 All right. Well, welcome everybody to the Bookmap ProTrader webinar. Today we have TraderAid. We actually had a ProTrader webinar. A horse fat lover with TraderAid. And now we're having Markets and Mayhem with TraderAid. They both work together or have this service together with TraderAid. I'll go through the bio here of Markets and Mayhem. He's experienced Trader and investor cutting his teeth in the markets starting in 2005, learning to trade and then invest after doing some of his first trades during the dot-com boom, which sparked his passion. Mayhem has experienced analyzing flows, geopolitics, macro, systematic trading and technicals. I have many links here for him. The TraderAid.com website, macrovisor.com, his YouTube channel here, and then also special offers from Bookmap, from TraderAid. Let's go through the disclosures and I'm going to turn it right over to Mayhem. General disclosure, all Bookmap limited 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 digital currencies involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Let me get his screen here and we are good to go. Okay, take it away, Mayhem. All right. Well, thanks everyone for coming in to check this out. I'm going to do first just a couple PowerPoint slides to talk about some of the convergences I look for and why I find Bookmap so valuable as a part of my day trading and even swing trading process. I think that one of the really interesting things about Bookmap is for us retail traders looking at depth of market and really looking at where order placement was, we could do it through the DOM and that was fine. But the way the heat map works, I just find it extraordinarily helpful, Bruce. I mean, you guys have made an amazing product here. Let's kick this off. First things first, the theory behind resting liquidity being a signal. I like to look at just like my partner, the market as an auction process. Every day, we come in and it's basically, we've got three different auctions. We've got the Asian auction, the European auction, and the US auction or the North American auction. Over night, we get different levels to pay attention to, but we also see that the way things trade is really like an auction in the sense that if you have someone out there, the really big order and it's not a very liquid market in particular like we're seeing now. That order commands the attention of the market even more. It's like someone at an auction who's very vocal saying, hey, I've got X amount of contracts at this price. I tend to see resting orders of over 200 in size being meaningful. And that is to say, in a day where the market is trading during our regular trading hours, it's not necessarily as impactful during extended trading hours, but during regular trading hours, if I see an offer and we're moving higher and it's 200 contracts or larger, that gets my attention. If it's three, four, five hundred contracts, I'm really paying very close attention to it because as we trend towards it, it tends to act a bit like a magnet. And that effect is important because for me, if I'm trying to get in and out of a trade, I do want to make sure I'm setting reasonable targets based on where the market's likely to go. So I'll actually set my order, if we're talking about this theoretical offer that we're kind of running towards and we're sort of doing a little of that right now in the market, then I'm going to set my order about a point below because there's two scenarios that tend to happen when you get to these key levels. You either get into it and through it or you get rejected just below. And when you get rejected just below, it's usually about a point or so that that tends to happen. You kind of get close. You get a fake out and you move below before you fill, in this case, that offer. So for me to have a higher probability of getting filled, I don't need to realize every single point if I'm able to get more trades in. So I tend to put my offer in just a point below or my bid just a point above where I'm seeing that large area of resting liquidity that I'm targeting as my exit price. And it's just a way of trying to use the information that's available through Bookmap to optimize my entries and my exits and also just get a better sense as to what other participants in the market are doing. I know it's a little counterintuitive. We probably, you know, folks here are probably more familiar with this, but I know I'm talking to YouTube as well. But for a lot of the people that I've talked to, they find it a little counterintuitive. Wait, why would a large offer kind of be bullish for price? Isn't that telling the market that there's someone up there that's kind of going to sit on price? Well, I'd say for a single stock, that might be more true, particularly after hours. But when you start to look at something as big and as liquid as the S&P, it really does come back to looking more like an auction, the way it trades, where you have a bunch of liquidity sitting there. It's often tempting for that auction process to bring the price there to release that liquidity into the market, particularly during a less liquid market. The market wants that liquidity. So when we watch those unusually large limit orders, in this example here, we've got one that was below us and it was eventually filled. And you can see how big it is, not only because of the size in the cumulative order book column, which is second furthest to the right, that's 672 by 3990. But you can also see it in the heat map with that dark red bar. It really stands out. And this is one of the things that I like about the heat map in book map is you really get a good idea as to what's on the book. And those large orders are visually going to grab your attention because when you're trading, you don't have a lot of time to look all over the place. You really need actionable quick data. And that's what I like about this in the sense that I can just look and know exactly not only where liquidity is resting at this moment, but where it was recently and where it may have moved from there. So on this chart, we can see we were at 4002. You can see there was a number of large red bubbles leading into this. And we were trending lower as we were getting to this point. And you can see that that order at 3990 stands out. It's the most aggressive order on the book. And if we zoomed out even by 50, 100 more points, it still would have stood out. This is one of those kind of slam dunk trades where you're getting right into that with the trend. And then you see that large resting bid. And you can say, okay, well, you know, I'll get in there with a bid at 3991 to cover my