 Hello, everyone. Welcome to Options 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 involve 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 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. And the second step in my process is execution. And I look at real-time order flow and bookmap and real-time market maker hedging flow and Spontagama Hero to confirm my thesis and for setups for entries and exits. And I will be talking about setups today and I will be talking about just the underlying asset and setups can be taken any number of ways with futures, with shares of stock, or with options. And questions and comments are welcome and I will be watching the options-doug chat channel in Discord and the chat in YouTube for your questions and comments. And second wins says Bonjour. Thank you. Glad you're here. Welcome. All right my agenda for today. I'm going to go over economic data and events for today, wrap up the week and then briefly talk about next week. Then I'll go through my positional analysis. I want to review some setups from this morning and then we'll take a look at the live market. So if anybody has anything that they want me to take a look at during the live market, I will be glad to do that. So Sam Pan asked about NVIDIA and I will be I will be covering that later on in the setup review. All right, so let's get started. First of all today was the June options expiration and this is quite a large options expiration. Let's just take a look at this is SPX and I'm going to show the this is the June options expiration, the expiration today. What this is showing is market makers delta notional on the vertical axis and then the different expiration. So again this is the June expiration on the far left of this chart and the thing to note here is this large orange bar is showing call delta notional. So this is a very and this is huge compared to the put delta notional. So this is a very large call dominated expiration and typically after a call dominated expiration the market consolidates or maybe trades a little bit lower. I'll talk a little bit about more about that in a few minutes. So that is the options expiration for today and note the SPX had an AM settlement that was already at the open this morning and then there's also a PM settlement at the close today. All right, so the other news event for today was consumer sentiment and that came in a little bit better than expected and also better than the previous reading. All right then next week just to note Monday is a market holiday and I will be will not be streaming and in addition there will be no book map streams on Monday. Again it's a market holiday. All right let's start with positional analysis now and this is the SAP 500 in book map ES futures and before I take a closer look at this chart I'm going to take a look at a larger time frame. I'm going to go to a thinkorswim SPX chart and note that spot gamma has corrected the thinkorswim script that shows these spot gamma lines. So the script is working now. All right let me point out some levels on this chart. So first of all the dash purple line is the lower and upper edge of the expected move for the week. So that's something that I put on my chart last weekend and note that SPX is trading massively above the upper weekly expected move. This is the maybe the largest move above the weekly expected move that I've seen in some time. So that is the dash purple lines and here is the this is the upper weekly expected move right here and then this is the JP Morgan Collar the short strike of the JP Morgan Collar that expires at the end of June. So maybe that may if price moves down pretty substantially that may come into play. All right the other levels the dash blue lines are showing the upper and lower expected move for the day and there was a question and discord about this earlier today I DNT I guess don't matter DNT matter I don't see them in here. So anyway that this is using plus or minus 33 points yesterday at the close for SPX. So SPX is trading in well within the range that was expected for the day but well above the upper weekly expected move. All right so let me point out the spot gamma levels now got them back on my chart. So first of all there's the put wall at 4000 that's the strike with a large net negative gamma that can be expected to act as support. It's remained at that level for quite some time and it's well out of play today. All right the next level is the volatility trigger at forty two ninety five let me clean this up so we just focus on the spot gamma levels now so there's the put wall the next level the volatility trigger and that has moved up from forty two forty five yesterday to forty two ninety five today and then a spot gamma is proprietary gamma flip level and below that level market makers position on the gamma curve is negative and a negative gamma environment market makers have to trade with price to hedge their delta exposure and that tends to enhance or increase volatility and on the other hand above the level like SPX is trading now market makers position on the gamma curve is positive in a positive gamma environment they have to trade against price to hedge their delta exposure and that tends to subdue or decrease volatility and the next level is the the forty four hundred level that's right here and this is the absolute