 Hello everyone welcome to options with Doug streaming live daily on book map discord and the book map YouTube channel at 1 30 p.m. Eastern Time and thank you Stephen before I get started I need to go through the disclosures general disclosure all book map 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 a ticket of a 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 book map discord there's an options dash 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 I'm also on X formerly known as Twitter my name there is at Doug plus here are the key tenants to my approach for trading this is the basis of my approach for trading first of all I believe options trades and market maker hedging activity are key drivers of price and many stocks and futures and certainly for the SB 500 and NASDAQ the equity future index is as well as the large cap tech stocks that I follow in trade and for the SB 500 SPX is the underlying index ES is a derivative of SPX and spy is the ETF version of that index and when traders buy and sell puts and calls and SPX and spy market makers take the opposite side of those trades and they hedge their delta exposure with ES futures and for the NASDAQ 100 NDX is the underlying index QQQ is the ETF version of that index and NQ is a derivative of NDX and again when traders buy and sell puts and calls and NDX and QQQ market makers take the opposite side of those trades and they hedge their delta exposure within Q futures the focus of my presentation today and the focus of the options dash jug chat channel is options order flow the impact of options markets on stocks and futures and the influence and the influence of market maker hedging flow on price action and give me just a moment here sorry about that 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 at the options market and how those positions changed 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 like it real-time order flow and book map in real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups or injuries and exits and when I talk about setups today I will be focusing 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 questions and comments are welcome and I will be watching both the options dash jug chat channel and discord as well as the chat in YouTube for your questions and comments please feel free to post I'll do my best to answer your questions and hello Suzette Steven welcome glad you here here's my agenda for today Thursday March 21st normally I go over news items economic data and events there were none today or for the rest of the week no high impact events or economic data the big event was the FOMC announcement and press conference yesterday very bullish reaction to that 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 all right so again no news items so let's move on to positional analysis let's get started with the SP 500 this is the ES futures and book map consolidation day today after a big move yesterday the ES this is again ES futures and book map trading at a very narrow range hello Depeche welcome glad you're here all right so let's step back take a look at a larger time frame I'm going to go to the underlying index that's a SPX again this is the current rally that began last year October 30th and this rally did SPX did move to all-time highs I believe that was earlier today and so far this rally SPX has rallied up 1150 points from low to high and shows no no sign of slowing down all right so that's the the current context the rally 1150 points now let's take a look at a 30-day one-hour chart this is the top of that rally looks like the high is actually right at 5261 so that's the green trend line that I drew that was shown on the one-day chart all right let's take a look at the levels on this chart first of all the dash purple lines the horizontal lines are showing the over lower and upper weekly expected move SPX broke above the upper weekly expected move yesterday again that bullish reaction to the FOMC that's based on the options market based on the closing price for SPX on Friday those lines remain in place the entire week the dash blue lines are showing the lower and upper weekly expected move also based on the options market that's from the closing price from yesterday and I do post those levels in Discord every day in the options-dash-dug chat channel or I'm going to zoom in on this just a little bit all right the other lines on this chart are spot gamma levels these are levels that are proprietary to spot gamma they're provided to subscribers they're available on a variety of trading platforms this is think or swim I'm going to point out the key daily levels first of all 5000 that's the put wall and that's also the absolute gamma strike so the put wall is a strike or largest net negative gamma that can be expected to act as support and the absolute gamma strike is the strike with the largest absolute positive and negative gamma so that's where most of the gamma weighted open interest is concentrated all right the next level up is the volatility trigger at 51 90 that is spot gammas proprietary 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 edge their delta exposure and that tends to increase or enhance volatility above that level like SPX 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 edge their delta exposure so again SPX is trading well above its volatility trigger and that level did move higher from yesterday then finally the call wall has now moved up to 52 50 so after remaining at 5200 for quite some time the call wall has now moved up that's strike with the largest net positive gamma that can be expected to act as resistance