 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure. All 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 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. And I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamma 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 looking at an underlying asset. My analysis is based primarily on the options market and order flow. And setups can be taken any number of ways with futures, shares of stock, or options. Questions and comments are welcome and I will be watching the chat in Bookmap Discord, the Options-Doug chat channel in Discord, as well as the chat in YouTube. So please feel free to post your questions, comments. My agenda for today, first of all, I'm going to go over news items, economic data, and events coming up for the coming week. I'll go through my positional analysis, my planning for the morning. Then I'll review a few setups and then we'll take a look at the live market. So if anybody has any stocks that you want me to take a look at during the live market portion of this presentation, just let me know at that time. Alright, let's get started. First of all, economic data. Let's take a quick look at the economic calendar and there are some events just about every day this week. So starting tomorrow, durable goods orders, and also consumer confidence, durable goods at 8.30 Eastern Time and consumer confidence at 10 a.m. Eastern Time. And I'm just focusing on the high impact data here, just pointing that out quickly. So that is Tuesday. And then on Wednesday, apparently, Jerome Powell will be speaking. And I'm not sure. I haven't done a lot of research on this. I'm not sure what the event is. We know that he spoke last week would testify to Congress on I believe Wednesday and Thursday last week. Alright, so Powell speaking again, and then apparently he's speaking on the 29th. I'm not sure what this is. He must be not in the US. So Powell speaking some time overnight, according to this, and then GDP comes out at 8.30 along with jobless claims. And then finally on Friday, this could be important data. The PCE data comes out at 8.30 a.m. Eastern Time, and then another consumer sentiment number at 10 a.m. Alright, so that is the upcoming data for the week. Now let's take a look at some charts. I'll go through my positional analysis. I'm going to start with the S&P 500. And this is S&P 500 ES futures and book map. Before I take a closer look at this chart, I want to step back and look at a larger time frame. And this is SPX in a 30 day one hour chart in thinkorswim. And note that SPX broke its uptrend at the June expiration last last week. So Friday was the big June expiration. And then since then that was a very call dominated expiration. All that call gamma went away. And now SPX has been slowly trending lower last week. And that is continuing today. Let me point out some levels on this chart. First of all, I've got the lower and upper weekly expected move. This is based on the options market for the week. And then the that's the dash purple lines, the dash blue lines are showing the lower and upper daily expected move. And so far, SPX is trading between those two levels that's shown by the dash blue line. Then there are also some spot gamma levels on this chart. First of all, there's the 4000 strike that is the put wall. That's a strike with large net negative gamma that can be expected to act as support. And that is not in play at least for today and for this foreseeable week for sure. And then the next level is the volatility trigger. This is kind of a cluster of levels. We'll look at a one day chart in just a minute. So this is the first of all the 4315 volatility trigger. And that is spot gammas proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. 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 can that tends to subdue volatility. And then right at that level also is a very key level. That is the 4320 level that is now the call wall. So that call wall for SPX shifted lower. So on Friday, it shifted lower to the 44 from 4500 to 4400. And then today it has shifted lower to the 4320 strike. And can anyone tell me the significance of the 4320 strike? So again, that is the call wall that is moved lower. The volatility trigger did move slightly higher from 4305 to 4315. Alright, so I don't see any, any takers, any answers to my question about the 4320 strike. That is the Yeah, there you go, Cole. That is the JP Morgan collar. Thank you. Glad you're paying attention. Slow Desiree paying attention as well. So that is the short call of the JP Morgan collar that expires at the end of the month, which is Friday. And that that quarterly expiration, that short call has often attracted price and price often tends to pin at that level at expiration. So I'm looking for SPX to trade down to that 4320 level as Friday approaches. Alright, great. Thanks. Thanks, Cole, again, and so Desiree for answering the question. So that is a Yeah, and then and as price approaches that level, gamma will increase. So remember, gamma increases as expiration approaches, and as a strike comes closer to the money. So the highest amount of gamma is at expiration at an at the money strike. So that gamma will