 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 and Adminer 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 in Bookmap Discord there's an options-Doug chat channel. It'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. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the options-Doug chat channel in 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. 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 SpotGammaHero to confirm my thesis and for setups for entries and exits. When I talk about setups today, I will be talking about setups in an underlying asset and those setups can be taken any number of ways. For example, with the SMB500 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 in Discord as well as the chat in YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. Here's my agenda for today, Thursday, November 16th. First of all, I want to go over news items, economic data, and events for today and the remainder of the week. Then I'll go through my positional analysis from this morning. Then I'll take a look at a few setups 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 will be glad to do that. All right, let's get started. First of all, economic data and events. Jobless claims did come out this morning. There were some other lower impact data. So the big remaining event for the week is the options expiration tomorrow. That is the monthly November expiration. This is a chart from Spot Gamma that is showing delta notional on the vertical axis for every expiration and this is combined for the S&P 500, NASDAQ, and Russell 2000. So it's a combined expiration. What this chart is showing is this is called delta notional, shown with the orange bar above the zero line, put delta notional, shown below the zero line with the blue bar. And you can see this is going to be a very call dominated options expiration. So what can happen after a call dominated expiration, those calls that have been supporting the market, stabilizing the market in a positive gamma environment expire and often there is a little bit of a move lower after a call dominated expiration as, again, those calls that have been stabilizing the market lose value they expire and market makers can, will need to, as those calls expire market makers will need to sell futures or sell stock. So that is the, in this case of the Russell 2000, NASDAQ, and S&P 500, they would be selling futures. So Spot Gamma is looking for a little bit of weakness after this expiration. Let's take a look at positional analysis now. Let's take a look at the S&P 500. This is the ES Futures and Bookmap. Before I take a closer look at this chart, I want to take a look at a larger timeframe. I'm going to go to the SPX. This is a 30 day one hour chart. I know the price, current price is a little bit difficult to see with all these labels. We'll take a look at a closer look at a shorter timeframe in just a moment. I do want to point out first the key turning points. So this is the reversal hire on October 30th. Traders were loading up on puts concerned about weekend risk. And then the Monday after those puts started to lose value implied volatility drops. And there was a huge put Vanna rally, a little bit of a consolidation. And then on Friday, November 10th, this was the Magnificent 7 rally. And then boosted by CPI report that was lower than expected. And now it looks like there's been some consolidation the last couple of days. So those are the key turning points, the IV collapse, October 30th huge put Vanna rally. And then Magnificent 7 rally boosted by the CPI, CPI report that was better than expected. All right, let me point out the levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This comes from the options market and it is updated once a week. So I update this over the weekend and those levels stay where they are for the entire week. Then the dash blue lines are showing the lower and upper daily expected move. And that changes every day, again, based on the options market. So SPX today is trading within that range, the lower and upper daily expected move, which was about plus or minus 26 points today. All right, the dash, the solid red lines are showing the SPOT gamma proprietary levels. These are based on gamma weighted open interest proprietary levels provided to SPOT gamma subscribers in a variety of platforms. I'm going to point out the key levels. First of all, here's the put wall at 4,200. That's the strike with largest net negative gamma that can be expected to act as support. And the next level up above that is the volatility trigger at 4,420. 