so the potential ceiling is actually below the current price it looks like SPX may be heading back down a little bit so that's the call wallet 5200 that did move up from yesterday and the volatility trigger also moved up from yesterday so that is that that is bullish with those two levels moving higher all right let's wrap up our view of SPX with a one-minute chart so this is right at 2 p.m. yesterday bullish reaction to the FOMC announcement and then another bullish reaction as the press conference began Jerome Powell indicated that the FOMC was still on target for three rate cuts so big move yesterday and then very narrow consolidation today note this 52 60 level I drew this in by hand this was noted as resistance in the spot gamma M founders note and they were right on there that 52 60 level acting as resistance multiple times today and we'll see that on the book part bookmap chart in just a moment and note that SPX is trading above its volatility trigger again above the 52 50 call wall in the upper day they expected move but that 52 60 level acting as resistance today in this very narrow range aren't here's book map in a book map I have my own cloud notes so I can show SPX levels there's that 52 60 level acting as resistance today here's the 52 50 call wall and note there is a difference in price between ES and SPX so right now the ES to SPX offset is right around 61 points that's what I'm using so I'm showing the 52 50 level the call wall SPX 52 50 call wall at ES 53 11 I'm also showing spy levels on this chart there's the spy 524 level just above the 52 60 level also key levels for ES there's the upper day they expected move for ES all right so for today again very narrow range just around 10 points 50 the key is the 52 60 acting as resistance and the call wall 52 50 around that level actually acting as support right shifts and levels again for SPX volatility trigger call wall shifted higher and for spy the same shifts higher and levels volatility trigger shifted higher and the call wall also shifted higher to 525 so according to spy the SB 500 still has a little bit of room to run higher up to the spy call wall so bullish shifts higher in levels for SPX and spy all right let's move on to NASDAQ this is the NQ futures and book map and I do want to take a look at the underlying index charts before I take a closer look at this chart let's go to QQ Q you zoom in on this chart QQ Q also trading at a very narrow range broke this downtrend around 1130 around the European close resistance somewhere around the 449 level now maybe support at 448 note these are just round-dumber levels in QQ Q there are no spot gamma levels in play for QQ Q today and that is the same for NDX 230 rally gap up then consolidation all of the spot gamma levels are below price for NDX all right back to the NQ futures and book map can I have my own cloud notes so I can show QQ Q levels there's the 449 level 448 also key levels for key levels for NQ looks like I need to add more lines for NQ give me just a moment here I'm updating my spreadsheet forgot to turn on those lines this is what I use I use price lines and let's refresh levels and that should show the 650 in Q 650 and 700 levels so there's that there are the lines now whoops so I added those levels this morning just forgot to turn them on all right so those levels now added all right so key in Q levels QQ Q levels and NDX levels all right shifts and levels for the NASDAQ for the putwall then NDX putwall did shift higher and for QQ Q just like SPX and spy the volatility trigger and call wall both shifted higher so that's bullish for QQ Q call wall now at 450 so QQ Q trading below that so still room to run for QQ Q all right let's take a look at gamma notional to see how market makers were positioned on the gamma curve at the beginning of the day to wrap up positional analysis so this is gamma notional market makers position on the gamma curve at the beginning of the day for the SB 500 and NASDAQ this is what I focus on do it all these numbers are positive indicating for an index spot gamma assumes that traders are short-calls market makers are long calls hence the positive gamma and they have to trade against price to hitch their delta exposure so again that tends to subdue or decrease volatility so after the big move yesterday and the shift to more positive gamma from yesterday a range-day neural consolidation is certainly to be expected all right let's take a look at some setups now all right I'm going to start with the SB 500 so everything that we've looked at so far other than the book map is based on static data smart gamma takes open-interest data they apply their algorithms to that data to come up the levels that were that were shown on my charts so all that information comes from spot gamma it's updated every day so I track those key daily levels every day and display them on my chart as well as the round number levels all right so now let's move on to execution we'll look at real-time options trades so that's how I like to start looking at options trades market maker hedging activity so this is the hero signal H I R O hero signal this is showing options trades a market maker hedging activity for a combined signal of SP X spy XSP NES futures showing all and do one combined signal a falling hero signal indicates traders are taking negative delta positions when traders take negative delta positions market makers take the opposite side of those trades and they have to sell futures to hedge their delta exposure a rising hero signal indicates traders are taking positive delta positions they're buying calls and or selling puts market makers