 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 book map lemon and 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 it's not suitable for investors past performance is not necessarily undecutive of future results And let me pause for just a moment to announce the bookmap Academy March Madness crypto competition with over two thousand dollars in prizes overall up for grabs to participate Users must register for both the competition and the bookmap Academy and can also win prizes of 200 US dollars by sharing top tier content Right, so there you go March Madness competition and Scan the QR code for more information Here's my contact information the best way to get in touch with me is through discord My name on discord is Doug P. Also in bookmap discord There's an options dash Doug chat channel That's a great place to post questions comments and content Related to the topics of my presentation and the topics of the channel that I'll go through in just a moment I'm also on X formerly known as Twitter. My name there is at Doug plus Here are the key tenets to my approach for trading This is the basis of my approach for trading first of all I believe options trades and market maker hedging activity are key drivers of price and many stocks and futures and Certainly in the equity futures that I follow the SB 500 and the Nasdaq 100 and also in the large cap tech stocks that I follow and For the SB 500 SPX is the underlying index SPY is the ETF version of that index and ES is a derivative of SBX and when trader spine sell puts and calls in SBX and spy Market makers take the opposite side of those trades and that will hedge their delta exposure with ES futures and for the Nasdaq 100 Ndx is the underlying index QQQ is the ETF version of that index and NQ is a derivative of Ndx And when traders buy and sell puts and calls in Ndx and QQQ Market makers take the opposite side of those trades and They hedge their delta exposure within Q futures The focus of my presentation today and the focus of the options dash Doug chat channel is options order flow The impact of options markets on stocks and futures and the influence of market maker hedging flow on price action 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 of position to the options market and how those positions change from day to day To develop a thesis regarding the expected trading range of volatility for the day as well as the directional bias And I'll show an example of how to use that in a stock as well as the SB 500 and Nasdaq, so I'll show an example in meta stock today Or the second step in my process is execution I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero to confirm my thesis and For setups for entries and exits and when I talk about setups today I will be focusing on an underlying asset and for example Setups and the SB 500 can be taken with the S futures spy shares spy options SB X options or even ES options, so the setups that I talk about today again can be taken with Options or stocks or futures Questions and comments are welcome and I will be watching both the options dash-duck chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post I'll do my best to answer your questions and Hello in C 40 G. Welcome glad you're here. Hello Steven. Welcome glad you're here as well All right. Here's my agent for today Thursday March 28th. First of all, I want to go over news items economic data and events for today And tomorrow then I'll go over my positional analysis Then I'll review some setups from earlier today And then I'll take a look at the live market and when I get to the live market if anyone has any stocks They want me to take a look at please let me know and I'll be glad to do that All right, let's start with economic data and events for today There were a couple of data releases at 8 30 a.m. Eastern time GDP came out That was greater than expected also greater than the previous number And then at 10 a.m. Michigan consumer sentiment also greater than expected and greater than the previous number Tomorrow is a market holiday It is a stock market holiday and a CME futures Holiday so the stock market and futures markets are closed tomorrow And the PCE data Normally a market mover that does come out tomorrow morning 8 30 a.m. Eastern time And then Jerome Powell will be speaking at 11 30 a.m. Eastern time So expect the reaction To the PCE and Jerome Powell on Monday All right, let's move on to positional analysis now I'm going to start with the SB 500 This is the yes futures and book map Again trading in a very narrow range today And before I take a closer look at this chart, I do want to take a look at a larger time frame And I'm going to go to the spx This is the rally that began last year October 30th Green line is showing low to high That's about 1150 points from low to high All right, let's take a look now at the top portion of this rally Let's go to a 30 day one hour chart Again spx the underlying index I know this is kind of scrunched The point here is to show the levels on the chart All right, so this is the top of that Green trend line from low to high high right around 52 61 All right, the levels on this chart First of all the dash purple lines are showing the lower and upper weekly expected move That's based on the options market. That's based on the closing price of spx last friday Those lines remain in place for the entire week And then the dash blue lines are showing the lower and upper daily expected move Also based on the options market. I update those levels every day post them in Discord the options dash jug chat channel and discord the day before so spx trading Right in the middle of both those rangers the daily and weekly expected moves And again at a very low Volatility trading day today All right, so the other levels on this chart Are spot gamma levels. These