tend to increase if price continues lower. And then finally, the 4400 level, and that's right up here, that's the absolute gamma strike. That's the strike with the largest absolute gamma. Alright, so very interesting that that call wall has shifted lower, and SPX is now trading above that level. Alright, let's take a look at another chart back to think or swim and a one day, one minute chart just so we can take a closer look at the the levels that are in play for today. The same levels are shown on this chart. Here's the volatility trigger. SPX is trading above that level. So for SPX still positive gamma, and there's the 4320 JP Morgan collar strike also the call wall, and then note that SPX is trading within the strong tool, still trading between the lower and upper daily expected move. Alright, let's go back to book map. And a book map, I have a couple of columns of notes. And I'm generally using my own cloud notes here, there's a spot gamma cloud notes. And I the minor more complete and more accurate. So I'm using my own cloud notes. And the first thing to note here is the resistance level. This is the SPX 4360 level. And that also is the ES4400 level. And that level more or less acted as resistance this morning. I also have key spy levels. So there's the spy 434 volatility trigger. And there's the spy 433 level. This is the SPX 4350 level. And now so far today, the spy 432 around that level has acted as support. So price shooting above overshooting the spy levels a bit. But still generally those spy spy levels and SPX levels acting as resistance and support. And we'll look at setups in a minute. But one thing to note here, this was such an easy read this morning. Very bearish order flow. No, and we'll again, we'll talk about setups in a few minutes. Look at all the pink dots coming in their aggressive sellers coming in with the shown with the pink volume dots. Alright, so that's the S&P 500. I've talked about shifts in levels in the SPX. The volatility trigger shifted slightly higher, call wall shifted lower to that significant 4320 strike. And for spy, the absolute gamma strike did shift lower from 435 to 430. So overall, I interpret that as slightly bearish. And given the order flow this morning, I was definitely leaning, leaning short. Alright, so that that is the S&P 500. Let's take a look at NASDAQ. This is the in key in Q futures in in book, ma'am. Let's take a look at a QQQ chart, just showing the levels that are in play for today. So here's a QQQ chart. And note this 365, not quite at that level was more or less resistance. Really, it was the, I think it was the NQ 15150, the 150 level in NQ that really acted as resistance. The volatility trigger has definitely been in play this morning. The QQQ 362 volatility trigger initially acted as support, and then resistance. So when price broke below that level, it came back and retested actually not quite. It was to this combo l five level. And now QQQ continues to trade lower. Let's go back to book map. And this took a while to get going to but also pretty clear read of order flow after 1030, the 1030 reversal. So after the first hour, NQ reverses lower NASDAQ reverses lower. And what I'm looking at here, cumulative volume delta this dark blue to pink line, and also cell stop orders shown with the yellow line. And note that iceberg orders, large traders have been in here buying with iceberg orders since about 1030. That's shown by this rising light blue line. But so far, the aggressive sellers, and the cell stop orders are have been winning. And I have cloud notes here as well. I'm showing the big round numbers in NQ, the QQQ levels key. This is QQQ 362 volatility trigger that did act as support and then resistance. And that's also close to the this combo level and DX QQQ combo level. And note also here is the NDX 14800 volatility trigger shifts lower for the NASDAQ there were no shifts in the DX. But for QQQ, the volatility trigger did shift lower slightly from 363 to 362. And the absolute gamma strike shifted lower from 365 to 360. So slightly bearish shifts lower for the NASDAQ as well. Alright, let's take a look at some other information that I use in my planning. Let me just make sure I've got it covered everything. Alright, so this is the Vana model for SPX. This chart is showing market makers delta notional on the vertical axis. And how that changes with price shown on the horizontal axis. There are two curves on this chart. And the first is showing how market makers delta notional delta exposure changes with changes in price only. That's the light gray curve. And then the purple curve is showing how market makers delta notional changes with changes in price and implied volatility. And that change in change in delta with a change in applied volatility is the Vana effect. That's a second order Greek. So hence the name of this the Vana model. And that's the curve that we want to look at. So what this is showing is as price increases, market makers delta notional will increase and they'll have to sell futures. That's in a positive gamma environment. And then the purple curve is showing that market makers will have slightly less delta notional to hedge as price increases. Then on the other hand as