 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 involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. And before I go any further, I need to pause for a public service announcement. This is for Bookmap Discord. Bookmap is asking all Discord users to fill out this form to unlock some additional features in Bookmap Discord. If you have not already done so, please do so. It will help out Bookmap and make Bookmap Discord a better place for all members. And I'll talk more about this in just a moment. I'll show where this link leads you to and then what you need to do if you're not already a Bookmap Subscriber. So again, please fill out the form. You can scan this code with your phone to get to the form or I posted the link in Bookmap Discord in the options-doug-chat channel. Back to the regular presentation. 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 in Bookmap Discord, there's an options-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 note that Bookmap Discord right now is free and available to everyone. That may not be the case in the future. So for continued access, again, free and available to everyone right now, may not be so in the future. Please fill out the form. Bookmap Discord is a very active community with discussions on a very wide variety of topics. Asset classes, options, stocks, futures, crypto, in a wide variety of languages, and a very strong group of traders working together to help each other become better traders. 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 the directional bias. And the second step in my process is execution. I look at real-time order flow and book map and real-time market maker hedging flow and Spont Gamma Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups, I will be focusing on an underlying asset, and setups in those assets can be taken any number of ways. For example, the S&B 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 today will be my focus is primarily intraday trading, but depending on your timeframe, they could be good for swing trades as well. Excuse me. On topic questions and comments are welcome, and I will be watching both the chat and the options-dug chat channel, as well as the chat and YouTube for your questions and comments. Please feel free to post. I'll do my best to answer your questions. All right, here's my agenda for today. Friday, February 2nd. First of all, I want to go over news items, economic data and events and earnings to wrap up the week for today. And 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. If anyone has any stocks they want me to take a look at, please let me know, and I will be glad to do that. All right, let's get started. And before I get to the news items, I do want to mention back to this form for Bookmap Discord. And this is the link that I posted in Discord. And also, if you scan that code with your phone, I think a lot of I received an email. You should have received an email with link as well. Anyway, you need to enter your email address, your Discord name, and also your Bookmap license key. So if you are not a Bookmap subscriber, what you can do is just go to bookmap.com and you can scroll down and there is a free version. This is primarily for crypto. Also, it does include delayed real-time futures and stocks data. It's delayed. I think it may be delayed well over a day. So it's not usable, but other than to see how Bookmap works. But anyway, if you need a license key and you're not currently a Bookmap subscriber, you're not planning on subscribing. You can subscribe here and get a license key. All right, so that should wrap that up. Let's move on to news items, economic data, and events. So first of all, Apple, Amazon, and Meta reported earnings after the market closed yesterday. And there were mixed reactions. Let me just check something real quick. So right now, Meta is trading up just over 80 points, about 20%. Amazon trading up over 12 points, almost 8%. And then Apple is still down for the day, compared with the close yesterday, but it has rallied today. All right, so that's earnings yesterday. We'll take a closer look at those three stocks when I get to the setup review. All right, let's talk about data for today. So first of all, today was the big monthly jobs report for January. And this number came in much higher than expected, much higher than the previous number, both and the revised previous number. So very hot jobs report. And then at 10 a.m., we'll take a look at the reaction to that in just a minute. And then at 10 a.m., Michigan consumer sentiment came out, and that was just slightly higher than expected, slightly higher than previous. All right, so the big news item for today was the jobs report. Let's move on to positional analysis now. So this is the ES futures and book map. And here's the reaction to the jobs report. Initially bearish. Then ES found find support at the SPY 489 level, and has rallied ever since then. All right, so initial reaction bearish, and then it took about an hour for traders to forget all about that and start moving the ESB500 higher. All right, so again, this is ES futures and book map. Before I take a closer look at this chart, I want to take a look at a larger time frame and go to the underlying index, which is SPX. So this is a one day chart for SPX. Current rally began last year, October 30th, rallied up toward 4800. Found resistance there at the end of the year. And then this year, SPX broke up above that level. On January 