 Hello, everyone. Welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Easter time. And for those of you who are watching on YouTube, if you just, uh, someone could please give me, uh, let me know that you're seeing my video, seeing my screen, and hearing my audio. I could just get an audio video check on YouTube from someone, please. And while I wait on that, I'm going to go ahead and, uh, keep going. Before I get started, I need to go through the disclosures. General disclosure. I'll bookmap the 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 it's not suitable for all investors. Past performance is not necessarily indicative of future results. And in C40G, uh, says we're good. And, uh, Faroze says, uh, hello, uh, all good. So thank you, everyone. And hello, Los Calabros and C40G Faroze. Uh, welcome. Glad you're here. And thanks for the, uh, confirmation. All right. Before I go any further, I do need to pause for a public service announcement. Bookmap is asking all Discord users to fill out this form. You can scan this QR code with your phone and fill out the form. You'll need your email address, your Discord name, and also your bookmap license key. If you are not a bookmap subscriber, you can subscribe to the free version. And that does provide one, uh, that is basically for crypto, provides access to one exchange, I believe, and also delayed, uh, stock and futures data. And, uh, by filling out this form, this will provide you with some additional benefits and make Bookmap Discord a better community for, uh, for everyone, for all participants. Here's my content 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 my channel, which I'll go through in just a moment. And, uh, note the Bookmap Discord, that's a great community. Uh, there are a wide variety of channels there on a wide variety of topics and asset classes, stocks, options, futures, crypto, also on a wide variety of languages. I'm also on X, formerly known as Twitter. My name there is at Doug P. Here are my key tenants for trading, and this is the basis of my approach to trading. I believe that options trades and market maker hedging activity are key drivers of price and many stocks and futures. And for the SP500, SPX is the underlying index, SPI is the ET aversion of that index, and ES is a derivative of SPX. So when traders buy and sell puts and calls and SPX and SPI, market makers take the opposite side of those trades and they have to hedge their delta exposure with ES futures. And for the NASDAQ 100, NDX is the underlying index, QQQ is the ETF version, it's more liquid than NDX, and NQ is a derivative of NDX. So just like the SP500, for the NASDAQ 100, when traders buy and sell puts and calls and NDX and QQQ, market makers will hedge their delta exposure within Q futures. And if you're skeptical about this, just wait until you see my charts today. And the levels that I'm going to show based on the spot gamma levels, this is where traders and market makers react at these SPX, SPI, NDX and QQQ levels. So again, if you're skeptical, just wait until you see my charts today. Zuko asks, what is index? So the SP500 index, I may not be able to help you with that, that's the underlying index for the SP500 and that is SPX. And then for the NASDAQ 100, NDX is the underlying index. So the SP500 is an index of 500 stocks. And the NDX is an index of the 100 largest non-financial stocks in the NASDAQ 100 in the NASDAQ. And QQQ is just the ETF version of the NDX. And welcome Steven, glad you're here. And Tejo, welcome glad you're here as well. Hope I didn't pronounce your name too badly. All right, let's move on. The focus of my presentation today and the focus of the OptinStashDoug 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 at 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 spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focusing on the underlying asset like the SB500 and for the SB500 setups that I talk about 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-dug chat channel 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's my agenda for today. Friday, February 16th. First of all, I want to go over news items, economic data, and events 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. 