 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm 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 nor recommendations. Here's the disclosure, training futures, equities and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord there's an options-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. And note that Bookmap Discord is free and available to everyone. It's a great community, a lot of very active traders all working together to help each other become better traders. Again, a fantastic community highly recommended. And I'm also on X, formerly known as Twitter. My name there is at Doug P. The focus of my presentation today and the focus of the options-doug-chat channel is options order flow, the impact of options markets on stocks and futures and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned 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 in Bookmap and real-time market maker hedging flow on spot gamma hero to confirm my thesis and for setups for entries and exits. Excuse me, and when I talk about setups today, I will be focusing on an underlying asset and, for example, setups in the S&P 500 can be taken with ES Futures, spy shares, spy options, SPX options or even ES options. Questions and comments are welcome and I'll be watching both the options-doug-chat channel and Discord as well as the chat on YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. And hello demo trader welcome glad you're here, good afternoon to you and thank you for the confirmation on the sound. Sounds like all good on Discord and on on YouTube. Here's my agenda for today Monday, January 22nd. First of all, I want to go over items, economic data and events for this week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today and then I'll take a look at the live market. And hello Caesar, welcome glad you're here and Steven, it looks like you're Steven and Discord and demo trader and YouTube, is that correct? Great. Alright, so when I get to the live market if anybody has any stocks they want me to take a look at please let me know and I'll be glad to do that. Alright, let's start with news items economic data and events for the week. First of all, there's nothing of significance today and then tomorrow Tuesday Netflix, so beginning the large cap tech stocks reports earnings after the market closes. And then on Wednesday PMI data out at 9.45 a.m. eastern time kind of medium impact and then Tesla reports earnings after the market closed. And then on Thursday the more significant data releases begin at 8.30 a.m. eastern time with durable goods orders and GDP that could be a market mover and then also I believe the ECB will make their rate announcement sometime on Thursday morning and then on Friday on finally finally on Friday at 8.30 a.m. eastern time PCE data comes out and that is apparently what the Fed looks at for their inflation information so again could be a market mover. Alright, so that is the data upcoming up the events for the week. Now let's move on to positional analysis. I'm going to start with the ESP500 this is the ES futures in book map and before I take a closer look at this chart I do want to take a look at the underlying index which is SPX in a larger time frame I'm going to start with a one day chart in book map so this is SPX again the underlying index the ESP500 index this is the start of the rally that began on October 30 ran into resistance right around 4800 and then last Friday options expiration SPX broke firmly above that level with a huge rally on Friday again that was January options expiration and that level 4800 is now anticipated to act as support alright so that is the one day chart larger time frame now let's take a look at a closer look at the levels in play recently I'm going to go to SPX this is a 30 day one hour chart here's the 4800 level acting as resistance that was the end of last year and then acting as resistance previous week week before last and then last week on Friday finally broke above that level with a rally that began on Wednesday last week and now it looks like SPX may be consolidating alright let's take a closer look at some of the levels on this chart I'm just going to zoom in a bit alright first of all the dash purple lines are showing the lower and upper weekly expected move also based on the options market it's updated once a week I update this over the weekend the dash blue lines are showing the lower and upper daily expected move also based on the options market and that is updated once a day I update that at the close the previous day alright the dark red lines are showing spot gamma levels and these are gamma levels shown to provided to spot gamma subscribers for a variety of platforms I'm going to point out the key daily levels so first of all the put wall is at 4815 that's a strike with the largest in that negative gamma that can be expected to act as support and that's also the volatility trigger that is spot gamma's proprietary gamma volatility 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 market makers position on the gamma curve is positive and that's where SPX is trading now above that level and a positive gamma environment and a positive gamma environment market makers have to trade against price to hedge their delta exposure and that tends to subdue or decrease volatility and can lead to more mean reverting price action more range days rather than trending days and then just above that is the call wall and that you really can't see that label that's right here at 4860 that's a strike with the largest net positive gamma and that can be expected to act as as resistance and