gamma strike that's the strike with the largest absolute gamma and then finally the call wall and it's hard to see on this chart we'll take a look at a one-day chart in just a moment so there's the call wall at forty four twenty five and note that level also moved higher from forty four hundred yesterday to forty four twenty five today and that's the strike with the largest net positive gamma and that can be expected to act as resistance and SPX right now is trading above that level but pretty close to that level all right so that is a thirty day one hour chart pretty strong uptrend in SPX up from about forty one hundred to forty four hundred three hundred point rally over a period of days and in YouTube Rudy asked will this be archived yes all all my webinars are recorded and are available on the book map YouTube channel and Rudy also asked why is this video not in 1080p I don't know I don't have any control over that I'm watching it in 720p and it looks okay I think if you do want to see it in 1080p please join us in book map discord discord book map discord is free to everyone whether you subscribe to book map or not and I think the so again and I know for sure that I'm streaming in 1080p in in book map discord and also I believe the audio may be better as well all right so let's take a look at a another thinkorswim chart let's go to a one-day one-minute chart to show the levels that are in play for today so the same levels are on this chart we're just zoomed in to the price action for today so this is showing the you can see the lower and upper daily expected move at the bottom in the top of the chart and then the primary level today here is the kind of this cluster of levels with the 4420 level at the lower end of that cluster and then the there's a combo level at the 4426 level and then the call wall at 4425 and those levels have acted as support today and you're welcome Rudy okay so those are the the levels that are in play for today and definitely after the strong rally yesterday spx is in a trading range today consolidation as can be expected all right let's take a look at book map now and again I'm going through my positional analysis just kind of reviewing the the levels that are in play for today and I'm primarily using my cloud notes here so I have the spot gamma levels and I you I calculate the point difference every day between ES and SBX and spot gamma the cloud notes they only calculate it once the beginning of the day so it may be a little bit off so right now I'm using a 45 point difference between ES and SPX I think spot gamma is using a 47 point difference so just a little bit lower all right so the levels in play for today so I have the spot gamma levels both the SPX levels and also combo levels that combine SPX and spy gamma into one level converted to an equivalent SPX number and then a converted to an equivalent ES number I also have spy levels here there's the spy 443 and note that did act as resistance this morning and here's the spy 442 that level has also been in play and then here's the the 444 2426 level combo one level as well as the 4425 level and then finally down below that the level that that act as support today is this 4422 combo three level and again the S&P 500 trading in a pretty narrow range today and I'll talk about setups in a few at a few minutes so just to cover shifts and levels again so again the volatility trigger did shift higher for SPX as well as the call wall and that's bullish and then for spy the those levels shifted higher as well volatility trigger shifted higher and the call wall shifted higher from 440 to 450 so again that's that's bullish for for spy just taken taken alone out of context not looking at anything else all right and when I when we when I talk about setups I want to I've got some screenshots from yesterday that I want to compare with the chart for today all right let's talk about the NASDAQ for a moment so here's the NQ futures I'm gonna take a look at a QQQ chart first so the these are showing the this chart is showing a the QQQ levels that are in play for today this is a think or swim one day one minute chart and for the NASDAQ for NDX the volatility trigger and put wall did shift higher call wall and absolute gamma strike remain unchanged and then for QQQ the call wall did shift higher to 375 so it's not so there it is well above the price action for today which is really focused mostly just above the 370 level which was which is the absolute gamma strike the new absolute gamma strike that shifted up from 360 yesterday to 370 today so bullish shifts higher in in the NASDAQ as well as the S&P 500 sorry about that all right so that is QQQ the QQQ the levels that are in play for today all right let's go take a look at book map in Q futures so not not as clear a read to me as far as levels go in NQ versus ES and Rudy asked how can I contact you directly in the future the best way is to join discord and join discord and look for me my name in discord is Doug P DOG capital P right Alex says is it me or does anyone else is it me or does anyone else think today was the hardest day of the week to trade it depends I thought I thought today was a fairly easy read I think well for S&P 500 if you're talking about the S&P 500 I think it has been the order flow and the hedging flow have been pretty easy to read for the ES