 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, could someone confirm that they can hear me and see my screen? I had some technical issues this morning in Discord or in YouTube. Alright, so in YouTube Noah and Damjan says, audio good, thank you, and D&T Matter says he can see and hear as well. Alright, great. Thank you. Thank you for the confirmation. Before I get started, I need to go through the general disclosure. I'll bookmap the materials, information, and presentations are for educational purposes only and should not be considered specific, investment advice nor recommendations. Risk disclosure, treating futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. 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 a directional bias. And the second step in my process is execution. I look at real-time order flow and bookmap and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And just to be clear, when I talk about setups, I will be talking about an underlying asset. Setups can be taken any number of ways with options, stocks, or futures. Also today, I want to go over a little bit more detail about my planning process, why I'm doing this, why I'm looking at it, and more specifically, exactly what I'm looking at. Questions and comments are welcome, and I will be watching both the options, dash, dug, chat channel, and discord, as well as the chat on YouTube for your questions and comments. And Karma FX, hello. Glad you're here. Great to see you. My agenda for today, what I want to talk about. I want to go over news items, economic data that came out today and the rest of the week, events and earnings. Then again, I'll go over my positional analysis and provide a little bit more detail about exactly what I'm doing and why. Then I'll review a few setups from this morning, and then we can take a look at the live market. So it's been a very interesting day. All right, let's get started. First of all, economic data, and this is what got the day going. CPI data came out this morning, and it looks like all of this data was lower than forecast, year over year, month over month. So very bullish response to this data. CPI data came out lower than expected, and the market just took off to the upside from there right after the data came out. Tomorrow, PPI comes out, and Friday consumer sentiment comes out, and I believe the large bank earnings start on Friday as well. So the earning season will get started on Friday. Right, let me talk about my positional analysis now. So one of my key tenets for trading is that options trades and market maker hedging flow are a key driver of price action in equity index products, equity index futures, as well as many stocks. So when traders are buying and selling puts and calls in the index products, for example, SPI and SPX, market makers are buying and selling ES futures to hedge their delta exposure. They want to remain delta neutral, so all they're doing is making options markets and managing their risk, hedging their delta with ES futures. And the same for NASDAQ, whether generally if traders are trading NDX or QQQ options, then market makers are hedging those trades within Q futures. When traders are taking longer term positions, anything that causes open interest, anything that's held longer than a day, that those options show up in open interest. And what SpotGamma does is they're looking at gamma weighted open interest. So open interest levels, high levels with high open interest that are closer to the money and closer to expiration have a higher gamma, so these levels are of greater interest. And these are levels where market makers are expected to react. So for my directional bias, I'm looking at how these levels change from day to day, more specifically the key daily levels that have specific meaning, like the put wall, the call wall, the volatility trigger and the absolute gamma strike. And I'll talk more about these and I talk about those levels every day. So I'm looking at how those levels are shifting. If they're moving up, that it's a good indication that traders are looking for and expecting higher prices and they're positioning themselves in the options market for higher prices. And on the other hand, if those levels are all shifting lower, that's a good indication that market makers are looking for lower prices. That's what they're expecting and that's how they're positioning themselves in the options market. So that's why I'm looking at the location of these levels every day and to get an indication of how market makers may react at these different levels and they're also the shifts in levels from day to day to see what in the longer term how options traders are positioning themselves and what they're expecting. So the levels, the way I look at these, again the key daily levels, the put wall, call wall, volatility trigger and absolute gamma strike have specific meanings. But generally, I'm looking at these levels as potential support when tested from above or potential resistance when tested from below. And then finally, I'm looking at how market makers are positioned in the options market at the beginning of the day and I'm looking at gamma notional, market makers position on the gamma curve as well as the