then finally the absolute gamma strike is at 5000 that's the strike with the largest absolute positive and negative gamma so this is kind of an odd kind of an odd arrangement of gamma levels here note that the volatility trigger put wall absolute gamma strike all shifted higher from from Friday so that's bullish on the other hand the call wall shifted lower which I interpret as somewhat bullish if a call wall in the face of a strong rally like Friday fails to shift higher that is slightly bearish so the call wall shifted down from 5000 on Friday to 4860 today and the absolute gamma strike shifted higher so kind of a mixed picture of gamma levels let's just take a look at a quick look at the absolute gamma for SPX we'll zoom in on this chart what this chart is showing is gamma for SPX orange bar showing positive gamma or call gamma blue bar showing negative gamma or put gamma so here's that 5000 level that's pretty obvious that's the absolute gamma strike the strike with the largest absolute positive and negative gamma and also the 4800 level is very significant and spot gamma is looking at that level to act as support now it was resistance for quanta while and now potentially should act as support and then just to be thorough here there it is the 4860 call wall that's the strike with the largest positive gamma not really a significant strike but the definition of call wall is again call gamma minus put gamma alright let's get back to the charts now and finally I do want to take a look at a shorter time frame still SPX and this is the current rally in the shorter time frame that began last week continuation on Friday and then now consolidating so let's zoom in on this chart so we can get a closer look at the levels and play for today a little bit too much alright so here's the levels and play for today the regular trading hours showing the dark portion on the right here so this combo level was in play that's also the upper daily expected move for SPX the ES upper daily expected move was also in play for today here's the call wall note initially acting as support and then this combo level was also definitely in play today that was kind of a flip level for today acting as support and resistance alright so now SPX is trading below its call wall alright let's take a look at book map now book map I have my own cloud notes so I can show SPX levels so there's that 4864 level that I mentioned also the call wall and then the combo one level just below that those were key and I posted several screenshots with this that cluster of levels acting as support and resistance I also have SPI levels on this chart and for example here's the SPI 485 that's a large gamma 3 level and then finally I also have let me clear this levels of interest for ES there's the upper daily expected move just about the same location as the upper daily expected move for SPX alright so those are levels in play for today I'll talk more about setups in a few minutes and really the key was the reaction around these two levels support and resistance also VWAP coming into play that's the light blue line alright shifts and levels I mentioned before for SPX the volatility trigger and put wall both shifted up kind of a strange level at 4815 call wall shifted lower and the absolute gamma strike I showed that large absolute gamma at 5000 so that shifted higher for SPI the volatility trigger also shifted higher and the absolute gamma strike also shifted higher so really on the surface the shifts higher and levels were bullish but the lack of shifts higher in the call wall the shift higher in the call wall for SPI and the shift lower in the call wall for SPX were somewhat of a concern and earlier today with the SMB500 trading above those levels and given the strong rally on Friday appeared to be a bit oversold and spot gamma typically considers price trading above a call wall as oversold and that was kind of my I'll talk about my thesis in just a few minutes so I had a primary and an alternate alright so those levels in play for the SMB500 there was a difference in price between ES and SPX and today it's right around 30 points so ES minus SPX is 30 points so I'm showing the 4860 call wall for SPX and ES4890 and I do post the levels the index relationships that I'm using every day and end discord I try to get those end discord by 10 a.m. once the numbers have settled out alright again we'll talk about setups in a few minutes let's take a look at NASDAQ NASDAQ very similar although the levels weren't the interplay with the levels was not quite as clear so this is the enqueue features and book map and before I take a closer look at this chart I do want to take a look at the QQQ chart so we can isolate the levels in play for QQQ and here's the call wall for QQQ at 424 and then it's combo 2 level just above that acting as resistance more or less QQQ definitely trading below that level today and let's take a look at NDX so that's a 1 day 1 minute chart let's go to NDX and we'll see that combo combo 2 level also in play the rally that began last week and we can zoom in and see that combo L2 level so the combo levels combined for NASDAQ combined NDX and QQQ gamma weighted open interest into one level in this case converted to an equivalent NDX price so here's that combo level for NDX and the QQQ call wall just above that and the call wall and also the NQ that's a 17,550 I've got the number wrong there so that's the 550 level acting as resistance for short copy and paste here there in my spreadsheet alright for NASDAQ for NDX the volatility trigger and absolute gamma strike shifted higher just like SPX and SPY and then for QQQ the