 Hello everyone. Welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm each time. Excuse me. 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. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an Options with Doug chat channel that's a great place to post questions, comments and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. And also note that Bookmap Discord is free and available to everyone whether you subscribe to Bookmap or not. There's a lot of great content there. It's a fantastic community of traders trying to help each or learn and become better traders. Highly recommended. If you're not a member of Bookmap Discord, again, please check it out. I'm also on X, formerly known as Twitter. My name there is at Doug P. The focus of my presentation today and the focus of the Options-Doug chat channel is Options, Order Flow, the impact of options markets on stocks and futures and the influence of Market Maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned 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 motor flow in Bookmap and real-time Market Maker hedging flow in Spot Gamma Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focused on an underlying asset. And setups in that asset can be taken any number of ways. For example, the S&P 500 setups can be taken with ES futures, SPY shares, SPY options, SPX options, or even ES options. And also the setups that I talk about. I'm primarily focused on intraday trading but they, depending on your time frame, they could work for swing trades or even longer term. Questions and comments are welcome. And I will be watching both the options-duck-chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I will do my best to answer your questions. And thank you slow to Rossi today for the notes about SPY as well as the DOG prepares to file an Apple and a trust case as soon as March. So thank you for that. Alright, here's my agenda for today. Wednesday, January 17th and it is very cold here. I hope everyone is staying warm. Got down to single digits last night. So very cold here. Alright, so first of all, I want to start with news items, economic data and events for today as well as the rest of the week. Then I'll go through my positional analysis, then I'll review some setups from earlier today, and then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. Alright, let's get started with economic data and events and let's go to the ES Futures and Bookmap. So there were two key events today. For example, first of all, retail sales came out at 8.30 a.m. Eastern Time and the retail sales came in greater than expected, greater than the previous number. Let's just zoom in on that. That was at 8.30 a.m. Eastern Time. So really not much of a reaction. Sorry about that. So here's the reaction at 8.30. Initially bearish, wrong tool, initially negative reaction, then a bullish reaction, then the third wave lower. Alright, so that was the retail sales, really not much of a reaction today. Then at 1.00 p.m. there was an auction 20-year Treasury auction, and it looks like the S&P 500 was already in a downtrend, but that, now the ES continues to trend lower. Alright, for the rest of the week, tomorrow just really the more higher impact events. Jobless claims at 8.30 a.m. Eastern Time, also building permits at 8.30, and then Friday, 10 a.m. Michigan Consumer Sentiment. So overall, very light week for data in the holiday, shortened week. Alright, so that is the data for the week. Now let's start with positional analysis. This is the, and I'm going to start with the S&P 500. This is the ES Futures and Bookmap, and before I take a closer look at this chart, I do want to take a look at the underlying index in a larger timeframe. So the underlying index is SPX. This is a one-day chart in Thinkorswim. This is showing the rally that began October 30th for a variety of reasons. IV Collapse put Vanna Rally, what the market interpreted as a more dovish-fed and lower than expected inflation reports. All led to this rally higher that ran into so far pretty stiff resistance right around 4,800. So this first push higher was reverse-lowered just a little bit below 4,800, and then this push most recent last week, reverse-lowered just above 4,800. So 4,800 is the key level, key resistance level. All right, let's take a look at, again, SPX, and this time in a 30-day one-hour chart so we can see those levels of resistance a little bit more clearly. So this is the 4,800 level right here, acting as resistance just at the end of the last year and then this is this year resistance week prior and actually then also last week now SPX moving lower potentially down to 4,700 that has acted as support. All right, let me point out the levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. I update this once a week over the weekend. SPX is training below that lower weekly expected move. Again, it appears to be heading toward 4,700 and then the dash blue lines are showing the lower and upper daily expected move. Again, based on the options market and SPX is training below that level as well. That's updated once a day. So SPX now training below the lower daily expected move for today and also the lower weekly expected move for this week. All right, the dark red lines are showing spot gamma levels. These are proprietary spot gamma levels provided to spot gamma subscribers for a variety and they're shown on a variety of trading platforms. Again, this