Vana model to get an indication of how market makers may react with changes in price and implied volatility. And so again, I'm looking at gamma notional and the Vana model for that information. So all together I'm looking at the location of the levels for today, the shifts in levels to get an indication of how traders are positioning themselves from day to day and then looking at the Vana model and gamma notional to get a better understanding of how market makers may respond again to changes in price and implied volatility. So when I go through my positional analysis today, I will talk about all of this information. All right, so first of all, this is the SAP 500 futures showing a book map. Let me point out some, actually before I go deeper into this chart, I want to take a look at a larger time frame just to get a bigger picture of what we're looking at. So first of all, this is SPX in a 30-day one-hour chart. Let me point out some levels on this chart. The dash purple lines are showing the lower and upper weekly expected move. So that was set last Friday, basically at the close last Friday. And note SPX is trading above that level. Then the dashed blue lines are showing the lower and upper daily expected move. That's for today and that was set last night at the close. And note also today with the CPI report coming out, the expected range was much higher than the day before. So at the time that I looked at the expected move for the SPX, it was 32.83 points compared with about 21 points yesterday. So based on the CPI data coming out today, the expected range was much greater and SPX is trading above that level. Let me point out some spot gamma levels now. These are shown with the red horizontal lines. So first of all, there's the put wall that is the SPX put wall, the strike with the largest net negative gamma at 4,200. That can be expected to act as support and that is certainly not in play for today. And the next level up is the volatility trigger at 4,395. That level did shift slightly lower from yesterday from 4,410 yesterday to 4,395 today. And that is spot gamma's 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 hedge their delta exposure and that tends to enhance or increase volatility. And then on the other hand, like SPX is trading now firmly in the positive gamma portion of the curve, market makers have to trade against price to hedge their delta exposure and that tends to subdue volatility. And then the next level up is 4,400 absolute gamma strike. That is the strike with the largest absolute gamma looking at positive and negative gamma and taking the absolute value. That is the strike again with the largest absolute gamma. And then finally, the call wall is at 4,500. That's the strike with the largest net positive gamma and that can be expected to act as resistance. And that is clearly the next target up and one thing to take notice of here. And that should, I think spot gamma is thinking and probably makes sense, that that should be an upper bound unless that level shifts up. And note the huge gap here. There's not much gamma available until this 4,600 strike and that is pretty low. That is the lowest level of gamma, one being the highest and five being the lowest. So a big gap there, not much in the way of gamma levels above the 4,500 call wall. Let's take a look at one other SPX chart just to get a clear picture of the gamma levels that are in play for today. So this is a chart for today, the one day one minute chart. Again SPX now trading back above the upper daily expected move, well above the volatility trigger at 4,395 and also above the upper weekly expected move. And there's the call wall above at 4,500 and that is the next potential target. All right, let's take a look at book map now. In a book map I've got it zoomed out so I'm showing the reaction after the 8,30 am data and I have my cloud notes here so I'm showing the same SPX levels. For example, there's the 4,450 and that was kind of the launching point for the move higher after the data came out. We also have SPI levels there. There's the SPI 4,45 call wall, also the absolute gamma strike for SPI. So for SPI the volatility trigger shifted slightly higher from 4,39 to 4,40 and then the absolute gamma strike also shifted higher from 4,40 yesterday to 4,45. So as of today that 4,45 level was the absolute gamma strike and the call wall and then also there are a couple of SPX levels there. There's the upper daily expected move. All right, so in this view of book map here I'm showing SPX levels, combo levels which would be SPI and SPX as well as individual SPI levels and also the upper and lower daily and weekly expected moves. So those are the levels that are in play for today and again shifts in levels for SPX, volatility trigger moves shift slightly lower for SPI, volatility trigger moves slightly higher and the absolute gamma strike also moved higher. And we'll talk about setups in a few minutes. So those are my levels that are in play for today and just briefly we can see that this cluster of levels there, SPX and SPI levels acted as support before the open and around 12 noon and again we'll talk about setups in a few minutes. So one cruise asks, could you show the name of the