call wall and absolute gamma strike shifted higher as well so absolute gamma strike shifted higher for SPX by NDX and QQQ alright let's take a look now at gamma notional and then we'll get to some setups gamma notional market makers position on the gamma curve at the beginning of the day I look at this every day it gives me an idea sense of how market makers may react to changes in price and apply volatility in a positive gamma environment note that SPX let me just back up just a little bit so this chart is showing market makers position on the gamma curve at the beginning of the day SP500 NASDAQ and also 2000 note for the SP500 and NASDAQ all these numbers are positive this indicates market makers position on the gamma curve is positive for an index SPOT gamma assumes that traders are short calls market makers long calls hence the positive gamma and they have to trade against price to subdue or decrease volatility for the SPX and SPY those numbers did shift higher from from Friday more positive for SPX and from negative to positive for SPY the numbers shifted lower for the NASDAQ but still positive and then shifted higher for the Russell 2000 but still negative alright I'm going to skip over the Vana model just to see there some my thesis there were really two thesis two I had alternate and a primary so primary thesis was just looking at number one bullish based on the shifts higher on the levels for the SP500 and NASDAQ and number two was bearish based on the SPX and SPY both trading above their call walls and considering that oversold so looking for and this ties back to the expiration Friday also looking for some consolidation after all that call gamma that expired Friday so looking for a little bit of release of that call gamma again and some consolidation or weakness and that so far that is kind of been the primary or the thesis that has played out the most a very bullish opening and then a reversal lower alright so let's review some setups now I'm going to start with the SP500 very interesting day today I'm going to start by looking at what options traders have been doing today this is the hero signal in this is available to spot gamma subscribers it's shown this chart is showing again hedging impact real time options so everything that we've looked at so far other than book map is based on static data so the gamma levels everything else gamma notional based on static data that's updated once a day and that's information I use in my planning process and now we're going to move over to the execution process look at real time data so this is again real time data showing price for SPX with a white line and options trades and market maker hedging activity for a combined signal for SPX spy XSP and ES futures on the one combined signal alright note this chart is showing the hero signal beginning it looks like it's beginning on midnight so note that let's take a look at SPX see if that's so SPX options and ES options do trade before the cash open now spy options which is another component of this combined signal begin trading at 9.30 am eastern time so let's go back to the combined signal now this is what I use for the SP500 so I just want to show this and this comes into play for the initial setup which was a long that I'm going to talk about so note this hero signal really starts to ramp up right here somewhere between 8.30 am and 9 am eastern time starts to ramp up and continues higher at the cash open and then there was a pullback to the call wall and actually that was a pullback to the combo one level just one point below that that combo one level combined spy and SPX all right so let's go take a look at book map and we'll focus first of all on the long setup back to book map go to ES zoom in give me just a moment to adjust this chart so remember traders were taking positive delta positions they were buying calls and or selling puts and ES and SPX before the cash open and then at the cash open they just accelerated price move higher there were some large traders in buying with iceberg orders that's shown by the the on chart indicator there that's 929 contracts also this move higher was fueled by by stop orders shown by the rising yellow line also aggressive buyers that's shown by the green volume dots the volume dots show market buy minus sell magenta dots indicate more sellers than buyers so there's a magenta dot more sellers than buyers and then the green volume dots indicate more buyers than sellers and if you didn't catch this first entry here was a good alternate entry point again right at the 4859 combo one level in this cluster of levels acted as support and resistance so there was the first setup so we know that traders were taking positive delta positions aggressive buyers were buying by stop orders fueling the move higher and then also large traders buying with iceberg orders let me zoom in on this just a little bit more so we can zoom in and see that in this very short time frame kind of like Bruce likes to take a look at yes was making slightly higher lows so a good entry point at 4860 so the call wall in this case acting as support alright so that's the long entry as traders again were taking positive delta positions alright let's go back to hero now and just to make this a little bit easier to look at I'm going to turn off this extended hours now and let me actually before I do that let me let me just point out the notional value here this is pretty high number so what I'm looking at is this number right around just before 1030 and that's over it's like 4.6 billion so that's pretty high especially that early in the morning right now I'm going to