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, let's start with economic data. There were a couple of high-impact data releases today. Let's start with that. Excuse me. First of all, at 8.30 a.m. Eastern time, PPI data came out. And that was much greater than expected in the previous number. So in line with the CPI data reported earlier this week, coming in greater than expected, greater than previous. And there was a bearish reaction to that initially. And then at 10 a.m., Michigan consumer sentiment came out. And that was slightly less than forecast and slightly greater than the previous number. So it looked like the market was happy with that. And then finally, today is the options expiration. This is the February monthly options expiration. Let's take a look at that. What this chart is showing is expiration concentration. It is showing delta notional by expiration date. This is market makers delta notional. Call ball shown call delta notional is shown with the orange bars. So that's positive delta notional. Blue bar showing put delta notional or negative. So again, calls in the orange puts in the blue. This is the expiration today, the 216. And you can see this is a very heavily call-dominated expiration. So in a positive gamma call-dominated environment, that tends to subdue volatility. And a lot of that gamma and delta will be expiring today. So that should potentially loosen up the market for more volatility and also could potentially lead to consolidation. And as we'll see in just a minute, it did not in January, which is also a call-dominated expiration. All right, let's take a look now at, and also next week, there are some key items out, first of all, FOMC minutes and NVIDIA earnings. So those could be key market movers. All right, so that's the news for today. Let's move on to positional analysis now. I'm going to start with the SB 500. This is the ES Futures and Book Map. And just point out related to the data, this is the reaction at 8.30 a.m. Eastern time to the data release, PPI data. And then this is the, looks like the reaction to the 10 a.m. consumer sentiment. So bearish reaction to the PPI data, bullish reaction to the CPI data. Michigan consumer sentiment. All right, so again, this is the SB Futures and Book Map. And before I take a closer look at this chart, I want to step back, look at a larger time frame, and I'm going to go to the underlying index, which is SPX. Let's take a quick look at our one-day chart, just so we get a big picture view. So this is the rally that began last year, October 30th. It was about a 940-point rally from the low to the high. All right, let's take a look at the last 30 days of this rally. I'm going to take a look now at a one-day chart. I'm sorry, a one-hour chart. So this is a one-hour chart, 30-day one-hour chart. Let me pick up the last expiration. This is the January 19th options expiration, also call-dominated. Here's the 4800 level, and the SPX broke out above that level. It has gradually moved higher. This is reaction to the FOMC, reaction to the CPI data earlier this week. Note the high was around 50-50. Now SPX recovering back up toward the high that was put in on Monday afternoon. Not quite there yet, which was right around again 50-50. And as SPX has moved up this year, the call walls, which I'll talk more about in just a moment, have gradually moved up from 4800 all the way up to 5100, and now back down to 50-50. All right, let's take a look at the levels on this chart. All right, first of all, the dashed purple lines are showing the lower and upper weekly expected move. That's based on the options market. That's what the options market is pricing in for the week. I update these once a week, over the weekend, and earlier this week, after the CPI data, SPX did trade well below the lower weekly expected move and now is trading just about in the middle of the range again. The dashed blue lines are showing the lower and upper daily expected move. SPX did come close to testing the lower daily expected move today and now trading back up within that range as well. And the lower daily expected move, that's also based on the options market, that's updated once a day and I update both of those levels every day, the evening before. So I've been posting those levels in Discord. All right, let's take a look at the other levels on this chart. I'm going to zoom in. The other lines on this chart are showing spot gamma levels. These are levels that are provided to spot gamma subscribers. They're proprietary levels. Spot gamma takes open interest data, applies their algorithms to come up with these levels. These levels can change every day. That's why I keep track of them and that's why I show them. All right, so first of all, I'm going to go over the key daily levels. Here's the put wall at $49.95. That's a strike with the largest net negative gamma that can be expected to act as support and it came close to acting as support today. And then below that, that's the volatility trigger. That's at $49.45. It has moved up yesterday and now back down to $49.45. It's been around that level for quite some time. And that's 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 adjust their delta exposure and that tends to enhance or increase volatility. When market makers are selling when price drops and buying when price increases, that tends to enhance volatility