 Hello everyone, welcome to Autism with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the options-doug chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading, and the first is planning, and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day, as well as a directional bias. And the second step of my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow with SpotGammaHero to confirm my thesis and for setups. And just to be clear, I am using the options market as the basis for my analysis. And when I talk about a setup in a particular underline, for instance, the S&P 500, there are a number of ways to take in any trade that I talk about. Again, I'm talking about the underline. So for the S&P 500, you could buy or sell futures, ES futures, or spy shares, spy options, or SPX options. So again, I'm just going to talk about the underline. And again, you can take these trades any way you want to. If you like to trade options, that's great. If you like to trade futures, that's great. If you like to trade stock, shares, that's great as well. All right. And finally, on topic, questions and comments are welcome. And I will be watching the options-dog chat channel and Discord and chat and YouTube for your questions and comments. So again, questions and comments are welcome. All right. Let's get started. And what I want to talk about today, my agenda for today, is we'll quickly go over some news items, economic data, and events, go through our positional analysis for the S&P 500, and then talk about stocks and planning and positional analysis for stocks as well. And then finally, I'll talk about some setups. All right. So the news, economic data, it's been a pretty light week. Tomorrow GDP comes out at 8.30 a.m. Eastern Time. And then on Friday, the PCE inflation data that comes out on Friday at 8.30 a.m., and apparently that's what the FOMC looks at. So that could be important. And then on Friday, consumer sentiment at 10 a.m. Eastern Time. And also just a reminder, Friday is March 31st, the end of the month, end of the quarter. And that is also the day of the JPMorgan collar roll. And this is a collar that we keep track of, especially if price is close to one of the strikes. And right now, the potential strike in play is the 4065 level. And that is the short call strike of the JPMorgan collar. All right. So that's the upcoming news and economic data and events for the week, rest of the week. Let's talk about our positional analysis now. And this is the S&P 500 futures, ES futures and book map. And before I talk further about this chart, I want to take a look at a larger timeframe. And this is the SPX, the S&P 500 index, showing just price and spot gamma levels. These levels are provided to spot gamma subscribers for a variety of platforms. And here, this is showing the S&P 500 index, again, SPX. And the spot gamma levels, the key levels, first of all, there's the put wall at 3,800. That's a strike with a large net negative gamma that can be expected to act as support as it did on Monday the 13th. Well, let's see, when is that? Anyway, Monday a couple of weeks ago. All right. The next key level, here's the 3950. And that has acted as support yesterday. And then the 4,000 level, that is the key gamma strike. And that's the strike with the largest absolute gamma, or the absolute gamma strike. And also the volatility trigger. The volatility trigger is spot gamma's proprietary gamma flip level. And that is the strike, again, the gamma flip level. Spot gamma assumes that traders are long puts, market makers are short puts below that level, so they're in a negative gamma environment. And they have to trade in the direction of price to hedge their delta exposure. And above that level, they're in a positive gamma environment. Again, market makers position above that level is positive gamma. And in that case, they have to trade against price to hedge their delta exposure. And then up above is the call wall. And that's the strike with the largest net positive gamma. That's at 4065, again, the short call strike of the JP Morgan collar. And that strike can be expected to act as resistance. All right, so that is a 20-day one-hour chart for SPX. Now let's take a look at another thinkorswim chart. And this is just for today. This is showing a one-day, one-minute chart, and showing the levels that are in play. And this is the volatility trigger at 4,000, and then the zero gamma level at 4,008. And what I'm not showing here is a, there's also a resistance level at 4,010. I'll show that on the book map chart. And also the SPI 400 key gamma strike level has also been in play. All right, so let's take a look at book map now. And I'm showing the same levels on this chart. And I have two columns of notes here. These are the SPOT gamma cloud notes, again, provided to SPOT gamma subscribers for a variety of platforms for the book, for book map. These levels are provided in cloud notes, which are updated automatically. And then I also have my own column of notes here, this C levels, cloud notes. And SPOT gamma is showing the key SPX