 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm 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. 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-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 which 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 and there's a lot of great content there for everyone. I'm also on X, formerly known as Twitter, and my name there is at Doug Pless. 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 of 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 of my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamma Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about setups in an underlying asset. Those setups 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-doug chat channel and discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. All right, here is my agenda for today, Wednesday, November 22nd. First of all, I want to go over news items, economic data events and earnings 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 talk about the live market. And if anyone has any stocks they want me to take a look at when I get to the live market, please let me know and I'll be glad to do that. All right, economic data for today. 8.30 a.m. Eastern time, durable goods came out. That came in less than expected, less than previous, not much of a market mover. Also, jobless claims at 8.30 a.m. Eastern time, also lower than expected, lower than previous. And then at 10 a.m., Michigan consumer sentiment came out and that was greater than expected and greater than the previous number. All right, for the rest of the week, of course, tomorrow is the Thanksgiving holiday. All markets will be closed. And then Friday is a half trading day. There is some data coming out on Friday, PMI data at 9.45 a.m. Eastern time. And note that I will not be streaming on Thursday or Friday. All right, one other event was the NVIDIA earnings, NVIDIA reported earnings after the market closed yesterday. And apparently the earnings came in better than expected, but it looks like at least initially this morning buyers were exhausted. That made for a great short setup that I'll talk about when I get to setup review. And now it looks like traders are buying the dip in NVIDIA. So again, we'll take a look at that in a few minutes. And that was definitely driving, helping to drive the entire market, both the SB500, NASDAQ, and the Magnificent 7 moving along with NVIDIA. All right, let's get started with positional analysis. I'm going to start with the SB500. This is the ES Futures in Bookmap. Before I take a closer look at this chart, I want to take a look at a larger time frame. I'm going to go to an SPX chart. This is 30-day one-hour chart and thinkorswim. I want to point out the key turning points on the chart. First, this is the October 30th, the start of the huge put-vanna rally. So on Friday before that, the traders were loading up on puts, concerned about weakened risk. And then on Friday price started to Monday, price started to increase, implied volatility drops dropped. Market makers traders were buying puts. Market makers were short puts. As those puts quickly lost value, market makers could buy back their short futures. And that led to a huge IV collapse, put-vanna rally, a few days of consolidation, about a week of consolidation. And then this is the November 10th, for lack of a better term, magnificent 7-rally. And then that was fueled much higher by the CPI report on the 12th. And now the rally that began really on either Friday or Tuesday, however you want to look at it, is still continuing. All right, let me point out the levels on this chart. Maybe easier if I zoom in just a little bit. Yeah, it is. All right, so the levels that I want to point out are shown on this chart. First, the lower and upper weekly expected move is shown by the dashed purple lines. That's based on the options market. That changes once a week. I update that on the weekend. Then the dashed blue lines are showing the lower and upper daily expected move. Also based on the options market, that changes once a day. Looks like SPX is trading up near the upper daily expected move. All right, the dashed red lines are showing spot gamma levels. These are proprietary spot gamma levels based on gamma weighted open interest. These levels are available for a variety of platforms. I'm showing them here on Thinkorswim. First of all, I want to point out the key daily levels. And hello, Randy. Welcome, glad you're here. All right, so the first key daily level is the put wall that's at 4400. That's the strike with large net negative gamma that can be expected to act as support. That level did move up from yesterday, 4300 yesterday to 4400 today. So that potential floor for price has moved up. That is bullish. All right, the next level up is 4495. That is the volatility trigger. That is spot gamma's 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 hedge their delta exposure. And that tends to enhance or increase volatility. On the other hand, 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 hedge their delta exposure. And that tends to subdue or decrease volatility, leading to more range days, mean reverting type days, in a positive gamma environment as opposed to more trending larger moves in a negative gamma environment. Just above that is the 4500 level. That's the absolute gamma strike. That's a strike with largest absolute negative and positive gamma. That's where most of the gamma-weighted open interest for SPX is concentrated. And then above that is the call wall at 4600. That's a strike with the largest net positive gamma. And that can be expected to act as resistance. So that's the potential range for SPX. 4400 put wall, the potential floor for price. 