is thinkorswim, a 30 day one hour chart. I'm going to point out the key daily levels. First of all, here's the put wall that's the strike where the largest net negative gamma that can be expected to act as support. That's at 4,600 and then the next level up is the volatility trigger at 4,765 and that is spot gamma's proprietary volatility 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. On the other hand, above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure and that tends to subdue or decrease volatility. And note that for SPX, gamma notional at the beginning of the day was positive and now SPX is trading pretty firmly below that volatility trigger. Most likely will flip to, if this continues, most likely flip to negative tomorrow. The next level up is 4,800. That's the level that I've talked about, the resistance level. That is the call wall. That's the strike with largest net positive gamma that can be expected to act as resistance. That's also the absolute gamma strike. That's a strike with largest absolute positive and negative gamma. So that is where most of the gamma weighted open interest is concentrated. So those are the key levels, key daily levels for SPX, 4,600 floor and 4,800 ceiling for price. Alright, let's take a look at one other SPX chart. Now I'm going to take a look at a one day, one minute chart. So this is showing that SPX gap down. So the dark area on the right is the regular trading hours. So SPX gap down right around the zero gamma level at 4,738. Attempted to rally and is now back below the lower daily expected move and the lower weekly expected move. And note the zero gamma level was in play earlier today, acting as resistance, then support, then resistance again. And now SPX low of the day right around 4,716, 4,717 and again appears to be headed toward 4,700. And that has been spot gammas kind of lying in the sand for a more volatile move lower below that 4,700 level. That has been there lying in the sand for some time. Alright, let's go to book map. Now book map, I have my own cloud notes. So I can show SPX levels. For example, there's that 4,738 zero gamma level that I talked about acting as resistance, support, then resistance. I also have spy levels on my chart. And for example, this is the spy 470 large gamma two level. And yesterday that was the put wall and the put wall for spy has moved up to 47 472 now. And note that the S&P 500 is trading below that level. And actually the spy 472 put wall acted as resistance. And that was right at the 1pm 20 year treasury auction. Alright, so those are the levels in play for today. So so far the we zoom out just a bit. So the 471 level that's another spy level acted as support earlier today is a launching point for a long that I'm going to talk about then it looks like really this lower daily expected move acting as resistance. You can see all the large iceberg orders coming in. I'll talk about that. And now the lower the day is yet to be determined. Alright, note shifts in levels. The volatility trigger for SPX shifted lower just slightly 4770 yesterday. And also the put wall shifted lower. So the put wall shifted lower higher yesterday on Tuesday from 4600 to 4700. And then now has shifted back lower to 4600. So that is overall a little bit bearish when two levels shift lower. Alright for spy the volatility trigger also shifted lower. And as I mentioned before the put wall shifted slightly higher. And again we'll talk about setups in a few minutes. Alright let's take a look at NASDAQ now. Oh just one other note. If this seems confusing SPX 4738 at ES 4770 there is a difference in price between ES and SPX. It changes a little bit every day. I post all the index relationships that I use every day in discord. So right now I'm using ES minus SPX equal 32. So again they all change every day ES minus SPX at 32. So SPX 4738 shown at ES 4770. Alright, let's take a look at ES 4770. And then alright let's take a look at NASDAQ now. So this is the NQ futures and book map. And before I take a closer look at this chart I do want to take a look at a QQQ chart so we can isolate the levels and play for today. So this is a one minute chart. Let me zoom out just a little bit. So this is the 408 volatility trigger for QQQ acted as resistance before the cash open. That's around 7, 7.30 a.m. Eastern time. Acting as resistance. And then the 403 level acting as support. So so far QQQQ is moving lower but not below the low of the day. Like SPX is trading down below the initial move lower. So SPX trading down near the low of the day QQQ not. Maybe finding support at this 404 level. So the levels and play 408 volatility trigger 403. That's just a round number level. And then the 404 level that is a combo L1 level. Combining NDX and QQQ gamma weighted open interest into one combined level shown in terms of QQQ price. And that's also a large gamma forward level. So that's important level. Alright finally let's take a look at NDX. So I'm looking at all these underlying indexes. These are options trades in for the SB500 and SPY SPX and NDX are key drivers of price for ES. So when traders buy and sell puts and calls by SPX market makers hedge those positions with ES futures. And the same for NASDAQ when traders buy and sell QQQ and NDX puts and calls market makers hedge those positions hedge their positions with NQ futures. Alright so that's NDX this L3 level 16700 acting as resistance. And here's the call