platform? Yes, this is book map and I do not trade crypto. I am not showing crypto but book map definitely is used for crypto. There are a number of exchanges that you can access with book map, crypto exchanges and a pretty active community of crypto traders with book map. So if you trade crypto, again, that's not me but there are other traders that present about crypto and again an active community of crypto traders in discord. All right, let's take a look at NASDAQ. Again, we're looking for the levels that are in play for today, shifts in levels and then we'll take a look at how market makers were positioned on the gamma curve. And before I take a closer look at this chart, I'm going to take a look at a QQQ chart. I have to zoom up just a little bit. So note, SWAT gamma levels here. There's the volatility trigger QQQ trading well above the volatility trigger. Also, there's the call wall and QQQ is also trading above that level. So for QQQ shifts in levels, the absolute gamma strike shifted higher from 365 to 370. So that was the only shift higher for QQQ today. In DX, there were kind of odd shifts in levels lower and upper and down and up. I'm not going to mention those. They seemed odd. So anyway, QQQ, those are the levels that are in play for today. No gamma levels in range other than the 370 level below. And the 370 again is the absolute gamma strike and the call wall. And note the round numbers for QQQ have definitely been in play. Support this morning, then resistance, resistance, support. So round numbers definitely in play for QQQ today, but these are not specific gamma levels. All right, let's go back to NQ now. So NQ, just like the ES, I have my own cloud notes here showing a variety of levels. There's the 370 QQQ, also the NDX QQQ combo level at 15,195. And now NASDAQ is back above the upper daily expected move and approaching the upper weekly expected move. So those are the levels that are in play for today, acting as support and resistance. And shifts in levels, again, I'm going to discount what I saw in NDX. And so for QQQ, the absolute gamma strike did shift higher. All right, let's take a look at a couple of other points of data. So we know where the levels are for today. We know how they have shifted from day to day. And now let's take a look at how market makers are positioned on the gamma curve at the beginning of the day and how they may be expected to react. So first of all, at the beginning of the day, I'm going to look at gamma notional for SPX, SPI, NDX, and QQQ. And yoga mat asks, you need to pay for data feed to use book map? Yes, that is correct. So book map and data are two separate subscriptions. Now with crypto, I believe some data may come for free, but for stocks and futures, you need to pay for data. And I use DX feed data for stocks and rhythmic data for futures. And that's pretty typical of most of the traders that I use. No, use the DX feed for stocks and rhythmic for data, rhythmic for futures. All right, gamma notional market makers position on the gamma curve for SPX, SPI, NDX, and QQQ. At the beginning of the day, the S&P 500 firmly in the positive gamma region of the gamma curve. So there's the gamma notional for SPX, 631.9 million, SPI, 313 million positive. So for the S&P 500, gamma notional shifted more positive for SPX and shifted from negative to positive for SPI. So this is indicating that market makers for the S&P 500, their position on the gamma curve is positive. And they will need to trade against price to hedge their delta exposure. And then for QQQ, still slightly negative, but less negative than yesterday. And one other thing to point out, this spot gamma, gamma, NDX for SPX, that ranges from minus four to positive four. And that can be an indication of the volatility for the day. And the more positive that number, the lower volatility can be expected. And the more negative the number, the higher volatility can be expected. All right, JEC, you're welcome. Hope you can catch the recording. We'll see you tomorrow. All right, let's take a look at some, take a look at the Vana model now. And I'm going to take a look at SPX. So we know that market makers position on the gamma curve is positive for SPX. And what this chart is showing is market makers delta notional and the vertical axis and how that may change with changes in price shown on the horizontal axis. There are two curves on this chart. This light gray curve is showing how market makers delta notional will change with changes in price only. So what this is showing is if price increases, market makers will need to sell futures to hedge their delta exposure. And again, that is typical of a positive gamma environment tends to subdue volatility. And then the purple curve adds implied volatility to the equation. And that is showing how market makers delta notional may change with changes in price and implied volatility. And that change in delta with a change in implied volatility is the Vana effect. That's a second order Greek, hence the name of this, the Vana model. Alright, let's see where SPX is trading right now. I've got SPX at 44.78, somewhere between these two lines. So right, I think it's about right here, 44.78. And earlier today it was higher. But anyway, this