short. The other thing that adds to my conviction in this trade, what makes it important? Look above at the rightmost column. You'll see around 4015, you've got 4833, around 401250, you've got 228. Those are large areas of aggressive buy delta. So that means that by the time we've gotten down to 40225, there is a lot of folks that are on the wrong side of this trade, presumably at least a chunk of those buy orders were buy to open. And so if you're now 1015 points below where you bought to open, you're not in a happy place. Your stocks are starting to get triggered, or at least you're, you know, if you're a day trader, you're looking at managing risk by getting out. You don't want to be that far out. And so you go from being a buyer to a motivated seller. So that was another thing that I was looking at saying, okay, like what else would give me some conviction that we're heading in that direction. So that's an example of sort of microcosm of how I use book map in a vacuum. But I want to zoom out a little bit because I find that looking at other areas to find convergence can help to give us a little more conviction in our trades. I also think it's important to be aware of the broader environment, the conditions that we're trading in book map gives us a day to day view of the liquidity that's in the market. And there's a couple of plugins that one can add to make that view even more helpful. But you also want to zoom out and kind of get a sense as to where you are versus prior levels of liquidity because it will allow you to better gauge that sort of realized volatility that you might experience in terms of intraday price swings, right? And we are in a pretty illiquid time in ES. It's gotten a little better and we'll talk about that in a second. But if you look at this chart going back, you know, basically three years, you can see that we have had periods of much better liquidity than we're in right now. And so what does that tell us? It just tells us that price swings could be a little bigger. So for me, it may cause me to want to be a little more conservative with position sizing and a little more likely to scale in and out because of that greater degree of price variance. It also means we may need to use somewhat larger stops because less liquidity is correlated to larger amounts of realized volatility. So when we zoom in, and this is a tool I recommend everyone check out, it's a CME liquidity tool, right? You can use this to show the book depth for whatever period of time you want. I think it goes back about two and a half years. But you know, it's useful to tell you kind of where you are relative to where you've been. And you can see recently, S&P liquidity was very constrained. We're starting to become more healthy. We're starting to get closer to where our averages are, but we're not quite there yet. So we're still in this somewhat liquidity constrained environment. And you know, if you go to CME's website, you can sign up for quick strike. It's completely free. They've got a lot of cool tools and they plug in well to what we're doing with book map because we can kind of zoom out, see the depth of the order book over a period of time and get a sense as to where we are and let us plan our trades and our position sizing and how we manage volatility. And this is why because just as I was saying, liquidity is strongly negatively correlated with volatility in the sense that an abundance of liquidity usually means lower realized and implied volatility. And that makes sense because realized is what you've seen and implied is when people like dealers are looking at pricing options, they're saying, what's the future price variance we can expect? That's going to help to provide some feedback on implied volatility. Now, I know it's a little different now. I've got all these zero DTEs. It's a little bit of all compression. But at the end of the day, this is a phenomenon that especially for realized volatility remains a constant. The less liquidity, the greater that price variance tends to happen. It expands tails in both direction. That is to say, if either side really takes control of the tape, they can move the market meaningfully. And I also like to look at options positioning in a couple of different ways. So this chart is the naive model of total gamut exposure and naive because we're looking at just the CBOE options chain. It's about 10,000 options on the SPX contract. And those options are assumed to be bought to open on puts and calls. Now, we know that they're not always bought to open, but we also don't have enough data in terms of open interest being transparent to say bought to open or bought to sell. So we're assuming that they're bought to open, which is largely correct, but there's some variance. Nevertheless, the key levels that this elucidates are important for us to watch as traders because where there's really heavy options positioning in net puts or net calls, those tend to be levels where the market interacts with. And so we've seen that already when we hit 3,900 on SPX. We've seen some reflexive buying. When we get below some of these key levels, we tend to see kind of the floor start to drop out. More intensive selling happen just like when we break above. It tends to release some pressure. But typically when we get close to that level, it can act a little bit like an area of support if you're above it or resistance if you're below it. So mapping these out and watching for convergences in book map is really important. Now, I know most of the folks out there watching this know this, but I'm going to say it anyway. With ES and SPX, there is a variance, right? So right now that variance is going to be about 29 points between the two. So when you're looking at those SPX levels, you do need to translate it into ES. And since we have a contract that's further away, we've rolled over to June, that means that variance is going to be bigger. And then as we approach that contract, it shrinks and it shrinks. So you kind of want to watch that delta. Nevertheless, these are key areas to watch. So on this chart, for example, I'd be very interested in that 3,800 level because I think that would be an area of pretty key support. And it also is if you look at the technicals, which showed you yet another convergence. So if I were trading and we were much further down in the market and we were approaching that level, and I saw a very large resting bid down there, I'd say there's no reason for me to get more aggressive than 3,800. I'll be happy to get out if I can get 3,801, assuming price is trending in that direction. And there's again that large resting bid down