levels and combo levels. They're known in play here, and that would be a combination of SPX and SPI levels. And I'm showing, in my cloud notes, key SPI levels, that's the 400 key gamma strike for SPI. There's that 410 resistance level that was noted in the SPOT gamma AM bounders note. And then there's that 4,008 zero gamma level. And that's the level just like it sounds with the zero gamma. All right, let's take a closer look at what's been going on and how these levels have been in play. I'm going to zoom in, first of all, to the morning session here. And the thing to note is how these levels acted as support and resistance. And this morning, the SPI 400 key gamma strike was basically the upper end of the trade, the resistance level. Price broke below that level. And when we look at setups, we'll see that options traders were fading this move. They were actually buying puts and buying calls, but the put buyers were more aggressive. And that helped to push price lower. And then initially, this 4,010 level acted as support and then it acted as resistance as price moved lower. All right, let's scroll over here. And then when we look at HERO, the hedging impact of real-time options, we'll see that traders start fading the move higher. So the call buyers become more aggressive than the put buyers and price reverses higher above the SPX 4,000 level. In that, in this case, the 4,008 level did act as resistance until price finally broke through. And then finally, 4,010 level has acted as support. All right, so that is the S&P 500 showing how these levels are coming into play. And now let's talk about shifts and levels. And first of all, there were no shifts and levels in the SPX except for the zero gamma level dropped from 4014 yesterday to 4,008 today. That's something that I don't follow closely. I don't look at closely. For spy, the volatility trigger did drop from 400 to 398. And the call wall dropped from 410 yesterday to 402. And I interpret that as somewhat bearish. All right, and then for QQQ, the volatility trigger also dropped from 309 to 306. The put wall increased from 285 to 300. And then the call wall dropped from 320 to 310. All right, so that is the shifts and levels for the S&P 500 and QQQ. Now let's take a look at the absolute gamma charts and we'll see where those levels come from. And this is showing absolute gamma levels at different strikes. This is the zero level, this horizontal line. And above that line, this is positive gamma or call gamma shown with the black bars. And below the line, that's negative gamma or put gamma shown with the teal bars. And this is market makers position at these levels, at these strikes. And this is, again, SPX, we're looking at first. And you can see that is the 4,000 level. That is the strike with the largest absolute gamma. That's the absolute gamma strike. And that can be expected to act as support or resistance or magnet as price, a magnet for price. And then here's the put wall down at 3,800. The strike with the largest net, negative gamma can be expected to act as support. And then the call wall at 4065, the strike with the largest net, positive gamma. And again, that's the short call strike of the JP Morgan collar. And that can be expected to act as resistance. So that is the SPX. And to get a complete picture of the S&P 500, we need to look at SPY as well. And again, the same thing. These are the absolute gamma levels, positive gamma or call gamma above. And put gamma or negative gamma below the zero line. And this is the 400 key gamma strike or absolute gamma strike. And the put wall at 390. And that's pretty obvious. The strike with the largest net, negative gamma can be expected to act as support. And then finally, again, the call wall moved back down from 410 yesterday, back to 402, the strike with the largest net, positive gamma. And one thing, I don't have a screenshot of this yesterday. So I'm going from my recollection. But this does look somewhat like a reduction in call gamma above the 400 level. And I don't know if it's necessarily an increase in put gamma. But there is certainly a dominant, so put gamma below the 400 level. All right, while we're on this page, let's take a look at the combo strikes. And this is combining SPX and SPY gamma into one number converted to an equivalent SPX number. And again, the same thing, put gamma or negative gamma below the zero line, positive gamma or call gamma above the zero line. And then here is the, this is right around the 4,000 level. That's the volatility trigger for SPX. Again, the gamma flip level with positive gamma above and negative gamma below. And from this chart, you can see where that comes from. All right, let's take a look at NASDAQ now. And for NASDAQ, we just look at QQQ. The index, NDX, is not really significant. So for QQQ, the key gamma strike is at 300. And recall the call wall shifted down to 310. And then the put wall is also at 300. So that shifted up from 285 yesterday to 300 today. All right, so that's the NASDAQ. And let's take a look at some additional data now. And I always look at gamma