are proprietary spot gamma levels. They're provided to spot gamma subscribers They're available on a variety of trading platforms. This is thinkorswim I'm going to point out the key daily levels. So these are based on gamma weighted open interest First of all, the put wall is at 4600. That's the strike for the largest net negative gamma that can be expected to act as support The next level up is 5000. That's the absolute gamma strike. That's a strike That's a strike where the lord is absolute positive and negative gamma So that's where most of the gamma weighted open interest is concentrated Above that is the volatility trigger at 5095. That is spot gamma's proprietary Volatility flip level below that level market makers position on the gamma curve is negative in a negative gamma environment Market makers have to trade With price to hedge their delta exposure that tends to enhance or increase volatility On the other hand above that level market makers position on the gamma curve is positive In a positive gamma environment market makers have to trade against price to hedge the delta exposure That tends to subdue or decrease volatility And then finally The call wall is at 5400. It has been there for a couple of days That's the strike with the largest net positive gamma that can be expected to act as resistance So during this year from the beginning of this year Up until now the spx call wall has gradually moved up from 4800 to now 5400 so that is bullish. That's an indication that traders are looking for Expecting and positioning themselves for higher prices over time as these levels shift higher And note there were no shifts in levels for spx From yesterday to today So that really is uh somewhat neutral All right, let's wrap up our view of spx With a one minute chart taking a look at the levels and play for today All right, let me zoom in on this chart just a little bit So here's the end of day rally yesterday just the opposite of the day before the end of day drop end of day rally yesterday and then Very narrow trading range consolidation for today Note this 52 48 level Acting as support There is We'll take a look at uh book map in just a minute the the es to us es To spx offset has changed during the day Kind of odd But it did change during the day that may have to do with the end of quarter All right, so the 52 48 level in play That's the only Spot gamma level in play for spx All right, let's go back to book map now. All right, so there's that 52 48 level So i'm showing that in my own cloud notes So I have spx levels Spy levels There's this 523 48 combo 4 level That did act as resistance Before the cash open Right here All right, so the main level in play for today is the 52 48 level All right, let's take a look at something so Earlier today the es to spx offset was 59 Right now it is closer to 57 So let's take a look at something here This is a watch list in thinkorswim This is where I get that number And it's just a simple line in this Watch list Slash es minus spx right now. That's 57. It was 59 earlier today. So that's what i'm showing I'm showing this 48 At 5307 it really should be two points lower So i'm i'll show you how I make that change I use an add-on called price lines So let's put it in the correct location. So we know that that offset is only 57 points Not 59 so this should be 5305 So i'm just going to change this level. Let's change the 52 50 level also to 5307 So those levels will be shown in the current correct places All right, so i've saved that file Then i'm going to update my price lines add on And now that will show those levels in the correct place All right, so now this 52 48 level much more relevant Also lined up with the liquidity there right around 5305 and 4.75 All right, so that that Sorry about that issue. I'm not sure what is uh, what's caused that that wide range All right, uh, katinga. Welcome glad you're here Dare to dream says Hey, dugp. Hello dare to dream The net final index levels. I do post those levels In discord in the option status chat channel. Yes minus spx equal 59 How come we use these figures to add an edge into our trading? All right, so dare to dream. I don't know if you're watching or not I don't see you in discord. Hopefully you're watching in youtube And uh, you're welcome, uh, you would be welcome to watch in discord as well All right, so I just showed you here the this is how this is what this is how I use that information So again, I'm updating These levels normally they don't change that much during the day again. That could be something with end of quarter These are all the levels Dare to dream says Is on youtube. Okay. All right, so you are watching this All right, so the again it was 59 this morning now it is 48 More in line with what What we saw on the spx chart that that one minute chart All right, so those are the levels In play for today primarily this 52 48 level Acting as support All right, let's move on to nasdaq now. Oh shifts and levels again spx. There were no shifts and levels And for spy the put wall shifted lower and the call wall shifted higher So for spy now the call wall is up at 525 It was 522 yesterday So the call wall for spy did move higher that is slightly bullish And I put a little the the call walls have been more in play than the put walls So I put a little bit more weight on that shift higher in the call wall for spy All right dare to dream did I answer your question? That's how I use it. That's how I use it to set these levels on my es chart and my nq chart. So let's move on to nq now These are the nq futures and book map All right, remember there is an issue with volume dots in the beta version 7.5 version 12 Book map support is aware of the issue and they're working on it. It should be fixed in the next release I don't know when that's that will be But they are aware of