there. And that's where that convergence between larger options positioning and seeing that resting liquidity in book map can be very helpful. And the reason I mention it is I've seen this happen consistently. It's not every time, but often is the case when you have very large areas of options open interest, this gam exposure, you also see orders in book map that kind of correlate. So look for that. And this is the type of data that you can get online, but we also offer a trade rate on our website. It's updated every 20 minutes. Next one is looking at options, open interest, and option volume for these zero DTEs. I know they've been the talk of the town, but the big takeaway here is 70% of all notional value traded every day is in the options market. And that's the most it's ever been. And of that, 50% of all options trading, whether it's index, ETF, or single stocks is zero DTE. And that comes up to a notional value exchanging hands of about a trillion dollars a day, half of it in indexes, half of it in ETFs and single stocks. That's a lot. It's the most it's ever been. There's all these new daily expirations are relatively new that CME introduced last year. And so that does create more of this sort of very short term leverage time sensitive speculative flow in these options markets, which means that not only is it important to zoom out and look at the bigger picture like we did in the last slide of where positioning is, but it's also important to zoom in and look at where some of these levels are because again, you're going to often see convergences between what we see in these zero DTE flows and where some of these big levels of resting liquidity are in book map. So I do the same thing. I look for that convergence and I try to play it as I see them in book map in these options levels, whether it's zero DTE or longer term, and that often ends up being another edge. Part of the edge in trading is also psychological, having the conviction to see your trade through, right? We go into a trade, we have a thesis, we say, okay, these are the levels, this is where I'm going to execute. And then the market chops around and maybe we lose some of that conviction. Well, having some of these other areas that at least allow us to add to why we're in the trade so we can check back on them and see if they're still true can be helpful also to seeing that trade through to its end. However it ends, whether we get stopped out or we reach that level. And I think volume profile is also important. We talked a little bit about the session volume profile. That's the volume profile that I take from the 6 p.m. start and that's Eastern of futures trading through the current session to 5 p.m. That's my SVP. So I'm looking at SVP, but I'm also looking at this larger volume profile and on the chart above is a volume profile over a 252 trading day period. So that's one trading year. And that interests me a lot too, because again, we're looking for convergence, we're looking for coalescence, and we can often see it in areas where people have preferred to transact in the past. There's some degree of reflexivity to want to transact there again. And so looking at volume profile in the big picture and seeing similar levels playing out in book map, I find that to be helpful in my trading and kind of setting my risk and reward as well. So that's everything I've got on the PowerPoint presentation. I want to now move over to book map. So just give me a second to switch screens and Bruce, I imagine you'll probably have to do something on your end as well. I don't think so. I think I'm just broadcasting your screen. Okay, got it. Give me one sec here. Yep, I see. Excellent. All right. So now we've got book map running live. There's one part that people out there cannot see. And that is the market pulse indicators. I do really like those. Bruce sent me an email a couple weeks ago saying, hey, check this out. And I have been using those ever since with the audio alerts, but I tweak it a little bit. I use thresholds of 90% so that that way it's kind of telling me when there's really noteworthy pressure going on in the market. But other than that, I mean, these plugins that the team that book map makes, I mean, these are some incredible plugins. I have also got the stops and icebergs plugin set up. You can see that on the sub chart. You can also see that on the main chart. You've got these stops below and you've got some of these icebergs above. I also really am pretty excited about the plugins that you guys created that just show these tags on noteworthy levels of resting liquidity. And as I mentioned, the presentation, I consider that 200 and above. So that's how I set the plugin and I have it showing the five most noteworthy levels on the chart. And overall, I have a pretty basic configuration, but I do do some customizations. You can see my heat map might look a little bit different than yours. I try to make the really larger levels stand out a little more because I just want to be able to very quickly look at book map, glance at it and have a sense as to what should I be paying attention to? What's important? Because, you know, I'm looking at several different charts. I've got four timeframes I look at in my in my day trading chart. And then I am also looking at book map in a very more sort of near term sense. You can see I'm only going back about a half hour on this chart. And I'm watching the trade in resting liquidity, which you can see both in this chunk of the chart as well as in the cumulative order book. But I'm also watching some of these sub charts here because I do find convergences on this interesting as well. Like when we see and this these this white line and this lighter blue line, this is the price change and absolute delta from the market pulse plug in. I find those to be really helpful. But I also like seeing convergences with the stops, with the icebergs, with the liquidity difference. Because when you see them all three moving in the same direction, it can kind of give you a sense that momentum is going to move in that direction as well. And sometimes it gives you a little bit of an early indicator when that's going to happen. So I really do think that looking at this from the perspective of what do larger market participants think? And they could be playing both sides of the trade. You could have folks that are up here on their offers and down here on their bid just playing the range as well. But for us as a small fish, it behooves us to just kind of consider that the best we can do is not swim in front of the sharks, but swim in their wake. We've got a lot of larger folks out there. There's