 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 book map limited materials information and Presentations are for educational purposes only and should not be considered specific investment advice nor recommendations risk disclosure training futures equities and options involve substantial risk of loss and It's not suitable for all investors past performance. It's not necessarily indicative of future results And before I go any further I need to pause for a PSA Bookmap is requesting everyone to fill out a form for bookmap discord That will provide you with some additional benefits webinars services beta programs free add-ons and Also help to cut down on spammers in Bookmap discord It does require a bookmap license if you are not as currently a bookmap subscriber. You can subscribe to our free Free license that is for crypto primarily and also does provide Delayed stock and futures data, I believe All right, so everybody you can just scan this with your phone fill out the form and you should be good to go 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 in bookmap discord There's an options dash Doug chat channel. That's a great place to post questions comments and content Related to the topics of my presentation and the topics of the channel that I'll go through in just a moment and Note the bookmap discord is a great Great community a lot of active traders there. They're a wide variety of topics options stocks futures Crypto in a wide variety of languages and again a number of traders working together To help each other become better traders I'm also on X formerly known as Twitter. My name there is at Doug plus The focus of my presentation today and the focus of the options dash Doug chat channel is options order flow The impact of options markets on stocks and futures and the influence of market maker hedging flow on price action I have a two-step process for trading and the first is planning and I use positional analysis I look at how traders and market makers are positioned at the options market and how those positions change from day to day To develop a thesis regarding the expected trading range and volatility for the day As well as a directional bias and the second step on my process is Execution 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 and when I talk about setups today I will be focusing on an underlying asset and Setups and that asset can be taken any number of ways For example the SME 500 setups can be taken with ES futures spy shares spy options SPX options or even ES options Questions and comments are welcome and I will be watching both the options dash Doug chat channel and Discord as well as the chat and YouTube for your questions and comments Please feel free to post and I'll do my best to answer your question and hello Stephen. Welcome. Glad you're here Yeah, it's been an interesting trading day. We'll we'll get right to it All right, here's my agenda for today Monday, February 5th First of all, I want to go over news items economic data events and earnings for the 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 when I get to the live market if anyone has any stocks They want me to take a look at please let me know and I'll be glad to do that All right, let's start with news items So this week is a very very light week for news and the only thing that Really that I noted of significance high impact was PMI data that came out at 10 a.m. Eastern Time That came in greater than expected greater than the previous number also above 50 indicating expansion So that was the services PMI at 10 a.m. Let's take a look at the reaction to that and This is the ES futures and book map And here's the reaction at 10 a.m. Sharp drop lower below the 493 level that spy 493 All right, so the again, that's the only Significant or high-impact news item that I'm aware of for the week. There are a variety of Fed speakers out during the week All right, again, this is the ES futures and book map and Before I take a closer look at this chart I want to take a look at a larger time frame also go to the underlying index Which is SPX and just to point out one of my key tenants for trading is that? options trades and for the SP 500 options trades and SP X and spy are a key driver of price action in ES So when traders buy and sell puts and calls and spy and SP X Market makers hedge those positions with ES futures so again my one of my key tenants is that Trades in those underlying index products are a key driver of price free x and I focus on When I take when I watch ES, I'm focusing on the underlying index levels All right, so let's start again. Let's go to a larger time frame Oops All right, so this is let me go to SP X Sorry, I forgot to change that chart So this is SP X. This is a one-day chart and think or swim current rally began at the October 30th last year Rallyed up found resistance at 4,800 at the end of the year then on Friday January 19th. That was options expiration SP X broke above that level and then found resistance at 4,900 So let's go take a look at that And now I'm going to zoom down in time frame Whoops, sorry, and I'm having an issue an issue with with think