wall also absolute gamma strike at 16650. That level has been in play resistance resistance support. And now NDX trading below that level. Let's go back to book map. So in book map I have my own cloud notes as well. So I can show key levels all in one column here. There's that 16700 level large gamma 3 level acting as resistance. And then here's that 403 level QQQ 403 level that acted as support earlier today. Alright so on this chart I have NDX levels QQQ levels and then other round number levels for NQ. There's the 16700 800 also the lower daily expected move. So NQ is trading below its lower daily expected move. We'll take a look at setups in a few minutes. Alright the next thing that I want to look at the next part of my position is my position. I'm going to look at positional analysis. I look at gamma notional every day. This is market makers position on the gamma curve at the beginning of the day for the S&P 500, NASDAQ and Rosso 2000. Note this is a mixed picture today. For example the S&P 500 at the beginning of the day SPX gamma notional was slightly positive and slightly negative for SPY. And this is kind of an anomaly. This higher positive number for QQQ. Not quite sure what to make of that. The shifts in these numbers all were lower, became less positive or more negative with the exception of QQQ which shifted slightly higher. And just to understand what this means in a negative gamma environment this indicates that traders are long puts. This is what SPOT gamma assumes. Traders are long puts. Market makers are short puts. And in that environment they have to trade with price to hedge their delta exposure. So if price drops they have to buy futures to hedge their delta exposure. We'll see in just a minute in the VANA model. And then on the other hand in a positive gamma environment market makers assume that traders are, for an index, traders are short calls, market makers are long calls hence the positive gamma and they have to trade against price to hedge their delta exposure. So let's take a look at the VANA model to get a graphical representation of what that means. This VANA model for SPX is a little bit unusual in that it is showing such a large skew to the left. This is typically, this is more typical for a more negative gamma environment. Anyway what this chart is showing is market makers delta notional on the vertical axis. SPOT price for SPX on the horizontal axis. There are two curves on this chart. The first curve, the light gray curve, shows how market makers delta notional may change with changes in price only. And the purple curve adds implied volatility to the equation. That's showing how market makers delta notional may change with changes in price and applied volatility. And that change of delta with a change in implied volatility is the VANA effect. VANA is a second order Greek. Alright, let's go back and check again the low of the day for SPX right around 47.15. So that's right around here. That's on this steep left portion of the curve. Again, this is typical of a more negative gamma environment. But just to point out, if price starts to increase from here, implied volatility drops, market makers can buy back short futures. And that's a put VANA rally. On the other hand, let's check what the high of the day was right around 47.44. So right around 47.44. So what this is showing as price has been dropping, market makers delta notional increase. So price falls, market makers delta notional increases and they have to sell futures to hedge their delta exposure. Alright, so that's the VANA model SPY. And this is a little bit more expected for just a slightly negative gamma. Let's see where SPY is trading. Right around 470. So also on this left portion of the curve, typical of a negative gamma environment indicating market makers will need to trade with price to hedge their delta exposure. Quick Check on Q Q Q Q trading right around 404. So also on this left portion of the curve indicating market makers will need to trade uh with price to hedge the delta exposure. Price decreases. They have to sell the futures, so in the case of QQQ that would be and Q futures and the price increases. They will have to buy back their short futures. All right, one other thing I want to point out real quick. This is the expiration concentration for this Friday. This is January expiration. What this chart is showing, and I'll talk more about this tomorrow. I just want to introduce this today. This is Delta Notional at a variety of expirations. That is the January expiration, the large bar on the left. Orange bar is showing, orange bar is showing call Delta and the blue bar is showing put Delta. So you can see the orange bar clearly dominates the blue bar. So this is a call dominated expiration. This is for the S&P 500 NASDAQ and Russell 2000 for equities. Spot Gamma has shown another chart showing a pretty similar call dominated expiration for January, indicating that may lead to a move lower after expiration. And the mechanics for that, let's take a look at one other thing. This is equity hub in Spot Gamma. I have ranked my watch list by next expiry Gamma percent. So this is all showing for these stocks, very large amount of Gamma expiring on Friday. And as that Gamma expires that in a call dominated environment, when traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. As those calls lose value, they expire. Market makers can sell their long stock