4600 the call wall, the potential ceiling for price. All right, let's take a look, a closer look at SPX, just a one day chart, one day one minute chart to see the levels in play for today. Here's the upper daily expected move for SPX, acting as resistance in the morning. And then here's this 4550 level, more or less acting as support this morning, a little bit of an excursion below it. And that level was actually noted as resistance in the spot gamma AM founders note, but note overall very narrow range for the SPX today, and that certainly can be expected in a pre-holiday day, a trading day, as well as a positive gamma environment. All right, let's take a look at book map now. And for SPX, the put wall shift higher was the only shift in levels. All right, here's ES futures in book map. I have my own cloud notes here. And hello, Floyd's garage. Welcome, glad you're here. And Randy, here we go. ES chart. I like to look at a larger time frame, just isolate SPX first. And now we're going to take a look at ES. So in ES, I have my own cloud notes. So I can show SPX levels. There's that 4550 level acting as support around 11 AM. Note also the upper weekly expected move for ES, acting as resistance. I also have SPI levels on this chart. SPI 454, large gamma 2, acting as support this morning. And other levels in play for today, upper daily expected move as well as the SPI 456 level. So I like to show both the SPX and SPI levels as well as the expected moves for ES all on one column here in my cloud notes. Note these index relationships, ES to SPI and ES to SPX change a little bit every day. And I post those levels, index relationships and discord, typically around 10 AM every morning, it gives that gives about 30 minutes for those levels to settle in. So for example, the ES to SPX difference is right now, right around 10 points. This morning, it was closer to 10 and a half. So that's what I'm using. So I'm showing SPX 4550, for example, at ES 4560.5. And right now it may be a little bit closer to 10. So that maybe right now the correct level would be closer to 4560 for ES. All right, so those are the levels in play for today. Upper weekly expected move. Good reversal point for a nice short this morning, 454 reversal point for a long this morning. All right, let's take a look at NASDAQ now. And by the way, for those of you who may not be familiar, this is BookBab. Hey, Doug, are you there? Can you hear me? Yes. Oh, this is Bruce. Hey. So you just, it was a good kind of segue in, sorry to disrupt. However, you just said, yes, this is BookMap here. And for those that are interested, I just popped into your chat some deals on BookMap that we're having for Black Friday. If you can click on that link and then maybe show it into your stream. Okay. And then I'll go through it really quickly with you. Okay. There it is. And yeah, so there's two different deals that we're offering everybody for Black Friday. And the first one 50% off, it's for three months that you get BookMap. And you get 50% off of that number. And this is for anyone who's new to BookMap, anyone who has the digital free version or current BookMap monthly subscribers. So it's open to a lot of different people. Now, this Black Friday event runs November 23rd through the 28th. And then the second deal is those that are new to BookMap. It is 60% off for the first month only. This is available for new clients, digital or free version clients, as well as previous BookMap subscribers. And then now scroll down a little bit, Doug, if you can. That longer term deal here, it's here. So stop at the 50%. Go up a little bit higher. Yeah, that one. So that first deal, this is for the longer term one here. And this is where you can click to get the deal. So new users, I'm sorry, current monthly paid users, they will click on the link there. And with under the yellow section there, the red or pink section there is for free digital or nonactive subscribers, you'd log in there. So you log into BookMap to get these. And then brand new users, they'll click on the link there to the form. And now scroll down a little bit further. And then the second deal is for any monthly, or I'm sorry, is for brand new users or digital and previous subscribers. So brand new users, you'll click on the form there under the yellow tag. And you will get, you'll have to put in the coupon code there, which is BookMap Black Friday 60% off. And then go through the process. The pink section there is for digital free users, as well as previous paid subscribers, and you'll click on that link there and put in the coupon code. If you are having any issues going through this process, and it's not working, click on refresh, and it should work. All right. And then, if you can just scroll down a little bit further, Doug. And then the FAQs are here. And that's it. So anyway, yeah, just