 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. And my apologies, I'm running two or three minutes late. Anyway, let's get started. And before I get started, I need to go through the general disclosure. I'll book map them into materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The best way to get in touch with me is through Discord. My name on Discord is Doug P. And in Bookmap Discord, there's an Options-Doug Chat channel that's a great place for your questions, comments, all related to options, order flow, hedging flow, and the impact of the options markets on stocks and futures. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. 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 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 our process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow in Spot Gama Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about an underlying asset and setups can be taken with options, shares of stock, or futures. Questions and comments are welcome and I will be watching both the Options-Doug Chat channel in Discord as well as the chat and YouTube for your questions and comments. And for those of you in YouTube, if you have a question after the presentation today, please contact me through Discord, especially the Options-Doug Chat channel in Discord. Bookmap Discord is free and available to all, whether you have a Bookmap subscription or not. And hello, Holy Trinity. Glad you're here. Welcome. All right, my agenda for today. I want to cover news items, economic data, events, and earnings for today as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from this morning. And then we'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, let's start with news items for today. Let me just drag one thing over here. So of course, the CPI data came out this morning, typically a big event. This is the results. Mostly it seemed like to me that it was higher than forecast and higher than previous. There, I guess, a variety of measures, year over year, month over month, actual and core. All right, so that is the CPI data. Again, it appears to me that it was hotter than expected. All right, for the rest of the week, coming up is the PPI and retail sales tomorrow. And then Friday is the September options expiration. It's typically a larger expiration. Every quarter, the monthly options expiration is very large, especially for SPX. And we're just watching this every day. I'll just show this for SPX. This is the delta notional for the September expiration. Orange bar showing call, delta notional. Blue bar showing put delta notional. It's a little bit difficult to tell from just looking at the bars, the length of the bars. But if we hover over this, we'll see that the call delta notional is slightly higher than the put delta notional. And this is more pronounced for SPI and QQQ. So again, here's the September 15th, this Friday expiration for SPI and QQQ. So we're coming up to a call-dominated options expiration. And then also on Friday, Michigan Consumer Sentiment comes out at 10 a.m. All right, let's take a look at my positional analysis now. I'm going to start with the S&P 500. And before I take a closer look at this book map chart of ES futures, I'm going to take a look at a larger time frame. This is the SPX in a 30-day one-hour chart, just showing price and key level. So first of all, here is the August expiration, a slightly put-dominated, very negative gamma expiration. So puts expired, market makers could buy back short hedges and that helped to fuel a rally up to the point where all of that negative gamma was extinguished. The options market makers position on the gamma curve for SPX became positive for a while and now has shifted back to negative. And if the rally continues today, it may shift back to positive today. We'll take a closer look at that in just a minute. All right, so that is the price action after the August options expiration. Now let's take a look at some levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. It's available, should be available in any trading platform that has an options chain. And then the dash blue lines are showing the upper and lower daily expected move. Again, this is based on the options market. And note this, excuse me, this number was quite a bit higher for today compared to yesterday. So the options market was anticipating a much wider move in the SPX versus yesterday. So the options expiration for today was pricing in about a plus or minus 30 point move for today. And then for yesterday, that was at plus or minus 20 points. So 50% increase over the expected move from today versus yesterday due to the CPI report. And SPX is trading well within that range. So selling an iron condor around the upper and lower daily expected move would have been a good trade today so far. All right, let's take a look at the spot gamma levels on this chart. That's the dark red lines showing spot gamma levels. These are proprietary spot gamma levels, gamma weighted open interest available to spot gamma subscribers. I'm going to go over the key daily levels. First of all, there's the put wall at 4400. That's a strike with a largest net negative gamma that can be expected to act as support. And next up is the 