 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. Excuse me. And should not be considered specific investment advice nor recommendations. Risk Disclosure. Trading futures, equities and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug Chat channel 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 in the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as a directional bias. And the second step of my process is execution. And I look at real-time order flow and bookmap and real-time market maker hedging flow and spot gamma hero to confirm my thesis. And I look for setups for entries and exits. And when I talk about setups I will be talking about setups in an underlying asset. And those setups can be taken with futures contracts, shares, or options. Questions and comments are welcome and I will be watching both the Options-Doug Chat channel and Discord as well as the chat and YouTube for your questions and comments. So please feel free to post. I will do my best to answer your questions. And hello, Carm FX. Welcome. Glad you're here. All right, what I want to cover today I want to go over news items, economic data, events, and earnings for the rest of the week. Then I'll go through my positional analysis. Then I want to review a few setups from this morning. And then I'll talk about 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. All right, let's get started. News items, economic data, the economic data events coming up for the rest of the week. It really starts tomorrow with the CPI data that's out at 8.30 a.m. Eastern time and PPI data on Friday at 8.30 a.m. Eastern time and then on Friday, Michigan consumer sentiment at 10 a.m. And keep in mind market gamma notional will look at this in just a minute is still negative and a negative gamma environment expect larger moves and potentially larger reactions to data like CPI. All right, so again, I'll talk about that in a few minutes. So that's the data coming up for the rest of the week. Again, CPI very important tomorrow and PPI and consumer sentiment on Friday. All right, let me get started with positional analysis. Now, this is the SAP 500 futures and book map. And before I take a closer look at this chart, I'm going to take a look at a larger time frame. This is the SPX chart in a 30 day one hour chart. And I've zoomed in to the last couple of two or three weeks, just so price is shown more clearly on this chart. So the first thing to notice is the downtrend that began with the Fitch downgrade of US debt that began last week still continues price making a series of lower highs. And let me point out some key levels on this chart. First of all, here is the lower and upper weekly expected move shown with the dash purple lines that's based on the options market. And I do that once a week over the weekend set that and then the dash blue lines are showing the lower and upper daily expected move. And note that SPX did trade down below the lower daily expected move earlier today found support at this combo l five level 44 63 that was noted as support in the spot gamma AM founders note and it did its job acted as support. And now SPX is attempting to rebound trading back above the lower daily expected move. Let me point out the key spot gamma levels on this chart. First of all, the 4500 level right here. That is the poop wall. That's the strike with the largest net negative gamma that can be expected to act to support. And so far, SPX is trading below that. So it has not acted as support and really is acting more as a magnet. Notice the rally yesterday look looking very similar. Today is looking very similar to yesterday. A move down to this around this 44 63 level and then price moving back up toward the 4500 level that is acting as a magnet for price. So that 4500 level is the poop wall. And that that is also the absolute gamma strike. That's the strike with the largest absolute negative and positive gamma. So 4500 a very important level. The next level up is the volatility trigger at 45 15 and that a spot gammas proprietary gamma 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. So in a negative gamma environment, traders are long puts market makers are short puts. They take the opposite side of the trade. And when price drops and implied volatility increases, they have to sell futures to hedge their delta exposure. They always want to remain delta neutral. Then on the other hand, if price increases and implied volatility drops, they can buy back their short futures. So and again, in a negative gamma environment, they're trading with price both up and down. And on the other hand, above that level, 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 volatility. So right now, SPX is trading below that level in a negative gamma environment. And then the next level, the final, final key daily level is the 4600 level. And that is the call wall. And that's the strike with the largest net positive gamma. And that can be expected to act as resistance. And that level was in play several weeks ago. But not now. The put wall is more important right now. Right. So those are those are the expected moves daily and weekly, as well as the key spot gamma levels. And as far as shifts and levels go for the SPX, there was only one a minor shift lower in the volatility trigger from 45 20 to 45 15. So just a minor shift lower in the volatility trigger. But again, SPX is trading below that level. All right, let's take a look at one more SPX chart just to get a sense of the levels in and play for today. So here's that 4500 put wall absolute gamma strike that acted as a magnet for the rally yesterday afternoon. And it looks like SPX may be repeating the move yesterday. It looks like the support level was a little bit lower today, but clearly called out by spot gamma at this combo L five level at 44 63. And note the V shape of the move today