no reason to try to be a hero in every trade. So I'm very content when I'm day trading to pick up small amounts of points for my more frequent trades. There's no reason to be a hero here. So if this market, for example, was to start to trend a bit higher, I would be looking at some of these larger orders up above, particularly this $39.75 at $229 on the offer. I think that's a pretty interesting area. And we're starting to see some signs of stability here. Perhaps if we're trending higher, that would be an exit target that I would take. I would want to see us break above this area here where there was a lot of aggressive buy delta because right now buyers are just sort of break even. They're starting to push above that level. But if we make a meaningful push above that level, that tells me that these folks are going to be a little more comfortable staying long. And that could give us a little more room to the upside as well. I also like having the cumulative delta indicator, a volume delta indicator on here. I don't have it on the sub chart there, but I do have it here because it doesn't move enough on the sub chart. It just tends to be kind of a flat line. But when you're looking at it, it gives you just a little bit of a sense as to through this session, what were people doing? And in net net, they've been buying, right? You see a cumulative volume delta of over 7,900 contracts to the buy side here, which just tells you most participants are more on the buying side than the selling side. Price, of course, tells that story as well with the S&P up just over a third of a percent. But this is why I'd be looking at this trade now and saying, you know what? I'd be more comfortable looking at taking this on, stopping out just a little bit below 60, maybe two points below and looking for 75 as an exit. And it doesn't mean the trade's going to automatically play out, but it means the odds are in your favor when you've got that large order and when we've got cumulative delta on the buy side growing. And we're starting to trend more in that direction. So that's one way that I like to look at it. I also like to look at the liquidity differential. It's sort of similar to the delta absolute, but basically when you see that more positive, and I'd like to see it a little more positive than it is now, that also tends to tell you that buyers are starting to take greater control of the order flow in today. So that's an example trade setup. We can see that we're starting to move a little bit more in that direction here, but it is a choppy trading day. I mean, look at all the stuff we've had over the weekend, the macro overlay being one of maximum uncertainty continuing. And so that probably portends with the low levels of liquidity to a choppier trading environment. And we can certainly see that in just the price variance in some of these five minute candles, if you're looking at a five minute chart. So that's the basics, nuts, and bolts of how I'm using Bookmap to trade. I want to kind of open up things to questions and answers, if people have some questions, or if Bruce, if you wanted me to elaborate on any areas that I'm talking about. Yeah. No, thank you, Mayhem. I don't see any questions at the moment. And that was a lot of information really quickly. No, that was just excellent. And the analysis top top down approach was just spot on. Really, really great, great stuff here. And then also what you're using in Bookmap to show all of this really interesting configuration. I mean, from some common stuff, but you're looking at all of this data together, like you said, in kind of a cohesive package here to give to that directional move here. And makes complete sense. I'm wondering about maybe how you manage some of the risk, and how you kind of determine some of the risk reward ratios. Sure. Yeah, like so in this trade, for example, and we see that we're starting to head to that 75 level, we've gotten up about, you know, seven points since I put on that theoretical trade. The biggest way that I'd manage risk on a day like today is if buyers get offside of that offside, so that aggressive buy delta at 3960, I don't want to be in the trade because they're going to become motivated sellers. They've bought aggressively at that level. That also aligns up pretty well with the daily point of control, right? They pretty much created the daily point of control there. And so if we get below there, then sellers have the upper hand and I would want to be out. So I'd probably stop out two points below 3960. So I don't get head faked out, but so I also have an opportunity to get out of that trade as I put it on. And as the market starts to push higher, I would set a little more conservative stop because now we're starting to get very close to my exit. So I'd probably move my stop up by about five, six points to maybe 3963 to 3964. And we're looking to get out at 3974, right? Because the idea wouldn't be that we're looking for that full fill where the idea would be that we're looking to just get right below there and see what happens, but get out. We don't need to necessarily be too aggressive there. So this would be just a scalp. It would be based on the fact that we're trending higher, that we have a positive cumulative volume delta, that we're seeing this get closer and closer to a pretty key area of options exposure around SPX 3950, but also that we're just starting to show some signs of relative positivity. The market tried to break a couple of times this morning during its open and the sellers failed to take control there. And now we're seeing buyers show a little bit more aggression. So I'm more comfortable just from a scalping standpoint to be very clear, to be long until we get to either my stop out or that 3974 level. And I would, as we move higher progressively, manage my risk moving my stop up a little more if this was a bigger trade. So if this was, I was looking for, you know, 20 more points, I'd continue to move that stop up as we navigate through the trade, because I also want to protect my profits. And if I don't capture the full extent of every move every time, that's fine. I'm just looking to try to get the bulk of the move consistently. And that's another reason I try to get out a little earlier, because I don't necessarily need to hit the level on the dot. I like to be just near it, about a point away. I found based on backtesting and also just live trading that I'm more likely to get my fills doing that than trying to hit at the exact level. Okay, so this 3960 and because of the delta there in the SVP column is kind of a key level. Also, I mean, like you mentioned, you