price decreases, market makers will have significantly more delta notional to hedge as price decreases. That's a negative gamma environment. Alright, let's check and see where SPX is trading now. Let me take a look at a watch list. So I've got SPX at 4340. Let's see if we can find that. So that's right around here. So what this is showing is if price increases, there will be a slight tailwind to price. So market makers can buy back short futures up to a certain point, and then they'll have to start selling futures. On the other hand, if price decreases, market makers will need to sell futures to hedge their delta exposure. Alright, that's for SPX. And no, and we'll take a look at this in just a minute, but gamma notional for SPX is still slightly positive. Alright, let's take a look at the Vana model form spy and note the shift and spy the gamma notional is negative today. All the gamma notional numbers did shift lower and spy became more negative. Right now spy is trading at 432. So that's right around here. So in a negative gamma environment, this works both ways. As price increases up to a certain point, again, it'll be a tailwind. Market makers can buy back their short hedges. So in a negative gamma environment, traders along puts market makers are short puts. And if price increases, their delta notional decreases, those puts are losing value, and they can buy back their short hedges that they bought to hedge their delta exposure. On the other hand, if price decreases, their delta exposure will increase, and they will have to sell futures to hedge their delta exposure. Remember, market makers always want to remain delta neutral. And we'll take a look at the numbers in just a moment. And let's finally look at QQQ the Vana model. So for QQQ, almost more of a negative gamma curve as well. Alright, so let's take a look at the numbers. I'm going to focus on gamma notional. What's wrong tool? Focus on gamma notional for SPX spy and DX and QQQ. So still positive for SPX, but has decreased decreased from last Friday, from around 599 positive 599 today about positive 260. And then for spy, gamma notional quite negative at one minus 1.32 billion, and that decreased from about 663 million last Friday, NDX not significant. And then QQQ also shifted lower from minus 9293 last Friday to minus 412 today. Alright, so slightly positive for SPX and gamma notional is negative for spy and QQQ. So that gives us a clue of how market makers may be responding to changes in price and applied volatility as well as how to anticipate a trading range today. So I was looking for based on the higher the more negative gamma notional and spy and QQQ looking for a larger trading range today. So higher volatility, larger trading range today. Right then finally, for the SP500 based on that drop lower in the call wall for the SPX my thesis for the day was bearish. So looking for a larger trading range, and also directional bias bearish. Alright, let's take a look at some setups. Let's start with the SP500. And first, I'm going to take a look at the hero chart here. Alright, so Raider Trader asked in Discord, hi, Doug, when would you get a chance? Can you talk about the hero chart you use to determine sentiment? So the hero chart really doesn't indicate sentiment. What this is showing is there are two lines on this chart. The white line is priced this is for SPX. And the purple line is the hero signal that's hedging impact of real time options. So that is showing options trades and market maker hedging activity for a combined signal. In this case, for SPX, spy, XSP, and ES futures. So spot gamma takes all that data and they have their own proprietary algorithm and they're filtering out certain trades that that may not have an impact. But anyway, they're they're applying their own algorithms to that data to the real time options trades to show this. So this is a very good directional indicator. It's not again, that's what it's showing. Let's take a we'll take a closer look at this chart in just a minute. Let's take a look at the individual components. So first of all, here's SPX. And traders and SPX are taking positive delta positions. That number is right now positive 1.7 billion. So positive delta. That's SPX, spy, negative and showing a today a closer correlation between spy options trades hedging flow and price action. And then finally, ES futures also negative, also showing a closer correlation. So here's the combined signal, a little bit of a mixed bag. So let's take a closer look at this. So again, radar trader, this is a combined signal. And we can separate out. First of all, puts in calls. So the rising orange line, that's indicating any kind of line is rising. This number on the right is positive. That shows that traders are buying calls, that's positive delta. And they're also buying puts shown by the following blue line. And that is also a that's a negative number. So indicating negative number, their traders are buying puts. That's the combined signal. Let's go back to the total signal. And excuse me, what I was looking at this morning was I changed this look back period. And to me this gave a more reasonable signal about what was going on. This was more in sync with the order flow