the issue. All right, so this is nq futures and book map And let's take a look at the underlying index charts first go to qqq Take a look at the levels and play for qqq All right for qqq 445 is a large gamma 3 level who acted as support earlier today now resistance 444 Is the volatility trigger zero gamma level somewhat acting as support Note there's a combo level for 2 qq just above that along with the 445 level again acting as resistance All right, so nasdaq also trading at a very narrow range today Let's take a look at ndx and then we'll get to book map here ndx two levels in play first of all this level here, there's uh I'm not sure what that line is there blocking that let me see if I can All right, that disappeared. I'm not sure what that was. All right. So the 244 level That's a combo three level combining spx and I mean qqq and ndx Gamble weighted open interest Into one combined level they're shown in terms of an ndx price acting as support today In this 281 level That is a combo four level somewhat acting as resistance All right, let's go back to book map. All right, so I have my own cloud notes again So I can show qqq levels There's the 445 level acting as resistance And here's this cluster of levels the 244 level that I was talking about as well as the qqq 444 volatility trigger Let me check on that In q2 ndx offset So right now that is around 220 So I have it at 225 so my ndx levels are just going to be a little Five points too high All right, so again, normally those Index offsets don't change around that much during the day All right, and I'll talk about setups in a in a few minutes. All right shifts and levels For nasdaq there were none for ndx and qqq no shifts and levels So that is somewhat of a neutral Neutral outlook All right, let's take a quick look at gamma notion. We'll see how market makers were positioned on the gamma curve at the beginning of the day This is gamma notional again market makers position on the gamma curve at the beginning of the day For the sp500 and nasdaq This is what I look at and note for the sp500 both these numbers are positive For an index spot gamma assumes that in a positive gamma environment Traders are short calls market makers of long calls. Hence the positive gamma. They have to trade against price to hedge their delta exposure And normally the number for ndx is not significant and then qqq Slightly negative really neutral and note for spy. There was a pretty significant shift so all these numbers shifted higher from yesterday and There's quite a big shift for gamma notion for spy yesterday for minus 97970 million to today positive 881 million All right, so in a positive gamma environment again, I'm looking for Lower trading range Smaller movement not a lot of volatility Tony k welcome glad you're here Ask would this level Be only relevant using es chart to trade spx No You can if you're talking about The sp500 let's go back again, remember The setups that i'm talking about Are good for any form of the sp500 So even if you want to trade spy This chart has much more information than trading spx Or spy so for spx, you know, there is no You can't buy and sell spx. So you can only look at a a candlestick chart for spx Here this chart has so much more information. Whether you're trading spy spx or es So much more information I'll go over that in a just a couple minutes when we get to setups stops icebergs iceberg orders liquidity So let's just compare this to a spy chart for example There's just a lot more information On the es chart. So that's why i'm showing spx And spy levels on this chart so you can trade any Any form of the sp500 you want to From looking at this chart So again, you can trade es spy shares spy options spx options All right dare to dream You're welcome for the answer Maybe as a follow-up if I don't have thinkorswim account Where else can I get those figures from you should be able to Just calculate it by hand you may have to watch a chart look at a few High and low points to get uh compare an es chart to an spx chart compare a couple of high and low points Or that may That something like that may be available in uh in other trading platforms All right tonic you're welcome All right, so dare to dream again. What I used to do is just compare A one minute chart for the day for es In spx and then take a couple of this similar the same high and low points And I calculate it by hand, but it's a lot easier just to have that in um In that difference in That watch list and also I do post it in in discord every day So just tune into discord normally there's not that much of a discrepancy Or that change during the day and it's a little odd normally those numbers Get a little bit smaller every day so that jump up from 57 yesterday to 59 today was a little bit odd All right, so let's take a look at some setups now First thing that I want to do is take a look at what options traders are doing today So this is the so everything that we've looked at so far other than the book map is based on static data That is based on uh Open interest data that's updated once a day sometime during the night spot gamma takes those That information applies their algorithms to that data to come up with the levels that we were looking at Now let's move on to execution look at real-time data So what this chart is showing is the hero signal h i r o hedging impact real-time options So this chart is showing options trades and market maker hedging activity for a combined signal of spx spy xsp and es futures There are two lines on this chart The first the white line is showing price for spx And again, you you you want to use this For trading any form of the smb 500 Where do you're trading spy spx or es? All right, so price is price for the white line is price for spx And the purple line is the hero signal A rising hero line indicates