have all these other indicators, all kind of aligned here for a beautiful move and CVD is positive. So how do you determine how to protect your, you know, put that protective stop in, like you said, as moving it up? And because it's always tricky to kind of figure out, all right, is it based on some sort of ranges or is there something else you're looking at in the data? I mean, one thing that I like to look at is the convergence between realized and implied volatility. So I do like to take the two numbers. I like to add them together. And then you take the sum of that. And in this case, divide it by about 32. And that would tell me what the market is expecting volatility to be for an intraday move. And when we see those higher levels, when volatility is higher and both realized and implied terms, then I'm going to have to be a little wider with my stop. And that's just how it is because the market's going to be a bit more choppy. Similarly, when we see liquidity drying up as it is, I have to be just a little bit wider with my stop, but I'm still going to move my stop up when the trade is trending in the direction of my favor. On a day like today, I'm probably going to keep my stop about four or five points below current price as we move higher. And the reason that I'm doing that is, you know, I know the market can whip saw me out of a trade, but at the same time, I do want to try to protect some of my profits. There's always going to be more trading opportunities. And so my goal isn't to make a home run. It's to just continually make successful trades and repeat that as consistently as possible. Now, if we have a more liquid day, volatility is lower, price discovery is cleaner, it's a clear trend day, then I'm going to keep my stops a bit tighter because in that type of a scenario, I feel like it's more likely that I'll be right stopping out with less risk than on a day like today, where it's going to be choppy for all variety of reasons, not the least of which the, you know, the level that the VIX is at, it's still elevated at 29. Realized volatility, I want to say it's a bit lower, right? But it's still like 17 or 18 on SPX. And those are things that get me just a little bit concerned about how much price variance will be. The other way that I manage risk is that on days like today, where there is likelihood for higher volatility, I'm going to take on smaller positions. And that allows me to make sure that I'm not drawing my portfolio down too much on stops. My goal on any trade is never to lose more than 1% of my total portfolio value, such that I have enough ammo or capital to keep trading. And as long as you're managing your risk properly, not taking large losses and sizing your positions appropriately, you can trade in any volatility regime you're comfortable trading in. Okay. So, and then would you be looking for like full in, full out on a day like today at least? On a day like today, if I was looking at a bigger trade than the example, I would want to scale in and scale out because I think, and you raise a very good point, that when volatility is higher and when liquidity is lower, there's going to be greater potential for price variance, which for me as a trader, it behooves me to just make sure I don't feel like I'm that much smarter than the market, especially when it's nervous and more likely to misbehave. So, I would likely take a position in thirds or halves on a day like today versus if it was a more liquid day, I might go all in or go in halves instead. And then scaling out on this type of a position because we're looking just to scalp a small move, I would take everything out at 39.74, which we are approaching. Yeah, interesting. I mean, so, and it's the kind of bigger picture that you're looking at that kind of determines how you're going to manage the trade. Is that correct? It's part of it, right? So, yeah, I like to look at how like I'm so, you know, I didn't talk about this sort of technical process that I look at as well, but I do like to look at price action. I do like to look at key levels, you know, just outside of volume profile. I do have VWAP set up on my intraday chart. I use a two standard deviation on VWAP to kind of see where some of these moves might be getting a little bit exhausted. And so I would say I look at sort of macro to micro in terms of how we approach this type of trading. And some might say, well, that's just too much work. But I think knowing the environment that you're in helps to set the tone. It doesn't mean we come in with any bias. So to be clear, just because we've got all this negative, nasty news out there, doesn't mean we just come in automatically bearish and look to take any short we can. It means that we come to appreciate that there's greater risk from a variety of different factors. So I do like to look at that top down view, Bruce. I like to look at the options. I like to look at volatility. I like to look at the volume profile. But then I do like to zoom in. And I like to look a little bit more closely at what's going on on the five minute chart, the 30 minute chart, the four hour chart, because that helps me to set the tone and get a little bit more of a grasp as to where the market's been. And as a result of that, where it may be more likely to go. And so it is an involved process. But I really am very data hungry as a person and people that follow me on Twitter probably have a great deal of appreciation for that. And so I like to kind of build mental models. And I've found that over time, it improves the consistency of my trading. But it also, as I was alluding to earlier, it helps with conviction. Because one of the things that I hear from a lot of folks that I talk to about trying to help their trading is they don't always have the conviction to see their through their trades through as the meme, you know, paper handing it. It's sort of like people lose that conviction during the trade and then, you know, they get out and then it does what they thought it was going to do. And I feel like having these different touchstones, these different points where I can say, is it valid because of X? Is it valid because of Y? If I can have all those areas to check against, then I'm more likely to stay in the trade when it's relevant, when it checks out with the thesis, and then I'm also more likely to be able to get out when it doesn't because I see things are turning in a different direction. Yeah, that that that was something I noted. That was a really interesting comment that it may or may not, you don't know if it's adding to a higher probability trade, you think it does, but it adds to your mental