 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 involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. And as a reminder, the focus of my presentation and the focus of the Options-Doug chat 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. And I have a two-step process for trading. The first is planning and I use positional analysis and 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 in Bookmap and real-time market maker hedging flow with Spot Gamma Hero to confirm my thesis and for setups for entries and exits. And on topic questions and comments are welcome and I will be watching both the Discord Options-Doug chat channel as well as the chat in YouTube. So again, your questions and comments are welcome. All right, let's get started. Hello, JC. Hello, Rob. Glad you're here. Okay, so what I want to talk about today is some news, items, economic data and events. Then we'll go through the positional analysis and then finally we'll talk about setups. All right, so first of all, economic data. I talked about this yesterday. There's really no headline events this week. The normal first Friday of the month employment situation report has been moved to next week. So instead of coming out on the third on Friday, it is going to be on the 10th, the Friday week from Friday. And one other thing that I forgot to mention yesterday is tomorrow is Tesla's Tesla their investor day. And I don't know what time that is. Maybe if somebody does, they can type it in chat. Again, I don't know what, but that is the investor day for Tesla is tomorrow. Okay, and again, otherwise there are various more minor economic reports coming out this week. All right, let's talk about our positional analysis. And first of all, I'm going to take a look at the ES. This is the S&P 500 and book map. And before I dig into this chart, let's take a look at a little bit larger timeframe to get a better picture of what's happened the last few days. This is the SPX. And this is a thinkorswim chart. And this is showing the spot gamma levels in a think script. So this is just showing price and levels. And these levels are provided to spot gamma subscribers for a variety of platforms, both thinkorswim, which I use as well as book map. And the things to point out here are the key levels. And we'll we'll look at this more closely as we go on this in our positional analysis. Here's the put wall at 3900. And this level today, this 3974, this is SPX 3974 was noted as support in the spot gamma AM founders note. And it acted as a as support and a good entry point for longs, multiple times today. And then this is the 4000 level that is the key gamma strike. And that's also the volatility trigger. And then here's the call wall way up here at 4200. So those are the levels that are in play. And really, the levels that are in play today is the 3950 to the 4000 range. So that is a 20 day chart. Now let's take a closer look at a shorter timeframe chart and thinkorswim. This is just today. This is a one minute chart just for today, again, SPX and showing this 3974 level of support. And there's the 3950 level below and the 4000 key gamma strike. And also the volatility trigger above. And I'll talk a little bit about more about what these levels mean in a minute. All right, so that is the setting the stage showing where the SPX has traded for the last few days as well as today. Again, just looking at price and levels. And levels are also shown on this chart. And in this current range, there there are no spot gamma levels other than this 3974. This is SPX 3974, again, the support level. And so anyway, again, not the other spot gamma spot gamma levels that would be on this chart are the 3950 and 4000. And right now, and these are SPX levels. And again, ES, SPX is trading between those two levels, as we just show on the thinkorswim one minute chart. All right, so again, the thing to note here is this 3974. And I'm showing this in my cloud notes, this, this C levels column, these are my cloud notes. And I'm showing key spy levels, nothing here on that chart. And then this support level, this is again noted in the AM founders note. And JC says he calculated that level at 3978.75. So that's, yeah, that's probably closer. I just did a quick look at a watch list and just did a quick conversion of six points. So that points out that there is a difference in value between SPX and spy spot gamma is using a 10 point difference. And that difference I calculated as around six points. And then it looks like JC got a slightly different calculation. So this is this level should be down a little bit lower, but it's close enough. Okay, so ES SPX, spy trading in a narrow range today. And those are the levels that are in play again, not much. So the key here was that, that support level, and the, the long scalps off that level multiple, multiple tests of that level until finally it, it resolved higher. And spot gamma, and their note this morning, AM founders note pointed out how traders have been zero DTE traders in particular have been fading any moves above SPX 4000, as well as below. So they're buying below and you can clearly see that on this chart. And they're selling above like they did yesterday. And remember that SPX 4015 and then the 4017 volatility trigger acted as resistance yesterday. And let's see if I have that chart up. So this is from yesterday. And and I talked about this yesterday, the reversal at that volatility trigger level. And there's that's another resistance level. And here's the volatility trigger. Let's see. No, that's in the wrong place. So anyway, you