versus more of a consolidation yesterday before the move higher. Alright, so that's the SPX in a longer time frame, a shorter time frame. Now let's take a look at book map. So in book map, I've got my own cloud notes. And I'm showing the SPX levels. So there's the 44 63. That is just right above the spy 445 put wall. So very important support levels there. First of all, the again, that 44 63 level as well as the spy put wall and ES is trading above the lower daily expected move. Here are two more support levels that were noted in the spot gamma AM founders note. These are SPX levels. And at the start of the day, the let me just check on this. Give me just a moment. So I've got the ES to SPX difference at about 18 points. That's what it was at the start of the day. It remains at that level. So ES minus SPX is 18 points. So for example, this SPX 4500 level. That's the again, the absolute gamma strike and the put wall 4500 is actually at ES 45 18. All right. So those levels and play for today. And primarily the the key levels are the this 44 63 level. And also the spy 445 put wall did its job acted as support. And again, the SB 500 trying to repeat the the move from yesterday, the rally afternoon rally. All right. So those levels and play for today, spy SPX levels. And we'll talk about setups in a few minutes and we'll see what options traders are doing. All right. So that's the SB 500 levels very working very well today. Let's take a look at NASDAQ. So I'm going to take a look at QQQ here. Let me zoom in on today. So first of all, for QQQ, what? Well, let me just wrap up the SB 500. I forgot to mention the spy levels did change a bit from yesterday. So first of all, the volatility trigger moved one point lowered to 450. And then the put wall did move lower from 447 to 445. And then the call wall also moved lower from 460 to 452. So bearish shifts lower for spy for the volatility trigger, the put wall and the call wall. And then the absolute gamma strike remains at 450. All right. So bearish shifts lower for the for spy. All right, here are the levels that are in play for QQQ. And there were no shifts and levels for QQQ. And there were all shifts lower for NDX. I'll talk about that in just a moment. So let me point out some levels. Here's the put wall at 370. That is a key level. And QQQ found support at this combo L4 level. Looks like it made a double bottom there and is now trying to recover the 370 put wall that did act as support earlier today. All right, so those are the key QQQ levels. And for NASDAQ, I'm showing those of my cloud notes. So here is the QQQ 370 level. And I don't have that combo level on my chart here, but that was just around the 367 level as well as this NDX level, the 15,074 C4 level that finally acted as support. So again, now QQQ trying to recover its put wall, 370 put wall. And again, I'll talk about setups in a few minutes. All right, and for shifts and levels, and Floyd's garage 370 is the put wall, and that is correct. 370 has been the put wall for QQQ since August 3rd, where it shifted down from 375. All right, shifts and levels, there were no shifts and levels for QQQ, but kind of strange for NDX. All the key daily levels did shift lower. The volatility trigger put wall call wall and absolute gamma strike all shifted lower for NDX. All right, let's take a look at gamma notional now and see how market makers were positioned on the gamma curve at the beginning of the day. So this is gamma notional. And I'm looking at the wrong day. Let me I was looking at something else. Okay, so this is for today just to confirm August 9th, Wednesday, August 9th, 737 a.m. Gamma notional for SPX spy NDX and QQQ all negative except for NDX, which I really I don't pay much attention to gamma notional for NDX. So negative for SPX, spy and QQQ. This is market makers position on the gamma curve at the beginning of the day. Again, all negative. These numbers all shifted, they shifted lower for SPX and QQQ and remained about the same for for spy. All right, so again this means that market makers position is negative and they will be trading with price to hedge their delta exposure. And based on that my bias for the day, my thesis for the day was for higher volatility, wider trading range, larger moves. All right, let's take a look at a graphical representation event. This is for SPX, the Vana model. And I'm just going to take a look at QQQ. So right now, right now QQQ is trading around 369.5. So what this chart is showing is market makers delta notional, delta exposure and how that changes with changes in price. And that is shown by the light gray curve. And then this purple curve adds implied volatility to the equation. That shows how market makers delta notional changes with changes in price and implied volatility. And that change in delta with a change in implied volatility is the Vana effect. And Vana is a second order Greek. And hence the name of this, the Vana model. So right now QQQ is trading right around 369, between 369 and 370. So right around where I'm holding my cursor now and traded as low as 367 today. So this is firmly on the negative gamma portion of the gamma curve. So what this is showing is if price decreases and implied volatility increases, market makers delta notional will increase and they'll have to sell futures. They'll sell in Q futures, in this case, to hedge their delta exposure. And then on the other hand, if price increases and applied volatility drops, they can buy back their short futures. So they're trading in a negative gamma environment with price in both directions. And again, that tends to enhance volatility, making for larger moves, bigger swings. All right, so the we'll get back out here and we'll just take a quick glance at spy. So this curve for QQQ is very typical of a negative gamma environment with this left Q, not quite so much for spy and then for