notional. This is market maker's position on the gamma curve for all these indices. The SPX shown on the left column, SPY in the middle column, and QQQ on the far right column. And this is showing market maker's position on the gamma curve. And note for all of these indices, it is negative. So that indicates that traders are long puts. Market makers are short puts. And they have to sell futures as price decreases to hedge their delta exposure. And then if price increases and implied volatility drops, they can buy back their short futures. And in a negative gamma environment, again, market makers are trading with price to hedge their delta exposure. And that tends to increase volatility since market makers are trading with price. And these levels did shift from yesterday. And they became more negative. So yesterday, gamma notional for SPX was minus 171. And today, it's minus 264. And for SPY, yesterday, gamma notional was minus 1254. And today, it's minus 1601. And for QQQ, gamma notional yesterday was minus 219. And today, it's minus 232. So a shift lower in all these, gamma notional for all these indices yesterday. All right, the next thing that I want to take a look at is the Vana charts, which will illustrate what I was just talking about. And these look different than what I've seen for quite some time. And it's possible. I haven't checked that they changed the algorithm or somehow how this data is displayed. But it's still showing essentially the same thing. And we will take a look at the green line, which is the current expiration. And this is showing for SPX as price decreases. Market makers delta notional, which is shown on the vertical axis, and strike price on the horizontal axis. So as price drops down, their delta notional increases. And that means they want to remain delta neutral. So that means they have to sell futures to hedge their delta exposure. And just the opposite as price increases and implied volatility drops, they can buy back their short futures. And the green curve is also showing how their delta notional changes with the changes in implied volatility. And that's the Vana effect, the change in delta with a change in implied volatility. And then this black curve is showing the next expiration. And that's showing how market makers delta notional changes with changes in price and as time passes. And that's the charm effect, the change in delta as time passes. So that is SPX, your spy, same idea. Delta notional increases as price decreases. And the same for QQQ. And for all those charts, we can see how that has changed over time. So just minor changes for the last three days. All right, now let's talk about some stocks. And my starting point for stocks is my key gamma strike spreadsheet. And these are all the stocks in my watch list. And I track the key gamma strike from the previous day and compare that shown in the E column. So that's from yesterday. And in the D column, that's the current key gamma strike. And that's for today. And then I know whether these levels increase or decrease from the previous day. And I color code these just for a quick visual reference. So a red number indicates that that level decreased from the previous day. I interpret that as bearish. And that is a signal to do some further investigation in equity hub. And I'll talk about that. And then a green number indicates that level increase from the previous day. And that's bullish. So with a decrease in number, that indicates that traders are looking for lower prices. They're accepting lower prices. And they're positioning themselves in the options market for lower prices. And just the opposite for an increase. They're positioning themselves in the options market for higher prices. So the thing to note here, I really don't trade IWM. It's in my watch list just for information. But I trade most of these other stocks. So this is my starting point here. And I'll show how I did further investigation and came up with a bearish thesis for AMD and Microsoft. All right, so Truman asked, does the Vanna chart always assume market makers are short puts and not short calls? So first of all, let's talk about just basic assumptions. And for indices, spot gamma assumes that traders are long puts and short calls. And market makers take the other side of that position. So market makers are short puts and long calls. So in the region of the gamma curve, where they are short puts, that's the negative gamma region. And then above that volatility trigger, spot gamma assumes that market makers are long calls. And that's the positive gamma region. So the Vanna chart just shows how they're delta notional changes based on where they are on the gamma curve. So for most of this year, especially for spy, gamma notional has been negative. And recently, quite negative, anywhere from minus 1,000 to minus 2,500. So that's the assumption, always the assumption for indices, SPX, the SP500, the Russell, and the NASDAQ. So again, the Vanna chart, let's go back and take a look at the Vanna chart. So if the green curve was sloping up like that, that would