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, they have to trade with price to hedge their delta exposure and that tends to enhance or increase volatility. On the other hand, when SPX is trading above that level, market makers position on the gamma curve is positive and SPX obviously is trading above that level now in a positive gamma environment. So 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. And that level did move up from yesterday. Then the next level up is 4,500. Looks like there's a combo level right below that or maybe price right below that. 4,500, a very important level and that is both the call wall and the absolute gamma strike. So absolute gamma strike is the strike with the largest absolute positive negative gamma. So for the SPX, that is where most of the gamma weighted open interest is concentrated. And that's also the call wall, which is the strike with the largest net positive gamma. And that can be expected to act as resistance. So SPX is trading right around that level now. All right, so those are the key data levels. Now let's take a closer look so we can see the levels in play for today. So I'm going to go to a one minute chart and I'm looking at a couple of days worth of data. The dark shaded areas are the regular trading hours. So here's the call wall at 4,500 and then there's that combo level just below that at 4,499. So the call wall absolute gamma strike at 4,500 and it looks like price is oscillating up and down around that level. That's to be expected in a positive gamma environment as expiration approaches tomorrow. That there will be pinning around that level of the highest concentration of gamma weighted open interest. All right, so those are the two gamma levels, spot gamma levels in play for today. All right, let's take a look at book map and book map. I have my own cloud notes so I can show SPX levels. So there's the 4,500 absolute gamma strike call wall and the combo level just below that combo levels combine SPX and spy gamma weighted open interest into one level. And in this case, in terms of SPX price. All right, I'm also showing spy levels. So here's the spy 450 absolute gamma strike. And that was a good entry point for short this morning. All right, so pretty narrow range today to be expected in a positive gamma environment. Note there is a difference in price between ES and SPX. And today I have that difference at just over 14 points. I'm using 14. So I'm showing ES minus SPX at 14. So SPX 4500 I'm showing at 4514 ES 4514 is the same as SPX 4500. All right, so the range today has been, again, pretty narrow, more or less the spy 450 near the upper end of the range. Again, good launching point, good entry point for short this morning as the ES made a lower high. And note all of the this is a session volume profile over on the far right showing the where most of the volume is concentrated for the entire session and my session begins at the open yesterday afternoon at 6pm Eastern time. So what I'm looking at is this right here and point of control is around that area. It's kind of difficult to see. Let me zoom it a little bit. Maybe we can see where point of control is. That is the purple line is moving up and down around 4500. All right, so those are the levels and play for the SB 500 again, a narrow positive gamma range for today. Let's take a look at NASDAQ. This is the NQ futures and book map. And before I take a closer look, I want to take a look at first of all QQQ levels so we can isolate the QQQ levels and play for today. And this is the 386 level QQQ 386 clearly acted as resistance today. That is an L2 level that large gamma two level. There's also a combo level combining QQQ and NDX gamma weighted open interest into one level in this case in terms of QQQ price. And for QQQ, the call wall is still up above at 390. Right, so that's the primary level. And one thing I forgot to mention shifts and levels for the SB 500. I mentioned the volatility trigger did shift higher and the call wall actually shifted lower for SPX and for spy, the call wall shifted higher. So kind of a strange shift shifts in the call walls for the SB 500. Again, SPX lower, spy, call wall higher. All right, for QQQ, the volatility trigger shifted higher. Otherwise, there were no shifts in levels and also the 385 level is the absolute gamma strike. Again, the strike with the largest absolute positive and negative gamma. All right, let's take a look at NDX, then we'll get back to book map. And I'm just isolating the levels and play for the underlying assets. Here's NDX. There's that combo level acting as resistance. And then this is right around the 385 level, another combo level acting as support, then resistance, maybe support again. All right, let's go back to book map. This is again, NQ futures, this cluster of levels acting as resistance. And just like the SB 500, I have my own cloud notes and I'm showing NDX levels. There's that combo level also showing QQQ levels. Here's the upper weekly expected move for NQ. All right, so the primary levels in play for today have been NQ 900 on the upside as well as these, the 386 and the combo level on the upside. And so far today, the 800 level on the downside acting as support. So for the NASDAQ, NDX, volatility trigger call wall shifted higher and the absolute gamma strike shifted lower. And then for QQQ, the volatility trigger shifted higher. So there were minor shifts in levels for both the NASDAQ and SBX, or NASDAQ and S&P 500. 