SPX, but still also a negative skew negative gamma curve. One other thing I want to show for SPX, this is combo strikes. So this is combining SPX and spy gamma into one combination strike in terms of SPX price. And there was a note about this in the spot gamma AM founders note today, pointing out kind of this cluster of put gamma. So below below the zero line, the area that I'm pointing to now, this is negative gamma or put gamma. And spot gamma was highlighting these different levels this morning as acting as support. So there's the 4450, the 63 that did act as support. The 81 also noted as support. And then the 90 level also acted as support. And there's the 4499, essentially 4500. So a big cluster of put gamma in that level, potentially acting as support. Alright, so that is, that's everything that I wanted to talk about for my positional analysis. So based on this, my thesis for the day again, was first of all, first of all, for higher volatility based on the negative gamma position, and then also bearish based on the shifts lower, more specifically in the spy levels, the volatility trigger put wall and call wall, all shifting lower for spy and in DX to a degree. Alright, let's take a look at some set up. So Ford's garage asked, shall we be looking for longs and negative gamma? Not necessarily that this negative gamma really I think, well, first of all, spot gamma favors shorts when an index is trading below its volatility trigger and longs above the volatility trigger. And the way I look at it is this just, as I said, is an indication to expect increased volatility and doesn't necessarily imply longs or shorts directional bias, I get that directional bias from shifts and levels. And I'm looking more at the gamma notional just to get a sense of how market makers may react with price or against price. So that's what I get out of the this looking at this gamma notional. And I think that's very important to get a sense of how market makers may react and the magnitude of moves. Alright, let's take a look at some setups. And before I do that, I want to take a look at take a look at a note that was in the spot gamma afternoon note the PM founders note yesterday afternoon. And this was at the toward the end of the report. I don't know what's I don't know if anybody can hear that. Some noise going on the background sounds like Siri in another room. So anyway, different types of factors take turns and being the primary driver of price action. This does not mean that hero is wrong. And remember yesterday, traders were taking negative delta positions all day in the S&P 500. And that that that was a good as I recall a good indication of a or a confirmation of a short in the morning, but they continued into the afternoon even as price was trending higher. So this does not mean that heroes wrong with the price does not obey its turns or divergences. But the options market is not in the driver seat that day. And this applies more towards the index products, the S&P 500 and NASDAQ. That's typically Brent comments typically about the S&P 500. More often than not, we see price conforming to the judgment of the options market. But one of the biggest tricks and trading is being one of the first to pick up what force is in control and acting on that. And that's kind of a that's an important statement there. And that's kind of the key to my approach to trading. You know, I guess a lot of people just look at chart patterns or moving averages, I'm trying to get get down to understanding who and what is driving price, whether it's the S&P 500 or a single stock. So that's why I think there's such an advantage with book map and spot gamma showing a lot of these forces driving price action. So of course, spot gamma is providing the levels, how market makers may react at different levels. And also the hero signal showing what options traders are doing and giving us a sense of how again, traders are trading and and market makers are hedging their hedging activity. So again, sometimes that is a very key driver of price. And sometimes it is not. Now that is that applies typically to the S&P 500 and NASDAQ. And I'll talk about the differences in single stocks in just a minute. So again, that's what I find so valuable in spot gamma, first of all, showing what the options market options traders are doing. And then book map is showing me what larger traders are doing with iceberg orders. I can see here. And what aggressive buyers and sellers are doing with the volume dots and cumulative volume delta. And I can also see what presumably smaller traders are doing with stop orders. So this helps me to understand the different players in the market for the day and what they're doing. Alright, so with that, let's take a look at setups. So I'm going to go take a look at and see what options traders are doing in the S&P 500 today. This is the hero signal spot gamma hero hedging impact real time options. This is showing options trades and market maker hedging activity. The white line is showing price. That is for SPX. There's a lag in my pen tool. So SPX price shown with the white line. And then the purple line is the hero signal. Again, this is showing options trades and market maker hedging activity for a combined signal of SPX spy, XSP and ES futures. So if you trade any form of the S&P 500, whether that's futures, shares of spy, spy options, SPX options, this is typically the signal that you want to take a look at. I'm going to zoom in on this and note this is the right here. This is the cash open at 9 30am Eastern time and note just a few minutes after the open options trader started taking bullish or positive delta positions. And price was generally consolidating moving just a little bit lower. And the right right before 11am, maybe 1050am, options traders started taking negative delta positions. So hero leveled off, they