turn off the extended hours so just look at hero from the from the cash open so there's that very bullish move higher pullback and then the move higher again and then after that the hero signal really stops making higher highs levels off and then finally drops lower just right around 1030 so traders when the hero line is rising, hero signal is rising again that means that traders are taking positive delta positions they're buying calls and or selling puts and then when the hero line drops that indicates they're taking negative delta positions they are buying puts and or selling calls and traders take the opposite side of those trades so with a rising hero signal again they're taking the opposite side of those trades and they have to buy futures to hedge their delta exposure and when the hero signal is dropping traders taking negative delta positions again market makers are taking the opposite side of that and they have to sell futures to hedge their delta exposure so I'm talking about traders like SPY ES and XSP and the most efficient way for market makers to hedge those trades is with ES futures so that's why I spend so much of my time focusing on the SPY and SPX levels on my ES chart alright so note at this time ES made a series of higher lows let's just take a quick look and see what traders were doing with puts and calls so really this to me this does not provide a lot of clarity over the total signal so I'm just going to go back to that sometimes it does sometimes it doesn't let's go back to book map so we know right around 1030 the hero signal shifted lower let's go back to book map alright so there's that series of lower highs and ES shown with that trend line there good entry point short right at this 4864 level combo 4 level and this upper daily expected move just above that note that large traders were selling this move higher with iceberg orders that's shown by the falling light blue line large traders fading that move higher as options traders started taking negative delta positions and price breaks lower after making a series of lower highs alright so there's the long set up, short set up and I posted a couple of charts in discord so first of all note that this cluster of levels here the 4859 4860 acted as support and then price finally broke below that and then the 4859 C1 level acted as resistance so support becomes resistance and it really helps to have these SPX levels on your chart it provides much more context and clarity at least to me having these levels on the chart and seeing where price might react that was the key for today really is watching the reactions at these levels and note also overall for today all the indicators in the sub chart starting after around 10 am have been moving lower so after that initial long all the indicators are drifting down not really indicating to me not indicating any reason to take a long iceberg cumulative since I opened book map somewhere between 6.30 and 7 am negative also the same for stops CVD is still positive alright so overall pretty bearish order flow all below after about 10.30 let's take a look at Nasdaq now and pretty similar chart note the bearish order flow in this case CVD is negative as well so stops iceberg CVD all negative let's take a look at hero now let's go to the Nasdaq signal for Nasdaq I typically look at this signal which combines NDX and QQQ options trades into one signal I also take a look at the mag 7 magnificent 7 so let's start with Nasdaq here zoom in a bit and note in this case the compared to the SP500 this signal for Nasdaq was a little bit more clear making a series of lower highs as traders were taking negative delta positions this is really setting up a short really anywhere from 10 to 10.30 in Nasdaq so let's go take a look at Nasdaq and book map zoom in just a moment to adjust this chart so 10 to 10.30 Nasdaq started making a series of lower highs this is that QQQ 424 call wall and this is 17,550 wrong sorry about that I'll fix that so making a series of lower highs multiple entry points note again the all the indicators in the sub chart cumulative volume delta stops icebergs all negative showing large traders selling with iceberg orders and also sell stop orders helping to fuel the move lower as traders started taking negative delta positions so pretty similar to S&P 500 there bullish rush up in the morning and then the Nasdaq started to roll over let's take a look let's go back to hero and we can take a look at the mag 7 signal let's zoom out so what this chart is showing is a combined signal for options trades and market maker hedging activity for the stocks known as the Magnificent 7 Apple, Amazon, Google, Meta Microsoft, Nvidia and Tesla zoom back in on this chart so these stocks make up a very large component of the Nasdaq 100 also a large component of the S&P 500 I think it's a little bit more relevant for NQ for the Nasdaq 100 and starting you know 10 to 1030 the hero signal for the mag 7 was also making lower highs also confirming a short so options traders and order flow and book map both confirming a short in Nasdaq and note that these turning points the shift in order flow shown them with the volume dots again the volume dots showing market buy minus sell green dots indicating more buyers than sellers magenta dots indicating more sellers than buyers so buyers on the run up and then large iceberg order comes in then aggressive buyers price moves lower more aggressive more aggressive sellers I'm sorry shown by the magenta dots magenta dots again and again and again all all the pullbacks let's take a look at some stocks and then we'll get to the live market I'm going