19th, that's the options, monthly options expiration. All right, so let's move down to a one hour chart so we can see that last 30 days in more detail. So I'm going to go to a 30 day one hour chart. And here is the January 19th options expiration, Friday options expiration, the breakout above the 4800 level shown right there. And then SPX found resistance at the 4900 level. And then on Monday broke out above that level. This is this Monday this week. And then drop lower on Wednesday as Jerome Powell indicated there most likely will not be a rate cut in March. And then started rally again Thursday. And now back up above not only 4900, but also 4950, which is the current call wall. All right, so that gets us up to date on the movements of SPX. Now let's take a look at the levels on this chart. So first of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market updated once a week. So I update these levels over the weekend and they remain in place until the next week. So SPX trading up above that level, it looks like. Then the dash blue lines are showing the lower and upper daily expected move. Also based on the options market SPX trading above that level as well. All right, the additional lines on this chart are showing spot gamma levels. These are proprietary spot gamma levels that provided to spot gamma subscribers. And they are showing key levels based on gamma weighted open interest. Note there is a change to the appearance of the lines here in thinkorswim. Looks like this has been updated before they were dark red lines. Now they're using different colors for different levels. So let me point out the key daily levels. So again, these are based on gamma weighted open interest. They are updated every day once a day. And the first key daily level is the put wall. And that's a strike with large net negative gamma that can be expected to act as support. And note that level did move down from yesterday. So yesterday it moved up to 4775 from 4500. Now today back down to 4500. So well out of play. All right, the next level up is the volatility trigger at 4895. That is spot gamma's proprietary gamma and volatility 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, like SBX is trading now, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. All right, the next level up is the call wall. That's at 4950. Definitely in play for today. That's a strike with the largest net positive gamma. And that can be expected to act as resistance. And so far today not doing its job. So the day is not over yet. All right, so that's the call wall at 4950. Note that level did move down from yesterday. It dropped from 5000 to 4950 today. And then finally, the last key level is 5000. That's a strike with largest absolute positive and negative gamma. So that's the absolute gamma strike. All right, so those are the levels and again shifts and levels. Volatility trigger shifted higher and the put wall and call wall shifted lower. So the put wall shifting lower, I don't find any significance in that. And then the call wall shifting lower, that is somewhat bearish. Volatility trigger shifting higher, somewhat bullish. One thing to keep in mind, we'll take a look at this in book map in just a minute, is the call wall for spy remains, at least the last time I looked, up higher at 495. All right, let's take a look at one other SBX chart. We're going to go down to one. So the 495 level is just above this level. We'll take a look at that in just a moment. So let's wrap up the view of the SPX. So this is two days worth of data in a one minute chart for SPX. The rally that began around 11 a.m. yesterday has continued until potentially some resistance at the upper weekly expected move and then the call wall just below that. That's the 4950 call wall. So right now SPX trading above the upper daily expected move, the call wall and the upper weekly expected move, definitely in an overbought condition. All right, so that's the SPX, the underlying index. Now we're going to take a look at the ES futures in book map. So in book map, I have my own cloud notes so I can show SPX levels and I'm going to zoom in just so we can see some, well actually let me, we'll see this in a minute. So this is the 4950 call wall and this white line just above the purple line that's showing the upper weekly expected move for ES. So I'm showing SPX levels on this chart. So here's the 4900, oops, wrong tool, 4900 noted as a support level. Note there is a difference in price between ES and SPX. Earlier today it was 21, right now it looks like it's 22. So I'm using 21, so I'm showing SPX 4900 at ES 4921 and it should be higher now this morning. It was closer to 21. I'm also showing SPI levels on this chart. Here's the SPI 489 level, key level today acting as support after the move down from the data at Jobs Report data, acting as support after that move down. Here's the 490 level. We'll take a closer look at this in just a minute. Acting as resistance then support. I mentioned this in Bruce's webinar this morning and good entry point. I was looking for long entry around this level, 490, to act as support. So I'll talk more about that set up in a few minutes. All right, so let's zoom in now so we can see the current levels. All right, so there's the call wall, 4950 call wall. I'm showing that at 4921. Then here's the SPI call wall just above 495 and also this 4965 resistance level just below that. So that's the next target up is the SPI call wall. All right, so those are the levels