know, resistance at these levels, yes, this line that I drew this top white line is the 4017 volatility trigger. Okay, so that was, that was yesterday. And the move back to around 4000. So reversing back to, from down below 4000 up to back up, back up toward 4000. So in YouTube, Jono notes market grinding around the ES 4000 level. Yeah, it's at the ES 4000 level. And that can be an important level. Also, the SPX 4000 level that is the where the gamma is concentrated. Okay, so those are the levels in play. Let's talk about shifts and levels. And there was only one. So the spy volatility trigger moved up from 396 yesterday to 400. And the volatility trigger is spot gammas proprietary gamma flip level. And that means that market makers position below that level is negative gamma, that's their position on the gamma curve. And above it's positive. Okay, let's take a look at the gamma charts. Now we can see where these levels come from. So these are the S&P 500 gamma level chart, gamma levels, absolute gamma levels. What this is showing, here's the zero line. And this is positive gamma or called gamma above shown with the black bars and negative gamma or put gamma shown with the teal bars below. This is the 4000 level that's SPX 4000. And that is the key gamma strike. And then down below the 3900 level, that is the put wall. So the absolute gamma strike or the key gamma strike is obviously the strike with the largest absolute gamma. And then the put wall at 3900, that's the strike with the largest net negative gamma. And that can be expected to act as support. And then here's 4200 above, up above. That's the call wall, that's a strike with the largest absolute net positive gamma. And that can be expected to act as resistance. So hold on just a second. The reason I'm having trouble here, I think I lost power. My light switched off. Give me just a moment. Okay, I thought I lost power for a moment, but I didn't hear my battery backups going off. So okay, so I'm all good. All right, so 3900 put wall, largest net negative gamma, 3900 there, 4000, the absolute gamma strike. And then 4200, the call gamma call wall, strike with the largest net positive gamma. So that's SPX, here's spy, spy 400 is the key gamma strike. Again, the strike with the largest absolute gamma. 390 is the put wall. And then 420 is the call wall. And note here that there's still quite a bit of negative gamma put gamma below the 400 level. Okay, let's take a look while we're on this, on this page. First of all, the combo strikes. And this is the this is combining gamma levels for both SPX and spy. And showing them show those gamma levels in terms of SPX prices. So remember that 3974 support level. And that's where that came from. So what spot gamma noted in the AM founders note was two levels of resistance or support, I'm sorry, first at 3950. And that's where the first level comes from. And there's the 3974. So there's where their support levels come from. And then one other thing, while we're on this page again, let's take a look at the open interest and volume adjustments. And what this is showing, this is put data for SPX. And the black bars are showing volume. This is from yesterday, showing volume versus open interest shown by these small teal bars. And open interest, these, this indicates traders taking positions and trader in options that have more than one day to expiration. So these are trade, these are trades in their opening positions, open interest and changes in open interest and strikes again with expiration greater than, than zero. And then this, these bars are showing the total volume. And this would be everything. So this highlights this difference in the total volume versus changes in open interest would indicate that there was great, a great amount of volume yesterday, but the vast majority of it was in zero DTE options. And I think that is contributing to the lack of change in levels because traders are just trading zero DTE options. And there's no change in, or no significant change in open interest. Okay, let's take a look at the NASDAQ now. And for NASDAQ, we'll just look at QQQ. NDX is not, not significant. So for QQQ, 290 is the key gamma strike as well as the put wall. And then 310 is the call wall. And note here that most of the gamma is, and especially put gamma is located above, below the 300 level. All right, let's take a look at data now. And the thing that I always like to look at is gamma notional. And this is market makers position on the gamma curve. And SPX is shown to the left column, spy in the middle column, and QQQ in the right column. And you can see that all these numbers are negative. And this is again showing market makers gamma notional, their position on the gamma curve. And when this position is negative, that means that traders are long puts, market makers are short puts, and they have to sell futures to hedge their delta exposure as price decreases. And then as price increases and implied volatility drops, they can buy back those short futures. So in a negative gamma environment, they are trading with price. And this tends to increase volatility in a negative gamma environment. And the changes in levels from yesterday were mixed. So yesterday SPX gamma notional was minus 530. And it is shifted to slightly less negative today at minus 502. And spy gamma notional yesterday was minus 1901. And today it's minus 2035. So it has shifted more negative. So that's mixed for the S&P 500. And then QQQ gamma notional has shifted to slightly less negative. Yesterday it was minus 735. And today minus 698. So not