take the opposite side of those trades and they have to buy futures to hedge their delta exposure so the basic pattern today is after a quick move up at the open a move down reversal higher then right around 12 30 options traders have taken their foot off the gas and now the SP 500 is moving lower without that fuel of options traders taking positive delta positions alright so let's focus on this long setup right around 950 so I'm going to zoom in on this chart so again just to be clear the white line is price for SP X and the purple line is the hero signal alright so let me zoom in on this chart alright Anna reg welcome glad you're here says I purchased yearly membership of SPOT gamma how can I add more space to the right of the chart so I can anticipate where the price is going I don't believe there's any way to do that I suggest if you have any questions specific questions like that about SPOT gamma you can send your questions to SPOT gamma support info at SPOT gamma calm so as far as I know there's no way of doing that this chart should scroll to the left automatically alright so let's take a look one other thing that I want to point out today and compulsive guy apparently is not able to watch the webinar live but mention this this in discord I'm gonna turn on show extended hours for the SP 500 so for stocks options trades start at the cash open at 9 30 a.m. Eastern time so that is true for the spy component of the signal but SPX and ES options do trade before the cash open so this is the cash open this is the cash open right here 9 30 a.m. Eastern time so note the hero signal was moving lower before the cash open with what looks like several large block trades shown by the vertical lines there also a flow alert indicating significant options activity that came in just after 8 30 so at 9 30 the total net negative notional value at the cash open was already minus 2 point over minus 2 billion so that's quite negative for the cash cash open alright so that is the that sets the scene for the cash open now I'm going to turn off extended hours alright so initially you know there's the flow alert hero signal moves up and down then right around 9 50 starts to reverse higher and continues to move higher up until about 12 30 again when options traders have taken their foot off the gas alright so let's go look at book map let's focus on this 9 30 reversal higher and that bearish or negative delta before the cash open was just something that you take into account but not necessarily a signal in itself I normally don't start trading until about 9 45 or something like that so there was a good short opportunity but the long opportunity here we can take a look at that let's go back to ES zoom in so here's the cash open 9 30 initial move down support at the 52 50 call wall note that large traders were buying with iceberg orders that shown by the rising light blue line also the on-chart indicator the volume dots are showing market buy minus sell green volume dots indicate more buyers than sellers magenta dots indicate more sellers than buyers so aggressive buyers start to come in that's the initial move lower higher and then here's the 9 50 move that I'm talking about so large traders have been buying with iceberg orders cumulative volume delta rising this was kind of a choppy reversal it took quite some time maybe about 10 minutes final test of that 52 50 level in spy 523 level aggressive buyer start to come in as options traders were taking positive delta positions and price moves higher pull bank entries up to the 52 60 resistance level notice price starts to move higher aggressive buyers continue cumulative volume delta continues to rise also my stop orders fuel the move higher that shown by the rising yellow line as traders continue to take positive delta positions right now again remember 12 30 options traders took their foot off the gas and again the S&P 500 reverse lower at the 52 60 level 55 24 level all right let's take a look at NASDAQ and and or anorag ask is there a way to detach the window so again I suggest you go your spot gamma support questions to info at spot gamma dot com and also you can just create another browser window so that's the easiest way to do it so that's the only way I know to detach it and Justin welcome glad you're here ask hey Doug do you think we should give the the big orders attention and think about the market market as an auction so yes and no all right as far as big orders yes so I do pay attention to what large traders are doing with iceberg orders and also smaller traders are doing with stop orders so I that is key information for trading the NASDAQ and the SB 500 so watching icebergs and stops you know as far as thinking about the mark market as an auction that certainly a lot of people do that a lot more people think about market auction theory rather than my approach my approach approach is that options traders and market maker hedging activity are key drivers of price for price action and when traders buy and sell puts and calls market makers take the opposite side of those trades and they hedge their delta exposure with with futures and they could care less about price all they're doing their only job is to make markets and manage their risk remain delta neutral they don't want to take any directional risk so they don't care what price they're they're buying or selling the instrument they're using to hedge so that's my approach that's just me I'm not looking at the market as an auction I'm looking at it as options trades and market maker hedging activity driving price all right so that's the SB 500 let's go take a look at NASDAQ now