conviction. And yeah, I haven't heard that before that is either well, either helps me or I know I have an edge or I don't, instead to hear that, well, it helps me like psychologically. Yeah, and look, I think that the more signal we have that we can focus on, if we find that it helps us develop our consistency and cut through some of the noise then that's very valuable. And I do believe that it helps us develop an edge to have conviction where it's properly rooted, right? Because we can have conviction in a bad trade and hurt ourselves, or we can have data points that at least give us some greater clarity as to where things may go. Maybe we can model probabilities based off these things as we get the feel for them over time, as we journal our trades and see what our inputs were and how they validated the trade or did not. But it's also about the psychology of trading and part of that is being disciplined. And so the other thing that this helps me to do is know when to get in a trade. Because what's the biggest temptation we have as traders that gets us in trouble? Taking on trades just for the sake of taking on trades. And that's not something that anyone should do because often is the case, if we're just taking on a trade because we want the excitement, the exhilaration of being in the market, we're going to get ourselves hurt. It's much more important to sit on the sidelines like a sniper waiting for that opportunity, that key area that you've identified, then that move off the level that says, okay, the trades valid or whatever your entry is, and then playing the trade. Because being in a trade all the time is mentally exhausting. And it's unnecessary. There are key areas for day traders where you can operate and you could have your whole day done by 11 a.m., maybe with one or two trades. That's the beauty of trading. But having to have the feel or the need to constantly be in something, I can tell you from my own experience, as I was cutting my teeth as a trader, it's tempting, it's addictive, it's bad. It exhausts your mental capital, it wears you down, and you take on more bad trades. But if instead you have a system, an approach that not only gives you conviction when you're in the trade, if it aligns with what your model says, but also tells you when not to get a trade, because you don't see various checkboxes being checked off, that is a really valuable tool. And that's the other reason that I like having multiple data points. Yeah, yeah, no, really, really great, great points here. There you go. So you just got filled at 74. And so I'm kind of curious though, okay, so this was really a picture perfect. It aligned with everything you were talking about. You saw the opportunity, you would have been in the trade, and you would have just gotten out. And this is a choppy day, so this is what you were looking to do. Now what are you looking for? Well, so at this point, I'm going to see what the market wants to do, because we're kind of testing the highs of the day. I think if we can break out meaningfully from here and take out some of that above resting liquidity, particularly at 75, we've got some room to move higher. But if we get rejected here and fall below the daily point of control at 65, I think we've got some room to move lower. And on the book map chart showing daily point of control at 60, so I'm a little variance between motive wave and book map there. But nevertheless, what I'd be looking for is either a breakout to ride some more of that momentum, or a breakdown to look at maybe seeing this thing shift and go the other way. But for now, I'm content to sit on the sidelines and watch and see what happens. Because again, I'm a little fish, I'm going to see a big sharks, and I don't want to be eaten by them. I just want to swim behind them. So I'm going to let them do the heavy lifting and tell me what's next. Yeah, yeah, I like the analogy. It's great. A few questions in here. Let's see about your volume dot settings, what they might be. Let's see which volume settings are the volume dots. If you just right click on the volume dot there on your chart, and then go to settings. Gotcha. Should be pretty standard. It looks like we cannot see, we only see the book map window. That's a failure of discord. So what I can do is I can post a screenshot of this in the room. Or you could also tell us, I guess. So it's 3D bubbles, volume delta by minus cell, size is right in the middle, transparency is probably about two-thirds up, and then clustering is smart right in the middle. Minimal displayed volume two, minimal trade size two. Oh, okay. So you do use those filters. Just very, very little, just to get rid of some of the noise. Yes. Interesting. Okay. And then if you have a question about that, let's see who was it here. Balian, just email me or hit me in discord there and I'll, I'll, I can make a screenshot and show you as well. Let's see another question. Yeah. You rifled through all of this really, really nicely. It was a lot. If you could maybe go through the lower left, lower right hand corner there and the different things that you're looking at here and then how they help you with your trading. Sure. So we're talking about the horizontal bars here? Yeah. I mean, I know that it all applies to the left as well, but yeah, the question is about understanding what it is you're looking at here. Sure. So I'm looking at the absolute delta and the reason that I have that here, this is from the bookmap market pulse indicator, which again, if you guys aren't using that, check it out. It's pretty darn handy, but this is just telling us the delta difference between what we're seeing in sellers and buyers. And so for me, I like to look for, you know, for moving up. I want to see that absolute delta continue to move higher. I like to see buyer aggression. I like to see some degree of them crossing the spread. And when that delta absolute is higher, it tends to show that there's a higher potential for that to happen, that that up move may continue. So right now we see the opposite, right? We see the delta absolute a little bit low. I know you can't see it on my screen because market pulse doesn't come through to the discord stream, but you can also see it in those bars in market pulse. So that absolute delta horizontal bar is just a very quick at a glance indicator to show me who's taking control of the tape in this very moment. And I like to look at levels that are, you know, greater variance in 100 on either side to get a sense of some degree of what's going on. Liquidity differential is kind of similar. This is one of the plugins that you guys offer at book map. I think