4450 absolute gamma strike. That's a strike with the largest absolute negative and positive gamma. And note that level did shift lower from yesterday from 4500 yesterday to 4450 today. The next level up is the volatility trigger. That is spot gamma's proprietary gamma flip level. Below that level, like SPX trading now, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue volatility. And then finally, the next level up is kind of an odd one. This is the call wall at 4525. That's kind of an odd strike. Usually the call wall is at a zero or a 50 level. And that is most likely just temporary. The call walls, the strike with the largest net positive gamma, that can be expected to act as resistance. So 4400 is the floor. And right now, today 4525 is the ceiling. And that level did move lower. So for SPX, the call wall and absolute gamma strikes both move lower. And then the volatility trigger did move slightly higher from 4480 to 85 today. Alright, so overall, I would say bearish shifts lower in the SPX, again, for the call wall and the absolute gamma strike. Alright, let's take a look at another SPX chart just for today. Take a look at the levels in play for today. Note that trend line I drew on the 30 day chart did, that was pretty close, did act as support today. And then the, here's the volatility trigger up here at 4485. And price has oscillated quite a bit around the 4475 now moving higher up toward the 4485 volatility trigger. Alright, this is the ES futures in book map. I've got my own cloud notes here. I'm showing SPX levels. So there's the 4485 volatility trigger for SPX. Note there's a pretty large price difference between ES and SPX. Right now it's 50 points for the December contract, the Z contract for ES. So ESZ minus SPX today is about 50 points. That's what I'm using. Alright, so SPX levels, I also have SPI levels. There's the 445 level that did act around that level acted as support, price bounced, did not quite make it down to that level before moving higher. Here's the SPI 446 volatility trigger. And then the SPI 447 level around that level acted as resistance earlier today at the open. That was a good entry point for a short setup this morning. We'll talk about that in a few minutes. Alright, so those are the levels in play for the SAP 500 today. And shifts and levels for SPI, the volatility trigger did shift lower one point to 446 today. That's shown here again. So slight shift lower in levels for SPI and then for SPX, again the call wall and absolute gamma strike did shift lower. Alright, let's take a look at NASDAQ. We'll go to NQ futures. Let's take a quick look at a QQQ chart. So the only gamma level in play for today is the volatility trigger at 375. That level did move lower from yesterday. Note the 372, the round number level did act as support earlier today. That's QQQ. Again the key point here is price now is above the volatility trigger and the 372 level acted as support this morning. Let's take a look at an NDX chart. So now NDX is trading above its volatility trigger as well at 380, 15, 380. Let's go back to book map, go to NQ futures. So again I have my own cloud notes here. I'm showing QQQ levels. There's the 372 that did act as support, the 375 volatility trigger and just above that is the 15,380 NDX volatility trigger. And note there is a pretty big difference between NQ and NDX. Today I'm using 203 points as the NQ minus NDX difference. And it looks like NQ is heading up towards its upper daily expected move. All right, shifts and levels for the NASDAQ, the volatility trigger for NDX did shifts lower at not a significant amount, just 10 points. And for QQQ, again the volatility trigger shifted lower, put wall shifted higher, but just like SPX, the call wall and absolute gamma strike both shifted lower. So slightly shifts lower or bearish shifts lower for QQQ as well. And note that does not always work, that information that's based on open interest from yesterday. So all of those positions were placed yesterday in the options market before the CPI data today. All right, let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. So this is gamma notional, market makers position on the gamma curve again at the beginning of the day for SPX, SPI, NDX and QQQ. Note all these numbers are negative and more negative than yesterday. So yesterday SPX gamma notional was slightly positive and it shifted to negative today. And for SPI and QQQ those numbers were negative yesterday and shifted to more negative today. So market makers position on the gamma curve at the beginning of the day today was negative. That means that traders were long puts and that's to be expected. Traders would buy puts before the CPI report comes out this morning. So traders are long puts, market makers are short puts and in that environment they have to trade with price to hedge their delta exposure. So let's take a look and see how that works. So note this is a little bit of a put vana fuel. So let's take a look at the for a rally today, slight amount. Let's take a look at the vana model. Give me just a moment. So what this chart is showing, that's QQQ, sorry about that. I thought I had SPX. All right, let's go to SPX. What this chart is showing is market makers delta notional and how that changes with price. Delta notional shown on the vertical axis, price shown on the horizontal axis. There are two curves on this chart. The light gray curve is showing how market makers delta notional changes with changes in price only. And then the purple curve adds implied volatility to the equation. 