edges. Their delta exposure decreases. They no longer need that stock so they can sell that stock and that could potentially lead to a move lower as market makers no longer need that long stock edges to their long stock edges to hedge their positions. I'll talk more about that tomorrow. All right, so that's just something to keep in mind. All right, let's take a look at some setups now. So really my thesis for the day based on the information that I had looking at kind of a mixed picture for Gamma Notional. I was looking for moderate volatility and also the S&P 500 slightly bearish based on the shifts lower and the volatility triggers for spy and SPX and also the shift lower and the put wall for SPX and then for QQQ a little bit more neutral given the higher Gamma Notional for QQQ. Also the for the volatility trigger shifted higher for QQQ. All right, let's take a look at some setups now. First of all, I want to see what options traders have been doing today. So this is the hero signal hedging impact real-time options. So everything that I've shown so far other than book map has been based on static data. This is Spot Gamma Takes open interest data that's updated once a day sometime overnight. They apply their proprietary algorithms to come up with the information, the levels, the information that I've just shown that I use to develop my my positional analysis of my thesis. So now we're going to look at real-time data. I'm going to start with options trades. Again, this is hero hedging impact real-time options. This is available to Spot Gamma subscribers. What this chart is showing is price for SPX and the hero signal in purple. And a falling hero signal indicates traders are taking negative delta positions. They are buying puts and or selling calls. Market makers take the opposite side so they have to sell futures to hedge their delta exposure. And on the other hand, a rising hero signal indicates traders are taking positive delta positions. And that led to this setup this morning. Traders are buying calls and or selling puts and market makers take the opposite side of that and they have to buy futures to hedge their delta exposure. So this hero signal is showing a combined signal of options trades and market maker hedging activity for a combined signal of SPX, SPY, XSP, and ES futures. That's in one combined signal, combining options trades and market maker hedging activity and all those instruments. Let me zoom in on this chart now. I'm going to zoom in and focus on a couple setups. And this is really what I was looking at this morning, as I was preparing today is this long setup right around 10am. Heroes started making a series of slightly higher lows and then just after 10am, traders came in and started aggressively taking positive delta positions. Leading to a long setup, let's go to book map. Go back to ES. So we know right around 10am, traders started taking positive delta positions and there were even stronger clues here in book map. So I'm going to point those out. So first of all, this rising light blue line is showing large traders buying with iceberg orders. And this is pretty typical behavior. They will start to buy weakness. So as price moves slower, they start buying with iceberg orders and they use iceberg orders to hide their size. And this is pretty significant size. So that's the sub chart indicator, that rising light blue line, showing traders buying ES with iceberg orders. This on chart indicator shows the exact events. So for example, this arrow here is pointing to 4,832 contracts. That's five different executions. If I zoomed in closer, it would show those individual executions. So that is 4,800 contracts. Here's another one. Over 4,300 contracts, three executions. So large traders buying as price moves lower toward the lower weekly expected move, then price starts to reverse higher. The volume dots are showing market buy minus sell. Magenta dots are showing indicating more sellers than buyers. And green volume dots indicate more buyers than sellers. And also finally this falling yellow line indicates sell stop orders. So this move lower was fueled by sell stop orders. Again, remember iceberg orders, large traders buying that move down with iceberg orders as retail traders with their stop orders are puking and price goes right down to this 471 level. Then order flow shifts, aggressive buyers start to come in, shown by the green volume dots. These sellers are exhausted. Pricer versus at the 471 level and starts to make a series of higher lows. And that trend higher, eventually reverse lower. As we'll see in a minute, traders started taking negative delta positions, finding resistance right around the lower day they expected move. And note in this case, large traders start taking negative delta, they start selling with iceberg orders. Not quite the size as they were buying, but you can see from the on-chart indicator, all these sell iceberg orders showing them pink there. Not the size they were buying, but enough to help to push price lower. All right, let's go back to hero. So we know again at the 10 a.m. for this long setup, traders were taking positive delta positions, large traders buying with iceberg orders, and price reverse at the 471 spy 471 round number level as aggressive buyers started to come in and the sell stop orders stopped. So aggressive buyers, CVD shifts slightly higher, that's shown by the pink line on the sub chart, and then the