in play. So again, I have my own cloud notes so I can show SPX levels, SPI levels and then other key levels for ES like the upper week the expected move and the upper day the expected move. All right, shifts in levels I talked about for the SPX volatility trigger higher, put wall call wall lower and for SPI the volatility trigger put wall and absolute gamma strike all shifted higher. So a bullish hat trick for SPI I interpreted that as bullish. So overall my thesis for the day for the SP500 was bullish based primarily on the shifts higher in the levels for SPI. All right, let's take a look at NASDAQ now. So this is the Enqueue Futures and Bookmap and before I take a closer look at this chart I want to go to the charts for the underlying index products for NASDAQ. I'm going to start with QQQ. Take a look at the QQQ levels in play for today. Key support just after the cash open that's shown in the dark area to the right here. Key support at the 423 volatility trigger. Again note the new look for the spot gamma levels on thinkorswim. So supported the volatility trigger 423, consolidation between 425 and 426, more consolidation around the 427 zero gamma level and now QQQ moving up toward the 430 level. All right, there were quite a few shifts in levels for QQQ. In fact all four key daily levels all shifted higher. That's very bullish. Volatility trigger shifted higher, put wall, call wall and absolute gamma strike all shifted higher. Note the call wall moved up to 440. So there's still room to run for the NASDAQ for QQQ. All right, let's take a look at NDX and then we'll get to NQ. I look at this just for completeness. So NDX, the levels in play right now are two large gamma levels, the L3 level at 17,600. In NASDAQ I typically just focus on QQQ. Note most of the levels for NDX are down below. Put wall, call wall, absolute gamma strike all down below. All right, let's get back to NQ now. All right, so NQ, I have my own cloud notes again so I can show NDX levels. There's that 600 large gamma 3 and just above that the 625 large gamma 4 level that I just pointed out. Here's the QQQ 427 zero gamma level that I pointed out as well and then the 423 volatility trigger that acted as support just after the cache opened. And again, we'll talk about setups in a few minutes. All right, shifts and levels. So I talked about for QQQ all four key daily levels shifted higher. That's very bullish and for NDX the volatility trigger shifted higher as well. So all bullish shifts higher and key daily levels for NASDAQ. And so my thesis for NASDAQ was definitely bullish. All right, let's take a look now at gamma notional. Then we'll get to some setups. So I look at this every day. This is gamma notional. Market makers position on the gamma curve at the beginning of the day for the SB500, NASDAQ and Russell 2000. So this gives me a sense of the potential volatility and trading range for the day. So these numbers did all shift higher from yesterday and for the SB500 both positive indicating on this portion of the gamma curve market makers traders are short calls, market makers are long calls and they have to trade against price to hitch their delta exposure. And note for QQQ it is slightly less negative than yesterday so still pretty negative gamma notional for QQQ. So this portion of the gamma curve spot gamma assumes traders are long puts, market makers are short puts and they have to trade with price to hitch their delta exposure. So sometimes this works. Sometimes it doesn't. Today is of course a huge trend day. We all know that. On the back of primarily Amazon meta earnings and potentially a reverse bullish reaction to the data this morning. Let's take a look at some setups. We'll see what options traders are doing and how they're driving price. So everything that I've talked about, looked at so far other than book map is based on static data. That's what I use in my planning. Spot gamma takes open interest data. They apply their algorithms to that data. Come up with the levels that I just showed as well as all the additional information that I use in my planning. So now we're going to go on to the execution part of my process. So we're going to take a look at real time data. So what this chart is showing, this is the hero signal, hedging impact, real time options. Let me check for questions. Hello Caesar. Says that was a great call on spy 490 level this morning. Always super helpful when you share that live. Great. I'm glad that helped. I think... I can't remember exactly when I shared that, but I think there was one more test of the 490 level, and that was a great entry point for long. And one asks, so higher gamma notional means less volatility? Typically yes. Not every day, not all the time every day, but typically yes. So on a higher gamma notional, I'm generally looking for more mean reverting price action. And lower trading range rather than trend days. So I would classify gamma notional for the S&B 500 as slightly positive, still positive, and definitely still negative for NASDAQ for QQQ. All right, so that's just one factor to use in your planning. All right, let's take a look at some real time data now. So again, this is the hero signal, hedging impact real time options. This is available from SpotGamma, available to SpotGamma subscribers. What this chart is showing is price for SPX with a white line and the hero signal. Again, hedging impact real time options for a combined signal for SPX, SPY, XSP, and ES futures. So this