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. Clear the drawings, let's go to gamma notional. So what I'm looking at is market makers position on the gamma curve at the beginning of the day for the S&P 500, NASDAQ and Russell 2000. Note all these numbers are positive. That's highly unusual this year. I think maybe only the second day and yesterday all the numbers were positive. So when a positive gamma environment for an index, SPOT gamma assumes that traders are short calls, market makers are long calls. So when price increases, they want to remain delta neutral, so they have to sell futures to hedge their delta exposure. And then when price drops, they can buy back their short futures. So they're trading against price in a positive gamma environment. And again, that tends to subdue or decrease volatility. So all these numbers are positive, but they are all less positive than yesterday. So for example, gamma notional for SPX yesterday was around $1.06 billion, and today it has moved down to around $738 million. All right, so that's gamma notional for today at the beginning of the day. Positive for all, S&P 500, NASDAQ and the Russell 2000. All right, let's take a look at the VANA model now to get a graphical illustration of what that means. So I'm going to start with SPX. This chart is showing market makers delta notional on the vertical axis and SPX spot price on the horizontal axis. There are two curves on this chart. The first light gray curve shows how market makers delta notional may change with changes in price only. And then the purple curve adds implied volatility to the equation. That shows how market makers delta notional will change 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. So the purple curve is the one that we want to take a look at. So let's take a look at some prices now. First of all, SPX trading right around $44.96. So that's around the bottom of the curve. So this is indicating if price starts to increase, market makers will have to sell futures to hedge their delta exposure. They always want to remain delta neutral, so they'll have to sell futures. Then on the other hand, if price keeps falling, market makers position on the gamma curve may shift back to negative and they will have to start selling futures to hedge their delta exposure as price continues to drop. So either way, if there's any significant movement, market makers will need to sell futures. Price rising, subduing volatility, or price decreasing, enhancing volatility. All right, so SPX again right around $44.96. All right, let's take a look at SPI. And note this shape of curve with kind of a V shape or U shape is very typical of a positive gamma environment. Quite different from the VANA models that we were looking at a couple of weeks ago in a very negative gamma environment with a steep skew to the left. All right, SPI trading right around $449, right around the volatility trigger, also near the bottom of the curve. So what this is showing, if price starts to decrease, market makers will have to start selling futures to hedge their delta exposure. And again, remember the volatility trigger is where that volatility flip line for SPI. So SPI is trading right at that level and a move below that level, market makers would have to start selling futures to hedge their delta exposure. And that could accelerate any move lower. Let's take a look at QQQ. So SPI negative for the day, QQQ, also negative for the day. And QQQ trading right around $385. So right around that absolute gamma strike, still above the volatility trigger right around here. So if price starts to move lower and especially moves below that volatility trigger, market makers will have to start selling futures to hedge their delta exposure. And again, that could help to accelerate a move lower. All right, let's take a look at some setups now. I'm going to start by looking at what options traders have been doing today. And this is the hero signal. Hero is hedging impact real-time options. This is available to spot gamma subscribers. What this chart is showing is price for SPX with a white line and the hero signal in the purple line. Hero again hedging impact real-time options. So everything that we've looked at so far other than book map is static data that is updated once a day. It's based on open interest that comes out once daily, sometime during the night. And spot gamma provides their own proprietary algorithms to create the data that we have just looked at that I use in my planning process. All right, so now we're back to real-time data. And this is showing again real-time options trades, market maker hedging activity for a combined signal for SPX, SPY, XSP, and ES futures. All right, let's take a closer look at this chart. I'm going to zoom in. Note this is the cash open right here. 9.30 a.m. Eastern time. And initially traders were taking positive delta position. So