round number levels have been important. I'm showing in my cloud notes here there's NQ levels. There's the 600 level, QQQ levels, and also NDX levels. There's the QQQ 377 support. Alright so those are the levels in play for the NASDAQ. Shifts in levels for NASDAQ, QQQ Volatility Trigger shifted pretty significantly higher. From 368 yesterday to 376 otherwise all levels remain the same. QQQ call wall quite a bit higher at 385. So according to that there's room to run to the upside for QQQ. Trading just below 379 now with the call wall the potential ceiling up at 385. And again we'll look at setups in just a few minutes. Alright let's take a look at some additional information I look at for my planning and positional analysis. I like to look at Gamma Notional. This is Market Makers position on the Gamma curve at the beginning of the day. And these numbers have been becoming increasingly positive for quite a while now. So let me just look back. So at the August 18th options expiration Gamma Notional for SPX was minus 136. So very negative like I said before for SPI minus 2.7 billion. SPX 1.36 billion negative SPI minus 2.74 billion. And then for QQQ minus 1.16 billion. So quite negative and this gradual shift to a positive Gamma environment is still underway. And now Market Makers position on the Gamma curve for SPX firmly positive at 392 million. And just really this is neutral for SPI right around minus 130 million. And then positive also for QQQ. So what this means in a positive Gamma environment like SPX. Typically traders are long puts and short calls. That's the assumption. So in this portion of the Gamma curve this is where traders are short calls, Market Makers long calls. And as price increases they have to sell futures to hedge their delta exposure. So this is just the opposite of a negative Gamma environment. And again this tends to subdue or decrease volatility. Alright let's take a look at the Vana model now as an illustration of this. So this curve is more typical of a positive Gamma environment. What this chart is showing is Market Makers delta notional on the vertical axis and the price on the horizontal axis. There are two curves on this chart. First the light gray curve shows how Market Makers delta notional changes with changes in price only. And then the purple curve adds implied volatility to the equation. So that is showing how Market Makers delta notional changes with changes in price and implied volatility. And that change in delta with the change in implied volatility is the Vana effect. The Vana is the second order Greek. So the assumption is that at the beginning of the day Market Makers are delta neutral. They are certainly not going to go home close out yesterday in positive or negative delta. They are going to close delta neutral. So this is at the opening of the day the assumption is that Market Makers delta notional is neutral. So let's take a look and see where SPX is trading right now. So right around 45-18. So somewhere around here somewhere between these two lines. So pretty neutral. There is really the Vana tailwind that has driven the put Vana tailwind that has driven help to drive price higher from that August 18th low is gone now. That negative gamma put Vana fuel is gone. So there is really no more tailwind. So what I am talking about is let's say price was way over here. Price increasing and implied volatility drops. Market Makers can buy back short hedges. And that tends to fuel a rally with the put Vana fuel. So that put Vana fuel is gone. And now price increases according to this chart. Market Makers will have to start selling futures to hedge their delta exposure. And that tends to subdue or decrease volatility. We will just take a quick look at the minor shifts from the last few days. So on the 29th SPX gamma notional was slightly negative. 1-197 shifted to positive yesterday. And then slightly more positive today. So this gives us a sense of how Market Makers are going to react. The expected trading range of volatility for the day. So based on this I was looking for lower volatility and more of a range day today. And based on the shifts and levels my initial thesis was bullish. The shifts higher in the volatility triggers and call walls for SPX and SPY. Alright let's actually let me go back to this. Let's take a look at HERO. So this is the SAP500 HERO signal, HERO chart. HERO is hedging impact real time options. This chart is showing price for SPX. The purple line is the HERO signal. Again that's showing options trades, market maker hedging activity for a combined signal for SPX, SPY, XSP, and ES futures. All under one combined signal. So generally if you are trading any form of the SAP500 this is what you want to take a look at. And we'll take a look at SPY in just a moment and see there's a new advantage or new advantage coming to the SPY signal. Alright so let's take a closer look at this. I'm going to zoom in. So there are two things in play here. First of all the