alright so NASDAQ is all also reversed higher right around the spot the QQQ 449 and the NQ 700 level let's see what options traders are doing so I'm going to go back to hero and before I leave this chart I do want to shift over to puts and calls so we can get more clarity about what traders are doing today so the orange line I'm gonna have to jump and then jump back to avoid the auto zoom alright so what this is showing the orange line is showing calls so the the slope of these lines is an indication of Delta so rising orange line indicates traders are taking positive Delta positions in calls they are buying calls rising orange line traders are buying calls market makers take the opposite side of those trades they have to buy futures to hedge their Delta exposure so this gives better clarity more nuance about what is going on today so up until about 1230 traders were buying calls in those underlying index products took their foot off the gas and price starts to move on lower so initially traders were buying puts that's shown by the falling blue line they took their foot off the gas so as traders continued to buy calls traders stopped buying puts right around 950 that's when price reversed higher a little bit of consolidation here in the orange line they resumed buying calls sorry about all the arrows on the screen and price moves higher all right you're welcome Justin ask another question let's say you open up NASDAQ in the morning what is it you have to see to take a high probability trade all right so let's take a look at that all right so let's move on I'm gonna go to the mag 7 signal let me show you what this is all right so just like the SB 500 this is also a combined signal this is what I like to look at for trading the NASDAQ this is a combined signal showing options trades and market maker hedging activity for a combined signal of Apple Amazon Google Meta Microsoft Nvidia and Tesla these stocks make up a very large component of the NASDAQ 100 and they are often drivers of price in the NASDAQ 100 so that's generally why I like to look at the signal all right so let's focus on this signal and notice let's let's zoom in just a little bit so from the open traders in the mag 7 stocks they were buying puts that show them by the falling blue line they were also selling calls so both bearish generally the the call line somewhat choppy really being a stronger driver of price action but traders were taking negative delta positions again they were buying puts selling calls I'm looking for a short entry and then both the blue line and the orange line turn higher around 1040 so this is this is where I would look for a long otherwise in the morning looking for a short all right DePesh asked can the software work on Indian market no I don't believe so I don't believe there are anything other than US equities on this chart so you can if you're interested you can send an email to spot gamma info what spot gamma.com now of course book map does work for Indian stocks I believe so there is a thank you Steven so there is a streamer and a room in book map book map discord for the Indian market all right Justin says whoa it's first time I'm hearing about mag 7 I you this mag 7 has been all over the news for for months and this is a very key signal here and hero looking at what these seven stocks are doing all right so for Justin asked would you be looking at a high tame for high time frame on that or would you have book map open seeing it move so when I'm trading during the day I'm primarily looking at my analysis is based on positional analysis as I said at the beginning I'm I'm looking how the level shift from day to day and then I'm looking at what options traders are doing during the day to confirm my thesis and for setups so go back to the beginning if you miss that and I cover briefly cover my approach all right so let's go take a look at book map now let's go to NASDAQ so we know the traders were taking negative delta positions in the NASDAQ up until about 1040 all right so here's NQ futures and book map and note that NASDAQ was making a series of lower highs shown by this trend line here and then reverses higher looks like around 1115 as traders were taking positive delta positions both the blue line and orange line moving in this same direction that's a very powerful directional indicator indicate indicating traders were buying calls and selling puts in the mag 7 stocks so a short entry from the open as traders were taking negative delta positions in the mag 7 stocks then a long entry as traders started taking positive delta positions and price broke above the trend line that downtrend line at QQQ 448 and NQ 650 let's go back to hero zoom out all right so notice right around 1240 call buyers shift to call sellers put sellers take their foot off the gas now they are selling calls shown by the falling orange line they're also buying puts again now both orange line and blue line moving the same direction very powerful directional syndicate indicator in this direction down right Justin you're welcome all right let's take a look at some stocks now I'm gonna go through these pretty quickly and Justin are you talking about are you a spot gamma subscriber so if you if you can't find it on your chart you can just type in here mag 7 should be able to find it and you can pin it all right let's move on I want to take a look at Apple all right so Apple was in the news today the apparent the US Justice Department is suing Apple so note the alert right after the cash open traders are buying puts selling calls again blue line orange line moving the same direction Apple moves lower moving down toward