is showing options trades and market maker hedging activity for again a combined signal for all these components of the S&B 500, all these different index products that you can trade. A rising hero signal indicates traders are taking positive delta positions. That means they are buying calls and or selling puts. We'll take a look and see what they're doing in just a minute. Last time I looked they were buying calls at least in the morning. They were buying calls and selling puts. That's very bullish. Then on the other hand, a falling hero signal indicates traders are taking negative delta positions. And market makers in that case have to sell futures to their delta exposure. All right, let's zoom in. All right, so note from the morning this is starting at the cash open, 9.30 a.m. Eastern time. Traders were taking positive delta positions from the open. Let's zoom in on this just a little bit so we can go from 9.30 to noon. Traders were taking positive delta positions. Let's take a look and see what they were doing. So they were primarily buying calls that show them by the rising orange line. When traders buy calls, market makers sell the calls and they have to buy, in this case, ES futures to hedge their delta exposure. So when traders trade options in SPX by XSP and ES, market makers hedge their delta exposure with ES futures. That's the most efficient way for them to hedge. So when traders, again, are buying calls and in this case they're also selling puts that show them by the rising blue line. Note the notional value still at this point that I'm looking, notional value positive for both. So they're buying calls, that's positive. Positive delta notional and also selling puts, that's positive delta notional. So when both lines are moving in the same direction, that's a very strong directional signal. All right, let's go to book map now. Go back to ES and I'm going to zoom in and look at data from about 9 a.m. to noon to 12 p.m. I'm going to bump up the volume dots just a little bit. All right, remember first I mentioned the 489 level. This is spy 489 acting as support just before the cash open which is right here at 9.30. Note the liquidity just below that level. That's shown on the heat map and book map. The heat map shows a history of limit orders in the order book. Actually, let me zoom in on this just a little bit more and we'll scroll over a little bit too much. All right, so here's the 489 level acting as support. Liquidity just below that. The heat map shows a history of the limit orders in the order book. Below price, those are limit buy orders. And it looks like some traders were front running that liquidity. Then in the cash open, aggressive buyers come in that show by the green volume dots. The volume dots are showing market buy minus sell. Green dots indicate more buyers than sellers and magenta dots indicate more sellers than buyers. So price moves up very quickly to 490. Finds resistance there. Makes a series of lower highs. Again, ES finds resistance at 490. Makes another lower high. Aggressive buyers start to come in again. Then there's a stop run. First stop run of the day up to just below 491. That's shown by the rise in the yellow line in the sub chart. So note that I am using the MBO bundle from Bookmap. That's an add-on that shows stops in icebergs. I think that information is essential for trading both ES and NQ. Stops in icebergs provides to me essential information. So note now after that stop run and also aggressive buyers coming in. Note all the green volume dots. Price moves back down to 490. And find support there after one washout move below that level. And then find support at 490. And then here's the next chance to get long at that level. Somewhere between 10 and 10-15. So multiple tests of 490. First of all, as resistance, then a support and a launching point for a long that you could have held for some time. Note during this time, CVD continued to rise. That's shown by the pink line in the sub chart. And when it changes from pink or magenta to blue, that indicates going from negative to positive. So just before 10 a.m. CVD shifted positive. All right, so there's that 490 level on play again acting as resistance, then support, launching point for a long. And let's scroll over to the right. We bump up the volume dots a little bit. And sorry, I can't pronounce your name. Yo. Sorry, I can't pronounce that. Ask, how do I calculate lower daily expected move? I just get that. I'll show that in a minute before I get to the live market. So I calculate that. I just take that from an options chain. So if you have a trading platform that has options, you should be able to get that data. I'll show you how to do that in a few minutes. All right, so then ES just continues to make a series of lower highs. Pullback entries here just below VWAP. Aggressive sellers on the way down. Then green volume dots, aggressive buyers. And this is interesting here. Let's zoom in on this. Let's note the large iceberg order sell there. That's shown by that aren't chart icon. Also the falling light blue line. Large traders selling that move with iceberg orders. And the aggressive buyers were eager to snap that up. That's shown by that large green volume dot. So aggressive buyers buying from this large trader the 3,000 contracts sell iceberg order. And then also buy stop orders and aggressive buyers show them with CVD. So yellow line showing buy stop orders and then aggressive buyers also moving price higher after