again and that's the move. And this is kind of unusual to have the volatility trigger below the put wall. So the put wall did move up from yesterday. Iceberg ESH for CME cell 300. Sorry about that, I have Iceberg and stop alerts turned on. All right, so the next level up is $5,000. That's just right above the put wall. That's the absolute gamma strike. That's a strike with the largest absolute positive negative gamma. So that's where most of the gamma weighted open interest is concentrated. And we'll see in just a moment that's been a key level support. And then finally, the call wall is now up at 5050. That's a strike with the largest net positive gamma. And that can be expected to act as support as resistance. All right, the call wall did move up to 5050 yesterday and remains at that level. So shifts in levels for today. The put wall shifted higher. Volatility trigger shifted lower. All right, so projecting a pretty narrow range. Put wall being the potential floor at 4995 and the call wall being the potential ceiling at 5050. And that should change next week after options expiration. All right, let's wrap up the view of SPX with one more chart. I'm going to go this time to a one minute chart. Let me grab the right chart. This is a one minute chart showing two days worth of data. Dark shaded portion, regular trading hours. This is the 5000 level. It's labeled the zero gamma. It's also the absolute gamma strike. No support yesterday. Support today. So this is the first evidence that how important these SPX and spy levels are. I did post a setup in Discord and Twitter yesterday showing the long setup after the reversal at the 5000 level. So that level acting as support again today. All right, let's go to book map now. Let me check for questions. And hello, Don. Welcome. Glad you're here. Let's ask how can I get that info? If you're talking about the spot gamma levels, you can you need to subscribe to spot gamma. So go to spot spot gamma dot com. And they do offer a seven day trial. So you can get those levels. Now the expected moves, the daily and weekly expected moves. I post those in Discord every day and book in the options dash Doug chat channel and book map discord. That information all just that comes from any trading platform with an options chain. I use thinkorswim and Travis ask anything on Bitcoin. No, sorry. I do not follow Bitcoin at all. You can see what I when I follow on what I trade right here. SMB 500 Nasdaq futures and large cap tech stocks. So I don't have any edge with Bitcoin. So I do not follow and trade Bitcoin. Gold. No, I don't trade gold either. And Tejo ask how strong are these levels? Do you recommend to take trades on breaks of these levels on either side? Well, first of all, we'll go through these charts and you can you can see for yourself how strong these levels are. This is where traders and market makers are expected to react. So when I see price approaching one of these levels, I'm looking for clues and book map and order flow to clues and order flow to indicate what price is going to do at these levels. And I expect a test of any spot gamma level from above to act as support and a test of any spot gamma from below to act as resistance. And Travis ask, take a look for me, please. Sorry. I'm I this is what I'm looking at. This is if you want to see gold, I suggest maybe going somewhere else. I don't trade gold. I don't I'm not going to look at gold. Sorry. All right. So this is the SAP 500. So we've taken a look at the SPX charts and a book map. I have my own cloud notes. So I can show SPX levels. There's the 5000 level that acted as support right there. And just above that, that's the spy 499 volatility trigger. And let me iceberg ESH for CME cell 335. Let me show that. This is a spy chart spy chart and thinkorswim. Here's the 499 volatility trigger. Surprise did move just a little bit lower than that level. All right. So we saw on the SPX chart that 5000 level acting as support. This is the lower daily expected move for ES just above that. So this cluster of levels definitely acting as support this morning. All right. So I have SPX levels on this chart. I also have spy levels on this chart. Here's the spy 500 absolute gamma strike spy 501 large gamma 2 level acting as support spy 502 large gamma 3 level. And then here's ES 5050. So I have the round numbers for the big round numbers for ES, the zeros and the 50s. And these are all my cloud notes. All right. There is a difference between ES and SPX. The price, there's an offset between ES and SPX. Right now that ES to SPX offset difference is somewhere between 15 and 16. This morning it was right around 15. That's what I'm using. So I'm using ES minus SPX equal 15. So I'm showing SPX 5000 at ES 5015. And I do post those index relationships that I'm using every