a lot of significant change. Both, all of these numbers are still significantly negative with minor changes from yesterday. And the Vana charts illustrate that graphically. This is SPX. And this chart is showing market makers delta notional or delta exposure in the vertical axis and price, the strike price and the horizontal axis. And this is showing how market makers delta exposure changes with changes in price and in change with changes in implied volatility. That's shown by the green line. That's the current expiration. And that is the that's the Vana effect. The change in delta with a change in implied volatility. And what this is showing is again, market makers delta notional increases as price decreases. And they have to sell futures to hedge their delta exposure. They want to remain delta neutral. So this tends to increase volatility in a negative gamma environment. And the curve is this curve is pretty similar for spy and QQQ. And this black line is showing how market makers delta notional changes as time passes. And that is the delta, the charm effect, the change in delta as time passes. And finally, let's take a look at my key gamma strike list. And this is the list of stocks in my watch list. And remember, I have trimmed this down to just look at the stocks and the things that I'm trading. I used to have more stocks in there. And they were stocks like snowflake and and block and coin coin base. And I didn't I really didn't trade any of those I trade I'd like to trade the S&P 500 and large cap tech stocks. So anyway, this is showing the key gamma strike from yesterday that's shown in the far right column, the previous key gamma strike. And then the current key gamma strike is the key gamma strike for today. And then I compare the current key gamma strike with a previous key gamma strike. And I color code these either green or red. So green means that the key gamma strike increased from the previous day. And red means that it decreased. And this is just a quick visual reference. And Spot Gamma provides other levels if you're interested in trading one of these stocks, like Nvidia, you could take a closer look at the Nvidia, for example, and the equity hub and and see look at changes for changes to the put wall, call wall, and other levels. Alright, so given all this information, my thesis for the day was was neutral. And just like Spot Gamma mentioned to the AM founders know what I was looking for, you know, potential moves back and forth around the 400 level, and using the Spot Gamma levels of support. And then, like I talk about in my introduction with my two step process, watching order flow and hedging flow to confirm trades. Alright, so let's take a look at some setups now. And we'll go back here to the S&P 500. This is primarily what I was watching today. And the reversals at this support level worked out very well. There were multiple setups. And let's zoom in on this. And they were really strongly confirmed with order flow. So here's the first reversal. And you can see see the shift in order flow. Notice all the all the pink dots. These are market sell orders. And then the shift to green dots market buy orders. And price moves higher. And notice also the the iceberg buys coming in, shown by this rising light blue line, as well as this, that's the sub chart indicator for iceberg orders. And there is the on chart. And this is pretty typical that large traders will buy weakness, and they use these iceberg orders. These are CME order types. They use these orders to hide their size. And then bookmap can detect those once they're executed. So you can see that traders are buying the S&P 500 as price falls, the ES price reverses. And then this pink line is showing cumulative volume delta delta rising. And then this yellow line is showing buy stop orders. So that's a great setup with a it's a little bit below the support level, but but close enough. And let's take a look at and it's a pretty similar situation with these others. Other reversals, a shift from bearish order flow to bullish. And especially this last last reversal higher. And you can see all the green dots coming in here no more no more pink dots as price increases. And again, the buy stop orders firing off, cumulative volume delta rising, and iceberg, iceberg orders rising. Alright, let's go take a look at spot gamma hero now. And I'm going to zoom in on the on the morning. Let's go back at book map I'm looking at up until about 1115. So let's see we can take a look at the same time frame in hero. So this is about right. And this is the total signal for SPX and spy. So this is showing traders buying SPX calls buying and selling SPX calls and inputs and spy puts and calls. So here's the first set up, hero rising, confirming the long first long set up. And hero rising again, confirming the second long set up, then hero rising again. So here were the first long entry second. I think this was the that was the third and the fourth. And let's see the and let's see the see if I can find the 3974 level. I think this is it right here. So again, that's close enough and all, you know, we saw that all of these long entries and this is what I was looking at long entries confirmed with water flow and hedging flow. Okay, let me check for questions. Alright, there looks like some questions about book map. So let's go back to book map. So question CVP, CVP versus SVP, the CVP is the chart volume profile. And that is showing a volume profile for whatever I'm looking at on my chart showing it in this range from just a little bit before 915 to 1115. And the