hope you guys are enjoying BookMap and can take advantage of this if you're interested in using BookMap. Sorry to interrupt, Doug. Why don't you continue on? And that's it. No problem. Thank you very much, Bruce. Great deals here. Anyone interested in BookMap? I definitely suggest you take advantage of one of these deals. Okay. Thanks, Doug. See you later. All right. Thanks, Bruce. Bye. All right. See a couple of questions. All right. Randy asks how to determine spoof order from fake orders, fake ones. That is not my area of expertise. I suggest you go to Bruce's webinar. He streams live on Monday, Tuesday, and Friday at 10 a.m. Eastern time. He may be able to answer that. That is, again, not something that I look at, think about. Randy also asked, does Global Plus include futures data? Global Plus does not include any data. That is typical of BookMap. You need to subscribe to either Global or Global Plus if you're interested in trading stocks or futures, and then the futures data and stocks data subscriptions are separate. So for example, for futures, I subscribe to rhythmic data, CME exchange only for ES and NASDAQ, and then for stocks data, I subscribe to DX feed. All right. So two separate subscriptions are actually three in my case. BookMap, futures data, and stocks data. All right. We're looking at NQ now. NQ futures and BookMap. And before I take a closer look at this chart, I want to take a look, first of all, at QQQ, isolate those levels. Also narrow range here in QQQ. Right around 393, acting as resistance in the morning. 389 support. Note that 390 is the call wall and key gamma strike. Large range in the morning, short and long. And then after that, QQQ trading at a narrow range. Again, pretty typical price action for a pre-holiday trading day as well as a positive gamma environment. All right. So that's QQQ looking at the levels in play for today. And now let's take a look at NDX. Also very narrow range. Note the levels here, 16,000. That's a large gamma one level and the combo level just below that. Combo levels show a combination of NDX and QQQ gamma weighted open interest, in this case, converted to an equivalent NDX price. Just like ES, I have my own cloud notes so I can show QQQ levels as well as NDX levels, expected move levels, as well as big round numbers for NQQ. So for example, there's the, I showed the zeros in the 50s. So there's 16,050 for NQQ and then 16,100. All right, let's take a look at the levels in play for today. Squeeze this in just a little bit. So there's the NQ3903 level acting as resistance, 389 support. And then this cluster of levels here, the two NDX levels that we just looked at. Also in between that is the QQQ 390 absolute gamma strike and call wall. All right, for the NASDAQ, there were no shifts in levels and NDX. And for QQQ, the volatility trigger shifted higher pretty substantially up to 387. And also I forgot to mention for SPY, volatility trigger also moved higher. Put wall moved higher, just like SPX. And kind of strangely, the call wall moved lower. When we get back to the ES chart, we'll take a look at that. So the SPY call wall has been in play for today. And we'll take a look at setups in a few minutes. All right, so those levels in play for NASDAQ again, mainly QQQ levels, round number levels defining the range for the day for NASDAQ. 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. I'm going to take a look at gamma notional for the SB500, NASDAQ, NASDAQ 100, and then the Russell 2000. First of all, note that for SPX and NASDAQ, these numbers are positive. This indicates market makers position on the gamma curve is positive. And in a positive gamma environment, for an index, spot gamma assumes that traders are short calls, market makers are long calls, and they have to trade against price to hedge their delta exposure. And then RUT did actually shift to slightly negative. IWM also positive. Note, these numbers are still positive, but less positive than yesterday. So the gamma notional did shift slightly lower, but still positive. All right, let's take a look at the VANA models now to get a graphical representation of what that means. I'm going to start with SPX. What this chart is showing is market makers delta notional on the vertical axis and the spot price for SPX on the horizontal axis. There are two curves on this chart. First, the light gray curve is showing how market makers delta notional may change with changes in price only. The purple curve adds implied volatility to the equation. And that is showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with a change in implied volatility is the VANA effect. VANA is a second order Greek. And that's the curve that we want to take a look at. All right, let me, Neo and Sotizar, let me finish up with the VANA model, then I'll take a look at your questions. So give me just a moment. All right, so let's take a look at some prices now. First of all, SPX trading right around here, right around 45, 60 near the bottom of the curve. So what this is showing is if price continues to increase, market makers delta notional will increase and they want to remain delta neutral so they will have to sell futures to hedge their delta exposure. All right, that's SPX. This V shaped curve is very typical of a positive gamut environment. Again, as