traders are taking positive options Delta positions that means they're buying calls and or selling puts A falling hero line indicates traders are taking negative delta positions That's options positions. They are buying puts and or selling calls All right, let's zoom in on this chart All right, I'm going to focus on I'm going to focus on the uh the first Early morning setup here All right, so traders Right around 940 started taking positive delta positions And price moved higher So when traders take positive delta positions their buy calls and or sell and or sell puts Market makers take the opposite side of those trades And they have to buy futures to hedge their delta exposure And notice as the hero signal flattens off price consolidates Flow alert comes in this in the especially in the smb 500 these flow alerts can often act as Uh mean reversion signal and that's really what it did here. It took about 20 minutes to For the hero signal to really start to move lower to set up a short But let's go back And focus up just on this long in the morning So let's zoom in I'm going to zoom in a little bit more actually All right, so we know right around 940 traders started taking positive delta positions So let's look at the clues here in Book map First of all the volume dots these are showing market buy minus sell Magenta dots indicate more sellers than buyers Green volume dots indicate more buyers than sellers So there were a lot of aggressive buyers starting to come in Shown by the large green volume dots Also notice just after 930 There were some large iceberg orders that's shown by the on-chart indicator That indicates there were 990 contracts executed in eight different transactions You can also see that with the rising light blue line in the sub chart So large traders were buying this move down with iceberg orders. This light blue line is vwap So this 5248 combo four level along with vwap acting as support Large traders buying with iceberg orders Aggressive buyers shown by the green volume dots Also cumulative volume delta and options traders taking positive delta positions All helping to move the sub 500 higher And first target Was the spy level that acted as resistance earlier price did move above that Up to the liquidity Right around 53 15 This is the heat map and book map showing history the limit orders in the order book the starker shading indicates there were Limit orders those are passive orders in the order book And in this case initially acting as resistance so absorption at that level And then finally those levels were consumed And it looks like they came in right again This is also this is an iceberg order smaller not all of it executed. You can see this Line here May be difficult to see that's also on that 53 15 liquidity That was an iceberg order that was not completely filled All right, anorex says if the signal is mean reversion Then it is no good Stock can only go two directions What is the use of hero signal then sorry? I'm sorry. I I really don't understand your question Other than let's let's go take a look. All right, so there's the long setup in the morning plenty of clues and both hero and And in book map here All right, so let's go back to hero all right, so the way I look at this if this Hero signal comes in and I'm long here Along with the clues in book map. I'm going to look to exit And if I'm looking for a short So I see the signal that gets my attention I see the hero signal level off so that fuel that was driving price higher those options trades Have stopped Let's shift to puts and calls. I'm going to have to jump Jump back So we can get a little bit more clarity All right, so from the open Traders were buying calls They weren't doing much with puts blue line Sloping slightly down So they were buying puts but more aggressively buying calls Alert comes in Immediately call buyers take the foot off the gas and price consolidates So in my mind this is working perfectly Sometimes you get an alert. There's actually an alert here at the open So you can interpret that at the open Watch the orange line orange line is rising That's bullish So you're looking for a long entry you go to book map So you see the signal see the rising orange line go to book map See the clues in book map for a long entry And there you go Just after right around 938 price takes off as traders start aggressively buying calls Again a flow alert gets your attention after this move You see the orange line immediately flattening out So you're looking to exit your long position or potentially looking for a short All right, so let's go back to book map now All right, so on book map. I know There's an alert coming in Let's go back and check the time on that So the alert comes in Right around 946 Just at that time ES has reached that liquidity. There was a profit target price target aggressive sellers start to come in price moves down Makes one last push Up to the liquidity again And then moves lower Let's go back to hero So when i'm trading i'm watching Hero on one screen book map on my main screen and then a trading platform on the other screen So i am watching three screens when i'm trading so i can see all of this working together All right, so even if this flow alert was not here I think this is Pretty clear Call buyers taking the foot off the gas that fuel that was driving price higher is gone So flow alert just to get your attention All right, so and rag I hope that makes sense Makes perfect sense to me All right, so let's zoom out So since that time Traders have continued to buy calls Not as aggressively as they did in that first 15 minutes They're also buying puts shown by the steadily falling Blue line these numbers Pretty much almost balance out To neutral So let's go back. I actually let's we'll take a look total All right, so this number is pretty neutral