for most of the week and DM Vancouver BC says can I cover the Russell I'll take a look at that in a hero I'm sorry I don't have the Russell up in in book map I don't trade the Russell but we'll take a look at it in spot gamma hero right so here's the NASDAQ another range day choppy day and it looks like around the NQ 15,450 and the QQQ 372 and also this NDX QQQ combo level did it somewhat act as resistance price price overshot it early in the morning and then there were a number of support levels here in the morning primarily during the morning primarily this NDX 15,150 large gamma one level but right now price is really trading as we saw on the QQQ chart between the QQQ 370 absolute gamma strike and the 371 level and that is where the volume for NASDAQ is concentrated today alright so those are the NASDAQ that's the NASDAQ I talked about shifts and levels let's take a look at the the Vana model and then we'll wrap up the positional analysis so this is SPX this is the Vana model and I'll quickly explain explain this chart so this chart is showing market makers delta notional or delta exposure and and how that how delta notion changes with changes in price and Alex asked can you show me when and what levels you were looking for this morning I'll talk about setups in a few minutes review setups and I'll talk about primarily the S&P 500 that's what I was trading from the short side alright so this is the this is the Vana model for SPX what this chart is showing has how market makers delta exposure changes with changes in price that shown by the light gray curve and this is showing that as price increases market makers will need to sell futures to hedge their delta exposure remember market makers want to remain delta neutral and so that's the light gray curve then this purple curve adds implied volatility to the equation so it's showing how market makers delta notional changes with changes in price and implied volatility and that's the Vana effect the change in delta with a change in applied volatility hence the name of this chart the Vana model so what this is showing is a price increases market makers will have slightly less delta notional to hedge as price increases as predicted by the delta only curve on the other hand as price decreases they will have more delta to hedge and they will have to sell futures as price drops and implied volatility increases all right let's see where SPX is trading now let me take a quick look at a watch list so I've got SPX at about 44.30 so that's somewhere around here between these two lines so near the bottom of the curve so this is not showing at this point much of a headwind or tailwind for price all right so that's the Vana model and then finally let's take a look at some key data and I'm doing this just to understand how market makers are positioned at the beginning of the day and I'm going to take a look at the spot gamma gamma index and gamma notional for SPX spy NDX and QQQ and note for SPX spy NDX and NDX gamma notional is all positive so again that means that market makers position on the gamma curve at the beginning of the day was positive and a positive gamma environment they have to trade against price to hedge their delta exposure and another thing to point out is the spot gamma gamma index this is a proprietary measurement of the total amount of market gamma and it it varies from minus four to positive four so in a positive spot gamma gamma index that is indicating again that market makers position is positive and that tends to indicate a lower volatility market and at about 3.2 this spot gamma gamma index is quite quite high quite positive and one thing to point out the that number did increase from yesterday and then on the other hand all of the gamma notional numbers did decrease slightly from yesterday and QQQ in particular shifted from positive to negative so gamma notional for QQQ at the beginning of the day was slightly negative even though it is trading above its volatility trigger today alright so that is the that is the bulk of my preparation the planning and I want to point out the the spot gamma AM founder's note so spot gamma provides an AM and PM founders note that provides some additional insight and the last few days spot gamma has been talking about consolidation after after expiration today and today we're actually using the word correction I guess given the wild rally yesterday so this was I think an interesting quote from the AM founders no no today and occasionally I like to show a little snippet from the AM founders note indicating that what's happening now through an options lens has been driving markets higher and now is bordering on the is now bordering on the absurd and you know I can't help but to agree with that alright so that is so anyway based on my just based on the numbers trying to stay quantitative my thesis for the day was looking for lower volatility a range day you'll based on the positive gamma and then based on the shifts higher in the levels neutral to slightly bullish although I did as I say at the beginning of this presentation I always confirm my thesis with hedging flow and order flow alright so let's take a look at some setups let's start with the S&P 500 let me point out a couple things on this chart and then I want to compare and contrast yesterday with today so this is showing iceberg orders