bullish shifts higher in the call walls. That's bullish. But when price starts trading above those levels you're looking more, I'm looking more for mean reversion. SPOTGAMA has statistics that show that the forward one day and five day returns are negative after a breach of the call wall. Alright so initially in the morning traders were taking positive delta positions that show them by the rising purple line. So right here that's the 930 cash open. Traders taking positive delta positions. And that last that stops right before 10am Eastern time. So let's see what they were doing. So they were buying calls shown by the rising orange line. So right out of the gate right at the open they were buying calls. Looks like this blue line slightly rising selling puts and then that activity shifts. So there was a right at the open again a long setup and then somewhat of a shift in the hedging flow. So the call buyers stop, they take the foot off the gas, calls level off. And they start right around the same time start buying puts. That's shown by the falling blue line there. Let's go back to the total signal now. So that set up a really nice confirmation of a long first thing in the morning first half hour. And then this really nice short divergence set up. Hero starts making lower highs and then really shifts lower right around 1040 and price responds lower. So very nice divergence set up for a short. So that's what I want to focus on. Let's take a look at one other thing. This is spy. Well now I don't see that signal. So anyway there was a was a hero alert. This is new in beta. I'm in the beta group. So a hero alert came in right around here. Actually it was a 1038 right around here a hero alert very timely alert setting up again setting up the short. Not sure why that alert is not shown here. Anyway let's go to book map back to the SB 500. Let's zoom in. We'll take a look at this set up in book map. So we know that traders started taking negative delta positions. Oh just right around 10 a.m. So right around right around here they stopped stopped buying calls started taking negative delta positions price makes one more push higher. And note as price was moving up. See this falling light blue line that's showing iceberg orders. Large traders were selling the move higher with iceberg orders. Also shown there not a lot of size for the SB 500. But still it all adds up. We know that options traders were taking negative delta positions and large traders selling the move higher. And then ES can't make it past this level of liquidity. These are resting. This is a history of the resting limit orders in book map. Those are sell orders. Aggressive sellers start to come in. You can see the magenta volume dots and price reverses lower. So that was the short set up in ES, SB 500. Very clear divergent signal with confirmation and order flow especially from large traders selling with iceberg orders. Let's take a look at NASDAQ. Very similar set up. Let's take a look at hero first. We'll go to the NASDAQ signal. This is a combined signal of NDX and QQQ. Divergence here very clear. Just around 10 a.m. Traders stop taking positive delta positions. Start taking negative delta positions. And price reverses lower at the 600 level. Let's take a closer look and see what traders were doing. So pretty similar to SB 500. Call buyers take their foot off the gas and then traders start. They stop buying calls, start buying puts and it takes a few minutes but price reverses lower. So let's go to book map. So there's the woosh higher in the morning. A lot of aggressive buyers. You can tell that by all these green volume dots. Market buy minus sell. A lot of aggressive buyers there. Market buy orders again. Driving price higher. At the same time large traders gradually selling with iceberg orders. So the sum or cumulative effect of the iceberg order shown in the sub chart. And then the events shown with the on chart indicator. And then the aggressive buyers shut it off. You can see the magenta volume dots start to come in and price moves lower. It took a while. About an hour of consolidation between 550 and QQQ 379. And then price breaks lower just afternoon. And then found support at the 377 level. But this initial move higher, move lower was good for 50 points in QQ. Initial move lower from 600 to 550. Very quick move lower. Alright let's go back to hero now. I'm going to take a look at QQQ. Alright so I'm not sure why this is not showing alerts. The alert for QQQ was at 1040. So before earlier in the day the icons were showing on my chart here. So the QQQ alert came in right there. Breed timely alert. I am looking at QQQ. Great time for the short. Again good for 50 points in QQ for that initial move lower. And then the consolidation and then the move lower after that around noon. I'm not sure what the, oops shouldn't have done that. Sorry about that. Oh here it is. Alright I just needed to refresh. Alright so this may be difficult to see. It's small. It's