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 and vana is a second order Greek. So this morning the low of the day for SPX was about 44.53. So that's right around here. And right now SPX is trading at 44.77 right around here between these two lines. Let's go back to 53. So what this chart is showing is as price has increased today and implied volatility drops, has dropped. Let's check a chart of the VIX. So a pretty sharp drop in VIX today. As a proxy for implied volatility. So there's VIX for today. So again as price has increased and volatility decreased, market makers delta notional decreases and they can buy back their short hedges and that helps to fuel a rally higher. But this is not a lot of put vana fuel for a rally a little bit but not significant but still it's still there. And similar for SPI and SPX and for QQQ I'm sorry. So vana model pretty similar for SPX, SPI and QQQ. Again all negative gamma at the beginning of the day and as price increases and implied volatility drops, market makers can buy back short futures as their delta exposure decreases. Those puts are losing value and they're delta notional decreasing so they can buy back their short futures. All right let me check for questions. All right there's uh I'm not sure how to pronounce your name. Divyang had a question related to the viewing heat map for stocks. Is DX feed the only subscription that shows stocks heat map or can you use CBOT from rhythmic? So rhythmic provides futures data and if you're interested in stocks like Apple and Nvidia and Tesla you either need DX feed data that's what I use and recommend or I believe Omni feed may be available as well. I again I use and recommend DX feed most most traders I know use DX feed it's been around for a long time very reliable. So DX feed for stocks that's what I use so there's Apple at DX feed and the rhythmic data for futures. And for if you only trade ES and NQ for example all you need is the CME exchange. Hello Vihu welcome glad you're here I'll take a look at Nvidia yeah and you're welcome Divyang. Truman asked do market makers go from negative gamma exposure to positive gamma exposure when the curve moves up to the right? So the the curve the Vana model is kind of a reflection of gamma notional. So let's take a look at so this is the actual gamma model gamma curve so market makers position on the gamma curve when I when I say that this is what is actually changing. So we know that implied volatility dropping those puts that traders bought are losing value market makers delta notional is decreasing their buying back short futures. So if this continues today I would expect their position on the gamma curve to move more towards the positive end the I don't see any way to expand this so here's the here's the volatility trigger the the green line there so market makers position on the gamma curve in this region would be positive. All right so when I when I talk about positive negative gamma this is the the curve you want to take a look at and Floyd's garage says cause expiring Friday you mentioned will be short term bearish that is that's a distinct possibility yes that's something that I will look for is just the opposite of a put Vana rally and a negative gamma put dominated environment if gamma notional shifts to positive and the call domination is is more distinct I would take a would look for a short term pullback after expiration all right past 2019 hello what do you think of the wicks they left behind today I'm not sure what that means if you're talking about candlestick charts that's not something I look at so I'm looking at order flow and hedging flow so yeah I don't look at candlestick charts all right Ford's garage you're welcome all right let's take a look that is the that's the basis that's the that's the extent of my positional analysis today so looking at the levels and play for today the shifts and levels bearish for sbx and qqq looking for a little bit higher volatility today although price is really somewhat range bound and options traders especially zero DTE options traders can have a lot to do with that with their mean reverting behavior buying dips and selling highs and we'll take a look at that in just a minute so let's get to some setups now so I'm going to take a look at at the hero signal to start actually let me zoom back out explain what I'm looking at here this is the hero signal hedging impact real-time options and showing so it's showing options trades and market maker hedging activity for a combined signal for spx spy xsp and es futures so again options trades market maker hedging activity the white line is price for spx the purple line is the hero signal again hedging impact real-time options so this is showing that traders in spy spx xsp and es futures are taking negative delta positions today that shown by this falling purple line we'll slice and dice this and take a look at it in closer detail so let's take a look at