in in book map. So looking at a 30 minute signal. Zooming in on the on the morning session. This was a clear divergence where heroes started making lower highs, and then price followed. Oh, maybe let's see, maybe 30 minutes later, something like that price follows lower. So it took a while for that to set up. Let's go take a look at book map. So note all the, you know, a lot of chop here between the spy 434 level and the SPX 43 60 level, as well as the ES 4400 level there. And then finally resolves lower as order flow was definitely bearish again, as I pointed out earlier. So that is the that's the short set up from a very high view this morning. I don't know if we need to zoom in on that closer, but what we can list. So again, here's all the chop that I was talking about. So short entries, either up here at the 43 60 level, or this final test of the 434 spy 434 level. So if you're trading futures, maybe the the better short was up here at the 43 60 level, or 4400 ES 4400 trading spy shares or spy options, you know, anywhere around here would have been a good short, just to, you know, maybe buy the 434 put or sell spy shares at the 434 level. Alright, so to sorry, ask question. Spot gamma added a section for implied volatility realize volatility on the individual stocks. Do you look at implied volatility, rely and realize volatility and make a trading decision on that, based on that. And generally, yes, but not in the way that you're thinking. So I don't look at I generally trade options on index products on the SB 500. And I have a chart in thinkorswim that I that compares implied volatility to realize volatility. And I've been looking at that for years, years and years, decade. And generally, in the S&P 500, implied volatility is greater than than realize volatility. So fear is overstated. And that's what makes the the S&P 500 so good for options trading options, premium selling. Alright, so yes, I do that. But I have not looked at the implied volatility realized, realized volatility section for stocks. Alright, so that's the S&P 500 set up. Short of the morning, very easy to read order flow. Alright, let's go take a look at the NASDAQ now. And so it is our regarding your question, I just haven't had time to look at any new new features yet. I've got this spot gamma mini boot camp coming up on Wednesday, and I've been working on slides all weekend for that. And note now, NASDAQ is trading below its lower daily expected move shown by the dash blue line there. Let's go take a look at hero for NASDAQ. I'm gonna go back to the one day look back period. Let's go to NASDAQ. And this is combined signal for NDX and QQQ QQQ. And there was actually some gaps in the data here. So I shifted over just to looking at QQQ what I'm talking about is this gap in data there. Right so let's go take a look at QQQ. And this is what I saw this morning. So QQQQ doesn't have that that wonkiness in the data of the combined chart. And this was a just a beautiful divergence set up here. So note that hero takes a sharp drop lower, as traders start taking negative delta positions, and then price, it takes a little while but then price reverses lower. So great divergence set up there. And great divergence set up there in the NASDAQ either NQ or QQQ. And again, I'm looking at just the the signal for QQQ based on that, that oddity in the NDX chart. So let's just take a look at the, let's see if that's yeah, so that's in NDX showing this right here. Alright, let me take a look at a couple questions and then we'll go to some stocks and then the live market. Alright, Hector, I'm not sure I understand your question. How do I, how do you consider an effective breakout of range channel? I'm not sure I understand your question, maybe give an example or provide a little bit more detail. And Cole asked, what I consider going long here for NDX and QQQ because because it is below the lower expected move for the day. Alright, let's take a look. Let's go back to, we'll take a look at the total signal now here and see if that, see if we can. So Hector, I've talked about everything that I look at. I'm not looking, I really don't look at breakout trades. I'm either looking for reversals at certain levels or pullbacks in a trend. That's how I trade. I'm not looking at breakouts. Alright, so Cole is asking about a potential long here in NASDAQ. So I'm back to the combined signal here. And I'm going to change the lookback period. And so far looking back at the 30 minute lookback period. Hero still trending lower. Let's go take a look at book map. Traders are buying with iceberg orders. For NASDAQ, I would certainly if I was looking for a long, I would certainly wait for clear price trend up. So far, this does not give me any confidence for long, but it may, you know, the I think the easy money has been made in NASDAQ, for sure, with that that drop down from 150 down to 1400. But you know, this is reasonable to to look for a long here. I was certainly not, not shorter after such a move lower. So I was looking for a long in NASDAQ, I would, I would wait for a clear break below above that lower daily expected move and for a trend to develop above that level, I would not rush in to NASDAQ at this point. Let's