stopped taking positive delta positions. Hero dropped down pretty sharply there. Traders started taking negative delta positions and then price moved lower and price moved lower for about an hour until traders started taking positive delta positions. And then moved higher around noon. Alright, let's go take a look at book map. And I'm going to zoom in on the morning. Alright, so here's this consolidation area. As traders were taking positive delta positions. And note the cumulative volume delta and stops were about flat. And larger traders were buying slightly buying my mildly lying buying shown by the rising light blue line. And then when traders started taking negative delta positions. At the same time, aggressive sellers came in and move price lower, eventually down to the spy 445 put wall, as well as that 44 63 support level. So it took some patience today to survive this consolidation between 448 and right around 4500 for spy 448 and spx 4500. Let me check for questions. So Truman asked, do you ever look for the volatility trigger price on the Vanna curve to determine if traders are trading with price below that level and price above that level? No, I do not. The Vanna model is based on is showing delta delta notional. So no, that's just something I don't look at. I just look at where the lower the day, the higher the day, and the the shape of the curve. And, you know, is price and invite volatility change. So TV asked, please tell what you see an iceberg activity. I'm not quite sure what you mean by that iceberg orders are a specific order type for CME futures only. And they are just what they sound like trade large traders use iceberg orders to hide their size. So they'll they'll show the tip of the iceberg of their orders. They won't show all the orders just the tip of the iceberg. And again, this is what large traders use to hide their size. And these are typically used by larger traders that have again, they want to hide their size. They're trading a number of contracts. And let's scroll to the left a little bit and see what larger traders are doing now. Actually, let's just zoom out. Let's go back. So I have this iceberg indicator. There are two two pieces to this. First of all, the sub chart indicator. And I like to see the trend. This is a cumulative value for iceberg orders. When it's rising traders are net, they're buying with iceberg orders. And when it's falling, they're selling. And then this on chart indicator, this little blue squiggly, this blue icon here, that's showing me the individual events that's showing the number of contracts and the number of transactions. And E means execute. Alright, so there's the noon turnaround. S&P 500 found support again at the 445 put wall. And aggressive buyers started to come in shown by the green volume dots, multiple pullbacks. And here note that aggressive buyers are coming in rising cumulative volume delta, aggressive large traders buying with iceberg orders. So I can see the individual players here back to that note from the PM founders note yesterday, discerning what the individual actors are doing here. So I know that options traders we just saw with hero, stop taking negative delta positions started taking positive delta positions. And at the same time, aggressive buyers were coming in. And that is at a key support level that did act as support as expected. aggressive buyers coming in, larger traders coming in with buy orders and options traders taking positive delta positions, sets up this nice reversal long, right around noon, again, multiple pullback entries. And note the high of the cash session is that just around that 4500 level that did act as a magnet yesterday. Okay, so pretty easy read pretty good read in the S&P 500 today, both with hero, hedging flow and order flow and book map. Alright, Carl Jones asked, if I buy book map global, will I get what you have on the screen? I think the only difference in global in global plus is the dome, right? He does not think book map has a phone number you can call. I think that's correct. I would not not try to call book map. But they do have excellent support. Both my email support at book map.com, as well as chat. Just go to book map.com. There's a chat. But there's plenty of information on the book map website about the differences in global and global plus. And I suggest you just go to the book map website to to get that information. I'm not sure about all the differences between global and global plus. I have global plus. So I can tell you for sure that the the stops in icebergs that I was just talking about both this, the sub chart and the on chart indicators are not included with either global or global plus that is an add on that works with either package. But that's a separate, an additional subscription that's available in the book map marketplace. And if you trade futures, I think it provides very valuable information. Alright, so just go to the book map website, you should be able to find detailed descriptions of the differences in the two packages. And then if you have additional questions, just open up the chat window or send an email to support at book map.com. Alright, let's take a look at NASDAQ. Alright, so right around the same time frame, NASDAQ found support at the this 15,074 level NDX QQQ 367, as well as NQ 150. Let's take a look and see what options traders were doing. Let's go to NASDAQ. And this is a combined signal for NDX and QQQ. Let's zoom in on this. So similar to USB 500. A little bit of a move down then a consolidation as options traders were taking positive delta positions. Options traders started taking negative delta positions. And it took a few minutes, but then price move lower in the direction of the options trades. And then a little bit earlier than then the USB 500 options traders started taking positive delta positions. Again, a bit of a consolidation