day in book map discord and the options to hashtag chat channel. All right. So again, the key support level, the SPX 5000 level and the spy 499 volatility trigger acting as support shifts and levels. I did mention for the SPX volatility trigger lower put wall higher, very narrow range between the potential floor and ceiling. And for spy, the volatility trigger shifted higher put wall shifted higher and the call wall also shifted higher. All right. So for the SB 500 right now, both the call walls for the SPX and spy are higher than the current price. So leaving room to run higher for the SB 500. And this was a bullish hat trick for spy for the SB 500. So based on that my thesis for the day form for the SB 500 was bullish based on the shifts higher and levels for spy. All right. Let's move on to NASDAQ. And Los Calabros says I usually trade off tick and tape only only trade SPX options will strengthen my technicals. I think this will provide I think book map along with the spot gamma levels and as well as some additional information that I'll show do provide a significant edge. Whether you want to trade ES futures, spy shares or SPX options. Let's move on to NASDAQ. So NASDAQ, this is the end Q futures and book map. So the underlying index products for the NASDAQ QQQ and NDX. Let's take a look at QQQ first main thing to point out here. This is the put wall at 430 expected to act as support does its job very closely. So there's another evidence more evidence that these levels are important. The spot gamma levels and the underlying index products. Here is the QQQ volatility trigger 434 acting as resistance. Then just this round number level 432 acting as support. All right. So that's QQQ. Let's take a look at NDX. Here's NDX dark shaded portion on the right showing the regular trading hours for today. Here's the zero gamma level for NDX. Also acting as support. All right. So unlike the S&P 500, I have my own cloud notes. So I can show QQQ levels. There's the 430 put wall. I'm also showing NDX levels. There's that C4 level, the zero gamma level just above that. Yeah, that's right. 667. And note there's an offset, a difference of price between NQ and NDX. That's about 60 points. So again, I post the index relationships that I'm using every day in Discord. Bookmap Discord in the Atchist-Doug Chat channel. I post the preliminary numbers before the cash opened and then I post the final numbers sometime around 10 a.m. I was a little bit late this morning. I was having technical difficulties with my computer. I'm also showing for NQ the zeros in the fifties. All right. So again, the key here for today, support at this NDX level, also the QQQ put wall. All right. Shifts and levels for NASDAQ. For NDX, volatility trigger put wall both shifted higher. And for QQQ, it was a bullish hat trick. Volatility trigger put wall and absolute gamma strike all shifted higher. So bullish thesis for the NASDAQ as well. All right. Let's wrap up position analysis by looking at gamma notional to see how market makers were positioned on the options market in the options market at the beginning of the day. They're positioned on the gamma curve. I'm sorry. All right. So this is gamma notional market makers position on the gamma curve. I'm going to read two chats and present as well. All right. So this is gamma notional market makers position on the gamma curve at the beginning of the day. And what this is showing is gamma notional is positive for the SB 500. I really don't pay much attention to NDX. So slightly negative for the NASDAQ and then positive for the Russell 2000. That's gamma notional market makers position on the gamma curve for the SB 500 NASDAQ and also 2000. Note for the SB 500, these numbers did move higher. They moved higher from yesterday. So more positive for the SB 500. So for NASDAQ, NDX shifted slightly lower, still positive, and shifted slightly negative for the QQQ. And then shifted positive for the Russell 2000. So kind of a mixed picture for the gamma notional. So what this means, let's just take the case of the SB 500, market makers position on the gamma curve is negative. So what gamma assumes for an index that traders are short calls, market makers are long calls, hence the positive gamma environment, they have to trade against price-stage, their delta exposure, and that tends to subdue or decrease volatility. And Tejo asked, do I look at moving averages? No, no I don't. I don't base any trades on moving averages. I do use VWAP, but primarily spot gamma levels. That's where I want to trade at these levels. I'm looking for reactions at those levels. All right, so that wraps up my positional analysis. Now let's move on to execution. So everything that I've looked at so far, other than book map, is based on static data. Spot gamma takes open interest