session volume profile is the complete session using the vault. That's the volume profile for all all the data that I have and I I'm using the backfill data. So I have S&P 500 going back to the open yesterday afternoon. And so this session volume profile is the volume profile for this entire session. So CVP again is the chart volume profile and SVP is the session volume profile. Alright, so that's the S&P 500. And one other thing I do have settings different. So this is this is showing by volume and cell volume. And in the session volume profile, and in the chart volume profile, I have I'm showing the delta. So by volume minus cell volume. So you can see down here, for example, all of the cell volume at that level. So all those sellers off sides there and buyers aggressive buyers come in and move the price higher. And then the and then the stop orders fire fire off, helping to move price higher. Okay, that's the S&P 500. Let's take a look at some other other setups now. And some of these took a while to play out. Let's take a look at Apple. And for me, this was the easiest read the best best setup today, the S&P 500. Very easy to read order flow and hedging flow. And a clearly defined support level that you could lean against. Alright, so here's Apple. And let's go take a look at at Hero. Apple strong, strong correlation between options, trades, hedging flow and price action. Let's go back to book map. Here's Apple. And there's a question in perma bear, perma bear was asking in discord about CVD. And that's cumulative volume delta. Notice here, cumulative volume delta is decreasing. And price is going the other way. And you can see that all the all the pink dots there, all the market sell orders, yet price continues to go higher. And that I think that illustrates first of all the importance of options trades and driving stock price. So we know that hero is rising CVD is falling. And yet price is making higher lows. And so that is why I I take CVD with a grain of salt and Bruce, who does the advanced webinar every day at 10am, has talked about this and he doesn't really look at at CVD often. And if it just happens to be going in in the direction of price, then I you know, that makes me feel a little better. But I don't make any trading decisions solely based on CVD. And this is a good illustration of of why I don't do that. So perma bear, I hope that answers your question. You know, it's great when you have price action, hero and CVD all going in the same direction. But sometimes it doesn't happen. And I, you know, of course, price action comes first and water flow. And then hero is another confirmation. And yeah, you know, again, JC says good confluence, but not entry entry indication. And yes, you know, it's great when it confirms your your tree, but it's not not necessary. And often, I don't even show it on my charts. So there's Apple. We looked at looked at hero. Let's take a look at AMD. Let's go look at hero now. So there's Apple trader selling puts and buying calls. It looks like they're starting to to fade the move higher. Apple prices stalled. Maybe it won't make it up to that 150 key gamma strike. Let's take a look at AMD. And here's another strong confirmation, strong correlation with options trades, hedging, flow and price action. And for those of you who may not be familiar what is what's on this chart, this is hero. This is spot gamma hero, hedging impact of real time options. And this is showing options trades, market maker hedging activity and price action. So hero is the purple line. That's the total signal calls and puts. The white line is price. And you can also separate it out. Puts and calls. So the orange line is puts. And if the orange line is calls, excuse me. So if the call line is rising, that means that traders are buying calls. That's positive delta. And if the blue line is rising, that is puts that so they're selling puts. And that's also a positive delta position. And then the total line combines the two. So again, this is showing positive delta positions up to up to about 130 120 something like that, then traders started fading the move higher. Let's go back to book map. So there were a couple of long entry points here. This zoom in so we can see this more closely. And good order flow confirmation here. Notice all the green dots, all these green volume bars here. Aggressive buyer starting to come in here at this 77 70 75 80 level. And pretty good range for AMD today. Two points with the 79 edge wall and the liquidity at that level, the first target than the primary target here at this 80 key gamma strike. And notice, you know, this is so, you know, this works out so well. Let's go back. Notice is AMD is approaching that 80 key gamma strike level and all the liquidity there that traders are fading that move. And let's see what they're doing. So they've started, they've been buying calls all morning. You know, undoubtedly, these are mostly zero DTE. Let's take a look or not zero DTE. These would be next expiration. And that would be the Friday expiration. So that's the green line. And notice how closely the green line matches the orange line. So that means that traders are buying the next expiry. And I'm looking at the here's the legend up here. So next expiry, the put lines are shown by this kind of light blue line here. And the calls are shown in the green line. So this is showing that the, you know, the green line closely matches the orange line indicating that quite a bit of this is traders have been buying calls that expire this Friday. And then they're starting to sell them as price