yellow. It's right there. That is the alert that I'm talking about. Very timely alert for short. So I just needed to do a refresh. And then here are the alerts coming in. So there's the QQQ alert that I was talking about. And here's the spy alert. There were quite a few alerts. Note that hero for spy was after the first few minutes pretty bearish. So here's the alert that I'm talking about. There are actually two alerts there. Alright so again this isn't beta not available yet to the general public. But I'm finding this is extremely helpful. Providing, you know it's another pair of eyes watching a variety of instruments. You know it just helps to watch the alerts. Alright so BOG landscape services ask how much does this cost? I suggest that you go to first of all bookmap.com and that information is on the bookmap.com website. There are a variety of, well there's bookmap global, global plus. There are differences in the add-ons and what you can do. I use bookmap global plus and then spot gamma. There are a variety of subscription levels as well. Hero is available to spot gamma alpha subscribers. So just go to spot gamma.com and you can take a look at the different subscription levels. The prices and the features that are offered. And then for bookmap you will need data. I use rhythmic data for futures and then DX feed data for stocks. And then I also use the MBO bundle add-on that gives me stops in icebergs. So there's a lot of subscriptions there. It can be expensive. This is a business. This is a business expense. So BOG landscape services ask, it says thank you, you're welcome. Yes, I made money using this program. I guess I would not be here talking about it if I had not. So there's a lot I'm showing here. It takes time to absorb it all to understand how to use it. That's why I'm in here every day talking about this, talking about planning process setups. So it takes time. It's a business expense. But this is the way I trade and it works for me. All right, Josie asks, has spot gamma given me an ETA on when that flow alert will be generally available? No, I don't know. Brent was talking about it in the webinar today. If you miss the live webinar, then the recording is typically available the day after. All right, so that's the setups in the SB 500 showing this additional confluence of these new alerts. And you're welcome, Josie, and you're welcome, BOG landscape services as well. We'll take a look at Tesla in just a moment. So those are the setups, key setups of the day for the SB 500 and NASDAQ. Now it looks like behavior typical of a range day. Just go to the SB 500. Very strong correlation between hedging flow, options trades, price action, and traders selling the highs buying the lows. So selling the rips, buying the dips, and options traders somewhat subduing volatility. Let's just see what, so really it's the all expirations that are having the strongest influence today. All right, let's take a look at some setups now. In stocks, I'm going to start with Amazon, very strong in the morning. Traders buying calls, let's just zoom in on this. Well, first of all, let me point out that call buyers are really in charge here. You can just see by the rising, rising orange line, notion of value is positive 120 million. They are buying puts, notion of value minus 62 million. And most of this call buying activity was in the, really the first hour in the morning, helping to drive price higher. When traders buy calls, market makers sell the calls and they have to buy stock to hedge the delta exposure. And notice how Amazon price stopped rising as traders stopped buying calls and then since has leveled off. So let's go take a look at book map. Go to Amazon, very strong in the morning, a lot of aggressive buyers as well, shown by the green volume dots. More market buy orders than sell orders, that's buy minus sell delta. And then price levels off as call buyers take their foot off the gas. Alright, so Frank asks, hi Doug, hello Frank, would you please show the GECS distribution and profile chart? So I'm not sure what you're asking there. So maybe if you could clarify, are you looking for absolute gamma levels? If so, which instrument? And are you talking by profile chart or are you talking about a market profile, volume profile? If so, I don't look at those charts, other than what is shown here on book map. Alright, so that's Amazon price driven sharply higher in the morning by call buyers. Alright, the next is Meta, another nice rally in the morning. Notice that 300 is the call wall, that was the target for this move higher in the morning from 296 up to 300. I just made it all the way up to 301, the liquidity at that level. Good entry point that I posted in Discord this morning was this move back to, pull back to the 297 level. Good for three points in Meta today. Let me just tone down these volume dots just a little bit. So let's go take a look at Hero again. Go to Meta, let's zoom in on this. So this is what I was looking at