data that's updated once a day sometime during the night. They generate these levels and they do change from day to day. I talked about the shifts in levels and that's kind of the basis for my thesis for the day, how these levels are shifting. If the levels are shifting higher, that indicates to me that traders are looking for, expecting, positioning themselves in the options market for higher prices. All right, so that's based on static data. Now let's move on to execution and look at real-time data. I'm going to start by looking at what options traders have been doing today. So this is the hero signal, hedging impact real-time options. What this chart is showing is options trades and market maker hedging activity for a combined signal of SPX by XSP and ES futures. There are two lines on this chart. The first is showing price for SPX. And the second is the hero signal, again hedging impact real-time options. So this is in real-time showing, again, options trades, market maker hedging activity. And a rising hero signal indicates traders are taking positive delta positions. They are buying calls and or selling puts. Market makers take the opposite side of that and they have to buy futures to hedge their delta exposure. And for the SPX in particular, that's the only way they can hedge. You can't buy or sell SPX. You can only, you can buy or sell SPI, but traders, market makers will hedge their delta for the SP500 with ES futures. All right, I'm going to zoom in on this chart now. And let's take a look at a setup. So what I want to take a look at is the reversal long right around 10 a.m. I talked about that at the SPX 5000 absolute gamma strike level, also the SPI 499 volatility trigger. So in terms of a setup, what I'm looking at, I'm looking for a reaction at that price at that 5000 level. And as price moves down, I see that options traders have the same idea. They start taking positive delta positions. So I'm looking for a long after that. And I was looking, my thesis would bullish expectation for some sort of reaction at that level, just like yesterday. Now, let we can separate outputs and calls to get a little bit more clarity to see what traders were doing. Sorry, these pop-ups are, let me actually, let me just get rid of that. All right, so this shows puts and calls. So what the orange line is showing is calls. So a rising orange line indicates traders are buying calls. When traders buy calls, market makers sell the calls and they have to buy ES futures to hitch their delta exposure. So what this is showing is traders pretty much were buying calls from the cash open. They were also buying puts. And the put buyers take their foot off the gas right around 10, just before 10 a.m., right around 9.55. They stop buying puts, start selling puts. Notice at this point that the orange line and the blue line are moving in the same direction. That's a very powerful directional indicator, in this case bullish. So again, starting around 10 a.m., traders continue to buy calls. They stop buying puts, start selling puts, both positive delta and price reverses higher at a level that I expected to at the 5,000 level. All right, let's zoom in on that. All right, one thing to note, I did have a problem with my computer this morning. So I lost all MBO data. That's market buy order data. That's what Bookmap uses to show stop and iceberg orders. So stop and iceberg orders are typically a pretty large part of my approach to trading, as well as options trades. I lost all that data. It starts about somewhere between around 1040, maybe something like that. That's where I started to get MBO data, stops and icebergs. So we're just going to have to look at order flow. So what this is showing is volume dots, aggressive sellers. So the volume dots are market buy minus sell, delta, magenta dots indicate more sellers than buyers. Green volume dots indicate more buyers than sellers. So as traders continue to buy calls, stop buying puts, started selling puts, price reversed higher at a level that I very well expected to, and then aggressive buyers come in and price moves higher. Note the shift in cumulative volume, delta, negative on the way down, cumulative volume, delta shown by the magenta line shifts up. So aggressive buyers come in, move price higher. All right, so there's the long set up. And again, exactly at a level that I expect to act as support. And so I don't have more MBO data. I will point out though, once the MBO data starts, this rising yellow line indicates that buy stop orders are fueling the move higher. That's also shown by the on-chart indicator, these small green dots. And then also net for the day when I started, started my computer, started Bookmap again. Large traders buying with ice for waters. That's shown by the light blue line. All right, Teju asked, what