consuming all of those 3,000 contracts that were sold by that large trader with the iceberg order. It's very bullish price action. All right, so remember the target above at 4950 call wall. Some consolidation around the 492 level. Note again the liquidity coming in just below the spy round number level. Price never really test that. So then right around 1130 but just before 1130. Aggressive buyers come in for a final test of the 492 level. Then there's a huge stop run up to 4950. That's shown by the sharp move higher in the yellow line in the sub chart stop run up to 4950. Also aggressive buyers up to the upper weekly expected move. Some consolidation below the some consolidation below the call wall. And then a. All right, so the rise he says big drop from 4984 to 4958. I'm not sure what that was that kind of looks like news. Anyway now. Yes is back up just below the call wall 490 spy 495 call wall in this case. All right, so no reason to do anything other than get bullish on the on ES today. All right, so we know at least up until noon traders were taking positive delta positions. Let's go back and take a look at hero. All right, so slow to rise he here you go. Here's that big drop note the sharp drop in hero that precedes. The drop in SPX. So a good leading indicator for a short traders taking profits above the 4950 call wall. Then the dip buyers come in. Start taking positive delta positions again. Just right around 1250 after that sharp drop and the SP 500 continues higher. All right, so that's the SP 500 and net for the day traders are buying calls and selling puts. Let's move on to NASDAQ and for NASDAQ. This is the combined signal for NASDAQ and DX and QQQ providing no help here. It's moving in the opposite direction. What I look at for NASDAQ now is this mag seven signal. What this is showing is a combined signal for the stocks known as the magnificent seven Apple, Amazon, Google, Meta, Microsoft and Vindia Tesla. These stocks make up a large component of the NASDAQ 100 and the SP 500 as well. I look at this chart every day and this is you know this is absolute bull absolutely bullish. You know zooming in a little bit. There's just a very strong correlation between price. I think this is price shown in terms of QQQ here bullish just a couple of minutes after the cash open. Some consolidation then they start taking positive delta positions again. Let's go take a look at NQQ. So again this is a signal that I use for the NASDAQ is the mag seven. It's starting right around 1245. Traders have taken their foot off the gas. So let's go take a look at NASDAQ now. One, two, NASDAQ. We'll zoom in on this. So it looks like NASDAQ continuing to hire. Remember the call wall for QQQ is well up above 10 points higher at 440. So plenty of room to run for the NASDAQ for QQQ. Zoom in. So initial entry if you like to trade the open green volume dots aggressive buyers coming in right around 500. NQ500 and if you like to wait entry point. This looks like a kind of like a Wycoff spring consolidation. And this final washout move just down below QQQ 425. Then aggressive buyers start to come in and then price starts to move higher. As traders were taking positive delta positions in the mag seven stocks. Note at this point CVD rising shown by the dark blue line. Also buy stop orders fueling the move higher shown by the yellow line. So two potential long entries at the open green volume dots aggressive buyers or waiting until about 1030 a test of the 425 level and price continues higher. Now up to the upper weekly expected move for NQ. Upper daily expected move just above. All right, let's take a quick look. I've been going a little bit too slow here. All right, let's take a look at the stocks that reported earnings. Here's Apple. This is yesterday and today. So this is showing the close for Apple yesterday. Big drop after the close and then Apple has rallied all the way back to that. That level right around 187. So let's zoom in on today. WRB I don't think I'm going to have time for those. Sorry about that. I ran too long with my setup review for the SB 500. All right. So today bullish move higher and Apple back up to the closing price from yesterday. Let's see what options traders have been doing. So let's go to Apple and after let's separate outputs and calls. So in the morning traders are buying calls up until about 1130 when traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. Traders take their foot off the gas, stop buying calls, start selling calls, continue to buy puts and then Apple consolidates and moves lower. Let's take a look at Amazon. Same story. Traders buy calls, market makers sell the calls. They have to buy stock to hedge their delta exposure. Let's go to book map. Go to Amazon. So this is yesterday. Big move up after hours. Let's zoom in on today. So kind of a choppy session in the morning, but traders were buying calls. Market makers sell the calls and Amazon moves higher. All right. The next is meta. Wild move higher. Last time I checked up about 80 points. Here's yesterday. Huge move up both after the close yesterday and today. We'll zoom in. Let's see what options traders are doing. Let's go to meta. So in meta they are buying calls and selling puts. That's a very strong directional indicator when both the orange line and the blue line are moving in the same direction. So rising orange line traders buying calls, rising blue line traders are selling puts. All right. There was one request for NVIDIA that I