Oops All right, so that's what you what's happened when you shift All right, so let's go to the mag 7 And move on to nasdaq Hello, seiza. Welcome glad you're here wants to take a look at the Last hour of trade on the combined s of e 500 signal. Yeah, we can take a look at that All right, so the way to do that We can go into the settings here and show Let's just go to yesterday. So I hero provides the last five Five days of the hero signal a spot gamma provides the last five five days So hero there seiza. I'm sorry. There you go. So there was really no lead here It looks like And I think this is probably true for most of the day yesterday That options traders were just really following Not leading so it would be more interesting if for example the hero signal started rising a few minutes before But in this case that that that's not the case We can take a look at the mag 7 also So I went back and looked at that and I did not see any Any leading indication Of that move higher. All right, so let's go back just to today's data All right, so now we're just looking at today. All right, so we're on the mag 7 All right, so in this case In the morning just like yesterday not much of a lead here. This is This is kind of unusual for the hero signal for mag 7 and let me show you what this is This is a combined signal For the stocks known as the magnificent seven so it's showing options trades and market maker hedging activity For a combined signal for the stocks known as the magnificent seven That's apple amazon google metham microsoft and vinnia tesla All right, so again, not much of a Lead today, which is kind of unusual Let's take a look at the signal for nasdaq. Normally I recently I have been looking at the mag 7 signal Let's shift over to nasdaq This is showing a combined signal of options trades in ndx and qqq and this was the better signal today For a long right at the open So let's go to nasdaq It looks like the the volume dots kind of reset themselves. All right, that's good All right long at the open pretty similar setup to the sp500 remember this This level should be about five points lower. So this cluster of levels though acting as support 444 and ndx 18244 acting as support again volume dots aggressive sellers on the way down Then aggressive buyers come in right around those levels as traders were taking positive delta positions in ndx and qqq You can see the rising cumulative volume of delta. That's the magenta to dark blue line moving higher Then aggressive sellers start to come in nasdaq makes a double top And moves lower All right, so that's nasdaq All right, let's go back to hero since then kind of grinding down resistance again at this 445 level Go back to hero all right, so just like the sv500 options traders take the foot off the gas And then nasdaq moves lower All right, let's take a look at some stocks For stock. I want to take a look at his amd I'm going to shift to puts and calls I'm going to have to jump jump back To avoid the autosume problem All right, so this is for stocks This is how flow alerts often work. They come in first few minutes after the cash open So paul here we go. Here's amd right now Traders were buying calls Shown by the rising orange line when traders buy calls Market makers sell the calls They have to buy stock to hedge their delta exposure They were also selling puts that shown by the rising blue line So here in this case both the blue line and the orange line moving in the same direction That's a very powerful directional indicator And Right around 1035 They take their foot off the gas And price consolidates so Up until about 1035 orange line blue line moving in the same direction very powerful in this case bullish directional indicator All right, so let's go take a look at At bookman Go to amd All right volume dots zoom in pullbacks to Vwap that show my the blue line there as traders were selling puts and buying calls nice pullback entries Note the liquidity in the order book. This is very typical of a stock These limit orders come in at the cash open just maybe a few seconds later They stay in the order book until they're filled often acting as magnets for price So amd made it just up above 183 All that liquidity consumed again acting as magnet for price Then as options traders took their foot off the gas amd started to move lower All right, that's amd Interag, what is the ticker symbol for nicola? I'm not um I don't think I've looked at that stock in some time. All right, so let's go back to hero all right, so Again options traders taking their foot off the gas Price kind of grinding lower now All right, the next stock is meta All right, meta. Let me show you a little bit about how you can develop a thesis for a stock So this is equity hub In spot gamma. It's one of the tools available to spot gamma subscribers What this is is the history Of the key daily levels. That's what i'm looking at for the last 10 days This color coding is a recent edition This is showing for today The hedge wall call wall and put wall all move lower. That's a bearish hat trick for meta So again, that's bearish So based on this my thesis for the day for meta was bearish So i'm looking for a short setup. All right, so let's go back to hero zoom in on just a bit So we can see from the open again a hero alert Came in traders were selling calls Not doing much with puts and this uh, this was kind of an odd reaction to price this Pretty sharp reversal higher even as traders were selling calls But it set up a good divergent short So right around Oh 10 0 5 Traders continue to sell calls. They start a buying puts So in this case starting around 10 10 10 0 5 Both the blue line orange line moving the same direction It took a little bit of patience for this setup. Let's go to book map Go to meta So there's that initial move lower rush higher And then kind of