here. And then just right around noon, price responds higher. Let's go back to book map. And note, there's pretty strong correlation today between iceberg orders, what large traders are doing, shown by the falling light blue line down to that support level options, large traders taking negative delta positions. And then they started taking, I'm sorry, they just started selling contracts with iceberg orders. And then right around 1130 started buying. And as traders were taking positive delta options traders taking positive delta positions, price starts moving higher. You can also see the all the green volume dots coming in here. As aggressive traders start taking start buying market buy orders. And you can also see the rising dark blue line, which cumulative volume delta, which shifted from negative pink to positive dark blue right there. Right. So that's the NASDAQ and you're welcome Carl. All right, NASDAQ pretty similar to the USB 500 today. All right, let's take a look at a few stocks. I want to start with Nvidia, right and video and George asked, Can you look at a stock? I can. If so, what are your thoughts on is that crisper gene sequencing continuing rally to 55 price point? First of all, I don't have that in book map. And I generally don't during the trading day don't add additional stocks to book map. Don't want to disrupt what I have here. And I doubt it is in hero. I'll take a look but I doubt it's in hero. Hero does not the hero signals are provided for every stock only a select few stocks. So anyway, here's Nvidia great short today. Let's take a look and see what options traders are doing. So let's go to Nvidia. And again, I will get to Crispin in a few minutes. Let's start with Nvidia. All right, so this is one reason I really like to trade stocks, especially recently been focusing more on stocks, because there is a clear driver I like again, I like to understand, based on that statement that I pointed out, what is driving price action. And I think it is pretty clear for stocks like Nvidia, AMD, Tesla. And I showed the risk reversal model earlier this week, showing how call buyers were driving price higher for a good bit of this year. Just that persistent call demand, driving price higher. And when that call demand stops, then price starts to move lower. So this is Nvidia today, showing options trades and price action for Nvidia. Very clear. Short set up here. Let me zoom in on the morning here up until about 1130. So I've separated out puts and calls, no snow value for both are negative, both lines sloping down. The orange line is showing calls. So traders are selling calls. So that call demand has stopped, at least for today, traders not buying calls. So when traders buy calls, market makers sell the calls, they have to buy stock to hedge their delta exposure. That's what tends to drive price higher. And when that mechanism is not in play, then that important driver of price action higher is gone. So in this case, they're buying puts. So when traders buy puts, market makers sell the puts, and they have to sell stock to hedge their delta exposure. So that worked both ways. So they are again, in the morning, they were selling calls and buying puts. There's the total signal, very strong correlation with options trades, the hero activity, or the market maker hedging activity shown by hero and price action. Let me just take me point out one thing, this vertical line here, the put line showing a large block order, some institution, larger entity, larger actor buying a block order of puts, large, large order of puts. All right, let's go take a look at book map, really sharp drop in the morning. Sorry about that. And you can see the by all of the the pink volume dots. These are showing market sell orders by minus sell. And a pink dot means there are more sell orders than buy orders. So aggressive sellers in moving price lower, and very significant move, almost actually over 20 points from the from the cash open. All right, so there's Nvidia very clear read of what is what was driving price today. And that was traders buying puts and selling calls. And also the aggressive sellers in here. So I see both, both lining up. So rising falling cumulative volume delta in sync with what options traders are doing, aggressive sellers, again, selling Nvidia, as well as options traders taking negative delta positions, driving price lower. So that in sync CVD and hero hedging flow in sync today, moving Nvidia lower, very easy read, very clear driver of price action. Alright, let's go back to hero now. And just around 1130. That negative delta flow shuts off. Traders start taking positive delta positions, and price starts to move higher. Let's take a look at AMD. Semiconductor is definitely weak today. So here's AMD, a little bit of a consolidation here, right from 10 to 1045. And then traders start taking negative delta positions like they were doing at the open and price moves lower. And then they stop. They start taking positive delta positions and price moves higher. Let's go take a look at book map, AMD. And so in the morning, the aggressive sellers were in sync. For most of the time with with the options traders, note the green volume dots come in aggressive buyers for that consolidation as traders started taking positive delta positions. And then the aggressive sellers start to come in as traders were taking negative delta positions. And interesting, and this is happens pretty often in AMD that the cumulative volume delta the aggressive sellers and buyers not necessarily in sync with the options traders. So note the rise as the cumulative volume delta remains negative. And you can just tell by all the pink or magenta volume dots there. Alright, let's take a look at look for crisp. And then we'll take a look at the live market. I don't recall ever seeing this stock in in hero. So George sorry