the 170 put wall and that would be a target for for short today as traders continue to take negative delta positions let's go to Apple all right adirag says sorry I could not hear how's my sound can any anybody else having a difficulty with sound I do have a new headset today just let me know if you can hear me all right WRB says sound is good and in discord and it looks like sound is good and in YouTube as well adirag asked how how do I detach window please I'm not sure what window you're talking about so if it has to do with spot gamma please send the question to info at spot gamma.com all right so Apple great short set up here today and KP says sounds great great loud and clear all right thank you very much and Justin thanks for the confirmation as well and you're welcome for the answers all right so short Apple set up 177 as traders take negative delta positions let's go back to hero the next I want to take a look at is AMD AMD short set up in the morning traders are selling calls another flow alert comes in indicating significant options activity no just about a minute after the cash open traders started selling calls take the foot off the gas start buying calls price moves higher now traders are again selling calls and buying puts and AMD is moving lower let's go take a look at book map there's the move lower at the cash open as traders are selling calls move higher as they start a buying calls and then now they're buying puts and selling calls price moving lower again let's take a look next at Google go take a look at hero so at the open traders were buying puts and selling calls and Google another flow alert to get your attention significant options activity price moves lower now they have taken the foot off the gas they actually this was a large block order someone a large institution buying calls so they've stopped buying puts and prices consolidating let's go back to book map short set up in Google move on to Nvidia all right Tony asked does the flow alert give opposite of directional movement I think spot gamma stats show that a larger percent percentage of the flow alerts can indicate mean reversion or a mean reverting signal I believe that is I believe that is just the case for the S&P 500 I don't know if they've done any studies on stocks when I'm looking at a a flow alert at the beginning of the day I'm looking to trade in the direction that is that is my experience that that flow alert at the beginning of the day is typically indicating a direction bullish or bearish and that it could be a mean reverting signal later on in the day I've been using hero several years before the flow alerts were available so I'm used to just looking at the hero signal without alerts so the alerts just provide some additional confirmation for me and then something to get my attention so one approach that I've talked about for trading is looking for flow alerts during the day in the beginning of the day well if I have time at the end we'll we'll take a look at for some alerts a good time yeah I'll get the FedEx in just a moment all right so here's Nvidia down up down let's see what options traders are doing to today go to Nvidia it looks like call sellers call buyers driving price action today let's focus on the orange line initial short there are a couple of flow alerts coming in and I would certainly interpret those as bearish something to get my attention to look for short call sellers take the foot off the gas they start buying calls price moves higher and during the day the blue line the put line is pretty much flat notice the notional value here right around 11.5 11.6 million versus 562 million for the call line both these numbers are positive so net for the day they had been selling puts and buying calls again 1245 take the foot off the gas price moves lower all right the next is Tesla and Tony you're welcome all right Tesla kind of up and down today mostly down let's take a look at the let's take a look at the total signal sometimes that provides a little bit more clarity for for Tesla I'm gonna have to jump also provides a little bit more clarity for Nvidia today down sideways up then down again Tesla initially reversal lower some chop around the 177 50 call wall then traders start taking negative delta positions and note right around 10 a.m. this floor there comes in so there you go Tony this is definitely a mean reverting hero signal so this gets your attention at 10 a.m. you see the hero signal start to rise let's zoom in on this zoom in all right so key points here resistance at the 177 50 call wall now this flow look doesn't come in until 10 a.m. and price has been moving down for quite some time hero signal jumps higher and then price starts to move higher here's another flow alert well into the move higher shortly after options traders take their foot off the gas that's around right around 1110 and Tesla moves lower all right so let's go took it take a look at book map go to Tesla all right so there's that move higher right at 10 a.m. note here in this case that cumulative volume Delta was was decreasing that's that's somewhat of a bearish signal even though price is moving higher all CVD could do was move sideways I move up good for a couple points in Tesla then traders start taking negative delta positions again remember that flow alert price moves lower all right let's go back to hero so mean reverting alert and options traders take their foot off the gas shift from positive delta to slightly negative another flow alert comes in and then the hero signal shifts to very negative all right good time wants to take a look at FedEx all right I don't have that