or swim Yeah, I'm gonna have to keep it just a moment here Okay, sorry about that. Give me just a moment. I'm gonna restart think or swim all right, let's go now to our One hour chart So this is the top portion of the chart that we just looked at the one-day chart again Sorry about that. We're back on track now. So here's that break out above 4,800 and Then resistance at 4,900 Then last Monday a week ago SP X wrong tool SP X broke above that level and found resistance and Price did move above the 4,950 level on last Friday closed Just above that level That was the call wall at the time and Then we'll take a look at a one-minute chart in just a moment to get a More clear picture of what's going on today All right, let me point out the levels on this chart First of all the dash purple line showing the lower and upper weekly expected move that's based on the options market I update that once a day Then the dash blue line showing the lower and upper Daily expected move also based on the options market and note that SP X did test that level earlier today All right, so again SP X Last Friday traded above the 4950 call wall then moved back down and Ended up just above that level and then traded down below that level today right the Other lines on this chart are spot gamma levels I'm going to point out the key daily levels First of all the 4930 level That is the put wall. That's a strike when large is net negative gamma that can be expected to act as support and Price did move below that level earlier today That's also the volatility trigger that a spot gammas proprietary gamma flip level Below that level market makers position on the gamma curve is negative in a negative gamma environment Market makers have to trade with price to hish their delta exposure on the other hand above that level Market makers position on the gamma curve is positive in a positive game gamma environment market makers have to trade against price to hish their delta exposure and note both those levels did move up from From Friday And for the put wall there was a pretty significant significant shift higher Now the put wall from forty nine hundred forty five hundred up to forty nine thirty All right, the next level up is the call wall That's a five thousand That's a strike with largest net positive gamma that can be expected to act as resistance. That's also the absolute gamma strike That's a strike with largest absolute Positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated So Gamma weighted open interest kind of concentrated in two levels here, although we'll see that I'll take a look at the absolute gamma strikes in just a minute see that this forty nine thirty level is not Significant and almost all the gamma weighted open interest is concentrated at 5000 all right finally let's take a look at a one-minute chart and Then we'll get to book ma'am Take a look at about two days worth of data here note that SPX did trade down below the forty nine fifty level That's an L4 level and just below that that's a combo three level combining SPX and spy gamma weighted open to interest into one level here shown in terms of a SPX price most important level here is the 4930 that's the put wall also the volatility trigger note that price did move below that It acted as resistance Probably so also move below the lower daily expected move and then SPX recovered supported lower daily expected move and then supported the put wall and now back up toward the Towards the high of the day at the forty nine forty Forty nine forty nine fifty level All right, so key levels and play for SPX All right, let's take a look at book map now and a book map. I have my own cloud notes So I can show SPX levels There's that forty nine forty nine fifty level remember last week forty nine fifty was the call wall There's the forty nine three Forty nine thirty put wall Acting as price broke below it acting as resistance and now support again Right. I also have spy levels on this chart Here's the spy 493 level very good entry point for a short this morning right after the data release Those also I have the lower day. They expect and move for ES acting as support right now SP 500 ES back above the spy 493 level All right note. There is a difference of price between ES and SPX and Today it's trading between 20 and 21 This morning. It was closer to 20. So that's what I'm using right now. It looks like it is closer to 21 So I'm using ES minus SPX Equal 20 so the put wall at forty nine thirty. I'm showing it ES forty nine fifty note that I do post the index Relationships that I'm using every day and discord. I've been trying to post the preliminary index relationships before the cash open and of course the ES minus SPX and then Q minus ND X that's not available until after the cash open when ND X and SPX started to trade and We'll talk about setups in a few minutes. So those are the key levels for today the forty nine fifty forty nine forty nine level Up above also the spy 493 and the lower day. They expect to move on the on the downside All right shifts and levels for the SB 500. I mentioned before the volatility trigger put wall and call wall for SPX all shifted