price continues to increase, market makers will need to sell futures to hedge their delta exposure. If price drops, they can buy back their short futures. So in the case of a positive gamut environment, they're trading against price both directions. All right, let's take a look at SPY. SPY trading right around the call wall at 455. So that's also right at the bottom of the curve. And finally, let's check QQQ trading above the call wall absolute gamma strike right now at 391. Again, also at the bottom of the curve, showing if price continues to increase, there will be more resistance from market makers. In this case, selling in Q futures. All right, let me get to questions now. All right, so first of all, Neil asked, can you please tell how to calculate the upper daily and weekly expected levels? All right, so let's go to SPX, look at an options chain. And this is, you know, of course, there's no trading tomorrow. So if you wanted to calculate the expected move for Friday, this is how I do it. Look at this number right here. I look at it at the close. So I wait till the close today, 415 p.m. Eastern time, then I'll take that number. And this is the percent. And then the point range, I'll take a look at the point range and add that and subtract it from the closing price to get the daily expected move. Then for the weekly expected move, I'll wait till the close on Friday. And let's see where that is. So that would be the, wait a minute, let's see the 22nd. All right, so that would be right here. This is very small. So I would wait until Friday to get this number. And that would be the weekly expected move. So there's one other thing that I actually use. This is, I have an indicator in thinkorswim. This is not mine to give it away. I got this from someone else, but it is showing these lines. So this is last week, these little dash lines showing the lower and upper weekly expected move. So that's where I get my weekly expected move. Then I calculate the daily expected move just like I showed. I'll zoom in on that a little bit. All right, so this is the lower weekly expected move. I just laid these lines right on top of this indicator. All right, so that's what I use. All right, then slow to Zari, the rally because of new money coming in, money being put to work by fund managers, or put Vanna short covering rally, or zero DTE short term traders. All right, so that's kind of hard to answer. So let's, we'll just take a look when we look at setups and we'll see what what is driving the market today. Now as far as new money coming in, money being put to work by fund managers, I can't answer that. Put Vanna short covering rally, really no, at, there's no put Vanna fuel available for a rally. We just saw that in the in the put Vanna model in this very low positive, positive gamma environment. There is no put Vanna fuel for a rally really in the low VIX environment. All right, let's take a look at some setups. All right, I'm going to start with, and take a look at what options traders are doing today. So slow to Zari to answer your question. First of all, options traders are helping to the fuel to move higher, and we'll take a look and we can take a look right now and see if what contribution the zero DTE traders are making and just a portion. That is all trades shown by the purple line, the hero line and zero DTE traders, traders that are trading options that expire today, making up a little bit less than half of that. All right, so let's go back. Let me explain what this chart is showing. This is the hero signal available to spot gamma subscribers. There are two lines on this chart. The white line is showing price for SPX. The purple line, the hero signal hedging impact real-time options. This is real-time data showing options trades of market maker hedging activity for a combined signal for the SP500 combined signal for SPX, SPY, XSP, and ES futures. All under one combined signal. All right, let's zoom in on this chart. There are a couple setups I want to point out. So first of all, if you like to, actually let me zoom a little bit, if you'd like to trade the open, initially at the open for a few minutes, traders were taking positive delta positions. I typically like to wait for a few minutes and doing that led to a great divergent short. Let me just zoom in on this. So as price was increasing, wrong tool, sorry, price was increasing, initially options traders were taking positive delta positions that shown by the rising purple line. And then options traders started taking negative delta positions, SP500 immediately consolidated, and then started to turn lower, setting up a great divergent short. And that was around 9.45 a.m. Eastern time. And then as price moved lower, traders stopped taking negative delta positions, and they started taking positive delta positions, leading to a great long setup around 10.15. All right, Neva, I will show puts and calls separator. That tends to trigger that auto zoom. So I'll do that quickly. All right, so what this shows, traders were buying calls initially, took their foot off the gas, started buying puts, and price moved lower. So that gives more clarity into the short setup this morning. Let's go back to the total signal, see there it goes. All right, let's go take a look at book map. We'll go