a rising purple line indicates traders are taking positive delta positions and market makers take the opposite side taking negative delta position. So they have to buy futures to hedge their delta exposure. And that reversed pretty clearly right around 10 a.m. Heroes started making lower highs and price followed very closely. So really the kind of the clear entry point here was right around 10.30. So let's go take a look for a short. So let's go take a look at the book map. Go back to ES. All right, so ES, here is that 10.30 entry point. And you can see the shift in order flow. And this is at that SPY 450 absolute gamma strike. ES makes a lower high. The volume dots are showing market buy minus sell. Green volume dots indicate there are more buyers than sellers. And magenta dots indicate there are more sellers than buyers. So you can see the magenta dots coming in right around 10.30 aggressive sellers. And also in this kind of zoomed out view, you can see that the lines in the sub charts start to move lower. And that's kind of subtle. But CVD definitely falling. And then as price starts to move lower, the yellow line is showing sell stop orders helping to fuel the move lower. And that typically really does not get going until the lower portion of the move. That's also shown by these red dots here. But really the clear signal in order flow was the shift to magenta volume dots. Also at a key level that you expect to act as resistance and it did. And I assume any spot gamma level will act as resistance if tested from below or support if tested from above. In this case, it did act as resistance. All right, so that was good for depending on when you got in, maybe up to 20 points in the SB 500. And note the heat map here in book map. That is showing a history of the limit orders in the order book. And below price, those are limit by orders. And there were some traders that were front running that. And that was all right below the ES 4500 level. Large block of limit by orders in the order book. Looking to get long just below 4500. And again, some traders were front running that. Aggressive buyers start to come in. All right, so that was the short setup this morning with a pretty clear target at the liquidity. Just below the ES 4500 level. All right, let's take a look at NASDAQ. Very similar setup. Initial reversal right around 10 a.m. Aggressive sellers shift from green volume dots to magenta volume dots. And then price makes a lower high. And aggressive sellers start to come in. And then at that time, CVD, the pink line in the sub chart, starts to shift lower. And then the move lower is fueled by sell stop orders as well, shown by the falling yellow line. And that was good for about a hundred point move in NASDAQ from 900 to 800. And then that level did act as resistance again. Let's go take a look at hero and see what options traders were doing in NASDAQ. And actually, before I do that, let's just slice and dice this a little bit. So first of all, let's take a look at puts and calls. So when you look at this, again, in kind of a bigger picture, traders, sorry, this is an issue with hero that has been going on for for quite a while. So when you separate outputs and calls, you can see that traders were initially buying calls. They took their foot off the gas right at 10. That line levels off. And they're buying puts, that's shown by the falling blue line. So clear shift from buying calls to buying puts as price moves up. And then S&B 500 moves lower. And note when they stop buying puts, price starts to move up again. And now both lines are pretty flat. Pretty flat. All right, so just to clarify, a falling blue line indicates traders are buying puts. Rising orange line indicates traders are buying calls. Note, you can also look at the notional value here. Negative for the blue line indicates there again buying puts. Positive for the orange line, they're buying calls. Put buyers more aggressive today than the call buyers. All right, so that's S&B 500. Separate outputs and calls clarifies that, gives you more insight into what traders are doing. All right, let's take a look at the NASDAQ now. So just like the S&B 500, this is a combined signal for NDX and QQQ. You can see the clear shift and options trades and hedging activity starts to shift lower right at 10 a.m. Here's that, I guess, more clear entry point. The pullback to that trend line right around 10.30. So when I'm trading, I'm looking at book map on one screen and hero on another screen. So I'm combining what I see in hero with what I see the order flow and book map. So there's the short set up in NASDAQ. And for NASDAQ especially, there's one additional signal that we can take a look at. This is the combined hero signal for the stocks known as the Magnificent 7, Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla, and note right around 945 traders start taking positive delta positions pretty aggressively. And then that activity ceases. They take the foot off the gas