higher and that is bullish and For spy the volatility trigger also shifted higher and the put wall shifted lower and the absolute gamma strike shifted higher So overall Somewhat bullish shifts higher and levels for the SB 500. All right. Let's take a look at NASDAQ now We'll take a look at the levels and play and we'll take a look at setups in a few minutes So this is the NQ futures and book map and I'm going to take a quick look at the underlying index products for NQ and In the case of NQ first of all, we'll take a look at QQ Q So when traders buy and sell puts and calls and QQ Q Market makers hedge those positions with NQ futures. Let me zoom in just a little bit So the levels and play for QQ Q 429 on the upside and This can't get any better Exactly 425 on the downside And that's the zero gamma level for QQ Q So this is just showing the importance of those levels both the round number levels and the spot gamma levels Here's also a combo level at 48 420 802 acting as support then resistance Resistance Then support so the round numbers for QQ Q if you're trading QQ Q or NQ very important All right, let's take a look at NDX and then we'll get to Get the book map NDX 17600 level So right now prices trading between 17600 and 625 600 is an L2 level and 625 it's no for level Good launching points for shorts in the morning. All right, let's take a look at book map now so just like the ES futures, I have my own cloud notes here so I can show NDX levels, there's the 600 and the 625 levels That I just talked about here's the QQ Q 425 Acting as support to the tick and then there's this 428. It's actually 428.02 Now acting as support and again, we'll talk about setups in a few minutes. All right shifts and levels for the NQ and NDX For NDX both the volatility trigger and put wall shifted lower and for QQ Q the put wall shifted lower and The absolute gamma strike shifted higher. All right. It's kind of so kind of a mixed picture For Nasdaq not as bullish as the S&P 500. All right, let's take a look at a couple of other things and then we'll get to some setups All right, so first of all, I want to take a look at gamma notional This is market makers position on the gamma curve at the beginning of the day and this gives me a sense of the implied the Volatility for the day what to expect volatility higher volatility lower volatility wider training range lower training range And this is gamma notional market makers position on the gamma curve at the beginning of the day for the S&P 500 Nasdaq and Rosso 2000 Note for the S&P 500 and Nasdaq all these numbers are positive In a positive gamma environment for an NDX spot gamma assumes that Traders are short calls market makers the long calls hence the positive gamma environment and they have to trade against price to Hish their delta exposure. No, these numbers did shift higher from Friday and Except for IWM which shifted more negative All right, so all these numbers are positive positive gamma environment so on a positive gamma environment, and I'm looking for more range day rather than a Big trend day looking for more mean reverting price action And that's what we'll see in the Nasdaq and S&P 500 today All right, let's take a look at one other thing This is the absolute gamma strikes for SPX and remember I pointed out the 4930 level Let me just zoom in on this just a little bit Which is the put wall So there's the put wall right there at 4930 What this chart is showing is absolute gamma the orange bars are showing call gamma or positive gamma the blue bars are showing Negative gamma or put gamma so the put wall the definition of the put wall is the basically the blue bar minus the orange bar and Looking for the the largest number there so that mathematically Fits the definition of the put wall, but it's not very convincing otherwise and then this is the 5,000 level that I mentioned before this is where most of the gamma weighted open and interest is concentrated Next 4900 also 4950 is it an important level This is 4800 down below All right, so this is the put wall 4930 again not very convincing All right, let's take a look at some setups So the first thing that I want to do is take a look at what options traders have been doing today So everything that we've looked at so far other than book map is based on static data Spot gamma takes open interest data. It's updated once a day sometime overnight They take their that data apply their algorithms to come up with the levels that I was showing on the charts and The gamma notional all the other information. So now we're going to shift to the execution process go to real time So first of all, this is the hero chart hedging impact real-time options So this is showing me what options traders are doing and market makers are how they're hedging in real time This chart is showing price for SPX with a white line and the hero signal showing options trades of market maker hedging activity for a Combined signal of SPX spy XSP and ES futures So whatever form of SMB 500 year trading, this is the chart. You will really want to take a look at it It's the most complete The purple line is the hero signal when the purple line is