does flow mean on the hero chart? That just signifies significant options activity. I showed a great example of that yesterday using the flow alert three times as a mean reverting signal. So go, if you want to see more about the flow alert, first of all, go to the archives. Go to watch my recording from yesterday. I give a great example of that using the flow alert three times. And Teju also asked, do I wait for index reaching levels and see how it behaves? Then take trades based on price action between these levels. So I'm looking for reactions at these levels and planning trades anticipating a reaction at these levels. All right, so again, long, you can see the aggressive sellers on the way down. If I had MBO data, I'm certain that would be a stop run on the way down and aggressive buyers come in. All right, let's move on to NASDAQ. Zoom in. First of all, look at order flow here. Vagenta dots indicate we're sellers than buyers, aggressive sellers on the way down. Everybody on one side of the boat. Some aggressive buyers start to come in. The volume dots, the green volume dots get bigger. Note at the level that I expected to act as support. That's these QQQ 430 put wall that did its job acted as support. Price moves higher as aggressive buyers start to come in. Note the shift higher in CVD cumulative volume delta. And now shifts from magenta to dart blue, shifting from negative to positive. All right, let's see what options traders are doing. So let's go to hero. All right, for hero, I typically look at this mag seven signal. So let's, I don't know why this is jumping around. Let's, let me zoom out real quickly. What this is, this is a combined signal for the stocks known as the Magnificent Seven. Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. And this recently, this has been a better indicator of options trades, market maker hedging activity for the NASDAQ. NASDAQ seems to respond to this very well. Of course, these seven stocks make up a very large component of the, of the NASDAQ 100. It's the note in the case of, of the mag seven stocks. Initially, just a couple of minutes after the cash open, traders started selling calls, take the foot off the gas, price moves a little higher. And then really does not get going until about 1035 when traders start aggressively buying calls. All right, let's go back to book map. So we can see that in the chart here. Here's the initial reversal at 10 a.m. And then when traders start aggressively buying calls, NASDAQ breaks that little downtrend. Aggressive buyers come in right at this cluster of levels. That's the QQQ 431 level. Also the NDX, large Gamma 4 level, 17,700. All right, so there's a long setup in NASDAQ. Let's take a look at some stocks. Then we'll get to the live market. All right, once as we just got a flow alert on SAP, we'll take a look at that in just a minute. And I'm sure I can't pronounce your name. Add non, con, sir, will it come down until 2008? I'm not sure. I don't understand your question. I'm sorry. Maybe if you could rephrase. I'm not sure what it is. All right, NASDAQ, after consolidation, moved down to 432. Now moving higher. All right, let's take a look at some stocks. First stock I want to take a look at is AMD. Long stock. All right, AMD, 180 is the call wall. Let's go take a look at Hero. See what options traders are doing. Here's the 180 call wall doing its job acting as resistance. Initially, for the first couple of minutes, 10 minutes, maybe traders are buying calls. They start selling calls that show them by the falling orange line. Price moves lower. Note also that today AMD had about 45% of gamma expiring today. Call dominated calls expiring today. So as the calls that expire today start to quickly lose value. So what's by gamma assumes for a stock is that traders are long calls. This is the opposite of an index. Traders are long calls. Market makers are short calls. So they have to buy stock to hedge their delta exposure as traders are buying calls. And as expiration approaches, those calls are quickly losing value as price drops and as expiration approaches. So that's the charm effect. The change in delta with the change as time passes. So those calls are losing value. They're losing delta due to charm. And market makers can sell their long stock edges and especially as price drops and traders are selling calls. So that contributes to this move lower. Also reversal at the 180 key gamma strike. So let's go back to book map. 180 key gamma strike reversal at that level. Let's take a look at one other example of that. Let's go to Netflix. Netflix had about 40% of gamma expiring today. 