be indicative of a positive gamma environment, indicating that market makers position on the gamma curve, their market makers delta notional will increase as price increases. And in that case, they have to sell futures. So they're selling futures in the direction of price to hedge their delta exposure in a positive gamma environment. And then if price decreases, they can buy back their futures. So again, in a positive gamma environment, which would be shown by a green curve in the opposite direction that's shown on this chart, that would be a positive gamma environment. This is for indices. All right, so that's the key gamma strike list. And with that, again, remember AMD and Microsoft. And yes, Truman, they are assuming that traders are long puts and market makers are short puts in the negative gamma zone. All right, so let's take a look at some setups now. And I'm going to start with AMD. And for those of you who may not be familiar with this chart, this is Spot Gamma Hero. And it's showing two lines here. There's a white line and a purple line. The white line is price, and it's just a line chart for price. And then the purple line is hero, the hedging impact of real-time options. And this is showing options trades and market maker hedging activity. And a falling purple line means that traders are taking negative delta positions, that they are buying puts and or selling calls. And the net of that activity is negative delta. So again, my assumption or thesis for AMD was bearish. And let's do some further investigation and this is how I approach my preparation. And I'm going to switch to my watch list, sort that in alphabetical order. And then let's take a look at AMD. And I look at this history. And this is a 10-day history of the key daily levels. And I look at shifts, like I said at the beginning. I look for positional analysis. I look at how traders and market makers position in the options market changes from day to day to develop a thesis. So my quick glance this morning in my spreadsheet showed a drop in the key gamma strike. I interpret that as bearish. So came over here to the spot gamma equity hub, see the key gamma strike dropped, and I see the hedge wall dropped also. So not significant changes, but AMD is not a high-price stock. So I interpret this as bearish. And I was looking for a short setup. So let's go back to hero. And here this was the setup. Note the short drop in hero. So initially, if you were trading in the morning, that would have supported along. I was looking for something in line with my thesis, which was a short setup. So I was looking for that drop in hero and then a continued move lower. All right, so let's go take a look at book map now. And we'll get to a setup for the S&P 500 in a couple of minutes. So here's AMD. And here was the setup in the morning. And the order flow, in this case, the order flow shown by AMD. And I'm especially talking about the cumulative volume delta shown here with this falling purple line in the subchart, and also all the pink dots for those of you who may not be familiar with book map. The dots that I have, I'm talking about the bigger dots here, the volume dots, are either green or pink. Green indicates that they're always buy minus sell, market orders, or aggressive buyers versus minus sellers. So the dots are always buy minus sell. And buy means they're more buyers than sellers. And peak means they're more sellers than buyers. And notice how the aggressive sellers come in here at the absorption just below the 97 level. There's a trend break and then a series of lower highs. And finally, a couple of tests of the 96 level and also just below VWAP with a target at the 95 key gamma strike. So even though a lot of the other semiconductor stocks were strong, given micron earnings report yesterday, I think maybe there were a lot of other semiconductor stocks were trading in sympathy, I stuck to the plan here with AMD and it worked out. Everything lined up, the plan, the hedging flow, as well as the water flow, all indicated a bearish set up here in AMD. Let's zoom out. So then after that, it looks like it has turned, rebounded back to the 96 level. But the best set up, the clear set up, was this move lower in the morning. Let's go back to book map now, zoom all the way out. And price action is pretty closely following options trades. Hero decreasing, price decreases for the short set up. And then options traders start fading the move and taking positive delta positions and price moves higher. All right, so that was AMD. And then the second was Microsoft. So let's zoom in on this. In here, a similar set up. Initially, hero was bullish if you wanted to trade, just following that in the morning, a long set up. I was looking for a short, watching for a hero to drop. And now let's go take a look at order flow and book map for Microsoft. Going to zoom in. And this is the move pre-market. Pretty sharp move higher. And the opening print was just above 279. I'm going to zoom in. And AMD was the better set up. But let's take a closer look at this. And there's a really