in the morning, this is about what I posted. So call buyers, looks like price actually took off just a little bit before traders started buying calls. And then they, this levels off, sloping up gradually. And here's that good entry point at the 297 level. Pull back to 297, let's take a look at the total signal. So more of a steady rise there and then a sharp move higher in the hero signal. Right, Frank is clarifying his question. Let me take a look at, right, Frank, I'm having a hard time, that's it. So this is not really gamma, it looks like this is delta notional. This is showing the delta notional at different expirations. I'll take a look at that in just a minute. Let me get through these stocks. And Robert Mills, I'm not sure I understand your question. Right now I'm looking at Spot Gamma Hero. I have been looking at Bookmap. So anyway, that's the setup for Meta. And the next is Microsoft. Let's take a look at, Robert will take a look at Bookmap in just a moment. Microsoft, short setup. Note, 330 is the call wall, acting as resistance. As traders take, start taking negative delta positions. Right, so let's go to Bookmap, go to Microsoft. 330, again remember 330 is the call wall, that's also the, so that's the call wall. 330 call wall, acting as resistance initially. There's your entry point for a short, as traders were taking negative delta positions. Alright, so Robert, this is Bookmap. I have futures, ES and NQ futures, as well as stocks in Bookmap. Alright, so short setup in Microsoft. So it's nice to have this distribution having short setups as well as long setups. Alright, now let's get to Tesla, BOG Landscape Services. Wanted to look at Tesla. Alright, so Tesla, 260 is the call wall. So this was the target for along this morning. Note the high liquidity at that level. There was some liquidity in the order book before the cash open, shown there at 930, and then more comes in after the cash open. So this is one great thing about trading stocks, is these resting limit orders, buys and sells, typically come in mostly at the cash open. They stay there all day until they get filled. And these levels act as targets for price. And what helps even more is this is a key gamma level, the 260 call wall. Alright, let's take a look at hero for Tesla. Let's zoom in. So looking at Tesla this morning, there was a somewhat of a, kind of an early fault start with traders taking positive delta positions, the rising purple line. Then they take one last shot at negative delta positions, and then hero starts to rise and price starts to rise. So a little bit of a head fake there, and took a couple of shots at Tesla to get the long. And if you moved your stop too tight, then maybe got stopped out. There's your second chance to get long. And again with the, you know, nice risk reward here, let's take a look at book map. Go to Tesla, let's zoom in on. So here was the initial entry, right around 256, or even lower. And then the second shot at 256. And risk reward, typically I'm going to use about a dollar stop for Tesla. And with the target at 260. Again the 260 liquidity and call wall there. So looking at a 4 to 1 risk reward, 256 to 260 with a stop below 255, around 255, depending on what you got in. So BOG, yeah, I took a long on Tesla this morning. But I've showed other, also showed other good setups. Meta, and also Amazon. All right, so Frank wants to look at the GeX distribution. So let's go to, all right, so Frank, what you are showing in your chart, is it looks like this expiration concentration. And let's see, I'm not sure where they combined chart is. Let's, maybe it's here. All right, so this is, this is what I think of, the absolute gamma. This is for SPX. What this chart is showing is positive gamma, or call gamma, above a zero line with the orange bars. Blue bar is showing negative gamma, or put gamma. That's the 4500 strike. That is very obviously the absolute gamma strike. The start with the largest absolute, positive and negative gamma. All right, that's our SPX. Take a look at SPI. Here's the 450 level, negative gamma and positive gamma. Call gamma positive, put gamma negative. All right, so Frank, I hope that's what you are looking for. All right, let's take a look at, let's go back to book map. Take a look at the SP500. So now ES has made a recovery back up to the, that 452 call wall and the 4524 C2 level. And you're welcome, Frank. So trade and sale says, just entered discord. All right, so Como trader, yes, I see you on discord. It says comparing the streams, YouTube seems to be delayed. That's quite possible. So my suggestion is join us on discord. I think also discord, you probably see the webinar in 1080p. And as far as I know, at least I'm watching on YouTube so I can see the questions. And the highest resolution I can go on YouTube is 720p. So if you want to watch on discord, I believe I have set it to stream at 1080p. So a little bit higher resolution on discord, plus a more persistent chat. So the chat