some setups first I'm going to zoom in zoom in on the morning session here so this is the cash open right here 9 30 a.m eastern time and note that for maybe just a minute or two traders were taking positive delta positions and then they started fading the move taking negative delta positions and that set up a great short here a divergent short right at 10 a.m and then right around 1015 to 1020 they stopped started taking positive delta positions and price rallying and that was a pretty similar pattern and we'll take a look at some stocks that reversed higher right at 1015 as well and this is very similar to the last couple days a quick move higher options trades traders fade that setting up a great short is your first trade and then price finds a bottom options traders started taking positive delta positions and price moves higher so this pattern repeated today yesterday and the day before so all you had to do to prepare for today is look at yesterday all right so let's take a look at book map now all right you're welcome past 2910 holy trinity ask what are one of my thoughts on spy today so whatever form of the smb 500 I'm trading whether it's spy share spy options es futures spx options i'm looking at this chart on one screen and the hero chart for the combined signal for smb 500 on the other chart on my other screen i have two screens actually two computers two screens on one and one screen on another computer that's what i'm watching youtube on right now so my thoughts on spy are the same as my thoughts on es or the same as my thoughts on spx so no that's why i go to so much effort to get the correct spy levels and the correct spx levels on my es chart so i can look at one chart and for any uh smb 500 instrument all right let's zoom in on the morning so we'll take a look at this both the short and the long setup first of all the short so there's the quick quick move higher options traders started taking shorts negative delta positions pretty quickly price really makes series of lower highs multiple tests of the spy 447 level and note that uh finally aggressive sellers really come in that shown by the magenta volume dots those are buy minus sell market orders so with a magenta dot there are more sellers than buyers and price moves lower down to pretty quickly down to the spy 445 level large gamma three level and the then the shift in order flow is pretty distinct here somewhat of a actually let me move this up just a little bit so we can see this a little better note there were some large traders buying with iceberg orders but these numbers are really insignificant typically for the smb 500 but they are there shown by the rising light blue line and also there are sell stops shown by the small red dots fueling the move lower and again these numbers are pretty small for the es but the most distinct till was first till was first of all looking at this 445 level as potential support seeing a stop run down to that large traders buying with iceberg orders although numbers are not significant and then aggressive buyers start to come in shown by the shift from magenta volume dots to pink uh green volume dots green means they're more buy orders than sell orders and then this order flow shown in the sub chart here all shifts higher cumulative volume delta shown by the pink to dark blue line shifting higher and then the rising yellow line indicates that there are buy stop orders helping to fuel the move higher back up to the 447 level and beyond so short set up those are the clues in order flow as well as hedging flow that we just looked at and then it looks like prices really just hop chopped around between let's say around this 40 uh 44 69 zero gamma level and up to uh es 45 30 let's just show the heat map a little bit more so there is some liquidity at this level it's shown on the heat map the history of orders in the current order book those are limit sell orders and appear to have been placing a ceiling on price looks like they were finally filled here and now price moved back down to the 447 level all right so so far this just looking at the sub chart here so the eye i look at the iceberg orders stop orders cumulative volume delta all rising up until about 1130 or so 1130 or 12 leveling off all right let's see what options traders are doing let's go back to hero all right so initially it appeared that options traders were taking positive delta positions but this was somewhat tepid compared with the increase in price so there were aggressive buyers buy stop orders as well as iceberg orders also helping to fuel the move higher let's just zoom out so net for the day options traders have been taking negative delta positions as shown by the negative notional value there all right let's slice and dice this a little bit so one thing to notice is after this initial rise higher in hero it levels off then starts to move lower and price has kind of uh hit that es 44 30 uh 45 30 level and has consolidated since then so options traders took their foot off the gas and now price is consolidating let's take a closer look and see what traders are doing so as usual they're buying calls that's shown by the rising orange line the positive notional value there they're also buying puts that's a very steady steady