to start with Apple and Caesar mentioned Apple and Microsoft and Bruce's webinar this morning that Bruce's does a webinar on Monday, Tuesday and Friday at 10 a.m. very comprehensive coverage of order flow mostly on ES and then I'll talk a little bit about Microsoft and Apple so first of all Apple and really the question was from Caesar about the CVD for stocks I really I find that watching CVD for stocks and book map is somewhat inconsistent so I have CVD turned off I have the sub chart collapsed for stocks so I mainly look at hero the hero signal for stocks so let's take a look at Apple first let's go to Apple and I'm going to zoom in on this and then separate outputs and calls and we'll just go to the morning so the orange line sorry about that that's an issue with hero or the orange line is showing calls a rising orange and the orange line indicates traders of buying calls when traders buy calls market makers sell the calls and they have to buy stock to hedge their delta exposure they were also buying puts that's shown by the falling blue line and it looks like in the morning at least call buyers were driving price higher and note they kind of abruptly take their foot off the gas they continue to buy puts and Microsoft dropped sharply lower so in the morning up until around 1045 call buyers driving price higher and then that reverses lower let's go back to book map and price reverses lower right at 195 just above 195 note the liquidity in the order book this is the heat map shows a history of the orders in the order book the limit orders above price those are sell orders and those sell orders can act as a magnet for price in this case they did they were consumed and then price reversed lower and the key really was to watch hero watch the call line and see what traders were doing with calls alright see so there's my take on it again I'm focusing more on hero for stocks rather than CVD for more consistency alright the next was Microsoft huge bullish opening print at 400 let's go take a look at hero now go to Microsoft oh sorry can you hear me now okay so let me go over Microsoft again sorry about that here's the call wall key gamma strike Microsoft acting as resistance the call wall did its job traders were selling calls that's shown by the falling orange line wrong tool so traders were selling calls really starting a couple minutes after the open and price reversed from the call wall 400 call wall key gamma strike note that Microsoft reversed higher as traders were stopped selling calls started buying calls note for the day they had been selling puts also that's shown by the positive notion of value for the blue line the put line alright thank you Stephen for the notification sorry about that alright Caesar says yeah it's clear the advantage you get with hero signal so this is getting to what you know sometimes it may be aggressive buyers or sellers I think in the case of apple and Microsoft so far today it's really been call buyers and sellers that have been primarily driving price and Caesar says the orange line falling mean calls are being sold as it declines right not just that there's no buying that is correct so the orange line again indicates calls so that's the signal for calls and the direction of the line is in terms of delta so a rising orange line indicates positive delta so they're buying calls there and a falling orange line indicates negative delta they're selling calls just the opposite with the blue line so anytime any line is rising that's positive delta so for calls that means they're buying calls for puts that means they're selling puts then on the other hand a falling blue line indicates buying puts alright so just think of these lines in terms of delta alright so there's Microsoft then one other stock I want to take a look at is AMD let's go to the total signal here so AMD was really on a tear last week let's just take a quick look at go back to thinkorswim a one day chart for AMD this is AMD last week this is let me zoom in on this so this line right here that's the upper weekly expected move last week for AMD so very sharp move higher in AMD last week and apparently today there was a downgrade for AMD note the call wall at 170 that's also the key gamma strike put wall at 167.50 so AMD opened above the call wall and reverse lower as traders were taking negative delta positions and then traded down below the put wall at 167.50 let's go to book map go to AMD sharp move lower on AMD on the downgrade there's the 170 consolidation of that level and then it finally acts as resistance like it should price moves lower then here's the put wall at 167.50 consolidation around that level now maybe acting as as support let's go back and take a look at at hero again actually I'm just going to leave it on the total signal here so very strong correlation between options trades and market maker hedging activity in price action and AMD typical pattern aggressive in this case options traders of the morning negative delta and then they take the foot off the gas start to take positive delta positions and AMD consolidates AMD is one of those stocks that I find order flow difficult to to read note the a lot of green volume dots on the way down and then on the way up a lot of magenta volume dots so that is another indication of the value of of heroes showing what options traders are doing not necessarily aggressive buyers and sellers or this I've got about five minutes left anyone has any stocks they want many take a look at otherwise I'm going to go back to the SB500 and take a look and see what's going on so it looks like around this 483 level acting as support