wanted to get to the live market. So NVIDIA traders again are buying calls and selling puts. Note there was some consolidation around the 650 call wall. Now price breached that level. So those calls, that concentration of calls at the call wall traders along calls market makers are short calls. As those calls go deeper in the money, their delta increases. Market makers have to continue to buy stock to hedge their delta exposure with the call wall breach. Take a quick look at book map at NVIDIA. Looks like I need to have more lines to my price lines. So bullish day here in NVIDIA. Remember 650 was the call wall. Is the call wall. Some consolidation at that level. Then price moves higher. All right. So if you own calls in meta, you're making a fortune today. All right. Let's see. There was a question about the expected move. So let's go to SPX. Go to an options chain. All right. So if I want to see the daily expected move for Monday, that would be so that would be February 5th, Monday. If I want to see the expected move, I'll wait to the close today. SPX closes at 4.15 p.m. Eastern time. I'll take the closing price and add or subtract this number to get the daily expected move. So right now, if SPX closes right now, that range is plus or minus 32.8 points. All right. So there you go. All right. Want to ask if you have time? Want a CVD? How can I use it to trade ES? I think it's a good directional indicator. It is cumulative volume delta. So volume delta is buy volume minus sell volume. So note it was rising all morning, leveled off. Note the sharp drop with this drop that I showed with Hero leading, options trade leading on the way down. Now it is leveled off. So CVD, cumulative volume delta. Now I do not look at CVD for stocks. I just look at CVD for futures. Let's take a look at CVD for NASDAQ. And this, that varies from trader to trader. I know Bruce does not like to just typically, typically does not look at CVD. I posted a trade. Let's see where that was. Just yesterday, a short set up for the, for ES at the spy 486 volatility trigger. And one of the confirmations for that trade was a divergence in CVD, which can set up a good trade. So as price made a higher high or an equal high CVD made a lower low. And that is, that's something to look for some way to use CVD as well. All right. So here's CVD for NASDAQ, the dark blue line minor drop. But so far bullish all the way, cumulative volume delta as well as buy stop orders bullish for the day. All right. WRB, let's take a, I don't have IBM or Boeing in, in book map. We can take a look in, in hero here. So kind of a mixed picture here for IBM, very small options, volume. We're looking at for the SB 500 options delta notional in the billions. And this is 1.79 million. All right. Let's take a look now at Boeing. So even smaller for Boeing. So that's one reason that I, I focus on when I trade stocks, these stocks here, very large liquid options markets. And also all often or almost all the time heavily driven by options trades. So there's Boeing, very small delta notional, but a strong correlation between options trades, hedging activity and price action and Boeing. All right. Let's go back to the SB 500. Hey, you're welcome WRB. All right. Juan, I hope I answered your question about CVD. All right. So, so far today, see the notional value here for SB 504.39 billion. All right. So if we look now, it looks like the, the hero signal is maybe shifting down just a little bit. Let's take a look at the mag seven signal. Mag seven signal is pretty much leveled off. Let's go to book map. Go to ES. All right. Great one. You're welcome. All right. So, so for ES here, we know that hero is shifting lower. By the way, when I'm trading, I have multiple screens so I can look at book map on one screen, my trading platform on one screen and hero on another screen. So, of course, I'm only presenting on one screen here. So I have to jump back and forth. So that makes it a little bit difficult to, to actually talk about trading. So we know that the last time we looked, hero was shifting down a little bit. ESS at two potential resistance levels there, the 495 call wall and then this 4965 resistance level that was noted as resistance. In the spot game, I am founder's note CVD did shift a little bit lower and on the bullish side, this move higher has been supported by large traders with iceberg orders shown by the rising light blue line on chart indicator. A lot of smaller iceberg orders all adding up. Let's go check hero again. Then I need to wrap it up. So mag seven is still trending higher. Let's just check the short and the look back period. So this shows that I'm just looking now at the last 30 minutes of data shows a sharper drop in the hero signal. Traders start taking negative delta positions, maybe taking profits, aggressive buyers having none of that so far. All right, my time is up. I'm going to go ahead and leave it here. I want to thank everyone for watching. Thank you very much for your questions and comments. The last three days have been just fantastic trading making up quite a bit for the kind of the slow trade on Monday and Tuesday before the FOMC. So the last three days, great trading days, very clear signals from both order flow and book map and market maker hedging flow and spot gamma hero. And hopefully we'll get more of the same next week. Everyone, thanks again for watching. Thanks for your questions and comments. Have a great weekend and I will see you on Monday. Bye.