push down with puts let me just get rid of this so this this provides some this view provides some clarity so we know that traders were buying puts from the open they stopped briefly selling puts they started buying puts again also at the open they were selling calls started buying calls and then as call buyers took their foot off the gas put buyers continued to buy puts price has leveled off all right let's take a look at one other thing i'm going to take a look at next expiry so for the smb 500 next expiry would be today the zero dte options so note the very close correlation between zero tte that's shown with a green line here it's almost identical to the purple line which is showing all expirations so this is indicating that the zero tt options trades today are making up a large portion of the volume of the options trades today in the smb 500 and this is about as close as i've ever seen it so right now the notional value for zero tte the green line is just right around one billion minus one billion and the purple line is minus 1.26 billion so that's indicating about 80 percent of the total volume it well we'll see at the end of the day maybe brent will include that in his um in his note this evening but anyway a very large portion of options trades today in the smb 500 are in zero dte options and so far they're taking negative delta positions all right let's turn that off i'm just going to take a very quick look at uh nasdaq i have uh taken a little bit too long so nasdaq options traders you know very clearly taking negative delta positions uh fading the move let's just take zoom in on this chart we'll quit so from the open they were taking negative delta positions that's not a push short right around 10 am just like the smb 500 let's go take a look at book map right florid's garage asks is there correlation between the p call and the blue puts line i'm not sure i understand your question maybe if you could clarify so for the smb 500 we looked at puts and calls for all expirations and then we looked at uh this all the total signal for all expirations and zero dte all right so today it's pretty clear uh after this initial move lower in the s uh in the nasdaq that aggressive buyers shown by the shift from magenta volume dots to green volume dots as well as iceberg orders and buy stop orders or what what is fueling nasdaq higher today i'm looking at all the rising lines here in the sub chart light blue iceberg orders traders large traders buying with iceberg orders yellow showing buy stop orders and then the rising dark blue line showing cumulative volume delta rising so today for nasdaq options traders not so much driving price but aggressive buyers buy stop orders and large traders with iceberg orders helping to drive price higher right fluid's garage says the previous chart you showed a line for puts one of the things he looks at is the p call to see the put call ratio um yeah you can look at that i think the hero signal provides a little bit more detail uh and especially the history so when you're looking at the put call ratio that you know that's for the current um right uh pa says very good information great glad to hear glad that helped uh juliano says when i see a setup do i trade futures or options or shares of stock and i i trade all um so i i don't have uh really don't have a preference it just has to do with uh uh what what else i have going on for the day so that's why i have talked about and i mentioned every day i'm going to talk about setups in the sv 500 using this chart and it's really up to you if you want to trade futures if you um uh if you like the leverage and you can set a tight stop if you want or if you're not uh not worried about a precise entry options trades are a good way to go either with spreads or naked options very good way to go not worry about a uh a precise entry in a stop order defined risk options trades uh or shares of stock if you want to trade smaller again not worry about a precise entry and uh getting stopped out so that's that's kind of the way i approach it but again i'm talking about setups and underlying assets that can be taken uh any number of ways any number of uh you know again stocks futures or options so that's that's kind of up to you all right let's take a quick look at some stocks and i want to take a look at so we talked about the reversal hire about 1015 and we'll see this pattern repeated in uh several stocks so i'm going to go to hero now for meta start with meta so this is the total hero signal for meta note the sharp reversal hire and hero right around 1015 price response zoom in on this a little bit when we see this was a first of all options creators not really supporting or driving in the move lower and then this divergence happens about five no five or so five six minutes before price moves higher so a nice divergence long in meta there let's see what traders are doing so they continue to buy calls so they were buying calls from the open that's shown by the rising orange line initially they were buying puts and they stopped they started selling puts then that activity leveled off and that's when price started to move higher when they stopped buying puts briefly sold puts and then they just took their foot off the