600 is the call wall. So price was trading under that level. Let's go to hero. Netflix has been very bullish this week. So let's take a look at Netflix. So in this case, Netflix reverses below its call wall 40% of gamma expiring today. Call dominated. So calls expiring today. They're quickly losing value due to a drop in price as well as charm. Traders selling calls. Price moves lower. Looks like now as call buyers call sellers took their fault off the gas. Right around 1015. They were initially buying puts. Now they're selling puts. And now prices recovered. Let me check for questions. All right. Teddy asks, says hello, which book map options should I pay to trade CMA index? I'm not sure I understand your question. Let's go to book map. If you're asking about data. So if you want to trade ES or NQ, I use rhythmic data. So that's what you're asking. So I use book map global plus and rhythmic data for futures and DX feed data for stocks. So again, Teddy, if you want to trade ES and NQ, you want either global or global plus and also rhythmic data. And you can get rhythmic data for the CMA exchange only if you just want to trade ES and NQ. All right. Let's take a look at Tesla. WRB wants to take a look at Tesla. It looks like a pretty choppy day in Tesla. Let's see what options traders are doing. So net for the day, they are buying calls and buying puts. Let's go back to the total signal. That may be a little bit more clear. So up and down kind of mean reverting price action. But following closely price action, following options trades and market maker hedging activity pretty closely. Note that 200 is the call wall. That's also the key gamma strike. And let's go back to book map 200. So price trading up and down around 200 today. Call wall key gamma strike. Let's go back to hero. So the Rossi mentioned a big drop in SMCI. Let's see what traders are doing. So today in SMCI traders are selling calls buying puts. Let's take a look at one other thing. My expectation is there are the gamma expiring today for SMCI is quite high. Go to history and it is anything over anything over 30 is significant. So that's more than twice. So that's 61.5% of gamma expiring today. So there are a lot of calls expiring today. And SMCI traders have been buying calls pretty aggressively. And now they're taking profits selling calls buying puts. And as the calls that traders have been buying that expire today as price drops and expiration approaches, they are quickly losing value and market makers can sell their long stock edges. So traders have been buying calls, market makers sell the calls. They have to buy stock to hedge their delta exposure. And then today as traders are selling calls and those calls are losing value, market makers can sell their long stock edges. So pretty significant drop there in SMCI. So it's good to see some rational behavior there. All right, let me check for questions. All right, Teddy, I'm not sure I understand your question. I talked at length about the SME 500 NASDAQ. All right, Prime wants to look at arm. No, this is not the laid data. This is real time. So I'm looking at looking the SB 500 NASDAQ in real time. All right, Sodorazi says SMCI call gamma unwind. Definitely which spot gamma level or location is around 800. All right, let's go take a look at that. And then we'll take a look at arm. Let's go back to equity hub. These are the current key daily levels. And there's nothing around, nothing around 800. Take a look at put call impact chart. So one thing to note, this is the put call impact chart. Orange line showing calls, blue line showing puts. Let's find 800. So 800 is right around here. So note how these lines, this is the, these lines on the chart are showing the rate of change of gamma. And where they're the steepest, that's showing the, the highest rate of change of gamma. And note around 800. Let's go back. All right, so 800, there is some, about an equal amount of call gamma notional and put gamma notional. Note these lines really level off. Indicating at this point that market makers are about fully hedged. So looking at the, at this point on the curve, if you're interested in getting long SMCI at this level, just based on this, this is not a recommendation. This may be a good point to consider. Some sort of long entry, I would do it with options. Given that this rate of change of gamma is slowing down quickly, market makers are fully hedged, and that may slow the, the drop down lower. All right, so slow Dorasi, I hope that adds some additional information that's helpful. And again, this is the put call impact chart in spot gamma equity hub. All right, let's go back to the SB 500. Take a look, see what's happening now. So just like NASDAQ, there was a consolidation, a move lower, reversal higher. In this case for the SB 500, right around the spy 501 level. Let's go to hero, see what options traders are doing. Back to hero. Let's go back to NAS, SB 500. So for the SB 500, traders have resumed buying calls. So