falling that in Kate's traders are taking negative delta positions they are buying puts and or selling calls and Price usually responds so when traders buy puts for example market makers sell the puts and they have to Sell futures to hitch their delta exposure on the other hand a rising hero line indicates traders are Taking positive delta positions. They're buying calls and or selling puts Market makers take the opposite side and they have to buy futures to hitch their delta exposure So note their turnaround there about 1045 And again, that was at the lower day. They expected move Lower than the lower day. They expected move for SPX and around the lower day. They expected move for for ES All right, let's zoom in on this chart now and what I want to focus on is this move in the morning The setup short so remember there was an important data release high-impact data release at 10 a.m That's right here So note until then The SP 500 was chopping the NASDAQ was a little bit different. We'll see that in a minute Also the hero signal no clear signal there up and down and then right at the 10 a.m. Data release options traders start taking negative delta positions and Hero reverses lower and the SP 500 reverses lower Are this good book map and we'll take a look at the setup be zoom in on this event All right, so we know that traders started taking negative delta positions immediately after the data release These lines in the sub chart are showing CVD. That's the blue to pink line dark blue to pink The yellow line is showing stop orders those lines were almost perfectly flat until 10 a.m Then they shifted lower Also note this light blue line showing iceberg waters. It did shift slightly lower as well That indicates large traders were selling with iceberg waters they used to hide their size and the I Thought the best entry point was right there at the retest of the spy 493 level The volume dots are showing market buy minus sell Magenta dots indicate more sellers than buyers note all the aggressive sellers coming in right at 10 a.m Kind of weak buying the smaller green volume dots. So the magenta dots again are showing more sellers than buyers Green volume dots indicate more buyers than sellers. So there were a lot more sellers than buyers retest of the 493 level and price moves lower and Eventually all the way down to the lower daily expected move and that lower daily expected move I have it forty nine forty point five That's where ES So there's the short set up. Let's just zoom in on this So I thought it was a pretty easy read here and in book map break lower retest again of 493 And price continues lower as traders take negative delta positions Market makers sell futures and Aggressive sellers move Move ES lower. All right, let's take a look at See what's going now on now and as to be 500 We'll take a look at this reversal higher and then we'll move on to Nasdaq All right, so for the reversal higher right around 1045 See all the aggressive sellers all the magenta volume dots on the way down Stop run that's shown by the on-chart indicator Stop start to dry up get smaller and smaller So the all the red Dots there showing sell stop orders getting smaller and smaller Aggressive buyers start to come in that's shown by the magenta volume green volume dots and price moves higher and again remember in a positive gamma environment we're looking for Not looking for an all-day trend looking for a reversal at some point and the lower day they expected move is a Great place to look for a reversal reversal higher so again positive gamma environment Looking for mean reverting price action. All right, let's go back to hero now. Let's see what Options traders were doing around that time and note the shift in hero Traders start taking positive delta positions and price moves higher and I'm going to shift to puts and calls Let's see what traders have been doing during the day Note in the morning the blue line is showing puts Traders are buying puts market makers sell the puts. They have to sell Futures to hedge their delta exposure. Sorry about that. So right around 1045 they stop Buying puts start selling puts. They also start buying calls So note starting around 1045 both the orange line showing traders buying calls and the blue line showing traders selling puts Both start moving in the same direction And that's a very powerful direct directional signal Very difficult for the underlying product. Whatever it is to move against that So again starting right around 1045 Traders start buying calls and selling puts Market makers take the opposite side and they have to buy futures to hedge their delta exposure and then finally right around 1240 Call buyers take the foot off the gas wrong tool Call buyers take the foot off the gas and Traders had already started buying puts again And price consolidates Or let's go back to book map So now you can see price up toward the high of the day Before the data release So that move is complete Back up to the 4950 level and now prices consolidating as options traders Call buyers took their foot off the gas. They started buying puts again. So yes Back to the scene of the crime All right, let's