gas with puts the hero line for the blue line remains level all right so that's meta let's take a look go to book map again there's the reversal hire right at 1015 next microsoft 1015 reversal hire let's take a look at hero go to microsoft zoom in so here hero makes a higher low setting up another divergence long right around 1015 let's take a look at tesla then we'll come to go to invidia another reversal long here at 1015 options traders started taking positive delta positions let's just see what they were doing in tesla so in tesla they were selling puts that's shown by the rising blue line they were also selling calls so this is just kind of opposite of meta so they stopped selling calls started buying calls so right around 1015 they were selling puts buying calls both both positive delta then they start selling calls again and price and they stopped selling puts price at that point leveled off a bit so move higher from around 1015 to around 1105 something like that we'll take a look at book map in just a moment so slow to sorry sorry i missed your comment before says netflix had a sharp drop today news from the cfo and says netflix still hanging out at the lows 23 trading range today um yeah if you caught that that's uh probably a good move i don't have um i don't have netflix and book map we'll take a look at hero in just a moment so let's go to book map go to tesla so the upturned in uh microsoft continues zoom in on this so here's the reversal higher in tesla right around the 269 level makes a double bottom there breaks trend and then moves higher all right v who wanted to take a look at nvidia let's take a look at that nice strong uptrend in nvidia today let's go take a look at hero and then we'll take a look at netflix let's go to nvidia first so it really looks like call traders calls or driving price action in um in nvidia today so initially traders were buying puts and then that that activity stopped so they took their foot off the gas and then right around 10 or right around 1020 1015 1020 traders started buying calls helping to fuel the move higher so in the case of nvidia here it really helps to separate outputs and calls so we see that uh this reversal higher right around the same time as everything else traders stopped buying puts took their foot off the gas stopped selling calls started buying calls and nvidia moved higher let's go back to book map so there's the 1015 move higher let's go back take a look and see if there are any gamma levels in play so 450 is the hedge wall the key gamma strike so that's right here 450 all right let's go to hero take a look at netflix and it looks like options trades market maker hedging activity has been a very strong driver of price in netflix today and price reversed lower right around the 40 uh 437 50 hedge wall and the 435 key gamma strike in that 435 level did act as resistance so traders are buying puts and selling calls in netflix right so sorry when did the news come out was that during the day or before the open all right floyd's garage asks why would feuds i assume you mean futures be lagging such a move by the index i'm not sure i understand your question there uh there should be no lag so if you're talking about uh es versus spx versus spy there is no lag between those instruments there is a constant arbitrage going on those differences the ratios and the price will change a little bit um right so so sorry this must be the that must be when the news came out right there right so it looks like uh price action was kind of down then up in netflix and then that sharp drop lower came uh when the news came out that you mentioned so there it is options traders were all over it all right let's take a look at the sp500 check on that options traders continue to take negative delta positions wrong tool let's go take a look at book map so price still stuck around that 447 level note the point of control shown by the purple line you can also see the the session volume profile most of the volume trading in this range for this session today which my session begins at the uh at the open yesterday afternoon but of course all the volume is going to be during the rth but there's the point of control shown again by the purple line wrong tool purple line just below the 447 level now price is breaking lower and again with that constant pressure of traders taking negative delta positions and market makers sell futures uh this is so this is what is happening now and frank hello ask how do you how to use the overall equity hub information for nvidia and tesla etc to predict the price moving for the next for the next few week days or weeks uh that's something that i don't really do maybe for the next few days so let's take a look let's go to equity hub next few weeks i i don't know how to predict price for next few weeks but we can get a sense of let's take a look at nvidia first of all we can take a look at this history of the key daily levels so i don't see much in here that is giving me any clue for uh what may happen in the next few days the key gamma strike has remained at 450 for the last three days hedge wall has dropped slightly lower but still at 450 during the entire 10 days the call wall has remained this is 10 day history call wall has