nice trend break here. And again, remember, traders are taking negative delta positions starting somewhere between 1015 and 1030. Trend break. Aggressive sellers coming in. And then a test of VWAP. I move a little bit higher. Note the absorption here. So I'm by this small pink square. And also the number there. And then price moves lower. Let's go to Equity Hub and take a look at Microsoft. And Microsoft was more of a mixed picture. Let's go back to Equity Hub. And note that hero remains bearish here. Traders are continuing to take negative delta positions. The notional value minus 61.34 million. Let's go to Equity Hub. Take a look at Microsoft. There's the drop in the key gamma strike. Also note the strike and the key delta strike. And there was an increase in the put wall. So again, I interpreted that as somewhat bearish. And it was confirmed by that thesis was confirmed with hedging flow and order flow. All right, let's take a look at the S&P 500 now. And let's see if we can have to type it in. And this is a combined signal for the SPX, SPI, and SPX. And I use this signal if I'm trading any form of the S&P 500. ES futures, SPX options, or SPI options or shares, any form of the SPX. This is the combined signal giving the most complete signal for the S&P 500. Let's zoom in on this. And I'm going to zoom in. So I'm just looking at around the RTH open. So this is 930 right here, just to the right of the left edge of the chart. And this is showing, overall, this is net negative delta. And as usual, for the index, traders are buying calls and buying puts. But the put buyers were winning. They were buying more puts, more aggressively, than the call buyers. And we'll take a look at that in just a minute. So that's set up a short. And now let's go take a look at, actually, we'll take a look at this setup to the long. And note the leading effect of both of these setups, that the options trades, and this is what's great about looking at the S&P 500, is that the options trades often lead price, giving you some time to look at bookmap for level, for potential reversal, and also watch order flow. So let's go take a look at bookmap. Let's go back to the ES now. I'm going to zoom in on the morning session, up until about 12.30. So I've talked about the levels in play. And there was the spy 400 key gamma strike, acting as resistance. Not precisely a few ticks off, but a trend break. Notice that, at the same time, large traders were selling this move up with iceberg orders, shown by that falling light blue line, not heavily, but they were fading the move. And iceberg orders are what large traders used to hide their size. So large traders fading that move. And notice it was driven up by buy stop orders, shown by this rising yellow line. Those are buy stop orders. Once that stops, price starts to fall. Notice the falling blue line, dark blue to pink line. That's cumulative volume delta. Aggressive sellers are starting to come in. And you can see by the shift to pink dots. So they're resistant at the 400 level, trend break, a retest of that break level, and then a move higher, lower, as options traders were taking negative delta positions. Again, the put buyers were overwhelming the call buyers. So that's the first move, that reversal off the 400 key gamma strike, spy 400 strike. And then notice that large traders, and they often do this, they buy weakness and sell strength. So they're selling strength here. Then they start buying weakness, shown by this rising light blue line. And you can see the iceberg orders coming in. That's showing that's the on-chart indicator. And notice this is quite large, 3287. So 3,287 contracts and eight different transactions. So price starts to move higher. Again, remember, options traders are already taking positive delta net, positive delta positions. So now the call buyers are starting to overwhelm the put buyers. Water flow shifts bullish. Note the shift from pink dots here just around 11 AM to green dots. And price moves back up to the 400 key gamma strike. All right, let's go back and take a look at hero. And just make sure I know what I'm talking about, or I'm correct about this. Yeah, I am. So this rising orange line shows call buyers. Traders are buying calls, positive delta positions. And the falling blue line indicates that traders are buying puts, taking negative delta positions. And so far, in this time frame that I'm showing, and this is actually the entire RTH session, that there are still more put buyers than call buyers. And let's just zoom in on this and take a look at the numbers up to this reversal point. So this is showing 1.84 billion minus 1.84 billion versus positive 630 million. So again, just like I said, the put buyers are overwhelming the call buyers. And then that shifts. Traders stop buying puts. And actually, it looks like they're selling puts a little bit here. Then they stop. They level off with the puts. They continue to buy calls. And price moves higher. And this is all supported by order flow as well. And I pointed out before, because I'm presenting on one screen, I