stop orders and cumulative volume delta and this is cumulative all are cumulative or some since the beginning of the session and this MBO data comes in when I that shows stops in icebergs comes in when I open book map at about 7 a.m. Eastern time and the CBD is actually I think probably from then I load some back data that probably has some CVD data from the open yesterday afternoon alright so note those numbers and this is to me fairly bearish order flow all these numbers are negative shifting lower let's take a look at first of all let's take a look at a book map chart from yesterday I've got a screenshot and I want to bring up so this is to compare yesterday with today and note primarily the the number of stops here positive 12,400 those are by stop orders fueling that move higher that's shown by this rising rising yellow line also this cumulative volume delta quite positive and then it looks like some large iceberg orders came in at the end of the day shown right here to end up with this number also positive so all all positive numbers in especially notable is the large amount of by stop orders helping to fuel the move higher yesterday and let's so let's go back and compare with today all negative and not really much in the way of stop orders minus 81 and again I'm looking at the numbers in the lower right corner of my screen alright so let's take a look at one other thing I'm going to take a look at at hero this is this is spot gamma hero let me go back out so what this chart is showing is hedging impact real time options hence the name hero H I RO what this chart is showing is price for SPX with the white line and then this is the hero signal showing options trades and market maker hedging activity for a combined signal for the S&P 500 SPX spy XSP and ES futures all under one combined signal and right now it has shifted positive and we'll take a closer look at the components of this signal in just a few minutes so right now it's positive just under 400 million let's take a look at the let's start with the individual components so first of all SPX positive 1.03 billion spy negative minus 486 million and then ES futures negative minus 126 and giving us a slightly net positive value for the entire signal right so let's zoom in on this and I'm going to separate outputs and calls all right so today traders are buying calls shown by this positive orange number here 1.9 billion they're also buying puts so almost but not quite canceling out each other that is minus 1.6 little over almost 1.7 billion right I want to contrast that with yesterday this is a screenshot from yesterday at the end of the day and this is a massive number for calls for the S&P 500 I did post this in discord yesterday and I've never seen a number this high and then in the spot gamma AM founders note that the spot gamma AM founders note noted that yesterday the SPX call volume was a record high record high for call volume yesterday and that's that makes total sense based on seeing this number here so there's no question as to what was driving price action yesterday in the S&P 500 it was call buyers and buy-stop orders that I showed in these two screen screenshots from yesterday buy-stop orders and and call buyers when traders buy calls market makers sell the calls and they have to buy futures to hedge their delta exposure all right so that is the that's yesterday now let's focus on today and I'm going to go back to the total signal here and I primarily trade in the morning so I'm looking at order flow and hedging flow when I'm making my trading decisions right let me take a look at questions all right so Alex asked I'll talk about where I found it easiest to trade in the morning hero he asked his hero the number one tool you use for hedging flow hero well hero is the only tool that I use for hedging flow so I use book map and spot gamma and I'm not he asked Alex asked what do you use for order flow for order flow I look at at book map order flow now you're asking for example I like using the dome so that I think you're talking about trading and in trading I use a different platform so I can see my trades in in book map but I also place my trades on a on a dome I like the brackets and the being able to put a trade in at exactly a precise level all right so let's take a look at setups for the for the morning separate outputs and calls so looking at the morning session note this number are at around noon traders were net buyers of puts and the put buyers were winning so this is minus 1.3 billion for the blue line versus positive 300 million for call buyers so this is what I was looking at and this helped to along with order flow help to set up shorts right at the open or soon after just a few minutes after just after 10 and I'm watching the blue mine primarily traders buying puts and then around 1030 another short so I'm watching this and order flow so we have short setups maybe 935 1010 1015 and 1030 all right so let's go take a look at book map now zoom in all right so we know that traders were net buyers of puts taking negative delta positions during this time so now watching order flow I can see this quick run up to this spy 444 43 level and then a shift from green dots aggressive buyers to aggressive sellers start to come in shown with the pink dots note that also larger traders were fading this move with