sell stop order stop. And then finally, the buy stop orders helped to fuel the move up to the final resistance point there. All right, let's go back to hero now. All right, this is a very nice divergent short setup. Let me check for questions. All right, ES01 and open gold chart. Not sure what that means. I don't have a gold chart. So if you want to look at GLD in hero, I can do that when I get to the live market. And demo trader asked, hello, demo trader, welcome glad you're here. Can you give me your opinion on the market pulling back to the lower daily expected move? And what that means in terms of contacts, curious to see how you see it. So the thing about the lower daily expected move, market makers may be hedging there. Typically the expectation is that price will stay within that range. But if price breaks below that level and it acts as resistance, yeah, I would interpret that as very bearish. So let's go back to the SPX one minute chart. SPX is training below the lower daily expected move and the lower weekly expected move. Yeah, I interpret that as bearish. Definitely. And then I would watch order flow and hedging flow to see if traders and market makers are reacting and could potentially bring price back within that level, that range. So those, the lower and upper daily expected move and weekly expected move, I put those on for reference. I place more importance on the spot gamma levels, acting as support and resistance. And we're going to ask if market maker hedge, hedges, can you see in book map? Yeah, you should be able to, although I don't think you can separate out their trades from other trades. So yeah, I mean their trade should be part of the order flow in book map. But again, I don't know of any way of distinguishing what they're doing compared to other trades. All right, so I've talked about the long setup, 10 a.m. Iceberg orders were the kind of the key, the primary signal for versatile hire. Also traders taking positive delta positions shown by hero and then the shift in order flow and shift in CVD from negative to positive. All right, now let's take a look at this short setup. This is very nice divergent signal starting right around 11, 1105. Hero started making a series of lower highs, setting up this divergent short right around 1145. So traders were starting to take negative delta positions and it took about 40 minutes to play out. Let's go take a look at book map now. So in book map, and we know this lower day they expected move acted as resistance multiple times. Sometimes that'll work, sometimes it doesn't, but it is a level for reference. And at the same time, large traders were selling with iceberg orders. Note also the liquidity in the order book going to darken up the heat map a bit. So the heat map is showing the history of the limit orders in the order book. And note this dark area showing more limit orders in the order book. And in this case, acting as resistance and price starts to move lower. So there are a couple of trend lines here. I've drawn the kind of the main trend line this morning. Then one more trend line price breaks below that level. As traders were taking negative delta positions, then aggressive sellers start to come in. Shown by the magenta volume dots there. Let me scroll a little bit here. So in this range, let me zoom back out. Earlier you can see that there were, I pointed out the iceberg sales. This light blue line shifting slightly lower. And also stop order shown by the yellow line, cumulative volume delta shown by the pink line start moving lower as well. And the ES starts making a series of lower highs. First finding resistance at the zero gamma level that I pointed out before. Also the light blue line is VWAP. Then finding resistance. Another nice pullback entry at 472, the spy 472 put wall. So we know that large traders were selling with iceberg or light selling ES with iceberg orders. Traders were taking, started taking negative delta positions. All leading to a short setup. It took some time and patience to wait it out. But again this final break of this little trend line here as aggressive sellers started to come in was a great entry point for short. Then secondary entry points at the 4738 level and also the spy 472 level. And then potentially ES finding support at the spy 470 level. That's a large gamma 2 level. Ceasar says these last two weeks have taken a lot of patience, time and patience. Yeah, trading does in general. That is one of my biggest issues as patients. So definitely trading effectively does take some patience to wait for the right setup. Just watch and wait for price to come to your setup. Alright so that's the SP500. Man I'm going way too slow. Let's take a quick look at NASDAQ. Very similar. Take a look at the NASDAQ signal. This is a combined signal of the NDX and QQQ. And this setup in the morning more pronounced. Traders aggressively taking positive delta positions at 10 a.m. So I'm just going to talk about the long. So just like the SP500 you can see the iceberg orders coming in buying weakness shown by the rising light blue line on chart indicator showing buy iceberg orders. Though these numbers are very typically much smaller than the ES. NQ much larger contract. Pricer versus at the 403 level. And that's just below the NQ 16,700 level. Price makes a series of higher lows as traders taking positive delta positions and NDX and QQQ. Market makers buying NQ futures to hedge their delta exposure. And let's take a look at some stocks. First of all AMD. Let's go take a look at HERO. And here's the long setup. 