have to jump from book map to hero and back and forth. And I actually have actually three screens, two computers, one screen on one, and the other computer, two screens. So I'm looking at these things simultaneously. I'm looking at book map and hero at the same time. So advocates ask, how can you tell if they are buying puts or selling puts? These lines are shown in terms of delta. So buying puts is a negative delta position. So that a falling line, blue line, that's negative delta. These lines are shown in terms of delta. And this is a notional value shown over here on the far right. That's a negative number, notional value in dollar terms, also in delta terms. So this is negative delta, indicating traders are buying puts. And if this line was rising, that would mean they are selling puts. So the blue line is always puts. Rising means they're selling puts. That's a positive delta position. And a falling line means they're buying puts. And the same goes for calls. A rising orange line indicates that traders are buying calls. And a falling orange line indicates that traders are selling calls. So orange is always calls. Blue is always puts. And the direction of the slope of the line, which way it's going, indicates the delta of the position. All right, so that's the S&P 500. And I'm going to change that back to total. Zoom in on this. And notice the sharp drop lower here. This is a big block trade showing some large institutional trade causing such a sharp drop in that line. Actually, let's go back and take a look and see if that's puts or calls. So it looks like some large institution bought a big block of puts. And just for interest, let's see if. So it looks like that's puts that expire today. This is shown by this next expiry. So I've shifted from all expirations. I've turned that off and turned on the zero DTE options. So this will not have any impact if this is all zero DTE, will not have any impact and open interest and levels for tomorrow. This is just for today that somebody is coming in and buying a large block of puts for today. So they're looking for price to move lower today. Let's go back to all expirations. All right, so that's the S&P 500. So if I were trading right now, I'd be looking for short. And let's go back to the S&P 500. Go back to the full chart now. So here is a, let's see what time that was. Let's go back to hero. This was that. So that hero started to drop lower right around 130, about right when I started. So let's go back to book map now. And there's that sharp drop lower. And now price is chopping around between the SPX 4,010 level and the SPI 400 level. And notice in the session range volume profile, that is also the area with the largest volume. That's where most of the trade has occurred today in that region between the SPX 4010 and SPI 400. All right, so that is the S&P 500. And let's take a look at the NASDAQ now. And recall also, so for today, I was bearish AMD especially, also Microsoft. And then modally bearish QQQ and SPI. So let's take a look at QQQ. So far it is rising. There was a good short set up this morning. Let's go take a look at hero. Go to QQQQ, QQQQ. Take a look at the morning session and definitely a divergent set up here in the morning. Notice this is from the RTH Open. A drop in the hero, even though price was rising. Price rising makes an equal high then starts to move lower. So it took a while for this to play out and it reversed just after 10 a.m. Eastern time. Let's go back and look at book map. Zoom in on the morning session. Here's a trend break. Order flow was not as easy to read as some of the other instruments that I looked at like the S&P 500. But a trend break and move lower with the 310 call wall as a first target. And I'm gonna zoom out a little bit. And then the 309 level. That's a C3 combo three level. And note all the liquidity at that level shown by this dark orange band there. That's liquidity resting in the order book. So that would have been a second target if price had continued lower. And one way to play this was to buy a zero DTE put. And those puts were trading the 311 put was trading for about a dollar or a little bit less. And down here it was trading for around 270, something like that. So a good profit on a long put. Anticipating the reversal just like the traders were doing here with shown in hero. All right, let's go back to hero. So nice divergent setup again in QQQ. All right, let me check for questions. Well, the hero line is Truman asked the hero line is from the buyer's perspective, not the market maker's perspective. And so what this line is showing, the falling purple line is showing the traders are taking negative delta positions. So let's just, whether they're selling calls or buying puts market makers are taking the other side of that position. So they have to sell QQQ or futures to hedge their delta exposure. And let's just see what they were actually doing. So they were mainly buying puts. So this falling blue line, so again it's showing both, is the hedging impact of options trades. So we know that traders are buying