take a look at NASDAQ now I'm going to zoom in on the The morning here and this was just a beautiful setup note in the case of NASDAQ Before the 10 a.m. Data release. That's right here NASDAQ was already making Lower highs So NASDAQ already weak and there were a cluster of levels there the 429 625 also the NQ 700 10 a.m. Data release Price breaks lower and the 600 level Good entry point for short also the QQQ 428 note aggressive sellers start to come in Show them by the magenta volume dots More magenta volume dots Pullback increase as price continues to make a series of lower highs and Then finally as I pointed out before ending up ending up at QQQ 425 the zero gamma level to the tick Which is pretty unusual for NQ such a large index a Large volatile index and notice during the time in this case of NASDAQ Both CVD and stops were Instead of being flat like e.s. We're moving slightly lower and then that shifted Lower after the 10 a.m. Data release All right, let's go take a look and see what options traders were doing now All right, let's go to first of all. We'll take a look at NASDAQ. So this is a combined signal for Ndx and QQQ zoom in on the morning and unlike the S&P 500 hero signal which was chopping up and down Hero was making also making a series of lower highs just like Ndx this chart is showing price for Ndx then break sharply lower After the 10 a.m. Data release All right, let's take a look at one other signal I'm going to take a look at this mag 7. So this as I said before this is a combined signal for Ndx and QQQ Let's take a look at this mag 7 signal and this is Something that I always look at a very Very important signal to look at For both especially the NASDAQ and also the S&P 500 So what this chart is showing this is another combined signal combining Options trades and market maker hedging activity for a combined signal for the stocks known as the magnificent 7 That's Apple Amazon Google Meta Microsoft Nvidia and Tesla and these stocks make up a very large component of The NASDAQ 100 especially also the S&P 500 So it's always important to see what traders are doing with these stocks and just a few minutes After the cash open traders started taking negative delta positions And in this case both price and the hero signal this is shown in terms of price for QQQ We're both moving lower and also making lower highs before the 10 a.m. Data release And then we'll take a look at the turnaround at 1045 Traders started taking positive delta positions and price responds higher Let's just separate outputs and calls see what traders are doing Blue line showing puts following blue line traders of buying puts. They suddenly stop So that line levels off So they stopped buying puts then Looks like around 1042 They start buying calls So right around that time they stopped buying puts That activity stopped and they start buying calls and price responded higher Let's go back to Come back to NASDAQ now, and there's the reversal higher at 425 Aggressive sellers on the way down All of the magenta volume dots CVD moving sharply lower Note in the case of that NASDAQ here where there was also a Stop run down shown by the following yellow line also the on-chart indicator and then One additional confirmation for NASDAQ is large traders buying with iceberg orders that shown by the rising light blue line So large traders were buying weakness. That's pretty typical of their behavior. They bite weakness sell strength Until they get what they want. So these are reasonably sized iceberg orders for NASDAQ that is 454 contracts in this case 11 executions if I zoomed into that level Those separate executions would be separated out So large traders buying with iceberg orders on the way down once they get their way icebergs level off and Aggressive buyers start to come in shown by the green volume dots and Then by stop orders shown by the small green dots start to fuel the move higher as traders were taking positive delta positions in NASDAQ as well as the mag 7 stocks. All right, let's go back to hero. So it looks like NASDAQ has returned to the Toward the high of the the cash session Trading between 428 and 429 Let's see what options traders are doing. So we're on the mag 7 signal. So note that has turned lower Starting 1245 so to two hours later Traders have started taking negative delta positions again. And so far NASDAQ is just consolidating Let's check the NASDAQ signal same thing 1245 Traders start taking negative delta does it now negative delta positions in QQQ and NDX All right, let's take a quick look at some stocks and then we'll get to the live market First of all, I want to take a look at AMD Note 180 is the call wall keygamma strike Pricer versus lower at that level Traders take neg as traders take negative delta positions No, the floor there indicating significant options activity This is a very typical pattern in the morning traders taking negative positive or negative delta positions in this case negative Somewhere between 1030 and 12 or so they take the foot off the gas and price consolidates Let's go take a look at the book map Go to AMD Wrong symbol. That's Apple. We'll go to AMD All