around 10 to 10.30, then price moves lower. Well, let's see what they were doing. So in the morning, they were buying calls and selling puts. Buying calls, price moves higher. Take the foot off the gas, stop buying calls. Start buying puts, price moves lower. Back to NASDAQ. So kind of an aggressive initial entry point and then a more of a confirmation entry point. Pull back to a trend line. Aggressive sellers coming in as traders were taking negative delta positions. All right, let's take a look at some stocks. First one I want to take a look at is Apple for Apple. Let me grab Hero for Apple. Note, Hero is showing this 190 level as the call wall, Key Gamma Strike, and price did breach that level. Apple did breach that level and then move lower. And the second test, it is so here around 10.30, that call wall level acted as resistance. And again, right around 12.45, acting as resistance again. And that for the day, traders are taking negative delta positions in Apple. Not a large range today. That is pretty typical for Apple. Certainly not the mover of some other stocks like NVIDIA and Tesla. All right, let's go back to book map. All right, so pull back to the 190 call wall and also VWAP, that's shown by the blue line there. And then another pull back to 190 VWAP. So a couple of small shorts there in Apple. Let's take a look at Meta. Bullish day in Meta. Let's go take a look at Hero. Note, 3.30 is the Key Gamma Strike for Meta, assume in. So there was an aggressive long, not real clear here at 9.45. If you were just looking to get long and really more of a divergence, long entry at 10.20 and 10.45. All right, let's go take a look at book map. So 3.30 Key Gamma Strike. Entry points, 10.20, 10.45. Kind of a double bottom there. Price continues to move higher. And there are a lot of green volume dots today. Aggressive buyers in Meta as well. All right, there's Meta. Long entry, Microsoft. Meta's been very strong recently, the same for Microsoft. All right, let's go take a look at Hero. Got a Microsoft. Very strong correlation between options, trades, hedging flow and price action. Let's separate outputs and calls. You can clearly see that call buyers are driving price today. Showing by the rising orange line. Aggressive call buyers right at the open. And Microsoft opens above the 3.70 Call Wall Key Gamma Strike. And price. Reverse is lower. Sorry about that. Nothing I did. Very typical pattern. As soon as call buyers take their foot off the gas, price either consolidates or moves lower. Let's take a look at the total signal. So combine puts and calls. And notice around 11.45. Traders start taking positive delta positions again. And price now is moving higher. All right, so the move higher and Microsoft that has been going on for quite a while continues. All right, that's Microsoft. The next is Nvidia. Bullish day in Nvidia as well. Consume in on the morning. So an aggressive long entry right around 9.45. Couple of timely flow alerts. Traders start aggressively taking positive delta positions right around 9.45. Price moves higher. Secondary entry. Right between 9.50 and maybe 10.05. Something like that right around in this level. Let's go take a look at book map. Well, let's see what traders are doing. So in the case of Nvidia, they were selling puts and buying calls. Shown by the rising blue line and the rising orange line. Let's go take a look at book map. That would have been a pretty aggressive entry. Then better entries pullbacks to VWAP. Shown by this line right here. Light blue line pullbacks to VWAP. And now price continues to move higher. All right, one last stock I want to take a look at. That's Tesla. So for the last few days, Tesla has been really strong. Looks like traders may be taking profits today in Tesla. Note the aggressive sellers for the first hour or so. Shown by all the green volume dots. I mean the magenta volume dots, I'm sorry. Mark it by minus sell. Magenta volume dots. Let's go take a look at hero. See what options traders have been doing. And just the opposite of the last few stocks that we looked at. Definitely a bearish day here in Tesla. So in Tesla, traders are buying puts and selling calls. Shown by the falling blue line. Falling orange line. And now it looks like Tesla is trading down right around the $2.32.50 hedge wall. And reversal just after 10 a.m. Pullback entries maybe $10.30. Entry pullback entry $10.30. Let's go take a look at book map. And after moving below VWAP, Tesla could not make it up to that level. 