in book map we can take a look here in hero see if options traders doing anything so they are taking positive delta positions in FedEx but this is a pretty thin market as far as options trades go eight and a half million total but they are taking positive delta positions let's just see what they're doing to put some calls so they're buying calls today notional value 9.9 million for calls minus 1.3 million for put so call buyers driving price for FedEx when traders buy calls market makers sell the calls they have to buy stock to edge their delta exposure I'm going to shift back to the total signal let's see what they're doing in mag 7 all right so now mag 7 signal may be shifting higher all right I want to show one other thing this is a new feature in spot gamma let's see if I can find it all right so this is scanners this is new this is another approach for finding stocks to trade so this is the squeeze scanner highlight stocks that have potential for explosive upside move based on short-interest gamma levels options volume and a proprietary spot gamma formula so I checked this today and these stocks all appeared on the list here I didn't have time to add any of these I just looked at this during launch I didn't have time to add any of these to book map we can I did add them to so you can add them to a watch list here so I created a new watch list called scan so let's just take a look at a couple of those stocks so first of all let's take a look at micron so micron reported earnings after the close yesterday and it was up pretty substantially pre-market let's zoom in on this so there was initial move lower then just right around 935 traders started taking positive delta positions and price move tire the separate outputs and calls my guess is they're buying calls so they are buying puts and buying calls but call buyers are much more aggressive than the than the put buyers price moving higher all right does anyone have any other stocks they want me to take a look at we can take a look at more of these stocks and the scanner take a look at Corvina choppy day very thin options trade only 1.2 million take a look at Robin Robin Hood bullish in the morning traders taking positive delta positions they take their foot off the gas right around 1030 and Robin hood consolidates and good time you're welcome Tony you're welcome as well right any other stocks otherwise let's go back to the SB 500 so it looks like now traders are starting to take positive delta positions in the SB 500 big jump in the hero signal let's check mag 7 so mag 7 may be moving higher all right so let's go back to let's go to book map now check the SB 500 SB 500 continues to make lower highs this time finding resistance at the 5250 call wall spot gamma assumes that anytime especially for the SMB 500 when it's trading above its call wall like the SPX call wall here that is overbought and typical one day and five day returns after that test of the call wall are negative slightly negative I believe that's the case that's what their stats show right so we'll see that looks like options traders again we're starting to take positive delta positions so we'll see if this 5250 continues to act as resistance or price breaks above that level as well as that downtrend line let me redraw that see if I can do a little bit better job of drawing that line let's go take a look at let's take a look at NASDAQ a lot of aggressive buyers coming in shown by the green volume dots let's go check check the mag 7 hero signal so again starting to move up now let's see what NVIDIA is doing all right hero signal for NVIDIA also starting to move higher let's go take a look at book map go to NVIDIA all right for NVIDIA maybe moving higher maybe finding support cumulative volume delta shown by the dark blue line on the sub chart continues to move higher NVIDIA testing VWAP right now that's shown by that light blue line yes making higher highs higher lows trying to break back above the 5250 call wall all right last call for stocks does anyone have any stocks they want me to take a look at all right slow to Rossi says yeah I did check Apple here's Apple in the news today very bearish nanny wants to take a look at Mara all right I don't have Mara in the book map we can take a look at hero all right Mara right around 1030 traders started taking negative delta positions Mara moving lower looks like Mara is heavily driven by options traders all right so little slow to Rossi if he did miss the earlier part of the session I did talk about Apple briefly all right ace wants to look at QQQ let's just let me point out one thing real quick for NASDAQ I typically look at the mag 7 signal and if I used to look before the mag 7 signal was available I used to look at this NASDAQ signal which combines NDX and QQQ options trades a market maker hedging activity into one combined signal so if I'm looking at QQQ I'd rather just look at this NASDAQ signal that combines NDX and QQQ all right so this does provide some additional insight traders are taking positive delta positions and NDX and QQQ and most of that is QQQ all right Paul wants to look at TSM Taiwan Semi and then we'll call it a day Taiwan Semi pretty flat day in Taiwan Semi conductor some bullish options trades hedging flow at the beginning of the day flow alert and then that shuts off pretty quickly and Taiwan Semi moves sideways all right everyone I want to thank you very much for your for your comments questions thank you for watching today everyone have a great afternoon and I will see you tomorrow 1 30 p.m. Eastern time and discord and in YouTube all right thanks again everyone I'll see you tomorrow bye