right, so there's that 180 level reversal price moves lowers traders take negative delta positions Note liquidity in the chart here. This is the heat map and book map showing history the limit orders so in the case of AMD here This is showing limit buy orders Let's stay in the order book. This is very typical of a stock They stay and they come in the order book at 9 30 a.m Eastern time cash open stay in the order book until they're filled and These levels of higher liquidity act as magnets for price So now AMD trying to move higher Back up to the liquidity at 175 So far finding resistance there All right, let's go on Next stock. I want to take a look at as meta Remember how bullish that was last week. I think after reporting earnings. It was up 80 plus points So today it looks like traders may be taking profits falling hero signal Timely alert right after the cash open Traders take negative delta positions about till about 1015 take their foot off the gas And price consolidates now. It looks like they are Starting to take negative delta positions again. All right, let's go take a look at book map. Go to meta There's the move in the morning Pretty sharp move lower Now meta training at a pretty wide range. This is pretty typical price action of meta a sharp move recently Sharp move higher or lower and mostly higher for meta but today lower and Let's take a look at Microsoft Also moving lower Let's go take a look and see what options traders have been doing Go to Microsoft Pretty similar action. Note that 410 is the key gamma strike Traders take negative delta positions in the morning Price moves lower Take their foot off the gas and price consolidates one thing that you can do with this This type of pattern is to If you'd like to sell credit spreads or buy call spreads Often in the move higher Consolidation you can sell a call spread or buy a put spread Then on this type of move lower Sell a put spread All right, let me check for questions and Robert asks says nice Intel. Thank you. Do you have a live signal room? I do have a room in book map discord I really don't post it's not a live trading room. It's not a You know, that's not what I'm doing My intent here is to teach people how to use this information book map and spot gamma to To Find their own trades now I do post some information when I have more time I I will post if I see something That's interesting. I will post that in discord But this is a book map discord the option stash dug channel chat channel that is free and I don't Do not post live signals. I do post Helpful information, but again my intent here is to Rather than give people a fish for the day teach them how to fish themselves so they have a Skill the way of looking at the market they can use for lifetime and Caesar ask do you consider the options flow the chicken or the egg? Yeah, that makes perfect sense So like I said before I consider the options trades to drive price action. I think it is Let's just take a look at Let's go to meta I've just shown shown hundreds of examples of Of the way this works. So let's take a look at puts and calls So traders starting from the open We're selling calls in meta that's shown by the falling orange line. All right. Sorry about that I mean, this is just very obvious to me that Options traders are driving price action I know for sure that market makers want to remain delta neutral and When traders buy and sell puts and calls market makers take the opposite side and they have to hedge With stock so in this case Net for the day traders are Buying puts shown by the negative notion of value. They're also selling calls call sellers more aggressive and Market makers take the opposite side of those they have to Sell stock to hedge their delta exposure So if I'm a trader and I want to sell a call, I want to sell a call at 472 rather than 465 or 462 notice the call sellers just Stop at that level. So In this case of meta, it's gone down ten points No, not not much point in selling a call at that point Right so Caesar, I hope that makes sense I think options trades are driving price action and Caesar says it is unquestionable how it drives. It just makes me question everything I know about auction theory, but at the end of the day They are still buying and selling the stock the same direction as options so I've thought a lot about the auction market auction theory versus The way I'm looking at the market and all I'll say about that is that Again, I think options trades are a key driver of price action both in stocks Not every stock not all the time every day, but certainly in the stocks that I trade on a regular basis these large cap tech stocks Mag 7 plus a couple of others Options trades key driver of price action and when traders buy and sell puts and calls Market makers, they don't care anything about what price they're they're paying or selling All they're doing is hedging their delta exposure So they don't care about price. They don't care about prices too high or too low They're hedging their delta exposure. They want to remain delta neutral So they do whatever they can have to with the stock or with futures to hedge their delta exposure So