about that. It's not there. I don't think typically the stocks that have larger, more active options markets support hero or hero supports those stocks. But there must not be much of an options market for crisp. So anyway, again, sorry, it's not not available. Alright, let's take a look at take a look at the live market. Let's go to the SB 500. So it looks like as price as approach that consolidation level reproaches it from earlier today, that options traders are starting to take negative delta positions. Let's just zoom in. Note the shift lower in hero as price approach that what may be an upper bound and you welcome George. Alright, so let's go to book map. Go back to the SB 500. So here's that consolidation zone from earlier this morning. And this is something that that Bruce, the director of education at book map looks at quite often these price structures, he's looking at a typically a pretty shorter time frame than I am. But anyway, there's that consolidation level that asked asked acted almost for an hour and a half before price broke lower. And now price is right around that level again, as traders start taking negative delta positions. So the key here is to keep an eye on hero on one screen, which is what I normally do and order flow on another screen. We'll zoom in on this just a little bit. Alright, so looking at the other players here, it looks like cumulative volume delta was rising pretty sharply, you can just see all the green dots on this move higher, also driven by by stop orders shown by the rising yellow line, not significant numbers but helping to move price higher. And then it looks like some larger traders are coming in with sell iceberg orders, kind of a mixed picture for icebergs up down. So large, large by order, large, but a little bit smaller sell order. Alright, so it looks like he has wants to go back up and and test either the 4499 level or the 4500 level in a pretty similar pattern to yesterday. Let's go back and take a look at take a look at the SPX chart. So very similar pattern to yesterday. So here's here's yesterday. Note the darker areas are the the cash session. And then the light shaded areas are the ETH extended trading hours. And of course, SPX only trades during the RTH regular trading hours. So very similar pattern setting up very similar today very similar to yesterday. Based on that, there's a good chance that price makes it up to that 4500 level. Take a look at hero again to see what options traders doing. So they're still taking negative negative delta positions. So they may be front running this a little bit looking for let's just see what they're doing here. Zoom in. So it looks like they have stopped buying calls. Note that line levels off the call line. And it looks like they have started buying puts. You can see by the the slight shifts in these lines. We can take a look at a couple of other things. So let's go back to the total signal. Let's change the look back period to 30 minutes. So row instead of looking at the cumulative value for hero for the entire day, I'm just looking at 30 minutes of data, just like a 30 period moving average. So when the the minute changes the next minute the last minute rolls off. Let's go back. So that provides a little bit more clarity. There's a very strong correlation in the last 30 minutes. Pretty same, pretty similar for the cumulative for the entire day. We can also see next expiry, which is showing what zero DTE traders are doing. So it looks like for today for the cumulative value that zero DTE traders are taking a smaller portion of notional value, which is the total for all expirations is right around negative 650 million versus positive 47 million. So it looks like now options traders may be getting on on board with that move higher to 4500. Alright, so George asks, is the market providing any insight on direction post CPI data catalyst? And not that I'm aware of. So the way I look at this is the only thing that I know is if this negative gamma condition persists, if gamma notion remains negative, I'm expecting a bigger move than previous CPI CPI reports earlier this year in a positive gamma environment. I'm looking for a larger move last year. During the the move down the bear bear market. Gamma notional was persistently negative for most of the year. In a negative gamma environment, what happened at the CPI reports when they came in better than expected, or better than expected, not as bad as expected, implied volatility dropped price rallied. And there were typically large rallies after the CPI report. Again, because of this mechanism of negative gamma, market makers buying back their short hedges, as price increases and implied volatility drops. Alright, so it looks like now options traders have started taking positive delta positions again. Let's go back and take a look at book map. And then we'll wrap it up. So price has moved higher. That was just another pullback to the move up to 4500. And note overall, that this water flow was continuing to rise. No significant drops. So now there are some larger traders coming out with iceberg orders. But pretty clearly define the other word. I guess some question about it based on hero, but it looks like option traders turned it around, helping with the final push higher to 4500. And now it looks like that level was resistance. Let's see if we get any final insight from from hero. So now they're again starting to take negative delta positions. Right, my time is up. That's all I have for today. I want to thank you very much for watching. Thanks for your questions and comments. And remember CPI report tomorrow. Gamma notional negative should be potentially a bigger move based on the negative negative negative gamma situation. And we'll talk about it tomorrow afternoon. So thanks again, thanks for your questions, comments, and I will see you tomorrow. Bye