they took their foot off the gas. Now they're buying calls again. They were buying puts. Now they're selling puts and prices moving higher. Now that may be slowing down a little bit, but that is, that was what contributed to that move higher just after one o'clock. Check mag seven. Same thing, right around 115. Traders started buying calls again. Started selling puts. NASDAQ moving higher. Let's go back to book mount. Similar pattern in this case. Consolidation reversal down to 432. Now NASDAQ is up to the QQQ 434. Absolute Gamma Strike, Volatility Trigger, and also the NQ 900 level. So ICOJED says, so when the angle is steep, they are fighting to stay hedged. And Voli-Spiking, SMC for example, I assume you're talking about equity hub and talking about those lines on the put call impact chart showing the rate of change of gamma. So when that rate of change of gamma is steep, yeah, market makers have to hedge more aggressively. And then as those lines level off on the left side of the chart, indicating market makers are pretty much fully hedged to that point and may not have to hedge as aggressively. And let's go back to take a look at HERO. All right, so the MAG-7 signal continues to move higher, puts leveling off, but they continue to buy calls. Let's take a look at the NASDAQ signal. So it is confirming the move higher. This combines the NDX and QQQ into one signal. In this case, providing a pretty good signal for this afternoon. Traders started buying calls around noon, and they have been selling puts all day. Showing them about the steadily rising blue line. So right now, the blue line, orange line moving in the same direction. Finally, this check has to be 500. Let's go back to the total signal. Maybe turning lower. Here's the flow alert. So this might have been what, well, I forget who it was that mentioned that. So there's the flow alert. It can be a mean reverting signal. Let's see, I forgot there was a request to look at ARM. All right, so today in ARM, traders have been buying puts and selling calls. Aggressive in the morning. Take the foot off the gas, price consolidates. So aggressive options trades in the morning, very typical pattern. Here's the signs support just right around the 125 hedge wall. And I would bet that ARM has a large amount of gamma expiring today as well. You know, 52% expiring today. So the same effect, call gamma on wind and ARM as well. Here's another flow alert in the SB500. These can act as mean reverting signals. Let's go back to book map. Then I'm going to wrap it up. So aggressive sellers, some aggressive sellers starting to come in. You can see the shift in volume dots from green to magenta. Stop run on the way up. Show them the rising yellow line. Let's zoom in on this. Note the heat map and book map is showing a history of the limit orders in the older book. So there are some sellers above ES5050. These limit orders are sell orders above price. Also large traders coming in with iceberg orders. These are sell iceberg orders. They used to hide their size. So stop run up into liquidity. And aggressive sellers start to come in as options traders are taking negative delta positions. Contagio says flow is an early indicator which prompted the move down. So the flow indicator did not prompt the move down. It would have been traders taking negative delta positions. And the flow alert indicates significant options activities. So it's something to get your attention. And it can often be a mean reverting signal. We'll take a look at NQ and then call it a day. All right, NQ finding resistance at 17,900. Aggressive sellers coming in. We'll just zoom in on this. Abu wants to take a look the last 30 minutes. So you can see aggressive sellers starting to come in. Stop run on the way up. All right, I saw a question briefly about market pulse volume pressure. Yeah, I do use that. I don't use it during my webinar. It's just, it's too noisy. All right, everyone. I want to thank you for watching. Thank you very much for your questions and comments. Better trader six. Yes, I do use volume market pulse volume pressure. But again, I turned that off during my webinar. It's pretty noisy. All right, so options traders starting to take negative delta positions. Aggressive sellers coming in, both the NASDAQ and the SB 500. I'm going to wrap it up here. I just want to remind everybody that Monday is a market holiday. And I will not be streaming on Monday unless something changes. So as far as I know, book map is not going to have any streams on Monday. Monday's a market holiday. Maybe in the morning, I'm not sure. But as far as I know, I will not be streaming on Monday. So everyone have a great holiday weekend. And I will see you on Tuesday. Thanks again. Thanks for your questions and comments. And I will see you on Tuesday. Bye.