is on, we know that market makers position on the gamma curve is positive. We saw at the beginning of the day, we know SPX is trading well above the 43.95 volatility trigger. So we know that market makers will need to sell futures to hedge their delta exposure as price increases. Alright, so yoga mat says Vana curve seems mostly the same every day. How valuable is this or is it the difference between days that it is more important? So I think of this as somewhat secondary information to the levels that I'm looking at. But I want to know, this is information that I definitely want to know. How market makers may be expected to react, whether they're on the positive side of the gamma curve or negative. So in a positive gamma environment, I'm basically looking for lower volatility for the day. In a negative gamma environment, I'm looking for higher volatility. I don't know if you remember last year, the S&P 500 was in a negative gamma environment for most of the year. And there were huge reactions to CPI reports. And that was fueled by a put Vana rally. So when the data comes out and let's say it's as expected or better than expected, imply volatility drops, price increases, and market makers can buy back their short futures. So that was last year. And knowing that potential for a put Vana rally was extremely valuable information. And then when we take a look at the S&P 500, there was a strong reaction to the CPI report. But really, when you compare it with the moves last year in a negative gamma environment, that the move was somewhat subdued compared to the larger moves last year in a negative gamma environment with a put Vana fueled rally. So that's how I use that information, yoga mat. And Truman asked, can combo levels work as key levels for instruments? Not a part of the combo peers. So I'm not sure I understand your questions. Your question, combo levels are very important. There was a note about that in one of the recent spot gamma AM founders notes. Let's take a look at that. So I'm looking for the combo levels here. Yeah, I don't see them. Oh, here they are. So this is the combo strikes for the S&P 500 in terms of SPX prices. So this is showing, again, combining SPX and spy showing these key levels. And note all the call gamma that's shown above the zero line from around 4417, 4413 and above. There's the volatility trigger at 43.95. All right, so Truman, again, I'm not sure I understand your question, but here are the combo levels and this is indicating. All right, so combo levels are only for S&P 500 or NASDAQ, combining SPX and spy for the S&P 500 and NDX and QQQ for NASDAQ. But for individual stocks, there's only gamma levels for those stocks. So again, the combo levels meaning means for the S&P 500 combining spy and SPX into one level converted to an equivalent SPX or spy number and the same for NASDAQ. All right, let's take a look at... All right, so I think we'll be taking everything into account for the position analysis the way I do it. So the information that I have for today now, this was all done before the CPI report came out yesterday. The levels are all set based on open interest, so that comes out once every day, sometime around midnight, sometime overnight. So the gamma weighted open interest comes out overnight. The levels are set in the morning before the data comes out. And then, of course, the data had a pretty big impact this morning. And again, that's where knowing how market makers position on the gamma curve can come into play as well as the Vana model. So let's just go back. So the SPX traded up to $44.88. That's right, shown right here. The high for the day, $44.88. So let's just go back quickly to the Vana model. And this will definitely come into play for today. Go back to the Vana model. So somewhere around these two levels. So at that point, market makers were having to sell futures to hedge their delta exposure. So unlike last year, when market makers position on the gamma curve was negative, CPI report comes out, apply volatility drops, price starts to rise. Market makers can buy back their shorts. And that tends to increase volatility and can set up a much larger trading range for the day. So there's the difference. Yoga mat, I hope that helps. Sorry. And again, finally, in a positive gamma environment, I'm expecting a little bit more subdued reaction. All right, let's take a look at setups now. And for that, I'm going to go to, I'm going to take a look at the hero signal for the S&P 500. Actually, let's start with, we'll start with the data coming out at $830. And SPX options and ES options are trading at that time. And spy options start to trade at $930. So here is the $830 data release. And then here is the $930 cash open. So ES and SPX options start our trading at $830. And then spy options start trading at $930. What this chart is showing is price in terms of SPX and options trades and market maker hedging activity for a combined signal, SPX, spy, XSP, and ES futures. So let's zoom in on this chart. And we can take a look at the individual components if necessary. Then I'm going to go to the cash open here, trying to zoom out. So we're just looking from $930 on. All right, got it. So interesting reaction this