10.30 pullback, $11.15. Trend break and probably smooths lower after 1 p.m. Remember that $2.32.50 level is the hedge wall. So we're around here. Sorry, I'm off just a little bit. Some aggressive buyers are starting to come in Tesla. More green volume dots. All right, does anyone have any stocks they want me to take a look? Or any questions? If not, we'll go back to the S&P 500. Take a look at the live market. Really not much to see here. As expected, movement around the $4,500 level looks like the point of control has moved just slightly lower right around the SPY 449 volatility trigger. Let's see what options traders are doing in the S&P 500. Zoom in on this. So it looks like hero is starting to slope up. Let's take a look at NASDAQ. So this is interesting right here. Sharp move up in the hero signal for NASDAQ. Let's go take a look at book map. Maybe a long entry. So NASDAQ, we know that traders are taking positive delta positions. Looks like some larger traders are coming in by iceberg orders. That's shown by this rising light blue line. Large traders buying. We know that options traders are taking positive delta positions. And NASDAQ has broken this downtrend. Now it looks like. Let me zoom in on this. Some aggressive buyers may be coming in here. Let's go back, take a look at hero. Let's check the magnificent seven. So for price to move higher. I'd want to see the orange line starting to rise. And the blue line either flatten or also start to rise would be even a stronger signal. Back to NASDAQ. Well now some call sellers are coming in. All right, Shane wants to see Walmart. All right, let's take a look at Walmart. So Walmart I believe reported earnings this morning. And I didn't pay close attention to it. But apparently there's a bearish reaction. Options traders have been taking negative delta positions from the open. Notice the flow alerts right at the open. Hero trending lower all day. I don't have Walmart in book map. So we'll just have to look at it here in hero. All right. Truman asks, what effect will OPEX have tomorrow? So spot gamma is looking for weakness and consolidation from the VIX expiration yesterday up through options expiration tomorrow, maybe early next week, setting up a rally to higher levels toward the end of the year. So call dominated options expiration. Truman let's take one more look at this. This is the delta notional expiration concentration for November. Heavily call dominated. Those calls that are stabilizing the market are set to expire. All right. So that's what I'm looking at for the S&P 500. We can just take a quick look at stocks. All right. I'm going to look at my watch list and I'm going to sort this by next expiry gamma percent. So what this is showing is and I'm looking at any stock with over 30% of gamma expiring tomorrow. So this is all stocks in my watch list with over 30% of gamma expiring tomorrow. Let's just take a look at Nvidia, for example. So what this chart is showing is call domination above that's shown by the light green shading. That's not around 498 just below the key gamma strike call wall at 500. If traders are not buying calls tomorrow, price moves lower, the calls above that level will quickly lose value. This is the charm effect. Charm is the change in Delta as time passes, as expiration approaches quickly. Those calls will lose value. When traders buy calls, market makers sell the calls. They have to buy stock to hedge their delta exposure. As those calls lose value, market makers can sell their long stock edges. We'll just take a close look at a couple of these. AMD, more clearly call dominated above 120. That's been 120 for the last couple days has been a good entry point for a short. That's the key gamma strike call wall. All right, so there's a couple of examples. So I talked about the SMB500 and NASDAQ and Russell 2000 all call dominated. And then this is what I look at for individual equities. And sort the list by next XBREED gamma percent for a potential call gamma unwind. All right, so Shane, there's Walmart again. Traders continue to take negative delta positions. So they're buying puts and selling calls on Walmart. Let's take a look at the SP5, but we're watching NASDAQ first. So that short move higher in the hero signal for NASDAQ was kind of a head fake. It looks like price moving lower. All right, so in a positive gamma environment, sometimes it's easier to trade, especially in the afternoon when things slow down. Easier to trade and read individual equities. Let's go back to book mount. So NASDAQ still trying to move higher. I'd like to see CVD rising to look for a long so far CVD is still falling, that's shown by the magenta line in the subchart. Let's take a look at the SP500 still stuck in the zone for 49 to 4500. So Truman says, I hope NVIDIA unwinds, that would be so good. They could act in sympathy AMD and NVIDIA. One thing to keep in mind is NVIDIA does report earnings next week. So if you are thinking about a longer term position in NVIDIA, other than a day trade, I would consider that. All right, my time is up. I want to thank everyone for watching. Shane, you're welcome. Again, thank you for your questions and comments. Thanks for watching. Remember tomorrow's options expiration, there for SPX. There for SPX, there's an AM settlement and a PM settlement. So some of the expiration for SPX will be in the morning at the cash open. All right, thanks again. And I will see you tomorrow. We'll talk about it tomorrow. Bye.