iceberg orders that shown by this falling light blue line also here's it's kind of obscured by the by the buy stop orders but large traders selling with iceberg orders looks like there's another one kind of obscured too but that looks like over 2,000 contracts and you can just tell by this falling light blue line also sell stop orders and cumulative volume delta were also falling and that was a quick drop down to this spx 425 for 44 25 44 26 level right so there's the first short set up here's another quick short right to this 444 42 spy 442 level in another short set up at that level again and then a finally a short set up so during this time I know that hedging flow was bearish and order flow bearish iceberg stops CVD all negative I'm just looking for short entries trend breaks and reversals lower at key levels alright so that's the SMB 500 then after that well we can take a look at the live market and see what's going on the next is in queue and I'm primarily looking at order flow here and note falling icebergs and stop orders so the yellow line the blue line are all falling these numbers are negative so I'm definitely looking for shorts here let's go take a look at hero for NASDAQ and you actually it's a little bit easier to see the SMB 500 this total line showing puts and calls is definitely negative in the morning session well let's take a look at NASDAQ now and not not nearly as clear you can actually see zoom in on the oh the first 20 minutes hero is definitely negative setting up a short again I thought the I thought the SMB 500 was an easier read both well that definitely hedging flow and and order flow as well alright Alex asked how can I set up my book map like yours Alex join us in discord and you can ask questions in there and I'll I'll be glad to help you if you have any specific questions I can show you various settings in the in the webinar today alright he also asked if like to be able to see what you can see on the bottom of your book map so let's go back to book map so I'm showing showing stops and icebergs that's part of the MBO bundle that's an add-on to book map you can buy that or subscribe to it in the book map marketplace and CVD comes default with all versions of book map and then I have these in in some mode everything is in some mode so here's the stops and icebergs subchart accumulated some mode alright let's review a couple of stocks here so first of all today is the again the primary monthly expiration and one thing you can look for on a especially a monthly expiration is a call gamma unwind and I have this is my watch list and I've sorted this by next gamma expiry so this is showing the percentage of gamma that is expiring at the next expiration and that's here and note this is all for today let me just scroll down on this chart so this is all for today up until spy and IWM and anything over 30% is typically spot gamma considers that to be significant so anything over 30% so what we're going to do is we'll start with AMD and well I'm on Nvidia Sam Pan asked earlier about the call war for Nvidia and that is certain currently at 430 and it did shift lower from 450 yesterday alright so let's take a look at AMD first that has the most gamma expiring today let's take a look at composite view so we can see that this is showing that call dominates calls dominate above the 127 strike so traders have been buying calls market makers sell the calls and they have to buy stock to hedge their delta exposure and these are calls that expire and we saw over 55 almost 56% expiring today those calls are quickly losing value as expiration approaches and as price drops and market makers no longer need their their delta decreases they no longer need their long stock edges and they can sell stock and also with all the demand for calls for a lot of these stocks those calls the implied volatility has increased for calls they're very expensive and it requires a continuous move higher to support the prices and implied volatility for those calls so anytime implied volatility drops demand drops for those calls plus they start to expire they're losing value that's the charm effect the change in delta with a change in time as time passes market makers can sell their their hedges their long stock edges all right so let's go take a look at Nvidia I mean AMD I'm sorry so here's AMD and there's your call gamma unwind let's take a look at hero for AMD back to hero go to AMD and note that 125 is the call wall and the key gamma strike for Nvidia AMD I'm sorry I keep doing that AMD and so far today traders are selling calls and buying puts kind of a choppy hero line there we'll take a look at the total signal so again there are they are buying puts and selling calls and the call gamma unwind is happening in AMD as it trades below the call wall resistance level all right let's go to Nvidia now that was the next stock on the list take a look at this and there's the 430 call wall that did act as support today so traders are also selling calls and buying puts today and Alex says and looks like a good short no I don't know if you mean Nvidia or AMD so AMD was a good short this morning if you caught it right at the open with that call wall acting as resistance all right so there's Nvidia overall hedging flow bearish slightly bearish today a choppy day for Nvidia we're gonna take a look at bookmap