morning. Initially, let's take a look about $945. Well, before that, there was a big spike in options trades. Then traders started taking negative delta positions that's shown here. And then they started taking positive delta positions. And that set up a pretty good long. The interesting thing was there was no follow through. And Yolgamat says, to simplify it, basically, are we in a positive or negative gamma? When looking at Vana chart, bigger moves if in negative gamma? Yes. We're looking for options traders, market makers to support a move one way or another, more in a negative gamma environment. And then as price continued higher, options traders really started fading the move. They were no longer supporting the move higher. They were fading the move, started taking negative delta positions as price moved up. And it's kind of the hero signals kind of choppy, but definitely interesting. Price was making, we can zoom in on this. So Karma FX asks, what time frame is this chart? I assume you're talking about the hero chart here. So this is, there's really no time frame here. I'm showing data for the entire day. So a very interesting move lower, another move lower, move lower in hero. Options traders continue to fade the move higher, the scroll over. And then finally price responds right around 1120 and moves higher. Options traders continue to take negative delta positions. All right. So Karma FX, I'm just zooming in and out, but I have the entire day here. There's nothing like a one minute or a five minute candle or anything like this. This is just a line showing price and hero. All right. So we know that initially there was a, just zooming in here looking at, you know, let's say we're at 945 looking at this data. So notice here I have one minute intervals just because I zoomed in closer to this chart. And this is a lot like book map. I can zoom in and out, but there's no specific time frame. So let's take a look at 945, 942 and see what happened. And then we'll look, take a closer look at this reversal here. So here was the, we know that options traders were taking initially negative delta then shifted to positive delta positions. We expect this cluster of levels to act as support and large traders came in buying with iceberg orders that's shown by that 1650 there. That's 1,650 contracts, iceberg orders executed. Also shown by the jump up in that light blue line. So price reverses at a level that we expect to act as support. Larger traders start buying with iceberg orders. We know that options traders are starting to take positive delta positions and price reverses higher at that level. And really this, this time of day around 940. Actually, I'm sorry. I'm looking at the, that is the before the open my bad. Let's go back, take a look at, that was also a good setup. If you, if you want to trade before the cash open. So here's the setup that I'm talking about another cluster of levels. There's, there's the SPI 446, not a gamma level. Also the 4475 C2 level combo to level. So again, we know options traders taking positive delta positions, iceberg orders. Not as large as before, but 703 contracts and price moves higher. So two setups really, one before the cash open, one after. Long setups here and here, both around levels that we expect to act as support. All right. So D and T matter as negative gamma environment, meaning the index spending a majority of time below the zero gamma level, right? So I really, and spot gamma looks at the volatility trigger more than the zero gamma level. So if generally if market makers, if prices below the volatility trigger market makers position on the gamma curve is negative. And if, if prices above the volatility trigger market makers position on the gamma curve is positive. So look at the volatility trigger more than the zero gamma level. All right. So I talked about two setups, one my bad before the cash open there at that cluster of levels and then one after the cash open. Just before 945 reversal higher up to the spy 447 level and, and beyond. All right. So let's I'm going to zoom out just a little bit here. So now price is setting up for a big reversal. Remember, we saw hero showing that traders were taking negative delta positions up and down as price moved up. Also the second clue note all the liquidity coming in to the order book. Limit sell orders. Traders looking to fade this move higher. They want to get filled. These are limit sell orders, passive orders in the order book. They want to sell at these levels. Also note the falling light blue line here. Larger traders gradually with it looks like a number of smaller orders selling as price moves up. And you can see some of that here. That's probably much larger than 16. There's 500 543 iceberg orders executed 224 more there that looks like 424. So as price was moving up options traders were taking negative delta positions. Larger traders was selling with iceberg orders and then other traders were just placing their sell limit orders in the order book and all that set up this short. Back down to this cluster of levels that acted as support before the open. Alright, so that was the setup in the S&P 500. Let's take a quick look at NASDAQ and some stocks and then we'll get to the