back to ES. And Randy asks, are you a day trader, swing trader, or long-term trader, and all of the above? The information that I'm showing can be used for any one of those forms of trading, whether you're a day trader, swing trader, or long-term trader. You can use this information to both spot gamma and in book map to time entries for, again, any timeframe you want to trade. All right, so first of all, let's look at that short setup. So we know as price was increasing right from the cash open right here, 9.30 a.m. Eastern time, a lot of aggressive buyers coming in, shown by the green volume dots, those are showing market buy minus sell, green dots indicate more buyers than sellers. And as price approaches that upper weekly expected move and the upper daily expected move, options traders started taking negative delta positions as we saw they stopped buying calls, started buying puts. Note the liquidity here, these are the heat map and book map is showing a history of the limit orders in book map, showing limit sell orders up at that level. And then you can clearly see the shift in volume dots, aggressive sellers start to come in, and then as price rolls over, it's nothing but aggressive sellers, magenta volume dots showing more sellers than buyers. Pullback entry to the 455 call wall, and then the final move lower to the 454 large gamma two level. One other thing to note is the falling light blue line, showing large traders were selling strength here, selling this move higher with iceberg orders they used to hide their size, that's shown by the falling light blue line, and the sub graph as well as these icons. Large traders selling with the iceberg orders as price moved up, and iceberg orders were also, this is pretty typical behavior of larger traders, selling strength buying weakness, so as price started to drop, they started buying with iceberg orders, so that is one clue for a long setup, and we saw the hero divergence setting up this long about 1015, so we're looking for a potential reversal level, and here it is at 454, ES makes a double bottom around that level, then aggressive buyers start to come in as options traders were taking positive delta positions, setting up that long. All right, so there was the short setup this morning, very clear, clear read in book map, huge shift in order flow, green volume dots to magenta volume dots, also iceberg orders providing a clue as well as options traders showing a hero. All right, let's take a look at NASDAQ, similar pattern, zoom in on this, order flow a little bit different, but first of all, large traders, or aggressive traders showing by the green volume dots right up to the 393 level, aggressive sellers start to come in, and in this case larger traders were selling with iceberg orders right at the top, also the yellow line is showing that sell stop orders helped to fuel the move lower, also the dark blue line, CVD confirming all of the aggressive sellers, cumulative volume delta. Let's go see what options traders were doing, so let's go to the NASDAQ signal, into the case of NASDAQ, options traders were taking negative delta positions just a few minutes, maybe started five minutes after the open, set up a divergent short, and then as price moved lower to the 389 level, traders started taking positive delta positions and price reversed higher a few minutes later around 1015. All right, let's take a look at one other signal that worked great. This is the Magnificent 7, so what we were just looking at, let's go back to NASDAQ, is a combined signal for NDX and QQQ, and then let's take a look at this Magnificent 7 indicator, this is a combined signal for the stocks known as the Magnificent 7, that's Apple, Amazon, Google, Meta, Microsoft, Nvidia, and Tesla, and these seven stocks make up a large component of both the SOB500 and NASDAQ, so this is a great indicator, in this case really providing a more of a confirmation, first of all the short in the morning then along around 1015, 1020, so when traders take let's say positive delta positions, they're buying calls and or selling puts, market makers take the other side of those trades and they have to buy stock to hedge their delta exposure, and in the case of futures for the SB500 and NASDAQ, they have to buy or sell futures to hedge their delta exposure as traders trade options and spy ESPX, ES futures, all right let's take a look at some stocks, so first of all I want to start with Nvidia in the news today, or actually yesterday, and this 500 level, CalWalky Gamma Strike has been definitely in play the last couple days, Nvidia traded just below that level, closed just below that level yesterday, and then it acted as resistance today, as traders were taking profits or just taking negative delta positions for whatever reason, note the all the flow alerts here in Hero, that led to a very quick drop lower in Nvidia, and then right around 1015, Nvidia have started to reverse higher, kind of leading the Magnificent 7 as well as the SB500 and NASDAQ higher, all right let's go take a look at book map, go to Nvidia, let's zoom in on this, all right so here's the short setup in the in the morning, price moved above the 500 CalWalky Gamma Strike, and after about 10 minutes a lot of aggressive sellers came in, shown by the shift from the green