now so here's Nvidia choppy day and note this is a lot of stocks had this large huge opening print today I don't that's pretty typical but it seems unusually large today maybe that's with the expiration so it really obscures the order flow for the rest of the day so you have to and bookmap zoom so that that is not showing and again a pretty choppy day Nvidia so I did not trade Nvidia today so if you're asking Alex asking about Nvidia it looks like now it is making a making a lower high below VWAP although VWAP given this chop up and down is pretty flat let's take a quick look at Microsoft Microsoft was a good short today again the massive opening print obscuring the order flow for the rest of the day and note that 350 was the call wall so when I see a level like that that gives me more confidence when I see price reversing near a call wall at a level that I expect to act as resistance that gives me more confidence looking for a short so here this was this was pretty quick so if you were prepared looking for this you could have bought a put for example but again you had to be pretty quick that that that was a quick drop let's we'll take a quick look at a hero for Microsoft all right so there's Microsoft and there's the the quick drop at the at the 350 call wall key gamma strike and during the morning there's definitely a strong correlation between hedging flow and price action and Alex says tech looks like it slowed a bit today and yeah again that was really to be expected with traders buying expensive calls all week you remember as when demand when there's a demand for an option price goes up just supply and demand implied volatility goes up and so when again when that implied volatility increases those calls increase it takes continual move higher for those calls to retain their value and if price drops if trader traders are taking profits and also the charm effect comes into effect those calls start to lose value and market makers can sell their long stock edges all right so Alex asked you think a QQQ short would have been good this morning I thought an SAP 500 short was a little bit more clear to me that's what I traded all right Truman is asking about Tesla let's go take a look at bookmapper Tesla so Truman you say at 1208 Tesla was rising with large sell volume dots or what does that indicate also your chart is different from mine mine shows large relium red volume dots at 1208 see are you are you still talking about Tesla so Tesla I have found that there often is not a strong correlation between the color of volume dots and price action it's much easier the the order flow to me as much easier to read in in the index products for ES and NQ versus any stock or any ATF all right so let's take a look at CVD for for Tesla and I don't this is why I don't show CVD on my stock charts I think it is not that meaningful all right so there was a request earlier to look at the Russell and we'll take a quick look at that in hero I don't have I don't have the Russell in in bookmap so there was somewhat of a correlation this is a combined signal of rut and IWM so here it is for Russell and so in the morning session traders were buying puts selling calls and now they've started buying calls and so far price has not responded much all right so red panda says you bought stock coin neo Billy I I'm sorry I can't review your trades I can show you we'll take a look at coin here in in here all I don't have any of those start chalk stocks in bookmap so I you know I can't review specific trades but we can take a look at coin so now there's a fairly strong correlation between options trades hedging flow and price action and in Coinbase and note that 56 is the call wall and now prices trading right up at that level let's see if there was an alert so actually there was an alert from earlier today that Coinbase breached his call wall right after the cash open and that's shown right here so red panda you know it depends on your your time frame if you're if you're day trading and you bought Coinbase down here if you're watching hedging flow and price action bought down there then then you're doing pretty well if you're have a much longer holding period then it may may not matter all right let's go back to the I've got a couple of minutes left let's take a look at the S&P 500 hedging flow up and down all all day so slightly slightly positive for the day again the combined signal SPX spy and XSP and ES futures let's go take a look at the book map so order flow continues to be bearish one thing that I follow closely it's gonna be easier to see here is the stop orders this is a very good directional indicator so so far what I see on this chart is that right now sell stop orders helping to fuel the move lower iceberg orders are not coming into buy they often will buy my weakness they are a little bit here we'll zoom in on this but it so far not not having a an effect on price let's see if we can zoom in a little bit and so if we zoom in a little bit we can see that larger traders are starting to step in and buy and this is around a level that has acted as support earlier in the day so looking for a potential reversal here just based on the the buy stop orders but are the iceberg orders but CVD and stops order flow you know according to the cumulative volume delta and sell stop orders still helping to fuel the