live market. So I need to go through this pretty quickly. So again, I mentioned that the round numbers for QQQ were acting as support and resistance. So we'll just go to this setup here short at the 374 level and note the pretty similar to the S&P 500. Larger traders start selling with iceberg orders just in a series of smaller orders. That's why I like to look at this iceberg and stop orders in some mode. So I can see all of the smaller orders and how they are accumulating. Alright, let's take a look at HERO for NASDAQ. I'm going to zoom in on this. So initially the HERO signal and there was really not much of a clue here. Let's go back to, so we know the reversal started, let's say around 10.30. So let's go take a look at HERO again. So just looking at this time frame at 11 o'clock, we're looking at the cash open. This is NASDAQ, NDX and QQQ combined signal. So we know that initially traders were fading the move higher. Options traders were taking negative adult positions and then HERO really is just trending up slightly. So not really supporting a move higher or lower, but definitely bearish at the beginning of the day. So we know that options traders are not supporting a move higher. And then order flow finally reverses at this QQQ 374 level as larger traders start selling with iceberg orders. And then as price starts to move lower, sell-stop orders also help to fuel the move lower. And that's shown by the yellow line there. Alright, so that was the NASDAQ setup this morning. Alright, let's take a look at some stocks real quick. First was Apple, short setup this morning. And this was another clue to look for potential reversal in NASDAQ. So there's Apple and traders were buying puts and selling calls this morning. So just for after a brief move up, Apple was really not supporting any further rally in around 945, beginning to reverse lower as options traders started taking negative delta positions. So that was Apple. Then on the other hand, Meta, very bullish. Traders were buying calls, not doing much with puts. So call buyers driving price higher when traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. And Meta reversed higher at this 300 level, the call wall and the key gamma strike. So in this case, the call wall acted as support, not resistance. Let's go to back to book map. So there's Apple. There's the reversal lower in Apple. And initially in the morning, not supporting a rally in NASDAQ. And on the other hand, Meta was. Sharp rally higher in Meta. And let's take a look at Nvidia. Another sharp rally higher. We'll take a look at Hero. And we want Nvidia. Sharp rally in the morning as traders were buying calls and selling puts. And note as they stopped selling calls, stopped selling puts and started buying puts, then price moved lower. Then this activity with puts, they've stopped. So from around 1140 on, they're not buying or selling puts. They're, they're the put line, the blue line is flat. And as they start buying calls again, just around noon or so, price starts to move higher again. All right. So those are three examples of stocks. We've looked at ES and NASDAQ and ES, both long and short setups. I could just ask, is there a divergence at 1150 and Nvidia? All right. So it may be, I would say yes. Let's take a look at the total signal. So Nvidia, we can, let's zoom in on this a little bit. Just looking at the total signal here. So looking at this, first of all, Hero really stops declining making. So it's making lower highs, lower lows, makes an equal high and then starts making higher lows. So I would say for Nvidia, there was really a good, good solid entry points just before 1220 and 1230. So let's go take a look at book map. So 1220, 1230, something like that. We'll go back to book map. Let's zoom in a little bit. So price starts making higher lows. This is all around that area, 1220 to 1230. Here's another good entry point waiting for the aggressive buyers to come in. The shift in order flow there, aggressive sellers down to around the 434 level and then aggressive buyers come in. So we know that around 12 o'clock, 1150 to 1220, the hero signal shifted from negative gradually to back to positive. Traders taking negative delta positions that levels off and then they start taking positive delta positions. So watching that and reading order flow here, we can find a couple of good entry points for long. All right, there's a question in YouTube, Doug, how do you implement CVD as part of your trading strategy? Or it is important on your end, your advice is greatly appreciated. You're welcome. All right, so CVD, I really don't look at CVD for stocks. I think it's just by experience. It is not as helpful, but CVD I definitely look at for futures. And I'll get back to ES in just a moment. All right, so Icojet says at 12 price making lower lows, call lower highs. All right, so this turnaround, quite sure I understand your question, but this turnaround took a while. You know, I would look for, let's go back to hero on hero. Okay, all right, so let's take a look. We'll separate outputs and calls. Let's zoom in on this, see if we can get more clarity, maybe go back to a 30 minute look back period. All right, so that really, so if we just let, I'm going