has approached this 80 key gamma strike and all the liquidity there that's shown in the book map heat map. Let me clean this up. So we now we've just got the total signal. Very interesting. And definitely something to look for if you are trading AMD today. All right, the next one is meta. And I'm going to zoom in on the morning session is just has chopped up. Since the the first jump in the morning. So again, showing that traders are taking positive delta positions. Price is moving higher. Let's go take a look at book map. And notice how once meta reaches this 175 key gamma strike that this price action just stalls out hero levels off a little bit, move slightly down and then price follows. Let's go take a look at book map. Well, it looks like now that traders have come in and taken price above the 80 key gamma strike in AMD. Let's go to meta. And it looks like they're finally moving meta higher as well. Let's take a look at the up until about noon. And this is showing the the quick up trend up to the 175 key gamma strike here and the liquidity at that level. That was the first target price continues higher. And then volume is really concentrated up and down in this chart range, volume profile, volume concentrated up and down around that 175 level. And now prices moving higher. This is the upper edge of the expected move. That's for the week. And that's based on the options market. A one standard deviation up or down, I changed that once a week. All right, so that's meta. And let's take a look at Nvidia now. All right, so typical of Nvidia, it chops around for 30 minutes or more, 30 minutes, 60 minutes in the morning, and then finally resolves one way or another. And today it has resolved higher price action has resolved higher. All right, let's go take a look at hero and we can see the chop really this morning for about 90 minutes. And then hero starts to move higher and price moves higher. Let's see what traders are doing. So they're selling puts and buying calls. No, no insight really, no additional insight from separating out the signal. And I do find Nvidia somewhat harder to read than other stocks. The correlation is not quite as strong as Tesla, for example, which we'll look at in just a minute. So let's go back to book map now. So nice strong uptrend and targets liquidity targets looks like the next target above or the targets were at 236, 237, 238, then 239, maybe the next liquidity target and price seeks these liquidity targets. All right, let's take a look at QQQ. Let's go back to hero. Take a look at QQQ. All right, another choppy morning session this first just kind of this opening level I interpreted this little move here is kind of a divergence long set up. And it didn't last long traders started fading that move immediately, then moved up. And then finally the move comes the definitive move higher comes about 1050, 1055. Let's go back and look at book map. So here is the that's this is the initial long. Here were that slight divergence and you can see that order flow confirms that. And then here's the more sustained entry long there. And again, order flow confirms that. Let's just zoom in on that. And there is a level target here first at the 295 lg2 that's large gamma two. And that is lg2 means it's a significant love the significance is ranked from one being the highest and five the lowest in terms of the amount of gamma at that level. So two level targets and liquidity above and order flow confirming entries, especially this first entry. So not the best setup, but that's QQQ. All right, let's take a look at Tesla. And with Tesla, there is very often almost always a very strong correlation between hedging flow and price action. So hedging flow confirming both the downtrend and the uptrend. Let's see what traders are doing. So this is interesting. They are selling calls and buying puts net or selling puts. I'm sorry. So they're selling calls. That's negative delta that's shown here. So they're selling calls. That's the notional value. And they're also selling puts. And that is positive delta. And that's the notional value. So this is this is interesting. Yeah. And that actually. So JEC says basically basically strangling Tesla. And that's kind of unusual for Tesla. Usually they're buying calls or buying puts. But that actually reminds me of something that I wanted to take a look at and forgot. Let's take a look at this is the SPX. This is thinkorswim. This is a one day chart. And this is my volatility chart. And what this is showing is the thing that I want to focus on. And what's been working for me other than the day trades that I talked about is selling premium. And this is showing IV versus HV. HV is historical volatility. This is volatility of the actual underlying looking back. And IV is the implied volatility that comes out of the the options market model, whatever you use, black-shoulds or whatever. And this is the red line is showing implied volatility. And the blue line is showing historical volatility. And this is especially good for trading or selling premium in this condition where implied volatility is greater than historical volatility. And again, this means that fear is overstated, which is often the case. And this is it's been a very good environment for selling volatility. So I just I meant to point that out earlier. And JEC thanks for thanks for reminding me to show this. JEC is looking at the same thing. I've had this indicator. I don't know where it came from. I've had it for at least a decade or more. And this is something that I always look at. I'm trained as a premium