a grind lower as traders again started selling Continue to sell calls and start a buying puts blue line orange line moving the same direction So again a little it took a little bit of patience For this short setup in meta All right the next Let's move on to nvidia Tony k ask If one is red and the rest are green We have a potential uh neutral stock Yeah, that would be a that would be a mixed mixed signal So it would take You know depending on How many levels of green how many were red? Uh develop a thesis so it to me The thesis for meta was pretty clear with three reds So again a bearish hat trick in meta All right, here's nvidia We set the volume dots Let's go take a look at hero Let's go to nvidia All right, so initially nvidia Very bullish in the morning a couple flow alerts coming in Blue line orange line moving in the same direction Price moves higher Traders were Buying calls and selling puts market makers take the opposite side This was kind of a head fake here a very deep pullback All the way down to the 900 Key gamma strike Even as the orange line and blue line were moving in the same direction So that that also took some patience to wait for that deep pullback In nvidia and then Right around Oh 1115 Traders have started selling calls And they are still selling puts But that line has leveled off So both the lines leveling off right around 1115 and now nvidia consolidating moving slightly lower All right, so let's go take a look at nvidia and book map All right, so there's that let me zoom in on this Initial move higher you had to be pretty quick to catch this Pullbacks Really to the big round number levels Kimlet to volume delta was rising during this time Then here's that very deep pullback To the 900 level All right Anirag wants to take a look at nicola. All right. I don't have that in a book map. We can take a look in in hero all right, so This is not a stock that I would normally consider at all. I don't know why One dollar stock. I don't know why you would even trade options, but there are a few options trading today Let's just compare numbers here So this is We can take a look at the total signal Total for today 468k Let's compare that with nvidia So that's delta notional value So um So that's half a million compared with nvidia at 817 million All right, so sorry anirag. I think nicola is one of the Stocks that was in play maybe a couple years ago, but But not now All right, let's take a look at amazon. Tony wants to take a look at amazon So amazon bullish in the morning Another flow alert that's a key part of my process. I'm watching for these flow larts in the first 10 to 15 minutes Traders taking positive delta positions amazon quickly moves up 945 they take the foot off the gas And amazon starts to move lower Let's go take a look at book map go to amazon Not a lot of movement today in amazon That's pretty typical About one and a half points quick move up opening print Just below 180 aggressive buyers on their way up Above the liquidity at 180 150 Then options traders take the foot off the gas And amazon moves back down to 180 All right, tony. You're welcome All right, any other stocks I've got a couple minutes left Let's go back and check the sp 500 Up and down mean reverting price action range day very typical of a positive gamma environment sp 500 again Finding support At that 52 48 level also the liquidity Looks like a tick below Let's see what options traders are doing And we'll go back to the sp 500 signal So it looks like right around 130 They started taking positive delta positions again typical in a Positive gamma environment Market makers are our traders with options Are buying the dips and selling the rips Let's just check and see what zero dte traders are doing. So this Purple hero signal is showing all expirations all trades Let's take a look at next expiry So that's green line Is showing options that expire today So next expiry for the sp 500 Is options that expire today? All right note these numbers are very close especially Especially in this last hour Very strong correlation between the zero dte trades And all expirations indicating that a large part of the trade today And options is options that expire today the zero dte All right kp asked you see an unusual discrepancy In option volume in spy versus spx Spy has a lot more range today compared to es All right. So first of all, let's take a look at We can take a look at Options volume and we can take a look at delta notional here. So let's go to spy Let me turn this off spy notional value minus 581 million I'm gonna I don't have spx on my on this bar here. So we'll have to go to spx All right. So that's 534 positive spy 621 million negative So net that out All right, so we're also adding in es To that equation to get the total So all these have an influence on the sp500 So it looks like es is kind of really making up the balance Of that difference between spy and spx All right. So now as far as range goes for spy versus es There's no difference in range Remember, there's kind of a fixed relationship between es and spy every day And I dig I do post that relationship in discord every day So maybe it's changed a little bit, but there's During the day, there's pretty much a one-to-one move between es and spy Of course, there are more ticks in spy But that relationship remains the same. So you if you compare the line of es and spy they would be identical For today as far as price action All right, so kp. I hope that answers your question And one other thing that you can do. Well, let's just let's leave it in that All right, everyone. I want to thank you for watching my time is up. I want to thank you for your questions and comments Everyone remember tomorrow's a holiday So everyone have a great weekend And I will see you on monday. All right. Thanks again Have a great weekend. Bye