on YouTube will go away at the end of the webinar. Whereas the chat on discord will be persistent. All right, so recovery higher in the SB 500 here. You can see the shift in order flow, aggressive buyer starting to come in. And then on the way down, also large traders buying with iceberg orders. And we'll go back and take a look at hero. And remember options traders kind of shift from negative delta to positive delta. So all the signs are here in the order flow as well as hedging flow. Stop run down to this level right around the 4515 level. Shown by the red dot there. So sell stop orders were fueling the move lower. That shuts off. Large traders start to come in with buy iceberg orders. Aggressive buyers start to come in. Shown by the shift in order flow, the green volume dots. And now prices reversed higher making its way back up above the 452 for 4524 level. Potentially back up to the liquidity. If you can get through the 3435 level up to the 40 level. Let's go take a look at hero and then we'll take a look at NASDAQ. Back to hero and trade and sale. Sheena, you're welcome. Yeah, please, please join us on discord. It is book map discord is free and available to everyone. Whether you have a book map subscription or not. All right, so there's the 1250 reversal hire. Very clear signal in book map that I just went over as well as options traders shift and start taking positive delta positions. Very strong correlation between options grades, hedging flow and price action. Take a quick look at NASDAQ. A little bit more of a divergence set up here. Traders start taking positive delta positions right around 1145. A little bit of a dip right around 1250 and then price starts to move higher. Let's go to book map. So pretty easy read on on ES here and hear the reversal at QQ at for NASDAQ. Was right at the 379 level, 377 level for QQQ and the 500 number for NQ. Aggressive sellers on the way down and aggressive buyers come in. So today for NASDAQ up, down and up again headed back to the 600 level. So 100 points up, 100 points down and now potentially 100 points back up. Positive gamma range day, fade the highs and the lows. So buy the lows, sell the highs, positive gamma environment. Alright any final questions? Alright so it looks like the S&B 500 may be stalling a little bit at this key level. 452, 45, 24. Let's see what options traders are doing then we'll call it a day. Check for alerts. Let's just go to this QQQ alert that was at 205 so 25 minutes ago. Back to the S&B 500. So now options traders are still taking the trend as higher but now they may be shutting it off a little bit at those key levels. Alright trade and sale you're welcome. Sheena asks if watching in Discord how do I make the presentation larger? That I'm not sure because I'm presenting not watching. I think there is a way to pop it out. Pop out just the presentation and you should be able to expand that to the entire screen. And VHU says, hi Doug. Hello VHU, I'm just about to wrap it up. Hope you saw the entire presentation. Alright so we'll take a quick look at NVIDIA and then wrap it up for the day. And NVIDIA there's a problem with the hero signal here. That's one reason I did not show hero today this line right here. I don't know what that is but that makes hero very difficult to interpret. So if we zoom to just the last couple of hours up and down for NVIDIA. So let's take a quick look at book map and then that's it. We'll call it a day. Alright so somewhat of a choppy day in NVIDIA. And a quick drop down in NVIDIA along with the NASDAQ and ES. One thing to keep in mind for NVIDIA is let's go back. Let's take a look at equity hub. Go to NVIDIA, zoom in on this chart. So this chart is showing call domination above around the 490 level. The orange line lower than the blue line. The heavy concentration of call gamma at the 500 level. Also note the very large amount of gamma expiring tomorrow. So we know that NVIDIA call dominated especially at that 500 level. And if traders don't buy calls tomorrow and prices below that 500 level, a lot of that call gamma will quickly lose value as it expires tomorrow. That's the charm effect. So as expiration approaches those calls that could be out of the money prices trading below the 500 level will quickly use value. Market makers when traders are long calls, market makers are short calls. They're long stock to hedge their delta exposure. And as that those calls quickly lose value, market makers can sell their short, their long stock edges. And that is the call gamma on wine. Thank you so Desiree. So that is something to definitely look for in the NVIDIA tomorrow. Look for call gamma on wine. All right. That's all I have. My time is up. I want to thank everyone for watching. Thank you for your questions and comments. Excuse me. Thank you for questions and comments. And I will see you tomorrow. Remember the jobs report 8 30 a.m. Eastern time tomorrow. And then we'll talk about it tomorrow afternoon. Thanks again. Bye.