seller. So this is again, looking comparing IV to historical volatility and indicating that fear is overstated. All right. So there's a question and discord. Can I show this chart for Tesla? All right. So let's take a look. You want to see the thinkorswim chart for Tesla, I assume. So let's go take a look at Tesla. And that may or may not be the case. I'm going to zoom in. So this a single stock is going to be different than an index. Traders typically use SPX in particular, money managers to hedge their portfolios. So that's why SpotGama assumes that traders are long puts and market makers are short puts for the index products, SPX by QQQ. So again, what money managers do, hedge fund managers, portfolio managers, mutual fund managers, they will buy SPX puts to hedge their delta exposure and typically pay for those by selling calls. So anyway, that going back to SPX here, that indicates why this is often a persistent condition, but it has been more prevalent recently, indicating it's a good time to sell premium. All right. Let's go back to book map. There's Tesla again. And here's another example of CVD not necessarily confirming price action. And notice all the pink dots going down and up. So it's, you know, in this case and often, you know, I look at hero first and I would take my signal from hero, not CVD. Okay. And there was a question or a request to see AMC. I've got that on my other computer. Let me share my screen. And we'll take a quick look at that and then wrap it up. Keep forgetting to change my pen tool. All right, here is AMC. And Persian Lion wanted to see this. I don't think he's in the, in the webinar, maybe he'll watch the recording. So there's AMC. And let's take a look at AMC here with hero. There's AMC. Strong correlation strong correlation with hedging flow and price action. All right. So Persian Lion, there you go. There's AMC. And then let's wrap it up. Let's take a look at the S&P 500 one more time. And notice here that I'm looking at looking at the SPX plus buy signal. I talked about this yesterday. I think this is providing the the cleanest signal for the S&P 500. And I'm looking at this whether I'm trading spy SPX or ES. All right, so it looks like traders overall are fading the move higher. Showing by the hero signal, trending lower. All right, let me take a look final look at comments. All right, first of all, and discord. All right, JEC comments. First day in a while, hero signal was the same direction on the spy and SPX. So let's just take a quick look at that. And notice also that the hero signal is both strong for SPX and spy. And we've looked at a couple days ago, a few days ago that SPX was in one, you know, one end of the range and and spy was at the other end of the range. Right. So that's SPX plus spy. And we can see that it is trending down. Let's take a look at SPX. So just SPX alone, a little bit more choppy, but it is trending down. And the notional value is negative. And spy is a little bit more clear, clearly negative. And notice the notional value at minus 925 now 926 is much, is much higher than the notional value for SPX. So showing this is pretty typical that spy by far is options, trades, and spy are dominating today. But then again, SPX and spy combines those two signals. All right. So the last question that I'll take in YouTube, YouTube colon asked QQ option flow seems negative, but prices up. So, you know, I don't know if spy options flow can override QQQ. If you're trading just QQQ, I would look at at order flow and hedging flow for QQQ. Keep an eye on the S&P 500. But the stocks that the primary stocks that make up both those indices are the same. And those are the stocks that are shown on my watch list. Apple, Amazon, Google, Microsoft. So let's take a look at QQQ. And let's just zoom in on this. So I would say that, you know, of course, the hedging flow was was positive with bullish up until about noon, choppy but bullish. And then around one o'clock it really turned negative. And it took a while for price to respond. And let's go take a look at book map. We'll take a look at QQQ again. So this looks like a good would have been a good short set up. The way I approach that I, you know, there's a clear divergence in hedging flow and price action. Once I see that, then I go to book map, and I just watch order flow for a reversal. And this gives a very good level to watch for that reversal. So you see the divergence and hero move over to book map, look for a level that price might reverse and then watch order flow for the reversal. So there you go. There's your short set up at the 296 volatility trigger. And colon ask, do you usually see options flow appear appear first, then price follows later? Not always. It happens more often in the index products, especially spy, SPX, ES, I look for divergences. It happens occasionally, not not as frequently in QQQ, but we just saw an example of that. And then single stocks occasionally, but the divergences happen much more often in the S&P 500. And Anthony asked, where did that 3974 level for SPX come from today? Take a look at the recording. I talked about that earlier. That was the 3974 combo level for SPX and spy put gamma, shown in terms of the SPX, SPX price, and then converted to an equivalent ES price. So right, it's approximately ES 3980. But take a look at the recording. I talked about that earlier today. Okay, that is my time is up. Time has passed. I think I've answered all the questions. Thank you very much for watching. Thanks for your questions and comments. And I will see you tomorrow. Thanks again. Bye.