10 a.m. reversal higher. HERO versus higher. Going to separate outputs and calls. So the orange line is showing calls. A rising orange line indicates traders started buying calls. So the HERO line shifted shifted to positive. When the traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. This is a very typical pattern. Aggressive call buyers come in. They take their foot off the gas anywhere between 11 and 1. So in this case right around 1145. They take their foot off the gas. The HERO signal levels off and price consolidates or moves lower. Very typical pattern. Happens over and over again. Let's go back to book map. And there's the long setup as price reverses just below the 155 level. All right. The next is Amazon. No for Amazon, 150 is the key gamma strike. Let's go to HERO. I'm going to zoom in on this just a bit. So there's the 150 key gamma strike. And note in this case separating outputs and calls gives you a leading indicator here. So excuse me, traders started buying calls right around 945. Showing by the rising orange line. And price moves higher just after 10 a.m. As traders, the put buyers, shown by the blue line, take their foot off the gas. Price starts to move higher. Traders have been buying calls. Traders stop buying puts. Price moves higher. And reverses right at the 150 key gamma strike down here. Note also all the liquidity at that level. This is pretty typical of stocks. That the liquidity, these resting limit orders, in this case, buy orders come in typically mostly at the cash open. There were some limit orders here before 930. And then they stay in the order book until they're filled. Next is Netflix. Actually, I'm going to jump on, go on to Nvidia. Note that for Nvidia, and this is really interesting, 547.50 is the put wall. And note where price reverses. You know, it's just not even around number level. Not a 45 or 550. It's 547.50. And price reverses right at that level. And note the shift in order flow. Very obvious here in Nvidia. Aggressive sellers on the way down, shown by the magenta volume dots. Then aggressive buyers start to come in right at that put wall. And Nvidia moves higher. We can zoom in on this a little bit. Again, there's the reversal 547.50. Aggressive sellers on the way down. Aggressive buyers start to come in. Let's see what options traders are doing. Go to Hero. Go to Nvidia. So you can see the call buyers started to come in right at that put wall. There's the put wall. Then 550 is the key gamma strike. But they all go again all the way down right to the put wall. Then call buyers start to come in. Let's just take a look at the total signal. You can see the shift a little bit more clearly here. Traders start buying calls, taking positive delta positions. ES01 wanted to take a look gold. So again, I don't have gold in book map. We can take a look at GLD if you want. All right. So starting right around 11, traders started taking positive delta positions. That vertical line indicates a larger block order, institutional order. Also note the flow alert indicating significant options activity. And so far, GLD is not really responding. All right. Let's take a look and see what the indexes are doing again. All right. So it looks like SB500 may be trying to reverse hire. Let's go back to book map. Note that large traders have been buying today with iceberg orders. This is a pretty significant size. Positive 11,663. And this is cumulative since I opened book map, which was right around 7 a.m. today. And you can just see the rising light blue line in the sub chart, cumulative volume delta kind of and stops balancing that out, both negative for the day. But again, right now it looks like 470 may be support. There were some iceberg orders coming in, shift in order flow, aggressive buyers starting to come in shown by the green volume dots. And if price continues to move higher, you would expect to see some buy stop orders starting to fuel to move higher. Let's go back to hero. Let's see what options traders are doing again. I'm going to zoom in on this a little bit. So right around 1350, traders started taking positive delta positions. Separate outputs and calls. So right now the orange line and the blue line are moving in the same direction, not strongly higher, but they are moving higher. So traders right around 1350 started buying calls. Again, that's shown by the rising orange line. They also stopped buying puts that's shown there and they start selling puts or even really just stop buying puts. But right now it appears that both the blue line and the orange line moving in the same direction, slightly up. That is a powerful directional signal. Spot gamma has indicated when both the orange line and the blue line are moving the same direction, that is a powerful directional indicator. And finally, let's take a look at NASDAQ. All right, so same situation, just a little bit more aggressive, both the orange line and blue line now moving in the same direction. Traders are buying calls and selling puts. Powerful directional signal. Go to book map, check NQ. All right, so NQ finding support at 404, QQQ 404. Also note, iceberg orders shown by the rising light blue line. Also CVD shifts higher. Iceberg orders. All right, that's all I have for today. 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.