take a look at some stocks. And I've got just a few that I want to focus on. First of all, as meta and meta was a great short set up this morning. Let's go take a look at that hero for meta. Let me just make sure let's go back to the one day look back period. Let's go to meta and in meta, just a clear confirmation of a short, very close correlation between hedging flow and price action. And traders are buying puts and selling calls. So for meta today, at least call buyers are nowhere to be found. And now 285 is the key gamma strike. Let's go back and take a look at book map. And meta started rolling over before the end disease, which were started to move lower around 1030. So meta moving lower a little bit before then 285 is the key gamma strike. And meta did not spin long there, still struggling to to move back up. Right. The next is Nvidia, huge range today in Nvidia, down from above 425 to almost 400. Let's take a look at at hero and see what options traders are doing in Nvidia. So some spot gamma levels on play. Here's the 420 key gamma strike hedge wall. And note now Nvidia is trading below its put wall. And this is in stark difference to the last few weeks. 420 key gamma strike 415 put wall. And again, traders are buying puts and selling calls back to book map. And the last one is Tesla. Alright, so here's Tesla and note that 250 is the key gamma strike. And that was a target this morning. So Tesla opened right around 250 moved up to 258 and then has been moving lower ever since then. So that was the the first target for the move lower the next at 245 liquidity at that level. Alright, so Cole asked, so you mark significant levels in red on your cloud notes, all other levels in yellow. No. Sorry. So I used to mark the spot gamma levels on my stock charts. But it just became too time consuming. It just took took too much of my time in the morning. So I'm for the for stocks, I'm marking just the the round number levels the zeros and the 50s and red and all numbers in between a yellow with yellow. So I'm relying on right now I'm relying on the hero charts to see the levels. It's just with all the stocks, just to come time consuming. Now I do that for do mark the spot gamma levels for QQQ and spy. And I mark those in white lines white background with red text. So I'm doing that for QQQ and spy, but not any of the other stocks. Again, it's just that just to come time consuming in the morning to do that and for stocks like Nvidia, those levels change every day almost. Alright, let's take a look at life market now. Let's go back to NASDAQ. And again, if anybody has any stocks that they want to take a look at, let me know. Yeah, Cole, with price lines, it's, you know, you can do it but it just again takes too much time. And those levels are available in the hero charts. And if you don't have hero, you can, you know, you can do it yourself. Right? So NASDAQ, I you know, I don't see any reason to get long here. So again, what I'm looking at overall is for the week, the SMB 500 to head down to the SPX 4320 level. So let's see, let's take a look at SPX. And that level is, you know, certainly within reaching distance down at 4325 and in SPX training at 4335. So another 15 points lower. So definitely within reach. And that that gamma, again, will be increasing as price approaches and expiration approaches as well. Alright, so for the ES and NQ larger traders continue to buy with iceberg orders. But otherwise order flow still still bearish. Alright, so Cole says thinking about just adding price lines. Yeah, I have price lines for ES for the spot gamma levels for ES NQ spy and QQQ only. Otherwise, I just have the like I talked about the red numbers for the zeros and the fives and yellow numbers for the in between numbers. And you do you did write down NDX there? No, that NDX is not available in in book map, I assume you mean NQ? Alright, RJ asked, can we take a look at Tesla hero? Maybe I didn't look at that. You're right. Alright, so let's go take a look at Tesla. So Tesla bearish hedging flow as well. It looks like, let's see what traders are doing. So so far today, they have been selling calls and buying puts, just like the other stocks that we looked at. Outlooks like traders are either buying back their short calls or starting to buy calls either way. The orange line is shifting up somewhat. Let's take a look at the total signal. Let's go to 30 minutes. And just a little bit too choppy there. So again, for the for the stocks and in NASDAQ ES, you know, looks like the easy money has been to me, made today on the short side. And that, you know, doesn't mean that things might reverse later on. But so far, you know, again, if I were looking for a long, I would look for price to start making higher lows and higher highs and confirmed by order flow and hedging flow. So so far, ES chopping around the spy 432 level. Let's take a look at VIX, see what VIX is doing. And VIX actually has not been really very much of a clue. Today, it's up 0.71. So up about 5% for the day. Maybe if there's a sharp drop lower in VIX, that might help. And again, larger traders are in there buying with iceberg orders. Note this trade right here. 1332 contracts in six executions. NASDAQ still below