to, let's go back to the one day look back period. All right, so what we know here is traders just around noon, 12 o'clock, they have stopped buying puts. So that is one potential thing, pressuring price lower, that is stopped. And then, you know, this is kind of subtle, but then the call ride line starts to rise and then really starts to rise more significantly around, around 110. So if you, for me, looking for a very clean, long entry, there it is right there at 1310, taking a while for that to play out. And that's combining this hero signal with looking at order flow. All right, let's go back and take a look at book map. So again, for me, this was the, right around 1310, 110, 115 was the safest entry, a deeper pullback, clear change in order flow, pink dots to green dots as traders start buying calls. So that's what I see. That's the cleanest entry you just would have to wait patiently for that. All right, let's take a quick look at the S&P 500, see if we can get a read on what's going on this afternoon. So I go, Jed, I hope that answers your question. This is, this is how I would approach that setup. That is the, you know, looking in retrospect here, looking back, that is the cleanest entry. All right, so there's the S&P 500. And D&T Matter says, you see that NVIDIA confluence with the S book map chart as well. So yeah, we can see that. So we just looked at a reversal higher at just around 115, 110 for NVIDIA. And there it is for the S&P 500. NVIDIA is a, you know, big component of the S&P 500 and NASDAQ, especially NASDAQ. Regarding the question about CVD and YouTube, yes, here I want CVD for ES and NQ. And here this is a strong signal, positive. I'm looking at CVD here in this line, the line that changes from pink to dark blue, that's CVD. And this upper daily expected move did act as support here and resistance here and here. All right, let's see what options traders are doing in the S&P 500. Then we'll wrap it up. And just to be clear, I'm looking at hero and book map, order flow and book map and hedging flow with Spontagama hero at the same time. You know, here I'm shifting from one screen to another. And when I'm trading, I'm looking at both screens, two screens, hero on one screen and book map on another screen. Looking at them at the same time and combining what I see to make a decision. So there's a comment in YouTube, your voice is really far from mic. That happens occasionally in YouTube. I don't know what the problem is, I have the mic right in front of my face and it's set to maximum gain. So if you can't hear in YouTube, I urge you to join us in Discord. I have not had any complaints about volume in Discord. All right, so S&P 500, and we know just around 12 o'clock, 12.30, options traders started taking positive delta positions in the S&P 500, setting up a number of pullback entries. And there's the one that we talked about around 115, 120. And the overall trend of hero was bullish. Traders taking positive delta positions. And you're welcome in YouTube. Sorry, I'm not sure how to pronounce your name, Fee. You're welcome. All right, let's take one last look at book map. So interesting to note that larger traders are not taking, they're still selling with iceberg orders pretty subtly. This continues also by stop orders, not fueling this move higher. Price is up at $44.80. So we know that options traders are taking positive delta positions, but market makers position on the gamma curve is very strongly positive. And they're on the positive gamma portion of that Vano model. So that may not be supporting a strong move higher. But so far, S&P 500 is definitely making a series of higher lows. Entry points down to potential support levels. So lower daily, upper daily expected move, pullback to that level is a long entry. Pullback to the $44.75 combo to level was also an entry point. And then potentially this pullback to the $44.80 level, also a potential entry point for long. All right, hard rock lobster roll says these icebergs make me think we, I assume he asked, could dump into the end of the day once retail starts closing out. That's definitely a possibility. And as I'm at, well, that was rude. My volume over 60, but still barely hearing. I'm sorry, I'm just trying to tell you there's nothing I can do about it. If I could, if I could put my microphone closer or turn up the gain on my microphone, I would. I'm sorry that has come up before on YouTube. And I would do anything. So James says OBS setting to fix the low volume on YouTube. My OBS setting is at max gain. That's what I'm talking about. So that is set all the way, all the way to the right. So others yoga mat says volume is fine. All right, I'm going to wrap it up for the day. I'm sorry about the audio problems. If there was anything that I could do about it, I would definitely do it. As far as I know, I've done everything I can. All right, I want to thank everyone for watching. Thanks for your questions and comments. I will look into this volume problem. Maybe there's something that the other people and book map can do to help me with this. I'll look into it. I want to thank everyone for watching. Thank you very much for your questions and comments. And I will see you tomorrow. Thanks again. Bye.