there's both a free and a paid version of it. I have the paid version of it. And I do map it out just on this chart here. I don't have this on the sub chart, as you can see. I just don't, it's like cumulative volume delta. I just don't see it move enough that it's worth having a line because it ends up just kind of being a more than flat horizontal line. But when I see large moves, large areas where we're positive or negative and it converges with other indicators, that just gives me a little bit more conviction about where the aggression is, if it's buyers or sellers. Icebergs. And this is a plugin, the Icebergs and Stops plugin that you all use, that you introduced, I think, what was it, like early to mid last year. And it kind of took the place of the absorption and sweeps indicator. And I find a lot more signal here in the Icebergs and Stops. So I really like this plugin. And what I've done, I have edited my settings. So I'm going to, I'm just going to share this with you all because I think it's valuable to do a little filtering. So I do set alerts, but I don't have my vocal alerts on here. I have it on the stream that's constantly running. So I'm going to talk a little bit more about how I filter these settings. So I go into the Stops and Icebergs on chart and I'll share a screenshot of this in the special events room as well. That's also where I put the screenshot of my volume bubble settings. So just so everyone knows, you can grab that there. But this is the settings that I use for the Icebergs. And so I'm using a standard deviation interval of 20 minutes and a standard deviation multiplier of four. And I find that to be helpful because I don't want to see the smaller ones. They just, they, to me, I, again, I'm looking at my chart very quickly and I need to see visual indicators that are of meaningful importance to me in that moment, which means I just want the least amount of what I might consider to be less important information as possible. So I do set that standard deviation multiplier to be higher because I'm looking for the Icebergs that stand out versus the past 20 minutes of order flow. I find that to be a bit more helpful when I'm looking at the chart quickly at a glance to get a sense as to, is this important? Should this, is this going to matter? Or is this something that I can just gloss over? So that way more of what I see on the chart is going to be things that I consider to be potentially important. I do similar with the stop settings and I'll share a screenshot of this with folks as well. And it's a interval of 20 minutes and a multiplier of four. And you might ask me, well, why do I use an interval of 20 minutes? And the reason is that if I use a longer interval, particularly like an hour, it tends to be very noisy in the morning because you've got all that pre-market data of lighter volume. And so for the first, you know, half hour hour of the trading day, I'm getting a lot of variance, right? A lot of Icebergs or stops that aren't as important. I find that 20 minute period to be helpful. Also, as we come out of the lunchtime volume wall, it tends to be a little more helpful, making sure that it more quickly recalibrates. And then use that higher standard deviation because I want whatever it is I'm seeing on the screen to stand out. And so moving down the line here, we've also got cumulative volume Delta. I, as I mentioned earlier, do not display that on the chart. But what I'm really looking for is which side is in control? Or do we have a lot of people buying this market? Are they absorbing these sellers? You know, and we can see that with the Icebergs, if that's happening as well. But we can also see, you know, kind of where the participation is. And today, so far, it's been on the buy side. We can see ES is now up about a half a percent in cumulative volume Delta. Last time we talked about it was just shy of 8,000. Now it's about 10,479. So that's how I look at the lower left quadrant. And then on the subchart, on the lower middle to lower left, I also have some of these indicators that I don't necessarily have on the lower right. One of them that stands out is this white line. And that's the market pulse price change indicator. And I just like to kind of see all this stuff together. Because the convergence of data to me, that's one of the reasons that I see a little bit more conviction in what I'm trading. So like right now, we can see things are kind of like leveling out, weakening a bit here. Sellers are starting to get a little bit more aggressive on this tape. And we can see price following. So I'd be watching very closely here. And we can see now this is continuing, that momentum is going down even further. I would like to see what happens if we hit 60 and break below. I think we'll probably see a lot of stops triggered on the way lower. And I think that that could accelerate some of that downside. If we do break below 60, then that would get me more inclined to consider taking on a short term scalp to the downside. Right? So right now we just kind of see this chop. I'm not very interested in the chop. I like to see some degree of directionality or some degree of clarity as to where we might go next, at least with a higher degree of probability. And right now we're just kind of chopping sideways. So that's what the indicators help me to do at a glance. And then I also have on the chart, I've got these great liquidity indicators that the team at Bookmap put out recently. These are really helpful because you get to see how much is above, how much is below. You kind of get a better sense of the delta at a glance that there's 2,100, 2,200 contracts on offer above greater than that, or I'm sorry, on bid below greater than that above. So that's also really helpful. That and you can see it where it is now and where it was in the past. You can see how that positioning is changing as time is going on. And that's just telling you right now that the delta has shifted, right? As prices moved a bit higher, there are actually more orders on top. There are more offers willing to start to get out of their positions at these higher levels. Okay, excellent. That describes it in detail. Let's see if there's any more questions in here. Troy is asking, I'm not quite sure what he means in here. Do the tools in Bookmap give you GEX type of info or do you use another tool? Okay, so he's asking about gamma exposure and gamma exposure is not something that's in Bookmap right now. There was something similar to that. You guys used to have the spot gamma hero indicator, which would show the implied change of exposure based on moves and SPX options. And