its lower daily expected move. So call says hero seems to be a little delayed, meaning it takes a good 30 minutes to one hour for it to set up most days. I'm not quite sure what you mean by that. So I would I wait for at least 15 to 30 minutes to get any after the open to get any really meaningful data out of hero, I would not make a decision on on hero, definitely before 945. But let's go back and take a look at at hero for NASDAQ. So I'm going to go again to QQQ because of that, that glitch in the in DX data. Right, so let's zoom in on this morning. So for for this example, what I'm looking at is this rush up in price in the morning. And this is pretty typical of a Monday, Monday morning, a rush to buy and note that hero levels off, as price continues to rise, options traders no longer supporting the move higher. And then the sharp drop lower in hero. And then price starts to move lower. So this took a good 45 minutes to an hour to set up. But that was the really, you know, I thought that the best trade for today was the 1030 reversal. And this signaled it 15 minutes in advance for NASDAQ. So certainly you could have jumped in at the at the open and gone long. But I think for me, the the more clear trade is was to patiently wait for a short set up that was in line with my thesis for the day. And let's take a look. So the take a look at stocks. Some stocks typically there is a stronger correlation between hedging flow and price action or more consistent for stocks. So we saw for NASDAQ that setup really took 30 minutes to set up and it took some interpretation. But there's a much stronger correlation between hedging flow and price action for stocks, such as this shown here for for meta. But again, for looking at hero, I would not look at I would not make any decisions based on hero for at least 15 minutes after the after the cash open, and maybe 30 minutes. So that's where again, having a thesis watching order flowing book map, that's, you know, that takes precedence really for the first half hour for me back and take a look at book map. So CBD and stops continue to move lower for ES large traders still in buying with iceberg orders, not having much of an impact on the market. Let's just see where price could head. So levels down below. There's the lower daily expected move for ES. There's the SPX 43 20 call wall. And then the spy 430 put wall and also the new absolute gamma strike. So potential targets lower. Let's take a look at NASDAQ and see where it where it might go. If the move continues lower. And again, it is below the lower daily expected move that may be some incentive for traders to to move NASDAQ higher. But so far it's showing no signs of that. And the purple dash purple line showing the lower weekly expected move down at 14800. Let's take a look at hero again, see what options traders doing. Let's go back to NASDAQ. We'll go to the combined signal. Still pretty choppy. Let's take a look at QQQ. And same choppiness there. Short of look back period. And now hero is starting to slope lower. And so far this number for the day is net. Actually, I'm looking at a 30 minute. Let's take a look at that. So for the day it is net positive still. SP 500. Definitely more bearish, more clear with hero sloping down like this and that bearish order flow, I would certainly not be looking for a long in the SP 500. All right, any final questions? Got about a minute left. So today we looked at some great short setups in the SP 500 NASDAQ in stocks like Meta and Vidya and Tesla. Confirmed in the indices with with order flow, especially in the SP 500, as well as hedging flow, all confirming a short setup. Alright, so I go jet ask, can you remind me what book map package and add on to add on to use data feeds? Okay, let's go, let's go back to book map. So first of all, I have book map global plus. So there's global and global plus I have global plus and I have two data packages for futures. I have rhythmic and for stocks DX feed. So global plus rhythmic data for futures DX feed for stocks. And then add ons I have the MBO bundle that includes the stops and icebergs both the stop, the sub chart indicator, as well as the on chart indicator. And then I also have a third party add on that's available in the book map marketplace called price lines. And that's what I'm using for my cloud notes here to display the levels and to draw the lines. So let's go. And then these other the outside liquidity market pulse, those are just included. I'm not using absorptions and sweeps for futures this too much on the screen. I'm I do use absorption and sweeps for stocks, they come with global plus I believe. So really what I'm using is price lines stops and icebergs for futures and absorption and sweeps for for stocks. So it looks like es is now catching a bid, and maybe they want to take it higher. Alright, so I could get hope that answers your question. And Cole says thank you so much, Doug. Great webinars always appreciate the lessons. You're very welcome. Thank you for your thanks for your questions, comments and your kind words. Alright, I'm going to wrap it up today. I want to thank everyone for watching. Thanks for your questions and comments. And I will see you tomorrow. Bye