puts, market makers are selling puts, and they have to sell QQQ, sell NQ futures to hedge their delta exposure. So for SPX or SPI, I think the easy assumption is they are selling trading ES futures to hedge their delta exposure. And I assume the same thing for QQQ, NQ futures. And anyway, there's a direct relationship between QQQ and NQ. All right, so I hope that's clear that you can look at it anyway. Traders, here again, falling blue line, traders are buying puts. Market makers are selling puts, they're taking the other side of the trade, and they have to sell stocks, sell futures to hedge their delta exposure. All right, so there's a question, I go JED, next expiry, green line, always today, zero DTE options. So the thing that I showed before, yes, and let's go take a look at that again. And we're on QQQ, we'll just stick here, and I'm gonna show total line again, and now show next expiry, and we'll just show that. So when I showed this for SPX, SPY, or QQQ, it is today, there are expirations every day for SPX, SPY, and QQQ, for QQQ, this is for today. And for stocks, all the stocks in my watch list, and for most stocks, now there are weekly expirations. So the next expiry doesn't necessarily mean zero DTE, it does for SPX, SPY, or QQQ, for IWM, it means Monday, Wednesday, and Friday, and then for the rest of the stocks, it means Friday. So that's what next expiry means, is you have to know which instrument you're looking at, and when the next expiration is. Again, SPX, SPY, and QQQ have expirations every day. IWM has Monday, Wednesday, and Friday expirations, and then single stocks, most single stocks, have Friday expirations. All right, I'm looking for, waiting for any more questions. And meanwhile, we'll take a look at Tesla, and Tesla is always a stock that has a very strong correlation between options trades, hedging flow, and price action. And let's go take a look at book map, and we'll wrap it up there. So Tesla, short setup in the morning, the long setup, reversal around 10, 30, 11 o'clock, and a move higher. Liquidity levels, definitely in play, but no spot gamma levels. All right, I go, Jed, I'm waiting on you. I see you're typing, type past. I need to wrap it up. All right, so let's go, we'll take a look at hero for Tesla. So most likely for stock like Tesla, traders are trading weekly expirations. That's almost always the case for Tesla. So here, let's see what this, I'm gonna zoom in. So this is large block order here, shown on this purple line. So first of all, let's separate out, puts and calls, and we can see that's puts. So there's a large block order for puts. Somebody's buying puts, large institutional trader buying puts. So this is dropping the put line, not the call line. All right, now let's take a look at, we'll just take a look at the next expiry. And let's just compare. So this is mostly next expiry. I'm looking at the number on the right side of the screen here. This notional value, the green line minus 107 versus minus 39.8 for the all expires. And this is to be expected that traders are trading next expiration, Friday expiration for Tesla. I think that's pretty much always the case. So green line does not mean calls. In this case, green line means next expiration. And this is all, so we can actually look at next expiration, puts and calls. And there's a legend up here in the upper left corner. It's probably too hard to read as you're watching this. But if you're using a hero, you can see this. So this kind of purple blue line, that's puts. So we can see the large block order of puts. And this is Friday expiration. We know because I have the next expiry checked. And no, no big call sellers, big put buyers. Again, this blueish, purplish line, these are puts, put buyers right here. And put buyers are driving rather than call sellers. Look at this, you have to look at the legend. So green is, yeah, green is calls. And this purplish blue line is puts. And just compare these numbers here. Minus 123 million versus minus, are actually positive 15.85 million. So in this case, looking at this point in the chart, traders are buying Friday expiration calls, net their buyers, because that's a positive number, but they're buying more puts. So in this case, for next expiry, puts and calls, they're buying calls, but the put buyers are overwhelming the call buyers. And this large block order was definitely put buying. Falling line, falling purple line means puts. All right, let's clean this up. Let's go back to all trades total. All right, so Ike of Jed, I hope you got that straight. So remember the direction of line indicates a delta. And this is showing, this is normally what I look at. All trades, all expirations, solid line, unless I need some more clarity. All right, so there's the entire day for Tesla so far. Negative traders are taking negative delta positions. And we'll take one final look at book map and S&P 500 back up to the 400 level. All right, that's it. That's all I have for today. Thanks for watching. Thanks for your questions and comments. And I will see you tomorrow. Thanks again, bye.