volume dots to the magenta volume dots, price reversed lower at the 500 level, or actually just above, and moved down all the way to 478, so a quick drop right around 22 points, great short setup in Nvidia this morning, and then price started to stabilize around 478, note that some aggressive buyers started to come in as price was moving lower, more and more aggressive buyers, and then price stabilized right around 478, let's go back in Hero and see what options traders were doing, well okay, so the thing to note here is initially traders were taking negative delta positions, shown by the falling purple line as price crossed above the 500 level, then they took the foot off the gas, price started to increase right around, sorry about that, price started to increase really around 1015 or so, consolidated 478 for a while, then started to move higher, all right so Randy getting back to your question, are you a day trader, swing trader, or long-term player, I would say I would classify this as either, I would classify this as a short-term trade, day trade, again good for about 20 points or more, and then I would classify along here as more of a long-term position, all right so in the case of Nvidia I was here at the buying around 480, long-term trade, all right so that's Nvidia, let's take a look at AMD, just kind of the opposite here, AMD, reversing, moving higher at the call wall, key gamma strike 120, as traders were taking positive delta positions, and they they were very aggressive at first, slowed down, and now AMD continues to move higher, as traders continue to take positive delta positions, but not nearly as quickly as it did this morning, so let's go take a look at book map, very sharp move higher right at the open for AMD note 120, call wall, key gamma strike, options traders take the foot off the gas, slow down, and now price consolidates, and then this slowly grinding higher, well let's take a look at another stock, let's take a look at Microsoft, kind of a choppy day in Microsoft, Microsoft has been in the news with the open AI, Sam Altman saga, it looks like that may be coming to a resolution for those of you who are not familiar, I believe last Friday the board of open AI indicated that that are fired, Sam Altman as the CEO, and Microsoft and open AI have a very close relationship, so then news came out that Microsoft had hired Sam Altman as the CEO, and today the news came out that Sam Altman would actually be returning to open AI as CEO, and there have been some changes to the board, so anyway that may be an end to that open AI Sam Altman saga, let's take a look and see what options traders have been doing in Microsoft, so kind of an up and down day in Microsoft, note the 380 call wall above, in the morning traders were taking, let's zoom in on this, in the morning traders after a few minutes started taking negative delta positions, setting up a divergent short here right around 950, then they started taking positive delta positions right around 1005 and then price reversed higher about 10 minutes later, so divergent short, divergent's long in Microsoft, let's go back to book map, zoom in, there's your divergent short right at 379, then the divergent's long right at 375, this is why I like to mark the round number levels on my chart, they are very often great entry points, all right I've got about five minutes left, does anyone have any stocks they want me to take a look at, choppy day in meta, let's take a look at Tesla, it's been pretty weak today, let's see what options traders are doing, excuse me, options traders are doing in Tesla, taking negative delta positions in Tesla, note the timely flow alert here, also note the very strong correlation between options trades, market maker hedging activity and price action that's pretty typical for Tesla is when traders buy and sell options, market makers respond by hedging immediately, let's go back to book map, let's take a look at cumulative volume delta CVD, also trending down for the day, pink line indicates cumulative volume delta for the day is negative, or magenta line in the sub chart there, so it looks like Tesla may be finding some support right around 232, all right Tuman wants to see puts and calls for Tesla, all right let's go back to hero, yeah in this case no additional insight, traders are selling calls and buying puts, notional value for each is about the same, all right let's do a last check of the S&P 500, excuse me, hero continues to trend higher, pretty typical of an index, traders are buying calls and buying puts today, calls shown by the rising orange line, puts shown by the falling blue line, negative notional value, positive notional value, call buyers more aggressive today, definitely driving price, sorry about that, quick check of NASDAQ, hero also trending higher, maybe flattening out a little bit, in this case traders are buying calls and selling puts, notional value for both the orange and blue line is positive, so traders are buying calls and selling puts in NASDAQ, all right my time is up, I want to thank everyone for watching, thank you very much for your questions and comments, everyone have a great Thanksgiving holiday, great weekend, and remember no stream on Thursday or Friday, so I will see you on Monday, thanks again everyone, bye.