see what options traders are doing now go back to the SB500 kind of a choppy hero signal here separate outputs and calls see if we get any more clarity not really take a look at zero DTE so right now I'm showing options trades that all expirations today tomorrow next week next month now this teal line is showing options that expire today this is next expiry for the SB500 this would be options that expire today so SBX by ES all have options that expire every day so note that this signal is a little bit above the all expirations indicating that the zero DTE options traders a little bit more bullish today than all expirations and one take away for today this is a pretty tickble of the zero DTE traders let's let's turn off all trades we're just looking at zero DTE mean reverting options trades again remember we're in a positive gamma environment positive delta up to potential resistance negative delta back down to support positive delta negative delta positive delta so price responding up and down it looks like now they may be taking positive delta positions again overall though of course price is trending lower let's fix this go back to all trades so definitely not a strong trend day price oscillating up and down with options traders but as I pointed out before the order flow is definitely bearish today let's go back to hero zoom out so remember including all including the before the cash open SPX and ES this highest number was right around high number for the day was right around 4.5 billion so without with just the cash open it is around 2.8 billion still positive so the notional value for options trades for today both just considering the regular trading hours as well as all extended hours is net bullish for the day slightly bullish not near the highs of the day but a little bit higher seizure wants to show the zero DTE activity for Friday afternoon yet we can do that so let's go back let's change we can change the date so let's go to Friday that's the start date then we'll go to Friday the end date so we're just looking at the 19th now and then let's take a look at all expiry turn off all trades so this is just the regular trading hours for Friday and this number is positive positive notional value definitely driving price but this is not huge let's take a look at oops take a look at all trades so it looks like the zero DTE options trades on Friday making about making up about half of the total notional value so let's go back today so there you go Caesar yeah Stephen you can go back five days with hero so it keeps the last five days worth of data so let's go back to today so there's today so it looks like heroes making a swing higher about that back to book map spy 483 acting a support and Caesar ask is it possible for the lines to diverge or the call buying and hedging activity always go hand in hand so first of all I tend to look mostly at the total signal so I see puts calls and with the large cap tech stocks magnificent seven there's often a very strong correlation between options trades hedging activity and price action and there are more more factors in play for the SMB 500 and NASDAQ so Caesar says meaning call buying will always be hedged with futures buying the cycle kind of feeds on itself well first of all for an index for the SMB 500 call buying and spy SPX is typically hedge by futures that's traditional recently spot gamma has talked about market makers hedging with zero DTE options as well I just kind of keep it simple and focus on on futures so what I'm looking at this is when traders are buying SPX spy calls market makers are selling the calls and they have to buy futures to hedge their delta exposure and the first stock when traders buy calls market makers sell the calls and they have to buy stock to hedge their delta exposure so in a positive gamma environment I'm looking for again mean reverting price action let's just take a look at let's go to the VANA model see if that provides some clarity so this is the VANA model for SPX very quickly it's chart is showing market makers delta notional on the horizontal axis price on the vertical axis price on the horizontal axis the purple curve is what we want to look at this is how market makers delta notional changes with changes in price by volatility this is typical of a positive gamma environment showing as price increases market makers will need to sell futures to hedge their delta exposure so as price increases in a positive gamma environment market makers need to sell futures their delta exposure is increasing on the other hand as price drops market makers delta notional is decreasing and they can sell their futures they can buy back their short futures so price rising they're selling futures price drops they're buying futures so they're trading against price in this positive gamma environment which is really kind of reflected on on this portion of the VANA model alright so very up and down definitely mean reverting price action today let's go back and take a look at hero I need to wrap it up go to hero zoom in again note the very strong correlation between hedging flow and price action up down and this signal right here did provide a good leading indicator for short right around 210 we'll take a look at that and then we'll call it a day so we know right around here in the middle of delta positions and then price reverses lower just below spy 484 as aggressive sellers start to come in alright I need to wrap it up I want to thank everyone for for watching thank you very much for your questions and comments thank you Caesar Steven thanks for the help thanks for the questions and I will see you tomorrow