rained at 500 and the put wall has remained at 440 for the last three days no clue there so let's take a look at one other thing here so we know that a big options expiration is coming up on friday so we can and we'll take a closer look at this uh tomorrow and on friday so we can rank stocks on the watch list by next expiry gamma percent and also we can see that all of these stocks this top gamma expiry this is all friday 915 and we're going to focus on stocks with greater than 30 percent so there's quite a few there netflix at the top apple at the bottom all greater than 30 percent gamma expiring on friday the next thing we want to do is get a sense of calls and puts so let's take a look take a look at netflix let's take a look at this chart first also take a look at composite view so it's really all put dominated but there are some calls certainly going to be some calls that uh that are going to expire on friday let's take a look at another one maybe uh let's rank this again video a lot of calls maybe this might be easier to look at so here here's meta here's a good one call dominated above 308 with almost 42 percent of gamma expiring on friday so this gives us a clue that on friday if traders are not buying calls uh forcing market makers to sell calls and buy stock to hedge their delta exposure the calls that are already um there's already some call open interest here and those calls again a lot expiring on friday will start to lose value due to charm that is the change in delta with the change in um or change in price change in delta as time passes so they'll lose delta lose lose value market makers can sell their long stock edges right so that is something that you can take a look at in equity hub frank i hope that helps but i don't know of any way of looking at at equity hub to predict price moving um for the next few weeks certainly but you know we can certainly see what what price has been doing for the last few days all right let me check for final questions here and juliano says when i'm when you are trading futures how do you place your stop orders i usually get stopped out often with a two point stop i often use a two point stop as well and that's a big problem with trading futures that's why i like to trade uh spy shares i can trade smaller more often and have a wider stop or also trade options and um not worry about a stop trade uh defined risk trade so um with shares of stock depending on your broker uh there are no uh no commissions very small um very small exchange fee i think there's an advantage uh again i don't worry about stops for i have much a wider stop for shares and um then for options you know if i'm buying or buying a put or a call that's um defined risk i don't have any stop order i don't worry about it i prefer to trade spray it spreads uh you can check the uh tasty live zero dte series they talked about i think the last week or two about trading naked long options versus spreads uh good thing to take a look at rk cat 59 59 hello um hello glad you're here says from thailand want to ask is there a online platform where i can trade us stock options as a foreigner sorry i don't know that um i trade options on thinkorswim and uh and tasty trade i don't know if they're available to uh traders in thailand or not all right tv says he sees four blue iceberg orders let's go take a look at book map on es at 1345 oh sorry i don't see that on my chart these are let me just point out that blue icon there that is 186 contracts executed that's that's not at the time you were talking about but that's by iceberg orders i use blue and the the number below price to indicate by my uh iceberg orders here sell iceberg orders that shown by the magenta icon and then the the uh icon above price right uh rd champion ask can i show spx gamma yeah i can take a look at that truman ask how often is the composite view updated um that is it's updated once daily everything in equity hub is updated once daily during the night that information is based on open interest which is provided sometime during the night by occ the options clearing court right juliano says he saw that segment from tracy trade uh yeah i yeah if you're getting stopped out with futures uh either place a wider stop have a higher risk tolerance or shift to shares or uh more options all right let's take a look at spx gamma all right so i assume this is what you're looking for rd champion here's spx gamma note the concentration of gamma between 4400 and 4500 it's wrong tool again 4400 and 4500 and that could very well change after options expiration on friday so let's go back to book map so we see es still chopping up and down around the 447 level nasdaq still chopping around the 375 level that is the volatility trigger for qqq all right rd champion you're welcome and juliano you're welcome all right my time is uh passed i need to wrap it up i want to thank everyone for watching thank you very much for your questions and comments again if you have questions comments after the presentation uh option stash dug chat channel in the book map discord is a great place to post uh also i'm on uh discord dug p again thank you very much for watching thanks for your questions and comments and i will see you tomorrow thanks again bye