that you know, that's the way I I see the market All right, let's go let's go back and First of all, if anybody has any stocks, they want me to take a look at please let me know I'll be glad to do that. Otherwise, let's circle back to the first of all the ESP 500 So now it looks like around 130 Traders have started taking positive delta positions Let's check the mag 7 so they're still Taking slightly negative delta positions in the mag 7 All right, so let's go take a look at the book map now All right, so Caesar. Let me know what you think about that All right, so the SP 500 Continues to consolidate and let's go Nanny wants to take a look at SM SMCI I don't have that a book map. We can take a look at hero So very bullish day here and SMCI Looks like it is Not quite up a hundred points for the day Let's separate outputs and calls. So this is almost guaranteed The traders of buying calls and this kind of move in a stock Oops, sorry my microphone slipped. Hope everybody could hear that. So I'm talking about SMCI Super micro computer Sorry about that All right, so again Caesar in case I wasn't clear I I think Options trades are a key driver of price many stocks Certainly this stock today traders are buying calls Market makers are selling calls and they have to buy stock to hedge their delta exposure notice also the call wall breach That's where most of the Calls are concentrated. That's also the key Amistrike So spot gamma assumes that for a stock traders are long calls market makers are short calls as that As those calls go further in the money, they're delta increases. So they're Delta is increasing market makers are short the calls. They have to continue to buy stock to hedge their delta exposure All right, great Caesar says it's clear Thanks, like you said Traders buying at any price market makers buying at any price Made a life light bulb go off for me. So yeah, it's a different way of looking at the market. It's a newer way That makes a lot of sense to me, all right, so let's go back and take a look at and nanny there you go very very bullish day and SMCI as traders buy calls and Call wall breach price goes higher Take a look at SB 500 Traders starting around 130 continue to take positive delta positions Go to book map. Sorry about that Having trouble with my pen tool All right, so now it looks like SB 500 may be trying to break out above the 4950 level remember now the call wall is at 5,000 so room to run higher for SB 500 also the Spy call wall is at 495. So again room to run higher For the SB 500 traders are taking positive delta positions Large traders now in this case They're buying strength with iceberg orders as shown by the Rising light blue line not significant size, but I like to look at the iceberg signal in the sub chart in some mode so I can see the the cumulative action Right, so SMB 500 again trying to break above the 4950 level All right, Steven says find the hero app so interesting Gives a different per second perspective on the options market on the markets movement. Yeah, it does it takes a Again, this is a newer way a different way of looking at the market and it takes some time to Maybe shift your thinking or thinking this way All right Abu wants to take a look at NASDAQ. Let's do that. So NASDAQ still can Stuck in this consolidation range between 428 and 429 Let's go back and check a hero see what options traders are doing Go to NASDAQ first again trouble with pen tool Gonna NASDAQ So the signal for the NASDAQ was moving lower starting to consolidate now Let's go to the mag 7. Let's zoom in a bit So maybe slowing down consolidating a little bit Let's just change change the look back period to Maybe get a little bit more clarity. So now instead of looking at the entire data Days worth of data for the hero signal. I'm just looking at the last 30 minutes So now the hero signal starting around 115 starting to shift higher Looks like price price might be responding So often in the afternoon, I do like to shift this Rolling window look back period to a shorter time frame to get Kind of eliminate the earlier day and just see what's going on right now So when we look at just the last 30 minutes, it looks like Traders may be starting to take positive delta positions in the mag 7. Let's check NASDAQ again so now when we take a look at the Shorter time frame traders are starting to take positive delta positions in In the NASDAQ signal as well All right So NASDAQ at the high end of this this range that started about 1230 At the 429 level Let's take one last look at the SB 500 then I need to Wrap it up for the day All right, so NASDAQ the SB 500 has definitely broken above the 4950 level and Note what drove the price higher? That's a stop run Shown by the sharp rise in the yellow line also The on-chart indicator Stop run now up to 494 All right, my time is up. I want to thank everyone for watching Thank you very much for your questions and comments. I really enjoy it when you when you're posting questions like this I love your questions Love this interactive sessions. So again, thank you very much for watching. Thanks for your questions and comments And I will see you tomorrow. Bye