move lower although watching these iceberg orders may be an early indication of a potential reverse higher reversal higher let's go take a look and see what options traders are doing I'm gonna change my rolling window period to 30 minutes so so far options traders it looks like for around 10 10 15 20 minutes they were taking positive delta positions and now they're taking negative delta positions helping to fuel the move lower Truman ask our iceberg orders always buy orders no so iceberg orders can be buy or sell orders and again they're right so Truman ask how can you tell if they are buyer or sell by color yes and also by position on the chart so let's go take a look at book map so you can book map is very flexible about how you can adjust adjust it to suit your own needs so and the way you like to see things and I'm very color oriented so I have blue for buy iceberg orders and I'm showing that below the chart and then I'm using this pink for sell iceberg orders and I have that above the chart above price above the price line so that's my preference that's what makes sense to me and that's that's how I like to see it so again notice the here the divergence some buy iceberg orders starting to come in sell stops CVD continue to be negative price is at a level that has acted as support earlier today let's just take a look this is about one o'clock I'm gonna go back and take a look at a hero so here was the the much better set up notice that hero starts to drop pretty sharply just around 1255 and then price slowly responds and then finally reverses much lower around just after one let's go back and take a look at book map so we know that the especially today again I was looking for shorts all right so let's go take a look at book map again so Sam Pan asked what caused the sudden move down and it looks like for the most part this has been pretty much a steady steady downtrend I'm not quite sure what you mean but if there's any any sudden movement in price up or down it's hard to say you know some large trader just comes in with a a large sell order you know there's no way to predict that so this move down if you're talking about this right here I you know there's no way you know that's only you know about five points so you know who knows right so iceberg orders he's talking about so here's a sell that looks like about 113 contracts and then the buy for 385 so net net positive iceberg orders rising light blue line so again all I know that if price is at a potential support level larger traders are buying with iceberg orders note this level was the lower the day earlier but again this was the the better setup right here the short and that was actually led by options traders that's what hero showed that options traders started taking negative delta positions before that before that move lower and then order flows clearly signaling that note this stop run shown by the small green dot there by stop orders fueling this move this kind of run higher up to let's let's zoom in on this I'm gonna darken up the heat map a little bit notice the in the heat map showing this liquidity right at the 44 85 level this by stop run up into that liquidity and then price reverses lower aggressive sellers start to come in price makes a slightly lower high and then continues to drop with lower highs and same pan I you know I don't look at typically I you know I'm not gonna debate about competing iceberg orders and and you know these little five point moves up and down I'm kind of looking at a bigger picture here so I'm you know looking at again I see that net larger traders are buying with iceberg orders showing by this rising light blue line I don't have to debate about you know one here and one there but you know sell and buy and you know I can see that net this is rising and just as I talked about this level has been support in the past so you know that's two clues that price could reverse higher so beyond that I'm not making it try not trying to make it any more complicated again I would be watching a hero on my other screen and I can see you know I'm no I know that this is a potential reversal level and I can see that the bullish order flow starts to come in some green volume dots so I'm prepared for this knowing that that I have this level on my chart again I know that will support in the past and you know who knows if it will act as support now the sell stop orders continue to overall continue to fuel move lower CVD is is still bearish let's take one last look at heroine that I'm going to wrap it up I've gone over my time see if we can gain any additional clues from options traders and remember we're on a 30-minute rolling window period so we're looking at a looking at less data trying to get more more information getting a closer look and so far I you know I do not do not see any really uptick in options trades that would lead to a move higher all right that's all I have for today I want to thank everyone for watching think thank you for all your questions and comments Alex Rudy and other second wins in in YouTube and Truman and Sam Pan Red Panda in and discord again thanks for your questions and comments everyone have a great weekend remember Monday is a holiday so I will be back on Tuesday so have a great holiday weekend everyone and thanks again for watching thanks for your questions and comments bye