that was really neat while you all had that on there. I hope it does come back. But no, I do use different tools for gamma exposure. One of them is one that we have available at Traderade.com. That's the longer term gamma exposure model. And we have three different charts for that that are rendered every 20 minutes during regular trading hours. And then I also use my broker. So I have interactive brokers and they have a decent open interest option volume model that and that's what I'm using intraday. I'm not actually using gamma exposure as much intraday. I find it to be much more helpful over longer time horizon. So I'm watching open interest in volume intraday. And then that gamma exposure chart that I showed you, I'm looking at that more over a longer term period of time. So again, with that chart, we're aggregating about 10,000 SPX options on the CBOE option chain. And then that's that could go out all the way to at least 2025 in terms of the exposure. Okay, excellent. Let's see. Nirav has another question. You can see there's very little equity in the Dow. Does the Dow move because of the ES? Yeah, I guess correlations and different stock indexes the question, if something that you look at or follow? Oh, I mean, for sure, like, for example, and this is this is going off the beaten path just a little bit. But I think it helps to get right to the core of the question, you know, walking through different indices, both in terms of US indices, but also even international indices is helpful. If we're looking at these US indices, one thing that we saw recently, right, was the relative strength of the NASDAQ. And the narrative started to develop that, hey, there's like a lot of strength in tech, it's being seen as a safe haven that this is the place to go when, you know, when banks are having trouble. But the real story was a little bit different. And this comes back to talking about options and talking about positioning. But there was a lot of short positioning and also a lot of put skew in the Qs, right, in the QQQ ETF, in its components, in a lot of these arc stocks, growth stocks, you know, speculative tech, etc. And so when you have that much short positioning or hedging, it does tend to create these passive flows that bit up these indices. So the NASDAQ showed relative strength, but it wasn't because it was strong. It was because there was just a lot of people kind of piled into one side of the boat, very short. And so when everyone's getting to that position, it's more likely that you actually, you know, start to move a bit higher or at least stabilize, right? If everyone's prepared for a crash, does the crash happen? Usually it doesn't. So I do look at relative strength, but I also look at some of the nuances as to why it's happening. The Dow, for example, had very good relative strength from like October through December. It was the strongest index on a lot of days where other components were down, the Dow was resilient. So one of the things that I will do in a choppier market for swing trades is I will put on something that's a little more Delta neutral. So even though I had a bearish bias at times, I would be putting on the Dow as my long, and I'd be putting on the index with the relative weakness as my short, and that would vary between the NASDAQ and the S&P. And that could be a way to swing trade during those choppier times and kind of capture a little bit on both sides, rebalancing one's book regularly. So I do pay attention to relative strength and relative weakness and not just at the index level, but also at the sector, industry, single stock, commodity, currency level. I think relative strength and weakness is a really important area. Like today, for example, you've got a lot of relative strength in the Russell and you can explain it in the sense that the Russell's weighted 18% banks and banks have a little bit of relief coming to them. So the Russell's getting an outsized bid versus the rest of the market. You can also see the NASDAQ has relative weakness. Now that we're post-OPEX and those constructive Vanna and Charm flows that were bidding up the NASDAQ in addition to short covering are behind us for a couple weeks, it's likely the NASDAQ will be the under performer for a bit. So I do like to look at these things. I also would like to try to drill down and see why they're happening and see if there's any kind of edge to be discerned. Wow, this is great stuff, Mayhem. Thank you. Really a very, very informative webinar here. I see no more questions if there's any last minute questions in here, but there's a fountain of information here and this is all recorded. So I would just recommend coming back and watching this again. And would love to have you again, Mayhem. So yeah, this is really, really great stuff here. This approach is just top-down approaches, just excellent. I don't see any more questions here at the moment. So let's see. Mayhem, I put your contact information, your website, your YouTube, your macroadvisor.com link, and also special offers from Bookmap all into the chat there. So if anyone wants to reach out to Mayhem, you have the links. And let me just, I'll give you the last word, Mayhem, and conclude, and we'll call it a day here. Sure, sounds good, my friend. Well, Bruce, really appreciate you having me here. It was a lot of fun doing this presentation. I hope folks found it helpful. And I just want to also just take a moment to mention that for anyone that's interested in more of what we do at TraderAid, we do have a two-week free trial. So for our base plan, you can go to our website, you can sign up and there's no obligation to buy. If you don't like what we do, you can cancel during the two weeks and there's no charge. And if you keep on, it's only $20 a month for our base plan. We also have our own Discord plan for about $50 a month. And so, you know, we're always happy to take people on that want to learn more about how these markets work, how they trade, about how we approach them with this level of nuance and with this sort of multifaceted approach to both day trading, but also swing trading and even investing. And that's kind of our goal, is to help people find their edge, both in their systems and also in the psychology of trading by breaking down the complexity of macro fundamental and technical analysis in a way that is approachable to anyone. Fantastic. Thank you very much, Mayhem. If anyone, if you like this video, please click the like button. It's just excellent education here. And yeah, we'll do it again soon, Mayhem. Sounds good, my friend. Thanks again for having me wishing everyone a great trading week ahead.